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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income (loss) $ 752 $ 643 $ (11)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 697 664 762
Amortization of finance costs, discounts and premiums, net 9 10 10
Loss on extinguishment of debt 4 0 23
Stock compensation expense 30 26 18
Deferred income taxes 26 20 (93)
Other gains (71) (17) (306)
Gain on property insurance settlement (3) (6) 0
Equity in earnings of affiliates (6) (3) (31)
Change in due from/to managers (40) 15 (151)
Distributions from investments in affiliates 31 30 21
Property insurance proceeds - remediation costs 101 0 0
Payments for inventory costs (15) 0 0
Changes in other assets (3) 20 10
Changes in other liabilities (71) 14 40
Net cash provided by operating activities 1,441 1,416 292
INVESTING ACTIVITIES      
Proceeds from sales of assets, net 34 236 729
Proceeds from loan receivable 413 0 9
Return of investments in affiliates 5 0 0
Advances to and investments in affiliates (25) (60) (11)
Acquisitions 0 (301) (1,458)
Capital expenditures:      
Renewals and replacements (451) (197) (134)
Return on investment (195) (307) (293)
Property insurance proceeds 36 11 0
Net cash used in investing activities (183) (618) (1,158)
FINANCING ACTIVITIES      
Financing costs (10) (1) (8)
Issuances of debt 0 0 443
Repayment of credit facility 0 (683) (800)
Repurchase/redemption of senior notes 0 0 (400)
Mortgage debt and other prepayments and scheduled maturities (7) (2) 0
Debt extinguishment costs (3) 0 (22)
Issuance of common stock 1 1 138
Common stock repurchases (182) (27) 0
Dividends on common stock (547) (150) 0
Distributions and payments to non-controlling interests (10) (3) 0
Other financing activities (13) (9) (8)
Net cash used in financing activities (771) (874) (657)
Effects of exchange rate changes on cash held 2 (3) 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 489 (79) (1,523)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 874 953 2,476
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,363 874 953
Supplemental disclosure of cash flow information:      
Cash and cash equivalents 1,144 667 807
Restricted cash (included in other assets) 2 7 2
Cash included in furniture, fixtures and equipment replacement fund 217 200 144
Total cash and cash equivalents and restricted cash shown in the statements of cash flows $ 1,363 $ 874 $ 953