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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net income (loss) $ (2,137) $ 87
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation of property and equipment, including internal-use software and website development 376 352
Amortization of intangible assets 85 104
Impairment of goodwill and intangible assets 916 0
Amortization of stock-based compensation 109 115
Deferred income taxes (279) (15)
Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net 65 (13)
Realized gain on foreign currency forwards (79) (16)
(Gain) loss on minority equity investments, net 195 (12)
Provision for credit losses and other, net 119 (13)
Changes in operating assets and liabilities:    
Accounts receivable 1,479 (742)
Prepaid expenses and other assets (585) (7)
Accounts payable, merchant (1,389) 271
Accounts payable, other, accrued expenses and other liabilities (244) 436
Tax payable/receivable, net (82) (143)
Deferred merchant bookings (1,058) 2,726
Deferred revenue (121) 157
Net cash provided by (used in) operating activities (2,630) 3,287
Investing activities:    
Capital expenditures, including internal-use software and website development (493) (573)
Purchases of investments (685) (636)
Sales and maturities of investments 761 27
Other, net 76 16
Net cash provided by (used in) investing activities (341) (1,166)
Financing activities:    
Revolving credit facility borrowings 1,900 0
Proceeds from issuance of long-term debt, net of issuance costs 2,714 0
Net proceeds from issuance of preferred stock and warrants 1,132 0
Purchases of treasury stock (414) (29)
Payment of dividends to common stockholders (48) (95)
Payment of preferred stock dividends (17) 0
Proceeds from exercise of equity awards and employee stock purchase plan 96 156
Other, net (30) 2
Net cash provided by financing activities 5,333 34
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (93) 20
Net increase in cash, cash equivalents and restricted cash and cash equivalents 2,269 2,175
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 4,097 2,705
Cash, cash equivalents and restricted cash and cash equivalents at end of period 6,366 4,880
Supplemental cash flow information    
Cash paid for interest 118 87
Income tax payments, net $ 63 $ 157