Fair Value Measures and Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	886	$	—	$	—	$	886


Commercial paper	—		3		—		3
Short-term marketable securities
Commercial paper	—		306		—		306
Corporate bonds	—		205		—		205
U.S. government agency securities	—		76		—		76
U.S. Treasury securities	—		957		—		957
Long-term marketable securities
Corporate bonds	—		145		—		145
U.S. government agency securities	—		44		—		44
U.S. Treasury securities	—		208		—		208
Total	$	886	$	1,944	$	—	$	2,830


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	1,349	$	—	$	—	$	1,349


U.S. Treasury securities	—		35		—		35

Short-term marketable securities
Certificates of deposit	—		38		—		38
Commercial paper	—		216		—		216
Corporate bonds	—		289		—		289
U.S. government agency securities	—		162		—		162
U.S. Treasury securities	—		717		—		717

Long-term marketable securities
Corporate bonds	—		383		—		383
U.S. government agency securities	—		55		—		55
U.S. Treasury securities	—		145		—		145

Total	$	1,349	$	2,040	$	—	$	3,389

Summary of Carrying Value of the Company's Non-Maketable Equity Securities and Unrealized Losses

The following is a summary of unrealized gains and losses from upward or downward adjustments recorded in other expense, net in the consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the years ended December 31, 2021, 2022, and 2023 (in millions):


	Year Ended December 31,
	2021		2022		2023
Upward adjustments	$	—	$	9	$	—
Downward adjustments (including impairment)	—		(312)		(101)
Total unrealized loss for non-marketable equity securities	$	—	$	(303)	$	(101)

The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2022 and 2023 including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other expense, net in the consolidated statements of operations (in millions):


	December 31,
	2022		2023
Initial cost basis	$	427	$	450
Upward adjustments	9		9
Downward adjustments (including impairment)	(312)		(413)
Total carrying value at the end of reporting period	$	124	$	46