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Investments and Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Marketable and Non-Marketable Securities | Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
|  | As of
|  | December 31, 2020 |  | September 30, 2021
Classified as short-term investments: |  |  |  |
Marketable debt securities (1): |  |  |  |
Commercial paper |  | $ | 457 |  |  | $ | — |
U.S. government and agency securities |  | 429 |  |  | — |
Corporate bonds |  | 294 |  |  | — |
Short-term investments |  | $ | 1,180 |  |  | $ | — |
Classified as investments: |  |  |  |
Non-marketable equity securities: |  |  |  |
Didi |  | $ | 6,299 |  |  | $ | 4,126 |
Aurora (2) |  | — |  |  | 2,250 |
Other (3) |  | 329 |  |  | 307 |
Non-marketable debt securities: |  |  |  |
Grab (4) |  | 2,341 |  |  | 4,089 |
Marketable equity securities |  | — |  |  | 1,386 |
Note receivable from a related party |  | 83 |  |  | 81 |
Investments |  | $ | 9,052 |  |  | $ | 12,239 |
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) For further information, see the section titled “Aurora Investments” below and Note 17 – Divestiture. (3) These balances include certain investments 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. (4) Recorded at fair value with changes in fair value recorded in other comprehensive income (loss), net of tax, unless subject to credit loss.
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table presents our 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, 2020 |  | As of September 30, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 2,386 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,386 |  |  | $ | 4,214 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,214 |
Commercial paper |  | — |  |  | 611 |  |  | — |  |  | 611 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. government and agency securities |  | — |  |  | 542 |  |  | — |  |  | 542 |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | — |  |  | 323 |  |  | — |  |  | 323 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-marketable debt securities |  | — |  |  | — |  |  | 2,341 |  |  | 2,341 |  |  | — |  |  | — |  |  | 4,089 |  |  | 4,089 |
Non-marketable equity securities |  | — |  |  | — |  |  | 52 |  |  | 52 |  |  | — |  |  | 4,126 |  |  | 2,278 |  |  | 6,404 |
Marketable equity securities |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,386 |  |  | — |  |  | — |  |  | 1,386 |
Note receivable from a related party |  | — |  |  | — |  |  | 83 |  |  | 83 |  |  | — |  |  | — |  |  | 81 |  |  | 81 |
Total financial assets |  | $ | 2,386 |  |  | $ | 1,476 |  |  | $ | 2,476 |  |  | $ | 6,338 |  |  | $ | 5,600 |  |  | $ | 4,126 |  |  | $ | 6,448 |  |  | $ | 16,174 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MLU B.V. Call Option (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 230 |  |  | $ | 230 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 230 |  |  | $ | 230 |
(1) For further information, see Note 4 – Equity Method Investments.
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 our debt securities with a stated contractual maturity or redemption date (in millions):
|  | As of September 30, 2021
|  | Amortized Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
One year through five years |  | 2,281 |  |  | 4,089 |
Total |  | $ | 2,281 |  |  | $ | 4,089 |
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 our debt securities at fair value on a recurring basis (in millions):
|  | As of December 31, 2020 |  | As of September 30, 2021
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  |  | Fair Value
Commercial paper |  | $ | 611 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 611 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
U.S. government and agency securities |  | 542 |  |  | — |  |  | — |  |  |  | 542 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Corporate bonds |  | 322 |  |  | 1 |  |  | — |  |  |  | 323 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Non-marketable debt securities |  | 2,281 |  |  | 60 |  |  | — |  |  |  | 2,341 |  |  | 2,281 |  |  | 1,808 |  |  | — |  |  |  | 4,089 |
Total |  | $ | 3,756 |  |  | $ | 61 |  |  | $ | — |  |  |  | $ | 3,817 |  |  | $ | 2,281 |  |  | $ | 1,808 |  |  | $ | — |  |  |  | $ | 4,089 |
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 our Grab investment as of September 30, 2021:
Fair value method |  | Relative weighting |  | Key unobservable inputs
OPM |  | 40% |  | Transaction price per share |  | $6.16
|  |  |  | Volatility |  | 64%
|  |  |  | Estimated time to liquidity |  | 1.25 years
|  |  |  | Market adjustment |  | 5%
CSE |  | 60% |  | Discount rate |  | 25%
|  |  |  | Estimated time to liquidity |  | 0.25 years
Summarized Financial Information | Summarized financial information for Aurora for the six months ended June 30, 2021, the most recent period available, is as follows (in millions):
Results of Operations Data |  | Six Months Ended June 30, 2021
Total operating expenses |  | $ | 373 |
Loss from operations |  | (373) |
Net loss |  | (370) |
Balance Sheet Data |  | As of June 30, 2021
Current assets |  | $ | 808 |
Total assets |  | 2,796 |
Current liabilities |  | 72 |
Total liabilities |  | 254 |
Redeemable convertible preferred stock |  | 2,161 |
The carrying value of our equity method investments were as follows (in millions):
|  | As of
|  | December 31, 2020 |  | September 30, 2021
MLU B.V. |  | $ | 1,001 |  |  | $ | 927 |
Mission Bay 3 & 4 |  | 41 |  |  | 38 |
Other |  | 37 |  |  | 6 |
Total equity method investments |  | $ | 1,079 |  |  | $ | 971 |
The table below provides the composition of the basis difference (in millions):
|  | As of September 30, 2021
Equity method goodwill |  | $ | 698 |
Intangible assets, net of accumulated amortization |  | 60 |
Deferred tax liabilities |  | (13) |
Cumulative currency translation adjustments |  | (130) |
Basis difference |  | $ | 615 |
Schedule of Reconciliation Using Significant Unobservable Inputs, Assets | The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2021, using significant unobservable inputs (Level 3) (in millions):
|  | Non-marketable Debt Securities |  | Non-marketable Equity Securities |  | Note Receivables |  | MLU B.V. Call Option
Balance as of December 31, 2020 |  | $ | 2,341 |  |  | $ | 52 |  |  | $ | 83 |  |  | $ | — |
Total net gains (losses) |  |  |  |  |  |  |  |
Included in earnings |  | — |  |  | 549 |  |  | (2) |  |  | — |
Included in other comprehensive income (loss) |  | 1,748 |  |  | — |  |  | — |  |  | — |
Purchases |  | — |  |  | 1,677 |  |  | — |  |  | — |
Issuance |  | — |  |  | — |  |  | — |  |  | 230 |
Balance as of September 30, 2021 |  | $ | 4,089 |  |  | $ | 2,278 |  |  | $ | 81 |  |  | $ | 230 |
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 (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2021 |  | 2020 |  | 2021
Upward adjustments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71 |
Downward adjustments (including impairment) |  | — |  |  | — |  |  | (1,690) |  |  | — |
Total unrealized gain (loss) for non-marketable equity securities |  | $ | — |  |  | $ | — |  |  | $ | (1,690) |  |  | $ | 71 |
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
|  | As of
|  | December 31, 2020 |  | September 30, 2021
Initial cost basis |  | $ | 6,282 |  |  | $ | 279 |
Upward adjustments |  | 1,984 |  |  | — |
Downward adjustments (including impairment) |  | (1,690) |  |  | — |
Total carrying value at the end of the period |  | $ | 6,576 |  |  | $ | 279 |

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