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Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,018 $— $— $2,018 
Commercial paper— 223 — 223 
Government bonds— 115 — 115 
Corporate debt securities— 12 — 12 
Certificates of deposit— 1 — 1 
Total cash equivalents at fair value2,018 351 — 2,369 
Short-term investments:
Corporate debt securities— 1,491 — 1,491 
Commercial paper— 366 — 366 
Government bonds— 333 — 333 
Certificates of deposit— 172 — 172 
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 funds1,360 — — 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 
December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
Total cash equivalents at fair value1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
Total short-term investments at fair value— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets— 6 — 6 
Corporate debt securities— — 4 4 
Total assets at fair value$2,975 $3,352 $4 $6,331 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 

There were no transfers of financial instruments between valuation levels during the years ended December 31, 2023 and 2024.

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 years ended December 31, 2022, 2023 and 2024.