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Investments and Fair Value Measurement | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurement | Note 3 – Investments and Fair Value Measurement 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. Assets Measured at Fair Value on a 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 |
We did not make any transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2023 and 2024. Debt Securities As of December 31, 2023, the amortized cost of our debt securities approximates fair value. We did not record any material unrealized gains or losses as of December 31, 2023. 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 |
For the years ended December 31, 2022, 2023 and 2024, we did not record any material realized gains or losses for our debt securities. As of December 31, 2023 and 2024, there were no allowance for credit losses related to our debt securities. The weighted-average remaining maturity of our debt securities was less than one year as of December 31, 2024. Derivatives Not Designated as Hedging Instruments As of December 31, 2024, the fair value of our outstanding derivative assets and liabilities were not material. We did not record any material realized or unrealized gains or losses for our financial derivative instruments during the year ended December 31, 2024. As of December 31, 2024, there were no rights of set-off associated with our foreign currency exchange contracts. The total notional amount of outstanding derivatives not designated as hedging instruments was $1.1 billion as of December 31, 2024. Fair Value Hierarchy We measure our cash equivalents and certain investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations are valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. As of December 31, 2023 and 2024, our Level 3 non-marketable equity securities and note receivable from a related party primarily consist of common stock investments and convertible secured notes that may be converted into common or preferred stock in privately held companies without readily determinable fair values. Depending on the investee’s financing activity in a reporting period, management’s estimate of fair value may be primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. Additionally, based on the timing, volume, and other characteristics of the transaction, we may supplement this information by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue (actual and forecasted), and therefore, unobservable input used in this valuation technique primarily consists of short-term revenue projections. Once the fair value of the investee is estimated, an option-pricing model (“OPM”), a common stock equivalent (“CSE”) method or a hybrid approach is employed to allocate value to various classes of securities of the investee, including the class owned by us. The model involves making assumptions around the investees’ expected time to liquidity and volatility. An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of the investee, could result in a material increase or decrease in our estimate of fair value. Other unobservable inputs, including short-term revenue projections, time to liquidity, and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. In the future, depending on the weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on our estimate of fair value. We determine realized gains or losses on the sale of equity and debt securities on a specific identification method. Zomato Investment During the third quarter of 2022, we completed the sale of $418 million of our entire stake in Zomato ordinary shares for net proceeds of $376 million and recognized an immaterial loss from this transaction in other income (expense), net in our consolidated statement of operations. Aurora Investment As of December 31, 2023 and 2024, our Class A common stock in Aurora (“Aurora Investment”) have been classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets measured at fair value on a recurring basis. We recognized a net unrealized loss of $3.0 billion, a net unrealized gain of $985 million, and a net unrealized gain of $629 million on this investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2022, 2023 and 2024, respectively, for the fair value change of the equity security. Grab Investment As of December 31, 2023 and 2024, our Class A ordinary shares in Grab have been classified as a marketable equity security with a readily determinable fair value (Level 1) in the table presenting our financial assets measured at fair value on a recurring basis. We recognized a net unrealized loss of $2.1 billion, a net unrealized gain of $80 million, and a net unrealized gain of $723 million on the investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2022, 2023 and 2024, respectively, for the fair value change of the equity security. Delivery Hero Investment In May 2024, we paid $300 million to purchase approximately 8.4 million newly issued ordinary shares of Delivery Hero. In connection with the Delivery Hero investment, we entered into a definitive agreement to acquire Foodpanda Taiwan. Refer to Note 1 – Description of Business and Summary of Significant Accounting Policies for further details. As of December 31, 2024, our investment in Delivery Hero was classified as a marketable equity security with a readily determinable fair value (Level 1) measured at fair value on a recurring basis. We recognized an immaterial net unrealized gain on this investment in other income (expense), net in our consolidated statement of operations during the year ended December 31, 2024. Financial Assets and Liabilities Measured at Fair Value Using Level 3 Inputs 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 |  |  | $ | — |
Assets Measured at Fair Value on a Non-Recurring Basis Non-Financial Assets Our non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the consolidated statements of operations. Non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the CSE and OPM methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold. 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 |
We did not record any realized gains or losses for our non-marketable equity securities measured at fair value on a non-recurring basis during the years ended December 31, 2022, 2023 and 2024. Didi Investment In the second quarter of 2022, Didi completed their delisting from the New York Stock Exchange (“NYSE Delisting”). We concluded the ordinary shares held by us did not have a readily determinable fair value and should be accounted for under the measurement alternative method. As of December 31, 2023 and 2024, Didi American Depositary Shares (“ADS”) continue to be traded in the over-the-counter (“OTC”) market. We determined that the Didi ADS were similar to the ordinary shares held prior to the NYSE Delisting. We then measured the investment to fair value based on the closing share price of the Didi ADS on the OTC market on December 31, 2023 and 2024 as an observable transaction for similar securities. As of December 31, 2023 and 2024, our Didi investment is classified as a non-marketable equity security and is measured at fair value on a non-recurring basis with a readily available price based on significant other observable inputs (Level 2). We recognized a net unrealized loss of $1.0 billion, a net unrealized gain of $443 million and a net unrealized gain of $357 million on this investment in other income (expense), net in our consolidated statements of operations for the years ended December 31, 2022, 2023 and 2024, respectively.

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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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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