PAYPAL HOLDINGS, INC., 10-Q filed on 7/30/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 24, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-36859  
Entity Registrant Name PayPal Holdings, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-2989869  
Entity Address, Address Line One 2211 North First Street  
Entity Address, City or Town San Jose,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95131  
City Area Code 408  
Local Phone Number 967-7000  
Title of 12(b) Security Common stock, $0.0001 par value per share  
Entity Trading Symbol PYPL  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   1,022,333,393
Entity Central Index Key 0001633917  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 7,701 $ 9,081
Short-term investments 5,915 4,979
Accounts receivable, net 987 1,069
Loans and interest receivable, held for sale 369 563
Loans and interest receivable, net of allowances of $442 and $540 as of June 30, 2024 and December 31, 2023, respectively 5,319 5,433
Funds receivable and customer accounts 38,727 38,935
Prepaid expenses and other current assets 3,954 2,509
Total current assets 62,972 62,569
Long-term investments 4,653 3,273
Property and equipment, net 1,459 1,488
Goodwill 10,816 11,026
Intangible assets, net 403 537
Other assets 3,713 3,273
Total assets 84,016 82,166
Current liabilities:    
Accounts payable 133 139
Funds payable and amounts due to customers 41,727 41,935
Accrued expenses and other current liabilities 8,853 6,392
Total current liabilities 50,713 48,466
Other long-term liabilities 2,954 2,973
Long-term debt 9,727 9,676
Total liabilities 63,394 61,115
Commitments and contingencies (Note 13)
Equity:    
Common stock, $0.0001 par value; 4,000 shares authorized; 1,032 and 1,072 shares outstanding as of June 30, 2024 and December 31, 2023, respectively 0 0
Preferred stock, $0.0001 par value; 100 shares authorized, unissued 0 0
Treasury stock at cost, 294 and 245 shares as of June 30, 2024 and December 31, 2023, respectively (24,064) (21,045)
Additional paid-in-capital 20,163 19,642
Retained earnings 25,216 23,200
Accumulated other comprehensive income (loss) (693) (746)
Total equity 20,622 21,051
Total liabilities and equity $ 84,016 $ 82,166
v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Loans and interest receivable, allowances $ 442 $ 540
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 4,000 4,000
Common stock, shares outstanding (in shares) 1,032 1,072
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100 100
Treasury stock, shares (in shares) 294 245
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net revenues $ 7,885 $ 7,287 $ 15,584 $ 14,327
Operating expenses:        
Transaction expense 3,942 3,541 7,859 6,824
Transaction and credit losses 335 398 656 840
Customer support and operations 436 492 890 980
Sales and marketing 446 465 867 901
Technology and development 718 743 1,460 1,464
General and administrative 570 491 1,034 998
Restructuring and other 113 24 325 188
Total operating expenses 6,560 6,154 13,091 12,195
Operating income 1,325 1,133 2,493 2,132
Other income (expense), net 74 170 115 245
Income before income taxes 1,399 1,303 2,608 2,377
Income tax expense 271 274 592 553
Net income (loss) $ 1,128 $ 1,029 $ 2,016 $ 1,824
Net income (loss) per share:        
Basic (in dollars per share) $ 1.08 $ 0.93 $ 1.91 $ 1.63
Diluted (in dollars per share) $ 1.08 $ 0.92 $ 1.90 $ 1.62
Weighted average shares:        
Basic (in shares) 1,042 1,111 1,053 1,120
Diluted (in shares) 1,047 1,114 1,060 1,124
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,128 $ 1,029 $ 2,016 $ 1,824
Other comprehensive income (loss), net of reclassification adjustments:        
Foreign currency translation adjustments (“CTA”) (125) (216) (268) (236)
Net investment hedges CTA gains, net 100 169 199 196
Tax expense on net investment hedges CTA gains, net (24) (39) (47) (45)
Unrealized gains (losses) on cash flow hedges, net 3 (23) 99 (134)
Tax benefit (expense) on unrealized (losses) gains on cash flow hedges, net 0 1 (5) 7
Unrealized gains on available-for-sale debt securities, net 15 13 98 188
Tax expense on unrealized gains on available-for-sale debt securities, net (3) (3) (23) (44)
Other comprehensive income (loss), net of tax (34) (98) 53 (68)
Comprehensive income (loss) $ 1,094 $ 931 $ 2,069 $ 1,756
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022   1,136        
Beginning balance at Dec. 31, 2022 $ 20,274   $ (16,079) $ 18,327 $ (928) $ 18,954
Increase (Decrease) in Stockholders' Equity            
Net income 795         795
Foreign CTA (20)       (20)  
Net investment hedges CTA gains, net 27       27  
Tax expense on net investment hedges CTA gains, net (6)       (6)  
Unrealized gains (losses) on cash flow hedges, net (111)       (111)  
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net 6       6  
Unrealized gains on available-for-sale debt securities, net 175       175  
Tax expense on unrealized gains on available-for-sale-debt securities, net (41)       (41)  
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)   5        
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (157)     (157)    
Common stock repurchased (in shares)   (19)        
Common stock repurchased (1,443)   (1,443)      
Stock-based compensation 359     359    
Ending balance (in shares) at Mar. 31, 2023   1,122        
Ending balance at Mar. 31, 2023 19,858   (17,522) 18,529 (898) 19,749
Beginning balance (in shares) at Dec. 31, 2022   1,136        
Beginning balance at Dec. 31, 2022 20,274   (16,079) 18,327 (928) 18,954
Increase (Decrease) in Stockholders' Equity            
Net income 1,824          
Foreign CTA (236)          
Net investment hedges CTA gains, net 196          
Tax expense on net investment hedges CTA gains, net (45)          
Unrealized gains (losses) on cash flow hedges, net (134)          
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net 7          
Unrealized gains on available-for-sale debt securities, net 188          
Tax expense on unrealized gains on available-for-sale-debt securities, net (44)          
Ending balance (in shares) at Jun. 30, 2023   1,102        
Ending balance at Jun. 30, 2023 19,661   (19,064) 18,943 (996) 20,778
Beginning balance (in shares) at Mar. 31, 2023   1,122        
Beginning balance at Mar. 31, 2023 19,858   (17,522) 18,529 (898) 19,749
Increase (Decrease) in Stockholders' Equity            
Net income 1,029         1,029
Foreign CTA (216)       (216)  
Net investment hedges CTA gains, net 169       169  
Tax expense on net investment hedges CTA gains, net (39)       (39)  
Unrealized gains (losses) on cash flow hedges, net (23)       (23)  
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net 1       1  
Unrealized gains on available-for-sale debt securities, net 13       13  
Tax expense on unrealized gains on available-for-sale-debt securities, net (3)       (3)  
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)   2        
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes 39     39    
Common stock repurchased (in shares)   (22)        
Common stock repurchased (1,542)   (1,542)      
Stock-based compensation 375     375    
Ending balance (in shares) at Jun. 30, 2023   1,102        
Ending balance at Jun. 30, 2023 $ 19,661   (19,064) 18,943 (996) 20,778
Beginning balance (in shares) at Dec. 31, 2023 1,072 1,072        
Beginning balance at Dec. 31, 2023 $ 21,051   (21,045) 19,642 (746) 23,200
Increase (Decrease) in Stockholders' Equity            
Net income 888         888
Foreign CTA (143)       (143)  
Net investment hedges CTA gains, net 99       99  
Tax expense on net investment hedges CTA gains, net (23)       (23)  
Unrealized gains (losses) on cash flow hedges, net 96       96  
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net (5)       (5)  
Unrealized gains on available-for-sale debt securities, net 83       83  
Tax expense on unrealized gains on available-for-sale-debt securities, net (20)       (20)  
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)   6        
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (193)     (193)    
Common stock repurchased (in shares)   (25)        
Common stock repurchased (1,511)   (1,511)      
Treasury stock reissuance 4   4      
Stock-based compensation 376     376    
Ending balance (in shares) at Mar. 31, 2024   1,053        
Ending balance at Mar. 31, 2024 $ 20,702   (22,552) 19,825 (659) 24,088
Beginning balance (in shares) at Dec. 31, 2023 1,072 1,072        
Beginning balance at Dec. 31, 2023 $ 21,051   (21,045) 19,642 (746) 23,200
Increase (Decrease) in Stockholders' Equity            
Net income 2,016          
Foreign CTA (268)          
Net investment hedges CTA gains, net 199          
Tax expense on net investment hedges CTA gains, net (47)          
Unrealized gains (losses) on cash flow hedges, net 99          
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net (5)          
Unrealized gains on available-for-sale debt securities, net 98          
Tax expense on unrealized gains on available-for-sale-debt securities, net $ (23)          
Ending balance (in shares) at Jun. 30, 2024 1,032 1,032        
Ending balance at Jun. 30, 2024 $ 20,622   (24,064) 20,163 (693) 25,216
Beginning balance (in shares) at Mar. 31, 2024   1,053        
Beginning balance at Mar. 31, 2024 20,702   (22,552) 19,825 (659) 24,088
Increase (Decrease) in Stockholders' Equity            
Net income 1,128         1,128
Foreign CTA (125)       (125)  
Net investment hedges CTA gains, net 100       100  
Tax expense on net investment hedges CTA gains, net (24)       (24)  
Unrealized gains (losses) on cash flow hedges, net 3       3  
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges, net 0          
Unrealized gains on available-for-sale debt securities, net 15       15  
Tax expense on unrealized gains on available-for-sale-debt securities, net (3)       (3)  
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)   3        
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes 13     13    
Common stock repurchased (in shares)   (24)        
Common stock repurchased (1,516)   (1,516)      
Treasury stock reissuance 4   4      
Stock-based compensation $ 325     325    
Ending balance (in shares) at Jun. 30, 2024 1,032 1,032        
Ending balance at Jun. 30, 2024 $ 20,622   $ (24,064) $ 20,163 $ (693) $ 25,216
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 2,016 $ 1,824
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Transaction and credit losses 656 840
Depreciation and amortization 528 539
Stock-based compensation 663 708
Deferred income taxes 29 (146)
Net (gains) losses on strategic investments 55 (181)
Accretion of discounts on investments, net of amortization of premiums (197) (162)
Adjustments to loans and interest receivable, held for sale 64 34
Other (42) (114)
Originations of loans receivable, held for sale (11,065) (1,521)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale 11,175 302
Changes in assets and liabilities:    
Accounts receivable 82 36
Accounts payable (11) (12)
Other assets and liabilities (511) (1,177)
Net cash provided by operating activities 3,442 970
Cash flows from investing activities:    
Purchases of property and equipment (311) (320)
Proceeds from sales of property and equipment 0 40
Purchases and originations of loans receivable (9,961) (15,167)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment 9,760 15,990
Purchases of investments (16,004) (10,523)
Maturities and sales of investments 14,241 10,742
Funds receivable (1,367) 759
Collateral posted related to derivative instruments, net 75 (11)
Other (100) 83
Net cash (used in) provided by investing activities (3,667) 1,593
Cash flows from financing activities:    
Proceeds from issuance of common stock 55 82
Purchases of treasury stock (3,002) (2,961)
Tax withholdings related to net share settlements of equity awards (230) (200)
Borrowings under financing arrangements 1,414 720
Repayments under financing arrangements (411) (942)
Funds payable and amounts due to customers (38) (2,578)
Collateral received related to derivative instruments, net 70 (175)
Other (20) 0
Net cash used in financing activities (2,162) (6,054)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (89) (50)
Net change in cash, cash equivalents, and restricted cash (2,476) (3,541)
Cash, cash equivalents, and restricted cash at beginning of period 21,834 19,156
Cash, cash equivalents, and restricted cash at end of period 19,358 15,615
Supplemental cash flow disclosures:    
Cash paid for interest 166 167
Cash paid for income taxes, net 822 906
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Cash and cash equivalents 7,701 5,504
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows 19,358 15,615
Short-term investments    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents 3 11
Funds receivable and customer accounts    
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Restricted cash and cash equivalents $ 11,654 $ 10,100
v3.24.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OVERVIEW AND ORGANIZATION

PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015 and is a leading technology platform that enables digital payments and personalizes commerce experiences on behalf of merchants and consumers worldwide. PayPal’s mission is to revolutionize commerce globally by creating innovative experiences that are designed to make moving money, selling, and shopping simple, personalized, and secure.

We operate globally and in a rapidly evolving regulatory environment characterized by a heightened focus by regulators globally on all aspects of the payments industry, including countering terrorist financing, anti-money laundering, privacy, cybersecurity, and consumer protection. The laws and regulations applicable to us, including those enacted prior to the advent of digital payments, continue to evolve through legislative and regulatory action and judicial interpretation. New or changing laws and regulations, including changes to their interpretation and implementation, as well as increased penalties and enforcement actions related to non-compliance, could have a material adverse impact on our business, results of operations, and financial condition. We monitor these areas closely and are focused on designing compliant solutions for our customers.

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income (loss). Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income (loss). Our investment balance is included in long-term investments on our condensed consolidated balance sheets.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2024 and December 31, 2023, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2024 and December 31, 2023, the carrying value of our investments in nonconsolidated VIEs was $188 million and $175 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of June 30, 2024 and December 31, 2023.

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, 2023 (the “2023 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 8, 2024.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and six months ended June 30, 2024.
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 and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.

Recent accounting guidance

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. We are required to apply these amendments as a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is adopted. Based on our current crypto asset holdings and fair value, the adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for fiscal years beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
v3.24.2
REVENUE
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.
DISAGGREGATION OF REVENUE

We determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Chief Executive Officer, who regularly reviews our operating results on a consolidated basis. We operate as one segment and have one reportable segment. Based on the information provided to and reviewed by our CODM, we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially similar.

The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Primary geographical markets
U.S.$4,550 $4,210 $9,017 $8,357 
Other countries(1)
3,335 3,077 6,567 5,970 
Total net revenues(2)
$7,885 $7,287 $15,584 $14,327 
Revenue category
Transaction revenues$7,153 $6,556 $14,187 $12,920 
Revenues from other value added services732 731 1,397 1,407 
Total net revenues(2)
$7,885 $7,287 $15,584 $14,327 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $520 million and $452 million for the three months ended June 30, 2024 and 2023, respectively, and $988 million and $903 million for the six months ended June 30, 2024 and 2023, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, as well as hedging gains or losses, and interest earned on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.
v3.24.2
NET INCOME (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2024
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 common shares 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 for the period. The dilutive effect of outstanding 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 common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,128 $1,029 $2,016 $1,824 
Denominator:
Weighted average shares of common stock - basic1,042 1,111 1,053 1,120 
Dilutive effect of equity incentive awards5 3 7 4 
Weighted average shares of common stock - diluted1,047 1,114 1,060 1,124 
Net income (loss) per share:
Basic$1.08 $0.93 $1.91 $1.63 
Diluted$1.08 $0.92 $1.90 $1.62 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
12 25 14 19 
v3.24.2
BUSINESS COMBINATIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND DIVESTITURES BUSINESS COMBINATIONS AND DIVESTITURESThere were no acquisitions accounted for as business combinations or divestitures completed in the three and six months ended June 30, 2024 and 2023.
v3.24.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
GOODWILL

The following table presents goodwill balances and adjustments to those balances during the six months ended June 30, 2024:
December 31,
2023		Goodwill Acquired Adjustments June 30,
2024
 (In millions)
Total goodwill$11,026 $— $(210)$10,816 

The adjustments to goodwill during the six months ended June 30, 2024 pertained to foreign currency translation adjustments.

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 June 30, 2024December 31, 2023
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
 (In millions, except years)
Intangible assets:        
Customer lists and user base$1,490 $(1,181)$309 7$1,546 $(1,140)$406 7
Marketing related378 (352)26 5387 (350)37 5
Developed technology1,008 (1,005)3 31,013 (999)14 3
All other429 (364)65 7433 (353)80 7
Intangible assets, net$3,305 $(2,902)$403 $3,379 $(2,842)$537  
Amortization expense for intangible assets was $52 million and $58 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense for intangible assets was $108 million and $115 million for the six months ended June 30, 2024 and 2023, respectively. Additionally, in the three months ended June 30, 2023, we retired approximately $8 million of fully amortized intangible assets, all of which were included in developed technology; and in the six months ended June 30, 2023, we retired approximately $92 million of fully amortized intangible assets, of which $65 million and $27 million were included in customer lists and user base and developed technology, respectively.

Expected future intangible asset amortization as of June 30, 2024 was as follows (in millions):

Fiscal years:
Remaining 2024$83 
2025142 
202686 
202752 
202840 
Total$403 
v3.24.2
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, data centers, product development offices, and customer services and operations centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Operating lease expense$39 $39 $76 $80 
Sublease income(3)(2)(6)(4)
Total lease expense, net(1)
$36 $37 $70 $76 
(1) During the three and six months ended June 30, 2024, finance lease expense was de minimis.
Supplemental cash flow information related to leases during the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $43 $85 $86 
Financing cash flows from finance leases$20 $— $20 $— 
Right-of-use (“ROU”) lease assets obtained in exchange for new operating lease liabilities
$134 $23 $277 $22 
ROU lease assets obtained in exchange for new finance lease liabilities$39 $— $55 $— 
Other non-cash ROU lease asset activity(1)
$— $(4)$— $(25)
(1) ROU lease asset impairment. Refer to “Note 17—Restructuring and Other” for further details.

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In millions, except weighted-average figures)
Operating leases(1)
Finance leases(2)
Operating leases(1)
Finance leases(2)
ROU lease assets$603 $53 $390 $— 
Current lease liabilities129 20 144 — 
Long-term lease liabilities632 15 416 — 
Total lease liabilities$761 $35 $560 $— 
Weighted-average remaining lease term5.8 years4.8 years5.0 years— 
Weighted-average discount rate4 %5 %4 %— %
(1) ROU assets for operating leases are included in “other assets” and lease liabilities for operating leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.
(2) ROU assets for finance leases are included in “property and equipment, net” and lease liabilities for finance leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.

Future minimum lease payments for our leases as of June 30, 2024 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2024$76 $16 
2025162 6 
2026160 5 
2027139 5 
202892 5 
Thereafter236 — 
Total$865 $37 
Less: present value discount(104)(2)
Lease liability$761 $35 

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.

As of June 30, 2024, we have additional operating leases, primarily for data centers, which will commence in the third quarter of 2024 or later with minimum lease payments aggregating to $4 million and lease terms ranging from one to five years. As of June 30, 2024, we have additional finance leases for computer equipment, which will commence in the third quarter of 2024 or later with minimum lease payments aggregating to $21 million and lease terms of five years.
LEASES LEASES
PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, data centers, product development offices, and customer services and operations centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Operating lease expense$39 $39 $76 $80 
Sublease income(3)(2)(6)(4)
Total lease expense, net(1)
$36 $37 $70 $76 
(1) During the three and six months ended June 30, 2024, finance lease expense was de minimis.
Supplemental cash flow information related to leases during the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $43 $85 $86 
Financing cash flows from finance leases$20 $— $20 $— 
Right-of-use (“ROU”) lease assets obtained in exchange for new operating lease liabilities
$134 $23 $277 $22 
ROU lease assets obtained in exchange for new finance lease liabilities$39 $— $55 $— 
Other non-cash ROU lease asset activity(1)
$— $(4)$— $(25)
(1) ROU lease asset impairment. Refer to “Note 17—Restructuring and Other” for further details.

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In millions, except weighted-average figures)
Operating leases(1)
Finance leases(2)
Operating leases(1)
Finance leases(2)
ROU lease assets$603 $53 $390 $— 
Current lease liabilities129 20 144 — 
Long-term lease liabilities632 15 416 — 
Total lease liabilities$761 $35 $560 $— 
Weighted-average remaining lease term5.8 years4.8 years5.0 years— 
Weighted-average discount rate4 %5 %4 %— %
(1) ROU assets for operating leases are included in “other assets” and lease liabilities for operating leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.
(2) ROU assets for finance leases are included in “property and equipment, net” and lease liabilities for finance leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.

Future minimum lease payments for our leases as of June 30, 2024 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2024$76 $16 
2025162 6 
2026160 5 
2027139 5 
202892 5 
Thereafter236 — 
Total$865 $37 
Less: present value discount(104)(2)
Lease liability$761 $35 

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.

As of June 30, 2024, we have additional operating leases, primarily for data centers, which will commence in the third quarter of 2024 or later with minimum lease payments aggregating to $4 million and lease terms ranging from one to five years. As of June 30, 2024, we have additional finance leases for computer equipment, which will commence in the third quarter of 2024 or later with minimum lease payments aggregating to $21 million and lease terms of five years.
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL STATEMENT DETAILS OTHER FINANCIAL STATEMENT DETAILS
CRYPTO ASSET SAFEGUARDING LIABILITY AND CORRESPONDING SAFEGUARDING ASSET

We allow our customers in certain markets to buy, hold, sell, convert, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and PayPal USD stablecoin (collectively, “our customers’ crypto assets”). We engage third parties, which are licensed trust companies, to provide certain custodial services, including holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft. Our third-party custodians hold the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers. We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers in that custodial account. As of June 30, 2024, we utilize two third-party custodians; as such, there is concentration risk in the event these custodians are not able to perform in accordance with our agreements.

Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers, which is recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. We also recognize a corresponding safeguarding asset, which is recorded in prepaid expenses and other current assets on our condensed consolidated balance sheets. The crypto asset safeguarding liability and corresponding safeguarding asset are measured and recorded at fair value on a recurring basis using quoted prices for the underlying crypto assets on the active exchange that we have identified as the principal market at the balance sheet date. The corresponding safeguarding asset may be adjusted for loss events, as applicable. As of June 30, 2024 and December 31, 2023, the Company had not incurred any safeguarding loss events, and therefore, the crypto asset safeguarding liability and corresponding safeguarding asset were recorded at the same value.

The following table summarizes the significant crypto assets we hold for the benefit of our customers and the crypto asset safeguarding liability and corresponding safeguarding asset as of June 30, 2024 and December 31, 2023:
June 30,
2024		December 31, 2023
(In millions)
Bitcoin$1,459 $741 
Ethereum870 412 
Other 100 88 
Crypto asset safeguarding liability$2,429 $1,241 
Crypto asset safeguarding asset$2,429 $1,241 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $40 $(51)$(874)$290 $(64)$(659)
Other comprehensive income (loss) before reclassifications25 16 (125)100 (27)(11)
Less: Amount of net gain (loss) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
22 1 — — — 23 
Net current period other comprehensive income (loss) 3 15 (125)100 (27)(34)
Ending balance $43 $(36)$(999)$390 $(91)$(693)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2023:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $— $(416)$(595)$26 $87 $(898)
Other comprehensive income (loss) before reclassifications11 13 (216)169 (41)(64)
Less: Amount of net gain (loss) reclassified from AOCI
34 — — — — 34 
Net current period other comprehensive income (loss) (23)13 (216)169 (41)(98)
Ending balance $(23)$(403)$(811)$195 $46 $(996)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(731)$191 $(16)$(746)
Other comprehensive income (loss) before reclassifications121 57 (268)199 (75)34 
Less: Amount of net gain (loss) reclassified from AOCI
22 (41)— — — (19)
Net current period other comprehensive income (loss) 99 98 (268)199 (75)53 
Ending balance $43 $(36)$(999)$390 $(91)$(693)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2023:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $111 $(591)$(575)$(1)$128 $(928)
Other comprehensive income (loss) before reclassifications(24)163 (236)196 (82)17 
Less: Amount of net gain (loss) reclassified from AOCI
110 (25)— — — 85 
Net current period other comprehensive income (loss) (134)188 (236)196 (82)(68)
Ending balance $(23)$(403)$(811)$195 $46 $(996)

The following table provides details about reclassifications out of AOCI for the periods presented below:
Details about AOCI Components 
Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Net gains (losses) on cash flow hedges—foreign currency exchange contracts
$22 $34 $22 $110 Net revenues
Net gains (losses) on investments
1 — (41)(23)Net revenues
Net gains (losses) on investments
— — — (2)Other income (expense), net
23 34 (19)85 Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$23 $34 $(19)$85 Net income (loss)

OTHER INCOME (EXPENSE), NET

The following table reconciles the components of other income (expense), net for the periods presented below:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Interest income$165 $116 $331 $224 
Interest expense(93)(87)(179)(174)
Net gains (losses) on strategic investments(6)133 (55)181 
Other8 8 18 14 
Other income (expense), net$74 $170 $115 $245 
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2024 and December 31, 2023:
 June 30,
2024		December 31,
2023
(In millions)
Cash and cash equivalents(1)
$7,701 $9,081 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$11,654 $12,750 
Time deposits73 82 
Available-for-sale debt securities15,368 15,708 
Funds receivable11,632 10,395 
Total funds receivable and customer accounts$38,727 $38,935 
Short-term investments:
Time deposits$236 $128 
Available-for-sale debt securities5,676 4,848 
Restricted cash3 3 
Total short-term investments$5,915 $4,979 
Long-term investments:
Time deposits$30 $45 
Available-for-sale debt securities2,771 1,391 
Strategic investments1,852 1,837 
Total long-term investments$4,653 $3,273 
(1) Includes $85 million and $777 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2024 and December 31, 2023, respectively.
(2) Includes $51 million and $399 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2024 and December 31, 2023, respectively.
As of June 30, 2024 and December 31, 2023, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
June 30, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$85 $— $— $85 
Funds receivable and customer accounts:
U.S. government and agency securities7,183 3 (21)7,165 
Foreign government and agency securities73 — — 73 
Corporate debt securities385 — — 385 
Mortgage-backed and asset-backed securities3,102 5 (2)3,105 
Municipal securities793 — (3)790 
Commercial paper3,338 — (2)3,336 
Short-term investments:
U.S. government and agency securities894 — (10)884 
Foreign government and agency securities174 — (1)173 
Corporate debt securities1,335 — (5)1,330 
Mortgage-backed and asset-backed securities653 3 (2)654 
Commercial paper2,635 1 (1)2,635 
Long-term investments:
U.S. government and agency securities230 — — 230 
Foreign government and agency securities203 — (2)201 
Corporate debt securities1,476 3 (2)1,477 
Mortgage-backed and asset-backed securities863 1 (1)863 
Total available-for-sale debt securities(2)
$23,422 $16 $(52)$23,386 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2023(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$428 $— $— $428 
Commercial paper349 — — 349 
Funds receivable and customer accounts:
U.S. government and agency securities8,549 8 (79)8,478 
Foreign government and agency securities620 — (8)612 
Corporate debt securities1,507 — (18)1,489 
Asset-backed securities1,421 4 (2)1,423 
Municipal securities639 1 (2)638 
Commercial paper2,846 4 (1)2,849 
Short-term investments:
U.S. government and agency securities632 — (9)623 
Foreign government and agency securities353 — (6)347 
Corporate debt securities1,494 1 (13)1,482 
Asset-backed securities719 3 (4)718 
Commercial paper1,678 1 (1)1,678 
Long-term investments:
U.S. government and agency securities188 — (8)180 
Foreign government and agency securities33 — (1)32 
Corporate debt securities424 — (6)418 
Asset-backed securities759 2 — 761 
Total available-for-sale debt securities(2)
$22,639 $24 $(158)$22,505 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”

Gross amortized cost and estimated fair value balances exclude accrued interest receivable on available-for-sale debt securities, which totaled $146 million and $101 million at June 30, 2024 and December 31, 2023, respectively, and were included in other current assets on our condensed consolidated balance sheets.
As of June 30, 2024 and December 31, 2023, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
June 30, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$4,232 $(6)$1,551 $(15)$5,783 $(21)
Foreign government and agency securities72 — 1 — 73 — 
Corporate debt securities125 — — — 125 — 
Mortgage-backed and asset-backed securities1,098 (2)11 — 1,109 (2)
Municipal securities448 (2)247 (1)695 (3)
Commercial paper2,178 (2)— — 2,178 (2)
Short-term investments:
U.S. government and agency securities138 — 402 (10)540 (10)
Foreign government and agency securities55 — 118 (1)173 (1)
Corporate debt securities349 — 416 (5)765 (5)
Mortgage-backed and asset-backed securities159 — 109 (2)268 (2)
Commercial paper1,519 (1)— — 1,519 (1)
Long-term investments:
U.S. government and agency securities230 — — — 230 — 
Foreign government and agency securities108 (1)33 (1)141 (2)
Corporate debt securities451 (1)33 (1)484 (2)
Mortgage-backed and asset-backed securities395 (1)— — 395 (1)
Total available-for-sale debt securities$11,557 $(16)$2,921 $(36)$14,478 $(52)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2023(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
Commercial paper$349 $— $— $— $349 $— 
Funds receivable and customer accounts:
U.S. government and agency securities2,626 (8)3,917 (71)6,543 (79)
Foreign government and agency securities36 — 451 (8)487 (8)
Corporate debt securities100 — 1,364 (18)1,464 (18)
Asset-backed securities253 — 473 (2)726 (2)
Municipal securities196 (1)156 (1)352 (2)
Commercial paper1,088 (1)— — 1,088 (1)
Short-term investments:
U.S. government and agency securities— — 296 (9)296 (9)
Foreign government and agency securities— — 347 (6)347 (6)
Corporate debt securities194 — 797 (13)991 (13)
Asset-backed securities131 — 144 (4)275 (4)
Commercial paper737 (1)— — 737 (1)
Long-term investments:
U.S. government and agency securities— — 180 (8)180 (8)
Foreign government and agency securities— — 32 (1)32 (1)
Corporate debt securities120 — 120 (6)240 (6)
Asset-backed securities109 — 195 — 304 — 
Total available-for-sale debt securities$5,939 $(11)$8,472 $(147)$14,411 $(158)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.

Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred. During the three months ended June 30, 2024, we received $8.9 billion in proceeds from the sale and maturity of available-for-sale debt securities, incurring gross realized gains and losses which were de minimis. During the six months ended June 30, 2024, we received $20.2 billion in proceeds from the sale and maturity of available-for-sale debt securities, incurring gross realized losses of $42 million and gains which were de minimis. During the three months ended June 30, 2023, we received $5.0 billion in proceeds from the sale and maturity of available-for-sale debt securities, incurring gross realized gains and losses which were de minimis. During the six months ended June 30, 2023, we received $11.4 billion in proceeds from the sale and maturity of available-for-sale debt securities, incurring gross realized losses of $25 million and gains which were de minimis. Gross realized gains and losses were determined using the specific identification method.
Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 June 30, 2024
Amortized CostFair Value
(In millions)
One year or less $13,538 $13,505 
After one year through five years6,376 6,370 
After five years through ten years3,103 3,106 
After ten years405 405 
Total$23,422 $23,386 
Actual maturities may differ from contractual maturities as certain securities may be prepaid.

Supplemental cash flow information related to investments

Non-cash investing transactions that are not reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2024 include the purchase of investments, net of sale, not yet settled of $126 million.

STRATEGIC INVESTMENTS

Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are primarily investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income (loss). Marketable equity securities totaled $15 million and $24 million as of June 30, 2024 and December 31, 2023, respectively.

Our non-marketable equity securities are recorded in long-term investments on our condensed consolidated balance sheets. The carrying value of our non-marketable equity securities totaled $1.8 billion as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, we had non-marketable equity securities of $202 million and $182 million, respectively, for which we have the ability to exercise significant influence, but not control, over the investee. We account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income (loss).

Measurement Alternative adjustments

The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Carrying amount, beginning of period$1,624 $1,680 $1,631 $1,687 
Adjustments related to non-marketable equity securities:
Net additions(1)
25 10 65 26 
Gross unrealized gains3 1 3 23 
Gross unrealized losses and impairments(17)— (64)(45)
Carrying amount, end of period$1,635 $1,691 $1,635 $1,691 
(1) Net additions include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.
The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative, held at June 30, 2024 and December 31, 2023, respectively:
June 30,
2024		December 31,
2023
(In millions)
Cumulative gross unrealized gains $1,171 $1,168 
Cumulative gross unrealized losses and impairments$(346)$(283)

Unrealized gains (losses) on strategic investments, excluding those accounted for using the equity method

The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2024 and 2023, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Net unrealized gains (losses)$(19)$136 $(70)$188 
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
FINANCIAL ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:

June 30, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$85 $— $85 
Short-term investments(2):
U.S. government and agency securities884 — 884 
Foreign government and agency securities173 — 173 
Corporate debt securities1,330 — 1,330 
Mortgage-backed and asset-backed securities654 — 654 
Commercial paper2,635 — 2,635 
Total short-term investments5,676 — 5,676 
Funds receivable and customer accounts(3):
U.S. government and agency securities7,165 — 7,165 
Foreign government and agency securities564 — 564 
Corporate debt securities459 — 459 
Mortgage-backed and asset-backed securities3,105 — 3,105 
Municipal securities790 — 790 
Commercial paper3,336 — 3,336 
Total funds receivable and customer accounts15,419 — 15,419 
Derivatives(4)
423 — 423 
Crypto asset safeguarding asset(4)
2,429 — 2,429 
Long-term investments(2),(5):
U.S. government and agency securities230 — 230 
Foreign government and agency securities201 — 201 
Corporate debt securities1,477 — 1,477 
Mortgage-backed and asset-backed securities863 — 863 
Marketable equity securities15 15 — 
Total long-term investments2,786 15 2,771 
Total financial assets$26,818 $15 $26,803 
Liabilities:
Derivatives(4)
$43 $— $43 
Crypto asset safeguarding liability(4)
2,429 — 2,429 
Total financial liabilities$2,472 $— $2,472 
(1) Excludes cash of $7.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $3 million and time deposits of $266 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. Crypto safeguarding asset and associated liability are recorded within “prepaid expenses and other current assets” and “accrued expenses and other current liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$428 $— $428 
Commercial paper349 — 349 
Money market fund160 — 160 
Total cash and cash equivalents937 — 937 
Short-term investments(2):
U.S. government and agency securities623 — 623 
Foreign government and agency securities347 — 347 
Corporate debt securities1,482 — 1,482 
Asset-backed securities718 — 718 
Commercial paper1,678 — 1,678 
Total short-term investments4,848 — 4,848 
Funds receivable and customer accounts(3):
U.S. government and agency securities8,478 — 8,478 
Foreign government and agency securities1,118 — 1,118 
Corporate debt securities1,601 — 1,601 
Asset-backed securities1,423 — 1,423 
Municipal securities638 — 638 
Commercial paper2,849 — 2,849 
Total funds receivable and customer accounts16,107 — 16,107 
Derivatives(4)
141 — 141 
Crypto asset safeguarding asset(4)
1,241 — 1,241 
Long-term investments(2), (5):
U.S. government and agency securities180 — 180 
Foreign government and agency securities32 — 32 
Corporate debt securities418 — 418 
Asset-backed securities761 — 761 
Marketable equity securities24 24 — 
Total long-term investments1,415 24 1,391 
Total financial assets$24,689 $24 $24,665 
Liabilities:
Derivatives(4)
$131 $— $131 
Crypto asset safeguarding liability(4)
1,241 — 1,241 
Total financial liabilities$1,372 $— $1,372 
(1) Excludes cash of $8.1 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $3 million and time deposits of $173 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $22.8 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. Crypto safeguarding asset and associated liability are recorded within “prepaid expenses and other current assets” and “accrued expenses and other current liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.
Our marketable equity securities are valued using quoted prices for identical assets in active markets (Level 1). There are no active markets for our crypto asset safeguarding liability or the corresponding safeguarding asset. Accordingly, we have valued the asset and liability using quoted prices on the active exchange that we have identified as the principal market for the underlying crypto assets (Level 2). All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2).

A majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple observable inputs where applicable, such as currency rates, interest rate yield curves, option volatility, and equity prices (Level 2).

As of June 30, 2024 and December 31, 2023, we did not have any assets or liabilities requiring measurement at fair value on a recurring basis with significant unobservable inputs that would require a high level of judgment to determine fair value (Level 3).

We elect to account for available-for-sale debt securities denominated in currencies other than the functional currency of our subsidiaries under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income (loss) to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2024 and December 31, 2023:
 June 30, 2024December 31, 2023
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$569 $565 $625 $618 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Funds receivable and customer accounts$(8)$4 $(15)$11 

ASSETS MEASURED AND RECORDED AT FAIR VALUE ON A NON-RECURRING BASIS

The following tables summarize our assets held as of June 30, 2024 and December 31, 2023 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2024 and the year ended December 31, 2023, respectively:
June 30, 2024
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$369 $369 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
56 10 46 
Total$425 $379 $46 
(1) Excludes non-marketable equity securities of $1.6 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2024.
December 31, 2023
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale(1)
$563 $— $563 
Non-marketable equity investments measured using the Measurement Alternative(2)
440 131 309 
Other assets(3)
112 112 — 
Total$1,115 $243 $872 
(1) As of December 31, 2023, loans and interest receivable, held for sale were valued using a price-based model. The price was the significant unobservable input and was determined based upon certain loan and risk classifications of the portfolio. Low, high and weighted average prices were all $0.99, measured in relation to $1.00 par.
(2) Excludes non-marketable equity securities of $1.2 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2023.
(3) Consists of ROU lease assets recorded at fair value pursuant to impairment charges that occurred during the year ended December 31, 2023.

Beginning with the first quarter of 2024, we measure loans and interest receivable, held for sale using observable inputs, such as the most recent executed prices for comparable loans sold to the global investment firm. Accordingly, loans and interest receivable, held for sale are classified within Level 2 in the fair value hierarchy. Refer to “Note 11—Loans and interest receivable” for additional information on loans and interest receivable, held for sale.

We measure the non-marketable equity securities accounted for under the Measurement Alternative at cost minus impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Non-marketable equity securities that have been remeasured during the period based on observable price changes are classified within Level 2 in the fair value hierarchy because we estimate the fair value based on valuation methods which only include significant inputs that are observable, such as the observable transaction price at the transaction date. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using significant unobservable inputs such as when we remeasure due to impairment and use discount rates, forecasted cash flows, and market data of comparable companies, among others.

We evaluate ROU assets related to leases for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an ROU asset may not be recoverable. Impairment losses on ROU lease assets related to office operating leases are calculated using estimated rental income per square foot derived from observable market data, and the impaired asset is classified within Level 2 in the fair value hierarchy.

FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AND RECORDED AT FAIR VALUE
Our financial instruments, including cash, restricted cash, time deposits, loans and interest receivable, net, certain customer accounts, and long-term debt related to borrowings on our credit facilities, are carried at amortized cost, which approximates their fair value. Our notes receivable had a carrying value of approximately $513 million and fair value of approximately $472 million as of June 30, 2024. Our notes receivable had a carrying value of approximately $513 million and fair value of approximately $474 million as of December 31, 2023. Our term debt (including current portion) in the form of fixed rate notes had a carrying value of approximately $11.7 billion and fair value of approximately $10.9 billion as of June 30, 2024. Our term debt (including current portion) in the form of fixed rate notes had a carrying value of approximately $10.6 billion and fair value of approximately $10.0 billion as of December 31, 2023. If these financial instruments were measured at fair value in the financial statements, cash would be classified as Level 1; restricted cash, time deposits, certain customer accounts, and term debt (including current portion) would be classified as Level 2; and the remaining financial instruments would be classified as Level 3 in the fair value hierarchy.
v3.24.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
SUMMARY OF 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. Our derivatives expose us to credit risk to the extent that our 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 and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes.

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign currency exchange risk. We have a foreign currency exposure management program in which we designate certain foreign currency exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign currency exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign currency exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying hedged items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

As of June 30, 2024, we estimated that $43 million of net derivative gains related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and six months ended June 30, 2024 and 2023, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line item to which the derivative relates.

Net investment hedges

We use forward foreign currency exchange contracts to reduce the foreign currency exchange risk related to our investment in certain foreign subsidiaries. These derivatives are designated as net investment hedges and accordingly, the gains and losses on the portion of the derivatives included in the assessment of hedge effectiveness is recorded in AOCI as part of foreign currency translation. We exclude forward points from the assessment of hedge effectiveness and recognize them in other income (expense), net on a straight-line basis over the life of the hedge. The accumulated gains and losses associated with these instruments will remain in AOCI until the foreign subsidiaries are sold or substantially liquidated, at which point they will be reclassified into earnings. The cash flows associated with derivatives designated as a net investment hedge are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.

We have not reclassified any gains or losses related to net investment hedges from AOCI into earnings for any of the periods presented.
Foreign currency exchange contracts not designated as hedging instruments

We have a foreign currency exposure management program in which we use foreign currency exchange contracts to offset the foreign currency exchange risk of our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which are offset by the gains and losses on these foreign currency exchange contracts. The cash flows associated with our non-designated derivatives used to hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

FAIR VALUE OF DERIVATIVE CONTRACTS

The fair value of our outstanding derivative instruments as of June 30, 2024 and December 31, 2023 was as follows:

 Balance Sheet LocationJune 30,
2024		December 31,
2023
(In millions)
Derivative Assets:
Foreign currency exchange contracts designated as hedging instrumentsOther current assets$105 $7 
Foreign currency exchange contracts designated as hedging instrumentsOther assets (non-current)268 77 
Foreign currency exchange contracts not designated as hedging instrumentsOther current assets50 57 
Total derivative assets$423 $141 
Derivative Liabilities:
Foreign currency exchange contracts designated as hedging instrumentsOther current liabilities$13 $64 
Foreign currency exchange contracts not designated as hedging instrumentsOther current liabilities30 67 
Total derivative liabilities$43 $131 

MASTER NETTING AGREEMENTS - RIGHTS OF SET-OFF

Under master netting agreements with certain counterparties to our foreign currency exchange 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 sheets. Rights of set-off associated with our foreign currency exchange contracts represented a potential offset to both assets and liabilities of $30 million as of June 30, 2024 and $38 million as of December 31, 2023.

We have entered into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. The following table provides the collateral posted and received:

 June 30,
2024		December 31,
2023
(In millions)
Cash collateral posted(1)
$5 $80 
Cash collateral received(2)
$76 $6 
(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.
(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.
EFFECT OF DERIVATIVE CONTRACTS ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$7,885 $74 $7,287 $170 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts reclassified from AOCI
22 — 34 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts excluded from the assessment of effectiveness
— 21 — 29 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign currency exchange contracts
— (16)— (81)
Total net gains (losses)
$22 $5 $34 $(52)

Six Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$15,584 $115 $14,327 $245 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
22 — 110 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— 41 — 59 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 5 — (156)
Total net gains (losses)
$22 $46 $110 $(97)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$25 $11 $121 $(24)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
100 169 199 196 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$125 $180 $320 $172 

NOTIONAL AMOUNTS OF DERIVATIVE CONTRACTS

Derivative transactions are measured in terms of the notional amount; however, 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 derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of foreign currency exchange payments under these contracts is determined. The following table provides the notional amounts of our outstanding derivatives:
June 30,
2024		December 31,
2023
(In millions)
Foreign exchange contracts designated as hedging instruments$6,828 $6,767 
Foreign exchange contracts not designated as hedging instruments12,432 14,025 
Total$19,260 $20,792 
v3.24.2
LOANS AND INTEREST RECEIVABLE
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
LOANS AND INTEREST RECEIVABLE LOANS AND INTEREST RECEIVABLE
LOANS AND INTEREST RECEIVABLE, HELD FOR SALE

In June 2023, we entered into a multi-year agreement with a global investment firm to sell up to €40 billion of our eligible consumer installment receivables portfolio, including a forward-flow arrangement for the sale of future originations. Loans and interest receivable, held for sale are recorded at the lower of cost or fair value, determined on an aggregate basis, with valuation changes and any associated charge-offs recorded in restructuring and other on our condensed consolidated statements of income (loss). During the six months ended June 30, 2023, we reclassified approximately $1.2 billion of eligible consumer installment receivables from loans and interest receivable, net to loans and interest receivable, held for sale.

As of June 30, 2024 and December 31, 2023, loans and interest receivable, held for sale was $369 million and $563 million, respectively. During the six months ended June 30, 2024, we sold $9.6 billion of loans and interest receivable in connection with this agreement.
LOANS AND INTEREST RECEIVABLE, NET

Consumer receivables

We offer revolving and installment credit products as a funding option for consumers in certain checkout transactions on our payments platform. Our revolving credit product consists of PayPal Credit in the U.K., which is made available to consumers as a funding source in their PayPal wallet once they are approved for credit. Additionally, we offer installment credit products at the time of checkout in various markets, including the U.S., several markets across Europe, Australia, and Japan. We offer non interest-bearing installment credit products in these markets as well as interest-bearing installment credit products in the U.S. and Germany. We purchase receivables related to interest-bearing installment loans extended to U.S. consumers by an independent chartered financial institution (“partner institution”) and are responsible for the servicing functions related to that portfolio. During the six months ended June 30, 2024 and 2023, we purchased approximately $217 million and $514 million in consumer receivables, respectively. As of June 30, 2024 and December 31, 2023, the outstanding balance of consumer receivables, which consisted of revolving and installment loans and interest receivable, was $4.6 billion and $4.8 billion, respectively, net of the participation interest sold to the partner institution of $14 million for both periods.

We closely monitor the credit quality of our consumer receivables to evaluate and manage our related exposure to credit risk. Credit risk management begins with initial underwriting and continues through the full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal data, including the consumer’s prior repayment history with our credit products where available. We use delinquency status and trends to assist in making (or, for interest-bearing installment loans in the U.S., to assist the partner institution in making) new and ongoing credit decisions, to adjust our models, to plan our collection practices and strategies, and in determining our allowance for consumer loans and interest receivable.

Consumer receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

June 30, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,257 $1,515 $522 $113 $— $— $4,407 96.1%
30 - 59 Days30 19 9 2 — — 60 1.3%
60 - 89 Days 18 13 8 2 — — 41 0.9%
90 - 179 Days 39 14 20 3 — — 76 1.7%
Total$2,344 $1,561 $559 $120 $— $— $4,584 100%
Gross charge-offs for the six months ended June 30, 2024
$69 $— $98 $11 $— $— $178 
December 31, 2023
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20232022202120202019TotalPercent
Consumer loans and interest receivable:
Current$2,225 $2,045 $289 $— $— $— $4,559 95.4%
30 - 59 Days27 34 4 1 — — 66 1.4%
60 - 89 Days 20 26 4 — — — 50 1.0%
90 - 179 Days 41 55 8 1 — — 105 2.2%
Total$2,313 $2,160 $305 $2 $— $— $4,780 100%
Gross charge-offs for the year ended December 31, 2023
$125 $101 $140 $5 $— $— $371 


The following table summarizes the activity in the allowance for consumer loans and interest receivable for the six months ended June 30, 2024 and 2023:
June 30, 2024June 30, 2023
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance(1)
(In millions)
Beginning balance$357 $23 $380 $322 $25 $347 
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale— — — (33)— (33)
Provisions106 10 116 182 13 195 
Charge-offs(165)(13)(178)(154)(15)(169)
Recoveries25 — 25 18 — 18 
Other(2)
(11)— (11)2 1 3 
Ending balance$312 $20 $332 $337 $24 $361 
(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale.
(2) Includes amounts related to foreign currency remeasurement.

The provision for the six months ended June 30, 2024 for our consumer receivable portfolio was primarily attributable to loan originations during the period for installment loans in Japan and revolving loans in the U.K. Qualitative adjustments were made to account for limitations in our current expected credit loss models due to uncertain macroeconomic conditions and financial health of our borrowers.

The provision for current expected credit losses relating to our consumer receivable portfolio is recognized in transaction and credit losses on our condensed consolidated statements of income (loss). The provision for interest receivable for interest earned on our consumer receivable portfolio is recognized in revenues from other value added services as a reduction to revenue. Loans receivable continue to accrue interest until they are charged off.

We charge off consumer receivable balances in the month in which a customer’s balance becomes 180 days past the billing date or contractual repayment date, except for the U.S. consumer interest-bearing installment receivables, which are charged off 120 days past the contractual repayment date. Bankrupt accounts are charged off within 60 days after receipt of notification of bankruptcy. Charge-offs are recorded as a reduction to our allowance for loans and interest receivable and subsequent recoveries, if any, are recorded as an increase to the allowance for loans and interest receivable.
Merchant receivables

We offer access to merchant finance products for certain small and medium-sized businesses through our PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products, which we collectively refer to as our merchant finance offerings. We purchase receivables related to credit extended to U.S. merchants by a partner institution and are responsible for the servicing functions related to that portfolio. During the six months ended June 30, 2024 and 2023, we purchased approximately $774 million and $975 million in merchant receivables, respectively. As of June 30, 2024 and December 31, 2023, the total outstanding balance in our pool of merchant loans, advances, and interest and fees receivable was $1.2 billion, net of the participation interest sold to the partner institution of $43 million and $44 million, respectively.

Through our PPWC product, merchants can borrow a certain percentage of their annual payment volume processed by PayPal and are charged a fixed fee for the loan or advance based on the overall credit assessment of the merchant. Loans and advances are repaid through a fixed percentage of the merchant’s future payment volume that PayPal processes. Through our PPBL product, we provide merchants access to short-term business financing for a fixed fee based on an evaluation of the applying business as well as the business owner. PPBL repayments are collected through periodic payments until the balance has been satisfied.

The interest or fee is fixed at the time the loan or advance is extended and is recognized as deferred revenue in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The fixed interest or fee is amortized into revenues from other value added services based on the amount repaid over the repayment period. We estimate the repayment period for PPWC based on the merchant’s payment processing history with PayPal. For PPWC, there is a general requirement that at least 10% of the original amount of the loan or advance plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant’s future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. On a monthly basis, we recalculate the repayment period based on the repayment activity on the receivable. As such, actual repayment periods are dependent on actual merchant payment processing volumes. For PPBL, we receive fixed periodic payments over the contractual term of the loan, which generally ranges from 3 to 12 months.

We actively monitor receivables with repayment periods greater than the original expected or contractual repayment period, as well as the credit quality of our merchant loans and advances that we extend or purchase, so that we can evaluate, quantify, and manage our credit risk exposure. To assess a merchant seeking a loan or advance, we use, among other indicators, risk models developed internally which utilize information obtained from multiple internal and external data sources to predict the likelihood of timely and satisfactory repayment by the merchant of the loan or advance amount and the related interest or fee. Primary drivers of the models include the merchant’s annual payment volume, payment processing history with PayPal, prior repayment history with PayPal’s credit products where available, information sourced from consumer and business credit bureau reports, and other information obtained during the application process. We use delinquency status and trends to assist in making (or, in the U.S., to assist the partner institution in making) ongoing credit decisions, to adjust our internal models, to plan our collection strategies, and in determining our allowance for these loans, advances, and interest and fees receivable.
Merchant receivables delinquency and allowance

The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

June 30, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$832 $170 $30 $2 $13 $8 $1,055 89.6%
30 - 59 Days19 25 7 — 1 1 53 4.5%
60 - 89 Days 5 13 5 — 1 — 24 2.0%
90 - 179 Days 4 25 8 1 1 — 39 3.3%
180+ Days— 3 3 — — — 6 0.6%
Total$860 $236 $53 $3 $16 $9 $1,177 100%
Gross charge-offs for the six months ended June 30, 2024
$— $56 $31 $2 $4 $1 $94 


December 31, 2023
(In millions, except percentages)
2023
2022202120202019TotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$925 $74 $3 $22 $14 $1,038 87.0%
30 - 59 Days37 16 2 2 1 58 4.9%
60 - 89 Days 16 12 1 1 1 31 2.5%
90 - 179 Days 27 28 1 1 1 58 4.9%
180+ Days2 4 1 — 1 8 0.7%
Total$1,007 $134 $8 $26 $18 $1,193 100%
Gross charge-offs for the year ended December 31, 2023
$38 $228 $14 $16 $4 $300 

The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the six months ended June 30, 2024 and 2023:
June 30, 2024June 30, 2023
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$148 $12 $160 $230 $18 $248 
Provisions31 (1)30 107 21 128 
Charge-offs(89)(5)(94)(117)(15)(132)
Recoveries14 — 14 12 — 12 
Ending balance$104 $6 $110 $232 $24 $256 
The provision for the six months ended June 30, 2024 was primarily attributable to loan originations during the period partially offset by improvement in credit quality of the PPBL portfolio. Qualitative adjustments were made due to uncertainty around the financial health of our borrowers, including the effectiveness of loan modification programs made available to merchants.

The decrease in charge-offs for the six months ended June 30, 2024 compared to the same period of the prior year was due to the decrease in originations in the second half of 2023 and improvement in credit quality of the PPBL portfolio.

For merchant loans and advances, the determination of delinquency is based on the current expected or contractual repayment period of the loan or advance and fixed interest or fee payment as compared to the original expected or contractual repayment period. We charge off the receivables outstanding under our PPBL product when the repayments are 180 days past the contractual repayment date. We charge off the receivables outstanding under our PPWC product when the repayments are 180 days past our expectation of repayments and the merchant has not made a payment in the last 60 days, or when the repayments are 360 days past due regardless of whether the merchant has made a payment in the last 60 days. Bankrupt accounts are charged off within 60 days after receipt of notification of bankruptcy. The provision for credit losses on merchant loans and advances is recognized in transaction and credit losses on our condensed consolidated statements of income (loss), and the provision for interest and fees receivable is recognized as a reduction of deferred revenue in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Charge-offs are recorded as a reduction to our allowance for loans and interest receivable and subsequent recoveries, if any, are recorded as an increase to the allowance for loans and interest receivable.
v3.24.2
DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
FIXED RATE NOTES

In May 2024, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of $1.3 billion. Interest on these notes is payable on June 1 and December 1 of each year, beginning on December 1, 2024.

In June 2023, May 2022, May 2020, and September 2019, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of ¥90 billion (approximately $559 million as of June 30, 2024), $3.0 billion, $4.0 billion and $5.0 billion, respectively.

The notes issued from the May 2024, June 2023, May 2022, May 2020, and September 2019 debt issuances are senior unsecured obligations and are collectively referred to as the “Notes.” We may redeem the Notes in whole, at any time, or in part (except for the June 2023 notes), from time to time, prior to maturity, at their redemption prices. Upon the occurrence of both a change of control of the Company and a downgrade of the Notes below an investment grade rating, we will be required to offer to repurchase each series of Notes at a price equal to 101% of the then outstanding principal amounts, plus accrued and unpaid interest. The Notes are subject to covenants, including limitations on our ability to create liens on our assets, enter into sale and leaseback transactions, and merge or consolidate with another entity, in each case subject to certain exceptions, limitations, and qualifications. Proceeds from the issuance of these Notes may be used for general corporate purposes, which may include funding the repayment or redemption of outstanding debt, share repurchases, ongoing operations, capital expenditures, acquisitions of businesses, assets, or strategic investments.
As of June 30, 2024 and December 31, 2023, we had an outstanding aggregate principal amount of $11.8 billion and $10.6 billion, respectively, related to the Notes. The following table summarizes the Notes outstanding:

MaturitiesEffective Interest RateJune 30,
2024		December 31,
2023
(in millions)
September 2019 debt issuance:
Fixed-rate 2.400% notes
10/1/20242.52%$1,250 $1,250 
Fixed-rate 2.650% notes
10/1/20262.78%1,250 1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%1,000 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%186 213 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%143 163 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%230 262 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 — 
Fixed-rate 5.500% notes
6/1/20545.66%400 — 
Total term debt$11,809 $10,638 
Unamortized premium (discount) and issuance costs, net(82)(68)
Less: current portion of term debt(2)
(2,435)(1,249)
Total carrying amount of term debt$9,292 $9,321 
(1) Principal amounts represent the U.S. dollar equivalent as of June 30, 2024 and December 31, 2023, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.

The effective interest rates for the Notes include interest on the Notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $90 million and $174 million for the three and six months ended June 30, 2024, respectively. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $83 million and $166 million for the three and six months ended June 30, 2023, respectively.
CREDIT FACILITIES

Paidy credit agreement

In February 2022, we entered into a credit agreement (the “Paidy Credit Agreement”) with Paidy as co-borrower, which provided for an unsecured revolving credit facility of ¥60.0 billion, which was modified in September 2022 to increase the borrowing capacity by ¥30.0 billion for a total borrowing capacity of ¥90.0 billion (approximately $559 million as of June 30, 2024). Borrowings under the Paidy Credit Agreement are for use by Paidy for working capital, capital expenditures, and other permitted purposes. Loans under the Paidy Credit Agreement bear interest at the Tokyo Interbank Offered Rate plus a margin (based on our public debt rating) ranging from 0.40% to 0.60%. The Paidy Credit Agreement will terminate and all amounts owed thereunder will be due and payable in February 2027, unless the commitments are terminated earlier. The Paidy Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including a financial covenant, events of default, and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens and subsidiary indebtedness, in each case subject to certain exceptions. The financial covenant requires us to meet a quarterly financial test with respect to a maximum consolidated leverage ratio.

As of June 30, 2024 and December 31, 2023, ¥70.0 billion (approximately $435 million) and ¥50.0 billion (approximately $355 million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in long-term debt on our condensed consolidated balance sheets. At June 30, 2024, ¥20.0 billion (approximately $124 million) of borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement, subject to customary conditions to borrowing. During the three and six months ended June 30, 2024 and 2023, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

Other available facilities

As of June 30, 2024 and December 31, 2023, we had short-term borrowings of nil and $359 million, respectively, due to bank overdrafts, which were recorded in accrued expenses and other liabilities on our condensed consolidated balance sheets. The weighted average interest rate on the borrowing was 7.92% as of December 31, 2023. We repaid $400 million of borrowings due to bank overdrafts during the six months ended June 30, 2024. The total interest expense and fees we recorded related to the borrowings were de minimis.

FUTURE PRINCIPAL PAYMENTS

As of June 30, 2024, the future principal payments associated with our term debt were as follows (in millions):
Remaining 2024$1,250 
20251,186 
20261,393 
2027500 
2028230 
Thereafter7,250 
Total$11,809 

Other than as provided above, there were no significant changes to the information disclosed in our 2023 Form 10-K.
v3.24.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
LITIGATION AND REGULATORY MATTERS

Overview

We are involved in legal and regulatory proceedings on an ongoing basis. Certain of these proceedings are in early stages and may seek an indeterminate amount of damages or penalties or may require us to change or adopt certain business practices. 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 at that time. 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) are not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a legal proceeding, we have disclosed that fact. In assessing the materiality of a legal 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 Note 13, 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 and reasonably estimable were not material as of June 30, 2024. Except as otherwise noted for the proceedings described in this Note 13, 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. Determining legal reserves or possible losses from such matters involves judgment and may not reflect the full range of uncertainties and unpredictable outcomes. We may be exposed to losses in excess of the amount recorded, and such amounts could be material. If any of our estimates and assumptions change or prove to have been incorrect, it could have a material adverse effect on our business, financial position, results of operations, or cash flows.

Regulatory proceedings

PayPal Australia Pty Limited (“PPAU”) self-reported a potential violation to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) on May 22, 2019. This self-reported matter relates to PPAU incorrectly filing required international funds transfer instructions over a period of time under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“AML/CTF Act”). On September 23, 2019, PPAU received a notice from AUSTRAC requiring that PPAU appoint an external auditor (a partner of a firm which is not our independent auditor) to review certain aspects of PPAU’s compliance with its obligations under the AML/CTF Act. The external auditor was appointed on November 1, 2019.

AUSTRAC had notified PPAU that its enforcement team was investigating the matters reported upon by the external auditor in its August 31, 2020 final report. As a resolution of this investigation, on March 17, 2023, AUSTRAC’s Chief Executive Officer accepted an enforceable undertaking from PPAU in relation to the self-reported issues.

The enforceable undertaking does not include a monetary penalty. The entry into and compliance with the enforceable undertaking will not require a change to our business practices in a manner that could result in a material loss, require significant management time, result in the diversion of significant operational resources, or otherwise adversely affect our business.

PPAU is required to deliver an Assurance Action Plan (“AAP”) under the enforceable undertaking to demonstrate that the governance and oversight arrangements following the remedial work completed by PPAU are sustainable and appropriate. The enforceable undertaking requires PPAU to appoint an external auditor. The external auditor was appointed on June 22, 2023 to assess and report on the appropriateness, sustainability and efficacy of the actions to be taken under the AAP. PPAU provided the external auditor’s final report to AUSTRAC on April 16, 2024. The successful completion of the enforceable undertaking is subject to AUSTRAC’s ultimate review and decision based on the external auditor’s final report. We cannot predict the outcome of AUSTRAC’s decision.
Any failure to comply with the enforceable undertaking could result in penalties or require us to change our business practices.

In February 2022, we received a Civil Investigative Demand (“CID”) from the Federal Trade Commission (“FTC”) related to PayPal’s practices relating to commercial customers that submit charges on behalf of other merchants or sellers, and related activities. The CID requests the production of documents and answers to written questions. We are cooperating with the FTC in connection with this CID.

In January 2023, we received notice of an administrative proceeding and a related request for information from the German Federal Cartel Office (“FCO”) related to terms in PayPal (Europe) S.à.r.l. et Cie, S.C.A.’s contractual terms with merchants in Germany prohibiting surcharging and requiring parity presentation of PayPal relative to other payment methods. We are cooperating with the FCO in connection with this proceeding.

We have received CIDs from the Consumer Financial Protection Bureau (“CFPB”) related to investigation and error-resolution obligations under Regulation E, the presentment of transactions to linked bank accounts, and related matters. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in connection with these CIDs.

On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.

Legal proceedings

On October 4, 2022, a putative securities class action captioned Defined Benefit Plan of the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al., Case No. 22-cv-5864, was filed in the U.S. District Court for the District of New Jersey. On January 11, 2023, the Court appointed Caisse de dépôt et placement du Québec as lead plaintiff and renamed the action In re PayPal Holdings, Inc. Securities Litigation (“PPH Securities Action”). On March 13, 2023, the lead plaintiff filed an amended and consolidated complaint. The PPH Securities Action asserts claims relating to our public statements with respect to net new active accounts (“NNA”) results and guidance, and the detection of illegitimately created accounts. The PPH Securities Action purports to be brought on behalf of purchasers of the Company’s stock between February 3, 2021 and February 1, 2022 (the “Class Period”), and asserts claims for alleged violations of Section 10(b) of the Exchange Act against the Company, as well as its former Chief Executive Officer, former Chief Strategy, Growth and Data Officer, and former Chief Financial Officer (collectively, the “Individual Defendants,” and together with the Company, “Defendants”), and for alleged violations of Sections 20(a) and 20A of the Exchange Act against the Individual Defendants. The complaint alleges that certain public statements made by Defendants during the Class Period were rendered materially false and misleading (which, allegedly, caused the Company’s stock to trade at artificially inflated prices) by the Defendants’ failure to disclose that, among other things, the Company’s incentive campaigns were susceptible to fraud and led to the creation of illegitimate accounts, which allegedly affected the Company’s NNA results and guidance. The PPH Securities Action seeks unspecified compensatory damages on behalf of the putative class members. Defendants have filed a motion to dismiss the PPH Securities Action, which is fully briefed and pending before the court.

On November 2, 2022, a putative shareholder derivative action captioned Shah v. Daniel Schulman, et al., Case No. 22-cv-1445, was filed in the U.S. District Court for the District of Delaware (the “Shah Action”), purportedly on behalf of the Company. On April 4, 2023, a putative shareholder derivative action captioned Nelson v. Daniel Schulman, et. al., Case No. 23-cv-01913, was filed in the U.S. District Court for the District of New Jersey (the “Nelson Action”) purportedly on behalf of the Company. The Shah and Nelson Actions are based on the same alleged facts and circumstances as the PPH Securities Action, and name certain of our officers, including our former Chief Executive Officer and former Chief Financial Officer, and members of our Board of Directors, as defendants. The Shah and Nelson Actions allege claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement and violations of the Exchange Act, and seek to recover damages on behalf of the Company. The Shah and Nelson Actions have been stayed pending further developments in the PPH Securities Action.
On December 20, 2022, a civil lawsuit captioned State of Hawai‘i, by its Office of Consumer Protection, v. PayPal, Inc., and PayPal Holdings, Inc., Case No. 1CCV-22-0001610, was filed in the Circuit Court of the First Circuit of the State of Hawai‘i (the “Hawai‘i Action”). The Hawai‘i Action asserts claims for unfair and deceptive acts and practices under Hawai‘i Revised Statutes Sections 480-2(a) and 481A-3(a). Plaintiff seeks injunctive relief as well as unspecified penalties and other monetary relief. On July 14, 2023, the court denied Defendants’ motion to dismiss the complaint. Trial is scheduled to begin in October 2025.

General matters

Other 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 will increasingly 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 our companies 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, particularly in cases where we are introducing new products or services in connection with such acquisitions. We have in the past been forced to litigate such claims, and we believe that additional lawsuits alleging such claims 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 or make substantial payments to settle claims or to satisfy damages awarded by courts.

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 consumers (individually or as class actions), merchants or regulators alleging, among other things, improper disclosure of our prices, rules, or policies, that our practices, prices, rules, policies, or user, product, business or merchant agreements violate applicable law, or that we have acted unfairly or not acted in conformity with such prices, rules, policies, or agreements. In addition to these types of disputes and regulatory inquiries, our operations are also subject to regulatory and legal review and challenges that may reflect the increasing global regulatory focus to which the payments industry is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on our business and customers and may lead to increased costs and decreased transaction volume and revenue. Further, the number and significance of these disputes and inquiries are increasing as our business has grown and expanded in scale and scope, including the number of active accounts and payments transactions on our platform, the range and increasing complexity of the products and services that we offer, and our geographical operations. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, 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.

INDEMNIFICATION PROVISIONS

Our agreements with eBay governing our separation from eBay provide for specific indemnity and liability obligations for both eBay and us. Disputes between eBay and us have arisen and others may arise in the future, and an adverse outcome in such matters could materially and adversely impact our business, results of operations, and financial condition. In addition, the indemnity rights we have against eBay under the agreements may not be sufficient to protect us, and our indemnity obligations to eBay may be significant.

In the ordinary course of business, we include indemnification provisions in certain of our agreements with parties with whom we have commercial relationships. 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 any third party with respect to our domain names, trademarks, logos, and other branding elements to the extent that such marks are related to the subject agreement. We have provided an indemnity for other types of third-party claims, which may include indemnities related to intellectual property rights, confidentiality, willful misconduct, data privacy obligations, and certain breach of contract claims, among others. We have also provided an indemnity to our payments processors in the event of card association fines against the processor arising out of conduct by us or our customers. 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 situation.
PayPal has participated in the U.S. Government’s Paycheck Protection Program administered by the U.S. Small Business Administration. Loans made under this program were funded by an independent chartered financial institution that we partnered with. We received a fee for providing services in connection with these loans and retained operational and audit risk related to those activities. We have agreed, under certain circumstances, to indemnify the chartered financial institution and its assignee of a portion of these loans in connection with the services provided for loans made under this program.

As part of the agreement to sell a portion of our consumer installment receivables portfolio, in certain circumstances such as breaches in loan warranties, we may be required to indemnify the global investment firm that purchased the loans or repurchase the loans. The estimate of the maximum potential amount of future payments we may be required to make is equal to the current outstanding balances of the loans sold; however, the maximum potential amount of the indemnification is not, in our view, representative of the expected future exposure. As of June 30, 2024, the outstanding balances of the loans sold was $2.5 billion. The terms of the indemnification align to the maturities of the loans sold.

To date, no significant costs have been incurred, either individually or collectively, in connection with our indemnification provisions.

OFF-BALANCE SHEET ARRANGEMENTS

As of June 30, 2024 and December 31, 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.

PROTECTION PROGRAMS

We provide merchants and consumers with protection programs for certain transactions completed on our payments platform. These programs are intended to protect both merchants and consumers from loss primarily due to fraud and counterparty performance. Our Purchase Protection Program provides protection to consumers for qualifying purchases by reimbursing the consumer for the full amount of the purchase if a purchased item does not arrive or does not match the seller’s description. Our Seller Protection Programs provide protection to merchants against claims that a transaction was not authorized by the buyer or claims that an item was not received by covering the seller for the full amount of the payment on eligible sales. These protection programs are considered assurance-type warranties under applicable accounting standards for which we estimate and record associated costs in transaction and credit losses during the period the payment transaction is completed.

At June 30, 2024 and December 31, 2023, the allowance for transaction losses was $59 million and $64 million, respectively. The allowance for negative customer balances was $211 million and $218 million at June 30, 2024 and December 31, 2023, respectively. The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Beginning balance$267 $318 $282 $278 
Provision259 286 519 586 
Realized losses(286)(288)(595)(553)
Recoveries30 30 64 35 
Ending balance$270 $346 $270 $346 
v3.24.2
STOCK REPURCHASE PROGRAMS
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
STOCK REPURCHASE PROGRAMS STOCK REPURCHASE PROGRAMS
During the six months ended June 30, 2024, we repurchased approximately 49 million shares of our common stock for approximately $3.0 billion at an average cost of $61.30, excluding excise tax. These shares were purchased in the open market under our stock repurchase program authorized in June 2022. As of June 30, 2024, a total of approximately $7.9 billion remained available for future repurchases of our common stock under our June 2022 stock repurchase program.
The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. Beginning in the first quarter of 2023, we have reflected the applicable excise tax in treasury stock on our condensed consolidated balance sheets. During the six months ended June 30, 2024, we recorded $25 million in excise tax within treasury stock on our condensed consolidated balance sheets. The payable associated with the excise tax is a non-cash financing activity which is not reflected on the condensed consolidated statement of cash flows until settled.
v3.24.2
STOCK-BASED PLANS
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED PLANS STOCK-BASED PLANS
In May 2024, our stockholders approved the authorization of an additional 20 million shares to the Amended and Restated PayPal Holdings, Inc. 2015 Equity Incentive Award Plan.

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense for our equity incentive plans are measured based on their estimated fair value at the time of grant and recognized over the award’s vesting period.

The impact on our results of operations of recording stock-based compensation expense under our equity incentive plans for the three and six months ended June 30, 2024 and 2023 was as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Customer support and operations$55 $76 $123 $148 
Sales and marketing38 45 78 88 
Technology and development108 149 255 297 
General and administrative89 106 176 200 
Restructuring and other22 — 60 — 
Total stock-based compensation expense$312 $376 $692 $733 
Capitalized as part of internal use software and website development costs$33 $13 $45 $24 
v3.24.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective tax rate for the three and six months ended June 30, 2024 was 19% and 23%, respectively. Our effective tax rate for the three and six months ended June 30, 2023 was 21% and 23%, respectively. The difference between our effective tax rate and the U.S. federal statutory rate of 21% in the periods presented was primarily the result of foreign income taxed at different rates and discrete tax adjustments, including tax expense related to stock-based compensation.

Gross unrecognized tax benefits were approximately $2.2 billion as of June 30, 2024 and December 31, 2023. Due to various factors, including uncertainties of the judicial, administrative, and regulatory processes in certain jurisdictions, the timing of the resolution of these unrecognized tax benefits is highly uncertain. It is reasonably possible that within the next twelve months, we may receive additional tax adjustments by various tax authorities or possibly reach resolution of audits in one or more jurisdictions. These adjustments or settlements could result in changes to our unrecognized tax benefits related to positions on prior year tax filings. We also continue to accrue unrecognized tax benefits for certain recurring tax positions.
v3.24.2
RESTRUCTURING AND OTHER
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER RESTRUCTURING AND OTHER
During the first quarter of 2024, management initiated a global workforce reduction intended to streamline operations, focus resources on core strategic priorities, and improve our cost structure. The associated restructuring charges during the three and six months ended June 30, 2024 were $83 million and $258 million, respectively, and included employee severance and benefits costs and stock-based compensation expense, substantially all of which were accrued for as of June 30, 2024.
The following table summarizes the restructuring reserve activity during the six months ended June 30, 2024:
 
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2024$— 
Charges(1)
198 
Payments(135)
Accrued liability as of June 30, 2024(2)
$63 
(1) Excludes stock-based compensation expense of $60 million.
(2) Accrued restructuring liability is included in “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.

During the first quarter of 2023, management initiated a global workforce reduction intended to focus resources on core strategic priorities, and improve our cost structure and operating efficiency. The associated restructuring charges during the three and six months ended June 30, 2023 were nil and $117 million, respectively. We primarily incurred employee severance and benefits costs, which were substantially completed by the fourth quarter of 2023.

We continue to review our real estate and facility capacity requirements due to our new and evolving work models. We incurred asset impairment charges of nil in the three and six months ended June 30, 2024 and $4 million and $43 million in the three and six months ended June 30, 2023, respectively, due to exiting of certain leased properties, which resulted in a reduction of ROU lease assets and related leasehold improvements. We recognized a gain of $14 million due to the sale of an owned property in the three and six months ended June 30, 2023. We also incurred a loss of $8 million upon designation of an owned property as held for sale in the six months ended June 30, 2023.

During the three and six months ended June 30, 2024, approximately $27 million and $64 million, respectively, of losses were recorded in restructuring and other, which included net loss on sale of loans and interest receivable previously held for sale and fair value adjustments in order to measure loans and interest receivable, held for sale, at the lower of cost or fair value. During the three and six months ended June 30, 2023, approximately $34 million of losses were recorded in restructuring and other, which included fair value adjustments in order to measure loans and interest receivable, held for sale, at the lower of cost or fair value.
v3.24.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income (loss). Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income (loss). Our investment balance is included in long-term investments on our condensed consolidated balance sheets.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2024 and December 31, 2023, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2024 and December 31, 2023, the carrying value of our investments in nonconsolidated VIEs was $188 million and $175 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of June 30, 2024 and December 31, 2023.

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, 2023 (the “2023 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 8, 2024.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and six months ended June 30, 2024.
Principles of consolidation
Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income (loss). Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income (loss). Our investment balance is included in long-term investments on our condensed consolidated balance sheets.

We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation. As of June 30, 2024 and December 31, 2023, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of June 30, 2024 and December 31, 2023, the carrying value of our investments in nonconsolidated VIEs was $188 million and $175 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of June 30, 2024 and December 31, 2023.

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, 2023 (the “2023 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 8, 2024.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and six months ended June 30, 2024.
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 and credit losses, income taxes, loss contingencies, revenue recognition, and the evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.
Recent accounting guidance
Recent accounting guidance

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. We are required to apply these amendments as a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is adopted. Based on our current crypto asset holdings and fair value, the adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for fiscal years beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these new accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.
CRYPTO ASSET SAFEGUARDING LIABILITY AND CORRESPONDING SAFEGUARDING ASSET
CRYPTO ASSET SAFEGUARDING LIABILITY AND CORRESPONDING SAFEGUARDING ASSET

We allow our customers in certain markets to buy, hold, sell, convert, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and PayPal USD stablecoin (collectively, “our customers’ crypto assets”). We engage third parties, which are licensed trust companies, to provide certain custodial services, including holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft. Our third-party custodians hold the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers. We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers in that custodial account. As of June 30, 2024, we utilize two third-party custodians; as such, there is concentration risk in the event these custodians are not able to perform in accordance with our agreements.
Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers, which is recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. We also recognize a corresponding safeguarding asset, which is recorded in prepaid expenses and other current assets on our condensed consolidated balance sheets. The crypto asset safeguarding liability and corresponding safeguarding asset are measured and recorded at fair value on a recurring basis using quoted prices for the underlying crypto assets on the active exchange that we have identified as the principal market at the balance sheet date. The corresponding safeguarding asset may be adjusted for loss events, as applicable.
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. Our derivatives expose us to credit risk to the extent that our 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 and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes.

Cash flow hedges

We have significant international revenues and expenses denominated in foreign currencies, which subjects us to foreign currency exchange risk. We have a foreign currency exposure management program in which we designate certain foreign currency exchange contracts, generally with maturities of 12 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues and expenses denominated in certain foreign currencies. The objective of these foreign currency exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue or applicable expense line item in the condensed consolidated statements of income (loss) in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign currency exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We do not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying hedged items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.

As of June 30, 2024, we estimated that $43 million of net derivative gains related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three and six months ended June 30, 2024 and 2023, we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line item to which the derivative relates.

Net investment hedges

We use forward foreign currency exchange contracts to reduce the foreign currency exchange risk related to our investment in certain foreign subsidiaries. These derivatives are designated as net investment hedges and accordingly, the gains and losses on the portion of the derivatives included in the assessment of hedge effectiveness is recorded in AOCI as part of foreign currency translation. We exclude forward points from the assessment of hedge effectiveness and recognize them in other income (expense), net on a straight-line basis over the life of the hedge. The accumulated gains and losses associated with these instruments will remain in AOCI until the foreign subsidiaries are sold or substantially liquidated, at which point they will be reclassified into earnings. The cash flows associated with derivatives designated as a net investment hedge are classified in cash flows from investing activities on our condensed consolidated statements of cash flows.

We have not reclassified any gains or losses related to net investment hedges from AOCI into earnings for any of the periods presented.
Foreign currency exchange contracts not designated as hedging instruments

We have a foreign currency exposure management program in which we use foreign currency exchange contracts to offset the foreign currency exchange risk of our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which are offset by the gains and losses on these foreign currency exchange contracts. The cash flows associated with our non-designated derivatives used to hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows.
v3.24.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Primary geographical markets
U.S.$4,550 $4,210 $9,017 $8,357 
Other countries(1)
3,335 3,077 6,567 5,970 
Total net revenues(2)
$7,885 $7,287 $15,584 $14,327 
Revenue category
Transaction revenues$7,153 $6,556 $14,187 $12,920 
Revenues from other value added services732 731 1,397 1,407 
Total net revenues(2)
$7,885 $7,287 $15,584 $14,327 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $520 million and $452 million for the three months ended June 30, 2024 and 2023, respectively, and $988 million and $903 million for the six months ended June 30, 2024 and 2023, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, as well as hedging gains or losses, and interest earned on certain assets underlying customer balances.
v3.24.2
NET INCOME (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,128 $1,029 $2,016 $1,824 
Denominator:
Weighted average shares of common stock - basic1,042 1,111 1,053 1,120 
Dilutive effect of equity incentive awards5 3 7 4 
Weighted average shares of common stock - diluted1,047 1,114 1,060 1,124 
Net income (loss) per share:
Basic$1.08 $0.93 $1.91 $1.63 
Diluted$1.08 $0.92 $1.90 $1.62 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
12 25 14 19 
v3.24.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Balances and Adjustments
The following table presents goodwill balances and adjustments to those balances during the six months ended June 30, 2024:
December 31,
2023		Goodwill Acquired Adjustments June 30,
2024
 (In millions)
Total goodwill$11,026 $— $(210)$10,816 
Schedule of Components of Identifiable Intangible Assets
The components of identifiable intangible assets were as follows:
 June 30, 2024December 31, 2023
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
 (In millions, except years)
Intangible assets:        
Customer lists and user base$1,490 $(1,181)$309 7$1,546 $(1,140)$406 7
Marketing related378 (352)26 5387 (350)37 5
Developed technology1,008 (1,005)3 31,013 (999)14 3
All other429 (364)65 7433 (353)80 7
Intangible assets, net$3,305 $(2,902)$403 $3,379 $(2,842)$537  
Schedule of Expected Future Intangible Asset Amortization
Expected future intangible asset amortization as of June 30, 2024 was as follows (in millions):

Fiscal years:
Remaining 2024$83 
2025142 
202686 
202752 
202840 
Total$403 
v3.24.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense, Supplemental Cash and Noncash, Balance Sheet Information
The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Operating lease expense$39 $39 $76 $80 
Sublease income(3)(2)(6)(4)
Total lease expense, net(1)
$36 $37 $70 $76 
(1) During the three and six months ended June 30, 2024, finance lease expense was de minimis.
Supplemental cash flow information related to leases during the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $43 $85 $86 
Financing cash flows from finance leases$20 $— $20 $— 
Right-of-use (“ROU”) lease assets obtained in exchange for new operating lease liabilities
$134 $23 $277 $22 
ROU lease assets obtained in exchange for new finance lease liabilities$39 $— $55 $— 
Other non-cash ROU lease asset activity(1)
$— $(4)$— $(25)
(1) ROU lease asset impairment. Refer to “Note 17—Restructuring and Other” for further details.
Schedule of Assets and Liabilities, Lessee
Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In millions, except weighted-average figures)
Operating leases(1)
Finance leases(2)
Operating leases(1)
Finance leases(2)
ROU lease assets$603 $53 $390 $— 
Current lease liabilities129 20 144 — 
Long-term lease liabilities632 15 416 — 
Total lease liabilities$761 $35 $560 $— 
Weighted-average remaining lease term5.8 years4.8 years5.0 years— 
Weighted-average discount rate4 %5 %4 %— %
(1) ROU assets for operating leases are included in “other assets” and lease liabilities for operating leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.
(2) ROU assets for finance leases are included in “property and equipment, net” and lease liabilities for finance leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.
Schedule of Future Minimum Operating Lease Payments
Future minimum lease payments for our leases as of June 30, 2024 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2024$76 $16 
2025162 6 
2026160 5 
2027139 5 
202892 5 
Thereafter236 — 
Total$865 $37 
Less: present value discount(104)(2)
Lease liability$761 $35 
Finance Lease, Liability, to be Paid, Maturity
Future minimum lease payments for our leases as of June 30, 2024 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2024$76 $16 
2025162 6 
2026160 5 
2027139 5 
202892 5 
Thereafter236 — 
Total$865 $37 
Less: present value discount(104)(2)
Lease liability$761 $35 
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Crypto Asset Safeguarding Liability and Corresponding Safeguarding Asset
The following table summarizes the significant crypto assets we hold for the benefit of our customers and the crypto asset safeguarding liability and corresponding safeguarding asset as of June 30, 2024 and December 31, 2023:
June 30,
2024		December 31, 2023
(In millions)
Bitcoin$1,459 $741 
Ethereum870 412 
Other 100 88 
Crypto asset safeguarding liability$2,429 $1,241 
Crypto asset safeguarding asset$2,429 $1,241 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $40 $(51)$(874)$290 $(64)$(659)
Other comprehensive income (loss) before reclassifications25 16 (125)100 (27)(11)
Less: Amount of net gain (loss) reclassified from accumulated other comprehensive income (loss) (“AOCI”)
22 1 — — — 23 
Net current period other comprehensive income (loss) 3 15 (125)100 (27)(34)
Ending balance $43 $(36)$(999)$390 $(91)$(693)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended June 30, 2023:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $— $(416)$(595)$26 $87 $(898)
Other comprehensive income (loss) before reclassifications11 13 (216)169 (41)(64)
Less: Amount of net gain (loss) reclassified from AOCI
34 — — — — 34 
Net current period other comprehensive income (loss) (23)13 (216)169 (41)(98)
Ending balance $(23)$(403)$(811)$195 $46 $(996)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(731)$191 $(16)$(746)
Other comprehensive income (loss) before reclassifications121 57 (268)199 (75)34 
Less: Amount of net gain (loss) reclassified from AOCI
22 (41)— — — (19)
Net current period other comprehensive income (loss) 99 98 (268)199 (75)53 
Ending balance $43 $(36)$(999)$390 $(91)$(693)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the six months ended June 30, 2023:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $111 $(591)$(575)$(1)$128 $(928)
Other comprehensive income (loss) before reclassifications(24)163 (236)196 (82)17 
Less: Amount of net gain (loss) reclassified from AOCI
110 (25)— — — 85 
Net current period other comprehensive income (loss) (134)188 (236)196 (82)(68)
Ending balance $(23)$(403)$(811)$195 $46 $(996)
Schedule of Reclassifications out of AOCI
The following table provides details about reclassifications out of AOCI for the periods presented below:
Details about AOCI Components 
Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Net gains (losses) on cash flow hedges—foreign currency exchange contracts
$22 $34 $22 $110 Net revenues
Net gains (losses) on investments
1 — (41)(23)Net revenues
Net gains (losses) on investments
— — — (2)Other income (expense), net
23 34 (19)85 Income before income taxes
— — — — Income tax expense
Total reclassifications for the period$23 $34 $(19)$85 Net income (loss)
Schedule of Other Income (Expense), Net
The following table reconciles the components of other income (expense), net for the periods presented below:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Interest income$165 $116 $331 $224 
Interest expense(93)(87)(179)(174)
Net gains (losses) on strategic investments(6)133 (55)181 
Other8 8 18 14 
Other income (expense), net$74 $170 $115 $245 
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Assets Underlying Cash and Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of June 30, 2024 and December 31, 2023:
 June 30,
2024		December 31,
2023
(In millions)
Cash and cash equivalents(1)
$7,701 $9,081 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$11,654 $12,750 
Time deposits73 82 
Available-for-sale debt securities15,368 15,708 
Funds receivable11,632 10,395 
Total funds receivable and customer accounts$38,727 $38,935 
Short-term investments:
Time deposits$236 $128 
Available-for-sale debt securities5,676 4,848 
Restricted cash3 3 
Total short-term investments$5,915 $4,979 
Long-term investments:
Time deposits$30 $45 
Available-for-sale debt securities2,771 1,391 
Strategic investments1,852 1,837 
Total long-term investments$4,653 $3,273 
(1) Includes $85 million and $777 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2024 and December 31, 2023, respectively.
(2) Includes $51 million and $399 million of available-for-sale debt securities with original maturities of three months or less as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Estimated Fair Value of Investments Classified as Available for Sale
As of June 30, 2024 and December 31, 2023, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
June 30, 2024(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$85 $— $— $85 
Funds receivable and customer accounts:
U.S. government and agency securities7,183 3 (21)7,165 
Foreign government and agency securities73 — — 73 
Corporate debt securities385 — — 385 
Mortgage-backed and asset-backed securities3,102 5 (2)3,105 
Municipal securities793 — (3)790 
Commercial paper3,338 — (2)3,336 
Short-term investments:
U.S. government and agency securities894 — (10)884 
Foreign government and agency securities174 — (1)173 
Corporate debt securities1,335 — (5)1,330 
Mortgage-backed and asset-backed securities653 3 (2)654 
Commercial paper2,635 1 (1)2,635 
Long-term investments:
U.S. government and agency securities230 — — 230 
Foreign government and agency securities203 — (2)201 
Corporate debt securities1,476 3 (2)1,477 
Mortgage-backed and asset-backed securities863 1 (1)863 
Total available-for-sale debt securities(2)
$23,422 $16 $(52)$23,386 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
 
December 31, 2023(1)
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$428 $— $— $428 
Commercial paper349 — — 349 
Funds receivable and customer accounts:
U.S. government and agency securities8,549 8 (79)8,478 
Foreign government and agency securities620 — (8)612 
Corporate debt securities1,507 — (18)1,489 
Asset-backed securities1,421 4 (2)1,423 
Municipal securities639 1 (2)638 
Commercial paper2,846 4 (1)2,849 
Short-term investments:
U.S. government and agency securities632 — (9)623 
Foreign government and agency securities353 — (6)347 
Corporate debt securities1,494 1 (13)1,482 
Asset-backed securities719 3 (4)718 
Commercial paper1,678 1 (1)1,678 
Long-term investments:
U.S. government and agency securities188 — (8)180 
Foreign government and agency securities33 — (1)32 
Corporate debt securities424 — (6)418 
Asset-backed securities759 2 — 761 
Total available-for-sale debt securities(2)
$22,639 $24 $(158)$22,505 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9—Fair Value Measurement of Assets and Liabilities.”
Schedule of Gross Unrealized Losses and Estimated Fair Value of Available-for-Sale Debt Securities in a Continuous Loss Position
As of June 30, 2024 and December 31, 2023, the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses was not deemed necessary in the current period, aggregated by the length of time those individual securities have been in a continuous loss position, was as follows:
 
June 30, 2024(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Funds receivable and customer accounts:
U.S. government and agency securities$4,232 $(6)$1,551 $(15)$5,783 $(21)
Foreign government and agency securities72 — 1 — 73 — 
Corporate debt securities125 — — — 125 — 
Mortgage-backed and asset-backed securities1,098 (2)11 — 1,109 (2)
Municipal securities448 (2)247 (1)695 (3)
Commercial paper2,178 (2)— — 2,178 (2)
Short-term investments:
U.S. government and agency securities138 — 402 (10)540 (10)
Foreign government and agency securities55 — 118 (1)173 (1)
Corporate debt securities349 — 416 (5)765 (5)
Mortgage-backed and asset-backed securities159 — 109 (2)268 (2)
Commercial paper1,519 (1)— — 1,519 (1)
Long-term investments:
U.S. government and agency securities230 — — — 230 — 
Foreign government and agency securities108 (1)33 (1)141 (2)
Corporate debt securities451 (1)33 (1)484 (2)
Mortgage-backed and asset-backed securities395 (1)— — 395 (1)
Total available-for-sale debt securities$11,557 $(16)$2,921 $(36)$14,478 $(52)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
 
December 31, 2023(1)
Less than 12 months12 months or longerTotal
 Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(In millions)
Cash and cash equivalents:
Commercial paper$349 $— $— $— $349 $— 
Funds receivable and customer accounts:
U.S. government and agency securities2,626 (8)3,917 (71)6,543 (79)
Foreign government and agency securities36 — 451 (8)487 (8)
Corporate debt securities100 — 1,364 (18)1,464 (18)
Asset-backed securities253 — 473 (2)726 (2)
Municipal securities196 (1)156 (1)352 (2)
Commercial paper1,088 (1)— — 1,088 (1)
Short-term investments:
U.S. government and agency securities— — 296 (9)296 (9)
Foreign government and agency securities— — 347 (6)347 (6)
Corporate debt securities194 — 797 (13)991 (13)
Asset-backed securities131 — 144 (4)275 (4)
Commercial paper737 (1)— — 737 (1)
Long-term investments:
U.S. government and agency securities— — 180 (8)180 (8)
Foreign government and agency securities— — 32 (1)32 (1)
Corporate debt securities120 — 120 (6)240 (6)
Asset-backed securities109 — 195 — 304 — 
Total available-for-sale debt securities$5,939 $(11)$8,472 $(147)$14,411 $(158)
(1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity
Our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows:
 June 30, 2024
Amortized CostFair Value
(In millions)
One year or less $13,538 $13,505 
After one year through five years6,376 6,370 
After five years through ten years3,103 3,106 
After ten years405 405 
Total$23,422 $23,386 
Schedule of Carrying Value of our Non-Marketable Equity Securities
The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Carrying amount, beginning of period$1,624 $1,680 $1,631 $1,687 
Adjustments related to non-marketable equity securities:
Net additions(1)
25 10 65 26 
Gross unrealized gains3 1 3 23 
Gross unrealized losses and impairments(17)— (64)(45)
Carrying amount, end of period$1,635 $1,691 $1,635 $1,691 
(1) Net additions include purchases, reductions due to sales of securities, and reclassifications when the Measurement Alternative is subsequently elected or no longer applies.
The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative, held at June 30, 2024 and December 31, 2023, respectively:
June 30,
2024		December 31,
2023
(In millions)
Cumulative gross unrealized gains $1,171 $1,168 
Cumulative gross unrealized losses and impairments$(346)$(283)
Schedule of Unrealized Gains (Losses) on Strategic Investments
The following table summarizes the net unrealized gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method, held at June 30, 2024 and 2023, respectively:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Net unrealized gains (losses)$(19)$136 $(70)$188 
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:

June 30, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$85 $— $85 
Short-term investments(2):
U.S. government and agency securities884 — 884 
Foreign government and agency securities173 — 173 
Corporate debt securities1,330 — 1,330 
Mortgage-backed and asset-backed securities654 — 654 
Commercial paper2,635 — 2,635 
Total short-term investments5,676 — 5,676 
Funds receivable and customer accounts(3):
U.S. government and agency securities7,165 — 7,165 
Foreign government and agency securities564 — 564 
Corporate debt securities459 — 459 
Mortgage-backed and asset-backed securities3,105 — 3,105 
Municipal securities790 — 790 
Commercial paper3,336 — 3,336 
Total funds receivable and customer accounts15,419 — 15,419 
Derivatives(4)
423 — 423 
Crypto asset safeguarding asset(4)
2,429 — 2,429 
Long-term investments(2),(5):
U.S. government and agency securities230 — 230 
Foreign government and agency securities201 — 201 
Corporate debt securities1,477 — 1,477 
Mortgage-backed and asset-backed securities863 — 863 
Marketable equity securities15 15 — 
Total long-term investments2,786 15 2,771 
Total financial assets$26,818 $15 $26,803 
Liabilities:
Derivatives(4)
$43 $— $43 
Crypto asset safeguarding liability(4)
2,429 — 2,429 
Total financial liabilities$2,472 $— $2,472 
(1) Excludes cash of $7.6 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $3 million and time deposits of $266 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $23.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. Crypto safeguarding asset and associated liability are recorded within “prepaid expenses and other current assets” and “accrued expenses and other current liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.

December 31, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
(In millions)
Assets:   
Cash and cash equivalents(1)
U.S. government and agency securities$428 $— $428 
Commercial paper349 — 349 
Money market fund160 — 160 
Total cash and cash equivalents937 — 937 
Short-term investments(2):
U.S. government and agency securities623 — 623 
Foreign government and agency securities347 — 347 
Corporate debt securities1,482 — 1,482 
Asset-backed securities718 — 718 
Commercial paper1,678 — 1,678 
Total short-term investments4,848 — 4,848 
Funds receivable and customer accounts(3):
U.S. government and agency securities8,478 — 8,478 
Foreign government and agency securities1,118 — 1,118 
Corporate debt securities1,601 — 1,601 
Asset-backed securities1,423 — 1,423 
Municipal securities638 — 638 
Commercial paper2,849 — 2,849 
Total funds receivable and customer accounts16,107 — 16,107 
Derivatives(4)
141 — 141 
Crypto asset safeguarding asset(4)
1,241 — 1,241 
Long-term investments(2), (5):
U.S. government and agency securities180 — 180 
Foreign government and agency securities32 — 32 
Corporate debt securities418 — 418 
Asset-backed securities761 — 761 
Marketable equity securities24 24 — 
Total long-term investments1,415 24 1,391 
Total financial assets$24,689 $24 $24,665 
Liabilities:
Derivatives(4)
$131 $— $131 
Crypto asset safeguarding liability(4)
1,241 — 1,241 
Total financial liabilities$1,372 $— $1,372 
(1) Excludes cash of $8.1 billion not measured and recorded at fair value.
(2) Excludes restricted cash of $3 million and time deposits of $173 million not measured and recorded at fair value.
(3) Excludes cash, time deposits, and funds receivable of $22.8 billion underlying funds receivable and customer accounts not measured and recorded at fair value.
(4) Derivative assets and liabilities are included within “prepaid expenses and other current assets” and “other assets” and “accrued expenses and other current liabilities” and “other long-term liabilities,” respectively, on our condensed consolidated balance sheets. Crypto safeguarding asset and associated liability are recorded within “prepaid expenses and other current assets” and “accrued expenses and other current liabilities,” respectively, on our condensed consolidated balance sheets.
(5) Excludes non-marketable equity securities of $1.8 billion measured using the Measurement Alternative or equity method accounting.
Schedule of Investments under the Fair Value Option The following table summarizes the estimated fair value and amortized cost of our available-for-sale debt securities under the fair value option as of June 30, 2024 and December 31, 2023:
 June 30, 2024December 31, 2023
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Funds receivable and customer accounts$569 $565 $625 $618 

The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Funds receivable and customer accounts$(8)$4 $(15)$11 
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize our assets held as of June 30, 2024 and December 31, 2023 for which a non-recurring fair value measurement was recorded during the six months ended June 30, 2024 and the year ended December 31, 2023, respectively:
June 30, 2024
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale$369 $369 $— 
Non-marketable equity securities measured using the Measurement Alternative(1)
56 10 46 
Total$425 $379 $46 
(1) Excludes non-marketable equity securities of $1.6 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the six months ended June 30, 2024.
December 31, 2023
Significant Other
Observable Inputs
(Level 2)
Significant Other Unobservable Inputs (Level 3)
(In millions)
Loans and interest receivable, held for sale(1)
$563 $— $563 
Non-marketable equity investments measured using the Measurement Alternative(2)
440 131 309 
Other assets(3)
112 112 — 
Total$1,115 $243 $872 
(1) As of December 31, 2023, loans and interest receivable, held for sale were valued using a price-based model. The price was the significant unobservable input and was determined based upon certain loan and risk classifications of the portfolio. Low, high and weighted average prices were all $0.99, measured in relation to $1.00 par.
(2) Excludes non-marketable equity securities of $1.2 billion accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2023.
(3) Consists of ROU lease assets recorded at fair value pursuant to impairment charges that occurred during the year ended December 31, 2023.
v3.24.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The fair value of our outstanding derivative instruments as of June 30, 2024 and December 31, 2023 was as follows:

 Balance Sheet LocationJune 30,
2024		December 31,
2023
(In millions)
Derivative Assets:
Foreign currency exchange contracts designated as hedging instrumentsOther current assets$105 $7 
Foreign currency exchange contracts designated as hedging instrumentsOther assets (non-current)268 77 
Foreign currency exchange contracts not designated as hedging instrumentsOther current assets50 57 
Total derivative assets$423 $141 
Derivative Liabilities:
Foreign currency exchange contracts designated as hedging instrumentsOther current liabilities$13 $64 
Foreign currency exchange contracts not designated as hedging instrumentsOther current liabilities30 67 
Total derivative liabilities$43 $131 
Schedule of Offsetting Assets The following table provides the collateral posted and received:
 June 30,
2024		December 31,
2023
(In millions)
Cash collateral posted(1)
$5 $80 
Cash collateral received(2)
$76 $6 
(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.
(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.
Schedule of Offsetting Liabilities The following table provides the collateral posted and received:
 June 30,
2024		December 31,
2023
(In millions)
Cash collateral posted(1)
$5 $80 
Cash collateral received(2)
$76 $6 
(1) Right to reclaim cash collateral related to our derivative liabilities recognized in other current assets on our condensed consolidated balance sheets.
(2) Obligation to return counterparty cash collateral related to our derivative assets recognized in other current liabilities on our condensed consolidated balance sheets.
Schedule of Gains or Losses Related to Derivative Instruments Designated as Hedging Instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$7,885 $74 $7,287 $170 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts reclassified from AOCI
22 — 34 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts excluded from the assessment of effectiveness
— 21 — 29 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign currency exchange contracts
— (16)— (81)
Total net gains (losses)
$22 $5 $34 $(52)

Six Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$15,584 $115 $14,327 $245 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
22 — 110 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— 41 — 59 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 5 — (156)
Total net gains (losses)
$22 $46 $110 $(97)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$25 $11 $121 $(24)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
100 169 199 196 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$125 $180 $320 $172 
Schedule of Recognized Gains or Losses related to Derivative Instruments not Designated as Hedging Instruments
The following tables provide the location in the condensed consolidated statements of income (loss) and amount of recognized gains or losses related to our derivative instruments:
Three Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$7,885 $74 $7,287 $170 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts reclassified from AOCI
22 — 34 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign currency exchange contracts excluded from the assessment of effectiveness
— 21 — 29 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign currency exchange contracts
— (16)— (81)
Total net gains (losses)
$22 $5 $34 $(52)

Six Months Ended June 30,
 20242023
(In millions)
Net revenuesOther income (expense), netNet revenuesOther income (expense), net
Total amounts presented in the condensed consolidated statements of income (loss) in which the effects of cash flow hedges and net investment hedges are recorded$15,584 $115 $14,327 $245 
Gains (losses) on derivatives in cash flow hedging relationship:
Amount of net gains (losses) on foreign exchange contracts reclassified from AOCI
22 — 110 — 
Gains (losses) on derivatives in net investment hedging relationship:
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness
— 41 — 59 
Gains (losses) on derivatives not designated as hedging instruments:
Amount of net gains (losses) on foreign exchange contracts
— 5 — (156)
Total net gains (losses)
$22 $46 $110 $(97)
The following table provides the amount of pre-tax unrealized gains or losses included in the assessment of hedge effectiveness related to our derivative instruments designated as hedging instruments that are recognized in other comprehensive income (loss):
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges
$25 $11 $121 $(24)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges
100 169 199 196 
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss)
$125 $180 $320 $172 
Schedule of Notional Amounts of Outstanding Derivatives The following table provides the notional amounts of our outstanding derivatives:
June 30,
2024		December 31,
2023
(In millions)
Foreign exchange contracts designated as hedging instruments$6,828 $6,767 
Foreign exchange contracts not designated as hedging instruments12,432 14,025 
Total$19,260 $20,792 
v3.24.2
LOANS AND INTEREST RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination
The following tables present the delinquency status and gross charge-offs of consumer loans and interest receivable by year of origination. The amounts are based on the number of days past the billing date for revolving loans or contractual repayment date for installment loans. The “current” category represents balances that are within 29 days of the billing date or contractual repayment date, as applicable.

June 30, 2024
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20242023202220212020TotalPercent
Consumer loans and interest receivable:
Current$2,257 $1,515 $522 $113 $— $— $4,407 96.1%
30 - 59 Days30 19 9 2 — — 60 1.3%
60 - 89 Days 18 13 8 2 — — 41 0.9%
90 - 179 Days 39 14 20 3 — — 76 1.7%
Total$2,344 $1,561 $559 $120 $— $— $4,584 100%
Gross charge-offs for the six months ended June 30, 2024
$69 $— $98 $11 $— $— $178 
December 31, 2023
(In millions, except percentages)
Revolving Loans
Amortized Cost Basis 		Installment Loans Amortized Cost Basis
20232022202120202019TotalPercent
Consumer loans and interest receivable:
Current$2,225 $2,045 $289 $— $— $— $4,559 95.4%
30 - 59 Days27 34 4 1 — — 66 1.4%
60 - 89 Days 20 26 4 — — — 50 1.0%
90 - 179 Days 41 55 8 1 — — 105 2.2%
Total$2,313 $2,160 $305 $2 $— $— $4,780 100%
Gross charge-offs for the year ended December 31, 2023
$125 $101 $140 $5 $— $— $371 
The following tables present the delinquency status and gross charge-offs of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the expected repayment date or contractual repayment date, as applicable.

June 30, 2024
(In millions, except percentages)
2024
2023202220212020PriorTotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$832 $170 $30 $2 $13 $8 $1,055 89.6%
30 - 59 Days19 25 7 — 1 1 53 4.5%
60 - 89 Days 5 13 5 — 1 — 24 2.0%
90 - 179 Days 4 25 8 1 1 — 39 3.3%
180+ Days— 3 3 — — — 6 0.6%
Total$860 $236 $53 $3 $16 $9 $1,177 100%
Gross charge-offs for the six months ended June 30, 2024
$— $56 $31 $2 $4 $1 $94 


December 31, 2023
(In millions, except percentages)
2023
2022202120202019TotalPercent
Merchant loans, advances, and interest and fees receivable:
Current$925 $74 $3 $22 $14 $1,038 87.0%
30 - 59 Days37 16 2 2 1 58 4.9%
60 - 89 Days 16 12 1 1 1 31 2.5%
90 - 179 Days 27 28 1 1 1 58 4.9%
180+ Days2 4 1 — 1 8 0.7%
Total$1,007 $134 $8 $26 $18 $1,193 100%
Gross charge-offs for the year ended December 31, 2023
$38 $228 $14 $16 $4 $300 
Schedule of Allowance for Loans and Interest Receivable
The following table summarizes the activity in the allowance for consumer loans and interest receivable for the six months ended June 30, 2024 and 2023:
June 30, 2024June 30, 2023
Consumer Loans ReceivableInterest Receivable
Total Allowance
Consumer Loans ReceivableInterest Receivable
Total Allowance(1)
(In millions)
Beginning balance$357 $23 $380 $322 $25 $347 
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale— — — (33)— (33)
Provisions106 10 116 182 13 195 
Charge-offs(165)(13)(178)(154)(15)(169)
Recoveries25 — 25 18 — 18 
Other(2)
(11)— (11)2 1 3 
Ending balance$312 $20 $332 $337 $24 $361 
(1) Beginning balances, provisions and charge-offs include amounts related to loans and interest receivable prior to their reclassification to loan and interest receivable, held for sale.
(2) Includes amounts related to foreign currency remeasurement.
The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable for the six months ended June 30, 2024 and 2023:
June 30, 2024June 30, 2023
Merchant Loans and AdvancesInterest and Fees ReceivableTotal AllowanceMerchant Loans and AdvancesInterest and Fees ReceivableTotal Allowance
(In millions)
Beginning balance$148 $12 $160 $230 $18 $248 
Provisions31 (1)30 107 21 128 
Charge-offs(89)(5)(94)(117)(15)(132)
Recoveries14 — 14 12 — 12 
Ending balance$104 $6 $110 $232 $24 $256 
v3.24.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Aggregate Principal Amount Related to the Notes The following table summarizes the Notes outstanding:
MaturitiesEffective Interest RateJune 30,
2024		December 31,
2023
(in millions)
September 2019 debt issuance:
Fixed-rate 2.400% notes
10/1/20242.52%$1,250 $1,250 
Fixed-rate 2.650% notes
10/1/20262.78%1,250 1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 1.650% notes
6/1/20251.78%1,000 1,000 
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥30 billion fixed-rate 0.813% notes
6/9/20250.89%186 213 
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%143 163 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%230 262 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 — 
Fixed-rate 5.500% notes
6/1/20545.66%400 — 
Total term debt$11,809 $10,638 
Unamortized premium (discount) and issuance costs, net(82)(68)
Less: current portion of term debt(2)
(2,435)(1,249)
Total carrying amount of term debt$9,292 $9,321 
(1) Principal amounts represent the U.S. dollar equivalent as of June 30, 2024 and December 31, 2023, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
Schedule of Future Principal Payments Associated with Long Term Debt
As of June 30, 2024, the future principal payments associated with our term debt were as follows (in millions):
Remaining 2024$1,250 
20251,186 
20261,393 
2027500 
2028230 
Thereafter7,250 
Total$11,809 
v3.24.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Allowance for Transaction Losses and Negative Customer Balances The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Beginning balance$267 $318 $282 $278 
Provision259 286 519 586 
Realized losses(286)(288)(595)(553)
Recoveries30 30 64 35 
Ending balance$270 $346 $270 $346 
v3.24.2
STOCK-BASED PLANS (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The impact on our results of operations of recording stock-based compensation expense under our equity incentive plans for the three and six months ended June 30, 2024 and 2023 was as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(In millions)
Customer support and operations$55 $76 $123 $148 
Sales and marketing38 45 78 88 
Technology and development108 149 255 297 
General and administrative89 106 176 200 
Restructuring and other22 — 60 — 
Total stock-based compensation expense$312 $376 $692 $733 
Capitalized as part of internal use software and website development costs$33 $13 $45 $24 
v3.24.2
RESTRUCTURING AND OTHER (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activity
The following table summarizes the restructuring reserve activity during the six months ended June 30, 2024:
 
Employee Severance and Benefits Costs
(In millions)
Accrued liability as of January 1, 2024$— 
Charges(1)
198 
Payments(135)
Accrued liability as of June 30, 2024(2)
$63 
(1) Excludes stock-based compensation expense of $60 million.
(2) Accrued restructuring liability is included in “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
v3.24.2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Long-term investments $ 4,653 $ 3,273
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Long-term investments 188 175
Variable interest entity, reporting entity involvement, maximum loss exposure, amount $ 246 $ 246
v3.24.2
REVENUE - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
segment
classification
Revenue from Contract with Customer [Abstract]  
Number of revenue classifications | classification 2
Number of operating segments 1
Number of reportable segments 1
v3.24.2
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 7,885 $ 7,287 $ 15,584 $ 14,327
Net revenues which do not represent revenues recognized in the scope of ASC Topic 606 520 452 988 903
Transaction revenues        
Disaggregation of Revenue [Line Items]        
Net revenues 7,153 6,556 14,187 12,920
Revenues from other value added services        
Disaggregation of Revenue [Line Items]        
Net revenues 732 731 1,397 1,407
U.S.        
Disaggregation of Revenue [Line Items]        
Net revenues 4,550 4,210 9,017 8,357
Other countries        
Disaggregation of Revenue [Line Items]        
Net revenues $ 3,335 $ 3,077 $ 6,567 $ 5,970
v3.24.2
NET INCOME (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net income (loss), basic $ 1,128 $ 1,029 $ 2,016 $ 1,824
Net income (loss), diluted $ 1,128 $ 1,029 $ 2,016 $ 1,824
Denominator:        
Weighted average shares of common stock - basic (in shares) 1,042 1,111 1,053 1,120
Dilutive effect of equity incentive awards (in shares) 5 3 7 4
Weighted average shares of common stock - diluted (in shares) 1,047 1,114 1,060 1,124
Net income (loss) per share:        
Basic (in dollars per share) $ 1.08 $ 0.93 $ 1.91 $ 1.63
Diluted (in dollars per share) $ 1.08 $ 0.92 $ 1.90 $ 1.62
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive (in shares) 12 25 14 19
v3.24.2
BUSINESS COMBINATIONS AND DIVESTITURES (Details) - business
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]        
Number of businesses acquired 0 0 0 0
Number of businesses divested 0 0 0 0
v3.24.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Balances and Adjustments (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Total goodwill  
Beginning balance $ 11,026
Goodwill Acquired 0
Adjustments (210)
Ending balance $ 10,816
v3.24.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 3,305 $ 3,379
Accumulated Amortization  (2,902) (2,842)
Net Carrying Amount 403 537
Customer lists and user base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,490 1,546
Accumulated Amortization  (1,181) (1,140)
Net Carrying Amount $ 309 $ 406
Weighted Average Useful Life (Years) 7 years 7 years
Marketing related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 378 $ 387
Accumulated Amortization  (352) (350)
Net Carrying Amount $ 26 $ 37
Weighted Average Useful Life (Years) 5 years 5 years
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,008 $ 1,013
Accumulated Amortization  (1,005) (999)
Net Carrying Amount $ 3 $ 14
Weighted Average Useful Life (Years) 3 years 3 years
All other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 429 $ 433
Accumulated Amortization  (364) (353)
Net Carrying Amount $ 65 $ 80
Weighted Average Useful Life (Years) 7 years 7 years
v3.24.2
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]        
Amortization expense for intangible assets $ 52 $ 58 $ 108 $ 115
Fully amortized intangible assets retired   $ 8   92
Customer lists and user base        
Finite-Lived Intangible Assets [Line Items]        
Fully amortized intangible assets retired       65
Developed technology        
Finite-Lived Intangible Assets [Line Items]        
Fully amortized intangible assets retired       $ 27
v3.24.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Intangible Asset Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fiscal years:    
2024 $ 83  
2025 142  
2026 86  
2027 52  
2028 40  
Net Carrying Amount $ 403 $ 537
v3.24.2
LEASES - Schedules of Components of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Operating lease expense $ 39 $ 39 $ 76 $ 80
Sublease income (3) (2) (6) (4)
Total lease expense, net 36 37 70 76
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases 42 43 85 86
Financing cash flows from finance leases 20 0 20 0
Right-of-use (“ROU”) lease assets obtained in exchange for new operating lease liabilities 134 23 277 22
ROU lease assets obtained in exchange for new finance lease liabilities 39 0 55 0
Other non-cash ROU lease asset activity $ 0 $ (4) $ 0 $ (25)
v3.24.2
LEASES - Schedule of Lessee Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Operating leases    
ROU lease assets $ 603 $ 390
Current lease liabilities 129 144
Long-term lease liabilities 632 416
Total lease liabilities $ 761 $ 560
Weighted-average remaining lease term 5 years 9 months 18 days 5 years
Weighted-average discount rate 4.00% 4.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Finance leases    
ROU lease assets $ 53 $ 0
Current lease liabilities 20 0
Long-term lease liabilities 15 0
Total lease liabilities $ 35 $ 0
Weighted-average remaining lease term 4 years 9 months 18 days  
Weighted-average discount rate 5.00% 0.00%
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
v3.24.2
LEASES - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Operating leases    
2024 $ 76  
2025 162  
2026 160  
2027 139  
2028 92  
Thereafter 236  
Total 865  
Less: present value discount (104)  
Lease liability 761 $ 560
Finance leases    
2024 16  
2025 6  
2026 5  
2027 5  
2028 5  
Thereafter 0  
Total 37  
Less: present value discount (2)  
Lease liability $ 35 $ 0
v3.24.2
LEASES - Additional Information (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Operating Leased Assets [Line Items]  
Finance lease, lease not yet commenced, term of contract 5 years
Operating Lease, Lease Not yet Commenced  
Operating Leased Assets [Line Items]  
Leases not yet commenced $ 4
Financing Lease, Lease Not yet Commenced  
Operating Leased Assets [Line Items]  
Leases not yet commenced $ 21
Minimum  
Operating Leased Assets [Line Items]  
Operating lease, lease not yet commenced, term of contract 1 year
Maximum  
Operating Leased Assets [Line Items]  
Operating lease, lease not yet commenced, term of contract 5 years
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS - Additional Information (Details)
Jun. 30, 2024
custodian
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of third-party custodians 2
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Crypto Asset Safeguarding Liability and Corresponding Asset (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Accrued Expenses and Other Current Liabilities    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding liability $ 2,429 $ 1,241
Prepaid Expenses and Other Current Assets    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding asset 2,429 1,241
Bitcoin | Accrued Expenses and Other Current Liabilities    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding liability 1,459 741
Bitcoin | Prepaid Expenses and Other Current Assets    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding asset 1,459 741
Ethereum | Accrued Expenses and Other Current Liabilities    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding liability 870 412
Ethereum | Prepaid Expenses and Other Current Assets    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding asset 870 412
Other | Accrued Expenses and Other Current Liabilities    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding liability 100 88
Other | Prepaid Expenses and Other Current Assets    
Schedule of Crypto-asset Safeguarding Asset and Liability [Line Items]    
Crypto asset safeguarding asset $ 100 $ 88
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax        
Beginning balance $ 20,702 $ 19,858 $ 21,051 $ 20,274
Other comprehensive income (loss) before reclassifications (11) (64) 34 17
Less: Amount of net gain (loss) reclassified from accumulated other comprehensive income (loss) 23 34 (19) 85
Other comprehensive income (loss), net of tax (34) (98) 53 (68)
Ending balance 20,622 19,661 20,622 19,661
Accumulated Other Comprehensive Income (Loss)        
Accumulated Balances of Other Comprehensive Income (Loss), Estimated Tax Benefit (Expense)        
Beginning balance (64) 87 (16) 128
Other comprehensive income (loss) before reclassifications (27) (41) (75) (82)
Less: Amount of net gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) (27) (41) (75) (82)
Ending balance (91) 46 (91) 46
Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax        
Beginning balance (659) (898) (746) (928)
Ending balance (693) (996) (693) (996)
Unrealized Gains (Losses) on Cash Flow Hedges        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance 40 0 (56) 111
Other comprehensive income (loss) before reclassifications 25 11 121 (24)
Less: Amount of net gain (loss) reclassified from AOCI 22 34 22 110
Net current period other comprehensive income (loss) 3 (23) 99 (134)
Ending balance 43 (23) 43 (23)
Unrealized Gains (Losses) on Available-for-sale Debt Securities        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (51) (416) (134) (591)
Other comprehensive income (loss) before reclassifications 16 13 57 163
Less: Amount of net gain (loss) reclassified from AOCI 1 0 (41) (25)
Net current period other comprehensive income (loss) 15 13 98 188
Ending balance (36) (403) (36) (403)
Foreign Currency Translation Adjustment (“CTA”)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance (874) (595) (731) (575)
Other comprehensive income (loss) before reclassifications (125) (216) (268) (236)
Less: Amount of net gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) (125) (216) (268) (236)
Ending balance (999) (811) (999) (811)
Net Investment Hedges CTA Gains (Losses)        
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax        
Beginning balance 290 26 191 (1)
Other comprehensive income (loss) before reclassifications 100 169 199 196
Less: Amount of net gain (loss) reclassified from AOCI 0 0 0 0
Net current period other comprehensive income (loss) 100 169 199 196
Ending balance $ 390 $ 195 $ 390 $ 195
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Net revenues $ 7,885   $ 7,287   $ 15,584 $ 14,327
Other income (expense), net 74   170   115 245
Income before income taxes 1,399   1,303   2,608 2,377
Income tax expense 271   274   592 553
Net income (loss) 1,128 $ 888 1,029 $ 795 2,016 1,824
Amount of Gains (Losses) Reclassified from AOCI            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Income before income taxes 23   34   (19) 85
Income tax expense 0   0   0 0
Net income (loss) 23   34   (19) 85
Amount of Gains (Losses) Reclassified from AOCI | Net gains (losses) on cash flow hedges—foreign currency exchange contracts            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Net revenues 22   34   22 110
Amount of Gains (Losses) Reclassified from AOCI | Net gains (losses) on investments            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]            
Net revenues 1   0   (41) (23)
Other income (expense), net $ 0   $ 0   $ 0 $ (2)
v3.24.2
OTHER FINANCIAL STATEMENT DETAILS - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest income $ 165 $ 116 $ 331 $ 224
Interest expense (93) (87) (179) (174)
Net gains (losses) on strategic investments (6) 133 (55) 181
Other 8 8 18 14
Other income (expense), net $ 74 $ 170 $ 115 $ 245
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Assets Underlying Cash And Cash Equivalents, Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 7,701 $ 9,081 $ 5,504
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 38,727 38,935  
Short-term investments:      
Time deposits 236 128  
Available-for-sale debt securities 5,676 4,848  
Restricted cash 3 3  
Total short-term investments 5,915 4,979  
Long-term investments:      
Time deposits 30 45  
Available-for-sale debt securities 2,771 1,391  
Strategic investments 1,852 1,837  
Total long-term investments 4,653 3,273  
Cash and cash equivalents      
Long-term investments:      
Available-for-sale debt securities with original maturities of three months or less 85 777  
Cash and cash equivalents      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 11,654 12,750  
Long-term investments:      
Available-for-sale debt securities with original maturities of three months or less 51 399  
Time deposits      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 73 82  
Available-for-sale debt securities      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts 15,368 15,708  
Funds receivable      
Funds receivable and customer accounts:      
Total funds receivable and customer accounts $ 11,632 $ 10,395  
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Estimated Fair Value of Investments Classified as Available for Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost $ 23,422 $ 22,639
Gross Unrealized Gains 16 24
Gross Unrealized Losses (52) (158)
Estimated Fair Value 23,386 22,505
Funds receivable and customer accounts | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 7,183 8,549
Gross Unrealized Gains 3 8
Gross Unrealized Losses (21) (79)
Estimated Fair Value 7,165 8,478
Funds receivable and customer accounts | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 73 620
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (8)
Estimated Fair Value 73 612
Funds receivable and customer accounts | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 385 1,507
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (18)
Estimated Fair Value 385 1,489
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 3,102 1,421
Gross Unrealized Gains 5 4
Gross Unrealized Losses (2) (2)
Estimated Fair Value 3,105 1,423
Funds receivable and customer accounts | Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 793 639
Gross Unrealized Gains 0 1
Gross Unrealized Losses (3) (2)
Estimated Fair Value 790 638
Funds receivable and customer accounts | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 3,338 2,846
Gross Unrealized Gains 0 4
Gross Unrealized Losses (2) (1)
Estimated Fair Value 3,336 2,849
Short-term investments | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 894 632
Gross Unrealized Gains 0 0
Gross Unrealized Losses (10) (9)
Estimated Fair Value 884 623
Short-term investments | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 174 353
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) (6)
Estimated Fair Value 173 347
Short-term investments | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 1,335 1,494
Gross Unrealized Gains 0 1
Gross Unrealized Losses (5) (13)
Estimated Fair Value 1,330 1,482
Short-term investments | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 653 719
Gross Unrealized Gains 3 3
Gross Unrealized Losses (2) (4)
Estimated Fair Value 654 718
Short-term investments | Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 2,635 1,678
Gross Unrealized Gains 1 1
Gross Unrealized Losses (1) (1)
Estimated Fair Value 2,635 1,678
Long-term investments: | U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 230 188
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (8)
Estimated Fair Value 230 180
Long-term investments: | Foreign government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 203 33
Gross Unrealized Gains 0 0
Gross Unrealized Losses (2) (1)
Estimated Fair Value 201 32
Long-term investments: | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 1,476 424
Gross Unrealized Gains 3 0
Gross Unrealized Losses (2) (6)
Estimated Fair Value 1,477 418
Long-term investments: | Mortgage-backed and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 863 759
Gross Unrealized Gains 1 2
Gross Unrealized Losses (1) 0
Estimated Fair Value 863 761
U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost 85 428
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value $ 85 428
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Gross Amortized Cost   349
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Estimated Fair Value   $ 349
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]          
Accrued interest receivable $ 146   $ 146   $ 101
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets   Prepaid expenses and other current assets   Prepaid expenses and other current assets
Proceeds from the sale of available-for-sale debt securities $ 8,900 $ 5,000 $ 20,200 $ 11,400  
Gross realized losses on available-for-sale debt securities     42 $ 25  
Non cash investments not yet settled     $ 126    
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Available-for-sale Debt Securities in Continuous Loss Position (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value    
Less than 12 months $ 11,557 $ 5,939
12 months or longer 2,921 8,472
Total 14,478 14,411
Gross Unrealized Losses    
Less than 12 months (16) (11)
12 months or longer (36) (147)
Total (52) (158)
Funds receivable and customer accounts | U.S. government and agency securities    
Fair Value    
Less than 12 months 4,232 2,626
12 months or longer 1,551 3,917
Total 5,783 6,543
Gross Unrealized Losses    
Less than 12 months (6) (8)
12 months or longer (15) (71)
Total (21) (79)
Funds receivable and customer accounts | Foreign government and agency securities    
Fair Value    
Less than 12 months 72 36
12 months or longer 1 451
Total 73 487
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 (8)
Total 0 (8)
Funds receivable and customer accounts | Corporate debt securities    
Fair Value    
Less than 12 months 125 100
12 months or longer 0 1,364
Total 125 1,464
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 (18)
Total 0 (18)
Funds receivable and customer accounts | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 1,098 253
12 months or longer 11 473
Total 1,109 726
Gross Unrealized Losses    
Less than 12 months (2) 0
12 months or longer 0 (2)
Total (2) (2)
Funds receivable and customer accounts | Municipal securities    
Fair Value    
Less than 12 months 448 196
12 months or longer 247 156
Total 695 352
Gross Unrealized Losses    
Less than 12 months (2) (1)
12 months or longer (1) (1)
Total (3) (2)
Funds receivable and customer accounts | Commercial paper    
Fair Value    
Less than 12 months 2,178 1,088
12 months or longer 0 0
Total 2,178 1,088
Gross Unrealized Losses    
Less than 12 months (2) (1)
12 months or longer 0 0
Total (2) (1)
Short-term investments | U.S. government and agency securities    
Fair Value    
Less than 12 months 138 0
12 months or longer 402 296
Total 540 296
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer (10) (9)
Total (10) (9)
Short-term investments | Foreign government and agency securities    
Fair Value    
Less than 12 months 55 0
12 months or longer 118 347
Total 173 347
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer (1) (6)
Total (1) (6)
Short-term investments | Corporate debt securities    
Fair Value    
Less than 12 months 349 194
12 months or longer 416 797
Total 765 991
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer (5) (13)
Total (5) (13)
Short-term investments | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 159 131
12 months or longer 109 144
Total 268 275
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer (2) (4)
Total (2) (4)
Short-term investments | Commercial paper    
Fair Value    
Less than 12 months 1,519 737
12 months or longer 0 0
Total 1,519 737
Gross Unrealized Losses    
Less than 12 months (1) (1)
12 months or longer 0 0
Total (1) (1)
Long-term investments: | U.S. government and agency securities    
Fair Value    
Less than 12 months 230 0
12 months or longer 0 180
Total 230 180
Gross Unrealized Losses    
Less than 12 months 0 0
12 months or longer 0 (8)
Total 0 (8)
Long-term investments: | Foreign government and agency securities    
Fair Value    
Less than 12 months 108 0
12 months or longer 33 32
Total 141 32
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer (1) (1)
Total (2) (1)
Long-term investments: | Corporate debt securities    
Fair Value    
Less than 12 months 451 120
12 months or longer 33 120
Total 484 240
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer (1) (6)
Total (2) (6)
Long-term investments: | Mortgage-backed and asset-backed securities    
Fair Value    
Less than 12 months 395 109
12 months or longer 0 195
Total 395 304
Gross Unrealized Losses    
Less than 12 months (1) 0
12 months or longer 0 0
Total $ (1) 0
Commercial paper    
Fair Value    
Less than 12 months   349
12 months or longer   0
Total   349
Gross Unrealized Losses    
Less than 12 months   0
12 months or longer   0
Total   $ 0
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Amortized Cost    
One year or less $ 13,538  
After one year through five years 6,376  
After five years through ten years 3,103  
After ten years 405  
Gross Amortized Cost 23,422 $ 22,639
Fair Value    
One year or less 13,505  
After one year through five years 6,370  
After five years through ten years 3,106  
After ten years 405  
Fair Value $ 23,386 $ 22,505
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Strategic Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Carrying value of marketable equity securities recorded in long-term investments $ 15 $ 24
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,800 1,800
Carrying value of non-marketable equity $ 202 $ 182
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Adjustments to Carrying Value of Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity Securities without Readily Determinable Fair Value [Roll Forward]        
Carrying amount, beginning of period $ 1,624 $ 1,680 $ 1,631 $ 1,687
Adjustments related to non-marketable equity securities:        
Net additions 25 10 65 26
Gross unrealized gains 3 1 3 23
Gross unrealized losses and impairments (17) 0 (64) (45)
Carrying amount, end of period $ 1,635 $ 1,691 $ 1,635 $ 1,691
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairment Related to Non-marketable Equity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Cumulative gross unrealized gains $ 1,171 $ 1,168
Cumulative gross unrealized losses and impairments $ (346) $ (283)
v3.24.2
CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS - Schedule of Unrealized Gains (Losses) on Strategic Investments, Excluding Those Accounted for Using the Equity Method (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Net unrealized gains (losses) $ (19) $ 136 $ (70) $ 188
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Funds receivable and customer accounts $ 38,727 $ 38,935
Liabilities:    
Cash 7,600 8,100
Restricted cash 3 3
Time deposits, current and noncurrent 266 173
Carrying value of non-marketable equity securities which do not have readily determinable fair value 1,800 1,800
Cash, time deposits and funds receivable    
Assets:    
Funds receivable and customer accounts 23,300 22,800
Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents   937
Funds receivable and customer accounts 15,419 16,107
Derivatives 423 141
Crypto asset safeguarding asset 2,429 1,241
Total financial assets 26,818 24,689
Liabilities:    
Derivatives 43 131
Crypto asset safeguarding liability 2,429 1,241
Total financial liabilities 2,472 1,372
Fair value, measurements, recurring basis | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 7,165 8,478
Fair value, measurements, recurring basis | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 564 1,118
Fair value, measurements, recurring basis | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 459 1,601
Fair value, measurements, recurring basis | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 3,105 1,423
Fair value, measurements, recurring basis | Municipal securities    
Assets:    
Funds receivable and customer accounts 790 638
Fair value, measurements, recurring basis | Commercial paper    
Assets:    
Funds receivable and customer accounts 3,336 2,849
Fair value, measurements, recurring basis | Short-term investments    
Assets:    
Investments 5,676 4,848
Fair value, measurements, recurring basis | Short-term investments | U.S. government and agency securities    
Assets:    
Investments 884 623
Fair value, measurements, recurring basis | Short-term investments | Foreign government and agency securities    
Assets:    
Investments 173 347
Fair value, measurements, recurring basis | Short-term investments | Corporate debt securities    
Assets:    
Investments 1,330 1,482
Fair value, measurements, recurring basis | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Investments 654 718
Fair value, measurements, recurring basis | Short-term investments | Commercial paper    
Assets:    
Investments 2,635 1,678
Fair value, measurements, recurring basis | Long-term investments:    
Assets:    
Investments 2,786 1,415
Fair value, measurements, recurring basis | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 230 180
Fair value, measurements, recurring basis | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 201 32
Fair value, measurements, recurring basis | Long-term investments: | Corporate debt securities    
Assets:    
Investments 1,477 418
Fair value, measurements, recurring basis | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 863 761
Fair value, measurements, recurring basis | Long-term investments: | Marketable equity securities    
Assets:    
Investments 15 24
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents   0
Funds receivable and customer accounts 0 0
Derivatives 0 0
Crypto asset safeguarding asset 0 0
Total financial assets 15 24
Liabilities:    
Derivatives 0 0
Crypto asset safeguarding liability 0 0
Total financial liabilities 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper    
Assets:    
Funds receivable and customer accounts 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | U.S. government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Foreign government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Corporate debt securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Commercial paper    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments:    
Assets:    
Investments 15 24
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Corporate debt securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 0 0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Marketable equity securities    
Assets:    
Investments 15 24
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents   937
Funds receivable and customer accounts 15,419 16,107
Derivatives 423 141
Crypto asset safeguarding asset 2,429 1,241
Total financial assets 26,803 24,665
Liabilities:    
Derivatives 43 131
Crypto asset safeguarding liability 2,429 1,241
Total financial liabilities 2,472 1,372
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities    
Assets:    
Funds receivable and customer accounts 7,165 8,478
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities    
Assets:    
Funds receivable and customer accounts 564 1,118
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities    
Assets:    
Funds receivable and customer accounts 459 1,601
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed and asset-backed securities    
Assets:    
Funds receivable and customer accounts 3,105 1,423
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Municipal securities    
Assets:    
Funds receivable and customer accounts 790 638
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper    
Assets:    
Funds receivable and customer accounts 3,336 2,849
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments    
Assets:    
Investments 5,676 4,848
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | U.S. government and agency securities    
Assets:    
Investments 884 623
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Foreign government and agency securities    
Assets:    
Investments 173 347
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities    
Assets:    
Investments 1,330 1,482
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Mortgage-backed and asset-backed securities    
Assets:    
Investments 654 718
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper    
Assets:    
Investments 2,635 1,678
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments:    
Assets:    
Investments 2,771 1,391
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | U.S. government and agency securities    
Assets:    
Investments 230 180
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Foreign government and agency securities    
Assets:    
Investments 201 32
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Corporate debt securities    
Assets:    
Investments 1,477 418
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Mortgage-backed and asset-backed securities    
Assets:    
Investments 863 761
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Long-term investments: | Marketable equity securities    
Assets:    
Investments 0 0
U.S. government and agency securities | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents 85 428
U.S. government and agency securities | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents 0 0
U.S. government and agency securities | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents $ 85 428
Commercial paper | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents   349
Commercial paper | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents   0
Commercial paper | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents   349
Money market fund | Fair value, measurements, recurring basis    
Assets:    
Cash and cash equivalents   160
Money market fund | Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Cash and cash equivalents   0
Money market fund | Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)    
Assets:    
Cash and cash equivalents   $ 160
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Investments under the Fair Value Option (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amortized Cost $ 23,422   $ 23,422   $ 22,639
Fair Value 23,386   23,386   22,505
Fair Value Option, Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Funds receivable and customer accounts (8) $ 4 (15) $ 11  
Funds receivable and customer accounts | Fair Value Option, Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amortized Cost 569   569   625
Fair Value $ 565   $ 565   $ 618
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details)
$ / shares in Units, $ in Millions
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Equity securities measured at cost minus impairment $ 1,635 $ 1,624 $ 1,631 $ 1,691 $ 1,680 $ 1,687
Common stock, par value (in dollars per share) | $ / shares $ 0.0001   $ 0.0001      
Fair Value, measurements, not on a recurring basis            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale $ 369   $ 563      
Non-marketable equity securities measured using the Measurement Alternative 56   440      
Other assets     112      
Total financial assets 425   1,115      
Equity securities measured at cost minus impairment 1,600   1,200      
Fair Value, measurements, not on a recurring basis | Significant Other Observable Inputs (Level 2)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 369   0      
Non-marketable equity securities measured using the Measurement Alternative 10   131      
Other assets     112      
Total financial assets 379   243      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3)            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans and interest receivable, held for sale 0   563      
Non-marketable equity securities measured using the Measurement Alternative 46   309      
Other assets     0      
Total financial assets $ 46   $ 872      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3) | Valuation Technique, Consensus Pricing Model            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Common stock, par value (in dollars per share) | $ / shares     $ 1.00      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3) | Minimum | Measurement Input, Quoted Price | Valuation Technique, Consensus Pricing Model            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans receivable, held for sale, measurement input     0.99      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3) | Maximum | Measurement Input, Quoted Price | Valuation Technique, Consensus Pricing Model            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans receivable, held for sale, measurement input     0.99      
Fair Value, measurements, not on a recurring basis | Significant Other Unobservable Inputs (Level 3) | Weighted Average | Measurement Input, Quoted Price | Valuation Technique, Consensus Pricing Model            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Loans receivable, held for sale, measurement input     0.99      
v3.24.2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes receivable $ 513 $ 513
Long-term debt (including current portion) in the form of fixed rate notes 11,700 10,600
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes receivable 472 474
Long-term debt (including current portion) in the form of fixed rate notes $ 10,900 $ 10,000
v3.24.2
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Maximum maturity of foreign currency exchange contracts     12 months    
Net derivative gains related to cash flow hedges to be reclassified into earnings within the next 12 months $ 43,000,000   $ 43,000,000    
Net investment hedge CTA gains (losses), reclassifications 0 $ 0 0 $ 0  
Derivative asset, offset 30,000,000   30,000,000   $ 38,000,000
Derivative liability, offset $ 30,000,000   $ 30,000,000   $ 38,000,000
v3.24.2
DERIVATIVE INSTRUMENTS - Schedule of Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Foreign Exchange Contract    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 423 $ 141
Derivative liabilities $ 43 $ 131
Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Other current assets | Foreign Exchange Contract | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 105 $ 7
Other current assets | Foreign Exchange Contract | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 50 $ 57
Other assets (non-current)    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Other assets (non-current) | Foreign Exchange Contract | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 268 $ 77
Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Other current liabilities | Foreign Exchange Contract | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 13 $ 64
Other current liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 30 $ 67
v3.24.2
DERIVATIVE INSTRUMENTS - Schedule of Collateral Posted and Received (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash collateral posted $ 5 $ 80
Cash collateral received $ 76 $ 6
v3.24.2
DERIVATIVE INSTRUMENTS - Schedule of Location in the Condensed Consolidated Statements of Income and Amount of Recognized Gains or Losses Related to Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Net revenues $ 7,885 $ 7,287 $ 15,584 $ 14,327
Other income (expense), net $ 74 $ 170 $ 115 $ 245
Net revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net revenues Net revenues Net revenues Net revenues
Total net gains (losses) $ 22 $ 34 $ 22 $ 110
Net revenues | Foreign Exchange Contract | Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign currency exchange contracts reclassified from AOCI 22 34 22 110
Net revenues | Foreign Exchange Contract | Designated as Hedging Instrument | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 0 0 0 0
Net revenues | Foreign Exchange Contract | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ 0 $ 0 $ 0 $ 0
Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net Other income (expense), net Other income (expense), net Other income (expense), net
Total net gains (losses) $ 5 $ (52) $ 46 $ (97)
Other income (expense), net | Foreign Exchange Contract | Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign currency exchange contracts reclassified from AOCI 0 0 0 0
Other income (expense), net | Foreign Exchange Contract | Designated as Hedging Instrument | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) on foreign exchange contracts excluded from the assessment of effectiveness 21 29 41 59
Other income (expense), net | Foreign Exchange Contract | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ (16) $ (81) $ 5 $ (156)
v3.24.2
DERIVATIVE INSTRUMENTS - Schedule of Pre-tax Unrealized Gains or Losses Included in the Assessment of Hedge Effectiveness Related To Derivative Instruments Designated as Hedging Instruments That Are Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]            
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges $ 100 $ 99 $ 169 $ 27 $ 199 $ 196
Foreign Exchange Contract            
Derivative Instruments, Gain (Loss) [Line Items]            
Unrealized net gains (losses) on foreign exchange contracts designated as cash flow hedges 25   11   121 (24)
Unrealized net gains (losses) on foreign exchange contracts designated as net investment hedges 100   169   199 196
Total unrealized net gains (losses) recognized from derivative contracts designated as hedging instruments in the condensed consolidated statements of comprehensive income (loss) $ 125   $ 180   $ 320 $ 172
v3.24.2
DERIVATIVE INSTRUMENTS - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Notional amounts $ 19,260 $ 20,792
Foreign Exchange Contract | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional amounts 6,828 6,767
Foreign Exchange Contract | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional amounts $ 12,432 $ 14,025
v3.24.2
LOANS AND INTEREST RECEIVABLE - Loans and Interest Receivable, Held For Sale (Details)
$ in Millions, € in Billions
 1 Months Ended 6 Months Ended
Jun. 30, 2023
EUR (€)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]        
Loans and interest receivable, held for sale   $ 369   $ 563
Consumer Receivables        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Loans reclassified to loans and interest receivable, held for sale     $ 1,200  
Financing receivable, sale   $ 9,600    
Consumer Receivables | Maximum        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Loans reclassified to loans and interest receivable, held for sale | € € 40      
v3.24.2
LOANS AND INTEREST RECEIVABLE - Consumer Receivable (Details) - Consumer Receivables - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Consumer receivables purchased $ 217 $ 514  
Loans and interest receivable 4,584   $ 4,780
Participation interest sold, value $ 14   $ 14
Threshold period, write-off of receivables 180 days    
Threshold period, write-off of bankrupt accounts 60 days    
U.S. Consumer Interest Bearing      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period, write-off of receivables 120 days    
v3.24.2
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Consumer Loans and Interest Receivable by Year of Origination (Details) - Consumer Receivables - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Revolving Loans Amortized Cost Basis $ 2,344   $ 2,313
Loans, advances, and interest and fees receivable, originated current fiscal year 1,561   2,160
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 559   305
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 120   2
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   0
Total $ 4,584   $ 4,780
Percent 100.00%   100.00%
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Gross charge-offs, Revolving Loans Amortized Cost Basis $ 69   $ 125
Gross charge-offs, originated current fiscal year 0   101
Gross charge-offs, originated fiscal year before current fiscal year 98   140
Gross charge-offs, originated two years before current fiscal year 11   5
Gross charge-offs, originated three years before current fiscal year 0   0
Gross charge-offs, originated four years before current fiscal year 0   0
Total Gross charge-offs 178 $ 169 371
Current      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Revolving Loans Amortized Cost Basis 2,257   2,225
Loans, advances, and interest and fees receivable, originated current fiscal year 1,515   2,045
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 522   289
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 113   0
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   0
Total $ 4,407   $ 4,559
Percent 96.10%   95.40%
30 - 59 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Revolving Loans Amortized Cost Basis $ 30   $ 27
Loans, advances, and interest and fees receivable, originated current fiscal year 19   34
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 9   4
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 2   1
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   0
Total $ 60   $ 66
Percent 1.30%   1.40%
60 - 89 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Revolving Loans Amortized Cost Basis $ 18   $ 20
Loans, advances, and interest and fees receivable, originated current fiscal year 13   26
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 8   4
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 2   0
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   0
Total $ 41   $ 50
Percent 0.90%   1.00%
90 - 179 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Revolving Loans Amortized Cost Basis $ 39   $ 41
Loans, advances, and interest and fees receivable, originated current fiscal year 14   55
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 20   8
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 3   1
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   0
Total $ 76   $ 105
Percent 1.70%   2.20%
v3.24.2
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Consumer Loans and Interest Receivable (Details) - Consumer Loans Receivable - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Allowance for loans and interest receivable      
Beginning balance $ 380 $ 347 $ 347
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale 0 (33)  
Provisions 116 195  
Charge-offs (178) (169) (371)
Recoveries 25 18  
Other (11) 3  
Ending balance 332 361 380
Consumer Loans Receivable      
Allowance for loans and interest receivable      
Beginning balance 357 322 322
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale 0 (33)  
Provisions 106 182  
Charge-offs (165) (154)  
Recoveries 25 18  
Other (11) 2  
Ending balance 312 337 357
Interest Receivable      
Allowance for loans and interest receivable      
Beginning balance 23 25 25
Changes in allowance due to reclassification of loans and interest receivable to or from held for sale 0 0  
Provisions 10 13  
Charge-offs (13) (15)  
Recoveries 0 0  
Other 0 1  
Ending balance $ 20 $ 24 $ 23
v3.24.2
LOANS AND INTEREST RECEIVABLE - Merchant Receivables (Details) - Merchant Receivables - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Merchant receivables purchased $ 774 $ 975  
Loans and interest receivable 1,177   $ 1,193
Participation interest sold, value $ 43   $ 44
Threshold period, write-off of bankrupt accounts 60 days    
PayPal Working Capital Products      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Required percentage of original loan payments, repayment period 90 days    
Period past expected period of repayment 180 days    
Threshold period, write-off of receivables, nonpayment 60 days    
Threshold period two, write-off of receivables 360 days    
PayPal Working Capital Products | Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Required percentage of original loan payments every 90 days 10.00%    
Expected period of repayment 9 months    
PayPal Working Capital Products | Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Expected period of repayment 12 months    
PayPal Business Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period, write-off of receivables 180 days    
PayPal Business Loans | Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Expected period of repayment 3 months    
PayPal Business Loans | Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Expected period of repayment 12 months    
v3.24.2
LOANS AND INTEREST RECEIVABLE - Schedule of Delinquency Status of Merchant Loans, Advances, and Interest and Fees Receivable by Year of Origination (Details) - Merchant Receivables - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year $ 860   $ 1,007
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 236   134
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 53   8
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 3   26
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 16   18
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 9    
Total $ 1,177   $ 1,193
Percent 100.00%   100.00%
Financing Receivable, Allowance For Credit Loss, Write Off, By Origination Year [Abstract]      
Gross charge-offs, originated current fiscal year $ 0   $ 38
Gross charge-offs, originated fiscal year before current fiscal year 56   228
Gross charge-offs, originated two years before current fiscal year 31   14
Gross charge-offs, originated three years before current fiscal year 2   16
Gross charge-offs, originated four years before current fiscal year 4   4
Gross charge-offs, originated five years before current fiscal year 1    
Total 94 $ 132 300
Current      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year 832   925
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 170   74
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 30   3
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 2   22
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 13   14
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 8    
Total $ 1,055   $ 1,038
Percent 89.60%   87.00%
30 - 59 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year $ 19   $ 37
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 25   16
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 7   2
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   2
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 1   1
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 1    
Total $ 53   $ 58
Percent 4.50%   4.90%
60 - 89 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year $ 5   $ 16
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 13   12
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 5   1
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   1
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 1   1
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0    
Total $ 24   $ 31
Percent 2.00%   2.50%
90 - 179 Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year $ 4   $ 27
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 25   28
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 8   1
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 1   1
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 1   1
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0    
Total $ 39   $ 58
Percent 3.30%   4.90%
180+ Days      
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]      
Loans, advances, and interest and fees receivable, originated current fiscal year $ 0   $ 2
Loans, advances, and interest and fees receivable, originated fiscal year before current fiscal year 3   4
Loans, advances, and interest and fees receivable, originated two years before current fiscal year 3   1
Loans, advances, and interest and fees receivable, originated three years before current fiscal year 0   0
Loans, advances, and interest and fees receivable, originated four years before current fiscal year 0   1
Loans, advances, and interest and fees receivable, originated five years before current fiscal year 0    
Total $ 6   $ 8
Percent 0.60%   0.70%
v3.24.2
LOANS AND INTEREST RECEIVABLE - Schedule of Allowance for Merchant Loans, Advances, and Interest and Fees Receivable (Details) - Merchant Receivables - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Allowance for loans and interest receivable      
Beginning balance $ 160 $ 248 $ 248
Provisions 30 128  
Charge-offs (94) (132) (300)
Recoveries 14 12  
Ending balance 110 256 160
Merchant Loans and Advances      
Allowance for loans and interest receivable      
Beginning balance 148 230 230
Provisions 31 107  
Charge-offs (89) (117)  
Recoveries 14 12  
Ending balance 104 232 148
Interest and Fees Receivable      
Allowance for loans and interest receivable      
Beginning balance 12 18 18
Provisions (1) 21  
Charge-offs (5) (15)  
Recoveries 0 0  
Ending balance $ 6 $ 24 $ 12
v3.24.2
DEBT - Fixed Rate Notes (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2024
USD ($)
Jun. 30, 2023
JPY (¥)
May 31, 2022
USD ($)
May 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]                    
Outstanding aggregate principal amount           $ 11,809,000,000   $ 11,809,000,000    
Senior Notes                    
Debt Instrument [Line Items]                    
Outstanding aggregate principal amount           11,809,000,000   11,809,000,000   $ 10,638,000,000
Interest expense and fees           90,000,000 $ 83,000,000 174,000,000 $ 166,000,000  
Senior Notes | Fixed-Rate Notes Issued May 2024                    
Debt Instrument [Line Items]                    
Face amount $ 1,300,000,000                  
Redemption price (in percent) 101.00%                  
Senior Notes | Fixed-Rate Notes Issued June 2023                    
Debt Instrument [Line Items]                    
Face amount   ¥ 90,000,000,000       $ 559,000,000   $ 559,000,000    
Redemption price (in percent)   101.00%                
Senior Notes | Fixed-Rate Notes Issued May 2022                    
Debt Instrument [Line Items]                    
Face amount     $ 3,000,000,000              
Redemption price (in percent)     101.00%              
Senior Notes | Fixed-rate Notes Issued May 2020                    
Debt Instrument [Line Items]                    
Face amount       $ 4,000,000,000            
Redemption price (in percent)       101.00%            
Senior Notes | Fixed-rate Notes Issued September 2019                    
Debt Instrument [Line Items]                    
Face amount         $ 5,000,000,000          
Redemption price (in percent)         101.00%          
v3.24.2
DEBT - Schedule of Outstanding Aggregate Principal Amount Related to the Notes (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Jun. 30, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Outstanding aggregate principal amount $ 11,809    
Long-term debt 9,727   $ 9,676
Senior Notes      
Debt Instrument [Line Items]      
Outstanding aggregate principal amount 11,809   10,638
Unamortized premium (discount) and issuance costs, net (82)   (68)
Less: current portion of long-term debt (2,435)   (1,249)
Long-term debt $ 9,292   9,321
Senior Notes | Fixed-rate 2.400% notes      
Debt Instrument [Line Items]      
Interest rate 2.40% 2.40%  
Effective Interest Rate 2.52% 2.52%  
Outstanding aggregate principal amount $ 1,250   1,250
Senior Notes | Fixed-rate 2.650% notes      
Debt Instrument [Line Items]      
Interest rate 2.65% 2.65%  
Effective Interest Rate 2.78% 2.78%  
Outstanding aggregate principal amount $ 1,250   1,250
Senior Notes | Fixed-rate 2.850% notes      
Debt Instrument [Line Items]      
Interest rate 2.85% 2.85%  
Effective Interest Rate 2.96% 2.96%  
Outstanding aggregate principal amount $ 1,500   1,500
Senior Notes | Fixed-rate 1.650% notes      
Debt Instrument [Line Items]      
Interest rate 1.65% 1.65%  
Effective Interest Rate 1.78% 1.78%  
Outstanding aggregate principal amount $ 1,000   1,000
Senior Notes | Fixed-rate 2.300% notes      
Debt Instrument [Line Items]      
Interest rate 2.30% 2.30%  
Effective Interest Rate 2.39% 2.39%  
Outstanding aggregate principal amount $ 1,000   1,000
Senior Notes | Fixed-rate 3.250% notes      
Debt Instrument [Line Items]      
Interest rate 3.25% 3.25%  
Effective Interest Rate 3.33% 3.33%  
Outstanding aggregate principal amount $ 1,000   1,000
Senior Notes | Fixed-rate 3.900% notes      
Debt Instrument [Line Items]      
Interest rate 3.90% 3.90%  
Effective Interest Rate 4.06% 4.06%  
Outstanding aggregate principal amount $ 500   500
Senior Notes | Fixed-rate 4.400% notes      
Debt Instrument [Line Items]      
Interest rate 4.40% 4.40%  
Effective Interest Rate 4.53% 4.53%  
Outstanding aggregate principal amount $ 1,000   1,000
Senior Notes | Fixed-rate 5.050% notes      
Debt Instrument [Line Items]      
Interest rate 5.05% 5.05%  
Effective Interest Rate 5.14% 5.14%  
Outstanding aggregate principal amount $ 1,000   1,000
Senior Notes | Fixed-rate 5.250% notes      
Debt Instrument [Line Items]      
Interest rate 5.25% 5.25%  
Effective Interest Rate 5.34% 5.34%  
Outstanding aggregate principal amount $ 500   500
Senior Notes | ¥30 billion fixed-rate 0.813% notes      
Debt Instrument [Line Items]      
Face amount | ¥   ¥ 30,000,000,000  
Interest rate 0.813% 0.813%  
Effective Interest Rate 0.89% 0.89%  
Outstanding aggregate principal amount $ 186   213
Senior Notes | ¥23 billion fixed-rate 0.972% notes      
Debt Instrument [Line Items]      
Face amount | ¥   ¥ 23,000,000,000  
Interest rate 0.972% 0.972%  
Effective Interest Rate 1.06% 1.06%  
Outstanding aggregate principal amount $ 143   163
Senior Notes | ¥37 billion fixed-rate 1.240% notes      
Debt Instrument [Line Items]      
Face amount | ¥   ¥ 37,000,000,000  
Interest rate 1.24% 1.24%  
Effective Interest Rate 1.31% 1.31%  
Outstanding aggregate principal amount $ 230   262
Senior Notes | Fixed-rate 5.150% notes      
Debt Instrument [Line Items]      
Interest rate 5.15% 5.15%  
Effective Interest Rate 5.35% 5.35%  
Outstanding aggregate principal amount $ 850   0
Senior Notes | Fixed-rate 5.500% notes      
Debt Instrument [Line Items]      
Interest rate 5.50% 5.50%  
Effective Interest Rate 5.66% 5.66%  
Outstanding aggregate principal amount $ 400   $ 0
v3.24.2
DEBT - Paidy Revolving Credit Facility (Details) - Revolving Credit Facility - Paidy Credit Agreement - Unsecured Debt
$ in Millions
 1 Months Ended
Sep. 30, 2022
JPY (¥)
Feb. 28, 2022
JPY (¥)
Jun. 30, 2024
JPY (¥)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]            
Maximum borrowing capacity   ¥ 60,000,000,000 ¥ 90,000,000,000 $ 559    
Increase to the borrowing capacity ¥ 30,000,000,000          
Borrowings outstanding     70,000,000,000.0 435 ¥ 50,000,000,000.0 $ 355
Remaining borrowing capacity     ¥ 20,000,000,000 $ 124    
Minimum            
Line of Credit Facility [Line Items]            
Basis spread on variable rate   0.40%        
Maximum            
Line of Credit Facility [Line Items]            
Basis spread on variable rate   0.60%        
v3.24.2
DEBT - Other Available Facilities (Details) - Bank Overdrafts - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]    
Borrowings outstanding $ 0 $ 359
Weighted average interest rate   7.92%
Repayments of short-term debt $ 400  
v3.24.2
DEBT - Schedule of Future Principal Payments (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Future Principal Payments  
Remaining 2024 $ 1,250
2025 1,186
2026 1,393
2027 500
2028 230
Thereafter 7,250
Total $ 11,809
v3.24.2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Apr. 04, 2023
action
Mar. 13, 2023
action
Dec. 20, 2022
action
Nov. 02, 2022
action
Other Commitments [Line Items]            
Allowance for transaction losses | $ $ 59 $ 64        
Allowance for negative customer balances | $ 211 $ 218        
Consumer Receivables            
Other Commitments [Line Items]            
Financing receivable, sold, indemnification amount | $ $ 2,500          
Pending Litigation | In re PayPal Holdings, Inc. Securities Litigation            
Other Commitments [Line Items]            
Number of pending claims       1    
Pending Litigation | Shah v. Daniel Schulman, et al.            
Other Commitments [Line Items]            
Number of pending claims           1
Pending Litigation | Nelson v. Daniel Schulman, et al.            
Other Commitments [Line Items]            
Number of pending claims     1      
Pending Litigation | State of Hawai‘i, v. PayPal, Inc.            
Other Commitments [Line Items]            
Number of pending claims         1  
v3.24.2
COMMITMENTS AND CONTINGENCIES - Schedule of Allowance for Transaction Losses and Negative Customer Balances (Details) - Protection Programs - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Loss Contingency Accrual        
Beginning balance $ 267 $ 318 $ 282 $ 278
Provision 259 286 519 586
Realized losses (286) (288) (595) (553)
Recoveries 30 30 64 35
Ending balance $ 270 $ 346 $ 270 $ 346
v3.24.2
STOCK REPURCHASE PROGRAMS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]    
Cash paid for shares repurchased $ 3,002 $ 2,961
Inflation Reduction Act, excise tax $ 25  
June 2022 Stock Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Repurchases of shares of common stock, shares repurchased (in shares) 49  
Cash paid for shares repurchased $ 3,000  
Average cost per share, excluding excise tax (in dollars per share) $ 61.30  
Remaining amount authorized for future repurchase of common stock $ 7,900  
v3.24.2
STOCK-BASED PLANS - Additional Information (Details)
shares in Millions
 1 Months Ended
May 31, 2024
shares
Equity Incentive Award Plan 2015  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Additional shares authorized (in shares) 20
v3.24.2
STOCK-BASED PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 312 $ 376 $ 692 $ 733
Capitalized as part of internal use software and website development costs 33 13 45 24
Customer support and operations        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 55 76 123 148
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 38 45 78 88
Technology and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 108 149 255 297
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 89 106 176 200
Restructuring and other        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 22 $ 0 $ 60 $ 0
v3.24.2
INCOME TAXES (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Effective income tax rate, percentage 19.00% 21.00% 23.00% 23.00%  
Unrecognized tax benefits $ 2.2   $ 2.2   $ 2.2
v3.24.2
RESTRUCTURING AND OTHER - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses $ 83 $ 0 $ 258 $ 117
Asset impairment charges 0 4 0 43
Loss on designation as held for sale       8
Loss on sale of loans, held for sale $ 27 34 $ 64 34
Owned Property        
Restructuring Cost and Reserve [Line Items]        
Gain (loss) on sale of properties   $ 14   $ 14
v3.24.2
RESTRUCTURING AND OTHER - Schedule of Restructuring Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Employee Severance and Benefits Costs        
Charges $ 83 $ 0 $ 258 $ 117
Total stock-based compensation expense 312 376 692 733
Restructuring and other        
Employee Severance and Benefits Costs        
Total stock-based compensation expense 22 $ 0 60 $ 0
Employee Severance and Benefits Costs        
Employee Severance and Benefits Costs        
Accrued liability, beginning of period     0  
Charges     198  
Payments     (135)  
Accrued liability, end of period $ 63   $ 63