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
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 906 $ 848
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 405 404
Non-cash impairment and restructuring costs 22 68
Non-cash interest expense, net of amortization of premium 11 12
Provision for doubtful accounts 45 43
Loss on unconsolidated entity investments, net 7 0
(Gain) loss on other investments (4) 11
Share-based payment expense 135 143
Deferred income tax (benefit) expense (85) 132
Amortization of right-of-use assets 35 37
Changes in operating assets and liabilities:    
Receivables (50) 22
Related party, net 17 (30)
Prepaid expenses and other current assets (14) (57)
Other long-term assets 0 (3)
Accounts payable and accrued expenses 40 (72)
Accrued interest (92) (101)
Deferred revenue (82) (87)
Operating lease liabilities (43) (48)
Other long-term liabilities 26 (22)
Net cash provided by operating activities 1,279 1,300
Cash flows from investing activities:    
Additions to property and equipment (520) (279)
(Purchase) sale of other investments (1)  
(Purchase) sale of other investments   1
Acquisition of business, net of cash acquired 0 (136)
Investments in related parties and other equity investees (33) (1)
Net cash used in investing activities (554) (415)
Cash flows from financing activities:    
Proceeds from exercise of stock options 4 4
Taxes paid from net share settlements for stock-based compensation (50) (102)
Revolving credit facility, net 55 421
Proceeds from long-term borrowings, net of costs 0 499
Principal payments of long-term borrowings (180) (3)
Payment of contingent consideration for business acquisition (3) (3)
Distribution to parent related to Tax Sharing Agreement 0 (8)
Common stock repurchased and retired (274) (599)
Dividends paid (281) (1,245)
Net cash used in financing activities (729) (1,036)
Net decrease in cash, cash equivalents and restricted cash (4) (151)
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 48
Cash paid during the period for:    
Interest, net of amounts capitalized 399 400
Income taxes paid 251 215
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 7 7
Accumulated other comprehensive income (loss), net of tax 1 (23)
Capital contribution from (to) Liberty Media pursuant to Tax Sharing Agreement $ 5 $ (14)
[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, 2023 December 31, 2022 September 30, 2022 December 31, 2021
Cash and cash equivalents $ 53  $ 57  $ 39  $ 191 
Restricted cash included in Other long-term assets 8  8  9  8 
Total cash, cash equivalents and restricted cash at end of period $ 61  $ 65  $ 48  $ 199