Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 914 $ 1,176 $ 648
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 468 301 299
Non-cash interest expense, net of amortization of premium 17 9 9
Provision for doubtful accounts 53 51 56
Amortization of deferred income related to equity method investment (3) (3) (3)
Loss on extinguishment of debt 57 0 44
Loss (gain) on unconsolidated entity investments, net 21 10 (5)
Gain on fair value instrument 0 (43) 0
Dividend received from unconsolidated entity investment 2 2 4
Share-based payment expense 250 133 124
Deferred income taxes 259 257 584
Changes in operating assets and liabilities:      
Receivables (137) (42) (74)
Inventory 11 (2) 2
Related party, net (10) 1 (2)
Prepaid expenses and other current assets (3) (20) 50
Other long-term assets 4 10 7
Operating lease right-of-use assets (14)    
Accounts payable and accrued expenses 109 (20) 41
Accrued interest 32 (9) 23
Deferred revenue (58) 70 42
Operating lease liabilities 36    
Other long-term liabilities 9 (1) 7
Net cash provided by operating activities 2,017 1,880 1,856
Cash flows from investing activities:      
Additions to property and equipment (363) (355) (288)
Purchases of other investments (7) (8) (8)
Acquisition of business, net of cash acquired 313 (2) (108)
Sale of short-term investments 73 0 0
Investments in related parties and other equity investees (19) (17) (612)
Repayment from (loan to) related party 0 3 (131)
Net cash used in investing activities (3) (379) (1,147)
Cash flows from financing activities:      
Proceeds from exercise of stock options 8 0 1
Taxes paid from net share settlements for stock-based compensation (150) (120) (93)
Revolving credit facility, net of deferred financing costs (439) 136 (90)
Proceeds from long-term borrowings, net of costs 2,715 0 2,473
Proceeds from sale of capped call security 3 0 0
Principal payments of long-term borrowings (1,666) (16) (1,513)
Payment of premiums on redemption of debt (45) 0 (33)
Common stock repurchased and retired (2,159) (1,314) (1,409)
Dividends paid (226) (201) (190)
Net cash used in financing activities (1,959) (1,515) (854)
Net increase (decrease) in cash, cash equivalents and restricted cash 55 (14) (145)
Cash, cash equivalents and restricted cash at beginning of period 65 [1] 79 [1] 224
Cash, cash equivalents and restricted cash at end of period [1] 120 65 79
Cash paid during the period for:      
Interest, net of amounts capitalized 337 345 310
Income taxes paid 10 6 28
Non-cash investing and financing activities:      
Capital lease obligations incurred to acquire assets 0 0 3
Treasury stock not yet settled 0 17 6
Fair value of shares issued related to acquisition of a business 2,355 0 0
Accumulated other comprehensive income (loss), net of tax 14 (29) 19
Fair value of shares issued related to acquisition of a business $ 0 $ 0 $ 179
[1] The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.Cash and cash equivalents : December 31, 2019: $106, December 31, 2018: $54, December 31, 2017: $69, December 31, 2016: $214 Restricted cash included in Other long-term assets: December 31, 2019: $14, December 31, 2018: $11, December 31, 2017: $10, December 31, 2016: $10 Total cash, cash equivalents and restricted cash at end of period: December 31, 2019: $120, December 31, 2018: $65, , December 31, 2017: $79, December 31, 2016: $224