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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net income (loss) $ 1,323,014 $ 579,680
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and amortization 376,775 318,944
Impairment of long-lived assets (Note 2)   356,418
Realized and unrealized losses (gains) on investments and derivatives 14,269 (90)
Non-cash, stock-based compensation 19,921 34,811
Deferred tax expense (benefit) 352,665 122,086
Allowance for credit losses (22,591) 29,788
Change in long-term deferred revenue and other long-term liabilities (17,025) 103,927
Other, net 21,375 7,867
Changes in current assets and current liabilities, net 183,496 157,465
Net cash flows from operating activities 2,251,899 1,710,896
Cash Flows From Investing Activities:    
Purchases of marketable investment securities (1,278,320) (432,173)
Sales and maturities of marketable investment securities 502,538 807,569
Purchases of property and equipment (378,071) (196,717)
Capitalized interest related to FCC authorizations (Note 2) (399,145) (403,512)
Refund of FCC authorization deposit (Note 11) 337,490  
Purchase of FCC authorizations, including deposits   (134,602)
Other, net (42,989) (78,116)
Net cash flows from investing activities (1,258,497) (437,551)
Cash Flows From Financing Activities:    
Repayment of long-term debt and finance lease obligations (35,895) (35,576)
Redemption and repurchases of senior notes (2,000,000) (1,100,000)
Issuances of senior notes 1,500,000  
Early debt extinguishment costs (3,368)  
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan 25,093 9,076
Debt issuance costs (9,819)  
Other, net (12,063) 1
Net cash flows from financing activities (536,052) (1,126,499)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents 457,350 146,846
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6) 3,453,994 2,504,320
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6) $ 3,911,344 $ 2,651,166