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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net (loss) income $ (11) $ 31
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 69 175
Stock-based compensation 53 41
Income taxes (50) (71)
Contract acquisition costs (47) (39)
Restructuring and merger-related charges (6) (12)
Working capital changes (27) 245
Deferred revenue changes and other (28) 18
Net cash provided by operating activities 27 514
INVESTING ACTIVITIES    
Capital and technology expenditures (30) (59)
Dispositions 7 260
Loan advances (2) (32)
Loan collections 3 4
Other (7) (8)
Net cash (used in) provided by investing activities (29) 165
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (500) 1,317
Issuance of long-term debt 1,089 0
Repayment of long-term debt (752) (66)
Issuance of Class A Common Stock 2 0
Dividends paid 0 (156)
Purchase of treasury stock 0 (150)
Stock-based compensation withholding taxes (82) (95)
Other (7) 0
Net cash (used in) provided by financing activities (250) 850
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (252) 1,529
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 894 253
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 642 1,782
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 74 $ 126
[1] The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020, and ending restricted cash of $14 million at March 31, 2021, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.