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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 9—Fair Value Measurements The Company has characterized its investments, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the investment. Investments recorded in the accompanying Consolidated Balance Sheets are categorized based on the inputs to valuation techniques as follows: Level 1 These are investments where values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access. Level 2 These are investments where values are based on quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets. Level 3 These are financial instruments where values are derived from techniques in which one or more significant inputs are unobservable. The Company did not have any Level 3 instruments as of December 31, 2022. Short- and long-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. In the year ended December 31, 2022, the Company set up the Impact Investment Fund through which the Company expects to deploy approximately $30 million to further the Company’s Impact strategy and goals. In the year ended December 31, 2023, the Company invested a portion of the Impact Investment Fund in four investments which are classified as long-term investments on its Consolidated Balance Sheet. The investments in loan receivables are measured on an amortized cost basis and the investments in third-party managed funds are measured on the net assets value (“NAV”) basis. The Company uses NAV or its equivalent to measure the value of certain investments in alternative investment funds, debt funds, equity funds, and private equity funds, which may be redeemable in the near term or restricted from redemption in the near term, as a practical expedient. NAV is primarily determined based on the information provided by external fund administrators for which the most recent financial information is typically received on a lag within the quarter following the Company’s balance sheet date. The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair values of the Company’s investments as of the dates indicated (in thousands):
| Cost |  | Gross Unrealized Holding Loss |  | Gross Unrealized Holding Gain |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments |  | Long-term Investments |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) | $ | 377,021 |  |  | $ | — |  |  | $ | — |  |  | $ | 377,021 |  |  | $ | 376,941 |  |  | $ | 80 |  |  | $ | — |  |
U.S. Government securities | 95,298 |  |  | (164) |  |  | 39 |  |  | 95,173 |  |  | — |  |  | 60,153 |  |  | 35,020 |  |
| 472,319 |  |  | (164) |  |  | 39 |  |  | 472,194 |  |  | 376,941 |  |  | 60,233 |  |  | 35,020 |  |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | 15,635 |  |  | (14) |  |  | 3 |  |  | 15,624 |  |  | — |  |  | 15,624 |  |  | — |  |
Certificate of deposit | 35,365 |  |  | (1) |  |  | 55 |  |  | 35,419 |  |  | — |  |  | 35,419 |  |  | — |  |
Commercial paper | 62,463 |  |  | (12) |  |  | 54 |  |  | 62,505 |  |  | 4,449 |  |  | 58,056 |  |  | — |  |
Corporate bonds | 100,386 |  |  | (145) |  |  | 128 |  |  | 100,369 |  |  | 1,566 |  |  | 66,786 |  |  | 32,017 |  |
| 213,849 |  |  | (172) |  |  | 240 |  |  | 213,917 |  |  | 6,015 |  |  | 175,885 |  |  | 32,017 |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable - held for investment | 6,000 |  |  | — |  |  | — |  |  | 6,000 |  |  | — |  |  | — |  |  | 6,000 |  |
| 6,000 |  |  | — |  |  | — |  |  | 6,000 |  |  | — |  |  | — |  |  | 6,000 |  |
| $ | 692,168 |  |  | $ | (336) |  |  | $ | 279 |  |  | $ | 692,111 |  |  | $ | 382,956 |  |  | $ | 236,118 |  |  | $ | 73,037 |  |
Measured at NAV (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party managed funds |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,639 |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 86,676 |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) | $ | 462,866 |  |  | $ | — |  |  | $ | — |  |  | $ | 462,866 |  |  | $ | 374,314 |  |  | $ | 76 |  |  | $ | — |  |
U.S. Government securities | 64,968 |  |  | (424) |  |  | 4 |  |  | 64,548 |  |  | 2,995 |  |  | 61,553 |  |  | — |  |
| 527,834 |  |  | (424) |  |  | 4 |  |  | 527,414 |  |  | 377,309 |  |  | 61,629 |  |  | — |  |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | 10,053 |  |  | (1) |  |  | 3 |  |  | 10,055 |  |  | — |  |  | 10,055 |  |  | — |  |
Certificate of deposit | 40,915 |  |  | (184) |  |  | 7 |  |  | 40,738 |  |  | 5,471 |  |  | 35,267 |  |  | — |  |
Commercial paper | 57,777 |  |  | (101) |  |  | 18 |  |  | 57,694 |  |  | 4,454 |  |  | 53,240 |  |  | — |  |
Corporate bonds | 122,294 |  |  | (1,729) |  |  | 6 |  |  | 120,571 |  |  | 1,212 |  |  | 90,222 |  |  | 29,137 |  |
| 231,039 |  |  | (2,015) |  |  | 34 |  |  | 229,058 |  |  | 11,137 |  |  | 188,784 |  |  | 29,137 |  |
| $ | 758,873 |  |  | $ | (2,439) |  |  | $ | 38 |  |  | $ | 756,472 |  |  | $ | 388,446 |  |  | $ | 250,413 |  |  | $ | 29,137 |  |
(1)There were no money market funds classified as funds receivable and seller accounts as of December 31, 2023. $88.5 million of money market funds were classified as funds receivable and seller accounts as of December 31, 2022. (2)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheet. The table below shows the gross unrealized loss and fair value of the following investments in available-for-sale debt securities that are classified by the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):
|  |  | Gross Unrealized Holding Loss |  |  |  | Fair Value
December 31, 2023 |  |  |  |  |  |  |
Less than 12 months in a continuous unrealized loss position |  |  |  |  |  |  |
U.S. agency securities |  |  | $ | (14) |  |  |  |  | $ | 12,569 |
Certificate of deposit |  |  | (1) |  |  |  |  | 7,178 |
Commercial paper |  |  | (12) |  |  |  |  | 34,066 |
Corporate bonds |  |  | (73) |  |  |  |  | 28,401 |
U.S. Government securities |  |  | (164) |  |  |  |  | 71,536 |
|  |  | $ | (264) |  |  |  |  | $ | 153,750 |
12 months or longer in a continuous unrealized loss position |  |  |  |  |  |  |
Corporate bonds |  |  | $ | (72) |  |  |  |  | $ | 20,808 |
|  |  | $ | (72) |  |  |  |  | $ | 20,808 |
December 31, 2022 |  |  |  |  |  |  |
Less than 12 months in a continuous unrealized loss position |  |  |  |  |  |  |
Corporate bonds |  |  | $ | (281) |  |  |  |  | $ | 70,469 |
U.S. Government securities |  |  | (265) |  |  |  |  | 51,075 |
|  |  | $ | (546) |  |  |  |  | $ | 121,544 |
12 months or longer in a continuous unrealized loss position |  |  |  |  |  |  |
Corporate bonds |  |  | $ | (1,448) |  |  |  |  | $ | 50,102 |
U.S. Government securities |  |  | (159) |  |  |  |  | 7,442 |
|  |  | $ | (1,607) |  |  |  |  | $ | 57,544 |
As of December 31, 2022, the remaining available-for-sale debt securities in an unrealized loss position have been in a continuous unrealized loss position for less than 12 months. The Company evaluates fair value for each individual security in the investment portfolio. When assessing the risk of credit loss, the Company considers factors such as the extent to which the fair value is less than the amortized cost basis, the credit rating, including whether there has been any changes to the rating of the security by a rating agency, available information relevant to the collectability of the security, and management’s intended holding period and time horizon for selling the security. The Company did not recognize a credit loss in the years ended December 31, 2023, 2022, and 2021. Outside of the Company’s Impact Investment Fund, the Company typically invests in short- and long-term instruments, including fixed-income funds and U.S. Government securities aligned with the Company’s investment strategy. In accordance with the Company’s investment policy, all investments, other than investments made through its Impact Investment Fund, have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less. Disclosure of Fair Values The Company’s financial instruments that are not remeasured at fair value in the Consolidated Balance Sheets include the Notes. See “Note 13—Debt” for additional information. The Company estimates the fair value of the Notes through inputs that are observable in the market, classified as Level 2 as described above. The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):
| As of December 31, 2023 |  | As of December 31, 2022
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
2021 Notes | $ | 991,529 |  |  | $ | 799,000 |  |  | $ | 989,629 |  |  | $ | 863,300 |
2020 Notes | 645,624 |  |  | 556,790 |  |  | 644,431 |  |  | 646,230 |
2019 Notes | 646,664 |  |  | 747,630 |  |  | 645,536 |  |  | 998,361 |
2018 Notes | — |  |  | — |  |  | 44 |  |  | 145 |
| $ | 2,283,817 |  |  | $ | 2,103,420 |  |  | $ | 2,279,640 |  |  | $ | 2,508,036 |
The carrying value of other financial instruments, including accounts receivable, funds receivable and seller accounts, accounts payable, and funds payable and amounts due to sellers approximate fair value due to the immediate or short-term maturity associated with these instruments.

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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 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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