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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 1,372 $ 780 $ 859
Adjustments to reconcile to cash provided by operating activities:      
Depreciation, amortization, and other [1] 290 168 139
Share-based compensation 181 212 113
Income taxes 828 76 143
Liability for guest loyalty program 378 343 233
Merger-related charges (124) 113 0
Working capital changes 81 (77) (41)
(Gain) loss on asset dispositions (687) 1 (25)
Other 117 66 94
Net cash provided by operating activities 2,436 1,682 1,515
INVESTING ACTIVITIES      
Acquisition of a business, net of cash acquired 0 (2,412) (137)
Capital expenditures (240) (199) (305)
Dispositions 1,418 218 673
Loan advances (93) (32) (66)
Loan collections 187 67 92
Contract acquisition costs (189) (80) (121)
Redemption of debt security 0 0 121
Other (63) 29 110
Net cash provided by (used in) investing activities 1,020 (2,409) 367
FINANCING ACTIVITIES      
Commercial paper/Credit Facility, net 25 1,365 (140)
Issuance of long-term debt 0 1,482 790
Repayment of long-term debt (310) (326) (325)
Issuance of Class A Common Stock 6 34 40
Dividends paid (482) (374) (253)
Purchase of treasury stock (3,013) (568) (1,917)
Share-based compensation withholding taxes (157) (100) (85)
Other 0 (24) 0
Net cash (used in) provided by financing activities (3,931) 1,489 (1,890)
(DECREASE) INCREASE IN CASH AND EQUIVALENTS (475) 762 (8)
CASH AND EQUIVALENTS, beginning of period 858 96 104
CASH AND EQUIVALENTS, end of period $ 383 $ 858 $ 96
[1] See Footnote 19 “Related Party Transactions” for disclosure of related party amounts.