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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 631 $ (103)
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 222 369
Stock-based compensation 138 143
Income taxes (292) (289)
Liability for guest loyalty program 54 439
Contract acquisition costs (143) (103)
Restructuring and merger-related charges (5) (40)
Working capital changes 71 127
Loss on extinguishment of debt 164 0
Deferred revenue changes and other (95) 1,080
Net cash provided by operating activities 745 1,623
INVESTING ACTIVITIES    
Capital and technology expenditures (114) (97)
Dispositions 8 260
Loan advances (10) (36)
Loan collections 38 6
Other (3) (22)
Net cash (used in) provided by investing activities (81) 111
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (150) (2,260)
Issuance of long-term debt 1,787 3,556
Repayment of long-term debt (2,172) (1,278)
Issuance of Class A Common Stock 2 0
Debt extinguishment costs (155) 0
Dividends paid 0 (156)
Purchase of treasury stock 0 (150)
Stock-based compensation withholding taxes (85) (100)
Other 12 (9)
Net cash used in financing activities (761) (397)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (97) 1,337
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 894 253
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] $ 797 $ 1,590
[1] The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020, and ending restricted cash of $25 million at September 30, 2021, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.