META PLATFORMS, INC., 10-Q filed on 7/28/2022
Quarterly Report
v3.22.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2022
Jul. 22, 2022
Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, $0.000006 par value  
Trading Symbol META  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001326801  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   2,280,672,002
Class B Common Stock    
Entity Information    
Entity Common Stock, Shares Outstanding   406,876,470
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 12,681 $ 16,601
Marketable securities 27,808 31,397
Accounts receivable, net 11,525 14,039
Prepaid expenses and other current assets 3,973 4,629
Total current assets 55,987 66,666
Non-marketable equity securities 6,536 6,775
Property and equipment, net 67,588 57,809
Operating lease right-of-use assets 14,130 12,155
Intangible assets, net 965 634
Goodwill 20,229 19,197
Other assets 4,344 2,751
Total assets 169,779 165,987
Current liabilities:    
Accounts payable 4,008 4,083
Partners payable 982 1,052
Operating lease liabilities, current 1,275 1,127
Accrued expenses and other current liabilities 15,420 14,312
Deferred revenue and deposits 532 561
Total current liabilities 22,217 21,135
Operating lease liabilities, non-current 14,792 12,746
Other liabilities 7,003 7,227
Total liabilities 44,012 41,108
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,290 million and 2,328 million shares issued and outstanding, as of June 30, 2022 and December 31, 2021, respectively; 4,141 million Class B shares authorized, 407 million and 413 million shares issued and outstanding, as of June 30, 2022 and December 31, 2021, respectively 0 0
Additional paid-in capital 59,929 55,811
Accumulated other comprehensive loss (3,411) (693)
Retained earnings 69,249 69,761
Total stockholders' equity 125,767 124,879
Total liabilities and stockholders' equity $ 169,779 $ 165,987
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 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) 2,290,000,000 2,328,000,000
Common stock, shares outstanding (in shares) 2,290,000,000 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) 407,000,000 413,000,000
Common stock, shares outstanding (in shares) 407,000,000 413,000,000
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue $ 28,822 $ 29,077 $ 56,729 $ 55,248
Costs and expenses:        
Cost of revenue 5,192 5,399 11,197 10,530
Research and development 8,690 6,096 16,397 11,293
Marketing and sales 3,595 3,259 6,907 6,102
General and administrative 2,987 1,956 5,347 3,578
Total costs and expenses 20,464 16,710 39,848 31,503
Income from operations 8,358 12,367 16,881 23,745
Interest and other income (expense), net (172) 146 213 271
Income before provision for income taxes 8,186 12,513 17,094 24,016
Provision for income taxes 1,499 2,119 2,942 4,124
Net income $ 6,687 $ 10,394 $ 14,152 $ 19,892
Earnings per share attributable to Class A and Class B common stockholders:        
Basic (in dollars per share) $ 2.47 $ 3.67 $ 5.21 $ 7.00
Diluted (in dollars per share) $ 2.46 $ 3.61 $ 5.19 $ 6.90
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:        
Basic (in shares) 2,704 2,834 2,714 2,841
Diluted (in shares) 2,713 2,877 2,729 2,881
Share-based compensation expense included in costs and expenses:        
Share-based compensation expense $ 3,351 $ 2,548 $ 5,850 $ 4,379
Cost of revenue        
Share-based compensation expense included in costs and expenses:        
Share-based compensation expense 213 163 373 281
Research and development        
Share-based compensation expense included in costs and expenses:        
Share-based compensation expense 2,606 1,967 4,547 3,376
Marketing and sales        
Share-based compensation expense included in costs and expenses:        
Share-based compensation expense 289 239 506 413
General and administrative        
Share-based compensation expense included in costs and expenses:        
Share-based compensation expense $ 243 $ 179 $ 424 $ 309
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 6,687 $ 10,394 $ 14,152 $ 19,892
Other comprehensive income (loss):        
Change in foreign currency translation adjustment, net of tax (1,076) 169 (1,435) (432)
Change in unrealized gain (loss) on available-for-sale investments and other, net of tax (339) (38) (1,283) (210)
Comprehensive income $ 5,272 $ 10,525 $ 11,434 $ 19,250
v3.22.2
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)   22      
Shares withheld related to net share settlement (in shares)   (8)      
Shares withheld related to net share settlement (2,432)   (1,552)   (880)
Share-based compensation 4,379   4,379    
Share repurchases (in shares)   (37)      
Share repurchases (11,260)       (11,260)
Other comprehensive income (loss) (642)     (642)  
Net income 19,892       19,892
Balances at end of period (in shares) at Jun. 30, 2021   2,826      
Balances at end of period at Jun. 30, 2021 138,227 $ 0 52,845 285 85,097
Balances at beginning of period (in shares) at Mar. 31, 2021   2,841      
Balances at beginning of period at Mar. 31, 2021 133,657 $ 0 51,160 154 82,343
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 (1,354)   (863)   (491)
Share-based compensation 2,548   2,548    
Share repurchases (in shares)   (22)      
Share repurchases (7,149)       (7,149)
Other comprehensive income (loss) 131     131  
Net income 10,394       10,394
Balances at end of period (in shares) at Jun. 30, 2021   2,826      
Balances at end of period at Jun. 30, 2021 138,227 $ 0 52,845 285 85,097
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)   25      
Shares withheld related to net share settlement (in shares)   (9)      
Shares withheld related to net share settlement (1,927)   (1,732)   (195)
Share-based compensation $ 5,850   5,850    
Share repurchases (in shares) (60) (60)      
Share repurchases $ (14,469)       (14,469)
Other comprehensive income (loss) (2,718)     (2,718)  
Net income 14,152        
Balances at end of period (in shares) at Jun. 30, 2022   2,697      
Balances at end of period at Jun. 30, 2022 125,767 $ 0 59,929 (3,411) 69,249
Balances at beginning of period (in shares) at Mar. 31, 2022   2,714      
Balances at beginning of period at Mar. 31, 2022 123,228 $ 0 57,512 (1,996) 67,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock (in shares)   14      
Shares withheld related to net share settlement (in shares)   (5)      
Shares withheld related to net share settlement (1,002)   (934)   (68)
Share-based compensation 3,351   3,351    
Share repurchases (in shares)   (26)      
Share repurchases (5,082)       (5,082)
Other comprehensive income (loss) (1,415)     (1,415)  
Net income 6,687       6,687
Balances at end of period (in shares) at Jun. 30, 2022   2,697      
Balances at end of period at Jun. 30, 2022 $ 125,767 $ 0 $ 59,929 $ (3,411) $ 69,249
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 14,152 $ 19,892
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,135 3,958
Share-based compensation 5,850 4,379
Deferred income taxes (1,016) 647
Other (33) (88)
Changes in assets and liabilities:    
Accounts receivable 2,035 (517)
Prepaid expenses and other current assets 138 (2,313)
Other assets (132) (195)
Accounts payable (645) (134)
Partners payable (33) (133)
Accrued expenses and other current liabilities 1,943 (200)
Deferred revenue and deposits (28) 9
Other liabilities (94) 184
Net cash provided by operating activities 26,272 25,489
Cash flows from investing activities    
Purchases of property and equipment (13,013) (8,944)
Proceeds relating to property and equipment 170 60
Purchases of marketable debt securities (6,288) (16,528)
Sales of marketable debt securities 7,713 6,337
Maturities of marketable debt securities 913 6,327
Acquisitions of businesses and intangible assets (1,216) (259)
Other investing activities (17) (62)
Net cash used in investing activities (11,738) (13,069)
Cash flows from financing activities    
Taxes paid related to net share settlement of equity awards (1,927) (2,432)
Repurchases of Class A common stock (14,739) (11,018)
Principal payments on finance leases (452) (274)
Net change in overdraft in cash pooling entities (59) 3
Other financing activities (46) (13)
Net cash used in financing activities (17,223) (13,734)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (698) (129)
Net decrease in cash, cash equivalents, and restricted cash (3,387) (1,443)
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 13,478 16,511
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 12,681 16,186
Restricted cash 797  
Total cash, cash equivalents, and restricted cash 13,478 16,511
Supplemental cash flow data    
Cash paid for income taxes, net 2,641 6,294
Non-cash investing and financing activities:    
Property and equipment in accounts payable and accrued expenses and other current liabilities 4,543 2,249
Settlement of convertible notes with marketable equity securities 131 0
Other current assets through financing arrangement in accrued expenses and other current liabilities 214 381
Repurchases of Class A common stock in accrued expenses and other current liabilities 70 310
Restricted cash included in prepaid expenses and other current assets    
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Restricted cash 228 201
Restricted cash included in other assets    
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Restricted cash $ 569 $ 124
v3.22.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 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 non-marketable equity securities, income taxes, loss contingencies, including the ultimate resolution of litigation, regulatory matters, and asserted and unasserted claims, valuation of long-lived assets including goodwill, intangible assets, and property and equipment, and their associated estimated useful lives, valuation of purchase commitments, credit losses of available-for-sale debt securities and accounts receivable, fair value of financial instruments, and leases. These estimates are based on management's knowledge about current events, interpretations of regulations, and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.

In connection with our periodic reviews of the estimated useful lives of property and equipment, we extended the estimated average useful lives of a majority of the servers and network assets from four years to 4.5 years, effective the second quarter of 2022, as a result of expected longer refresh cycles in our data centers. The financial impact of this change in estimate was a reduction in depreciation expense of $252 million and an increase in net income of $206 million, or $0.08 per diluted share for the three months ended June 30, 2022. The impact from the change in our estimates was calculated based on the servers and network assets existing as of the effective date of the change and applying the revised estimated useful lives prospectively.

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 (FASB) 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.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03), which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity securities. The adoption of this new standard will not have a material impact on our condensed consolidated financial statements.
v3.22.2
Revenue
 6 Months Ended
Jun. 30, 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 periods have been recast:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Advertising$28,152 $28,580 $55,150 $54,018 
Other revenue218 192 433 391 
Family of Apps28,370 28,772 55,583 54,409 
Reality Labs452 305 1,146 839 
Total revenue$28,822 $29,077 $56,729 $55,248 

Revenue disaggregated by geography, based on the addresses of our customers, consists of the following (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
United States and Canada (1)
$12,186 $12,612 $23,965 $24,048 
Europe (2)
6,650 7,220 13,288 13,604 
Asia-Pacific6,960 6,677 13,682 12,778 
Rest of World (2)
3,026 2,568 5,794 4,818 
Total revenue$28,822 $29,077 $56,729 $55,248 
____________________________________
(1)    United States revenue was $11.43 billion and $11.82 billion for the three months ended June 30, 2022 and 2021, respectively, and $22.52 billion and $22.57 billion for the six months ended June 30, 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 $549 million and $596 million as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, we expect $482 million of our deferred revenue to be realized in less than a year.
v3.22.2
Earnings per Share
 6 Months Ended
Jun. 30, 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 plan.

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 and six months ended June 30, 2022, 118 million and 87 million shares of Class A common stock equivalents of restricted stock units (RSUs), respectively, 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 and six months ended June 30, 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 June 30,Six Months Ended June 30,
 2022202120222021
 Class AClass BClass AClass BClass AClass BClass AClass B
Basic EPS:
Numerator
Net income$5,673 $1,014 $8,785 $1,609 $12,009 $2,143 $16,810 $3,082 
Denominator
Shares used in computation of basic earnings per share2,294 410 2,395 439 2,303 411 2,401 440 
Basic EPS$2.47 $2.47 $3.67 $3.67 $5.21 $5.21 $7.00 $7.00 
Diluted EPS:
Numerator
Net income$5,673 $1,014 $8,785 $1,609 $12,009 $2,143 $16,810 $3,082 
Reallocation of net income as a result of conversion of Class B to Class A common stock1,014 — 1,609 — 2,143 — 3,082 — 
Reallocation of net income to Class B common stock— (4)— (24)— (11)— (44)
Net income for diluted EPS$6,687 $1,010 $10,394 $1,585 $14,152 $2,132 $19,892 $3,038 
Denominator
Shares used in computation of basic earnings per share2,294 410 2,395 439 2,303 411 2,401 440 
Conversion of Class B to Class A common stock410 — 439 — 411 — 440 — 
Weighted-average effect of dilutive RSUs9 — 43 — 15 — 40 — 
Shares used in computation of diluted earnings per share2,713 410 2,877 439 2,729 411 2,881 440 
Diluted EPS$2.46 $2.46 $3.61 $3.61 $5.19 $5.19 $6.90 $6.90 
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
 6 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
The following table sets forth the cash, cash equivalents, and marketable securities by major security type, and restricted cash (in millions):
June 30, 2022December 31, 2021
Cash and cash equivalents:
Cash$6,322 $7,308 
Money market funds3,879 8,850 
U.S. government securities624 25 
U.S. government agency securities1,122 108 
Certificates of deposit and time deposits356 250 
Corporate debt securities378 60 
Total cash and cash equivalents12,681 16,601 
Marketable securities:
Marketable debt securities:
U.S. government securities9,252 10,901 
U.S. government agency securities5,095 5,927 
Corporate debt securities13,336 14,569 
Total marketable debt securities27,683 31,397 
Marketable equity securities125 — 
Total marketable securities27,808 31,397 
Restricted cash:
Restricted cash included in prepaid expenses and other current assets228 149 
Restricted cash included in other assets569 115 
Total restricted cash797 264 
Total cash, cash equivalents, marketable securities, and restricted cash$41,286 $48,262 

The following table summarizes our available-for-sale marketable debt securities and cash equivalents with unrealized losses as of June 30, 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):
June 30, 2022
Less than 12 months12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government securities$8,599 $(301)$212 $(13)$8,811 $(314)
U.S. government agency securities4,414 (132)1,744 (131)6,158 (263)
Corporate debt securities12,200 (700)666 (53)12,866 (753)
Total$25,213 $(1,133)$2,622 $(197)$27,835 $(1,330)

The gross unrealized gains on our marketable debt securities and cash equivalents were not material as of June 30, 2022 and December 31, 2021. The gross unrealized losses were $1.33 billion as of June 30, 2022, and not material as of December 31, 2021, respectively. The allowance for credit losses on our marketable debt securities was not material as of June 30, 2022 and December 31, 2021.
The following table classifies our marketable debt securities by contractual maturities (in millions):
June 30, 2022
Due within one year$3,276 
Due after one year to five years24,407 
Total$27,683 
v3.22.2
Non-marketable Equity Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Non-marketable Equity Securities Non-marketable Equity Securities
Our non-marketable equity securities are investments in privately-held companies without readily determinable fair values. The following table summarizes our non-marketable equity securities that were measured using measurement alternative and equity method (in millions):
June 30, 2022December 31, 2021
Non-marketable equity securities under measurement alternative:
Initial cost$6,385 $6,480 
Cumulative upward adjustments293 311 
Cumulative impairment/downward adjustments(176)(50)
Carrying value6,502 6,741 
Non-marketable equity securities under equity method34 34 
Total $6,536 $6,775 

As of June 30, 2022, we had $264 million of equity investment in Giphy. Due to regulatory restrictions, we do not control or exercise significant influence over Giphy. Based on the future outcome of developments with regulatory authorities, we may not be able to recover our carrying value in the event of a divestiture.
v3.22.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):
  Fair Value Measurement at Reporting Date Using
DescriptionJune 30, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash equivalents:
Money market funds$3,879 $3,879 $— $— 
U.S. government securities624 624 — — 
U.S. government agency securities1,122 1,122 — — 
Certificates of deposit and time deposits356 — 356 — 
Corporate debt securities378 — 378 — 
Marketable debt securities:
U.S. government securities9,252 9,252 — — 
U.S. government agency securities5,095 5,095 — — 
Corporate debt securities13,336 — 13,336 — 
Marketable equity securities125 5 — 120 
Restricted cash equivalents448 448 — — 
Other assets194 — — 194 
Total $34,809 $20,425 $14,070 $314 
  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)		Significant Unobservable Inputs
(Level 3)
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 debt securities:
U.S. government securities10,901 10,901 — — 
U.S. government agency securities5,927 5,927 — — 
Corporate debt securities14,569 — 14,569 — 
Restricted cash equivalents71 71 — — 
Other assets160 — — 160 
Total $40,921 $25,882 $14,879 $160 

We classify our cash equivalents and marketable debt 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. Our marketable equity securities are publicly traded stocks measured at fair value and classified within Level 1 or Level 3 in the fair value hierarchy because we use quoted prices for identical assets in active markets or use significant unobservable inputs
to estimate their fair value. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity.

Our non-marketable equity securities accounted for using the measurement alternative are measured at fair value on a non-recurring basis and are classified within Level 3 of the fair value hierarchy because we use significant unobservable inputs to estimate their fair value. Assets remeasured at fair value within Level 3 during the six months ended June 30, 2022 were not material. As of December 31, 2021, included in the total $6.78 billion of non-marketable equity securities, $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 that resulted from the remeasurements were not material for the three and six months ended June 30, 2022 and 2021, respectively. For additional information, see Note 5 — Non-marketable Equity Securities.
v3.22.2
Property and Equipment
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following (in millions): 
June 30, 2022December 31, 2021
Land$1,703 $1,688 
Servers and network assets28,996 25,584 
Buildings23,946 22,531 
Leasehold improvements6,126 5,795 
Equipment and other5,147 4,764 
Finance lease right-of-use assets3,004 2,840 
Construction in progress21,100 14,687 
Property and equipment, gross90,022 77,889 
Less: Accumulated depreciation(22,434)(20,080)
Property and equipment, net$67,588 $57,809 

Construction in progress includes costs mostly related to construction of data centers, network infrastructure, servers, and office facilities. Depreciation expense on property and equipment was $1.93 billion and $1.86 billion for the three months ended June 30, 2022 and 2021, respectively, and $4.04 billion and $3.72 billion for the six months ended June 30, 2022 and 2021, respectively. In the three months ended June 30, 2022, we extended the estimated useful lives of a majority of the servers and network assets. See Note 1 — Summary of Significant Accounting Policies - Use of Estimates.
v3.22.2
Leases
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases Leases
We have entered into various non-cancelable operating lease agreements mostly for our offices, data centers, colocations, and land. We have also entered into various non-cancelable finance lease agreements mostly 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 June 30,Six Months Ended June 30,
2022202120222021
Finance lease cost
Amortization of right-of-use assets$95 $83 $193 $164 
Interest4 4 8 7 
Operating lease cost435 371 846 733 
Variable lease cost and other, net86 59 176 126 
Total lease cost$620 $517 $1,223 $1,030 

Supplemental balance sheet information related to leases is as follows:
June 30, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.9 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.9 %2.8 %

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$732 $60 
20231,752 70 
20241,843 52 
20251,606 48 
20261,551 49 
Thereafter12,424 452 
Total undiscounted cash flows19,908 731 
Less: Imputed interest(3,841)(119)
Present value of lease liabilities$16,067 $612 
Lease liabilities, current$1,275 $78 
Lease liabilities, non-current14,792 534 
Present value of lease liabilities$16,067 $612 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of June 30, 2022, we have additional operating and finance leases, that have not yet commenced, with lease obligations of approximately $8.58 billion and $1.63 billion, respectively, mostly for data centers, offices, 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):
Six Months Ended June 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$779 $682 
Operating cash flows for finance leases$8 $7 
Financing cash flows for finance leases$452 $274 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$3,073 $1,941 
Finance leases$103 $70 
Leases Leases
We have entered into various non-cancelable operating lease agreements mostly for our offices, data centers, colocations, and land. We have also entered into various non-cancelable finance lease agreements mostly 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 June 30,Six Months Ended June 30,
2022202120222021
Finance lease cost
Amortization of right-of-use assets$95 $83 $193 $164 
Interest4 4 8 7 
Operating lease cost435 371 846 733 
Variable lease cost and other, net86 59 176 126 
Total lease cost$620 $517 $1,223 $1,030 

Supplemental balance sheet information related to leases is as follows:
June 30, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.9 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.9 %2.8 %

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$732 $60 
20231,752 70 
20241,843 52 
20251,606 48 
20261,551 49 
Thereafter12,424 452 
Total undiscounted cash flows19,908 731 
Less: Imputed interest(3,841)(119)
Present value of lease liabilities$16,067 $612 
Lease liabilities, current$1,275 $78 
Lease liabilities, non-current14,792 534 
Present value of lease liabilities$16,067 $612 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of June 30, 2022, we have additional operating and finance leases, that have not yet commenced, with lease obligations of approximately $8.58 billion and $1.63 billion, respectively, mostly for data centers, offices, 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):
Six Months Ended June 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$779 $682 
Operating cash flows for finance leases$8 $7 
Financing cash flows for finance leases$452 $274 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$3,073 $1,941 
Finance leases$103 $70 
v3.22.2
Acquisitions, Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Goodwill and Intangible Assets Acquisitions, Goodwill, and Intangible Assets
During the six months ended June 30, 2022, we completed several business acquisitions with total cash consideration transferred of $1.15 billion, which in aggregate was allocated to $291 million of intangible assets, $1.07 billion of goodwill, and $211 million of net liabilities assumed. Goodwill generated from all business acquisitions completed was primarily attributable to expected synergies 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. 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 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 six months ended June 30, 2022 are as follows (in millions): 

Family of AppsReality LabsTotal
Goodwill at December 31, 2021$18,458 $739 $19,197 
Acquisitions773 301 1,074 
Adjustments— (42)(42)
Goodwill at June 30, 2022$19,231 $998 $20,229 
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):

June 30, 2022December 31, 2021
Weighted-Average Remaining Useful Lives
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Acquired technology5.3$630 $(225)$405 $1,412 $(1,169)$243 
Acquired patents3.0390 (301)89 827 (722)105 
Trade names3.923 (3)20 644 (633)11 
Other9.898 (18)80 176 (167)9 
Total finite-lived assets1,141 (547)594 3,059 (2,691)368 
Total indefinite-lived assetsN/A371 — 371 266 — 266 
Total intangible assets$1,512 $(547)$965 $3,325 $(2,691)$634 

Amortization expense of intangible assets was $53 million and $122 million for the three months ended June 30, 2022 and 2021, respectively, and $93 million and $240 million for the six months ended June 30, 2022 and 2021, respectively.

As of June 30, 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$99 
2023146 
2024118 
202576 
202635 
Thereafter120 
Total$594 
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 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 $24.16 billion of non-cancelable contractual commitments as of June 30, 2022, which are primarily related to our investments in servers, network infrastructure, and consumer hardware products in Reality Labs. The following is a schedule, by years, of non-cancelable contractual commitments as of June 30, 2022 (in millions):
The remainder of 2022$11,777 
20237,633 
20241,465 
2025425 
2026295 
Thereafter2,565 
Total$24,160 

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 June 30, 2022 is approximately $8.84 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.

Subsequent to June 30, 2022, we entered into a purchase commitment for the next three years in the amount of approximately $1.5 billion to support our investments in technical infrastructure.

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. Fact discovery is scheduled to close on September 16, 2022, and the plaintiffs' motion for class certification is scheduled to be heard on May 23, 2023. 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, and seeking unspecified damages. 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. On June 21, 2022, the U.S. Court of Appeals for the Ninth Circuit granted our petition for permission to appeal the district court's class certification order, and the district court subsequently stayed the case. 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. On March 1, 2022, a first amended consolidated complaint was filed in the putative class action brought on behalf of certain advertisers. We believe these lawsuits are without merit, and we are vigorously defending them. In addition, on July 27, 2022, the FTC filed a complaint against us in the U.S. District Court for the Northern District of California seeking to enjoin our proposed acquisition of Within Unlimited as an alleged violation of antitrust law.

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 June 30, 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 June 30, 2022.
v3.22.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2022, we repurchased and subsequently retired 60 million shares of our Class A common stock for an aggregate amount of $14.47 billion. As of June 30, 2022, $24.32 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 Plan

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 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 six months ended June 30, 2022:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Unvested at December 31, 202198,848 $244.32 
Granted83,867 $208.24 
Vested(25,014)$220.46 
Forfeited(8,515)$233.14 
Unvested at June 30, 2022149,186 $228.67 

The fair value as of the respective vesting dates of RSUs that vested during the three months ended June 30, 2022 and 2021 was $2.75 billion and $3.65 billion, respectively, and $5.18 billion and $6.48 billion during the six months ended June 30, 2022 and 2021, respectively. The income tax benefit recognized related to awards vested during the three months ended June 30, 2022 and 2021 was $582 million and $781 million, respectively, and $1.10 billion and $1.39 billion during the six months ended June 30, 2022 and 2021, respectively.

As of June 30, 2022, there was $32.42 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.
v3.22.2
Income Taxes
 6 Months Ended
Jun. 30, 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 $10.05 billion and $9.81 billion on June 30, 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 June 30, 2022 were realized in a future period, this would result in a tax benefit of $6.02 billion within our provision of income taxes at such time. The amount of interest and penalties accrued was $948 million and $960 million as of June 30, 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 June 30, 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.
v3.22.2
Segments and Geographical Information
 6 Months Ended
Jun. 30, 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 periods have been recast:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenue:
Family of Apps$28,370 $28,772 $55,583 $54,409 
Reality Labs452 305 1,146 839 
Total revenue$28,822 $29,077 $56,729 $55,248 
Income (loss) from operations:
Family of Apps$11,164 $14,799 $22,647 $28,004 
Reality Labs(2,806)(2,432)(5,766)(4,259)
Total income from operations$8,358 $12,367 $16,881 $23,745 

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):
June 30, 2022December 31, 2021
United States$67,040 $55,497 
Rest of the world (1)
14,678 14,467 
Total long-lived assets$81,718 $69,964 
____________________________________
(1)    No individual country, other than disclosed above, exceeded 10% of our total long-lived assets for any period presented.
v3.22.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 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 non-marketable equity securities, income taxes, loss contingencies, including the ultimate resolution of litigation, regulatory matters, and asserted and unasserted claims, valuation of long-lived assets including goodwill, intangible assets, and property and equipment, and their associated estimated useful lives, valuation of purchase commitments, credit losses of available-for-sale debt securities and accounts receivable, fair value of financial instruments, and leases. These estimates are based on management's knowledge about current events, interpretations of regulations, and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.

In connection with our periodic reviews of the estimated useful lives of property and equipment, we extended the estimated average useful lives of a majority of the servers and network assets from four years to 4.5 years, effective the second quarter of 2022, as a result of expected longer refresh cycles in our data centers. The financial impact of this change in estimate was a reduction in depreciation expense of $252 million and an increase in net income of $206 million, or $0.08 per diluted share for the three months ended June 30, 2022. The impact from the change in our estimates was calculated based on the servers and network assets existing as of the effective date of the change and applying the revised estimated useful lives prospectively.
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 (FASB) 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.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03), which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity securities. The adoption of this new standard will not have a material impact on our condensed 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 plan.

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.
v3.22.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 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 periods have been recast:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Advertising$28,152 $28,580 $55,150 $54,018 
Other revenue218 192 433 391 
Family of Apps28,370 28,772 55,583 54,409 
Reality Labs452 305 1,146 839 
Total revenue$28,822 $29,077 $56,729 $55,248 

Revenue disaggregated by geography, based on the addresses of our customers, consists of the following (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
United States and Canada (1)
$12,186 $12,612 $23,965 $24,048 
Europe (2)
6,650 7,220 13,288 13,604 
Asia-Pacific6,960 6,677 13,682 12,778 
Rest of World (2)
3,026 2,568 5,794 4,818 
Total revenue$28,822 $29,077 $56,729 $55,248 
____________________________________
(1)    United States revenue was $11.43 billion and $11.82 billion for the three months ended June 30, 2022 and 2021, respectively, and $22.52 billion and $22.57 billion for the six months ended June 30, 2022 and 2021, respectively.
(2)    Europe includes Russia and Turkey, and Rest of World includes Africa, Latin America, and the Middle East.
v3.22.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
 2022202120222021
 Class AClass BClass AClass BClass AClass BClass AClass B
Basic EPS:
Numerator
Net income$5,673 $1,014 $8,785 $1,609 $12,009 $2,143 $16,810 $3,082 
Denominator
Shares used in computation of basic earnings per share2,294 410 2,395 439 2,303 411 2,401 440 
Basic EPS$2.47 $2.47 $3.67 $3.67 $5.21 $5.21 $7.00 $7.00 
Diluted EPS:
Numerator
Net income$5,673 $1,014 $8,785 $1,609 $12,009 $2,143 $16,810 $3,082 
Reallocation of net income as a result of conversion of Class B to Class A common stock1,014 — 1,609 — 2,143 — 3,082 — 
Reallocation of net income to Class B common stock— (4)— (24)— (11)— (44)
Net income for diluted EPS$6,687 $1,010 $10,394 $1,585 $14,152 $2,132 $19,892 $3,038 
Denominator
Shares used in computation of basic earnings per share2,294 410 2,395 439 2,303 411 2,401 440 
Conversion of Class B to Class A common stock410 — 439 — 411 — 440 — 
Weighted-average effect of dilutive RSUs9 — 43 — 15 — 40 — 
Shares used in computation of diluted earnings per share2,713 410 2,877 439 2,729 411 2,881 440 
Diluted EPS$2.46 $2.46 $3.61 $3.61 $5.19 $5.19 $6.90 $6.90 
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash (Tables)
 6 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Cash and Cash Equivalents, Marketable Securities, and Restricted Cash
The following table sets forth the cash, cash equivalents, and marketable securities by major security type, and restricted cash (in millions):
June 30, 2022December 31, 2021
Cash and cash equivalents:
Cash$6,322 $7,308 
Money market funds3,879 8,850 
U.S. government securities624 25 
U.S. government agency securities1,122 108 
Certificates of deposit and time deposits356 250 
Corporate debt securities378 60 
Total cash and cash equivalents12,681 16,601 
Marketable securities:
Marketable debt securities:
U.S. government securities9,252 10,901 
U.S. government agency securities5,095 5,927 
Corporate debt securities13,336 14,569 
Total marketable debt securities27,683 31,397 
Marketable equity securities125 — 
Total marketable securities27,808 31,397 
Restricted cash:
Restricted cash included in prepaid expenses and other current assets228 149 
Restricted cash included in other assets569 115 
Total restricted cash797 264 
Total cash, cash equivalents, marketable securities, and restricted cash$41,286 $48,262 
Available-for-sale Marketable Securities
The following table summarizes our available-for-sale marketable debt securities and cash equivalents with unrealized losses as of June 30, 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):
June 30, 2022
Less than 12 months12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government securities$8,599 $(301)$212 $(13)$8,811 $(314)
U.S. government agency securities4,414 (132)1,744 (131)6,158 (263)
Corporate debt securities12,200 (700)666 (53)12,866 (753)
Total$25,213 $(1,133)$2,622 $(197)$27,835 $(1,330)
Marketable Securities by Contractual Maturities
The following table classifies our marketable debt securities by contractual maturities (in millions):
June 30, 2022
Due within one year$3,276 
Due after one year to five years24,407 
Total$27,683 
v3.22.2
Non-marketable Equity Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Carrying Value of Nonmarketable Equity Securities
Our non-marketable equity securities are investments in privately-held companies without readily determinable fair values. The following table summarizes our non-marketable equity securities that were measured using measurement alternative and equity method (in millions):
June 30, 2022December 31, 2021
Non-marketable equity securities under measurement alternative:
Initial cost$6,385 $6,480 
Cumulative upward adjustments293 311 
Cumulative impairment/downward adjustments(176)(50)
Carrying value6,502 6,741 
Non-marketable equity securities under equity method34 34 
Total $6,536 $6,775 

As of June 30, 2022, we had $264 million of equity investment in Giphy. Due to regulatory restrictions, we do not control or exercise significant influence over Giphy. Based on the future outcome of developments with regulatory authorities, we may not be able to recover our carrying value in the event of a divestiture.
v3.22.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):
  Fair Value Measurement at Reporting Date Using
DescriptionJune 30, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash equivalents:
Money market funds$3,879 $3,879 $— $— 
U.S. government securities624 624 — — 
U.S. government agency securities1,122 1,122 — — 
Certificates of deposit and time deposits356 — 356 — 
Corporate debt securities378 — 378 — 
Marketable debt securities:
U.S. government securities9,252 9,252 — — 
U.S. government agency securities5,095 5,095 — — 
Corporate debt securities13,336 — 13,336 — 
Marketable equity securities125 5 — 120 
Restricted cash equivalents448 448 — — 
Other assets194 — — 194 
Total $34,809 $20,425 $14,070 $314 
  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)		Significant Unobservable Inputs
(Level 3)
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 debt securities:
U.S. government securities10,901 10,901 — — 
U.S. government agency securities5,927 5,927 — — 
Corporate debt securities14,569 — 14,569 — 
Restricted cash equivalents71 71 — — 
Other assets160 — — 160 
Total $40,921 $25,882 $14,879 $160 
v3.22.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and equipment, net consists of the following (in millions): 
June 30, 2022December 31, 2021
Land$1,703 $1,688 
Servers and network assets28,996 25,584 
Buildings23,946 22,531 
Leasehold improvements6,126 5,795 
Equipment and other5,147 4,764 
Finance lease right-of-use assets3,004 2,840 
Construction in progress21,100 14,687 
Property and equipment, gross90,022 77,889 
Less: Accumulated depreciation(22,434)(20,080)
Property and equipment, net$67,588 $57,809 
v3.22.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Components of Lease Costs
The components of lease costs are as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Finance lease cost
Amortization of right-of-use assets$95 $83 $193 $164 
Interest4 4 8 7 
Operating lease cost435 371 846 733 
Variable lease cost and other, net86 59 176 126 
Total lease cost$620 $517 $1,223 $1,030 
Lease, Balance Sheet Information
Supplemental balance sheet information related to leases is as follows:
June 30, 2022December 31, 2021
Weighted-average remaining lease term
Finance leases13.9 years13.9 years
Operating leases12.9 years13.0 years
Weighted-average discount rate
Finance leases2.7 %2.7 %
Operating leases2.9 %2.8 %
Finance Lease, Liability, Maturity
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$732 $60 
20231,752 70 
20241,843 52 
20251,606 48 
20261,551 49 
Thereafter12,424 452 
Total undiscounted cash flows19,908 731 
Less: Imputed interest(3,841)(119)
Present value of lease liabilities$16,067 $612 
Lease liabilities, current$1,275 $78 
Lease liabilities, non-current14,792 534 
Present value of lease liabilities$16,067 $612 
Operating Lease, Liability, Maturity
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2022 (in millions):
Operating LeasesFinance Leases
The remainder of 2022$732 $60 
20231,752 70 
20241,843 52 
20251,606 48 
20261,551 49 
Thereafter12,424 452 
Total undiscounted cash flows19,908 731 
Less: Imputed interest(3,841)(119)
Present value of lease liabilities$16,067 $612 
Lease liabilities, current$1,275 $78 
Lease liabilities, non-current14,792 534 
Present value of lease liabilities$16,067 $612 
Lease, Cash Flow Information
Supplemental cash flow information related to leases is as follows (in millions):
Six Months Ended June 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$779 $682 
Operating cash flows for finance leases$8 $7 
Financing cash flows for finance leases$452 $274 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$3,073 $1,941 
Finance leases$103 $70 
v3.22.2
Acquisitions, Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2022 are as follows (in millions): 

Family of AppsReality LabsTotal
Goodwill at December 31, 2021$18,458 $739 $19,197 
Acquisitions773 301 1,074 
Adjustments— (42)(42)
Goodwill at June 30, 2022$19,231 $998 $20,229 
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):

June 30, 2022December 31, 2021
Weighted-Average Remaining Useful Lives
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Acquired technology5.3$630 $(225)$405 $1,412 $(1,169)$243 
Acquired patents3.0390 (301)89 827 (722)105 
Trade names3.923 (3)20 644 (633)11 
Other9.898 (18)80 176 (167)9 
Total finite-lived assets1,141 (547)594 3,059 (2,691)368 
Total indefinite-lived assetsN/A371 — 371 266 — 266 
Total intangible assets$1,512 $(547)$965 $3,325 $(2,691)$634 
Expected Amortization Expense for Unamortized Acquired Intangible Assets
As of June 30, 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$99 
2023146 
2024118 
202576 
202635 
Thereafter120 
Total$594 
v3.22.2
Commitment and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Contractual Commitments The following is a schedule, by years, of non-cancelable contractual commitments as of June 30, 2022 (in millions):
The remainder of 2022$11,777 
20237,633 
20241,465 
2025425 
2026295 
Thereafter2,565 
Total$24,160 
v3.22.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Restricted Stock Units Award Activity
The following table summarizes the activities for our unvested RSUs for the six months ended June 30, 2022:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Unvested at December 31, 202198,848 $244.32 
Granted83,867 $208.24 
Vested(25,014)$220.46 
Forfeited(8,515)$233.14 
Unvested at June 30, 2022149,186 $228.67 
v3.22.2
Segments and Geographical Information (Tables)
 6 Months Ended
Jun. 30, 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 periods have been recast:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenue:
Family of Apps$28,370 $28,772 $55,583 $54,409 
Reality Labs452 305 1,146 839 
Total revenue$28,822 $29,077 $56,729 $55,248 
Income (loss) from operations:
Family of Apps$11,164 $14,799 $22,647 $28,004 
Reality Labs(2,806)(2,432)(5,766)(4,259)
Total income from operations$8,358 $12,367 $16,881 $23,745 
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):
June 30, 2022December 31, 2021
United States$67,040 $55,497 
Rest of the world (1)
14,678 14,467 
Total long-lived assets$81,718 $69,964 
____________________________________
(1)    No individual country, other than disclosed above, exceeded 10% of our total long-lived assets for any period presented.
v3.22.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Property, Plant and Equipment        
Depreciation $ (1,930) $ (1,860) $ (4,040) $ (3,720)
Net income $ 6,687 $ 10,394 $ 14,152 $ 19,892
Diluted (in dollars per share) $ 2.46 $ 3.61 $ 5.19 $ 6.90
Change in Accounting Estimate        
Property, Plant and Equipment        
Depreciation $ (252)      
Net income $ (206)      
Diluted (in dollars per share) $ 0.08      
Servers and network assets | Minimum        
Property, Plant and Equipment        
Estimated useful lives 4 years      
Servers and network assets | Maximum        
Property, Plant and Equipment        
Estimated useful lives 4 years 6 months      
v3.22.2
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation of Revenue [Line Items]        
Revenue $ 28,822 $ 29,077 $ 56,729 $ 55,248
United States and Canada        
Disaggregation of Revenue [Line Items]        
Revenue 12,186 12,612 23,965 24,048
Europe        
Disaggregation of Revenue [Line Items]        
Revenue 6,650 7,220 13,288 13,604
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Revenue 6,960 6,677 13,682 12,778
Rest of World        
Disaggregation of Revenue [Line Items]        
Revenue 3,026 2,568 5,794 4,818
United States        
Disaggregation of Revenue [Line Items]        
Revenue 11,430 11,820 22,520 22,570
Family of Apps        
Disaggregation of Revenue [Line Items]        
Revenue 28,370 28,772 55,583 54,409
Reality Labs        
Disaggregation of Revenue [Line Items]        
Revenue 452 305 1,146 839
Advertising | Family of Apps        
Disaggregation of Revenue [Line Items]        
Revenue 28,152 28,580 55,150 54,018
Other revenue | Family of Apps        
Disaggregation of Revenue [Line Items]        
Revenue $ 218 $ 192 $ 433 $ 391
v3.22.2
Revenue - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Total deferred revenue balance $ 549 $ 596
Deferred revenue, current $ 482  
v3.22.2
Earnings per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2022
Restricted Stock Units (RSUs)    
Earnings Per Share, Basic, by Common Class, Including Two Class Method    
Shares excluded from EPS calc (in shares) 118 87
v3.22.2
Earnings per Share - Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Numerator        
Net income $ 6,687 $ 10,394 $ 14,152 $ 19,892
Denominator        
Shares used in computation of basic earnings per share (in shares) 2,704 2,834 2,714 2,841
Basic EPS (in dollars per share) $ 2.47 $ 3.67 $ 5.21 $ 7.00
Numerator        
Net income $ 6,687 $ 10,394 $ 14,152 $ 19,892
Denominator        
Shares used in computation of basic earnings per share (in shares) 2,704 2,834 2,714 2,841
Number of shares used for diluted EPS computation (in shares) 2,713 2,877 2,729 2,881
Diluted EPS (in dollars per share) $ 2.46 $ 3.61 $ 5.19 $ 6.90
Class A Common Stock        
Numerator        
Net income $ 5,673 $ 8,785 $ 12,009 $ 16,810
Denominator        
Shares used in computation of basic earnings per share (in shares) 2,294 2,395 2,303 2,401
Basic EPS (in dollars per share) $ 2.47 $ 3.67 $ 5.21 $ 7.00
Numerator        
Net income $ 5,673 $ 8,785 $ 12,009 $ 16,810
Reallocation of net income as a result of conversion of Class B to Class A common stock 1,014 1,609 2,143 3,082
Reallocation of net income to Class B common stock 0 0 0 0
Net income for diluted EPS $ 6,687 $ 10,394 $ 14,152 $ 19,892
Denominator        
Shares used in computation of basic earnings per share (in shares) 2,294 2,395 2,303 2,401
Conversion of Class B to Class A common stock (in shares) 410 439 411 440
Weighted average effect of dilutive RSUs (in shares) 9 43 15 40
Number of shares used for diluted EPS computation (in shares) 2,713 2,877 2,729 2,881
Diluted EPS (in dollars per share) $ 2.46 $ 3.61 $ 5.19 $ 6.90
Class B Common Stock        
Numerator        
Net income $ 1,014 $ 1,609 $ 2,143 $ 3,082
Denominator        
Shares used in computation of basic earnings per share (in shares) 410 439 411 440
Basic EPS (in dollars per share) $ 2.47 $ 3.67 $ 5.21 $ 7.00
Numerator        
Net income $ 1,014 $ 1,609 $ 2,143 $ 3,082
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0 0
Reallocation of net income to Class B common stock (4) (24) (11) (44)
Net income for diluted EPS $ 1,010 $ 1,585 $ 2,132 $ 3,038
Denominator        
Shares used in computation of basic earnings per share (in shares) 410 439 411 440
Conversion of Class B to Class A common stock (in shares) 0 0 0 0
Weighted average effect of dilutive RSUs (in shares) 0 0 0 0
Number of shares used for diluted EPS computation (in shares) 410 439 411 440
Diluted EPS (in dollars per share) $ 2.46 $ 3.61 $ 5.19 $ 6.90
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Breakout of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents $ 12,681 $ 16,601 $ 16,186
Marketable debt securities 27,683 31,397  
Marketable equity securities 125 0  
Total marketable securities 27,808 31,397  
Restricted cash 797 264  
Total cash, cash equivalents, marketable securities, and restricted cash 41,286 48,262  
Restricted cash included in prepaid expenses and other current assets      
Cash and Cash Equivalents, and Marketable Securities      
Restricted cash 228 149 201
Restricted cash included in other assets      
Cash and Cash Equivalents, and Marketable Securities      
Restricted cash 569 115 $ 124
U.S. government securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable debt securities 9,252 10,901  
U.S. government agency securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable debt securities 5,095 5,927  
Corporate debt securities      
Cash and Cash Equivalents, and Marketable Securities      
Marketable debt securities 13,336 14,569  
Cash      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 6,322 7,308  
Money market funds      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 3,879 8,850  
U.S. government securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 624 25  
U.S. government agency securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 1,122 108  
Certificates of deposit and time deposits      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents 356 250  
Corporate debt securities      
Cash and Cash Equivalents, and Marketable Securities      
Cash and cash equivalents $ 378 $ 60  
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Available-for-sale Marketable Securities (Details) - Available-for-sale Securities
$ in Millions
Jun. 30, 2022
USD ($)
Marketable Securities [Line Items]  
Less than 12 months, Fair Value $ 25,213
Less than 12 months, Unrealized Losses (1,133)
12 months or greater, Fair Value 2,622
12 months or greater, Unrealized Losses (197)
Fair Value 27,835
Unrealized losses (1,330)
U.S. government securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 8,599
Less than 12 months, Unrealized Losses (301)
12 months or greater, Fair Value 212
12 months or greater, Unrealized Losses (13)
Fair Value 8,811
Unrealized losses (314)
U.S. government agency securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 4,414
Less than 12 months, Unrealized Losses (132)
12 months or greater, Fair Value 1,744
12 months or greater, Unrealized Losses (131)
Fair Value 6,158
Unrealized losses (263)
Corporate debt securities  
Marketable Securities [Line Items]  
Less than 12 months, Fair Value 12,200
Less than 12 months, Unrealized Losses (700)
12 months or greater, Fair Value 666
12 months or greater, Unrealized Losses (53)
Fair Value 12,866
Unrealized losses $ (753)
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Narrative (Details)
$ in Millions
Jun. 30, 2022
USD ($)
Cash and Cash Equivalents and Marketable Securities [Abstract]  
Gross unrealized loss on marketable securities $ 1,330
v3.22.2
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash - Contractual Maturities of Marketable Debt Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Contractual Maturities of Marketable Securities    
Due within one year $ 3,276  
Due after one year to five years 24,407  
Total $ 27,683 $ 31,397
v3.22.2
Non-marketable Equity Securities - Carrying Value of Equity Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Non-marketable Equity Securities [Line Items]    
Initial cost $ 6,385 $ 6,480
Cumulative upward adjustments 293 311
Cumulative impairment/downward adjustments (176) (50)
Carrying value 6,502 6,741
Non-marketable equity securities under equity method 34 34
Total 6,536 $ 6,775
Giphy    
Non-marketable Equity Securities [Line Items]    
Carrying value $ 264  
v3.22.2
Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: $ 27,683 $ 31,397
Marketable equity securities 125 0
Restricted cash equivalents 448 71
Other assets 194 160
Total 34,809 40,921
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable equity securities 5  
Restricted cash equivalents 448 71
Other assets 0 0
Total 20,425 25,882
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable equity securities 0  
Restricted cash equivalents 0 0
Other assets 0 0
Total 14,070 14,879
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable equity securities 120  
Restricted cash equivalents 0 0
Other assets 194 160
Total 314 160
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 9,252 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 debt securities: 9,252 10,901
U.S. government securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 0 0
U.S. government securities | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 0 0
U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 5,095 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 debt securities: 5,095 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 debt securities: 0 0
U.S. government agency securities | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 13,336 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 debt securities: 0 0
Corporate debt securities | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 13,336 14,569
Corporate debt securities | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Marketable debt securities: 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 3,879 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: 3,879 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
Money market funds | Significant Unobservable Inputs (Level 3)    
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: 624 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: 624 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 securities | Significant Unobservable Inputs (Level 3)    
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: 1,122 108
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: 1,122 108
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 0
U.S. government agency securities | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 0 0
Certificates of deposit and time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 356 250
Certificates of deposit 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
Certificates of deposit and time deposits | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 356 250
Certificates of deposit and time deposits | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: 378 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: 378 60
Corporate debt securities | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents: $ 0 $ 0
v3.22.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Non-marketable equity securities $ 6,536 $ 6,775
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Non-Marketable Equity Securities at Fair Value   $ 913
v3.22.2
Property and Equipment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Property, Plant and Equipment          
Finance lease right-of-use assets $ 3,004   $ 3,004   $ 2,840
Property and equipment, gross 90,022   90,022   77,889
Less: Accumulated depreciation (22,434)   (22,434)   (20,080)
Property and equipment, net 67,588   67,588   57,809
Depreciation 1,930 $ 1,860 4,040 $ 3,720  
Land          
Property, Plant and Equipment          
Property and equipment, gross 1,703   1,703   1,688
Servers and network assets          
Property, Plant and Equipment          
Property and equipment, gross 28,996   28,996   25,584
Buildings          
Property, Plant and Equipment          
Property and equipment, gross 23,946   23,946   22,531
Leasehold improvements          
Property, Plant and Equipment          
Property and equipment, gross 6,126   6,126   5,795
Equipment and other          
Property, Plant and Equipment          
Property and equipment, gross 5,147   5,147   4,764
Construction in progress          
Property, Plant and Equipment          
Property and equipment, gross $ 21,100   $ 21,100   $ 14,687
v3.22.2
Leases - Components of Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Finance lease cost        
Amortization of right-of-use assets $ 95 $ 83 $ 193 $ 164
Interest 4 4 8 7
Operating lease cost 435 371 846 733
Variable lease cost and other, net 86 59 176 126
Total lease cost $ 620 $ 517 $ 1,223 $ 1,030
v3.22.2
Leases - Lease, Balance Sheet Information (Details)
Jun. 30, 2022
Dec. 31, 2021
Weighted-average remaining lease term    
Finance leases 13 years 10 months 24 days 13 years 10 months 24 days
Operating leases 12 years 10 months 24 days 13 years
Weighted-average discount rate    
Finance leases 2.70% 2.70%
Operating leases 2.90% 2.80%
v3.22.2
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Operating Leases    
The remainder of 2022 $ 732  
2023 1,752  
2024 1,843  
2025 1,606  
2026 1,551  
Thereafter 12,424  
Total undiscounted cash flows 19,908  
Less: Imputed interest (3,841)  
Present value of lease liabilities 16,067  
Operating lease liabilities, current 1,275 $ 1,127
Operating lease liabilities, non-current 14,792 $ 12,746
Finance Leases    
The remainder of 2022 60  
2022 70  
2023 52  
2024 48  
2025 49  
Thereafter 452  
Total undiscounted cash flows 731  
Less: Imputed interest (119)  
Present value of lease liabilities 612  
Lease liabilities, current 78  
Lease liabilities, non-current $ 534  
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  
v3.22.2
Leases - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease not yet commenced $ 8,580
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
v3.22.2
Leases - Supplemental Cash Flow (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 779 $ 682
Operating cash flows for finance leases 8 7
Financing cash flows for finance leases 452 274
Lease liabilities arising from obtaining right-of-use assets:    
Operating leases 3,073 1,941
Finance leases $ 103 $ 70
v3.22.2
Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Goodwill $ 20,229 $ 19,197
Several Business Acquisitions    
Business Acquisition [Line Items]    
Consideration transferred 1,150  
Assets acquired 291  
Goodwill 1,070  
Liabilities assumed $ 211  
v3.22.2
Acquisitions, Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance $ 19,197
Acquisitions 1,074
Adjustments (42)
Goodwill, Ending Balance 20,229
Several Business Acquisitions  
Segment Reporting Information [Line Items]  
Goodwill, Ending Balance 1,070
Family of Apps  
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance 18,458
Acquisitions 773
Adjustments 0
Goodwill, Ending Balance 19,231
Reality Labs  
Segment Reporting Information [Line Items]  
Goodwill, Beginning Balance 739
Acquisitions 301
Adjustments (42)
Goodwill, Ending Balance $ 998
v3.22.2
Acquisitions, Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]          
Gross Carrying Amount $ 1,141   $ 1,141   $ 3,059
Accumulated Amortization (547)   (547)   (2,691)
Net Carrying Amount 594   594   368
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]          
Total indefinite-lived assets 371   371   266
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Gross Carrying Amount 1,512   1,512   3,325
Accumulated Amortization (547)   (547)   (2,691)
Net Carrying Amount 965   965   634
Amortization expense 53 $ 122 $ 93 $ 240  
Acquired technology          
Finite-Lived Intangible Assets [Line Items]          
Weighted-Average Remaining Useful Lives (in years)     5 years 3 months 18 days    
Finite-Lived Intangible Assets, Net [Abstract]          
Gross Carrying Amount 630   $ 630   1,412
Accumulated Amortization (225)   (225)   (1,169)
Net Carrying Amount 405   405   243
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Accumulated Amortization (225)   $ (225)   (1,169)
Acquired patents          
Finite-Lived Intangible Assets [Line Items]          
Weighted-Average Remaining Useful Lives (in years)     3 years    
Finite-Lived Intangible Assets, Net [Abstract]          
Gross Carrying Amount 390   $ 390   827
Accumulated Amortization (301)   (301)   (722)
Net Carrying Amount 89   89   105
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Accumulated Amortization (301)   $ (301)   (722)
Trade names          
Finite-Lived Intangible Assets [Line Items]          
Weighted-Average Remaining Useful Lives (in years)     3 years 10 months 24 days    
Finite-Lived Intangible Assets, Net [Abstract]          
Gross Carrying Amount 23   $ 23   644
Accumulated Amortization (3)   (3)   (633)
Net Carrying Amount 20   20   11
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Accumulated Amortization (3)   $ (3)   (633)
Other          
Finite-Lived Intangible Assets [Line Items]          
Weighted-Average Remaining Useful Lives (in years)     9 years 9 months 18 days    
Finite-Lived Intangible Assets, Net [Abstract]          
Gross Carrying Amount 98   $ 98   176
Accumulated Amortization (18)   (18)   (167)
Net Carrying Amount 80   80   9
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Accumulated Amortization $ (18)   $ (18)   $ (167)
v3.22.2
Acquisitions, Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
The remainder of 2022 $ 99  
2023 146  
2024 118  
2025 76  
2026 35  
Thereafter 120  
Net Carrying Amount $ 594 $ 368
v3.22.2
Commitments and Contingencies - Narrative (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Jul. 27, 2018
claim
Jul. 27, 2022
Apr. 30, 2020
USD ($)
Jun. 30, 2022
USD ($)
Jul. 01, 2022
USD ($)
Dec. 09, 2020
State
Loss Contingencies [Line Items]            
Total estimated spend, purchase commitment       $ 8,840    
Commitment period       5 years    
Non-cancelable contractual obligations       $ 24,160    
Number of class actions filed | claim 2          
Number of states U.S attorney generals filed complaints from | State           46
Subsequent event            
Loss Contingencies [Line Items]            
Commitment period   3 years        
Non-cancelable contractual obligations         $ 1,500  
FTC Inquiry            
Loss Contingencies [Line Items]            
Payment of penalty for settlement     $ 5,000      
v3.22.2
Commitments and Contingencies - Contractual Commitments (Details)
$ in Millions
Jun. 30, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
The remainder of 2022 $ 11,777
2023 7,633
2024 1,465
2025 425
2026 295
Thereafter 2,565
Total $ 24,160
v3.22.2
Stockholders' Equity - Share Repurchase Program (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Equity [Abstract]          
Remaining authorized repurchase amount $ 24,320   $ 24,320   $ 38,790
Shares repurchased and retired (in shares)     60    
Shares repurchased and retired $ 5,082 $ 7,149 $ 14,469 $ 11,260  
v3.22.2
Stockholders' Equity - Share-based Compensation Plans (Detail)
shares in Millions
 6 Months Ended
Jun. 30, 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%  
v3.22.2
Stockholders' Equity - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 6 Months Ended
Jun. 30, 2022
$ / shares
shares
Number of Shares  
Unvested at beginning of period (in shares) | shares 98,848
Granted (in shares) | shares 83,867
Vested (in shares) | shares (25,014)
Forfeited (in shares) | shares (8,515)
Unvested at end of period (in shares) | shares 149,186
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 208.24
Vested (in dollars per share) | $ / shares 220.46
Forfeited (in dollars per share) | $ / shares 233.14
Unvested at end of period (in dollars per share) | $ / shares $ 228.67
v3.22.2
Stockholders' Equity - Additional Award Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award        
Unrecognized share-based compensation expense $ 32,420   $ 32,420  
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 2,750 $ 3,650 $ 5,180 $ 6,480
Tax benefit $ 582 $ 781 $ 1,100 $ 1,390
v3.22.2
Income Taxes (Details)
$ in Millions
 1 Months Ended
Mar. 31, 2018
USD ($)
notice
Jul. 31, 2016
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Income Tax Contingency [Line Items]        
Unrecognized tax benefits     $ 10,050 $ 9,810
Unrecognized tax benefits that would result in tax benefit if realized     6,020  
Accrued interest and penalties     $ 948 $ 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      
v3.22.2
Segments and Geographical Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2022
reportable_segment
Segments, Geographical Areas [Abstract]  
Number of reportable segments (in segments) 2
v3.22.2
Segments and Geographical Information - Segment Information of Revenue and Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting Information [Line Items]        
Revenue $ 28,822 $ 29,077 $ 56,729 $ 55,248
Income (loss) from operations: 8,358 12,367 16,881 23,745
Family of Apps        
Segment Reporting Information [Line Items]        
Revenue 28,370 28,772 55,583 54,409
Income (loss) from operations: 11,164 14,799 22,647 28,004
Reality Labs        
Segment Reporting Information [Line Items]        
Revenue 452 305 1,146 839
Income (loss) from operations: $ (2,806) $ (2,432) $ (5,766) $ (4,259)
v3.22.2
Segments and Geographical Information - Property and Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Long-Lived Assets By Geographical Area    
Total long-lived assets $ 81,718 $ 69,964
United States    
Long-Lived Assets By Geographical Area    
Total long-lived assets 67,040 55,497
Rest of the world    
Long-Lived Assets By Geographical Area    
Total long-lived assets $ 14,678 $ 14,467