Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 1,213 $ 1,314 $ 131
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 536 533 506
Restructuring costs and asset impairment charge 61 24 1,000
Non-cash interest expense, net of amortization of premium 15 21 20
Change in fair value of contingent consideration 0 (17) 0
Provision for doubtful accounts 59 53 60
Amortization of deferred income related to equity method investment 0 0 (3)
Loss on extinguishment of debt 0 83 40
Loss on unconsolidated entity investments, net 5 18 16
Dividend received from unconsolidated entity investment 8 2 2
Loss (gain) on other investments 10 (5) (3)
Share-based payment expense 197 202 223
Deferred income tax expense 202 131 238
Amortization of right-of-use assets 49 50 56
Changes in operating assets and liabilities:      
Receivables 10 (108) (36)
Related party, net (26) 7 0
Prepaid expenses and other current assets (38) (47) 12
Other long-term assets (1) (8) (61)
Accounts payable and accrued expenses (71) 104 42
Accrued interest (8) (1) 13
Deferred revenue (148) (287) (223)
Operating lease liabilities (63) (55) (53)
Other long-term liabilities (34) (16) 38
Net cash provided by operating activities 1,976 1,998 2,018
Cash flows from investing activities:      
Additions to property and equipment (426) (388) (350)
Proceeds from insurance recoveries 0 225 0
Sale (purchases) of other investments 1    
Sale (purchases) of other investments   (4) (8)
Acquisition of business, net of cash acquired (136) (14) (300)
Proceeds from sale of real estate 15 0 0
Investments in related parties and other equity investees (2) (21) (94)
Repayment from related party 0    
Repayment from related party   2 11
Net cash used in investing activities (548) (200) (741)
Cash flows from financing activities:      
Proceeds from exercise of stock options 4 10 0
Taxes paid from net share settlements for stock-based compensation (114) (103) (114)
Revolving credit facility, net 80 (653) 649
Proceeds from long-term borrowings, net of costs 499 4,442 1,481
Principal payments of long-term borrowings (6) (3,503) (1,507)
Payment of premiums on redemption of debt 0 (62) (31)
Payment of contingent consideration for business acquisition (3) (22) 0
Distribution to parent related to Tax Sharing Agreement (36) 0 0
Common stock repurchased and retired (647) (1,523) (1,555)
Dividends paid (1,339) (268) (237)
Net cash used in financing activities (1,562) (1,682) (1,314)
Net (decrease) increase in cash, cash equivalents and restricted cash (134) 116 (37)
Cash, cash equivalents and restricted cash at beginning of period [1] 199 83 120
Cash, cash equivalents and restricted cash at end of period [1] 65 199 83
Cash paid during the period for:      
Interest, net of amounts capitalized 411 393 358
Income taxes paid 275 82 38
Non-cash investing and financing activities:      
Capital lease obligations incurred to acquire assets 14 0 0
Accumulated other comprehensive (loss) income, net of tax $ (19) $ 0 $ 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.
(in millions) December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019
Cash and cash equivalents $ 57  $ 191  $ 71  $ 106 
Restricted cash included in Other long-term assets 8  8  12  14 
Total cash, cash equivalents and restricted cash at end of period $ 65  $ 199  $ 83  $ 120