v3.26.1
Condensed Consolidated Statements of Cash Flows
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:      
Net earnings (loss) $ (30) $ (70) $ (2,300)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:      
Depreciation and amortization 79 159 207
Realized and unrealized (gains) losses on financial instruments, net (8) (87) 36
Non-cash interest expense   40 4
(Gain) loss on sale of assets 0 (10) 0
Noncash Reorganization Items   (5) 0
Deferred income tax expense (benefit)   11 (239)
Stock-based compensation 0 0 8
Impairment of intangible assets (note 6) 0 0 930
Impairments of goodwill 0 0 1,465
Other, net   (9) 12
Changes in operating assets and liabilities      
Decrease (increase) in trade and other receivables   343 327
Decrease (increase) in inventories   17 (106)
Decrease (increase) in other assets   (20) 37
(Decrease) increase in accounts payable   (258) (149)
(Decrease) increase in accrued and other liabilities   (168) (206)
Net cash provided (used) by operating activities   (57) 26
Cash flows from investing activities:      
Capital expenditures   (73) (72)
Expenditures for television distribution rights   (15) (88)
Proceeds from sale of fixed assets   12 0
Other investing activities, net   1 (7)
Net cash provided (used) by investing activities   (75) (167)
Cash flows from financing activities:      
Repayments of debt   (7) (868)
Dividends paid to noncontrolling interest   (16) (22)
Borrowings of debt   0 1,011
Dividends paid to common shareholders   0 (1)
Other financing activities, net   (7) (2)
Net cash provided (used) by financing activities   (30) 118
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash   (11) 27
Net increase (decrease) in cash, cash equivalents and restricted cash   (173) 4
Cash, cash equivalents and restricted cash at beginning of period   2,033 923
Cash, cash equivalents and restricted cash at end of period 1,860 1,860 927
Cash and cash equivalents 1,367 1,367  
Restricted cash included in other current assets 493 493  
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 1,860 $ 1,860 $ 927