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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 62 $ 39
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 32 25
Amortization of intangible assets 52 26
Amortization of deferred loan costs 4 3
Amortization of restricted stock awards 5 4
Amortization of program broadcast rights 13 9
Payments on program broadcast obligations (13) (9)
Common stock contributed to 401(k) plan 0 1
Deferred income taxes 0 9
Gain on disposal of assets, net (5) (4)
Other 2 (5)
Changes in operating assets and liabilities:    
Accounts receivable (20) 12
Income tax receivable or prepaid 18 0
Other current assets (6) 31
Accounts payable (36) 10
Employee compensation, benefits and pension cost (14) 10
Accrued network fees and other expenses 7 (19)
Accrued interest 30 12
Income taxes payable 4 5
Deferred revenue 6 (12)
Net cash provided by operating activities 141 147
Investing activities    
Acquisitions of television businesses and licenses, net of cash acquired (7) (40)
Purchases of property and equipment (47) (13)
Proceeds from Repack reimbursement (Note 1) 5 4
Investments in broadcast, production and technology companies (4) (24)
Net cash used in investing activities (53) (73)
Financing activities    
Repayments of borrowings on long-term debt (4) 0
Payment of common stock dividends (8) (8)
Payment of preferred stock dividends (13) (13)
Deferred and other loan costs 0 (1)
Payment for taxes related to net share settlement of equity awards (5) (6)
Net cash used in financing activities (30) (28)
Net increase in cash 58 46
Cash at beginning of period 189 773
Cash at end of period $ 247 $ 819