Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 808 $ 671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 381 344
Non-cash interest expense, net of amortization of premium 15 12
Provision for doubtful accounts 48 40
Amortization of deferred income related to equity method investment (2) (2)
Loss on extinguishment of debt 40 57
Loss on unconsolidated entity investments, net 8 16
Dividend received from unconsolidated entity investment 1 1
Loss on restructuring 24 0
Gain on other investments (1) (3)
Share-based payment expense 165 192
Deferred income taxes 175 210
Amortization of right-of-use assets 42 16
Changes in operating assets and liabilities:    
Receivables 39 (85)
Inventory (2) 8
Related party, net 10 0
Prepaid expenses and other current assets (2) (9)
Other long-term assets 14 8
Accounts payable and accrued expenses (83) 79
Accrued interest (76) (24)
Deferred revenue (147) (46)
Operating lease liabilities (39) (4)
Other long-term liabilities 32 4
Net cash provided by operating activities 1,450 1,485
Cash flows from investing activities:    
Additions to property and equipment (230) (239)
Purchases of other investments (8) (7)
Acquisition of business, net of cash acquired (28) 313
Sale of short-term investments 0 73
Investments in related parties and other equity investees (89) (14)
Repayment from related party 11 0
Net cash (used in) provided by investing activities (344) 126
Cash flows from financing activities:    
Proceeds from exercise of stock options 0 8
Taxes paid from net share settlements for stock-based compensation (81) (104)
Revolving credit facility, net of deferred financing costs 0 (374)
Proceeds from long-term borrowings, net of costs 1,481 2,715
Proceeds from sale of capped call security 0 3
Principal payments of long-term borrowings (1,506) (1,663)
Payment of premiums on redemption of debt (31) (45)
Common stock repurchased and retired (870) (1,959)
Dividends paid (175) (167)
Net cash used in financing activities (1,182) (1,586)
Net (decrease) increase in cash, cash equivalents and restricted cash (76) 25
Cash, cash equivalents and restricted cash at beginning of period [1] 120 65
Cash, cash equivalents and restricted cash at end of period [1] 44 90
Cash paid during the period for:    
Interest, net of amounts capitalized 357 300
Income taxes paid 26 6
Non-cash investing and financing activities:    
Treasury stock not yet settled (24) (7)
Fair value of shares issued related to acquisition of a business 0 2,355
Accumulated other comprehensive (loss) income, net of tax $ (8) $ 9
[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) September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018
Cash and cash equivalents $ 33  $ 106  $ 79  $ 54 
Restricted cash included in Other long-term assets 11  14  11  11 
Total cash, cash equivalents and restricted cash at end of period $ 44  $ 120  $ 90  $ 65