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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 84 $ 667
Adjustments:    
Transaction and credit losses 591 341
Depreciation and amortization 293 230
Stock-based compensation 283 247
Deferred income taxes (79) 74
Unrealized losses (gains) on strategic investments 151 (180)
Other (32) (44)
Changes in assets and liabilities:    
Accounts receivable 77 (96)
Changes in loans and interest receivable held for sale, net 0 4
Accounts payable (21) (3)
Income taxes payable 51 14
Other assets and liabilities 106 (227)
Net cash provided by operating activities 1,504 1,027
Cash flows from investing activities:    
Purchases of property and equipment (206) (218)
Proceeds from sales of property and equipment 119 0
Changes in principal loans receivable, net (386) (357)
Purchases of investments (3,593) (8,138)
Maturities and sales of investments 5,511 6,028
Acquisitions, net of cash and restricted cash acquired (3,612) 0
Funds receivable (401) (2,175)
Net cash used in investing activities (2,568) (4,860)
Cash flows from financing activities:    
Proceeds from issuance of common stock 1 7
Purchases of treasury stock (800) (756)
Tax withholdings related to net share settlements of equity awards (402) (309)
Borrowings under financing arrangements 3,000 0
Funds payable and amounts due to customers 457 2,560
Other financing activities (15) 0
Net cash provided by financing activities 2,241 1,502
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (178) 1
Net change in cash, cash equivalents, and restricted cash 999 (2,330)
Cash, cash equivalents, and restricted cash at beginning of period 15,743 13,233
Cash, cash equivalents, and restricted cash at end of period 16,742 10,903
Supplemental cash flow disclosures:    
Cash paid for interest 11 20
Cash paid for income taxes, net 30 22
The below table reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:    
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 16,742 $ 10,903