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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 3,083 $ 2,358 $ 1,099
Adjustments to reconcile to cash provided by operating activities:      
Depreciation, amortization, and other 277 282 295
Stock-based compensation 205 192 182
Income taxes (612) 280 (281)
Contract acquisition costs (221) (149) (210)
Merger-related charges and other 47 (8) (10)
Working capital changes 69 (542) 110
Loss on extinguishment of debt 0 0 164
Other 21 69 (144)
Net cash provided by operating activities 3,170 2,363 1,177 Close
INVESTING ACTIVITIES      
Capital and technology expenditures (452) (332) (183)
Asset acquisition (101) 0 0
Dispositions 71 1 12
Loan advances (77) (11) (13)
Loan collections 61 14 40
Other 33 31 (43)
Net cash used in investing activities (465) (297) (187) Close
FINANCING ACTIVITIES      
Commercial paper/Credit Facility, net 546 (182) 150
Issuance of long-term debt 1,918 983 1,793
Repayment of long-term debt (684) (804) (2,174)
Issuance of Class A Common Stock 29 0 2
Debt extinguishment costs 0 0 (155)
Dividends paid (587) (321) 0
Purchase of treasury stock (3,953) (2,566) 0
Stock-based compensation withholding taxes (108) (89) (90)
Other (25) 17 11
Net cash used in financing activities (2,864) (2,962) (463) Close
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (159) (896) 527 Close
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 525 [1] 1,421 894
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 366 [1] 525 [1] 1,421
Guest loyalty program      
Adjustments to reconcile to cash provided by operating activities:      
Liability for guest loyalty program $ 301 $ (119) $ (28)
[1] The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022 and ending restricted cash of $28 million at December 31, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.