v3.23.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary 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, 2023 and December 31, 2022:

June 30, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
$155 $— $155 
Short-term investments(2):
U.S. government and agency securities689 — 689 
Foreign government and agency securities634 — 634 
Corporate debt securities971 — 971 
Asset-backed securities477 — 477 
Commercial paper1,007 — 1,007 
Total short-term investments3,778 — 3,778 
Funds receivable and customer accounts(3):
Cash and cash equivalents26 — 26 
U.S. government and agency securities8,951 — 8,951 
Foreign government and agency securities1,315 — 1,315 
Corporate debt securities1,586 — 1,586 
Asset-backed securities1,277 — 1,277 
Municipal securities655 — 655 
Commercial paper2,954 — 2,954 
Total funds receivable and customer accounts16,764 — 16,764 
Derivatives201 — 201 
Crypto asset safeguarding asset1,016 — 1,016 
Long-term investments(2),(4):
U.S. government and agency securities384 — 384 
Foreign government and agency securities143 — 143 
Corporate debt securities476 — 476 
Asset-backed securities1,117 — 1,117 
Marketable equity securities513 513 — 
Total long-term investments2,633 513 2,120 
Total financial assets$24,547 $513 $24,034 
Liabilities:
Derivatives$113 $— $113 
Crypto asset safeguarding liability1,016 — 1,016 
Total financial liabilities$1,129 $— $1,129 
(1) Excludes cash of $5.3 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $11 million and time deposits of $674 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $16.9 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2022
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
$932 $— $932 
Short-term investments(2):
U.S. government and agency securities812 — 812 
Foreign government and agency securities424 — 424 
Corporate debt securities627 — 627 
Asset-backed securities406 — 406 
Commercial paper324 — 324 
Total short-term investments2,593 — 2,593 
Funds receivable and customer accounts(3):
Cash and cash equivalents192 — 192 
U.S. government and agency securities8,484 — 8,484 
Foreign government and agency securities1,777 — 1,777 
Corporate debt securities1,694 — 1,694 
Asset-backed securities1,298 — 1,298 
Municipal securities407 — 407 
Commercial paper3,689 — 3,689 
Total funds receivable and customer accounts17,541 — 17,541 
Derivatives244 — 244 
Crypto asset safeguarding asset604 — 604 
Long-term investments(2), (4):
U.S. government and agency securities457 — 457 
Foreign government and agency securities364 — 364 
Corporate debt securities929 — 929 
Asset-backed securities1,067 — 1,067 
Marketable equity securities323 323 — 
Total long-term investments3,140 323 2,817 
Total financial assets$25,054 $323 $24,731 
Liabilities:
Derivatives$298 $— $298 
Crypto asset safeguarding liability604 — 604 
Total financial liabilities$902 $— $902 
(1) Excludes cash of $6.8 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $17 million and time deposits of $537 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $18.7 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.
Summary 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, 2023 and December 31, 2022:
 June 30, 2023December 31, 2022
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$442 $504 $441 $481 

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, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
(In millions)
Funds receivable and customer accounts$4 $(109)$11 $(143)
Summary of financial assets measured at fair value on a non-recurring basis
The following tables summarize our assets held as of June 30, 2023 and December 31, 2022 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2023 and the year ended December 31, 2022, respectively:
June 30,
2023
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$1,903 $— $1,903 
Non-marketable equity securities measured using the Measurement Alternative(1)
146 106 40 
Other assets(2)
102 102 — 
Total$2,151 $208 $1,943 
(1) Excludes non-marketable equity securities of $1.5 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2023.
(2) Consists of ROU lease assets recorded at fair value pursuant to impairment charges that occurred during the six months ended June 30, 2023. See “Note 6—Leases” for additional information.
December 31, 2022
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Non-marketable equity investments measured using the Measurement Alternative(1)
$1,122 $724 $398 
Other assets(2)
165 165 — 
Total$1,287 $889 $398 
(1) Excludes non-marketable equity securities of $565 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2022.
(2) Consists of ROU lease assets recorded at fair value pursuant to impairment charges that occurred during the year ended December 31, 2022. See “Note 6—Leases” for additional information.
Fair Value Measurement Inputs and Valuation Techniques The following table presents the valuation techniques covering the majority of Level 3 non-recurring fair value measurements and the most significant unobservable inputs used in those measurements as of June 30, 2023:
Fair Value
(In millions)		MethodologyInput
Low(1)
High(1)
Weighted Average(1)(2)
Loans and interest receivable, held for sale$1,903 Price-basedPrice$0.98 $0.99 $0.99 
(1) Prices are measured in relation to $1.00 par.
(2) Weighted average is calculated based on the fair value of the loans.