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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Financial results of discontinued operations
Discontinued operations

The following table presents financial results from discontinued operations, net of income taxes in our consolidated statement of income for the periods indicated (in millions):
 Year ended December 31,
 
2021 (1)(2)
2020 (3)
2019
eBay Korea income (loss) from discontinued operations, net of income taxes$2,870 $55 $83 
Classifieds income (loss) from discontinued operations, net of income taxes10,485 197 217 
StubHub income (loss) from discontinued operations, net of income taxes
1 2,930 59 
PayPal and Enterprise income (loss) from discontinued operations, net of income taxes— (2)(6)
Income (loss) from discontinued operations, net of income taxes$13,356 $3,180 $353 
(1) Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale.
(2)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale.
(3)Includes StubHub financial results from January 1, 2020 to February 13, 2020 and the related gain on sale.
The following table presents cash flows for discontinued operations for the periods indicated (in millions):
 Year ended December 31,
 
2021 (1)(2)
2020 (3)
2019
eBay Korea net cash provided by (used in) discontinued operating activities
$(25)$142 $167 
Classifieds net cash provided by (used in) discontinued operating activities
(411)328 378 
StubHub net cash provided by (used in) discontinued operating activities— (1,055)153 
Net cash provided by (used in) discontinued operating activities$(436)$(585)$698 
eBay Korea net cash provided by (used in) discontinued investing activities
$2,611 $(40)$22 
Classifieds net cash provided by (used in) discontinued investing activities
2,469 (54)(114)
StubHub net cash provided by (used in) discontinued investing activities— 4,067 (21)
Net cash provided by (used in) discontinued investing activities $5,080 $3,973 $(113)
eBay Korea net cash provided by (used in) discontinued financing activities
$25 $(10)$(6)
Classifieds net cash provided by (used in) discontinued financing activities
— (2)2 
Net cash provided by (used in) discontinued financing activities25 (12)$(4)
(1)Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale.
(2)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale.
(3)Includes StubHub financial results from January 1, 2020 to February 13, 2020 and the related gain on sale.

eBay Korea

The financial results of eBay Korea are presented as income from discontinued operations, net of income taxes on our consolidated statement of income through November 14, 2021, when the sale of 80.01% of the outstanding equity interests of eBay Korea was completed. The following table presents the financial results of eBay Korea (in millions):
 Year ended December 31,
 
2021 (1)
20202019
Net revenues$1,409 $1,377 $1,207 
Cost of net revenues815 676 551 
Gross profit594 701 656 
Operating expenses:
Sales and marketing529 548 502 
Product development64 59 46 
General and administrative38 18 17 
Provision for transaction losses— 1 — 
Total operating expenses631 626 565 
Income (loss) from operations of discontinued operations(37)75 91 
Interest and other, net2 — 6 
Pre-tax gain on sale3,240 — — 
Income (loss) from discontinued operations before income taxes3,205 75 97 
Income tax benefit (provision)(335)(20)(14)
Income (loss) from discontinued operations, net of income taxes$2,870 $55 $83 
(1)Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale.
The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for eBay Korea in the consolidated balance sheet as of the date indicated (in millions):
 December 31,
2020
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents$327 
Short-term investments6 
Accounts receivable, net50 
Customer accounts and funds receivable649 
Other current assets45 
Property and equipment, net66 
Goodwill390 
Operating lease right-of-use assets79 
Other assets14 
Total assets classified as discontinued operations in the consolidated balance sheet$1,626 
Carrying amounts of liabilities included as part of discontinued operations:
Short-term debt$12 
Accounts payable54 
Customer accounts and funds payable673 
Accrued expenses and other current liabilities91 
Deferred revenue12 
Income taxes payable13 
Operating lease liabilities64 
Deferred tax liabilities(9)
Long-term debt5 
Other liabilities3 
Total liabilities classified as discontinued operations in the consolidated balance sheet
$918 

Classifieds

The financial results of Classifieds are presented as income from discontinued operations, net of income taxes on our consolidated statement of income through June 24, 2021, when the transfer of Classifieds was completed. Each period presented below includes 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 $5 million for the period from January 1, 2021 through June 24, 2021, and $14 million and $20 million for the years ended December 31, 2020 and 2019, respectively. The continuing revenue and cash flows are not considered to be material.
The following table presents the financial results of Classifieds (in millions):
 Year ended December 31,
 
2021 (1)
20202019
Net revenues$565 $980 $1,043 
Cost of net revenues63 103 82 
Gross profit502 877 961 
Operating expenses:
Sales and marketing183 286 335 
Product development105 161 150 
General and administrative76 124 59 
Provision for transaction losses2 17 15 
Amortization of acquired intangible assets— 6 11 
Total operating expenses366 594 570 
Income from operations of discontinued operations136 283 391 
Interest and other, net— — (2)
Pre-tax gain on sale12,534 — — 
Income from discontinued operations before income taxes12,670 283 389 
Income tax provision(2,185)(86)(172)
Income from discontinued operations, net of income taxes$10,485 $197 $217 
(1)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale.

The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for Classifieds in the consolidated balance sheet as of the date indicated (in millions):
 December 31, 2020
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents$23 
Accounts receivable, net117 
Other current assets30 
Long-term investments32 
Property and equipment, net31 
Goodwill465 
Intangible assets, net35 
Operating lease right-of-use assets20 
Deferred tax assets435 
Total assets classified as discontinued operations in the consolidated balance sheet$1,188 
Carrying amounts of liabilities included as part discontinued operations:
Accounts payable$18 
Accrued expenses and other current liabilities104 
Deferred revenue4 
Income taxes payable35 
Operating lease liabilities11 
Deferred tax liabilities278 
Other liabilities2 
Total liabilities classified as discontinued operations in the consolidated balance sheet
$452 
StubHub

The financial results of StubHub are presented as income from discontinued operations, net of income taxes on our consolidated statement of income. The following table presents the financial results of StubHub (in millions):
 Year ended December 31,
 2021
2020 (1)
2019
Net revenues$— $100 $1,121 
Cost of net revenues— 31 290 
Gross profit— 69 831 
Operating expenses:
Sales and marketing— 51 491 
Product development— 26 114 
General and administrative1 30 125 
Provision for transaction losses— 3 23 
Amortization of acquired intangible assets— 1 9 
Total operating expenses1 111 762 
Income (loss) from operations of discontinued operations(1)(42)69 
Pre-tax gain on sale12 3,868 — 
Income from discontinued operations before income taxes11 3,826 69 
Income tax provision(10)(896)(10)
Income from discontinued operations, net of income taxes$1 $2,930 $59 
(1)Includes StubHub financial results from January 1, 2020 to February 13, 2020, and includes the gain on sale recorded for the StubHub transaction.