Fair Value Measurement of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

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):


	September 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	$	2,423	$	2,423	$	—	$	—
Customer accounts	947		947		—		—
Restricted cash included in other current assets	142		142		—		—
Restricted cash included in other assets	1		1		—		—
Total cash, cash equivalents and restricted cash	3,513		3,513		—		—

Derivatives	49		—		32		17
Short-term investments:
Corporate debt securities	926		—		926		—
Government and agency securities	29		—		29		—


Total short-term investments	955		—		955		—
Long-term investments:
Corporate debt securities	1,811		—		1,811		—
Government and agency securities	134		—		134		—

Total long-term investments	1,945		—		1,945		—
Total financial assets	$	6,462	$	3,513	$	2,932	$	17

Liabilities:


Derivatives	$	14	$	—	$	14	$	—


	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	$	—

Schedule of Assets Measured Using Significant Unobservable Inputs

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	$	—

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	$	—

- 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.

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