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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 4,067 $ 1,823
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 370 327
Provision for expected credit losses and chargebacks 224 179
Deferred income tax benefit (409) (246)
Net losses on equity securities [1] 151 1,142
Stock-based compensation expense and other stock-based payments 369 302
Operating lease amortization 120 117
Unrealized foreign currency transaction gains related to Euro-denominated debt (2) (70)
Other 3 40
Changes in assets and liabilities:    
Accounts receivable (1,506) (1,358)
Prepaid expenses and other current assets 96 (424)
Deferred merchant bookings and other current liabilities 2,644 3,591
Long-term assets and liabilities (129) (1,042)
Net cash provided by operating activities 5,998 4,381 Close
INVESTING ACTIVITIES:    
Purchase of investments (12) (751)
Proceeds from sale and maturity of investments 1,785 30
Additions to property and equipment (251) (293)
Other investing activities 3 (14)
Net cash provided by (used in) investing activities 1,525 (1,028) Close
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 (7,889) (4,278)
Proceeds from exercise of stock options 122 7
Other financing activities (45) (3)
Net cash used in financing activities (6,419) (5,376) Close
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (29) (83) Close
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 1,075 (2,106) Close
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 13,326 9,046
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for income taxes 1,573 501
Cash paid during the period for interest $ 557 $ 240
[1] Includes loss of $149 million related to the sale of Meituan during the nine months ended September 30, 2023. See Note 5 for additional information related to net gains (losses) on equity securities and Note 6 for additional information related to impairments of an investment in equity securities.