CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 2,375		$ 3,083		$ 2,358
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses)	492		436		400
Stock-based compensation	237		205		192
Income taxes	(172)		(612)		280
Contract acquisition costs	(341)		(221)		(149)
Restructuring and merger-related charges	(278)		47		(8)
Working capital changes	(82)		69		(542)
Other	4		(138)		(49)
Net cash provided by operating activities	2,749		3,170		2,363
INVESTING ACTIVITIES
Capital and technology expenditures	(750)		(452)		(332)
Asset acquisition	(26)		(101)		0
Dispositions	16		71		1
Loan advances	(10)		(77)		(11)
Loan collections	36		61		14
Other	0		33		31
Net cash used in investing activities	(734)		(465)		(297)
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net	163		546		(182)
Issuance of long-term debt	2,948		1,918		983
Repayment of long-term debt	(558)		(684)		(804)
Issuance of Class A Common Stock	73		29		0
Dividends paid	(682)		(587)		(321)
Purchase of treasury stock	(3,762)		(3,953)		(2,566)
Stock-based compensation withholding taxes	(138)		(108)		(89)
Other	0		(25)		17
Net cash used in financing activities	(1,956)		(2,864)		(2,962)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	59		(159)		(896)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	366	[1]	525		1,421
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	425	[1]	366	[1]	525
Guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program	$ 514		$ 301		$ (119)

[1] The 2024 amounts include beginning restricted cash of $28 million at December 31, 2023 and ending restricted cash of $29 million at December 31, 2024, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets. (2)We reclassified depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows. We reclassified prior period amounts, which totaled $159 million in 2023 and $118 million in 2022, to conform to our current presentation.