XML 58 R34.htm IDEA: XBRL DOCUMENT
v3.21.1

Fair Value Measurement of Assets and Liabilities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of financial assets and liabilities measured at fair value on a recurring basis | The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
|  | March 31, 2021 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2)
|  | (In millions)
Assets: |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 853 |  |  | $ | — |  |  | $ | 853 |
Short-term investments(2): |  |  |  |  |  |
U.S. government and agency securities |  | 1,340 |  |  | — |  |  | 1,340 |
Foreign government and agency securities |  | 952 |  |  | — |  |  | 952 |
Corporate debt securities |  | 3,422 |  |  | — |  |  | 3,422 |
Asset-backed securities |  | 147 |  |  | — |  |  | 147 |
Total short-term investments |  | $ | 5,861 |  |  | $ | — |  |  | $ | 5,861 |
Funds receivable and customer accounts(3): |  |  |  |  |  |
Cash and cash equivalents |  | 299 |  |  | — |  |  | 299 |
U.S. government and agency securities |  | 8,015 |  |  | — |  |  | 8,015 |
Foreign government and agency securities |  | 4,205 |  |  | — |  |  | 4,205 |
Corporate debt securities |  | 3,701 |  |  | — |  |  | 3,701 |
Asset-backed securities |  | 443 |  |  | — |  |  | 443 |
Municipal securities |  | 633 |  |  | — |  |  | 633 |
Total funds receivable and customer accounts |  | $ | 17,296 |  |  | $ | — |  |  | $ | 17,296 |
Derivatives |  | 171 |  |  | — |  |  | 171 |
Long-term investments(2),(4): |  |  |  |  |  |
Foreign government and agency securities |  | 1,504 |  |  | — |  |  | 1,504 |
Corporate debt securities |  | 1,405 |  |  | — |  |  | 1,405 |
Asset-backed securities |  | 165 |  |  | — |  |  | 165 |
Marketable equity securities |  | 2,050 |  |  | 2,050 |  |  | — |
Total long-term investments |  | $ | 5,124 |  |  | $ | 2,050 |  |  | $ | 3,074 |
Total financial assets |  | $ | 29,305 |  |  | $ | 2,050 |  |  | $ | 27,255 |
Liabilities: |  |  |  |  |  |
Derivatives |  | $ | 276 |  |  | $ | — |  |  | $ | 276 |
(1) Excludes cash of $4.9 billion not measured and recorded at fair value. (2) Excludes restricted cash of $26 million and time deposits of $1.5 billion not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $18.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $829 million measured using the Measurement Alternative or equity method accounting.
|  | December 31, 2020 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2)
|  | (In millions)
Assets: |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 867 |  |  | $ | — |  |  | $ | 867 |
Short-term investments(2): |  |  |  |  |  |
U.S. government and agency securities |  | 1,510 |  |  | — |  |  | 1,510 |
Foreign government and agency securities |  | 277 |  |  | — |  |  | 277 |
Corporate debt securities |  | 4,902 |  |  | — |  |  | 4,902 |
Total short-term investments |  | 6,689 |  |  | — |  |  | 6,689 |
Funds receivable and customer accounts(3): |  |  |  |  |  |
Cash and cash equivalents |  | 1,770 |  |  | — |  |  | 1,770 |
U.S. government and agency securities |  | 7,933 |  |  | — |  |  | 7,933 |
Foreign government and agency securities |  | 4,296 |  |  | — |  |  | 4,296 |
Corporate debt securities |  | 2,135 |  |  | — |  |  | 2,135 |
Municipal securities |  | 637 |  |  | — |  |  | 637 |
Total funds receivable and customer accounts |  | 16,771 |  |  | — |  |  | 16,771 |
Derivatives |  | 42 |  |  | — |  |  | 42 |
Long-term investments(2), (4): |  |  |  |  |  |
U.S. government and agency securities |  | 28 |  |  | — |  |  | 28 |
Foreign government and agency securities |  | 1,304 |  |  | — |  |  | 1,304 |
Corporate debt securities |  | 1,259 |  |  | — |  |  | 1,259 |
Asset-backed securities |  | 228 |  |  | — |  |  | 228 |
Marketable equity securities |  | 2,443 |  |  | 2,443 |  |  | — |
Total long-term investments |  | 5,262 |  |  | 2,443 |  |  | 2,819 |
Total financial assets |  | $ | 29,631 |  |  | $ | 2,443 |  |  | $ | 27,188 |
Liabilities: |  |  |  |  |  |
Derivatives |  | $ | 410 |  |  | $ | — |  |  | $ | 410 |
(1) Excludes cash of $3.9 billion not measured and recorded at fair value. (2) Excludes restricted cash of $88 million and time deposits of $1.6 billion not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $16.6 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $789 million measured using the Measurement Alternative or equity method accounting.
Summary of investments under the fair value option | The following table summarizes the estimated fair value of our available-for-sale debt securities under the fair value option as of March 31, 2021 and December 31, 2020:
| March 31, 2021 |  | December 31, 2020
| (In millions)
Funds receivable and customer accounts | $ | 2,475 |  |  | $ | 2,914 |
Short-term investments | $ | 508 |  |  | $ | — |
The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three months ended March 31, 2021 and 2020:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
| (In millions)
Funds receivable and customer accounts | $ | (67) |  |  | $ | (20) |  |  |  |  |
Short-term investments | $ | (11) |  |  | $ | (18) |  |  |  |  |
Summary of financial assets measured at fair value on a non-recurring basis | The following tables summarize our financial assets and liabilities held as of March 31, 2021 and December 31, 2020 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively:
|  | March 31, 2021 |  |  | Significant Other Observable Inputs (Level 2)
|  | (In millions)
Non-marketable equity investments measured using the Measurement Alternative(1) |  | $ | 33 |  |  |  | $ | 33 |
Other assets(2) |  | 86 |  |  |  | $ | 86 |
Total |  | $ | 119 |  |  |  | $ | 119 |
(1) Excludes non-marketable equity investments of $768 million accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2021. (2) Consists of ROU lease assets recorded at fair value pursuant to impairment charges as of March 31, 2021.
|  | December 31, 2020 |  |  | Significant Other Observable Inputs (Level 2)
|  | (In millions)
Non-marketable equity investments measured using the Measurement Alternative(1) |  | $ | 335 |  |  |  | $ | 335 |
Other assets(2) |  | 44 |  |  |  | 44 |
Total |  | $ | 379 |  |  |  | $ | 379 |
(1) Excludes non-marketable equity investments of $444 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2020. (2) Consists of ROU lease assets recorded at fair value pursuant to impairment charges as of December 31, 2020.

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration