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Fair Value Measurement of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
| March 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,130 |  |  | $ | 2,130 |  |  | $ | — |  |  | $ | — |
Customer accounts | 448 |  |  | 448 |  |  | — |  |  | — |
Restricted cash included in other current assets | 79 |  |  | 79 |  |  | — |  |  | — |
Restricted cash included in other assets | 4 |  |  | 4 |  |  | — |  |  | — |
Total cash, cash equivalents and restricted cash | 2,661 |  |  | 2,661 |  |  | — |  |  | — |
Equity investment in Adevinta | 4,240 |  |  | 4,240 |  |  | — |  |  | — |
Derivatives | 542 |  |  | — |  |  | 29 |  |  | 513 |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | 1,270 |  |  | — |  |  | 1,270 |  |  | — |
Government and agency securities | 473 |  |  | — |  |  | 473 |  |  | — |
Total short-term investments | 1,743 |  |  | — |  |  | 1,743 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 575 |  |  | — |  |  | 575 |  |  | — |
Government and agency securities | 446 |  |  | — |  |  | 446 |  |  | — |
Equity investment under the fair value option | 329 |  |  | — |  |  | — |  |  | 329 |
Total long-term investments | 1,350 |  |  | — |  |  | 1,021 |  |  | 329 |
Total financial assets | $ | 10,536 |  |  | $ | 6,901 |  |  | $ | 2,793 |  |  | $ | 842 |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
| December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,985 |  |  | $ | 1,985 |  |  | $ | — |  |  | $ | — |
Customer accounts | 481 |  |  | 481 |  |  | — |  |  | — |
Restricted cash included in other current assets | 23 |  |  | 23 |  |  | — |  |  | — |
Restricted cash included in other assets | 4 |  |  | 4 |  |  | — |  |  | — |
Total cash, cash equivalents and restricted cash | 2,493 |  |  | 2,493 |  |  | — |  |  | — |
Equity investment in Adevinta | 4,474 |  |  | 4,474 |  |  | — |  |  | — |
Derivatives | 396 |  |  | — |  |  | 32 |  |  | 364 |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | 2,162 |  |  | — |  |  | 2,162 |  |  | — |
Government and agency securities | 371 |  |  | — |  |  | 371 |  |  | — |
Total short-term investments | 2,533 |  |  | — |  |  | 2,533 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 328 |  |  | — |  |  | 328 |  |  | — |
Government and agency securities | 271 |  |  | — |  |  | 271 |  |  | — |
Equity investment under the fair value option | 335 |  |  | — |  |  | — |  |  | 335 |
Total long-term investments | 934 |  |  | — |  |  | 599 |  |  | 335 |
Total financial assets | $ | 10,830 |  |  | $ | 6,967 |  |  | $ | 3,164 |  |  | $ | 699 |
Liabilities: |  |  |  |  |  |  |
Other liabilities | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |
Derivatives | $ | 33 |  |  | $ | — |  |  | $ | 33 |  |  | $ | — |
Schedule of Assets Measured Using Significant Unobservable Inputs | The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
| March 31, 2024 |  | December 31, 2023
Opening balance at beginning of period | $ | 364 |  |  | $ | 214 |
Change in fair value | 149 |  |  | 150 |
Closing balance at end of period | $ | 513 |  |  | $ | 364 |
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of March 31, 2024 (in millions, except percentages):
|  | Fair value |  | Valuation technique |  | Unobservable Input (1) |  | Range (weighted average)
Warrant |  | $ | 513 |  |  | Black-Scholes and Monte Carlo |  | Probability of vesting |  | 0.0% - 95.0% (81.2%)
|  |  |  |  |  | Equity volatility |  | (38%)
(1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount. The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
| March 31, 2024 |  | December 31, 2023
Opening balance at beginning of period | $ | 335 |  |  | $ | 431 |
Change in fair value | (6) |  |  | (96) |
Closing balance at end of period | $ | 329 |  |  | $ | 335 |
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of March 31, 2024 that may have a significant impact on the overall valuation (in millions, except multiples):
|  | Fair value |  | Valuation technique |  | Unobservable Input (1) |  | Range
Equity investment in Gmarket |  | $ | 329 |  |  | Market multiples |  | Revenue multiple — GPC method |  | 0.6x — 1.8x
|  |  |  |  |  | Revenue multiple — GMAC method |  | 1.0x — 3.2x
(1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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