Fair Value Measurement of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

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 as of September 30, 2019 and December 31, 2018 (in millions):



	September 30, 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	$	897	$	897	$	—	$	—
Short-term investments:
Restricted cash	12		12		—		—
Corporate debt securities	2,177		—		2,177		—
Total short-term investments	2,189		12		2,177		—
Derivatives	311		—		107		204
Long-term investments:
Corporate debt securities	1,136		—		1,136		—
Total long-term investments	1,136		—		1,136		—
Total financial assets	$	4,533	$	909	$	3,420	$	204

Liabilities:
Derivatives	$	15	$	—	$	15	$	—



	December 31, 2018		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	$	2,202	$	2,052	$	150	$	—
Short-term investments:
Restricted cash	17		17		—		—
Corporate debt securities	2,606		—		2,606		—
Government and agency securities	90		—		90		—
Total short-term investments	2,713		17		2,696		—
Derivatives	262		—		114		148
Long-term investments:
Corporate debt securities	3,635		—		3,635		—
Total long-term investments	3,635		—		3,635		—
Total financial assets	$	8,812	$	2,069	$	6,595	$	148

Liabilities:
Derivatives	$	48	$	—	$	48	$	—

Schedule of assets measured using significant unobservable inputs

The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of September 30, 2019 (in millions):



	September 30, 2019
Opening balance as of January 1, 2019	$	148
Change in fair value	56
Closing balance as of September 30, 2019	$	204