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Fair Value Measurement of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value of assets and liabilities measured on a recurring basis | The following tables present our financial assets and liabilities measured at fair value on a recurring basis (in millions):
| September 30, 2020 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 963 |  |  | $ | 933 |  |  | $ | 30 |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |
Restricted cash | 126 |  |  | 126 |  |  | — |  |  | — |
Corporate debt securities | 2,571 |  |  | — |  |  | 2,571 |  |  | — |
Total short-term investments | 2,697 |  |  | 126 |  |  | 2,571 |  |  | — |
Derivatives | 836 |  |  | — |  |  | 59 |  |  | 777 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 391 |  |  | — |  |  | 391 |  |  | — |
Total long-term investments | 391 |  |  | — |  |  | 391 |  |  | — |
Total financial assets | $ | 4,887 |  |  | $ | 1,059 |  |  | $ | 3,051 |  |  | $ | 777 |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 29 |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |
| December 31, 2019 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 901 |  |  | $ | 901 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |
Restricted cash | 21 |  |  | 21 |  |  | — |  |  | — |
Corporate debt securities | 1,654 |  |  | — |  |  | 1,654 |  |  | — |
Government and agency securities | 175 |  |  | — |  |  | 175 |  |  | — |
Total short-term investments | 1,850 |  |  | 21 |  |  | 1,829 |  |  | — |
Derivatives | 345 |  |  | — |  |  | 64 |  |  | 281 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 961 |  |  | — |  |  | 961 |  |  | — |
Total long-term investments | 961 |  |  | — |  |  | 961 |  |  | — |
Total financial assets | $ | 4,057 |  |  | $ | 922 |  |  | $ | 2,854 |  |  | $ | 281 |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 20 |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |
Schedule of assets measured using significant unobservable inputs | The following tables present a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) (in millions):
| September 30, 2020
Opening balance as of January 1, 2020 | $ | 281 |
Change in fair value | 496 |
Closing balance as of September 30, 2020 | $ | 777 |
| December 31, 2019
Opening balance as of January 1, 2019 | $ | 148 |
Change in fair value | 133 |
Closing balance as of December 31, 2019 | $ | 281 |
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of September 30, 2020 (in millions):
|  | Fair value |  | Valuation technique |  | Unobservable Input |  | Range (weighted average)(1)
Warrant |  | $ | 777 |  |  | Black-Scholes and Monte Carlo |  | Probability of vesting |  | 0.0% - 90.0% (69%)
|  |  |  |  |  | Equity volatility |  | 21.2% - 54.6% (40%)
(1) Probability of vesting were weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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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