Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 1,258 $ 1,213 $ 1,314
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 554 536 533
Non-cash impairment and restructuring costs 26 61 24
Non-cash interest expense, net of amortization of premium 14 15 21
Change in fair value of contingent consideration 0 0 (17)
Provision for doubtful accounts 59 59 53
Loss on extinguishment of debt 0 0 83
Loss on unconsolidated entity investments, net 15 5 18
Dividend received from unconsolidated entity investment 0 8 2
(Gain) loss on other investments (7) 10 (5)
Share-based payment expense 184 197 202
Deferred income tax (benefit) expense (64) 202 131
Amortization of right-of-use assets 45 49 50
Changes in operating assets and liabilities:      
Receivables (114) 10 (108)
Related party, net 49 (26) 7
Prepaid expenses and other current assets (26) (38) (47)
Other long-term assets 1 (1) (8)
Accounts payable and accrued expenses 62 (71) 104
Accrued interest 1 (8) (1)
Deferred revenue (121) (148) (287)
Operating lease liabilities (50) (63) (55)
Other long-term liabilities (36) (34) (16)
Net cash provided by operating activities 1,850 1,976 1,998
Cash flows from investing activities:      
Additions to property and equipment (650) (426) (388)
Proceeds from insurance recoveries 0 0 225
(Purchase) sale of other investments     (4)
(Purchase) sale of other investments 3 1  
Acquisition of business, net of cash acquired 0 (136) (14)
Proceeds from sale of real estate 0 15 0
Investments in related parties and other equity investees (39) (2) (21)
Repayment from related party 0 0 2
Net cash used in investing activities (686) (548) (200)
Cash flows from financing activities:      
Proceeds from exercise of stock options 4 4 10
Taxes paid from net share settlements for stock-based compensation (63) (114) (103)
Revolving credit facility borrowings 1,670 2,300 1,177
Revolving credit facility repayments (1,750) (2,220) (1,830)
Proceeds from long-term borrowings, net of costs 0 499 4,442
Principal payments of long-term borrowings (202) (6) (3,503)
Payment of premiums on redemption of debt 0 0 (62)
Payment of contingent consideration for business acquisition (3) (3) (22)
Distribution to parent related to Tax Sharing Agreement 0 (36) 0
Other financing activities (4) 0 0
Common stock repurchased and retired (274) (647) (1,523)
Dividends paid (383) (1,339) (268)
Net cash used in financing activities (1,005) (1,562) (1,682)
Net increase (decrease) in cash, cash equivalents and restricted cash 159 (134) 116
Cash, cash equivalents and restricted cash at beginning of period [1] 65 199 83
Cash, cash equivalents and restricted cash at end of period [1] 224 65 199
Cash paid during the period for:      
Interest, net of amounts capitalized 405 411 393
Income taxes paid 278 275 82
Non-cash investing and financing activities:      
Finance lease obligations incurred to acquire assets 8 14 0
Accumulated other comprehensive income (loss), net of tax 7 (19) 0
Capital contribution from Liberty Media pursuant to Tax Sharing Agreement $ 35 $ 0 $ 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) December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020
Cash and cash equivalents $ 216  $ 57  $ 191  $ 71 
Restricted cash included in Other long-term assets 8  8  8  12 
Total cash, cash equivalents and restricted cash at end of period $ 224  $ 65  $ 199  $ 83