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
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 848 $ 995
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 404 399
Non-cash impairment and restructuring costs 68 24
Non-cash interest expense, net of amortization of premium 12 16
Change in fair value of contingent consideration 0 (17)
Provision for doubtful accounts 43 37
Loss on extinguishment of debt 0 83
Loss on unconsolidated entity investments, net 0 11
Dividend received from unconsolidated entity investment 0 1
Loss (gain) on other investments 11 (4)
Share-based payment expense 143 149
Deferred income tax expense 132 101
Amortization of right-of-use assets 37 46
Changes in operating assets and liabilities:    
Receivables 22 (22)
Related party, net (30) 12
Prepaid expenses and other current assets (57) (12)
Other long-term assets (3) (6)
Accounts payable and accrued expenses (72) (60)
Accrued interest (101) (94)
Deferred revenue (87) (236)
Operating lease liabilities (48) (47)
Other long-term liabilities (22) (5)
Net cash provided by operating activities 1,300 1,371
Cash flows from investing activities:    
Additions to property and equipment (279) (244)
Proceeds from insurance recoveries 0 225
Sale (purchases) of other investments 1  
Sale (purchases) of other investments   (3)
Acquisition of business, net of cash acquired (136) (14)
Investments in related parties and other equity investees (1) (16)
Repayment from related party 0 2
Net cash used in investing activities (415) (50)
Cash flows from financing activities:    
Proceeds from exercise of stock options 4 6
Taxes paid from net share settlements for stock-based compensation (102) (88)
Revolving credit facility, net 421 (654)
Proceeds from long-term borrowings, net of costs 499 4,442
Principal payments of long-term borrowings (3) (3,503)
Payment of premiums on redemption of debt 0 (62)
Payment of contingent consideration for business acquisition (3) (19)
Distribution to parent related to Tax Sharing Agreement (8) 0
Common stock repurchased and retired (599) (1,174)
Dividends paid (1,245) (180)
Net cash used in financing activities (1,036) (1,232)
Net (decrease) increase in cash, cash equivalents and restricted cash (151) 89
Cash, cash equivalents and restricted cash at beginning of period [1] 199 83
Cash, cash equivalents and restricted cash at end of period [1] 48 172
Cash paid during the period for:    
Interest, net of amounts capitalized 400 390
Income taxes paid 215 57
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 7 0
Accumulated other comprehensive (loss) income, net of tax (23) 2
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) September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020
Cash and cash equivalents $ 39  $ 191  $ 164  $ 71 
Restricted cash included in Other long-term assets 9  8  8  12 
Total cash, cash equivalents and restricted cash at end of period $ 48  $ 199  $ 172  $ 83