EBAY INC, 10-Q filed on 7/27/2023
Quarterly Report
v3.23.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2023
Jul. 24, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 001-37713  
Entity Registrant Name eBay Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0430924  
Entity Address, Address Line One 2025 Hamilton Avenue  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95125  
City Area Code 408  
Local Phone Number 376-7108  
Title of 12(b) Security Common stock  
Entity Trading Symbol EBAY  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   532,157,390
Entity Central Index Key 0001065088  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 2,268 $ 2,154
Short-term investments 2,208 2,625
Equity investment in Adevinta 2,656 2,692
Customer accounts and funds receivable 789 763
Other current assets 796 1,056
Total current assets 8,717 9,290
Long-term investments 1,499 1,797
Property and equipment, net 1,227 1,238
Goodwill 4,244 4,262
Operating lease right-of-use assets 470 513
Deferred tax assets 3,143 3,169
Other assets 656 581
Total assets 19,956 20,850
Current liabilities:    
Short-term debt 0 1,150
Accounts payable 294 261
Customer accounts and funds payable 833 768
Accrued expenses and other current liabilities 1,790 1,866
Income taxes payable 638 226
Total current liabilities 3,555 4,271
Operating lease liabilities 378 418
Deferred tax liabilities 2,137 2,245
Long-term debt 7,721 7,721
Other liabilities 897 1,042
Total liabilities 14,688 15,697
Commitments and Contingencies (Note 11)
Stockholders’ equity:    
Common stock, $0.001 par value; 3,580 shares authorized; 533 and 539 shares outstanding 2 2
Additional paid-in capital 17,529 17,279
Treasury stock at cost, 1,197 and 1,186 shares (47,205) (46,702)
Retained earnings 34,775 34,315
Accumulated other comprehensive income 167 259
Total stockholders’ equity 5,268 5,153
Total liabilities and stockholders’ equity $ 19,956 $ 20,850
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares
shares in Millions
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock - par value (in usd per share) $ 0.001 $ 0.001
Common stock - shares authorized (in shares) 3,580 3,580
Common stock - shares outstanding (in shares) 533 539
Treasury stock - shares (in shares) 1,197 1,186
v3.23.2
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net revenues $ 2,540 $ 2,422 $ 5,050 $ 4,905
Cost of net revenues 718 663 1,418 1,352
Gross profit 1,822 1,759 3,632 3,553
Operating expenses:        
Sales and marketing 566 566 1,077 1,044
Product development 392 344 744 645
General and administrative 251 237 548 463
Provision for transaction losses 90 86 174 182
Amortization of acquired intangible assets 5 1 13 2
Total operating expenses 1,304 1,234 2,556 2,336
Income from operations 518 525 1,076 1,217
Gain (loss) on equity investments and warrant, net (214) (1,221) (16) (3,512)
Interest and other, net (19) (31) (45) (81)
Income (loss) from continuing operations before income taxes 285 (727) 1,015 (2,376)
Income tax benefit (provision) (113) 191 (274) 501
Income (loss) from continuing operations 172 (536) 741 (1,875)
Income (loss) from discontinued operations, net of income taxes (1) 5 (3) 3
Net income (loss) $ 171 $ (531) $ 738 $ (1,872)
Income (loss) per share - basic:        
Continuing operations (in usd per share) $ 0.32 $ (0.96) $ 1.38 $ (3.28)
Discontinued operations (in usd per share) 0 0.01 (0.01) 0.01
Net income (loss) per share - basic (in usd per share) 0.32 (0.95) 1.37 (3.27)
Income (loss) per share - diluted:        
Continuing operations (in usd per share) 0.32 (0.96) 1.37 (3.28)
Discontinued operations (in usd per share) 0 0.01 (0.01) 0.01
Net income (loss) per share - diluted (in usd per share) $ 0.32 $ (0.95) $ 1.36 $ (3.27)
Weighted-average shares:        
Basic (in shares) 534 556 536 571
Diluted (in shares) 537 556 539 571
v3.23.2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 171 $ (531) $ 738 $ (1,872)
Other comprehensive income (loss), net of reclassification adjustments:        
Foreign currency translation gains (losses) (37) (85) (36) (119)
Unrealized gains (losses) on investments, net 0 (17) 19 (68)
Tax benefit (expense) on unrealized gains (losses) on investments, net 2 2 (4) 15
Unrealized gains (losses) on hedging activities, net (37) 105 (90) 125
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net 8 (24) 19 (28)
Other comprehensive income (loss), net of tax (64) (19) (92) (75)
Comprehensive income (loss) $ 107 $ (550) $ 646 $ (1,947)
v3.23.2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock:
Additional paid-in-capital:
Treasury stock at cost:
Retained earnings:
Accumulated other comprehensive income:
Beginning balance at Dec. 31, 2021   $ 2 $ 16,659 $ (43,371) $ 36,090 $ 398
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     55      
Tax withholdings related to net share settlements of restricted stock units and awards     (98)      
Stock-based compensation     248      
Common stock repurchased     (188) (2,730)    
Other     7      
Net income (loss) $ (1,872)       (1,872)  
Dividends and dividend equivalents declared         (258)  
Foreign currency translation adjustment           (119)
Change in unrealized gains (losses) on investments (68)         (68)
Change in unrealized gains (losses) on derivative instruments           125
Tax benefit (provision) on above items           (13)
Ending balance at Jun. 30, 2022 $ 5,243 2 17,059 (46,101) 33,960 323
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.44          
Beginning balance at Mar. 31, 2022   2 16,904 (44,809) 34,615 342
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     54      
Tax withholdings related to net share settlements of restricted stock units and awards     (37)      
Stock-based compensation     137      
Common stock repurchased       (1,292)    
Other     1      
Net income (loss) $ (531)       (531)  
Dividends and dividend equivalents declared         (124)  
Foreign currency translation adjustment           (85)
Change in unrealized gains (losses) on investments (17)         (17)
Change in unrealized gains (losses) on derivative instruments           105
Tax benefit (provision) on above items           (22)
Ending balance at Jun. 30, 2022 $ 5,243 2 17,059 (46,101) 33,960 323
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.22          
Beginning balance at Dec. 31, 2022 $ 5,153 2 17,279 (46,702) 34,315 259
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     48      
Tax withholdings related to net share settlements of restricted stock units and awards     (88)      
Stock-based compensation     282      
Common stock repurchased (500)     (503)    
Other     8      
Net income (loss) 738       738  
Dividends and dividend equivalents declared         (278)  
Foreign currency translation adjustment           (36)
Change in unrealized gains (losses) on investments 19         19
Change in unrealized gains (losses) on derivative instruments           (90)
Tax benefit (provision) on above items           15
Ending balance at Jun. 30, 2023 $ 5,268 2 17,529 (47,205) 34,775 167
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.50          
Beginning balance at Mar. 31, 2023   2 17,364 (46,954) 34,744 231
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock and stock-based awards issued     48      
Tax withholdings related to net share settlements of restricted stock units and awards     (40)      
Stock-based compensation     154      
Common stock repurchased       (251)    
Other     3      
Net income (loss) $ 171       171  
Dividends and dividend equivalents declared         (140)  
Foreign currency translation adjustment           (37)
Change in unrealized gains (losses) on investments 0          
Change in unrealized gains (losses) on derivative instruments           (37)
Tax benefit (provision) on above items           10
Ending balance at Jun. 30, 2023 $ 5,268 $ 2 $ 17,529 $ (47,205) $ 34,775 $ 167
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) $ 0.25          
v3.23.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 738 $ (1,872)
(Income) loss from discontinued operations, net of income taxes 3 (3)
Adjustments:    
Provision for transaction losses 174 182
Depreciation and amortization 208 231
Stock-based compensation 282 248
Loss (gain) on investments and other, net (3) 7
Deferred income taxes (78) (695)
Change in fair value of warrant (69) 219
Changes in assets and liabilities, net of acquisition effects 108 (398)
Net cash provided by continuing operating activities 1,446 1,206
Net cash used in discontinued operating activities (4) (365)
Net cash provided by operating activities 1,442 841
Cash flows from investing activities:    
Purchases of property and equipment (245) (194)
Purchases of investments (7,687) (10,146)
Maturities and sales of investments 8,382 13,181
Other (26) (44)
Net cash provided by investing activities 424 3,764
Cash flows from financing activities:    
Proceeds from issuance of common stock 48 55
Repurchases of common stock (492) (2,542)
Payments for taxes related to net share settlements of restricted stock units and awards (160) (98)
Payments for dividends (267) (250)
Repayment of debt (1,150) (1,355)
Net funds receivable and payable activity 562 8
Other 1 0
Net cash used in financing activities (1,458) (4,182)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6) (57)
Net increase in cash, cash equivalents and restricted cash 402 366
Cash, cash equivalents and restricted cash at beginning of period 2,272 1,406
Cash, cash equivalents and restricted cash at end of period 2,674 1,772
Cash paid for:    
Interest 143 134
Income taxes 84 282
Adevinta    
Adjustments:    
Change in fair value of equity investment 36 2,472
Adyen    
Adjustments:    
Change in fair value of equity investment 0 285
Cash flows from investing activities:    
Proceeds from the sale of shares in Adyen 0 680
Gmarket    
Adjustments:    
Change in fair value of equity investment 40 259
KakaoBank    
Adjustments:    
Change in fair value of equity investment 7 271
Cash flows from investing activities:    
Proceeds from the sale of shares in KakaoBank $ 0 $ 287
v3.23.2
The Company and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company and Summary of Significant Accounting Policies The Company and Summary of Significant Accounting Policies
The Company

eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection.

When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the current Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket Global LLC (“Gmarket”), warrants and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIEs. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments. For equity investments under the fair value option, the change in fair value of the investment is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments, other than our equity interest in Adevinta ASA (“Adevinta”) which is included in the short-term assets section on the condensed consolidated balance sheet. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment.

Upon the transfer of our Classifieds business to Adevinta in 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC (“eBay Korea”) to Emart Inc. (“Emart”) in 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket, which is accounted for under the fair value option. Subsequent changes in fair value for these equity investments are included in gain (loss) on equity investments and warrant, net on our consolidated statement of income.
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022, except for our policy related to revenue recognition to reflect the expansion of promoted listing services offered to sellers beginning in the second quarter of 2023, as noted below.

Revenue Recognition

We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities.

Our net revenues primarily include final value fees and promoted listing fees from sellers on our platforms. Our net revenues also include store subscription and other fees often from large enterprise sellers as well revenues from the sale of advertisements and revenue sharing arrangements. Our net revenues are reduced by incentives, including discounts, coupons and rewards, provided to our customers.

We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. Services may also be provided to sellers to promote their listings through on-site or off-site sponsored ads that are a distinct performance obligation for which revenue is recognized when (or over the period) these services are performed.

Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire.

Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives which are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available.
Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur.

Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer.

Recent Accounting Pronouncements Not Yet Adopted

In June 2022, the Financial Accounting Standards Board issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.
v3.23.2
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive shares of common stock.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Numerator:
Income (loss) from continuing operations$172 $(536)$741 $(1,875)
Income (loss) from discontinued operations, net of income taxes(1)5 (3)3 
Net income (loss)$171 $(531)$738 $(1,872)
Denominator:
Weighted average shares of common stock - basic534 556 536 571 
Dilutive effect of equity incentive awards3 — 3 — 
Weighted average shares of common stock - diluted537 556 539 571 
Income (loss) per share - basic:
Continuing operations$0.32 $(0.96)$1.38 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - basic$0.32 $(0.95)$1.37 $(3.27)
Income (loss) per share - diluted:
Continuing operations$0.32 $(0.96)$1.37 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - diluted$0.32 $(0.95)$1.36 $(3.27)
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive12 16 12 16 
v3.23.2
Business Combinations
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combinations Business Combinations
Acquisition of TCGplayer

In 2022, we completed the acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts. In the first quarter of 2023, we recorded measurement period adjustments related to the revised valuation of the intangible assets acquired. The following table presents the revised allocation of the aggregate purchase consideration (in millions):
TCGplayer
Goodwill$148 
Purchased intangible assets109 
Deferred taxes(18)
Total$239 

The goodwill recognized is primarily attributable to expected synergies and the assembled workforce of TCGplayer. We generally do not expect goodwill to be deductible for income tax purposes.

Our consolidated financial statements include the operating results of the acquired business from the date of acquisition. Separate operating results and pro forma results of operations for the acquisition above have not been presented as the effect of this acquisition is not material to our financial results.
v3.23.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2022		Goodwill
Acquired		 Adjustments June 30,
2023
Goodwill$4,262 $20 $(38)$4,244 

Goodwill acquired during the six months ended June 30, 2023 relates to the first quarter acquisition of 3PM Shield, a provider of AI-based marketplace compliance solutions, and the revised valuation of the intangible assets acquired from the 2022 acquisition of TCGplayer. The adjustments to goodwill during the six months ended June 30, 2023 were primarily due to foreign currency translation.

Intangible Assets

Intangible assets are reported within other assets in our condensed consolidated balance sheet. The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 June 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$244 $(195)$49 8$190 $(190)$— 0
Marketing related80 (56)24 668 (53)15 7
Developed technologies235 (183)52 4275 (177)98 5
All other159 (157)2 3159 (157)2 3
Total$718 $(591)$127  $692 $(577)$115 

Amortization expense for intangible assets was $8 million and $18 million for the three and six months ended June 30, 2023, respectively, compared to $1 million and $2 million during the same periods in 2022.

The following table presents expected future intangible asset amortization as of the date indicated (in millions):
June 30, 2023
Remaining 2023$17 
202433 
202530 
202621 
Thereafter26 
Total$127 
v3.23.2
Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segments Segments
We have one operating and reportable segment. Our reportable segment is Marketplace, which includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. Our management and our chief operating decision maker review financial information presented on a consolidated basis for purposes of allocating resources and evaluating performance and do not evaluate using asset information.

The accounting policies of our segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies.”

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
U.S.$1,265 $1,199 $2,526 $2,425 
United Kingdom413 410 794 828 
China263 214 500 429 
Germany244 259 496 532 
Rest of world355 340 734 691 
Total net revenues$2,540 $2,422 $5,050 $4,905 

Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to U.S. and international geographies primarily based upon the country in which the seller, platform that displays advertising, other service provider or customer, as the case may be, is located.
v3.23.2
Investments
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Investments Investments
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
 June 30, 2023
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$22 $— $— $22 
Corporate debt securities1,945 — (9)1,936 
Government and agency securities156 — (3)153 
$2,123 $— $(12)$2,111 
Long-term investments:
Restricted cash$4 $— $— $4 
Corporate debt securities403 — (25)378 
Government and agency securities604   —   (42) 562 
$1,011 $— $(67)$944 
 December 31, 2022
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$36 $— $— $36 
Corporate debt securities2,355 — (5)2,350 
Government and agency securities141 — (6)135 
$2,532 $— $(11)$2,521 
Long-term investments:
Restricted cash$13 $— $— $13 
Corporate debt securities686 — (40)646 
Government and agency securities604   —   (47) 557 
$1,303 $— $(87)$1,216 

We consider cash to be restricted when withdrawal or general use is legally restricted. Restricted cash is held in interest bearing accounts for letters of credit related to our global sabbatical program and for certain amounts related to other compensation arrangements held in escrow. Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are primarily due to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.
We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded through interest and other, net for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of June 30, 2023.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.6 billion and unrealized losses of $2 million as of June 30, 2023, and an estimated fair value of $2.8 billion and unrealized losses of $32 million as of December 31, 2022. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $1.3 billion and unrealized losses of $77 million as of June 30, 2023, and an estimated fair value of $952 million and unrealized losses of $66 million as of December 31, 2022. Refer to “Note 15 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):
 June 30, 2023
One year or less (including restricted cash of $22)
$2,111 
One year through two years (including restricted cash of $4)
645 
Two years through three years227 
Three years through four years72 
Total$3,055 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30, 2023December 31, 2022
Equity investments with readily determinable fair valuesShort-term investments$97 $104 
Equity investment in AdevintaEquity investment in Adevinta2,656 2,692 
Equity investments under the fair value optionLong-term investments431 461 
Equity investments under the equity method of accountingLong-term investments34 34 
Equity investments without readily determinable fair valuesLong-term investments90 86 
Total equity investments$3,308 $3,377 

Equity investment in Adevinta

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Adevinta is accounted for under the fair value option.
Upon completion of the transfer of our Classifieds business to Adevinta in 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. In the fourth quarter of 2021, we completed the sale of approximately 135 million of our voting shares in Adevinta to Permira, inclusive of the option exercised by Permira to purchase additional voting shares, for total cash consideration of approximately $2.3 billion which reduced our ownership in Adevinta to 33%. We have a contractual requirement to retain at least 25% of the total number of issued and outstanding equity securities of Adevinta until October 14, 2023, subject to certain exceptions specified in the agreement. As of December 31, 2022 and June 30, 2023, our equity investment in Adevinta is reported in the short-term assets section on the condensed consolidated balance sheet since our contractual requirement ends within twelve months of the balance sheet date.

At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in earnings. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta.

For the three and six months ended June 30, 2023, unrealized losses of $210 million and $36 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $829 million and $2,472 million of unrealized losses recorded during the same periods in 2022. The fair value of the investment was $2,656 million and $2,692 million as of June 30, 2023 and December 31, 2022, respectively.

Equity investments with readily determinable fair values

Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. Subsequent changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income.

The fair value of the equity investment in KakaoBank Corp. (“KakaoBank”) is measured based on closing stock price and prevailing foreign exchange rate at each balance sheet date. For the three and six months ended June 30, 2023, unrealized losses of $4 million and $7 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $105 million and $196 million of unrealized losses recorded during the same periods in 2022. During the three and six months ended June 30, 2022, we sold a portion of our shares in KakaoBank for $242 million and $287 million, respectively, and recorded realized losses on the change in fair value of shares sold of $67 million and $75 million, respectively, in gain (loss) on equity investments and warrant, net. The fair value of the investment was $97 million and $104 million as of June 30, 2023 and December 31, 2022, respectively, and is reported within short-term investments in our condensed consolidated balance sheet.

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that vests in a series of four tranches, at a specified price per share upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. We met the processing volume milestone target to vest the first tranche of the warrant and in the third quarter of 2022, we sold the remainder of our shares in Adyen. Refer to “Note 7 — Derivative Instruments” for more information about the warrant.
Equity investments under the fair value option

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Gmarket and certain other immaterial equity investments are accounted for under the fair value option.

In the fourth quarter of 2021, we completed the sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. Upon completion of the sale, we retained 19.99% of the outstanding equity interest of the new entity, Gmarket, over whom we are able to exercise significant influence based on the terms of the securities purchase agreement, including through our board representation. Our equity investment in Gmarket was valued at $728 million as of the transaction close date. At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Our retained investment in Gmarket is subject to a two year right held by Emart to purchase the remaining interest at or near the closing price of the sale.

For the three and six months ended June 30, 2023, unrealized losses of $29 million and $40 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $77 million and $259 million of unrealized losses recorded during the same periods in 2022. As of June 30, 2023 and December 31, 2022, the fair value of the investment was $391 million and $431 million, respectively, and is reported within long-term investments in our condensed consolidated balance sheet.

The investment is classified as Level 3 in the fair value hierarchy as the valuation reflects management’s estimate of assumptions that market participants would use in pricing the equity investment. Certain other immaterial equity investments aggregating to $40 million and $30 million as of June 30, 2023 and December 31, 2022, respectively, are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy. Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for more information.

Other equity method investments

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. For equity investments accounted for under the equity method, our consolidated results of operations include, as a component of interest and other, net, our share of the net income or loss of the equity investments. For equity investments accounted for under the fair value option, the change in fair value is included in our consolidated results of operations as a component of gain (loss) on equity investments and warrant, net.
Equity investments without readily determinable fair values

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values held for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Carrying value, beginning of period$86 $78 $86 $85 
Additions5 — 5 — 
Downward adjustments for observable price changes and impairment— — — (7)
Foreign currency translation and other(1)(2)(1)(2)
Carrying value, end of period$90 $76 $90 $76 

For the three and six months ended June 30, 2023, no downward adjustments to the carrying value of our equity investments without readily determinable fair values in gain (loss) on equity investments and warrant, net were recorded on our condensed consolidated statement of income.

For such equity investments held as of June 30, 2023, the cumulative upward adjustment for observable price changes was $41 million and cumulative downward adjustment for observable price changes and impairments was $298 million.

The following table summarizes unrealized gains and losses related to equity investments held as of June 30, 2023 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net gains (losses) recognized during the period on equity investments$(246)$(1,116)$(85)$(3,293)
Less: Net gains (losses) recognized during the period on equity investments sold during the period— (68)— (242)
Total unrealized gains (losses) on equity investments held, end of period
$(246)$(1,048)$(85)$(3,051)
v3.23.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use any of our derivative instruments for trading purposes.

We use foreign currency exchange contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets and liabilities, including intercompany balances denominated in foreign currencies. These contracts are generally one month to one year in duration but with maturities up to 24 months. The objective of the foreign exchange contracts is to ensure that ultimately the U.S. dollar-equivalent cash flows are not adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. We evaluate the effectiveness of our foreign exchange contracts designated as cash flow or net investment hedges on a quarterly basis.

In 2022, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. These interest rate swaps effectively fixed the benchmark interest rate and had the economic effect of hedging the variability of forecasted interest payments for up to ten years on an anticipated debt issuance. Similar to other cash flow hedges, we recorded changes in the fair value of these interest rate swaps in accumulated other comprehensive income (“AOCI”) until the anticipated debt issuance. As described in “Note 9 — Debt,” in 2022, we issued $1.2 billion of senior unsecured notes, which consisted of notes maturing in 2025, 2027 and 2032. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $25 million is amortized to interest expense over the term of our notes due in November 2032.

Cash Flow Hedges

For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of June 30, 2023, we have estimated that approximately $16 million of net derivative losses related to our foreign exchange cash flow hedges and $8 million of net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows.

Non-Designated Hedges

Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets or liabilities, including intercompany balances and equity investments denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recorded in interest and other, net, which are offset by the foreign currency gains and losses on the related assets and liabilities that are also recorded in interest and other, net. We classify cash flows related to our non-designated hedging instruments in the same line item as the cash flows of the related assets or liabilities, which is generally within operating activities in our condensed consolidated statement of cash flows. Cash flows related to the settlement of non-designated hedging instruments related to equity investments are classified within investing activities in our condensed consolidated statement of cash flows.
Warrant

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that, subject to meeting certain conditions, entitles us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted issued and outstanding share capital at a specific date. The warrant has a term of seven years and vests in a series of four tranches, at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When or if a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. The maximum number of tranches that can vest in one calendar year is two.
 
The warrant is accounted for as a derivative under ASC Topic 815, Derivatives and Hedging. We report the warrant at fair value within other assets in our condensed consolidated balance sheet and changes in the fair value of the warrant are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recorded as a deferred credit, is reported within other liabilities in our condensed consolidated balance sheet and is amortized over the life of the commercial arrangement. See “Note 8 — Fair Value Measurements” for information about the fair value measurement of the warrant.

Fair Value of Derivative Contracts

The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30,
2023		December 31,
2022
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$26 $89 
Foreign exchange contracts not designated as hedging instrumentsOther current assets29 18 
Interest rate contracts designated as cash flow hedgesOther current assets— 2 
WarrantOther assets283 214 
Foreign exchange contracts designated as cash flow hedgesOther assets14 13 
Total derivative assets$352 $336 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$8 $12 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities22 34 
Foreign exchange contracts designated as cash flow hedgesOther liabilities— 1 
Total derivative liabilities$30 $47 
Total fair value of derivative instruments$322 $289 

Under the master netting agreements with the respective counterparties to our derivative contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheet. As of June 30, 2023, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $26 million, resulting in net derivative assets of $43 million and net derivative liabilities of $4 million. As of June 30, 2023, there was no potential effect of rights of set-off associated with the interest rate contracts as there were no asset positions.
Effect of Derivative Contracts on Accumulated Other Comprehensive Income

The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of June 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 
 December 31, 2022Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(41)$43 $(32)
Interest rate contracts designated as cash flow hedges62 — 6 56 
Total
$114 $(41)$49 $24 
 December 31, 2021Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2022
Foreign exchange contracts designated as cash flow hedges$25 $140 $16 $149 
Interest rate contracts designated as cash flow hedges40 — (2)42 
Total
$65 $140 $14 $191 

Effect of Derivative Contracts on Condensed Consolidated Statement of Income

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$14 $9 $43 $15 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues— — (1)— 
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net10 25 6 40 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$24 $34 $48 $55 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net$3 $2 $7 $1 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$31 $(104)$69 $(219)
Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which the value of foreign exchange payments under these contracts are determined. The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
June 30,
2023		December 31,
2022
Foreign exchange contracts designated as cash flow hedges$1,822 $1,741 
Foreign exchange contracts not designated as hedging instruments2,527 2,181 
Interest rate contracts designated as cash flow hedges— 400 
Total$4,349 $4,322 

Credit Risk
Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. To further limit credit risk, we also enter into collateral security arrangements related to certain interest rate derivative instruments whereby collateral is posted between counterparties if the fair value of the derivative instrument exceeds certain thresholds. Additional collateral would be required in the event of a significant credit downgrade by either party. We are not required to pledge, nor are we entitled to receive, collateral related to our foreign exchange derivative transactions.
v3.23.2
Fair Value Measurement of Assets and Liabilities
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurement of Assets and Liabilities Fair Value Measurement of Assets and Liabilities
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
June 30, 2023
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$2,268 $2,268 $— $— 
Customer accounts380 380 — — 
Short-term investments:
Restricted cash22 22 — — 
Corporate debt securities1,936 — 1,936 — 
Government and agency securities153 — 153 — 
Equity investments with readily determinable fair values97 97 — — 
Total short-term investments2,208 119 2,089 — 
Equity investment in Adevinta2,656 2,656 — — 
Derivatives352 — 69 283 
Long-term investments:
Restricted cash4 4 — — 
Corporate debt securities378 — 378 — 
Government and agency securities562 — 562 — 
Equity investment under the fair value option391 — — 391 
Total long-term investments1,335 4 940 391 
Total financial assets$9,199 $5,427 $3,098 $674 
Liabilities:
Other liabilities$24 $— $— $24 
Derivatives$30 $— $30 $— 
December 31, 2022
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$2,154 $2,154 $— $— 
Customer accounts69 69 — — 
Short-term investments:
Restricted cash36 36 — — 
Corporate debt securities2,350 — 2,350 — 
Government and agency securities135 — 135 — 
Equity investments with readily determinable fair values104 104 — — 
Total short-term investments2,625 140 2,485 — 
Equity investment in Adevinta2,692 2,692 — — 
Derivatives336 — 122 214 
Long-term investments:
Restricted cash13 13 — — 
Corporate debt securities646 — 646 — 
Government and agency securities557 — 557 — 
Equity investment under the fair value option431 — — 431 
Total long-term investments1,647 13 1,203 431 
Total financial assets$9,523 $5,068 $3,810 $645 
Liabilities:
Other liabilities$14 $— $— $14 
Derivatives$47 $— $47 $— 

Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels during the six months ended June 30, 2023.

Other financial instruments, including accounts receivable and accounts payable, are carried at cost, which approximates their fair value because of the short-term nature of these instruments.

Fair value measurement of derivative instruments

The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. Our warrant, which is accounted for as a derivative instrument, is valued using a Black-Scholes model. Key assumptions used in the valuation include risk-free interest rates, Adyen’s common stock price, equity volatility and common stock outstanding, exercise price, and details specific to the warrant. The value is also probability adjusted for management’s assumptions with respect to vesting of the remaining three tranches which are each subject to meeting processing volume milestone targets. These assumptions and the probability of
meeting processing volume milestone targets may have a significant impact on the value of the warrant. Refer to “Note 7 — Derivative Instruments” for further details on our derivative instruments.

The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2023		December 31,
2022
Opening balance at beginning of period$214 $444 
Change in fair value69 (230)
Closing balance at end of period$283 $214 

The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of June 30, 2023 (in millions, except percentages):
Fair value Valuation technique
Unobservable Input (1)
Range (weighted average)
Warrant$283 Black-Scholes and Monte CarloProbability of vesting
0.0% - 55.0% (48.2%)
Equity volatility
(51%)
(1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount.

Fair value measurement of equity investments

Certain equity investments are measured at fair value on a recurring basis, including our equity investment in Adevinta, equity investments with readily determinable fair values and equity investments under the fair value option.

Our equity investment in Adevinta is accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. Our equity investments with readily determinable fair values are also classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets.

Our equity investment in Gmarket is accounted for under the fair value option and is subject to a two year right held by Emart from the date of disposal to purchase the remaining interest at or near the closing price of the sale.

The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2023		December 31, 2022
Opening balance at beginning of period$431 $725 
Change in fair value(40)(294)
Closing balance at end of period$391 $431 
This investment is classified within Level 3 in the fair value hierarchy as valuation of the investment reflects management’s estimate of assumptions that market participants would use in pricing the asset. The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of June 30, 2023 that may have a significant impact on the overall valuation (in millions, except multiples):
Fair value Valuation technique
Unobservable Input (1)
Range
Equity investment in Gmarket$391 Market multiplesRevenue multiple — GPC method
0.8x — 1.6x
Revenue multiple — GMAC method
1.0x — 3.9x
(1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies.

Certain other immaterial equity investments under the fair value option aggregating to $40 million and $30 million as of June 30, 2023 and December 31, 2022, respectively, are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy.

Refer to “Note 6 — Investments” for further details about our equity investments.
v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
CouponAs ofEffectiveAs ofEffective
 RateJune 30, 2023 Interest RateDecember 31, 2022 Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023
LIBOR plus 0.87%
$— — %$400 3.786 %
Fixed Rate Notes:
Senior notes due 20232.750 %— — %750 2.866 %
Senior notes due 20243.450 %750 3.531 %750 3.531 %
Senior notes due 20251.900 %800 1.803 %800 1.803 %
Senior notes due 20255.900 %425 6.036 %425 6.036 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689 %
Senior notes due 20275.950 %300 6.064 %300 6.064 %
Senior notes due 20302.700 %950 2.623 %950 2.623 %
Senior notes due 20312.600 %750 2.186 %750 2.186 %
Senior notes due 20326.300 %425 6.371 %425 6.371 %
Senior notes due 20424.000 %750 4.114 %750 4.114 %
Senior notes due 20513.650 %1,000 2.517 %1,000 2.517 %
Total senior notes7,750 8,900 
Hedge accounting fair value adjustments (1)
3 5 
Unamortized premium/(discount) and debt issuance costs(32)(34)
Less: Current portion of long-term debt— (1,150)
Total long-term debt7,721 7,721 
Short-Term Debt
Current portion of long-term debt— 1,150 
Total short-term debt— 1,150 
Total Debt$7,721 $8,871 
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.

Senior Notes

In January 2023, we redeemed the $1.2 billion aggregate principal amount of the floating rate and 2.750% senior notes due 2023. Total cash consideration paid was $1.2 billion, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.

In 2022, we redeemed the $1.4 billion aggregate principal amount of the 2.600% and 3.800% senior notes due 2022. Total cash consideration paid was $1.4 billion, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.

In 2022, we issued senior notes of $1.2 billion aggregate principal amount, which consisted of $425 million of 5.900% fixed rate notes due 2025, $300 million of 5.950% fixed rate notes due to 2027 and $425 million of 6.300% fixed rate notes due 2032.

We may redeem some or all of the fixed rate notes of each series at any time and from time to time prior to their maturity, generally at a make-whole redemption price, plus accrued and unpaid interest.
If a change of control triggering event (as defined in the applicable senior notes) occurs with respect to the 3.450% fixed rate notes due 2024, the 1.900% fixed rate notes due 2025, the 5.900% fixed rate notes due 2025, the 1.400% fixed rate notes due 2026, the 3.600% fixed rate notes due 2027, the 5.950% fixed rate notes due 2027, the 2.700% fixed rate notes due 2030, the 2.600% fixed rate notes due 2031, the 6.300% fixed rate notes due 2032, the 4.000% fixed rate notes due 2042, or the 3.650% fixed rate notes due 2051, we must, subject to certain exceptions, offer to repurchase all of the notes of the applicable series at a price equal to 101% of the principal amount, plus accrued and unpaid interest.

The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default with customary grace periods in certain circumstances, including payment defaults and bankruptcy-related defaults.

To help achieve our interest rate risk management objectives, during the second quarter of 2020, we entered into interest rate swap agreements that effectively converted $400 million of our LIBOR-based floating-rate debt to a fixed-rate basis. During the first quarter of 2023 we terminated the interest rate swap agreements upon redemption of the floating rate senior notes due 2023. During 2022, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. As described above, in 2022 we issued $1.2 billion of senior unsecured notes, which consisted of notes maturing in 2025, 2027 and 2032. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $25 million is amortized to interest expense over the term of our notes due in November 2032.

The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount and premium on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with these senior notes, including amortization of debt issuance costs, was approximately $64 million and $55 million during the three months ended June 30, 2023 and 2022, respectively, and $131 million and $115 million during the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, the estimated fair value of these senior notes, using Level 2 inputs, was approximately $6.9 billion and $8.0 billion, respectively.

Commercial Paper

We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. As of June 30, 2023 and December 31, 2022, there were no commercial paper notes outstanding.
Credit Agreement

In March 2020, we entered into a credit agreement that provides for an unsecured $2 billion five-year credit facility. We may also, subject to the agreement of the applicable lenders, increase commitments under the revolving credit facility by up to $1 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes.

As of June 30, 2023, no borrowings were outstanding under our $2 billion credit agreement. However, as described above, we have an up to $1.5 billion commercial paper program and are required to maintain available borrowing capacity under our credit agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they become due, in an aggregate amount of $1.5 billion. As of June 30, 2023, no borrowings were outstanding under our commercial paper program; therefore, $2 billion of borrowing capacity was available for other purposes permitted by the credit agreement, subject to customary conditions to borrowing. The credit agreement includes a covenant limiting our consolidated leverage ratio to no more than 4.0:1.0, subject to, upon the occurrence of a qualified material acquisition, if so elected by us, a step-up to 4.5:1.0 for the four fiscal quarters completed following such qualified material acquisition. The credit agreement includes customary events of default, with corresponding grace periods in certain circumstances, including payment defaults, cross-defaults and bankruptcy-related defaults. In addition, the credit agreement contains customary affirmative and negative covenants, including restrictions regarding the incurrence of liens and subsidiary indebtedness, in each case, subject to customary exceptions. The credit agreement also contains customary representations and warranties.

We were in compliance with all financial covenants in our outstanding debt instruments during the six months ended June 30, 2023.
v3.23.2
Supplemental Consolidated Financial Information
 6 Months Ended
Jun. 30, 2023
Balance Sheet Components [Abstract]  
Supplemental Consolidated Financial Information Supplemental Consolidated Financial Information
Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions reasonable and supportable forecasts, and other factors that may affect our customers’ ability to pay. The allowance for doubtful accounts and authorized credits was $43 million and $42 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, we reported an allowance for doubtful accounts of $18 million reflecting an increase of $2 million, net of write-offs of $4 million for the six months ended June 30, 2023. As of December 31, 2022, we reported an allowance for doubtful accounts of $16 million.

Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for the six month period ended June 30, 2023 that was included in the deferred revenue balance at the beginning of the period was $31 million. The amount of revenue recognized for the six month period ended June 30, 2022 that was included in the deferred revenue balance at the beginning of the period was $37 million.

Cash, cash equivalents and restricted cash
June 30,
2023		December 31,
2022
(In millions)
Cash and cash equivalents$2,268 $2,154 
Customer accounts380 69 
Restricted cash included in short-term investments22 36 
Restricted cash included in long-term investments4 13 
Cash, cash equivalents and restricted cash$2,674 $2,272 

Customer accounts and funds receivable
June 30,
2023		December 31,
2022
(In millions)
Customer accounts$380 $69 
Funds receivable409 694 
Customer accounts and funds receivable$789 $763 

Other current assets
June 30,
2023		December 31,
2022
(In millions)
Income and other tax receivable$129 $122 
Payment processor advances126 336 
Prepaid expenses125 120 
Accounts receivable, net77 90 
Short-term derivative assets55 112 
Other284 276 
Other current assets$796 $1,056 
Accrued expenses and other current liabilities
June 30,
2023		December 31,
2022
(In millions)
Compensation and related benefits$395 $426 
Sales and use tax and VAT accruals375 346 
Advertising accruals199 229 
Operating lease liabilities120 131 
Transaction loss reserve106 101 
Uninvoiced general and administrative expenses91 111 
Accrued interest expense56 67 
Deferred revenue37 34 
Other411 421 
Accrued expenses and other current liabilities$1,790 $1,866 

Gain (loss) on equity investments and warrant, net
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(In millions)
Unrealized change in fair value of equity investment in Adevinta$(210)$(829)$(36)$(2,472)
Unrealized change in fair value of equity investment in Adyen— (38)— (118)
Unrealized change in fair value of equity investment in Gmarket
(29)(77)(40)(259)
Unrealized change in fair value of equity investment in KakaoBank(4)(105)(7)(196)
Change in fair value of warrant31 (104)69 (219)
Realized change in fair value of shares sold in Adyen— (1)— (167)
Realized change in fair value of shares sold in KakaoBank— (67)— (75)
Gain (loss) on other investments(2)— (2)(6)
Total gain (loss) on equity investments and warrant, net$(214)$(1,221)$(16)$(3,512)
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Off-Balance Sheet Arrangements

As of June 30, 2023, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.

We have a cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals from the financial institution based upon our aggregate operating cash balances held within the same financial institution (“Aggregate Cash Deposits”). This arrangement also allows us to withdraw amounts exceeding the Aggregate Cash Deposits up to an agreed-upon limit. The net balance of the withdrawals and the Aggregate Cash Deposits are used by the financial institution as a basis for calculating our net interest expense or income under the arrangement. As of June 30, 2023, we had a total of $175 million in aggregate cash deposits and $8 million in aggregate cash withdrawals held within the financial institution under the cash pooling arrangement.

Litigation and Other Legal Matters
 
Overview

We are involved in legal and regulatory proceedings on an ongoing basis. Many of these proceedings are in early stages and may seek an indeterminate amount of damages. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated liability in our financial statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For those proceedings in which an unfavorable outcome is reasonably possible but not probable, we have disclosed an estimate of the reasonably possible loss or range of losses or we have concluded that an estimate of the reasonably possible loss or range of losses arising directly from the proceeding (i.e., monetary damages or amounts paid in judgment or settlement) is not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a proceeding, we have disclosed that fact. In assessing the materiality of a proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. With respect to the matters disclosed in this Overview, we are unable to estimate the possible loss or range of losses that could potentially result from the application of such non-monetary remedies.

Amounts accrued for legal and regulatory proceedings for which we believe a loss is probable were not material for the six months ended June 30, 2023. We have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recorded accruals are also not material. However, legal and regulatory proceedings are inherently unpredictable and subject to significant uncertainties. If one or more matters were resolved against us in a reporting period for amounts in excess of management’s expectations, the impact on our operating results or financial condition for that reporting period could be material. Legal fees are expensed as incurred.
General Matters

Third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes, and expect that we could be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against us and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions and divestitures and in cases where we are entering new lines of business. We have in the past been forced to litigate such claims. We may also become more vulnerable to third-party claims as laws such as the Digital Millennium Copyright Act, the Lanham Act and the Communications Decency Act are interpreted by the courts, and as we expand the scope of our business (both in terms of the range of products and services that we offer and our geographical operations) and become subject to laws in jurisdictions where the underlying laws with respect to the potential liability of online intermediaries like ourselves are either unclear or less favorable. We believe that additional lawsuits alleging that we have violated patent, copyright or trademark laws will be filed against us. Intellectual property claims, whether meritorious or not, are time consuming and costly to defend and resolve, could require expensive changes in our methods of doing business or could require us to enter into costly royalty or licensing agreements on unfavorable terms.

From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our users (individually or as class actions) alleging, among other things, improper disclosure of our prices, rules or policies, that our practices, prices, rules, policies or customer/user agreements violate applicable law or that we have acted unfairly and/or not acted in conformity with such practices, prices, rules, policies or agreements. Further, the number and significance of these disputes and inquiries are increasing as the political and regulatory landscape changes and, as we have grown larger, our businesses have expanded in scope (both in terms of the range of products and services that we offer and our geographical operations) and our products and services have increased in complexity. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, damage awards (including statutory damages for certain causes of action in certain jurisdictions), injunctive relief or increased costs of doing business through adverse judgment or settlement, require us to change our business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources or otherwise harm our business.

From time to time, the Company receives subpoenas or requests for information from various government agencies, typically for potential misconduct by sellers on the Company’s Marketplace platforms. More recently, the Company has received subpoenas or requests for information from government agencies related to potential liability of the Company for products sold by sellers on the Marketplace platforms. The Company generally responds to government subpoenas and requests in the ordinary course of business and in a cooperative, thorough and timely manner. These responses sometimes require time and effort and can result in considerable costs being incurred by the Company.

In this regard, the Company has responded to inquiries from the U.S. Department of Justice (“DOJ”) regarding products sold on the Marketplace platforms alleged to violate certain laws and regulations, including regulations of the Environmental Protection Agency (“EPA”) and, separately, regulations of the Drug Enforcement Agency. The inquiries relate to whether and to what extent the Company should be liable for the sale of regulated or illicit products manufactured and sold by others who listed such products on Marketplace platforms in a manner that evaded and/or was designed to evade detection by the Company. With respect to the inquiries regarding EPA regulations, the EPA, DOJ and the Company have begun discussions relating to allegations of noncompliance arising under the Clean Air Act, among other alleged violations, which discussions include a potential settlement. If the Company is found to be liable for such activities on the Marketplace, it likely will be subject to monetary damages, changes in our business practices, or other remedies that could have a material adverse impact on our business.

The Company is also responding to inquiries from the U.S. Attorney for the District of Massachusetts regarding potential criminal liability of the Company arising from the stalking and harassment in 2019 of the editor and publisher of Ecommercebytes, a website that publishes ecommerce news and information. Six former Company employees and one former contractor have pleaded guilty to crimes arising from the conduct. The Company has
begun discussions with the U.S. Attorney’s Office, which discussions include a potential settlement. We expect any such settlement may include fines, other payments, and non-monetary remedies, such as additional remediation, compliance and reporting requirements. Although the Company has concluded that losses in the U.S. Attorney matter are probable, we are unable at this time to estimate the losses that may be incurred because the matter is still under investigation and involves open questions relevant to the Company’s potential liability for conduct of its former employees. The editor and publisher also have a pending civil action against the Company, which seeks unspecified damages arising from the above-described conduct.

In connection with the government matters and civil action described above, the Company to date has accrued for probable losses of approximately $64 million in the aggregate. Given the uncertainties involved, the ultimate resolution of these matters could result in additional losses that may be material to our financial results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period.

Indemnification Provisions

We entered into a separation and distribution agreement and various other agreements with PayPal to govern the separation and relationship of the two companies. These agreements provide for specific indemnity and liability obligations and could lead to disputes between us and PayPal, which may be significant. In addition, the indemnity rights we have against PayPal under the agreements may not be sufficient to protect us and our indemnity obligations to PayPal may be significant.

In addition, we have entered into indemnification agreements with each of our directors, executive officers and certain other officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with us.

In the ordinary course of business, we have included limited indemnification provisions in certain of our agreements with parties with which we have commercial relations, including our standard marketing, promotions and application programming interface license agreements. Under these contracts, we generally indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by a third party with respect to our domain names, trademarks, logos and other branding elements to the extent that such marks are applicable to our performance under the subject agreement. In certain cases, we have agreed to provide indemnification for intellectual property infringement. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in our consolidated statement of income in connection with our indemnification provisions have not been significant, either individually or collectively.
v3.23.2
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Stock Repurchase Program

Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives. Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash.


The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):
Shares
Repurchased (1)
Average Price
per Share (2)
Value of Shares
Repurchased (2)
Remaining Amount Authorized
Balance as of January 1, 2023$2,848 
Repurchase of shares of common stock 11 $44.92 $500 (500)
Balance as of June 30, 2023$2,348 
(1) These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired.
(2) Excludes broker commissions and excise tax accruals.

Dividends

The Company paid a total of $133 million and $121 million in cash dividends during the three months ended June 30, 2023 and 2022, respectively, and $267 million and $250 million in cash dividends during the six months ended June 30, 2023 and 2022, respectively. In July 2023, our Board of Directors declared a cash dividend of $0.25 per share of common stock to be paid on September 15, 2023 to stockholders of record as of September 1, 2023.
v3.23.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Restricted Stock Unit Activity

The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions):
 Units
Outstanding as of January 1, 202321 
Awarded14 
Vested(6)
Forfeited(2)
Outstanding as of June 30, 202327 

The weighted average grant date fair value for RSUs awarded during the six months ended June 30, 2023 was $44.28 per share.

Stock-Based Compensation Expense

The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Cost of net revenues$14 $13 $27 $25 
Sales and marketing25 20 45 40 
Product development74 62 133 107 
General and administrative41 42 77 76 
Total stock-based compensation expense$154 $137 $282 $248 
Capitalized in product development$4 $3 $8 $7 
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to both direct and indirect taxation in the U.S. and various states and foreign jurisdictions. We are under examination by certain tax authorities for the 2010 to 2021 tax years. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these or other examinations. The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2009 include, among others, the U.S. (Federal and California), Germany, India, Israel, Switzerland and the United Kingdom.
 
Although the timing of the resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. However, given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.

We have recognized the tax consequences of all foreign unremitted earnings and management has no specific plans to indefinitely reinvest the unremitted earnings of our foreign subsidiaries as of the balance sheet date. We have not provided for deferred taxes on outside basis differences in our investments in our foreign subsidiaries that are unrelated to unremitted earnings. These basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of our outside basis difference is not practicable.

We have recognized the tax consequences of all foreign unremitted earnings and management has no specific plans to indefinitely reinvest the unremitted earnings of our foreign subsidiaries as of the balance sheet date. Accordingly, as of June 30, 2023 and December 31, 2022, $292 million and $526 million, respectively, of our liability for deemed repatriation of foreign earnings was included in other liabilities on our consolidated balance sheet. We have not provided for deferred taxes on outside basis differences in our investments in our foreign subsidiaries that are unrelated to unremitted earnings. These basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of our outside basis difference is not practicable.
v3.23.2
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of March 31, 2023$61 $(79)$223 $26 $231 
Other comprehensive income (loss) before reclassifications(20)— (37)6 (51)
Less: Amount of gain (loss) reclassified from AOCI17 — — (4)13 
Net current period other comprehensive income (loss)(37)— (37)10 (64)
Balance as of June 30, 2023$24 $(79)$186 $36 $167 
Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of March 31, 2022$85 $(58)$294 $21 $342 
Other comprehensive income (loss) before reclassifications114 (19)(85)(24)(14)
Less: Amount of gain (loss) reclassified from AOCI9 (2)— (2)5 
Net current period other comprehensive income (loss)105 (17)(85)(22)(19)
Balance as of June 30, 2022$190 $(75)$209 $(1)$323 

Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of December 31, 2022$114 $(98)$222 $21 $259 
Other comprehensive income (loss) before reclassifications(41)19 (36)4 (54)
Less: Amount of gain (loss) reclassified from AOCI49 — — (11)38 
Net current period other comprehensive income (loss)(90)19 (36)15 (92)
Balance as of June 30, 2023$24 $(79)$186 $36 $167 

Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of December 31, 2021$65 $(7)$328 $12 $398 
Other comprehensive income (loss) before reclassifications141 (70)(119)(16)(64)
Less: Amount of gain (loss) reclassified from AOCI16 (2)— (3)11 
Net current period other comprehensive income (loss)125 (68)(119)(13)(75)
Balance as of June 30, 2022$190 $(75)$209 $(1)$323 
The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions):
Details about AOCI Components Affected Line Item in the Statement of IncomeAmount of Gain (Loss) Reclassified From AOCI
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$14 $9 $43 $15 
Foreign exchange contractsCost of net revenues— — (1)— 
Interest rate contractsInterest and other, net3 (2)7 (1)
Total, from continuing operations before income taxes17 7 49 14 
Provision for income taxes(4)(2)(11)(3)
Total, from continuing operations net of income taxes13 5 38 11 
Total reclassifications for the periodTotal, net of income taxes$13 $5 $38 $11 
v3.23.2
Restructuring
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The following table summarizes restructuring reserve activity for the period indicated (in millions):
 Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Accrued liability, beginning of period$28 $— 
Charges— 42 
Payments(22)(36)
Adjustments(1)(1)
Accrued liability, end of period$5 $5 

During the first quarter of 2023, management announced plans that included a reduction in workforce and other exit costs. The reduction was substantially completed in the first quarter of 2023 and resulted in a pre-tax charge of $42 million. Restructuring charges are included in general and administrative expenses in the condensed consolidated statement of income.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net income (loss) $ 171 $ (531) $ 738 $ (1,872)
v3.23.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2023
shares
Jun. 30, 2023
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Eddie Garcia [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On May 12, 2023, Eddie Garcia, our Senior Vice President, Chief Product Officer, adopted a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”), which is designed to be in effect until May 10, 2024, subject to customary exceptions. His 10b5-1 Plan calls for the sale of a percentage of shares that he could receive upon the future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Mr. Garcia’s 10b5-1 Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, without subtracting any shares to be withheld upon future vesting events, the aggregate number of shares to be sold pursuant to Mr. Garcia’s 10b5-1 Plan is 18,476.
Name Eddie Garcia  
Title Senior Vice President, Chief Product Officer,  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 12, 2023  
Arrangement Duration 364 days  
Aggregate Available 18,476 18,476
Cornelius Boone [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On May 16, 2023, Cornelius Boone, our Senior Vice President, Chief People Officer, adopted a 10b5-1 Plan, which is designed to be in effect until December 29, 2023, subject to customary exceptions. His 10b5-1 Plan calls for the sale of a percentage of shares that he could receive upon the future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Mr. Boone’s 10b5-1 Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, without subtracting any shares to be withheld upon future vesting events, the aggregate number of shares to be sold pursuant to Mr. Boone’s 10b5-1 Plan is 15,682.
Name Cornelius Boone  
Title Senior Vice President, Chief People Officer  
Rule 10b5-1 Arrangement Adopted true  
Termination Date May 16, 2023  
Arrangement Duration 227 days  
Aggregate Available 15,682 15,682
v3.23.2
The Company and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket Global LLC (“Gmarket”), warrants and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIEs. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments. For equity investments under the fair value option, the change in fair value of the investment is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments, other than our equity interest in Adevinta ASA (“Adevinta”) which is included in the short-term assets section on the condensed consolidated balance sheet. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment.

Upon the transfer of our Classifieds business to Adevinta in 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC (“eBay Korea”) to Emart Inc. (“Emart”) in 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket, which is accounted for under the fair value option. Subsequent changes in fair value for these equity investments are included in gain (loss) on equity investments and warrant, net on our consolidated statement of income.
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.
Significant Accounting Policies
Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022, except for our policy related to revenue recognition to reflect the expansion of promoted listing services offered to sellers beginning in the second quarter of 2023, as noted below.

Revenue Recognition

We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities.

Our net revenues primarily include final value fees and promoted listing fees from sellers on our platforms. Our net revenues also include store subscription and other fees often from large enterprise sellers as well revenues from the sale of advertisements and revenue sharing arrangements. Our net revenues are reduced by incentives, including discounts, coupons and rewards, provided to our customers.

We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. Services may also be provided to sellers to promote their listings through on-site or off-site sponsored ads that are a distinct performance obligation for which revenue is recognized when (or over the period) these services are performed.

Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire.

Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives which are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available.
Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur.

Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted

In June 2022, the Financial Accounting Standards Board issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.
v3.23.2
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of basic and diluted net income per share
The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Numerator:
Income (loss) from continuing operations$172 $(536)$741 $(1,875)
Income (loss) from discontinued operations, net of income taxes(1)5 (3)3 
Net income (loss)$171 $(531)$738 $(1,872)
Denominator:
Weighted average shares of common stock - basic534 556 536 571 
Dilutive effect of equity incentive awards3 — 3 — 
Weighted average shares of common stock - diluted537 556 539 571 
Income (loss) per share - basic:
Continuing operations$0.32 $(0.96)$1.38 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - basic$0.32 $(0.95)$1.37 $(3.27)
Income (loss) per share - diluted:
Continuing operations$0.32 $(0.96)$1.37 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - diluted$0.32 $(0.95)$1.36 $(3.27)
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive12 16 12 16 
v3.23.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of aggregate purchase consideration allocated The following table presents the revised allocation of the aggregate purchase consideration (in millions):
TCGplayer
Goodwill$148 
Purchased intangible assets109 
Deferred taxes(18)
Total$239 
v3.23.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill activity
The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2022		Goodwill
Acquired		 Adjustments June 30,
2023
Goodwill$4,262 $20 $(38)$4,244 
Schedule of identifiable intangible assets The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 June 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$244 $(195)$49 8$190 $(190)$— 0
Marketing related80 (56)24 668 (53)15 7
Developed technologies235 (183)52 4275 (177)98 5
All other159 (157)2 3159 (157)2 3
Total$718 $(591)$127  $692 $(577)$115 
Finite-lived intangible assets amortization expense
The following table presents expected future intangible asset amortization as of the date indicated (in millions):
June 30, 2023
Remaining 2023$17 
202433 
202530 
202621 
Thereafter26 
Total$127 
v3.23.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of revenue by geographic area
The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
U.S.$1,265 $1,199 $2,526 $2,425 
United Kingdom413 410 794 828 
China263 214 500 429 
Germany244 259 496 532 
Rest of world355 340 734 691 
Total net revenues$2,540 $2,422 $5,050 $4,905 
v3.23.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Fair value of short and long-term investments classified as available for sale
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
 June 30, 2023
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$22 $— $— $22 
Corporate debt securities1,945 — (9)1,936 
Government and agency securities156 — (3)153 
$2,123 $— $(12)$2,111 
Long-term investments:
Restricted cash$4 $— $— $4 
Corporate debt securities403 — (25)378 
Government and agency securities604   —   (42) 562 
$1,011 $— $(67)$944 
 December 31, 2022
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$36 $— $— $36 
Corporate debt securities2,355 — (5)2,350 
Government and agency securities141 — (6)135 
$2,532 $— $(11)$2,521 
Long-term investments:
Restricted cash$13 $— $— $13 
Corporate debt securities686 — (40)646 
Government and agency securities604   —   (47) 557 
$1,303 $— $(87)$1,216 
Estimated fair values of short and long-term investments classified by date of contractual maturity
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):
 June 30, 2023
One year or less (including restricted cash of $22)
$2,111 
One year through two years (including restricted cash of $4)
645 
Two years through three years227 
Three years through four years72 
Total$3,055 
Schedule of equity method investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30, 2023December 31, 2022
Equity investments with readily determinable fair valuesShort-term investments$97 $104 
Equity investment in AdevintaEquity investment in Adevinta2,656 2,692 
Equity investments under the fair value optionLong-term investments431 461 
Equity investments under the equity method of accountingLong-term investments34 34 
Equity investments without readily determinable fair valuesLong-term investments90 86 
Total equity investments$3,308 $3,377 
Schedule of equity securities without readily determinable fair value
The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values held for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Carrying value, beginning of period$86 $78 $86 $85 
Additions5 — 5 — 
Downward adjustments for observable price changes and impairment— — — (7)
Foreign currency translation and other(1)(2)(1)(2)
Carrying value, end of period$90 $76 $90 $76 
Summary of unrealized gains and losses
The following table summarizes unrealized gains and losses related to equity investments held as of June 30, 2023 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net gains (losses) recognized during the period on equity investments$(246)$(1,116)$(85)$(3,293)
Less: Net gains (losses) recognized during the period on equity investments sold during the period— (68)— (242)
Total unrealized gains (losses) on equity investments held, end of period
$(246)$(1,048)$(85)$(3,051)
v3.23.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of fair value of outstanding derivative instruments The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30,
2023		December 31,
2022
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$26 $89 
Foreign exchange contracts not designated as hedging instrumentsOther current assets29 18 
Interest rate contracts designated as cash flow hedgesOther current assets— 2 
WarrantOther assets283 214 
Foreign exchange contracts designated as cash flow hedgesOther assets14 13 
Total derivative assets$352 $336 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$8 $12 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities22 34 
Foreign exchange contracts designated as cash flow hedgesOther liabilities— 1 
Total derivative liabilities$30 $47 
Total fair value of derivative instruments$322 $289 
Impact of derivative contracts on accumulated other comprehensive income
The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of June 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 
 December 31, 2022Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(41)$43 $(32)
Interest rate contracts designated as cash flow hedges62 — 6 56 
Total
$114 $(41)$49 $24 
 December 31, 2021Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2022
Foreign exchange contracts designated as cash flow hedges$25 $140 $16 $149 
Interest rate contracts designated as cash flow hedges40 — (2)42 
Total
$65 $140 $14 $191 
Recognized gains or losses related to derivative instruments
The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$14 $9 $43 $15 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues— — (1)— 
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net10 25 6 40 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$24 $34 $48 $55 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net$3 $2 $7 $1 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$31 $(104)$69 $(219)
Notional amounts of outstanding derivatives The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
June 30,
2023		December 31,
2022
Foreign exchange contracts designated as cash flow hedges$1,822 $1,741 
Foreign exchange contracts not designated as hedging instruments2,527 2,181 
Interest rate contracts designated as cash flow hedges— 400 
Total$4,349 $4,322 
v3.23.2
Fair Value Measurement of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities measured on a recurring basis
The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
June 30, 2023
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$2,268 $2,268 $— $— 
Customer accounts380 380 — — 
Short-term investments:
Restricted cash22 22 — — 
Corporate debt securities1,936 — 1,936 — 
Government and agency securities153 — 153 — 
Equity investments with readily determinable fair values97 97 — — 
Total short-term investments2,208 119 2,089 — 
Equity investment in Adevinta2,656 2,656 — — 
Derivatives352 — 69 283 
Long-term investments:
Restricted cash4 4 — — 
Corporate debt securities378 — 378 — 
Government and agency securities562 — 562 — 
Equity investment under the fair value option391 — — 391 
Total long-term investments1,335 4 940 391 
Total financial assets$9,199 $5,427 $3,098 $674 
Liabilities:
Other liabilities$24 $— $— $24 
Derivatives$30 $— $30 $— 
December 31, 2022
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$2,154 $2,154 $— $— 
Customer accounts69 69 — — 
Short-term investments:
Restricted cash36 36 — — 
Corporate debt securities2,350 — 2,350 — 
Government and agency securities135 — 135 — 
Equity investments with readily determinable fair values104 104 — — 
Total short-term investments2,625 140 2,485 — 
Equity investment in Adevinta2,692 2,692 — — 
Derivatives336 — 122 214 
Long-term investments:
Restricted cash13 13 — — 
Corporate debt securities646 — 646 — 
Government and agency securities557 — 557 — 
Equity investment under the fair value option431 — — 431 
Total long-term investments1,647 13 1,203 431 
Total financial assets$9,523 $5,068 $3,810 $645 
Liabilities:
Other liabilities$14 $— $— $14 
Derivatives$47 $— $47 $— 
Schedule of assets measured using significant unobservable inputs
The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2023		December 31,
2022
Opening balance at beginning of period$214 $444 
Change in fair value69 (230)
Closing balance at end of period$283 $214 

The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of June 30, 2023 (in millions, except percentages):
Fair value Valuation technique
Unobservable Input (1)
Range (weighted average)
Warrant$283 Black-Scholes and Monte CarloProbability of vesting
0.0% - 55.0% (48.2%)
Equity volatility
(51%)
(1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount.
The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2023		December 31, 2022
Opening balance at beginning of period$431 $725 
Change in fair value(40)(294)
Closing balance at end of period$391 $431 
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of June 30, 2023 that may have a significant impact on the overall valuation (in millions, except multiples):
Fair value Valuation technique
Unobservable Input (1)
Range
Equity investment in Gmarket$391 Market multiplesRevenue multiple — GPC method
0.8x — 1.6x
Revenue multiple — GMAC method
1.0x — 3.9x
(1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies.
v3.23.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Carrying value of outstanding debt
The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
CouponAs ofEffectiveAs ofEffective
 RateJune 30, 2023 Interest RateDecember 31, 2022 Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023
LIBOR plus 0.87%
$— — %$400 3.786 %
Fixed Rate Notes:
Senior notes due 20232.750 %— — %750 2.866 %
Senior notes due 20243.450 %750 3.531 %750 3.531 %
Senior notes due 20251.900 %800 1.803 %800 1.803 %
Senior notes due 20255.900 %425 6.036 %425 6.036 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689 %
Senior notes due 20275.950 %300 6.064 %300 6.064 %
Senior notes due 20302.700 %950 2.623 %950 2.623 %
Senior notes due 20312.600 %750 2.186 %750 2.186 %
Senior notes due 20326.300 %425 6.371 %425 6.371 %
Senior notes due 20424.000 %750 4.114 %750 4.114 %
Senior notes due 20513.650 %1,000 2.517 %1,000 2.517 %
Total senior notes7,750 8,900 
Hedge accounting fair value adjustments (1)
3 5 
Unamortized premium/(discount) and debt issuance costs(32)(34)
Less: Current portion of long-term debt— (1,150)
Total long-term debt7,721 7,721 
Short-Term Debt
Current portion of long-term debt— 1,150 
Total short-term debt— 1,150 
Total Debt$7,721 $8,871 
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.
v3.23.2
Supplemental Consolidated Financial Information (Tables)
 6 Months Ended
Jun. 30, 2023
Balance Sheet Components [Abstract]  
Schedule of cash and cash equivalents
Cash, cash equivalents and restricted cash
June 30,
2023		December 31,
2022
(In millions)
Cash and cash equivalents$2,268 $2,154 
Customer accounts380 69 
Restricted cash included in short-term investments22 36 
Restricted cash included in long-term investments4 13 
Cash, cash equivalents and restricted cash$2,674 $2,272 
Restrictions on cash and cash equivalents
Cash, cash equivalents and restricted cash
June 30,
2023		December 31,
2022
(In millions)
Cash and cash equivalents$2,268 $2,154 
Customer accounts380 69 
Restricted cash included in short-term investments22 36 
Restricted cash included in long-term investments4 13 
Cash, cash equivalents and restricted cash$2,674 $2,272 
Customer accounts and funds receivable
Customer accounts and funds receivable
June 30,
2023		December 31,
2022
(In millions)
Customer accounts$380 $69 
Funds receivable409 694 
Customer accounts and funds receivable$789 $763 
Schedule of other current assets
Other current assets
June 30,
2023		December 31,
2022
(In millions)
Income and other tax receivable$129 $122 
Payment processor advances126 336 
Prepaid expenses125 120 
Accounts receivable, net77 90 
Short-term derivative assets55 112 
Other284 276 
Other current assets$796 $1,056 
Schedule of accrued expenses and other current liabilities
Accrued expenses and other current liabilities
June 30,
2023		December 31,
2022
(In millions)
Compensation and related benefits$395 $426 
Sales and use tax and VAT accruals375 346 
Advertising accruals199 229 
Operating lease liabilities120 131 
Transaction loss reserve106 101 
Uninvoiced general and administrative expenses91 111 
Accrued interest expense56 67 
Deferred revenue37 34 
Other411 421 
Accrued expenses and other current liabilities$1,790 $1,866 
Schedule of gain (loss) on equity method investments and warrants
Gain (loss) on equity investments and warrant, net
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(In millions)
Unrealized change in fair value of equity investment in Adevinta$(210)$(829)$(36)$(2,472)
Unrealized change in fair value of equity investment in Adyen— (38)— (118)
Unrealized change in fair value of equity investment in Gmarket
(29)(77)(40)(259)
Unrealized change in fair value of equity investment in KakaoBank(4)(105)(7)(196)
Change in fair value of warrant31 (104)69 (219)
Realized change in fair value of shares sold in Adyen— (1)— (167)
Realized change in fair value of shares sold in KakaoBank— (67)— (75)
Gain (loss) on other investments(2)— (2)(6)
Total gain (loss) on equity investments and warrant, net$(214)$(1,221)$(16)$(3,512)
v3.23.2
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Summary of stock repurchase activity under stock repurchase program
The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):
Shares
Repurchased (1)
Average Price
per Share (2)
Value of Shares
Repurchased (2)
Remaining Amount Authorized
Balance as of January 1, 2023$2,848 
Repurchase of shares of common stock 11 $44.92 $500 (500)
Balance as of June 30, 2023$2,348 
(1) These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired.
(2) Excludes broker commissions and excise tax accruals.
v3.23.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of restricted stock unit activity
The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions):
 Units
Outstanding as of January 1, 202321 
Awarded14 
Vested(6)
Forfeited(2)
Outstanding as of June 30, 202327 
Schedule of stock-based compensation expense
The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Cost of net revenues$14 $13 $27 $25 
Sales and marketing25 20 45 40 
Product development74 62 133 107 
General and administrative41 42 77 76 
Total stock-based compensation expense$154 $137 $282 $248 
Capitalized in product development$4 $3 $8 $7 
v3.23.2
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Changes in accumulated balances of other comprehensive income
The following tables summarize the changes in AOCI for the periods indicated (in millions):
Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of March 31, 2023$61 $(79)$223 $26 $231 
Other comprehensive income (loss) before reclassifications(20)— (37)6 (51)
Less: Amount of gain (loss) reclassified from AOCI17 — — (4)13 
Net current period other comprehensive income (loss)(37)— (37)10 (64)
Balance as of June 30, 2023$24 $(79)$186 $36 $167 
Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of March 31, 2022$85 $(58)$294 $21 $342 
Other comprehensive income (loss) before reclassifications114 (19)(85)(24)(14)
Less: Amount of gain (loss) reclassified from AOCI9 (2)— (2)5 
Net current period other comprehensive income (loss)105 (17)(85)(22)(19)
Balance as of June 30, 2022$190 $(75)$209 $(1)$323 

Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of December 31, 2022$114 $(98)$222 $21 $259 
Other comprehensive income (loss) before reclassifications(41)19 (36)4 (54)
Less: Amount of gain (loss) reclassified from AOCI49 — — (11)38 
Net current period other comprehensive income (loss)(90)19 (36)15 (92)
Balance as of June 30, 2023$24 $(79)$186 $36 $167 

Unrealized Gains (Losses) on Derivative InstrumentsUnrealized
Gains (Losses) on
Investments		Foreign
Currency
Translation		Estimated Tax (Expense) BenefitTotal
Balance as of December 31, 2021$65 $(7)$328 $12 $398 
Other comprehensive income (loss) before reclassifications141 (70)(119)(16)(64)
Less: Amount of gain (loss) reclassified from AOCI16 (2)— (3)11 
Net current period other comprehensive income (loss)125 (68)(119)(13)(75)
Balance as of June 30, 2022$190 $(75)$209 $(1)$323 
Reclassifications out of accumulated other comprehensive income
The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions):
Details about AOCI Components Affected Line Item in the Statement of IncomeAmount of Gain (Loss) Reclassified From AOCI
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Gains (losses) on cash flow hedges:
Foreign exchange contractsNet revenues$14 $9 $43 $15 
Foreign exchange contractsCost of net revenues— — (1)— 
Interest rate contractsInterest and other, net3 (2)7 (1)
Total, from continuing operations before income taxes17 7 49 14 
Provision for income taxes(4)(2)(11)(3)
Total, from continuing operations net of income taxes13 5 38 11 
Total reclassifications for the periodTotal, net of income taxes$13 $5 $38 $11 
v3.23.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Schedule of restructuring activity
The following table summarizes restructuring reserve activity for the period indicated (in millions):
 Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Accrued liability, beginning of period$28 $— 
Charges— 42 
Payments(22)(36)
Adjustments(1)(1)
Accrued liability, end of period$5 $5 
v3.23.2
The Company and Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Dec. 31, 2021
Adevinta  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership percentage after sale 33.00%
GMarket  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership percentage after sale 19.99%
Discontinued Operations, Disposed of by Sale | eBay Korea  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Percentage of outstanding equity interests sold 80.01%
v3.23.2
Net Income (Loss) Per Share - Schedule of basic and diluted net income per share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:        
Income (loss) from continuing operations $ 172 $ (536) $ 741 $ (1,875)
Income (loss) from discontinued operations, net of income taxes (1) 5 (3) 3
Net income (loss) $ 171 $ (531) $ 738 $ (1,872)
Denominator:        
Weighted average shares of common stock - basic (in shares) 534 556 536 571
Dilutive effect of equity incentive awards (in shares) 3 0 3 0
Weighted average shares of common stock - diluted (in shares) 537 556 539 571
Income (loss) per share - basic:        
Continuing operations (in usd per share) $ 0.32 $ (0.96) $ 1.38 $ (3.28)
Discontinued operations (in usd per share) 0 0.01 (0.01) 0.01
Net income (loss) per share - basic (in usd per share) 0.32 (0.95) 1.37 (3.27)
Income (loss) per share - diluted:        
Continuing operations (in usd per share) 0.32 (0.96) 1.37 (3.28)
Discontinued operations (in usd per share) 0 0.01 (0.01) 0.01
Net income (loss) per share - diluted (in usd per share) $ 0.32 $ (0.95) $ 1.36 $ (3.27)
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive (in shares) 12 16 12 16
v3.23.2
Business Combinations (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]      
Goodwill $ 4,244   $ 4,262
TCGplayer      
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]      
Goodwill   $ 148  
Purchased intangible assets   109  
Deferred taxes   (18)  
Total   $ 239  
v3.23.2
Goodwill and Intangible Assets - Schedule of goodwill activity (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,262
Goodwill Acquired 20
Adjustments (38)
Ending balance $ 4,244
v3.23.2
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 718 $ 692
Accumulated Amortization (591) (577)
Net Carrying Amount 127 115
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 244 190
Accumulated Amortization (195) (190)
Net Carrying Amount $ 49 $ 0
Weighted Average Useful Life (Years) 8 years 0 years
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 80 $ 68
Accumulated Amortization (56) (53)
Net Carrying Amount $ 24 $ 15
Weighted Average Useful Life (Years) 6 years 7 years
Developed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 235 $ 275
Accumulated Amortization (183) (177)
Net Carrying Amount $ 52 $ 98
Weighted Average Useful Life (Years) 4 years 5 years
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 159 $ 159
Accumulated Amortization (157) (157)
Net Carrying Amount $ 2 $ 2
Weighted Average Useful Life (Years) 3 years 3 years
v3.23.2
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 8 $ 1 $ 18 $ 2
v3.23.2
Goodwill and Intangible Assets - Intangible Asset Amortization Expense, Fiscal Year Maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Fiscal year:    
Remaining 2023 $ 17  
2024 33  
2025 30  
2026 21  
Thereafter 26  
Net Carrying Amount $ 127 $ 115
v3.23.2
Segments (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
segment
Jun. 30, 2022
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment     1  
Number of reportable segments | segment     1  
Net Revenues [Abstract]        
Total net revenues $ 2,540 $ 2,422 $ 5,050 $ 4,905
U.S.        
Net Revenues [Abstract]        
Total net revenues 1,265 1,199 2,526 2,425
United Kingdom        
Net Revenues [Abstract]        
Total net revenues 413 410 794 828
China        
Net Revenues [Abstract]        
Total net revenues 263 214 500 429
Germany        
Net Revenues [Abstract]        
Total net revenues 244 259 496 532
Rest of world        
Net Revenues [Abstract]        
Total net revenues $ 355 $ 340 $ 734 $ 691
v3.23.2
Investments - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Investments    
Estimated Fair Value $ 3,055  
Short-term investments:    
Investments    
Gross Amortized Cost 2,123 $ 2,532
Gross Unrealized Gains 0 0
Gross Unrealized Losses (12) (11)
Estimated Fair Value 2,111 2,521
Short-term investments: | Restricted cash    
Investments    
Gross Amortized Cost 22 36
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 22 36
Short-term investments: | Corporate debt securities    
Investments    
Gross Amortized Cost 1,945 2,355
Gross Unrealized Gains 0 0
Gross Unrealized Losses (9) (5)
Estimated Fair Value 1,936 2,350
Short-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 156 141
Gross Unrealized Gains 0 0
Gross Unrealized Losses (3) (6)
Estimated Fair Value 153 135
Long-term investments:    
Investments    
Gross Amortized Cost 1,011 1,303
Gross Unrealized Gains 0 0
Gross Unrealized Losses (67) (87)
Estimated Fair Value 944 1,216
Long-term investments: | Restricted cash    
Investments    
Gross Amortized Cost 4 13
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 4 13
Long-term investments: | Corporate debt securities    
Investments    
Gross Amortized Cost 403 686
Gross Unrealized Gains 0 0
Gross Unrealized Losses (25) (40)
Estimated Fair Value 378 646
Long-term investments: | Government and agency securities    
Investments    
Gross Amortized Cost 604 604
Gross Unrealized Gains 0 0
Gross Unrealized Losses (42) (47)
Estimated Fair Value $ 562 $ 557
v3.23.2
Investments - General, Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Investments [Abstract]          
Investment securities in a continuous unrealized loss position for less then 12 months $ 1,600,000,000   $ 1,600,000,000   $ 2,800,000,000
Investment securities unrealized loss 2,000,000   2,000,000   32,000,000
Estimated fair value for securities in continuous unrealized loss position for greater than 12 months 1,300,000,000   1,300,000,000   952,000,000
Investment securities in a continuous loss position for greater than 12 months, unrealized losses (77,000,000)   (77,000,000)   $ (66,000,000)
Downward adjustments to the carrying value 0 $ 0 0 $ 7,000,000  
Cumulative upward adjustments for observable price changes 41,000,000   41,000,000    
Cumulative downward adjustments for price changes and impairment $ 298,000,000   $ 298,000,000    
v3.23.2
Investments - Estimated fair values of short and long-term investments classified by date of contractual maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
One year or less (including restricted cash of $22) $ 2,111  
One year through two years (including restricted cash of $4) 645  
Two years through three years 227  
Three years through four years 72  
Estimated Fair Value 3,055  
Short-term investments:    
Debt Securities, Available-for-sale [Line Items]    
Restricted cash included in long-term investments 2,123 $ 2,532
Estimated Fair Value 2,111 2,521
Short-term investments: | Restricted cash    
Debt Securities, Available-for-sale [Line Items]    
Restricted cash included in long-term investments 22 36
Estimated Fair Value 22 36
Long-term investments:    
Debt Securities, Available-for-sale [Line Items]    
Restricted cash included in long-term investments 1,011 1,303
Estimated Fair Value 944 1,216
Long-term investments: | Restricted cash    
Debt Securities, Available-for-sale [Line Items]    
Restricted cash included in long-term investments 4 13
Estimated Fair Value $ 4 $ 13
v3.23.2
Investments - Equity Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]            
Equity investments with readily determinable fair values $ 2,656   $ 2,692      
Equity investments without readily determinable fair values 90 $ 86 86 $ 76 $ 78 $ 85
Total equity investments 3,308   3,377      
Adevinta            
Schedule of Investments [Line Items]            
Equity investment in Adevinta 2,656   2,692      
Short-term investments:            
Schedule of Investments [Line Items]            
Equity investments with readily determinable fair values 97   104      
Long-term investments:            
Schedule of Investments [Line Items]            
Equity investment in Adevinta 431   461      
Equity investments under the equity method of accounting 34   34      
Equity investments without readily determinable fair values $ 90   $ 86      
v3.23.2
Investments - Equity Method Investment in Adevinta - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Jun. 24, 2021
Schedule of Investments [Line Items]              
Unrealized loss on equity securities $ 29 $ 77   $ 40 $ 259    
Adevinta              
Schedule of Investments [Line Items]              
Ownership percentage     25.00%       44.00%
Equity investment under fair value option             $ 10,800
Ownership percentage after sale     33.00%        
Unrealized loss on equity securities 210 $ 829   36 $ 2,472    
Equity investment in Adevinta $ 2,656     $ 2,656   $ 2,692  
Adevinta | Permira              
Schedule of Investments [Line Items]              
Number of voting shares sold     135        
Total consideration from sale of equity securities     $ 2,300        
v3.23.2
Investments - Equity Investments With Readily Determinable Fair Values (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
tranche
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
tranche
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Investments [Line Items]          
Unrealized loss on equity securities $ 29 $ 77 $ 40 $ 259  
Equity investment in Adevinta $ 2,656   $ 2,656   $ 2,692
Warrant          
Schedule of Investments [Line Items]          
Number of tranches | tranche 4   4    
KakaoBank          
Schedule of Investments [Line Items]          
Unrealized loss on equity securities $ 4 105 $ 7 196  
Total consideration from sale of equity securities before gain on settlement of derivatives   242   287  
Realized loss on sale of equity securities   $ 67   $ 75  
Equity investment in Adevinta $ 97   $ 97   $ 104
v3.23.2
Investments - Equity Investment Under the Fair Value Option (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Schedule of Investments [Line Items]            
Unrealized loss on equity securities $ 29 $ 77   $ 40 $ 259  
Other equity investments            
Schedule of Investments [Line Items]            
Equity investment in Adevinta 40     40   $ 30
Long-term investments:            
Schedule of Investments [Line Items]            
Equity investment in Adevinta 431     431   461
GMarket            
Schedule of Investments [Line Items]            
Ownership percentage after sale     19.99%      
Investment balance     $ 728      
Retained investment, rights, period (in years)     2 years      
GMarket | Long-term investments:            
Schedule of Investments [Line Items]            
Equity investment in Adevinta $ 391     $ 391   $ 431
Discontinued Operations, Disposed of by Sale | eBay Korea            
Schedule of Investments [Line Items]            
Percentage of outstanding equity interests sold     80.01%      
v3.23.2
Investments - Equity Investments Without Readily Determinable Fair Values (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity Securities without Readily Determinable Fair Value [Roll Forward]        
Carrying value, beginning of period $ 86,000,000 $ 78,000,000 $ 86,000,000 $ 85,000,000
Additions 5,000,000 0 5,000,000 0
Downward adjustments for observable price changes and impairment 0 0 0 (7,000,000)
Foreign currency translation and other (1,000,000) (2,000,000) (1,000,000) (2,000,000)
Carrying value, end of period $ 90,000,000 $ 76,000,000 $ 90,000,000 $ 76,000,000
v3.23.2
Investments - Unrealized Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Investments [Abstract]        
Net gains (losses) recognized during the period on equity investments $ (246) $ (1,116) $ (85) $ (3,293)
Less: Net gains (losses) recognized during the period on equity investments sold during the period 0 (68) 0 (242)
Total unrealized gains (losses) on equity investments held, end of period $ (246) $ (1,048) $ (85) $ (3,051)
v3.23.2
Derivative Instruments - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
tranche
Dec. 31, 2022
USD ($)
Nov. 30, 2022
USD ($)
Derivative [Line Items]      
Foreign currency net derivative losses to be reclassified into earnings within the next 12 months $ 16,000,000    
Interest rate net derivative gains to be reclassified into earnings within the next 12 months 8,000,000    
Senior Notes | Senior Unsecured Notes Due 2025 2027 And 2032      
Derivative [Line Items]      
Debt instrument, face amount   $ 1,200,000,000  
Foreign exchange contracts      
Derivative [Line Items]      
Offset asset 26,000,000    
Offset liability 26,000,000    
Net derivative assets 43,000,000    
Net derivative liabilities $ 4,000,000    
Forward-Starting Interest Rate Swap      
Derivative [Line Items]      
Deferred gain from termination of derivatives     $ 25,000,000
Warrant      
Derivative [Line Items]      
Maximum percentage of acquired shares 5.00%    
Warrants term (years) 7 years    
Number of tranches | tranche 4    
Maximum number of tranches that can vest per year | tranche 2    
Interest rate contracts      
Derivative [Line Items]      
Offset asset $ 0    
Offset liability $ 0    
Designated as Hedging Instrument | Foreign exchange contracts | Minimum      
Derivative [Line Items]      
Derivative contract duration, up to 1 month    
Designated as Hedging Instrument | Foreign exchange contracts | Maximum      
Derivative [Line Items]      
Derivative contract duration, up to 1 year    
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | Maximum      
Derivative [Line Items]      
Derivative contract duration, up to 24 months    
Designated as Hedging Instrument | Interest rate swap      
Derivative [Line Items]      
Derivative contract duration, up to   10 years  
v3.23.2
Derivative Instruments - Fair Value of Derivative Contracts (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative Assets: $ 352 $ 336
Derivative Liabilities: 30 47
Total fair value of derivative instruments 322 289
Foreign exchange contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 26 89
Foreign exchange contracts | Designated as Hedging Instrument | Other assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 14 13
Foreign exchange contracts | Designated as Hedging Instrument | Other current liabilities | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 8 12
Foreign exchange contracts | Designated as Hedging Instrument | Other liabilities | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 0 1
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 29 18
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities: 22 34
Interest rate contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: 0 2
Warrant | Designated as Hedging Instrument | Other assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Assets: $ 283 $ 214
v3.23.2
Derivative Instruments - Derivatives in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Foreign exchange contracts        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings $ 24 $ 34 $ 48 $ 55
Designated as Hedging Instrument | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     114 65
Amount of Gain (Loss) Recognized in Other Comprehensive Income     (41) 140
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     49 14
Ending Balance 24 191 24 191
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     52 25
Amount of Gain (Loss) Recognized in Other Comprehensive Income     (41) 140
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     43 16
Ending Balance (32) 149 (32) 149
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging        
Effect of derivative Contracts on Accumulated Other Comprehensive Income        
Beginning Balance     62 40
Amount of Gain (Loss) Recognized in Other Comprehensive Income     0 0
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings     6 (2)
Ending Balance $ 56 $ 42 $ 56 $ 42
v3.23.2
Derivative Instruments - Effect of Derivative Contracts on Condensed Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income     $ 49 $ 14
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income $ 24 $ 34 48 55
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income     $ 43 $ 16
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Net revenues Net revenues
Foreign exchange contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income 10 25 $ 6 $ 40
Foreign exchange contracts | Cost of net revenues | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income 0 0 (1) 0
Foreign exchange contracts | Net revenues | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income 14 9 43 15
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income     6 (2)
Interest rate contracts | Interest and other, net | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net 3 2 7 1
Warrant | Interest and other, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net $ 31 $ (104) $ 69 $ (219)
v3.23.2
Derivative Instruments - Notional Amounts of Derivatives Outstanding (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 4,349 $ 4,322
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,822 1,741
Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 2,527 2,181
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 0 $ 400
v3.23.2
Fair Value Measurement of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value, Recurring (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 2,268 $ 2,154
Customer accounts 380 69
Adevinta    
Assets:    
Equity investment in Adevinta 2,656 2,692
Long-term investments:    
Assets:    
Equity investment in Adevinta 431 461
Recurring    
Assets:    
Derivatives 352 336
Total financial assets 9,199 9,523
Liabilities:    
Other liabilities 24 14
Derivatives 30 47
Recurring | Adevinta    
Assets:    
Equity investment in Adevinta 2,656 2,692
Recurring | Short-term investments:    
Assets:    
Investments 2,208 2,625
Recurring | Long-term investments:    
Assets:    
Investments 1,335 1,647
Recurring | Long-term investments: | Equity investment under the fair value option    
Assets:    
Investments 391 431
Recurring | Restricted cash | Short-term investments:    
Assets:    
Investments 22 36
Recurring | Restricted cash | Long-term investments:    
Assets:    
Investments 4 13
Recurring | Corporate debt securities | Short-term investments:    
Assets:    
Investments 1,936 2,350
Recurring | Corporate debt securities | Long-term investments:    
Assets:    
Investments 378 646
Recurring | Government and agency securities | Short-term investments:    
Assets:    
Investments 153 135
Recurring | Government and agency securities | Long-term investments:    
Assets:    
Investments 562 557
Recurring | Equity investments with readily determinable fair values | Short-term investments:    
Assets:    
Investments 97 104
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Derivatives 0 0
Total financial assets 5,427 5,068
Liabilities:    
Other liabilities 0 0
Derivatives 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Adevinta    
Assets:    
Equity investment in Adevinta 2,656 2,692
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments:    
Assets:    
Investments 119 140
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments:    
Assets:    
Investments 4 13
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Equity investment under the fair value option    
Assets:    
Investments 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | Short-term investments:    
Assets:    
Investments 22 36
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | Long-term investments:    
Assets:    
Investments 4 13
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity investments with readily determinable fair values | Short-term investments:    
Assets:    
Investments 97 104
Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents 0 0
Customer accounts 0 0
Derivatives 69 122
Total financial assets 3,098 3,810
Liabilities:    
Other liabilities 0 0
Derivatives 30 47
Recurring | Significant Other Observable Inputs (Level 2) | Adevinta    
Assets:    
Equity investment in Adevinta 0 0
Recurring | Significant Other Observable Inputs (Level 2) | Short-term investments:    
Assets:    
Investments 2,089 2,485
Recurring | Significant Other Observable Inputs (Level 2) | Long-term investments:    
Assets:    
Investments 940 1,203
Recurring | Significant Other Observable Inputs (Level 2) | Long-term investments: | Equity investment under the fair value option    
Assets:    
Investments 0 0
Recurring | Significant Other Observable Inputs (Level 2) | Restricted cash | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Other Observable Inputs (Level 2) | Restricted cash | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 1,936 2,350
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 378 646
Recurring | Significant Other Observable Inputs (Level 2) | Government and agency securities | Short-term investments:    
Assets:    
Investments 153 135
Recurring | Significant Other Observable Inputs (Level 2) | Government and agency securities | Long-term investments:    
Assets:    
Investments 562 557
Recurring | Significant Other Observable Inputs (Level 2) | Equity investments with readily determinable fair values | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Cash and cash equivalents 0 0
Customer accounts 0 0
Derivatives 283 214
Total financial assets 674 645
Liabilities:    
Other liabilities 24 14
Derivatives 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Adevinta    
Assets:    
Equity investment in Adevinta 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Long-term investments:    
Assets:    
Investments 391 431
Recurring | Significant Unobservable Inputs (Level 3) | Long-term investments: | Equity investment under the fair value option    
Assets:    
Investments 391 431
Recurring | Significant Unobservable Inputs (Level 3) | Restricted cash | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Restricted cash | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Government and agency securities | Short-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Government and agency securities | Long-term investments:    
Assets:    
Investments 0 0
Recurring | Significant Unobservable Inputs (Level 3) | Equity investments with readily determinable fair values | Short-term investments:    
Assets:    
Investments $ 0 $ 0
v3.23.2
Fair Value Measurement of Assets and Liabilities - Warrants Measured Valued Using Unobservable Inputs (Details) - Recurring - Significant Unobservable Inputs (Level 3)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Minimum | Probability of vesting    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant, measurement input 0.000  
Maximum | Probability of vesting    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant, measurement input 0.550  
Weighted Average | Probability of vesting    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant, measurement input 0.482  
Weighted Average | Equity volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant, measurement input 0.51  
Warrant    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 214 $ 444
Change in fair value 69 (230)
Ending balance $ 283 $ 214
v3.23.2
Fair Value Measurement of Assets and Liabilities - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Nov. 14, 2021
Other equity investments        
Schedule of Equity Method Investments [Line Items]        
Equity investment in Adevinta $ 40 $ 30    
GMarket        
Schedule of Equity Method Investments [Line Items]        
Equity investments, right held, term (in years)     2 years 2 years
v3.23.2
Fair Value Measurement of Assets and Liabilities - Quantitative Information About Level 3 Warrants, Significant Inputs (Details) - GMarket - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Investment balance     $ 728
Recurring | Investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance $ 431 $ 725  
Change in fair value (40) (294)  
Ending balance $ 391 $ 431  
v3.23.2
Fair Value Measurement of Assets and Liabilities - Investments Measured Valued Using Unobservable Inputs (Details) - Recurring - Investments - GMarket
$ in Millions
Jun. 30, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Equity investment in Gmarket $ 391
GPC method | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Equity investment in Gmarket, measurement input 0.8
GPC method | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Equity investment in Gmarket, measurement input 1.6
GMAC method | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Equity investment in Gmarket, measurement input 1.0
GMAC method | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Equity investment in Gmarket, measurement input 3.9
v3.23.2
Debt - Carrying Value of Outstanding Debt (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Long-Term Debt    
Hedge accounting fair value adjustments $ 3 $ 5
Unamortized premium/(discount) and debt issuance costs (32) (34)
Current portion of long-term debt 0 (1,150)
Total long-term debt 7,721 7,721
Short-Term Debt    
Current portion of long-term debt 0 1,150
Total short-term debt 0 1,150
Total Debt 7,721 8,871
Senior Notes    
Long-Term Debt    
Total senior notes 7,750 8,900
Senior Notes | Floating Senior Notes Due 2023    
Long-Term Debt    
Total senior notes $ 0 $ 400
Effective interest rate (in percent) 0.00% 3.786%
Senior Notes | Floating Senior Notes Due 2023 | London Interbank Offered Rate (LIBOR)    
Long-Term Debt    
Variable rate (in percent) 0.87%  
Senior Notes | Senior notes due 2023    
Long-Term Debt    
Coupon rate (in percent) 2.75%  
Total senior notes $ 0 $ 750
Effective interest rate (in percent) 0.00% 2.866%
Senior Notes | Senior notes due 2024    
Long-Term Debt    
Coupon rate (in percent) 3.45%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 3.531% 3.531%
Senior Notes | Senior notes due 2025    
Long-Term Debt    
Coupon rate (in percent) 1.90%  
Total senior notes $ 800 $ 800
Effective interest rate (in percent) 1.803% 1.803%
Senior Notes | Senior notes due 2025    
Long-Term Debt    
Coupon rate (in percent) 5.90%  
Total senior notes $ 425 $ 425
Effective interest rate (in percent) 6.036% 6.036%
Senior Notes | Senior notes due 2026    
Long-Term Debt    
Coupon rate (in percent) 1.40%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 1.252% 1.252%
Senior Notes | Senior notes due 2027    
Long-Term Debt    
Coupon rate (in percent) 3.60%  
Total senior notes $ 850 $ 850
Effective interest rate (in percent) 3.689% 3.689%
Senior Notes | Senior notes due 2027    
Long-Term Debt    
Coupon rate (in percent) 5.95% 5.95%
Total senior notes $ 300 $ 300
Effective interest rate (in percent) 6.064% 6.064%
Senior Notes | Senior notes due 2030    
Long-Term Debt    
Coupon rate (in percent) 2.70%  
Total senior notes $ 950 $ 950
Effective interest rate (in percent) 2.623% 2.623%
Senior Notes | Senior notes due 2031    
Long-Term Debt    
Coupon rate (in percent) 2.60%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 2.186% 2.186%
Senior Notes | Senior notes due 2032    
Long-Term Debt    
Coupon rate (in percent) 6.30%  
Total senior notes $ 425 $ 425
Effective interest rate (in percent) 6.371% 6.371%
Senior Notes | Senior notes due 2042    
Long-Term Debt    
Coupon rate (in percent) 4.00%  
Total senior notes $ 750 $ 750
Effective interest rate (in percent) 4.114% 4.114%
Senior Notes | Senior notes due 2051    
Long-Term Debt    
Coupon rate (in percent) 3.65%  
Total senior notes $ 1,000 $ 1,000
Effective interest rate (in percent) 2.517% 2.517%
v3.23.2
Debt - Senior Notes (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2020
USD ($)
Senior Notes              
Debt Instrument [Line Items]              
Change of control event       1.01      
Interest expense   $ 64 $ 55 $ 131 $ 115    
Fair value of long-term debt   $ 6,900   $ 6,900   $ 8,000  
Senior Notes | Senior notes due 2023              
Debt Instrument [Line Items]              
Interest rate (in percent)   2.75%   2.75%      
Senior Notes | Senior notes due 2022              
Debt Instrument [Line Items]              
Interest rate (in percent)           2.60%  
Debt repaid           $ 1,400  
Redemption price (in percent)           100.00%  
Senior Notes | 3.8000% Senior notes due 2022              
Debt Instrument [Line Items]              
Interest rate (in percent)           3.80%  
Senior Notes | Senior notes due 2025              
Debt Instrument [Line Items]              
Debt instrument, face amount           $ 425  
Interest rate (in percent)   5.90%   5.90%   5.90%  
Senior Notes | Senior notes due 2027              
Debt Instrument [Line Items]              
Debt instrument, face amount           $ 300  
Interest rate (in percent)   5.95%   5.95%   5.95%  
Senior Notes | Senior notes due 2032              
Debt Instrument [Line Items]              
Debt instrument, face amount           $ 425  
Interest rate (in percent)           6.30%  
Senior Notes | Senior notes due 2024              
Debt Instrument [Line Items]              
Interest rate (in percent)   3.45%   3.45%      
Senior Notes | Senior notes due 2025              
Debt Instrument [Line Items]              
Interest rate (in percent)   1.90%   1.90%      
Senior Notes | Senior notes due 2026              
Debt Instrument [Line Items]              
Interest rate (in percent)   1.40%   1.40%      
Senior Notes | Senior notes due 2027              
Debt Instrument [Line Items]              
Interest rate (in percent)   3.60%   3.60%      
Senior Notes | Senior notes due 2030              
Debt Instrument [Line Items]              
Interest rate (in percent)   2.70%   2.70%      
Senior Notes | Senior notes due 2031              
Debt Instrument [Line Items]              
Interest rate (in percent)   2.60%   2.60%      
Senior Notes | Senior notes due 2032              
Debt Instrument [Line Items]              
Interest rate (in percent)   6.30%   6.30%      
Senior Notes | Senior notes due 2042              
Debt Instrument [Line Items]              
Interest rate (in percent)   4.00%   4.00%      
Senior Notes | Senior notes due 2051              
Debt Instrument [Line Items]              
Interest rate (in percent)   3.65%   3.65%      
Convertible Debt | LIBOR-based floating rate debt              
Debt Instrument [Line Items]              
Debt instrument, face amount             $ 400
Senior Notes | Senior notes due 2023              
Debt Instrument [Line Items]              
Debt instrument, face amount $ 1,200            
Interest rate (in percent) 2.75%            
Debt repaid $ 1,200            
Redemption price (in percent) 100.00%            
Senior Notes | Senior notes due 2022              
Debt Instrument [Line Items]              
Debt instrument, face amount           $ 1,400  
v3.23.2
Debt - Commercial Paper and Credit Agreement (Details)
 1 Months Ended 6 Months Ended
Mar. 31, 2020
USD ($)
Jun. 30, 2023
USD ($)
Debt Instrument [Line Items]    
Allowable increase in borrowing capacity, maximum $ 1,000,000,000  
Maximum consolidated leverage ratio   4.0
Maximum consolidated leverage ratio following a material acquisition   4.5
Commercial Paper    
Debt Instrument [Line Items]    
Amount outstanding   $ 0
Commercial Paper | Maximum    
Debt Instrument [Line Items]    
Debt term   397 days
Commercial Paper | Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing capacity reserved, commercial paper   $ 1,500,000,000
Unsecured Debt | Revolving Credit Facility    
Debt Instrument [Line Items]    
Debt term 5 years  
Amount outstanding   0
Maximum borrowing capacity $ 2,000,000,000 2,000,000,000
Remaining borrowing capacity   $ 2,000,000,000
v3.23.2
Supplemental Consolidated Financial Information - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Balance Sheet Components [Abstract]      
Allowance for doubtful accounts and authorized credits $ 43   $ 42
Allowance for doubtful accounts 18   $ 16
Increase in allowance for doubtful accounts receivable 2    
Allowance for doubtful accounts receivable, write-offs 4    
Deferred revenue recognized $ 31 $ 37  
v3.23.2
Supplemental Consolidated Financial Information - Reconciliation of Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Balance Sheet Components [Abstract]    
Cash and cash equivalents $ 2,268 $ 2,154
Customer accounts 380 69
Restricted cash included in short-term investments 22 36
Restricted cash included in long-term investments 4 13
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 2,674 $ 2,272
v3.23.2
Supplemental Consolidated Financial Information - Customer Accounts and Funds Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Balance Sheet Components [Abstract]    
Customer accounts $ 380 $ 69
Funds receivable 409 694
Customer accounts and funds receivable $ 789 $ 763
v3.23.2
Supplemental Consolidated Financial Information - Other Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Balance Sheet Components [Abstract]    
Income and other tax receivable $ 129 $ 122
Payment processor advances 126 336
Prepaid expenses 125 120
Accounts receivable, net 77 90
Short-term derivative assets 55 112
Other 284 276
Other current assets $ 796 $ 1,056
v3.23.2
Supplemental Consolidated Financial Information - Accrued Expense and Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Balance Sheet Components [Abstract]    
Compensation and related benefits $ 395 $ 426
Sales and use tax and VAT accruals 375 346
Advertising accruals 199 229
Operating lease liabilities 120 131
Transaction loss reserve 106 101
Uninvoiced general and administrative expenses 91 111
Accrued interest expense 56 67
Deferred revenue 37 34
Other 411 421
Accrued expenses and other current liabilities $ 1,790 $ 1,866
v3.23.2
Supplemental Consolidated Financial Information - Equity Method Investments and Warrants (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment $ (246) $ (1,048) $ (85) $ (3,051)
Change in fair value of warrant 31 (104) 69 (219)
Realized change in fair value of shares sold 0 (68) 0 (242)
Gain (loss) on other investments (2) 0 (2) (6)
Gain (loss) on equity investments and warrant, net (214) (1,221) (16) (3,512)
Adevinta        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment (210) (829) (36) (2,472)
Adyen        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment 0 (38) 0 (118)
Realized change in fair value of shares sold 0 (1) 0 (167)
Gmarket        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment (29) (77) (40) (259)
KakaoBank        
Balance Sheet Components [Line Items]        
Unrealized change in fair value of equity investment (4) (105) (7) (196)
Realized change in fair value of shares sold $ 0 $ (67) $ 0 $ (75)
v3.23.2
Commitments and Contingencies - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Defendant
Loss Contingencies [Line Items]  
Pooling arrangement deposits $ 175
Pooling arrangement withdrawals 8
Probable losses $ 64
Former Company Employees  
Loss Contingencies [Line Items]  
Number of defendents | Defendant 6
Former Company Contractor  
Loss Contingencies [Line Items]  
Number of defendents | Defendant 1
v3.23.2
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]          
Payments for dividends   $ 133 $ 121 $ 267 $ 250
Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Dividends declared (in usd per share) $ 0.25        
v3.23.2
Stockholders’ Equity - Summary of Stock Repurchase Activity (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
$ / shares
shares
Equity [Abstract]  
Shares Repurchased (in shares) | shares 11,000,000
Average Price per Share (in usd per share) | $ / shares $ 44.92
Value of Shares Repurchased $ 500
Shares Repurchased, Remaining Amount Authorized  
Beginning balance 2,848
Repurchase of shares of common stock (500)
Ending balance $ 2,348
Treasury shares retired (in shares) | shares 0
v3.23.2
Employee Benefit Plans - Restricted Stock Units (Details) - RSU
shares in Millions
 6 Months Ended
Jun. 30, 2023
$ / shares
shares
Units  
Outstanding, beginning of period (in shares) 21
Awarded (in shares) 14
Vested (in shares) (6)
Forfeited (in shares) (2)
Outstanding, end of period (in shares) 27
Weighted average grant date fair value (in usd per share) | $ / shares $ 44.28
v3.23.2
Employee Benefit Plans - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 154 $ 137 $ 282 $ 248
Cost of net revenues        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 14 13 27 25
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 25 20 45 40
Product development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 74 62 133 107
Capitalized in product development 4 3 8 7
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 41 $ 42 $ 77 $ 76
v3.23.2
Income Taxes (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Deferred tax liabilities on undistributed foreign earnings $ 292 $ 526
v3.23.2
Accumulated Other Comprehensive Income - Changes in Accumulated Balances of Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Tax        
Beginning balance $ 26 $ 21 $ 21 $ 12
Other comprehensive income (loss) before reclassifications 6 (24) 4 (16)
Less: Amount of gain (loss) reclassified from AOCI (4) (2) (11) (3)
Net current period other comprehensive income (loss) 10 (22) 15 (13)
Ending balance 36 (1) 36 (1)
Accumulated Other Comprehensive Income (Loss), Net of Tax        
Beginning balance     5,153  
Other comprehensive income (loss) before reclassifications (51) (14) (54) (64)
Less: Amount of gain (loss) reclassified from AOCI 13 5 38 11
Other comprehensive income (loss), net of tax (64) (19) (92) (75)
Ending balance 5,268 5,243 5,268 5,243
Unrealized Gains (Losses) on Derivative Instruments        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance 61 85 114 65
Other comprehensive income (loss) before reclassifications (20) 114 (41) 141
Less: Amount of gain (loss) reclassified from AOCI 17 9 49 16
Net current period other comprehensive income (loss) (37) 105 (90) 125
Ending balance 24 190 24 190
Unrealized Gains (Losses) on Investments        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance (79) (58) (98) (7)
Other comprehensive income (loss) before reclassifications 0 (19) 19 (70)
Less: Amount of gain (loss) reclassified from AOCI 0 (2) 0 (2)
Net current period other comprehensive income (loss) 0 (17) 19 (68)
Ending balance (79) (75) (79) (75)
Foreign Currency Translation        
Accumulated Other Comprehensive Income (Loss), Before Tax        
Beginning balance 223 294 222 328
Other comprehensive income (loss) before reclassifications (37) (85) (36) (119)
Less: Amount of gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) (37) (85) (36) (119)
Ending balance 186 209 186 209
Total        
Accumulated Other Comprehensive Income (Loss), Net of Tax        
Beginning balance 231 342 259 398
Ending balance $ 167 $ 323 $ 167 $ 323
v3.23.2
Accumulated Other Comprehensive Income - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of net revenues $ (718) $ (663) $ (1,418) $ (1,352)
Interest and other, net (19) (31) (45) (81)
Total, from continuing operations before income taxes 285 (727) 1,015 (2,376)
Provision for income taxes (113) 191 (274) 501
Net income (loss) 171 (531) 738 (1,872)
Reclassification out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (loss) 13 5 38 11
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total, from continuing operations before income taxes 17 7 49 14
Provision for income taxes (4) (2) (11) (3)
Net income (loss) 13 5 38 11
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | Foreign exchange contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net revenues 14 9 43 15
Cost of net revenues 0 0 (1) 0
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | Interest rate contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest and other, net $ 3 $ (2) $ 7 $ (1)
v3.23.2
Restructuring - Schedule of restructuring activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2023
Restructuring Reserve [Roll Forward]      
Accrued liability, beginning of period $ 28 $ 0 $ 0
Charges 0 42 42
Payments (22)   (36)
Adjustments (1)   (1)
Accrued liability, end of period $ 5 $ 28 $ 5
v3.23.2
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2023
Restructuring and Related Activities [Abstract]      
Charges $ 0 $ 42 $ 42