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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 1,490 $ 1,037
Adjustments:    
Transaction and loan losses 659 639
Depreciation and amortization 458 365
Stock-based compensation 470 410
Deferred income taxes 35 89
Cost basis adjustments to loans and interest receivable held for sale 0 244
Unrealized gains on strategic investments (398) (31)
Other (92) (10)
Changes in assets and liabilities:    
Accounts receivable (66) 1
Changes in loans and interest receivable held for sale, net 4 (2,268)
Accounts payable (49) (17)
Income taxes payable (7) (14)
Other assets and liabilities (303) (766)
Net cash provided by (used in) operating activities 2,201 (321)
Cash flows from investing activities:    
Purchases of property and equipment (357) (376)
Changes in principal loans receivable, net (732) 1,000
Purchases of investments (13,191) (10,616)
Maturities and sales of investments 10,537 9,669
Acquisitions, net of cash and restricted cash acquired 0 (16)
Funds receivable (2,214) 902
Net cash (used in) provided by investing activities (5,957) 563
Cash flows from financing activities:    
Proceeds from issuance of common stock 74 78
Purchases of treasury stock (756) (2,325)
Tax withholdings related to net share settlements of equity awards (449) (372)
Borrowings under financing arrangements 500 2,075
Repayments under financing arrangements 0 (1,076)
Funds payable and amounts due to customers 3,129 1,078
Net cash provided by (used in) financing activities 2,498 (542)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1) (63)
Net change in cash, cash equivalents, and restricted cash (1,259) (363)
Cash, cash equivalents, and restricted cash at beginning of period 13,233 8,285
Cash, cash equivalents, and restricted cash at end of period 11,974 7,922
Supplemental cash flow disclosures:    
Cash paid for interest 45 26
Cash paid for income taxes, net 176 180
The below table reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheet to the total of the same amounts shown in the condensed consolidated statement of cash flows:    
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 13,233 $ 8,285