XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net (loss) income $ (27) $ 161
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 70 63
Amortization of intangible assets 99 104
Amortization of deferred loan costs 7 8
Amortization of restricted stock awards 9 11
Amortization of program broadcast rights 20 25
Payments on program broadcast obligations (21) (26)
Deferred income taxes (6) 0
Loss (gain) on disposal of assets, net 26 (5)
Loss from early extinguishment of debt 3 0
Other 11 6
Changes in operating assets and liabilities:    
Accounts receivable 321 10
Income taxes receivable or prepaid (24) (67)
Other current assets 4 18
Accounts payable (21) 7
Employee compensation, benefits and pension cost (27) (8)
Accrued network fees and other expenses 9 7
Accrued interest 2 1
Income taxes payable (3) 7
Increase (Decrease) in Contract with Customer, Liability 7 8
Net cash provided by operating activities 459 330
Investing activities:    
Acquisitions of television businesses and licenses, net of cash acquired (6) (40)
Proceeds from sale of television station 6 0
Purchases of property and equipment (213) (159)
Proceeds from asset sales 22 2
Reimbursement of development costs 11 0
Proceeds from Repack reimbursement (Note 1) 0 5
Investment in broadcast, production and technology companies (7) (9)
Net cash used in investing activities (187) (201)
Financing activities:    
Proceeds from borrowings on long-term debt 150 0
Repayments of borrowings on long-term debt (403) (58)
Repurchase of common stock 0 (50)
Payment of common stock dividends (14) (16)
Payment of preferred stock dividends (26) (26)
Payment of taxes related to net share settlement of equity awards (4) (6)
Net cash used in financing activities (297) (156)
Net decrease in cash (25) (27)
Cash at beginning of period 61 189
Cash at end of period $ 36 $ 162