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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 375 $ 420
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 68 73
Share-based compensation 40 42
Income taxes (7) 24
Contract acquisition costs (56) (29)
Merger-related charges (10) (16)
Working capital changes (401) (98)
Gain on asset dispositions (4) (60)
Other 94 111
Net cash provided by (used in) operating activities 151 675
INVESTING ACTIVITIES    
Capital expenditures (66) (64)
Dispositions 2 108
Loan advances 0 (12)
Loan collections 4 5
Other (28) 12
Net cash (used in) provided by investing activities (88) 49
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 665 627
Issuance of long-term debt 841 0
Repayment of long-term debt (603) (13)
Issuance of Class A Common Stock 5 4
Dividends paid (139) (118)
Purchase of treasury stock (797) (815)
Share-based compensation withholding taxes (95) (95)
Net cash provided by (used in) financing activities (123) (410)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (60) 314
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 360 429
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 300 743
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 52 $ 208