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Fair Value Measurements and Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):
| December 31, 2022
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash equivalents: |  |  |  |
Money market funds | $ | 2,326 |  | $ | — |  | $ | — |  | $ | 2,326 |
Certificates of deposit | 26 |  | — |  | — |  | 26 |
Government bonds | — |  | 32 |  | — |  | 32 |
Commercial paper | — |  | 327 |  | — |  | 327 |
Corporate debt securities | — |  | 68 |  | — |  | 68 |
Total cash equivalents at fair value | 2,352 |  | 427 |  | — |  | 2,779 |
Short-term investments: |  |  |  |
Certificates of deposit | 573 |  | — |  | — |  | 573 |
Government bonds | — |  | 83 |  | — |  | 83 |
Commercial paper | — |  | 574 |  | — |  | 574 |
Corporate debt securities | — |  | 959 |  | — |  | 959 |
Mortgage-backed and asset-backed securities | — |  | 34 |  | — |  | 34 |
Equity investments | 1 |  | — |  | — |  | 1 |
Total short-term investments at fair value | 574 |  | 1,650 |  | — |  | 2,224 |
Funds receivable and amounts held on behalf of customers: |  |  |  |
Money market funds | 501 |  | — |  | — |  | 501 |
Prepaids and other current assets: |  |  |  |
Foreign exchange derivative assets | — |  | 14 |  | — |  | 14 |
Other assets, noncurrent: |  |  |  |
Corporate debt securities | — |  | — |  | 4 |  | 4 |
Total assets at fair value | $ | 3,427 |  | $ | 2,091 |  | $ | 4 |  | $ | 5,522 |
Liabilities |  |  |  |
Accrued expenses, accounts payable, and other current liabilities: |  |  |  |
Foreign exchange derivative liabilities | $ | — |  | $ | 31 |  | $ | — |  | $ | 31 |
Total liabilities at fair value | $ | — |  | $ | 31 |  | $ | — |  | $ | 31 |
| December 31, 2023
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash equivalents: |  |  |  |
Money market funds | $ | 2,018 |  | $ | — |  | $ | — |  | $ | 2,018 |
Certificates of deposit | — |  | 1 |  | — |  | 1 |
Government bonds | — |  | 115 |  | — |  | 115 |
Commercial paper | — |  | 223 |  | — |  | 223 |
Corporate debt securities | — |  | 12 |  | — |  | 12 |
Total cash equivalents at fair value | 2,018 |  | 351 |  | — |  | 2,369 |
Short-term investments: |  |  |  |
Certificates of deposit | — |  | 172 |  | — |  | 172 |
Government bonds | — |  | 333 |  | — |  | 333 |
Commercial paper | — |  | 366 |  | — |  | 366 |
Corporate debt securities | — |  | 1,491 |  | — |  | 1,491 |
Mortgage-backed and asset-backed securities | — |  | 145 |  | — |  | 145 |
Total short-term investments at fair value | — |  | 2,507 |  | — |  | 2,507 |
Funds receivable and amounts held on behalf of customers: |  |  |  |
Money market funds | 1,360 |  | — |  | — |  | 1,360 |
Prepaids and other current assets: |  |  |  |
Foreign exchange derivative assets | — |  | 27 |  | — |  | 27 |
Other assets, noncurrent: |  |  |  |
Corporate debt securities | — |  | — |  | 4 |  | 4 |
Total assets at fair value | $ | 3,378 |  | $ | 2,885 |  | $ | 4 |  | $ | 6,267 |
Liabilities |  |  |  |
Accrued expenses, accounts payable, and other current liabilities: |  |  |  |
Foreign exchange derivative liabilities | $ | — |  | $ | 55 |  | $ | — |  | $ | 55 |
Other liabilities, noncurrent: |  |  |  |
Foreign exchange derivative liabilities | — |  | 5 |  | — |  | 5 |
Total liabilities at fair value | $ | — |  | $ | 60 |  | $ | — |  | $ | 60 |
There were no transfers of financial instruments between valuation levels during the years ended December 31, 2022 and 2023. There were no material changes in unrealized losses included in other comprehensive income relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the years ended December 31, 2021, 2022 and 2023.

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- 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
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