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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 $ 618 $ 494
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization 511 498
Amortization of finance costs, discounts and premiums, net 7 8
Loss on extinguishment of debt 4 0
Stock compensation expense 19 19
Other gains (70) (19)
Gain on property insurance settlement 0 (6)
Equity in earnings of affiliates (7) (3)
Change in due from/to managers 16 32
Distributions from investments in affiliates 20 23
Property insurance proceeds - remediation costs 101 0
Changes in other assets (13) 7
Changes in other liabilities (72) 3
Net cash provided by operating activities 1,134 1,056
INVESTING ACTIVITIES    
Proceeds from sales of assets, net 34 233
Proceeds from loan receivable 163 0
Advances to and investments in affiliates (22) (59)
Capital expenditures:    
Renewals and replacements (332) (117)
Return on investment (140) (240)
Property insurance proceeds 34 11
Net cash used in investing activities (263) (172)
FINANCING ACTIVITIES    
Financing costs (10) 0
Repayment of credit facility 0 (683)
Mortgage debt and other prepayments and scheduled maturities (2) (1)
Debt extinguishment costs (3) 0
Issuance of common stock 0 1
Common stock repurchases (150) 0
Dividends on common stock (420) (65)
Distributions and payments to non-controlling interests (7) (2)
Other financing activities (14) (9)
Net cash used in financing activities (606) (759)
Effects of exchange rate changes on cash held 0 (4)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 265 121
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 874 953
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,139 1,074
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 916 883
Restricted cash (included in other assets) 5 4
Cash included in furniture, fixtures and equipment replacement fund 218 187
Total cash and cash equivalents and restricted cash shown in the statements of cash flows 1,139 1,074
Total interest paid 129 100
Income taxes paid (refunds received) $ 5 $ (7)