Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 409 $ 595
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 265 311
Non-cash impairment and restructuring costs 109 1
Non-cash interest expense, net of amortization of premium 9 8
Realized and unrealized gains on financial instruments, net (4) (100)
Share of losses of equity method investments, net 59 57
Share-based payment expense 97 96
Deferred income tax benefit (34) (33)
Amortization of right-of-use assets 21 24
Other charges, net 19 28
Changes in operating assets and liabilities:    
Receivables and other assets (5) 24
Deferred revenue (12) (72)
Payables and other liabilities (145) (186)
Net cash provided by operating activities 788 753
Cash flows from investing activities:    
Additions to property and equipment (334) (347)
Other investing activities, net (63) (203)
Net cash used in investing activities (397) (550)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (16) (23)
Revolving credit facility borrowings 797 1,352
Revolving credit facility repayments (797) (1,002)
Repayments of long-term borrowings (192) (603)
Common stock repurchased and retired (70) 0
Dividends paid (183) (34)
Other financing activities, net 0 (4)
Net cash used in financing activities (461) (314)
Net decrease in cash, cash equivalents and restricted cash (70) (111)
Cash, cash equivalents and restricted cash at beginning of period [1] 170 315
Cash, cash equivalents and restricted cash at end of period [1] 100 204
Cash paid during the period for:    
Interest, net of amounts capitalized 225 242
Income taxes paid 115 106
Non-cash investing and financing activities:    
Tax equity investments $ 13 $ 757
[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.
As of June 30,
(in millions) 2025 2024
Cash and cash equivalents $ 92  $ 188 
Restricted cash included in Prepaid expenses and other current assets —  8 
Restricted cash included in Other long-term assets 8  8 
Total cash, cash equivalents and restricted cash at end of period $ 100  $ 204