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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 180 $ 3,697 $ 390
Less: Income from discontinued operations, net of tax [1] 0 (3,873) (366)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities from continuing operations:      
Depreciation, amortization and impairments 384 420 398
Contingent acquisition consideration fair value adjustment 16 21 (1)
Change in deferred income taxes (84) (29) (342)
Stock-based compensation [2] 118 69 113
Non-cash interest expense 10 14 24
Provision for bad debts and inventory charges 12 0 7
Loss on debt financing transactions 15 147 0
Gain on remeasurement of debt 0 (27) (41)
Foreign currency transaction net losses, (gain) on sale of assets and other, net 21 (1) (21)
Changes in assets and liabilities, net of effects of acquisitions:      
Receivables (68) (35) 19
Inventories (29) (65) 9
Other assets and liabilities (10) (40) 17
Income taxes payable, net (40) (649) 7
Accounts payable and accrued liabilities 65 (74) 91
Net cash provided by (used in) operating activities from continuing operations 590 (425) 304
Net cash provided by operating activities from discontinued operations 0 44 381
Net cash provided by (used in) operating activities 590 (381) 685
Cash flows from investing activities:      
Capital expenditures 242 216 171
Acquisitions of businesses and assets, net of cash acquired (4) (136) (186)
Proceeds from settlement of cross-currency interest rate swaps 0 50 0
Proceeds from sale of investments and other, net (2) 50 10
Net cash used in investing activities from continuing operations (248) (252) (347)
Net cash (used in) provided by investing activities from discontinued operations(1) [3] (3) 6,368 (95)
Net cash (used in) provided by investing activities (251) 6,116 (442)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 205 280 60
Repayments under revolving credit facilities (205) (280) (595)
Proceeds from issuance of senior notes and term loans 550 2,200 0
Repayments of notes and term loans (including redemption premium) (562) (6,984) 0
Payments on long-term debt (22) (109) (42)
Payments of debt issuance and deferred financing costs (8) (37) (5)
Payments on license obligations (31) (35) (46)
Payments of contingent acquisition consideration (14) (14) 0
Purchase of L&W common stock (170) (405) 0
Purchase of SciPlay’s Class A common stock (23) (37) 0
Acquisition of SciPlay noncontrolling interest 496 0 0
Net redemptions of common stock under stock-based compensation plans and other (12) (39) (27)
Net cash used in financing activities from continuing operations (788) (5,460) (655)
Net cash used in financing activities from discontinued operations 0 (3) (24)
Net cash used in financing activities (788) (5,463) (679)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3 (6) (6)
(Decrease) increase in cash, cash equivalents and restricted cash (446) 266 (442)
Cash, cash equivalents and restricted cash, beginning of period 967 701 1,143
Cash, cash equivalents and restricted cash, end of period 521 967 701
Less: Cash, cash equivalents and restricted cash of discontinued operations 0 0 66
Cash, cash equivalents and restricted cash of continuing operations, end of period 521 967 635
Supplemental cash flow information:      
Cash paid for interest 306 351 453
Income taxes paid 147 692 38
Distributed earnings from equity investments 4 6 15
Cash paid for contingent acquisition considerations included in operating activities $ 17 $ 7 $ 0
[1]
(2) The year ended December 31, 2022 includes a pre-tax gain of $4,927 million on the sale of discontinued operations (see Note 2).
[2]
(2) The years ended December 31, 2023, 2022 and 2021 include $63 million, $24 million and $34 million, respectively, classified as liability awards.
[3]
(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.