v3.23.1
Fair Value Measurements and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value
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 
Schedule of Fair Value Assets Measured on Recurring Basis, Rollforward
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 
Schedule of Fair Value Liabilities Measured on Recurring Basis, Rollforward
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