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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
OPERATING ACTIVITIES      
Net (loss) income $ (49,000,000) $ (1,116,000,000) $ 8,000,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization   1,401,000,000 1,491,000,000
Net loss on sale of business (5,000,000) 0 17,000,000
Goodwill impairment 0 628,000,000 0
Deferred income taxes   (409,000,000) 2,000,000
Provision for uncollectible accounts   31,000,000 39,000,000
Net loss (gain) on early retirement of debt (3,000,000) 271,000,000 (278,000,000)
Debt modification costs and related fees   0 (75,000,000)
Gain on sale of investment (205,000,000) 0 (205,000,000)
Stock-based compensation   22,000,000 11,000,000
Changes in current assets and liabilities:      
Accounts receivable   (80,000,000) (15,000,000)
Accounts payable   172,000,000 (187,000,000)
Accrued income and other taxes   87,000,000 598,000,000
Other current assets and liabilities, net   (229,000,000) (55,000,000)
Retirement benefits   (1,000,000) (16,000,000)
Change in deferred revenue   718,000,000 143,000,000
Changes in other assets and liabilities, net   69,000,000 158,000,000
Other, net   101,000,000 (23,000,000)
Net cash provided by operating activities   1,665,000,000 1,613,000,000
INVESTING ACTIVITIES      
Capital expenditures   (1,682,000,000) (1,466,000,000)
Proceeds from sale of property, plant and equipment, and other assets   31,000,000 264,000,000
Other, net   9,000,000 8,000,000
Net cash used in investing activities   (1,642,000,000) (1,194,000,000)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt   4,261,000,000 1,325,000,000
Payments of long-term debt   (4,284,000,000) (1,997,000,000)
Net payments of revolving line of credit   0 (200,000,000)
Debt issuance and extinguishment costs and related fees   (308,000,000) (282,000,000)
Other, net   (13,000,000) (6,000,000)
Net cash used in financing activities   (344,000,000) (1,160,000,000)
Net decrease in cash, cash equivalents and restricted cash   (321,000,000) (741,000,000)
Cash, cash equivalents and restricted cash at beginning of period   1,900,000,000 2,248,000,000
Cash, cash equivalents and restricted cash at end of period 1,507,000,000 1,579,000,000 1,507,000,000
Supplemental cash flow information:      
Income taxes (paid) refunded, net   (7,000,000) 582,000,000
Interest paid (net of capitalized interest of $72 and $79)   (676,000,000) (571,000,000)
Supplemental noncash information regarding financing activities:      
Cancellation of term loans as part of refinancing (Note 5)   (121,000,000) 0
Issuance of term loan as part of refinancing (Note 5)   121,000,000 0
Cash, cash equivalents and restricted cash:      
Cash and cash equivalents 1,495,000,000 1,568,000,000 1,495,000,000
Restricted cash included in Other current assets, net 2,000,000 2,000,000 2,000,000
Restricted cash included in Other assets, net 10,000,000 9,000,000 10,000,000
Total $ 1,507,000,000 $ 1,579,000,000 $ 1,507,000,000