Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 12,059 $ 2,635 $ (1,565)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Unrealized foreign currency exchange gain, net (2) (5) 0
Depreciation and amortization expense 1,196 1,119 1,011
Share-based compensation expense 250 205 140
Amortization of debt issuance costs, premium and discount 44 57 72
Reduction of right-of-use assets 623 607 393
Loss (gain) on modification or extinguishment of debt (15) 66 116
Total losses (gains) on derivative instruments, net (7,890) 6,531 5,989
Net cash used for settlement of derivative instruments (79) (904) (1,579)
Deferred taxes 2,389 440 (715)
Repayment of paid-in-kind interest related to repurchase of convertible notes 0 (13) (190)
Other, net 20 92 52
Changes in operating assets and liabilities:      
Trade and other receivables 840 (502) (799)
Inventory 377 (123) (409)
Margin deposits 116 631 (741)
Accounts payable and accrued liabilities (982) 250 1,144
Total deferred revenue 3 124 55
Total operating lease liabilities (607) (622) (418)
Other, net 76 (65) (87)
Net cash provided by operating activities 8,418 10,523 2,469
Cash flows from investing activities      
Property, plant and equipment, net (2,121) (1,830) (966)
Proceeds from sale of property, plant and equipment 0 1 68
Investment in equity method investments (61) (15) 0
Other, net (20) 0 (14)
Net cash used in investing activities (2,202) (1,844) (912)
Cash flows from financing activities      
Proceeds from issuances of debt 1,397 1,575 5,911
Redemptions, repayments and repurchases of debt (2,598) (6,771) (6,810)
Distributions to non-controlling interest (1,016) (947) (649)
Payments related to tax withholdings for share-based compensation (63) (63) (48)
Repurchase of common stock (1,473) (1,373) (9)
Dividends to stockholders (393) (349) (85)
Other, net (34) (86) (127)
Net cash used in financing activities (4,180) (8,014) (1,817)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 2 5 0
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 2,038 670 (260)
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 2,487 1,817 2,077
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 4,525 $ 2,487 $ 1,817