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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income (loss) $ 1,099 $ (267) $ 1,273
Adjustments to reconcile to cash provided by operating activities:      
Depreciation, amortization, and other 295 478 403
Stock-based compensation 182 201 187
Income taxes (281) (478) (200)
Contract acquisition costs (210) (142) (195)
Restructuring and merger-related charges (10) 200 86
Working capital changes 110 (28) (273)
(Gain) loss on asset dispositions (3) 3 (147)
Loss on extinguishment of debt 164 0 0
Deferred revenue changes and other (141) 1,137 294
Net cash provided by operating activities 1,177 1,639 1,685
INVESTING ACTIVITIES      
Capital and technology expenditures (183) (135) (653)
Dispositions 12 260 395
Loan advances (13) (41) (30)
Loan collections 40 8 51
Other (43) (57) (47)
Net cash (used in) provided by investing activities (187) 35 (284)
FINANCING ACTIVITIES      
Commercial paper/Credit Facility, net 150 (2,290) 951
Issuance of long-term debt 1,793 3,561 1,397
Repayment of long-term debt (2,174) (1,887) (835)
Issuance of Class A Common Stock 2 0 7
Debt extinguishment costs (155) 0 0
Dividends paid 0 (156) (612)
Purchase of treasury stock 0 (150) (2,260)
Stock-based compensation withholding taxes (90) (103) (148)
Other 11 (8) (8)
Net cash used in financing activities (463) (1,033) (1,508)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 527 641 (107)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 894 [1] 253 360
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 1,421 [1] 894 [1] 253
Restricted cash 28 17  
Guest loyalty program      
Adjustments to reconcile to cash provided by operating activities:      
Liability for guest loyalty program $ (28) $ 535 $ 257
[1] The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020 and ending restricted cash of $28 million at December 31, 2021, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.