| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||
Net income | ||||||||||||
1,273,000 | 1,907,000 | 1,459,000 | 808,000 | 859,000 | 753,000 | 626,000 | 571,000 | 198,000 | 458,000 | -353,000 | 347,000 | 695,000 |
Adjustments to reconcile to cash provided by operating activities: | ||||||||||||
Depreciation, amortization, and other | ||||||||||||
403,000 | 284,000 | 279,000 | 159,000 | 139,000 | 148,000 | 127,000 | 102,000 | 144,000 | 178,000 | 185,000 | 190,000 | 197,000 |
Share-based compensation | ||||||||||||
187,000 | 184,000 | 181,000 | 212,000 | 113,000 | 109,000 | 116,000 | 94,000 | - | - | - | - | - |
Income taxes | ||||||||||||
-200,000 | -239,000 | 887,000 | 103,000 | 143,000 | 71,000 | 73,000 | 224,000 | 113,000 | -27,000 | -167,000 | 101,000 | -152,000 |
Timeshare activity, net | ||||||||||||
- | - | - | - | - | - | - | - | 175,000 | 216,000 | 146,000 | -398,000 | 155,000 |
Timeshare strategy-impairment charges | ||||||||||||
- | - | - | - | - | - | - | - | 324,000 | 0 | 752,000 | 0 | 0 |
Liability for guest loyalty programs | ||||||||||||
- | - | - | - | 233,000 | 175,000 | 99,000 | 60,000 | 78,000 | 86,000 | 103,000 | 116,000 | - |
Contract acquisition costs | ||||||||||||
-195,000 | -152,000 | -185,000 | -76,000 | 121,000 | 65,000 | 61,000 | 61,000 | 74,000 | 56,000 | 39,000 | 133,000 | 59,000 |
Merger-related charges | ||||||||||||
86,000 | 16,000 | -124,000 | 209,000 | 0 | 0 | - | - | - | - | - | - | - |
Working capital changes | ||||||||||||
-273,000 | -76,000 | -30,000 | -106,000 | -41,000 | -120,000 | 50,000 | -137,000 | - | - | - | - | - |
Gain on asset dispositions | ||||||||||||
147,000 | 194,000 | 687,000 | -1,000 | 25,000 | - | - | - | - | - | - | - | - |
Restructuring costs, net | ||||||||||||
- | - | - | - | - | - | - | - | -5,000 | -11,000 | 16,000 | 51,000 | 0 |
Asset impairments and write-offs | ||||||||||||
- | - | - | - | - | - | - | - | - | 131,000 | 80,000 | 62,000 | 13,000 |
Working capital changes | ||||||||||||
- | - | - | - | - | - | -49,000 | -75,000 | -62,000 | -120,000 | -106,000 | -172,000 | -58,000 |
Other | ||||||||||||
294,000 | 107,000 | 149,000 | 88,000 | 94,000 | 88,000 | - | - | - | - | - | - | - |
Net cash provided by operating activities | ||||||||||||
1,685,000 | 2,357,000 | 2,227,000 | 1,619,000 | 1,515,000 | 1,224,000 | 1,140,000 | 989,000 | 1,089,000 | 1,151,000 | 868,000 | 641,000 | 778,000 |
INVESTING ACTIVITIES | ||||||||||||
Acquisition of a business, net of cash acquired | ||||||||||||
- | - | - | 2,392,000 | 137,000 | 184,000 | 112,000 | 210,000 | - | - | - | - | - |
Capital expenditures | ||||||||||||
653,000 | 556,000 | 240,000 | 199,000 | 305,000 | 411,000 | 296,000 | 437,000 | 183,000 | 307,000 | 147,000 | 357,000 | 671,000 |
Dispositions | ||||||||||||
395,000 | 479,000 | 1,418,000 | 211,000 | 673,000 | 435,000 | 0 | 65,000 | 20,000 | 114,000 | 2,000 | 38,000 | 745,000 |
Loan advances | ||||||||||||
30,000 | 13,000 | 93,000 | 32,000 | 66,000 | 103,000 | 7,000 | 17,000 | 26,000 | 24,000 | 65,000 | 53,000 | 31,000 |
Loan collections | ||||||||||||
51,000 | 48,000 | 187,000 | 67,000 | 92,000 | 34,000 | 77,000 | 155,000 | 110,000 | 18,000 | 20,000 | 36,000 | 106,000 |
Equity and cost method investments | ||||||||||||
- | - | - | - | - | - | 16,000 | 15,000 | 83,000 | 29,000 | 28,000 | -25,000 | -40,000 |
Redemption of debt security | ||||||||||||
- | - | - | - | 121,000 | 0 | -65,000 | - | - | - | - | - | - |
Investment in debt security | ||||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | - | - | - |
Sale of available-for-sale securities | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 16,000 | 22,000 | 43,000 |
Partial surrender of life insurance policy cash value | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 97,000 | 0 | 0 |
Other | ||||||||||||
47,000 | 10,000 | 61,000 | 1,000 | -110,000 | 19,000 | 39,000 | 65,000 | 11,000 | -20,000 | -75,000 | 11,000 | -32,000 |
Net cash provided by (used in) investing activities | ||||||||||||
-284,000 | -52,000 | 1,211,000 | -2,346,000 | 367,000 | -313,000 | -519,000 | -585,000 | -247,000 | -264,000 | -69,000 | -483,000 | 125,000 |
FINANCING ACTIVITIES | ||||||||||||
Commercial paper/Credit Facility, net | ||||||||||||
951,000 | -129,000 | 60,000 | 1,373,000 | -140,000 | 235,000 | 311,000 | 184,000 | 325,000 | -425,000 | -544,000 | 384,000 | 258,000 |
Issuance of long-term debt | ||||||||||||
1,397,000 | 1,646,000 | 0 | 1,482,000 | 790,000 | 394,000 | 345,000 | 936,000 | 118,000 | 215,000 | 0 | 17,000 | 820,000 |
Repayments of Long-term Debt | ||||||||||||
835,000 | 397,000 | 310,000 | 326,000 | 325,000 | 7,000 | 407,000 | 370,000 | 264,000 | 385,000 | 238,000 | 275,000 | 153,000 |
Issuance of Class A Common Stock | ||||||||||||
7,000 | 4,000 | 6,000 | 34,000 | 40,000 | 178,000 | 199,000 | 179,000 | 124,000 | 198,000 | 27,000 | 51,000 | 203,000 |
Dividends paid | ||||||||||||
612,000 | 543,000 | 482,000 | 374,000 | 253,000 | 223,000 | 196,000 | 191,000 | 134,000 | 43,000 | 63,000 | 115,000 | 105,000 |
Purchase of treasury stock | ||||||||||||
2,260,000 | 2,850,000 | 3,013,000 | 568,000 | 1,917,000 | 1,510,000 | 834,000 | 1,145,000 | 1,425,000 | 57,000 | 0 | 434,000 | 1,757,000 |
Share-based compensation withholding taxes | ||||||||||||
148,000 | 105,000 | 157,000 | 100,000 | 85,000 | - | - | - | - | - | - | - | - |
Other | ||||||||||||
-8,000 | 0 | 0 | -24,000 | 0 | 0 | -1,000 | -11,000 | 11,000 | 0 | 0 | 16,000 | -28,000 |
Net cash provided by (used in) financing activities | ||||||||||||
-1,508,000 | -2,374,000 | -3,896,000 | 1,497,000 | -1,890,000 | -933,000 | -583,000 | -418,000 | -1,245,000 | -497,000 | -818,000 | -356,000 | -762,000 |
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||||||||||||
-107,000 | -69,000 | -458,000 | 770,000 | -8,000 | -22,000 | 38,000 | -14,000 | -403,000 | 390,000 | -19,000 | -198,000 | 141,000 |
Loyalty Program [Member] | ||||||||||||
Liability for guest loyalty program | ||||||||||||
257,000 | 520,000 | 298,000 | 221,000 | - | - | - | - | - | - | - | - | - |