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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 $ 1,151 $ 1,257 $ 407
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of contract acquisition costs 43 38 32
Depreciation and amortization expenses 147 162 188
Impairment losses 38 0 0
Loss on sales of assets, net 0 0 7
Loss (gain) on foreign currency transactions 16 (5) 7
Loss on debt extinguishment 0 0 69
Loss on investments in unconsolidated affiliate 92 0 0
Share-based compensation expense 169 162 193
Amortization of deferred financing costs and discounts 16 16 16
Deferred income taxes (264) 34 (4)
Contract acquisition costs, net of refunds (233) (81) (200)
Accounts receivable, net (126) (270) (301)
Prepaid expenses (27) (21) (22)
Other current assets 16 78 (107)
Accounts payable, accrued expenses and other 181 198 273
Change in operating lease right-of-use assets 73 105 96
Change in operating lease liabilities (98) (113) (123)
Change in deferred revenues 215 174 (128)
Change in other liabilities 284 (11) (111)
Other (84) (73) (78)
Net cash provided by operating activities 1,946 1,681 109
Investing Activities:      
Capital expenditures for property and equipment (151) (39) (35)
Issuance of financing receivables (22) (46) (3)
Proceeds from (payments for) undesignated derivative financial instruments (26) 79 (5)
Proceeds from asset dispositions 5 0 6
Capitalized software costs (96) (63) (44)
Investments in unconsolidated affiliates (15) (53) 0
Other 0 (1) 24
Net cash used in investing activities (305) (123) (57)
Financing Activities:      
Borrowings 609 23 1,510
Repayment of debt (183) (48) (3,230)
Debt issuance costs and redemption premium (20) 0 (76)
Dividends paid (158) (123) 0
Repurchases of common stock (2,338) (1,590) 0
Share-based compensation tax withholdings (54) (58) (49)
Proceeds from share-based compensation 51 29 52
Settlements of interest rate swap with financing component 53 2 0
Net cash used in financing activities (2,040) (1,765) (1,793)
Effect of exchange rate changes on cash, restricted cash and cash equivalents (12) (19) (10)
Net decrease in cash, restricted cash and cash equivalents (411) (226) (1,751)
Cash, restricted cash and cash equivalents, beginning of period 1,286 1,512 3,263
Cash, restricted cash and cash equivalents, end of period 875 1,286 1,512
Guest Loyalty Program      
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in liability for guest loyalty program $ 337 $ 31 $ (105)