Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 995 $ 808
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 399 381
Non cash impairment and restructuring costs 24 24
Non-cash interest expense, net of amortization of premium 16 15
Changes in fair value of contingent consideration (17) 0
Provision for doubtful accounts 37 48
Amortization of deferred income related to equity method investment 0 (2)
Loss on extinguishment of debt 83 40
Loss on unconsolidated entity investments, net 11 8
Dividend received from unconsolidated entity investment 1 1
Gain on other investments (4) (1)
Share-based payment expense 149 165
Deferred income tax expense 101 175
Amortization of right-of-use assets 46 42
Changes in operating assets and liabilities:    
Receivables (22) 39
Inventory 6 (2)
Related party, net 12 10
Prepaid expenses and other current assets (18) (2)
Other long-term assets (6) 14
Accounts payable and accrued expenses (60) (83)
Accrued interest (94) (76)
Deferred revenue (236) (147)
Operating lease liabilities (47) (39)
Other long-term liabilities (5) 32
Net cash provided by operating activities 1,371 1,450
Cash flows from investing activities:    
Additions to property and equipment (244) (230)
Proceeds from insurance recoveries 225 0
Purchases of other investments (3) (8)
Acquisition of business, net of cash acquired (14) (28)
Investments in related parties and other equity investees (16) (89)
Repayment from related party 2 11
Net cash used in investing activities (50) (344)
Cash flows from financing activities:    
Proceeds from exercise of stock options 6 0
Taxes paid from net share settlements for stock-based compensation (88) (81)
Revolving credit facility, net (654) 0
Proceeds from long-term borrowings, net of costs 4,442 1,481
Principal payments of long-term borrowings (3,503) (1,506)
Payment of premiums on redemption of debt (62) (31)
Payment of contingent consideration for business acquisition (19) 0
Common stock repurchased and retired (1,174) (870)
Dividends paid (180) (175)
Net cash used in financing activities (1,232) (1,182)
Net increase (decrease) in cash, cash equivalents and restricted cash 89 (76)
Cash, cash equivalents and restricted cash at beginning of period [1] 83 120
Cash, cash equivalents and restricted cash at end of period [1] 172 44
Cash paid during the period for:    
Interest, net of amounts capitalized 390 357
Income taxes paid 57 26
Non-cash investing and financing activities:    
Treasury stock not yet settled 6 (24)
Accumulated other comprehensive income (loss), net of tax $ 2 $ (8)
[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) September 30, 2021 December 31, 2020 September 30, 2020 December 31, 2019
Cash and cash equivalents $ 164  $ 71  $ 33  $ 106 
Restricted cash included in Other long-term assets 8  12  11  14 
Total cash, cash equivalents and restricted cash at end of period $ 172  $ 83  $ 44  $ 120