Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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 1			Level 2			Level 3			Total
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 funds			1,340			—			—			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 1			Level 2			Level 3			Total
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 funds			2,687			—			—			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