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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 411 $ (203)
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 137 268
Stock-based compensation 96 91
Income taxes (277) (148)
Contract acquisition costs (108) (60)
Restructuring and merger-related charges (4) (13)
Working capital changes (120) 354
Deferred revenue changes and other (99) 854
Net cash provided by operating activities 126 1,505
INVESTING ACTIVITIES    
Capital and technology expenditures (70) (79)
Dispositions 7 260
Loan advances (2) (33)
Loan collections 5 5
Other (12) (12)
Net cash (used in) provided by investing activities (72) 141
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (500) (827)
Issuance of long-term debt 1,089 2,566
Repayment of long-term debt (770) (924)
Issuance of Class A Common Stock 2 0
Dividends paid 0 (156)
Purchase of treasury stock 0 (150)
Stock-based compensation withholding taxes (83) (99)
Other (7) (9)
Net cash (used in) provided by financing activities (269) 401
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (215) 2,047
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 894 253
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 679 2,300
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 90 $ 362
[1] The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020, and ending restricted cash of $15 million at June 30, 2021, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.