INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Held-to-Maturity Investments

The following table summarizes our held-to-maturity investments as of March 31, 2023:

	March 31, 2023
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
Corporate debt securities	$	250	$	—	$	—	$	(1)	$	249
U.S. Treasury securities	112		—		—		—		112
Commercial paper	49		—		—		—		49
Certificates of deposit	47		—		—		—		47
U.S. government agency securities	27		—		—		—		27
Total held-to-maturity investments	$	485	$	—	$	—	$	(1)	$	484

Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date

The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity and the maximum maturity per security is two years:

	March 31, 2023
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
Corporate debt securities	$	80	$	170	$	250
U.S. Treasury securities	91		21		112
Commercial paper	49		—		49
Certificates of deposit	47		—		47
U.S. government agency securities	23		4		27
Total held-to-maturity investments	$	290	$	195	$	485
Fair value
Debt securities:
Corporate debt securities	$	80	$	169	$	249
U.S. Treasury securities	91		21		112
Commercial paper	49		—		49
Certificates of deposit	47		—		47
U.S. government agency securities	23		4		27
Total held-to-maturity investments	$	290	$	194	$	484

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

Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:

	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	735	$	—	$	—	$	735
Other current assets:
Available-for-sale investments:
Commercial paper	—		5		—		5
Government bonds	3		—		—		3
Corporate bonds	—		2		—		2
Equity securities - securities owned	8		—		—		8
Asset related to user cryptocurrencies safeguarding obligation	—		8,431		—		8,431
User-held fractional shares	997		—		—		997
Total financial assets	$	1,743	$	8,438	$	—	$	10,181
Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	8,431	$	—	$	8,431
Fractional share repurchase obligations	997		—		—		997
Total financial liabilities	$	997	$	8,431	$	—	$	9,428

	March 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	45	$	—	$	—	$	45
Commercial paper	—		2		—		2
Corporate debt securities	—		2		—		2
Other current assets:
Equity securities - securities owned	9		—		—		9
Available-for-sale investments:
Corporate bonds	—		1		—		1
Asset related to user cryptocurrencies safeguarding obligation	—		11,489		—		11,489
User-held fractional shares	1,217		—		—		1,217
Total financial assets	$	1,271	$	11,494	$	—	$	12,765
Liabilities
User cryptocurrencies safeguarding obligation	$	—	$	11,489	$	—	$	11,489
Fractional share repurchase obligations	1,217		—		—		1,217
Total financial liabilities	$	1,217	$	11,489	$	—	$	12,706

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

The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:

	March 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
Corporate debt securities	$	—	$	249	$	—	$	249
U.S. Treasury securities	112		—		—		112
Commercial Paper	—		49		—		49
Certificates of deposit	—		47		—		47
U.S. government agency securities	—		27		—		27
Total financial assets	$	112	$	372	$	—	$	484

Schedule of Safeguarded Cryptocurrencies

Safeguarded user cryptocurrencies were as follows:

	December 31,		March 31,
(in millions)	2022		2023
Bitcoin (BTC)	$	2,327	$	3,887
Ethereum (ETH)	2,341		3,292
Dogecoin (DOGE)	2,802		3,017
Other	961		1,293
Total user cryptocurrencies safeguarding obligation and corresponding asset	$	8,431	$	11,489