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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities:      
Net income $ 1,416 $ 682 $ 460
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 692 628 603
Impairment loss 9 0 0
Gain on sales of assets, net (306) 0 0
Equity in earnings from unconsolidated affiliates (23) (19) (16)
Loss (gain) on foreign currency transactions 41 (26) 45
Gain on debt extinguishment 0 0 (229)
Other loss (gain), net 1 (37) (7)
Share-based compensation 124 78 262
Amortization of deferred financing costs and other 38 50 25
Distributions from unconsolidated affiliates 26 22 27
Deferred income taxes (479) 14 65
Accounts receivable, net (47) (143) (16)
Inventories (39) 56 19
Prepaid expenses (27) (8) 4
Income taxes receivable 35 (57) (57)
Other current assets 32 (10) (8)
Accounts payable, accrued liabilities and other 59 8 132
Income taxes payable 13 10 (8)
Change in restricted cash and cash equivalents (13) 59 91
Change in timeshare financing receivables (49) (27) (15)
Change in deferred revenues (212) (179) 592
Change in liability for guest loyalty program 64 206 139
Change in other liabilities 154 12 14
Other (115) 47 (21)
Net cash provided by operating activities 1,394 1,366 2,101
Investing Activities:      
Capital expenditures for property and equipment (310) (268) (254)
Acquisitions, net of cash acquired (1,410) 0 (30)
Payments received on other financing receivables 5 20 5
Issuance of other financing receivables (11) (1) (10)
Investments in affiliates (5) (9) (4)
Distributions from unconsolidated affiliates 31 38 33
Proceeds from asset dispositions 2,205 44 0
Change in restricted cash and cash equivalents (14) 0 0
Contract acquisition costs (37) (65) (44)
Software capitalization costs (62) (69) (78)
Net cash provided by (used in) investing activities 392 (310) (382)
Financing Activities:      
Net proceeds from issuance of common stock 0 0 1,243
Borrowings 48 350 14,088
Repayment of debt (1,624) (1,424) (17,203)
Debt issuance costs 0 9 180
Change in restricted cash and cash equivalents (10) 5 193
Capital contribution 0 13 0
Dividends paid (138) 0 0
Distributions to noncontrolling interests (8) (5) (4)
Excess tax benefits from share-based compensation 8 0 0
Net cash used in financing activities (1,724) (1,070) (1,863)
Effect of exchange rate changes on cash and cash equivalents (19) (14) (17)
Net increase (decrease) in cash and cash equivalents 43 (28) (161)
Cash and cash equivalents, beginning of period 566 594 755
Cash and cash equivalents, end of period $ 609 $ 566 $ 594