0001065088FALSE2022Q212/31P2YP2Y00010650882022-01-012022-06-3000010650882022-08-01xbrli:shares00010650882022-06-30iso4217:USD00010650882021-12-31iso4217:USDxbrli:shares00010650882022-04-012022-06-3000010650882021-04-012021-06-3000010650882021-01-012021-06-300001065088us-gaap:CommonStockMember2022-03-310001065088us-gaap:CommonStockMember2021-03-310001065088us-gaap:CommonStockMember2021-12-310001065088us-gaap:CommonStockMember2020-12-310001065088us-gaap:CommonStockMember2022-04-012022-06-300001065088us-gaap:CommonStockMember2021-04-012021-06-300001065088us-gaap:CommonStockMember2022-01-012022-06-300001065088us-gaap:CommonStockMember2021-01-012021-06-300001065088us-gaap:CommonStockMember2022-06-300001065088us-gaap:CommonStockMember2021-06-300001065088us-gaap:AdditionalPaidInCapitalMember2022-03-310001065088us-gaap:AdditionalPaidInCapitalMember2021-03-310001065088us-gaap:AdditionalPaidInCapitalMember2021-12-310001065088us-gaap:AdditionalPaidInCapitalMember2020-12-310001065088us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001065088us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001065088us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001065088us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001065088us-gaap:AdditionalPaidInCapitalMember2022-06-300001065088us-gaap:AdditionalPaidInCapitalMember2021-06-300001065088us-gaap:TreasuryStockMember2022-03-310001065088us-gaap:TreasuryStockMember2021-03-310001065088us-gaap:TreasuryStockMember2021-12-310001065088us-gaap:TreasuryStockMember2020-12-310001065088us-gaap:TreasuryStockMember2022-04-012022-06-300001065088us-gaap:TreasuryStockMember2021-04-012021-06-300001065088us-gaap:TreasuryStockMember2022-01-012022-06-300001065088us-gaap:TreasuryStockMember2021-01-012021-06-300001065088us-gaap:TreasuryStockMember2022-06-300001065088us-gaap:TreasuryStockMember2021-06-300001065088us-gaap:RetainedEarningsMember2022-03-310001065088us-gaap:RetainedEarningsMember2021-03-310001065088us-gaap:RetainedEarningsMember2021-12-310001065088us-gaap:RetainedEarningsMember2020-12-310001065088us-gaap:RetainedEarningsMember2022-04-012022-06-300001065088us-gaap:RetainedEarningsMember2021-04-012021-06-300001065088us-gaap:RetainedEarningsMember2022-01-012022-06-300001065088us-gaap:RetainedEarningsMember2021-01-012021-06-300001065088us-gaap:RetainedEarningsMember2022-06-300001065088us-gaap:RetainedEarningsMember2021-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001065088us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000010650882021-06-300001065088ebay:AdevintaMember2022-01-012022-06-300001065088ebay:AdevintaMember2021-01-012021-06-300001065088ebay:GmarketMember2022-01-012022-06-300001065088ebay:GmarketMember2021-01-012021-06-300001065088ebay:KakaoBankMember2022-01-012022-06-300001065088ebay:KakaoBankMember2021-01-012021-06-300001065088ebay:AdyenMember2022-01-012022-06-300001065088ebay:AdyenMember2021-01-012021-06-3000010650882020-12-310001065088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-06-300001065088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-06-30xbrli:pure0001065088ebay:EBayKoreaLLCMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-11-140001065088ebay:GMarketMember2021-11-142021-11-140001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-06-242021-06-240001065088ebay:AdevintaMember2021-06-240001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-06-240001065088ebay:AdevintaMember2021-06-240001065088ebay:EBayKoreaLLCMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-11-142021-11-140001065088ebay:EBayKoreaLLCMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-10-012021-12-310001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-04-012022-06-300001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-04-012021-06-300001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-06-300001065088ebay:ClassifiedsBusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-06-300001065088us-gaap:DiscontinuedOperationsHeldforsaleMemberebay:EBayKoreaLLCMember2022-04-012022-06-300001065088us-gaap:DiscontinuedOperationsHeldforsaleMemberebay:EBayKoreaLLCMember2021-04-012021-06-300001065088us-gaap:DiscontinuedOperationsHeldforsaleMemberebay:EBayKoreaLLCMember2022-01-012022-06-300001065088us-gaap:DiscontinuedOperationsHeldforsaleMemberebay:EBayKoreaLLCMember2021-01-012021-06-300001065088ebay:StubHubMember2022-04-012022-06-300001065088ebay:StubHubMember2021-04-012021-06-300001065088ebay:StubHubMember2022-01-012022-06-300001065088ebay:StubHubMember2021-01-012021-06-300001065088ebay:ClassifiedsBusinessMember2022-04-012022-06-300001065088ebay:ClassifiedsBusinessMember2021-04-012021-06-300001065088ebay:ClassifiedsBusinessMember2022-01-012022-06-300001065088ebay:ClassifiedsBusinessMember2021-01-012021-06-300001065088ebay:EBayKoreaLLCMember2022-04-012022-06-300001065088ebay:EBayKoreaLLCMember2021-04-012021-06-300001065088ebay:EBayKoreaLLCMember2022-01-012022-06-300001065088ebay:EBayKoreaLLCMember2021-01-012021-06-300001065088ebay:ClassifiedsBusinessMembersrt:ConsolidationEliminationsMember2021-04-012021-06-300001065088ebay:ClassifiedsBusinessMembersrt:ConsolidationEliminationsMember2021-01-012021-06-300001065088us-gaap:CustomerListsMember2022-06-300001065088us-gaap:CustomerListsMember2022-01-012022-06-300001065088us-gaap:CustomerListsMember2021-12-310001065088us-gaap:CustomerListsMember2021-01-012021-12-310001065088us-gaap:MarketingRelatedIntangibleAssetsMember2022-06-300001065088us-gaap:MarketingRelatedIntangibleAssetsMember2022-01-012022-06-300001065088us-gaap:MarketingRelatedIntangibleAssetsMember2021-12-310001065088us-gaap:MarketingRelatedIntangibleAssetsMember2021-01-012021-12-310001065088us-gaap:DevelopedTechnologyRightsMember2022-06-300001065088us-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001065088us-gaap:DevelopedTechnologyRightsMember2021-12-310001065088us-gaap:DevelopedTechnologyRightsMember2021-01-012021-12-310001065088us-gaap:OtherIntangibleAssetsMember2022-06-300001065088us-gaap:OtherIntangibleAssetsMember2022-01-012022-06-300001065088us-gaap:OtherIntangibleAssetsMember2021-12-310001065088us-gaap:OtherIntangibleAssetsMember2021-01-012021-12-31ebay:segment0001065088us-gaap:OperatingSegmentsMemberebay:NetTransactionRevenuesMember2022-04-012022-06-300001065088us-gaap:OperatingSegmentsMemberebay:NetTransactionRevenuesMember2021-04-012021-06-300001065088us-gaap:OperatingSegmentsMemberebay:NetTransactionRevenuesMember2022-01-012022-06-300001065088us-gaap:OperatingSegmentsMemberebay:NetTransactionRevenuesMember2021-01-012021-06-300001065088ebay:MarketingServicesAndOtherRevenuesMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001065088ebay:MarketingServicesAndOtherRevenuesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001065088ebay:MarketingServicesAndOtherRevenuesMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001065088ebay:MarketingServicesAndOtherRevenuesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001065088us-gaap:OperatingSegmentsMember2022-04-012022-06-300001065088us-gaap:OperatingSegmentsMember2021-04-012021-06-300001065088us-gaap:OperatingSegmentsMember2022-01-012022-06-300001065088us-gaap:OperatingSegmentsMember2021-01-012021-06-300001065088country:US2022-04-012022-06-300001065088country:US2021-04-012021-06-300001065088country:US2022-01-012022-06-300001065088country:US2021-01-012021-06-300001065088country:GB2022-04-012022-06-300001065088country:GB2021-04-012021-06-300001065088country:GB2022-01-012022-06-300001065088country:GB2021-01-012021-06-300001065088country:DE2022-04-012022-06-300001065088country:DE2021-04-012021-06-300001065088country:DE2022-01-012022-06-300001065088country:DE2021-01-012021-06-300001065088ebay:RestofWorldMember2022-04-012022-06-300001065088ebay:RestofWorldMember2021-04-012021-06-300001065088ebay:RestofWorldMember2022-01-012022-06-300001065088ebay:RestofWorldMember2021-01-012021-06-300001065088ebay:RestrictedCashMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:ShortTermInvestmentsMember2022-06-300001065088ebay:RestrictedCashMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberebay:LongTermInvestmentMember2022-06-300001065088ebay:LongTermInvestmentMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberebay:LongTermInvestmentMember2021-12-310001065088ebay:LongTermInvestmentMember2021-12-310001065088ebay:AdevintaMember2022-06-300001065088ebay:AdevintaMember2021-12-310001065088ebay:AstinfluxFincoSaRlMemberebay:AdevintaMember2021-11-180001065088ebay:AstinfluxFincoSaRlMemberebay:AdevintaMember2021-11-182021-11-180001065088ebay:AdevintaMember2021-11-18ebay:pure0001065088srt:MaximumMemberebay:AdevintaMember2021-06-240001065088ebay:AdevintaMember2022-04-012022-06-300001065088ebay:AdevintaMember2021-04-012021-06-300001065088ebay:KakaoBankMember2022-04-012022-06-300001065088ebay:KakaoBankMember2022-06-300001065088ebay:KakaoBankMember2021-12-310001065088us-gaap:WarrantMember2022-06-30ebay:tranche0001065088ebay:AdyenMember2021-12-310001065088ebay:AdyenMember2022-01-012022-03-310001065088ebay:AdyenMember2022-04-012022-06-300001065088ebay:AdyenMember2022-06-300001065088ebay:AdyenMember2021-12-310001065088us-gaap:SubsequentEventMemberebay:AdyenMember2022-07-012022-08-040001065088ebay:GMarketMember2021-11-140001065088ebay:GMarketMemberebay:LongTermInvestmentMember2022-06-300001065088ebay:OtherEquityInvestmentsMember2022-06-3000010650882022-03-3100010650882021-03-310001065088ebay:StrategicInvestmentsMember2022-01-012022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMembersrt:MinimumMember2022-01-012022-06-300001065088srt:MaximumMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088srt:MaximumMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001065088us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001065088us-gaap:SeniorNotesMemberebay:SeniorUnsecuredNotesDue20262031And2051Member2021-05-310001065088ebay:ForwardStartingInterestRateSwapMember2021-05-310001065088ebay:FloatingToFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-06-300001065088us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-06-300001065088us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:WarrantMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:WarrantMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2021-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:OtherCurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:OtherCurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:InterestRateContractMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-06-300001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-06-300001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001065088us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberebay:RevenuesMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberebay:RevenuesMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberebay:RevenuesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberebay:RevenuesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088ebay:CostofNetRevenuesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001065088ebay:CostofNetRevenuesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001065088ebay:CostofNetRevenuesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088ebay:CostofNetRevenuesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088us-gaap:ForeignExchangeContractMember2022-04-012022-06-300001065088us-gaap:ForeignExchangeContractMember2021-04-012021-06-300001065088us-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088us-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-04-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-04-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:WarrantMember2022-04-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:WarrantMember2021-04-012021-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:WarrantMember2022-01-012022-06-300001065088ebay:InterestAndOtherNetMemberus-gaap:WarrantMember2021-01-012021-06-300001065088us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-06-300001065088us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMemberus-gaap:FairValueInputsLevel1Member2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:AdevintaMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2022-06-300001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2022-06-300001065088us-gaap:FairValueMeasurementsRecurringMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088ebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberebay:RestrictedCashMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentsWithReadilyDeterminableFairValueMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMemberus-gaap:FairValueInputsLevel1Member2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:AdevintaMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:AdevintaMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:EquityInvestmentUnderFairValueOptionMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:LongTermInvestmentMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2020-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2022-01-012022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2021-01-012021-12-310001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2022-06-300001065088us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberebay:MeasurementInputProbabilityOfVestingMembersrt:MinimumMember2022-06-300001065088us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberebay:MeasurementInputProbabilityOfVestingMember2022-06-300001065088us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberebay:MeasurementInputProbabilityOfVestingMember2022-06-300001065088us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberebay:MeasurementInputEquityVolatilityMember2022-06-300001065088us-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2021-12-310001065088us-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2020-12-310001065088us-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2022-01-012022-06-300001065088us-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2021-01-012021-12-310001065088us-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2022-06-300001065088ebay:GMarketMember2021-12-310001065088ebay:ValuationTechniqueGuidelinePublicCompanyMethodMemberus-gaap:InvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMembersrt:MinimumMember2022-06-300001065088ebay:ValuationTechniqueGuidelinePublicCompanyMethodMemberus-gaap:InvestmentsMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2022-06-300001065088us-gaap:InvestmentsMemberebay:ValuationTechniqueGuidelineMergedAndAcquiredCompanyMethodMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMembersrt:MinimumMember2022-06-300001065088us-gaap:InvestmentsMemberebay:ValuationTechniqueGuidelineMergedAndAcquiredCompanyMethodMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberebay:GMarketMember2022-06-300001065088ebay:SeniorNotesFloatingRateDue2023Memberus-gaap:SeniorNotesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-06-300001065088ebay:SeniorNotesFloatingRateDue2023Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:SeniorNotesFloatingRateDue2023Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:ThreePointEightHundredPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:ThreePointEightHundredPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:TwoPointSixPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:TwoPointSixPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:TwoPointSevenHundredFiftyPercentSeniorNotesDueOn2023Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:TwoPointSevenHundredFiftyPercentSeniorNotesDueOn2023Memberus-gaap:SeniorNotesMember2021-12-310001065088us-gaap:SeniorNotesMemberebay:ThreePointFourHundredFiftyPercentSeniorNotesDueOn2024Member2022-06-300001065088us-gaap:SeniorNotesMemberebay:ThreePointFourHundredFiftyPercentSeniorNotesDueOn2024Member2021-12-310001065088ebay:OnePointNineZeroPercentSeniorNotesDueOn2025Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:OnePointNineZeroPercentSeniorNotesDueOn2025Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:A1400FixedRateNotesDue2026Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:A1400FixedRateNotesDue2026Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:ThreePointSixHundredPercentSeniorNotesDueOn2027Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:ThreePointSixHundredPercentSeniorNotesDueOn2027Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:TwoPointSevenZeroPercentSeniorNotesDueOn2030Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:TwoPointSevenZeroPercentSeniorNotesDueOn2030Memberus-gaap:SeniorNotesMember2021-12-310001065088ebay:A2600FixedRateNotesDue2031Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:A2600FixedRateNotesDue2031Memberus-gaap:SeniorNotesMember2021-12-310001065088us-gaap:SeniorNotesMemberebay:FourPointZeroPercentSeniorNotesDueOn2042Member2022-06-300001065088us-gaap:SeniorNotesMemberebay:FourPointZeroPercentSeniorNotesDueOn2042Member2021-12-310001065088ebay:A3650FixedRateNotesDue2051Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:A3650FixedRateNotesDue2051Memberus-gaap:SeniorNotesMember2021-12-310001065088us-gaap:SeniorNotesMember2022-06-300001065088us-gaap:SeniorNotesMember2021-12-310001065088ebay:TwoPointSixPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:TwoPointSixPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-04-012022-06-300001065088ebay:ThreePointEightHundredPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-06-300001065088ebay:ThreePointEightHundredPercentSeniorNotesDueOn2022Memberus-gaap:SeniorNotesMember2022-04-012022-06-300001065088us-gaap:SeniorNotesMember2022-01-012022-06-300001065088us-gaap:ConvertibleDebtMemberebay:LIBORBasedFloatingRateDebtMember2020-06-300001065088us-gaap:SeniorNotesMember2022-04-012022-06-300001065088us-gaap:SeniorNotesMember2021-04-012021-06-300001065088us-gaap:SeniorNotesMember2021-01-012021-06-300001065088us-gaap:CommercialPaperMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001065088us-gaap:CommercialPaperMembersrt:MaximumMember2022-01-012022-06-300001065088us-gaap:CommercialPaperMember2022-06-300001065088us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-03-310001065088us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-03-012020-03-3100010650882020-03-310001065088us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2022-06-300001065088ebay:RestrictedCashMemberebay:LongTermInvestmentMember2021-12-310001065088ebay:GmarketMember2022-04-012022-06-300001065088ebay:GmarketMember2021-04-012021-06-300001065088ebay:KakaoBankMember2021-04-012021-06-300001065088ebay:AdyenMember2021-04-012021-06-3000010650882021-08-3100010650882022-02-2800010650882021-10-292021-10-290001065088ebay:AcceleratedShareRepurchasedAgreementMember2021-10-292021-10-290001065088ebay:AcceleratedShareRepurchasedAgreementMemberus-gaap:TreasuryStockMember2021-10-292021-10-2900010650882021-12-012021-12-310001065088ebay:AcceleratedShareRepurchasedAgreementMemberus-gaap:TreasuryStockMember2021-12-012021-12-310001065088ebay:AcceleratedShareRepurchasedAgreementMember2021-12-012021-12-3100010650882022-01-012022-01-310001065088ebay:AcceleratedShareRepurchasedAgreementMemberus-gaap:TreasuryStockMember2022-01-012022-06-300001065088us-gaap:SubsequentEventMember2022-08-012022-08-310001065088us-gaap:RestrictedStockUnitsRSUMember2021-12-310001065088us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001065088us-gaap:RestrictedStockUnitsRSUMember2022-06-300001065088us-gaap:CostOfSalesMember2022-04-012022-06-300001065088us-gaap:CostOfSalesMember2021-04-012021-06-300001065088us-gaap:CostOfSalesMember2022-01-012022-06-300001065088us-gaap:CostOfSalesMember2021-01-012021-06-300001065088us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001065088us-gaap:SellingAndMarketingExpenseMember2021-04-012021-06-300001065088us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-300001065088us-gaap:SellingAndMarketingExpenseMember2021-01-012021-06-300001065088us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001065088us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001065088us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001065088us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001065088us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001065088us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001065088us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001065088us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001065088us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001065088us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001065088us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001065088us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001065088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001065088us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001065088us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001065088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001065088us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001065088us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001065088us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001065088us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission file number 001-37713
 ebay-20220630_g1.jpg
eBay Inc.
(Exact name of registrant as specified in its charter)
Delaware77-0430924
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2025 Hamilton Avenue
San Jose,California95125
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(408) 376-7108
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange on which registered
Common stockEBAYThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No 
As of August 1, 2022, there were 549,367,835 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.




eBay Inc.
TABLE OF CONTENTS

Page
PART I: FINANCIAL INFORMATION
PART II: OTHER INFORMATION
2

Table of Contents
PART I: FINANCIAL INFORMATION

Item 1:    Financial Statements (unaudited)

Index
Page
3

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
 June 30,
2022
December 31,
2021
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$1,742 $1,379 
Short-term investments1,483 5,944 
Customer accounts and funds receivable 605 681 
Other current assets1,237 1,107 
Total current assets5,067 9,111 
Long-term investments2,146 2,575 
Property and equipment, net1,173 1,236 
Goodwill4,113 4,178 
Operating lease right-of-use assets541 289 
Deferred tax assets3,227 3,255 
Equity investment in Adevinta2,919 5,391 
Other assets467 591 
Total assets$19,653 $26,626 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,149 $1,355 
Accounts payable249 262 
Customer accounts and funds payable604 707 
Accrued expenses and other current liabilities1,735 1,927 
Income taxes payable235 371 
Total current liabilities3,972 4,622 
Operating lease liabilities448 200 
Deferred tax liabilities2,400 3,116 
Long-term debt6,579 7,727 
Other liabilities1,011 1,183 
Total liabilities14,410 16,848 
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 549 and 594 shares outstanding
Additional paid-in capital17,059 16,659 
Treasury stock at cost, 1,171 and 1,121 shares
(46,101)(43,371)
Retained earnings33,960 36,090 
Accumulated other comprehensive income323 398 
Total stockholders’ equity5,243 9,778 
Total liabilities and stockholders’ equity$19,653 $26,626 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,422 $2,668 $4,905 $5,306 
Cost of net revenues663 672 1,352 1,278 
Gross profit1,759 1,996 3,553 4,028 
Operating expenses:
Sales and marketing566 559 1,044 1,105 
Product development344 350 645 654 
General and administrative237 250 463 496 
Provision for transaction losses86 103 182 191 
Amortization of acquired intangible assets
Total operating expenses1,234 1,264 2,336 2,455 
Income from operations525 732 1,217 1,573 
Gain (loss) on equity investments and warrant, net(1,221)(273)(3,512)(309)
Interest and other, net(31)(58)(81)(139)
Income (loss) from continuing operations before income taxes(727)401 (2,376)1,125 
Income tax benefit (provision)191 (107)501 (263)
Income (loss) from continuing operations(536)294 (1,875)862 
Income (loss) from discontinued operations, net of income taxes10,440 10,513 
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Income (loss) per share - basic:  
Continuing operations$(0.96)$0.44 $(3.28)$1.27 
Discontinued operations0.01 15.48 0.01 15.52 
Net income (loss) per share - basic$(0.95)$15.92 $(3.27)$16.79 
Income (loss) per share - diluted:
Continuing operations$(0.96)$0.43 $(3.28)$1.25 
Discontinued operations0.01 15.25 0.01 15.27 
Net income (loss) per share - diluted$(0.95)$15.68 $(3.27)$16.52 
Weighted-average shares:  
Basic556 674 571 678 
Diluted556 685 571 689 

The accompanying notes are an integral part of these condensed consolidated financial statements.


5

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (In millions)
 (Unaudited)
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(85)10 (119)(107)
Unrealized gains (losses) on investments, net(17)(1)(68)(4)
Tax benefit (expense) on unrealized gains (losses) on investments, net15 
Unrealized gains (losses) on hedging activities, net105 (4)125 70 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net(24)(28)(16)
Other comprehensive income (loss), net of tax(19)(75)(56)
Comprehensive income (loss)$(550)$10,741 $(1,947)$11,319 

The accompanying notes are an integral part of these condensed consolidated financial statements.


6

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period$$$$
Common stock issued— — — — 
Common stock repurchased— — — — 
Balance, end of period
Additional paid-in-capital:
Balance, beginning of period16,904 16,546 16,659 16,497 
Common stock and stock-based awards issued54 57 55 58 
Tax withholdings related to net share settlements of restricted stock units and awards(37)(59)(98)(128)
Stock-based compensation137 140 248 256 
Forward contract for share repurchases— — 188 — 
Other(8)(7)
Balance, end of period17,059 16,676 17,059 16,676 
Treasury stock at cost:
Balance, beginning of period(44,809)(36,807)(43,371)(36,515)
Common stock repurchased(1,292)(1,501)(2,730)(1,793)
Balance, end of period(46,101)(38,308)(46,101)(38,308)
Retained earnings:
Balance, beginning of period34,615 23,476 36,090 22,961 
Net income (loss)(531)10,734 (1,872)11,375 
Dividends and dividend equivalents declared(124)(124)(258)(250)
Balance, end of period33,960 34,086 33,960 34,086 
Accumulated other comprehensive income:
Balance, beginning of period342 553 398 616 
Foreign currency translation adjustment(85)10 (119)(107)
Change in unrealized gains (losses) on investments(17)(1)(68)(4)
Change in unrealized gains (losses) on derivative instruments105 (4)125 70 
Tax benefit (provision) on above items(22)(13)(15)
Balance, end of period323 560 323 560 
Total stockholders’ equity$5,243 $13,016 $5,243 $13,016 
Dividends and dividend equivalents declared per share or restricted stock unit$0.22 $0.18 $0.44 $0.36 

The accompanying notes are an integral part of these condensed consolidated financial statements.


7

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Six Months Ended
June 30,
 20222021
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income (loss)$(1,872)$11,375 
Income (loss) from discontinued operations, net of income taxes(3)(10,513)
Adjustments:
Provision for transaction losses182 191 
Depreciation and amortization231 261 
Stock-based compensation248 238 
Loss (gain) on investments and other, net(44)
Deferred income taxes(695)106 
Change in fair value of warrant219 (72)
Change in fair value of equity investment in Adevinta2,472 422 
Change in fair value of equity investment in Gmarket259 — 
Unrealized change in fair value of equity investment in KakaoBank196 — 
Unrealized change in fair value of equity investment in Adyen118 — 
Realized change in fair value of shares sold in Adyen167 — 
Realized change in fair value of shares sold in KakaoBank75 — 
Loss (gain) on extinguishment of debt— 10 
Changes in assets and liabilities, net of acquisition effects(398)(17)
Net cash provided by continuing operating activities1,206 1,957 
Net cash provided by (used in) discontinued operating activities(365)152 
Net cash provided by operating activities841 2,109 
Cash flows from investing activities:  
Purchases of property and equipment(194)(182)
Purchases of investments(10,146)(9,676)
Maturities and sales of investments13,181 6,765 
Proceeds from the sale of shares in Adyen680 — 
Proceeds from the sale of shares in KakaoBank287 — 
Other(44)
Net cash provided by (used in) continuing investing activities3,764 (3,089)
Net cash provided by (used in) discontinued investing activities— 2,444 
Net cash provided by (used in) investing activities3,764 (645)
Cash flows from financing activities:  
Proceeds from issuance of common stock55 57 
Repurchases of common stock(2,542)(1,733)
Payments for taxes related to net share settlements of restricted stock units and awards(98)(128)
Payments for dividends(250)(243)
Proceeds from issuance of long-term debt, net— 2,482 
Repayment of debt(1,355)(1,156)
Net funds receivable and payable activity30 
Other— 
Net cash used in continuing financing activities(4,182)(685)
Net cash provided by (used in) discontinued financing activities— (62)
Net cash used in financing activities(4,182)(747)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(57)(5)
Net increase in cash, cash equivalents and restricted cash366 712 
Cash, cash equivalents and restricted cash at beginning of period1,406 1,594 
Cash, cash equivalents and restricted cash at end of period$1,772 $2,306 
Less: Cash, cash equivalents and restricted cash of discontinued operations— 162 
Cash, cash equivalents and restricted cash of continuing operations at end of period$1,772 $2,144 

8

Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Six Months Ended
June 30,
20222021
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest$134 $121 
Income taxes$282 $313 
Non-cash investing activities:
Equity investment in Adevinta$— $10,776 

The accompanying notes are an integral part of these condensed consolidated financial statements.


9

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — The Company and Summary of Significant Accounting Policies

The Company

eBay Inc. is a global commerce leader, which includes our Marketplace platforms. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Our technologies and services are designed to give buyers choice and a breadth of relevant inventory and to enable sellers worldwide to organize and offer their inventory for sale, virtually anytime and anywhere. 

When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the current Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket and warrant, the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying condensed financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIE’s. Equity investments in entities where we have not elected the fair value option and where we hold at least a 20% ownership interest or 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 investees’ results of operations is included in gain (loss) on equity investments and warrant, net and our equity investment balance is included in long-term investments. Equity investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment.

Upon the transfer of our Classifieds business to Adevinta ASA (“Adevinta”) on June 24, 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. As of June 30, 2022, our ownership in Adevinta was 33%. Subsequent changes in fair value are included in gain (loss) on equity investments and warrant, net.

Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC, a limited liability company incorporated under the laws of Korea and a wholly owned subsidiary of eBay KTA (“eBay Korea”) to E-mart Inc. and one of its wholly owned subsidiaries (together, “Emart”) on November 14, 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket Global LLC (“Gmarket”) formerly known as Apollo Korea, which is accounted for under the fair value option. Subsequent changes in fair value are included in gain (loss) on equity investments and warrant, net and our equity investment balance is included in long-term investments.

10

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

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, 2021. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 The Company and Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements Not Yet Adopted

In March 2022, the FASB issued new guidance to expand the scope of financial assets that can be included in a closed portfolio hedged using the portfolio layer method to allow consistent accounting for similar hedges. The expanded scope permits the application of the same portfolio hedging method to both prepayable and nonprepayable financial assets. The standard will be effective for annual reporting periods beginning after December 15, 2022, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In June 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

11

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 2 — Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Numerator:
Income (loss) from continuing operations$(536)$294 $(1,875)$862 
Income (loss) from discontinued operations, net of income taxes10,440 10,513 
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Denominator:
Weighted average shares of common stock - basic556 674 571 678 
Dilutive effect of equity incentive awards— 11 — 11 
Weighted average shares of common stock - diluted556 685 571 689 
Income (loss) per share - basic:
Continuing operations$(0.96)$0.44 $(3.28)$1.27 
Discontinued operations0.01 15.48 0.01 15.52 
Net income (loss) per share - basic$(0.95)$15.92 $(3.27)$16.79 
Income (loss) per share - diluted:
Continuing operations$(0.96)$0.43 $(3.28)$1.25 
Discontinued operations0.01 15.25 0.01 15.27 
Net income (loss) per share - diluted$(0.95)$15.68 $(3.27)$16.52 
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive16 16 


12

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3 — Discontinued Operations

Classifieds

On June 24, 2021, we completed the previously announced transfer of our Classifieds business to Adevinta for $2.5 billion in cash, subject to certain adjustments, and approximately 540 million shares in Adevinta which represented an equity interest of 44%. Together, the total consideration received under the definitive agreement was valued at approximately $13.3 billion, based on the closing trading price of Adevinta’s outstanding shares at the Oslo Stock Exchange on June 24, 2021. The transfer resulted in a pre-tax gain of $12.5 billion and related income tax expense of $2.1 billion, both within income from discontinued operations. The results of our Classifieds business have been presented as discontinued operations in our consolidated statement of income for all periods presented through June 24, 2021 as the transfer represented a strategic shift in our business that had a major effect on our operations and financial results.

In addition, upon closing we entered into a transition service agreement (“TSA”) with Adevinta to support the operations of Classifieds after the divestiture for fees of $29 million. This agreement terminated during the second quarter of 2022.

eBay Korea

On November 14, 2021, we completed the previously announced sale of 80.01% of the outstanding equity interests of eBay Korea to Emart, pursuant to the terms and conditions of the securities purchase agreement, in exchange for approximately $3.0 billion of gross cash proceeds as of the transaction close date, subject to certain adjustments. The sale resulted in a pre-tax gain of $3.2 billion inclusive of a $81 million currency translation adjustment and a $44 million gain on the net investment hedge settled in the fourth quarter of 2021, as well as income tax expense of $369 million. The results of our eBay Korea business have been presented as discontinued operations in our condensed consolidated statement of income for all periods presented through November 14, 2021 as the transfer represented a strategic shift in our business that had a major effect on our operations and financial results.

In addition, upon closing we entered into a transition service agreement with eBay Korea to support the operations of eBay Korea after the divestiture for immaterial fees. This agreement commenced with the close of the transaction and is currently expected to terminate during the fourth quarter of 2022.

Discontinued operations

The following table presents financial results from discontinued operations, net of income taxes in our condensed consolidated statement of income for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Classifieds income from discontinued operations, net of income taxes$$10,428 $$10,500 
eBay Korea income (loss) from discontinued operations, net of income taxes— (2)
StubHub income from discontinued operations, net of income taxes
— — 
Income (loss) from discontinued operations, net of income taxes$$10,440 $$10,513 
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.



13

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents cash flows for discontinued operations for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Classifieds net cash provided by (used in) discontinued operating activities
$— $41 $(1)$145 
eBay Korea net cash provided by (used in) discontinued operating activities
(349)17 (364)
Net cash provided by (used in) discontinued operating activities$(349)$58 $(365)$152 
Classifieds net cash provided by discontinued investing activities
$— $2,454 $— $2,453 
eBay Korea net cash used in discontinued investing activities
— (8)— (9)
Net cash provided by (used in) discontinued investing activities$— $2,446 $— $2,444 
eBay Korea net cash provided by (used in) discontinued financing activities
$— $$— $(62)
Net cash provided by (used in) discontinued financing activities$— $$— $(62)
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.

During the three and six months ended June 30, 2022, we paid income taxes of $348 million related to discontinued operating activities of eBay Korea.

Classifieds

The financial results of Classifieds were presented as income (loss) from discontinued operations, net of income taxes on our condensed consolidated statement of income through June 24, 2021, when the transfer of Classifieds was completed. The periods presented below include the impact of intercompany revenue agreements through June 24, 2021. The impact of these intercompany revenue agreements to net revenues and cost of net revenues was $3 million and $5 million for the three and six months ended June 30, 2021, respectively. The continuing revenue and cash flows are not considered to be material.

The following table presents the financial results of Classifieds for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Net revenues$— $289 $— $565 
Cost of net revenues— 33 — 63 
Gross profit— 256 — 502 
Operating expenses:
Sales and marketing— 96 — 183 
Product development— 62 — 105 
General and administrative(7)40 (7)67 
Provision for transaction losses— — — 
Total operating expenses(7)198 (7)357 
Income (loss) from operations of discontinued operations58 145 
Interest and other, net— (1)— — 
Pre-tax gain on sale— 12,524 — 12,524 
Income (loss) from discontinued operations before income taxes12,581 12,669 
Income tax provision(2)(2,153)(2)(2,169)
Income (loss) from discontinued operations, net of income taxes$$10,428 $$10,500 
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.


14

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
eBay Korea

The financial results of eBay Korea were presented as income (loss) from discontinued operations, net of income taxes on our condensed consolidated statement of income through November 14, 2021, when the sale of eBay Korea was completed. The following table presents the financial results of eBay Korea for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net revenues$— $398 $— $783 
Cost of net revenues— 229 — 446 
Gross profit— 169 — 337 
Operating expenses:
Sales and marketing— 141 — 282 
Product development— 15 — 29 
General and administrative— 21 
Total operating expenses— 165 332 
Income (loss) from operations of discontinued operations— (2)
Interest and other, net— — 
Income (loss) from discontinued operations before income taxes— (2)
Income tax benefit (provision)— (2)— (2)
Income (loss) from discontinued operations, net of income taxes$— $$(2)$

StubHub, PayPal and Enterprise

For the three and six months ended June 30, 2022 and 2021, the discontinued operations activity related to our former StubHub, PayPal and Enterprise businesses was immaterial.

15

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4 — Goodwill and Intangible Assets

Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2021
Goodwill
Acquired
 Adjustments June 30,
2022
Goodwill$4,178 $45 $(110)$4,113 

The adjustments to goodwill during the six months ended June 30, 2022 were primarily due to foreign currency translation. Goodwill acquired during the six months ended June 30, 2022 relates to the acquisition of KnownOrigin, a non-fungible token (NFT) marketplace, on June 22, 2022.

Intangible Assets

Intangible assets are reported within other assets in our condensed consolidated balance sheet. The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 June 30, 2022December 31, 2021
Gross Carrying Amount  
Accumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$189 $(189)$— 0$203 $(203)$— 0
Marketing related55 (52)257 (52)2
Developed technologies173 (173)— 0174 (174)— 0
All other159 (156)3159 (156)3
Total$576 $(570)$ $593 $(585)$

Amortization expense for intangible assets was $1 million and $2 million for the three months ended June 30, 2022 and 2021, respectively, and $2 million and $9 million for the six months ended June 30, 2022 and 2021, respectively.

The following table presents expected future intangible asset amortization as of the date indicated (in millions):
June 30, 2022
Remaining 2022$
2023
2024
2025
Total$




16

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 5 — Segments

We have one operating and reportable segment. Our reportable segment is Marketplace, which includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. Our management and our chief operating decision maker review financial information presented on a consolidated basis for purposes of allocating resources and evaluating performance and do not evaluate using asset information.

During the second quarter of 2021, we classified the results of our eBay Korea business which was part of our Marketplace segment as discontinued operations in our consolidated statement of income for the periods presented. See “Note 3 — Discontinued Operations” for additional information.

The accounting policies of our segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies.”

The following table summarizes net revenues by type for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net revenues by type:
Net transaction revenues$2,297 $2,496 $4,652 $4,972 
Marketing services and other revenues125 172 253 334 
Total net revenues$2,422 $2,668 $4,905 $5,306 

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
U.S.$1,199 $1,304 $2,425 $2,600 
United Kingdom410 498 828 1,001 
Germany259 337 532 681 
Rest of world554 529 1,120 1,024 
Total net revenues$2,422 $2,668 $4,905 $5,306 

Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to U.S. and international geographies primarily based upon the country in which the seller, platform that displays advertising, other service provider or customer, as the case may be, is located.


17

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 6 — Investments

The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
 June 30, 2022
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$26 $— $— $26 
Corporate debt securities1,196 — (1)1,195 
Government and agency securities40 — — 40 
$1,262 $— $(1)$1,261 
Long-term investments:
Restricted cash$$— $— $
Corporate debt securities807 — (40)767 
Government and agency securities798   —   (36) 762 
$1,609 $— $(76)$1,533 
 December 31, 2021
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$22 $— $— $22 
Corporate debt securities4,151 — 4,152 
Government and agency securities25 — — 25 
$4,198 $$— $4,199 
Long-term investments:
Corporate debt securities$954 $$(5)$950 
Government and agency securities779   —   (2) 777 
$1,733 $$(7)$1,727 

We consider cash to be restricted when withdrawal or general use is legally restricted. Restricted cash is held primarily in interest bearing accounts primarily related to our global sabbatical program. Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are due primarily to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.


18

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded through interest and other, net for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of June 30, 2022.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $3.1 billion and unrealized losses of $73 million as of June 30, 2022, and an estimated fair value of $3.1 billion and an immaterial amount of unrealized losses as of December 31, 2021. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $69 million and an immaterial amount of unrealized losses as of June 30, 2022, and there were no investment securities in a continuous loss position for greater than 12 months as of December 31, 2021. Refer to “Note 15 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):
 June 30, 2022
One year or less (including restricted cash of $26)
$1,261 
One year through two years (including restricted cash of $4)
560 
Two years through three years657 
Three years through four years242 
Four years through five years74 
$2,794 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30, 2022December 31, 2021
Equity investments with readily determinable fair valuesShort-term investments$222 $1,745 
Equity investment in AdevintaEquity investment in Adevinta2,919 5,391 
Equity investments under the fair value optionLong-term investments504 725 
Equity investments without readily determinable fair valuesLong-term investments76 85 
Equity investments under the equity method of accountingLong-term investments33 38 
Total equity investments$3,754 $7,984 

Equity investment in Adevinta

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Adevinta is accounted for under the fair value option.



19

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Upon completion of the transfer of our Classifieds business to Adevinta on June 24, 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. On November 18, 2021, we completed the sale of approximately 135 million of our voting shares in Adevinta to Permira, inclusive of the option exercised by Permira to purchase additional voting shares, for total cash consideration of approximately $2.3 billion which reduced our ownership in Adevinta to 33%. Following the close of the share sale in November 2021, our equity investment in Adevinta is reported in the long-term assets section on the condensed consolidated balance sheet to reflect our contractual requirement to retain at least 25% of the total number of issued and outstanding equity securities of Adevinta until October 14, 2023, subject to certain exceptions specified in the agreement.

At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in earnings. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta. Our non-voting shares are convertible to voting shares on a one-to-one basis, subject to a limitation of 33% voting interest. For the three months ended June 30, 2022 and 2021, unrealized losses of $829 million and $422 million, respectively, were recorded related to the change in fair value of the investment, and for the six months ended June 30, 2022 and 2021, unrealized losses of $2,472 million and $422 million, respectively, were recorded related to the change in fair value of the investment in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income. The fair value of the investment was $2,919 million and $5,391 million as of June 30, 2022 and December 31, 2021, respectively.

Equity investments with readily determinable fair values

Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. Subsequent changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income.

In August 2021, one of our equity investments, KakaoBank Corp. (“KakaoBank”), which previously did not have a readily determinable fair value, completed its initial public offering which resulted in this investment having a readily determinable fair value. The fair value of the equity investment is measured based on KakaoBank’s closing stock price and prevailing foreign exchange rate at each balance sheet date. For the three and six months ended June 30, 2022, unrealized losses of $105 million and $196 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment. During the three and six months ended June 30, 2022, we sold a portion of our shares in KakaoBank for $242 million and $287 million, respectively, and recorded realized losses on the change in fair value of shares sold of $67 million and $75 million, respectively, in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income. The fair value of the investment was $126 million and $684 million as of June 30, 2022 and December 31, 2021, respectively and is reported within short-term investments in our condensed consolidated balance sheet.

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that vests in a series of four tranches, at a specified price per share upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. In the fourth quarter of 2021, we met the processing volume milestone target to vest the first tranche of the warrant. Upon vesting of the first tranche, we exercised the option to purchase shares of Adyen valued at $1.1 billion in exchange for approximately $110 million in cash. The fair value of the equity investment is measured based on Adyen’s closing stock price and prevailing foreign exchange rate at each balance sheet date.



20

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
For the three and six months ended June 30, 2022, unrealized losses of $38 million and $118 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment. During the three and six months ended June 30, 2022, we sold a portion of our shares in Adyen for $129 million and $680 million, respectively, and recorded realized losses on the change in fair value of shares sold of $1 million and $167 million, respectively, in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income. As of June 30, 2022 and December 31, 2021, the fair value of the investment was $96 million and $1,061 million, respectively and is reported within short-term investments in our condensed consolidated balance sheet. Refer to “Note 7 — Derivative Instruments” for more information about the warrant.

Subsequent to June 30, 2022, we sold additional shares in Adyen for $84 million and recorded a realized gain on the change in fair value of shares sold of $17 million in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income.

Equity investments under the fair value option

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Gmarket and certain other immaterial equity investments are accounted for under the fair value option.

On November 14, 2021, we completed the previously announced sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. Upon completion of the sale, we retained 19.99% of the outstanding equity interest of the new entity, Gmarket, over whom we are able to exercise significant influence based on the terms of the securities purchase agreement, including through our board representation. Our equity investment in Gmarket was valued at $728 million as of the transaction close date. At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Our retained investment in Gmarket is subject to a two year right held by Emart to purchase the remaining interest at the close price of the sale.

For the three and six months ended June 30, 2022, unrealized losses of $77 million and $259 million, respectively, were recorded in gain (loss) on equity investments and warrant, net related to the change in fair value of the investment. As of June 30, 2022 and December 31, 2021, the fair value of the investment was $466 million and $725 million, respectively and is reported within long-term investments in our condensed consolidated balance sheet.

The investment is classified as Level 3 in the fair value hierarchy as the valuation reflects management’s estimate of assumptions that market participants would use in pricing the equity investment. Certain other immaterial equity investments aggregating to $38 million as of June 30, 2022 are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy. Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for more information.

Other equity method investments

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. For equity investments accounted for under the equity method, our consolidated results of operations include, as a component of gain (loss) on equity investments and warrant, net, our share of the net income or loss of the equity investments accounted for under the equity method of accounting.


21

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Equity investments without readily determinable fair values

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Carrying value, beginning of period$78 $528 $85 $539 
Additions— — 
Upward adjustments for observable price changes— 41 — 41 
Downward adjustments for observable price changes and impairment— — (7)— 
Foreign currency translation and other(2)(2)(10)
Carrying value, end of period$76 $571 $76 $571 

For the six months ended June 30, 2022, we recorded downward adjustments $7 million to the carrying value of a strategic investment in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income.

For such equity investments without readily determinable fair values still held at June 30, 2022, the cumulative upward adjustment for observable price changes was $41 million and cumulative downward adjustment for observable price changes and impairments was $298 million.

The following table summarizes unrealized gains and losses related to equity investments held at June 30, 2022 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
 Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net gains/(losses) recognized during the period on equity investments$(1,116)$(380)$(3,293)$(380)
Less: Net gains/(losses) recognized during the period on equity investments sold during the period(68)— (242)— 
Total unrealized gains/(losses) on equity investments held at June 30, 2022
$(1,048)$(380)$(3,051)$(380)



22

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7 — Derivative Instruments

Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use any of our derivative instruments for trading purposes.

We use foreign currency exchange contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets and liabilities, including intercompany balances denominated in foreign currencies. These contracts are generally one month to one year in duration but with maturities up to 24 months. The objective of the foreign exchange contracts is to ensure that ultimately the U.S. dollar-equivalent cash flows are not adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. We evaluate the effectiveness of our foreign exchange contracts designated as cash flow or net investment hedges on a quarterly basis.

In the second quarter of 2022, we began to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. The total notional amount of these forward-starting interest rate swaps was $150 million as of June 30, 2022 with terms calling for us to receive interest at a variable rate and to pay interest at a fixed rate. These interest rate swaps effectively fix the benchmark interest rate and have the economic effect of hedging the variability of forecasted interest payments for up to 10 years on an anticipated debt issuance by the second quarter of 2023, and they will be terminated upon issuance of the debt.

Additionally in 2020, we began to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps and recorded changes in the fair value of these interest rate swaps in AOCI until the anticipated debt issuance. In May 2021, we issued $2.5 billion of senior unsecured notes, which consisted of notes maturing in 2026, 2031 and 2051. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $45 million is amortized to interest expense over the terms of our notes due in May 2026 and May 2031.

Similar to other cash flow hedges, we record changes in the fair value of these interest rate swaps in accumulated other comprehensive income (loss) (“AOCI”) until the anticipated debt issuance. Upon debt issuance and termination of the derivative instruments, their fair value will be amortized over the term of the new debt to interest expense. We evaluate the effectiveness of interest rate swaps designated as cash flow hedges on a quarterly basis.

During 2020, we began to hedge the variability of the cash flows in interest payments associated with our floating-rate debt using interest rate swaps. These interest rate swap agreements effectively convert our floating-rate debt that is based on London Interbank Offered Rate (“LIBOR”) to a fixed-rate basis, reducing the impact of interest-rate changes on future interest expense. The total notional amount of these interest rate swaps was $400 million as of June 30, 2022 with terms calling for us to receive interest at a variable rate and to pay interest at a fixed rate. Our interest rate swap contracts have maturity dates in 2023. Similar to other cash flow hedges, we record changes in the fair value of these interest rate swaps in AOCI and their fair value is amortized over the term of the debt to interest expense.

Cash Flow Hedges

For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of June 30, 2022, we have estimated that approximately $122 million of net derivative gains related to our foreign exchange cash flow hedges and $11 million net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows.


23

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Non-Designated Hedges

Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets or liabilities, including intercompany balances and equity investments denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recorded in interest and other, net, which are offset by the foreign currency gains and losses on the related assets and liabilities that are also recorded in interest and other, net. We classify cash flows related to our non-designated hedging instruments in the same line item as the cash flows of the related assets or liabilities, which is generally within operating activities in our condensed consolidated statement of cash flows. Cash flows related to the settlement of non-designated hedging instruments related to equity investments are classified within investing activities in our condensed consolidated statement of cash flows.

Warrant

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that, subject to meeting certain conditions, entitles us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted issued and outstanding share capital at a specific date. The warrant has a term of seven years and vests in a series of four tranches, at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When or if a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. The maximum number of tranches that can vest in one calendar year is two.

In 2021, we met the processing volume milestone target to vest the first tranche of the warrant. Upon vesting of the first tranche, we exercised the option to purchase shares of Adyen valued at approximately $1.1 billion in exchange for approximately $110 million in cash. Our equity investment in Adyen is accounted for as an equity investment with a readily determinable fair value. Refer to “Note 6 — Investments” for more information about our equity investments.
 
The warrant is accounted for as a derivative under ASC Topic 815, Derivatives and Hedging. We report the warrant at fair value within warrant asset in our condensed consolidated balance sheets and changes in the fair value of the warrant are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recorded as a deferred credit, is reported within other liabilities in our condensed consolidated balance sheets and is amortized over the life of the commercial arrangement. See “Note 8 — Fair Value Measurements” for information about the fair value measurement of the warrant.


24

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Fair Value of Derivative Contracts

The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30,
2022
December 31,
2021
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$142 $63 
Foreign exchange contracts not designated as hedging instrumentsOther current assets55 22 
Interest rate contracts designated as cash flow hedgesOther current assets— 
WarrantOther assets225 444 
Foreign exchange contracts designated as cash flow hedgesOther assets25 24 
Total derivative assets$454 $553 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$36 $— 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities— 17 
Total derivative liabilities$36 $17 
Total fair value of derivative instruments$418 $536 

Under the master netting agreements with the respective counterparties to our derivative contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheet. As of June 30, 2022, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $33 million, resulting in net derivative assets of $188 million and net derivative liabilities of $2 million. As of June 30, 2022, there was no potential effect of rights of set-off associated with the interest rate contracts, as there were only asset positions of $7 million.

Effect of Derivative Contracts on Accumulated Other Comprehensive Income

The following tables present the activity of derivative instruments designated as cash flow hedges as of June 30, 2022 and December 31, 2021, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 
 December 31, 2021Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2022
Foreign exchange contracts designated as cash flow hedges$25 $140 $16 $149 
Interest rate contracts designated as cash flow hedges30 — (2)32 
Total
$55 $140 $14 $181 
 December 31, 2020Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2021
Foreign exchange contracts designated as cash flow hedges$(95)$(6)$(44)$(57)
Interest rate contracts designated as cash flow hedges10 22 — 32 
Total
$(85)$16 $(44)$(25)

25

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Effect of Derivative Contracts on Condensed Consolidated Statement of Income

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$$(18)$15 $(46)
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues— — 
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net25 — 40 (6)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$34 $(17)$55 $(50)

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net$(2)$$(1)$— 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$(104)$108 $(219)$72 

Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but 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 instruments. The notional amount is generally not exchanged, but is used only as the basis on which the value of foreign exchange payments under these contracts are determined. The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
June 30,
2022
December 31,
2021
Foreign exchange contracts designated as cash flow hedges$1,688 $2,066 
Foreign exchange contracts not designated as hedging instruments2,436 3,159 
Interest rate contracts designated as cash flow hedges550 400 
Total$4,674 $5,625 


26

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Credit Risk

Our derivatives expose us to credit risk to the extent that the 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. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. To further limit credit risk, we also enter into collateral security arrangements related to certain interest rate derivative instruments whereby collateral is posted between counterparties if the fair value of the derivative instrument exceeds certain thresholds. Additional collateral would be required in the event of a significant credit downgrade by either party. We are not required to pledge, nor are we entitled to receive, collateral related to our foreign exchange derivative transactions.



27

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 8 — Fair Value Measurement of Assets and Liabilities

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
June 30, 2022
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$1,742 $1,742 $— $— 
Short-term investments:
Restricted cash26 26 — — 
Corporate debt securities1,195 — 1,195 — 
Government and agency securities40 — 40 — 
Equity investments with readily determinable fair values222 222 — — 
Total short-term investments1,483 248 1,235 — 
Equity investment in Adevinta2,919 2,919 — — 
Derivatives454 — 229 225 
Long-term investments:
Restricted cash— — 
Corporate debt securities767 — 767 — 
Government and agency securities762 — 762 — 
Equity investment under the fair value option466 — — 466 
Total long-term investments1,999 1,529 466 
Total financial assets$8,597 $4,913 $2,993 $691 
Liabilities:
Derivatives$36 $— $36 $— 


28

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
December 31, 2021
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash and cash equivalents$1,379 $1,379 $— $— 
Short-term investments:
Restricted cash22 22 — — 
Corporate debt securities4,152 — 4,152 — 
Government and agency securities25 — 25 — 
Equity investments with readily determinable fair values1,745 1,745 — — 
Total short-term investments5,944 1,767 4,177 — 
Equity investment in Adevinta5,391 5,391 — — 
Derivatives553 — 109 444 
Long-term investments:
Corporate debt securities950 — 950 — 
Government and agency securities777 — 777 — 
Equity investment under the fair value option725 — — 725 
Total long-term investments2,452 — 1,727 725 
Total financial assets$15,719 $8,537 $6,013 $1,169 
Liabilities:
Derivatives$17 $— $17 $— 

Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels during the three months ended June 30, 2022.

Other financial instruments, including accounts receivable and accounts payable, are carried at cost, which approximates their fair value because of the short-term nature of these instruments.

Fair value measurement of derivative instruments

The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. Our warrant, which is accounted for as a derivative instrument, is valued using a Black-Scholes model. Key assumptions used in the valuation include risk-free interest rates; Adyen’s common stock price, equity volatility and common stock outstanding; exercise price; and details specific to the warrant. The value is also probability adjusted for management’s assumptions with respect to vesting of the remaining three tranches which are each subject to meeting processing volume milestone targets. These assumptions and the probability of meeting processing volume milestone targets may have a significant impact on the value of the warrant. Refer to “Note 7 — Derivative Instruments” for further details on our derivative instruments.


29

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2022
December 31,
2021
Opening balance at beginning of period$444 $1,051 
Exercise of options under warrant— (961)
Change in fair value(219)354 
Closing balance at end of period$225 $444 

The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of June 30, 2022 (in millions):
Fair value Valuation technique
Unobservable Input(1)
Range (weighted average)
Warrant$225 Black-Scholes and Monte CarloProbability of vesting
0.0% - 55.0% (49%)
Equity volatility
(46%)
(1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount.

Fair value measurement of equity investments

Certain of our equity investments are measured at fair value on a recurring basis, including our equity investment in Adevinta, equity investments with readily determinable fair values and equity investments under the fair value option.

Our equity investment in Adevinta is accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. Our equity investments with readily determinable fair values are also classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets.

Our equity investment in Gmarket was initially recognized on November 14, 2021 in connection with the sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. This equity investment is accounted for under the fair value option and its initial valuation of $728 million was based on the sale price of eBay Korea. Our investment in Gmarket is subject to a two year right held by Emart from the date of disposal to purchase the remaining interest at or near the close price of the sale.

The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
June 30,
2022
December 31,
2021 (1)
Opening balance at beginning of period$725 $— 
Recognition of equity investment— 728 
Change in fair value(259)(3)
Closing balance at end of period$466 $725 
(1) There were no indicators of a potential material change in fair value of the investment between the date of recognition and December 31, 2021. The fair value of the investment was $725 million as of December 31, 2021 due to foreign currency adjustments.


30

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
This investment is classified within Level 3 in the fair value hierarchy as valuation of the investment reflects management’s estimate of assumptions that market participants would use in pricing the asset. The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of June 30, 2022 that may have a significant impact on the overall valuation (in millions):
Fair value Valuation techniqueUnobservable InputRange
Equity investment in Gmarket$466 Market multiples
Revenue multiple — GPC method (1)
1.1x — 2.0x
Revenue multiple — GMAC method (1)
1.4x — 4.1x
(1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies.

Certain other immaterial equity investments under the fair value option aggregating to $38 million as of June 30, 2022 are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy.

Refer to “Note 6 — Investments” for further details about our equity investments.



31

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 9 — Debt

The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
CouponAs ofEffectiveAs ofEffective
 RateJune 30, 2022 Interest RateDecember 31, 2021 Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023
LIBOR plus 0.87%
$400 1.100 %$400 1.100 %
Fixed Rate Notes:
Senior notes due 2022— %— — %750 3.989 %
Senior notes due 2022— %— — %605 2.678 %
Senior notes due 20232.750 %750 2.866 %750 2.866 %
Senior notes due 20243.450 %750 3.531 %750 3.531 %
Senior notes due 20251.900 %800 1.803 %800 1.803 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689 %
Senior notes due 20302.700 %950 2.623 %950 2.623 %
Senior notes due 20312.600 %750 2.186 %750 2.186 %
Senior notes due 20424.000 %750 4.114 %750 4.114 %
Senior notes due 20513.650 %1,000 2.517 %1,000 2.517 %
Total senior notes7,750 9,105 
Hedge accounting fair value adjustments (1)
Unamortized premium/(discount) and debt issuance costs(28)(30)
Less: Current portion of long-term debt(1,149)(1,355)
Total long-term debt6,579 7,727 
Short-Term Debt
Current portion of long-term debt1,149 1,355 
Total short-term debt1,149 1,355 
Total Debt$7,728 $9,082 
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.

Senior Notes

During the second quarter of 2022, the company redeemed the $605 million aggregate principal amount of the 2.600% senior notes due 2022. Total cash consideration paid was $605 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.

During the first quarter of 2022, the company redeemed the $750 million aggregate principal amount of the 3.800% senior notes due March 2022. Total cash consideration paid was $750 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount.

None of the floating rate notes are redeemable prior to maturity. We may redeem some or all of the other fixed rate notes of each series at any time and from time to time prior to their maturity, generally at a make-whole redemption price, plus accrued and unpaid interest.



32

Table of Contents
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
If a change of control triggering event (as defined in the applicable senior notes) occurs with respect to the floating rate notes due 2023, the 2.750% fixed rate notes due 2023, the 1.900% fixed rate notes due 2025, the 1.400% fixed rate notes due 2026, the 3.600% fixed rate notes due 2027, the 2.700% fixed rate notes due 2030, the 2.600% fixed rate notes due 2031 or the 3.650% fixed rate notes due 2051, we must, subject to certain exceptions, offer to repurchase all of the notes of the applicable series at a price equal to 101% of the principal amount, plus accrued and unpaid interest.

The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default with customary grace periods in certain circumstances, including payment defaults and bankruptcy-related defaults.

To help achieve our interest rate risk management objectives, during the second quarter of 2020, we entered into interest rate swap agreements that effectively converted $400 million of our LIBOR-based floating-rate debt to a fixed-rate basis. These swaps were designated as cash flow hedges and have maturity dates in 2023. During the second quarter of 2022, we began to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. The total notional amount of these forward-starting interest rate swaps was $150 million as of June 30, 2022 and will be terminated upon issuance of the debt.

The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount and premium on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with these senior notes, including amortization of debt issuance costs, was approximately $55 million and $59 million during the three months ended June 30, 2022 and 2021, respectively, and $115 million and $125 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, the estimated fair value of these senior notes, using Level 2 inputs, was approximately $7.0 billion and $9.5 billion, respectively.

Commercial Paper

We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. As of June 30, 2022, there were no commercial paper notes outstanding.

Credit Agreement

In March 2020, we entered into a credit agreement that provides for an unsecured $2 billion five-year credit facility. We may also, subject to the agreement of the applicable lenders, increase commitments under the revolving credit facility by up to $1 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes.