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Fair Value Measurements and Financial Instruments | 6 Months Ended
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Jun. 30, 2024
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, 2023
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash and 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 |
| 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 |
| — |  | 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 |
| June 30, 2024
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash and cash equivalents: |  |  |  |
Money market funds | $ | 1,446 |  | $ | — |  | $ | — |  | $ | 1,446 |
Government bonds | — |  | 102 |  | — |  | 102 |
Commercial paper | — |  | 144 |  | — |  | 144 |
Corporate debt securities | — |  | 54 |  | — |  | 54 |
| 1,446 |  | 300 |  | — |  | 1,746 |
Short-term investments: |  |  |  |
Certificates of deposit | — |  | 11 |  | — |  | 11 |
Government bonds | — |  | 352 |  | — |  | 352 |
Commercial paper | — |  | 364 |  | — |  | 364 |
Corporate debt securities | — |  | 1,685 |  | — |  | 1,685 |
Mortgage-backed and asset-backed securities | — |  | 217 |  | — |  | 217 |
| — |  | 2,629 |  | — |  | 2,629 |
Funds receivable and amounts held on behalf of customers: |  |  |  |
Money market funds | 2,701 |  | — |  | — |  | 2,701 |
Prepaids and other current assets: |  |  |  |
Foreign exchange derivative assets | — |  | 63 |  | — |  | 63 |
Other assets, noncurrent: |  |  |  |
Foreign exchange derivative assets | — |  | 1 |  | — |  | 1 |
Corporate debt securities | — |  | — |  | 4 |  | 4 |
Total assets at fair value | $ | 4,147 |  | $ | 2,993 |  | $ | 4 |  | $ | 7,144 |
Liabilities |  |  |  |
Accrued expenses, accounts payable and other current liabilities: |  |  |  |
Foreign exchange derivative liabilities | $ | — |  | $ | 13 |  | $ | — |  | $ | 13 |
Total liabilities at fair value | $ | — |  | $ | 13 |  | $ | — |  | $ | 13 |
There were no material changes in unrealized losses included in other comprehensive income (loss) relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the six months ended June 30, 2023 and 2024. There were no transfers of financial instruments into or out of Level 3 during the six months ended June 30, 2023 and 2024.

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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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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