Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 219 $ 293
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 132 132
Non cash impairment and restructuring costs 245 0
Non-cash interest expense, net of amortization of premium 5 5
Provision for doubtful accounts 10 19
Amortization of deferred income related to equity method investment 0 (1)
Loss on unconsolidated entity investments, net 1 2
(Gain) loss on other investments (1) 5
Share-based payment expense 51 55
Deferred income tax (benefit) expense (76) 72
Amortization of right-of-use assets 15 14
Changes in operating assets and liabilities:    
Receivables 45 47
Inventory 2 (1)
Related party, net 10 6
Prepaid expenses and other current assets (22) (18)
Other long-term assets (4) 2
Accounts payable and accrued expenses (173) (131)
Accrued interest (94) (62)
Deferred revenue (59) (11)
Operating lease liabilities (12) (11)
Other long-term liabilities (2) (1)
Net cash provided by operating activities 292 416
Cash flows from investing activities:    
Additions to property and equipment (78) (62)
Purchases of other investments (3) (6)
Acquisition of business, net of cash acquired 6 0
Investments in related parties and other equity investees (5) (80)
Repayment from related party 2 3
Net cash used in investing activities (78) (145)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (20) (35)
Revolving credit facility, net of deferred financing costs 374 0
Principal payments of long-term borrowings (1) (2)
Common stock repurchased and retired (522) (243)
Dividends paid (61) (59)
Net cash used in financing activities (230) (339)
Net decrease in cash, cash equivalents and restricted cash (16) (68)
Cash, cash equivalents and restricted cash at beginning of period [1] 83 120
Cash, cash equivalents and restricted cash at end of period [1] 67 52
Cash paid during the period for:    
Interest, net of amounts capitalized 189 155
Income taxes paid 2 5
Non-cash investing and financing activities:    
Treasury stock not yet settled 6 0
Accumulated other comprehensive income (loss), net of tax $ 5 $ (25)
[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) March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019
Cash and cash equivalents $ 59  $ 71  $ 40  $ 106 
Restricted cash included in Other long-term assets 8  12  12  14 
Total cash, cash equivalents and restricted cash at end of period $ 67  $ 83  $ 52  $ 120