v3.23.1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):
December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,326 $— $— $2,326 
Certificates of deposit26 — — 26 
U.S. government debt securities— 32 — 32 
Commercial paper— 327 — 327 
Corporate debt securities— 68 — 68 
2,352 427 — 2,779 
Short-term investments:
Certificates of deposit573 — — 573 
Government bonds— 83 — 83 
Commercial paper— 574 — 574 
Corporate debt securities— 959 — 959 
Mortgage-backed and asset-backed securities— 34 — 34 
Equity investments1 — — 1 
574 1,650 — 2,224 
Funds receivable and amounts held on behalf of customers:
Money market funds501 — — 501 
Prepaids and other current assets:
Foreign exchange derivative assets— 14 — 14 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,427 $2,091 $4 $5,522 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $31 $— $31 
Total liabilities at fair value$— $31 $— $31 
March 31, 2023
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,274 $— $— $2,274 
U.S. government debt securities— 124 — 124 
Commercial paper— 115 — 115 
Corporate debt securities— 16 — 16 
2,274 255 — 2,529 
Short-term investments:
Certificates of deposit492 — — 492 
Government bonds— 255 — 255 
Commercial paper— 586 — 586 
Corporate debt securities— 1,019 — 1,019 
Mortgage-backed and asset-backed securities— 55 — 55 
Equity investments1 — — 1 
493 1,915 — 2,408 
Funds receivable and amounts held on behalf of customers:
Money market funds1,007 — — 1,007 
Prepaids and other current assets:
Foreign exchange derivative assets— 17 — 17 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,774 $2,187 $4 $5,965 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $39 $— $39 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 1 — 1 
Total liabilities at fair value$— $40 $— $40 

The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in millions):

Three Months Ended March 31,
20222023
Balance, beginning of period$10 $4 
Changes in unrealized losses included in other comprehensive loss related to investments held at the reporting date1 — 
Balance, end of period$11 $4 

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2022 and 2023.