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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net income $ 1,907 $ 1,459
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 284 279
Share-based compensation 184 181
Income taxes (239) 887
Contract acquisition costs (152) (185)
Merger-related charges 16 (124)
Working capital changes (76) (30)
(Gain) loss on asset dispositions (194) (687)
Other 107 149
Net cash provided by operating activities 2,357 2,227
INVESTING ACTIVITIES    
Acquisition of a business, net of cash acquired 0 0
Capital expenditures (556) (240)
Dispositions 479 1,418
Loan advances (13) (93)
Loan collections 48 187
Other (10) (61)
Net cash (used in) provided by investing activities (52) 1,211
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (129) 60
Issuance of long-term debt 1,646 0
Repayment of long-term debt (397) (310)
Issuance of Class A Common Stock 4 6
Dividends paid (543) (482)
Purchase of treasury stock (2,850) (3,013)
Share-based compensation withholding taxes (105) (157)
Other 0 0
Net cash (used in) provided by financing activities (2,374) (3,896)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (69) (458)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 429 [1] 887
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 360 429
Restricted cash 44 46
Guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 520 $ 298
[1] The 2018 amounts include beginning restricted cash of $46 million at December 31, 2017, and ending restricted cash of $44 million at December 31, 2018, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.