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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities:    
Net income (loss) $ 1,079,022 $ 1,298,205
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and amortization 457,022 540,959
Realized and unrealized losses (gains) on investments (4,757) (13,153)
Non-cash, stock-based compensation 8,294 24,897
Deferred tax expense (benefit) 174,842 308,610
Other, net 272,085 (78,481)
Changes in current assets and current liabilities, net 42,121 (65,303)
Net cash flows from operating activities 2,028,629 2,015,734
Cash Flows From Investing Activities:    
Purchases of marketable investment securities (631,236) (801,916)
Sales and maturities of marketable investment securities 1,624,451 675,162
Purchases of property and equipment (461,402) (282,805)
Capitalized interest related to FCC authorizations (Note 2) (734,631) (765,239)
Other, net 60,609 16,773
Net cash flows from investing activities (142,209) (1,158,025)
Cash Flows From Financing Activities:    
Redemption and repurchases of senior notes (1,317,372) (1,088,392)
Repayment of long-term debt and finance lease obligations (21,112) (32,651)
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan 32,031 16,300
Other, net (4,072) (2,760)
Net cash flows from financing activities (1,310,525) (1,107,503)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents 575,895 (249,794)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 5) 887,924 1,479,901
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 5) $ 1,463,819 $ 1,230,107