v3.23.3
Fair Value Measurements and Financial Instruments
 9 Months Ended
Sep. 30, 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 
Government bonds— 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 
September 30, 2023
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,729 $— $— $2,729 
Government bonds— 64 — 64 
Commercial paper— 220 — 220 
Corporate debt securities— 8 — 8 
2,729 292 — 3,021 
Short-term investments:
Certificates of deposit328 — — 328 
Government bonds— 291 — 291 
Commercial paper— 366 — 366 
Corporate debt securities— 1,200 — 1,200 
Mortgage-backed and asset-backed securities— 111 — 111 
Equity investments1 — — 1 
329 1,968 — 2,297 
Funds receivable and amounts held on behalf of customers:
Money market funds1,718 — — 1,718 
Prepaids and other current assets:
Foreign exchange derivative assets— 97 — 97 
Other assets, noncurrent:
Other
— 5 — 5 
Corporate debt securities— — 4 4 
Total assets at fair value$4,776 $2,362 $4 $7,142 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $9 $— $9 
Total liabilities at fair value$— $9 $— $9 

There were no material changes in unrealized losses included in other comprehensive income relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the nine months ended September 30, 2022 and 2023.

There were no transfers of financial instruments into or out of Level 3 during the nine months ended September 30, 2022 and 2023.