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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 3,697 $ 390 $ (548)
Less: Income from discontinued operations, net of tax (3,873) (366) (253)
Adjustments to reconcile net (loss) income from continuing operations to net cash (used in) provided by operating activities from continuing operations:      
Depreciation, amortization and impairments 420 398 449
Goodwill impairment 0 0 54
Contingent acquisition consideration fair value adjustment 21 (1) 0
Change in deferred income taxes (29) (342) (27)
Stock-based compensation 69 113 56
Non-cash interest expense 14 24 22
Provision for bad debts and inventory charges 0 7 107
(Gain) loss on sale of assets and other, net (1) (21) 0
Loss on debt financing transactions 147 0 1
(Gain) loss on remeasurement of debt (27) (41) 51
Changes in assets and liabilities, net of effects of acquisitions:      
Receivables (35) 19 137
Inventories (65) 9 4
Other assets and liabilities (40) 17 6
Income taxes payable, net (649) 7 5
Accounts payable and accrued liabilities (74) 91 (31)
Net cash (used in) provided by operating activities from continuing operations (425) 304 33
Net cash provided by operating activities from discontinued operations 44 381 438
Net cash (used in) provided by operating activities (381) 685 471
Cash flows from investing activities:      
Capital expenditures 216 171 137
Acquisitions of businesses and assets, net of cash acquired (136) (186) (13)
Proceeds from settlement of cross-currency interest rate swaps 50 0 0
Proceeds from sale of investments and other, net 50 10 24
Net cash used in investing activities from continuing operations (252) (347) (126)
Net cash provided by (used in) investing activities from discontinued operations(1) [1] 6,368 (95) (47)
Net cash provided by (used in) investing activities 6,116 (442) (173)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 280 60 530
Repayments under revolving credit facilities (280) (595) (190)
Proceeds from issuance of senior notes and term loans 2,200 0 550
Repayments of notes and term loans (including redemption premium) (6,984) 0 (341)
Payments on long-term debt (109) (42) (42)
Payments of debt issuance and deferred financing costs (37) (5) (10)
Payments on license obligations (35) (46) (30)
Payments of contingent acquisition consideration (14) 0 0
Purchase of L&W common stock (405) 0 0
Purchase of SciPlay’s Class A common stock (37) 0 0
Net redemptions of common stock under stock-based compensation plans and other 39 27 2
Net cash (used in) provided by financing activities from continuing operations (5,460) (655) 469
Net cash used in financing activities from discontinued operations (3) (24) (6)
Net cash (used in) provided by financing activities (5,463) (679) 463
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6) (6) 7
Increase (decrease) in cash, cash equivalents and restricted cash 266 (442) 768
Cash, cash equivalents and restricted cash, beginning of period 701 1,143 375
Cash, cash equivalents and restricted cash, end of period 967 701 1,143
Less: Cash, cash equivalents and restricted cash of discontinued operations 0 66 160
Cash, cash equivalents and restricted cash of continuing operations, end of period 967 635 983
Supplemental cash flow information:      
Cash paid for interest 351 453 471
Income taxes paid 692 38 22
Distributed earnings from equity investments 6 15 22
Cash paid for contingent acquisition considerations included in operating activities $ 7 $ 0 $ 4
[1] (1) The year ended December 31, 2022 includes $6,409 million in gross cash proceeds from the sale of discontinued operations, net of cash, cash equivalents and restricted cash transferred.