v3.24.3
Fair Value Measurements and Financial Instruments
 9 Months Ended
Sep. 30, 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 
September 30, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,273 $— $— $1,273 
Government bonds— 47 — 47 
Commercial paper— 75 — 75 
Corporate debt securities— 23 — 23 
1,273 145 — 1,418 
Short-term investments:
Certificates of deposit— 10 — 10 
Government bonds— 301 — 301 
Commercial paper— 231 — 231 
Corporate debt securities— 1,934 — 1,934 
Mortgage-backed and asset-backed securities— 350 — 350 
— 2,826 — 2,826 
Funds receivable and amounts held on behalf of customers:
Money market funds1,640 — — 1,640 
Prepaids and other current assets:
Foreign exchange derivative assets— 12 — 12 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$2,913 $2,983 $4 $5,900 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $72 $— $72 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 2 — 2 
Total liabilities at fair value$— $74 $— $74 

There were no material changes in unrealized losses included in other comprehensive income (loss) 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, 2023 and 2024.

There were no transfers of financial instruments into or out of Level 3 during the nine months ended September 30, 2023 and 2024.