Investments and Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Marketable and Non-Marketable Securities

Our investments on the condensed consolidated balance sheets consisted of the following (in millions):

	As of
	December 31, 2021		June 30, 2022
Non-marketable equity securities:
Didi	$	—	$	1,669
Other (1)	315		298
Marketable equity securities:
Didi	2,838		—
Grab	3,821		1,356
Aurora	3,388		575
Other	1,312		548
Note receivable from a related party (1)	132		126
Investments	$	11,806	$	4,572

(1) 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.

Schedule of Assets and Liabilities Measured on Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):

	As of December 31, 2021								As of June 30, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Non-marketable equity securities	$	—	$	—	$	32	$	32	$	—	$	—	$	12	$	12
Marketable equity securities	11,359		—		—		11,359		2,479		—		—		2,479
Note receivable from a related party	—		—		132		132		—		—		126		126
Total financial assets	$	11,359	$	—	$	164	$	11,523	$	2,479	$	—	$	138	$	2,617
Financial Liabilities
MLU B.V. Call Option (1)	$	—	$	—	$	193	$	193	$	—	$	—	$	23	$	23
Total financial liabilities	$	—	$	—	$	193	$	193	$	—	$	—	$	23	$	23

(1) For further information, see Note 4 – Equity Method Investments.

Schedule of Reconciliation Using Significant Unobservable Inputs, Assets

The following table presents a reconciliation of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2022, using significant unobservable inputs (Level 3) (in millions):

	Non-marketable Equity Securities		Note Receivables		MLU B.V. Call Option
Balance as of December 31, 2021	$	32	$	132	$	193
Change in fair value
Included in earnings	(20)		(6)		(170)
Balance as of June 30, 2022	$	12	$	126	$	23

Schedule of Securities without Readily Determinable Fair Value

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, 2021		June 30, 2022
Initial cost basis	$	279	$	1,692
Upward adjustments	4		263
Downward adjustments (including impairment)	—		—
Total carrying value at the end of the period	$	283	$	1,955