MARRIOTT INTERNATIONAL INC MD
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $3,083 | $2,358 | $1,099 |
| Adjustments to reconcile to cash provided by operating activities: | |||
| Depreciation, amortization, and other | 277 | 282 | 295 |
| Stock-based compensation | 205 | 192 | 182 |
| Income taxes | (612) | 280 | (281) |
| Liability for guest loyalty program | 301 | (119) | (28) |
| Contract acquisition costs | (221) | (149) | (210) |
| Merger-related charges and other | 47 | (8) | (10) |
| Working capital changes | 69 | (542) | 110 |
| Loss on extinguishment of debt | — | — | 164 |
| Other | 21 | 69 | (144) |
| Net cash provided by operating activities | 3,170 | 2,363 | 1,177 |
| INVESTING ACTIVITIES | |||
| Capital and technology expenditures | (452) | (332) | (183) |
| Asset acquisition | (101) | — | — |
| Dispositions | 71 | 1 | 12 |
| Loan advances | (77) | (11) | (13) |
| Loan collections | 61 | 14 | 40 |
| Other | 33 | 31 | (43) |
| Net cash used in investing activities | (465) | (297) | (187) |
| FINANCING ACTIVITIES | |||
| Commercial paper/Credit Facility, net | 546 | (182) | 150 |
| Issuance of long-term debt | 1,918 | 983 | 1,793 |
| Repayment of long-term debt | (684) | (804) | (2,174) |
| Issuance of Class A Common Stock | 29 | — | 2 |
| Debt extinguishment costs | — | — | (155) |
| Dividends paid | (587) | (321) | — |
| Purchase of treasury stock | (3,953) | (2,566) | — |
| Stock-based compensation withholding taxes | (108) | (89) | (90) |
| Other | (25) | 17 | 11 |
| Net cash used in financing activities | (2,864) | (2,962) | (463) |
| (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (159) | (896) | 527 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) | 525 | 1,421 | 894 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) | $366 | $525 | $1,421 |
(1)The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022 and ending restricted cash of $28 million at December 31, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.
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