Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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


	December 31,
	2021		2022
Cash and cash equivalents	$	6,067	$	7,378
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers	3,645		4,708
Restricted cash included in prepaids and other current assets	15		17
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows	$	9,727	$	12,103

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 millions):


	December 31, 2021								Classification as of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	395	$	—	$	—	$	395	$	31	$	364	$	—
Government bonds(1)	1		—		—		1		—		1		—
Commercial paper	1,157		—		—		1,157		164		993		—
Corporate debt securities	918		—		(3)		915		42		863		10
Mortgage-backed and asset-backed securities	34		—		—		34		—		34		—
Total	$	2,505	$	—	$	(3)	$	2,502	$	237	$	2,255	$	10

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


	December 31, 2022								Classification as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	599	$	—	$	—	$	599	$	26	$	573	$	—
Government bonds(1)	115		—		—		115		32		83		—
Commercial paper	901		—		—		901		327		574		—
Corporate debt securities	1,046		1		(16)		1,031		68		959		4
Mortgage-backed and asset-backed securities	37		—		(3)		34		—		34		—
Total	$	2,698	$	1	$	(19)	$	2,680	$	453	$	2,223	$	4

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

Debt Securities, Available-for-sale


	December 31, 2021								Classification as of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	395	$	—	$	—	$	395	$	31	$	364	$	—
Government bonds(1)	1		—		—		1		—		1		—
Commercial paper	1,157		—		—		1,157		164		993		—
Corporate debt securities	918		—		(3)		915		42		863		10
Mortgage-backed and asset-backed securities	34		—		—		34		—		34		—
Total	$	2,505	$	—	$	(3)	$	2,502	$	237	$	2,255	$	10

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


	December 31, 2022								Classification as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Assets, Noncurrent
Certificates of deposit	$	599	$	—	$	—	$	599	$	26	$	573	$	—
Government bonds(1)	115		—		—		115		32		83		—
Commercial paper	901		—		—		901		327		574		—
Corporate debt securities	1,046		1		(16)		1,031		68		959		4
Mortgage-backed and asset-backed securities	37		—		(3)		34		—		34		—
Total	$	2,698	$	1	$	(19)	$	2,680	$	453	$	2,223	$	4

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

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 millions):


	December 31, 2022
		Amortized Cost		Estimated Fair Value
Due within one year		$	2,238	$	2,236
Due in one year to five years		435		422
Due within five to ten years		22		19
Due beyond ten years		3		3
Total		$	2,698	$	2,680