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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 57 $ 511
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 748 733
Loss on sale of business 22 77
Deferred income taxes 8 46
Provision for uncollectible accounts 23 27
Net gain on early retirement of debt (275) (609)
Debt modification costs and related fees (79) 0
Unrealized (gain) loss on investments (20) 80
Stock-based compensation 14 14
Changes in current assets and liabilities:    
Accounts receivable (25) 14
Accounts payable (7) (8)
Accrued income and other taxes 772 143
Other current assets and liabilities, net (261) (374)
Retirement benefits (13) (15)
Changes in other noncurrent assets and liabilities, net 198 (16)
Other, net (60) (28)
Net cash provided by operating activities 1,102 595
INVESTING ACTIVITIES    
Capital expenditures (713) (640)
Proceeds from sale of property, plant and equipment, and other assets 12 23
Other, net 3 1
Net cash used in investing activities (698) (616)
FINANCING ACTIVITIES    
Net proceeds from issuance of long-term debt 1,325 0
Payments of long-term debt (1,902) (61)
Net payments on revolving line of credit (200) 0
Dividends paid (3) (8)
Debt issuance and extinguishment costs and related fees (278) (11)
Other, net (2) (6)
Net cash used in financing activities (1,060) (86)
Net decrease in cash, cash equivalents and restricted cash (656) (107)
Cash, cash equivalents and restricted cash at beginning of period 2,248 1,307
Cash, cash equivalents and restricted cash at end of period 1,592 1,200
Supplemental cash flow information:    
Income taxes refunded (paid), net 724 (96)
Interest paid (net of capitalized interest of $39 and $21) (339) (363)
Supplemental noncash information regarding financing activities:    
Cancellation of senior unsecured notes as part of exchange offers (Note 5) 0 (1,535)
Issuance of senior secured notes as part of exchange offers (Note 5) 0 915
Cash, cash equivalents and restricted cash:    
Cash and cash equivalents 1,580 1,148
Cash and cash equivalents and restricted cash included in Assets held for sale 0 41
Restricted cash included in Other current assets 2 0
Restricted cash included in Other, net noncurrent assets 10 11
Total $ 1,592 $ 1,200