Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 233 $ 309
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 136 135
Non-cash impairment and restructuring costs 8 0
Non-cash interest expense, net of amortization of premium 3 5
Provision for doubtful accounts 14 15
Gain on unconsolidated entity investments, net 0 (3)
(Gain) loss on other investments (2) 3
Share-based payment expense 45 45
Deferred income tax (benefit) expense (52) 29
Amortization of right-of-use assets 10 12
Changes in operating assets and liabilities:    
Receivables 53 57
Related party, net 88 60
Prepaid expenses and other current assets (38) (71)
Other long-term assets 6 1
Accounts payable and accrued expenses (57) (116)
Accrued interest (93) (102)
Deferred revenue (17) (9)
Operating lease liabilities (10) (15)
Other long-term liabilities 23 0
Net cash provided by operating activities 350 355
Cash flows from investing activities:    
Additions to property and equipment (205) (97)
Purchases of other investments (1) 0
Acquisition of business, net of cash acquired 0 (44)
Investments in related parties and other equity investees (29) (1)
Net cash used in investing activities (235) (142)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (14) (29)
Revolving credit facility, net 130 981
Principal payments of long-term borrowings (77) (1)
Payment of contingent consideration for business acquisition (2) 0
Common stock repurchased and retired (62) (206)
Dividends paid (94) (1,073)
Net cash used in financing activities (119) (328)
Net decrease in cash, cash equivalents and restricted cash (4) (115)
Cash, cash equivalents and restricted cash at beginning of period [1] 65 199
Cash, cash equivalents and restricted cash at end of period [1] 61 84
Cash paid during the period for:    
Interest, net of amounts capitalized 195 199
Income taxes paid 0 5
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 4 0
Accumulated other comprehensive income, net of tax 0 8
Capital contribution pursuant to Tax Sharing Agreement $ 14 $ 13
[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, 2023 December 31, 2022 March 31, 2022 December 31, 2021
Cash and cash equivalents $ 53  $ 57  $ 76  $ 191 
Restricted cash included in Other long-term assets 8  8  8  8 
Total cash, cash equivalents and restricted cash at end of period $ 61  $ 65  $ 84  $ 199