Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 245 $ 204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 151 144
Non-cash impairment and restructuring costs 0 13
Non-cash interest expense, net of amortization of premium 5 4
Realized and unrealized gains on financial instruments, net 21 3
Gain on extinguishment of debt (1) 0
Share of losses of equity method investments, net 37 30
Share-based payment expense 54 50
Deferred income tax expense (benefit) 16 (24)
Amortization of right-of-use assets 10 11
Other charges, net 12 12
Changes in operating assets and liabilities:    
Receivables and other assets 16 45
Deferred revenue 0 0
Payables and other liabilities (295) (250)
Net cash provided by operating activities 271 242
Cash flows from investing activities:    
Additions to property and equipment (105) (189)
Other investing activities, net (68) (46)
Net cash used in investing activities (173) (235)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (26) (10)
Revolving credit facility borrowings 520 696
Revolving credit facility repayments (470) (596)
Proceeds from long-term borrowings, net of costs 1,235 0
Repayments of long-term borrowings (1,263) (16)
Common stock repurchased and retired (22) (25)
Dividends paid (91) (91)
Net cash used in financing activities (117) (42)
Net decrease in cash, cash equivalents and restricted cash (19) (35)
Cash, cash equivalents and restricted cash at beginning of period [1] 102 170
Cash, cash equivalents and restricted cash at end of period [1] 83 135
Cash paid during the period for:    
Interest, net of amounts capitalized 205 212
Income taxes paid 0 3
Non-cash investing and financing activities:    
Tax equity investments $ 9 $ 11
[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 March 31,
(in millions) 2026 2025
Cash and cash equivalents $ 75  $ 127 
Restricted cash included in Other long-term assets 8  8 
Total cash, cash equivalents and restricted cash at end of period $ 83  $ 135