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Fair Value Measurement of Assets and Liabilities | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
| June 30, 2025 |  | 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 | $ | 2,070 |  |  | $ | 2,070 |  |  | $ | — |  |  | $ | — |
Customer accounts (1) | 1,007 |  |  | 1,007 |  |  | — |  |  | — |
Restricted cash included in other current assets | 152 |  |  | 152 |  |  | — |  |  | — |
Restricted cash included in other assets | 2 |  |  | 2 |  |  | — |  |  | — |
Total cash, cash equivalents and restricted cash | 3,231 |  |  | 3,231 |  |  | — |  |  | — |
Derivatives | 69 |  |  | — |  |  | 54 |  |  | 15 |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | 1,497 |  |  | — |  |  | 1,497 |  |  | — |
Government and agency securities (1) | 209 |  |  | — |  |  | 209 |  |  | — |
Total short-term investments | 1,706 |  |  | — |  |  | 1,706 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 1,456 |  |  | — |  |  | 1,456 |  |  | — |
Government and agency securities | 152 |  |  | — |  |  | 152 |  |  | — |
Total long-term investments | 1,608 |  |  | — |  |  | 1,608 |  |  | — |
Total financial assets | $ | 6,614 |  |  | $ | 3,231 |  |  | $ | 3,368 |  |  | $ | 15 |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 48 |  |  | $ | — |  |  | $ | 48 |  |  | $ | — |
(1)As of June 30, 2025, “Customer accounts and funds receivable” in our condensed consolidated balance sheet includes $26 million of fixed-income investments with original maturities greater than three months when purchased, which are disclosed as “Short-term investments” in these notes to the condensed consolidated financial statements.
| December 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 | $ | 2,433 |  |  | $ | 2,433 |  |  | $ | — |  |  | $ | — |
Customer accounts | 763 |  |  | 763 |  |  | — |  |  | — |
Restricted cash included in other current assets | 88 |  |  | 88 |  |  | — |  |  | — |
Restricted cash included in other assets | 2 |  |  | 2 |  |  | — |  |  | — |
Total cash, cash equivalents and restricted cash | 3,286 |  |  | 3,286 |  |  | — |  |  | — |
Derivatives | 97 |  |  | — |  |  | 82 |  |  | 15 |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | 3,094 |  |  | — |  |  | 3,094 |  |  | — |
Government and agency securities | 363 |  |  | — |  |  | 363 |  |  | — |
Total short-term investments | 3,457 |  |  | — |  |  | 3,457 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | 1,119 |  |  | — |  |  | 1,119 |  |  | — |
Government and agency securities | 190 |  |  | — |  |  | 190 |  |  | — |
Total long-term investments | 1,309 |  |  | — |  |  | 1,309 |  |  | — |
Total financial assets | $ | 8,149 |  |  | $ | 3,286 |  |  | $ | 4,848 |  |  | $ | 15 |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 18 |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |
Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels for the six months ended June 30, 2025. Other financial instruments, including accounts receivable, funds receivable, accounts payable and funds payable, are carried at cost, which approximates their fair value due to the short-term nature of these instruments. Fair value measurement of derivative instruments The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. The Adyen warrant, which was accounted for as a derivative instrument, was valued using a Black-Scholes model. Key assumptions used in the valuation included risk-free interest rates; Adyen’s common stock price, equity volatility and common stock outstanding; exercise price; and details specific to the warrant. The value was also probability adjusted for management’s assumptions with respect to vesting of the remaining tranches which were each subject to meeting processing volume milestone targets. In the fourth quarter of 2024, we met the processing volume milestone required to vest in the second tranche of the Adyen warrant. As of December 31, 2024, the probability of meeting the processing volume milestone requirements for the remaining two tranches of the Adyen warrant was zero. The Adyen warrant expired on January 31, 2025. The following table presents a reconciliation of the opening to closing balance of the Adyen warrant measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
| December 31, 2024
Opening balance at January 1, 2024 | $ | 364 |
Change in fair value | 158 |
Exercise of options under warrant | (522) |
Closing balance at December 31, 2024 | $ | — |
Refer to “Note 6 — Derivative Instruments” for further details on our derivative instruments. Fair value measurement of equity investments Our equity investment in Adevinta was accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value was measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. In the second quarter 2024, we sold our remaining stake in Adevinta. Our equity investment in Gmarket was accounted for under the fair value option and classified within Level 3 in the fair value hierarchy as valuation of the investment reflected management’s estimate of assumptions that market participants would use in pricing the asset. In the fourth quarter of 2024, we sold our remaining stake in Gmarket. 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):
| December 31, 2024
Opening balance at January 1, 2024 | $ | 335 |
Change in fair value | (12) |
Fair value of shares sold | (323) |
Closing balance at December 31, 2024 | $ | — |
Certain other immaterial equity investments under the fair value option aggregating to $50 million as of June 30, 2025 and $54 million as of December 31, 2024 are measured at fair value using the net asset value per share and therefore, have not been classified in the fair value hierarchy. Refer to “Note 5 — Investments” for further details about our equity investments.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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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