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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 3,468 $ 2,888 $ 4,536
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 6,616 6,486 5,984
Stock-based compensation expense 495 424 306
Deferred income tax expense (benefit) 1,091 980 (1,404)
Bad debt expense 307 297 388
Losses from sales of receivables 130 157 299
Deferred rent expense 0 26 76
Losses on redemption of debt 19 122 86
Gains on disposal of spectrum licenses 0 0 (235)
Changes in operating assets and liabilities      
Accounts receivable (3,709) (4,617) (3,931)
Equipment installment plan receivables (1,015) (1,598) (1,812)
Inventories (617) (201) (844)
Operating lease right-of-use assets 1,896    
Other current and long-term assets (144) (181) (575)
Accounts payable and accrued liabilities 17 (867) 1,079
Short and long-term operating lease liabilities (2,131)    
Other current and long-term liabilities 144 (69) (233)
Other, net 257 52 111
Net cash provided by operating activities 6,824 3,899 3,831
Investing activities      
Purchases of property and equipment, including capitalized interest of $473, $362 and $136 (6,391) (5,541) (5,237)
Purchases of spectrum licenses and other intangible assets, including deposits (967) (127) (5,828)
Proceeds from sales of tower sites 38 0 0
Proceeds related to beneficial interests in securitization transactions 3,876 5,406 4,319
Net cash related to derivative contracts under collateral exchange arrangements (632) 0 0
Acquisition of companies, net of cash acquired (31) (338) 0
Other, net (18) 21 1
Net cash used in investing activities (4,125) (579) (6,745)
Financing activities      
Proceeds from issuance of long-term debt 0 2,494 10,480
Proceeds from borrowing on revolving credit facility 2,340 6,265 2,910
Repayments of revolving credit facility (2,340) (6,265) (2,910)
Repayments of financing lease obligations (798) (700) (486)
Repayments of short-term debt for purchases of inventory, property and equipment, net (775) (300) (300)
Repayments of long-term debt (600) (3,349) (10,230)
Repurchases of common stock 0 (1,071) (427)
Tax withholdings on share-based awards (156) (146) (166)
Dividends on preferred stock 0 0 (55)
Cash payments for debt prepayment or debt extinguishment costs (28) (212) (188)
Other, net (17) (52) 5
Net cash used in financing activities (2,374) (3,336) (1,367)
Change in cash and cash equivalents 325 (16) (4,281)
Cash and cash equivalents      
Beginning of period 1,203 1,219 5,500
End of period 1,528 1,203 1,219
Supplemental disclosure of cash flow information      
Interest payments, net of amounts capitalized 1,128 1,525 2,028
Operating lease payments [1] 2,783    
Income tax payments 88 51 31
Non-cash investing and financing activities      
Non-cash beneficial interest obtained in exchange for securitized receivables 6,509 4,972 4,063
(Decrease) increase in accounts payable for purchases of property and equipment (935) 65 313
Leased devices transferred from inventory to property and equipment 1,006 1,011 1,131
Returned leased devices transferred from property and equipment to inventory (267) (326) (742)
Short-term debt assumed for financing of property and equipment 800 291 292
Operating lease right-of-use assets obtained in exchange for lease obligations 3,621    
Financing lease right-of-use assets obtained in exchange for lease obligations $ 1,041 $ 885 $ 887
[1] On January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires certain supplemental cash flow disclosures. Where these disclosures or a comparable figure were not required under the former lease standard, we have not retrospectively presented historical amounts. See Note 1 – Summary of Significant Accounting Policies for additional details.