Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands):


	As of
	December 31, 2021		March 31, 2022
Cash and cash equivalents	$	6,067,438	$	6,886,628
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers	3,645,087		6,037,833
Restricted cash	14,764		14,767
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows	$	9,727,289	$	12,939,228

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):


	As of December 31, 2021								Classification as of December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent		Funds Receivable (2)
Certificates of deposit	$	395,351	$	—	$	—	$	395,351	$	31,117	$	364,234	$	—	$	—
Government bonds(1)	850		13		—		863		—		863		—		—
Commercial paper	1,156,963		—		—		1,156,963		163,959		993,004		—		—
Corporate debt securities	917,718		220		(3,147)		914,791		41,439		862,901		10,451		—
Mortgage-backed and asset-backed securities	34,019		338		(321)		34,036		—		34,036		—		—
Total	$	2,504,901	$	571	$	(3,468)	$	2,502,004	$	236,515	$	2,255,038	$	10,451	$	—

(1)Includes U.S. government and government agency debt securities

(2)Funds receivable and amounts held on behalf of customers


	As of March 31, 2022								Classification as of March 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent		Funds Receivable (2)
Certificates of deposit	$	533,669	$	—	$	—	$	533,669	$	60,919	$	472,750	$	—	$	—
Government bonds(1)	464,399		44		(12)		464,431		—		350,450		—		113,981
Commercial paper	1,104,688		—		(16)		1,104,672		265,857		838,815		—		—
Corporate debt securities	794,433		36		(6,073)		788,396		35,914		741,971		10,511		—
Mortgage-backed and asset-backed securities	33,046		10		(1,381)		31,675		—		31,675		—		—
Total	$	2,930,235	$	90	$	(7,482)	$	2,922,843	$	362,690	$	2,435,661	$	10,511	$	113,981

(1)Includes U.S. government and government agency debt securities

(2)Funds receivable and amounts held on behalf of customers

Debt Securities, Available-for-sale


	As of December 31, 2021								Classification as of December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent		Funds Receivable (2)
Certificates of deposit	$	395,351	$	—	$	—	$	395,351	$	31,117	$	364,234	$	—	$	—
Government bonds(1)	850		13		—		863		—		863		—		—
Commercial paper	1,156,963		—		—		1,156,963		163,959		993,004		—		—
Corporate debt securities	917,718		220		(3,147)		914,791		41,439		862,901		10,451		—
Mortgage-backed and asset-backed securities	34,019		338		(321)		34,036		—		34,036		—		—
Total	$	2,504,901	$	571	$	(3,468)	$	2,502,004	$	236,515	$	2,255,038	$	10,451	$	—

(1)Includes U.S. government and government agency debt securities

(2)Funds receivable and amounts held on behalf of customers


	As of March 31, 2022								Classification as of March 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent		Funds Receivable (2)
Certificates of deposit	$	533,669	$	—	$	—	$	533,669	$	60,919	$	472,750	$	—	$	—
Government bonds(1)	464,399		44		(12)		464,431		—		350,450		—		113,981
Commercial paper	1,104,688		—		(16)		1,104,672		265,857		838,815		—		—
Corporate debt securities	794,433		36		(6,073)		788,396		35,914		741,971		10,511		—
Mortgage-backed and asset-backed securities	33,046		10		(1,381)		31,675		—		31,675		—		—
Total	$	2,930,235	$	90	$	(7,482)	$	2,922,843	$	362,690	$	2,435,661	$	10,511	$	113,981

(1)Includes U.S. government and government agency debt securities

(2)Funds receivable and amounts held on behalf of customers

Contractual Maturities of the Available-for-Sale Debt Securities

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):


	As of March 31, 2022
		Amortized Cost		Estimated Fair Value
Due within one year		$	2,845,872	$	2,843,140
Due in one year to five years		62,033		58,720
Due within five to ten years		19,828		18,550
Due beyond ten years		2,502		2,433
Total		$	2,930,235	$	2,922,843

Equity Securities without Readily Determinable Fair Value

The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands):


	Three Months Ended March 31,
		2021		2022
Carrying value, beginning of period		$	78,074	$	74,993


Downward adjustments for observable price changes and impairments		—		—

Carrying value, end of period		$	78,074	$	74,993

The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):


	As of
	December 31, 2021		March 31, 2022
Cumulative downward adjustments for observable price changes and impairment	$	56,217	$	56,217