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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 1,920 $ 2,235
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 213 204
Stock-based compensation 173 147
Income taxes (96) (107)
Contract acquisition costs (256) (134)
Restructuring and merger-related charges 24 42
Working capital changes (162) (141)
Other 250 64
Net cash provided by operating activities 2,431 2,419
INVESTING ACTIVITIES    
Capital and technology expenditures (408) (318)
Asset acquisition 0 (102)
Dispositions 4 61
Loan advances (10) (77)
Loan collections 10 35
Other 15 38
Net cash used in investing activities (389) (363)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (648) 100
Issuance of long-term debt 2,948 1,918
Repayment of long-term debt (556) (332)
Issuance of Class A Common Stock 73 29
Dividends paid (506) (435)
Purchase of treasury stock (3,176) (2,988)
Stock-based compensation withholding taxes (127) (105)
Other 0 (25)
Net cash used in financing activities (1,992) (1,838)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 50 218
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 366 525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 416 743
Loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 365 $ 109
[1] The 2024 amounts include beginning restricted cash of $28 million at December 31, 2023, and ending restricted cash of $22 million at September 30, 2024, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.