Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 309 $ 219
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 135 132
Non cash impairment and restructuring costs 0 245
Non-cash interest expense, net of amortization of premium 5 5
Provision for doubtful accounts 15 10
(Gain) loss on unconsolidated entity investments, net (3) 1
Loss (gain) on other investments 3 (1)
Share-based payment expense 45 51
Deferred income tax expense (benefit) 29 (76)
Amortization of right-of-use assets 12 15
Changes in operating assets and liabilities:    
Receivables 57 45
Related party, net 60 10
Prepaid expenses and other current assets (71) (20)
Other long-term assets 1 (4)
Accounts payable and accrued expenses (116) (173)
Accrued interest (102) (94)
Deferred revenue (9) (59)
Operating lease liabilities (15) (12)
Other long-term liabilities 0 (2)
Net cash provided by operating activities 355 292
Cash flows from investing activities:    
Additions to property and equipment (97) (78)
Purchases of other investments 0 (3)
Acquisition of business, net of cash acquired (44) 6
Investments in related parties and other equity investees (1) (5)
Repayment from related party 0 2
Net cash used in investing activities (142) (78)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (29) (20)
Revolving credit facility, net 981 374
Principal payments of long-term borrowings (1) (1)
Common stock repurchased and retired (206) (522)
Dividends paid (1,073) (61)
Net cash used in financing activities (328) (230)
Net decrease in cash, cash equivalents and restricted cash (115) (16)
Cash, cash equivalents and restricted cash at beginning of period [1] 199 83
Cash, cash equivalents and restricted cash at end of period [1] 84 67
Cash paid during the period for:    
Interest, net of amounts capitalized 199 189
Income taxes paid 5 2
Non-cash investing and financing activities:    
Treasury stock not yet settled 6 6
Accumulated other comprehensive income, net of tax 8 5
Capital Contribution Pursuant To Tax Sharing Agreement $ 13 $ 0
[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, 2022 December 31, 2021 March 31, 2021 December 31, 2020
Cash and cash equivalents $ 76  $ 191  $ 59  $ 71 
Restricted cash included in Other long-term assets 8  8  8  12 
Total cash, cash equivalents and restricted cash at end of period $ 84  $ 199  $ 67  $ 83