META PLATFORMS, INC., 10-Q filed on 4/28/2022
Quarterly Report
v3.22.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2022
Apr. 22, 2022
Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
Document Transition Report false  
Entity File Number 001-35551  
Entity Registrant Name Meta Platforms, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-1665019  
Entity Address, Address Line One 1601 Willow Road  
Entity Address, City or Town Menlo Park  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94025  
City Area Code 650  
Local Phone Number 543-4800  
Title of 12(b) Security Class A Common Stock, $0.000006 par value  
Trading Symbol FB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001326801  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   2,293,518,778
Class B Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   412,804,609
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 14,886 $ 16,601
Marketable securities 29,004 31,397
Accounts receivable, net 11,390 14,039
Prepaid expenses and other current assets 3,985 4,629
Total current assets 59,265 66,666
Total equity investments 6,775 6,775
Property and equipment, net 61,582 57,809
Operating lease right-of-use assets 12,241 12,155
Intangible assets, net 910 634
Goodwill 19,923 19,197
Other assets 3,522 2,751
Total assets 164,218 165,987
Current liabilities:    
Accounts payable 3,246 4,083
Partners payable 935 1,052
Operating lease liabilities, current 1,159 1,127
Accrued expenses and other current liabilities 15,226 14,312
Deferred revenue and deposits 520 561
Total current liabilities 21,086 21,135
Operating lease liabilities, non-current 12,894 12,746
Other liabilities 7,010 7,227
Total liabilities 40,990 41,108
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,301 million and 2,328 million shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively; 4,141 million Class B shares authorized, 413 million and 413 million shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively 0 0
Additional paid-in capital 57,512 55,811
Accumulated other comprehensive loss (1,996) (693)
Retained earnings 67,712 69,761
Total stockholders' equity 123,228 124,879
Total liabilities and stockholders' equity $ 164,218 $ 165,987
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2022
Dec. 31, 2021
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.000006 $ 0.000006
Class A Common Stock    
Stockholders' equity:    
Common stock, shares authorized (in shares) 5,000,000,000 5,000,000,000
Common stock, shares issued (in shares) 2,301,000,000 2,328,000,000
Common stock, shares outstanding (in shares) 2,301,000,000 2,328,000,000
Class B Common Stock    
Stockholders' equity:    
Common stock, shares authorized (in shares) 4,141,000,000 4,141,000,000
Common stock, shares issued (in shares) 413,000,000 413,000,000
Common stock, shares outstanding (in shares) 413,000,000 413,000,000
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenue $ 27,908 $ 26,171
Costs and expenses:    
Cost of revenue 6,005 5,131
Research and development 7,707 5,197
Marketing and sales 3,312 2,843
General and administrative 2,360 1,622
Total costs and expenses 19,384 14,793
Income from operations 8,524 11,378
Interest and other income, net 384 125
Income before provision for income taxes 8,908 11,503
Provision for income taxes 1,443 2,006
Net income $ 7,465 $ 9,497
Earnings per share attributable to Class A and Class B common stockholders:    
Basic (in dollars per share) $ 2.74 $ 3.34
Diluted (in dollars per share) $ 2.72 $ 3.30
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:    
Basic (in shares) 2,725 2,847
Diluted (in shares) 2,742 2,882
Share-based compensation expense included in costs and expenses:    
Share-based compensation expense $ 2,498 $ 1,830
Cost of revenue    
Share-based compensation expense included in costs and expenses:    
Share-based compensation expense 160 118
Research and development    
Share-based compensation expense included in costs and expenses:    
Share-based compensation expense 1,941 1,408
Marketing and sales    
Share-based compensation expense included in costs and expenses:    
Share-based compensation expense 216 174
General and administrative    
Share-based compensation expense included in costs and expenses:    
Share-based compensation expense $ 181 $ 130
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net income $ 7,465 $ 9,497
Other comprehensive loss:    
Change in foreign currency translation adjustment, net of tax (359) (601)
Change in unrealized gain (loss) on available-for-sale investments and other, net of tax (944) (172)
Comprehensive income $ 6,162 $ 8,724
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Balances at beginning of period (in shares) at Dec. 31, 2020   2,849      
Balances at beginning of period at Dec. 31, 2020 $ 128,290 $ 0 $ 50,018 $ 927 $ 77,345
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock (in shares)   11      
Shares withheld related to net share settlement (in shares)   (4)      
Shares withheld related to net share settlement (1,077)   (688)   (389)
Share-based compensation 1,830   1,830    
Share repurchases (in shares)   (15)      
Share repurchases (4,110)       (4,110)
Other comprehensive loss (773)     (773)  
Net income 9,497       9,497
Balances at end of period (in shares) at Mar. 31, 2021   2,841      
Balances at end of period at Mar. 31, 2021 133,657 $ 0 51,160 154 82,343
Balances at beginning of period (in shares) at Dec. 31, 2021   2,741      
Balances at beginning of period at Dec. 31, 2021 124,879 $ 0 55,811 (693) 69,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock (in shares)   11      
Shares withheld related to net share settlement (in shares)   (4)      
Shares withheld related to net share settlement (925)   (797)   (128)
Share-based compensation $ 2,498   2,498    
Share repurchases (in shares) (34) (34)      
Share repurchases $ (9,386)       (9,386)
Other comprehensive loss (1,303)     (1,303)  
Net income 7,465       7,465
Balances at end of period (in shares) at Mar. 31, 2022   2,714      
Balances at end of period at Mar. 31, 2022 $ 123,228 $ 0 $ 57,512 $ (1,996) $ 67,712
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 7,465 $ 9,497
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,156 1,972
Share-based compensation 2,498 1,830
Deferred income taxes (563) 418
Other (221) (66)
Changes in assets and liabilities:    
Accounts receivable 2,557 849
Prepaid expenses and other current assets 573 (461)
Other assets (108) (10)
Accounts payable (882) (250)
Partners payable (105) (72)
Accrued expenses and other current liabilities 763 (1,681)
Deferred revenue and deposits (52) 6
Other liabilities (5) 210
Net cash provided by operating activities 14,076 12,242
Cash flows from investing activities    
Purchases of property and equipment (5,441) (4,303)
Proceeds relating to property and equipment 126 31
Purchases of marketable securities (4,068) (6,231)
Sales of marketable securities 5,065 1,650
Maturities of marketable securities 402 3,981
Acquisitions of businesses and intangible assets (853) 0
Other investing activities (10) (2)
Net cash used in investing activities (4,779) (4,874)
Cash flows from financing activities    
Taxes paid related to net share settlement of equity awards (925) (1,077)
Repurchases of Class A common stock (9,506) (3,939)
Principal payments on finance leases (233) (151)
Net change in overdraft in cash pooling entities 20 (50)
Other financing activities (16) 32
Net cash used in financing activities (10,660) (5,185)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (149) (246)
Net increase (decrease) in cash, cash equivalents, and restricted cash (1,512) 1,937
Cash, cash equivalents, and restricted cash at beginning of the period 16,865 17,954
Cash, cash equivalents, and restricted cash at end of the period 15,353 19,891
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 14,886 19,513
Total cash, cash equivalents, and restricted cash 15,353 19,891
Supplemental cash flow data    
Cash paid for income taxes, net 502 2,907
Non-cash investing and financing activities:    
Property and equipment in accounts payable and accrued expenses and other current liabilities 3,709 2,198
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities 73 118
Settlement of convertible notes in exchange of equity securities in other current assets 131 0
Other current assets through financing arrangement in accrued expenses and other current liabilities 659 0
Repurchases of Class A common stock in accrued expenses and other current liabilities 221 240
Prepaid Expenses and Other Current Assets    
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Restricted cash 294 257
Other Assets    
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Restricted cash $ 173 $ 121
v3.22.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP.

The condensed consolidated financial statements include the accounts of Meta Platforms, Inc., its subsidiaries where we have controlling financial interests, and any variable interest entities for which we are deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated.

The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022.

Use of Estimates

Preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, those related to revenue recognition, valuation of equity investments, income taxes, loss contingencies, valuation of long-lived assets including goodwill, intangible assets, and property and equipment, and their associated estimated useful lives, credit losses of available-for-sale debt securities, credit losses of accounts receivable, fair value of financial instruments, and leases. These estimates are based on management's knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.

Significant Accounting Policies

There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Recently Adopted Accounting Pronouncements

On January 1, 2022, we early adopted Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606). The adoption of this new standard did not have a material impact on our condensed consolidated financial statements.
Accounting Pronouncements Not Yet Adopted

In November 2021, the Financial Accounting Standards Board issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which requires the disclosure of government assistance received by most business entities relating to: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance will be effective for our annual financial statements for the year ended December 31, 2022. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
v3.22.1
Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue disaggregated by revenue source and by segment consists of the following (in millions). For comparative purposes, amounts in the prior period have been recast:
 Three Months Ended March 31,
 20222021
Advertising$26,998 $25,439 
Other revenue215 198 
Family of Apps27,213 25,637 
Reality Labs695 534 
Total revenue$27,908 $26,171 

Revenue disaggregated by geography, based on the addresses of our customers, consists of the following (in millions):
 Three Months Ended March 31,
 20222021
United States and Canada(1)
$11,780 $11,436 
Europe(2)
6,638 6,384 
Asia-Pacific6,722 6,101 
Rest of World(2)
2,768 2,250 
Total revenue$27,908 $26,171 
____________________________________
(1)    United States revenue was $11.10 billion and $10.75 billion for the three months ended March 31, 2022 and 2021, respectively.
(2)    Europe includes Russia and Turkey, and Rest of World includes Africa, Latin America, and the Middle East.

Our total deferred revenue was $565 million and $596 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, we expect $472 million of our deferred revenue to be realized in less than a year.
v3.22.1
Earnings per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
We compute earnings per share (EPS) of Class A and Class B common stock using the two-class method. As the liquidation and dividend rights for both Class A and Class B common stock are identical, the undistributed earnings are allocated on a proportionate basis to the weighted-average number of common shares outstanding for the period.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our Class A and Class B common stock outstanding.

For the calculation of diluted EPS, net income for basic EPS is adjusted by the effect of dilutive securities, including awards under our equity compensation plans.

In addition, the computation of the diluted EPS of Class A common stock assumes the conversion of our Class B
common stock to Class A common stock, while the diluted EPS of Class B common stock does not assume the conversion of those shares to Class A common stock. Diluted EPS is computed by dividing the resulting net income by the weighted-average number of fully diluted common shares outstanding.

For the three months ended March 31, 2022, 48 million shares of Class A common stock equivalents of RSUs were excluded from the diluted EPS calculation as including them would have an anti-dilutive effect. RSUs with anti-dilutive effect were not material for the three months ended, March 31, 2021.

Basic and diluted EPS are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts): 
 Three Months Ended March 31,
 20222021
 Class AClass BClass AClass B
Basic EPS:
Numerator
Net income$6,334 $1,131 $8,025 $1,472 
Denominator
Shares used in computation of basic earnings per share2,312 413 2,406 441 
Basic EPS$2.74 $2.74 $3.34 $3.34 
Diluted EPS:
Numerator
Net income$6,334 $1,131 $8,025 $1,472 
Reallocation of net income as a result of conversion of Class B to Class A common stock1,131 — 1,472 — 
Reallocation of net income to Class B common stock— (7)— (18)
Net income for diluted EPS$7,465 $1,124 $9,497 $1,454 
Denominator
Shares used in computation of basic earnings per share2,312 413 2,406 441 
Conversion of Class B to Class A common stock413 — 441 — 
Weighted-average effect of dilutive RSUs17 — 35 — 
Shares used in computation of diluted earnings per share2,742 413 2,882 441 
Diluted EPS$2.72 $2.72 $3.30 $3.30 
v3.22.1
Cash and Cash Equivalents, and Marketable Securities
 3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Cash and Cash Equivalents, and Marketable Securities Cash and Cash Equivalents and Marketable Securities
The following table sets forth the cash and cash equivalents and marketable securities by major security type (in millions):
March 31, 2022December 31, 2021
Cash and cash equivalents:
Cash$7,090 $7,308 
Money market funds7,350 8,850 
U.S. government securities81 25 
U.S. government agency securities— 108 
Certificates of deposit and time deposits351 250 
Corporate debt securities14 60 
Total cash and cash equivalents14,886 16,601 
Marketable securities:
U.S. government securities9,721 10,901 
U.S. government agency securities5,434 5,927 
Corporate debt securities13,849 14,569 
Total marketable securities29,004 31,397 
Total cash and cash equivalents and marketable securities$43,890 $47,998 

The following table summarizes our available-for-sale marketable securities with unrealized losses as of March 31, 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):
March 31, 2022
Less than 12 months12 months or greaterTotal
Fair ValueUnrealized lossesFair ValueUnrealized lossesFair ValueUnrealized losses
U.S. government securities$7,488 $(218)$214 $(11)$7,702 $(229)
U.S. government agency securities3,345 (110)1,736 (111)5,081 (221)
Corporate debt securities11,953 (507)589 (39)12,542 (546)
Total$22,786 $(835)$2,539 $(161)$25,325 $(996)

The gross unrealized gains on our marketable securities were not material as of March 31, 2022 and December 31, 2021. The gross unrealized losses were $996 million and not material as of March 31, 2022 and December 31, 2021, respectively. The allowance for credit losses on our marketable securities was not material as of March 31, 2022 and December 31, 2021.

The following table classifies our marketable securities by contractual maturities (in millions):
March 31, 2022
Due within one year$2,452 
Due after one year to five years26,552 
Total$29,004 
v3.22.1
Equity Investments
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Equity Investments Equity Investments
Our equity investments are investments in equity securities of privately-held companies without readily determinable fair values. The following table summarizes our equity investments that were measured using measurement alternative and equity method (in millions):
March 31, 2022December 31, 2021
Equity investments under measurement alternative:
Initial cost$6,480 $6,480 
Cumulative upward adjustments311 311 
Cumulative impairment/downward adjustments(50)(50)
Carrying value6,741 6,741 
Equity investments under equity method34 34 
Total equity investments$6,775 $6,775 
v3.22.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our assets measured at fair value and the classification by level of input within the fair value hierarchy (in millions):
  Fair Value Measurement at Reporting Date Using
DescriptionMarch 31, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)
Cash equivalents:
Money market funds$7,350 $7,350 $— 
U.S. government securities81 81 — 
Certificates of deposit and time deposits351 — 351 
Corporate debt securities14 — 14 
Marketable securities:
U.S. government securities9,721 9,721 — 
U.S. government agency securities5,434 5,434 — 
Corporate debt securities13,849 — 13,849 
Total cash equivalents and marketable securities$36,800 $22,586 $14,214 
  Fair Value Measurement at Reporting Date Using
DescriptionDecember 31, 2021Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)
Cash equivalents:
Money market funds$8,850 $8,850 $— 
U.S. government securities25 25 — 
U.S. government agency securities108 108 — 
Certificates of deposit and time deposits250 — 250 
Corporate debt securities60 — 60 
Marketable securities:
U.S. government securities10,901 10,901 — 
U.S. government agency securities5,927 5,927 — 
Corporate debt securities14,569 — 14,569 
Total cash equivalents and marketable securities$40,690 $25,811 $14,879 

We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value.

We also have assets and liabilities classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity. As of March 31, 2022, assets and liabilities remeasured at fair value within Level 3 during the three months ended March 31, 2022 were not material. As of December 31, 2021, included in the total $6.78 billion of equity investments, $913 million was remeasured at fair value during the year ended December 31, 2021 and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis. The gains and losses as the result of the remeasurements were not material for the three months ended March 31, 2022 and 2021. For information regarding equity investments, see Note 5 — Equity Investments.
v3.22.1
Property and Equipment
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following (in millions): 
March 31, 2022December 31, 2021
Land$1,713 $1,688 
Servers and network assets27,094 25,584 
Buildings23,154 22,531 
Leasehold improvements6,043 5,795 
Equipment and other5,045 4,764 
Finance lease right-of-use assets2,955 2,840 
Construction in progress17,031 14,687 
Property and equipment, gross83,035 77,889 
Less: Accumulated depreciation(21,453)(20,080)
Property and equipment, net$61,582 $57,809 

Construction in progress includes costs mostly related to construction of data centers, network infrastructure, and office buildings. Depreciation expense on property and equipment was $2.12 billion and $1.85 billion for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
We have entered into various non-cancelable operating lease agreements mostly for certain of our offices, data centers, colocations, and land. We have also entered into various non-cancelable finance lease agreements for certain network infrastructure. Our leases have original lease periods expiring between the remainder of 2022 and 2093. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs are as follows (in millions):
Three Months Ended March 31,
20222021
Finance lease cost
Amortization of right-of-use assets$98 $81 
Interest4 4 
Operating lease cost411 362 
Variable lease cost and other, net90 66 
Total lease cost$603 $513 

Supplemental balance sheet information related to leases is as follows:
March 31, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.8 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.8 %2.8 %

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$1,061 $78 
20231,600 69 
20241,565 47 
20251,403 47 
20261,344 47 
Thereafter10,312 434 
Total undiscounted cash flows17,285 722 
Less: Imputed interest(3,232)(117)
Present value of lease liabilities$14,053 $605 
Lease liabilities, current$1,159 $81 
Lease liabilities, non-current12,894 524 
Present value of lease liabilities$14,053 $605 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of March 31, 2022, we have additional operating and finance leases, that have not yet commenced, with lease obligations of approximately $9.78 billion and $1.63 billion, respectively, mostly for offices, data centers, and network infrastructure. These operating and finance leases will commence between the remainder of 2022 and 2028 with lease terms of greater than one year to 30 years.

Supplemental cash flow information related to leases is as follows (in millions):
Three Months Ended March 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$389 $329 
Operating cash flows for finance leases$4 $4 
Financing cash flows for finance leases$233 $151 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$539 $1,282 
Finance leases$52 $24 
Leases Leases
We have entered into various non-cancelable operating lease agreements mostly for certain of our offices, data centers, colocations, and land. We have also entered into various non-cancelable finance lease agreements for certain network infrastructure. Our leases have original lease periods expiring between the remainder of 2022 and 2093. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs are as follows (in millions):
Three Months Ended March 31,
20222021
Finance lease cost
Amortization of right-of-use assets$98 $81 
Interest4 4 
Operating lease cost411 362 
Variable lease cost and other, net90 66 
Total lease cost$603 $513 

Supplemental balance sheet information related to leases is as follows:
March 31, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.8 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.8 %2.8 %

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$1,061 $78 
20231,600 69 
20241,565 47 
20251,403 47 
20261,344 47 
Thereafter10,312 434 
Total undiscounted cash flows17,285 722 
Less: Imputed interest(3,232)(117)
Present value of lease liabilities$14,053 $605 
Lease liabilities, current$1,159 $81 
Lease liabilities, non-current12,894 524 
Present value of lease liabilities$14,053 $605 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of March 31, 2022, we have additional operating and finance leases, that have not yet commenced, with lease obligations of approximately $9.78 billion and $1.63 billion, respectively, mostly for offices, data centers, and network infrastructure. These operating and finance leases will commence between the remainder of 2022 and 2028 with lease terms of greater than one year to 30 years.

Supplemental cash flow information related to leases is as follows (in millions):
Three Months Ended March 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$389 $329 
Operating cash flows for finance leases$4 $4 
Financing cash flows for finance leases$233 $151 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$539 $1,282 
Finance leases$52 $24 
v3.22.1
Acquisitions, Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Goodwill and Intangible Assets Acquisitions, Goodwill and Intangible Assets
During the three months ended March 31, 2022, we completed several business acquisitions with total cash consideration transferred of $774 million, which in aggregate was allocated to $182 million of intangible assets, $759 million of goodwill, and $167 million of net liabilities assumed. Goodwill generated from all business acquisitions completed was primarily attributable to expected synergies from future growth and potential monetization opportunities. The amount of goodwill generated that was deductible for tax purposes was not material. Acquisition-related costs were immaterial and were expensed as incurred in the condensed consolidated statements of operations. Pro forma historical results of operations related to these business acquisitions have not been presented because they are not material to our condensed consolidated financial statements, either individually or in the aggregate. We have included the financial results of these acquired businesses in our condensed consolidated financial statements from their respective dates of acquisition.

Changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2022 are as follows (in millions): 

Family of AppsReality LabsTotal
Goodwill at December 31, 2021$18,458 $739 $19,197 
Acquisitions759 — 759 
Adjustments— (33)(33)
Goodwill at March 31, 2022$19,217 $706 $19,923 
The following table sets forth the major categories of the intangible assets and the weighted‑average remaining useful lives for those assets that are not already fully amortized (in millions):

March 31, 2022December 31, 2021
Weighted-Average Remaining Useful Lives
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Acquired technology4.2$1,534 $(1,194)$340 $1,412 $(1,169)$243 
Acquired patents3.2827 (731)96 827 (722)105 
Trade names4.1623 (602)21 644 (633)11 
Other9.6188 (99)89 176 (167)9 
Total finite-lived assets3,172 (2,626)546 3,059 (2,691)368 
Total indefinite-lived assetsN/A364 — 364 266 — 266 
Total intangible assets$3,536 $(2,626)$910 $3,325 $(2,691)$634 

Amortization expense of intangible assets was $40 million and $118 million for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in millions):

The remainder of 2022$142 
2023133 
2024105 
202567 
202627 
Thereafter72 
Total$546 
v3.22.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Guarantee

In 2018, we established a multi-currency notional cash pool for certain of our entities with a third-party bank provider. Actual cash balances are not physically converted and are not commingled between participating legal entities. As part of the notional cash pool agreement, the bank extends overdraft credit to our participating entities as needed, provided that the overall notionally pooled balance of all accounts in the pool at the end of each day is at least zero. In the unlikely event of a default by our collective entities participating in the pool, any overdraft balances incurred would be guaranteed by Meta Platforms, Inc.
Contractual Commitments

We have $22.73 billion of non-cancelable contractual commitments as of March 31, 2022, which are primarily related to our investments in servers, network infrastructure, and Reality Labs. The following is a schedule, by years, of non-cancelable contractual commitments as of March 31, 2022 (in millions):
The remainder of 2022$13,940 
20233,851 
20241,804 
2025386 
2026205 
Thereafter2,542 
Total$22,728 

Additionally, as part of the normal course of business, we have entered into multi-year agreements to purchase renewable energy that do not specify a fixed or minimum volume commitment or to purchase certain server components that do not specify a fixed or minimum price commitment. We enter into these agreements in order to secure either volume or price. Using the projected market prices or expected volume consumption, the total estimated spend as of March 31, 2022 is approximately $8.75 billion, the majority of which is due beyond five years. The ultimate spend under these agreements may vary and will be based on prevailing market prices or actual volume purchased.

Legal and Related Matters

Beginning on March 20, 2018, multiple putative class actions and derivative actions were filed in state and federal courts in the United States and elsewhere against us and certain of our directors and officers alleging violations of securities laws, breach of fiduciary duties, and other causes of action in connection with our platform and user data practices as well as the misuse of certain data by a developer that shared such data with third parties in violation of our terms and policies, and seeking unspecified damages and injunctive relief. Beginning on July 27, 2018, two putative class actions were filed in federal court in the United States against us and certain of our directors and officers alleging violations of securities laws in connection with the disclosure of our earnings results for the second quarter of 2018 and seeking unspecified damages. These two actions subsequently were transferred and consolidated in the U.S. District Court for the Northern District of California with the putative securities class action described above relating to our platform and user data practices. On September 25, 2019, the district court granted our motion to dismiss the consolidated putative securities class action, with leave to amend. On November 15, 2019, a second amended complaint was filed in the consolidated putative securities class action. On August 7, 2020, the district court granted our motion to dismiss the second amended complaint, with leave to amend. On October 16, 2020, a third amended complaint was filed in the consolidated putative securities class action. On December 20, 2021, the district court granted our motion to dismiss the third amended complaint, with prejudice. On January 17, 2022, the plaintiffs filed a notice of appeal of the order dismissing their case, and the appeal is now pending before the U.S. Court of Appeals for the Ninth Circuit. With respect to the multiple putative class actions filed against us beginning on March 20, 2018 alleging fraud and violations of consumer protection, privacy, and other laws in connection with the same matters, several of the cases brought on behalf of consumers in the United States were consolidated in the U.S. District Court for the Northern District of California. On September 9, 2019, the court granted, in part, and denied, in part, our motion to dismiss the consolidated putative consumer class action. In addition, our platform and user data practices, as well as the events surrounding the misuse of certain data by a developer, became the subject of U.S. Federal Trade Commission (FTC), state attorneys general, and other government inquiries in the United States, Europe, and other jurisdictions. We entered into a settlement and modified consent order to resolve the FTC inquiry, which took effect in April 2020. Among other matters, our settlement with the FTC required us to pay a penalty of $5.0 billion which was paid in April 2020 upon the effectiveness of the modified consent order. The state attorneys general inquiry and certain government inquiries in other jurisdictions remain ongoing. On July 16, 2021, a stockholder derivative action was filed in Delaware Chancery Court against certain of our directors and officers asserting breach of fiduciary duty and related claims relating to our historical platform and user data practices, as well as our settlement with the FTC. On July 20, 2021, other stockholders filed an amended derivative complaint in a related Delaware Chancery Court action, asserting breach of fiduciary duty and related claims against certain of our current and former directors and officers in connection with our historical platform and user data practices. On
November 4, 2021, the lead plaintiffs filed a second amended and consolidated complaint in the stockholder derivative action. We believe the lawsuits described above are without merit, and we are vigorously defending them.

We also notify the Irish Data Protection Commission (IDPC), our lead European Union privacy regulator under the General Data Protection Regulation (GDPR), of certain other personal data breaches and privacy issues, and are subject to inquiries and investigations by the IDPC and other European regulators regarding various aspects of our regulatory compliance. The GDPR is still a relatively new law and draft decisions in investigations by the IDPC are subject to review by other European privacy regulators as part of the GDPR's consistency mechanism, which may lead to significant changes in the final outcome of such investigations. As a result, the interpretation and enforcement of the GDPR, as well as the imposition and amount of penalties for non-compliance, are subject to significant uncertainty. Although we are vigorously defending our regulatory compliance, we have accrued significant amounts for loss contingencies related to these inquiries and investigations in Europe, and we believe there is a reasonable possibility that additional accruals for losses related to these matters could be material in the aggregate.

We are also subject to other government inquiries and investigations relating to our business activities and disclosure practices. For example, beginning in September 2021, we became subject to government investigations and requests relating to a former employee's allegations and release of internal company documents concerning, among other things, our algorithms, advertising and user metrics, and content enforcement practices, as well as misinformation and other undesirable activity on our platform, and user well-being. Beginning on October 27, 2021, multiple putative class actions and derivative actions were filed in the U.S. District Court for the Northern District of California against us and certain of our directors and officers alleging violations of securities laws, breach of fiduciary duties, and other causes of action in connection with the same matters. We believe these lawsuits are without merit, and we are vigorously defending them.

On March 8, 2022, a putative class action was filed in the U.S. District Court for the Northern District of California against us and certain of our directors and officers alleging violations of securities laws in connection with the disclosure of our earnings results for the fourth quarter of 2021 and seeking unspecified damages. We believe this lawsuit is without merit, and we are vigorously defending it.

Beginning on August 15, 2018, multiple putative class actions were filed against us alleging that we inflated our estimates of the potential audience size for advertisements, resulting in artificially increased demand and higher prices. The cases were consolidated in the U.S. District Court for the Northern District of California and seek unspecified damages and injunctive relief. In a series of rulings in 2019, 2021, and 2022, the court dismissed certain of the plaintiffs' claims, but permitted its fraud and unfair competition claims to proceed. On March 29, 2022, the court granted the plaintiffs' motion for class certification. We believe this lawsuit is without merit, and we are vigorously defending it.

In addition, we are subject to litigation and other proceedings involving law enforcement and other regulatory agencies, including in particular in Brazil, Russia, and other countries in Europe, in order to ascertain the precise scope of our legal obligations to comply with the requests of those agencies, including our obligation to disclose user information in particular circumstances. A number of such instances have resulted in the assessment of fines and penalties against us. We believe we have multiple legal grounds to satisfy these requests or prevail against associated fines and penalties, and we intend to vigorously defend such fines and penalties.

With respect to the cases, actions, and inquiries described above, we evaluate the associated developments on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. In addition, we believe there is a reasonable possibility that we may incur a loss in some of these matters. With respect to the matters described above that do not include an estimate of the amount of loss or range of possible loss, such losses or range of possible losses either cannot be estimated or are not individually material, but we believe there is a reasonable possibility that they may be material in the aggregate.

We are also party to various other legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. For example, we are subject to various litigation and government inquiries and investigations, formal or informal, by competition authorities in the United States, Europe, and other jurisdictions. Such investigations, inquiries, and lawsuits concern, among other things, our business practices in the areas of social networking or social media services, digital advertising, and/or mobile or online applications, as well as our acquisitions. For example, in June 2019 we were informed by the FTC that it had opened an antitrust investigation of our
company. On December 9, 2020, the FTC filed a complaint against us in the U.S. District Court for the District of Columbia alleging that we engaged in anticompetitive conduct and unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and Section 2 of the Sherman Act, including by acquiring Instagram in 2012 and WhatsApp in 2014 and by maintaining conditions on access to our platform. In addition, beginning in the third quarter of 2019, we became the subject of antitrust investigations by the U.S. Department of Justice and state attorneys general. On December 9, 2020, the attorneys general from 46 states, the territory of Guam, and the District of Columbia filed a complaint against us in the U.S. District Court for the District of Columbia alleging that we engaged in anticompetitive conduct in violation of Section 2 of the Sherman Act, including by acquiring Instagram in 2012 and WhatsApp in 2014 and by maintaining conditions on access to our platform. The complaint also alleged that we violated Section 7 of the Clayton Act by acquiring Instagram and WhatsApp. The complaints of the FTC and attorneys general both sought a permanent injunction against our company's alleged violations of the antitrust laws, and other equitable relief, including divestiture or reconstruction of Instagram and WhatsApp. On June 28, 2021, the court granted our motions to dismiss the complaints filed by the FTC and attorneys general, dismissing the FTC's complaint with leave to amend and dismissing the attorneys general's case without prejudice. On July 28, 2021, the attorneys general filed a notice of appeal of the order dismissing their case and that appeal is now pending before the U.S. Court of Appeals for the District of Columbia Circuit. On August 19, 2021, the FTC filed an amended complaint, and on October 4, 2021, we filed a motion to dismiss this amended complaint. On January 11, 2022, the court denied our motion to dismiss the FTC's amended complaint. Multiple putative class actions have also been filed in state and federal courts in the United States and in the United Kingdom against us alleging violations of antitrust laws and other causes of action in connection with these acquisitions and/or other alleged anticompetitive conduct, and seeking damages and injunctive relief. Several of the cases brought on behalf of certain advertisers and users in the United States were consolidated in the U.S. District Court for the Northern District of California. On January 14, 2022, the court granted, in part, and denied, in part, our motion to dismiss the consolidated actions. We believe these lawsuits are without merit, and we are vigorously defending them.

Additionally, we are required to comply with various legal and regulatory obligations around the world. The requirements for complying with these obligations may be uncertain and subject to interpretation and enforcement by regulatory and other authorities, and any failure to comply with such obligations could eventually lead to asserted legal or regulatory action. With respect to these other legal proceedings, claims, regulatory, tax, or government inquiries and investigations, and other matters, asserted and unasserted, we evaluate the associated developments on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. In addition, we believe there is a reasonable possibility that we may incur a loss in some of these other matters. We believe that the amount of losses or any estimable range of possible losses with respect to these other matters will not, either individually or in the aggregate, have a material adverse effect on our business and condensed consolidated financial statements.

The ultimate outcome of the legal and related matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, is inherently uncertain. Therefore, if one or more of these matters were resolved against us for amounts in excess of management's estimates of loss, our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

For information regarding income tax contingencies, see Note 12 — Income Taxes.

Indemnifications

In the normal course of business, to facilitate transactions of services and products, we have agreed to indemnify certain parties with respect to certain matters. We have agreed to hold certain parties harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, we have entered into indemnification agreements with our officers, directors, and certain employees, and our certificate of incorporation and bylaws contain similar indemnification obligations.
It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by us under these agreements have not had a material impact on our condensed consolidated financial statements. In our opinion, as of March 31, 2022, there was not a reasonable possibility we had incurred a material loss with respect to indemnification of such parties. We have not recorded any liability for costs related to indemnification through March 31, 2022.
v3.22.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program

Our board of directors has authorized a share repurchase program of our Class A common stock, which commenced in January 2017 and does not have an expiration date. As of December 31, 2021, $38.79 billion remained available and authorized for repurchases under this program. During the three months ended March 31, 2022, we repurchased and subsequently retired 34 million shares of our Class A common stock for an aggregate amount of $9.39 billion. As of March 31, 2022, $29.41 billion remained available and authorized for repurchases.

The timing and actual number of shares repurchased under the repurchase program depend on a variety of factors, including price, general business and market conditions, and other investment opportunities, and shares may be repurchased through open market purchases or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

Share-based Compensation Plans

We have one active share-based employee compensation plan, the 2012 Equity Incentive Plan, which was amended in each of June 2016 and February 2018 (Amended 2012 Plan). Our Amended 2012 Plan provides for the issuance of incentive and nonqualified stock options, restricted stock awards, stock appreciation rights, RSUs, performance shares, and stock bonuses to qualified employees, directors, and consultants. Shares that are withheld in connection with the net settlement of RSUs or forfeited under our stock plan are added to the reserves of the Amended 2012 Plan.

Effective January 1, 2022, there were 136 million shares of our Class A common stock reserved for future issuance under our Amended 2012 Plan. Pursuant to the automatic increase provision under our Amended 2012 Plan, the number of shares reserved for issuance increases automatically on January 1 of each of the calendar years during the term of the Amended 2012 Plan, which will continue through April 2026, by a number of shares of Class A common stock equal to the lesser of (i) 2.5% of the total issued and outstanding shares of our Class A common stock as of the immediately preceding December 31st or (ii) a number of shares determined by our board of directors.

The following table summarizes the activities for our unvested RSUs for the three months ended March 31, 2022:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Unvested at December 31, 202198,848 $244.32 
Granted66,724 $214.17 
Vested(11,156)$219.55 
Forfeited(3,259)$230.73 
Unvested at March 31, 2022151,157 $233.13 

The fair value as of the respective vesting dates of RSUs that vested during the three months ended March 31, 2022 and 2021 was $2.43 billion and $2.83 billion, respectively. The income tax benefit recognized related to awards vested during the three months ended March 31, 2022 and 2021 was $514 million and $605 million, respectively.
As of March 31, 2022, there was $33.83 billion of unrecognized share-based compensation expense related to RSU awards. This unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately three years based on vesting under the award service conditions.
v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including our ability to accurately predict the proportion of our income (loss) before provision for income taxes in multiple jurisdictions, the U.S. tax benefits from foreign derived intangible income, the effects of tax law changes, the effects of acquisitions, and the integration of those acquisitions.

Our gross unrecognized tax benefits were $9.77 billion and $9.81 billion on March 31, 2022 and December 31, 2021, respectively. These unrecognized tax benefits were primarily accrued for the uncertainties related to transfer pricing with our foreign subsidiaries, which include licensing of intellectual property, providing services and other transactions, as well as for uncertainties with our research tax credits. If the gross unrecognized tax benefits as of March 31, 2022 were realized in a future period, this would result in a tax benefit of $5.81 billion within our provision of income taxes at such time. The amount of interest and penalties accrued was $889 million and $960 million as of March 31, 2022 and December 31, 2021, respectively. We expect to continue to accrue unrecognized tax benefits for certain recurring tax positions.

We are subject to taxation in the United States and various other state and foreign jurisdictions. The material jurisdictions in which we are subject to potential examination include the United States and Ireland. We are under examination by the Internal Revenue Service (IRS) for our 2014 through 2019 tax years. Our 2020 and subsequent tax years remain open to examination by the IRS and the Irish Revenue Commissioners.

In July 2016, we received a Statutory Notice of Deficiency (Notice) from the IRS related to transfer pricing with our foreign subsidiaries in conjunction with the examination of the 2010 tax year. While the Notice applies only to the 2010 tax year, the IRS stated that it will also apply its position for tax years subsequent to 2010 and has done so in years covered by the second Notice described below. We do not agree with the position of the IRS and have filed a petition in the Tax Court challenging the Notice. On January 15, 2020, the IRS's amendment to answer was filed stating that it planned to assert at trial an adjustment that is higher than the adjustment stated in the Notice. The first session of the trial was completed in March 2020 and a second session commenced in October 2021. Based on the information provided, we believe that, if the IRS prevails in its updated position, this could result in an additional federal tax liability of an estimated, aggregate amount of up to approximately $9.0 billion in excess of the amounts in our originally filed U.S. return, plus interest and any penalties asserted.

In March 2018, we received a second Notice from the IRS in conjunction with the examination of our 2011 through 2013 tax years. The IRS applied its position from the 2010 tax year to each of these years and also proposed new adjustments related to other transfer pricing with our foreign subsidiaries and certain tax credits that we claimed. If the IRS prevails in its position for these new adjustments, this could result in an additional federal tax liability of up to approximately $680 million in excess of the amounts in our originally filed U.S. returns, plus interest and any penalties asserted. We do not agree with the positions of the IRS in the second Notice and have filed a petition in the Tax Court challenging the second Notice.

We have previously accrued an estimated unrecognized tax benefit consistent with the guidance in ASC 740, Income Taxes (ASC 740), that is lower than the potential additional federal tax liability from the positions taken by the IRS in the two Notices and its Pretrial Memorandum. In addition, if the IRS prevails in its positions related to transfer pricing with our foreign subsidiaries, the additional tax that we would owe would be partially offset by a reduction in the tax that we owe under the mandatory transition tax on accumulated foreign earnings from the 2017 Tax Cuts and Jobs Act. As of March 31, 2022, we have not resolved these matters and proceedings continue in the Tax Court.

We believe that adequate amounts have been reserved in accordance with ASC 740 for any adjustments to the provision for income taxes or other tax items that may ultimately result from these examinations. The timing of the resolution, settlement, and closure of any audits is highly uncertain, and it is reasonably possible that the balance of gross
unrecognized tax benefits could significantly change in the next 12 months. Given the number of years remaining that are subject to examination, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. If the taxing authorities prevail in the assessment of additional tax due, the assessed tax, interest, and penalties, if any, could have a material adverse impact on our financial position, results of operations, and cash flows.
v3.22.1
Segments and Geographical Information
 3 Months Ended
Mar. 31, 2022
Segments, Geographical Areas [Abstract]  
Segments and Geographical Information Segment and Geographical Information
We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes augmented and virtual reality related consumer hardware, software, and content. Our operating segments are the same as our reportable segments.

Our Chief Executive Officer is our chief operating decision maker (CODM), who allocates resources to and assesses the performance of each operating segment using information about the operating segment's revenue and income (loss) from operations. Our CODM does not evaluate operating segments using asset or liability information.

Revenue and costs and expenses are generally directly attributed to our segments. These costs and expenses include certain product development related operating expenses, costs associated with partnership arrangements, consumer hardware product costs, content costs, and legal-related costs. Indirect costs are allocated to segments based on a reasonable allocation methodology, when such costs are significant to the performance measures of the operating segments. Indirect cost of revenue is allocated to our segments based on usage, such as costs related to the operation of our data centers and technical infrastructure. Indirect operating expenses, such as facilities, information technology, certain shared research and development activities, recruiting, and physical security expenses, are mostly allocated based on headcount.

The following table sets forth our segment information of revenue and income (loss) from operations (in millions). For comparative purposes, amounts in the prior period have been recast:
 Three Months Ended March 31,
 20222021
Revenue:
Family of Apps $27,213 $25,637 
Reality Labs695 534 
Total revenue$27,908 $26,171 
Income (loss) from operations:
Family of Apps$11,484 $13,205 
Reality Labs(2,960)(1,827)
Total income from operations$8,524 $11,378 

For information regarding revenue disaggregated by geography, see Note 2 — Revenue.

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets (in millions):
March 31, 2022December 31, 2021
United States$59,080 $55,497 
Rest of the world(1)
14,743 14,467 
Total long-lived assets$73,823 $69,964 
____________________________________
(1)    No individual country, other than disclosed above, exceeded 10% of our total long-lived assets for any period presented.
v3.22.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP.

The condensed consolidated financial statements include the accounts of Meta Platforms, Inc., its subsidiaries where we have controlling financial interests, and any variable interest entities for which we are deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated.

The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022.
Use of Estimates
Use of Estimates

Preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, those related to revenue recognition, valuation of equity investments, income taxes, loss contingencies, valuation of long-lived assets including goodwill, intangible assets, and property and equipment, and their associated estimated useful lives, credit losses of available-for-sale debt securities, credit losses of accounts receivable, fair value of financial instruments, and leases. These estimates are based on management's knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.
Significant Accounting Policies
Significant Accounting Policies

There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Recent Accounting Pronouncements Adopted and Not Yet Adopted
Recently Adopted Accounting Pronouncements

On January 1, 2022, we early adopted Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606). The adoption of this new standard did not have a material impact on our condensed consolidated financial statements.
Accounting Pronouncements Not Yet Adopted

In November 2021, the Financial Accounting Standards Board issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which requires the disclosure of government assistance received by most business entities relating to: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance will be effective for our annual financial statements for the year ended December 31, 2022. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
Earnings Per Share
We compute earnings per share (EPS) of Class A and Class B common stock using the two-class method. As the liquidation and dividend rights for both Class A and Class B common stock are identical, the undistributed earnings are allocated on a proportionate basis to the weighted-average number of common shares outstanding for the period.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our Class A and Class B common stock outstanding.

For the calculation of diluted EPS, net income for basic EPS is adjusted by the effect of dilutive securities, including awards under our equity compensation plans.

In addition, the computation of the diluted EPS of Class A common stock assumes the conversion of our Class B
common stock to Class A common stock, while the diluted EPS of Class B common stock does not assume the conversion of those shares to Class A common stock. Diluted EPS is computed by dividing the resulting net income by the weighted-average number of fully diluted common shares outstanding.
Commitments and Contingencies Additionally, we are required to comply with various legal and regulatory obligations around the world. The requirements for complying with these obligations may be uncertain and subject to interpretation and enforcement by regulatory and other authorities, and any failure to comply with such obligations could eventually lead to asserted legal or regulatory action. With respect to these other legal proceedings, claims, regulatory, tax, or government inquiries and investigations, and other matters, asserted and unasserted, we evaluate the associated developments on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. In addition, we believe there is a reasonable possibility that we may incur a loss in some of these other matters. We believe that the amount of losses or any estimable range of possible losses with respect to these other matters will not, either individually or in the aggregate, have a material adverse effect on our business and condensed consolidated financial statements.
Segment Reporting
We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes augmented and virtual reality related consumer hardware, software, and content. Our operating segments are the same as our reportable segments.

Our Chief Executive Officer is our chief operating decision maker (CODM), who allocates resources to and assesses the performance of each operating segment using information about the operating segment's revenue and income (loss) from operations. Our CODM does not evaluate operating segments using asset or liability information.

Revenue and costs and expenses are generally directly attributed to our segments. These costs and expenses include certain product development related operating expenses, costs associated with partnership arrangements, consumer hardware product costs, content costs, and legal-related costs. Indirect costs are allocated to segments based on a reasonable allocation methodology, when such costs are significant to the performance measures of the operating segments. Indirect cost of revenue is allocated to our segments based on usage, such as costs related to the operation of our data centers and technical infrastructure. Indirect operating expenses, such as facilities, information technology, certain shared research and development activities, recruiting, and physical security expenses, are mostly allocated based on headcount.
v3.22.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Revenue disaggregated by revenue source and by segment consists of the following (in millions). For comparative purposes, amounts in the prior period have been recast:
 Three Months Ended March 31,
 20222021
Advertising$26,998 $25,439 
Other revenue215 198 
Family of Apps27,213 25,637 
Reality Labs695 534 
Total revenue$27,908 $26,171 

Revenue disaggregated by geography, based on the addresses of our customers, consists of the following (in millions):
 Three Months Ended March 31,
 20222021
United States and Canada(1)
$11,780 $11,436 
Europe(2)
6,638 6,384 
Asia-Pacific6,722 6,101 
Rest of World(2)
2,768 2,250 
Total revenue$27,908 $26,171 
____________________________________
(1)    United States revenue was $11.10 billion and $10.75 billion for the three months ended March 31, 2022 and 2021, respectively.
(2)    Europe includes Russia and Turkey, and Rest of World includes Africa, Latin America, and the Middle East.
v3.22.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Numerators and Denominators of Basic and Diluted EPS Computations for Common Stock
The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts): 
 Three Months Ended March 31,
 20222021
 Class AClass BClass AClass B
Basic EPS:
Numerator
Net income$6,334 $1,131 $8,025 $1,472 
Denominator
Shares used in computation of basic earnings per share2,312 413 2,406 441 
Basic EPS$2.74 $2.74 $3.34 $3.34 
Diluted EPS:
Numerator
Net income$6,334 $1,131 $8,025 $1,472 
Reallocation of net income as a result of conversion of Class B to Class A common stock1,131 — 1,472 — 
Reallocation of net income to Class B common stock— (7)— (18)
Net income for diluted EPS$7,465 $1,124 $9,497 $1,454 
Denominator
Shares used in computation of basic earnings per share2,312 413 2,406 441 
Conversion of Class B to Class A common stock413 — 441 — 
Weighted-average effect of dilutive RSUs17 — 35 — 
Shares used in computation of diluted earnings per share2,742 413 2,882 441 
Diluted EPS$2.72 $2.72 $3.30 $3.30 
v3.22.1
Cash and Cash Equivalents, and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Cash and Cash Equivalents, and Marketable Securities
The following table sets forth the cash and cash equivalents and marketable securities by major security type (in millions):
March 31, 2022December 31, 2021
Cash and cash equivalents:
Cash$7,090 $7,308 
Money market funds7,350 8,850 
U.S. government securities81 25 
U.S. government agency securities— 108 
Certificates of deposit and time deposits351 250 
Corporate debt securities14 60 
Total cash and cash equivalents14,886 16,601 
Marketable securities:
U.S. government securities9,721 10,901 
U.S. government agency securities5,434 5,927 
Corporate debt securities13,849 14,569 
Total marketable securities29,004 31,397 
Total cash and cash equivalents and marketable securities$43,890 $47,998 
Available-for-sale Marketable Securities
The following table summarizes our available-for-sale marketable securities with unrealized losses as of March 31, 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):
March 31, 2022
Less than 12 months12 months or greaterTotal
Fair ValueUnrealized lossesFair ValueUnrealized lossesFair ValueUnrealized losses
U.S. government securities$7,488 $(218)$214 $(11)$7,702 $(229)
U.S. government agency securities3,345 (110)1,736 (111)5,081 (221)
Corporate debt securities11,953 (507)589 (39)12,542 (546)
Total$22,786 $(835)$2,539 $(161)$25,325 $(996)
Marketable Securities by Contractual Maturities
The following table classifies our marketable securities by contractual maturities (in millions):
March 31, 2022
Due within one year$2,452 
Due after one year to five years26,552 
Total$29,004 
v3.22.1
Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Carrying Value of Nonmarketable Equity Securities The following table summarizes our equity investments that were measured using measurement alternative and equity method (in millions):
March 31, 2022December 31, 2021
Equity investments under measurement alternative:
Initial cost$6,480 $6,480 
Cumulative upward adjustments311 311 
Cumulative impairment/downward adjustments(50)(50)
Carrying value6,741 6,741 
Equity investments under equity method34 34 
Total equity investments$6,775 $6,775 
v3.22.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets measured at fair value and the classification by level of input within the fair value hierarchy (in millions):
  Fair Value Measurement at Reporting Date Using
DescriptionMarch 31, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)
Cash equivalents:
Money market funds$7,350 $7,350 $— 
U.S. government securities81 81 — 
Certificates of deposit and time deposits351 — 351 
Corporate debt securities14 — 14 
Marketable securities:
U.S. government securities9,721 9,721 — 
U.S. government agency securities5,434 5,434 — 
Corporate debt securities13,849 — 13,849 
Total cash equivalents and marketable securities$36,800 $22,586 $14,214 
  Fair Value Measurement at Reporting Date Using
DescriptionDecember 31, 2021Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)
Cash equivalents:
Money market funds$8,850 $8,850 $— 
U.S. government securities25 25 — 
U.S. government agency securities108 108 — 
Certificates of deposit and time deposits250 — 250 
Corporate debt securities60 — 60 
Marketable securities:
U.S. government securities10,901 10,901 — 
U.S. government agency securities5,927 5,927 — 
Corporate debt securities14,569 — 14,569 
Total cash equivalents and marketable securities$40,690 $25,811 $14,879 
v3.22.1
Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and equipment, net consists of the following (in millions): 
March 31, 2022December 31, 2021
Land$1,713 $1,688 
Servers and network assets27,094 25,584 
Buildings23,154 22,531 
Leasehold improvements6,043 5,795 
Equipment and other5,045 4,764 
Finance lease right-of-use assets2,955 2,840 
Construction in progress17,031 14,687 
Property and equipment, gross83,035 77,889 
Less: Accumulated depreciation(21,453)(20,080)
Property and equipment, net$61,582 $57,809 
v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Components of Lease Costs
The components of lease costs are as follows (in millions):
Three Months Ended March 31,
20222021
Finance lease cost
Amortization of right-of-use assets$98 $81 
Interest4 4 
Operating lease cost411 362 
Variable lease cost and other, net90 66 
Total lease cost$603 $513 
Lease, Balance Sheet Information
Supplemental balance sheet information related to leases is as follows:
March 31, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.8 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.8 %2.8 %
Finance Lease, Liability, Maturity
The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$1,061 $78 
20231,600 69 
20241,565 47 
20251,403 47 
20261,344 47 
Thereafter10,312 434 
Total undiscounted cash flows17,285 722 
Less: Imputed interest(3,232)(117)
Present value of lease liabilities$14,053 $605 
Lease liabilities, current$1,159 $81 
Lease liabilities, non-current12,894 524 
Present value of lease liabilities$14,053 $605 
Operating Lease, Liability, Maturity
The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$1,061 $78 
20231,600 69 
20241,565 47 
20251,403 47 
20261,344 47 
Thereafter10,312 434 
Total undiscounted cash flows17,285 722 
Less: Imputed interest(3,232)(117)
Present value of lease liabilities$14,053 $605 
Lease liabilities, current$1,159 $81 
Lease liabilities, non-current12,894 524 
Present value of lease liabilities$14,053 $605 
Lease, Cash Flows Information
Supplemental cash flow information related to leases is as follows (in millions):
Three Months Ended March 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$389 $329 
Operating cash flows for finance leases$4 $4 
Financing cash flows for finance leases$233 $151 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$539 $1,282 
Finance leases$52 $24 
v3.22.1
Acquisitions, Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2022 are as follows (in millions): 

Family of AppsReality LabsTotal
Goodwill at December 31, 2021$18,458 $739 $19,197 
Acquisitions759 — 759 
Adjustments— (33)(33)
Goodwill at March 31, 2022$19,217 $706 $19,923 
Schedule of Finite-lived and Indefinite Lived Intangible Assets
The following table sets forth the major categories of the intangible assets and the weighted‑average remaining useful lives for those assets that are not already fully amortized (in millions):

March 31, 2022December 31, 2021
Weighted-Average Remaining Useful Lives
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Acquired technology4.2$1,534 $(1,194)$340 $1,412 $(1,169)$243 
Acquired patents3.2827 (731)96 827 (722)105 
Trade names4.1623 (602)21 644 (633)11 
Other9.6188 (99)89 176 (167)9 
Total finite-lived assets3,172 (2,626)546 3,059 (2,691)368 
Total indefinite-lived assetsN/A364 — 364 266 — 266 
Total intangible assets$3,536 $(2,626)$910 $3,325 $(2,691)$634 
Expected Amortization Expense for Unamortized Acquired Intangible Assets
As of March 31, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in millions):

The remainder of 2022$142 
2023133 
2024105 
202567 
202627 
Thereafter72 
Total$546 
v3.22.1
Commitment and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Contractual Commitments The following is a schedule, by years, of non-cancelable contractual commitments as of March 31, 2022 (in millions):
The remainder of 2022$13,940 
20233,851 
20241,804 
2025386 
2026205 
Thereafter2,542 
Total$22,728 
v3.22.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Restricted Stock Units Award Activity
The following table summarizes the activities for our unvested RSUs for the three months ended March 31, 2022:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Unvested at December 31, 202198,848 $244.32 
Granted66,724 $214.17 
Vested(11,156)$219.55 
Forfeited(3,259)$230.73 
Unvested at March 31, 2022151,157 $233.13 
v3.22.1
Segments and Geographical Information (Tables)
 3 Months Ended
Mar. 31, 2022
Segments, Geographical Areas [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table sets forth our segment information of revenue and income (loss) from operations (in millions). For comparative purposes, amounts in the prior period have been recast:
 Three Months Ended March 31,
 20222021
Revenue:
Family of Apps $27,213 $25,637 
Reality Labs695 534 
Total revenue$27,908 $26,171 
Income (loss) from operations:
Family of Apps$11,484 $13,205 
Reality Labs(2,960)(1,827)
Total income from operations$8,524 $11,378 
Revenue and Property and Equipment by Geographic Area
The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets (in millions):
March 31, 2022December 31, 2021
United States$59,080 $55,497 
Rest of the world(1)
14,743 14,467 
Total long-lived assets$73,823 $69,964 
____________________________________
(1)    No individual country, other than disclosed above, exceeded 10% of our total long-lived assets for any period presented.
v3.22.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Revenue $ 27,908 $ 26,171
United States and Canada    
Disaggregation of Revenue [Line Items]    
Revenue 11,780 11,436
Europe    
Disaggregation of Revenue [Line Items]    
Revenue 6,638 6,384
Asia-Pacific    
Disaggregation of Revenue [Line Items]    
Revenue 6,722 6,101
Rest of World    
Disaggregation of Revenue [Line Items]    
Revenue 2,768 2,250
United States    
Disaggregation of Revenue [Line Items]    
Revenue 11,100 10,750
Family of Apps    
Disaggregation of Revenue [Line Items]    
Revenue 27,213 25,637
Reality Labs    
Disaggregation of Revenue [Line Items]    
Revenue 695 534
Advertising | Family of Apps    
Disaggregation of Revenue [Line Items]    
Revenue 26,998 25,439
Other revenue | Family of Apps    
Disaggregation of Revenue [Line Items]    
Revenue $ 215 $ 198
v3.22.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Total deferred revenue balance $ 565 $ 596
Deferred revenue $ 472  
v3.22.1
Earnings per Share - Narrative (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2022
shares
Restricted Stock Units (RSUs)  
Earnings Per Share, Basic, by Common Class, Including Two Class Method  
Shares excluded from EPS calc (in shares) 48
v3.22.1
Earnings per Share - Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Numerator    
Net income $ 7,465 $ 9,497
Denominator    
Shares used in computation of basic earnings per share (in shares) 2,725 2,847
Basic EPS (in dollars per share) $ 2.74 $ 3.34
Numerator    
Net income $ 7,465 $ 9,497
Denominator    
Shares used in computation of basic earnings per share (in shares) 2,725 2,847
Number of shares used for diluted EPS computation (in shares) 2,742 2,882
Diluted EPS (in dollars per share) $ 2.72 $ 3.30
Class A Common Stock    
Numerator    
Net income $ 6,334 $ 8,025
Denominator    
Shares used in computation of basic earnings per share (in shares) 2,312 2,406
Basic EPS (in dollars per share) $ 2.74 $ 3.34
Numerator    
Net income $ 6,334 $ 8,025
Reallocation of net income as a result of conversion of Class B to Class A common stock 1,131 1,472
Reallocation of net income to Class B common stock 0 0
Net income for diluted EPS $ 7,465 $ 9,497
Denominator    
Shares used in computation of basic earnings per share (in shares) 2,312 2,406
Conversion of Class B to Class A common stock (in shares) 413 441
Weighted average effect of dilutive RSUs (in shares) 17 35
Number of shares used for diluted EPS computation (in shares) 2,742 2,882
Diluted EPS (in dollars per share) $ 2.72 $ 3.30
Class B Common Stock    
Numerator    
Net income $ 1,131 $ 1,472
Denominator    
Shares used in computation of basic earnings per share (in shares) 413 441
Basic EPS (in dollars per share) $ 2.74 $ 3.34
Numerator    
Net income $ 1,131 $ 1,472
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0
Reallocation of net income to Class B common stock (7) (18)
Net income for diluted EPS $ 1,124 $ 1,454
Denominator    
Shares used in computation of basic earnings per share (in shares) 413 441
Conversion of Class B to Class A common stock (in shares) 0 0
Weighted average effect of dilutive RSUs (in shares) 0 0
Number of shares used for diluted EPS computation (in shares) 413 441
Diluted EPS (in dollars per share) $ 2.72 $ 3.30
v3.22.1
Cash and Cash Equivalents, and Marketable Securities - Breakout of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents $ 14,886 $ 16,601 $ 19,513
Marketable securities 29,004 31,397  
Total cash and cash equivalents and marketable securities 43,890 47,998  
U.S. government securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable securities 9,721 10,901  
U.S. government agency securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable securities 5,434 5,927  
Corporate debt securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable securities 13,849 14,569  
Cash      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 7,090 7,308  
Money market funds      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 7,350 8,850  
U.S. government securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 81 25  
U.S. government agency securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 0 108  
Certificate of deposits and time deposits      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 351 250  
Corporate debt securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents $ 14 $ 60  
v3.22.1
Cash and Cash Equivalents, and Marketable Securities - Narrative (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Gross unrealized loss on marketable securities $ (996)
v3.22.1
Cash and Cash Equivalents, and Marketable Securities - Contractual Maturities of Marketable Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Contractual Maturities of Marketable Securities    
Due within one year $ 2,452  
Due after one year to five years 26,552  
Total marketable securities $ 29,004 $ 31,397
v3.22.1
Cash and Cash Equivalents, and Marketable Securities - Available-for-sale Marketable Securities (Details) - Available-for-sale Securities
$ in Millions
Mar. 31, 2022
USD ($)
Marketable Securities [Line Items]  
Less than 12 months, Fair Value $ 22,786
Less than 12 months, Unrealized losses (835)
12 months or greater, Fair Value 2,539
12 months or greater, Unrealized losses (161)
Fair Value 25,325
Unrealized losses (996)
U.S. government securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 7,488
Less than 12 months, Unrealized losses (218)
12 months or greater, Fair Value 214
12 months or greater, Unrealized losses (11)
Fair Value 7,702
Unrealized losses (229)
U.S. government agency securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 3,345
Less than 12 months, Unrealized losses (110)
12 months or greater, Fair Value 1,736
12 months or greater, Unrealized losses (111)
Fair Value 5,081
Unrealized losses (221)
Corporate debt securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 11,953
Less than 12 months, Unrealized losses (507)
12 months or greater, Fair Value 589
12 months or greater, Unrealized losses (39)
Fair Value 12,542
Unrealized losses $ (546)
v3.22.1
Equity Investments - Carrying Value of Equity Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Initial cost $ 6,480 $ 6,480
Cumulative upward adjustments 311 311
Cumulative impairment/downward adjustments (50) (50)
Carrying value 6,741 6,741
Equity investments under equity method 34 34
Total equity investments $ 6,775 $ 6,775
v3.22.1
Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities $ 29,004 $ 31,397
Corporate debt securities 36,800 40,690
Total equity investments 6,775 6,775
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Corporate debt securities 22,586 25,811
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Corporate debt securities 14,214 14,879
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 9,721 10,901
U.S. government securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 9,721 10,901
U.S. government securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 0 0
U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 5,434 5,927
U.S. government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 5,434 5,927
U.S. government agency securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 13,849 14,569
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 0 0
Corporate debt securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable securities 13,849 14,569
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 7,350 8,850
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 7,350 8,850
Money market funds | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 81 25
U.S. government securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 81 25
U.S. government securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents   108
U.S. government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents   108
U.S. government agency securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents   0
Certificate of deposits and time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 351 250
Certificate of deposits and time deposits | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Certificate of deposits and time deposits | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 351 250
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 14 60
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Corporate debt securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents $ 14 $ 60
v3.22.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total equity investments $ 6,775 $ 6,775
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total equity investments $ 913  
v3.22.1
Property and Equipment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Property, Plant and Equipment      
Finance lease right-of-use assets $ 2,955   $ 2,840
Property and equipment, gross 83,035   77,889
Less: Accumulated depreciation (21,453)   (20,080)
Property and equipment, net 61,582   57,809
Depreciation 2,120 $ 1,850  
Land      
Property, Plant and Equipment      
Property and equipment, gross 1,713   1,688
Servers and network assets      
Property, Plant and Equipment      
Property and equipment, gross 27,094   25,584
Buildings      
Property, Plant and Equipment      
Property and equipment, gross 23,154   22,531
Leasehold improvements      
Property, Plant and Equipment      
Property and equipment, gross 6,043   5,795
Equipment and other      
Property, Plant and Equipment      
Property and equipment, gross 5,045   4,764
Construction in progress      
Property, Plant and Equipment      
Property and equipment, gross $ 17,031   $ 14,687
v3.22.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Finance lease cost      
Amortization of right-of-use assets $ 98 $ 81  
Interest 4 4  
Operating lease cost 411 362  
Variable lease cost and other, net 90 66  
Total lease cost $ 603 $ 513  
Weighted-average remaining lease term      
Finance leases 13 years 10 months 24 days   13 years 10 months 24 days
Operating leases 12 years 9 months 18 days   13 years
Weighted-average discount rate      
Finance leases 2.70%   2.70%
Operating leases 2.80%   2.80%
v3.22.1
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Operating Leases    
The remainder of 2022 $ 1,061  
2023 1,600  
2024 1,565  
2025 1,403  
2026 1,344  
Thereafter 10,312  
Total undiscounted cash flows 17,285  
Less: Imputed interest (3,232)  
Present value of lease liabilities 14,053  
Operating lease liabilities, current 1,159 $ 1,127
Operating lease liabilities, non-current 12,894 $ 12,746
Finance Leases    
The remainder of 2022 78  
2022 69  
2023 47  
2024 47  
2025 47  
Thereafter 434  
Total undiscounted cash flows 722  
Less: Imputed interest (117)  
Present value of lease liabilities 605  
Lease liabilities, current 81  
Lease liabilities, non-current $ 524  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities, non-current  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities  
v3.22.1
Leases - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease not yet commenced $ 9,780
Finance lease not yet commenced $ 1,630
Minimum  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, term 30 years
v3.22.1
Leases - Supplemental Cash Flow (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 389 $ 329
Operating cash flows for finance leases 4 4
Financing cash flows for finance leases 233 151
Lease liabilities arising from obtaining right-of-use assets:    
Operating leases 539 1,282
Finance leases $ 52 $ 24
v3.22.1
Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Goodwill $ 19,923 $ 19,197
Several Business Acquisitions    
Business Acquisition [Line Items]    
Liabilities assumed 167  
Assets acquired 182  
Goodwill 759  
Consideration transferred $ 774  
v3.22.1
Acquisitions, Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance $ 19,197
Acquisitions 759
Adjustments (33)
Goodwill, Ending Balance 19,923
Several Business Acquisitions  
Segment Reporting Information [Line Items]  
Goodwill, Ending Balance 759
Family of Apps  
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance 18,458
Acquisitions 759
Adjustments 0
Goodwill, Ending Balance 19,217
Reality Labs  
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance 739
Acquisitions 0
Adjustments (33)
Goodwill, Ending Balance $ 706
v3.22.1
Acquisitions, Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]      
Gross Carrying Amount $ 3,172   $ 3,059
Accumulated Amortization (2,626)   (2,691)
Net Carrying Amount 546   368
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]      
Total indefinite-lived assets 364   266
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Gross Carrying Amount 3,536   3,325
Accumulated Amortization (2,626)   (2,691)
Net Carrying Amount 910   634
Amortization expense $ 40 $ 118  
Acquired technology      
Finite-Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Lives (in years) 4 years 2 months 12 days    
Finite-Lived Intangible Assets, Net [Abstract]      
Gross Carrying Amount $ 1,534   1,412
Accumulated Amortization (1,194)   (1,169)
Net Carrying Amount 340   243
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Accumulated Amortization $ (1,194)   (1,169)
Acquired patents      
Finite-Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Lives (in years) 3 years 2 months 12 days    
Finite-Lived Intangible Assets, Net [Abstract]      
Gross Carrying Amount $ 827   827
Accumulated Amortization (731)   (722)
Net Carrying Amount 96   105
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Accumulated Amortization $ (731)   (722)
Trade names      
Finite-Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Lives (in years) 4 years 1 month 6 days    
Finite-Lived Intangible Assets, Net [Abstract]      
Gross Carrying Amount $ 623   644
Accumulated Amortization (602)   (633)
Net Carrying Amount 21   11
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Accumulated Amortization $ (602)   (633)
Other      
Finite-Lived Intangible Assets [Line Items]      
Weighted-Average Remaining Useful Lives (in years) 9 years 7 months 6 days    
Finite-Lived Intangible Assets, Net [Abstract]      
Gross Carrying Amount $ 188   176
Accumulated Amortization (99)   (167)
Net Carrying Amount 89   9
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Accumulated Amortization $ (99)   $ (167)
v3.22.1
Acquisitions, Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
The remainder of 2022 $ 142  
2023 133  
2024 105  
2025 67  
2026 27  
Thereafter 72  
Net Carrying Amount $ 546 $ 368
v3.22.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 27, 2018
claim
Apr. 30, 2020
USD ($)
Mar. 31, 2022
USD ($)
Loss Contingencies [Line Items]      
Non-cancelable contractual commitments     $ 22,728
Commitment period     5 years
Total estimated spend, purchase commitment     $ 8,750
Number of class actions filed | claim 2    
FTC Inquiry      
Loss Contingencies [Line Items]      
Payment of penalty for settlement   $ 5,000  
v3.22.1
Commitments and Contingencies - Contractual Commitments (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
The remainder of 2022 $ 13,940
2023 3,851
2024 1,804
2025 386
2026 205
Thereafter 2,542
Total $ 22,728
v3.22.1
Stockholders' Equity - Share Repurchase Program (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Equity [Abstract]      
Remaining authorized repurchase amount $ 29,410   $ 38,790
Shares repurchased and retired (in shares) 34    
Shares repurchased and retired $ 9,386 $ 4,110  
v3.22.1
Stockholders' Equity - Share-based Compensation Plans (Detail)
shares in Millions
 3 Months Ended
Mar. 31, 2022
plan
Jan. 01, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award    
Share-based employee compensation plans, number | plan 1  
Equity Incentive Plan 2012    
Share-based Compensation Arrangement by Share-based Payment Award    
Equity incentive plan shares authorized (in shares) | shares   136
Shares reserved for issuance increase, percentage 2.50%  
v3.22.1
Stockholders' Equity - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 3 Months Ended
Mar. 31, 2022
$ / shares
shares
Number of Shares  
Unvested at beginning of period (in shares) | shares 98,848
Granted (in shares) | shares 66,724
Vested (in shares) | shares (11,156)
Forfeited (in shares) | shares (3,259)
Unvested at end of period (in shares) | shares 151,157
Weighted-Average Grant Date Fair Value Per Share  
Unvested at beginning of period (in dollars per share) | $ / shares $ 244.32
Granted (in dollars per share) | $ / shares 214.17
Vested (in dollars per share) | $ / shares 219.55
Forfeited (in dollars per share) | $ / shares 230.73
Unvested at end of period (in dollars per share) | $ / shares $ 233.13
v3.22.1
Stockholders' Equity - Additional Award Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award    
Unrecognized share-based compensation expense $ 33,830  
Unrecognized share-based compensation expense recognition period (in years) 3 years  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award    
Fair value of vested RSUs $ 2,430 $ 2,830
Tax benefit $ 514 $ 605
v3.22.1
Income Taxes (Details)
$ in Millions
 1 Months Ended
Mar. 31, 2018
USD ($)
notice
Jul. 31, 2016
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Income Tax Contingency [Line Items]        
Unrecognized tax benefits     $ 9,770 $ 9,810
Unrecognized tax benefits that would result in tax benefit if realized     5,810  
Accrued interest and penalties     $ 889 $ 960
Internal Revenue Service (IRS) | Tax Year 2010        
Income Tax Contingency [Line Items]        
Income tax examination, estimate of possible loss   $ 9,000    
Internal Revenue Service (IRS) | Tax Years 2011 Through 2013        
Income Tax Contingency [Line Items]        
Income tax examination, estimate of possible loss $ 680      
Number of notices | notice 2      
v3.22.1
Segments and Geographical Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2022
reportable_segment
Segments, Geographical Areas [Abstract]  
Number of reportable segments (in segments) 2
v3.22.1
Segments and Geographical Information - Segment Information of Revenue and Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Revenue $ 27,908 $ 26,171
Total income from operations 8,524 11,378
Family of Apps    
Segment Reporting Information [Line Items]    
Revenue 27,213 25,637
Total income from operations 11,484 13,205
Reality Labs    
Segment Reporting Information [Line Items]    
Revenue 695 534
Total income from operations $ (2,960) $ (1,827)
v3.22.1
Segments and Geographical Information - Property and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Long-Lived Assets By Geographical Area    
Total long-lived assets $ 73,823 $ 69,964
United States    
Long-Lived Assets By Geographical Area    
Total long-lived assets 59,080 55,497
Rest of the world    
Long-Lived Assets By Geographical Area    
Total long-lived assets $ 14,743 $ 14,467