Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 293 $ 162
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 132 107
Non-cash interest expense, net of amortization of premium 5 4
Provision for doubtful accounts 19 14
Amortization of deferred income related to equity method investment (1) (1)
Loss on extinguishment of debt 0 1
Loss on unconsolidated entity investments, net 2 4
Loss (gain) on other investments 5 (2)
Share-based payment expense 55 70
Deferred income taxes 72 77
Changes in operating assets and liabilities:    
Receivables 47 (13)
Inventory (1) 2
Related party, net 6 (1)
Prepaid expenses and other current assets (18) (31)
Other long-term assets 2 3
Operating lease right-of-use assets 14 19
Accounts payable and accrued expenses (131) 15
Accrued interest (62) (42)
Deferred revenue (11) 20
Operating lease liabilities (11) (17)
Other long-term liabilities (1) 5
Net cash provided by operating activities 416 396
Cash flows from investing activities:    
Additions to property and equipment (62) (90)
Purchases of other investments (6) (6)
Acquisition of business, net of cash acquired 0 313
Sale of short-term investments 0 72
Investments in related parties and other equity investees (80) (5)
Repayment from related party 3 0
Net cash (used in) provided by investing activities (145) 284
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (35) (33)
Revolving credit facility, net of deferred financing costs 0 143
Proceeds from sale of capped call security 0 3
Principal payments of long-term borrowings (2) (152)
Common stock repurchased and retired (243) (576)
Dividends paid (59) (57)
Net cash used in financing activities (339) (672)
Net (decrease) increase in cash, cash equivalents and restricted cash (68) 8
Cash, cash equivalents and restricted cash at beginning of period 120 65
Cash, cash equivalents and restricted cash at end of period [1] 52 73
Cash paid during the period for:    
Interest, net of amounts capitalized 155 128
Income taxes paid 5 1
Non-cash investing and financing activities:    
Treasury stock not yet settled 0 (28)
Fair value of shares issued related to acquisition of a business 0 2,355
Accumulated other comprehensive income (loss), net of tax $ (25) $ 7
[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 : March 31, 2020: $40, December 31, 2019: $106, March 31, 2019: $62, December 31, 2018: $54 Restricted cash included in Other long-term assets: March 31, 2020: $12, December 31, 2019: $14, March 31, 2019: $11, December 31, 2018: $11Total cash, cash equivalents and restricted cash at end of period: March 31, 2020: $52, December 31, 2019: $120, March 31, 2019: $73, December 31, 2018: $65