v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 742 $ 476
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 383 391
Amortization of finance costs, discounts and premiums, net 6 6
Non-cash stock-based compensation expense 12 11
Other gains (241) (26)
Equity in earnings of affiliates (11) (14)
Change in due from/to managers (102) (58)
Distributions from investments in affiliates 11 9
Property insurance proceeds - remediation costs 2 0
Payments for inventory costs (16) (43)
Decrease in inventory for units sold 58 0
Changes in other assets 36 31
Changes in other liabilities (35) (34)
Net cash provided by operating activities 845 749
INVESTING ACTIVITIES    
Proceeds from sales of assets, net 1,073 63
Proceeds from loan receivable 0 79
Advances to and investments in affiliates (42) (55)
Capital expenditures:    
Renewals and replacements (140) (189)
Return on investment (103) (109)
Property insurance proceeds 0 10
Net cash provided by (used in) investing activities 806 (198)
FINANCING ACTIVITIES    
Financing costs 0 (4)
Issuances of debt 0 494
Repurchase/redemption of senior notes 0 (500)
Mortgage debt and other prepayments and scheduled maturities (1) (1)
Common stock repurchases (75) (205)
Dividends on common stock (377) (348)
Distributions and payments to non-controlling interests (6) (5)
Other financing activities (17) (14)
Net cash used in financing activities (476) (583)
Effects of exchange rate changes on cash held (1) 5
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 1,174 (27)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 937 798
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,111 771
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 1,953 490
Restricted cash (included in other assets) 2 2
Cash included in furniture, fixtures and equipment replacement fund 156 279
Total cash and cash equivalents and restricted cash shown in the statements of cash flows 2,111 771
Total interest paid 112 119
Income taxes paid $ 14 $ 7