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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 1,165 $ 59 $ 4,865
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 421 458 469
Provision for expected credit losses and chargebacks 109 319 138
Deferred income tax (benefit) expense (445) 213 122
Net losses (gains) on equity securities [1] 569 (1,813) (745)
Stock-based compensation expense and other stock-based payments 376 255 325
Operating lease amortization 178 184 172
Amortization of debt discount and debt issuance costs 54 64 58
Unrealized foreign currency transaction (gains) losses related to Euro-denominated debt (135) 200 (7)
Impairment of goodwill 0 1,062 0
Impairment of investment [1] 0 100 0
Loss on early extinguishment of debt [2] 242 0 0
Other 17 4 9
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable (1,002) 891 (323)
Prepaid expenses and other current assets 6 161 (263)
Deferred merchant bookings and other current liabilities 1,539 (2,266) 480
Long-term assets and liabilities (274) 194 (435)
Net cash provided by operating activities 2,820 85 4,865
INVESTING ACTIVITIES:      
Purchase of investments (17) (74) (672)
Proceeds from sale and maturity of investments 508 2,997 8,099
Additions to property and equipment (304) (286) (368)
Acquisitions and other investments, net of cash acquired (1,185) 0 (9)
Net cash (used in) provided by investing activities (998) 2,637 7,050
FINANCING ACTIVITIES:      
Proceeds from revolving credit facility and short-term borrowings 0 0 400
Repayments of revolving credit facility and short-term borrowings 0 0 (425)
Proceeds from the issuance of long-term debt 2,015 4,108 0
Payments for redemption and conversion of debt (3,068) (1,244) 0
Payments for repurchase of common stock (163) (1,303) (8,187)
Other financing activities (23) (33) (8)
Net cash (used in) provided by financing activities (1,239) 1,528 (8,220)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (13) 0 (8)
Net increase in cash and cash equivalents and restricted cash and cash equivalents 570 4,250 3,687
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 10,582 6,332 2,645
Total cash and cash equivalents and restricted cash and cash equivalents, end of period 11,152 10,582 6,332
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for income taxes (see Note 15) 735 319 1,074
Cash paid during the period for interest $ 318 $ 278 $ 221
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
[2] See Note 12 for additional information related to the loss on early extinguishment of debt.