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Investments and Fair Value Measurement (Tables)
 9 Months Ended
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, 2020September 30, 2021
Classified as short-term investments:
Marketable debt securities (1):
Commercial paper$457 $— 
U.S. government and agency securities429 — 
Corporate bonds294 — 
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 party83 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, 2020As of September 30, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
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 $230 
(1) For further information, see Note 4 – Equity Method Investments.
Schedule of Amortized Cost and Fair Value of Debt Security with Contractual Maturity Dates
The following table summarizes the amortized cost and fair value of our debt securities with a stated contractual maturity or redemption date (in millions):
 As of September 30, 2021
 Amortized CostFair Value
Within one year$— $— 
One year through five years2,281 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, 2020As of September 30, 2021
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$611 $— $— $611 $— $— $— $— 
U.S. government and agency securities542 — — 542 — — — — 
Corporate bonds322 1 — 323 — — — — 
Non-marketable debt securities2,281 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 methodRelative weightingKey unobservable inputs
OPM40%Transaction price per share$6.16
Volatility64%
Estimated time to liquidity1.25 years
Market adjustment5%
CSE60%Discount rate25%
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 DataSix Months Ended June 30, 2021
Total operating expenses$373 
Loss from operations(373)
Net loss(370)
Balance Sheet DataAs of June 30, 2021
Current assets$808 
Total assets2,796 
Current liabilities72 
Total liabilities254 
Redeemable convertible preferred stock2,161 
The carrying value of our equity method investments were as follows (in millions):
As of
December 31, 2020September 30, 2021
MLU B.V.$1,001 $927 
Mission Bay 3 & 441 38 
Other37 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 amortization60 
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 SecuritiesNote ReceivablesMLU 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 $230 
Schedule of Securities without Readily Determinable Fair Value
The following is a summary of unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded in other income (expense), net in the condensed consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Upward adjustments$— $— $— $71 
Downward adjustments (including impairment)— — (1,690)— 
Total unrealized gain (loss) for non-marketable equity securities$— $— $(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, 2020September 30, 2021
Initial cost basis$6,282 $279 
Upward adjustments1,984 — 
Downward adjustments (including impairment)(1,690)— 
Total carrying value at the end of the period$6,576 $279