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Fair Value Measurement of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
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):
 
March 31, 2021
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$1,667 $1,667 $— $— 
Short-term investments:
Restricted cash23 23 — — 
Corporate debt securities1,652 — 1,652 — 
Government and agency securities25 — 25 — 
Total short-term investments1,700 23 1,677 — 
Derivatives1,129 — 114 1,015 
Long-term investments:
Corporate debt securities508 — 508 — 
Government and agency securities16 — 16 — 
Total long-term investments524 — 524 — 
Total financial assets$5,020 $1,690 $2,315 $1,015 
Liabilities:
Derivatives$30 $— $30 $— 
December 31, 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$1,428 $1,217 $211 $— 
Short-term investments:
Restricted cash143 143 — — 
Corporate debt securities2,255 — 2,255 — 
Total short-term investments2,398 143 2,255 — 
Derivatives1,113 — 62 1,051 
Long-term investments:
Corporate debt securities286 — 286 — 
Total long-term investments286 — 286 — 
Total financial assets$5,225 $1,360 $2,814 $1,051 
Liabilities:
Derivatives$46 $— $46 $— 
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):

March 31,
2021
December 31,
2020
Opening balance at beginning of period$1,051 $281 
Change in fair value(36)770 
Closing balance at end of period$1,015 $1,051 
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of March 31, 2021 (in millions):
Fair value Valuation techniqueUnobservable Input
Range (weighted average)(1)
Warrant$1,015 Black-Scholes and Monte CarloProbability of vesting
0.0% - 95.0% (71%)
Equity volatility
23.6% - 60.3% (40%)
(1) Probability of vesting were weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount.