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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 61 $ 186
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 76 69
Amortization of intangible assets 81 78
Amortization of deferred loan costs 9 9
Amortization of restricted stock awards 11 12
Amortization of program broadcast rights 26 28
Payments on program broadcast obligations (27) (29)
Common stock contributed to 401(k) 1 5
Deferred income taxes (18) 41
Loss (gain) on disposals of assets, net 46 (23)
Other (7) 6
Changes in operating assets and liabilities:    
Accounts receivable 6 28
Prepaid income taxes (28) (13)
Other current assets 33 2
Accounts payable 23 68
Employee compensation, benefits and pension cost 19 (9)
Accrued network fees and other expenses (13) (1)
Accrued interest 13 7
Income taxes payable (17) (11)
Deferred revenue (12) 35
Net cash provided by operating activities 283 488
Investing activities:    
Acquisitions of businesses and licenses, net of cash acquired (956) (47)
Proceeds from sale of television stations 470 0
Purchases of property and equipment (154) (70)
Proceeds from Repack reimbursement (Note 1) 10 19
Proceeds from asset sales 3 8
Investments in broadcast, production and technology companies (37) (38)
Other 0 (1)
Net cash used in investing activities (664) (129)
Financing activities:    
Borrowings of long-term debt 250 0
Repayments of long-term debt (250) 0
Repurchase of common stock 0 (59)
Common stock dividends (23) 0
Preferred stock dividends (39) (39)
Deferred and other loan costs (1) 0
Taxes related to net share settlement of equity awards (7) (6)
Net cash used in financing activities (70) (104)
Net (decrease) increase in cash (451) 255
Cash at beginning of period 773 212
Cash at end of period $ 322 $ 467