PayPal (PYPL) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36859
Entity Registrant Name	PayPal Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2989869
Entity Address, Address Line One	2211 North First Street
Entity Address, City or Town	San Jose,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	967-1000
Title of 12(b) Security	Common stock, $0.0001 par value per share
Entity Trading Symbol	PYPL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		1,173,981,657
Entity Central Index Key	0001633917
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,854	$ 7,349
Short-term investments	2,332	3,412
Accounts receivable, net	412	435
Loans and interest receivable, net of allowances of $754 and $258 as of March 31, 2020 and December 31, 2019, respectively	3,712	3,972
Funds receivable and customer accounts	22,817	22,527
Prepaid expenses and other current assets	1,057	800
Total current assets	38,184	38,495
Long-term investments	2,366	2,863
Property and equipment, net	1,646	1,693
Goodwill	9,124	6,212
Intangible assets, net	1,369	778
Other assets	1,577	1,292
Total assets	54,266	51,333
Current liabilities:
Accounts payable	217	232
Funds payable and amounts due to customers	24,817	24,527
Accrued expenses and other current liabilities	2,276	2,087
Income taxes payable	139	73
Total current liabilities	27,449	26,919
Deferred tax liability and other long-term liabilities	2,839	2,520
Long-term debt	7,967	4,965
Total liabilities	38,255	34,404
Commitments and Contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,173 shares outstanding as of both March 31, 2020 and December 31, 2019	0	0
Preferred stock, $0.0001 par value; 100 shares authorized, unissued	0	0
Treasury stock at cost, 113 and 105 shares as of March 31, 2020 and December 31, 2019, respectively	(7,672)	(6,872)
Additional paid-in-capital	15,501	15,588
Retained earnings	8,258	8,342
Accumulated other comprehensive income (loss)	(120)	(173)
Total PayPal Stockholders’ equity	15,967	16,885
Noncontrolling interest	44	44
Total equity	16,011	16,929
Total liabilities and equity	$ 54,266	$ 51,333

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, loans and interest receivable	$ 754	$ 258
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, shares outstanding (in shares)	1,173,000,000	1,173,000,000
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Treasury stock, shares (in shares)	113,000,000	105,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net revenues	$ 4,618	$ 4,128
Operating expenses:
Transaction expense	1,739	1,549
Transaction and credit losses	591	341
Customer support and operations	399	388
Sales and marketing	371	329
Technology and development	605	511
General and administrative	486	419
Restructuring and other charges	29	73
Total operating expenses	4,220	3,610
Operating income	398	518
Other income (expense), net	(135)	199
Income before income taxes	263	717
Income tax expense	179	50
Net income	$ 84	$ 667
Net income per share:
Basic (in usd per share)	$ 0.07	$ 0.57
Diluted (in usd per share)	$ 0.07	$ 0.56
Weighted average shares:
Basic (in shares)	1,173	1,171
Diluted (in shares)	1,185	1,188

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 84,000,000	$ 667,000,000
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”)	(171,000,000)	(67,000,000)
Net investment hedge CTA gain	71,000,000	0
Unrealized gains (losses) on cash flow hedges, net	144,000,000	(46,000,000)
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net	(2,000,000)	1,000,000
Unrealized gains on investments, net	15,000,000	11,000,000
Tax expense on unrealized gains on investments, net	(4,000,000)	(2,000,000)
Other comprehensive income (loss), net of tax	53,000,000	(103,000,000)
Comprehensive income	$ 137,000,000	$ 564,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions	Total	Common Stock Shares	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018		1,174
Beginning balance at Dec. 31, 2018	$ 15,386,000,000		$ (5,511,000,000)	$ 14,939,000,000	$ 78,000,000	$ 5,880,000,000	$ 0
Increase (Decrease) in Stockholders' Equity
Net income	667,000,000					667,000,000
Foreign CTA	(67,000,000)				(67,000,000)
Net investment hedge CTA gain	0
Unrealized gains on cash flow hedges, net	(46,000,000)				(46,000,000)
Tax expense on unrealized gains on cash flow hedges, net	1,000,000				1,000,000
Unrealized gains on investments, net	11,000,000				11,000,000
Tax expense on unrealized gains on investments, net	(2,000,000)				(2,000,000)
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)		6
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes	(302,000,000)			(302,000,000)
Common stock repurchased (in shares)		(8)
Common stock repurchased	(750,000,000)		(705,000,000)	(45,000,000)
Stock-based compensation	256,000,000			256,000,000
Ending balance (in shares) at Mar. 31, 2019		1,172
Ending balance at Mar. 31, 2019	$ 15,157,000,000		(6,216,000,000)	14,848,000,000	(25,000,000)	6,550,000,000	0
Beginning balance (in shares) at Dec. 31, 2019	1,173	1,173
Beginning balance at Dec. 31, 2019	$ 16,929,000,000		(6,872,000,000)	15,588,000,000	(173,000,000)	8,342,000,000	44,000,000
Increase (Decrease) in Stockholders' Equity
Net income	84,000,000					84,000,000
Foreign CTA	(171,000,000)				(171,000,000)
Net investment hedge CTA gain	71,000,000				71,000,000
Unrealized gains on cash flow hedges, net	144,000,000				144,000,000
Tax expense on unrealized gains on cash flow hedges, net	(2,000,000)				(2,000,000)
Unrealized gains on investments, net	15,000,000				15,000,000
Tax expense on unrealized gains on investments, net	(4,000,000)				(4,000,000)
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes (in shares)		8
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes	$ (382,000,000)			(382,000,000)
Common stock repurchased (in shares)	(8)	(8)
Common stock repurchased	$ (800,000,000)		(800,000,000)
Stock-based compensation	$ 295,000,000			295,000,000
Ending balance (in shares) at Mar. 31, 2020	1,173	1,173
Ending balance at Mar. 31, 2020	$ 16,011,000,000		$ (7,672,000,000)	$ 15,501,000,000	$ (120,000,000)	$ 8,258,000,000	$ 44,000,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 84	$ 667
Adjustments:
Transaction and credit losses	591	341
Depreciation and amortization	293	230
Stock-based compensation	283	247
Deferred income taxes	(79)	74
Unrealized losses (gains) on strategic investments	151	(180)
Other	(32)	(44)
Changes in assets and liabilities:
Accounts receivable	77	(96)
Changes in loans and interest receivable held for sale, net	0	4
Accounts payable	(21)	(3)
Income taxes payable	51	14
Other assets and liabilities	106	(227)
Net cash provided by operating activities	1,504	1,027
Cash flows from investing activities:
Purchases of property and equipment	(206)	(218)
Proceeds from sales of property and equipment	119	0
Changes in principal loans receivable, net	(386)	(357)
Purchases of investments	(3,593)	(8,138)
Maturities and sales of investments	5,511	6,028
Acquisitions, net of cash and restricted cash acquired	(3,612)	0
Funds receivable	(401)	(2,175)
Net cash used in investing activities	(2,568)	(4,860)
Cash flows from financing activities:
Proceeds from issuance of common stock	1	7
Purchases of treasury stock	(800)	(756)
Tax withholdings related to net share settlements of equity awards	(402)	(309)
Borrowings under financing arrangements	3,000	0
Funds payable and amounts due to customers	457	2,560
Other financing activities	(15)	0
Net cash provided by financing activities	2,241	1,502
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(178)	1
Net change in cash, cash equivalents, and restricted cash	999	(2,330)
Cash, cash equivalents, and restricted cash at beginning of period	15,743	13,233
Cash, cash equivalents, and restricted cash at end of period	16,742	10,903
Supplemental cash flow disclosures:
Cash paid for interest	11	20
Cash paid for income taxes, net	30	22
The below table reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 16,742	$ 10,903

Overview and Summary of Signifi

Overview and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Summary of Significant Accounting Policies	Overview and Summary of Significant Accounting Policies Overview and Organization PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015 and is a leading technology platform and digital payments company that enables digital and mobile payments on behalf of merchants and consumers worldwide. PayPal is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our goal is to enable our merchants and consumers to manage and move their money anywhere in the world, anytime, on any platform, and using any device. We also facilitate person-to-person payments through our PayPal, Venmo, and Xoom products and services and simplify and personalize shopping experiences for our consumers through our Honey Platform. Our combined payment solutions, including our PayPal, PayPal Credit, Braintree, Venmo, Xoom, and iZettle products and services, comprise our proprietary Payments Platform. We operate globally and in a rapidly evolving regulatory environment characterized by a heightened regulatory focus on all aspects of the payments industry. That focus continues to become even more heightened as regulators on a global basis focus on important issues such as countering terrorist financing, anti-money laundering, privacy, cybersecurity, and consumer protection. Some of the laws and regulations to which we are subject were enacted recently, and the laws and regulations applicable to us, including those enacted prior to the advent of digital and mobile payments, are continuing to evolve through legislative and regulatory action and judicial interpretation. New or changing laws and regulations, including the way laws and regulations are interpreted and implemented, as well as increased penalties and enforcement actions related to non-compliance, could have a material adverse impact on our business, results of operations, and financial condition. Therefore, we monitor these areas closely to design compliant solutions for our customers who depend on us. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interest reported as a component of equity on our condensed consolidated balance sheets represents the equity interests not owned by PayPal and is recorded for consolidated entities we control and of which we own less than 100%. Noncontrolling interest is not presented separately on our condensed consolidated statements of income as the amount is de minimis. Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income and our investment balance is included in long-term investments on our condensed consolidated balance sheets. Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income. Our investment balance is included in long-term investments on our condensed consolidated balance sheets. 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, 2019 (the “ 2019 Form 10-K”) filed with the Securities and Exchange Commission on February 6, 2020. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for interim periods. Certain amounts for prior years have been reclassified to conform to the financial statement presentation as of and for the three months ended March 31, 2020 . Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, loss contingencies, income taxes, revenue recognition, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur, and as additional information surrounding the impact of the novel coronavirus pandemic is obtained. Actual results could differ from these estimates and any such differences may be material to our financial statements. Investments Short-term investments include time deposits, government and agency securities, and corporate debt securities with original maturities of greater than three months but less than one year when purchased or maturities of less than one year on the reporting date. Long-term investments include government and agency securities and corporate debt securities with maturities exceeding one year, and our strategic investments. Government and agency securities and corporate debt securities are classified as available-for-sale and are reported at fair value using the specific identification method. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of related estimated tax provisions or benefits. Accrued interest receivable on available-for-sale debt securities totaled $45 million and $54 million , respectively, at March 31, 2020 and December 31, 2019 and is included in other current assets on our condensed consolidated balance sheets. We elect to account for foreign currency denominated available-for-sale investments underlying funds receivable and customer accounts, short-term investments, and long-term investments under the fair value option as further discussed in “Note 9—Fair Value Measurement of Assets and Liabilities.” The changes in fair value related to initial measurement and subsequent changes in fair value are included in earnings as a component of other income (expense), net. Our strategic investments consist of marketable equity securities, which are publicly traded, and non-marketable equity securities, which are investments in privately held companies. Marketable equity securities have readily determinable fair values with changes in fair value recorded in other income (expense), net. Non-marketable equity securities include investments that do not have a readily determinable fair value and equity method investments. The investments that do not have readily determinable fair value are measured at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, are recorded in other income (expense), net on our condensed consolidated statements of income. Our investments where we have the ability to exercise significant influence, but not control, over the investee are accounted for as equity method investments and our share of the investee’s results of operations is included in other income (expense), net. We assess whether an impairment loss on our non-marketable equity securities and an other-than-temporary impairment loss on our equity method investments has occurred due to declines in fair value or other market conditions. If any impairment is identified for non-marketable equity securities or impairment is considered other-than-temporary for our equity method investments, we write down the investment to its fair value and record the corresponding charge through other income (expense), net in our condensed consolidated statements of income. Our available-for-sale debt securities in an unrealized loss position will be written down to fair value through a charge to other income (expense), net in our condensed consolidated statements of income if we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis. For the remaining available-for-sale debt securities in an unrealized loss position, if we identify that the decline in fair value has resulted from credit losses, considering changes to the rating of the security by rating agencies, implied yields versus benchmark yields, and the extent to which fair value is less than amortized cost, among other factors, we will estimate the present value of cash flows expected to be collected. 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 is recorded, 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. Loans and interest receivable, net Loans and interest receivable, net represents merchant receivables originated under our PayPal Working Capital (“PPWC”) product and PayPal Business Loan (“PPBL”) product and international consumer loans originated under our PayPal Credit products. In the U.S., we partner with an independent chartered financial institution that extends credit to merchants using our PPWC product or PPBL product and purchase the related receivables extended by the independent chartered financial institution. For our international consumer credit products, we extend credit through our Luxembourg banking subsidiary. For our merchant credit products outside the U.S., we extend working capital advances in the U.K. and loans in Germany through our Luxembourg banking subsidiary, and we extend working capital loans in Australia through an Australian subsidiary. As part of our arrangement with the independent chartered financial institution in the U.S., we sell back a participation interest in the pool of merchant receivables. For this arrangement, gains or losses on the sale of the participation interests are not material as the carrying amount of the participation interest sold approximates the fair value at time of transfer. The independent chartered financial institution has no recourse against us related to their participation interests for failure of debtors to pay when due. The participation interests held by the chartered financial institution have the same priority to the interests held by us and are subject to the same credit, prepayment, and interest rate risk associated with this pool of merchant receivables. All risks of loss are shared pro rata based on participation interests held among all participating stakeholders. We apply a control-oriented, financial-components approach and account for the asset transfer as a sale and derecognize the portion of the participation interests for which control has been surrendered. Loans, advances, and interest and fees receivable are reported at their outstanding balances, net of any participation interests sold and pro rata allowances, including unamortized deferred origination costs and estimated collectible interest and fees. We maintain the servicing rights for the entire pool of consumer and merchant receivables outstanding and receive a fee approximating the fair value for servicing the assets underlying the participation interest sold. The terms of our consumer relationships require us to submit monthly bills to the consumer detailing loan repayment requirements. The terms also allow us to charge the consumer interest and fees in certain circumstances. Due to the relatively small dollar amount of individual loans and interest receivable, we do not require collateral on these balances. U.S. Consumer Credit Portfolio In November 2017, we reached an agreement to sell our U.S. consumer credit receivables portfolio to Synchrony Bank (“Synchrony”). Following the closing of this transaction in July 2018, Synchrony became the exclusive issuer of the PayPal Credit online consumer financing program in the U.S. We no longer hold an ownership interest in the receivables generated through the program and thus, no longer record these receivables on our condensed consolidated financial statements. PayPal earns a revenue share on the portfolio of consumer receivables owned by Synchrony, which includes both the sold and newly generated receivables, and it is recorded in revenue from other value-added services on our condensed consolidated statements of income. See “Note 11—Loans and Interest Receivable” for additional information related to this arrangement. Through the closing of the transaction with Synchrony, we continued to work with an independent chartered financial institution to extend credit to U.S. consumers using our PayPal Credit product. We purchased the related receivables extended by independent chartered financial institutions until July 2018. As part of the arrangements we had with the independent chartered financial institutions in the U.S., we sold back a participation interest in the pool of U.S. consumer receivables outstanding under PayPal Credit consumer accounts. For these arrangements, gains or losses on the sale of the participation interest were not material as the carrying amount of the participation interest sold approximated the fair value at time of transfer. Allowance for loans and interest receivable The allowance for loans and interest receivable represents our estimate of lifetime expected credit losses inherent in our portfolio of loans and interest receivables. Increases to the allowance for loans receivable are reflected as a component of transaction and credit losses on our condensed consolidated financial statements. Increases to the allowance for interest and fees receivable are reflected as a reduction of net revenues on our condensed consolidated statements of income, or as a reduction of deferred revenue when interest and fees are billed at the inception of a loan or advance. The evaluation process to assess the adequacy of allowances is subject to numerous estimates and judgments. The allowance for loans and interest receivable is primarily based on expectations of credit losses based on historical lifetime loss data as well as macroeconomic forecasts applied to the portfolio that is segmented by geographic region, delinquency, and vintage, among other factors. Loss curves are generated using historical loss data for each loan portfolio and are applied to segments of each portfolio, categorized by geographic region, first borrowing versus reuse, delinquency, credit rating and vintage, among other factors, which vary by portfolio. We then apply macroeconomic factors such as forecasted trends in unemployment and benchmark credit card charge-off rates, which are sourced externally, using a single scenario that is most appropriate to the economic conditions applicable to a particular period. Projected loss rates, inclusive of historical loss data and macroeconomic factors, are applied to the principal amount of our consumer and merchant receivables. Our consumer receivables, which are primarily revolving in nature, do not have a contractual term; however, the reasonable and supportable forecast period we have included in our projected loss rates based on externally sourced data is approximately seven years . Our merchant receivables vary in contractual term; however, the reasonable and supportable forecast period considered for projected loss rates is approximately 2.5 to 3.5 years, depending upon the product. The allowance for losses against the interest and fees receivable is determined primarily by applying loss curves to each portfolio by geography, delinquency and period of origination, among other factors. In connection with our agreement to sell our U.S. consumer credit receivables to Synchrony and the designation of that portfolio as held for sale in November 2017, we reversed the corresponding allowances against those loans and interest receivable balances. Such allowances on any newly originated U.S. consumer loans and interest receivables, held for sale were not established. Adjustments to the cost basis of this portfolio until the sale was completed, which were primarily driven by charge-offs, were recorded in restructuring and other charges on our consolidated statements of income. Leases We determine whether an arrangement is a lease for accounting purposes at contract inception. Operating leases are recorded as right-of-use (“ROU”) assets, which are included in other assets, and lease liabilities, which are included in accrued expenses and other liabilities and other long-term liabilities on our condensed consolidated balance sheets. For sale-leaseback transactions, we evaluate the sale and the lease arrangement based on our conclusion as to whether control of the underlying asset has been transferred and recognize the sale-leaseback as either a sale transaction or under the financing method. The financing method would require the asset to remain on the consolidated balance sheets throughout the term of the lease and the proceeds to be recognized as a financing obligation. As of March 31, 2020 , we had no finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; we use an incremental borrowing rate for specific terms on a collateralized basis based on the information available on the commencement date in determining the present value of lease payments. The ROU asset calculation includes lease payments to be made and excludes lease incentives. The ROU asset and lease liability may include amounts attributed to options to extend or terminate the lease when it is reasonably certain we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient and account for the lease and non-lease components as a single lease component for all leases. In addition, we have elected the practical expedients related to lease classification, hindsight, and land easement. We apply a single portfolio approach to account for the ROU assets and lease liabilities. Allowance for transaction losses We are exposed to transaction losses due to credit card and other payment misuse as well as nonperformance from sellers who accept payments through PayPal. We establish an allowance for estimated losses arising from completing customer transactions, such as chargebacks for unauthorized credit card use and merchant-related chargebacks due to non-delivery of goods or services, buyer protection program claims, and account takeovers. This allowance represents an accumulation of the estimated amounts necessary to provide for transaction losses incurred as of the reporting date, including those which we have not yet identified. The allowance is monitored regularly and is updated based on actual data received, including actual claims data reported by our claims processors. The allowance is based on known facts and circumstances, internal factors including experience with similar cases, historical trends involving loss payment patterns, the mix of transaction and loss types, as well as macroeconomic factors, as applicable. Additions to the allowance are reflected as a component of transaction and credit losses on our condensed consolidated statements of income. At March 31, 2020 and December 31, 2019 , the allowance for transaction losses totaled $120 million and $136 million , respectively, and was included in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Allowance for negative customer balances Negative customer balances occur primarily when there are insufficient funds in a customer’s PayPal account to cover charges applied for ACH returns, debit card transactions, and merchant-related chargebacks due to non-delivery or unsatisfactory delivery of goods or services, which are generally within the scope of our protection programs. Negative customer balances can be cured by the customer by adding funds to their account, receiving payments, or through back-up funding sources. We also utilize third-party collection agents. For negative customer balances that are not expected to be cured or otherwise collected, we provide an allowance for lifetime expected losses. The allowance represents expected losses based on historical trends involving collection and write-off patterns, internal factors including our experience with similar cases, other known facts and circumstances, and reasonable and supportable macroeconomic forecasts, as necessary. Loss rates are derived using historical loss data for each delinquency bucket using a roll rate model that captures the losses and the likelihood that a negative customer balance will be written-off as the delinquency age of such balance increases. The loss rates are then applied to the outstanding negative customer balances. Once the quantitative calculation is performed, we review the adequacy of the allowance and determine if qualitative adjustments need to be considered. We write off negative customer balances in the month in which the balance becomes outstanding for 120 days. Write-offs that are recovered are recorded as a reduction to our allowance for negative customer balances. Negative customer balances are included in other current assets, net of the allowance on our condensed consolidated balance sheets. Adjustments to the allowance for negative customer balances are recorded as a component of transaction and credit losses on our condensed consolidated statements of income. The allowance for negative customer balances was $276 million and $263 million at March 31, 2020 and December 31, 2019 , respectively. Recent Accounting Guidance In 2020, the Financial Accounting Standards Board (“FASB”) issued amended guidance that provides transition relief for the accounting impact of reference rate reform. For a limited period, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions affected by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2022. Our exposure to LIBOR is limited to an insignificant amount of fixed rate investment securities and, therefore, we do not expect the impact from reference rate reform to be material. Recently Adopted Accounting Guidance In 2019, the FASB issued amended guidance for simplifying certain aspects for the accounting for income taxes. This amended guidance is intended to remove certain exceptions to the general principles in current GAAP, reduce the cost and complexity in accounting for income taxes, and improve financial statement preparers’ application of income tax-related guidance. This guidance does not create new accounting requirements. It is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. We early adopted this guidance in the first quarter of 2020. Adoption of this guidance did not have a material impact on our condensed consolidated financial statements. In 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. Under the new guidance, credit losses on loans, trade and other receivables, held-to-maturity debt securities, and other instruments reflect our current estimate of the expected credit losses and generally result in the earlier recognition of allowances for losses. Credit losses on available-for-sale debt securities with unrealized losses are recognized as allowances for credit losses limited to the amount by which fair value is below amortized cost. Additional disclosures are required, including information used to track credit quality by year of origination for most financing receivables. We are required to apply the provisions of this guidance as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted with impairment of available-for-sale debt securities applied prospectively after adoption. We adopted the new guidance effective January 1, 2020. For additional information, see “Note 11—Loans and Interest Receivable.” There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable, and we do not believe any of these accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue PayPal enables its customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our Payments Platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services. Disaggregation of Revenue We determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Chief Executive Officer, who reviews our operating results on a consolidated basis. We operate as one segment and have one reportable segment. Based on the information provided to and reviewed by our CODM, we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and type of revenue categories (transaction revenues and other value added services). Revenues recorded within these categories are earned from similar services for which the nature of associated fees and the related revenue recognition models are substantially the same. The following table presents our revenue disaggregated by primary geographical market and category: Three Months Ended March 31, 2020 2019 (In millions) Primary geographical markets United States (“U.S.”) $ 2,469 $ 2,187 United Kingdom (“U.K.”) 478 433 Other countries (1) 1,671 1,508 Total revenues (2) $ 4,618 $ 4,128 Revenue category Transaction revenues $ 4,215 $ 3,731 Other value added services 403 397 Total revenues (2) $ 4,618 $ 4,128 (1) No single country included in the other countries category generated more than 10% of total revenue. (2) Total revenues include $247 million and $257 million for the three months ended March 31, 2020 and 2019 , respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers . Such revenues relate to interest, fees, and gains earned on loans and interest receivable, as well as hedging gains or losses, and interest earned on certain PayPal customer balances. Net revenues are attributed to the country in which the merchant is located, or in the case of a cross-border transaction, may be earned from the country in which the consumer and the merchant respectively reside. Net revenues earned from other value added services are typically attributed to the country in which either the customer or partner reside.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income per share by application of the treasury stock method. The calculation of diluted net income per share excludes all anti-dilutive common shares. The following table sets forth the computation of basic and diluted net income per share for the periods indicated: Three Months Ended March 31, 2020 2019 (In millions, except per share amounts) Numerator: Net income $ 84 $ 667 Denominator: Weighted average shares of common stock - basic 1,173 1,171 Dilutive effect of equity incentive awards 12 17 Weighted average shares of common stock - diluted 1,185 1,188 Net income per share: Basic $ 0.07 $ 0.57 Diluted $ 0.07 $ 0.56 Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive 2 3

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations Honey Science Corporation We completed our acquisition of Honey Science Corporation (“Honey”) in January 2020 by acquiring all outstanding shares for total consideration of approximately $4.0 billion , consisting of approximately $3.6 billion in cash and approximately $400 million in assumed restricted stock, restricted stock units, and options, subject to vesting conditions. We believe our acquisition of Honey will enhance our value proposition by allowing us to further simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. The following table summarizes the preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed: (In millions) Goodwill $ 2,959 Customer lists and user base 115 Marketing related 30 Developed technology 572 Total intangibles $ 717 Accounts receivable, net 55 Deferred tax liabilities, net (76 ) Other net liabilities (18 ) Total purchase consideration $ 3,637 The intangible assets acquired consist primarily of customer contracts, trade name/trademarks, and developed technology with estimated useful lives of three years . The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, and is attributable to the workforce of Honey and the synergies expected to arise from the acquisition through continued customer acquisition, cross selling initiatives, and product enhancements. We do not expect goodwill to be deductible for income tax purposes. The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available. In association with the acquisition, we assumed restricted stock, restricted stock units, and options with an approximate grant date fair value of $400 million , which represents post business combination expense. The equity granted is a combination of shares issued to certain former Honey employees subject to a holdback arrangement and assumed Honey employee grants, which vest over a period of up to four years and are subject to continued employment. We have included the financial results of the acquired business in our condensed consolidated financial statements from the date of acquisition. Revenues and expenses related to the acquisition for the three months ended March 31, 2020 were not material. Pro forma results of operations have not been presented because the effects of this acquisition were not material to our financial results. There were no acquisitions or divestitures completed during the three months ended March 31, 2019

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents goodwill balances and adjustments to those balances during the three months ended March 31, 2020 : December 31, Goodwill Acquired Adjustments March 31, (In millions) Total goodwill $ 6,212 $ 2,959 $ (47 ) $ 9,124 The goodwill acquired during the three months ended March 31, 2020 was associated with the acquisition of Honey. The adjustments to goodwill during the three months ended March 31, 2020 pertain to foreign currency translation adjustments. Intangible Assets The components of identifiable intangible assets are as follows: March 31, 2020 December 31, 2019 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) (In millions, except years) Intangible assets: Customer lists and user base $ 1,205 $ (713 ) $ 492 6 $ 1,114 $ (700 ) $ 414 7 Marketing related 321 (247 ) 74 3 294 (239 ) 55 3 Developed technology 999 (388 ) 611 3 445 (343 ) 102 3 All other 433 (241 ) 192 7 436 (229 ) 207 7 Intangible assets, net $ 2,958 $ (1,589 ) $ 1,369 $ 2,289 $ (1,511 ) $ 778 Amortization expense for intangible assets was $114 million and $57 million for the three months ended March 31, 2020 and 2019 , respectively. Expected future intangible asset amortization as of March 31, 2020 was as follows (in millions): Fiscal years: Remaining 2020 $ 335 2021 398 2022 336 2023 98 2024 96 Thereafter 106 Total $ 1,369

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, data centers, product development offices, and customer service and operations centers. Many leases include one or more renewal or termination options. These options are not included in our determination of the lease term at commencement unless it is reasonably certain the Company will exercise the option. When we reach a decision to exercise a lease renewal or termination option, we recognize the associated impact to the ROU asset and lease liability. While a majority of lease payments are based on the stated rate in the lease, some lease payments are subject to annual changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not re-measured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. All of PayPal’s variable lease payments are based on an index or rate. The short-term lease exemption has been adopted for all leases with a duration of less than 12 months. PayPal’s lease portfolio contains a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements. The components of lease expense were as follows: Three Months Ended Three Months Ended (In millions) Lease expense Operating lease expense $ 38 $ 34 Sublease income (1 ) (2 ) Total lease expense cost $ 37 $ 32 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 35 $ 31 Right-of-use assets obtained in exchange for new operating lease liabilities $ 244 $ 5 Balance at March 31, 2020 Balance at December 31, 2019 (In millions, except weighted-average figures) Operating lease right-of-use assets $ 687 $ 479 Other current lease liabilities 122 104 Operating lease liabilities 608 403 Total operating lease liabilities 730 507 Weighted-average remaining lease term — operating leases 7.3 years 5.8 years Weighted-average discount rate — operating leases 4 % 5 % Future minimum lease payments for our operating leases as of March 31, 2020 were as follows: Operating Leases Fiscal years: (In millions) Remaining 2020 $ 114 2021 139 2022 107 2023 94 2024 86 Thereafter 300 Total $ 840 Less: present value discount (110 ) Lease liability $ 730 Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases. In February 2020, we entered into a sale-leaseback arrangement as the seller-lessee for a data center as the buyer-lessor obtained control of the facility. We sold the data center and simultaneously entered into an operating lease agreement with the purchaser for the right to use the facility for 8 years . The Company received proceeds of approximately $119 million , net of selling costs, which resulted in a de minimis net gain on the sale transaction. As of March 31, 2020 , we also have additional operating leases that have not yet commenced, primarily for real estate and data centers, with minimum lease payments aggregating to $151 million . These operating leases will commence between fiscal years 2020 and 2021 with lease terms of 3 years to 10 years .

Other Financial Statement Detai

Other Financial Statement Details	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Financial Statement Details	Other Financial Statement Details Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2020 : Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Investments Foreign Currency Translation Adjustment (“CTA”) Net InvestmentHedge CTA Gain (Loss) Estimated Tax Benefit (Expense) Total (In millions) Beginning balance $ 6 $ 2 $ (150 ) $ (31 ) $ — $ (173 ) Other comprehensive income (loss) before reclassifications 186 15 (171 ) 71 (6 ) 95 Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”) 42 — — — — 42 Net current period other comprehensive income (loss) 144 15 (171 ) 71 (6 ) 53 Ending balance $ 150 $ 17 $ (321 ) $ 40 $ (6 ) $ (120 ) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2019 : Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Investments Foreign Estimated Tax Benefit (Expense) Total (In millions) Beginning balance $ 182 $ (13 ) $ (93 ) $ 2 $ 78 Other comprehensive income (loss) before reclassifications 6 11 (67 ) (1 ) (51 ) Less: Amount of gain reclassified from AOCI 52 — — — 52 Net current period other comprehensive income (loss) (46 ) 11 (67 ) (1 ) (103 ) Ending balance $ 136 $ (2 ) $ (160 ) $ 1 $ (25 ) The following table provides details about reclassifications out of AOCI for the periods presented below: Details about AOCI Components Amount of Gains (Losses) Reclassified from AOCI Affected Line Item in the Statement of Income Three Months Ended March 31, 2020 2019 (In millions) Gains on cash flow hedges — foreign exchange contracts $ 42 $ 52 Net revenues Unrealized (losses) gains on investments — — Other income (expense), net $ 42 $ 52 Income before income taxes — — Income tax expense Total reclassifications for the period $ 42 $ 52 Net income Other Income (Expense), Net The following table reconciles the components of other income (expense), net for the periods presented below: Three Months Ended March 31, 2020 2019 (In millions) Interest income $ 33 $ 49 Interest expense (37 ) (22 ) Gains (losses) on strategic investments (124 ) 180 Other (7 ) (8 ) Other income (expense), net $ (135 ) $ 199

Funds Receivable and Customer A

Funds Receivable and Customer Accounts and Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Funds Receivable and Customer Accounts and Investments	Funds Receivable and Customer Accounts and Investments The following table summarizes the assets underlying our funds receivable and customer accounts, short-term investments, and long-term investments as of March 31, 2020 and December 31, 2019 : March 31, December 31, (In millions) Funds receivable and customer accounts: Cash and cash equivalents $ 8,871 $ 8,387 Time deposits 552 514 Available-for-sale debt securities 9,614 10,190 Funds receivable 3,780 3,436 Total funds receivable and customer accounts $ 22,817 $ 22,527 Short-term investments: Time deposits $ 204 $ 614 Available-for-sale debt securities 2,060 2,734 Restricted cash 68 64 Total short-term investments $ 2,332 $ 3,412 Long-term investments: Available-for-sale debt securities $ 661 $ 1,025 Restricted cash 6 — Strategic investments 1,699 1,838 Total long-term investments $ 2,366 $ 2,863 As of March 31, 2020 and December 31, 2019 , the estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments was as follows: March 31, 2020 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 4,793 $ 28 $ — $ 4,821 Foreign government and agency securities 1,757 4 (1 ) 1,760 Corporate debt securities 1,754 — (4 ) 1,750 Short-term investments: U.S. government and agency securities 50 — — 50 Foreign government and agency securities 258 — — 258 Corporate debt securities 1,390 2 (5 ) 1,387 Long-term investments: U.S. government and agency securities 100 — — 100 Foreign government and agency securities 125 1 — 126 Corporate debt securities 443 — (8 ) 435 Total available-for-sale debt securities (1) $ 10,670 $ 35 $ (18 ) $ 10,687 (1) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.” December 31, 2019 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 4,996 $ — $ — $ 4,996 Foreign government and agency securities 1,392 — — 1,392 Corporate debt securities 2,112 — — 2,112 Short-term investments: Foreign government and agency securities 533 — — 533 Corporate debt securities 1,955 — — 1,955 Long-term investments: U.S. government and agency securities 140 — — 140 Foreign government and agency securities 207 — — 207 Corporate debt securities 676 2 — 678 Total available-for-sale debt securities (1) $ 12,011 $ 2 $ — $ 12,013 (1) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.” As of March 31, 2020 and December 31, 2019 , the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses has not been deemed necessary in the current period, aggregated by length of time those individual securities have been in a continuous loss position, was as follows: March 31, 2020 (1) Less than 12 months 12 months or longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 500 $ — $ — $ — $ 500 $ — Foreign government and agency securities 422 (1 ) — — 422 (1 ) Corporate debt securities 769 (4 ) — — 769 (4 ) Short-term investments: Foreign government and agency securities 55 — — — 55 — Corporate debt securities 759 (5 ) — — 759 (5 ) Long-term investments: Corporate debt securities 297 (8 ) 3 — 300 (8 ) Total available-for-sale debt securities $ 2,802 $ (18 ) $ 3 $ — $ 2,805 $ (18 ) (1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position. December 31, 2019 (1) Less than 12 months 12 months or longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 2,452 $ — $ — $ — $ 2,452 $ — Foreign government and agency securities 563 — 30 — 593 — Corporate debt securities 825 — — — 825 — Short-term investments: Foreign government and agency securities 115 — — — 115 — Corporate debt securities 424 — — — 424 — Long-term investments: U.S. government and agency securities 100 — — — 100 — Foreign government and agency securities 75 — — — 75 — Corporate debt securities 27 — 44 — 71 — Total available-for-sale debt securities $ 4,581 $ — $ 74 $ — $ 4,655 $ — (1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position. Unrealized losses have not been recognized into income as we neither intend to sell nor anticipate that it is more likely than not that we will be required to sell the securities before recovery. The decline in fair value is due primarily to changes in market conditions, rather than credit losses. We will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred. Amounts reclassified to earnings from unrealized gains and losses were not material for the three months ended March 31, 2020 and 2019 . Our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows: March 31, 2020 Amortized Cost Fair Value (In millions) One year or less $ 9,407 $ 9,429 After one year through five years 1,260 1,255 After five years through ten years 3 3 Total $ 10,670 $ 10,687 Strategic Investments Our strategic investments include marketable equity securities, which are publicly traded, and non-marketable equity securities, which are investments in privately held companies. Our marketable equity securities have readily determinable fair values and are recorded as long-term investments on our condensed consolidated balance sheets at fair value with changes in fair value recorded in other income (expense), net on our condensed consolidated statements of income. Marketable equity securities totaled $1.2 billion and $1.3 billion as of March 31, 2020 and December 31, 2019 , respectively. Our non-marketable equity securities are recorded in long-term investments on our condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019 , we had non-marketable equity securities of $28 million and $27 million , respectively, where we have the ability to exercise significant influence, but not control, over the investee and account for these equity securities using the equity method of accounting. The remaining non-marketable equity securities do not have a readily determinable fair value and we measure these equity investments at cost minus impairment, if any, and adjust for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, and our share of earnings or losses from investments accounted for using the equity method are recognized in other income (expense), net on our condensed consolidated statements of income. The carrying value of our non-marketable equity securities totaled $548 million and $524 million as of March 31, 2020 and December 31, 2019 , respectively. Measurement Alternative Adjustments The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 (In millions) Carrying amount, beginning of period $ 497 $ 293 Adjustments related to non-marketable equity securities: Net (sales) additions (1) (9 ) 19 Gross unrealized gains 45 57 Gross unrealized losses and impairments (13 ) — Carrying amount, end of period $ 520 $ 369 (1) Net (sales) additions includes additions from purchases and reductions due to sales of securities and reclassifications when Measurement Alternative no longer applies. Cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at March 31, 2020 were approximately $257 million and $18 million , respectively. Cumulative gross unrealized gains and cumulative gross unrealized losses and impairment related to non-marketable equity securities accounted for under the Measurement Alternative held at December 31, 2019 were approximately $230 million and $5 million , respectively. Gains (losses) on marketable and non-marketable equity securities, excluding those accounted for using the equity method Net unrealized losses recognized in the three months ended March 31, 2020 related to marketable and non-marketable equity securities (excluding those accounted for using the equity method) held at March 31, 2020 were approximately $132 million . Net unrealized gains recognized in the three months ended March 31, 2019 related to marketable and non-marketable equity securities (excluding those accounted for using the equity method) held at March 31, 2019 was approximately $180 million

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 : March 31, 2020 Quoted Prices in Significant Other (In millions) Assets: Cash and cash equivalents (1) $ 1,238 $ — $ 1,238 Short-term investments (2) : U.S. government and agency securities 50 — 50 Foreign government and agency securities 604 — 604 Corporate debt securities 1,406 — 1,406 Total short-term investments $ 2,060 $ — $ 2,060 Funds receivable and customer accounts (3) : Cash and cash equivalents 916 — 916 U.S. government and agency securities 4,821 — 4,821 Foreign government and agency securities 2,804 — 2,804 Corporate debt securities 1,989 — 1,989 Total funds receivable and customer accounts $ 10,530 $ — $ 10,530 Derivatives 366 — 366 Long-term investments (2),(4) : U.S. government and agency securities 100 — 100 Foreign government and agency securities 126 — 126 Corporate debt securities 435 — 435 Marketable equity securities 1,151 1,151 — Total long-term investments $ 1,812 $ 1,151 $ 661 Total financial assets $ 16,006 $ 1,151 $ 14,855 Liabilities: Derivatives $ 209 $ — $ 209 (1) Excludes cash of $6.6 billion not measured and recorded at fair value. (2) Excludes restricted cash of $74 million and time deposits of $ 204 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $12.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $548 million measured using the Measurement Alternative or equity method accounting. December 31, 2019 Quoted Prices in Significant Other (In millions) Assets: Cash and cash equivalents (1) $ 2,835 $ — $ 2,835 Short-term investments (2) : Foreign government and agency securities 757 — 757 Corporate debt securities 1,977 — 1,977 Total short-term investments 2,734 — 2,734 Funds receivable and customer accounts (3) : Cash and cash equivalents 683 — 683 U.S. government and agency securities 4,996 — 4,996 Foreign government and agency securities 2,653 — 2,653 Corporate debt securities 2,541 — 2,541 Total funds receivable and customer accounts 10,873 — 10,873 Derivatives 135 — 135 Long-term investments (4) : U.S. government and agency securities 140 — 140 Foreign government and agency securities 207 — 207 Corporate debt securities 678 — 678 Marketable equity securities 1,314 1,314 — Total long-term investments 2,339 1,314 1,025 Total financial assets $ 18,916 $ 1,314 $ 17,602 Liabilities: Derivatives $ 122 $ — $ 122 (1) Excludes cash of $4.5 billion not measured and recorded at fair value. (2) Excludes restricted cash of $64 million and time deposits of $614 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $11.7 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $524 million measured using the Measurement Alternative or equity method accounting. Our marketable equity securities are valued using quoted prices for identical assets in active markets (Level 1). All other financial assets and liabilities are valued using quoted prices for identical instruments in less active markets, readily available pricing sources for comparable instruments, or models using market observable inputs (Level 2). A majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as currency rates, interest rate yield curves, option volatility, and equity prices. Our derivative instruments are primarily short-term in nature, generally one month to one year in duration. Certain foreign currency contracts designated as cash flow hedges may have a duration of up to 18 months. We did not have any transfers of financial instruments between valuation levels during the three months ended March 31, 2020 and 2019 . As of March 31, 2020 and December 31, 2019 , we did not have any assets or liabilities requiring measurement at fair value without observable market values that would require a high level of judgment to determine fair value (Level 3). We elect to account for foreign currency denominated available-for-sale debt securities under the fair value option. Election of the fair value option allows us to recognize any gains and losses from fair value changes on such investments in other income (expense), net on the condensed consolidated statements of income to significantly reduce the accounting asymmetry that would otherwise arise when recognizing the corresponding foreign exchange gains and losses relating to customer liabilities. The following table summarizes the estimated fair value of our available-for-sale debt securities under the fair value option as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (In millions) Funds receivable and customer accounts $ 1,283 $ 1,690 Short-term investments $ 365 $ 246 The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In millions) Funds receivable and customer accounts $ (20 ) $ (29 ) Short-term investments $ (18 ) $ — Financial Assets and Liabilities Measured and Recorded at Fair Value on a Non-Recurring Basis The following tables summarize our financial assets and liabilities held as of March 31, 2020 and December 31, 2019 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2020 and the year ended December 31, 2019 , respectively: March 31, 2020 Significant Other (In millions) Non-marketable equity investments measured using the Measurement Alternative (1) $ 128 $ 128 (1) Excludes non-marketable equity investments of $392 million accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2020 . December 31, 2019 Significant Other (In millions) Non-marketable equity investments measured using the Measurement Alternative (1) $ 303 $ 303 (1) Excludes non-marketable equity investments of $194 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2019 . We measured these non-marketable equity investments accounted for under the Measurement Alternative at cost minus impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Financial Assets and Liabilities Not Measured and Recorded at Fair Value Our financial instruments, including cash, restricted cash, time deposits, loans and interest receivable, net, certain customer accounts, notes receivable, and long-term debt related to borrowings on our credit facilities are carried at amortized cost, which approximates their fair value. Our fixed rate debt (also classified as long-term debt) carried at amortized cost had a carrying value of approximately $5.0 billion and fair value of approximately $4.9 billion as of March 31, 2020 . Our fixed rate debt carried at amortized cost had a carrying value and fair value of approximately $5.0 billion as of December 31, 2019

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Summary of Derivative Instruments Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. Our derivatives expose us to credit risk to the extent that our counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions and by entering into collateral security arrangements. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We do not use any derivative instruments for trading or speculative purposes. Cash Flow Hedges We transact business in various foreign currencies and have significant international revenues and costs denominated in foreign currencies, which subjects us to foreign currency risk. We have a foreign currency exposure management program whereby we designate certain foreign currency exchange contracts, generally with maturities of 18 months or less, to reduce the volatility of cash flows primarily related to forecasted revenues denominated in foreign currencies. The objective of the foreign currency exchange contracts is to help mitigate the risk that the U.S. dollar-equivalent cash flows are adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. These derivative instruments are designated as cash flow hedges and accordingly, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into revenue in the same period the forecasted transaction affects earnings. We evaluate the effectiveness of our foreign currency exchange contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, we conclude the hedge will be perfectly effective. We did not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. We report cash flows arising from derivative instruments consistent with the classification of cash flows from the underlying hedged items that these derivatives are hedging. Accordingly, the cash flows associated with derivatives designated as cash flow hedges are classified in cash flows from operating activities on our condensed consolidated statements of cash flows. As of March 31, 2020 , we estimate that $129 million of net derivative gains related to our cash flow hedges included in AOCI are expected to be reclassified into earnings within the next 12 months. During the three months ended March 31, 2020 and 2019 , we did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction. If we elect to discontinue our cash flow hedges and it is probable that the original forecasted transaction will occur, we continue to report the derivative’s gain or loss in AOCI until the forecasted transaction affects earnings, at which point we also reclassify it into earnings. Gains and losses on derivatives held after we discontinue our cash flow hedges and gains and losses on derivative instruments that are not designated as cash flow hedges are recorded in the same financial statement line item to which the derivative relates. Net Investment Hedge We use a forward foreign currency exchange contract to reduce the foreign currency exchange risk related to our investment in a foreign subsidiary. This derivative is designated as a net investment hedge and accordingly, the derivative’s gain and loss is recorded in AOCI as part of foreign currency translation. The accumulated gains and losses associated with this instrument will remain in AOCI until the foreign subsidiary is sold or substantially liquidated, at which point they will be reclassified into earnings. We did not exclude any component of the changes in fair value of the derivative instrument from the assessment of hedge effectiveness. The cash flow associated with the derivative designated as a net investment hedge is classified in cash flows from investing activities on our condensed consolidated statements of cash flows. During the three months ended March 31, 2020 , we recognized $71 million in unrealized gains on our foreign currency exchange contract designated as a net investment hedge within the foreign currency translation section of other comprehensive income. During the three months ended March 31, 2019 , we did no t have a net investment hedge. We have no t reclassified any gains or losses from AOCI into earnings during any of the periods presented. Foreign Currency Exchange Contracts Not Designated As Hedging Instruments We have a foreign currency exposure management program whereby we use foreign currency exchange contracts to offset the foreign currency exchange risk on our assets and liabilities denominated in currencies other than the functional currency of our subsidiaries. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on our assets and liabilities. The gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities are recorded in other income (expense), net, which is offset by the gains and losses on these foreign currency exchange contracts. The cash flows associated with our non-designated derivatives that hedge foreign currency denominated monetary assets and liabilities are classified in cash flows from operating activities on our condensed consolidated statements of cash flows. Fair Value of Derivative Contracts The fair value of our outstanding derivative instruments as of March 31, 2020 and December 31, 2019 was as follows: Balance Sheet Location March 31, December 31, (In millions) Derivative Assets: Foreign currency exchange contracts designated as hedging instruments Other current assets $ 168 $ 45 Foreign currency exchange contracts designated as hedging instruments Other assets (non-current) 22 1 Foreign currency exchange contracts not designated as hedging instruments Other current assets 176 89 Total derivative assets $ 366 $ 135 Derivative Liabilities: Foreign currency exchange contracts designated as hedging instruments Other current liabilities $ — $ 58 Foreign currency exchange contracts designated as hedging instruments Other long-term liabilities — 13 Foreign currency exchange contracts not designated as hedging instruments Other current liabilities 209 51 Total derivative liabilities $ 209 $ 122 Master Netting Agreements - Rights of Setoff Under master netting agreements with respective counterparties to our foreign currency exchange contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheets. Rights of setoff associated with our foreign currency exchange contracts represented a potential offset to both assets and liabilities by $125 million as of March 31, 2020 and $92 million as of December 31, 2019 . We have entered into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. We posted $23 million and $12 million in cash collateral related to our derivative liabilities as of March 31, 2020 and December 31, 2019 , respectively, which is recognized in other current assets on our condensed consolidated balance sheets, and is related to the right to reclaim cash collateral. We received $172 million and $39 million in counterparty cash collateral related to our derivative assets as of March 31, 2020 and December 31, 2019 , respectively, which is recognized in other current liabilities on our condensed consolidated balance sheets, and is related to the obligation to return cash collateral. As of March 31, 2020 and December 31, 2019 , we did no t receive or post any counterparty non-cash collateral. Effect of Derivative Contracts on Condensed Consolidated Statements of Income The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments designated as hedging instruments: Three Months Ended March 31, 2020 2019 (In millions) Net revenues Total amounts presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded $ 4,618 $ 4,128 Gains on foreign exchange contracts designated as cash flow hedges reclassified from AOCI $ 42 $ 52 The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments not designated as hedging instruments: Three Months Ended March 31, 2020 2019 (In millions) Gains (losses) on foreign exchange contracts recognized in other income (expense), net $ 37 $ (10 ) Notional Amounts of Derivative Contracts Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of foreign currency exchange payments under these contracts is determined. The following table provides the notional amounts of our outstanding derivatives: March 31, 2020 December 31, 2019 (In millions) Foreign exchange contracts designated as hedging instruments $ 4,424 $ 4,550 Foreign exchange contracts not designated as hedging instruments 12,372 17,131 Total $ 16,796 $ 21,681

Loans and Interest Receivable

Loans and Interest Receivable	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans and Interest Receivable	Loans and Interest Receivable We offer credit products to consumers and certain small and medium-sized merchants. We work with an independent chartered financial institution that extends credit to merchants using our credit products in the U.S. We purchase receivables related to credit extended to U.S. merchants by the independent chartered financial institution and are responsible for servicing functions related to that portfolio. During the three months ended March 31, 2020 and 2019 , we purchased approximately $1.3 billion and $1.1 billion in merchant credit receivables, respectively. Consumer Receivables We offer credit products to consumers who choose PayPal Credit at checkout. As of March 31, 2020 and December 31, 2019 , the outstanding balance of consumer receivables, which primarily consisted of revolving loans and interest receivable due from international consumer accounts, was $1.4 billion and $1.3 billion , respectively. We closely monitor the credit quality of our consumer loan receivables to evaluate and manage our related exposure to credit risk. Credit risk management begins with initial underwriting and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history with PayPal Credit products. We use delinquency status and trends to assist in making new and ongoing credit decisions, to adjust our models, to plan our collection practices and strategies, and in our determination of our allowance for consumer loans and interest receivable. Consumer Receivables Delinquency and Allowance The following table presents the delinquency status of consumer loans and interest receivable at March 31, 2020 and December 31 2019. Since our consumer loans are primarily revolving in nature, they are disclosed in the aggregate and not by year of origination. The amounts are based on the number of days past the billing date. The “current” category represents balances that are within 29 days of the billing date: March 31, 2020 December 31, 2019 Amortized Cost Basis Revolving Percent Amortized Cost Basis Revolving Percent (In millions, except percentages) Current $ 1,327 96.4 % $ 1,279 96.7 % 30-59 days 18 1.3 % 15 1.1 % 60-89 days 11 0.8 % 9 0.7 % 90-179 days 21 1.5 % 19 1.5 % Total consumer loans and interest receivable (1) $ 1,377 100.0 % $ 1,322 100.0 % (1) Excludes receivables from other consumer credit products of $94 million and $92 million at March 31, 2020 and December 31, 2019 , respectively. The following table summarizes the activity in the allowance for consumer loans and interest receivable for the three months ended March 31, 2020 and 2019 : March 31, 2020 March 31, 2019 Consumer Loans Receivable Interest Receivable Total Allowance (1) Consumer Loans Receivable Interest Receivable Total Allowance (1) (In millions) Beginning balance $ 49 $ 8 $ 57 $ 27 $ 3 $ 30 Adjustment for adoption of credit losses accounting standard 24 4 28 — — — Provisions 98 20 118 1 2 3 Charge-offs (21 ) (4 ) (25 ) (9 ) (1 ) (10 ) Recoveries (2) 9 — 9 10 — 10 Ending balance $ 159 $ 28 $ 187 $ 29 $ 4 $ 33 (1) Excludes allowances from other consumer credit products of $10 million and $9 million at March 31, 2020 and March 31, 2019 , respectively. (2) The recoveries were primarily related to fully charged off U.S. consumer credit receivables not subject to the sale to Synchrony. Changes to the provision for the three months ended March 31, 2020 were primarily attributable to changes in current and projected macroeconomic conditions resulting in an increase of $90 million and our portfolio growth resulting in an increase of $10 million , both of which are used in estimating our expected credit losses. Changes to the charge-offs for the three months ended March 31, 2020 were primarily attributable to the growth in our portfolio. The provision for credit losses relating to our consumer loans receivable portfolio is recognized in transaction and credit losses on our condensed consolidated statements of income. The provision for interest receivable due to interest earned on our consumer loans receivable portfolio is recognized in net revenues from other value added services as a reduction to revenue. Loans receivable past the payment due date continue to accrue interest until they are charged off. We charge off consumer loan receivable balances in the month in which a customer’s balance becomes 180 days past the payment due date. Bankrupt accounts are charged off within 90 days after receipt of notification of bankruptcy. Charge-offs that are recovered are recorded as a reduction to our allowance for loans and interest receivable. Merchant Receivables We offer business financing solutions to certain small and medium-sized merchants through our PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products. As of March 31, 2020 and December 31, 2019 , the total outstanding balance in our pool of merchant loans, advances, and interest and fees receivable was $3.0 billion and $2.8 billion , respectively, net of the participation interest sold to an independent chartered financial institution of $132 million and $124 million , respectively. Through our PPWC product, merchants can borrow a certain percentage of their annual payment volume processed by PayPal and are charged a fixed fee for the loan or advance, which targets an annual percentage rate based on the overall credit assessment of the merchant. Loans and advances are repaid through a fixed percentage of the merchant’s future payment volume that PayPal processes. Through our PPBL product, we provide merchants with access to short-term business financing for a fixed fee based on an evaluation of both the applying business as well as the business owner. PPBL repayments are collected through periodic payments until the balance has been satisfied. The interest or fee is fixed at the time the loan or advance is extended and is recognized as deferred revenues included in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The fixed interest or fee is amortized to revenues from other value added services based on the amount repaid over the repayment period. We estimate the repayment period based on the merchant’s payment processing history with PayPal, where available. For PPWC, there is a general requirement that at least 10% of the original amount of the loan or advance plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant’s future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. On a monthly basis, we recalculate the repayment period based on the repayment activity on the receivable. As such, actual repayment periods are dependent on actual merchant payment processing volumes. For PPBL, we receive fixed periodic payments over the contractual term of the loan which generally ranges from 3 to 12 months. We actively monitor receivables with repayment periods greater than the original expected or contractual repayment period. We closely monitor credit quality for our merchant loans and advances that we extend or purchase so that we can evaluate, quantify, and manage our credit risk exposure. To assess a merchant seeking a business financing loan or advance, we use, among other indicators, risk models developed internally which utilize information obtained from multiple internal and external data sources to predict the likelihood of timely and satisfactory repayment by the merchant of the loan or advance amount and the related interest or fee. Primary drivers of the models include the merchant’s annual payment volume, payment processing history with PayPal, and prior repayment history with the PayPal credit products where available, information sourced from consumer credit bureau and business credit bureau reports, and other information obtained during the application process. We use delinquency status and trends to assist in making ongoing credit decisions, to adjust our internal models, to plan our collection strategies, and in our determination of our allowance for these loans and advances. Merchant Receivables Delinquency and Allowance The following table presents the delinquency status of the principal amount of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the billing date for loans with fixed repayment dates, or within 29 days of the expected repayment date. March 31, 2020 (In millions, except percentages) 2020 2019 2018 2017 2016 Total Percentage Current $ 1,388 $ 1,266 $ 28 $ — $ — $ 2,682 89.6% 30 - 59 Days 17 90 13 — — 120 4.0% 60 - 89 Days 3 56 8 — — 67 2.2% 90 - 179 Days — 94 15 — — 109 3.6% 180+ Days — 7 9 1 — 17 0.6% Total $ 1,408 $ 1,513 $ 73 $ 1 $ — $ 2,995 100% The following table presents our estimate of the principal amount of merchant loans, advances, and interest and fees receivable past their original expected or contractual repayment period as of December 31, 2019, prior to the adoption of the new credit losses accounting guidance as described in “Note 1—Overview and Summary of Significant Accounting Policies.” December 31, 2019 (In millions) Within Original Expected Repayment Period 30 - 59 Days Greater 60 - 89 Days Greater 90 - 180 Days Greater 180+ Days Total Past Original Expected Repayment Period Total $ 2,523 $ 115 $ 61 $ 100 $ 17 $ 293 $ 2,816 89.6 % 4.1 % 2.1 % 3.6 % 0.6 % 10.4 % 100 % The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable, for the three months ended March 31, 2020 and 2019 : March 31, 2020 March 31, 2019 Merchant Loans and Advances Interest and Fees Receivable Total Allowance Merchant Loans and Advances Interest and Fees Receivable Total Allowance (In millions) Beginning balance $ 171 $ 20 $ 191 $ 115 $ 15 $ 130 Adjustment for adoption of credit losses accounting standard 165 17 182 — — — Provisions 243 24 267 54 6 60 Charge-offs (78 ) (8 ) (86 ) (37 ) (3 ) (40 ) Recoveries 3 — 3 3 — 3 Ending balance $ 504 $ 53 $ 557 $ 135 $ 18 $ 153 Changes to the provision for the three months ended March 31, 2020 were primarily attributable to changes in current and projected macroeconomic conditions resulting in an increase of $159 million and our portfolio growth resulting in an increase of $85 million , both of which are used in estimating our expected credit losses. Changes to the charge-offs for the three months ended March 31, 2020 were primarily attributable to a significant expansion of the portfolio in 2019 and a decline in transaction processing volume on our Payments Platform for certain merchants which adversely impacted the delinquency of our merchant loans, advances, and interest and fees receivable portfolio. For merchant loans and advances, the determination of delinquency, from current to 180 days past due, is based on the current expected or contractual repayment period of the loan or advance and fixed interest or fee payment as compared to the original expected or contractual repayment period. We charge off the receivables outstanding under our PPBL product when the repayments are 180 days past due. We charge off the receivables outstanding under our PPWC product when the repayments are 180 days past our expectation of repayments and the merchant has not made a payment in the last 60 days or when the repayments are 360 days past due regardless of whether the merchant has made a payment within the last 60 days. Bankrupt accounts are charged off within 60 days of receiving notification of bankruptcy. The provision for credit losses is recognized in transaction and credit losses, and the provisions for interest and fees receivable is recognized as a reduction of deferred revenues included in accrued and other current liabilities on our condensed consolidated balance sheets. Charge-offs that are recovered are recorded as a reduction to our allowance for loans and interest receivable.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Long-term Debt Fixed Rate Notes On September 26, 2019, we issued fixed rate notes with varying maturity dates for an aggregate principal amount of $5.0 billion (collectively referred to as the “Notes”). The Notes are senior unsecured obligations. As of March 31, 2020 , we had an outstanding aggregate principal amount of $5.0 billion related to the Notes. The following table summarizes the Notes: Balance at March 31, 2020 Maturities Amount Effective Interest Rate (in millions) Fixed-rate 2.200% notes 9/26/2022 $ 1,000 2.39% Fixed-rate 2.400% notes 10/1/2024 1,250 2.52% Fixed-rate 2.650% notes 10/1/2026 1,250 2.78% Fixed-rate 2.850% notes 10/1/2029 1,500 2.96% Total term debt 5,000 Unamortized premium (discount) and issuance costs, net (33 ) Total carrying amount of term debt $ 4,967 The effective interest rates for the Notes include interest on the Notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the Notes, including amortization of the debt discount and debt issuance costs, was $33 million for the three months ended March 31, 2020 . Five-Year Revolving Credit Facility In September 2019, we entered into a credit agreement (the “Credit Agreement”) that provides for an unsecured $5.0 billion , five-year revolving credit facility that includes a $150 million letter of credit sub-facility and a $500 million swingline sub-facility, with available borrowings under the revolving credit facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. In March 2020, we drew down $3.0 billion under the Credit Agreement. As of March 31, 2020, $3.0 billion was outstanding under the Credit Agreement at a weighted average interest rate of 2.19% , and accordingly, $2.0 billion of borrowing capacity was available for the purposes permitted by the Credit Agreement, subject to customary conditions to borrowing. The total interest expense and fees we recorded related to the Credit Agreement was approximately $3 million for the three months ended March 31, 2020. Unused Credit Facilities We also maintain uncommitted credit facilities in various regions throughout the world, with borrowing capacity of approximately $130 million in the aggregate. This available credit includes facilities where we can withdraw and utilize the funds at our discretion for general corporate purposes. Interest rate terms for these facilities vary by region and reflect prevailing market rates for companies with strong credit ratings. As of March 31, 2020 , substantially all of the borrowing capacity under these credit facilities was available, subject to customary conditions to borrowing. Other than as provided above, there are no significant changes to the information disclosed in our 2019 Form 10-K.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments As of March 31, 2020 and December 31, 2019 , approximately $3.1 billion of unused credit was available to PayPal Credit account holders. While this amount represents the total unused credit available, we have not experienced, and do not anticipate, that all our PayPal Credit account holders will access their entire available credit at any given point in time. In addition, the individual lines of credit that make up this unused credit are subject to periodic review and termination based on, among other things, account usage and customer creditworthiness. Litigation and Regulatory 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) are not material. If we cannot estimate the probable or reasonably possible loss or range of losses arising from a legal proceeding, we have disclosed that fact. In assessing the materiality of a legal proceeding, we evaluate, among other factors, the amount of monetary damages claimed, as well as the potential impact of non-monetary remedies sought by plaintiffs (e.g., injunctive relief) that may require us to change our business practices in a manner that could have a material adverse impact on our business. With respect to the matters disclosed in this Note 13, we are unable to estimate the possible loss or range of losses that could potentially result from the application of such non-monetary remedies. Amounts accrued for legal and regulatory proceedings for which we believe a loss is probable were not material for the three months ended March 31, 2020 . Except as otherwise noted for the proceedings described in this Note 13, we have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recorded accruals are also not material. 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. Regulatory Proceedings We are required to comply with U.S. economic and trade sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). We have self-reported to OFAC certain transactions that were inadvertently processed but subsequently identified as possible violations of U.S. economic and trade sanctions. In March 2015, we reached a settlement with OFAC regarding possible violations arising from our sanctions compliance practices between 2009 and 2013, prior to the implementation of our real-time transaction scanning program. Subsequently, we have self-reported additional transactions as possible violations, and we have received new subpoenas from OFAC seeking additional information about certain of these transactions. Such self-reported transactions could result in claims or actions against us, including litigation, injunctions, damage awards, fines or penalties, or require us to change our business practices in a manner that could result in a material loss, require significant management time, result in the diversion of significant operational resources, or otherwise harm our business. On March 28, 2016, we received a Civil Investigative Demand (“CID”) from the Federal Trade Commission (“FTC”) as part of its investigation to determine whether we, through our Venmo service, have been or are engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act. The CID requested the production of documents and answers to written questions related to our Venmo service. We have cooperated with the FTC in connection with the CID. On February 27, 2018, we entered into a Consent Order with the FTC in which we settled potential allegations arising from our Venmo services between 2013 and 2017. The Consent Order does not contain a monetary penalty, but requires PayPal to make various changes to Venmo’s disclosures and business practices. The FTC approved the final Consent Order on May 24, 2018. As required by the Consent Order, we are working with the FTC making changes necessary to comply with the Consent Order. Any failure to comply with the Consent Order may increase the possibility of additional adverse consequences, including litigation, additional regulatory actions, injunctions, or monetary penalties, or require further changes to our business practices, significant management time, or the diversion of significant operational resources, all of which could result in a material loss or otherwise harm our business. As previously disclosed, PayPal Australia Pty Limited (“PPAU”) self-reported a potential violation to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) on May 22, 2019 with respect to the reporting of international funds transfer instructions under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“AML/CTF Act”). On September 23, 2019, PPAU received a notice from AUSTRAC requiring that PPAU appoint an external auditor (a partner of a firm which is not our independent auditor) to review certain aspects of PPAU’s compliance with its obligations under the AML/CTF Act. The external auditor was appointed on November 1, 2019, and PPAU is continuing to cooperate with AUSTRAC and the appointed external auditor in this matter. As required under the terms of AUSTRAC’s notice, as amended, PPAU issued interim reports to AUSTRAC on December 31, 2019 and March 13, 2020. The external auditor is due to issue a final report on August 31, 2020. We cannot estimate the potential impact, if any, on our business or financial statements at this time. An adverse outcome arising from the external auditor’s review and any associated proceeding or matter initiated by AUSTRAC, however, could result in injunctions, damage awards, fines or penalties, or require us to change our business practices in a manner that could result in a material loss, require significant management time, result in the diversion of significant operational resources, or otherwise harm our business. Legal Proceedings In November 2017, we announced that we had suspended the operations of TIO Networks (“TIO”) as part of an ongoing investigation of security vulnerabilities of the TIO platform. On December 1, 2017, we announced that we had identified evidence of unauthorized access to TIO’s network, including locations that stored personal information of some of TIO’s customers and customers of TIO billers and the potential compromise of personally identifiable information for approximately 1.6 million customers. We have received a number of governmental inquiries, including from state attorneys general, and we may be subject to additional governmental inquiries and investigations in the future. In addition, on December 6, 2017, a putative class action lawsuit captioned Sgarlata v. PayPal Holdings, Inc., et al. , Case No. 3:17-cv-06956-EMC was filed in the U.S. District Court for the Northern District of California (the “Court”) against the Company, its Chief Executive Officer, its Chief Financial Officer and Hamed Shahbazi, the former chief executive officer of TIO (the “Defendants”) alleging violations of federal securities laws. The initial complaint alleged that Defendants made false or misleading statements or failed to disclose that TIO’s data security program was inadequate to safeguard the personally identifiable information of its users, those vulnerabilities threatened continued operation of TIO’s platform, the Company’s revenues derived from TIO services were thus unsustainable, and consequently, the Company overstated the benefits of the TIO acquisition, and, as a result, the Company’s public statements were materially false and misleading at all relevant times. The plaintiff who initiated the lawsuit sought to represent a class of shareholders who acquired shares of the Company’s common stock between February 14, 2017 through December 1, 2017 and sought damages and attorneys’ fees, among other relief. On March 16, 2018, the Court appointed two new plaintiffs, not the original plaintiff who filed the case, as interim co-lead plaintiffs in the case and appointed two law firms as interim co-lead counsel. On June 13, 2018, the interim co-lead plaintiffs filed a first amended complaint, which named TIO Networks ULC, TIO Networks USA, Inc., and John Kunze (at that time, the Company’s Vice President, Global Consumer Products and Xoom) as additional defendants. The first amended complaint was purportedly brought on behalf of all persons other than the Defendants who acquired the Company’s securities between November 10, 2017 and December 1, 2017. The amended complaint alleged that the Company’s and TIO’s November 10, 2017 announcement of the suspension of TIO’s operations was false and misleading because the announcement only disclosed security vulnerabilities on TIO’s platform, rather than an actual security breach that Defendants were allegedly aware of at the time of the announcement. Defendants’ filed their motion to dismiss the first amended complaint on July 13, 2018 and the Court granted the motion, without prejudice, on December 13, 2018. Plaintiffs filed a second amended complaint on January 14, 2019. The second amended complaint alleges substantially the same theory of liability as the first amended complaint, but no longer names Hamed Shabazi as a defendant. The remaining Defendants filed their motion to dismiss the second amended complaint on March 15, 2019, and a hearing was held on July 16, 2019. The court granted Defendant’s motion to dismiss with prejudice on September 18, 2019; plaintiffs have filed a notice of appeal. We may be subject to additional litigation relating to TIO’s data security platform or the suspension of TIO’s operations in the future. General Matters Other third parties have from time to time claimed, and others may claim in the future, that we have infringed their intellectual property rights. We are subject to patent disputes and expect that we will increasingly be subject to additional patent infringement claims involving various aspects of our business as our products and services continue to expand in scope and complexity. Such claims may be brought directly or indirectly against our companies and/or against our customers (who may be entitled to contractual indemnification under their contracts with us), and we are subject to increased exposure to such claims as a result of our acquisitions, particularly in cases where we are introducing new products or services in connection with such acquisitions. We have in the past been forced to litigate such claims, and we believe that additional lawsuits alleging such claims will be filed against us. Intellectual property claims, whether meritorious or not, are time consuming and costly to defend and resolve, could require expensive changes in our methods of doing business, or could require us to enter into costly royalty or licensing agreements on unfavorable terms or make substantial payments to settle claims or to satisfy damages awarded by courts. From time to time, we are involved in other disputes or regulatory inquiries that arise in the ordinary course of business, including suits by our customers (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 prices, rules, policies, or agreements. In addition to these types of disputes and regulatory inquiries, our operations are also subject to regulatory and/or legal review and/or challenges that tend to reflect the increasing global regulatory focus to which the payments industry is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on our business and customers and may lead to increased costs and decreased transaction volume and revenue. Further, the number and significance of these disputes and inquiries are increasing as we have grown larger, our business has 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, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require us to change our business practices in expensive ways, require significant amounts of management time, result in the diversion of significant operational resources, or otherwise harm our business. Indemnification Provisions In 2015, PayPal became an independent publicly traded company through the pro rata distribution by eBay Inc. (“eBay”) of 100% of the outstanding common stock of PayPal to eBay stockholders (which we refer to as the “separation” or the “distribution”). We entered into a separation and distribution agreement, a tax matters agreement, an operating agreement, and various other agreements with eBay to govern the separation of the two companies and the relationship of the two companies going forward. These agreements provide for specific indemnity and liability obligations for both eBay and us. Disputes between eBay and us have arisen and others may arise in the future, and an adverse outcome in such matters could materially and adversely impact our business, results of operations, and financial condition. In addition, the indemnity rights we have against eBay under the agreements may not be sufficient to protect us, and our indemnity obligations to eBay may be significant. In the ordinary course of business, we include limited indemnification provisions in certain of our agreements with parties with whom we have commercial relationships. Under these contracts, we generally indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by any third party with respect to our domain names, trademarks, logos, and other branding elements to the extent that such marks are related to the subject agreement. We have provided an indemnity for other types of third-party claims, which are indemnities mainly related to intellectual property rights, confidentiality, willful misconduct, data privacy obligations, and certain breach of contract claims. We have also provided an indemnity to our payments processors in the event of card association fines against the processor arising out of conduct by us or our customers. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular situation. To date, no significant costs have been incurred, either individually or collectively, in connection with our indemnification provisions. Off-Balance Sheet Arrangements As of March 31, 2020 and December 31, 2019 , we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources. Protection Programs We provide merchants and consumers with protection programs on most transactions completed on our Payments Platform, except for transactions using our gateway products or where our customer agreements specifically do not provide for protections. These programs protect both merchants and consumers from loss primarily due to fraud and counterparty performance. Our buyer protection program provides protection to consumers for qualifying purchases by reimbursing the consumer for the full amount of the purchase if a purchased item does not arrive or does not match the seller’s description. Our seller protection programs provide protection to merchants against claims that a transaction was not authorized by the buyer or claims that an item was not received by covering the seller for the full amount of the payment on eligible sales. These protection programs are considered assurance-type warranties for which we estimate and record associated costs in transaction and credit losses during the period the payment transaction is completed. The maximum potential exposure under our protection programs is estimated to be the portion of total eligible transaction volume (total payment volume) for which buyer or seller protection claims may be raised under our existing user agreements. Since eligible transactions are typically completed in a period significantly shorter than the period under which disputes may be opened, and based on our historical losses to date, we do not believe that the maximum potential exposure is representative of our actual potential exposure. The actual amount of potential exposure cannot be quantified as we are unable to determine total eligible transactions where performance by a merchant or consumer is incomplete or completed transactions that may result in a claim under our protection programs. We record a liability with respect to losses under these protection programs when they are probable and the amount can be reasonably estimated. The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in millions) Beginning balance $ 399 $ 344 Provision 247 286 Realized losses (270 ) (261 ) Recoveries 20 16 Ending balance $ 396 $ 385

Stock Repurchase Programs

Stock Repurchase Programs	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stock Repurchase Programs	Stock Repurchase Programs During the three months ended March 31, 2020 , we repurchased approximately 8 million shares of our common stock for approximately $800 million at an average cost of $106.15 . These shares were purchased in the open market under our stock repurchase programs authorized in April 2017 and July 2018. The July 2018 stock repurchase program became effective during the first quarter of 2020 upon completion of the April 2017 stock repurchase program. As of March 31, 2020 , a total of approximately $9.3 billion

Stock-Based Plans

Stock-Based Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Plans	Stock-Based Plans Stock-Based Compensation Expense We record stock-based compensation expense for our equity incentive plans in accordance with GAAP, which requires the measurement and recognition of compensation expense based on estimated fair values. The impact on our results of operations of recording stock-based compensation expense under our equity incentive plans for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 (In millions) Customer support and operations $ 52 $ 48 Sales and marketing 39 32 Technology and development 113 93 General and administrative 87 81 Total stock-based compensation expense $ 291 $ 254 Capitalized as part of internal use software and website development costs $ 10 $ 10

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2020 and 2019 was 68% and 7% , respectively. The difference between our effective tax rate and the U.S. federal statutory rate of 21% in both periods was primarily the result of foreign income taxed at different rates, discrete tax adjustments, and for the three months ended March 31, 2020

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the first quarter of 2020 and 2019, management approved strategic reductions of the existing global workforce, which resulted in restructuring charges of $29 million and $78 million , respectively. The approved strategic reduction in 2020 is part of a multiphase process to reorganize our workforce concurrently with the redesign of our operating structure, which we expect will span multiple quarters. We primarily incurred employee severance and benefits costs under the 2020 strategic reduction, as well as other associated consultancy costs. This strategic reduction is expected to be substantially completed by the end of 2020. The approved strategic reductions for 2019 were intended to better align our teams to support key business priorities and included the transfer of certain operational functions between geographies, as well as the impact of the transition servicing activities provided to Synchrony, which ended in the second quarter of 2019. We primarily incurred employee severance and benefits expenses under the 2019 strategic reductions, which were substantially completed by the end of the first quarter of 2020. The following table summarizes the restructuring reserve activity during the three months ended March 31, 2020 : Employee Severance and Benefits and Other Associated Costs (In millions) Accrued liability as of January 1, 2020 $ 9 Charges 29 Payments (5 ) Accrued liability as of March 31, 2020 $ 33

Overview and Summary of Signi_2

Overview and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interest reported as a component of equity on our condensed consolidated balance sheets represents the equity interests not owned by PayPal and is recorded for consolidated entities we control and of which we own less than 100%. Noncontrolling interest is not presented separately on our condensed consolidated statements of income as the amount is de minimis. Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income and our investment balance is included in long-term investments on our condensed consolidated balance sheets. Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income. Our investment balance is included in long-term investments on our condensed consolidated balance sheets. 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, 2019 (the “ 2019 Form 10-K”) filed with the Securities and Exchange Commission on February 6, 2020. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for interim periods. Certain amounts for prior years have been reclassified to conform to the financial statement presentation as of and for the three months ended March 31, 2020 .
Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interest reported as a component of equity on our condensed consolidated balance sheets represents the equity interests not owned by PayPal and is recorded for consolidated entities we control and of which we own less than 100%. Noncontrolling interest is not presented separately on our condensed consolidated statements of income as the amount is de minimis. Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income and our investment balance is included in long-term investments on our condensed consolidated balance sheets. Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income. Our investment balance is included in long-term investments on our condensed consolidated balance sheets. 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, 2019 (the “ 2019 Form 10-K”) filed with the Securities and Exchange Commission on February 6, 2020. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for interim periods. Certain amounts for prior years have been reclassified to conform to the financial statement presentation as of and for the three months ended March 31, 2020 .
Use of Estimates	Use of Estimates
Investments	Investments Short-term investments include time deposits, government and agency securities, and corporate debt securities with original maturities of greater than three months but less than one year when purchased or maturities of less than one year on the reporting date. Long-term investments include government and agency securities and corporate debt securities with maturities exceeding one year, and our strategic investments. Government and agency securities and corporate debt securities are classified as available-for-sale and are reported at fair value using the specific identification method. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of related estimated tax provisions or benefits. Accrued interest receivable on available-for-sale debt securities totaled $45 million and $54 million , respectively, at March 31, 2020 and December 31, 2019 and is included in other current assets on our condensed consolidated balance sheets. We elect to account for foreign currency denominated available-for-sale investments underlying funds receivable and customer accounts, short-term investments, and long-term investments under the fair value option as further discussed in “Note 9—Fair Value Measurement of Assets and Liabilities.” The changes in fair value related to initial measurement and subsequent changes in fair value are included in earnings as a component of other income (expense), net. Our strategic investments consist of marketable equity securities, which are publicly traded, and non-marketable equity securities, which are investments in privately held companies. Marketable equity securities have readily determinable fair values with changes in fair value recorded in other income (expense), net. Non-marketable equity securities include investments that do not have a readily determinable fair value and equity method investments. The investments that do not have readily determinable fair value are measured at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, are recorded in other income (expense), net on our condensed consolidated statements of income. Our investments where we have the ability to exercise significant influence, but not control, over the investee are accounted for as equity method investments and our share of the investee’s results of operations is included in other income (expense), net. We assess whether an impairment loss on our non-marketable equity securities and an other-than-temporary impairment loss on our equity method investments has occurred due to declines in fair value or other market conditions. If any impairment is identified for non-marketable equity securities or impairment is considered other-than-temporary for our equity method investments, we write down the investment to its fair value and record the corresponding charge through other income (expense), net in our condensed consolidated statements of income.
Loans and Interest Receivable, Net	Loans and interest receivable, net Loans and interest receivable, net represents merchant receivables originated under our PayPal Working Capital (“PPWC”) product and PayPal Business Loan (“PPBL”) product and international consumer loans originated under our PayPal Credit products. In the U.S., we partner with an independent chartered financial institution that extends credit to merchants using our PPWC product or PPBL product and purchase the related receivables extended by the independent chartered financial institution. For our international consumer credit products, we extend credit through our Luxembourg banking subsidiary. For our merchant credit products outside the U.S., we extend working capital advances in the U.K. and loans in Germany through our Luxembourg banking subsidiary, and we extend working capital loans in Australia through an Australian subsidiary. As part of our arrangement with the independent chartered financial institution in the U.S., we sell back a participation interest in the pool of merchant receivables. For this arrangement, gains or losses on the sale of the participation interests are not material as the carrying amount of the participation interest sold approximates the fair value at time of transfer. The independent chartered financial institution has no recourse against us related to their participation interests for failure of debtors to pay when due. The participation interests held by the chartered financial institution have the same priority to the interests held by us and are subject to the same credit, prepayment, and interest rate risk associated with this pool of merchant receivables. All risks of loss are shared pro rata based on participation interests held among all participating stakeholders. We apply a control-oriented, financial-components approach and account for the asset transfer as a sale and derecognize the portion of the participation interests for which control has been surrendered. Loans, advances, and interest and fees receivable are reported at their outstanding balances, net of any participation interests sold and pro rata allowances, including unamortized deferred origination costs and estimated collectible interest and fees. We maintain the servicing rights for the entire pool of consumer and merchant receivables outstanding and receive a fee approximating the fair value for servicing the assets underlying the participation interest sold. The terms of our consumer relationships require us to submit monthly bills to the consumer detailing loan repayment requirements. The terms also allow us to charge the consumer interest and fees in certain circumstances. Due to the relatively small dollar amount of individual loans and interest receivable, we do not require collateral on these balances. U.S. Consumer Credit Portfolio In November 2017, we reached an agreement to sell our U.S. consumer credit receivables portfolio to Synchrony Bank (“Synchrony”). Following the closing of this transaction in July 2018, Synchrony became the exclusive issuer of the PayPal Credit online consumer financing program in the U.S. We no longer hold an ownership interest in the receivables generated through the program and thus, no longer record these receivables on our condensed consolidated financial statements. PayPal earns a revenue share on the portfolio of consumer receivables owned by Synchrony, which includes both the sold and newly generated receivables, and it is recorded in revenue from other value-added services on our condensed consolidated statements of income. See “Note 11—Loans and Interest Receivable” for additional information related to this arrangement. Through the closing of the transaction with Synchrony, we continued to work with an independent chartered financial institution to extend credit to U.S. consumers using our PayPal Credit product. We purchased the related receivables extended by independent chartered financial institutions until July 2018. As part of the arrangements we had with the independent chartered financial institutions in the U.S., we sold back a participation interest in the pool of U.S. consumer receivables outstanding under PayPal Credit consumer accounts. For these arrangements, gains or losses on the sale of the participation interest were not material as the carrying amount of the participation interest sold approximated the fair value at time of transfer. We charge off consumer loan receivable balances in the month in which a customer’s balance becomes 180 days past the payment due date. Bankrupt accounts are charged off within 90 days after receipt of notification of bankruptcy. Charge-offs that are recovered are recorded as a reduction to our allowance for loans and interest receivable. For merchant loans and advances, the determination of delinquency, from current to 180 days past due, is based on the current expected or contractual repayment period of the loan or advance and fixed interest or fee payment as compared to the original expected or contractual repayment period. We charge off the receivables outstanding under our PPBL product when the repayments are 180 days past due. We charge off the receivables outstanding under our PPWC product when the repayments are 180 days past our expectation of repayments and the merchant has not made a payment in the last 60 days or when the repayments are 360 days past due regardless of whether the merchant has made a payment within the last 60 days. Bankrupt accounts are charged off within 60 days of receiving notification of bankruptcy. The provision for credit losses is recognized in transaction and credit losses, and the provisions for interest and fees receivable is recognized as a reduction of deferred revenues included in accrued and other current liabilities on our condensed consolidated balance sheets. Charge-offs that are recovered are recorded as a reduction to our allowance for loans and interest receivable.
Allowance for Loans and Interest Receivable	Allowance for loans and interest receivable The allowance for loans and interest receivable represents our estimate of lifetime expected credit losses inherent in our portfolio of loans and interest receivables. Increases to the allowance for loans receivable are reflected as a component of transaction and credit losses on our condensed consolidated financial statements. Increases to the allowance for interest and fees receivable are reflected as a reduction of net revenues on our condensed consolidated statements of income, or as a reduction of deferred revenue when interest and fees are billed at the inception of a loan or advance. The evaluation process to assess the adequacy of allowances is subject to numerous estimates and judgments. The allowance for loans and interest receivable is primarily based on expectations of credit losses based on historical lifetime loss data as well as macroeconomic forecasts applied to the portfolio that is segmented by geographic region, delinquency, and vintage, among other factors. Loss curves are generated using historical loss data for each loan portfolio and are applied to segments of each portfolio, categorized by geographic region, first borrowing versus reuse, delinquency, credit rating and vintage, among other factors, which vary by portfolio. We then apply macroeconomic factors such as forecasted trends in unemployment and benchmark credit card charge-off rates, which are sourced externally, using a single scenario that is most appropriate to the economic conditions applicable to a particular period. Projected loss rates, inclusive of historical loss data and macroeconomic factors, are applied to the principal amount of our consumer and merchant receivables. Our consumer receivables, which are primarily revolving in nature, do not have a contractual term; however, the reasonable and supportable forecast period we have included in our projected loss rates based on externally sourced data is approximately seven years . Our merchant receivables vary in contractual term; however, the reasonable and supportable forecast period considered for projected loss rates is approximately 2.5 to 3.5 years, depending upon the product. The allowance for losses against the interest and fees receivable is determined primarily by applying loss curves to each portfolio by geography, delinquency and period of origination, among other factors. In connection with our agreement to sell our U.S. consumer credit receivables to Synchrony and the designation of that portfolio as held for sale in November 2017, we reversed the corresponding allowances against those loans and interest receivable balances. Such allowances on any newly originated U.S. consumer loans and interest receivables, held for sale were not established. Adjustments to the cost basis of this portfolio until the sale was completed, which were primarily driven by charge-offs, were recorded in restructuring and other charges on our consolidated statements of income.
Leases	Leases We determine whether an arrangement is a lease for accounting purposes at contract inception. Operating leases are recorded as right-of-use (“ROU”) assets, which are included in other assets, and lease liabilities, which are included in accrued expenses and other liabilities and other long-term liabilities on our condensed consolidated balance sheets. For sale-leaseback transactions, we evaluate the sale and the lease arrangement based on our conclusion as to whether control of the underlying asset has been transferred and recognize the sale-leaseback as either a sale transaction or under the financing method. The financing method would require the asset to remain on the consolidated balance sheets throughout the term of the lease and the proceeds to be recognized as a financing obligation. As of March 31, 2020 , we had no finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; we use an incremental borrowing rate for specific terms on a collateralized basis based on the information available on the commencement date in determining the present value of lease payments. The ROU asset calculation includes lease payments to be made and excludes lease incentives. The ROU asset and lease liability may include amounts attributed to options to extend or terminate the lease when it is reasonably certain we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient and account for the lease and non-lease components as a single lease component for all leases. In addition, we have elected the practical expedients related to lease classification, hindsight, and land easement. We apply a single portfolio approach to account for the ROU assets and lease liabilities.
Allowance for Transaction Losses and Negative Customer Balances	Allowance for transaction losses We are exposed to transaction losses due to credit card and other payment misuse as well as nonperformance from sellers who accept payments through PayPal. We establish an allowance for estimated losses arising from completing customer transactions, such as chargebacks for unauthorized credit card use and merchant-related chargebacks due to non-delivery of goods or services, buyer protection program claims, and account takeovers. This allowance represents an accumulation of the estimated amounts necessary to provide for transaction losses incurred as of the reporting date, including those which we have not yet identified. The allowance is monitored regularly and is updated based on actual data received, including actual claims data reported by our claims processors. The allowance is based on known facts and circumstances, internal factors including experience with similar cases, historical trends involving loss payment patterns, the mix of transaction and loss types, as well as macroeconomic factors, as applicable. Additions to the allowance are reflected as a component of transaction and credit losses on our condensed consolidated statements of income. At March 31, 2020 and December 31, 2019 , the allowance for transaction losses totaled $120 million and $136 million , respectively, and was included in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Allowance for negative customer balances Negative customer balances occur primarily when there are insufficient funds in a customer’s PayPal account to cover charges applied for ACH returns, debit card transactions, and merchant-related chargebacks due to non-delivery or unsatisfactory delivery of goods or services, which are generally within the scope of our protection programs. Negative customer balances can be cured by the customer by adding funds to their account, receiving payments, or through back-up funding sources. We also utilize third-party collection agents. For negative customer balances that are not expected to be cured or otherwise collected, we provide an allowance for lifetime expected losses. The allowance represents expected losses based on historical trends involving collection and write-off patterns, internal factors including our experience with similar cases, other known facts and circumstances, and reasonable and supportable macroeconomic forecasts, as necessary. Loss rates are derived using historical loss data for each delinquency bucket using a roll rate model that captures the losses and the likelihood that a negative customer balance will be written-off as the delinquency age of such balance increases. The loss rates are then applied to the outstanding negative customer balances. Once the quantitative calculation is performed, we review the adequacy of the allowance and determine if qualitative adjustments need to be considered. We write off negative customer balances in the month in which the balance becomes outstanding for 120 days. Write-offs that are recovered are recorded as a reduction to our allowance for negative customer balances. Negative customer balances are included in other current assets, net of the allowance on our condensed consolidated balance sheets. Adjustments to the allowance for negative customer balances are recorded as a component of transaction and credit losses on our condensed consolidated statements of income. The allowance for negative customer balances was $276 million and $263 million at March 31, 2020 and December 31, 2019 , respectively.
Recent Accounting Guidance and Recently Adopted Accounting Guidance	Recent Accounting Guidance In 2020, the Financial Accounting Standards Board (“FASB”) issued amended guidance that provides transition relief for the accounting impact of reference rate reform. For a limited period, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions affected by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2022. Our exposure to LIBOR is limited to an insignificant amount of fixed rate investment securities and, therefore, we do not expect the impact from reference rate reform to be material. Recently Adopted Accounting Guidance In 2019, the FASB issued amended guidance for simplifying certain aspects for the accounting for income taxes. This amended guidance is intended to remove certain exceptions to the general principles in current GAAP, reduce the cost and complexity in accounting for income taxes, and improve financial statement preparers’ application of income tax-related guidance. This guidance does not create new accounting requirements. It is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. We early adopted this guidance in the first quarter of 2020. Adoption of this guidance did not have a material impact on our condensed consolidated financial statements. In 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. Under the new guidance, credit losses on loans, trade and other receivables, held-to-maturity debt securities, and other instruments reflect our current estimate of the expected credit losses and generally result in the earlier recognition of allowances for losses. Credit losses on available-for-sale debt securities with unrealized losses are recognized as allowances for credit losses limited to the amount by which fair value is below amortized cost. Additional disclosures are required, including information used to track credit quality by year of origination for most financing receivables. We are required to apply the provisions of this guidance as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted with impairment of available-for-sale debt securities applied prospectively after adoption. We adopted the new guidance effective January 1, 2020. For additional information, see “Note 11—Loans and Interest Receivable.” There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable, and we do not believe any of these accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table presents our revenue disaggregated by primary geographical market and category: Three Months Ended March 31, 2020 2019 (In millions) Primary geographical markets United States (“U.S.”) $ 2,469 $ 2,187 United Kingdom (“U.K.”) 478 433 Other countries (1) 1,671 1,508 Total revenues (2) $ 4,618 $ 4,128 Revenue category Transaction revenues $ 4,215 $ 3,731 Other value added services 403 397 Total revenues (2) $ 4,618 $ 4,128 (1) No single country included in the other countries category generated more than 10% of total revenue. (2) Total revenues include $247 million and $257 million for the three months ended March 31, 2020 and 2019 , respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers . Such revenues relate to interest, fees, and gains earned on loans and interest receivable, as well as hedging gains or losses, and interest earned on certain PayPal customer balances.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following table sets forth the computation of basic and diluted net income per share for the periods indicated: Three Months Ended March 31, 2020 2019 (In millions, except per share amounts) Numerator: Net income $ 84 $ 667 Denominator: Weighted average shares of common stock - basic 1,173 1,171 Dilutive effect of equity incentive awards 12 17 Weighted average shares of common stock - diluted 1,185 1,188 Net income per share: Basic $ 0.07 $ 0.57 Diluted $ 0.07 $ 0.56 Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive 2 3

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed	The following table summarizes the preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed: (In millions) Goodwill $ 2,959 Customer lists and user base 115 Marketing related 30 Developed technology 572 Total intangibles $ 717 Accounts receivable, net 55 Deferred tax liabilities, net (76 ) Other net liabilities (18 ) Total purchase consideration $ 3,637

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill balances and adjustments	The following table presents goodwill balances and adjustments to those balances during the three months ended March 31, 2020 : December 31, Goodwill Acquired Adjustments March 31, (In millions) Total goodwill $ 6,212 $ 2,959 $ (47 ) $ 9,124
Components of identifiable intangible assets	The components of identifiable intangible assets are as follows: March 31, 2020 December 31, 2019 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) (In millions, except years) Intangible assets: Customer lists and user base $ 1,205 $ (713 ) $ 492 6 $ 1,114 $ (700 ) $ 414 7 Marketing related 321 (247 ) 74 3 294 (239 ) 55 3 Developed technology 999 (388 ) 611 3 445 (343 ) 102 3 All other 433 (241 ) 192 7 436 (229 ) 207 7 Intangible assets, net $ 2,958 $ (1,589 ) $ 1,369 $ 2,289 $ (1,511 ) $ 778
Expected future intangible asset amortization	Expected future intangible asset amortization as of March 31, 2020 was as follows (in millions): Fiscal years: Remaining 2020 $ 335 2021 398 2022 336 2023 98 2024 96 Thereafter 106 Total $ 1,369

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Three Months Ended Three Months Ended (In millions) Lease expense Operating lease expense $ 38 $ 34 Sublease income (1 ) (2 ) Total lease expense cost $ 37 $ 32 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 35 $ 31 Right-of-use assets obtained in exchange for new operating lease liabilities $ 244 $ 5 Balance at March 31, 2020 Balance at December 31, 2019 (In millions, except weighted-average figures) Operating lease right-of-use assets $ 687 $ 479 Other current lease liabilities 122 104 Operating lease liabilities 608 403 Total operating lease liabilities 730 507 Weighted-average remaining lease term — operating leases 7.3 years 5.8 years Weighted-average discount rate — operating leases 4 % 5 %
Schedule of future minimum operating lease payments	Future minimum lease payments for our operating leases as of March 31, 2020 were as follows: Operating Leases Fiscal years: (In millions) Remaining 2020 $ 114 2021 139 2022 107 2023 94 2024 86 Thereafter 300 Total $ 840 Less: present value discount (110 ) Lease liability $ 730

Other Financial Statement Det_2

Other Financial Statement Details (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2020 : Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Investments Foreign Currency Translation Adjustment (“CTA”) Net InvestmentHedge CTA Gain (Loss) Estimated Tax Benefit (Expense) Total (In millions) Beginning balance $ 6 $ 2 $ (150 ) $ (31 ) $ — $ (173 ) Other comprehensive income (loss) before reclassifications 186 15 (171 ) 71 (6 ) 95 Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”) 42 — — — — 42 Net current period other comprehensive income (loss) 144 15 (171 ) 71 (6 ) 53 Ending balance $ 150 $ 17 $ (321 ) $ 40 $ (6 ) $ (120 ) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2019 : Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Investments Foreign Estimated Tax Benefit (Expense) Total (In millions) Beginning balance $ 182 $ (13 ) $ (93 ) $ 2 $ 78 Other comprehensive income (loss) before reclassifications 6 11 (67 ) (1 ) (51 ) Less: Amount of gain reclassified from AOCI 52 — — — 52 Net current period other comprehensive income (loss) (46 ) 11 (67 ) (1 ) (103 ) Ending balance $ 136 $ (2 ) $ (160 ) $ 1 $ (25 )
Schedule of reclassifications out of accumulated other comprehensive income (loss)	The following table provides details about reclassifications out of AOCI for the periods presented below: Details about AOCI Components Amount of Gains (Losses) Reclassified from AOCI Affected Line Item in the Statement of Income Three Months Ended March 31, 2020 2019 (In millions) Gains on cash flow hedges — foreign exchange contracts $ 42 $ 52 Net revenues Unrealized (losses) gains on investments — — Other income (expense), net $ 42 $ 52 Income before income taxes — — Income tax expense Total reclassifications for the period $ 42 $ 52 Net income
Schedule of other income (expense), net	The following table reconciles the components of other income (expense), net for the periods presented below: Three Months Ended March 31, 2020 2019 (In millions) Interest income $ 33 $ 49 Interest expense (37 ) (22 ) Gains (losses) on strategic investments (124 ) 180 Other (7 ) (8 ) Other income (expense), net $ (135 ) $ 199

Funds Receivable and Customer_2

Funds Receivable and Customer Accounts and Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of assets underlying funds receivable and customer accounts, short-term and long-term investments	The following table summarizes the assets underlying our funds receivable and customer accounts, short-term investments, and long-term investments as of March 31, 2020 and December 31, 2019 : March 31, December 31, (In millions) Funds receivable and customer accounts: Cash and cash equivalents $ 8,871 $ 8,387 Time deposits 552 514 Available-for-sale debt securities 9,614 10,190 Funds receivable 3,780 3,436 Total funds receivable and customer accounts $ 22,817 $ 22,527 Short-term investments: Time deposits $ 204 $ 614 Available-for-sale debt securities 2,060 2,734 Restricted cash 68 64 Total short-term investments $ 2,332 $ 3,412 Long-term investments: Available-for-sale debt securities $ 661 $ 1,025 Restricted cash 6 — Strategic investments 1,699 1,838 Total long-term investments $ 2,366 $ 2,863
Schedule of estimated fair value of available-for-sale debt securities	As of March 31, 2020 and December 31, 2019 , the estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments was as follows: March 31, 2020 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 4,793 $ 28 $ — $ 4,821 Foreign government and agency securities 1,757 4 (1 ) 1,760 Corporate debt securities 1,754 — (4 ) 1,750 Short-term investments: U.S. government and agency securities 50 — — 50 Foreign government and agency securities 258 — — 258 Corporate debt securities 1,390 2 (5 ) 1,387 Long-term investments: U.S. government and agency securities 100 — — 100 Foreign government and agency securities 125 1 — 126 Corporate debt securities 443 — (8 ) 435 Total available-for-sale debt securities (1) $ 10,670 $ 35 $ (18 ) $ 10,687 (1) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.” December 31, 2019 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 4,996 $ — $ — $ 4,996 Foreign government and agency securities 1,392 — — 1,392 Corporate debt securities 2,112 — — 2,112 Short-term investments: Foreign government and agency securities 533 — — 533 Corporate debt securities 1,955 — — 1,955 Long-term investments: U.S. government and agency securities 140 — — 140 Foreign government and agency securities 207 — — 207 Corporate debt securities 676 2 — 678 Total available-for-sale debt securities (1) $ 12,011 $ 2 $ — $ 12,013 (1) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9 — Fair Value Measurement of Assets and Liabilities.”
Schedule of gross unrealized losses and estimated fair value of available-for-sale debt securities in a continuous loss position	As of March 31, 2020 and December 31, 2019 , the gross unrealized losses and estimated fair value of our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments for which an allowance for credit losses has not been deemed necessary in the current period, aggregated by length of time those individual securities have been in a continuous loss position, was as follows: March 31, 2020 (1) Less than 12 months 12 months or longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 500 $ — $ — $ — $ 500 $ — Foreign government and agency securities 422 (1 ) — — 422 (1 ) Corporate debt securities 769 (4 ) — — 769 (4 ) Short-term investments: Foreign government and agency securities 55 — — — 55 — Corporate debt securities 759 (5 ) — — 759 (5 ) Long-term investments: Corporate debt securities 297 (8 ) 3 — 300 (8 ) Total available-for-sale debt securities $ 2,802 $ (18 ) $ 3 $ — $ 2,805 $ (18 ) (1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position. December 31, 2019 (1) Less than 12 months 12 months or longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In millions) Funds receivable and customer accounts: U.S. government and agency securities $ 2,452 $ — $ — $ — $ 2,452 $ — Foreign government and agency securities 563 — 30 — 593 — Corporate debt securities 825 — — — 825 — Short-term investments: Foreign government and agency securities 115 — — — 115 — Corporate debt securities 424 — — — 424 — Long-term investments: U.S. government and agency securities 100 — — — 100 — Foreign government and agency securities 75 — — — 75 — Corporate debt securities 27 — 44 — 71 — Total available-for-sale debt securities $ 4,581 $ — $ 74 $ — $ 4,655 $ — (1) “—” Denotes gross unrealized loss or fair value of less than $1 million in a given position.
The estimated fair values of investments classified as available for sale included within funds receivable and customer accounts by date of contractual maturity	Our available-for-sale debt securities included within funds receivable and customer accounts, short-term investments, and long-term investments classified by date of contractual maturity were as follows: March 31, 2020 Amortized Cost Fair Value (In millions) One year or less $ 9,407 $ 9,429 After one year through five years 1,260 1,255 After five years through ten years 3 3 Total $ 10,670 $ 10,687
Schedule of adjustments to the carrying value of equity investments	The adjustments to the carrying value of our non-marketable equity securities accounted for under the Measurement Alternative in the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 (In millions) Carrying amount, beginning of period $ 497 $ 293 Adjustments related to non-marketable equity securities: Net (sales) additions (1) (9 ) 19 Gross unrealized gains 45 57 Gross unrealized losses and impairments (13 ) — Carrying amount, end of period $ 520 $ 369 (1) Net (sales) additions includes additions from purchases and reductions due to sales of securities and reclassifications when Measurement Alternative no longer applies.

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of financial assets and liabilities measured at fair value on a recurring basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 : March 31, 2020 Quoted Prices in Significant Other (In millions) Assets: Cash and cash equivalents (1) $ 1,238 $ — $ 1,238 Short-term investments (2) : U.S. government and agency securities 50 — 50 Foreign government and agency securities 604 — 604 Corporate debt securities 1,406 — 1,406 Total short-term investments $ 2,060 $ — $ 2,060 Funds receivable and customer accounts (3) : Cash and cash equivalents 916 — 916 U.S. government and agency securities 4,821 — 4,821 Foreign government and agency securities 2,804 — 2,804 Corporate debt securities 1,989 — 1,989 Total funds receivable and customer accounts $ 10,530 $ — $ 10,530 Derivatives 366 — 366 Long-term investments (2),(4) : U.S. government and agency securities 100 — 100 Foreign government and agency securities 126 — 126 Corporate debt securities 435 — 435 Marketable equity securities 1,151 1,151 — Total long-term investments $ 1,812 $ 1,151 $ 661 Total financial assets $ 16,006 $ 1,151 $ 14,855 Liabilities: Derivatives $ 209 $ — $ 209 (1) Excludes cash of $6.6 billion not measured and recorded at fair value. (2) Excludes restricted cash of $74 million and time deposits of $ 204 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $12.3 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $548 million measured using the Measurement Alternative or equity method accounting. December 31, 2019 Quoted Prices in Significant Other (In millions) Assets: Cash and cash equivalents (1) $ 2,835 $ — $ 2,835 Short-term investments (2) : Foreign government and agency securities 757 — 757 Corporate debt securities 1,977 — 1,977 Total short-term investments 2,734 — 2,734 Funds receivable and customer accounts (3) : Cash and cash equivalents 683 — 683 U.S. government and agency securities 4,996 — 4,996 Foreign government and agency securities 2,653 — 2,653 Corporate debt securities 2,541 — 2,541 Total funds receivable and customer accounts 10,873 — 10,873 Derivatives 135 — 135 Long-term investments (4) : U.S. government and agency securities 140 — 140 Foreign government and agency securities 207 — 207 Corporate debt securities 678 — 678 Marketable equity securities 1,314 1,314 — Total long-term investments 2,339 1,314 1,025 Total financial assets $ 18,916 $ 1,314 $ 17,602 Liabilities: Derivatives $ 122 $ — $ 122 (1) Excludes cash of $4.5 billion not measured and recorded at fair value. (2) Excludes restricted cash of $64 million and time deposits of $614 million not measured and recorded at fair value. (3) Excludes cash, time deposits, and funds receivable of $11.7 billion underlying funds receivable and customer accounts not measured and recorded at fair value. (4) Excludes non-marketable equity securities of $524 million measured using the Measurement Alternative or equity method accounting.
Summary of investments under the fair value option	The following table summarizes the estimated fair value of our available-for-sale debt securities under the fair value option as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (In millions) Funds receivable and customer accounts $ 1,283 $ 1,690 Short-term investments $ 365 $ 246 The following table summarizes the gains (losses) from fair value changes recognized in other income (expense), net related to the available-for-sale debt securities under the fair value option for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In millions) Funds receivable and customer accounts $ (20 ) $ (29 ) Short-term investments $ (18 ) $ —
Summary of financial assets and liabilities measured at fair value on a non-recurring basis	The following tables summarize our financial assets and liabilities held as of March 31, 2020 and December 31, 2019 for which a non-recurring fair value measurement was recorded during the three months ended March 31, 2020 and the year ended December 31, 2019 , respectively: March 31, 2020 Significant Other (In millions) Non-marketable equity investments measured using the Measurement Alternative (1) $ 128 $ 128 (1) Excludes non-marketable equity investments of $392 million accounted for under the Measurement Alternative for which no observable price changes occurred during the three months ended March 31, 2020 . December 31, 2019 Significant Other (In millions) Non-marketable equity investments measured using the Measurement Alternative (1) $ 303 $ 303 (1) Excludes non-marketable equity investments of $194 million accounted for under the Measurement Alternative for which no observable price changes occurred during the year ended December 31, 2019 .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of outstanding derivative instruments	The fair value of our outstanding derivative instruments as of March 31, 2020 and December 31, 2019 was as follows: Balance Sheet Location March 31, December 31, (In millions) Derivative Assets: Foreign currency exchange contracts designated as hedging instruments Other current assets $ 168 $ 45 Foreign currency exchange contracts designated as hedging instruments Other assets (non-current) 22 1 Foreign currency exchange contracts not designated as hedging instruments Other current assets 176 89 Total derivative assets $ 366 $ 135 Derivative Liabilities: Foreign currency exchange contracts designated as hedging instruments Other current liabilities $ — $ 58 Foreign currency exchange contracts designated as hedging instruments Other long-term liabilities — 13 Foreign currency exchange contracts not designated as hedging instruments Other current liabilities 209 51 Total derivative liabilities $ 209 $ 122
Recognized gains or losses related to derivative instruments	The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments designated as hedging instruments: Three Months Ended March 31, 2020 2019 (In millions) Net revenues Total amounts presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded $ 4,618 $ 4,128 Gains on foreign exchange contracts designated as cash flow hedges reclassified from AOCI $ 42 $ 52 The following table provides the location in the condensed consolidated statements of income and amount of recognized gains or losses related to our derivative instruments not designated as hedging instruments: Three Months Ended March 31, 2020 2019 (In millions) Gains (losses) on foreign exchange contracts recognized in other income (expense), net $ 37 $ (10 )
Schedule of notional amounts of outstanding derivatives	The following table provides the notional amounts of our outstanding derivatives: March 31, 2020 December 31, 2019 (In millions) Foreign exchange contracts designated as hedging instruments $ 4,424 $ 4,550 Foreign exchange contracts not designated as hedging instruments 12,372 17,131 Total $ 16,796 $ 21,681

Loans and Interest Receivable (

Loans and Interest Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Delinquency status of the principal amount of loans and interest receivable	The following table presents the delinquency status of the principal amount of merchant loans, advances, and interest and fees receivable by year of origination. The amounts are based on the number of days past the expected or contractual repayment date for amounts outstanding. The “current” category represents balances that are within 29 days of the billing date for loans with fixed repayment dates, or within 29 days of the expected repayment date. March 31, 2020 (In millions, except percentages) 2020 2019 2018 2017 2016 Total Percentage Current $ 1,388 $ 1,266 $ 28 $ — $ — $ 2,682 89.6% 30 - 59 Days 17 90 13 — — 120 4.0% 60 - 89 Days 3 56 8 — — 67 2.2% 90 - 179 Days — 94 15 — — 109 3.6% 180+ Days — 7 9 1 — 17 0.6% Total $ 1,408 $ 1,513 $ 73 $ 1 $ — $ 2,995 100% The following table presents our estimate of the principal amount of merchant loans, advances, and interest and fees receivable past their original expected or contractual repayment period as of December 31, 2019, prior to the adoption of the new credit losses accounting guidance as described in “Note 1—Overview and Summary of Significant Accounting Policies.” December 31, 2019 (In millions) Within Original Expected Repayment Period 30 - 59 Days Greater 60 - 89 Days Greater 90 - 180 Days Greater 180+ Days Total Past Original Expected Repayment Period Total $ 2,523 $ 115 $ 61 $ 100 $ 17 $ 293 $ 2,816 89.6 % 4.1 % 2.1 % 3.6 % 0.6 % 10.4 % 100 % The following table presents the delinquency status of consumer loans and interest receivable at March 31, 2020 and December 31 2019. Since our consumer loans are primarily revolving in nature, they are disclosed in the aggregate and not by year of origination. The amounts are based on the number of days past the billing date. The “current” category represents balances that are within 29 days of the billing date: March 31, 2020 December 31, 2019 Amortized Cost Basis Revolving Percent Amortized Cost Basis Revolving Percent (In millions, except percentages) Current $ 1,327 96.4 % $ 1,279 96.7 % 30-59 days 18 1.3 % 15 1.1 % 60-89 days 11 0.8 % 9 0.7 % 90-179 days 21 1.5 % 19 1.5 % Total consumer loans and interest receivable (1) $ 1,377 100.0 % $ 1,322 100.0 % (1) Excludes receivables from other consumer credit products of $94 million and $92 million at March 31, 2020 and December 31, 2019 , respectively.
Allowance for loans and interest receivable	The following table summarizes the activity in the allowance for consumer loans and interest receivable for the three months ended March 31, 2020 and 2019 : March 31, 2020 March 31, 2019 Consumer Loans Receivable Interest Receivable Total Allowance (1) Consumer Loans Receivable Interest Receivable Total Allowance (1) (In millions) Beginning balance $ 49 $ 8 $ 57 $ 27 $ 3 $ 30 Adjustment for adoption of credit losses accounting standard 24 4 28 — — — Provisions 98 20 118 1 2 3 Charge-offs (21 ) (4 ) (25 ) (9 ) (1 ) (10 ) Recoveries (2) 9 — 9 10 — 10 Ending balance $ 159 $ 28 $ 187 $ 29 $ 4 $ 33 (1) Excludes allowances from other consumer credit products of $10 million and $9 million at March 31, 2020 and March 31, 2019 , respectively. (2) The recoveries were primarily related to fully charged off U.S. consumer credit receivables not subject to the sale to Synchrony. The following table summarizes the activity in the allowance for merchant loans, advances, and interest and fees receivable, for the three months ended March 31, 2020 and 2019 : March 31, 2020 March 31, 2019 Merchant Loans and Advances Interest and Fees Receivable Total Allowance Merchant Loans and Advances Interest and Fees Receivable Total Allowance (In millions) Beginning balance $ 171 $ 20 $ 191 $ 115 $ 15 $ 130 Adjustment for adoption of credit losses accounting standard 165 17 182 — — — Provisions 243 24 267 54 6 60 Charge-offs (78 ) (8 ) (86 ) (37 ) (3 ) (40 ) Recoveries 3 — 3 3 — 3 Ending balance $ 504 $ 53 $ 557 $ 135 $ 18 $ 153

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of outstanding aggregate principal amount related to the notes	The following table summarizes the Notes: Balance at March 31, 2020 Maturities Amount Effective Interest Rate (in millions) Fixed-rate 2.200% notes 9/26/2022 $ 1,000 2.39% Fixed-rate 2.400% notes 10/1/2024 1,250 2.52% Fixed-rate 2.650% notes 10/1/2026 1,250 2.78% Fixed-rate 2.850% notes 10/1/2029 1,500 2.96% Total term debt 5,000 Unamortized premium (discount) and issuance costs, net (33 ) Total carrying amount of term debt $ 4,967

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Management's estimate of the maximum potential exposure related to protection programs	The following table shows changes in the allowance for transaction losses and negative customer balances related to our protection programs for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in millions) Beginning balance $ 399 $ 344 Provision 247 286 Realized losses (270 ) (261 ) Recoveries 20 16 Ending balance $ 396 $ 385

Stock-Based Plans (Tables)

Stock-Based Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	The impact on our results of operations of recording stock-based compensation expense under our equity incentive plans for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 (In millions) Customer support and operations $ 52 $ 48 Sales and marketing 39 32 Technology and development 113 93 General and administrative 87 81 Total stock-based compensation expense $ 291 $ 254 Capitalized as part of internal use software and website development costs $ 10 $ 10

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of restructuring reserve activity by type of cost	The following table summarizes the restructuring reserve activity during the three months ended March 31, 2020 : Employee Severance and Benefits and Other Associated Costs (In millions) Accrued liability as of January 1, 2020 $ 9 Charges 29 Payments (5 ) Accrued liability as of March 31, 2020 $ 33

Overview and Summary of Signi_3

Overview and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for negative customer balances, threshold period past due, writeoff	120 days
Allowance for negative customer balances	$ 276	$ 263
Other current assets
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued interest receivable	45	54
Accrued Expenses and Other Current Liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for transaction losses	$ 120	$ 136
Consumer Receivables
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Projected loss rate period	7 years
Merchant Receivables | Minimum
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Projected loss rate period	2 years 6 months
Merchant Receivables | Maximum
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Projected loss rate period	3 years 6 months

Revenue - Additional Informatio

Revenue - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020segment
Revenue from Contract with Customer [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 4,618	$ 4,128
Transaction revenues
Disaggregation of Revenue [Line Items]
Net revenues	4,215	3,731
Other value added services
Disaggregation of Revenue [Line Items]
Net revenues	403	397
Interest, fees and gains earned on loan and interest receivables, net and held for sale portfolio, hedging gains and interest earned on customer balances
Disaggregation of Revenue [Line Items]
Net revenues which do not represent revenues recognized in the scope of ASC Topic 606	247	257
United States (“U.S.”)
Disaggregation of Revenue [Line Items]
Net revenues	2,469	2,187
United Kingdom (“U.K.”)
Disaggregation of Revenue [Line Items]
Net revenues	478	433
Other Countries
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,671	$ 1,508

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 84	$ 667
Denominator:
Weighted average shares of common stock - basic (in shares)	1,173	1,171
Dilutive effect of equity incentive awards (in shares)	12	17
Weighted average shares of common stock - diluted (in shares)	1,185	1,188
Net income per share:
Basic (in usd per share)	$ 0.07	$ 0.57
Diluted (in usd per share)	$ 0.07	$ 0.56
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive (in shares)	2	3

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)business
Business Acquisition [Line Items]
Cash consideration paid, net of cash acquired		$ 3,612	$ 0
Number of businesses acquired or divested | business			0
Honey Science Corporation
Business Acquisition [Line Items]
Aggregate purchase price for acquisitions	$ 4,000
Cash consideration paid, net of cash acquired	3,637
Equity interest issued	$ 400
Finite-lived intangible asset, useful life	3 years
Equity interest issued, vesting period	4 years

Business Combinations - Allocat

Business Combinations - Allocation of Purchase Consideration (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 9,124		$ 6,212
Total purchase consideration		$ 3,612	$ 0
Honey Science Corporation
Business Acquisition [Line Items]
Goodwill	$ 2,959
Total intangibles	717
Accounts receivable, net	55
Deferred tax liabilities, net	(76)
Other net liabilities	(18)
Total purchase consideration	3,637
Customer lists and user base | Honey Science Corporation
Business Acquisition [Line Items]
Total intangibles	115
Marketing related | Honey Science Corporation
Business Acquisition [Line Items]
Total intangibles	30
Developed technology | Honey Science Corporation
Business Acquisition [Line Items]
Total intangibles	$ 572

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Balances and Adjustments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Total goodwill
Beginning balance	$ 6,212
Goodwill Acquired	2,959
Adjustments	(47)
Ending balance	$ 9,124

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,958	$ 2,289
Accumulated Amortization	(1,589)	(1,511)
Net Carrying Amount	1,369	778
Customer lists and user base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,205	1,114
Accumulated Amortization	(713)	(700)
Net Carrying Amount	$ 492	$ 414
Intangible assets acquired, useful life	6 years	7 years
Marketing related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 321	$ 294
Accumulated Amortization	(247)	(239)
Net Carrying Amount	$ 74	$ 55
Intangible assets acquired, useful life	3 years	3 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 999	$ 445
Accumulated Amortization	(388)	(343)
Net Carrying Amount	$ 611	$ 102
Intangible assets acquired, useful life	3 years	3 years
All other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 433	$ 436
Accumulated Amortization	(241)	(229)
Net Carrying Amount	$ 192	$ 207
Intangible assets acquired, useful life	7 years	7 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 114	$ 57

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expected Future Intangible Asset Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fiscal years:
Remaining 2020	$ 335
2021	398
2022	336
2023	98
2024	96
Thereafter	106
Net Carrying Amount	$ 1,369	$ 778

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 29, 2020	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Sale-leaseback transaction, lease term	8 years
Sale leaseback transaction, net proceeds	$ 119
Operating lease, lease not yet commenced, amount		$ 151
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract		3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, lease not yet commenced, term of contract		10 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Lease expense
Operating lease expense	$ 38		$ 34
Sublease income	(1)		(2)
Total lease expense cost	37		32
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	35		31
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 244	$ 5
Operating lease right-of-use assets	687			$ 479
Other current lease liabilities	122			104
Operating lease liabilities	608			403
Total operating lease liabilities	$ 730			$ 507
Weighted-average remaining lease term—operating leases	7 years 3 months 18 days			5 years 9 months 18 days
Weighted-average discount rate—operating leases	4.00%			5.00%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fiscal years:
Remaining 2020	$ 114
2021	139
2022	107
2023	94
2024	86
Thereafter	300
Total	840
Less: present value discount	(110)
Lease liability	$ 730	$ 507

Other Financial Statement Det_3

Other Financial Statement Details - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Balances of Other Comprehensive Income (Loss), Tax
Beginning balance	$ 0	$ 2
Other comprehensive income (loss) before reclassifications	(6)	(1)
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	0	0
Net current period other comprehensive income (loss)	(6)	(1)
Ending balance	(6)	1
Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax
Beginning balance	16,885
Other comprehensive income (loss), net of tax	53	(103)
Ending balance	15,967
Accumulated Other Comprehensive Income (Loss)
Accumulated Balances of Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(173)	78
Other comprehensive income (loss) before reclassifications	95	(51)
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	42	52
Other comprehensive income (loss), net of tax	53	(103)
Ending balance	(120)	(25)
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax
Beginning balance	6	182
Other comprehensive income (loss) before reclassifications	186	6
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	42	52
Net current period other comprehensive income (loss)	144	(46)
Ending balance	150	136
Unrealized Gains (Losses) on Investments
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax
Beginning balance	2	(13)
Other comprehensive income (loss) before reclassifications	15	11
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	0	0
Net current period other comprehensive income (loss)	15	11
Ending balance	17	(2)
Foreign Currency Translation Adjustment (“CTA”)
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax
Beginning balance	(150)	(93)
Other comprehensive income (loss) before reclassifications	(171)	(67)
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	0	0
Net current period other comprehensive income (loss)	(171)	(67)
Ending balance	(321)	$ (160)
Net InvestmentHedge CTA Gain (Loss)
Accumulated Balances of Other Comprehensive Income (Loss), Before Tax
Beginning balance	(31)
Other comprehensive income (loss) before reclassifications	71
Less: Amount of gain reclassified from accumulated other comprehensive income (“AOCI”)	0
Net current period other comprehensive income (loss)	71
Ending balance	$ 40

Other Financial Statement Det_4

Other Financial Statement Details - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net revenues	$ 4,618	$ 4,128
Other income (expense), net	(135)	199
Income before income taxes	263	717
Income tax expense	(179)	(50)
Net income	84	667
Amount of Gains (Losses) Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes	42	52
Income tax expense	0	0
Net income	42	52
Amount of Gains (Losses) Reclassified from AOCI | Gains on cash flow hedges—foreign exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net revenues	42	52
Amount of Gains (Losses) Reclassified from AOCI | Unrealized (losses) gains on investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income (expense), net	$ 0	$ 0

Other Financial Statement Det_5

Other Financial Statement Details - Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Interest income	$ 33	$ 49
Interest expense	(37)	(22)
Gains (losses) on strategic investments	(124)	180
Other	(7)	(8)
Other income (expense), net	$ (135)	$ 199

Funds Receivable and Customer_3

Funds Receivable and Customer Accounts and Investments - Assets Underlying Funds Receivable and Customer Accounts, Short-term Investments, and Long-term Investments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Funds receivable and customer accounts:
Total funds receivable and customer accounts	$ 22,817	$ 22,527
Short-term investments:
Time deposits	204	614
Available-for-sale debt securities	2,060	2,734
Restricted cash	68	64
Short-term Investments	2,332	3,412
Long-term investments:
Available-for-sale debt securities	661	1,025
Restricted cash	6	0
Strategic investments	1,699	1,838
Long-term Investments	2,366	2,863
Cash and cash equivalents
Funds receivable and customer accounts:
Total funds receivable and customer accounts	8,871	8,387
Time deposits
Funds receivable and customer accounts:
Total funds receivable and customer accounts	552	514
Available-for-sale debt securities
Funds receivable and customer accounts:
Total funds receivable and customer accounts	9,614	10,190
Funds receivable
Funds receivable and customer accounts:
Total funds receivable and customer accounts	$ 3,780	$ 3,436

Funds Receivable and Customer_4

Funds Receivable and Customer Accounts and Investments - Estimated Fair Value of Investments Classified as Available for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	$ 10,670	$ 12,011
Gross Unrealized Gains	35	2
Gross Unrealized Losses	(18)	0
Estimated Fair Value	10,687	12,013
Funds receivable and customer accounts | U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	4,793	4,996
Gross Unrealized Gains	28	0
Gross Unrealized Losses	0	0
Estimated Fair Value	4,821	4,996
Funds receivable and customer accounts | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	1,757	1,392
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(1)	0
Estimated Fair Value	1,760	1,392
Funds receivable and customer accounts | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	1,754	2,112
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4)	0
Estimated Fair Value	1,750	2,112
Short term investments | U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	50
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value	50
Short term investments | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	258	533
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	258	533
Short term investments | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	1,390	1,955
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(5)	0
Estimated Fair Value	1,387	1,955
Long-term investments | U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	100	140
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	100	140
Long-term investments | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	125	207
Gross Unrealized Gains	1	0
Gross Unrealized Losses	0	0
Estimated Fair Value	126	207
Long-term investments | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross Amortized Cost	443	676
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(8)	0
Estimated Fair Value	$ 435	$ 678

Funds Receivable and Customer_5

Funds Receivable and Customer Accounts and Investments - Available-for-sale Debt Securities in Continuous Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value
Less than 12 months	$ 2,802	$ 4,581
12 months or longer	3	74
Total	2,805	4,655
Gross Unrealized Losses
Less than 12 months	(18)	0
12 months or longer	0	0
Total	(18)	0
Funds receivable and customer accounts | U.S. government and agency securities
Fair Value
Less than 12 months	500	2,452
12 months or longer	0	0
Total	500	2,452
Gross Unrealized Losses
Less than 12 months	0	0
12 months or longer	0	0
Total	0	0
Funds receivable and customer accounts | Foreign government and agency securities
Fair Value
Less than 12 months	422	563
12 months or longer	0	30
Total	422	593
Gross Unrealized Losses
Less than 12 months	(1)	0
12 months or longer	0	0
Total	(1)	0
Funds receivable and customer accounts | Corporate debt securities
Fair Value
Less than 12 months	769	825
12 months or longer	0	0
Total	769	825
Gross Unrealized Losses
Less than 12 months	(4)	0
12 months or longer	0	0
Total	(4)	0
Short term investments | Foreign government and agency securities
Fair Value
Less than 12 months	55	115
12 months or longer	0	0
Total	55	115
Gross Unrealized Losses
Less than 12 months	0	0
12 months or longer	0	0
Total	0	0
Short term investments | Corporate debt securities
Fair Value
Less than 12 months	759	424
12 months or longer	0	0
Total	759	424
Gross Unrealized Losses
Less than 12 months	(5)	0
12 months or longer	0	0
Total	(5)	0
Long-term investments | U.S. government and agency securities
Fair Value
Less than 12 months		100
12 months or longer		0
Total		100
Gross Unrealized Losses
Less than 12 months		0
12 months or longer		0
Total		0
Long-term investments | Foreign government and agency securities
Fair Value
Less than 12 months		75
12 months or longer		0
Total		75
Gross Unrealized Losses
Less than 12 months		0
12 months or longer		0
Total		0
Long-term investments | Corporate debt securities
Fair Value
Less than 12 months	297	27
12 months or longer	3	44
Total	300	71
Gross Unrealized Losses
Less than 12 months	(8)	0
12 months or longer	0	0
Total	$ (8)	$ 0

Funds Receivable and Customer_6

Funds Receivable and Customer Accounts and Investments - Estimated Fair Values of Investments Classified as Available for Sale by Contractual Maturity (Details) $ in Millions	Mar. 31, 2020USD ($)
Amortized Cost
One year or less	$ 9,407
After one year through five years	1,260
After five years through ten years	3
Total	10,670
Fair Value
One year or less	9,429
After one year through five years	1,255
After five years through ten years	3
Total	$ 10,687

Funds Receivable and Customer_7

Funds Receivable and Customer Accounts and Investments - Strategic Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Carrying value of marketable equity securities recorded in long-term investments	$ 1,200		$ 1,300
Carrying value of non-marketable equity	28		27
Carrying value of non-marketable equity securities which do not have readily determinable fair value	548		524
Equity investments measured at cost minus impairment	520	$ 369	497	$ 293
Equity securities without readily determinable fair value, cumulative gross unrealized gains	257		230
Equity securities without readily determinable fair value, cumulative gross unrealized losses	18		$ 5
Net unrealized gains (losses) related to marketable and non-marketable equity securities	$ (132)	$ 180

Funds Receivable and Customer_8

Funds Receivable and Customer Accounts and Investments - Measurement Alternative Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying amount, beginning of period	$ 497	$ 293
Adjustments related to non-marketable equity securities:
Net additions	(9)	19
Gross unrealized gains	45	57
Gross unrealized losses and impairments	(13)	0
Carrying amount, end of period	$ 520	$ 369

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Funds receivable and customer accounts	$ 22,817	$ 22,527
Liabilities:
Cash	6,600	4,500
Short-term restricted cash	74	64
Time deposits, recorded at carrying value	204	614
Carrying value of non-marketable equity securities which do not have readily determinable fair value	548	524
Cash and cash equivalents
Assets:
Funds receivable and customer accounts	8,871	8,387
Cash, time deposits and funds receivable
Assets:
Funds receivable and customer accounts	12,300	11,700
Fair value, measurements, recurring basis
Assets:
Cash and cash equivalents	1,238	2,835
Funds receivable and customer accounts	10,530	10,873
Derivatives	366	135
Total financial assets	16,006	18,916
Liabilities:
Foreign government and agency securities	209	122
Fair value, measurements, recurring basis | U.S. government and agency securities
Assets:
Funds receivable and customer accounts	4,821	4,996
Fair value, measurements, recurring basis | Foreign government and agency securities
Assets:
Funds receivable and customer accounts	2,804	2,653
Fair value, measurements, recurring basis | Corporate debt securities
Assets:
Funds receivable and customer accounts	1,989	2,541
Fair value, measurements, recurring basis | Cash and cash equivalents
Assets:
Funds receivable and customer accounts	916	683
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	0	0
Funds receivable and customer accounts	0	0
Derivatives	0	0
Total financial assets	1,151	1,314
Liabilities:
Foreign government and agency securities	0	0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities
Assets:
Funds receivable and customer accounts	0	0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities
Assets:
Funds receivable and customer accounts	0	0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
Assets:
Funds receivable and customer accounts	0	0
Fair value, measurements, recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Assets:
Funds receivable and customer accounts	0	0
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	1,238	2,835
Funds receivable and customer accounts	10,530	10,873
Derivatives	366	135
Total financial assets	14,855	17,602
Liabilities:
Foreign government and agency securities	209	122
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities
Assets:
Funds receivable and customer accounts	4,821	4,996
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities
Assets:
Funds receivable and customer accounts	2,804	2,653
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities
Assets:
Funds receivable and customer accounts	1,989	2,541
Fair value, measurements, recurring basis | Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Assets:
Funds receivable and customer accounts	916	683
Fair value, measurements, recurring basis | Short term investments
Assets:
Investments	2,060	2,734
Fair value, measurements, recurring basis | Short term investments | U.S. government and agency securities
Assets:
Investments	50
Fair value, measurements, recurring basis | Short term investments | Foreign government and agency securities
Assets:
Investments	604	757
Fair value, measurements, recurring basis | Short term investments | Corporate debt securities
Assets:
Investments	1,406	1,977
Fair value, measurements, recurring basis | Short term investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Short term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities
Assets:
Investments	0
Fair value, measurements, recurring basis | Short term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Short term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Short term investments | Significant Other Observable Inputs (Level 2)
Assets:
Investments	2,060	2,734
Fair value, measurements, recurring basis | Short term investments | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities
Assets:
Investments	50
Fair value, measurements, recurring basis | Short term investments | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities
Assets:
Investments	604	757
Fair value, measurements, recurring basis | Short term investments | Significant Other Observable Inputs (Level 2) | Corporate debt securities
Assets:
Investments	1,406	1,977
Fair value, measurements, recurring basis | Long-term investments
Assets:
Investments	1,812	2,339
Fair value, measurements, recurring basis | Long-term investments | U.S. government and agency securities
Assets:
Investments	100	140
Fair value, measurements, recurring basis | Long-term investments | Foreign government and agency securities
Assets:
Investments	126	207
Fair value, measurements, recurring basis | Long-term investments | Corporate debt securities
Assets:
Investments	435	678
Fair value, measurements, recurring basis | Long-term investments | Marketable equity securities
Assets:
Investments	1,151	1,314
Fair value, measurements, recurring basis | Long-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investments	1,151	1,314
Fair value, measurements, recurring basis | Long-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency securities
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Long-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government and agency securities
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Long-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
Assets:
Investments	0	0
Fair value, measurements, recurring basis | Long-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities
Assets:
Investments	1,151	1,314
Fair value, measurements, recurring basis | Long-term investments | Significant Other Observable Inputs (Level 2)
Assets:
Investments	661	1,025
Fair value, measurements, recurring basis | Long-term investments | Significant Other Observable Inputs (Level 2) | U.S. government and agency securities
Assets:
Investments	100	140
Fair value, measurements, recurring basis | Long-term investments | Significant Other Observable Inputs (Level 2) | Foreign government and agency securities
Assets:
Investments	126	207
Fair value, measurements, recurring basis | Long-term investments | Significant Other Observable Inputs (Level 2) | Corporate debt securities
Assets:
Investments	435	678
Fair value, measurements, recurring basis | Long-term investments | Significant Other Observable Inputs (Level 2) | Marketable equity securities
Assets:
Investments	$ 0	$ 0

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	$ 5	$ 5
Notes payable, fair value	$ 4.9	$ 5
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, duration	1 month
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, duration	1 year
Maximum | Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, duration	18 months

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Summary of Investments Under the Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 10,687		$ 12,013
Fair Value Option, Investments | Funds receivable and customer accounts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,283		1,690
Net gains (losses) from fair value changes	(20)	$ (29)
Fair Value Option, Investments | Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	365		$ 246
Net gains (losses) from fair value changes	$ (18)	$ 0

Fair Value Measurement of Ass_6

Fair Value Measurement of Assets and Liabilities - Financial Assets and Liabilities Measured and Recorded at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments measured at cost minus impairment	$ 520	$ 497	$ 369	$ 293
Fair Value, measurements, not on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments measured using the Measurement Alternative	128	303
Equity investments measured at cost minus impairment	392	194
Fair Value, measurements, not on a recurring basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments measured using the Measurement Alternative	$ 128	$ 303

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Maximum maturity of foreign currency exchange contracts	18 months
Net derivative gains related to cash flow hedges to be reclassified into earnings within the next 12 months	$ 129,000,000
Net investment hedge CTA gains	71,000,000	$ 0
Net investment hedge CTA gains (losses), reclassifications	0	$ 0
Derivative asset, offset	125,000,000		$ 92,000,000
Counterparty non-cash collateral	0		0
Other current assets
Offsetting Liabilities [Line Items]
Cash collateral posted related to derivative liabilities	23,000,000		12,000,000
Other current liabilities
Offsetting Liabilities [Line Items]
Counterparty cash collateral	$ 172,000,000		$ 39,000,000

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 366	$ 135
Derivative liabilities	209	122
Foreign Exchange Contract | Designated as Hedging Instrument | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	168	45
Foreign Exchange Contract | Designated as Hedging Instrument | Other assets (non-current)
Derivatives, Fair Value [Line Items]
Derivative assets	22	1
Foreign Exchange Contract | Designated as Hedging Instrument | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	58
Foreign Exchange Contract | Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	13
Foreign Exchange Contract | Not Designated as Hedging Instrument | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	176	89
Foreign Exchange Contract | Not Designated as Hedging Instrument | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 209	$ 51

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Contracts on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded	$ 4,618	$ 4,128
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract | Net Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized from foreign exchange contracts not designated as hedging instruments	42	52
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized from foreign exchange contracts not designated as hedging instruments	$ 37	$ (10)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional amounts	$ 16,796	$ 21,681
Foreign Exchange Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amounts	4,424	4,550
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amounts	$ 12,372	$ 17,131

Loans and Interest Receivable -

Loans and Interest Receivable - Additional Information (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Receivables [Abstract]
Purchased consumer receivables	$ 1.3	$ 1.1

Loans and Interest Receivable_2

Loans and Interest Receivable - Consumer Receivables (Details) - Consumer Receivables - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan and interest receivable	$ 1,377	$ 1,322
Loan and interest receivables, allowance	187	57	$ 33	$ 30
Provision increase resulting from changes in macroeconomic conditions	90
Provision increase resulting from changes in portfolio expansion	$ 10
Threshold period, write-off of receivables	180 days
Threshold period, write-off of bankrupt accounts	90 days
Other Consumer Credit Products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan and interest receivable	$ 94	92
Loan and interest receivables, allowance	$ 10	$ 9

Loans and Interest Receivable_3

Loans and Interest Receivable - Delinquency Status of the Principal Amount of Loans and Interest Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Consumer Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	$ 1,327	$ 1,279
Loans, advances, and interest receivable	$ 1,377	$ 1,322
Loans, advances, and interest receivable, current, percentage	96.40%	96.70%
Loans, advances, and interest receivable, percentage	100.00%	100.00%
Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	$ 2,682	$ 2,523
Loans, advances, and interest receivable, past due		293
Loans, advances, and interest receivable	$ 2,995	$ 2,816
Loans, advances, and interest receivable, current, percentage	89.60%	89.60%
Loans, advances, and interest receivable, past due, percentage		10.40%
Loans, advances, and interest receivable, percentage	100.00%	100.00%
30 - 59 Days Past Due | Consumer Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 18	$ 15
Loans, advances, and interest receivable, past due, percentage	1.30%	1.10%
30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 120	$ 115
Loans, advances, and interest receivable, past due, percentage	4.00%	4.10%
60 - 89 Days Past Due | Consumer Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 11	$ 9
Loans, advances, and interest receivable, past due, percentage	0.80%	0.70%
60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 67	$ 61
Loans, advances, and interest receivable, past due, percentage	2.20%	2.10%
90 - 180 Days Past Due | Consumer Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 21	$ 19
Loans, advances, and interest receivable, past due, percentage	1.50%	1.50%
90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 109	$ 100
Loans, advances, and interest receivable, past due, percentage	3.60%	3.60%
More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 17	$ 17
Loans, advances, and interest receivable, past due, percentage	0.60%	0.60%
Financial Asset, 2020 Origination | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	$ 1,388
Loans, advances, and interest receivable	1,408
Financial Asset, 2020 Origination | 30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	17
Financial Asset, 2020 Origination | 60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	3
Financial Asset, 2020 Origination | 90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2020 Origination | More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2019 Origination | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	1,266
Loans, advances, and interest receivable	1,513
Financial Asset, 2019 Origination | 30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	90
Financial Asset, 2019 Origination | 60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	56
Financial Asset, 2019 Origination | 90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	94
Financial Asset, 2019 Origination | More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	7
Financial Asset, 2018 Origination | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	28
Loans, advances, and interest receivable	73
Financial Asset, 2018 Origination | 30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	13
Financial Asset, 2018 Origination | 60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	8
Financial Asset, 2018 Origination | 90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	15
Financial Asset, 2018 Origination | More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	9
Financial Asset, 2017 Origination | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	0
Loans, advances, and interest receivable	1
Financial Asset, 2017 Origination | 30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2017 Origination | 60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2017 Origination | 90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2017 Origination | More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	1
Financial Asset, 2016 Origination | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, current	0
Loans, advances, and interest receivable	0
Financial Asset, 2016 Origination | 30 - 59 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2016 Origination | 60 - 89 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2016 Origination | 90 - 180 Days Past Due | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	0
Financial Asset, 2016 Origination | More Than 180 Days | Merchant Receivables
Financing Receivable, Past Due [Line Items]
Loans, advances, and interest receivable, past due	$ 0

Loans and Interest Receivable_4

Loans and Interest Receivable - Allowance for Loans and Interest Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consumer Receivables
Allowance for loans and interest receivable
Beginning balance	$ 57	$ 30
Provisions	118	3
Charge-offs	(25)	(10)
Recoveries	9	10
Ending balance	187	33
Consumer Receivables | Loans Receivable
Allowance for loans and interest receivable
Beginning balance	49	27
Provisions	98	1
Charge-offs	(21)	(9)
Recoveries	9	10
Ending balance	159	29
Consumer Receivables | Interest and Fees Receivable
Allowance for loans and interest receivable
Beginning balance	8	3
Provisions	20	2
Charge-offs	(4)	(1)
Recoveries	0	0
Ending balance	28	4
Merchant Receivables
Allowance for loans and interest receivable
Beginning balance	191	130
Provisions	267	60
Charge-offs	(86)	(40)
Recoveries	3	3
Ending balance	557	153
Merchant Receivables | Loans Receivable
Allowance for loans and interest receivable
Beginning balance	171	115
Provisions	243	54
Charge-offs	(78)	(37)
Recoveries	3	3
Ending balance	504	135
Merchant Receivables | Interest and Fees Receivable
Allowance for loans and interest receivable
Beginning balance	20	15
Provisions	24	6
Charge-offs	(8)	(3)
Recoveries	0	0
Ending balance	53	18
Cumulative Effect, Period Of Adoption, Adjustment | Consumer Receivables
Allowance for loans and interest receivable
Beginning balance	28	0
Cumulative Effect, Period Of Adoption, Adjustment | Consumer Receivables | Loans Receivable
Allowance for loans and interest receivable
Beginning balance	24	0
Cumulative Effect, Period Of Adoption, Adjustment | Consumer Receivables | Interest and Fees Receivable
Allowance for loans and interest receivable
Beginning balance	4	0
Cumulative Effect, Period Of Adoption, Adjustment | Merchant Receivables
Allowance for loans and interest receivable
Beginning balance	182	0
Cumulative Effect, Period Of Adoption, Adjustment | Merchant Receivables | Loans Receivable
Allowance for loans and interest receivable
Beginning balance	165	0
Cumulative Effect, Period Of Adoption, Adjustment | Merchant Receivables | Interest and Fees Receivable
Allowance for loans and interest receivable
Beginning balance	$ 17	$ 0

Loans and Interest Receivable_5

Loans and Interest Receivable - Merchant Receivables (Details) - Merchant Receivables - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan and interest receivable	$ 2,995	$ 2,816
Participation interest sold, value	132	$ 124
Provision increase resulting from changes in macroeconomic conditions	159
Provision increase resulting from changes in portfolio expansion	$ 85
Threshold period, write-off of receivables	180 days
Threshold period, write-off of bankrupt accounts	60 days
PayPal Working Capital Products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period pas expected period of repayment	180 days
Threshold period, write-off of receivables, nonpayment	60 days
Threshold period two, write-off of receivables	360 days
PayPal Working Capital Products | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Required percentage of original loan payments every 90 days	10.00%
Expected period of repayment	9 months
PayPal Working Capital Products | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expected period of repayment	12 months
PayPal Business Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period, write-off of receivables	180 days
PayPal Business Loans | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expected period of repayment	3 months
PayPal Business Loans | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expected period of repayment	12 months

Debt - Long-term Notes Payable

Debt - Long-term Notes Payable (Details) - Senior Notes - Notes - USD ($)	3 Months Ended
	Mar. 31, 2020	Sep. 26, 2019
Debt Instrument [Line Items]
Face amount		$ 5,000,000,000
Outstanding aggregate principal amount	$ 5,000,000,000
Interest expense, including amortization of debt issuance costs	$ 33,000,000

Debt - Summary of Term Debt (De

Debt - Summary of Term Debt (Details) - Senior Notes $ in Millions	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Unamortized premium (discount) and issuance costs, net	$ (33)
Total carrying amount of term debt	$ 4,967
Fixed-rate 2.200% notes
Debt Instrument [Line Items]
Fixed interest rate	2.20%
Total term debt	$ 1,000
Effective Interest Rate	2.39%
Fixed-rate 2.400% notes
Debt Instrument [Line Items]
Fixed interest rate	2.40%
Total term debt	$ 1,250
Effective Interest Rate	2.52%
Fixed-rate 2.650% notes
Debt Instrument [Line Items]
Fixed interest rate	2.65%
Total term debt	$ 1,250
Effective Interest Rate	2.78%
Fixed-rate 2.850% notes
Debt Instrument [Line Items]
Fixed interest rate	2.85%
Total term debt	$ 1,500
Effective Interest Rate	2.96%

Debt - 5-Year Revolving Credit

Debt - 5-Year Revolving Credit Facility (Details) - Unsecured Debt - Credit Agreement - USD ($)	Sep. 11, 2019	Mar. 31, 2020	Mar. 31, 2020
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, term	5 years
Maximum borrowing capacity	$ 5,000,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150,000,000
Draw downs from lines of credit		$ 3,000,000,000
Borrowings outstanding		3,000,000,000	$ 3,000,000,000
Weighted average interest rate			2.19%
Remaining borrowing capacity		$ 2,000,000,000	$ 2,000,000,000
Interest expense and fees			$ 3,000,000
Swingline Sub-facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000

Debt - Other Facilities (Detail

Debt - Other Facilities (Details) $ in Millions	Mar. 31, 2020USD ($)
Uncommitted Credit Facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 130

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) customer in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 16, 2018plantiff	Dec. 01, 2017customer
Other Commitments [Line Items]
Unused credit available to accountholders | $		$ 3.1	$ 3.1
Number of customers with potentially compromised information | customer					1.6
Number of new court appointed plaintiffs | plantiff				2
eBay
Other Commitments [Line Items]
Stock distribution, percentage of common stock distributed	100.00%

Commitments and Contingencies_2

Commitments and Contingencies - Estimate of the Maximum Potential Exposure and Allowance for Transaction Losses Related to Protection Products (Details) - Protection Programs - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loss Contingency Accrual
Beginning balance	$ 399	$ 344
Provisions, net of recoveries	247	286
Realized losses	(270)	(261)
Recoveries	20	16
Ending balance	$ 396	$ 385

Stock Repurchase Programs (Deta

Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased (in shares)	8
Cash paid for shares repurchased	$ 800	$ 756
Accelerated Share Repurchase Agreement
Equity, Class of Treasury Stock [Line Items]
Cash paid for shares repurchased	$ 800
Average cost per share (in dollars per share)	$ 106.15
July 2018 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Remaining amount authorized for future repurchase of common stock	$ 9,300

Stock-Based Plans - Schedule of

Stock-Based Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 291	$ 254
Capitalized as part of internal use software and website development costs	10	10
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	52	48
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	39	32
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	113	93
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 87	$ 81

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate, percentage	68.00%	7.00%

Restructuring - Restructuring C

Restructuring - Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reductions of global workforce
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 29	$ 78

Restructuring - Restructuring R

Restructuring - Restructuring Reserve Activity (Details) - Reductions of global workforce - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve
Accrued liability, beginning of period	$ 9
Charges	29	$ 78
Payments	(5)
Accrued liability, end of period	$ 33

Uncategorized Items - pyplq1202

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (168,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	3,000,000
Short-term Investments [Member]
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	17,000,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	15,000,000
Funds Receivable And Customer Accounts [Member]
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	6,373,000,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	8,871,000,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	3,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (168,000,000)