v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
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, 2023
 Level 1Level 2Level 3Total
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 
 September 30, 2024
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$2,433 $— $— $2,433 
Commercial paper— 24 — 24 
Certificates of deposit— 2 — 2 
U.S. Treasury securities— 7 — 7 
Short-term marketable securities
Certificates of deposit— 40 — 40 
Commercial paper— 101 — 101 
Corporate bonds— 462 — 462 
U.S. government agency securities— 46 — 46 
U.S. Treasury securities— 606 — 606 
Mutual funds45 — — 45 
Long-term marketable securities
Corporate bonds— 467 — 467 
U.S. government agency securities— 69 — 69 
U.S. Treasury securities— 259 — 259 
Total$2,478 $2,083 $— $4,561 
The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs.
During the nine months ended September 30, 2023, the Company made investments in non-marketable equity securities of $19 million. In the three and nine months ended September 30, 2023 and 2024, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities.
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2023 and September 30, 2024, 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 condensed consolidated statements of operations during the period in which they were incurred (in millions):
December 31,
2023		September 30,
2024
Initial cost basis$450 $450 
Upward adjustments9 9 
Downward adjustments (including impairment)(413)(419)
Total carrying value at the end of reporting period$46 $40