v3.25.1
Investments and Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2024March 31, 2025
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$167 $192 
Commercial paper220 121 
Corporate bonds659 535 
Certificates of deposit38 46 
Short-term investments$1,084 $894 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$5,552 $5,920 
Commercial paper179 89 
Corporate bonds1,288 1,362 
Restricted investments$7,019 $7,371 
Classified as investments:
Non-marketable equity securities:
Didi$2,602 $2,757 
Other (2)
608 814 
Marketable equity securities:
Grab2,529 2,428 
Aurora (3)
2,054 2,191 
Other523 412 
Note receivable from a related party (2)
144 144 
Investments$8,460 $8,746 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) 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.
(3) In connection with Aurora’s November 2021 initial public offering, we are subject to a lock-up agreement in which our ability to sell or transfer our shares in Aurora is partially restricted until November 2025.
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table presents our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2024As of March 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,868 $— $— $1,868 $734 $— $— $734 
U.S. government and agency securities— 5,848 — 5,848 — 6,153 — 6,153 
Commercial paper— 702 — 702 — 289 — 289 
Corporate bonds— 1,974 — 1,974 — 1,901 — 1,901 
Certificates of deposit— 38 — 38 — 46 — 46 
Non-marketable equity securities— — 11 11 — — 6 6 
Marketable equity securities5,106 — — 5,106 5,031 — — 5,031 
Note receivable from a related party— — 144 144 — — 144 144 
Total financial assets$6,974 $8,562 $155 $15,691 $5,765 $8,389 $150 $14,304 
Summary of Amortized Cost, Unrealized Gains and Losses and Fair Value of Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 As of December 31, 2024As of March 31, 2025
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$5,843 $7 $(2)$5,848 $6,148 $6 $(1)$6,153 
Commercial paper702 — — 702 289 — — 289 
Corporate bonds1,975 1 (2)1,974 1,901 1 (1)1,901 
Certificates of deposit38 — — 38 46 — — 46 
Total$8,558 $8 $(4)$8,562 $8,384 $7 $(2)$8,389 
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, 2024March 31, 2025
Initial cost basis$2,030 $2,239 
Upward adjustments2,611 2,767 
Downward adjustments (including impairment)(1,442)(1,441)
Total carrying value at the end of the period$3,199 $3,565