PARTIV Note8—FundsReceivableandCustomerAccountsandInvestments PayPalHoldings,Inc. NotestoConsolidatedFinancialStatements—(Continued) As of December 31, 2022 and 2021, 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 was not deemed necessary in the current period, aggregated by the length of time thoseindividualsecuritieshavebeeninacontinuouslossposition,wasasfollows: (1) December31,2022 Lessthan12months 12 monthsorlonger Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized ANNU Value Losses Value Losses Value Losses (In millions) AL Fundsreceivableandcustomeraccounts: REPOR U.S. governmentandagencysecurities $ 3,730 $ (89) $ 4,246 $ (163) $ 7,976 $ (252) Foreigngovernmentandagencysecurities 410 (11) 997 (34) 1,407 (45) T Corporatedebtsecurities 9 (1) 1,545 (81) 1,554 (82) Asset-backedsecurities 773 (11) 508 (14) 1,281 (25) Municipalsecurities 264 (3) 50 — 314 (3) Commercialpaper 3,079 (14) — — 3,079 (14) Short-terminvestments: U.S. governmentandagencysecurities 345 — 73 (3) 418 (3) Foreigngovernmentandagencysecurities 61 — 362 (11) 423 (11) Corporatedebtsecurities 97 (2) 465 (12) 562 (14) Asset-backedsecurities 175 (2) 217 (7) 392 (9) Commercialpaper 224 — — — 224 — Long-terminvestments: U.S. governmentandagencysecurities — — 457 (36) 457 (36) Foreigngovernmentandagencysecurities 31 (2) 333 (20) 364 (22) Corporatedebtsecurities 85 (6) 834 (52) 919 (58) Asset-backedsecurities 872 (9) 195 (9) 1,067 (18) TOTALAVAILABLE-FOR-SALEDEBTSECURITIES $ 10,155 $ (150) $ 10,282 $ (442) $ 20,437 $ (592) (1) “—”Denotesgrossunrealizedlossorfairvalueoflessthan$1millioninagivenposition. •2022AnnualReport 87