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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 1,314 $ 131 $ 914
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 533 506 468
Non cash impairment and restructuring costs 24 1,000 0
Non-cash interest expense, net of amortization of premium 21 20 17
Change in fair value of contingent consideration (17) 0 0
Provision for doubtful accounts 53 60 53
Amortization of deferred income related to equity method investment 0 (3) (3)
Loss on extinguishment of debt 83 40 57
Loss on unconsolidated entity investments, net 18 16 21
Dividend received from unconsolidated entity investment 2 2 2
Gain on other investments (5) (3) (3)
Share-based payment expense 202 223 250
Deferred income tax expense 131 238 259
Amortization of right-of-use assets 50 56 56
Changes in operating assets and liabilities:      
Receivables (108) (36) (137)
Related party, net 7 0 (10)
Prepaid expenses and other current assets (47) 12 21
Other long-term assets (8) (61) 7
Accounts payable and accrued expenses 104 42 109
Accrued interest (1) 13 32
Deferred revenue (287) (223) (58)
Operating lease liabilities (55) (53) (47)
Other long-term liabilities (16) 38 9
Net cash provided by operating activities 1,998 2,018 2,017
Cash flows from investing activities:      
Additions to property and equipment (388) (350) (363)
Proceeds from insurance recoveries 225 0 0
Purchases of other investments (4) (8) (7)
Acquisition of business, net of cash acquired (14) (300) 313
Sale of short-term investments 0 0 73
Investments in related parties and other equity investees (21) (94) (19)
Repayment from related party 2 11 0
Net cash used in investing activities (200) (741) (3)
Cash flows from financing activities:      
Proceeds from exercise of stock options 10 0 8
Taxes paid from net share settlements for stock-based compensation (103) (114) (150)
Revolving credit facility, net (653) 649 (439)
Proceeds from long-term borrowings, net of costs 4,442 1,481 2,715
Proceeds from sale of capped call security 0 0 3
Principal payments of long-term borrowings (3,503) (1,507) (1,666)
Payment of premiums on redemption of debt (62) (31) (45)
Payment of contingent consideration for business acquisition (22) 0 0
Common stock repurchased and retired (1,523) (1,555) (2,159)
Dividends paid (268) (237) (226)
Net cash used in financing activities (1,682) (1,314) (1,959)
Net increase (decrease) in cash, cash equivalents and restricted cash 116 (37) 55
Cash, cash equivalents and restricted cash at beginning of period [1] 83 120 65
Cash, cash equivalents and restricted cash at end of period [1] 199 83 120
Cash paid during the period for:      
Interest, net of amounts capitalized 393 358 337
Income taxes paid 82 38 10
Non-cash investing and financing activities:      
Treasury stock not yet settled 11 (19) 0
Fair value of shares issued related to acquisition of a business 0 0 2,355
Accumulated other comprehensive income, net of tax $ 0 $ 7 $ 14
[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, 2021 December 31, 2020 December 31, 2019 December 31, 2018
Cash and cash equivalents $ 191  $ 71  $ 106  $ 54 
Restricted cash included in Other long-term assets 8  12  14  11 
Total cash, cash equivalents and restricted cash at end of period $ 199  $ 83  $ 120  $ 65