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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 532 $ 466
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 912 815
Stock-based compensation 226 203
Amortization of intangible assets 103 104
Amortization of debt issuance costs and debt discounts 10 10
Provision for credit loss allowance 5 10
Gain on asset sales (18) (1)
Loss on debt extinguishment 1 0
Other items 26 16
Changes in operating assets and liabilities:    
Accounts receivable (141) (153)
Income taxes, net 3 8
Other assets (153) (42)
Operating lease right-of-use assets 76 77
Operating lease liabilities (65) (66)
Accounts payable and accrued expenses 4 15
Other liabilities (11) (29)
Net cash provided by operating activities 1,510 1,433
Cash flows from investing activities:    
Purchases of investments (36) (55)
Real estate acquisitions (125) (40)
Purchases of other property, plant and equipment (1,355) (1,168)
Proceeds from sale of assets, net of cash transferred 247 72
Investment in loan receivable (196) 0
Loan receivable upfront fee 4 0
Net cash used in investing activities (1,461) (1,191)
Cash flows from financing activities:    
Proceeds from employee equity programs 48 45
Payment of dividends (817) (647)
Proceeds from public offering of common stock, net of issuance costs 0 301
Proceeds from senior notes, net of debt discounts 744 564
Repayment of finance lease liabilities (66) (66)
Proceeds from redeemable non-controlling interest 0 25
Repayment of mortgage and loans payable (4) (3)
Debt issuance costs (8) (4)
Net cash provided by (used in) financing activities (103) 215
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (46) (23)
Net increase (decrease) in cash, cash equivalents and restricted cash (100) 434
Cash, cash equivalents and restricted cash at beginning of period 2,096 1,908
Cash, cash equivalents and restricted cash at end of period 1,996 2,342
Cash and cash equivalents 1,993 2,342
Current portion of restricted cash included in other current assets 3 0
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 1,996 $ 2,342

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