v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,352 $ 194
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 257 297
(Gains) losses on sales of real estate and other (1,267) (18)
Amortization of share awards 55 60
Amortization of operating lease right-of-use assets 28 28
Deferred income taxes (95) (64)
Asset impairments 52 13
Equity (earnings) losses from unconsolidated hospitality ventures (32) (4)
Contra revenue 56 34
Unrealized (gains) losses, net 4 (9)
Distributions from unconsolidated hospitality ventures 8 8
Contingent consideration liability fair value adjustment (20) 1
Working capital changes and other 0 (114)
Net cash provided by operating activities 398 426
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities and short-term investments (1,321) (378)
Proceeds from marketable securities and short-term investments 1,204 459
Contributions to equity method and other investments (78) (36)
Return of equity method and other investments 9 7
Acquisitions, net of cash acquired (28) (175)
Capital expenditures (119) (134)
Issuance of financing receivables (91) (31)
Proceeds from sales of real estate and other, net of cash disposed 1,410 (10)
Other investing activities (3) (6)
Net cash provided by (used) in investing activities 983 (304)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt, net of issuance costs of $14 and $4, respectively 830 596
Repayments and repurchases of debt (749) (659)
Repurchases of common stock (1,179) (358)
Dividends paid (46) (32)
Payment of withholding taxes for stock-based compensation (41) (14)
Other financing activities 1 1
Net cash used in financing activities (1,184) (466)
Effect of exchange rate changes on cash (11) (5)
Net increase (decrease) in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale 186 (349)
Net change in cash, cash equivalents, and restricted cash classified as assets held for sale 3 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 189 (349)
Cash, cash equivalents, and restricted cash—Beginning of period 919 1,067
Cash, cash equivalents, and restricted cash—End of period 1,108 718
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 1,095 701
Restricted cash [1] 9 13
Restricted cash included in other assets [1] 4 4
Total cash, cash equivalents, and restricted cash 1,108 718
Cash paid during the period for interest 115 80
Cash paid during the period for income taxes 121 124
Cash paid for amounts included in the measurement of operating lease liabilities 34 37
Non-cash investing and financing activities are as follows:    
Non-cash contributions to equity method and other investments (Note 4, Note 7) 223 0
Non-cash issuance of financing receivables (Note 7) 129 0
Non-cash right-of-use assets obtained in exchange for operating lease liabilities 13 11
Change in accrued capital expenditures (4) 14
Non-cash redemption of financing receivable 0 20
Non-cash redemption of held-to-maturity debt security in exchange for equity method investment (Note 4) 0 32
Non-cash contingent consideration liability assumed in acquisition (Note 7) 0 107
Non-cash contingent consideration receivable recorded in disposition (Note 7) $ 0 $ 28
[1] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.