Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37713 | |
Entity Registrant Name | eBay Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0430924 | |
Entity Address, Address Line One | 2025 Hamilton Avenue | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95125 | |
City Area Code | 408 | |
Local Phone Number | 376-7108 | |
Title of 12(b) Security | Common stock | |
Entity Trading Symbol | EBAY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 519,000,000 | |
Entity Central Index Key | 0001065088 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,550 | |
Short-term investments | 2,144 | $ 2,625 |
Equity investments | 4,023 | 2,692 |
Customer accounts and funds receivable | 908 | 763 |
Other current assets | 689 | 1,056 |
Total current assets | 10,314 | 9,290 |
Long-term investments | 1,352 | 1,797 |
Property and equipment, net | 1,201 | 1,238 |
Goodwill | 4,238 | 4,262 |
Operating lease right-of-use assets | 446 | 513 |
Deferred tax assets | 3,086 | 3,169 |
Other assets | 547 | 581 |
Total assets | 21,184 | 20,850 |
Current liabilities: | ||
Short-term debt | 750 | 1,150 |
Accounts payable | 303 | 261 |
Customer accounts and funds payable | 986 | 768 |
Accrued expenses and other current liabilities | 1,967 | 1,866 |
Income taxes payable | 776 | 226 |
Total current liabilities | 4,782 | 4,271 |
Operating lease liabilities | 355 | 418 |
Deferred tax liabilities | 2,264 | 2,245 |
Long-term debt | 6,973 | 7,721 |
Other liabilities | 911 | 1,042 |
Total liabilities | 15,285 | 15,697 |
Commitments and Contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 3,580 shares authorized; 520 and 539 shares outstanding | 2 | 2 |
Additional paid-in capital | 17,639 | 17,279 |
Treasury stock at cost, 1,212 and 1,186 shares | (47,862) | (46,702) |
Retained earnings | 35,941 | 34,315 |
Accumulated other comprehensive income | 179 | 259 |
Total stockholders’ equity | 5,899 | 5,153 |
Total liabilities and stockholders’ equity | $ 21,184 | $ 20,850 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock - par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock - shares authorized (in shares) | 3,580 | 3,580 |
Common stock - shares outstanding (in shares) | 520 | 539 |
Treasury stock - shares (in shares) | 1,212 | 1,186 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenues | $ 2,500 | $ 2,380 | $ 7,550 | $ 7,285 |
Cost of net revenues | 705 | 647 | 2,123 | 1,999 |
Gross profit | 1,795 | 1,733 | 5,427 | 5,286 |
Operating expenses: | ||||
Sales and marketing | 567 | 538 | 1,644 | 1,582 |
Product development | 401 | 345 | 1,145 | 990 |
General and administrative | 283 | 212 | 831 | 675 |
Provision for transaction losses | 85 | 69 | 259 | 251 |
Amortization of acquired intangible assets | 4 | 1 | 17 | 3 |
Total operating expenses | 1,340 | 1,165 | 3,896 | 3,501 |
Income from operations | 455 | 568 | 1,531 | 1,785 |
Gain (loss) on equity investments and warrant, net | 1,212 | (593) | 1,196 | (4,105) |
Interest and other, net | (6) | (29) | (51) | (110) |
Income (loss) from continuing operations before income taxes | 1,661 | (54) | 2,676 | (2,430) |
Income tax benefit (provision) | (355) | (16) | (629) | 485 |
Income (loss) from continuing operations | 1,306 | (70) | 2,047 | (1,945) |
Income (loss) from discontinued operations, net of income taxes | (1) | 1 | (4) | 4 |
Net income (loss) | $ 1,305 | $ (69) | $ 2,043 | $ (1,941) |
Income (loss) per share - basic: | ||||
Continuing operations (in usd per share) | $ 2.47 | $ (0.13) | $ 3.84 | $ (3.45) |
Discontinued operations (in usd per share) | 0 | 0 | (0.01) | 0.01 |
Net income (loss) per share - basic (in usd per share) | 2.47 | (0.13) | 3.83 | (3.44) |
Income (loss) per share - diluted: | ||||
Continuing operations (in usd per share) | 2.46 | (0.13) | 3.81 | (3.45) |
Discontinued operations (in usd per share) | 0 | 0 | (0.01) | 0.01 |
Net income (loss) per share - diluted (in usd per share) | $ 2.46 | $ (0.13) | $ 3.80 | $ (3.44) |
Weighted-average shares: | ||||
Basic (in shares) | 529 | 548 | 533 | 563 |
Diluted (in shares) | 532 | 548 | 537 | 563 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,305 | $ (69) | $ 2,043 | $ (1,941) |
Other comprehensive income (loss), net of reclassification adjustments: | ||||
Foreign currency translation gains (losses) | (30) | (77) | (66) | (196) |
Unrealized gains (losses) on investments, net | 13 | (31) | 32 | (99) |
Tax benefit (expense) on unrealized gains (losses) on investments, net | (3) | 7 | (7) | 22 |
Unrealized gains (losses) on hedging activities, net | 40 | 151 | (50) | 275 |
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net | (8) | (33) | 11 | (60) |
Other comprehensive income (loss), net of tax | 12 | 17 | (80) | (58) |
Comprehensive income (loss) | $ 1,317 | $ (52) | $ 1,963 | $ (1,999) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common stock: | Additional paid-in-capital: | Treasury stock at cost: | Retained earnings: | Accumulated other comprehensive income: |
Beginning balance at Dec. 31, 2021 | $ 2 | $ 16,659 | $ (43,371) | $ 36,090 | $ 398 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock and stock-based awards issued | 55 | |||||
Tax withholdings related to net share settlements of restricted stock units and awards | (130) | |||||
Stock-based compensation | 366 | |||||
Common stock repurchased | 188 | (3,031) | ||||
Other | 9 | |||||
Net income (loss) | $ (1,941) | (1,941) | ||||
Dividends and dividend equivalents declared | (383) | |||||
Foreign currency translation adjustment | (196) | |||||
Change in unrealized gains (losses) on investments | (99) | (99) | ||||
Change in unrealized gains (losses) on derivative instruments | 275 | |||||
Tax benefit (provision) on above items | (38) | |||||
Ending balance at Sep. 30, 2022 | $ 4,853 | 2 | 17,147 | (46,402) | 33,766 | 340 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) | $ 0.66 | |||||
Beginning balance at Jun. 30, 2022 | 2 | 17,059 | (46,101) | 33,960 | 323 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Tax withholdings related to net share settlements of restricted stock units and awards | (32) | |||||
Stock-based compensation | 118 | |||||
Common stock repurchased | (301) | |||||
Other | 2 | |||||
Net income (loss) | $ (69) | (69) | ||||
Dividends and dividend equivalents declared | (125) | |||||
Foreign currency translation adjustment | (77) | |||||
Change in unrealized gains (losses) on investments | (31) | (31) | ||||
Change in unrealized gains (losses) on derivative instruments | 151 | |||||
Tax benefit (provision) on above items | (26) | |||||
Ending balance at Sep. 30, 2022 | $ 4,853 | 2 | 17,147 | (46,402) | 33,766 | 340 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) | $ 0.22 | |||||
Beginning balance at Dec. 31, 2022 | $ 5,153 | 2 | 17,279 | (46,702) | 34,315 | 259 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock and stock-based awards issued | 48 | |||||
Tax withholdings related to net share settlements of restricted stock units and awards | (126) | |||||
Stock-based compensation | 426 | |||||
Common stock repurchased | (1,151) | (1,160) | ||||
Other | 12 | |||||
Net income (loss) | 2,043 | 2,043 | ||||
Dividends and dividend equivalents declared | (417) | |||||
Foreign currency translation adjustment | (66) | |||||
Change in unrealized gains (losses) on investments | 32 | 32 | ||||
Change in unrealized gains (losses) on derivative instruments | (50) | |||||
Tax benefit (provision) on above items | 4 | |||||
Ending balance at Sep. 30, 2023 | $ 5,899 | 2 | 17,639 | (47,862) | 35,941 | 179 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) | $ 0.75 | |||||
Beginning balance at Jun. 30, 2023 | 2 | 17,529 | (47,205) | 34,775 | 167 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Tax withholdings related to net share settlements of restricted stock units and awards | (38) | |||||
Stock-based compensation | 144 | |||||
Common stock repurchased | (657) | |||||
Other | 4 | |||||
Net income (loss) | $ 1,305 | 1,305 | ||||
Dividends and dividend equivalents declared | (139) | |||||
Foreign currency translation adjustment | (30) | |||||
Change in unrealized gains (losses) on investments | 13 | 13 | ||||
Change in unrealized gains (losses) on derivative instruments | 40 | |||||
Tax benefit (provision) on above items | (11) | |||||
Ending balance at Sep. 30, 2023 | $ 5,899 | $ 2 | $ 17,639 | $ (47,862) | $ 35,941 | $ 179 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or restricted stock unit (in usd per share) | $ 0.25 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 1,305 | $ (69) | $ 2,043 | $ (1,941) |
(Income) loss from discontinued operations, net of income taxes | 1 | (1) | 4 | (4) |
Adjustments: | ||||
Provision for transaction losses | 85 | 69 | 259 | 251 |
Depreciation and amortization | 305 | 335 | ||
Stock-based compensation | 426 | 366 | ||
Loss (gain) on investments and other, net | (6) | 7 | ||
Deferred income taxes | 95 | (807) | ||
Change in fair value of warrant | 109 | 27 | 40 | 246 |
Changes in assets and liabilities, net of acquisition effects | 379 | (366) | ||
Net cash provided by continuing operating activities | 2,308 | 1,941 | ||
Net cash used in discontinued operating activities | (4) | (371) | ||
Net cash provided by operating activities | 2,304 | 1,570 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (330) | (296) | ||
Purchases of investments | (10,607) | (15,223) | ||
Maturities and sales of investments | 11,499 | 18,247 | ||
Other | (43) | (62) | ||
Net cash provided by continuing investing activities | 520 | 3,753 | ||
Net cash provided by discontinued investing activities | 0 | 2 | ||
Net cash provided by investing activities | 520 | 3,755 | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock | 48 | 55 | ||
Repurchases of common stock | (1,118) | (2,828) | ||
Payments for taxes related to net share settlements of restricted stock units and awards | (136) | (130) | ||
Payments for dividends | (132) | (120) | (399) | (370) |
Repayment of debt | (1,150) | (1,355) | ||
Net funds receivable and payable activity | 684 | 92 | ||
Net cash used in financing activities | (2,071) | (4,536) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (16) | (89) | ||
Net increase in cash, cash equivalents and restricted cash | 737 | 700 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,272 | 1,406 | ||
Cash, cash equivalents and restricted cash at end of period | 3,009 | 2,106 | 3,009 | 2,106 |
Cash paid for: | ||||
Interest | 192 | 194 | ||
Income taxes | 97 | 456 | ||
Cash and cash equivalents | 2,550 | 2,037 | 2,550 | 2,037 |
Customer accounts | 430 | 39 | 430 | 39 |
Restricted cash included in short-term investments | 25 | 28 | 25 | 28 |
Restricted cash included in long-term investments | 4 | 2 | 4 | 2 |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ 3,009 | $ 2,106 | 3,009 | 2,106 |
Adevinta | ||||
Adjustments: | ||||
Change in fair value of equity investment | (1,331) | 2,973 | ||
Adyen | ||||
Adjustments: | ||||
Change in fair value of equity investment | 0 | 261 | ||
Cash flows from investing activities: | ||||
Proceeds from the sale of shares in Adyen | 0 | 800 | ||
Gmarket | ||||
Adjustments: | ||||
Change in fair value of equity investment | 83 | 299 | ||
KakaoBank | ||||
Adjustments: | ||||
Change in fair value of equity investment | 11 | 321 | ||
Cash flows from investing activities: | ||||
Proceeds from the sale of shares in KakaoBank | $ 1 | $ 287 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Summary of Significant Accounting Policies | The Company and Summary of Significant Accounting Policies The Company eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the current Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket Global LLC (“Gmarket”), warrants and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation and Basis of Presentation The accompanying financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIEs. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected. For equity method investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments. For equity investments under the fair value option, the change in fair value of the investment is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments, other than our equity interest in Adevinta ASA (“Adevinta”) which is included in the short-term assets section on the condensed consolidated balance sheet. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment. Upon the transfer of our Classifieds business to Adevinta in 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC (“eBay Korea”) to Emart Inc. (“Emart”) in 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket, which is accounted for under the fair value option. Subsequent changes in fair value for these equity investments are included in gain (loss) on equity investments and warrant, net on our consolidated statement of income. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods. Significant Accounting Policies The re were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022, except for our policy related to revenue recognition to reflect the expansion of promoted listing services offered to sellers beginning in the second quarter of 2023, as noted below. Revenue Recognition We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. Our net revenues primarily consist of final value fees and promoted listing fees from sellers on our platforms. Our net revenues also include store subscription and other fees often from large enterprise sellers as well revenues from the sale of advertisements and revenue sharing arrangements. Our net revenues are reduced by incentives, including discounts, coupons and rewards, provided to our customers. We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. With respect to our services offerings, services may also be provided to sellers to promote their listings through on-site or off-site sponsored ads that are a distinct performance obligation for which revenue is recognized when (or over the period) these services are performed. Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire. Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives that are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available. Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur. Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer. Recent Accounting Pronouncements Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive shares of common stock. The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Income (loss) from continuing operations $ 1,306 $ (70) $ 2,047 $ (1,945) Income (loss) from discontinued operations, net of income taxes (1) 1 (4) 4 Net income (loss) $ 1,305 $ (69) $ 2,043 $ (1,941) Denominator: Weighted average shares of common stock - basic 529 548 533 563 Dilutive effect of equity incentive awards 3 — 4 — Weighted average shares of common stock - diluted 532 548 537 563 Income (loss) per share - basic: Continuing operations $ 2.47 $ (0.13) $ 3.84 $ (3.45) Discontinued operations 0.00 0.00 (0.01) 0.01 Net income (loss) per share - basic $ 2.47 $ (0.13) $ 3.83 $ (3.44) Income (loss) per share - diluted: Continuing operations $ 2.46 $ (0.13) $ 3.81 $ (3.45) Discontinued operations 0.00 0.00 (0.01) 0.01 Net income (loss) per share - diluted $ 2.46 $ (0.13) $ 3.80 $ (3.44) Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive 10 15 10 14 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Acquisition of TCGplayer In 2022, we completed the acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts. In the first quarter of 2023, we recorded measurement period adjustments related to the revised valuation of the intangible assets acquired. The following table presents the revised allocation of the aggregate purchase consideration (in millions): TCGplayer Goodwill $ 148 Purchased intangible assets 109 Deferred taxes (18) Total $ 239 The goodwill recognized is primarily attributable to expected synergies and the assembled workforce of TCGplayer. We generally do not expect goodwill to be deductible for income tax purposes. Our consolidated financial statements include the operating results of the acquired business from the date of acquisition. Separate operating results and pro forma results of operations for the acquisition above have not been presented as the effect of this acquisition is not material to our financial results. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table presents goodwill activity for the period indicated (in millions): December 31, Goodwill Adjustments September 30, Goodwill $ 4,262 $ 36 $ (60) $ 4,238 Goodwill acquired during the nine months ended September 30, 2023 relates to the first quarter acquisition of 3PM Shield, a provider of AI-based marketplace compliance solutions, the third quarter acquisition of Certilogo, a provider of AI-powered apparel and fashion goods digital IDs and authentication, and the revised valuation of the intangible assets acquired from the 2022 acquisition of TCGplayer. The adjustments to goodwill during the nine months ended September 30, 2023 were primarily due to foreign currency translation. Intangible Assets Intangible assets are reported within other assets in our condensed consolidated balance sheet. The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years): September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Customer lists and user base $ 241 $ (195) $ 46 8 $ 190 $ (190) $ — 0 Marketing related 79 (57) 22 6 68 (53) 15 7 Developed technologies 239 (187) 52 4 275 (177) 98 5 All other 158 (156) 2 3 159 (157) 2 3 Total $ 717 $ (595) $ 122 $ 692 $ (577) $ 115 Amortization expense for intangible assets was $8 million and $26 million for the three and nine months ended September 30, 2023, respectively, compared to $2 million and $4 million during the same periods in 2022. The following table presents expected future intangible asset amortization as of the date indicated (in millions): September 30, 2023 Remaining 2023 $ 9 2024 34 2025 31 2026 22 Thereafter 26 Total $ 122 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments We have one operating and reportable segment. Our reportable segment is Marketplace, which includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. Our management and our chief operating decision maker review financial information presented on a consolidated basis for purposes of allocating resources and evaluating performance and do not evaluate using asset information. The accounting policies of our segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies.” The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 U.S. $ 1,259 $ 1,187 $ 3,785 $ 3,612 United Kingdom 406 378 1,200 1,206 China 264 219 764 648 Germany 235 240 731 772 Rest of world 336 356 1,070 1,047 Total net revenues $ 2,500 $ 2,380 $ 7,550 $ 7,285 Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to U.S. and international geographies primarily based upon the country in which the seller, platform that displays advertising, other service provider or customer, as the case may be, is located. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Investments | Investments The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions): September 30, 2023 Gross Gross Gross Estimated Short-term investments: Restricted cash $ 25 $ — $ — $ 25 Corporate debt securities 1,894 — (10) 1,884 Government and agency securities 144 — (2) 142 $ 2,063 $ — $ (12) $ 2,051 Long-term investments: Restricted cash $ 4 $ — $ — $ 4 Corporate debt securities 289 — (16) 273 Government and agency securities 596 — (38) 558 $ 889 $ — $ (54) $ 835 December 31, 2022 Gross Gross Gross Estimated Short-term investments: Restricted cash $ 36 $ — $ — $ 36 Corporate debt securities 2,355 — (5) 2,350 Government and agency securities 141 — (6) 135 $ 2,532 $ — $ (11) $ 2,521 Long-term investments: Restricted cash $ 13 $ — $ — $ 13 Corporate debt securities 686 — (40) 646 Government and agency securities 604 — (47) 557 $ 1,303 $ — $ (87) $ 1,216 We consider cash to be restricted when withdrawal or general use is legally restricted. Restricted cash is held in interest bearing accounts for letters of credit related to our global sabbatical program and for certain amounts related to other compensation arrangements held in escrow. Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are primarily due to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss. We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded through interest and other, net for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of September 30, 2023. Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.5 billion and unrealized losses of $2 million as of September 30, 2023, and an estimated fair value of $2.8 billion and unrealized losses of $32 million as of December 31, 2022. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $1.2 billion and unrealized losses of $64 million as of September 30, 2023, and an estimated fair value of $952 million and unrealized losses of $66 million as of December 31, 2022. Refer to “Note 15 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses. The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions): September 30, 2023 One year or less (including restricted cash of $25) $ 2,051 One year through two years (including restricted cash of $4) 690 Two years through three years 91 Three years through four years 54 Total $ 2,886 Equity Investments The following table summarizes our equity investments as of the dates indicated (in millions): Balance Sheet Location September 30, 2023 December 31, 2022 Equity investments with readily determinable fair values Short-term investments $ 93 $ 104 Equity investment in Adevinta Equity investment in Adevinta 4,023 2,692 Equity investments under the fair value option Long-term investments 395 461 Equity investments under the equity method of accounting Long-term investments 30 34 Equity investments without readily determinable fair values Long-term investments 92 86 Total equity investments $ 4,633 $ 3,377 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use any of our derivative instruments for trading purposes. We use foreign currency exchange contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets and liabilities, including intercompany balances denominated in foreign currencies. These contracts are generally one month to one year in duration but with maturities up to 24 months. The objective of the foreign exchange contracts is to ensure that ultimately the U.S. dollar-equivalent cash flows are not adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. We evaluate the effectiveness of our foreign exchange contracts designated as cash flow or net investment hedges on a quarterly basis. In 2022, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. These interest rate swaps effectively fixed the benchmark interest rate and had the economic effect of hedging the variability of forecasted interest payments for up to ten years on an anticipated debt issuance. Similar to other cash flow hedges, we recorded changes in the fair value of these interest rate swaps in accumulated other comprehensive income (“AOCI”) until the anticipated debt issuance. As described in “Note 9 — Debt,” in 2022, we issued $1.2 billion of senior unsecured notes, which consisted of notes maturing in 2025, 2027 and 2032. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $25 million is amortized to interest expense over the term of our notes due in November 2032. Cash Flow Hedges For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings . As of September 30, 2023, we have estimated that approximately $15 million of net derivative gains related to our foreign exchange cash flow hedges and $8 million of net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows. Non-Designated Hedges Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets or liabilities, including intercompany balances and equity investments denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recorded in interest and other, net, which are offset by the foreign currency gains and losses on the related assets and liabilities that are also recorded in interest and other, net. We classify cash flows related to our non-designated hedging instruments in the same line item as the cash flows of the related assets or liabilities, which is generally within operating activities in our condensed consolidated statement of cash flows. Cash flows related to the settlement of non-designated hedging instruments related to equity investments are classified within investing activities in our condensed consolidated statement of cash flows. Warrant We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that, subject to meeting certain conditions, entitles us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted issued and outstanding share capital at a specific date. The warrant has a term of seven years and vests in a series of four tranches, at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When or if a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. The maximum number of tranches that can vest in one calendar year is two. The warrant is accounted for as a derivative under ASC Topic 815, Derivatives and Hedging . We report the warrant at fair value within other assets in our condensed consolidated balance sheet and changes in the fair value of the warrant are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recorded as a deferred credit, is reported within other liabilities in our condensed consolidated balance sheet and is amortized over the life of the commercial arrangement. See “Note 8 — Fair Value Measurement of Assets and Liabilities” for information about the fair value measurement of the warrant. Fair Value of Derivative Contracts The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions): Balance Sheet Location September 30, December 31, Derivative Assets: Foreign exchange contracts designated as cash flow hedges Other current assets $ 44 $ 89 Foreign exchange contracts not designated as hedging instruments Other current assets 33 18 Interest rate contracts designated as cash flow hedges Other current assets — 2 Warrant Other assets 174 214 Foreign exchange contracts designated as cash flow hedges Other assets 19 13 Total derivative assets $ 270 $ 336 Derivative Liabilities: Foreign exchange contracts designated as cash flow hedges Other current liabilities $ — $ 12 Foreign exchange contracts not designated as hedging instruments Other current liabilities 19 34 Foreign exchange contracts designated as cash flow hedges Other liabilities — 1 Total derivative liabilities $ 19 $ 47 Total fair value of derivative instruments $ 251 $ 289 Under the master netting agreements with the respective counterparties to our derivative contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our condensed consolidated balance sheet. As of September 30, 2023, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $19 million, resulting in net derivative assets of $77 million and immaterial net derivative liabilities. As of September 30, 2023, there was no potential effect of rights of set-off associated with the interest rate contracts as there were no asset positions. Effect of Derivative Contracts on Accumulated Other Comprehensive Income The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of September 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): December 31, 2022 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2023 Foreign exchange contracts designated as cash flow hedges $ 52 $ 2 $ 43 $ 11 Interest rate contracts designated as cash flow hedges 62 — 9 53 Total $ 114 $ 2 $ 52 $ 64 December 31, 2021 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2022 Foreign exchange contracts designated as cash flow hedges $ 25 $ 310 $ 50 $ 285 Interest rate contracts designated as cash flow hedges 40 17 4 53 Total $ 65 $ 327 $ 54 $ 338 Effect of Derivative Contracts on Condensed Consolidated Statement of Income The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Foreign exchange contracts designated as cash flow hedges recognized in net revenues $ 2 $ 36 $ 45 $ 51 Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues (1) (1) (2) (1) Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net (2) 16 4 56 Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ (1) $ 51 $ 47 $ 106 The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net $ 2 $ 2 $ 9 $ 4 The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net $ (109) $ (27) $ (40) $ (246) Notional Amounts of Derivative Contracts Derivative transactions are measured in terms of the notional amount, but this amount is not recorded in our condensed 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): September 30, December 31, Foreign exchange contracts designated as cash flow hedges $ 1,741 $ 1,741 Foreign exchange contracts not designated as hedging instruments 1,902 2,181 Interest rate contracts designated as cash flow hedges — 400 Total $ 3,643 $ 4,322 Credit Risk |
Fair Value Measurement of Asset
Fair Value Measurement of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions): September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,550 $ 2,550 $ — $ — Customer accounts 430 430 — — Short-term investments: Restricted cash 25 25 — — Corporate debt securities 1,884 — 1,884 — Government and agency securities 142 — 142 — Equity investments with readily determinable fair values 93 93 — — Total short-term investments 2,144 118 2,026 — Equity investment in Adevinta 4,023 4,023 — — Derivatives 270 — 96 174 Long-term investments: Restricted cash 4 4 — — Corporate debt securities 273 — 273 — Government and agency securities 558 — 558 — Equity investment under the fair value option 348 — — 348 Total long-term investments 1,183 4 831 348 Total financial assets $ 10,600 $ 7,125 $ 2,953 $ 522 Liabilities: Other liabilities $ 21 $ — $ — $ 21 Derivatives $ 19 $ — $ 19 $ — December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,154 $ 2,154 $ — $ — Customer accounts 69 69 — — Short-term investments: Restricted cash 36 36 — — Corporate debt securities 2,350 — 2,350 — Government and agency securities 135 — 135 — Equity investments with readily determinable fair values 104 104 — — Total short-term investments 2,625 140 2,485 — Equity investment in Adevinta 2,692 2,692 — — Derivatives 336 — 122 214 Long-term investments: Restricted cash 13 13 — — Corporate debt securities 646 — 646 — Government and agency securities 557 — 557 — Equity investment under the fair value option 431 — — 431 Total long-term investments 1,647 13 1,203 431 Total financial assets $ 9,523 $ 5,068 $ 3,810 $ 645 Liabilities: Other liabilities $ 14 $ — $ — $ 14 Derivatives $ 47 $ — $ 47 $ — Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels during the nine months ended September 30, 2023. Other financial instruments, including accounts receivable, funds receivable, accounts payable and funds payable, are carried at cost, which approximates their fair value because of the short-term nature of these instruments. Fair value measurement of derivative instruments The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. Our warrant, which is accounted for as a derivative instrument, is valued using a Black-Scholes model. Key assumptions used in the valuation include risk-free interest rates, Adyen’s common stock price, equity volatility and common stock outstanding, exercise price, and details specific to the warrant. The value is also probability adjusted for management’s assumptions with respect to vesting of the remaining three tranches which are each subject to meeting processing volume milestone targets. These assumptions and the probability of meeting processing volume milestone targets may have a significant impact on the value of the warrant. Refer to “Note 7 — Derivative Instruments” for further details on our derivative instruments. The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions): September 30, December 31, Opening balance at beginning of period $ 214 $ 444 Change in fair value (40) (230) Closing balance at end of period $ 174 $ 214 The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of September 30, 2023 (in millions, except percentages): Fair value Valuation technique Unobservable Input (1) Range (weighted average) Warrant $ 174 Black-Scholes and Monte Carlo Probability of vesting 0.0% - 95.0% (76.8%) Equity volatility (42%) (1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount. Fair value measurement of equity investments Certain equity investments are measured at fair value on a recurring basis, including our equity investment in Adevinta, equity investments with readily determinable fair values and equity investments under the fair value option. Our equity investment in Adevinta is accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. Our equity investments with readily determinable fair values are also classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. Our equity investment in Gmarket is accounted for under the fair value option and is subject to a two The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions): September 30, December 31, 2022 Opening balance at beginning of period $ 431 $ 725 Change in fair value (83) (294) Closing balance at end of period $ 348 $ 431 This investment is classified within Level 3 in the fair value hierarchy as valuation of the investment reflects management’s estimate of assumptions that market participants would use in pricing the asset. The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of September 30, 2023 that may have a significant impact on the overall valuation (in millions, except multiples): Fair value Valuation technique Unobservable Input (1) Range Equity investment in Gmarket $ 348 Market multiples Revenue multiple — GPC method 0.8x — 1.4x Revenue multiple — GMAC method 1.0x — 2.7x (1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies. Certain other immaterial equity investments under the fair value option aggregating to $47 million and $30 million as of September 30, 2023 and December 31, 2022, respectively, are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy. Refer to “Note 6 — Investments” for further details about our equity investments. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages): Coupon As of Effective As of Effective Rate September 30, 2023 Interest Rate December 31, 2022 Interest Rate Long-Term Debt Floating Rate Notes: Senior notes due 2023 LIBOR plus 0.87% $ — — % $ 400 3.786 % Fixed Rate Notes: Senior notes due 2023 2.750 % — — % 750 2.866 % Senior notes due 2024 3.450 % 750 3.531 % 750 3.531 % Senior notes due 2025 1.900 % 800 1.803 % 800 1.803 % Senior notes due 2025 5.900 % 425 6.036 % 425 6.036 % Senior notes due 2026 1.400 % 750 1.252 % 750 1.252 % Senior notes due 2027 3.600 % 850 3.689 % 850 3.689 % Senior notes due 2027 5.950 % 300 6.064 % 300 6.064 % Senior notes due 2030 2.700 % 950 2.623 % 950 2.623 % Senior notes due 2031 2.600 % 750 2.186 % 750 2.186 % Senior notes due 2032 6.300 % 425 6.371 % 425 6.371 % Senior notes due 2042 4.000 % 750 4.114 % 750 4.114 % Senior notes due 2051 3.650 % 1,000 2.517 % 1,000 2.517 % Total senior notes 7,750 8,900 Hedge accounting fair value adjustments (1) 3 5 Unamortized premium/(discount) and debt issuance costs (30) (34) Less: Current portion of long-term debt (750) (1,150) Total long-term debt 6,973 7,721 Short-Term Debt Current portion of long-term debt 750 1,150 Total short-term debt 750 1,150 Total Debt $ 7,723 $ 8,871 (1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes. Senior Notes In January 2023, we redeemed the $1.2 billion aggregate principal amount of the floating rate and 2.750% senior notes due 2023. Total cash consideration paid was $1.2 billion, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount. In 2022, we redeemed the $1.4 billion aggregate principal amount of the 2.600% and 3.800% senior notes due 2022. Total cash consideration paid was $1.4 billion, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount. In 2022, we issued senior notes of $1.2 billion aggregate principal amount, which consisted of $425 million of 5.900% fixed rate notes due 2025, $300 million of 5.950% fixed rate notes due to 2027 and $425 million of 6.300% fixed rate notes due 2032. We may redeem some or all of the fixed rate notes of each series at any time and from time to time prior to their maturity, generally at a make-whole redemption price, plus accrued and unpaid interest. If a change of control triggering event (as defined in the applicable senior notes) occurs with respect to the 3.450% fixed rate notes due 2024, the 1.900% fixed rate notes due 2025, the 5.900% fixed rate notes due 2025, the 1.400% fixed rate notes due 2026, the 3.600% fixed rate notes due 2027, the 5.950% fixed rate notes due 2027, the 2.700% fixed rate notes due 2030, the 2.600% fixed rate notes due 2031, the 6.300% fixed rate notes due 2032, the 4.000% fixed rate notes due 2042, or the 3.650% fixed rate notes due 2051, we must, subject to certain exceptions, offer to repurchase all of the notes of the applicable series at a price equal to 101% of the principal amount, plus accrued and unpaid interest. The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default with customary grace periods in certain circumstances, including payment defaults and bankruptcy-related defaults. To help achieve our interest rate risk management objectives, during the second quarter of 2020, we entered into interest rate swap agreements that effectively converted $400 million of our LIBOR-based floating-rate debt to a fixed-rate basis. During the first quarter of 2023 we terminated the interest rate swap agreements upon redemption of the floating rate senior notes due 2023 . During 2022, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. As described above, in 2022 we issued $1.2 billion of senior unsecured notes, which consisted of notes maturing in 2025, 2027 and 2032. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $25 million is amortized to interest expense over the term of our notes due in November 2032. The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount and premium on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with these senior notes, including amortization of debt issuance costs, was approximately $65 million and $196 million during the three and nine months ended September 30, 2023, respectively, compared to $54 million and $169 million during the same periods in 2022. As of September 30, 2023 and December 31, 2022, the estimated fair value of these senior notes, using Level 2 inputs, was approximately $6.7 billion and $8.0 billion, respectively. Commercial Paper We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. As of September 30, 2023 and December 31, 2022, there were no commercial paper notes outstanding. Credit Agreement In March 2020, we entered into a credit agreement that provides for an unsecured $2 billion five-year credit facility. We may also, subject to the agreement of the applicable lenders, increase commitments under the revolving credit facility by up to $1 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes. As of September 30, 2023, no borrowings were outstanding under our $2 billion credit agreement. However, as described above, we have an up to $1.5 billion commercial paper program and are required to maintain available borrowing capacity under our credit agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they become due, in an aggregate amount of $1.5 billion. As of September 30, 2023, no borrowings were outstanding under our commercial paper program; therefore, $2 billion of borrowing capacity was available for other purposes permitted by the credit agreement, subject to customary conditions to borrowing. The credit agreement includes a covenant limiting our consolidated leverage ratio to no more than 4.0:1.0, subject to, upon the occurrence of a qualified material acquisition, if so elected by us, a step-up to 4.5:1.0 for the four fiscal quarters completed following such qualified material acquisition. The credit agreement includes customary events of default, with corresponding grace periods in certain circumstances, including payment defaults, cross-defaults and bankruptcy-related defaults. In addition, the credit agreement contains customary affirmative and negative covenants, including restrictions regarding the incurrence of liens and subsidiary indebtedness, in each case, subject to customary exceptions. The credit agreement also contains customary representations and warranties. We were in compliance with all financial covenants in our outstanding debt instruments during the nine months ended September 30, 2023. |
Supplemental Consolidated Finan
Supplemental Consolidated Financial Information | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Supplemental Consolidated Financial Information | Supplemental Consolidated Financial Information Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions reasonable and supportable forecasts, and other factors that may affect our customers’ ability to pay. The allowance for doubtful accounts and authorized credits was $44 million and $42 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, we reported an allowance for doubtful accounts of $21 million reflecting an increase of $4 million, net of write-offs of $6 million for the nine months ended September 30, 2023. As of December 31, 2022, we reported an allowance for doubtful accounts of $16 million. Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for the nine month period ended September 30, 2023 that was included in the deferred revenue balance at the beginning of the period was $32 million. The amount of revenue recognized for the nine month period ended September 30, 2022 that was included in the deferred revenue balance at the beginning of the period was $37 million. Customer accounts and funds receivable September 30, December 31, (In millions) Customer accounts $ 430 $ 69 Funds receivable 478 694 Customer accounts and funds receivable $ 908 $ 763 Other current assets September 30, December 31, (In millions) Income and other tax receivable $ 113 $ 122 Payment processor advances 68 336 Prepaid expenses 124 120 Accounts receivable, net 74 90 Short-term derivative assets 77 112 Other 233 276 Other current assets $ 689 $ 1,056 Accrued expenses and other current liabilities September 30, December 31, (In millions) Compensation and related benefits $ 520 $ 426 Accrued sales and use tax and VAT 365 346 Accrued marketing expenses 188 229 Operating lease liabilities 114 131 Accrued legal matters 114 64 Transaction loss reserve 106 101 Accrued general and administrative expenses 77 111 Accrued interest expense 74 67 Deferred revenue 37 34 Other 372 357 Accrued expenses and other current liabilities $ 1,967 $ 1,866 Gain (loss) on equity investments and warrant, net Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Unrealized change in fair value of equity investment in Adevinta $ 1,367 $ (501) $ 1,331 $ (2,973) Unrealized change in fair value of equity investment in Adyen — — — (118) Unrealized change in fair value of equity investment in Gmarket (43) (40) (83) (299) Unrealized change in fair value of equity investment in KakaoBank (4) (50) (11) (246) Change in fair value of warrant (109) (27) (40) (246) Realized change in fair value of shares sold in Adyen — 24 — (143) Realized change in fair value of shares sold in KakaoBank — — — (75) Gain (loss) on other investments 1 1 (1) (5) Total gain (loss) on equity investments and warrant, net $ 1,212 $ (593) $ 1,196 $ (4,105) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements As of September 30, 2023, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources. Litigation and Other Legal Matters Overview We are involved in legal and regulatory proceedings on an ongoing basis. Many of these proceedings are in early stages and may seek an indeterminate amount of damages. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated liability in our financial statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For those proceedings in which an unfavorable outcome is reasonably possible but not probable, we have disclosed an estimate of the reasonably possible loss or range of losses or we have concluded that an estimate of the reasonably possible loss or range of losses arising directly from the proceeding (i.e., monetary damages or amounts paid in judgment or settlement) is not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a proceeding, we have disclosed that fact. In assessing the materiality of a proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. With respect to the matters disclosed in this Overview, we are unable to estimate the possible loss or range of losses that could potentially result from the application of such non-monetary remedies. Amounts accrued for legal and regulatory proceedings for which we believe a loss is probable were not material for the nine months ended September 30, 2023. We have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recorded accruals are also not material. However, legal and regulatory proceedings are inherently unpredictable and subject to significant uncertainties. If one or more matters were resolved against us in a reporting period for amounts in excess of management’s expectations, the impact on our operating results or financial condition for that reporting period could be material. Legal fees are expensed as incurred. General Matters Third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes, and expect that we could be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against us and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions and divestitures and in cases where we are entering new lines of business. We have in the past been forced to litigate such claims. We may also become more vulnerable to third-party claims as laws such as the Digital Millennium Copyright Act, the Lanham Act and the Communications Decency Act are interpreted by the courts, and as we expand the scope of our business (both in terms of the range of products and services that we offer and our geographical operations) and become subject to laws in jurisdictions where the underlying laws with respect to the potential liability of online intermediaries like ourselves are either unclear or less favorable. We believe that additional lawsuits alleging that we have violated patent, copyright or trademark laws will be filed against us. Intellectual property claims, whether meritorious or not, are time consuming and costly to defend and resolve, could require expensive changes in our methods of doing business or could require us to enter into costly royalty or licensing agreements on unfavorable terms. From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our users (individually or as class actions) alleging, among other things, improper disclosure of our prices, rules or policies, that our practices, prices, rules, policies or customer/user agreements violate applicable law or that we have acted unfairly and/or not acted in conformity with such practices, prices, rules, policies or agreements. Further, the number and significance of these disputes and inquiries are increasing as the political and regulatory landscape changes and, as we have grown larger, our businesses have expanded in scope (both in terms of the range of products and services that we offer and our geographical operations) and our products and services have increased in complexity. Any claims or regulatory actions against us, whether meritorious or not, could be time consuming, result in costly litigation, damage awards (including statutory damages for certain causes of action in certain jurisdictions), injunctive relief or increased costs of doing business through adverse judgment or settlement, require us to change our business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources or otherwise harm our business. From time to time, the Company receives subpoenas or requests for information from various government agencies, typically for potential misconduct by sellers on the Company’s Marketplace platforms. More recently, the Company has received subpoenas or requests for information from government agencies related to potential liability of the Company for products sold by sellers on the Marketplace platforms. The Company generally responds to government subpoenas and requests in the ordinary course of business and in a cooperative, thorough and timely manner. These responses sometimes require time and effort and can result in considerable costs being incurred by the Company. In this regard, the Company has responded to inquiries from the U.S. Department of Justice (“DOJ”) regarding products sold on the Marketplace platforms alleged to violate certain laws, including laws administered by the Environmental Protection Agency (“EPA”) and, separately, laws administered by the Drug Enforcement Agency (“DEA”). The inquiries relate to whether and to what extent the Company should be liable for the sale of regulated or illicit products manufactured and sold by others who listed such products on Marketplace platforms in a manner that evaded and/or was designed to evade detection by the Company. With respect to the inquiries regarding EPA matters, on September 27, 2023, the DOJ filed a civil complaint against the Company in the U.S. District Court for the Eastern District of New York alleging violations of the Clean Air Act, Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act. The Company intends to vigorously defend against these claims. With respect to the inquiry regarding DEA matters, the DEA, DOJ and the Company have begun discussions relating to allegations of noncompliance arising under the Controlled Substances Act, which discussions include a potential settlement. If the Company is found to be liable for such activities on the Marketplace, it likely will be subject to monetary damages, changes in our business practices, or other remedies that could have a material adverse impact on our business. The Company is also responding to inquiries from the U.S. Attorney for the District of Massachusetts regarding potential criminal liability of the Company arising from the stalking and harassment in 2019 of the editor and publisher of Ecommercebytes, a website that publishes ecommerce news and information. Six former Company employees and one former contractor have pleaded guilty to crimes arising from the conduct. The Company is in discussions with the U.S. Attorney’s Office, which discussions include a potential settlement. We expect any such settlement may include fines, other payments, and non-monetary remedies, such as additional remediation, compliance and reporting requirements. The editor and publisher also have a pending civil action against the Company, which seeks unspecified damages arising from the above-described conduct. In connection with the government matters and criminal and civil actions described above, the Company has accrued for probable losses of $114 million in the aggregate as of September 30, 2023 and as of the date of this report, of which $50 million was recorded as a component of general and administrative expense during the three and nine months ended September 30, 2023. Given the uncertainties involved, the ultimate resolution of these matters could result in additional losses that may be material to our financial results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. Indemnification Provisions We entered into a separation and distribution agreement and various other agreements with PayPal to govern the separation and relationship of the two companies. These agreements provide for specific indemnity and liability obligations and could lead to disputes between us and PayPal, which may be significant. In addition, the indemnity rights we have against PayPal under the agreements may not be sufficient to protect us and our indemnity obligations to PayPal may be significant. In addition, we have entered into indemnification agreements with each of our directors, executive officers and certain other officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with us. In the ordinary course of business, we have included limited indemnification provisions in certain of our agreements with parties with which we have commercial relations, including our standard marketing, promotions and application programming interface license agreements. Under these contracts, we may indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by a third party with respect to intellectual property infringement, including to our trademarks, logos and proprietary software, and other branding elements, such as domain names, to the extent that such are applicable to our performance under the subject agreement. In certain cases, we have agreed to provide indemnification for gross negligence, willful misconduct, fraud and breach of representations, warranties and applicable law. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in our consolidated statement of income in connection with our indemnification provisions have not been significant, either individually or collectively. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Stock Repurchase Program Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives. Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash. The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts): Shares Repurchased (1) Average Price per Share (2) Value of Shares Repurchased (2) Remaining Amount Authorized Balance as of January 1, 2023 $ 2,848 Repurchase of shares of common stock 26 $ 44.46 $ 1,151 (1,151) Balance as of September 30, 2023 $ 1,697 (1) These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired. (2) Excludes broker commissions and excise tax accruals. Dividends The Company paid a total of $132 million and $120 million in cash dividends during the three months ended September 30, 2023 and 2022, respectively, and $399 million and $370 million in cash dividends during the nine months ended September 30, 2023 and 2022, respectively. In November 2023, our Board of Directors declared a cash dividend of $0.25 per share of common stock to be paid on December 15, 2023 to stockholders of record as of December 1, 2023. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Restricted Stock Unit Activity The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions): Units Outstanding as of January 1, 2023 21 Awarded 15 Vested (8) Forfeited (2) Outstanding as of September 30, 2023 26 The weighted average grant date fair value for RSUs awarded during the nine months ended September 30, 2023 was $44.31 per share. Stock-Based Compensation Expense The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of net revenues $ 13 $ 13 $ 40 $ 38 Sales and marketing 23 17 68 57 Product development 69 53 202 160 General and administrative 39 35 116 111 Total stock-based compensation expense $ 144 $ 118 $ 426 $ 366 Capitalized in product development $ 4 $ 3 $ 12 $ 10 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to both direct and indirect taxation in the U.S. and various states and foreign jurisdictions. We are under examination by certain tax authorities for the 2010 to 2021 tax years. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these or other examinations. The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2009 include, among others, the U.S. (Federal and California), Germany, India, Israel, Switzerland and the United Kingdom. Although the timing of the resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. However, given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. We have recognized the tax consequences of all foreign unremitted earnings and management has no specific plans to indefinitely reinvest the unremitted earnings of our foreign subsidiaries as of the balance sheet date. Accordingly, as of September 30, 2023 and December 31, 2022, $292 million and $526 million, respectively, of our non-current liability for deemed repatriation of foreign earnings was included in other liabilities on our consolidated balance sheet. We have not provided for deferred taxes on outside basis differences in our investments in our foreign subsidiaries that are unrelated to unremitted earnings. These basis differences will be indefinitely reinvested. A determination of the unrecognized deferred taxes related to these other components of our outside basis difference is not practicable. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables summarize the changes in AOCI for the periods indicated (in millions): Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of June 30, 2023 $ 24 $ (79) $ 186 $ 36 $ 167 Other comprehensive income (loss) before reclassifications 43 13 (30) (13) 13 Less: Amount of gain (loss) reclassified from AOCI 3 — — (2) 1 Net current period other comprehensive income (loss) 40 13 (30) (11) 12 Balance as of September 30, 2023 $ 64 $ (66) $ 156 $ 25 $ 179 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of June 30, 2022 $ 190 $ (75) $ 209 $ (1) $ 323 Other comprehensive income (loss) before reclassifications 185 (30) (77) (17) 61 Less: Amount of gain (loss) reclassified from AOCI 35 1 — 8 44 Net current period other comprehensive income (loss) 150 (31) (77) (25) 17 Balance as of September 30, 2022 $ 340 $ (106) $ 132 $ (26) $ 340 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of December 31, 2022 $ 114 $ (98) $ 222 $ 21 $ 259 Other comprehensive income (loss) before reclassifications 2 32 (66) (9) (41) Less: Amount of gain (loss) reclassified from AOCI 52 — — (13) 39 Net current period other comprehensive income (loss) (50) 32 (66) 4 (80) Balance as of September 30, 2023 $ 64 $ (66) $ 156 $ 25 $ 179 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of December 31, 2021 $ 65 $ (7) $ 328 $ 12 $ 398 Other comprehensive income (loss) before reclassifications 325 (100) (196) (35) (6) Less: Amount of gain (loss) reclassified from AOCI 50 (1) — 3 52 Net current period other comprehensive income (loss) 275 (99) (196) (38) (58) Balance as of September 30, 2022 $ 340 $ (106) $ 132 $ (26) $ 340 The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions): Details about AOCI Components Affected Line Item in the Statement of Income Amount of Gain (Loss) Reclassified From AOCI Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gains (losses) on cash flow hedges: Foreign exchange contracts Net revenues $ 2 $ 36 $ 45 $ 51 Foreign exchange contracts Cost of net revenues (1) (1) (2) (1) Interest rate contracts Interest and other, net 2 1 9 (1) Total, from continuing operations before income taxes 3 36 52 49 Provision for income taxes (2) 8 (13) 3 Total, from continuing operations net of income taxes 1 44 39 52 Total reclassifications for the period Total, net of income taxes $ 1 $ 44 $ 39 $ 52 |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The following table summarizes restructuring reserve activity for the period indicated (in millions): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Accrued liability, beginning of period $ 5 $ — Charges — 42 Payments (2) (38) Adjustments (1) (2) Accrued liability, end of period $ 2 $ 2 During the first quarter of 2023, management announced plans that included a reduction in workforce and other exit costs. The reduction was substantially completed in the first quarter of 2023 and resulted in a pre-tax charge of $42 million. Restructuring charges are included in general and administrative expenses in the condensed consolidated statement of income. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) | $ 1,305 | $ (69) | $ 2,043 | $ (1,941) |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket Global LLC (“Gmarket”), warrants and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIEs. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected. For equity method investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments. For equity investments under the fair value option, the change in fair value of the investment is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments, other than our equity interest in Adevinta ASA (“Adevinta”) which is included in the short-term assets section on the condensed consolidated balance sheet. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment. Upon the transfer of our Classifieds business to Adevinta in 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC (“eBay Korea”) to Emart Inc. (“Emart”) in 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket, which is accounted for under the fair value option. Subsequent changes in fair value for these equity investments are included in gain (loss) on equity investments and warrant, net on our consolidated statement of income. |
Significant Accounting Policies | Significant Accounting Policies The re were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022, except for our policy related to revenue recognition to reflect the expansion of promoted listing services offered to sellers beginning in the second quarter of 2023, as noted below. Revenue Recognition We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. Our net revenues primarily consist of final value fees and promoted listing fees from sellers on our platforms. Our net revenues also include store subscription and other fees often from large enterprise sellers as well revenues from the sale of advertisements and revenue sharing arrangements. Our net revenues are reduced by incentives, including discounts, coupons and rewards, provided to our customers. We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. With respect to our services offerings, services may also be provided to sellers to promote their listings through on-site or off-site sponsored ads that are a distinct performance obligation for which revenue is recognized when (or over the period) these services are performed. Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire. Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives that are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available. Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur. Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income per share | The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Income (loss) from continuing operations $ 1,306 $ (70) $ 2,047 $ (1,945) Income (loss) from discontinued operations, net of income taxes (1) 1 (4) 4 Net income (loss) $ 1,305 $ (69) $ 2,043 $ (1,941) Denominator: Weighted average shares of common stock - basic 529 548 533 563 Dilutive effect of equity incentive awards 3 — 4 — Weighted average shares of common stock - diluted 532 548 537 563 Income (loss) per share - basic: Continuing operations $ 2.47 $ (0.13) $ 3.84 $ (3.45) Discontinued operations 0.00 0.00 (0.01) 0.01 Net income (loss) per share - basic $ 2.47 $ (0.13) $ 3.83 $ (3.44) Income (loss) per share - diluted: Continuing operations $ 2.46 $ (0.13) $ 3.81 $ (3.45) Discontinued operations 0.00 0.00 (0.01) 0.01 Net income (loss) per share - diluted $ 2.46 $ (0.13) $ 3.80 $ (3.44) Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive 10 15 10 14 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of aggregate purchase consideration allocated | The following table presents the revised allocation of the aggregate purchase consideration (in millions): TCGplayer Goodwill $ 148 Purchased intangible assets 109 Deferred taxes (18) Total $ 239 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill activity | The following table presents goodwill activity for the period indicated (in millions): December 31, Goodwill Adjustments September 30, Goodwill $ 4,262 $ 36 $ (60) $ 4,238 |
Schedule of identifiable intangible assets | The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years): September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Customer lists and user base $ 241 $ (195) $ 46 8 $ 190 $ (190) $ — 0 Marketing related 79 (57) 22 6 68 (53) 15 7 Developed technologies 239 (187) 52 4 275 (177) 98 5 All other 158 (156) 2 3 159 (157) 2 3 Total $ 717 $ (595) $ 122 $ 692 $ (577) $ 115 |
Finite-lived intangible assets amortization expense | The following table presents expected future intangible asset amortization as of the date indicated (in millions): September 30, 2023 Remaining 2023 $ 9 2024 34 2025 31 2026 22 Thereafter 26 Total $ 122 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenue by geographic area | The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 U.S. $ 1,259 $ 1,187 $ 3,785 $ 3,612 United Kingdom 406 378 1,200 1,206 China 264 219 764 648 Germany 235 240 731 772 Rest of world 336 356 1,070 1,047 Total net revenues $ 2,500 $ 2,380 $ 7,550 $ 7,285 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Fair value of short and long-term investments classified as available for sale | The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions): September 30, 2023 Gross Gross Gross Estimated Short-term investments: Restricted cash $ 25 $ — $ — $ 25 Corporate debt securities 1,894 — (10) 1,884 Government and agency securities 144 — (2) 142 $ 2,063 $ — $ (12) $ 2,051 Long-term investments: Restricted cash $ 4 $ — $ — $ 4 Corporate debt securities 289 — (16) 273 Government and agency securities 596 — (38) 558 $ 889 $ — $ (54) $ 835 December 31, 2022 Gross Gross Gross Estimated Short-term investments: Restricted cash $ 36 $ — $ — $ 36 Corporate debt securities 2,355 — (5) 2,350 Government and agency securities 141 — (6) 135 $ 2,532 $ — $ (11) $ 2,521 Long-term investments: Restricted cash $ 13 $ — $ — $ 13 Corporate debt securities 686 — (40) 646 Government and agency securities 604 — (47) 557 $ 1,303 $ — $ (87) $ 1,216 |
Estimated fair values of short and long-term investments classified by date of contractual maturity | The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions): September 30, 2023 One year or less (including restricted cash of $25) $ 2,051 One year through two years (including restricted cash of $4) 690 Two years through three years 91 Three years through four years 54 Total $ 2,886 |
Schedule of equity method investments | The following table summarizes our equity investments as of the dates indicated (in millions): Balance Sheet Location September 30, 2023 December 31, 2022 Equity investments with readily determinable fair values Short-term investments $ 93 $ 104 Equity investment in Adevinta Equity investment in Adevinta 4,023 2,692 Equity investments under the fair value option Long-term investments 395 461 Equity investments under the equity method of accounting Long-term investments 30 34 Equity investments without readily determinable fair values Long-term investments 92 86 Total equity investments $ 4,633 $ 3,377 |
Schedule of equity securities without readily determinable fair value | The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values held for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Carrying value, beginning of period $ 90 $ 76 $ 86 $ 85 Additions 3 5 8 5 Downward adjustments for observable price changes and impairment — — — (7) Foreign currency translation and other (1) (2) (2) (4) Carrying value, end of period $ 92 $ 79 $ 92 $ 79 |
Summary of unrealized gains and losses | The following table summarizes unrealized gains and losses related to equity investments held as of September 30, 2023 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net gains (losses) recognized during the period on equity investments $ 1,321 $ (566) $ 1,236 $ (3,859) Less: Net gains (losses) recognized during the period on equity investments sold during the period — 24 — (218) Total unrealized gains (losses) on equity investments held, end of period $ 1,321 $ (590) $ 1,236 $ (3,641) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of fair value of outstanding derivative instruments | The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions): Balance Sheet Location September 30, December 31, Derivative Assets: Foreign exchange contracts designated as cash flow hedges Other current assets $ 44 $ 89 Foreign exchange contracts not designated as hedging instruments Other current assets 33 18 Interest rate contracts designated as cash flow hedges Other current assets — 2 Warrant Other assets 174 214 Foreign exchange contracts designated as cash flow hedges Other assets 19 13 Total derivative assets $ 270 $ 336 Derivative Liabilities: Foreign exchange contracts designated as cash flow hedges Other current liabilities $ — $ 12 Foreign exchange contracts not designated as hedging instruments Other current liabilities 19 34 Foreign exchange contracts designated as cash flow hedges Other liabilities — 1 Total derivative liabilities $ 19 $ 47 Total fair value of derivative instruments $ 251 $ 289 |
Impact of derivative contracts on accumulated other comprehensive income | The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of September 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): December 31, 2022 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2023 Foreign exchange contracts designated as cash flow hedges $ 52 $ 2 $ 43 $ 11 Interest rate contracts designated as cash flow hedges 62 — 9 53 Total $ 114 $ 2 $ 52 $ 64 December 31, 2021 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2022 Foreign exchange contracts designated as cash flow hedges $ 25 $ 310 $ 50 $ 285 Interest rate contracts designated as cash flow hedges 40 17 4 53 Total $ 65 $ 327 $ 54 $ 338 |
Recognized gains or losses related to derivative instruments | The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Foreign exchange contracts designated as cash flow hedges recognized in net revenues $ 2 $ 36 $ 45 $ 51 Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues (1) (1) (2) (1) Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net (2) 16 4 56 Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ (1) $ 51 $ 47 $ 106 The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net $ 2 $ 2 $ 9 $ 4 The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net $ (109) $ (27) $ (40) $ (246) |
Notional amounts of outstanding derivatives | The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions): September 30, December 31, Foreign exchange contracts designated as cash flow hedges $ 1,741 $ 1,741 Foreign exchange contracts not designated as hedging instruments 1,902 2,181 Interest rate contracts designated as cash flow hedges — 400 Total $ 3,643 $ 4,322 |
Fair Value Measurement of Ass_2
Fair Value Measurement of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities measured on a recurring basis | The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions): September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,550 $ 2,550 $ — $ — Customer accounts 430 430 — — Short-term investments: Restricted cash 25 25 — — Corporate debt securities 1,884 — 1,884 — Government and agency securities 142 — 142 — Equity investments with readily determinable fair values 93 93 — — Total short-term investments 2,144 118 2,026 — Equity investment in Adevinta 4,023 4,023 — — Derivatives 270 — 96 174 Long-term investments: Restricted cash 4 4 — — Corporate debt securities 273 — 273 — Government and agency securities 558 — 558 — Equity investment under the fair value option 348 — — 348 Total long-term investments 1,183 4 831 348 Total financial assets $ 10,600 $ 7,125 $ 2,953 $ 522 Liabilities: Other liabilities $ 21 $ — $ — $ 21 Derivatives $ 19 $ — $ 19 $ — December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,154 $ 2,154 $ — $ — Customer accounts 69 69 — — Short-term investments: Restricted cash 36 36 — — Corporate debt securities 2,350 — 2,350 — Government and agency securities 135 — 135 — Equity investments with readily determinable fair values 104 104 — — Total short-term investments 2,625 140 2,485 — Equity investment in Adevinta 2,692 2,692 — — Derivatives 336 — 122 214 Long-term investments: Restricted cash 13 13 — — Corporate debt securities 646 — 646 — Government and agency securities 557 — 557 — Equity investment under the fair value option 431 — — 431 Total long-term investments 1,647 13 1,203 431 Total financial assets $ 9,523 $ 5,068 $ 3,810 $ 645 Liabilities: Other liabilities $ 14 $ — $ — $ 14 Derivatives $ 47 $ — $ 47 $ — |
Schedule of assets measured using significant unobservable inputs | The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions): September 30, December 31, Opening balance at beginning of period $ 214 $ 444 Change in fair value (40) (230) Closing balance at end of period $ 174 $ 214 The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of September 30, 2023 (in millions, except percentages): Fair value Valuation technique Unobservable Input (1) Range (weighted average) Warrant $ 174 Black-Scholes and Monte Carlo Probability of vesting 0.0% - 95.0% (76.8%) Equity volatility (42%) (1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount. The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions): September 30, December 31, 2022 Opening balance at beginning of period $ 431 $ 725 Change in fair value (83) (294) Closing balance at end of period $ 348 $ 431 Fair value Valuation technique Unobservable Input (1) Range Equity investment in Gmarket $ 348 Market multiples Revenue multiple — GPC method 0.8x — 1.4x Revenue multiple — GMAC method 1.0x — 2.7x (1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Carrying value of outstanding debt | The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages): Coupon As of Effective As of Effective Rate September 30, 2023 Interest Rate December 31, 2022 Interest Rate Long-Term Debt Floating Rate Notes: Senior notes due 2023 LIBOR plus 0.87% $ — — % $ 400 3.786 % Fixed Rate Notes: Senior notes due 2023 2.750 % — — % 750 2.866 % Senior notes due 2024 3.450 % 750 3.531 % 750 3.531 % Senior notes due 2025 1.900 % 800 1.803 % 800 1.803 % Senior notes due 2025 5.900 % 425 6.036 % 425 6.036 % Senior notes due 2026 1.400 % 750 1.252 % 750 1.252 % Senior notes due 2027 3.600 % 850 3.689 % 850 3.689 % Senior notes due 2027 5.950 % 300 6.064 % 300 6.064 % Senior notes due 2030 2.700 % 950 2.623 % 950 2.623 % Senior notes due 2031 2.600 % 750 2.186 % 750 2.186 % Senior notes due 2032 6.300 % 425 6.371 % 425 6.371 % Senior notes due 2042 4.000 % 750 4.114 % 750 4.114 % Senior notes due 2051 3.650 % 1,000 2.517 % 1,000 2.517 % Total senior notes 7,750 8,900 Hedge accounting fair value adjustments (1) 3 5 Unamortized premium/(discount) and debt issuance costs (30) (34) Less: Current portion of long-term debt (750) (1,150) Total long-term debt 6,973 7,721 Short-Term Debt Current portion of long-term debt 750 1,150 Total short-term debt 750 1,150 Total Debt $ 7,723 $ 8,871 (1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes. |
Supplemental Consolidated Fin_2
Supplemental Consolidated Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Customer accounts and funds receivable | Customer accounts and funds receivable September 30, December 31, (In millions) Customer accounts $ 430 $ 69 Funds receivable 478 694 Customer accounts and funds receivable $ 908 $ 763 |
Schedule of other current assets | Other current assets September 30, December 31, (In millions) Income and other tax receivable $ 113 $ 122 Payment processor advances 68 336 Prepaid expenses 124 120 Accounts receivable, net 74 90 Short-term derivative assets 77 112 Other 233 276 Other current assets $ 689 $ 1,056 |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities September 30, December 31, (In millions) Compensation and related benefits $ 520 $ 426 Accrued sales and use tax and VAT 365 346 Accrued marketing expenses 188 229 Operating lease liabilities 114 131 Accrued legal matters 114 64 Transaction loss reserve 106 101 Accrued general and administrative expenses 77 111 Accrued interest expense 74 67 Deferred revenue 37 34 Other 372 357 Accrued expenses and other current liabilities $ 1,967 $ 1,866 |
Schedule of gain (loss) on equity method investments and warrants | Gain (loss) on equity investments and warrant, net Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In millions) Unrealized change in fair value of equity investment in Adevinta $ 1,367 $ (501) $ 1,331 $ (2,973) Unrealized change in fair value of equity investment in Adyen — — — (118) Unrealized change in fair value of equity investment in Gmarket (43) (40) (83) (299) Unrealized change in fair value of equity investment in KakaoBank (4) (50) (11) (246) Change in fair value of warrant (109) (27) (40) (246) Realized change in fair value of shares sold in Adyen — 24 — (143) Realized change in fair value of shares sold in KakaoBank — — — (75) Gain (loss) on other investments 1 1 (1) (5) Total gain (loss) on equity investments and warrant, net $ 1,212 $ (593) $ 1,196 $ (4,105) |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of stock repurchase activity under stock repurchase program | The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts): Shares Repurchased (1) Average Price per Share (2) Value of Shares Repurchased (2) Remaining Amount Authorized Balance as of January 1, 2023 $ 2,848 Repurchase of shares of common stock 26 $ 44.46 $ 1,151 (1,151) Balance as of September 30, 2023 $ 1,697 (1) These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired. (2) Excludes broker commissions and excise tax accruals. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of restricted stock unit activity | The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans for the period indicated (in millions): Units Outstanding as of January 1, 2023 21 Awarded 15 Vested (8) Forfeited (2) Outstanding as of September 30, 2023 26 |
Schedule of stock-based compensation expense | The following table presents the impact on our results of continuing operations of recording stock-based compensation expense for the periods indicated (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of net revenues $ 13 $ 13 $ 40 $ 38 Sales and marketing 23 17 68 57 Product development 69 53 202 160 General and administrative 39 35 116 111 Total stock-based compensation expense $ 144 $ 118 $ 426 $ 366 Capitalized in product development $ 4 $ 3 $ 12 $ 10 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in accumulated balances of other comprehensive income | The following tables summarize the changes in AOCI for the periods indicated (in millions): Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of June 30, 2023 $ 24 $ (79) $ 186 $ 36 $ 167 Other comprehensive income (loss) before reclassifications 43 13 (30) (13) 13 Less: Amount of gain (loss) reclassified from AOCI 3 — — (2) 1 Net current period other comprehensive income (loss) 40 13 (30) (11) 12 Balance as of September 30, 2023 $ 64 $ (66) $ 156 $ 25 $ 179 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of June 30, 2022 $ 190 $ (75) $ 209 $ (1) $ 323 Other comprehensive income (loss) before reclassifications 185 (30) (77) (17) 61 Less: Amount of gain (loss) reclassified from AOCI 35 1 — 8 44 Net current period other comprehensive income (loss) 150 (31) (77) (25) 17 Balance as of September 30, 2022 $ 340 $ (106) $ 132 $ (26) $ 340 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of December 31, 2022 $ 114 $ (98) $ 222 $ 21 $ 259 Other comprehensive income (loss) before reclassifications 2 32 (66) (9) (41) Less: Amount of gain (loss) reclassified from AOCI 52 — — (13) 39 Net current period other comprehensive income (loss) (50) 32 (66) 4 (80) Balance as of September 30, 2023 $ 64 $ (66) $ 156 $ 25 $ 179 Unrealized Gains (Losses) on Derivative Instruments Unrealized Foreign Estimated Tax (Expense) Benefit Total Balance as of December 31, 2021 $ 65 $ (7) $ 328 $ 12 $ 398 Other comprehensive income (loss) before reclassifications 325 (100) (196) (35) (6) Less: Amount of gain (loss) reclassified from AOCI 50 (1) — 3 52 Net current period other comprehensive income (loss) 275 (99) (196) (38) (58) Balance as of September 30, 2022 $ 340 $ (106) $ 132 $ (26) $ 340 |
Reclassifications out of accumulated other comprehensive income | The following table summarizes the reclassifications out of AOCI for the periods indicated (in millions): Details about AOCI Components Affected Line Item in the Statement of Income Amount of Gain (Loss) Reclassified From AOCI Three Months Ended Nine Months Ended 2023 2022 2023 2022 Gains (losses) on cash flow hedges: Foreign exchange contracts Net revenues $ 2 $ 36 $ 45 $ 51 Foreign exchange contracts Cost of net revenues (1) (1) (2) (1) Interest rate contracts Interest and other, net 2 1 9 (1) Total, from continuing operations before income taxes 3 36 52 49 Provision for income taxes (2) 8 (13) 3 Total, from continuing operations net of income taxes 1 44 39 52 Total reclassifications for the period Total, net of income taxes $ 1 $ 44 $ 39 $ 52 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring activity | The following table summarizes restructuring reserve activity for the period indicated (in millions): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Accrued liability, beginning of period $ 5 $ — Charges — 42 Payments (2) (38) Adjustments (1) (2) Accrued liability, end of period $ 2 $ 2 |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies - Narrative (Details) | 3 Months Ended |
Dec. 31, 2021 | |
Adevinta | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership percentage after sale | 33% |
Gmarket | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership percentage after sale | 19.99% |
Discontinued Operations, Disposed of by Sale | eBay Korea | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Percentage of outstanding equity interests sold | 80.01% |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of basic and diluted net income per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Income (loss) from continuing operations | $ 1,306 | $ (70) | $ 2,047 | $ (1,945) |
Income (loss) from discontinued operations, net of income taxes | (1) | 1 | (4) | 4 |
Net income (loss) | $ 1,305 | $ (69) | $ 2,043 | $ (1,941) |
Denominator: | ||||
Weighted average shares of common stock - basic (in shares) | 529 | 548 | 533 | 563 |
Dilutive effect of equity incentive awards (in shares) | 3 | 0 | 4 | 0 |
Weighted average shares of common stock - diluted (in shares) | 532 | 548 | 537 | 563 |
Income (loss) per share - basic: | ||||
Continuing operations (in usd per share) | $ 2.47 | $ (0.13) | $ 3.84 | $ (3.45) |
Discontinued operations (in usd per share) | 0 | 0 | (0.01) | 0.01 |
Net income (loss) per share - basic (in usd per share) | 2.47 | (0.13) | 3.83 | (3.44) |
Income (loss) per share - diluted: | ||||
Continuing operations (in usd per share) | 2.46 | (0.13) | 3.81 | (3.45) |
Discontinued operations (in usd per share) | 0 | 0 | (0.01) | 0.01 |
Net income (loss) per share - diluted (in usd per share) | $ 2.46 | $ (0.13) | $ 3.80 | $ (3.44) |
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive (in shares) | 10 | 15 | 10 | 14 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Goodwill | $ 4,238 | $ 4,262 |
TCGplayer | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Goodwill | 148 | |
Purchased intangible assets | 109 | |
Deferred taxes | (18) | |
Total | $ 239 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of goodwill activity (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 4,262 |
Goodwill Acquired | 36 |
Adjustments | (60) |
Ending balance | $ 4,238 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 717 | $ 692 |
Accumulated Amortization | (595) | (577) |
Net Carrying Amount | 122 | 115 |
Customer lists and user base | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 241 | 190 |
Accumulated Amortization | (195) | (190) |
Net Carrying Amount | $ 46 | $ 0 |
Weighted Average Useful Life (Years) | 8 years | 0 years |
Marketing related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 79 | $ 68 |
Accumulated Amortization | (57) | (53) |
Net Carrying Amount | $ 22 | $ 15 |
Weighted Average Useful Life (Years) | 6 years | 7 years |
Developed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 239 | $ 275 |
Accumulated Amortization | (187) | (177) |
Net Carrying Amount | $ 52 | $ 98 |
Weighted Average Useful Life (Years) | 4 years | 5 years |
All other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 158 | $ 159 |
Accumulated Amortization | (156) | (157) |
Net Carrying Amount | $ 2 | $ 2 |
Weighted Average Useful Life (Years) | 3 years | 3 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 8 | $ 2 | $ 26 | $ 4 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Asset Amortization Expense, Fiscal Year Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fiscal year: | ||
Remaining 2023 | $ 9 | |
2024 | 34 | |
2025 | 31 | |
2026 | 22 | |
Thereafter | 26 | |
Net Carrying Amount | $ 122 | $ 115 |
Segments (Details)
Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 1 | |||
Number of reportable segments | segment | 1 | |||
Net Revenues [Abstract] | ||||
Total net revenues | $ 2,500 | $ 2,380 | $ 7,550 | $ 7,285 |
U.S. | ||||
Net Revenues [Abstract] | ||||
Total net revenues | 1,259 | 1,187 | 3,785 | 3,612 |
United Kingdom | ||||
Net Revenues [Abstract] | ||||
Total net revenues | 406 | 378 | 1,200 | 1,206 |
China | ||||
Net Revenues [Abstract] | ||||
Total net revenues | 264 | 219 | 764 | 648 |
Germany | ||||
Net Revenues [Abstract] | ||||
Total net revenues | 235 | 240 | 731 | 772 |
Rest of world | ||||
Net Revenues [Abstract] | ||||
Total net revenues | $ 336 | $ 356 | $ 1,070 | $ 1,047 |
Investments - Available-For-Sal
Investments - Available-For-Sale Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments | ||
Estimated Fair Value | $ 2,886 | |
Short-term investments: | ||
Investments | ||
Gross Amortized Cost | 2,063 | $ 2,532 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (12) | (11) |
Estimated Fair Value | 2,051 | 2,521 |
Short-term investments: | Restricted cash | ||
Investments | ||
Gross Amortized Cost | 25 | 36 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 25 | 36 |
Short-term investments: | Corporate debt securities | ||
Investments | ||
Gross Amortized Cost | 1,894 | 2,355 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10) | (5) |
Estimated Fair Value | 1,884 | 2,350 |
Short-term investments: | Government and agency securities | ||
Investments | ||
Gross Amortized Cost | 144 | 141 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (6) |
Estimated Fair Value | 142 | 135 |
Long-term investments: | ||
Investments | ||
Gross Amortized Cost | 889 | 1,303 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (54) | (87) |
Estimated Fair Value | 835 | 1,216 |
Long-term investments: | Restricted cash | ||
Investments | ||
Gross Amortized Cost | 4 | 13 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4 | 13 |
Long-term investments: | Corporate debt securities | ||
Investments | ||
Gross Amortized Cost | 289 | 686 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (16) | (40) |
Estimated Fair Value | 273 | 646 |
Long-term investments: | Government and agency securities | ||
Investments | ||
Gross Amortized Cost | 596 | 604 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (38) | (47) |
Estimated Fair Value | $ 558 | $ 557 |
Investments - General, Narrativ
Investments - General, Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investments [Abstract] | |||||
Investment securities in a continuous unrealized loss position for less then 12 months | $ 1,500,000,000 | $ 1,500,000,000 | $ 2,800,000,000 | ||
Investment securities unrealized loss | 2,000,000 | 2,000,000 | 32,000,000 | ||
Estimated fair value for securities in continuous unrealized loss position for greater than 12 months | 1,200,000,000 | 1,200,000,000 | 952,000,000 | ||
Investment securities in a continuous loss position for greater than 12 months, unrealized losses | (64,000,000) | (64,000,000) | $ (66,000,000) | ||
Downward adjustments for observable price changes and impairment | 0 | $ 0 | 0 | $ (7,000,000) | |
Cumulative upward adjustments for observable price changes | 41,000,000 | 41,000,000 | |||
Cumulative downward adjustments for price changes and impairment | $ 298,000,000 | $ 298,000,000 |
Investments - Estimated fair va
Investments - Estimated fair values of short and long-term investments classified by date of contractual maturity (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
One year or less (including restricted cash of $25) | $ 2,051 | |
One year through two years (including restricted cash of $4) | 690 | |
Two years through three years | 91 | |
Three years through four years | 54 | |
Estimated Fair Value | 2,886 | |
Short-term investments: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 2,063 | $ 2,532 |
Estimated Fair Value | 2,051 | 2,521 |
Short-term investments: | Restricted cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 25 | 36 |
Estimated Fair Value | 25 | 36 |
Long-term investments: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 889 | 1,303 |
Estimated Fair Value | 835 | 1,216 |
Long-term investments: | Restricted cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 4 | 13 |
Estimated Fair Value | $ 4 | $ 13 |
Investments - Equity Investment
Investments - Equity Investments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||||||
Equity investments with readily determinable fair values | $ 4,023 | $ 2,692 | ||||
Equity investments without readily determinable fair values | 92 | $ 90 | 86 | $ 79 | $ 76 | $ 85 |
Total equity investments | 4,633 | 3,377 | ||||
Adevinta | ||||||
Schedule of Investments [Line Items] | ||||||
Equity investments | 4,023 | 2,692 | ||||
Short-term investments: | ||||||
Schedule of Investments [Line Items] | ||||||
Equity investments with readily determinable fair values | 93 | 104 | ||||
Short-term investments: | KakaoBank | ||||||
Schedule of Investments [Line Items] | ||||||
Equity investments with readily determinable fair values | 93 | 104 | ||||
Long-term investments: | ||||||
Schedule of Investments [Line Items] | ||||||
Equity investments | 395 | 461 | ||||
Equity investments under the equity method of accounting | 30 | 34 | ||||
Equity investments without readily determinable fair values | 92 | 86 | ||||
Long-term investments: | Gmarket | ||||||
Schedule of Investments [Line Items] | ||||||
Equity investments | $ 348 | $ 431 |
Investments - Equity Method Inv
Investments - Equity Method Investment in Adevinta - Narrative (Details) - Adevinta - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 24, 2021 | |
Schedule of Investments [Line Items] | |||||||
Ownership percentage | 25% | 44% | |||||
Equity investment under fair value option | $ 10,800 | ||||||
Ownership percentage after sale | 33% | ||||||
Gross Unrealized Gains | $ 1,367 | $ 1,331 | |||||
Unrealized loss on equity securities | $ 501 | $ 2,973 | |||||
Equity investments | $ 4,023 | $ 4,023 | $ 2,692 | ||||
Permira | |||||||
Schedule of Investments [Line Items] | |||||||
Number of voting shares sold | 135 | ||||||
Total consideration from sale of equity securities | $ 2,300 |
Investments - Equity Investme_2
Investments - Equity Investments With Readily Determinable Fair Values (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) tranche | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) tranche | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Investments [Line Items] | |||||
Equity investments | $ 4,023 | $ 4,023 | $ 2,692 | ||
Warrant | |||||
Schedule of Investments [Line Items] | |||||
Number of tranches | tranche | 4 | 4 | |||
KakaoBank | |||||
Schedule of Investments [Line Items] | |||||
Unrealized loss on equity securities | $ 4 | $ 50 | $ 11 | $ 246 | |
Total consideration from sale of equity securities before gain on settlement of derivatives | $ 1 | $ 1 | 287 | ||
Realized loss on sale of equity securities | $ 75 |
Investments - Other Equity Inve
Investments - Other Equity Investments Under The Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Nov. 14, 2021 | |
Other equity investments | |||||||
Schedule of Investments [Line Items] | |||||||
Equity investments | $ 47 | $ 47 | $ 30 | ||||
Long-term investments: | |||||||
Schedule of Investments [Line Items] | |||||||
Equity investments | 395 | 395 | 461 | ||||
Gmarket | |||||||
Schedule of Investments [Line Items] | |||||||
Ownership percentage after sale | 19.99% | ||||||
Equity investments, right held, term (in years) | 2 years | 2 years | |||||
Investment balance | $ 728 | ||||||
Unrealized loss on equity securities | 43 | $ 40 | 83 | $ 299 | |||
Gmarket | Long-term investments: | |||||||
Schedule of Investments [Line Items] | |||||||
Equity investments | $ 348 | $ 348 | $ 431 | ||||
Discontinued Operations, Disposed of by Sale | eBay Korea | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage of outstanding equity interests sold | 80.01% |
Investments - Equity Investme_3
Investments - Equity Investments Without Readily Determinable Fair Values (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity Securities without Readily Determinable Fair Value [Roll Forward] | ||||
Carrying value, beginning of period | $ 90,000,000 | $ 76,000,000 | $ 86,000,000 | $ 85,000,000 |
Additions | 3,000,000 | 5,000,000 | 8,000,000 | 5,000,000 |
Downward adjustments for observable price changes and impairment | 0 | 0 | 0 | (7,000,000) |
Foreign currency translation and other | (1,000,000) | (2,000,000) | (2,000,000) | (4,000,000) |
Carrying value, end of period | $ 92,000,000 | $ 79,000,000 | $ 92,000,000 | $ 79,000,000 |
Investments - Unrealized Gain (
Investments - Unrealized Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments [Abstract] | ||||
Net gains (losses) recognized during the period on equity investments | $ 1,321 | $ (566) | $ 1,236 | $ (3,859) |
Less: Net gains (losses) recognized during the period on equity investments sold during the period | 0 | 24 | 0 | (218) |
Total unrealized gains (losses) on equity investments held, end of period | $ 1,321 | $ (590) | $ 1,236 | $ (3,641) |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) tranche | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||
Foreign currency net derivative gains to be reclassified into earnings within the next 12 months | $ 15,000,000 | |
Interest rate net derivative gains to be reclassified into earnings within the next 12 months | 8,000,000 | |
Senior Notes | Senior Unsecured Notes Due 2025 2027 And 2032 | ||
Derivative [Line Items] | ||
Debt instrument, face amount | $ 1,200,000,000 | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Offset asset | 19,000,000 | |
Offset liability | 19,000,000 | |
Net derivative assets | 77,000,000 | |
Net derivative liabilities | $ 0 | |
Forward-Starting Interest Rate Swap | ||
Derivative [Line Items] | ||
Deferred gain from termination of derivatives | $ 25,000,000 | |
Warrant | ||
Derivative [Line Items] | ||
Maximum percentage of acquired shares | 5% | |
Warrants term (years) | 7 years | |
Number of tranches | tranche | 4 | |
Maximum number of tranches that can vest per year | tranche | 2 | |
Interest rate contracts | ||
Derivative [Line Items] | ||
Offset asset | $ 0 | |
Offset liability | $ 0 | |
Designated as Hedging Instrument | Foreign exchange contracts | Minimum | ||
Derivative [Line Items] | ||
Derivative contract duration, up to | 1 month | |
Designated as Hedging Instrument | Foreign exchange contracts | Maximum | ||
Derivative [Line Items] | ||
Derivative contract duration, up to | 1 year | |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | Maximum | ||
Derivative [Line Items] | ||
Derivative contract duration, up to | 24 months | |
Designated as Hedging Instrument | Interest rate swap | ||
Derivative [Line Items] | ||
Derivative contract duration, up to | 10 years |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | $ 270 | $ 336 |
Derivative Liabilities: | 19 | 47 |
Total fair value of derivative instruments | 251 | 289 |
Foreign exchange contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | 44 | 89 |
Foreign exchange contracts | Designated as Hedging Instrument | Other assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | 19 | 13 |
Foreign exchange contracts | Designated as Hedging Instrument | Other current liabilities | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities: | 0 | 12 |
Foreign exchange contracts | Designated as Hedging Instrument | Other liabilities | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities: | 0 | 1 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | 33 | 18 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities: | 19 | 34 |
Interest rate contracts | Designated as Hedging Instrument | Other current assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | 0 | 2 |
Warrant | Designated as Hedging Instrument | Other assets | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets: | $ 174 | $ 214 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign exchange contracts | ||||
Effect of derivative Contracts on Accumulated Other Comprehensive Income | ||||
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings | $ (1) | $ 51 | $ 47 | $ 106 |
Designated as Hedging Instrument | Cash Flow Hedging | ||||
Effect of derivative Contracts on Accumulated Other Comprehensive Income | ||||
Beginning Balance | 114 | 65 | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | 2 | 327 | ||
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings | 52 | 54 | ||
Ending Balance | 64 | 338 | 64 | 338 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | ||||
Effect of derivative Contracts on Accumulated Other Comprehensive Income | ||||
Beginning Balance | 52 | 25 | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | 2 | 310 | ||
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings | 43 | 50 | ||
Ending Balance | 11 | 285 | 11 | 285 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||||
Effect of derivative Contracts on Accumulated Other Comprehensive Income | ||||
Beginning Balance | 62 | 40 | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | 0 | 17 | ||
Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings | 9 | 4 | ||
Ending Balance | $ 53 | $ 53 | $ 53 | $ 53 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Contracts on Condensed Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | $ 52 | $ 54 | ||
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | $ (1) | $ 51 | 47 | 106 |
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | $ 43 | $ 50 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net revenues | Net revenues | ||
Foreign exchange contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | (2) | 16 | $ 4 | $ 56 |
Foreign exchange contracts | Cost of net revenues | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | (1) | (1) | (2) | (1) |
Foreign exchange contracts | Net revenues | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | 2 | 36 | 45 | 51 |
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized from derivative contracts in the condensed consolidated statement of income | 9 | 4 | ||
Interest rate contracts | Interest and other, net | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net | 2 | 2 | 9 | 4 |
Warrant | Interest and other, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net | $ (109) | $ (27) | $ (40) | $ (246) |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts of Derivatives Outstanding (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 3,643 | $ 4,322 |
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 1,741 | 1,741 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 1,902 | 2,181 |
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 0 | $ 400 |
Fair Value Measurement of Ass_3
Fair Value Measurement of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value, Recurring (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets: | |||
Cash and cash equivalents | $ 2,550 | $ 2,154 | |
Customer accounts | 430 | 69 | $ 39 |
Adevinta | |||
Assets: | |||
Equity investments | 4,023 | 2,692 | |
Long-term investments: | |||
Assets: | |||
Equity investments | 395 | 461 | |
Recurring | |||
Assets: | |||
Derivatives | 270 | 336 | |
Total financial assets | 10,600 | 9,523 | |
Liabilities: | |||
Other liabilities | 21 | 14 | |
Derivatives | 19 | 47 | |
Recurring | Adevinta | |||
Assets: | |||
Equity investments | 4,023 | 2,692 | |
Recurring | Short-term investments: | |||
Assets: | |||
Investments | 2,144 | 2,625 | |
Recurring | Long-term investments: | |||
Assets: | |||
Investments | 1,183 | 1,647 | |
Recurring | Long-term investments: | Equity investment under the fair value option | |||
Assets: | |||
Investments | 348 | 431 | |
Recurring | Restricted cash | Short-term investments: | |||
Assets: | |||
Investments | 25 | 36 | |
Recurring | Restricted cash | Long-term investments: | |||
Assets: | |||
Investments | 4 | 13 | |
Recurring | Corporate debt securities | Short-term investments: | |||
Assets: | |||
Investments | 1,884 | 2,350 | |
Recurring | Corporate debt securities | Long-term investments: | |||
Assets: | |||
Investments | 273 | 646 | |
Recurring | Government and agency securities | Short-term investments: | |||
Assets: | |||
Investments | 142 | 135 | |
Recurring | Government and agency securities | Long-term investments: | |||
Assets: | |||
Investments | 558 | 557 | |
Recurring | Equity investments with readily determinable fair values | Short-term investments: | |||
Assets: | |||
Investments | 93 | 104 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets: | |||
Derivatives | 0 | 0 | |
Total financial assets | 7,125 | 5,068 | |
Liabilities: | |||
Other liabilities | 0 | 0 | |
Derivatives | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Adevinta | |||
Assets: | |||
Equity investments | 4,023 | 2,692 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments: | |||
Assets: | |||
Investments | 118 | 140 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | |||
Assets: | |||
Investments | 4 | 13 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments: | Equity investment under the fair value option | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | Short-term investments: | |||
Assets: | |||
Investments | 25 | 36 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash | Long-term investments: | |||
Assets: | |||
Investments | 4 | 13 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and agency securities | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity investments with readily determinable fair values | Short-term investments: | |||
Assets: | |||
Investments | 93 | 104 | |
Recurring | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Customer accounts | 0 | 0 | |
Derivatives | 96 | 122 | |
Total financial assets | 2,953 | 3,810 | |
Liabilities: | |||
Other liabilities | 0 | 0 | |
Derivatives | 19 | 47 | |
Recurring | Significant Other Observable Inputs (Level 2) | Adevinta | |||
Assets: | |||
Equity investments | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Short-term investments: | |||
Assets: | |||
Investments | 2,026 | 2,485 | |
Recurring | Significant Other Observable Inputs (Level 2) | Long-term investments: | |||
Assets: | |||
Investments | 831 | 1,203 | |
Recurring | Significant Other Observable Inputs (Level 2) | Long-term investments: | Equity investment under the fair value option | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Restricted cash | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Restricted cash | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Short-term investments: | |||
Assets: | |||
Investments | 1,884 | 2,350 | |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Long-term investments: | |||
Assets: | |||
Investments | 273 | 646 | |
Recurring | Significant Other Observable Inputs (Level 2) | Government and agency securities | Short-term investments: | |||
Assets: | |||
Investments | 142 | 135 | |
Recurring | Significant Other Observable Inputs (Level 2) | Government and agency securities | Long-term investments: | |||
Assets: | |||
Investments | 558 | 557 | |
Recurring | Significant Other Observable Inputs (Level 2) | Equity investments with readily determinable fair values | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Customer accounts | 0 | 0 | |
Derivatives | 174 | 214 | |
Total financial assets | 522 | 645 | |
Liabilities: | |||
Other liabilities | 21 | 14 | |
Derivatives | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Adevinta | |||
Assets: | |||
Equity investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Long-term investments: | |||
Assets: | |||
Investments | 348 | 431 | |
Recurring | Significant Unobservable Inputs (Level 3) | Long-term investments: | Equity investment under the fair value option | |||
Assets: | |||
Investments | 348 | 431 | |
Recurring | Significant Unobservable Inputs (Level 3) | Restricted cash | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Restricted cash | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Government and agency securities | Short-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Government and agency securities | Long-term investments: | |||
Assets: | |||
Investments | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Equity investments with readily determinable fair values | Short-term investments: | |||
Assets: | |||
Investments | $ 0 | $ 0 |
Fair Value Measurement of Ass_4
Fair Value Measurement of Assets and Liabilities - Warrants Measured Valued Using Unobservable Inputs (Details) - Recurring - Significant Unobservable Inputs (Level 3) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Minimum | Probability of vesting | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant, measurement input | 0 | |
Maximum | Probability of vesting | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant, measurement input | 0.950 | |
Weighted Average | Probability of vesting | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant, measurement input | 0.768 | |
Weighted Average | Equity volatility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Warrant, measurement input | 0.42 | |
Warrant | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 214 | $ 444 |
Change in fair value | (40) | (230) |
Ending balance | $ 174 | $ 214 |
Fair Value Measurement of Ass_5
Fair Value Measurement of Assets and Liabilities - Narrative (Details) $ in Millions | Sep. 30, 2023 USD ($) tranche | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | Nov. 14, 2021 |
Schedule of Equity Method Investments [Line Items] | ||||
Number of tranches | tranche | 3 | |||
Other equity investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments | $ | $ 47 | $ 30 | ||
Gmarket | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments, right held, term (in years) | 2 years | 2 years |
Fair Value Measurement of Ass_6
Fair Value Measurement of Assets and Liabilities - Quantitative Information About Level 3 Warrants, Significant Inputs (Details) - Gmarket - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Investment balance | $ 728 | ||
Recurring | Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 431 | $ 725 | |
Change in fair value | (83) | (294) | |
Ending balance | $ 348 | $ 431 |
Fair Value Measurement of Ass_7
Fair Value Measurement of Assets and Liabilities - Investments Measured Valued Using Unobservable Inputs (Details) - Recurring - Investments - Gmarket $ in Millions | Sep. 30, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity investment in Gmarket | $ 348 |
GPC method | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity investment in Gmarket, measurement input | 0.8 |
GPC method | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity investment in Gmarket, measurement input | 1.4 |
GMAC method | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity investment in Gmarket, measurement input | 1 |
GMAC method | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity investment in Gmarket, measurement input | 2.7 |
Debt - Carrying Value of Outsta
Debt - Carrying Value of Outstanding Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Long-Term Debt | ||
Hedge accounting fair value adjustments | $ 3 | $ 5 |
Unamortized premium/(discount) and debt issuance costs | (30) | (34) |
Current portion of long-term debt | (750) | (1,150) |
Total long-term debt | 6,973 | 7,721 |
Short-Term Debt | ||
Current portion of long-term debt | 750 | 1,150 |
Total short-term debt | 750 | 1,150 |
Total Debt | 7,723 | 8,871 |
Senior Notes | ||
Long-Term Debt | ||
Total senior notes | 7,750 | 8,900 |
Senior Notes | Floating Senior Notes Due 2023 | ||
Long-Term Debt | ||
Total senior notes | $ 0 | $ 400 |
Effective interest rate (in percent) | 0% | 3.786% |
Senior Notes | Floating Senior Notes Due 2023 | London Interbank Offered Rate (LIBOR) | ||
Long-Term Debt | ||
Variable rate (in percent) | 0.87% | |
Senior Notes | Senior notes due 2023 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 2.75% | |
Total senior notes | $ 0 | $ 750 |
Effective interest rate (in percent) | 0% | 2.866% |
Senior Notes | Senior notes due 2024 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 3.45% | |
Total senior notes | $ 750 | $ 750 |
Effective interest rate (in percent) | 3.531% | 3.531% |
Senior Notes | Senior notes due 2025 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 1.90% | |
Total senior notes | $ 800 | $ 800 |
Effective interest rate (in percent) | 1.803% | 1.803% |
Senior Notes | Senior notes due 2025 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 5.90% | |
Total senior notes | $ 425 | $ 425 |
Effective interest rate (in percent) | 6.036% | 6.036% |
Senior Notes | Senior notes due 2026 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 1.40% | |
Total senior notes | $ 750 | $ 750 |
Effective interest rate (in percent) | 1.252% | 1.252% |
Senior Notes | Senior notes due 2027 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 3.60% | |
Total senior notes | $ 850 | $ 850 |
Effective interest rate (in percent) | 3.689% | 3.689% |
Senior Notes | Senior notes due 2027 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 5.95% | 5.95% |
Total senior notes | $ 300 | $ 300 |
Effective interest rate (in percent) | 6.064% | 6.064% |
Senior Notes | Senior notes due 2030 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 2.70% | |
Total senior notes | $ 950 | $ 950 |
Effective interest rate (in percent) | 2.623% | 2.623% |
Senior Notes | Senior notes due 2031 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 2.60% | |
Total senior notes | $ 750 | $ 750 |
Effective interest rate (in percent) | 2.186% | 2.186% |
Senior Notes | Senior notes due 2032 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 6.30% | |
Total senior notes | $ 425 | $ 425 |
Effective interest rate (in percent) | 6.371% | 6.371% |
Senior Notes | Senior notes due 2042 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 4% | |
Total senior notes | $ 750 | $ 750 |
Effective interest rate (in percent) | 4.114% | 4.114% |
Senior Notes | Senior notes due 2051 | ||
Long-Term Debt | ||
Coupon rate (in percent) | 3.65% | |
Total senior notes | $ 1,000 | $ 1,000 |
Effective interest rate (in percent) | 2.517% | 2.517% |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2020 USD ($) | |
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Change of control event | 1.01 | ||||||
Interest expense | $ 65 | $ 54 | $ 196 | $ 169 | |||
Fair value of long-term debt | $ 6,700 | $ 6,700 | $ 8,000 | ||||
Senior Notes | Senior notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 2.75% | 2.75% | |||||
Senior Notes | Senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 2.60% | ||||||
Debt repaid | $ 1,400 | ||||||
Redemption price (in percent) | 100% | ||||||
Senior Notes | 3.8000% Senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 3.80% | ||||||
Senior Notes | Senior notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 425 | ||||||
Interest rate (in percent) | 5.90% | 5.90% | 5.90% | ||||
Senior Notes | Senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 300 | ||||||
Interest rate (in percent) | 5.95% | 5.95% | 5.95% | ||||
Senior Notes | Senior notes due 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 425 | ||||||
Interest rate (in percent) | 6.30% | ||||||
Senior Notes | Senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 3.45% | 3.45% | |||||
Senior Notes | Senior notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 1.90% | 1.90% | |||||
Senior Notes | Senior notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 1.40% | 1.40% | |||||
Senior Notes | Senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 3.60% | 3.60% | |||||
Senior Notes | Senior notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 2.70% | 2.70% | |||||
Senior Notes | Senior notes due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 2.60% | 2.60% | |||||
Senior Notes | Senior notes due 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 6.30% | 6.30% | |||||
Senior Notes | Senior notes due 2042 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 4% | 4% | |||||
Senior Notes | Senior notes due 2051 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (in percent) | 3.65% | 3.65% | |||||
Convertible Debt | LIBOR-based floating rate debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 400 | ||||||
Senior Notes | Senior notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 1,200 | ||||||
Interest rate (in percent) | 2.75% | ||||||
Debt repaid | $ 1,200 | ||||||
Redemption price (in percent) | 100% | ||||||
Senior Notes | Senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 1,400 |
Debt - Commercial Paper and Cre
Debt - Commercial Paper and Credit Agreement (Details) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2020 USD ($) | Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||
Allowable increase in borrowing capacity, maximum | $ 1,000,000,000 | |
Maximum consolidated leverage ratio | 4 | |
Maximum consolidated leverage ratio following a material acquisition | 4.5 | |
Commercial Paper | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | |
Commercial Paper | Maximum | ||
Debt Instrument [Line Items] | ||
Debt term | 397 days | |
Commercial Paper | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing capacity reserved, commercial paper | $ 1,500,000,000 | |
Unsecured Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt term | 5 years | |
Amount outstanding | 0 | |
Maximum borrowing capacity | $ 2,000,000,000 | 2,000,000,000 |
Remaining borrowing capacity | $ 2,000,000,000 |
Supplemental Consolidated Fin_3
Supplemental Consolidated Financial Information - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance Sheet Components [Abstract] | |||
Allowance for doubtful accounts and authorized credits | $ 44 | $ 42 | |
Allowance for doubtful accounts | 21 | $ 16 | |
Increase in allowance for doubtful accounts receivable | 4 | ||
Allowance for doubtful accounts receivable, write-offs | 6 | ||
Deferred revenue recognized | $ 32 | $ 37 |
Supplemental Consolidated Fin_4
Supplemental Consolidated Financial Information - Customer Accounts and Funds Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Balance Sheet Components [Abstract] | |||
Customer accounts | $ 430 | $ 69 | $ 39 |
Funds receivable | 478 | 694 | |
Customer accounts and funds receivable | $ 908 | $ 763 |
Supplemental Consolidated Fin_5
Supplemental Consolidated Financial Information - Other Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Components [Abstract] | ||
Income and other tax receivable | $ 113 | $ 122 |
Payment processor advances | 68 | 336 |
Prepaid expenses | 124 | 120 |
Accounts receivable, net | 74 | 90 |
Short-term derivative assets | 77 | 112 |
Other | 233 | 276 |
Other current assets | $ 689 | $ 1,056 |
Supplemental Consolidated Fin_6
Supplemental Consolidated Financial Information - Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Components [Abstract] | ||
Compensation and related benefits | $ 520 | $ 426 |
Accrued sales and use tax and VAT | 365 | 346 |
Accrued marketing expenses | 188 | 229 |
Operating lease liabilities | 114 | 131 |
Accrued legal matters | 114 | 64 |
Transaction loss reserve | 106 | 101 |
Accrued general and administrative expenses | 77 | 111 |
Accrued interest expense | 74 | 67 |
Deferred revenue | 37 | 34 |
Other | 372 | 357 |
Accrued expenses and other current liabilities | $ 1,967 | $ 1,866 |
Supplemental Consolidated Fin_7
Supplemental Consolidated Financial Information - Equity Method Investments and Warrants (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance Sheet Components [Line Items] | ||||
Unrealized change in fair value of equity investment | $ 1,321 | $ (566) | $ 1,236 | $ (3,859) |
Change in fair value of warrant | (109) | (27) | (40) | (246) |
Realized change in fair value of shares sold | 0 | 24 | 0 | (218) |
Gain (loss) on other investments | 1 | 1 | (1) | (5) |
Gain (loss) on equity investments and warrant, net | 1,212 | (593) | 1,196 | (4,105) |
Adevinta | ||||
Balance Sheet Components [Line Items] | ||||
Unrealized change in fair value of equity investment | 1,367 | (501) | 1,331 | (2,973) |
Adyen | ||||
Balance Sheet Components [Line Items] | ||||
Unrealized change in fair value of equity investment | 0 | 0 | 0 | (118) |
Realized change in fair value of shares sold | 0 | 24 | 0 | (143) |
Gmarket | ||||
Balance Sheet Components [Line Items] | ||||
Unrealized change in fair value of equity investment | (43) | (40) | (83) | (299) |
KakaoBank | ||||
Balance Sheet Components [Line Items] | ||||
Unrealized change in fair value of equity investment | (4) | (50) | (11) | (246) |
Realized change in fair value of shares sold | $ 0 | $ 0 | $ 0 | $ (75) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) company | Sep. 30, 2023 USD ($) Defendant company | |
Loss Contingencies [Line Items] | ||
Loss contingency, probable losses | $ | $ 114 | $ 114 |
Loss contingency, loss in period as a component of general and administrative expense | $ | $ 50 | $ 50 |
Number of companies | company | 2 | 2 |
Former Company Employees | ||
Loss Contingencies [Line Items] | ||
Number of defendents | Defendant | 6 | |
Former Company Contractor | ||
Loss Contingencies [Line Items] | ||
Number of defendents | Defendant | 1 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Payments for dividends | $ 132 | $ 120 | $ 399 | $ 370 | |
Subsequent Event | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Dividends declared (in usd per share) | $ 0.25 |
Stockholders_ Equity - Summary
Stockholders’ Equity - Summary of Stock Repurchase Activity (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Equity [Abstract] | |
Shares Repurchased (in shares) | shares | 26,000,000 |
Average Price per Share (in usd per share) | $ / shares | $ 44.46 |
Value of Shares Repurchased | $ 1,151 |
Shares Repurchased, Remaining Amount Authorized | |
Beginning balance | 2,848 |
Repurchase of shares of common stock | (1,151) |
Ending balance | $ 1,697 |
Treasury shares retired (in shares) | shares | 0 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Units (Details) - RSU shares in Millions | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Units | |
Outstanding, beginning of period (in shares) | 21 |
Awarded (in shares) | 15 |
Vested (in shares) | (8) |
Forfeited (in shares) | (2) |
Outstanding, end of period (in shares) | 26 |
Weighted average grant date fair value (in usd per share) | $ / shares | $ 44.31 |
Employee Benefit Plans - Stock-
Employee Benefit Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 144 | $ 118 | $ 426 | $ 366 |
Cost of net revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 13 | 13 | 40 | 38 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 23 | 17 | 68 | 57 |
Product development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 69 | 53 | 202 | 160 |
Capitalized in product development | 4 | 3 | 12 | 10 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 39 | $ 35 | $ 116 | $ 111 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liabilities on undistributed foreign earnings | $ 292 | $ 526 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Balances of Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Tax | ||||
Beginning balance | $ 36 | $ (1) | $ 21 | $ 12 |
Other comprehensive income (loss) before reclassifications | (13) | (17) | (9) | (35) |
Less: Amount of gain (loss) reclassified from AOCI | (2) | 8 | (13) | 3 |
Net current period other comprehensive income (loss) | (11) | (25) | 4 | (38) |
Ending balance | 25 | (26) | 25 | (26) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Beginning balance | 5,153 | |||
Other comprehensive income (loss) before reclassifications | 13 | 61 | (41) | (6) |
Less: Amount of gain (loss) reclassified from AOCI | 1 | 44 | 39 | 52 |
Other comprehensive income (loss), net of tax | 12 | 17 | (80) | (58) |
Ending balance | 5,899 | 4,853 | 5,899 | 4,853 |
Unrealized Gains (Losses) on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss), Before Tax | ||||
Beginning balance | 24 | 190 | 114 | 65 |
Other comprehensive income (loss) before reclassifications | 43 | 185 | 2 | 325 |
Less: Amount of gain (loss) reclassified from AOCI | 3 | 35 | 52 | 50 |
Net current period other comprehensive income (loss) | 40 | 150 | (50) | 275 |
Ending balance | 64 | 340 | 64 | 340 |
Unrealized Gains (Losses) on Investments | ||||
Accumulated Other Comprehensive Income (Loss), Before Tax | ||||
Beginning balance | (79) | (75) | (98) | (7) |
Other comprehensive income (loss) before reclassifications | 13 | (30) | 32 | (100) |
Less: Amount of gain (loss) reclassified from AOCI | 0 | 1 | 0 | (1) |
Net current period other comprehensive income (loss) | 13 | (31) | 32 | (99) |
Ending balance | (66) | (106) | (66) | (106) |
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss), Before Tax | ||||
Beginning balance | 186 | 209 | 222 | 328 |
Other comprehensive income (loss) before reclassifications | (30) | (77) | (66) | (196) |
Less: Amount of gain (loss) reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (30) | (77) | (66) | (196) |
Ending balance | 156 | 132 | 156 | 132 |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Beginning balance | 167 | 323 | 259 | 398 |
Ending balance | $ 179 | $ 340 | $ 179 | $ 340 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of net revenues | $ (705) | $ (647) | $ (2,123) | $ (1,999) |
Interest and other, net | (6) | (29) | (51) | (110) |
Total, from continuing operations before income taxes | 1,661 | (54) | 2,676 | (2,430) |
Provision for income taxes | (355) | (16) | (629) | 485 |
Net income (loss) | 1,305 | (69) | 2,043 | (1,941) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | 1 | 44 | 39 | 52 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, from continuing operations before income taxes | 3 | 36 | 52 | 49 |
Provision for income taxes | (2) | 8 | (13) | 3 |
Net income (loss) | 1 | 44 | 39 | 52 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net revenues | 2 | 36 | 45 | 51 |
Cost of net revenues | (1) | (1) | (2) | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | Interest rate contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and other, net | $ 2 | $ 1 | $ 9 | $ (1) |
Restructuring - Schedule of res
Restructuring - Schedule of restructuring activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Restructuring Reserve [Roll Forward] | |||
Accrued liability, beginning of period | $ 5 | $ 0 | $ 0 |
Charges | 0 | $ 42 | 42 |
Payments | (2) | (38) | |
Adjustments | (1) | (2) | |
Accrued liability, end of period | $ 2 | $ 2 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |||
Charges | $ 0 | $ 42 | $ 42 |