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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 90 $ 410 $ 179
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 104 96 80
Amortization of intangible assets 117 105 115
Amortization of deferred loan costs 12 12 12
Accretion of original issue discount and premium related to long-term debt, net (1) (1) (1)
Amortization of restricted stock awards 14 16 16
Amortization of program broadcast rights 38 38 39
Payments on program broadcast obligations (38) (39) (43)
Common stock contributed to 401(k) plan 8 6 4
Deferred income taxes (22) 75 55
Loss (gain) on disposal of assets, net 42 (29) (54)
Loss on early extinguishment of debt 0 12 0
Other (14) 12 7
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (30) (14) 22
Income tax receivable or prepaid (40) (21) 0
Other current assets 10 (36) (7)
Accounts payable 22 (1) (1)
Employee compensation, benefits and pension costs 21 (16) 3
Accrued network fees and other expenses (27) 7 (41)
Accrued interest 14 0 3
Income taxes payable (8) 7 (6)
Deferred revenue (12) 13 3
Net cash provided by operating activities 300 652 385
Cash flows from investing activities:      
Acquisitions of television businesses and licenses, net of cash acquired (3,765) (91) (2,837)
Proceeds from sale of television stations 473 0 253
Purchases of property and equipment (207) (110) (110)
Proceeds from Repack reimbursement (Note 1) 11 29 41
Proceeds from asset sales 5 9 3
Investments in broadcast, production and technology companies (49) (48) 0
Other (2) 0 (6)
Net cash used in investing activities (3,534) (211) (2,656)
Cash flows from financing activities:      
Borrowings - long-term debt 2,800 800 1,400
Repayments - long-term debt 0 (525) (211)
Borrowings - revolving credit facility 250 0 0
Repayments - revolving credit facility (250) 0 0
Repurchases of common stock (30) (75) (32)
Common stock dividends (31) 0 0
Preferred stock dividends (52) (52) (39)
Deferred and other loan costs (30) (22) (50)
Payments for taxes related to net share settlement of equity awards (7) (6) (4)
Net cash provided by financing activities 2,650 120 1,064
Net (decrease) increase in cash (584) 561 (1,207)
Cash and restricted cash at beginning of year 773 212 1,419
Cash and restricted cash at end of year $ 189 $ 773 $ 212