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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2022 (in millions):
| Level 1 |  | Level 2 |  | Total
Cash equivalents: |  |  |  |  |
Money market funds | $ | 738 |  |  | $ | — |  |  | $ | 738 |
Commercial paper | — |  |  | 36 |  |  | 36 |
Corporate notes and bonds | — |  |  | 10 |  |  | 10 |
Certificates of deposit | — |  |  | 2 |  |  | 2 |
Deposits | 124 |  |  | — |  |  | 124 |
U.S. government and agency securities | — |  |  | 8 |  |  | 8 |
Marketable securities: |  |  |  |  |
Commercial paper | — |  |  | 556 |  |  | 556 |
Corporate notes and bonds | — |  |  | 3,362 |  |  | 3,362 |
Certificates of deposit | — |  |  | 162 |  |  | 162 |
U.S. government and agency securities | — |  |  | 766 |  |  | 766 |
Mortgage-backed and asset-backed securities | — |  |  | 81 |  |  | 81 |
Total | $ | 862 |  |  | $ | 4,983 |  |  | $ | 5,845 |
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2021 (in millions):
| Level 1 |  | Level 2 |  | Total
Cash equivalents: |  |  |  |  |
Money market funds | $ | 706 |  |  | $ | — |  |  | $ | 706 |
Commercial paper | — |  |  | 110 |  |  | 110 |
Corporate notes and bonds | — |  |  | 28 |  |  | 28 |
Certificates of deposit | — |  |  | 8 |  |  | 8 |
Deposits | 235 |  |  | — |  |  | 235 |
Marketable securities: |  |  |  |  |
Commercial paper | — |  |  | 528 |  |  | 528 |
Corporate notes and bonds | — |  |  | 2,412 |  |  | 2,412 |
Certificates of deposit | — |  |  | 28 |  |  | 28 |
U.S. government and agency securities | — |  |  | 140 |  |  | 140 |
Mortgage-backed and asset-backed securities | — |  |  | 98 |  |  | 98 |
Total | $ | 941 |  |  | $ | 3,352 |  |  | $ | 4,293 |
We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs), pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) or using unobservable inputs that are supported by little or no market activity (Level 3 inputs). Our non-marketable equity investments are not included in the table above and are discussed in Note 3. See Note 8 for the fair value measurement of our derivative contracts and Note 11 for the fair value measurement of our long-term debt, which are also not included in the table above. Our marketable equity investments are classified within Level 1 and are immaterial as of December 31, 2022 and 2021.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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