v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net income (loss) $ 1,257 $ 407 $ (720)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 162 188 331
Impairment losses 0 0 258
Loss (gain) on sales of assets, net 0 7 0
Loss on foreign currency transactions (5) 7 27
Loss on debt extinguishments 0 69 48
Share-based compensation expense 162 193 97
Amortization of deferred financing costs and discount 16 16 17
Deferred income taxes 34 (4) (235)
Contract acquisition costs (81) (200) (50)
Accounts receivable, net (270) (301) 488
Prepaid expenses (21) (22) 60
Other current assets 78 (107) (26)
Accounts payable, accrued expenses and other 198 273 (414)
Change in operating lease right-of-use assets 105 96 94
Increase (Decrease) in Operating Lease Liability (113) (123) (142)
Change in deferred revenues 174 (128) 215
Change in other liabilities (11) (111) 8
Other (73) (78) 13
Net cash provided by operating activities 1,681 109 708
Investing Activities:      
Capital expenditures for property and equipment (39) (35) (46)
Issuance of financing receivables 46 3 3
Undesignated derivative financial instruments 79 (5) (3)
Proceeds from asset dispositions 0 6 0
Capitalized software costs (63) (44) (46)
Investments in unconsolidated affiliates (53) 0 0
Other (1) 24 (9)
Net cash used in investing activities (123) (57) (107)
Financing Activities:      
Borrowings 23 1,510 4,590
Repayment of debt (48) (3,230) (2,121)
Debt issuance costs and redemption premiums 0 (76) (71)
Dividends paid (123) 0 (42)
Repurchases of common stock (1,590) 0 (296)
Share-based compensation tax withholdings 58 49 58
Proceeds from share-based compensation 29 52 31
Settlements of interest rate swap with financing component 2 0 0
Other 0 0 (1)
Net cash provided by (used in) financing activities (1,765) (1,793) 2,032
Effect of exchange rate changes on cash, restricted cash and cash equivalents (19) (10) 0
Net increase (decrease) in cash, restricted cash and cash equivalents (226) (1,751) 2,633
Cash, restricted cash and cash equivalents, beginning of period 1,512 3,263 630
Cash, restricted cash and cash equivalents, end of period 1,286 1,512 3,263
Supplemental Disclosures:      
Interest paid 383 359 433
Income taxes, net of refunds 389 181 79
Recognized as a reduction of franchise and licensing fees and base and other management fees      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of contract acquisition costs 38 32 29
Guest Loyalty Program [Member]      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Change in liability for guest loyalty program $ 31 $ (105) $ 610