Funds Receivable and Customer Accounts and Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of assets underlying funds receivable and customer accounts, short-term investments 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 December 31, 2019 and 2018:

	December 31, 2019		December 31, 2018
	(In millions)
Funds receivable and customer accounts:
Cash and cash equivalents	$	8,387	$	5,642
Time deposits	514		389
Available-for-sale debt securities	10,190		10,940
Funds receivable	3,436		3,091
Total funds receivable and customer accounts	$	22,527	$	20,062
Short-term investments:
Time deposits	$	614	$	774
Available-for-sale debt securities	2,734		685
Restricted cash	64		75
Total short-term investments	$	3,412	$	1,534
Long-term investments:
Available-for-sale debt securities	$	1,025	$	676
Restricted cash	—		2
Strategic investments	1,838		293
Total long-term investments	$	2,863	$	971

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

As of December 31, 2019 and 2018, 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:

	December 31, 2019
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	4,996	$	—	$	—	$	4,996
Foreign government and agency securities	1,392		—		—		1,392
Corporate debt securities	2,112		—		—		2,112
Short-term investments:
Foreign government and agency securities	533		—		—		533
Corporate debt securities	1,955		—		—		1,955
Long-term investments:
U.S. government and agency securities	140		—		—		140
Foreign government and agency securities	207		—		—		207
Corporate debt securities	676		2		—		678
Total available-for-sale debt securities(1)	$	12,011	$	2	$	—	$	12,013

⁽¹⁾ 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, 2018
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	6,945	$	2	$	—		$	6,947
Foreign government and agency securities	772		—		(1		)	771
Corporate debt securities	883		—		—			883
Short-term investments:
Corporate debt securities	393		—		(3		)	390
Long-term investments:
Foreign government and agency securities	38		—		—			38
Corporate debt securities	639		—		(11		)	628
Total available-for-sale debt securities(1)	$	9,670	$	2	$	(15	)	$	9,657

⁽¹⁾ 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 December 31, 2019 and 2018, 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 by length of time those individual securities have been in a continuous loss position was as follows:

	December 31, 2019
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses(1)		Fair Value		Gross Unrealized Losses(1)		Fair Value		Gross Unrealized Losses(1)
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	2,452	$	—	$	—	$	—	$	2,452	$	—
Foreign government and agency securities	563		—		30		—		593		—
Corporate debt securities	825		—		—		—		825		—
Short-term investments:
Foreign government and agency securities	115		—		—		—		115		—
Corporate debt securities	424		—		—		—		424		—
Long-term investments:
U.S. government and agency securities	100		—		—		—		100		—
Foreign government and agency securities	75		—		—		—		75		—
Corporate debt securities	27		—		44		—		71		—
Total available-for-sale debt securities	$	4,581	$	—	$	74	$	—	$	4,655	$	—

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

	December 31, 2018
	Less than 12 months					12 months or longer					Total
	Fair Value		Gross Unrealized Losses(1)			Fair Value		Gross Unrealized Losses(1)			Fair Value		Gross Unrealized Losses(1)
	(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities	$	2,419	$	—		$	18	$	—		$	2,437	$	—
Foreign government and agency securities	295		—			49		(1		)	344		(1		)
Corporate debt securities	281		—			7		—			288		—
Short-term investments:
Corporate debt securities	57		—			333		(3		)	390		(3		)
Long-term investments:
Foreign government and agency securities	10		—			28		—			38		—
Corporate debt securities	94		(2		)	534		(9		)	628		(11		)
Total available-for-sale debt securities	$	3,156	$	(2	)	$	969	$	(13	)	$	4,125	$	(15	)

⁽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:

	December 31, 2019
	Amortized Cost		Fair Value
	(In millions)
One year or less	$	9,966	$	9,966
After one year through five years	2,041		2,043
After five years through ten years	4		4
Total	$	12,011	$	12,013

Schedule of adjustments to the carrying value of equity investments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the year ended December 31, 2019 and 2018 were as follows:

	Year Ended December 31,
	2019		2018
	(In millions)
Carrying amount, beginning of period	$	293	$	88
Adjustments related to non-marketable equity securities:
Net additions(1)	60		119
Gross unrealized gains	144		91
Gross unrealized losses and impairments	—		(5		)
Carrying amount, end of period	$	497	$	293

⁽¹⁾ Net additions includes additions from purchases and reductions due to sales of securities and reclassifications when Measurement Alternative no longer applies.