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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:        
Net earnings (Paramount and noncontrolling interests) $ 422 $ 1,049 $ 863 $ 1,972
Less: Net earnings from discontinued operations, net of tax 61 41 103 53
Net earnings from continuing operations 361 1,008 760 1,919
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations:        
Depreciation and amortization 94 95 190 194
Deferred tax benefit     (56) (110)
Stock-based compensation     77 101
Net gain on sales 0 (116) (15) (116)
Gains from investments 0 (32) 0 (52)
Loss on extinguishment of debt 47 0 120 128
Equity in loss of investee companies, net of tax 29 44 66 62
Change in assets and liabilities     (667) (424)
Net cash flow provided by operating activities from continuing operations     475 1,702
Net cash flow provided by operating activities from discontinued operations     116 89
Net cash flow provided by operating activities     591 1,791
Investing Activities:        
Investments     (141) (114)
Capital expenditures     (151) (138)
Proceeds from dispositions     36 408
Other investing activities     (1) (25)
Net cash flow (used for) provided by investing activities from continuing operations     (257) 131
Net cash flow used for investing activities from discontinued operations     (1) (2)
Net cash flow (used for) provided by investing activities     (258) 129
Financing Activities:        
Proceeds from issuance of debt     1,078 38
Repayment of debt     (3,108) (2,200)
Dividends paid on preferred stock     (29) 0
Dividends paid on common stock     (315) (302)
Proceeds from issuance of preferred stock     0 983
Proceeds from issuance of common stock     0 1,672
Payment of payroll taxes in lieu of issuing shares for stock-based compensation     (13) (49)
Proceeds from exercise of stock options     0 408
Payments to noncontrolling interests     (77) (157)
Other financing activities     (34) (42)
Net cash flow (used for) provided by financing activities     (2,498) 351
Effect of exchange rate changes on cash and cash equivalents     (65) (8)
Net (decrease) increase in cash, cash equivalents and restricted cash     (2,230) 2,263
Cash, cash equivalents and restricted cash at beginning of year (includes $135 (2021) of restricted cash)     6,267 3,119
Cash, cash equivalents and restricted cash at end of period (includes $7 (2021) of restricted cash) $ 4,037 $ 5,382 $ 4,037 $ 5,382