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Fair Value Measures and Disclosures (Tables)

12 Months Ended

Dec. 31, 2022

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


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	544	$	—	$	—	$	544


U.S. Treasury securities	—		50		—		50
Short-term marketable securities
Commercial paper	—		373		—		373
Corporate bonds	—		141		—		141
U.S. government agency securities	—		69		—		69
U.S. Treasury securities	—		670		—		670
Long-term marketable securities
Corporate bonds	—		114		—		114
U.S. government agency securities	—		49		—		49
U.S. Treasury securities	—		487		—		487
Total	$	544	$	1,953	$	—	$	2,497


	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

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes information about the significant unobservable inputs used in the OPM for the Company's investment as of December 31, 2022:


			Key unobservable inputs
Volatility			60.0%
Estimated duration used in the OPM			3 years

Schedule of Other Nonoperating Income (Expense)

The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2021 and 2022 including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expenses), net in the consolidated statements of operations (in millions):


	Year Ended December 31,
	2021		2022
Initial cost basis	$	409	$	427
Upward adjustments	—		9
Downward adjustments (including impairment)	—		(312)
Total carrying value at the end of reporting period	$	409	$	124