| 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): | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | $ | — | |
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| 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 | $ | — | |
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