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Funds Receivable and Customer Accounts and Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of assets underlying funds receivable and customer accounts, short-term and long-term investments

The following table summarizes the assets underlying our funds receivable and customer accounts, short-term investments, and long-term investments as of March 31, 2021 and December 31, 2020:

			March 31, 2021						December 31, 2020
			(In millions)
Funds receivable and customer accounts:
Cash and cash equivalents			$	13,257					$	13,222
Time deposits			248						233
Available-for-sale debt securities			16,997						15,001
Funds receivable			5,121						4,962
Total funds receivable and customer accounts			$	35,623					$	33,418
Short-term investments:
Time deposits			$	1,482					$	1,519
Available-for-sale debt securities			5,861						6,689
Restricted cash			26						81
Total short-term investments			$	7,369					$	8,289
Long-term investments:
Time deposits			$	41					$	31
Available-for-sale debt securities			3,074						2,819
Restricted cash			—						7
Strategic investments			2,879						3,232
Total long-term investments			$	5,994					$	6,089

Schedule of estimated fair value of available-for-sale debt securities

As of March 31, 2021 and December 31, 2020, the estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments was as follows:

			March 31, 2021(1)
			Gross Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
			(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities			$	8,013					$	4					$	(2)					$	8,015
Foreign government and agency securities			1,877						—						(2)						1,875
Corporate debt securities			3,558						—						(2)						3,556
Asset-backed securities			443						—						—						443
Municipal securities			633						—						—						633
Short-term investments:
U.S. government and agency securities			1,340						—						—						1,340
Foreign government and agency securities			444						—						—						444
Corporate debt securities			3,421						1						—						3,422
Asset-backed securities			147						—						—						147
Long-term investments:
Foreign government and agency securities			1,506						—						(2)						1,504
Corporate debt securities			1,406						2						(3)						1,405
Asset-backed securities			165						—						—						165
Total available-for-sale debt securities(2)			$	22,953					$	7					$	(11)					$	22,949

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

			December 31, 2020(1)
			Gross Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
			(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities			$	7,929					$	4					$	—					$	7,933
Foreign government and agency securities			1,504						2						—						1,506
Corporate debt securities			2,011						—						—						2,011
Municipal securities			637						—						—						637
Short-term investments:
U.S. government and agency securities			1,510						—						—						1,510
Foreign government and agency securities			277						—						—						277
Corporate debt securities			4,900						2						—						4,902
Long-term investments:
U.S. government and agency securities			28						—						—						28
Foreign government and agency securities			1,305						—						(1)						1,304
Corporate debt securities			1,255						4						—						1,259
Asset-backed securities			228						—						—						228
Total available-for-sale debt securities(2)			$	21,584					$	12					$	(1)					$	21,595

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Schedule of gross unrealized losses and estimated fair value of available-for-sale debt securities in a continuous loss position

As of March 31, 2021 and December 31, 2020, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary, aggregated by length of time those individual securities have been in a continuous loss position, was as follows:

			March 31, 2021(1)
			Less than 12 months												12 months or longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities			$	1,567					$	(2)					$	—					$	—					$	1,567					$	(2)
Foreign government and agency securities			1,158						(2)						—						—						1,158						(2)
Corporate debt securities			1,128						(2)						—						—						1,128						(2)
Asset-backed securities			181						—						—						—						181						—
Short-term investments:
U.S. government and agency securities			520						—						—						—						520						—
Foreign government and agency securities			132						—						—						—						132						—
Corporate debt securities			360						—						—						—						360						—
Asset-backed securities			58						—						—						—						58						—
Long-term investments:
Foreign government and agency securities			1,056						(2)						—						—						1,056						(2)
Corporate debt securities			762						(3)						—						—						762						(3)
Asset-backed securities			129						—						—						—						129						—
Total available-for-sale debt securities			$	7,051					$	(11)					$	—					$	—					$	7,051					$	(11)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

			December 31, 2020(1)
			Less than 12 months												12 months or longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities			$	262					$	—					$	—					$	—					$	262					$	—
Foreign government and agency securities			353						—						—						—						353						—
Corporate debt securities			641						—						—						—						641						—
Municipal securities			50						—						—						—						50						—
Short-term investments:
U.S. government and agency securities			270						—						—						—						270						—
Foreign government and agency securities			72						—						—						—						72						—
Corporate debt securities			392						—						—						—						392						—
Long-term investments:
U.S. government and agency securities			28						—						—						—						28						—
Foreign government and agency securities			405						(1)						—						—						405						(1)
Corporate debt securities			97						—						—						—						97						—
Asset-backed securities			15						—						—						—						15						—
Total available-for-sale debt securities			$	2,585					$	(1)					$	—					$	—					$	2,585					$	(1)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

The estimated fair values of investments classified as available for sale included within funds receivable and customer accounts by date of contractual maturity

Our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:

			March 31, 2021
			Amortized Cost						Fair Value
			(In millions)
One year or less			$	15,557					$	15,561
After one year through five years			7,135						7,127
After five years through ten years			243						243
After ten years			18						18
Total			$	22,953					$	22,949

Schedule of adjustments to the carrying value of equity investments and summary of cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three months ended March 31, 2021 and 2020 were as follows:

			Three Months Ended March 31,
			2021						2020
			(In millions)
Carrying amount, beginning of period			$	779					$	497
Adjustments related to non-marketable equity securities:
Net additions (sales)(1)			10						(9)
Gross unrealized gains			12						45
Gross unrealized losses and impairments			—						(13)
Carrying amount, end of period			$	801					$	520

(1) Net additions (sales) include additions from purchases, reductions due to sales of securities, and reclassifications when Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative for investments held at March 31, 2021 and December 31, 2020, respectively:

			March 31, 2021						December 31, 2020
			(In millions)
Cumulative gross unrealized gains			$	389					$	378
Cumulative gross unrealized losses and impairment			$	(27)					$	(27)

Schedule of unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at March 31, 2021 and 2020, respectively:

			Three Months Ended March 31,
			2021						2020
			(In millions)
Net unrealized losses			$	(149)					$	(132)

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