Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net income $ 135 $ 56
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes 43 (14)
Foreign currency loss (gain) 6 (8)
Depreciation 23 35
Amortization 66 74
Change in fair value of financial instruments and noncash interest 1 (1)
Stock-based compensation 9 8
Change in other long-term liabilities (53) 0
Other charges, net 25 (10)
Sale and Leaseback Transaction, Gain (Loss), Net (113) 0
Insured Event, Gain (Loss) (17) 0
Proceeds from Insurance Settlement, Operating Activities 37 0
Decrease in accounts receivable 299 367
Decrease (increase) in inventories 13 (119)
Decrease (increase) in prepaid expenses and other current assets 25 (3)
Decrease in accounts payable-trade (129) (178)
Decrease in accrued liabilities and other (193) (225)
Net cash provided by (used in) operating activities 177 (18)
Net Cash Provided by (Used in) Investing Activities [Abstract]    
Capital expenditures (40) (34)
Expenditures for television distribution rights (38) (2)
Proceeds from Insurance Settlement, Investing Activities 18 0
Proceeds from Derivative Instrument, Investing Activities 167 0
Payments for Derivative Instrument, Investing Activities (179) 0
Investments and Other Noncurrent Assets 1 2
Proceeds from Sales of Assets, Investing Activities 198 0
Proceeds from Sale of Other Investments 0 20
Net cash provided by (used in) investing activities 125 (18)
Financing activities:    
Principal payments of debt and finance lease obligations (403) (176)
Principal borrowings of debt from senior secured credit facility 585 368
Repayments of Secured Debt (214) 0
Dividends paid to noncontrolling interest (12) (14)
Withholding taxes on net share settlements of stock-based compensation 0 (5)
Net cash (used in) provided by financing activities (243) 61
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 4 (13)
Net increase in cash, cash equivalents and restricted cash 63 12
Cash, cash equivalents and restricted cash, beginning of period 367 519
Cash, cash equivalents and restricted cash, end of period 430 531
Qurate    
Financing activities:    
Dividends paid to Qurate Retail, Inc. $ (199) $ (112)