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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 1,224 $ 688 $ 343
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment, including internal-use software and website development 781 748 704
Amortization of stock-based compensation 458 413 374
Amortization of intangible assets 57 59 88
Impairment of goodwill and intangible assets 147 426 81
Deferred income taxes 74 62 70
Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net 95 (16) 128
Realized (gain) loss on foreign currency forwards, net 40 0 78
(Gain) loss on minority equity investments, net (289) (16) 345
(Gain) loss on debt extinguishment, net 0 0 (49)
Other 79 55 17
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:      
Accounts receivable (467) (741) (838)
Prepaid expenses and other assets 67 98 55
Accounts payable, merchant (10) 332 375
Accounts payable, other, accrued expenses and other liabilities (11) 101 194
Tax payable/receivable, net 46 (91) 11
Deferred merchant bookings 794 572 1,464
Net cash provided by operating activities 3,085 2,690 3,440
Investing activities:      
Capital expenditures, including internal-use software and website development (756) (846) (662)
Purchases of investments (549) (28) (60)
Sales and maturities of investments 78 49 205
Proceeds from initial exchange of cross-currency interest rate swaps 0 0 337
Payments for initial exchange of cross-currency interest rate swaps 0 0 (337)
Other, net (35) 25 (63)
Net cash used in investing activities (1,262) (800) (580)
Financing activities:      
Payment of long-term debt 0 0 (2,141)
Debt extinguishment costs 0 0 (22)
Purchases of treasury stock (1,839) (2,137) (607)
Proceeds from exercise of equity awards and employee stock purchase plan 116 101 131
Other, net (22) (60) 15
Net cash used in financing activities (1,745) (2,096) (2,624)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (165) 16 (190)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (87) (190) 46
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 5,661 5,851 5,805
Cash, cash equivalents and restricted cash and cash equivalents at end of year 5,574 5,661 5,851
Supplemental cash flow information      
Cash paid for interest 231 231 291
Income tax payments, net $ 184 $ 281 $ 102