PARTIV Note9—FairValueMeasurementofAssetsandLiabilities PayPalHoldings,Inc. NotestoConsolidatedFinancialStatements—(Continued) Note9—FairValueMeasurementofAssetsandLiabilities FinancialAssetsandLiabilitiesMeasuredandRecordedatFairValueonaRecurring Basis The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of December31,2022and2021: QuotedPricesin ActiveMarketsfor SignificantOther Identical Assets ObservableInputs December31,2022 (Level 1) (Level 2) (In millions) Assets: (1) Cashandcashequivalents $ 932 $ — $ 932 (2) Short-terminvestments : U.S. governmentandagencysecurities 812 — 812 Foreigngovernmentandagencysecurities 424 — 424 Corporatedebtsecurities 627 — 627 Asset-backedsecurities 406 — 406 Commercialpaper 324 — 324 TOTALSHORT-TERMINVESTMENTS 2,593 — 2,593 (3) Fundsreceivableandcustomeraccounts : Cashandcashequivalents 192 — 192 U.S. governmentandagencysecurities 8,484 — 8,484 Foreigngovernmentandagencysecurities 1,777 — 1,777 Corporatedebtsecurities 1,694 — 1,694 Asset-backedsecurities 1,298 — 1,298 Municipalsecurities 407 — 407 Commercialpaper 3,689 — 3,689 TOTALFUNDSRECEIVABLEANDCUSTOMERACCOUNTS 17,541 — 17,541 Derivatives 244 — 244 Cryptoassetsafeguardingasset 604 — 604 (2),(4) Long-terminvestments : U.S. governmentandagencysecurities 457 — 457 Foreigngovernmentandagencysecurities 364 — 364 Corporatedebtsecurities 929 — 929 Asset-backedsecurities 1,067 — 1,067 Marketableequitysecurities 323 323 — TOTALLONG-TERMINVESTMENTS 3,140 323 2,817 TOTALFINANCIALASSETS $ 25,054 $ 323 $ 24,731 Liabilities: Derivatives $ 298 $ — $ 298 Cryptoassetsafeguardingliability 604 — 604 TOTALFINANCIALLIABILITIES $ 902 $ — $ 902 Seenextpageforfootnotes. 90 •2022AnnualReport