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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 1,055 $ 411
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 140 137
Stock-based compensation 96 96
Income taxes 174 (277)
Liability for guest loyalty program 44 90
Contract acquisition costs (51) (108)
Restructuring, merger-related charges, and other 6 (4)
Working capital changes (379) (120)
Deferred revenue changes and other (37) (99)
Net cash provided by operating activities 1,048 126
INVESTING ACTIVITIES    
Capital and technology expenditures (119) (70)
Dispositions 0 7
Loan advances (3) (2)
Loan collections 9 5
Other 22 (12)
Net cash used in investing activities (91) (72)
FINANCING ACTIVITIES    
Credit Facility, net (750) (500)
Issuance of long-term debt 0 1,089
Repayment of long-term debt (576) (770)
Issuance of Class A Common Stock 0 2
Dividends paid (98) 0
Purchase of treasury stock (300) 0
Stock-based compensation withholding taxes (87) (83)
Other 0 (7)
Net cash used in financing activities (1,811) (269)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (854) (215)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 1,421 894
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] $ 567 $ 679
[1] The 2022 amounts include beginning restricted cash of $28 million at December 31, 2021, and ending restricted cash of $21 million at June 30, 2022, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.