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v3.22.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands):
| As of
| December 31, 2021 | March 31, 2022
Cash and cash equivalents | $ | 6,067,438 |  | $ | 6,886,628 |
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers | 3,645,087 |  | 6,037,833 |
Restricted cash | 14,764 |  | 14,767 |
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | $ | 9,727,289 |  | $ | 12,939,228 |
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):
| As of December 31, 2021 |  |  | Classification as of December 31, 2021
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable (2)
Certificates of deposit | $ | 395,351 |  | $ | — |  | $ | — |  | $ | 395,351 |  |  |  | $ | 31,117 |  | $ | 364,234 |  | $ | — |  | $ | — |
Government bonds(1) | 850 |  | 13 |  | — |  | 863 |  |  |  | — |  | 863 |  | — |  | — |
Commercial paper | 1,156,963 |  | — |  | — |  | 1,156,963 |  |  |  | 163,959 |  | 993,004 |  | — |  | — |
Corporate debt securities | 917,718 |  | 220 |  | (3,147) |  | 914,791 |  |  |  | 41,439 |  | 862,901 |  | 10,451 |  | — |
Mortgage-backed and asset-backed securities | 34,019 |  | 338 |  | (321) |  | 34,036 |  |  |  | — |  | 34,036 |  | — |  | — |
Total | $ | 2,504,901 |  | $ | 571 |  | $ | (3,468) |  | $ | 2,502,004 |  |  |  | $ | 236,515 |  | $ | 2,255,038 |  | $ | 10,451 |  | $ | — |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers
| As of March 31, 2022 |  |  | Classification as of March 31, 2022
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable (2)
Certificates of deposit | $ | 533,669 |  | $ | — |  | $ | — |  | $ | 533,669 |  |  |  | $ | 60,919 |  | $ | 472,750 |  | $ | — |  | $ | — |
Government bonds(1) | 464,399 |  | 44 |  | (12) |  | 464,431 |  |  |  | — |  | 350,450 |  | — |  | 113,981 |
Commercial paper | 1,104,688 |  | — |  | (16) |  | 1,104,672 |  |  |  | 265,857 |  | 838,815 |  | — |  | — |
Corporate debt securities | 794,433 |  | 36 |  | (6,073) |  | 788,396 |  |  |  | 35,914 |  | 741,971 |  | 10,511 |  | — |
Mortgage-backed and asset-backed securities | 33,046 |  | 10 |  | (1,381) |  | 31,675 |  |  |  | — |  | 31,675 |  | — |  | — |
Total | $ | 2,930,235 |  | $ | 90 |  | $ | (7,482) |  | $ | 2,922,843 |  |  |  | $ | 362,690 |  | $ | 2,435,661 |  | $ | 10,511 |  | $ | 113,981 |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers
Debt Securities, Available-for-sale | The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):
| As of December 31, 2021 |  |  | Classification as of December 31, 2021
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable (2)
Certificates of deposit | $ | 395,351 |  | $ | — |  | $ | — |  | $ | 395,351 |  |  |  | $ | 31,117 |  | $ | 364,234 |  | $ | — |  | $ | — |
Government bonds(1) | 850 |  | 13 |  | — |  | 863 |  |  |  | — |  | 863 |  | — |  | — |
Commercial paper | 1,156,963 |  | — |  | — |  | 1,156,963 |  |  |  | 163,959 |  | 993,004 |  | — |  | — |
Corporate debt securities | 917,718 |  | 220 |  | (3,147) |  | 914,791 |  |  |  | 41,439 |  | 862,901 |  | 10,451 |  | — |
Mortgage-backed and asset-backed securities | 34,019 |  | 338 |  | (321) |  | 34,036 |  |  |  | — |  | 34,036 |  | — |  | — |
Total | $ | 2,504,901 |  | $ | 571 |  | $ | (3,468) |  | $ | 2,502,004 |  |  |  | $ | 236,515 |  | $ | 2,255,038 |  | $ | 10,451 |  | $ | — |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers
| As of March 31, 2022 |  |  | Classification as of March 31, 2022
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Total Estimated Fair Value |  |  | Cash and Cash Equivalents | Marketable Securities | Other Assets, Noncurrent | Funds Receivable (2)
Certificates of deposit | $ | 533,669 |  | $ | — |  | $ | — |  | $ | 533,669 |  |  |  | $ | 60,919 |  | $ | 472,750 |  | $ | — |  | $ | — |
Government bonds(1) | 464,399 |  | 44 |  | (12) |  | 464,431 |  |  |  | — |  | 350,450 |  | — |  | 113,981 |
Commercial paper | 1,104,688 |  | — |  | (16) |  | 1,104,672 |  |  |  | 265,857 |  | 838,815 |  | — |  | — |
Corporate debt securities | 794,433 |  | 36 |  | (6,073) |  | 788,396 |  |  |  | 35,914 |  | 741,971 |  | 10,511 |  | — |
Mortgage-backed and asset-backed securities | 33,046 |  | 10 |  | (1,381) |  | 31,675 |  |  |  | — |  | 31,675 |  | — |  | — |
Total | $ | 2,930,235 |  | $ | 90 |  | $ | (7,482) |  | $ | 2,922,843 |  |  |  | $ | 362,690 |  | $ | 2,435,661 |  | $ | 10,511 |  | $ | 113,981 |
(1)Includes U.S. government and government agency debt securities (2)Funds receivable and amounts held on behalf of customers
Contractual Maturities of the Available-for-Sale Debt Securities | The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):
|  |  | As of March 31, 2022
|  |  |  | Amortized Cost | Estimated Fair Value
Due within one year |  |  |  | $ | 2,845,872 |  | $ | 2,843,140 |
Due in one year to five years |  |  |  | 62,033 |  | 58,720 |
Due within five to ten years |  |  |  | 19,828 |  | 18,550 |
Due beyond ten years |  |  |  | 2,502 |  | 2,433 |
Total |  |  |  | $ | 2,930,235 |  | $ | 2,922,843 |
Equity Securities without Readily Determinable Fair Value | The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  | 2021 | 2022
Carrying value, beginning of period |  |  |  | $ | 78,074 |  | $ | 74,993 |
Downward adjustments for observable price changes and impairments |  |  |  | — |  | — |
Carrying value, end of period |  |  |  | $ | 78,074 |  | $ | 74,993 |
The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):
| As of
| December 31, 2021 | March 31, 2022
Cumulative downward adjustments for observable price changes and impairment | $ | 56,217 |  | $ | 56,217 |

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