Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 671 $ 925
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 344 222
Non-cash interest expense, net of amortization of premium 12 7
Provision for doubtful accounts 40 38
Amortization of deferred income related to equity method investment (2) (2)
Loss on extinguishment of debt 57 0
Loss on unconsolidated entity investments, net 16 2
Gain on fair value instrument 0 (74)
Dividend received from unconsolidated entity investment 1 2
Share-based payment expense 192 100
Deferred income taxes 210 173
Changes in operating assets and liabilities:    
Receivables (85) (42)
Inventory 8 1
Related party, net 0 2
Prepaid expenses and other current assets (9) (35)
Other long-term assets 5 6
Operating lease right-of-use assets 16  
Accounts payable and accrued expenses 79 8
Accrued interest (24) (53)
Deferred revenue (46) 65
Operating lease liabilities (4)  
Other long-term liabilities 4 1
Net cash provided by operating activities 1,485 1,346
Cash flows from investing activities:    
Additions to property and equipment (239) (238)
Purchases of other investments (7) (7)
Acquisition of business, net of cash acquired 313 (1)
Sale of short-term investments 73 0
Investments in related parties and other equity investees (14) (8)
Repayment from related party 0 3
Net cash provided by (used in) investing activities 126 (251)
Cash flows from financing activities:    
Proceeds from exercise of stock options 8 0
Taxes paid from net share settlements for stock-based compensation (104) (111)
Revolving credit facility, net of deferred financing costs (374) (184)
Proceeds from long-term borrowings, net of costs 2,715 0
Proceeds from sale of capped call security 3 0
Principal payments of long-term borrowings (1,663) (12)
Payment of premiums on redemption of debt (45) 0
Common stock repurchased and retired (1,959) (662)
Dividends paid (167) (148)
Net cash used in financing activities (1,586) (1,117)
Net increase (decrease) in cash, cash equivalents and restricted cash 25 (22)
Cash, cash equivalents and restricted cash at beginning of period 65 79
Cash, cash equivalents and restricted cash at end of period [1] 90 57
Cash paid during the period for:    
Interest, net of amounts capitalized 300 305
Income taxes paid 6 6
Non-cash investing and financing activities:    
Treasury stock not yet settled (7) 11
Issuance of common stock as part of Pandora Acquisition 2,355 0
Accumulated other comprehensive income (loss), net of tax $ 9 $ (10)
[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.Cash and cash equivalents : September 30, 2019: $79,000, December 31, 2018: $54,000, September 30, 2018: $46,000, December 31, 2017: $69,000 Restricted cash included in Other long-term assets: September 30, 2019: $11,000, December 31, 2018: $11,000, September 30, 2018 : $11,000, December 31, 2017: $10,000 Total cash, cash equivalents and restricted cash at end of period: September 30, 2019: $90,000, December 31, 2018: $65,000, September 30, 2018 : $57,000, December 31, 2017: $79,000