Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ 6,435 $ (781)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized foreign currency exchange gain, net (2) 0
Depreciation and amortization expense 297 271
Share-based compensation expense 49 43
Non-cash interest expense 2 2
Amortization of debt discount and debt issuance costs 12 15
Reduction of right-of-use assets 161 134
Loss (gain) on modification or extinguishment of debt (20) 18
Total losses (gains) on derivative instruments, net (4,641) 3,592
Net cash used for settlement of derivative instruments (31) (314)
Loss on equity method investments (1) (5)
Deferred taxes 1,232 (206)
Repayment of paid-in-kind interest related to repurchase of convertible notes 0 (13)
Changes in operating assets and liabilities:    
Trade and other receivables, net of current expected credit losses 1,016 (16)
Inventory 361 133
Margin deposits 71 309
Other current assets 31 99
Accounts payable and accrued liabilities (1,277) (386)
Total deferred revenue (126) (24)
Total operating lease liabilities (154) (134)
Other, net 6 (82)
Net cash provided by operating activities 3,421 2,655
Cash flows from investing activities    
Property, plant, and equipment (712) (178)
Investment in equity method investment (10) 0
Other (5) 0
Net cash used in investing activities (727) (178)
Cash flows from financing activities    
Proceeds from issuances of debt 0 575
Redemptions, repayments and repurchases of debt (896) (1,615)
Debt modification or extinguishment gains (costs) 26 (13)
Distributions to non-controlling interest (261) (171)
Payments related to tax withholdings for share-based compensation (55) (53)
Repurchase of common stock [1] (450) (25)
Dividends to stockholders (99) (86)
Payments of finance lease liabilities (5) 0
Net cash used in financing activities (1,740) (1,388)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 2 0
Net increase in cash, cash equivalents and restricted cash and cash equivalents 956 1,089
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 2,487 1,817
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 3,443 $ 2,906
[1] Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program.