XML 25 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net income (loss) $ 173 $ (452) $ (1,444)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 269 281 298
(Gain) loss on sales of assets, net (13) 5 (62)
Casualty and impairment loss, net 6 9 696
Equity in (earnings) losses from investments in affiliates (15) 7 22
Other (gain) loss, net (90) 7 15
Share-based compensation expense 17 19 20
Amortization of deferred financing costs 10 12 9
Distributions from unconsolidated affiliates 7 0 5
Deferred Income Taxes (2) (1) (30)
Changes in operating assets and liabilities:      
Accounts receivable, net (33) (70) 152
Prepaid expenses (23) 4 44
Other assets 32 (12) (22)
Accounts payable and accrued expenses 44 0 (51)
Due to hotel managers 30 23 (71)
Other liabilities (4) 27 (21)
Other 1 4 2
Net cash provided by (used in) operating activities 409 (137) (438)
Investing Activities:      
Capital expenditures for property and equipment (168) (54) (86)
Proceeds from asset dispositions, net 143 454 207
Proceeds from the sale of investments in affiliates, net 101 0 1
Insurance proceeds for property damage claims 0 4 1
Distributions from unconsolidated affiliates 11 0 0
Contributions to unconsolidated affiliates 0 (6) (4)
Purchase of investment security, net 0 (4) 0
Net cash provided by investing activities 87 394 119
Financing Activities:      
Proceeds from issuance of Senior Notes 0 750 1,376
Borrowings from credit facilities 50 0 1,000
Repayments of credit facilities (78) (1,193) (1,099)
Proceeds from issuance of mortgage debt 30 14 0
Repayments of mortgage debt (64) (20) (6)
Debt issuance costs (11) (15) (39)
Dividends paid (7) 0 (241)
Distributions to noncontrolling interests, net (10) (6) (1)
Tax withholdings on share-based compensation (3) (5) (10)
Repurchase of common stock (227) 0 (66)
Net cash (used in) provided by financing activities (320) (475) 914
Net increase (decrease) in cash and cash equivalents and restricted cash 176 (218) 595
Cash and cash equivalents and restricted cash, beginning of period 763 981 386
Cash and cash equivalents and restricted cash, end of period $ 939 $ 763 $ 981