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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 2,951 $ 3,263 [1] $ 2,025
Adjustments to reconcile net income to net cash generated from operating activities:      
Depreciation and amortization 1,111 1,171 1,111
Amortization of leasehold interests in land 35 37 38
Amortization of deferred financing costs and original issue discount 35 42 44
Amortization of deferred gain on and rent from mall sale transactions (5) (4) (4)
Loss on modification or early retirement of debt 64 5 2
Loss on disposal or impairment of assets 149 20 79
Stock-based compensation expense 30 34 34
Provision for doubtful accounts 5 96 173
Foreign exchange (gain) loss (26) 53 (21)
Deferred income taxes 113 (497) 24
Changes in operating assets and liabilities:      
Accounts receivable (119) 83 319
Other assets (40) 22 (36)
Accounts payable 8 40 19
Other liabilities 390 178 237
Net cash generated from operating activities 4,701 4,543 4,044
Cash flows from investing activities:      
Capital expenditures (949) (837) (1,398)
Proceeds from disposal of property and equipment 19 15 5
Acquisition of intangible assets 0 0 (47)
Net cash used in investing activities (930) (822) (1,440)
Cash flows from financing activities:      
Proceeds from exercise of stock options 79 40 17
Repurchase of common stock (905) (375) 0
Dividends paid (2,979) (2,943) (2,924)
Proceeds from long-term debt (Note 9) 7,593 654 2,296
Repayments of long-term debt (Note 9) (5,178) (858) (1,987)
Payments of financing costs (132) (5) (33)
Net cash used in financing activities (1,522) (3,487) (2,631)
Effect of exchange rate on cash, cash equivalents and restricted cash (18) 58 (22)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 2,231 292 (49)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 2,430 2,138 2,187
Cash, cash equivalents and restricted cash and cash equivalents at end of year $ 4,661 $ 2,430 $ 2,138
[1] The information for 2017 has been reclassified to conform to the current presentation.