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Investments and Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Investments | Our investments on the consolidated balance sheets consisted of the following as of December 31, 2023 and 2024 (in millions):
|  | As of December 31,
|  | 2023 |  | 2024
Classified as short-term investments: |  |  |  |
Marketable debt securities (1): |  |  |  |
U.S. government and agency securities |  | $ | 253 |  |  | $ | 167 |
Commercial paper |  | 288 |  |  | 220 |
Corporate bonds |  | 181 |  |  | 659 |
Certificates of deposit |  | 5 |  |  | 38 |
Short-term investments |  | $ | 727 |  |  | $ | 1,084 |
Classified as restricted investments: |  |  |  |
Marketable debt securities (1): |  |  |  |
U.S. government and agency securities |  | $ | 4,426 |  |  | $ | 5,552 |
Commercial paper |  | 17 |  |  | 179 |
Corporate bonds |  | 77 |  |  | 1,288 |
Certificates of deposit |  | 259 |  |  | — |
Restricted investments |  | $ | 4,779 |  |  | $ | 7,019 |
Classified as investments: |  |  |  |
Non-marketable equity securities: |  |  |  |
Didi |  | $ | 2,245 |  |  | $ | 2,602 |
Other (2) |  | 329 |  |  | 608 |
Marketable equity securities: |  |  |  |
Grab |  | 1,806 |  |  | 2,529 |
Aurora (3) |  | 1,425 |  |  | 2,054 |
Other |  | 170 |  |  | 523 |
Notes receivable from a related party (2), (4) |  | 126 |  |  | 144 |
Investments |  | $ | 6,101 |  |  | $ | 8,460 |
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents. (2) 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. (3) In connection with Aurora Innovation, Inc.’s (“Aurora”) November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025. (4) Consists of the Lime Convertible Note. Neutron Holdings, Inc. (“Lime”) is considered a related party as a result of our investment in Lime Common Stock.
Schedule of Assets Measured on Recurring Basis | The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
|  | As of December 31, 2023 |  | As of December 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,153 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,153 |  |  | $ | 1,868 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,868 |
U.S. government and agency securities |  | — |  |  | 4,840 |  |  | — |  |  | 4,840 |  |  | — |  |  | 5,848 |  |  | — |  |  | 5,848 |
Commercial paper |  | — |  |  | 351 |  |  | — |  |  | 351 |  |  | — |  |  | 702 |  |  | — |  |  | 702 |
Corporate bonds |  | — |  |  | 263 |  |  | — |  |  | 263 |  |  | — |  |  | 1,974 |  |  | — |  |  | 1,974 |
Certificates of deposit |  | — |  |  | 266 |  |  | — |  |  | 266 |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Non-marketable equity securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Marketable equity securities |  | 3,401 |  |  | — |  |  | — |  |  | 3,401 |  |  | 5,106 |  |  | — |  |  | — |  |  | 5,106 |
Notes receivable from a related party |  | — |  |  | — |  |  | 126 |  |  | 126 |  |  | — |  |  | — |  |  | 144 |  |  | 144 |
Total financial assets |  | $ | 4,554 |  |  | $ | 5,720 |  |  | $ | 126 |  |  | $ | 10,400 |  |  | $ | 6,974 |  |  | $ | 8,562 |  |  | $ | 155 |  |  | $ | 15,691 |
Summary of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities | The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
|  | As of December 31, 2024
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government and agency securities |  | $ | 5,843 |  |  | $ | 7 |  |  | $ | (2) |  |  | $ | 5,848 |
Commercial paper |  | 702 |  |  | — |  |  | — |  |  | 702 |
Corporate bonds |  | 1,975 |  |  | 1 |  |  | (2) |  |  | 1,974 |
Certificates of deposit |  | 38 |  |  | — |  |  | — |  |  | 38 |
Total |  | $ | 8,558 |  |  | $ | 8 |  |  | $ | (4) |  |  | $ | 8,562 |
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 December 31, 2023 and 2024, using significant unobservable inputs (Level 3) (in millions):
|  |  |  | Non-marketable Equity Securities |  | Notes Receivable |  | MLU B.V. Call Option
Balance as of December 31, 2022 |  |  |  | $ | 3 |  |  | $ | 110 |  |  | $ | 2 |
Change in fair value |  |  |  |  |  |  |  |
Included in earnings |  |  |  | (3) |  |  | 16 |  |  | (2) |
Balance as of December 31, 2023 |  |  |  | — |  |  | 126 |  |  | — |
Change in fair value |  |  |  |  |  |  |  |
Included in earnings |  |  |  | 11 |  |  | 18 |  |  | — |
Balance as of December 31, 2024 |  |  |  | $ | 11 |  |  | $ | 144 |  |  | $ | — |
Schedule of Reconciliation Using Significant Unobservable Inputs, Liabilities | The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2023 and 2024, using significant unobservable inputs (Level 3) (in millions):
|  |  |  | Non-marketable Equity Securities |  | Notes Receivable |  | MLU B.V. Call Option
Balance as of December 31, 2022 |  |  |  | $ | 3 |  |  | $ | 110 |  |  | $ | 2 |
Change in fair value |  |  |  |  |  |  |  |
Included in earnings |  |  |  | (3) |  |  | 16 |  |  | (2) |
Balance as of December 31, 2023 |  |  |  | — |  |  | 126 |  |  | — |
Change in fair value |  |  |  |  |  |  |  |
Included in earnings |  |  |  | 11 |  |  | 18 |  |  | — |
Balance as of December 31, 2024 |  |  |  | $ | 11 |  |  | $ | 144 |  |  | $ | — |
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 consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the years ended December 31, 2022, 2023 and 2024 based on the observable price in an orderly transaction for the same or similar security of the same issuers (in millions):
|  | Year Ended December 31,
|  | 2022 |  | 2023 |  | 2024
Upward adjustments |  | $ | 1,046 |  |  | $ | 908 |  |  | $ | 657 |
Downward adjustments (including impairment) |  | (641) |  |  | (472) |  |  | (328) |
Total unrealized gain (loss) for non-marketable equity securities |  | $ | 405 |  |  | $ | 436 |  |  | $ | 329 |
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,
|  | 2023 |  | 2024
Initial cost basis |  | $ | 1,727 |  |  | $ | 2,030 |
Upward adjustments |  | 1,960 |  |  | 2,611 |
Downward adjustments (including impairment) |  | (1,113) |  |  | (1,442) |
Total carrying value at the end of the period |  | $ | 2,574 |  |  | $ | 3,199 |

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