CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)		Dec. 31, 2017 USD ($)
OPERATING ACTIVITIES
Net income	$ 1,273		$ 1,907		$ 1,459
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other	403		284		279
Share-based compensation	187		184		181
Income taxes	(200)		(239)		887
Contract acquisition costs	(195)		(152)		(185)
Merger-related charges	86		16		(124)
Working capital changes	(273)		(76)		(30)
Gain on asset dispositions	(147)		(194)		(687)
Other	294		107		149
Net cash provided by operating activities	1,685		2,357		2,227
INVESTING ACTIVITIES
Capital expenditures	(653)		(556)		(240)
Dispositions	395		479		1,418
Loan advances	(30)		(13)		(93)
Loan collections	51		48		187
Other	(47)		(10)		(61)
Net cash (used in) provided by investing activities	(284)		(52)		1,211
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net	951		(129)		60
Issuance of long-term debt	1,397		1,646		0
Repayment of long-term debt	(835)		(397)		(310)
Issuance of Class A Common Stock	7		4		6
Dividends paid	(612)		(543)		(482)
Purchase of treasury stock	(2,260)		(2,850)		(3,013)
Share-based compensation withholding taxes	(148)		(105)		(157)
Other	(8)		0		0
Net cash (used in) provided by financing activities	(1,508)		(2,374)		(3,896)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(107)		(69)		(458)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	360	[1]	429		887
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	253	[1]	360	[1]	429
Restricted cash	28		44
Guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program	$ 257		$ 520		$ 298

[1] The 2019 amounts include beginning restricted cash of $44 million at December 31, 2018, and ending restricted cash of $28 million at December 31, 2019, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.