Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of financial assets and liabilities measured at fair value on a recurring basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018:     

	Balances at December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
	(In millions)
Assets:
Cash and cash equivalents(1)	$	2,835	$	—	$	2,835
Short-term investments(2):
Foreign government and agency securities	757		—		757
Corporate debt securities	1,977		—		1,977
Total short-term investments	$	2,734	$	—	$	2,734
Funds receivable and customer accounts(3):
Cash and cash equivalents	683		—		683
U.S. government and agency securities	4,996		—		4,996
Foreign government and agency securities	2,653		—		2,653
Corporate debt securities	2,541		—		2,541
Total funds receivable and customer accounts	$	10,873	$	—	$	10,873
Derivatives	135		—		135
Long-term investments(4):
U.S. government and agency securities	140		—		140
Foreign government and agency securities	207		—		207
Corporate debt securities	678		—		678
Marketable equity securities	1,314		1,314		—
Total long-term investments	$	2,339	$	1,314	$	1,025
Total financial assets	$	18,916	$	1,314	$	17,602
Liabilities:
Derivatives	$	122	$	—	$	122

⁽¹⁾ Excludes cash of $4.5 billion not measured and recorded at fair value.

⁽²⁾ Excludes restricted cash of $64 million and time deposits of $614 million not measured and recorded at fair value.

⁽³⁾ Excludes cash, time deposits, and funds receivable of $11.7 billion underlying funds receivable and customer accounts not measured and recorded at fair value.

⁽⁴⁾ Excludes non-marketable equity securities of $524 million measured using the Measurement Alternative or equity method accounting.

	Balances at December 31, 2018		Significant Other Observable Inputs (Level 2)
	(In millions)
Assets:
Cash and cash equivalents(1)	$	3,678	$	3,678
Short-term investments(2):
Foreign government and agency securities	235		235
Corporate debt securities	450		450
Total short-term investments	$	685	$	685
Funds receivable and customer accounts(3):
Cash and cash equivalents	605		605
U.S. government and agency securities	6,946		6,946
Foreign government and agency securities	2,434		2,434
Corporate debt securities	1,560		1,560
Total funds receivable and customer accounts	$	11,545	$	11,545
Derivatives	320		320
Long-term investments(2),(4):
Foreign government and agency securities	48		48
Corporate debt securities	628		628
Total long-term investments	$	676	$	676
Total financial assets	$	16,904	$	16,904
Liabilities:
Derivatives	$	67	$	67

⁽¹⁾ Excludes cash of $3.9 billion not measured and recorded at fair value.

⁽²⁾ Excludes restricted cash of $77 million and time deposits of $774 million not measured and recorded at fair value.

⁽³⁾ Excludes cash, time deposits, and funds receivable of $8.5 billion underlying funds receivable and customer accounts not measured and recorded at fair value.

⁽⁴⁾ Excludes non-marketable equity investments of $293 million measured using the Measurement Alternative.

Summary of investments under the fair value option

The following table summarizes 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 under the fair value option as of December 31, 2019 and 2018:

	December 31, 2019		December 31, 2018
	(In millions)
Funds receivable and customer accounts	$	1,690	$	2,339
Short-term investments	$	246	$	295
Long-term investments	$	—	$	10

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments under the fair value option for the years ended December 31, 2019 and 2018:

	Year Ended December 31,
	2019			2018
	(In millions)
Funds receivable and customer accounts	$	(43	)	$	(117	)
Short-term investments	$	(8	)	$	(15	)

Summary of financial assets and liabilities measured at fair value on a non-recurring basis

The following tables summarizes our financial assets and liabilities held as of December 31, 2019 and 2018 for which a non-recurring fair value measurement was recorded during the year ended December 31, 2019 and 2018:

	Year Ended December 31, 2019		Significant Other Observable Inputs (Level 2)
	(In millions)
Non-marketable equity investments measured using the Measurement Alternative(1)	$	303	303

⁽¹⁾ Excludes non-marketable equity investments of $194 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2019.

	Year Ended December 31, 2018		Significant Other Observable Inputs (Level 2)
	(In millions)
Non-marketable equity investments measured using the Measurement Alternative(1)	$	116	116

⁽¹⁾ Excludes non-marketable equity investments of $177 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2018.