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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Millions
3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Cash flows from operating activities:    
Net income $ 641 $ 3,412
(Income) loss from discontinued operations, net of income taxes (72) (2,981)
Adjustments:    
Provision for transaction losses 88 96
Depreciation and amortization 140 141
Stock-based compensation 106 92
(Gain) loss on investments, net (1) (38)
Deferred income taxes 95 49
Change in fair value of warrant 36 (12)
(Gain) loss on extinguishment of debt 10 0
Changes in assets and liabilities, net of acquisition effects (105) (145)
Net cash provided by continuing operating activities 938 614
Net cash provided by (used in) discontinued operating activities 104 (22)
Net cash provided by operating activities 1,042 592
Cash flows from investing activities:    
Purchases of property and equipment (83) (97)
Purchases of investments (3,424) (10,705)
Maturities and sales of investments 3,772 9,195
Other 1 39
Net cash provided by (used in) continuing investing activities 266 (1,568)
Net cash provided by (used in) discontinued investing activities (1) 4,074
Net cash provided by investing activities 265 2,506
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 5
Repurchases of common stock (304) (3,997)
Payments for taxes related to net share settlements of restricted stock units and awards (20) (40)
Payments for dividends (122) (114)
Proceeds from issuance of long-term debt, net 0 994
Repayment of debt (1,156) 0
Net borrowings under commercial paper program 400 0
Net funds receivable and payable activity 32 0
Other 1 (7)
Net cash used in continuing financing activities (1,169) (3,159)
Net cash used in discontinued financing activities 0 (2)
Net cash used in financing activities (1,169) (3,161)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (11) (34)
Net increase (decrease) in cash, cash equivalents and restricted cash 127 (97)
Cash, cash equivalents and restricted cash at beginning of period 1,594 996
Cash, cash equivalents and restricted cash at end of period 1,721 899
Cash, cash equivalents and restricted cash of continuing operations at end of period 1,690 883
Supplemental cash flow disclosures:    
Cash paid for interest 104 90
Cash paid for interest on financial lease obligations 0 3
Cash paid for income taxes 93 42
Discontinued Operations, Held-for-sale    
Cash flows from financing activities:    
Less: Cash, cash equivalents and restricted cash of discontinued operations $ 31 $ 16