v3.26.1
Fair Value Measurements and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
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