| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2025 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other
Observable Inputs
(Level 2) | | | (In millions) | | Assets: | | | | | | | Cash and cash equivalents(1) | | | | | | | | | | | | | | | | | | | | | | Money market fund | | $ | 14 | | | $ | 14 | | | $ | — | | | | | | | | | Short-term investments(2),(5): | | | | | | | | | | | | | | | U.S. government and agency securities | | 390 | | | — | | | 390 | | | Foreign government and agency securities | | 143 | | | — | | | 143 | | | Corporate debt securities | | 1,632 | | | — | | | 1,632 | | | Mortgage-backed and asset-backed securities | | 832 | | | — | | | 832 | | | Commercial paper | | 213 | | | — | | | 213 | | | | | | | | | | Total short-term investments | | 3,210 | | | — | | | 3,210 | | Funds receivable and customer accounts(3): | | | | | | | | U.S. government and agency securities | | 4,440 | | | — | | | 4,440 | | | Foreign government and agency securities | | 640 | | | — | | | 640 | | | Corporate debt securities | | 2,933 | | | — | | | 2,933 | | | Mortgage-backed and asset-backed securities | | 4,550 | | | — | | | 4,550 | | | Municipal securities | | 344 | | | — | | | 344 | | | Commercial paper | | 3,728 | | | — | | | 3,728 | | | Total funds receivable and customer accounts | | 16,635 | | | — | | | 16,635 | | Derivatives(4) | | 61 | | | — | | | 61 | | | | | | | | | Long-term investments(2),(5): | | | | | | | | U.S. government and agency securities | | 230 | | | — | | | 230 | | | Foreign government and agency securities | | 60 | | | — | | | 60 | | | Corporate debt securities | | 736 | | | — | | | 736 | | | Mortgage-backed and asset-backed securities | | 1,026 | | | — | | | 1,026 | | | Marketable equity securities | | 14 | | | 14 | | | — | | | Total long-term investments | | 2,066 | | | 14 | | | 2,052 | | | Total financial assets | | $ | 21,986 | | | $ | 28 | | | $ | 21,958 | | | Liabilities: | | | | | | | Derivatives(4) | | $ | 404 | | | $ | — | | | $ | 404 | | | | | | | | | | Total financial liabilities | | $ | 404 | | | $ | — | | | $ | 404 | |
(1) Excludes cash and cash equivalents of $6.7 billion not measured and recorded at fair value. (2) Excludes time deposits of $127 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $22.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. (5) Excludes non-marketable equity securities of $1.6 billion measured using the Measurement Alternative or equity method accounting. | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | | (In millions) | | Assets: | | | | | | | Cash and cash equivalents(1) | | | | | | | | | | | | | | | | | | | | | | Money market fund | | $ | 14 | | | $ | 14 | | | $ | — | | | | | | | | | Short-term investments(2): | | | | | | | | U.S. government and agency securities | | 186 | | | — | | | 186 | | | Foreign government and agency securities | | 84 | | | — | | | 84 | | | Corporate debt securities | | 1,749 | | | — | | | 1,749 | | Mortgage-backed and asset-backed securities | | 853 | | | — | | | 853 | | | Commercial paper | | 1,282 | | | — | | | 1,282 | | | Total short-term investments | | 4,154 | | | — | | | 4,154 | | Funds receivable and customer accounts(3): | | | | | | | | U.S. government and agency securities | | 5,711 | | | — | | | 5,711 | | | Foreign government and agency securities | | 379 | | | — | | | 379 | | | Corporate debt securities | | 667 | | | — | | | 667 | | Mortgage-backed and asset-backed securities | | 4,047 | | | — | | | 4,047 | | | Municipal securities | | 504 | | | — | | | 504 | | | Commercial paper | | 3,392 | | | — | | | 3,392 | | | Total funds receivable and customer accounts | | 14,700 | | | — | | | 14,700 | | Derivatives(4) | | 243 | | | — | | | 243 | | | | | | | | | Long-term investments(2), (5): | | | | | | | | U.S. government and agency securities | | 235 | | | — | | | 235 | | | Foreign government and agency securities | | 123 | | | — | | | 123 | | | Corporate debt securities | | 1,602 | | | — | | | 1,602 | | Mortgage-backed and asset-backed securities | | 1,042 | | | — | | | 1,042 | | | Marketable equity securities | | 23 | | | 23 | | | — | | | Total long-term investments | | 3,025 | | | 23 | | | 3,002 | | | Total financial assets | | $ | 22,136 | | | $ | 37 | | | $ | 22,099 | | | Liabilities: | | | | | | | Derivatives(4) | | $ | 37 | | | $ | — | | | $ | 37 | | | | | | | | | | Total financial liabilities | | $ | 37 | | | $ | — | | | $ | 37 | |
(1) Excludes cash and cash equivalents of $6.6 billion not measured and recorded at fair value. (2) Excludes restricted cash of $1 million and time deposits of $129 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $23.0 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. (5) Excludes non-marketable equity securities of $1.5 billion measured using the Measurement Alternative or equity method accounting.
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| Schedule of Investments under the Fair Value Option |
The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | (In millions) | | (In millions) | | Funds receivable and customer accounts | $ | 1,180 | | | $ | 1,177 | | | $ | 566 | | | $ | 564 | |
The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | (In millions) | | Funds receivable and customer accounts | $ | 61 | | | $ | (8) | | | $ | 92 | | | $ | (15) | | | | | | | | | | | | | | | | | |
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| Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis |
The following tables summarize our assets held as of June 30, 2025 and December 31, 2024 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively: | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Significant Other Observable Inputs (Level 2) | | Significant Other Unobservable Inputs (Level 3) | | | (In millions) | | Loans and interest receivable, held for sale | | $ | 817 | | | | $ | 817 | | | $ | — | | Non-marketable equity securities measured using the Measurement Alternative(1) | | 221 | | | | 221 | | | — | | | | | | | | | | | Total | | $ | 1,038 | | | | $ | 1,038 | | | $ | — | |
(1) Excludes non-marketable equity securities of $1.1 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Significant Other Observable Inputs (Level 2) | | Significant Other Unobservable Inputs (Level 3) | | | (In millions) | Loans and interest receivable, held for sale | | $ | 541 | | | | $ | 541 | | | $ | — | | Non-marketable equity securities measured using the Measurement Alternative(1) | | 476 | | | | 131 | | | 345 | | | | | | | | | | | Total | | $ | 1,017 | | | | $ | 672 | | | $ | 345 | |
(1) Excludes non-marketable equity securities of $860 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2024.
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