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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 1,336 $ 1,483
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 142 135
Stock-based compensation 110 93
Income taxes (2) (80)
Contract acquisition costs (121) (105)
Merger-related charges and other 15 32
Working capital changes (274) (215)
Other 26 64
Net cash provided by operating activities 1,551 1,538 Close
INVESTING ACTIVITIES    
Capital and technology expenditures (234) (194)
Asset acquisition 0 (102)
Dispositions 1 0
Loan advances (8) (17)
Loan collections 8 33
Other 8 37
Net cash used in investing activities (225) (243) Close
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 342 736
Issuance of long-term debt 1,468 783
Repayment of long-term debt (554) (330)
Issuance of Class A Common Stock 33 0
Dividends paid (330) (281)
Purchase of treasury stock (2,156) (2,046)
Stock-based compensation withholding taxes (125) (79)
Other 0 (24)
Net cash used in financing activities (1,322) (1,241) Close
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 4 54 Close
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 366 525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 370 579
Loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 319 $ 131
[1] The 2024 amounts include beginning restricted cash of $28 million at December 31, 2023, and ending restricted cash of $21 million at June 30, 2024, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.