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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 2,016 $ 2,386 $ 3,588
Adjustments to reconcile net income to net cash generated from operating activities:      
Depreciation and amortization 1,111 999 1,031
Amortization of leasehold interests in land 38 39 41
Amortization of deferred financing costs and original issue discount 44 44 51
Amortization of deferred gain on and rent from mall sale transactions (4) (4) (4)
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo 0 1 1
Non-cash loss on modification or early retirement of debt 2 0 15
Loss on disposal or impairment of assets 79 35 7
Stock-based compensation expense 34 46 48
Provision for doubtful accounts 173 156 187
Foreign exchange gain (21) (21) (12)
Excess tax benefits from stock-based compensation (1) (9) (4)
Deferred income taxes 24 19 (3)
Changes in operating assets and liabilities:      
Accounts receivable 319 49 37
Other assets (36) 6 (30)
Accounts payable 19 (1) (5)
Other liabilities 246 (295) (115)
Net cash generated from operating activities 4,043 3,450 4,833
Cash flows from investing activities:      
Change in restricted cash and cash equivalents (2) (1) 0
Capital expenditures (1,398) (1,529) (1,179)
Proceeds from disposal of property and equipment 5 2 2
Acquisition of intangible assets (47) 0 0
Net cash used in investing activities (1,442) (1,528) (1,177)
Cash flows from financing activities:      
Proceeds from exercise of stock options 17 17 56
Excess tax benefits from stock-based compensation 1 9 4
Repurchase of common stock 0 (205) (1,677)
Dividends paid (2,909) (2,693) (2,387)
Distributions to noncontrolling interests (15) (14) (10)
Proceeds from long-term debt (Note 8) 2,296 2,089 2,498
Repayments of long-term debt (Note 8) (1,987) (2,398) (2,117)
Payments of deferred financing costs (33) (12) (88)
Net cash used in financing activities (2,630) (3,207) (3,721)
Effect of exchange rate on cash (22) (42) (29)
Decrease in cash and cash equivalents (51) (1,327) (94)
Cash and cash equivalents at beginning of year 2,179 3,506 3,600
Cash and cash equivalents at end of year $ 2,128 $ 2,179 $ 3,506