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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 564 $ 757
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 68 65
Stock-based compensation 53 37
Income taxes 105 19
Contract acquisition costs (80) (58)
Merger-related charges and other 7 0
Working capital changes (241) (96)
Other 119 56
Net cash provided by operating activities 779 887 Close
INVESTING ACTIVITIES    
Capital and technology expenditures (109) (95)
Dispositions 1 0
Loan advances (1) (1)
Loan collections 8 31
Other 6 6
Net cash used in investing activities (95) (59) Close
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (685) 117
Issuance of long-term debt 1,468 783
Repayment of long-term debt (2) (328)
Issuance of Class A Common Stock 33 0
Dividends paid (151) (124)
Purchase of treasury stock (1,144) (1,135)
Stock-based compensation withholding taxes (121) (72)
Other 0 (23)
Net cash used in financing activities (602) (782) Close
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 82 46 Close
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 366 525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 448 571
Loyalty Program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 184 $ 107
[1] The 2024 amounts include beginning restricted cash of $28 million at December 31, 2023, and ending restricted cash of $19 million at March 31, 2024, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.