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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 1,556 $ 157
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 241 218
Provision for expected credit losses and chargebacks 135 113
Deferred income tax benefit (389) (165)
Net losses on equity securities [1] 167 806
Stock-based compensation expense and other stock-based payments 241 201
Operating lease amortization 80 81
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt 34 (68)
Other 0 40
Changes in assets and liabilities:    
Accounts receivable (672) (1,116)
Prepaid expenses and other current assets (90) (181)
Deferred merchant bookings and other current liabilities 3,129 4,861
Long-term assets and liabilities 194 (568)
Net cash provided by operating activities 4,626 4,379
INVESTING ACTIVITIES:    
Purchase of investments (12) (12)
Proceeds from sale and maturity of investments 1,737 0
Additions to property and equipment (180) (195)
Other investing activities 2 (36)
Net cash provided by (used in) investing activities 1,547 (243)
FINANCING ACTIVITIES:    
Proceeds from the issuance of long-term debt 1,893 0
Payment on maturity of debt (500) (1,102)
Payments for repurchase of common stock (5,249) (2,288)
Proceeds from exercise of stock options 109 5
Other financing activities (40) 8
Net cash used in financing activities (3,787) (3,377)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (7) (44)
Net increase in cash and cash equivalents and restricted cash and cash equivalents 2,379 715
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 12,251 11,152
Total cash and cash equivalents and restricted cash and cash equivalents, end of period 14,630 11,867
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for income taxes 1,324 337
Cash paid during the period for interest $ 356 $ 145
[1] Includes losses of $149 million related to the sale of Meituan during the six months ended June 30, 2023. See Note 5 for additional information related to net (losses) gains on equity securities and Note 6 for additional information related to impairments of an investment in equity securities.