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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 757 $ 377
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 65 72
Stock-based compensation 37 44
Income taxes 19 61
Contract acquisition costs (58) (26)
Merger-related charges and other 0 7
Working capital changes (96) (230)
Other 56 36
Net cash provided by operating activities 887 398
INVESTING ACTIVITIES    
Capital and technology expenditures (95) (49)
Loan advances (1) 0
Loan collections 31 7
Other 6 19
Net cash used in investing activities (59) (23)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 117 (250)
Issuance of long-term debt 783 0
Repayment of long-term debt (328) (401)
Dividends paid (124) 0
Purchase of treasury stock (1,135) 0
Stock-based compensation withholding taxes (72) (78)
Other (23) 0
Net cash used in financing activities (782) (729)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 46 (354)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 525 1,421
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 571 1,067
Loyalty Program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 107 $ 57
[1] The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022, and ending restricted cash of $17 million at March 31, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.