v3.25.1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):
December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,635 $— $— $1,635 
Commercial paper— 152 — 152 
Government bonds— 33 — 33 
Corporate debt securities— 2 — 2 
1,635 187 — 1,822 
Short-term investments:
Corporate debt securities— 2,177 — 2,177 
Mortgage-backed and asset-backed securities— 378 — 378 
Government bonds— 224 — 224 
Commercial paper— 214 — 214 
Certificates of deposit— 52 — 52 
— 3,045 — 3,045 
Funds receivable and amounts held on behalf of customers:
Money market funds1,340 — — 1,340 
Prepaids and other current assets:
Foreign exchange derivative assets— 114 — 114 
Other assets, noncurrent:
Foreign exchange derivative assets— 6 — 6 
Corporate debt securities— — 4 4 
Total assets at fair value$2,975 $3,352 $4 $6,331 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $20 $— $20 
March 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$1,652 $— $— $1,652 
Commercial paper— 103 — 103 
Government bonds— 37 — 37 
Corporate debt securities— 22 — 22 
1,652 162 — 1,814 
Short-term investments:
Corporate debt securities— 2,280 — 2,280 
Mortgage-backed and asset-backed securities— 440 — 440 
Government bonds— 252 — 252 
Commercial paper— 146 — 146 
Certificates of deposit— 72 — 72 
— 3,190 — 3,190 
Funds receivable and amounts held on behalf of customers:
Money market funds2,687 — — 2,687 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Foreign exchange derivative assets
— 1 — 1 
Total assets at fair value$4,339 $3,380 $4 $7,723 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $34 $— $34 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $39 $— $39 

There were no material changes in unrealized losses included in other comprehensive income relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the three months ended March 31, 2024 and 2025.

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2024 and 2025.