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INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Held-to-Maturity Investments The following table summarizes our held-to-maturity investments as of September 30, 2023:
September 30, 2023
(in millions)Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesFair Value
Debt securities:
Corporate debt securities$225 $— $— $(2)$223 
U.S. Treasury securities149 — — — 149 
U.S. government agency securities49 — — — 49 
Certificates of deposit48 — — — 48 
Commercial paper19 — — — 19 
Total held-to-maturity investments$490 $— $— $(2)$488 
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; the maximum maturity is two years:
September 30, 2023
(in millions)Within 1 Year1 to 2 YearsTotal
Amortized cost
Debt securities:
Corporate debt securities$125 $100 $225 
U.S. Treasury securities131 18 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $118 $490 
Fair value
Debt securities:
Corporate debt securities$124 $99 $223 
U.S. Treasury securities132 17 149 
U.S. government agency securities49 — 49 
Certificates of deposit48 — 48 
Commercial paper19 — 19 
Total held-to-maturity investments$372 $116 $488 
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 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$735 $— $— $735 
Other current assets:
Available-for-sale investments:
Commercial paper— 5 — 5 
Government bonds3 — — 3 
Corporate bonds— 2 — 2 
Equity securities - securities owned8 — — 8 
Asset related to user cryptocurrencies safeguarding obligation— 8,431 — 8,431 
User-held fractional shares997 — — 997 
Total financial assets$1,743 $8,438 $— $10,181 
Liabilities
User cryptocurrencies safeguarding obligation$— $8,431 $— $8,431 
Fractional shares repurchase obligations997 — — 997 
Total financial liabilities$997 $8,431 $— $9,428 
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$254 $— $— $254 
Other current assets:
Stablecoin10 — — 10 
Equity securities - securities owned8 — — 8 
Other non-current assets:
Money market funds - escrow account2 — — 2 
Asset related to user cryptocurrencies safeguarding obligation— 10,183 — 10,183 
User-held fractional shares1,396 — — 1,396 
Total financial assets$1,670 $10,183 $— $11,853 
Liabilities
User cryptocurrencies safeguarding obligation$— $10,183 $— $10,183 
Fractional shares repurchase obligations1,396 — — 1,396 
Total financial liabilities$1,396 $10,183 $— $11,579 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:
September 30, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Held-to-maturity investments:
Corporate debt securities$— $223 $— $223 
U.S. Treasury securities149 — — 149 
U.S. government agency securities— 49 — 49 
Certificates of deposit— 48 — 48 
Commercial paper— 19 — 19 
Total held-to-maturity investments$149 $339 $— $488 
Schedule of Safeguarded Cryptocurrencies
Safeguarded user cryptocurrencies were as follows:
December 31,September 30,
(in millions)20222023
Bitcoin (BTC)$2,327 $3,858 
Ethereum (ETH)2,341 2,870 
Dogecoin (DOGE)2,802 2,405 
Other961 1,050 
Total user cryptocurrencies safeguarding obligation and corresponding asset$8,431 $10,183