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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Operating activities      
Net income $ 37 $ 57 $ 57
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   53 59
Stock-based compensation expense   63 63
Deferred income taxes   8 2
Loss on Blue Chip Swap 1 3 0
Changes in assets and liabilities:      
Receivables   38 99
Inventories   (9) (1)
Current payables and accrued expenses   (64) (30)
Deferred revenue   (53) (64)
Other assets and liabilities   (26) (27)
Net cash provided by operating activities   70 158
Investing activities      
Expenditures for property and equipment   (9) (6)
Additions to capitalized software   (1) (1)
Other investing activities, net   (3) 0
Net cash used in investing activities   (13) (7)
Financing activities      
Repurchases of common stock   (171) (154)
Repayments of long-term borrowings   (6) 0
Payments of finance leases   (37) (41)
Other financing activities, net   (6) (1)
Net cash used in financing activities   (220) (196)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (22) (20)
Decrease in cash, cash equivalents and restricted cash   (185) (65)
Cash, cash equivalents and restricted cash at beginning of period   486 571
Cash, cash equivalents and restricted cash at end of period 301 301 506
Supplemental cash flow disclosure:      
Assets acquired under operating lease   1 4
Assets acquired under finance lease   18 59
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:      
Cash and cash equivalents 301 301  
Restricted cash 0 0  
Total cash, cash equivalents and restricted cash $ 301 $ 301 $ 506