Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 601 $ 652
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 270 263
Non cash impairment and restructuring costs 0 245
Non-cash interest expense, net of amortization of premium 9 10
Provision for doubtful accounts 29 24
(Gain) loss on unconsolidated entity investments, net (3) 3
Dividend received from unconsolidated entity investment 0 1
Loss (gain) on other investments 9 (4)
Share-based payment expense 92 98
Deferred income tax expense 60 37
Amortization of right-of-use assets 21 28
Changes in operating assets and liabilities:    
Receivables 35 (11)
Related party, net 1 11
Prepaid expenses and other current assets (83) (136)
Other long-term assets 6 (4)
Accounts payable and accrued expenses (81) (99)
Accrued interest (9) (1)
Deferred revenue (32) (145)
Operating lease liabilities (30) (26)
Other long-term liabilities (7) (18)
Net cash provided by operating activities 888 928
Cash flows from investing activities:    
Additions to property and equipment (196) (164)
Sale (purchases) of other investments 1  
Sale (purchases) of other investments   (3)
Acquisition of business, net of cash acquired (137) (14)
Investments in related parties and other equity investees (1) (11)
Repayment from related party 0 2
Net cash used in investing activities (333) (190)
Cash flows from financing activities:    
Proceeds from exercise of stock options 0 6
Taxes paid from net share settlements for stock-based compensation (39) (43)
Revolving credit facility, net 510 (649)
Proceeds from long-term borrowings, net of costs 499 1,976
Principal payments of long-term borrowings (2) (2)
Payment of contingent consideration for business acquisition (3) 0
Distribution to parent related to Tax Sharing Agreement (11) 0
Common stock repurchased and retired (415) (856)
Dividends paid (1,159) (121)
Net cash (used in) provided by financing activities (620) 311
Net (decrease) increase in cash, cash equivalents and restricted cash (65) 1,049
Cash, cash equivalents and restricted cash at beginning of period [1] 199 83
Cash, cash equivalents and restricted cash at end of period [1] 134 1,132
Cash paid during the period for:    
Interest, net of amounts capitalized 205 193
Income taxes paid 145 34
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 3 0
Treasury stock not yet settled (2) 12
Accumulated other comprehensive (loss) income, net of tax (2) 12
Capital contribution pursuant to Tax Sharing Agreement $ 14 $ 0
[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) June 30, 2022 December 31, 2021 June 30, 2021 December 31, 2020
Cash and cash equivalents $ 126  $ 191  $ 1,124  $ 71 
Restricted cash included in Other long-term assets 8  8  8  12 
Total cash, cash equivalents and restricted cash at end of period $ 134  $ 199  $ 1,132  $ 83