v3.24.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities by Investment Classification
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:

As of December 31, 2023
Carrying Value
Cash EquivalentsMarketable SecuritiesEquity and Other InvestmentsFair Value
$$$$
Level 1:
U.S. term deposits—445—458
U.S. federal bonds and agency securities—1,5411151,657
Canadian federal bonds and agency securities—100—100
Corporate bonds and commercial paper152——152
1522,0861152,367
Level 2:
Corporate bonds and commercial paper—1,509—1,509
Level 3:
Convertible notes in private companies(1)
——495495
1523,5956104,371
(1) In December 2023, the Company made a separate investment in Flexport through the purchase of convertible notes of $260 and has elected to apply the fair value option to account for this instrument. As the inputs used in determining the fair value are unobservable, the fair value measurement of the investment is Level 3 in the fair value hierarchy.
As of December 31, 2022
Carrying Value
Cash EquivalentsMarketable SecuritiesEquity and Other InvestmentsFair Value
$$$$
Level 1:
U.S. term deposits—600—608
U.S. federal bonds and agency securities28741—769
Canadian federal bonds and agency securities202547—750
Corporate bonds and commercial paper202——202
Repurchase agreements99——99
5311,888—2,428
Level 2:
Corporate bonds and commercial paper—1,516—1,518
Level 3:
Convertible notes in private companies——221221
5313,4042214,167
Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity
The following table outlines estimated fair values of our debt investments by date of contractual maturity as of December 31, 2023:
Fair Value
Due within one year$3,761 
Due after one year to three years115 
$3,876 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
December 31, 2023December 31, 2022
Level 1Level 3TotalLevel 1Level 3Total
$$$$$$
Affirm Holdings, Inc.997—997196—196
Global-E Online Ltd.(1)
8561887440051451
Klaviyo, Inc.(2)
376113489———
Other———1—1
2,2291312,36059751648
(1) In the year ended December 31, 2023, $49 was transferred from Level 3 to Level 1 due to the vesting of warrants (December 31, 2022 - $200). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 8% at December 31, 2023 (December 31, 2022 - 9%).
(2) On September 20, 2023, Klaviyo, Inc. completed its initial public offering and began trading on the New York Stock Exchange. As a result, the fair value of our investment became readily determinable. In the year ended December 31, 2023, $11 was transferred from Level 3 to Level 1 due to the vesting of warrants. The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 21% at December 31, 2023.

Adjustments related to equity and other investments with readily determinable fair values for the years ended December 31, 2023 and 2022 were as follows:

Years ended
December 31, 2023December 31, 2022
$$
Balance, beginning of the year648 3,206 
Adjustments related to equity and other investments with readily determinable fair values:
Investments received not tied to services(1)
— 105 
Investments received as non-cash consideration in exchange for services— 30 
Sale of equity and other investments(1)(3)
Net unrealized gains (losses)1,456 (2,690)
Transfers from measurement alternative(2)
257 — 
Balance, end of the year2,360 648 
(1) In the year ended December 31, 2022, certain private investments were acquired by third-party investors resulting in the deemed sale of equity and other investments in the period and shares were received in certain public companies. Any resulting realized gains or losses were presented as "Net realized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).
(2) Effective September 20, 2023, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as the fair value of the investment became readily determinable
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values are:
December 31, 2023December 31, 2022
$$
Total initial value820 1,360 
Cumulative gross unrealized gains55 59 
Cumulative gross unrealized losses and impairment(370)(334)
Total carrying value of equity and other investments without readily determinable fair values505 1,085 



Adjustments related to equity and other investments without readily determinable fair values for the years ended December 31, 2023 and 2022 were as follows:
Years ended
December 31, 2023December 31, 2022
$$
Balance, beginning of the period1,085 543 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments104 599 
Investments received as non-cash consideration in exchange for services60 244 
Gross unrealized gains10 20 
Sales of equity and other investments(1)
— (13)
Gross unrealized losses and impairments(2)
(120)(308)
Transfers out of measurement alternative(3)
(634)— 
Balance, end of the period505 1,085 
(1) During the year ended December 31, 2022, certain private investments were acquired by third-party investors resulting in the deemed sale of equity and other investments in the period. Any resulting realized gains or losses were presented as "Net realized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).
(2) During the year ended December 31, 2023, the Company identified observable price changes resulting in the remeasurement of private investments at fair value on a non-recurring basis. During the year ended December 31, 2022, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairment were presented as "Net unrealized gain (loss) on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).
(3) Effective September 20, 2023, the date of Klaviyo's initial public offering, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as $257 of the fair value of the investment became readily determinable. Additionally, the net settlement criteria was met for the Company's investment option to purchase Series B common shares resulting in $54 of the fair value being accounted for as a derivative.
Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses
The fair values of outstanding derivative instruments were as follows:
December 31, 2023December 31, 2022
$$
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)6 1 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)3 16 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
December 31, 2023December 31, 2022
$$
Unrealized gains6 1 
Unrealized losses— (15)
Total net unrealized gains (losses)6 (14)
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Years ended
December 31, 2023December 31, 2022
$$
Realized losses cost of revenues— (1)
Realized losses in operating expenses(13)(22)
(13)(23)