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Funds Receivable and Customer Accounts and Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of assets underlying funds receivable and customer accounts, short-term and long-term investments

The following table summarizes the assets underlying our funds receivable and customer accounts, short-term investments, and long-term investments as of September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
	(In millions)
Funds receivable and customer accounts:
Cash and cash equivalents	$	12,164	$	13,222
Time deposits	345		233
Available-for-sale debt securities	17,607		15,001
Funds receivable	4,988		4,962
Total funds receivable and customer accounts	$	35,104	$	33,418
Short-term investments:
Time deposits	$	1,116	$	1,519
Available-for-sale debt securities	4,371		6,689
Restricted cash	23		81
Total short-term investments	$	5,510	$	8,289
Long-term investments:
Time deposits	$	45	$	31
Available-for-sale debt securities	3,225		2,819
Restricted cash	—		7
Strategic investments	3,483		3,232
Total long-term investments	$	6,753	$	6,089

Schedule of estimated fair value of available-for-sale debt securities

As of September 30, 2021 and December 31, 2020, the estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments was as follows:


	September 30, 2021(1)
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	9,171	$	1	$	(4)	$	9,168
Foreign government and agency securities	1,556		—		(1)		1,555
Corporate debt securities	3,924		2		(2)		3,924
Asset-backed securities	1,220		—		—		1,220
Municipal securities	50		—		—		50
Short-term investments:
U.S. government and agency securities	639		—		—		639
Foreign government and agency securities	602		—		—		602
Corporate debt securities	2,293		—		—		2,293
Asset-backed securities	181		—		—		181
Long-term investments:
U.S. government and agency securities	582		—		—		582
Foreign government and agency securities	911		—		(1)		910
Corporate debt securities	1,397		1		(2)		1,396
Asset-backed securities	337		—		—		337
Total available-for-sale debt securities(2)	$	22,863	$	4	$	(10)	$	22,857

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”


	December 31, 2020(1)
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	7,929	$	4	$	—	$	7,933
Foreign government and agency securities	1,504		2		—		1,506
Corporate debt securities	2,011		—		—		2,011
Municipal securities	637		—		—		637
Short-term investments:
U.S. government and agency securities	1,510		—		—		1,510
Foreign government and agency securities	277		—		—		277
Corporate debt securities	4,900		2		—		4,902
Long-term investments:
U.S. government and agency securities	28		—		—		28
Foreign government and agency securities	1,305		—		(1)		1,304
Corporate debt securities	1,255		4		—		1,259
Asset-backed securities	228		—		—		228
Total available-for-sale debt securities(2)	$	21,584	$	12	$	(1)	$	21,595

(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.

(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Schedule of gross unrealized losses and estimated fair value of available-for-sale debt securities in a continuous loss position

As of September 30, 2021 and December 31, 2020, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:


	September 30, 2021(1)
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	5,436	$	(4)	$	—	$	—	$	5,436	$	(4)
Foreign government and agency securities	893		(1)		—		—		893		(1)
Corporate debt securities	1,336		(2)		—		—		1,336		(2)
Asset-backed securities	665		—		—		—		665		—
Short-term investments:
U.S. government and agency securities	441		—		—		—		441		—
Foreign government and agency securities	332		—		—		—		332		—
Corporate debt securities	234		—		—		—		234		—
Asset-backed securities	34		—		—		—		34		—
Long-term investments:
U.S. government and agency securities	426		—		—		—		426		—
Foreign government and agency securities	612		(1)		—		—		612		(1)
Corporate debt securities	799		(2)		—		—		799		(2)
Asset-backed securities	242		—		—		—		242		—
Total available-for-sale debt securities	$	11,450	$	(10)	$	—	$	—	$	11,450	$	(10)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.


	December 31, 2020(1)
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	262	$	—	$	—	$	—	$	262	$	—
Foreign government and agency securities	353		—		—		—		353		—
Corporate debt securities	641		—		—		—		641		—
Municipal securities	50		—		—		—		50		—
Short-term investments:
U.S. government and agency securities	270		—		—		—		270		—
Foreign government and agency securities	72		—		—		—		72		—
Corporate debt securities	392		—		—		—		392		—
Long-term investments:
U.S. government and agency securities	28		—		—		—		28		—
Foreign government and agency securities	405		(1)		—		—		405		(1)
Corporate debt securities	97		—		—		—		97		—
Asset-backed securities	15		—		—		—		15		—
Total available-for-sale debt securities	$	2,585	$	(1)	$	—	$	—	$	2,585	$	(1)

(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

The estimated fair values of investments classified as available for sale included within funds receivable and customer accounts by date of contractual maturity

Our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:


	September 30, 2021
	Amortized Cost		Fair Value
	(In millions)
One year or less	$	12,198	$	12,198
After one year through five years	9,873		9,866
After five years through ten years	746		746
After ten years	46		47
Total	$	22,863	$	22,857

Schedule of adjustments to the carrying value of equity investments and summary of cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and nine months ended September 30, 2021 and 2020 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In millions)
Carrying amount, beginning of period	$	1,009	$	552	$	779	$	497
Adjustments related to non-marketable equity securities:
Net additions(1)	97		49		110		74
Gross unrealized gains	90		—		307		45
Gross unrealized losses and impairments	—		(7)		—		(22)
Carrying amount, end of period	$	1,196	$	594	$	1,196	$	594

(1) Net additions include purchases, reductions due to sales of securities, and reclassifications when Measurement Alternative is subsequently elected or no longer applies.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative for investments held at September 30, 2021 and December 31, 2020, respectively:


	September 30, 2021		December 31, 2020
	(In millions)
Cumulative gross unrealized gains	$	684	$	378
Cumulative gross unrealized losses and impairment	$	(27)	$	(27)

Schedule of unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at September 30, 2021 and 2020, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In millions)
Net unrealized gains	$	173	$	162	$	265	$	670