v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net income $ 104 $ 320 $ 79 $ 345
Adjustments to reconcile net income to net cash (used in) provided by operating activities:        
Depreciation and amortization 108 105 222 211
Deferred income taxes     0 9
Stock-based compensation expense 2 3 5 7
Impairment and (gain) loss on sale of businesses, net (172) (239) (262) (263)
Loss (gain) from early extinguishment of debt 5 (138) 12 (138)
Other non-cash expenses, net     80 92
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:        
Patient accounts receivable     (159) (26)
Supplies, prepaid expenses and other current assets     (20) (13)
Accounts payable, accrued liabilities and income taxes     (122) 46
Other     (44) (62)
Net cash (used in) provided by operating activities     (209) 208
Cash flows from investing activities:        
Acquisitions of facilities and other related businesses     (53) 0
Purchases of property and equipment     (152) (176)
Proceeds from disposition of hospitals and other ancillary operations     1,218 1,013
Proceeds from sale of property and equipment     0 5
Purchases of available-for-sale debt securities and equity securities     (65) (72)
Proceeds from sales of available-for-sale debt securities and equity securities     63 58
Purchases of investments in unconsolidated affiliates     (1) 0
Increase in other investments     (10) (42)
Net cash provided by investing activities     1,000 786
Cash flows from financing activities:        
Repurchase of restricted stock shares for payroll tax withholding requirements     (2) (2)
Deferred financing costs and other debt-related costs     (9) (2)
Proceeds from noncontrolling investors in joint ventures     0 1
Distributions to noncontrolling investors in joint ventures     (90) (96)
Other borrowings     35 15
Issuance of long-term debt     0 700
Proceeds from ABL Facility     708 2,189
Repayments of long-term indebtedness     (1,544) (3,380)
Net cash used in financing activities     (902) (575)
Net change in cash and cash equivalents     (111) 419
Cash and cash equivalents at beginning of period     260 37
Cash and cash equivalents at end of period 149 456 149 456
Supplemental disclosure of cash flow information:        
Interest payments (176) (178) (437) (407)
Income tax payment, net $ (61) $ (181) $ (61) $ (101)