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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
There are three levels of inputs to valuation techniques used to measure fair value:
Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities.
Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data.
Level 3: Unobservable inputs are used when little or no market data is available.

Financial assets and liabilities measured at fair value on a recurring basis are classified in the categories described in the table below:
(in millions)Level 1Level 2Total
March 31, 2025
ASSETS:
Money market fund investments and certificates of deposit (1)
$14,284 $— $14,284 
Investments in equity securities394 — 394 
Foreign currency exchange derivatives— 73 73 
LIABILITIES:
Foreign currency exchange derivatives$— $82 $82 
Embedded derivative liability— 1,142 1,142 
December 31, 2024
ASSETS:
Money market fund investments and certificates of deposit (1)
$14,926 $— $14,926 
Investments in equity securities391 — 391 
Foreign currency exchange derivatives— 70 70 
LIABILITIES:
Foreign currency exchange derivatives$— $93 $93 
Embedded derivative liability— 1,300 1,300 
(1)    Primarily consists of money market fund investments.

Investments

See Note 5 for additional information related to the Company's investments.

Derivatives

The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. As of March 31, 2025 and December 31, 2024, the Company did not designate any derivatives as hedges for accounting purposes.

For the Company's foreign currency exchange derivatives outstanding as of March 31, 2025 and December 31, 2024, the notional amounts of the foreign currency purchases were $9.1 billion and $8.2 billion, respectively, and the notional amounts of the foreign currency sales were $4.7 billion and $5.5 billion, respectively. The notional amount of a foreign currency exchange derivative contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheets.

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations is as follows:
Three Months Ended
March 31,
(in millions)20252024
Gains (losses) on foreign currency exchange derivatives
$59 $(85)
See Note 9 for information on the embedded derivative liability related to the convertible senior notes due in May 2025.

Other Financial Assets and Liabilities

At March 31, 2025 and December 31, 2024, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments and certificates of deposit and their carrying value generally approximates the fair value as they are readily convertible to known amounts of cash. Other financial assets and liabilities, including restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair values because of the short-term nature of these items. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Note 9 for the fair value of the Company's outstanding senior notes.