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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware

77-0430924

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2025 Hamilton Avenue

San Jose

,

California

95125

(Address of principal executive offices)

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of exchange on which registered
Common stock			EBAY			The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☒

As of May 2, 2022, there were 559,842,135 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.

						Page
			PART I: FINANCIAL INFORMATION
Item 1			Financial Statements (unaudited)			3
Item 2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			42
Item 3			Quantitative and Qualitative Disclosures About Market Risk			56
Item 4			Controls and Procedures			59
			PART II: OTHER INFORMATION
Item 1			Legal Proceedings			60
Item 1A			Risk Factors			60
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds			61
Item 3			Defaults Upon Senior Securities			61
Item 4			Mine Safety Disclosures			61
Item 5			Other Information			61
Item 6			Exhibits			62
Signatures						63

Item 1:    Financial Statements (unaudited)

			Page
Condensed Consolidated Balance Sheet as of March 31, 2022 and December 31, 2021			4
Condensed Consolidated Statement of Income for the three months ended March 31, 2022 and 2021			5
Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021			6
Condensed Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2022 and 2021			7
Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022 and 2021			8
Notes to Condensed Consolidated Financial Statements			10
Note 1 — The Company and Summary of Significant Accounting Policies			10
Note 2 — Net Income (Loss) Per Share			12
Note 3 — Discontinued Operations			13
Note 4 — Segments			16
Note 5 — Investments			17
Note 6 — Derivative Instruments			22
Note 7 — Fair Value Measurement of Assets and Liabilities			26
Note 8 — Debt			30
Note 9 — Supplemental Consolidated Financial Information			32
Note 10 — Commitments and Contingencies			34
Note 11 — Stockholders’ Equity			37
Note 12 — Employee Benefit Plans			39
Note 13 — Income Taxes			40
Note 14 — Accumulated Other Comprehensive Income			41

CONDENSED CONSOLIDATED BALANCE SHEET

			March 31, 2022						December 31, 2021
			(In millions, except par value)
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	1,798					$	1,379
Short-term investments			3,771						5,944
Customer accounts and funds receivable			626						681
Other current assets			1,154						1,107
Total current assets			7,349						9,111
Long-term investments			2,213						2,575
Property and equipment, net			1,192						1,236
Goodwill			4,141						4,178
Operating lease right-of-use assets			570						289
Deferred tax assets			3,224						3,255
Equity investment in Adevinta			3,748						5,391
Other assets			543						591
Total assets			$	22,980					$	26,626
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt			$	1,755					$	1,355
Accounts payable			245						262
Customer accounts and funds payable			652						707
Accrued expenses and other current liabilities			1,851						1,927
Income taxes payable			479						371
Total current liabilities			4,982						4,622
Operating lease liabilities			481						200
Deferred tax liabilities			2,701						3,116
Long-term debt			6,578						7,727
Other liabilities			1,184						1,183
Total liabilities			15,926						16,848
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 571 and 594 shares outstanding			2						2
Additional paid-in capital			16,904						16,659
Treasury stock at cost, 1,146 and 1,121 shares			(44,809)						(43,371)
Retained earnings			34,615						36,090
Accumulated other comprehensive income			342						398
Total stockholders’ equity			7,054						9,778
Total liabilities and stockholders’ equity			$	22,980					$	26,626

CONDENSED CONSOLIDATED STATEMENT OF INCOME

			Three Months Ended March 31,
			2022						2021
			(In millions, except per share amounts)
			(Unaudited)
Net revenues			$	2,483					$	2,638
Cost of net revenues			689						606
Gross profit			1,794						2,032
Operating expenses:
Sales and marketing			478						546
Product development			301						304
General and administrative			226						246
Provision for transaction losses			96						88
Amortization of acquired intangible assets			1						7
Total operating expenses			1,102						1,191
Income from operations			692						841
Gain (loss) on equity investments and warrant, net			(2,291)						(36)
Interest and other, net			(50)						(81)
Income (loss) from continuing operations before income taxes			(1,649)						724
Income tax benefit (provision)			310						(156)
Income (loss) from continuing operations			(1,339)						568
Income (loss) from discontinued operations, net of income taxes			(2)						73
Net income (loss)			$	(1,341)					$	641
Income (loss) per share - basic:
Continuing operations			$	(2.28)					$	0.83
Discontinued operations			—						0.11
Net income (loss) per share - basic			$	(2.28)					$	0.94
Income (loss) per share - diluted:
Continuing operations			$	(2.28)					$	0.82
Discontinued operations			—						0.10
Net income (loss) per share - diluted			$	(2.28)					$	0.92
Weighted-average shares:
Basic			587						681
Diluted			587						693

			Three Months Ended March 31,
			2022						2021
			(In millions)
			(Unaudited)
Net income (loss)			$	(1,341)					$	641
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)			(34)						(117)
Unrealized gains (losses) on investments, net			(51)						(3)
Tax benefit (expense) on unrealized gains (losses) on investments, net			13						—
Unrealized gains (losses) on hedging activities, net			20						74
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net			(4)						(17)
Other comprehensive income (loss), net of tax			(56)						(63)
Comprehensive income (loss)			$	(1,397)					$	578

			Three Months Ended March 31,
			2022						2021
			(In millions, except per share amounts)
			(Unaudited)
Common stock:
Balance, beginning of period			$	2					$	2
Common stock issued			—						—
Common stock repurchased			—						—
Balance, end of period			2						2
Additional paid-in-capital:
Balance, beginning of period			16,659						16,497
Common stock and stock-based awards issued			1						1
Tax withholdings related to net share settlements of restricted stock units and awards			(61)						(69)
Stock-based compensation			111						116
Forward contract for share repurchases			188						—
Other			6						1
Balance, end of period			16,904						16,546
Treasury stock at cost:
Balance, beginning of period			(43,371)						(36,515)
Common stock repurchased			(1,438)						(292)
Balance, end of period			(44,809)						(36,807)
Retained earnings:
Balance, beginning of period			36,090						22,961
Net income (loss)			(1,341)						641
Dividends and dividend equivalents declared			(134)						(126)
Balance, end of period			34,615						23,476
Accumulated other comprehensive income:
Balance, beginning of period			398						616
Foreign currency translation adjustment			(34)						(117)
Change in unrealized gains (losses) on investments			(51)						(3)
Change in unrealized gains (losses) on derivative instruments			20						74
Tax benefit (provision) on above items			9						(17)
Balance, end of period			342						553
Total stockholders’ equity			$	7,054					$	3,770
Dividends and dividend equivalents declared per share or restricted stock unit			$	0.22					$	0.18

			Three Months Ended March 31,
			2022						2021
			(In millions)
			(Unaudited)
Cash flows from operating activities:
Net income (loss)			$	(1,341)					$	641
Income (loss) from discontinued operations, net of income taxes			2						(73)
Adjustments:
Provision for transaction losses			96						88
Depreciation and amortization			118						134
Stock-based compensation			111						103
Loss (gain) on investments, net			14						(1)
Deferred income taxes			(376)						103
Change in fair value of warrant			115						36
Change in fair value of equity investment in Adevinta			1,643						—
Change in fair value of equity investment in Gmarket			182						—
Unrealized change in fair value of equity investment in KakaoBank			91						—
Unrealized change in fair value of equity investment in Adyen			80						—
Realized change in fair value of shares sold in Adyen			166						—
Loss (gain) on extinguishment of debt			—						10
Changes in assets and liabilities, net of acquisition effects			(272)						(93)
Net cash provided by continuing operating activities			629						948
Net cash provided by (used in) discontinued operating activities			(16)						94
Net cash provided by operating activities			613						1,042
Cash flows from investing activities:
Purchases of property and equipment			(83)						(83)
Purchases of investments			(5,475)						(3,424)
Maturities and sales of investments			6,827						3,772
Proceeds from the sale of shares in Adyen			473						—
Proceeds from the sale of shares in KakaoBank			27						—
Other			3						2
Net cash provided by continuing investing activities			1,772						267
Net cash provided by (used in) discontinued investing activities			—						(2)
Net cash provided by investing activities			1,772						265
Cash flows from financing activities:
Proceeds from issuance of common stock			1						—
Repurchases of common stock			(1,069)						(304)
Payments for taxes related to net share settlements of restricted stock units and awards			(61)						(20)
Payments for dividends			(129)						(122)
Repayment of debt			(750)						(1,156)
Net borrowings under commercial paper program			—						400
Net funds receivable and payable activity			56						97
Other			—						4
Net cash used in continuing financing activities			(1,952)						(1,101)
Net cash provided by (used in) discontinued financing activities			—						(68)
Net cash used in financing activities			(1,952)						(1,169)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(18)						(11)
Net increase in cash, cash equivalents and restricted cash			415						127
Cash, cash equivalents and restricted cash at beginning of period			1,406						1,594
Cash, cash equivalents and restricted cash at end of period			$	1,821					$	1,721
Less: Cash, cash equivalents and restricted cash of discontinued operations			—						199
Cash, cash equivalents and restricted cash of continuing operations at end of period			$	1,821					$	1,522

			Three Months Ended March 31,
			2022						2021
			(In millions)
			(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest			$	80					$	104
Income taxes			$	35					$	75

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2021.

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 during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):

			Three Months Ended March 31,
			2022						2021
Numerator:
Income (loss) from continuing operations			$	(1,339)					$	568
Income (loss) from discontinued operations, net of income taxes			(2)						73
Net income (loss)			$	(1,341)					$	641
Denominator:
Weighted average shares of common stock - basic			587						681
Dilutive effect of equity incentive awards			—						12
Weighted average shares of common stock - diluted			587						693
Income (loss) per share - basic:
Continuing operations			$	(2.28)					$	0.83
Discontinued operations			—						0.11
Net income (loss) per share - basic			$	(2.28)					$	0.94
Income (loss) per share - diluted:
Continuing operations			$	(2.28)					$	0.82
Discontinued operations			—						0.10
Net income (loss) per share - diluted			$	(2.28)					$	0.92
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive			7						1

The following table presents financial results from discontinued operations, net of income taxes in our condensed consolidated statement of income for the periods indicated (in millions):

									Three Months Ended March 31,
															2022						2021
Classifieds income (loss) from discontinued operations, net of income taxes															$	—					$	72
eBay Korea income (loss) from discontinued operations, net of income taxes															(2)						1
Income (loss) from discontinued operations, net of income taxes															$	(2)					$	73

									Three Months Ended March 31,
															2022						2021
Classifieds net cash provided by (used in) discontinued operating activities															$	(1)					$	104
eBay Korea net cash provided by (used in) discontinued operating activities															(15)						(10)
Net cash provided by (used in) discontinued operating activities															$	(16)					$	94
Classifieds net cash used in discontinued investing activities															$	—					$	(1)
eBay Korea net cash used in discontinued investing activities															—						(1)
Net cash used in discontinued investing activities															$	—					$	(2)
Classifieds net cash provided by (used in) discontinued financing activities															$	—					$	—
eBay Korea net cash used in discontinued financing activities															—						(68)
Net cash used in discontinued financing activities															$	—					$	(68)

The following table presents the financial results of Classifieds for the periods indicated (in millions):

									Three Months Ended March 31,
															2022						2021
Net revenues															$	—					$	276
Cost of net revenues															—						30
Gross profit															—						246
Operating expenses:
Sales and marketing															—						87
Product development															—						43
General and administrative															—						27
Provision for transaction losses															—						2
Amortization of acquired intangible assets															—						—
Total operating expenses															—						159
Income (loss) from operations of discontinued operations															—						87
Interest and other, net															—						1
Income (loss) from discontinued operations before income taxes															—						88
Income tax provision															—						(16)
Income (loss) from discontinued operations, net of income taxes															$	—					$	72

The financial results of eBay Korea are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income. The following table presents the financial results of eBay Korea (in millions):

									Three Months Ended March 31,
															2022						2021
Net revenues															$	—					$	385
Cost of net revenues															—						217
Gross profit															—						168
Operating expenses:
Sales and marketing															—						141
Product development															—						14
General and administrative															2						12
Total operating expenses															2						167
Income (loss) from operations of discontinued operations															(2)						1
Interest and other, net															—						—
Income (loss) from discontinued operations before income taxes															(2)						1
Income tax benefit (provision)															—						—
Income (loss) from discontinued operations, net of income taxes															$	(2)					$	1

The following table summarizes net revenues by type for the periods indicated (in millions):

			Three Months Ended March 31,
			2022						2021
Net revenues by type:
Net transaction revenues			$	2,355					$	2,476
Marketing services and other revenues			128						162
Total net revenues			$	2,483					$	2,638

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):

			Three Months Ended March 31,
			2022						2021
U.S.			$	1,226					$	1,296
United Kingdom			418						503
Germany			273						344
Rest of world			566						495
Total net revenues			$	2,483					$	2,638

			March 31, 2022
			Gross Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Short-term investments:
Restricted cash			$	20					$	—					$	—					$	20
Corporate debt securities			2,907						—						—						2,907
Government and agency securities			40						—						—						40
			$	2,967					$	—					$	—					$	2,967
Long-term investments:
Corporate debt securities			$	812					$	—					$	(28)					$	784
Government and agency securities			798						—						(28)						770
			$	1,610					$	—					$	(56)					$	1,554

			December 31, 2021
			Gross Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Short-term investments:
Restricted cash			$	22					$	—					$	—					$	22
Corporate debt securities			4,151						1						—						4,152
Government and agency securities			25						—						—						25
			$	4,198					$	1					$	—					$	4,199
Long-term investments:
Corporate debt securities			$	954					$	1					$	(5)					$	950
Government and agency securities			779						—						(2)						777
			$	1,733					$	1					$	(7)					$	1,727

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are due primarily to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. We presently do not intend to sell any of the available-for-sale debt securities in an unrealized loss position and expect to realize the full value of all these investments upon maturity or sale.

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):

			March 31, 2022
One year or less (including restricted cash of $20)			$	2,967
One year through two years			427
Two years through three years			663
Three years through four years			329
Four years through five years			135
			$	4,521

The following table summarizes our equity investments as of the dates indicated (in millions):

			Balance Sheet Location						March 31, 2022						December 31, 2021
Equity investments with readily determinable fair values			Short-term investments						$	804					$	1,745
Equity investment in Adevinta			Equity investment in Adevinta						3,748						5,391
Equity investment under the fair value option			Long-term investments						543						725
Equity investments under the equity method of accounting			Long-term investments						38						38
Equity investments without readily determinable fair values			Long-term investments						78						85
Total equity investments									$	5,211					$	7,984

Upon completion of the transfer of our Classifieds business to Adevinta on June 24, 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. On November 18, 2021, we completed the sale of approximately 135 million of our voting shares in Adevinta to Permira, inclusive of the option exercised by Permira to purchase additional voting shares, for total cash consideration of approximately $2.3 billion which reduced our ownership in Adevinta to 33%. Following the close of the share sale in November 2021, our equity investment in Adevinta is reported in the long-term assets section on the condensed consolidated balance sheet to reflect our contractual requirement to retain at least 25% of the total number of issued and outstanding equity securities of Adevinta until October 14, 2023, subject to certain exceptions specified in the agreement.

At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in earnings. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta. Our non-voting shares are convertible to voting shares on a one-to-one basis, subject to a limitation of 33% voting interest. For the three months ended March 31, 2022, an unrealized loss of $1,643 million was recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment. The fair value of the investment was $3,748 million and $5,391 million as of March 31, 2022 and December 31, 2021, respectively.

In August 2021, one of our equity investments, KakaoBank Corp. (“KakaoBank”), which previously did not have a readily determinable fair value, completed its initial public offering which resulted in this investment having a readily determinable fair value. The fair value of the equity investment is measured based on KakaoBank’s closing stock price and prevailing foreign exchange rate at each balance sheet date. For the three months ended March 31, 2022, an unrealized loss of $91 million was recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment. During the three months ended March 31, 2022, we sold a portion of our shares in KakaoBank for $45 million and recorded a realized loss on the change in fair value of shares sold of $8 million in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income. There were $18 million of unsettled shares sold as of March 31, 2022 which were subsequently settled in the second quarter of 2022. The fair value of the investment was $540 million and $684 million as of March 31, 2022 and December 31, 2021, respectively and is reported within short-term investments in our condensed consolidated balance sheet.

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that vests in a series of four tranches, at a specified price per share upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. In the fourth quarter of 2021, we met the processing volume milestone target to vest the first tranche of the warrant. Upon vesting of the first tranche, we exercised the option to purchase shares of Adyen valued at $1.1 billion in exchange for approximately $110 million in cash. The fair value of the equity investment is measured based on Adyen’s closing stock price and prevailing foreign exchange rate at each balance sheet date. For the three months ended March 31, 2022, an unrealized loss of $80 million was recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment. During the three months ended March 31, 2022, we sold a portion of our shares in Adyen for $551 million and recorded a realized loss on the change in fair value of shares sold of $166 million in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income. There were $78 million of unsettled shares sold as of March 31, 2022 which were subsequently settled in the second quarter of 2022. As of March 31, 2022 and December 31, 2021, the fair value of the investment was $264 million and $1,061 million, respectively and is

reported within short-term investments in our condensed consolidated balance sheet. Refer to “Note 6 — Derivative Instruments” for more information about the warrant.

Subsequent to March 31, 2022, we sold additional shares in Adyen for $130 million and recorded a realized loss on the change in fair value of shares sold of $1 million, and we sold additional shares in KakaoBank for $79 million and recorded a realized loss on the change in fair value of shares sold of $14 million in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income.

On November 14, 2021, we completed the previously announced sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. Upon completion of the sale, we retained 19.99% of the outstanding equity interest of the new entity, Gmarket, over whom we are able to exercise significant influence based on the terms of the securities purchase agreement, including through our board representation. Our equity investment in Gmarket was valued at $728 million as of the transaction close date. At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Our retained investment in Gmarket is subject to a two year right held by Emart to purchase the remaining interest at the close price of the sale.

For the three months ended March 31, 2022 an unrealized loss of $182 million was recorded in gain (loss) on equity investments and warrant, net related to the change in fair value of the investment. As of March 31, 2022 and December 31, 2021, the fair value of the investment was $543 million and $725 million, respectively and is reported within long-term investments in our condensed consolidated balance sheet.

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. For equity investments accounted for under the equity method, our consolidated results of operations include, as a component of gain (loss) on equity investments and warrant, net, our share of the net income or loss of the equity investments accounted for under the equity method of accounting.

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):

			Three Months Ended March 31,
			2022						2021
Carrying value, beginning of period			$	85					$	539
Downward adjustments for observable price changes and impairment			(7)						—
Foreign currency translation and other			—						(11)
Carrying value, end of period			$	78					$	528

			Three Months Ended March 31,
			2022						2021
Net gains/(losses) recognized during the period on equity investments			$	(2,177)					$	—
Less: Net gains/(losses) recognized during the period on equity investments sold during the period			(174)						—
Total unrealized gains/(losses) on equity investments held at March 31, 2022			$	(2,003)					$	—

For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of March 31, 2022, we have estimated that approximately $35 million of net derivative gains related to our foreign exchange cash flow hedges and $10 million net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows.

In 2021, we met the processing volume milestone target to vest the first tranche of the warrant. Upon vesting of the first tranche, we exercised the option to purchase shares of Adyen valued at approximately $1.1 billion in exchange for approximately $110 million in cash. Our equity investment in Adyen is accounted for as an equity investment with a readily determinable fair value. Refer to “Note 5 — Investments” for more information about our equity investments.

The warrant is accounted for as a derivative under ASC Topic 815, Derivatives and Hedging. We report the warrant at fair value within warrant asset in our condensed consolidated balance sheets and changes in the fair value of the warrant are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recorded as a deferred credit, is reported within other liabilities in our condensed consolidated balance sheets and is amortized over the life of the commercial arrangement. See “Note 7 — Fair Value Measurements” for information about the fair value measurement of the warrant.

			Balance Sheet Location						March 31, 2022						December 31, 2021
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges			Other current assets						$	82					$	63
Foreign exchange contracts not designated as hedging instruments			Other current assets						25						22
Interest rate contracts designated as cash flow hedges			Other current assets						4						—
Warrant			Other assets						329						444
Foreign exchange contracts designated as cash flow hedges			Other assets						25						24
Total derivative assets									$	465					$	553
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges			Other current liabilities						$	6					$	—
Foreign exchange contracts not designated as hedging instruments			Other current liabilities						11						17
Foreign exchange contracts designated as cash flow hedges			Other liabilities						1						—
Total derivative liabilities									$	18					$	17
Total fair value of derivative instruments									$	447					$	536

The following tables present the activity of derivative instruments designated as cash flow hedges as of March 31, 2022 and December 31, 2021, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 

			December 31, 2021						Amount of Gain (Loss) Recognized in Other Comprehensive Income						Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings						March 31, 2022
Foreign exchange contracts designated as cash flow hedges			$	25					$	25					$	6					$	44
Interest rate contracts designated as cash flow hedges			30						2						1						31
Total			$	55					$	27					$	7					$	75

			December 31, 2020						Amount of Gain (Loss) Recognized in Other Comprehensive Income						Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings						March 31, 2021
Foreign exchange contracts designated as cash flow hedges			$	(95)					$	3					$	(27)					$	(65)
Interest rate contracts designated as cash flow hedges			10						43						(1)						54
Total			$	(85)					$	46					$	(28)					$	(11)

			Three Months Ended March 31,
			2022						2021
Foreign exchange contracts designated as cash flow hedges recognized in net revenues			$	6					$	(28)
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues			—						1
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net			15						(6)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income			$	21					$	(33)

			Three Months Ended March 31,
			2022						2021
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net			$	1					$	(1)

			Three Months Ended March 31,
			2022						2021
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net			$	(115)					$	(36)

Derivative transactions are measured in terms of the notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which the value of foreign exchange payments under these contracts are determined. The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):

			March 31, 2022						December 31, 2021
Foreign exchange contracts designated as cash flow hedges			$	2,180					$	2,066
Foreign exchange contracts not designated as hedging instruments			2,229						3,159
Interest rate contracts designated as cash flow hedges			400						400
Total			$	4,809					$	5,625

			March 31, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents			$	1,798					$	1,798					$	—					$	—
Short-term investments:
Restricted cash			20						20						—						—
Corporate debt securities			2,907						—						2,907						—
Government and agency securities			40						—						40						—
Equity investments with readily determinable fair values			804						804						—						—
Total short-term investments			3,771						824						2,947						—
Equity investment in Adevinta			3,748						3,748						—						—
Derivatives			465						—						136						329
Long-term investments:
Corporate debt securities			784						—						784						—
Government and agency securities			770						—						770						—
Equity investment under the fair value option			543						—						—						543
Total long-term investments			2,097						—						1,554						543
Total financial assets			$	11,879					$	6,370					$	4,637					$	872
Liabilities:
Derivatives			$	18					$	—					$	18					$	—