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Fair Value Measurement of Assets and Liabilities (Tables)
12 Months Ended
Dec. 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 as of the dates indicated (in millions):
December 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$1,379 $1,379 $— $— 
Short-term investments:
Restricted cash22 22 — — 
Corporate debt securities4,152 — 4,152 — 
Government and agency securities25 — 25 — 
Equity investments with readily determinable fair values1,745 1,745 — — 
Total short-term investments5,944 1,767 4,177 — 
Equity investment in Adevinta5,391 5,391 — — 
Derivatives553 — 109 444 
Long-term investments:
Corporate debt securities950 — 950 — 
Government and agency securities777 — 777 — 
Equity investment under the fair value option725 — — 725 
Total long-term investments2,452 — 1,727 725 
Total financial assets$15,719 $8,537 $6,013 $1,169 
Liabilities:
Derivatives$17 $— $17 $— 

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$1,101 $890 $211 $— 
Short-term investments:
Restricted cash137 137 — — 
Corporate debt securities2,255 — 2,255 — 
Total short-term investments2,392 137 2,255 — 
Derivatives1,113 — 62 1,051 
Long-term investments:
Corporate debt securities286 — 286 — 
Total long-term investments286 — 286 — 
Total financial assets$4,892 $1,027 $2,814 $1,051 
Liabilities:
Derivatives$44 $— $44 $— 
Schedule of assets measured using significant unobservable inputs
The following table presents a reconciliation of the opening to closing balance of the warrant measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
December 31,
20212020
Opening balance at beginning of period$1,051 $281 
Exercise of options under warrant(961)— 
Change in fair value354 770 
Closing balance at end of period$444 $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 December 31, 2021 (in millions, except percentages):
Fair value Valuation techniqueUnobservable Input
Range (weighted average)(1)
Warrant$444 Black-Scholes and Monte CarloProbability of vesting
0.0% - 55.0% (50.0%)
Equity volatility
(39%)
(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.