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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 31 $ 375
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 175 68
Share-based compensation 41 40
Income taxes (71) (7)
Contract acquisition costs (39) (56)
Merger-related charges (12) (10)
Working capital changes 245 (401)
Gain on asset dispositions 0 (4)
Other 18 94
Net cash provided by operating activities 514 151
INVESTING ACTIVITIES    
Capital expenditures (59) (66)
Dispositions 260 2
Loan advances (32) 0
Loan collections 4 4
Other (8) (28)
Net cash provided by (used in) investing activities 165 (88)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 1,317 665
Issuance of long-term debt 0 841
Repayment of long-term debt (66) (603)
Issuance of Class A Common Stock 0 5
Dividends paid (156) (139)
Purchase of treasury stock (150) (797)
Share-based compensation withholding taxes (95) (95)
Net cash provided by (used in) financing activities 850 (123)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,529 (60)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 253 360
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 1,782 300
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 126 $ 52
[1]
The 2020 amounts include beginning restricted cash of $28 million at December 31, 2019, and ending restricted cash of $22 million at March 31, 2020, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.