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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net Income (Loss) $ 2,896 $ 1,704 $ (2,156)
Adjustments:      
Depreciation and amortization 1,600 1,455 1,407
Net deferred income tax benefit 0 (8) (22)
Loss (gain) on derivative instruments not designated as hedges 77 (19) 100
Share-based compensation expense 267 126 36
Equity investment (income) loss (260) (200) (57)
Amortization of debt issuance costs, discounts and premiums 98 109 163
Loss on extinguishment of debt and inducement expense 463 121 94
Changes in operating assets and liabilities:      
Decrease (increase) in trade and other receivables 52 99 (234)
Increase in inventories, net (17) (24) (74)
Increase in prepaid expenses and other assets (137) (184) (153)
Increase in accounts payable 120 124 75
Increase in accrued expenses and other liabilities 0 13 352
Increase in customer deposits 186 1,143 1,007
Other, net (80) 18 (57)
Net cash provided by operating activities 5,265 4,477 481
Investing Activities      
Purchases of property and equipment (3,268) (3,897) (2,710)
Cash received on settlement of derivative financial instruments 14 35 53
Cash paid on settlement of derivative financial instruments (130) (86) (356)
Investments in and loans to unconsolidated affiliates (67) (31) 0
Cash received on loans to unconsolidated affiliates 18 40 19
Other, net (13) 16 7
Net cash used in investing activities (3,446) (3,923) (2,987)
Financing Activities      
Debt proceeds 10,318 7,641 9,787
Debt issuance costs (133) (194) (252)
Repayments of debt (11,651) (9,566) (7,729)
Premium on repayment of debt (292) (80) (49)
Dividends paid (107) 0 0
Proceeds from sale of noncontrolling interest 0 209 0
Other, net (57) (3) (16)
Net cash (used in) provided by financing activities (1,922) (1,993) 1,741
Effect of exchange rate changes on cash and cash equivalents (6) 1 (2)
Net decrease in cash and cash equivalents (109) (1,438) (767)
Cash and cash equivalents at beginning of year 497 1,935 2,702
Cash and cash equivalents at end of year 388 497 1,935
Cash paid during the year for:      
Interest, net of amount capitalized 1,210 1,442 960
Non-Cash Investing Activities      
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities 47 50 34
Acquisition of property and equipment from assumed debt 0 0 277
Non-Cash Financing Activities      
Debt related to acquisition of property and equipment 0 0 277
Non-cash inducement on convertible notes exchange $ 104 $ 0 $ 0