PARTIV Note8—FundsReceivableandCustomerAccountsandInvestments PayPalHoldings,Inc. NotestoConsolidatedFinancialStatements—(Continued) As of December 31, 2022 and 2021, the estimated fair value of our available-for-sale debt securities included within funds receivableandcustomeraccounts,short-terminvestments,andlong-terminvestmentswasasfollows: (1) December31,2022 Gross Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (In millions) Fundsreceivableandcustomeraccounts: ANNU U.S. governmentandagencysecurities $ 8,736 $ — $ (252) $ 8,484 AL Foreigngovernmentandagencysecurities 1,479 — (44) 1,435 REPOR Corporatedebtsecurities 1,637 — (82) 1,555 Asset-backedsecurities 1,324 — (26) 1,298 T Municipalsecurities 410 — (3) 407 Commercialpaper 3,702 1 (14) 3,689 Short-terminvestments: U.S. governmentandagencysecurities 815 — (3) 812 Foreigngovernmentandagencysecurities 435 — (11) 424 Corporatedebtsecurities 641 — (14) 627 Asset-backedsecurities 415 — (9) 406 Commercialpaper 324 — — 324 Long-terminvestments: U.S. governmentandagencysecurities 493 — (36) 457 Foreigngovernmentandagencysecurities 386 — (22) 364 Corporatedebtsecurities 987 — (58) 929 Asset-backedsecurities 1,085 — (18) 1,067 (2) $ 22,869 $ 1 $ (592) $ 22,278 TOTALAVAILABLE-FOR-SALEDEBTSECURITIES (1) “—”Denotesgrossunrealizedgainorunrealizedlossoflessthan$1millioninagivenposition. (2) Excludesforeigncurrencydenominatedavailable-for-saledebtsecuritiesaccountedforunderthefairvalueoption.Referto“Note9—FairValueMeasurementofAssetsand Liabilities.” •2022AnnualReport 85