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STOCK REPURCHASE ACTIVITY
−Removed: In April 2017, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $5 billion of our common stock, with no expiration from the date of authorization.
−Removed: In July 2018, our Board of Directors authorized an additional stock repurchase program that provides for the repurchase of up to $10 billion of our common stock, with no expiration from the date of authorization.
−Removed: This program will become effective upon completion of the April 2017 stock repurchase program.
−Removed: Our stock repurchase programs are intended to offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, may also be used to make opportunistic repurchases of our common stock to reduce outstanding share count.
−Removed: Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions including accelerated share repurchase agreements or other means at times and in such amounts as management deems appropriate, and will be funded from our working capital or other financing alternatives.
+Added: In July 2018, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $10 billion of our common stock, with no expiration from the date of authorization.
+Added: Our stock repurchase program is intended to offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, may also be used to make opportunistic repurchases of our common stock to reduce outstanding share count.
+Added: Any share repurchases under our stock repurchase program may be made through open market transactions, block trades, privately negotiated transactions including accelerated share repurchase agreements or other means at times and in such amounts as management deems appropriate, and will be funded from our working capital or other financing alternatives.
Moreover, any stock repurchases are subject to market conditions and other uncertainties and we cannot predict if or when any stock repurchases will be made.
−Removed: We may terminate our stock repurchase programs at any time without prior notice.
−Removed: The stock repurchase activity under our stock repurchase programs during the three months ended December 31, 2019 is summarized as follows:
−Removed: Total number of shares purchased
−Removed: Average price
+Added: We may terminate our stock repurchase program at any time without prior notice.
+Added: The stock repurchase activity under our stock repurchase program during the three months ended December 31, 2020 is summarized as follows:
+Added: Total number of shares purchased Average price
paid per share (1)
−Removed: Total number of shares purchased as part of publicly announced plans or programs
−Removed: Approximate dollar value of shares that may yet be purchased under the plans or programs
+Added: Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
(In millions, except per share amounts)
+Added: Balance as of September 30, 2020 $ 8,698
October 1, 2020 through October 31, 2020 0.6 $ 198.39 0.6 8,586
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December 1, 2020 through December 31, 2020 0.2 $ 224.55 0.2 8,433
+Added: Balance as of December 31, 2020 1.3 1.3 $ 8,433
(1) Average price paid per share for open market purchases includes broker commissions.
−Removed: No activity has occurred to date under the July 2018 stock repurchase program.
SELECTED FINANCIAL DATA
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PayPal derived the selected consolidated income statement data for the years ended December 31, 2020, 2019, and 2018 and the selected consolidated balance sheet data as of December 31, 2020 and 2019 as set forth below, from its audited consolidated financial statements, which are included in “Item 15.
−Removed: Exhibits, Financial Statement Schedules” of this Annual Report on Form 10-K.
−Removed: PayPal derived the selected consolidated income statement data for the years ended December 31, 2016 and 2015 and selected consolidated balance sheet data as of December 31, 2017 , 2016 , and 2015 from audited consolidated financial statements not included in this Annual Report on Form 10-K.
+Added: Exhibits, Financial Statement Schedules” of this Annual Report on Form 10-K (“Form 10-K”).
+Added: PayPal derived the selected consolidated income statement data for the years ended December 31, 2017 and 2016 and selected consolidated balance sheet data as of December 31, 2018, 2017, and 2016 from audited consolidated financial statements not included in this Form 10-K.
The historical results do not necessarily indicate the results expected for any future period.
−Removed: To ensure a full understanding, you should read the selected consolidated financial data presented below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes included elsewhere in this report.
+Added: You should read the selected consolidated financial data presented below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes included in this report.
Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
(In millions, except per share amounts)
Consolidated Statement of Income Data:
+Added: Net revenues $ 21,454 $ 17,772 $ 15,451 $ 13,094 $ 10,842
Operating income 3,289 2,719 2,194 2,127 1,586
+Added: Net income 4,202 2,459 2,057 1,795 1,401
Net income per share:
+Added: Basic $ 3.58 $ 2.09 $ 1.74 $ 1.49 $ 1.16
+Added: Diluted $ 3.54 $ 2.07 $ 1.71 $ 1.47 $ 1.15
Weighted average shares:
+Added: Basic 1,173 1,174 1,184 1,203 1,210
+Added: Diluted 1,187 1,188 1,203 1,221 1,218
Consolidated Balance Sheet Data:
+Added: Total assets $ 70,379 $ 51,333 $ 43,332 $ 40,774 $ 33,103
Total long-term liabilities 11,869 7,485 2,042 1,917 1,513
−Removed: (1) In 2015, PayPal became an independent publicly traded company through the pro rata distribution by eBay of 100% of the outstanding common stock of PayPal to eBay stockholders (which we refer to as the “separation” or the “distribution”).
−Removed: On July 17, 2015, the distribution date, eBay stockholders of record as of the close of business on July 8, 2015 received one share of PayPal common stock for every share of eBay common stock held as of the record date.
−Removed: The weighted average number of common shares outstanding for basic and diluted earnings per share for the year ended December 31, 2015 was based on the number of common shares distributed on July 17, 2015 for the period prior to distribution and the weighted average number of common shares outstanding for the period beginning after the distribution date.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.