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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 2,235 $ 1,685
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 204 212
Stock-based compensation 147 144
Income taxes (107) 197
Contract acquisition costs (134) (92)
Merger-related charges and other 42 (1)
Working capital changes (141) (225)
Other 64 19
Net cash provided by operating activities 2,419 1,922
INVESTING ACTIVITIES    
Capital and technology expenditures (318) (192)
Asset acquisition (102) 0
Dispositions 61 0
Loan advances (77) (10)
Loan collections 35 12
Other 38 53
Net cash used in investing activities (363) (137)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 100 (1,050)
Issuance of long-term debt 1,918 983
Repayment of long-term debt (332) (578)
Issuance of Class A Common Stock 29 0
Dividends paid (435) (195)
Purchase of treasury stock (2,988) (1,235)
Stock-based compensation withholding taxes (105) (88)
Other (25) 25
Net cash used in financing activities (1,838) (2,138)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 218 (353)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 525 1,421
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 743 1,068
Loyalty Program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 109 $ (17)
[1] The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022, and ending restricted cash of $26 million at September 30, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.