Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 131,000,000 $ 914,000,000 $ 1,176,000,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 506,000,000 468,000,000 301,000,000
Impairment charges 976,000,000 0 0
Non-cash interest expense, net of amortization of premium 20,000,000 17,000,000 9,000,000
Provision for doubtful accounts 60,000,000 53,000,000 51,000,000
Amortization of deferred income related to equity method investment (3,000,000) (3,000,000) (3,000,000)
Loss on extinguishment of debt 40,000,000 57,000,000 0
Loss on unconsolidated entity investments, net 16,000,000 21,000,000 10,000,000
Gain on fair value instrument 0 0 (43,000,000)
Dividend received from unconsolidated entity investment 2,000,000 2,000,000 2,000,000
Loss on restructuring 24,000,000 0 0
(Gain) loss on other investments (3,000,000) (3,000,000) 1,000,000
Share-based payment expense 223,000,000 250,000,000 133,000,000
Deferred income taxes 238,000,000 259,000,000 257,000,000
Amortization of right-of-use assets 56,000,000 56,000,000 0
Changes in operating assets and liabilities:      
Receivables (36,000,000) (137,000,000) (42,000,000)
Inventory (2,000,000) 11,000,000 (2,000,000)
Related party, net 0 (10,000,000) 1,000,000
Prepaid expenses and other current assets 14,000,000 10,000,000 (20,000,000)
Other long-term assets (61,000,000) 7,000,000 9,000,000
Accounts payable and accrued expenses 42,000,000 109,000,000 (20,000,000)
Accrued interest 13,000,000 32,000,000 (9,000,000)
Deferred revenue (223,000,000) (58,000,000) 70,000,000
Operating lease liabilities (53,000,000) (47,000,000) 0
Other long-term liabilities 38,000,000 9,000,000 (1,000,000)
Net cash provided by operating activities 2,018,000,000 2,017,000,000 1,880,000,000
Cash flows from investing activities:      
Additions to property and equipment (350,000,000) (363,000,000) (355,000,000)
Purchases of other investments (8,000,000) (7,000,000) (8,000,000)
Acquisition of business, net of cash acquired (300,000,000) 313,000,000 (2,000,000)
Sale of short-term investments 0 73,000,000 0
Investments in related parties and other equity investees (94,000,000) (19,000,000) (17,000,000)
Repayment from related party 11,000,000 0 3,000,000
Net cash used in investing activities (741,000,000) (3,000,000) (379,000,000)
Cash flows from financing activities:      
Proceeds from exercise of stock options 0 8,000,000 0
Taxes paid from net share settlements for stock-based compensation (114,000,000) (150,000,000) (120,000,000)
Revolving credit facility, net of deferred financing costs 649,000,000 (439,000,000) 136,000,000
Proceeds from long-term borrowings, net of costs 1,481,000,000 2,715,000,000 0
Proceeds from sale of capped call security 0 3,000,000 0
Principal payments of long-term borrowings (1,507,000,000) (1,666,000,000) (16,000,000)
Payment of premiums on redemption of debt (31,000,000) (45,000,000) 0
Common stock repurchased and retired (1,555,000,000) (2,159,000,000) (1,314,000,000)
Dividends paid (237,000,000) (226,000,000) (201,000,000)
Net cash used in financing activities (1,314,000,000) (1,959,000,000) (1,515,000,000)
Net (decrease) increase in cash, cash equivalents and restricted cash (37,000,000) 55,000,000 (14,000,000)
Cash, cash equivalents and restricted cash at beginning of period [1] 120,000,000 65,000,000 79,000,000
Cash, cash equivalents and restricted cash at end of period [1] 83,000,000 120,000,000 65,000,000
Cash paid during the period for:      
Interest, net of amounts capitalized 358,000,000 337,000,000 345,000,000
Income taxes paid 38,000,000 10,000,000 6,000,000
Non-cash investing and financing activities:      
Treasury stock not yet settled (19,000,000) 0 17,000,000
Fair value of shares issued related to acquisition of a business 0 2,355,000,000 0
Accumulated other comprehensive income (loss), net of tax $ 7,000,000 $ 14,000,000 $ (29,000,000)
[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.
(in millions) December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017
Cash and cash equivalents $ 71  $ 106  $ 54  $ 69 
Restricted cash included in Other long-term assets 12  14  11  10 
Total cash, cash equivalents and restricted cash at end of period $ 83  $ 120  $ 65  $ 79