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, 2020
Mar. 31, 2019
Net income $ 141 $ 186
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity in losses of investee 1 0
Deferred income taxes 2 (1)
Foreign currency (gain) loss (1) 3
Depreciation 43 46
Amortization 71 72
Change in fair value of financial instruments and noncash interest 6 4
Stock-based compensation 6 9
Change in other long-term liabilities (4) (3)
non-cash charges 7 0
Decrease in accounts receivable 403 369
Increase in inventories (4) (74)
Decrease in prepaid expenses and other current assets 50 37
Decrease in accounts payable-trade (198) (222)
Decrease in accrued liabilities and other (213) (159)
Net cash provided by operating activities 310 267
Investing activities:    
Capital expenditures (39) (54)
Expenditures for television distribution rights (1) (52)
Changes in other noncurrent assets 3 (10)
Other investing activities 0 29
Net cash used in investing activities (37) (87)
Financing activities:    
Principal payments of debt and finance lease obligations (872) (563)
Principal borrowings of debt from senior secured credit facility 112 663
Proceeds from Issuance of Secured Debt 575 0
Payment of debt origination fees (8) 0
Dividends paid to Qurate Retail, Inc. (122) (354)
Dividends paid to noncontrolling interest (15) (22)
Other financing activities (1) (4)
Net cash used in financing activities (331) (280)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (6) (4)
Net decrease in cash, cash equivalents and restricted cash (64) (104)
Cash, cash equivalents and restricted cash, end of period 497  
Cash, cash equivalents and restricted cash, beginning of period 569 550
Cash, cash equivalents and restricted cash, end of period $ 505 $ 446