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Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2024
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, 2023
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,018 $— $— $2,018 
Certificates of deposit— 1 — 1 
Government bonds— 115 — 115 
Commercial paper— 223 — 223 
Corporate debt securities— 12 — 12 
2,018 351 — 2,369 
Short-term investments:
Certificates of deposit— 172 — 172 
Government bonds— 333 — 333 
Commercial paper— 366 — 366 
Corporate debt securities— 1,491 — 1,491 
Mortgage-backed and asset-backed securities— 145 — 145 
— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,144 $— $— $2,144 
Government bonds— 124 — 124 
Commercial paper— 251 — 251 
Corporate debt securities— 39 — 39 
2,144 414 — 2,558 
Short-term investments:
Certificates of deposit— 13 — 13 
Government bonds— 345 — 345 
Commercial paper— 500 — 500 
Corporate debt securities— 1,479 — 1,479 
Mortgage-backed and asset-backed securities— 187 — 187 
— 2,524 — 2,524 
Funds receivable and amounts held on behalf of customers:
Money market funds2,277 — — 2,277 
Prepaids and other current assets:
Foreign exchange derivative assets— 35 — 35 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$4,421 $2,973 $4 $7,398 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $15 $— $15 
Total liabilities at fair value$— $15 $— $15 

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 three months ended March 31, 2023 and 2024.

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2023 and 2024.