v3.26.1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2026
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, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$901 $— $— $901 
Commercial paper— 98 — 98 
Government bonds— 57 — 57 
Corporate debt securities— 7 — 7 
Total cash and cash equivalents901 162 — 1,063 
Short-term investments:
Corporate debt securities— 2,288 — 2,288 
Mortgage-backed and asset-backed securities— 441 — 441 
Government bonds— 262 — 262 
Commercial paper— 182 — 182 
Certificates of deposit— 149 — 149 
Total short-term investments— 3,322 — 3,322 
Funds receivable and amounts held on behalf of customers:
Money market funds2,164 — — 2,164 
Prepaids and other current assets:
Foreign exchange derivative assets— 20 — 20 
Total assets at fair value$3,065 $3,504 $— $6,569 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $68 $— $68 
March 31, 2026
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,080 $— $— $1,080 
Government bonds— 155 — 155 
Commercial paper— 126 — 126 
Corporate debt securities— 6 — 6 
Total cash and cash equivalents1,080 287 — 1,367 
Short-term investments:
Corporate debt securities— 2,698 — 2,698 
Mortgage-backed and asset-backed securities— 507 — 507 
Government bonds— 318 — 318 
Commercial paper— 185 — 185 
Certificates of deposit— 128 — 128 
Total short-term investments— 3,836 — 3,836 
Funds receivable and amounts held on behalf of customers:
Money market funds2,386 — — 2,386 
Prepaids and other current assets:
Foreign exchange derivative assets— 97 — 97 
Total assets at fair value$3,466 $4,220 $— $7,686 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $43 $— $43 

As of March 31, 2026, the estimated fair value of the $2.5 billion aggregate principal amount of unsecured senior notes issued in March 2026 (“Senior Notes”) was $2.5 billion, determined using quoted market prices for similar instruments in active markets (Level 2). See Note 7, Debt, for additional information.

There were no 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 three months ended March 31, 2025 and 2026.

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2025 and 2026.