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Fair value measurement of assets and liabilities (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:
Description |  | Balances as of September 30, 2023 |  | Quoted Prices in active markets for identical Assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Unobservable inputs (Level 3) |  | Balances as of December 31, 2022 |  | Quoted Prices in active markets for identical Assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Unobservable inputs (Level 3)
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  | $ | 764 |  |  | $ | 764 |  |  | $ | — |  |  | $ | — |  |  | $ | 599 |  |  | $ | 599 |  |  | $ | — |  |  | $ | — |
U.S. government debt securities (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | 21 |  |  | — |  |  | — |
Restricted Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market (3) |  | 219 |  |  | 219 |  |  | — |  |  | — |  |  | 352 |  |  | 352 |  |  | — |  |  | — |
Foreign government debt securities (Central Bank of Brazil Mandatory Guarantee) (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | 158 |  |  | 158 |  |  | — |  |  | — |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities (1) |  | 1,124 |  |  | 1,124 |  |  | — |  |  | — |  |  | 733 |  |  | 733 |  |  | — |  |  | — |
Foreign government debt securities (Central Bank of Brazil Mandatory Guarantee) (1) |  | 1,762 |  |  | 1,762 |  |  | — |  |  | — |  |  | 1,219 |  |  | 1,219 |  |  | — |  |  | — |
Foreign government debt securities (1) (2) |  | 186 |  |  | 186 |  |  | — |  |  | — |  |  | 214 |  |  | 214 |  |  | — |  |  | — |
Equity securities at fair value |  | 13 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Instruments |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
USDC |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Customer crypto-assets safeguarding assets |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Total Assets |  | $ | 4,105 |  |  | $ | 4,068 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 3,315 |  |  | $ | 3,299 |  |  | $ | 16 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term retention program |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |
Other Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent considerations |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Derivative Instruments |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 24 |  |  | — |  |  | 24 |  |  | — |
Customer crypto-assets safeguarding liabilities |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
Total Liabilities |  | $ | 113 |  |  | $ | — |  |  | $ | 113 |  |  | $ | — |  |  | $ | 105 |  |  | $ | — |  |  | $ | 97 |  |  | $ | 8 |
(1)Measured at fair value with impact on the statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments). (2)As of September 30, 2023 and December 31, 2022 includes $25 million and $21 million, respectively, of investments from securitization transactions that are restricted to the payment of amounts due to third-party investors. (See Note 5 - Cash, cash equivalents, restricted cash and cash equivalents and investments). (3)As of September 30, 2023 and December 31, 2022 includes $193 million and $314 million, respectively, of money market funds from securitization transactions. (See Note 5 - Cash, cash equivalents, restricted cash and cash equivalents and investments).
Summary of Reconciliation of Financial Liabilities Valuated at Fair Value | The following table summarizes the reconciliation of the financial liabilities measured at fair value using Level 3 inputs as of December 31, 2022:
| Year Ended December 31, 2022
| Derivative Instruments, net |  | Contingent Considerations
| (In millions)
Balance, beginning of the year | $ | 11 |  |  | $ | (9)
Net Additions | 3 |  |  | —
Settlements | 7 |  |  | 1
Foreign Currency Translation | (5) |  |  | —
Gain (Losses) in Other Comprehensive Income | (15) |  |  | —
Gain (Losses) on Income Statement | (28) |  | —
Transfers out of level 3 to level 2 | 27 |  | —
Balance, end of the year | $ | — |  | $ | (8)
Fair Value of Financial Assets and Liabilities Measured at Amortized Cost | The following table summarizes the estimated fair value of the financial assets and liabilities of the Company not measured at fair value as of September 30, 2023 and December 31, 2022:
| Balances as of September 30, 2023 |  | Estimated fair value as of September 30, 2023 |  | Balances as of December 31, 2022 |  | Estimated fair value as of December 31, 2022
| (In millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,407 |  |  | $ | 1,407 |  |  | $ | 1,290 |  |  | $ | 1,290 |
Restricted cash and cash equivalents | 866 |  |  | 866 |  |  | 943 |  |  | 943 |
Investments | 326 |  |  | 326 |  |  | 439 |  |  | 439 |
Accounts receivables, net | 161 |  |  | 161 |  |  | 130 |  |  | 130 |
Credit card receivables and other means of payment, net | 3,375 |  |  | 3,375 |  |  | 2,946 |  |  | 2,946 |
Loans receivable, net | 2,378 |  |  | 2,387 |  |  | 1,736 |  |  | 1,761 |
Other assets | 395 |  |  | 395 |  |  | 273 |  |  | 273 |
Total Assets | $ | 8,908 |  |  | $ | 8,917 |  |  | $ | 7,757 |  |  | $ | 7,782 |
Liabilities |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 1,910 |  |  | $ | 1,910 |  |  | $ | 1,393 |  |  | $ | 1,393 |
Funds payable to customers | 4,016 |  |  | 4,016 |  |  | 3,454 |  |  | 3,454 |
Amounts payable due to credit and debit card transactions | 757 |  |  | 757 |  |  | 488 |  |  | 488 |
Salaries and social security payable | 445 |  |  | 445 |  |  | 349 |  |  | 349 |
Loans payable and other financial liabilities | 4,454 |  |  | 4,486 |  |  | 4,758 |  |  | 4,997 |
Other liabilities | 206 |  |  | 206 |  |  | 186 |  |  | 186 |
Total Liabilities | $ | 11,788 |  |  | $ | 11,820 |  |  | $ | 10,628 |  |  | $ | 10,867 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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