XML 27 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FAIR VALUE MEASUREMENTS | 3 Months Ended
--- | ---
Mar. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS There are three levels of inputs to valuation techniques used to measure fair value: Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities. Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2024 are classified in the categories described in the table below (in millions):
|  | Level 1 |  | Level 2 |  |  |  | Total
Recurring fair value measurements (1) |  |  |  |  |  |  |  |
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents: |  |  |  |  |  |  |  |
Money market fund investments |  | $ | 14,390 |  |  | $ | — |  |  |  |  | $ | 14,390 |
Certificates of deposit |  | 87 |  |  | — |  |  |  |  | 87 |
Short-term investments: |  |  |  |  |  |  |  |
International government securities |  | — |  |  | 41 |  |  |  |  | 41 |
U.S. government securities |  | — |  |  | 106 |  |  |  |  | 106 |
Corporate debt securities |  | — |  |  | 215 |  |  |  |  | 215 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 295 |  |  | — |  |  |  |  | 295 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 20 |  |  |  |  | 20 |
Total assets at fair value |  | $ | 14,772 |  |  | $ | 382 |  |  |  |  | $ | 15,154 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 43 |  |  |  |  | $ | 43 |
(1) The Company did not have any Level 3 fair value measurements at March 31, 2024. Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Recurring fair value measurements |  |  |  |  |  |  |  |
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents: |  |  |  |  |  |  |  |
Money market fund investments |  | $ | 10,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,871 |
Certificates of deposit |  | 97 |  |  | — |  |  | — |  |  | 97 |
Short-term investments: |  |  |  |  |  |  |  |
International government securities |  | — |  |  | 63 |  |  | — |  |  | 63 |
U.S. government securities |  | — |  |  | 151 |  |  | — |  |  | 151 |
Corporate debt securities |  | — |  |  | 362 |  |  | — |  |  | 362 |
Long-term investments: |  |  |  |  |  |  |  |
Equity securities |  | 311 |  |  | — |  |  | — |  |  | 311 |
Derivatives: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | — |  |  | 62 |  |  | — |  |  | 62 |
Total assets at fair value |  | $ | 11,279 |  |  | $ | 638 |  |  | $ | — |  |  | $ | 11,917 |
LIABILITIES: |  |  |  |  |  |  |  |
Foreign currency exchange derivatives |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Investment in equity securities of a private entity (1) |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | 98 |
(1) During the year ended December 31, 2023, the investment in Yanolja was written down to its estimated fair value. Investments See Note 5 for additional information related to the Company's investments. The Company's investments in debt securities are measured using "Level 2" inputs as the Company has access to quoted prices for identical or comparable securities, but does not have visibility into the volume and frequency of trading for these investments. A market approach is used for recurring fair value measurements and the valuation techniques use inputs that are observable, or can be corroborated by observable data, in an active marketplace. The Company's investments measured using Level 3 inputs primarily consist of investments in privately-held entities. Fair values of these securities are estimated using a variety of valuation methodologies, including both the market and income approaches. Derivatives The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. As of March 31, 2024 and December 31, 2023, the Company did not designate any derivatives as hedges for accounting purposes. The table below provides estimated fair values of foreign currency exchange derivatives outstanding at March 31, 2024 and December 31, 2023 (in millions).
|  | March 31, 2024 |  | December 31, 2023
Estimated fair value of derivative assets |  | $ | 20 |  |  | $ | 62 |
Estimated fair value of derivative liabilities |  | $ | 43 |  |  | $ | 36 |
For the Company's foreign currency exchange derivatives outstanding as of March 31, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $6.3 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $3.1 billion and $4.2 billion, respectively. The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheets. The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 is as follows (in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Losses on foreign currency exchange derivatives |  |  |  |  |  | $ | 85 |  |  | $ | 17 |
Other Financial Assets and Liabilities At March 31, 2024 and December 31, 2023, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments and certificates of deposit and their carrying value generally approximates the fair value as they are readily convertible to known amounts of cash. Other financial assets and liabilities, including restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair values because of the short-term nature of these items. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Note 9 for the estimated fair value of the Company's outstanding senior notes, including the estimated fair value of the Company's convertible senior notes.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration