Condensed Combined Consolidated Statements of Cash Flows (Unaudited) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Operating Activities:
Net income	$ 2,570	$ 122	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	217	220	[1]
Impairment loss		15	[1]
Gain on sale of assets, net		(1)
Equity in earnings from investments in affiliates	(18)	(16)	[1]
Loss on foreign currency transactions	4
Other loss, net	3	7
Share-based compensation expense	11
Amortization of deferred financing costs	3	8
Distributions from unconsolidated affiliates	14	14
Deferred income taxes	(2,360)	(52)
Changes in working capital and other	14	(23)
Net cash provided by operating activities	458	294
Investing Activities:
Capital expenditures for property and equipment	(125)	(170)
Investments in affiliates	(1)
Change in restricted cash		14
Distributions from unconsolidated affiliates	1	2
Net cash used in investing activities	(125)	(154)
Financing Activities:
Repayment of debt		(995)
Change in restricted cash	(7)	(21)
Dividends paid	(294)
Distributions to noncontrolling interests	(3)	(6)
Tax withholdings on share-based compensation	(2)
Net transfers (to) from Parent	(9)	167
Contribution from Parent		987
Net cash (used in) provided by financing activities	(315)	132
Effect of exchange rate changes on cash and cash equivalents	2	2
Net increase in cash and cash equivalents	20	274
Cash and cash equivalents, beginning of period	337	72
Cash and cash equivalents, end of period	357	346
Non-cash investing activities:
Transfer of property and equipment to Hilton Grand Vacations	4	40
Non-cash financing activities:
Dividends paid in stock	441
Dividends declared but unpaid	$ 92
Distribution to Parent		(48)
Contribution from Parent		$ 45

[1] Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.