Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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):


	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	$	—


	December 31, 2023		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	$	1,985	$	1,985	$	—	$	—
Customer accounts	481		481		—		—
Restricted cash included in other current assets	23		23		—		—
Restricted cash included in other assets	4		4		—		—
Total cash, cash equivalents and restricted cash	2,493		2,493		—		—
Equity investment in Adevinta	4,474		4,474		—		—
Derivatives	396		—		32		364
Short-term investments:
Corporate debt securities	2,162		—		2,162		—
Government and agency securities	371		—		371		—


Total short-term investments	2,533		—		2,533		—
Long-term investments:
Corporate debt securities	328		—		328		—
Government and agency securities	271		—		271		—
Equity investment under the fair value option	335		—		—		335
Total long-term investments	934		—		599		335
Total financial assets	$	10,830	$	6,967	$	3,164	$	699

Liabilities:
Other liabilities	$	10	$	—	$	—	$	10
Derivatives	$	33	$	—	$	33	$	—

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		2023
Opening balance at beginning of period	$	364	$	214
Change in fair value	158		150
Exercise of options under warrant	(522)		—
Closing balance at end of period	$	—	$	364

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		December 31, 2023
Opening balance at beginning of period	$	335	$	431
Change in fair value	(12)		(96)
Fair value of shares sold	(323)		—
Closing balance at end of period	$	—	$	335

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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