v3.19.3

Investments and Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Marketable and Non-Marketable Securities | The Company’s investments on the condensed consolidated balance sheets consisted of the following as of December 31, 2018 and September 30, 2019 (in millions):
|  | As of
|  | December 31, 2018 |  | September 30, 2019
Classified as cash and cash equivalents: |  |  |  |
Marketable equity securities: |  |  |  |
Money market funds |  | $ | 268 |  |  | $ | 6,039 |
Classified as restricted cash and cash equivalents |  |  |  |
Marketable equity securities: |  |  |  |
Money market funds |  | $ | 1,237 |  |  | $ | 1,595 |
Classified as investments: |  |  |  |
Non-marketable equity securities: |  |  |  |
Didi |  | $ | 7,953 |  |  | $ | 7,953 |
Other |  | 32 |  |  | 93 |
Debt securities: |  |  |  |
Grab (1) |  | 2,328 |  |  | 2,332 |
Other (2) |  | 42 |  |  | 34 |
Investments |  | $ | 10,355 |  |  | $ | 10,412 |
(1) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax. (2) Recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
Schedule of Amortized Cost and Fair Value of Debt Security with Contractual Maturity Dates | The following table summarizes the amortized cost and fair value of the Company’s debt securities with a stated contractual maturity or redemption date as of December 31, 2018 and September 30, 2019 (in millions):
| As of December 31, 2018 |  | As of September 30, 2019
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One year through five years | 2,275 |  |  | 2,328 |  |  | 2,279 |  |  | 2,332 |
Total | $ | 2,275 |  |  | $ | 2,328 |  |  | $ | 2,279 |  |  | $ | 2,332 |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
| As of December 31, 2018 |  | As of September 30, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 268 |  |  | $ | — |  |  | $ | — |  |  | $ | 268 |  |  | $ | 6,039 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,039 |
Restricted cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,237 |  |  | — |  |  | — |  |  | 1,237 |  |  | 1,595 |  |  | — |  |  | — |  |  | 1,595 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities | — |  |  | — |  |  | 2,370 |  |  | 2,370 |  |  | — |  |  | — |  |  | 2,366 |  |  | 2,366 |
Non-marketable equity securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87 |  |  | 87 |
Total financial assets | $ | 1,505 |  |  | $ | — |  |  | $ | 2,370 |  |  | $ | 3,875 |  |  | $ | 7,634 |  |  | $ | — |  |  | $ | 2,453 |  |  | $ | 10,087 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued and other current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | 27 |
Other long-term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants | — |  |  | — |  |  | 52 |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | — |
Embedded derivatives | — |  |  | — |  |  | 2,018 |  |  | 2,018 |  |  | — |  |  | — |  |  | — |  |  | — |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 2,079 |  |  | $ | 2,079 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | 27 |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s debt securities at fair value on a recurring basis as of December 31, 2018 and September 30, 2019 (in millions):
| As of December 31, 2018 |  | As of September 30, 2019
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 2,305 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 2,370 |  |  | $ | 2,309 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 2,366 |
Total | $ | 2,305 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 2,370 |  |  | $ | 2,309 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 2,366 |
Schedule of Fair Value Assumptions on Significant Unobservable Inputs | The following table summarizes information about the significant unobservable inputs used in the fair value measurement for the Company’s investment in Grab as of December 31, 2018 and September 30, 2019:
Fair value method |  | Relative weighting |  | Key unobservable input
Financing transactions |  | 100% |  | Transaction price per share |  | $6.16
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets | The following table presents a reconciliation of the Company’s financial assets measured and recorded at fair value on a recurring basis as of September 30, 2019, using significant unobservable inputs (Level 3) (in millions):
|  | Debt Securities |  | Non-marketable Equity Security
Balance as of December 31, 2018 |  | $ | 2,370 |  |  | $ | — |
Total net gains (losses) |  |  |  |
Included in earnings |  | (8 | ) |  | (12 | )
Included in other comprehensive income (loss) |  | — |  |  | — |
Purchases (1) |  | 4 |  |  | 11 |
Transfers (2) |  | — |  |  | 88 |
Balance as of September 30, 2019 |  | $ | 2,366 |  |  | $ | 87 |
(1) Purchases in non–marketable equity security include warrants to purchase shares of a private company that vest as certain performance criteria are met during the period. (2) Transfers include a non-marketable equity security that was previously measured at fair value on a non-recurring basis as of June 30, 2019 for which the Company elected to apply the fair value option during the three months ended September 30, 2019. This includes $22 million of gains included in earnings and $35 million of warrants vested during the six months ended June 30, 2019
Schedule of Reconciliation Using Significant Unobservable Inputs, Liabilities | The following table presents a reconciliation of the Company’s financial liabilities measured at fair value as of September 30, 2019 using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the condensed consolidated statements of operations (in millions):
|  | Warrants |  | Convertible Debt Embedded Derivative
Balance as of December 31, 2018 |  | $ | 52 |  |  | $ | 2,018 |
Vesting of share warrants |  | 1 |  |  | — |
Exercise of vested share warrants |  | (53 | ) |  | — |
Change in fair value |  | — |  |  | (58 | )
Settlement of derivative liability |  | — |  |  | (1,960 | )
Balance as of September 30, 2019 |  | $ | — |  |  | $ | — |
Schedule of Securities without Readily Determinable Fair Value | The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the three and nine months ended September 30, 2018 and 2019 based on the selling price of newly issued shares of similar preferred stock to new investors using the common stock equivalent valuation method and adjusted for any applicable differences in conversion rights (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2019 |  | 2018 |  | 2019
Upward adjustments |  | $ | — |  |  | $ | — |  |  | $ | 1,984 |  |  | $ | 22 |
Downward adjustments (including impairment) |  | — |  |  | — |  |  | — |  |  | — |
Total unrealized gain for non-marketable equity securities |  | $ | — |  |  | $ | — |  |  | $ | 1,984 |  |  | $ | 22 |
The following table summarizes the total carrying value of the Company’s non-marketable equity securities measured at fair value on a non-recurring basis held as of December 31, 2018 and September 30, 2019 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
|  | As of
|  | December 31, 2018 |  | September 30, 2019
Initial cost basis |  | $ | 6,001 |  |  | $ | 5,975 |
Upward adjustments |  | 1,984 |  |  | 1,984 |
Downward adjustments (including impairment) |  | — |  |  | — |
Total carrying value at the end of the period |  | $ | 7,985 |  |  | $ | 7,959 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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