View Filing Data

$ 20,972

$ 20,758

$ 20,452

OPERATING COSTS AND EXPENSES

General, administrative, and other

^[1]

341

226

229

^[1]

938

927

921

Merger-related costs and charges

138

155

159

Costs and Expenses, Total

19,172

18,392

17,948

OPERATING INCOME

1,800

2,366

2,504

Gains and other income, net

^[1]

154

194

688

Interest expense (1)

^[1]

(394)

(340)

(288)

Interest income

^[1]

Equity in earnings

^[1]

103

INCOME BEFORE INCOME TAXES

1,599

2,345

2,982

Provision for income taxes

(326)

(438)

(1,523)

NET INCOME

$ 1,273

$ 1,907

$ 1,459

EARNINGS PER SHARE

Earnings per share - basic (in USD per share)

$ 3.83

$ 5.45

$ 3.89

Earnings per share - diluted (in USD per share)

$ 3.80

$ 5.38

$ 3.84

Base management fees

REVENUES

^[1]

$ 1,180

$ 1,140

$ 1,102

Franchise fees

REVENUES

Incentive management fees

2,006

1,849

1,586

REVENUES

^[1]

637

649

607

Net fee revenues

REVENUES

3,823

3,638

3,295

^[1]

(62)

(58)

(50)

3,761

3,580

3,245

Owned, leased, and other

REVENUES

^[1]

1,612

1,635

1,752

OPERATING COSTS AND EXPENSES

Cost of revenues

1,316

1,306

1,411

Reimbursements

REVENUES

^[1]

15,599

15,543

15,455

OPERATING COSTS AND EXPENSES

Cost of revenues

^[1]

$ 16,439

$ 15,778

$ 15,228

[1]	See Note 16 for disclosure of related party amounts.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 1,273	$ 1,907	$ 1,459
Other comprehensive (loss) income:
Foreign currency translation adjustments	35	(391)	478
Derivative instrument adjustments and other, net of tax	2	4	(9)
Reclassification of (gains) losses, net of tax	(7)	17	11
Total other comprehensive (loss) income, net of tax	30	(370)	480
Comprehensive income	$ 1,303	$ 1,537	$ 1,939

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Accounts and notes receivable, net

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2019

Dec. 31, 2018

Current assets

Cash and equivalents

$ 225

$ 316

^[1]

2,395

2,133

Prepaid expenses and other

^[1]

252

249

Assets held for sale

255

Assets, current, total

3,127

2,706

Property and equipment, net

1,904

1,956

Goodwill and intangible assets, net, total

8,641

8,380

Goodwill

9,048

9,039

17,689

17,419

Equity method investments

^[1]

577

732

Notes receivable, net

117

125

Deferred tax assets

154

171

Operating lease assets

888

Other noncurrent assets

^[1]

595

587

Total assets

25,051

23,696

Current portion of long-term debt

977

833

Accounts payable

^[1]

720

767

Accrued payroll and benefits

1,339

1,345

Accrued expenses and other

^[1]

1,383

963

Liabilities, current, total

6,677

6,437

Long-term debt

9,963

8,514

Deferred tax liabilities

^[1]

290

485

Operating lease liabilities

882

Additional paid-in-capital

^[1]

2,236

2,372

Shareholders’ equity

Class A Common Stock

5,800

5,814

Retained earnings

9,644

8,982

Treasury stock, at cost

(14,385)

(12,185)

Accumulated other comprehensive loss

(361)

(391)

Shareholder's equity (deficit)

703

2,225

Liabilities and deficit, total

25,051

23,696

Brands

Contract acquisition costs and other

5,954

5,790

^[1]

2,687

2,590

Guest loyalty program

Liability for guest loyalty program

2,258

2,529

Contract with customer

3,460

2,932

Deferred revenue

Contract with customer

$ 840

$ 731

[1]	See Note 16 for disclosure of related party amounts.

CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions

12 Months Ended

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

OPERATING ACTIVITIES

Adjustments to reconcile to cash provided by operating activities:

$ 1,273

$ 1,907

$ 1,459

Contract acquisition costs

403

284

279

Share-based compensation

187

184

181

Income taxes

(200)

(239)

887

(195)

(152)

(185)

Merger-related charges

(124)

Working capital changes

(273)

(76)

(30)

Gain on asset dispositions

(147)

(194)

(687)

Other

294

107

149

Net cash provided by operating activities

1,685

2,357

2,227

INVESTING ACTIVITIES

Capital expenditures

(653)

(556)

(240)

Dispositions

395

479

1,418

Loan advances

(30)

(13)

(93)

Loan collections

187

Other

(47)

(10)

(61)

Net cash (used in) provided by investing activities

(284)

(52)

1,211

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

951

(129)

Issuance of long-term debt

1,397

1,646

Repayment of long-term debt

(835)

(397)

(310)

Issuance of Class A Common Stock

Dividends paid

(612)

(543)

(482)

Share-based compensation withholding taxes

(2,260)

(2,850)

(3,013)

(148)

(105)

(157)

Other

(8)

Net cash (used in) provided by financing activities

(1,508)

(2,374)

(3,896)

DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(107)

(69)

(458)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period

360

^[1]

429

887

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period

253

^[1]

360

^[1]

429

Restricted cash

Guest loyalty program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 257

$ 520

$ 298

[1]	The 2019 amounts include beginning restricted cash of $44 million at December 31, 2018, and ending restricted cash of $28 million at December 31, 2019, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Class A Common Stock

Additional Paid-in- Capital

Retained Earnings

Treasury Stock, at Cost

Accumulated Other Comprehensive Loss

Beginning balance at Dec. 31, 2016

$ 5,121

$ 5

$ 5,808

$ 6,265

$ (6,460)

$ (497)

Beginning balance (in shares) at Dec. 31, 2016

386,100,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1,459

480

Dividends ($1.29 per share)

(482)

Share-based compensation plans (in shares)

2,200,000

Share-based compensation plans

(38)

Purchase of treasury stock (in shares)

(3,025)

(29,200,000)

Ending balance at Dec. 31, 2017

3,582

$ 5

5,770

7,242

(9,418)

(17)

Ending balance (in shares) at Dec. 31, 2017

359,100,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1,907

(370)

Dividends ($1.29 per share)

(543)

Share-based compensation plans (in shares)

1,500,000

Share-based compensation plans

Purchase of treasury stock (in shares)

(2,809)

(21,500,000)

Ending balance at Dec. 31, 2018

2,225

$ 5

5,814

8,982

(12,185)

(391)

Ending balance (in shares) at Dec. 31, 2018

339,100,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1,273

Dividends ($1.29 per share)

(612)

Share-based compensation plans (in shares)

2,200,000

Share-based compensation plans

(14)

Purchase of treasury stock (in shares)

(2,260)

(17,300,000)

Ending balance at Dec. 31, 2019

$ 703

$ 5

$ 5,800

$ 9,644

$ (14,385)

$ (361)

Ending balance (in shares) at Dec. 31, 2019

324,000,000

324,000,000.0

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, authorized (in shares)

800,000,000

Common stock, par value (in USD per share)

$ 0.01

Preferred stock, authorized (in shares)

10,000,000

Preferred stock, outstanding (in shares)

[1]

Our restated certificate of incorporation authorizes 800 million shares of our common stock, with a par value of $.01 per share and 10 million shares of preferred stock, without par value. At year-end 2019, we had 324 million of these authorized shares of our common stock and no preferred stock outstanding.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 1.85	$ 1.56	$ 1.29

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or “the Company”). In order to make this report easier to read, we also refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” (iv) our Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (v) our properties, brands, or markets in the United States (“U.S.”) and Canada as “North America” or “North American,” and (vi) our properties, brands, or markets in our Caribbean and Latin America, Europe, and Middle East and Africa regions as “Other International,” and together with those in our Asia Pacific segment, as “International.” In addition, references throughout to numbered “Notes” refer to these Notes to Consolidated Financial Statements, unless otherwise stated. Preparation of financial statements that conform with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position at fiscal year-end 2019 and fiscal year-end 2018 and the results of our operations and cash flows for fiscal years 2019, 2018, and 2017. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements. The accompanying Financial Statements also reflect our adoption of ASU 2016-02. See the “New Accounting Standards Adopted” caption in Note 2 for additional information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

Base Management and Incentive Management Fees: For our managed hotels, we have performance obligations to provide hotel management services and a license to our hotel system intellectual property for the use of our brand names. As compensation for such services, we are generally entitled to receive base fees, which are a percentage of the revenues of hotels, and incentives fees, which are generally based on a measure of hotel profitability. Both the base and incentive management fees are variable consideration, as the transaction price is based on a percentage of revenue or profit, as defined in each contract. We recognize base management fees on a monthly basis over the term of the agreement as those amounts become payable. We recognize incentive management fees on a monthly basis over the term of the agreement based on each property’s financial results, as long as we do not expect a significant reversal due to projected future hotel performance or cash flows in future periods.

Franchise Fee and Royalty Fee Revenue: For our franchised hotels, we have a performance obligation to provide franchisees and operators a license to our hotel system intellectual property for use of certain of our brand names. As compensation for such services, we are typically entitled to initial application fees and ongoing royalty fees. Our ongoing royalty fees represent variable consideration, as the transaction price is based on a percentage of certain revenues of the hotels, as defined in each contract. We recognize royalty fees on a monthly basis over the term of the agreement as those amounts become payable. Initial application and relicensing fees are fixed consideration payable upon submission of a franchise application or renewal and are recognized on a straight-line basis over the initial or renewal term of the franchise agreements.

Owned and Leased Hotel Revenue: At our owned and leased hotels, we have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, we are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. We generally satisfy the performance obligations over time, and we recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied and we have rendered the services.

Cost Reimbursements: Under our management and franchise agreements, we are entitled to be reimbursed for certain costs we incur on behalf of the managed, franchised, and licensed properties, with no added mark-up. These costs primarily consist of payroll and related expenses at managed properties where we are the employer of the employees at the properties and

include certain operational and administrative costs as provided for in our contracts with the owners. We are entitled to reimbursement in the period we incur the related reimbursable costs, which we recognize within the “Cost reimbursement revenue” caption of our Income Statements.

Under our management and franchise agreements, hotel owners and franchisees participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs. We operate these programs and services for the benefit of our hotel owners. We do not operate these programs and services to generate a profit over the contract term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners, we do not seek a mark-up. The amounts we charge for these programs and services are generally a combination of fixed fees and variable fees based on sales or other metrics and are payable on a monthly basis. We recognize revenue within the “Cost reimbursement revenue” caption of our Income Statements when the amounts may be billed to hotel owners, and we recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in timing differences between the costs incurred for centralized programs and services and the related reimbursement from hotel owners in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. In addition, proceeds from the sale of our interest in Avendra that we expend for the benefit of our hotel owners are included in “Reimbursed expenses.”

Other Revenue: Includes Global Design fees, which we describe below, termination fees, and other property and brand revenues. We generally recognize termination fees when collection is probable, and other revenue as services are rendered. Amounts received in advance are deferred as liabilities.

We provide hotel design and construction review quality assurance (“Global Design”) services to our managed and franchised hotel owners, generally during the period prior to a hotel’s opening or during the period a hotel is converting to a Marriott brand (the “pre-opening period”). As compensation for such services, we may be entitled to receive a one-time fixed fee that is payable during the pre-opening period of the hotel. As these services are not a distinct performance obligation, we recognize the fees on a straight-line basis over the initial term of the management or franchise agreement within the “Owned, leased, and other revenue” caption of our Income Statements.

Practical Expedients and Exemptions: We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances:

(1) if we recognize the revenue based on the amount invoiced or services performed;

(2) for sales-based or usage-based royalty promised in exchange for a license of intellectual property; or

(3) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service.

We are required to collect certain taxes and fees from customers on behalf of governmental agencies and remit these to the applicable governmental agencies on a periodic basis. We do not include these taxes in determining the transaction price.

Loyalty Program:

Loyalty Program members earn points based on the money they spend at our hotels; purchases of timeshare interval, fractional ownership, and residential products; and through participation in travel experiences and affiliated partners’ programs, such as those offered by credit card, car rental, and airline companies. Members can redeem points, which we track on their behalf, for stays at most of our hotels, airline tickets, airline frequent flyer program miles, rental cars, and a variety of other awards. Points cannot be redeemed for cash.

Under our Loyalty Program, we have a performance obligation to provide or arrange for the provision of goods or services for free or at a discount to Loyalty Program members in exchange for the redemption of points earned from past activities. We operate our Loyalty Program as a cross-brand marketing program to participating properties. Our management and franchise agreements require that properties reimburse us for a portion of the costs of operating the Loyalty Program, including costs for marketing, promotion, communication with, and performing member services for Loyalty Program members, with no added mark-up. We receive contributions on a monthly basis from managed, franchised, owned, and leased hotels based on a portion of qualified spend by Loyalty Program members. We recognize these contributions into revenue as the points are redeemed and we provide the related service. The amount of revenue we recognize upon point redemption is impacted by our estimate of the “breakage” for points that members will never redeem. We estimate breakage based on our historical experience and expectations of future member behavior. We recognize revenue net of the redemption cost within our “Cost reimbursement revenue” caption on our Income Statements, as our performance obligation is to facilitate the transaction

between the Loyalty Program member and the managed or franchised property or program partner. We recognize all other Loyalty Program costs as incurred in our “Reimbursed expenses” caption.

We have multi-year agreements for our co-brand credit cards associated with our Loyalty Program. Under these agreements, we have performance obligations to provide a license to the intellectual property associated with our brands and marketing lists (“Licensed IP”) to the financial institution that issues the credit cards, to arrange for the redemption of Loyalty Program points as discussed in the preceding paragraph, and to arrange for the redemption of free night certificates provided to cardholders. We receive fees from these agreements, including fixed amounts that are primarily payable at contract inception, and variable amounts that are paid to us monthly over the term of the agreements, based on: (1) the number of free night certificates issued and redeemed; (2) the number of Loyalty Program points purchased; and (3) the volume of cardholder spend. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, and free night certificates provided to cardholders based on their estimated standalone selling prices. The estimation of the standalone selling prices requires significant judgments based upon generally accepted valuation methodologies regarding the value of our Licensed IP, the amount of funding we will receive, and the number of Loyalty Program points and free night certificates we will issue over the term of the agreements. We base our estimates of these amounts on our historical experience and expectation of future cardholder behavior. We recognize the portion of the Licensed IP revenue that meets the sales-based royalty criteria as the credit cards are used and the remaining portion of the Licensed IP revenue on a straight-line basis over the contract term. In our Income Statements, we primarily recognize Licensed IP revenue in the “Franchise fees” caption, and we recognize a portion in the “Cost reimbursement revenue” caption. We recognize the revenue related to the Loyalty Program points as discussed in the preceding paragraph. We recognize the revenue related to the free night certificates when the related service is provided. We recognize revenue net of the redemption cost, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the managed or franchised property.

Contract Balances: We generally receive payments from customers as we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage of time is required before payment is due. We record deferred revenue when we receive payment, or have the unconditional right to receive payment, in advance of the satisfaction of our performance obligations related to franchise application and relicensing fees, Global Design fees, credit card branding license fees, and our Loyalty Program.

Current and noncurrent deferred revenue increased by $129 million, to $960 million at December 31, 2019 from $831 million at December 31, 2018, primarily as a result of our Global Design, cost reimbursements, and application and relicensing activities described in the “Revenue Recognition” caption above.

Our current and noncurrent Loyalty Program liability increased by $257 million, to $5,718 million at December 31, 2019 from $5,461 million at December 31, 2018, primarily reflecting an increase in points earned by members, partially offset by $2,211 million of revenue recognized in 2019, that was deferred as of December 31, 2018. At each reporting period, we evaluate the estimates used in the recognition of Loyalty Program revenues, including estimates of the breakage of points that members will never redeem and the amount of funding we expect to receive over the life of the agreements with various third parties. In 2019, the updated estimates resulted in a net increase in deferred revenue, and a corresponding net reduction of revenue of approximately $78 million ($58 million net of tax).

Costs Incurred to Obtain and Fulfill Contracts with Customers

We incur certain costs to obtain and fulfill contracts with customers, which we capitalize and amortize on a straight-line basis over the initial, non-cancellable term of the contract. We classify incremental costs of obtaining a contract with a customer in the “Contract acquisition costs and other” caption of our Balance Sheets, the related amortization in the “Contract investment amortization” caption of our Income Statements, and the cash flow impact in the “Contract acquisition costs” caption of our Statements of Cash Flows. We classify certain direct costs to fulfill a contract with a customer in the “Other noncurrent assets” caption of our Balance Sheets, and the related amortization in the “Owned, leased, and other - direct expenses” caption of our Income Statements. We had capitalized costs to fulfill contracts with customers of $351 million at December 31, 2019 and $324 million at December 31, 2018. See Note 10 for information on capitalized costs incurred to obtain contracts with customers.

Real Estate Sales

We recognize a gain or loss on real estate transactions when control of the asset transfers to the buyer, generally at the time the sale closes. In sales transactions where we retain a management contract, the terms and conditions of the management contract are generally comparable to the terms and conditions of the management contracts obtained directly with third-party owners in competitive processes.

Retirement Savings Plan

We contribute to tax-qualified retirement plans for the benefit of U.S. employees who meet certain eligibility requirements and choose to participate in the plans. Participating employees specify the percentage or amount of salary they wish to contribute from their compensation, and the Company typically makes discretionary and certain other matching or supplemental contributions. We recognized compensation costs from Company contributions of $128 million in 2019, $224 million in 2018, and $119 million in 2017.

Non-U.S. Operations

The U.S. dollar is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency of our consolidated and unconsolidated entities operating outside of the U.S. is generally the principal currency of the economic environment in which the entity primarily generates and expends cash. We translate the financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars, and we do the same, as needed, for unconsolidated entities whose functional currency is not the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of shareholders’ equity. We report gains and losses from currency exchange rate changes for intercompany receivables and payables that are not of a long-term investment nature, as well as for third-party transactions, currently in operating costs and expenses.

Share-Based Compensation

Our share-based compensation awards primarily consist of restricted stock units (“RSUs”). We measure compensation costs for our share-based payment transactions at fair value on the grant date, and we recognize those costs in our Financial Statements over the vesting period during which the employee provides service in exchange for the award.

Advertising Costs

We expense costs to produce advertising as they are incurred and to communicate advertising as the communication occurs and record such amounts in reimbursed expenses to the extent undertaken on behalf of our owners and franchisees. We recognized advertising costs of $851 million in 2019, $660 million in 2018, and $562 million in 2017.

Income Taxes

We record the amounts of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events we have recognized in our Financial Statements or tax returns, using judgment in assessing future profitability and the likely future tax consequences of those events. We base our estimates of deferred tax assets and liabilities on current tax laws, rates and interpretations, and, in certain cases, business plans and other expectations about future outcomes. We develop our estimates of future profitability based on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations.

We generally recognize the effect of the tax law changes in the period of enactment. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of our deferred tax liabilities or the valuations of our deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates.

For tax positions we have taken or expect to take in a tax return, we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expense. See Note 6 for further information.

Cash and Equivalents

We consider all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.

Accounts Receivable

Our accounts receivable primarily consist of amounts due from hotel owners with whom we have management and franchise agreements and include reimbursements of costs we incurred on behalf of managed and franchised properties. We generally collect these receivables within 30 days. We record an accounts receivable reserve when losses are probable, based on an assessment of historical collection activity and current business conditions. Our accounts receivable reserve was $76 million at year-end 2019 and $66 million at year-end 2018.

Assets Held for Sale

We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. See Note 3 for further information.

Goodwill

We test goodwill for potential impairment at least annually in the fourth quarter, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount.

We calculate the estimated fair value of a reporting unit using a combination of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations.

We have had no goodwill impairment charges for the last three fiscal years.

Intangibles and Long-Lived Assets

We assess indefinite-lived intangible assets for continued indefinite use and for potential impairment annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. Like goodwill, we may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying value of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess.

We test definite-lived intangibles and long-lived asset groups for recoverability when changes in circumstances indicate that we may not be able to recover the carrying value; for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We also test recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect to complete the plan within a year. We evaluate recoverability of an asset group by comparing its carrying value, including right-of-use assets, to the future net undiscounted cash flows that we expect the asset group will generate. If the comparison indicates that we will not be able to recover the carrying value of an asset group, we recognize an impairment loss for the amount by which the carrying value exceeds the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life.

We calculate the estimated fair value of an intangible asset or asset group using the income approach or the market approach. We utilize the same assumptions and methodology for the income approach that we describe in the “Goodwill” caption. For the market approach, we use internal analyses based primarily on market comparables and assumptions about market capitalization rates, growth rates, and inflation. See Note 8 and Note 11 for additional information.

Investments

We hold equity interests in ventures established to develop or acquire and own hotel properties or that otherwise support our hospitality operations. We account for these investments as either an equity method investment, a financial asset, or a controlled subsidiary. We apply the equity method of accounting if we have significant influence over the entity, typically when we hold 20 percent of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. We account for financial assets at fair value if it is readily determinable, or using the fair value alternative method, whereby investments are measured at cost less impairment, adjusted for observable price changes. We consolidate entities that we control.

When we acquire an investment that qualifies for the equity method of accounting, we determine the acquisition date fair value of the identifiable assets and liabilities. If our carrying amount exceeds our proportional share in the equity of the investee, we amortize the difference on a straight-line basis over the underlying assets’ estimated useful lives when calculating equity method earnings attributable to us, excluding the difference attributable to land, which we do not amortize.

We evaluate an investment for impairment when circumstances indicate that we may not be able to recover the carrying value. When evaluating our ventures, we consider loan defaults, significant underperformance relative to historical or projected operating performance, or significant negative industry or economic trends. Additionally, a venture’s commitment to a plan to sell some or all of its assets could cause us to evaluate the recoverability of the venture’s individual long-lived assets and possibly the venture itself. We impair investments we account for using the equity method of accounting when we determine that there has been an “other-than-temporary” decline in the venture’s estimated fair value compared to its carrying value. We perform qualitative assessments for investments we account for using the fair value alternative method and we record any associated impairment when the fair value is less than the carrying value.

Under the accounting guidance for the consolidation of variable interest entities, we analyze our variable interests, including equity investments, loans, and guarantees, to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analysis to determine if we must consolidate a variable interest entity as its primary beneficiary.

Fair Value Measurements

We have various financial instruments we must measure at fair value on a recurring basis, including certain marketable securities and derivatives. See Note 13 for further information. We also apply the provisions of fair value measurement to various nonrecurring measurements for our financial and nonfinancial assets and liabilities.

Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure our assets and liabilities using inputs from the following three levels of the fair value hierarchy:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.

Derivative Instruments

We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative will be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a hedge of the net investment in non-U.S. operations based on the exposure we are hedging. For the effective portion of qualifying cash flow hedges, we record changes in fair value in accumulated other comprehensive income (“AOCI”). We release the derivative’s gain or loss from AOCI to

match the timing of the underlying hedged items’ effect on earnings. The change in fair value of qualifying fair value hedges as well as changes in fair value of the underlying hedged items to the hedged risks are recorded concurrently in earnings.

We review the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. Upon termination of cash flow hedges, we release gains and losses from AOCI based on the timing of the underlying cash flows or revenue recognized, unless the termination results from the failure of the intended transaction to occur in the expected time frame. Such untimely transactions require us to immediately recognize in earnings the gains and/or losses that we previously recorded in AOCI.

Changes in interest rates, currency exchange rates, and equity securities expose us to market risk. We manage our exposure to these risks by monitoring available financing alternatives, as well as through development and application of credit granting policies. We also use derivative instruments as part of our overall strategy to manage our exposure to market risks. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes.

Loan Loss Reserves

We may make senior, mezzanine, and other loans to owners of hotels that we operate or franchise, generally to facilitate the development of a hotel and sometimes to facilitate brand programs or initiatives. We expect the owners to repay the loans in accordance with the loan agreements, or earlier as the hotels mature and capital markets permit. We use metrics such as loan-to-value ratios and debt service coverage, and other information about collateral and from third party rating agencies to assess the credit quality of the loan receivable, both upon entering into the loan agreement and on an ongoing basis as applicable.

On a regular basis, we individually assess loans for impairment. We use internally generated cash flow projections to determine if we expect the loans will be repaid under the terms of the loan agreements. If we conclude that it is probable a borrower will not repay a loan in accordance with its terms, we consider the loan impaired and begin recognizing interest income on a cash basis. To measure impairment, we calculate the present value of expected future cash flows discounted at the loan’s original effective interest rate or the estimated fair value of the collateral. If the present value or the estimated collateral is less than the carrying value of the loan receivable, we establish a specific impairment reserve for the difference.

If it is likely that a loan will not be collected based on financial or other business indicators, including our historical experience, our policy is to charge off the loan in the quarter in which we deem it uncollectible.

Leases

We determine if an arrangement is a lease or contains a lease at the inception of the contract. Our leases generally contain fixed and variable components. The variable components of our leases are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we combine with the lease component to account for both as a single lease component.

Lease liabilities, which represent our obligation to make lease payments arising from the lease, and corresponding right-of-use assets, which represent our right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of fixed future payments over the lease term. We calculate the present value of future payments using the discount rate implicit in the lease, if available, or our incremental borrowing rate.

For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset.

Guarantees

We measure and record our liability for the fair value of a guarantee on a nonrecurring basis, that is when we issue or modify a guarantee, using Level 3 internally developed inputs, as described above in this footnote under the caption “Fair Value Measurements.” We base our calculation of the estimated fair value of a guarantee on the income approach or the market approach, depending on the type of guarantee. For the income approach, we use internally developed discounted cash flow and Monte Carlo simulation models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed growth rates and demand trends; historical volatility of projected performance; the guaranteed obligations; and applicable discount rates. We base these assumptions on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations. For the market approach,

we use internal analyses based primarily on market comparable data and our assumptions about market capitalization rates, credit spreads, growth rates, and inflation.

The offsetting entry for the guarantee liability depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. In most cases, when we do not forecast any funding, we amortize the liability into income on a straight-line basis over the remaining term of the guarantee. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we record a loss except to the extent that the applicable contracts provide that the advance can be recovered as a loan.

Self-Insurance Programs

We self-insure for certain levels of liability, workers’ compensation, property insurance and employee medical coverage. We accrue estimated costs of these self-insurance programs at the present value of projected settlements for known and incurred but not reported claims. We use a discount rate of three percent to determine the present value of the projected settlements, which we consider to be reasonable given our history of settled claims, including payment patterns and the fixed nature of the individual settlements. We classify the current portion of our self-insurance reserve in the “Accrued expense and other” caption and the noncurrent portion in the “Other noncurrent liabilities” caption of our Balance Sheets. The current portion of our self-insurance reserve was $166 million in 2019 and $126 million in 2018. The noncurrent portion of our self-insurance reserve was $323 million in 2019 and $351 million in 2018.

Pension and Other Postretirement Benefits

We sponsor numerous funded and unfunded domestic and international defined benefit pension plans. All defined benefit plans covering U.S. employees are frozen, meaning that employees do not accrue additional benefits. Certain plans covering non-U.S. employees remain active. We also sponsor the Starwood Retiree Health and Welfare Program, which provides health care and life insurance benefits for certain eligible retired employees.

Legal Contingencies

We are subject to various legal proceedings and claims, the outcomes of which are uncertain. We record an accrual for legal contingencies when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the loss. In making such determinations we evaluate, among other things, the probability of an unfavorable outcome and, when we believe it probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.

Business Combinations

We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them. See Note 3 for additional information.

Asset Acquisitions

Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition.

New Accounting Standards Adopted

Accounting Standards Update (“ASU”) No. 2016-02 - “Leases” (Topic 842). ASU 2016-02 introduces a lessee model that brings substantially all leases onto the balance sheet. Under the standard, a lessee recognizes on its balance sheet a lease liability and a right-of-use asset for most leases, including operating leases. The new standard also distinguishes leases as either finance leases or operating leases. This distinction affects how leases are measured and presented in the income statement and statement of cash flows. We adopted ASU 2016-02 in the 2019 first quarter using the modified retrospective transition method. Our accounting for finance leases remained substantially unchanged. Adoption of the standard resulted in the recording of $1,013 million of operating lease assets and $1,053 million of operating lease liabilities, as of January 1, 2019. We did not adjust our prior period Balance Sheets. Adoption of the standard did not impact our Income Statements or our Statements of Cash Flows.

When we adopted ASU 2016-02, we applied the package of practical expedients allowed by the standard, and therefore, we did not reassess:


•	Whether any expired or existing contracts are or contain leases under the new definition;


•	The lease classification for any expired or existing leases; or

•

Whether previously capitalized costs continue to qualify as initial direct costs.

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

Acquisitions

In 2019, we completed the acquisition of Elegant Hotels Group plc (“Elegant”) for $128 million in cash and assumed Elegant’s net debt outstanding of $63 million, which we subsequently repaid in January 2020. As a result of the transaction, we added seven hotels and a beachfront restaurant on the island of Barbados to our Caribbean and Latin America owned and leased portfolio.

In 2019, we purchased the W New York - Union Square, a North American Full-Service property, for $206 million.

In 2019, we accelerated our option to acquire our partner’s remaining interests in two joint ventures. As a result of the transaction, we recognized an indefinite-lived brand asset for AC Hotels by Marriott of $156 million and management and franchise contract assets, with a weighted-average term of 24 years totaling $34 million.

Dispositions

In 2019, we sold The St. Regis New York and the Sheraton Gateway Hotel in Toronto International Airport, two North American Full-Service properties, and recognized total gains of $134 million in the “Gains and other income, net” caption of our Income Statements. We will continue to operate the hotels under long-term management agreements.

In 2018, we sold the following properties and recognized total gains of $132 million in the “Gains and other income, net” caption of our Income Statements:


•	The Tremont Chicago Hotel at Magnificent Mile and Le Centre Sheraton Montreal Hotel, two North American Full-Service properties;


•	The Westin Denarau Island Resort and The Sheraton Fiji Resort, two Asia Pacific properties; and


•	The Sheraton Buenos Aires Hotel & Convention Center and Park Tower, A Luxury Collection Hotel, Buenos Aires, two Caribbean and Latin America properties.

In 2018, we sold our interest in three equity method investments, whose assets included a plot of land in Italy, the W Hotel Mexico City, and the Royal Orchid Sheraton Hotel & Towers in Bangkok, and we recognized total gains of $42 million in the “Gains and other income, net” caption of our Income Statements. Also in 2018, a Caribbean and Latin America investee sold the JW Marriott Mexico City, and a North American Full-Service investee sold The Ritz-Carlton Toronto, and we recorded our share of the gains of $55 million and $10 million, respectively, in the “Equity in earnings” caption of our Income Statements.

In 2017, we sold the following three North American Full-Service properties:


•	The Sheraton Centre Toronto Hotel that was owned on a long-term ground lease;


•	The Westin Maui that was owned on a long-term ground lease; and


•	The Charlotte Marriott City Center and recognized a $24 million gain in the “Gains and other income, net” caption of our Income Statements.

In 2017, Aramark purchased Avendra LLC, in which we had a 55 percent ownership interest. We recorded a non-recurring pre-tax gain of $659 million in 2017 and $5 million in 2018, which we reflected in the “Gains and other income, net” caption of our Income Statements. After cash paid for income taxes, the gain totaled $425 million. We committed to the owners of the hotels in our system that the benefits derived from Avendra, including any dividends or sale proceeds above our original investment, would be used for the benefit of the hotels in our system. Spending funded by the sale proceeds, which we present in the “Reimbursed expenses” caption of our Income Statements, totaled $118 million ($87 million after-tax) in 2019 and $115 million ($85 million after-tax) in 2018. In conjunction with the sale of Avendra to Aramark, we entered into a new five-year procurement services agreement with Avendra for the benefit of our managed and owned properties in North America.

Planned Disposition

In 2018, we purchased the Sheraton Phoenix Downtown, formerly the Sheraton Grand Phoenix, a North American Full-Service property that we manage, for $255 million. In the 2020 first quarter, we sold this hotel for $268 million. We determined that the carrying values of those assets exceeded their fair values, based on the agreed-upon selling price. Consequently, we recorded a charge of $15 million for the expected disposal loss in the “Depreciation, amortization, and other” caption of our Income Statements, which represents the amount by which the carrying values exceeded the fair values, less our anticipated cost to sell. At year-end 2019, we held $248 million of assets classified as “Assets held for sale” related to the Sheraton Phoenix Downtown and $8 million of liabilities associated with those assets, which we recorded in the “Accrued expenses and other” caption of our Balance Sheets. We will continue to operate the hotel under a long-term management agreement.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method in order to calculate the dilutive effect of the Company’s potential common stock:



(in millions, except per share amounts)	2019		2018		2017
Computation of Basic Earnings Per Share
Net income	$	1,273	$	1,907	$	1,459
Shares for basic earnings per share	332.7		350.1		375.2
Basic earnings per share	$	3.83	$	5.45	$	3.89
Computation of Diluted Earnings Per Share
Net income	$	1,273	$	1,907	$	1,459
Shares for basic earnings per share	332.7		350.1		375.2
Effect of dilutive securities
Share-based compensation	2.8		4.1		4.7
Shares for diluted earnings per share	335.5		354.2		379.9
Diluted earnings per share	$	3.80	$	5.38	$	3.84

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

RSUs and PSUs

We granted RSUs in 2019 to certain officers and key employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted performance-based RSUs (“PSUs”) in 2019 to certain executive officers, which are earned, subject to continued employment and the satisfaction of certain performance conditions based on achievement of pre-established targets for gross room openings, active Marriott Bonvoy loyalty member growth, and adjusted operating income growth over, or at the end of, a three-year performance period.

We had deferred compensation costs for RSUs of approximately $176 million at year-end 2019 and $167 million at year-end 2018. The weighted average remaining term for RSUs outstanding at year-end 2019 was two years.

The following table provides additional information on RSUs for the last three fiscal years:



	2019		2018		2017
Share-based compensation expense (in millions)	$	177	$	170	$	172
Weighted average grant-date fair value (per RSU)	$	117	$	132	$	85
Aggregate intrinsic value of distributed RSUs (in millions)	$	276	$	294	$	322

The following table presents the changes in our outstanding RSUs, including PSUs, during 2019 and the associated weighted average grant-date fair values:



	Number of RSUs (in millions)		Weighted Average Grant-Date Fair Value (per RSU)
Outstanding at year-end 2018	4.8		$	90
Granted	1.7		117
Distributed	(2.3	)	79
Forfeited	(0.1	)	112
Outstanding at year-end 2019	4.1		$	106

Other Information

At year-end 2019, we had 29 million remaining shares authorized under the Marriott and Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) stock plans.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of our earnings before income taxes for the last three fiscal years consisted of:



($ in millions)	2019		2018		2017
U.S.	$	549	$	1,311	$	2,153
Non-U.S.	1,050		1,034		829
	$	1,599	$	2,345	$	2,982

Our provision for income taxes for the last three fiscal years consists of:



($ in millions)		2019			2018			2017
Current	-U.S. Federal	$	(272	)	$	(169	)	$	(1,253	)
	-U.S. State	(57		)	(94		)	(152		)
	-Non-U.S.	(161		)	(284		)	(178		)
		(490		)	(547		)	(1,583		)

Deferred	-U.S. Federal	141			10			61
	-U.S. State	39			(6		)	(33		)
	-Non-U.S.	(16		)	105			32
		164			109			60
		$	(326	)	$	(438	)	$	(1,523	)

Unrecognized Tax Benefits

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2017 to the end of 2019:



($ in millions)	Amount
Unrecognized tax benefit at beginning of 2017	$	421
Change attributable to tax positions taken in prior years	12
Change attributable to tax positions taken during the current period	87
Decrease attributable to settlements with taxing authorities	(28		)
Decrease attributable to lapse of statute of limitations	(1		)
Unrecognized tax benefit at year-end 2017	491
Change attributable to tax positions taken in prior years	37
Change attributable to tax positions taken during the current period	148
Decrease attributable to settlements with taxing authorities	(53		)
Unrecognized tax benefit at year-end 2018	623
Change attributable to tax positions taken in prior years	(13		)
Change attributable to tax positions taken during the current period	13
Decrease attributable to settlements with taxing authorities	(54		)
Unrecognized tax benefit at year-end 2019	$	569

Our unrecognized tax benefit balances included $498 million at year-end 2019, $497 million at year-end 2018, and $385 million at year-end 2017 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that we will settle $207 million of unrecognized tax benefits within the next twelve months. This includes $179 million related to U.S. federal issues that are currently in appeals and $28 million related to state and non-U.S. audits we expect to resolve in 2020. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expense. Related interest totaled $28 million in 2019, $3 million in 2018, and $24 million in 2017.

We file income tax returns, including returns for our subsidiaries, in various jurisdictions around the world. The U.S. Internal Revenue Service (“IRS”) has examined our federal income tax returns, and as of year-end 2019, we have settled all issues for tax years through 2013 for Marriott and through 2009 for Starwood. Our Marriott 2014 and 2015 tax year audits are substantially complete, and our Marriott 2016 through 2018 tax year audits are currently ongoing. Starwood is currently under audit by the IRS for years 2010 through 2016. Various foreign, state, and local income tax returns are also under examination by the applicable taxing authorities.

Deferred Income Taxes

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carry-forwards. We state those balances at the enacted tax rates we expect will be in effect when we pay or recover the taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized.

The following table presents the tax effect of each type of temporary difference and carry-forward that gave rise to significant portions of our deferred tax assets and liabilities as of year-end 2019 and year-end 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Deferred Tax Assets
Employee benefits	$	267		$	261
Net operating loss carry-forwards	680			494
Accrued expenses and other reserves	162			160
Receivables, net	11			12
Tax credits	41			24
Loyalty Program	249			133
Deferred income	70			56
Lease liabilities	261			—
Other	15			13
Deferred tax assets	1,756			1,153
Valuation allowance	(616		)	(428		)
Deferred tax assets after valuation allowance	1,140			725
Deferred Tax Liabilities
Joint venture interests	(55		)	(59		)
Property and equipment	(82		)	(85		)
Intangibles	(895		)	(876		)
Right-of-use assets	(229		)	—
Self-insurance	(15		)	(19		)
Deferred tax liabilities	(1,276		)	(1,039		)
Net deferred taxes	$	(136	)	$	(314	)

Our valuation allowance is attributable to non-U.S. and U.S. state net operating loss carry forwards. During 2019, our valuation allowance increased primarily due to net operating losses in Luxembourg.

At year-end 2019, we had approximately $24 million of tax credits that will expire through 2029 and $16 million of tax credits that do not expire. We recorded $10 million of net operating loss benefits in 2019 and $10 million in 2018. At year-end 2019, we had approximately $3,319 million of primarily state and foreign net operating losses, of which $1,951 million will expire through 2039.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the last three fiscal years:



	2019		2018		2017
U.S. statutory tax rate	21.0	%	21.0	%	35.0	%
U.S. state income taxes, net of U.S. federal tax benefit	1.6		2.5		3.1
Non-U.S. income	(3.3	)	(1.0	)	(7.3	)
Change in valuation allowance	3.4		2.6		2.0
Change in uncertain tax positions	1.9		1.0		2.2
Change in U.S. tax rate	0.0		(1.7	)	(5.5	)
Transition Tax on foreign earnings	(0.3	)	0.1		22.8
Tax on asset dispositions	(0.7	)	(2.9	)	(0.2	)
Excess tax benefits related to equity awards	(3.2	)	(1.8	)	(2.4	)
Other, net	0.0		(1.1	)	1.4
Effective rate	20.4	%	18.7	%	51.1	%

The non-U.S. income tax benefit presented in the table above includes tax-exempt income in Hong Kong, a tax rate incentive in Singapore, a deemed interest deduction in Switzerland, and tax-exempt income earned from certain operations in Luxembourg, which collectively represented 8.0% in 2019, 3.4% in 2018, and 6.2% in 2017. We included the impact of these

items in the foreign tax rate differential line above because we consider them to be equivalent to a reduction of the statutory tax rates in these jurisdictions. Pre-tax income in Switzerland, Singapore, Hong Kong, and Luxembourg totaled $642 million in 2019, $432 million in 2018, and $576 million in 2017.

The non-U.S. income tax benefit also includes U.S. income tax expense on non-U.S. operations, which represents 2.0% in 2019 and 1.4% in 2018. We included the impact of this tax in the non-U.S. income line above because we consider this tax to be an integral part of the foreign taxes.

Other Information

We paid cash for income taxes, net of refunds of $526 million in 2019, $678 million in 2018, and $636 million in 2017.

Tax Cuts and Jobs Act of 2017

The U.S. Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) was enacted on December 22, 2017. In 2017, we recorded a provisional estimated tax benefit of $153 million related to the change in the U.S. tax rate, and a provisional estimated Deemed Repatriation Transition Tax (“Transition Tax”) expense of $745 million. In 2018, we completed our analyses of all impacts of the 2017 Tax Act and recognized an additional tax benefit of $41 million. Substantially all of our unremitted foreign earnings that had not been previously taxed have now been subjected to U.S. taxation under the Transition Tax. In 2018, we recorded a charge of $29 million for state tax liability on unremitted accumulated earnings and continue to update the state tax liability on unremitted accumulated earnings. It is not practical at this time to determine the income tax liability related to any remaining undistributed earnings or additional basis differences not subject to the Transition Tax. We account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Guarantees

We issue guarantees to certain lenders and hotel owners, chiefly to obtain long-term management and franchise contracts. The guarantees generally have a stated maximum funding amount and a term of three to ten years. The terms of guarantees to lenders generally require us to fund if cash flows from hotel operations are inadequate to cover annual debt service or to repay the loan at maturity. The terms of the guarantees to hotel owners generally require us to fund if the hotels do not attain specified levels of operating profit. Guarantee fundings to lenders and hotel owners are generally recoverable out of future hotel cash flows and/or proceeds from the sale or refinancing of hotels. We also enter into project completion guarantees with certain lenders in conjunction with hotels that we or our joint venture partners are building.

We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees (excluding contingent purchase obligations) for which we are the primary obligor at year-end 2019 in the following table:



($ in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	53	$	6
Operating profit	231		142
Other	15		3
	$	299	$	151

Our liability at year-end 2019 for guarantees for which we are the primary obligor is reflected in our Balance Sheets as $16 million of “Accrued expenses and other” and $135 million of “Other noncurrent liabilities.”

Our guarantees listed in the preceding table include $3 million of debt service guarantees, $114 million of operating profit guarantees, and $5 million of other guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.

In conjunction with financing obtained for specific projects or properties owned by us or joint ventures in which we are a party, we may provide industry standard indemnifications to the lender for loss, liability, or damage occurring as a result of the actions of the other joint venture owner or our own actions.

Contingent Purchase Obligation

Sheraton Grand Chicago. We granted the owner a one-time right, exercisable in 2022, to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). If the owner exercises the put option, we have the option to purchase, at the same time the put transaction closes, the fee simple interest in the underlying land for an additional $200 million in cash. We account for the put option as a guarantee, and our recorded liability at year-end 2019 was $57 million.

We concluded that the entity that owns the Sheraton Grand Chicago hotel is a variable interest entity. We did not consolidate the entity because we do not have the power to direct the activities that most significantly impact the entity’s economic performance. Our maximum exposure to loss related to the entity is equal to the difference between the purchase price and the fair value of the hotel at the time that the put option is exercised, plus the maximum funding amount of an operating profit guarantee that we provided for the hotel.

Commitments

At year-end 2019, we had various purchase commitments for goods and services in the normal course of business, primarily for programs and services for which we are reimbursed by third-party owners, totaling $276 million. We expect to purchase goods and services subject to these commitments as follows: $116 million in 2020, $97 million in 2021, and $63 million in 2022.

Letters of Credit

At year-end 2019, we had $145 million of letters of credit outstanding (all outside the Credit Facility, as defined in Note 9), most of which were for our self-insurance programs. Surety bonds issued as of year-end 2019 totaled $160 million, most of which state governments requested in connection with our self-insurance programs.

Data Security Incident

Description of Event

On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. The Starwood reservations database is no longer used for business operations.

Expenses and Insurance Recoveries

We recorded $148 million of expenses, partially offset by $84 million of accrued insurance recoveries related to the Data Security Incident in 2019, and $28 million of expenses, partially offset by $25 million of accrued insurance recoveries, related to the Data Security Incident in 2018. We received insurance recoveries of $58 million in 2019. Expenses in 2019 primarily included the accrual for the loss contingency related to the Proposed ICO Fine discussed below, along with customer care and legal costs, and expenses in 2018 primarily included costs to investigate the Data Security Incident and customer care costs. We recognize insurance recoveries when they are probable of receipt and present them in our Income Statements in the same caption as the related expense, up to the amount of total expense incurred in prior and current periods. We present expenses and insurance recoveries related to the Data Security Incident in either the “Reimbursed expenses” or “Merger-related costs and charges” captions of our Income Statements.

Litigation, Claims, and Government Investigations

Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. All but one of the U.S. cases have been consolidated and transferred to the U.S. District Court for the District of Maryland, pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). The plaintiffs in the U.S. and Canadian cases, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. Among the U.S. cases consolidated in the MDL proceeding is a putative class action lawsuit that was filed against us and certain of our current officers and directors on December 1, 2018, alleging violations of the federal securities laws in connection with statements regarding our cybersecurity systems and controls, and seeking certification of a class of affected persons, unspecified monetary damages, costs and attorneys’ fees, and other related relief. The MDL proceeding also includes two shareholder derivative complaints that were filed on February 26,

2019 and March 15, 2019, respectively, against the Company, certain of its officers and certain of the members of our Board of Directors, alleging, among other claims, breach of fiduciary duty, corporate waste, unjust enrichment, mismanagement and violations of the federal securities laws, and seeking unspecified monetary damages and restitution, changes to the Company’s corporate governance and internal procedures, costs and attorneys’ fees, and other related relief. A third shareholder derivative complaint was filed in the Delaware Court of Chancery on December 3, 2019 against the Company and certain of its officers and certain current and former members of our Board of Directors, alleging claims and seeking relief generally similar to the claims made and relief sought in the other two derivative cases. This case will not be consolidated with the MDL proceeding. We dispute the allegations in the lawsuits described above and are vigorously defending against such claims. We have filed motions to dismiss several of these cases, some of which have been denied, but the cases generally remain at an early stage. There has been some consolidation of the Canadian cases, with five cases now pending across five provinces, and we expect there could be further consolidation in the future. In addition, in April 2019, we received a letter purportedly on behalf of a shareholder of the Company (also one of the named plaintiffs in the putative securities class action described above) demanding that our Board of Directors take action against the Company’s current and certain former officers and directors to recover damages for alleged breaches of fiduciary duties and related claims arising from the Data Security Incident. The Board of Directors has constituted a demand review committee to investigate the claims made in the demand letter, and the committee has retained independent counsel to assist with the investigation. The committee’s investigation is ongoing.

In addition, numerous U.S. federal, U.S. state and foreign governmental authorities are investigating, or otherwise seeking information and/or documents related to, the Data Security Incident and related matters, including Attorneys General offices from all 50 states and the District of Columbia, the Federal Trade Commission, the Securities and Exchange Commission, certain committees of the U.S. Senate and House of Representatives, the Information Commissioner’s Office in the United Kingdom (the “ICO”) as lead supervisory authority in the European Economic Area, and regulatory authorities in various other jurisdictions. In July 2019, the ICO issued a formal notice of intent under the U.K. Data Protection Act 2018 proposing a fine in the amount of £99 million against the Company in relation to the Data Security Incident (the “Proposed ICO Fine”). In late August 2019, we submitted a written response to the ICO vigorously defending our position, and we have continued to engage with the ICO regarding the Data Security Incident and Proposed ICO Fine. We mutually agreed with the ICO to an extension of the regulatory process until June 1, 2020 and the ICO proceeding is ongoing. In the 2019 second quarter, we recorded an accrual in the full amount of the Proposed ICO Fine for this loss contingency, and in the 2019 fourth quarter, we reduced the accrual to $65 million based on the ongoing proceeding. We present the accrual in the “Accrued expenses and other” caption of our Balance Sheets and the related expense in the “Merger-related costs and charges” caption of our Income Statements.

While we believe it is reasonably possible that we may incur additional losses associated with the above described proceedings and investigations, it is not possible to estimate the amount of loss or range of loss, if any, in excess of the amounts already incurred that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on the current stage of these proceedings and investigations, the absence of specific allegations as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, if applicable, and/or the lack of resolution of significant factual and legal issues.

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years, and contain one or more renewals at our option, generally for five- or 10-year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option.

The following table details the composition of lease expense at year-end 2019:



($ in millions)	2019
Operating lease cost	$	185
Variable lease cost	113

In the 2019 fourth quarter, we recorded impairment charges of $78 million and $21 million in the “Depreciation, amortization, and other” caption of our Income Statements to reduce the carrying amount of the Renaissance New York Times Square Hotel lease right-of-use asset and property and equipment, including leasehold improvements, respectively. We determined that we may not be able to fully recover the carrying amount of this North American Full-Service hotel lease after evaluating the assets for recovery due to declines in market performance and future cash flow projections. We estimated the fair value using an income approach reflecting internally developed Level 3 discounted cash flows that included, among other things, our expectations of future cash flows based on historical experience and projected growth rates, usage estimates and demand trends. Additionally, during the year ended 2019, we recorded an expense of $34 million in the “Merger-related costs

and charges” caption of our Income Statements due to the impairment of a legacy-Starwood office building accounted for as a finance lease.

The following table presents our future minimum lease payments at year-end 2019:



($ in millions)	Operating Leases		Finance Leases
2020	$	173	$	13
2021	171		13
2022	165		13
2023	115		13
2024	107		14
Thereafter	579		151
Total minimum lease payments	$	1,310	$	217
Less: Amount representing interest	298		60
Present value of minimum lease payments	$	1,012	$	157

Current ⁽¹⁾	130		6
Noncurrent ⁽²⁾	882		151
	$	1,012	$	157


⁽¹⁾	Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.


⁽²⁾	Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

At year-end 2019, we had entered into an agreement that we expect to account for as an operating lease with a 20-year term for our new headquarters office, which is not reflected in our Balance Sheets or in the table above as the lease has not commenced.

The following table presents additional information about our lease obligations at year-end 2019:

The following table presents supplemental cash flow information for 2019:



($ in millions)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	176
Operating cash outflows for finance leases	7
Financing cash outflows for finance leases	6
Lease assets obtained in exchange for lease obligations:
Operating leases	89

LEASES

The following table details the composition of lease expense at year-end 2019:



($ in millions)	2019
Operating lease cost	$	185
Variable lease cost	113

and charges” caption of our Income Statements due to the impairment of a legacy-Starwood office building accounted for as a finance lease.

The following table presents our future minimum lease payments at year-end 2019:



($ in millions)	Operating Leases		Finance Leases
2020	$	173	$	13
2021	171		13
2022	165		13
2023	115		13
2024	107		14
Thereafter	579		151
Total minimum lease payments	$	1,310	$	217
Less: Amount representing interest	298		60
Present value of minimum lease payments	$	1,012	$	157

Current ⁽¹⁾	130		6
Noncurrent ⁽²⁾	882		151
	$	1,012	$	157


⁽¹⁾	Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.


⁽²⁾	Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

The following table presents additional information about our lease obligations at year-end 2019:

The following table presents supplemental cash flow information for 2019:



($ in millions)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	176
Operating cash outflows for finance leases	7
Financing cash outflows for finance leases	6
Lease assets obtained in exchange for lease obligations:
Operating leases	89

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Senior Notes:
Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 (effective interest rate of 4.4%)	$	—		$	600
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)	349			349
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)	349			349
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)	398			397
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)	449			448
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)	346			345
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)	747			745
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	744			743
Series T Notes, interest rate of 7.2%, face amount of $181, matured December 1, 2019 (effective interest rate of 2.3%)	—			188
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%)	291			291
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	332			335
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	291			292
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	444			443
Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 2.5% at December 31, 2019)	549			547
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)	347			347
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)	297			297
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 2.5% at December 31, 2019)	299			—
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)	564			—
Series DD Notes, interest rate of 2.1%, face amount of $550, maturing October 3, 2022 (effective interest rate of 2.4%)	543			—

Commercial paper	3,197			2,245
Credit Facility	—			—
Finance lease obligations	157			163
Other	247			223
	$	10,940		$	9,347
Less: Current portion of long-term debt	(977		)	(833		)
	$	9,963		$	8,514

All our long-term debt is recourse to us but unsecured, other than debt assumed in our acquisition of Elegant which we paid off in January 2020. All the Senior Notes shown in the table above are our unsecured and unsubordinated obligations, which rank equally with our other Senior Notes and all other unsecured and unsubordinated indebtedness that we have issued or will issue from time to time, and are governed by the terms of an indenture, dated as of November 16, 1998, between us and The Bank of New York Mellon (formerly The Bank of New York), as trustee. With the exception of the floating rate Series Y

Notes and Series BB Notes, we may redeem some or all of each series of the Senior Notes before maturity under the terms provided in the applicable form of Senior Note.

In the 2019 fourth quarter, we issued $550 million aggregate principal amount of 2.125 percent Series DD Notes due October 3, 2022 (the “Series DD Notes”). We will pay interest on the Series DD Notes in April and October of each year, commencing in April 2020. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting the Series DD Notes into floating rate debt with a variable interest rate of one-month LIBOR (the London Interbank Offered Rate) plus 0.754 percent. We received net proceeds of approximately $545 million from the offering of the Series DD Notes, after deducting the underwriting discount and estimated expenses, which were made available for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding commercial paper or other borrowings.

In the 2019 second quarter, we amended and restated our multicurrency revolving credit agreement (the “Credit Facility”) to extend the maturity date of the Credit Facility and increase the aggregate amount of available borrowings to up to $4.5 billion. The available borrowings support our commercial paper program and general corporate needs. Borrowings under the Credit Facility generally bear interest at LIBOR plus a spread, based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. While any outstanding commercial paper borrowings and/or borrowings under our Credit Facility generally have short-term maturities, we classify the outstanding borrowings as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on June 28, 2024.

In the 2019 first quarter, we issued $300 million aggregate principal amount of LIBOR plus 0.650 percent Series BB Notes due March 8, 2021 (the “Series BB Notes”) and $550 million aggregate principal amount of 3.600 percent Series CC Notes due April 15, 2024 (the “Series CC Notes”). We pay interest on the Series BB Notes in March, June, September, and December of each year, which commenced in June 2019, and we pay interest on the Series CC Notes in April and October of each year, which commenced in October 2019. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting the Series CC Notes into floating rate debt with a variable interest rate of one-month LIBOR plus 1.1205 percent. We received net proceeds of approximately $841 million from the offering of the Series BB Notes and Series CC Notes, after deducting the underwriting discount and estimated expenses, which were made available for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding commercial paper or other borrowings.

The following table presents future principal payments, net of discounts, premiums, and debt issuance costs, for our debt at year-end 2019:



Debt Principal Payments ($ in millions)	Amount
2020	$	977
2021	1,164
2022	1,657
2023	694
2024	3,783
Thereafter	2,665
Balance at year-end 2019	$	10,940

We paid cash for interest, net of amounts capitalized, of $348 million in 2019, $290 million in 2018, and $234 million in 2017.

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The following table details the composition of our intangible assets at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	1,588		$	1,347
Contracts acquired in business combinations and other	1,972			1,983
	3,560			3,330
Accumulated amortization	(808		)	(674		)
	2,752			2,656
Indefinite-lived Intangible Brand Assets	5,889			5,724
	$	8,641		$	8,380

We capitalize direct costs that we incur to obtain management, franchise, and license agreements. We amortize these costs on a straight-line basis over the initial term of the agreements, ranging from 15 to 30 years.

For acquired definite-lived intangible assets, we recorded amortization expense of $105 million in 2019, $111 million in 2018, and $116 million in 2017 in the “Depreciation, amortization, and other” caption of our Income Statements. For these assets, we estimate that our aggregate amortization expense will be $102 million for each of the next five fiscal years.

The following table details the carrying amount of our goodwill at year-end 2019 and 2018:



($ in millions)	North American Full-Service		North American Limited-Service		Asia Pacific		Other International			Total Goodwill
Balance at year-end 2018	$	3,566	$	1,755	$	1,862	$	1,856		$	9,039
Foreign currency translation	10		7		2		(10		)	9
Balance at year-end 2019	$	3,576	$	1,762	$	1,864	$	1,846		$	9,048

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table presents the composition of our property and equipment balances at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Land	$	684		$	591
Buildings and leasehold improvements	1,100			1,275
Furniture and equipment	1,225			1,439
Construction in progress	196			168
	3,205			3,473
Accumulated depreciation	(1,301		)	(1,517		)
	$	1,904		$	1,956

We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Our gross depreciation expense totaled $346 million in 2019, $256 million in 2018, and $231 million in 2017 (of which $121 million in 2019, $147 million in 2018, and $126 million in 2017 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $695 million in 2019 and $533 million in 2018.

In the 2019 fourth quarter, we recorded impairment charges to reduce the carrying amount of the Renaissance New York Times Square Hotel property and equipment, including leasehold improvements, and right-of-use asset as discussed in Note 8.

NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

NOTES RECEIVABLE

The following table presents the expected future principal payments, net of reserves and unamortized discounts, as well as interest rates for our notes receivable at year-end 2019:



Notes Receivable Principal Payments ($ in millions)	Amount
2020	$	9
2021	32
2022	28
2023	2
2024	8
Thereafter	47
Balance at year-end 2019	$	126
Weighted average interest rate at year-end 2019	5.6%
Range of stated interest rates at year-end 2019	0-9%

At year-end 2019, our recorded investment in impaired senior, mezzanine, and other loans was $20 million, and we had a $12 million allowance for credit losses, leaving $8 million of exposure to our investment in impaired loans. At year-end 2018, our recorded investment in impaired senior, mezzanine, and other loans was $45 million, and we had a $25 million allowance for credit losses, leaving $20 million of exposure to our investment in impaired loans. Our average investment in impaired senior, mezzanine, and other loans totaled $33 million during 2019, $70 million during 2018, and $84 million during 2017.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying values and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments, determined under current guidance for disclosures on the fair value of financial instruments, in the following table:



	At Year-End 2019						At Year-End 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Senior, mezzanine, and other loans	$	117		$	112		$	125		$	116
Total noncurrent financial assets	$	117		$	112		$	125		$	116

Senior Notes	$	(6,441	)	$	(6,712	)	$	(5,928	)	$	(5,794	)
Commercial paper	(3,197		)	(3,197		)	(2,245		)	(2,245		)
Other long-term debt	(174		)	(179		)	(184		)	(182		)
Other noncurrent liabilities	(196		)	(196		)	(153		)	(153		)
Total noncurrent financial liabilities	$	(10,008	)	$	(10,284	)	$	(8,510	)	$	(8,374	)

We estimate the fair value of our senior, mezzanine, and other loans by discounting cash flows using risk-adjusted rates, both of which are Level 3 inputs.

We estimate the fair value of our other long-term debt, excluding leases, using expected future payments discounted at risk-adjusted rates, which are Level 3 inputs. We determine the fair value of our Senior Notes using quoted market prices, which are directly observable Level 1 inputs. As discussed in Note 9, even though our commercial paper borrowings generally have short-term maturities of 30 days or less, we classify outstanding commercial paper borrowings as long-term based on our ability and intent to refinance them on a long-term basis. As we are a frequent issuer of commercial paper, we use pricing from recent transactions as Level 2 inputs in estimating fair value. At year-end 2019 and year-end 2018, we determined that the carrying value of our commercial paper approximated fair value due to the short maturity. Our other noncurrent liabilities largely consist of guarantees. As we note in the “Guarantees” caption of Note 2, we measure our liability for guarantees at fair value on a nonrecurring basis, which is when we issue or modify a guarantee using Level 3 internally developed inputs. At year-end 2019 and year-end 2018, we determined that the carrying values of our guarantee liabilities approximated their fair values based on Level 3 inputs.

See the “Fair Value Measurements” caption of Note 2 for more information on the input levels we use in determining fair value.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

The following table details the accumulated other comprehensive loss activity for 2019, 2018, and 2017:



($ in millions)	Foreign Currency Translation Adjustments			Derivative Instrument and Other Adjustments			Accumulated Other Comprehensive Loss
Balance at year-end 2016	$	(503	)	$	6		$	(497	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	478			(9		)	469
Reclassification of losses (gains), net of tax	2			9			11
Net other comprehensive (loss) income	480			—			480
Balance at year-end 2017	$	(23	)	$	6		$	(17	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	(391		)	4			(387		)
Reclassification of losses (gains), net of tax	11			6			17
Net other comprehensive (loss) income	(380		)	10			(370		)
Adoption of ASU 2016-01	—			(4		)	(4		)
Balance at year-end 2018	$	(403	)	$	12		$	(391	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	35			2			37
Reclassification of losses (gains), net of tax	—			(7		)	(7		)
Net other comprehensive (loss) income	35			(5		)	30
Balance at year-end 2019	$	(368	)	$	7		$	(361	)

⁽¹⁾

Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes gains (losses) on intra-entity foreign currency transactions that are of a long-term investment nature of $6 million for 2019, $14 million for 2018, and $(147) million for 2017.

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

BUSINESS SEGMENTS

We are a diversified global lodging company with operations in the following reportable business segments:


•	North American Full-Service, which includes our Luxury and Premium properties located in the U.S. and Canada;


•	North American Limited-Service, which includes our Select properties located in the U.S. and Canada; and


•	Asia Pacific, which includes all properties in our Asia Pacific region.

The following operating segments do not meet the applicable accounting criteria for separate disclosure as reportable business segments: Caribbean and Latin America, Europe, and Middle East and Africa. We present these operating segments together as “Other International” in the tables below.

We evaluate the performance of our operating segments using “segment profits” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or merger-related costs and charges. We assign gains and losses, equity in earnings or losses from our joint ventures, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate” represents a portion of our revenues, including license fees we receive from our credit card programs and fees from vacation ownership licensing agreements, revenues and expenses for our Loyalty Program, general, administrative, and other expenses, merger-related costs and charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments.

Our President and Chief Executive Officer, who is our “chief operating decision maker”, monitors assets for the consolidated company, but does not use assets by operating segment when assessing performance or making operating segment resource allocations.

In January 2020, we modified our reportable segment structure as a result of a change in the way management intends to evaluate results and allocate resources within the Company. Beginning with the first quarter of 2020, we will present the following three reportable business segments:

•North America, which includes all properties in our North America region;

•Asia Pacific, which includes all properties in our Asia Pacific region; and

•Europe, Middle East, and Africa, which includes all properties in these regions.

Our Caribbean and Latin America segment will be combined with the “Unallocated corporate” caption.

Segment Revenues

The following tables present our revenues disaggregated by segment and major revenue stream for the last three fiscal years:



	2019
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,299		$	966		$	477		$	555		$	3,297
Contract investment amortization	(35		)	(13		)	(2		)	(12		)	(62		)
Net fee revenues	1,264			953			475			543			3,235
Owned, leased, and other revenue	581			134			178			663			1,556
Cost reimbursement revenue	11,610			2,291			536			1,149			15,586
Total segment revenue	$	13,455		$	3,378		$	1,189		$	2,355		$	20,377
Unallocated corporate													595
Total revenue													$	20,972



	2018
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,255		$	903		$	479		$	518		$	3,155
Contract investment amortization	(33		)	(12		)	(2		)	(11		)	(58		)
Net fee revenues	1,222			891			477			507			3,097
Owned, leased, and other revenue	593			128			182			668			1,571
Cost reimbursement revenue	11,257			2,198			459			1,091			15,005
Total segment revenue	$	13,072		$	3,217		$	1,118		$	2,266		$	19,673
Unallocated corporate													1,085
Total revenue													$	20,758



	2017
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,202		$	842		$	431		$	476		$	2,951
Contract investment amortization	(25		)	(11		)	(1		)	(13		)	(50		)
Net fee revenues	1,177			831			430			463			2,901
Owned, leased, and other revenue	697			132			191			685			1,705
Cost reimbursement revenue	11,035			2,256			433			1,140			14,864
Total segment revenue	$	12,909		$	3,219		$	1,054		$	2,288		$	19,470
Unallocated corporate													982
Total revenue													$	20,452

Revenues attributed to operations located outside the U.S. were $4,400 million in 2019, $4,246 million in 2018, and $3,830 million in 2017.

Segment Profits



($ in millions)	2019			2018			2017
North American Full-Service	$	1,148		$	1,153		$	1,238
North American Limited-Service	852			786			827
Asia Pacific	369			456			361
Other International	435			570			420
Unallocated corporate	(837		)	(302		)	386
Interest expense, net of interest income	(368		)	(318		)	(250		)
Income taxes	(326		)	(438		)	(1,523		)
Net income	$	1,273		$	1,907		$	1,459

Segment profits attributed to operations located outside the U.S. were $982 million in 2019, $1,155 million in 2018, and $837 million in 2017. The 2019 segment profits consisted of $369 million from Asia Pacific, $272 million from Europe, $118 million from Caribbean and Latin America, $45 million from the Middle East and Africa, and $178 million from other locations.

Depreciation, Amortization, and Other



($ in millions)	2019		2018		2017
North American Full-Service	$	199	$	82	$	82
North American Limited-Service	19		15		14
Asia Pacific	25		26		32
Other International	71		70		71
Unallocated corporate	27		33		30
	$	341	$	226	$	229

Capital Expenditures



($ in millions)	2019		2018		2017
North American Full-Service	$	270	$	290	$	21
North American Limited-Service	17		15		10
Asia Pacific	2		6		12
Other International	164		40		42
Unallocated corporate	200		205		155
	$	653	$	556	$	240

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

Equity Method Investments

We have equity method investments in entities that own properties for which we provide management services and receive fees. In addition, in some cases we provide loans, preferred equity, or guarantees to these entities.

The following tables present financial data resulting from transactions with these related parties:

Income Statement Data



($ in millions)	2019			2018			2017
Base management fees	$	21		$	25		$	28
Incentive management fees	8			12			15
Contract investment amortization	(2		)	(2		)	(2		)
Owned, leased, and other revenue	—			—			2
Cost reimbursement revenue	233			332			356
Depreciation, amortization, and other	(2		)	(2		)	(3		)
General, administrative, and other	(2		)	—			(1		)
Reimbursed expenses	(236		)	(337		)	(356		)
Gains and other income, net	2			51			658
Interest expense	3			—			—
Interest income	—			—			4
Equity in earnings	13			103			40

Balance Sheet Data



($ in millions)	At Year-End 2019			At Year-End 2018
Current assets
Accounts and notes receivable, net	$	16		$	31
Prepaid expenses and other	1			1
Intangible assets
Contract acquisition costs and other	29			32
Equity method investments	577			732
Other noncurrent assets	3			10
Current liabilities
Accounts payable	(1		)	(4		)
Accrued expenses and other	(3		)	(16		)
Deferred tax liabilities	(37		)	(20		)
Other noncurrent liabilities	(3		)	(11		)

Undistributed earnings attributable to our equity method investments represented approximately $11 million of our consolidated retained earnings at year-end 2019.

Summarized Financial Information for Investees

The following tables present summarized financial information for the entities in which we have equity method investments:



($ in millions)	2019		2018		2017
Sales	$	815	$	932	$	1,176
Net income	80		221		222



($ in millions)	At Year-End 2019		At Year-End 2018
Assets (primarily composed of hotel real estate managed by us)	$	2,555	$	2,724
Liabilities	1,691		1,843

The carrying amount of our equity method investments was $577 million at year-end 2019 and $732 million at year-end 2018. This value exceeded our share of the book value of the investees' net assets by $311 million at year-end 2019 and $419 million at year-end 2018, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.

Other Related Parties

We received management fees of approximately $12 million in 2019, $13 million in 2018, and $13 million in 2017, plus reimbursement of certain expenses, from our operation of properties owned by JWM Family Enterprises, L.P., which is beneficially owned and controlled by J.W. Marriott, Jr., Deborah Marriott Harrison, and other members of the Marriott family.

RELATIONSHIP WITH MAJOR CUSTOMER	12 Months Ended
RELATIONSHIP WITH MAJOR CUSTOMER	Dec. 31, 2019
Relationship with Major Customer Disclosure [Abstract]
RELATIONSHIP WITH MAJOR CUSTOMER	RELATIONSHIP WITH MAJOR CUSTOMER Host Hotels & Resorts, Inc., formerly known as Host Marriott Corporation, and its affiliates (“Host”) owned or leased 60 lodging properties at year-end 2019 and 74 at year-end 2018 that we operated or franchised. Over the last three years, we recognized revenues, including cost reimbursement revenue, of $2,406 million in 2019, $2,542 million in 2018, and $2,671 million in 2017 from those lodging properties, and included those revenues in our North American Full-Service and North American Limited-Service reportable business segments, and our Caribbean and Latin America and Europe operating segments. Host was also a partner in certain unconsolidated partnerships that own lodging properties that we operate under long-term agreements. We recognized revenues, including cost reimbursement revenue, of $123 million in 2018 and $114 million in 2017 from those lodging properties, and included those revenues in our North American Full-Service reportable business segment and our Europe operating segment. We did not recognize any revenues in 2019 related to these lodging properties as Host was not affiliated with these lodging properties during 2019.

SUPPLEMENTARY DATA QUARTERLY FINANCIAL DATA - UNAUDITED

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

SUPPLEMENTARY DATA QUARTERLY FINANCIAL DATA - UNAUDITED

SUPPLEMENTARY DATA

QUARTERLY FINANCIAL DATA – UNAUDITED



($ in millions, except per share data)	2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	5,012	$	5,305	$	5,284	$	5,371	$	20,972
Operating income	$	510	$	409	$	607	$	274	$	1,800
Net income	$	375	$	232	$	387	$	279	$	1,273
Basic earnings per share ⁽¹⁾	$	1.10	$	0.70	$	1.17	$	0.85	$	3.83
Diluted earnings per share ⁽¹⁾	$	1.09	$	0.69	$	1.16	$	0.85	$	3.80



($ in millions, except per share data)	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	5,009	$	5,409	$	5,051	$	5,289	$	20,758
Operating income	$	530	$	818	$	596	$	422	$	2,366
Net income	$	420	$	667	$	503	$	317	$	1,907
Basic earnings per share ⁽¹⁾	$	1.17	$	1.89	$	1.45	$	0.93	$	5.45
Diluted earnings per share ⁽¹⁾	$	1.16	$	1.87	$	1.43	$	0.92	$	5.38

⁽¹⁾

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

In order to make this report easier to read, we also refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” (iv) our Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (v) our properties, brands, or markets in the United States (“U.S.”) and Canada as “North America” or “North American,” and (vi) our properties, brands, or markets in our Caribbean and Latin America, Europe, and Middle East and Africa regions as “Other International,” and together with those in our Asia Pacific segment, as “International.” In addition, references throughout to numbered “Notes” refer to these Notes to Consolidated Financial Statements, unless otherwise stated.

Preparation of financial statements that conform with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates.

The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position at fiscal year-end 2019 and fiscal year-end 2018 and the results of our operations and cash flows for fiscal years 2019, 2018, and 2017. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

Revenue

between the Loyalty Program member and the managed or franchised property or program partner. We recognize all other Loyalty Program costs as incurred in our “Reimbursed expenses” caption.

Practical Expedients and Exemptions: We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances:

(1) if we recognize the revenue based on the amount invoiced or services performed;

(2) for sales-based or usage-based royalty promised in exchange for a license of intellectual property; or

Real Estate Sales

Retirement Savings Plan

Non-U.S. Operations

Share-Based Compensation

Advertising Costs

Income Taxes

Cash and Equivalents

We consider all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.

Accounts Receivable

Assets Held for Sale

Goodwill

Intangibles and Long-Lived Assets

Investments

Fair Value Measurements

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Derivative Instruments

Loan Loss Reserves

Leases

Guarantees

we use internal analyses based primarily on market comparable data and our assumptions about market capitalization rates, credit spreads, growth rates, and inflation.

Self-Insurance Programs

Pension and Other Postretirement Benefits

Legal Contingencies

Business Combinations

Asset Acquisitions

New Accounting Standards

New Accounting Standards Adopted

When we adopted ASU 2016-02, we applied the package of practical expedients allowed by the standard, and therefore, we did not reassess:


•	Whether any expired or existing contracts are or contain leases under the new definition;


•	The lease classification for any expired or existing leases; or

•

Whether previously capitalized costs continue to qualify as initial direct costs.

Intangible Assets

Property and Equipment, Capitalization and Useful Lives

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Reconciliation of the Earnings (Losses) and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share



(in millions, except per share amounts)	2019		2018		2017
Computation of Basic Earnings Per Share
Net income	$	1,273	$	1,907	$	1,459
Shares for basic earnings per share	332.7		350.1		375.2
Basic earnings per share	$	3.83	$	5.45	$	3.89
Computation of Diluted Earnings Per Share
Net income	$	1,273	$	1,907	$	1,459
Shares for basic earnings per share	332.7		350.1		375.2
Effect of dilutive securities
Share-based compensation	2.8		4.1		4.7
Shares for diluted earnings per share	335.5		354.2		379.9
Diluted earnings per share	$	3.80	$	5.38	$	3.84

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Additional Information on RSUs

The following table provides additional information on RSUs for the last three fiscal years:



	2019		2018		2017
Share-based compensation expense (in millions)	$	177	$	170	$	172
Weighted average grant-date fair value (per RSU)	$	117	$	132	$	85
Aggregate intrinsic value of distributed RSUs (in millions)	$	276	$	294	$	322

Changes in Outstanding RSU Grants

The following table presents the changes in our outstanding RSUs, including PSUs, during 2019 and the associated weighted average grant-date fair values:



	Number of RSUs (in millions)		Weighted Average Grant-Date Fair Value (per RSU)
Outstanding at year-end 2018	4.8		$	90
Granted	1.7		117
Distributed	(2.3	)	79
Forfeited	(0.1	)	112
Outstanding at year-end 2019	4.1		$	106

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes

The components of our earnings before income taxes for the last three fiscal years consisted of:



($ in millions)	2019		2018		2017
U.S.	$	549	$	1,311	$	2,153
Non-U.S.	1,050		1,034		829
	$	1,599	$	2,345	$	2,982

Provision for Income Taxes

Our provision for income taxes for the last three fiscal years consists of:



($ in millions)		2019			2018			2017
Current	-U.S. Federal	$	(272	)	$	(169	)	$	(1,253	)
	-U.S. State	(57		)	(94		)	(152		)
	-Non-U.S.	(161		)	(284		)	(178		)
		(490		)	(547		)	(1,583		)

Deferred	-U.S. Federal	141			10			61
	-U.S. State	39			(6		)	(33		)
	-Non-U.S.	(16		)	105			32
		164			109			60
		$	(326	)	$	(438	)	$	(1,523	)

Unrecognized Tax Benefits Reconciliation

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2017 to the end of 2019:



($ in millions)	Amount
Unrecognized tax benefit at beginning of 2017	$	421
Change attributable to tax positions taken in prior years	12
Change attributable to tax positions taken during the current period	87
Decrease attributable to settlements with taxing authorities	(28		)
Decrease attributable to lapse of statute of limitations	(1		)
Unrecognized tax benefit at year-end 2017	491
Change attributable to tax positions taken in prior years	37
Change attributable to tax positions taken during the current period	148
Decrease attributable to settlements with taxing authorities	(53		)
Unrecognized tax benefit at year-end 2018	623
Change attributable to tax positions taken in prior years	(13		)
Change attributable to tax positions taken during the current period	13
Decrease attributable to settlements with taxing authorities	(54		)
Unrecognized tax benefit at year-end 2019	$	569

Schedule of Deferred Tax Assets and Liabilities



($ in millions)	At Year-End 2019			At Year-End 2018
Deferred Tax Assets
Employee benefits	$	267		$	261
Net operating loss carry-forwards	680			494
Accrued expenses and other reserves	162			160
Receivables, net	11			12
Tax credits	41			24
Loyalty Program	249			133
Deferred income	70			56
Lease liabilities	261			—
Other	15			13
Deferred tax assets	1,756			1,153
Valuation allowance	(616		)	(428		)
Deferred tax assets after valuation allowance	1,140			725
Deferred Tax Liabilities
Joint venture interests	(55		)	(59		)
Property and equipment	(82		)	(85		)
Intangibles	(895		)	(876		)
Right-of-use assets	(229		)	—
Self-insurance	(15		)	(19		)
Deferred tax liabilities	(1,276		)	(1,039		)
Net deferred taxes	$	(136	)	$	(314	)

Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the last three fiscal years:



	2019		2018		2017
U.S. statutory tax rate	21.0	%	21.0	%	35.0	%
U.S. state income taxes, net of U.S. federal tax benefit	1.6		2.5		3.1
Non-U.S. income	(3.3	)	(1.0	)	(7.3	)
Change in valuation allowance	3.4		2.6		2.0
Change in uncertain tax positions	1.9		1.0		2.2
Change in U.S. tax rate	0.0		(1.7	)	(5.5	)
Transition Tax on foreign earnings	(0.3	)	0.1		22.8
Tax on asset dispositions	(0.7	)	(2.9	)	(0.2	)
Excess tax benefits related to equity awards	(3.2	)	(1.8	)	(2.4	)
Other, net	0.0		(1.1	)	1.4
Effective rate	20.4	%	18.7	%	51.1	%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Maximum Potential Amount of Future Fundings as the Primary Obligor for Guarantees and the Liability for Expected Future Fundings



($ in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	53	$	6
Operating profit	231		142
Other	15		3
	$	299	$	151

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Composition of Lease Expense and Supplemental Cash Flows

The following table details the composition of lease expense at year-end 2019:



($ in millions)	2019
Operating lease cost	$	185
Variable lease cost	113

The following table presents supplemental cash flow information for 2019:



($ in millions)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	176
Operating cash outflows for finance leases	7
Financing cash outflows for finance leases	6
Lease assets obtained in exchange for lease obligations:
Operating leases	89

Maturities of Finance Lease Liabilities

The following table presents our future minimum lease payments at year-end 2019:



($ in millions)	Operating Leases		Finance Leases
2020	$	173	$	13
2021	171		13
2022	165		13
2023	115		13
2024	107		14
Thereafter	579		151
Total minimum lease payments	$	1,310	$	217
Less: Amount representing interest	298		60
Present value of minimum lease payments	$	1,012	$	157

Current ⁽¹⁾	130		6
Noncurrent ⁽²⁾	882		151
	$	1,012	$	157


⁽¹⁾	Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

⁽²⁾

Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

Maturities of Operating Lease Liabilities

The following table presents our future minimum lease payments at year-end 2019:



($ in millions)	Operating Leases		Finance Leases
2020	$	173	$	13
2021	171		13
2022	165		13
2023	115		13
2024	107		14
Thereafter	579		151
Total minimum lease payments	$	1,310	$	217
Less: Amount representing interest	298		60
Present value of minimum lease payments	$	1,012	$	157

Current ⁽¹⁾	130		6
Noncurrent ⁽²⁾	882		151
	$	1,012	$	157


⁽¹⁾	Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

⁽²⁾

Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

Lease Terms and Discount Rate

The following table presents additional information about our lease obligations at year-end 2019:

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Senior Notes:
Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 (effective interest rate of 4.4%)	$	—		$	600
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)	349			349
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)	349			349
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)	398			397
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)	449			448
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)	346			345
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)	747			745
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	744			743
Series T Notes, interest rate of 7.2%, face amount of $181, matured December 1, 2019 (effective interest rate of 2.3%)	—			188
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%)	291			291
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	332			335
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	291			292
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	444			443
Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 2.5% at December 31, 2019)	549			547
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)	347			347
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)	297			297
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 2.5% at December 31, 2019)	299			—
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)	564			—
Series DD Notes, interest rate of 2.1%, face amount of $550, maturing October 3, 2022 (effective interest rate of 2.4%)	543			—

Commercial paper	3,197			2,245
Credit Facility	—			—
Finance lease obligations	157			163
Other	247			223
	$	10,940		$	9,347
Less: Current portion of long-term debt	(977		)	(833		)
	$	9,963		$	8,514

Future Principal Payments for Debt

The following table presents future principal payments, net of discounts, premiums, and debt issuance costs, for our debt at year-end 2019:



Debt Principal Payments ($ in millions)	Amount
2020	$	977
2021	1,164
2022	1,657
2023	694
2024	3,783
Thereafter	2,665
Balance at year-end 2019	$	10,940

Goodwill and Intangible Assets Disclosure [Abstract]

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2019

Composition of Intangible Assets, Finite-Lived

The following table details the composition of our intangible assets at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	1,588		$	1,347
Contracts acquired in business combinations and other	1,972			1,983
	3,560			3,330
Accumulated amortization	(808		)	(674		)
	2,752			2,656
Indefinite-lived Intangible Brand Assets	5,889			5,724
	$	8,641		$	8,380

Composition of Intangible Assets, Indefinite-Lived

The following table details the composition of our intangible assets at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	1,588		$	1,347
Contracts acquired in business combinations and other	1,972			1,983
	3,560			3,330
Accumulated amortization	(808		)	(674		)
	2,752			2,656
Indefinite-lived Intangible Brand Assets	5,889			5,724
	$	8,641		$	8,380

Carrying Amount of Goodwill

The following table details the carrying amount of our goodwill at year-end 2019 and 2018:



($ in millions)	North American Full-Service		North American Limited-Service		Asia Pacific		Other International			Total Goodwill
Balance at year-end 2018	$	3,566	$	1,755	$	1,862	$	1,856		$	9,039
Foreign currency translation	10		7		2		(10		)	9
Balance at year-end 2019	$	3,576	$	1,762	$	1,864	$	1,846		$	9,048

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Composition of Property and Equipment Balances

The following table presents the composition of our property and equipment balances at year-end 2019 and 2018:



($ in millions)	At Year-End 2019			At Year-End 2018
Land	$	684		$	591
Buildings and leasehold improvements	1,100			1,275
Furniture and equipment	1,225			1,439
Construction in progress	196			168
	3,205			3,473
Accumulated depreciation	(1,301		)	(1,517		)
	$	1,904		$	1,956

NOTES RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Notes Receivable Expected Future Principal Payments

The following table presents the expected future principal payments, net of reserves and unamortized discounts, as well as interest rates for our notes receivable at year-end 2019:



Notes Receivable Principal Payments ($ in millions)	Amount
2020	$	9
2021	32
2022	28
2023	2
2024	8
Thereafter	47
Balance at year-end 2019	$	126
Weighted average interest rate at year-end 2019	5.6%
Range of stated interest rates at year-end 2019	0-9%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities

We present the carrying values and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments, determined under current guidance for disclosures on the fair value of financial instruments, in the following table:



	At Year-End 2019						At Year-End 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Senior, mezzanine, and other loans	$	117		$	112		$	125		$	116
Total noncurrent financial assets	$	117		$	112		$	125		$	116

Senior Notes	$	(6,441	)	$	(6,712	)	$	(5,928	)	$	(5,794	)
Commercial paper	(3,197		)	(3,197		)	(2,245		)	(2,245		)
Other long-term debt	(174		)	(179		)	(184		)	(182		)
Other noncurrent liabilities	(196		)	(196		)	(153		)	(153		)
Total noncurrent financial liabilities	$	(10,008	)	$	(10,284	)	$	(8,510	)	$	(8,374	)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income Activity

The following table details the accumulated other comprehensive loss activity for 2019, 2018, and 2017:



($ in millions)	Foreign Currency Translation Adjustments			Derivative Instrument and Other Adjustments			Accumulated Other Comprehensive Loss
Balance at year-end 2016	$	(503	)	$	6		$	(497	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	478			(9		)	469
Reclassification of losses (gains), net of tax	2			9			11
Net other comprehensive (loss) income	480			—			480
Balance at year-end 2017	$	(23	)	$	6		$	(17	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	(391		)	4			(387		)
Reclassification of losses (gains), net of tax	11			6			17
Net other comprehensive (loss) income	(380		)	10			(370		)
Adoption of ASU 2016-01	—			(4		)	(4		)
Balance at year-end 2018	$	(403	)	$	12		$	(391	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	35			2			37
Reclassification of losses (gains), net of tax	—			(7		)	(7		)
Net other comprehensive (loss) income	35			(5		)	30
Balance at year-end 2019	$	(368	)	$	7		$	(361	)

⁽¹⁾

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Revenues

The following tables present our revenues disaggregated by segment and major revenue stream for the last three fiscal years:



	2019
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,299		$	966		$	477		$	555		$	3,297
Contract investment amortization	(35		)	(13		)	(2		)	(12		)	(62		)
Net fee revenues	1,264			953			475			543			3,235
Owned, leased, and other revenue	581			134			178			663			1,556
Cost reimbursement revenue	11,610			2,291			536			1,149			15,586
Total segment revenue	$	13,455		$	3,378		$	1,189		$	2,355		$	20,377
Unallocated corporate													595
Total revenue													$	20,972



	2018
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,255		$	903		$	479		$	518		$	3,155
Contract investment amortization	(33		)	(12		)	(2		)	(11		)	(58		)
Net fee revenues	1,222			891			477			507			3,097
Owned, leased, and other revenue	593			128			182			668			1,571
Cost reimbursement revenue	11,257			2,198			459			1,091			15,005
Total segment revenue	$	13,072		$	3,217		$	1,118		$	2,266		$	19,673
Unallocated corporate													1,085
Total revenue													$	20,758



	2017
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	1,202		$	842		$	431		$	476		$	2,951
Contract investment amortization	(25		)	(11		)	(1		)	(13		)	(50		)
Net fee revenues	1,177			831			430			463			2,901
Owned, leased, and other revenue	697			132			191			685			1,705
Cost reimbursement revenue	11,035			2,256			433			1,140			14,864
Total segment revenue	$	12,909		$	3,219		$	1,054		$	2,288		$	19,470
Unallocated corporate													982
Total revenue													$	20,452

Segment Profits



($ in millions)	2019			2018			2017
North American Full-Service	$	1,148		$	1,153		$	1,238
North American Limited-Service	852			786			827
Asia Pacific	369			456			361
Other International	435			570			420
Unallocated corporate	(837		)	(302		)	386
Interest expense, net of interest income	(368		)	(318		)	(250		)
Income taxes	(326		)	(438		)	(1,523		)
Net income	$	1,273		$	1,907		$	1,459

Depreciation and Amortization

Depreciation, Amortization, and Other



($ in millions)	2019		2018		2017
North American Full-Service	$	199	$	82	$	82
North American Limited-Service	19		15		14
Asia Pacific	25		26		32
Other International	71		70		71
Unallocated corporate	27		33		30
	$	341	$	226	$	229

Capital Expenditures



($ in millions)	2019		2018		2017
North American Full-Service	$	270	$	290	$	21
North American Limited-Service	17		15		10
Asia Pacific	2		6		12
Other International	164		40		42
Unallocated corporate	200		205		155
	$	653	$	556	$	240

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Financial Data Resulting from Transactions with Related Parties, Income Statement Data

The following tables present financial data resulting from transactions with these related parties:

Income Statement Data



($ in millions)	2019			2018			2017
Base management fees	$	21		$	25		$	28
Incentive management fees	8			12			15
Contract investment amortization	(2		)	(2		)	(2		)
Owned, leased, and other revenue	—			—			2
Cost reimbursement revenue	233			332			356
Depreciation, amortization, and other	(2		)	(2		)	(3		)
General, administrative, and other	(2		)	—			(1		)
Reimbursed expenses	(236		)	(337		)	(356		)
Gains and other income, net	2			51			658
Interest expense	3			—			—
Interest income	—			—			4
Equity in earnings	13			103			40

Financial Data Resulting from Transactions with Related Parties, Balance Sheet Data

Balance Sheet Data



($ in millions)	At Year-End 2019			At Year-End 2018
Current assets
Accounts and notes receivable, net	$	16		$	31
Prepaid expenses and other	1			1
Intangible assets
Contract acquisition costs and other	29			32
Equity method investments	577			732
Other noncurrent assets	3			10
Current liabilities
Accounts payable	(1		)	(4		)
Accrued expenses and other	(3		)	(16		)
Deferred tax liabilities	(37		)	(20		)
Other noncurrent liabilities	(3		)	(11		)

Summarized Information for the Entities Equity Method Investments, Income Statement

The following tables present summarized financial information for the entities in which we have equity method investments:



($ in millions)	2019		2018		2017
Sales	$	815	$	932	$	1,176
Net income	80		221		222

Summarized Information for the Entities Equity Method Investments, Balance Sheet



($ in millions)	At Year-End 2019		At Year-End 2018
Assets (primarily composed of hotel real estate managed by us)	$	2,555	$	2,724
Liabilities	1,691		1,843

SUPPLEMENTARY DATA QUARTERLY FINANCIAL DATA - UNAUDITED (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



($ in millions, except per share data)	2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	5,012	$	5,305	$	5,284	$	5,371	$	20,972
Operating income	$	510	$	409	$	607	$	274	$	1,800
Net income	$	375	$	232	$	387	$	279	$	1,273
Basic earnings per share ⁽¹⁾	$	1.10	$	0.70	$	1.17	$	0.85	$	3.83
Diluted earnings per share ⁽¹⁾	$	1.09	$	0.69	$	1.16	$	0.85	$	3.80



($ in millions, except per share data)	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	5,009	$	5,409	$	5,051	$	5,289	$	20,758
Operating income	$	530	$	818	$	596	$	422	$	2,366
Net income	$	420	$	667	$	503	$	317	$	1,907
Basic earnings per share ⁽¹⁾	$	1.17	$	1.89	$	1.45	$	0.93	$	5.45
Diluted earnings per share ⁽¹⁾	$	1.16	$	1.87	$	1.43	$	0.92	$	5.38

⁽¹⁾

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Significant Accounting Policies [Line Items]
Change in customer contract liability from change in estimates	$ 78,000,000
Change in customer contract liability from change in estimates, net of tax	58,000,000
Compensation costs from retirement savings plan	128,000,000	$ 224,000,000	$ 119,000,000
Advertising costs	$ 851,000,000	660,000,000	562,000,000
Normal collection period for accounts receivable	30 days
Accounts receivable reserve	$ 76,000,000	66,000,000
Goodwill impairment charge	$ 0	0	$ 0
Discount rate	3.00%
Self-insurance reserve, current	$ 166,000,000	126,000,000
Self-insurance reserve, noncurrent	323,000,000	351,000,000
Operating lease assets	888,000,000			$ 1,013,000,000
Operating lease liability	1,012,000,000			$ 1,053,000,000
Deferred revenue
Significant Accounting Policies [Line Items]
Change in customer contract liability	129,000,000
Customer contract liability	960,000,000	831,000,000
Guest loyalty program
Significant Accounting Policies [Line Items]
Change in customer contract liability	257,000,000
Customer contract liability	5,718,000,000	5,461,000,000
Revenue recognized from customer contract liability	2,211,000,000
Costs Incurred to Fulfill Contracts
Significant Accounting Policies [Line Items]
Capitalized costs	$ 351,000,000	$ 324,000,000

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Millions		12 Months Ended
	Dec. 09, 2019 USD ($) hotel	Dec. 31, 2019 USD ($)
Elegant Hotels Group plc
Schedule of Asset Acquisition [Line Items]
Offer for issued and to be issued share capital	$ 128
Debt assumed	$ 63
Number of hotels acquired \| hotel	7
W New York - Union Square
Schedule of Asset Acquisition [Line Items]
Property purchased		$ 206
Brands \| AC Hotels by Marriott
Schedule of Asset Acquisition [Line Items]
Indefinite lived intangible assets acquired		$ 156
Management and Franchise Contracts \| AC Hotels by Marriott
Schedule of Asset Acquisition [Line Items]
Finite lived intangible assets term		24 years
Finite lived intangible assets acquired		$ 34

ACQUISITIONS AND DISPOSITIONS - Disposals (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) investment property	Dec. 31, 2017 USD ($) property	Mar. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of equity method investments disposed \| investment		3
Gain on disposal of equity method investment		$ 42
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		$ 132
Number of properties disposed \| property			3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| St.Regis New York and The Sheraton Gateway Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal	$ 134
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Tremont Chicago Hotel at Magnificent Mile and Le Centre Sheraton Montreal Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed \| property		2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Westin Denarau Island Resort and The Sheraton Fiji Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed \| property		2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Sheraton Buenos Aires Hotel & Convention Center and Park Tower and A Luxury Collection Hotel, Buenos Aires
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed \| property		2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| JW Marriott Mexico City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal from equity method investee		$ 55
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Ritz Carlton Toronto
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal from equity method investee		10
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Charlotte Marriott City Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal			$ 24
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Avendra LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		5	$ 659
Ownership percentage			55.00%
Gain on disposal, net of tax			$ 425
Procurement services term			5 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sheraton Grand Phoenix
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal	15
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	248
Liabilities	8
Reimbursed Expenses \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Avendra LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Spending from sales proceeds	118	115
Spending from sales proceeds,net of tax	$ 87	85
Sheraton Grand Phoenix
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for property acquired		$ 255
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sheraton Grand Phoenix
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for property sold				$ 268

EARNINGS PER SHARE - Reconciliation of the Earnings (Losses) and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Computation of Basic Earnings Per Share
Net income	$ 279	$ 387	$ 232	$ 375	$ 317	$ 503	$ 667	$ 420	$ 1,273	$ 1,907	$ 1,459
Shares for basic earnings per share (in shares)									332.7	350.1	375.2
Basic earnings per share (in USD per share)	$ 0.85	$ 1.17	$ 0.70	$ 1.10	$ 0.93	$ 1.45	$ 1.89	$ 1.17	$ 3.83	$ 5.45	$ 3.89
Computation of Diluted Earnings Per Share
Net income	$ 279	$ 387	$ 232	$ 375	$ 317	$ 503	$ 667	$ 420	$ 1,273	$ 1,907	$ 1,459
Shares for basic earnings per share (in shares)									332.7	350.1	375.2
Effect of dilutive securities
Share-based compensation (in shares)									2.8	4.1	4.7
Shares for diluted earnings per share (in shares)									335.5	354.2	379.9
Diluted earnings per share (in USD per share)	$ 0.85	$ 1.16	$ 0.69	$ 1.09	$ 0.92	$ 1.43	$ 1.87	$ 1.16	$ 3.80	$ 5.38	$ 3.84

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

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-SubTopic 10
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved under the stock plan (in shares)	29
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Period of service after grant date	1 year
Deferred compensation costs	$ 176	$ 167
Weighted average remaining term for grants outstanding	2 years
PSUs \| Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

SHARE-BASED COMPENSATION - Additional Information on RSUs (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Restricted Stock Activity [Line Items]
Share-based compensation expense (in millions)	$ 177	$ 170	$ 172
Weighted average grant-date fair value (in USD per share)	$ 117	$ 132	$ 85
Aggregate intrinsic value of distributed RSUs (in millions)	$ 276	$ 294	$ 322

SHARE-BASED COMPENSATION - Changes in Outstanding RSU Grants (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of RSUs (in millions)
Outstanding beginning balance (in shares)	4.8
Granted (in shares)	1.7
Distributed (in shares)	(2.3)
Forfeited (in shares)	(0.1)
Outstanding ending balance (in shares)	4.1	4.8
Weighted Average Grant-Date Fair Value (per RSU)
Outstanding beginning balance (in USD per share)	$ 90
Granted (in USD per share)	117	$ 132	$ 85
Distributed (in USD per share)	79
Forfeited (in USD per share)	112
Outstanding ending balance (in USD per share)	$ 106	$ 90

INCOME TAXES - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S.	$ 549	$ 1,311	$ 2,153
Non-U.S.	1,050	1,034	829
INCOME BEFORE INCOME TAXES	$ 1,599	$ 2,345	$ 2,982

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
-U.S. Federal	$ (272)	$ (169)	$ (1,253)
-U.S. State	(57)	(94)	(152)
-Non-U.S.	(161)	(284)	(178)
Current income tax expense	(490)	(547)	(1,583)
Deferred
-U.S. Federal	141	10	61
-U.S. State	39	(6)	(33)
-Non-U.S.	(16)	105	32
Deferred income tax expense	164	109	60
Provision for income taxes	$ (326)	$ (438)	$ (1,523)

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 498	$ 497	$ 385
Amount of unrecognized tax benefits that is reasonably possible will be reversed in next twelve months	207
Interest related to unrecognized tax benefits	28	3	$ 24
Tax credits which expire	24
Tax credits which do not expire	16
Net operating loss benefits	10	$ 10
Net operating losses	3,319
Net operating losses subject to expiration	$ 1,951
Income tax benefit from non-U.S. income	(3.30%)	(1.00%)	(7.30%)
Pre-tax income	$ 1,050	$ 1,034	$ 829
Income tax expense (benefit)	20.40%	18.70%	51.10%
Cash paid for income taxes	$ 526	$ 678	$ 636
2017 Tax Act, provisional income tax expense (benefit)			(153)
2017 Tax Act, transition tax expense (benefit)			$ 745
2017 Tax Act, income tax expense (benefit)		$ (41)
U.S. Issues Currently in Appeals
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits that is reasonably possible will be reversed in next twelve months	179
State and Non-U.S. Audits Expected to be Resolved in 2020
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits that is reasonably possible will be reversed in next twelve months	$ 28
Switzerland, Singapore, and Luxembourg
Income Tax Contingency [Line Items]
Income tax benefit from non-U.S. income	8.00%	3.40%	6.20%
Pre-tax income	$ 642	$ 432	$ 576
State
Income Tax Contingency [Line Items]
Charge for unremitted foreign earnings		$ 29
International \| United States
Income Tax Contingency [Line Items]
Income tax expense (benefit)	2.00%	1.40%

INCOME TAXES - Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 623	$ 491	$ 421
Change attributable to tax positions taken in prior years		37	12
Change attributable to tax positions taken in prior years	(13)
Change attributable to tax positions taken during the current period	13	148	87
Decrease attributable to settlements with taxing authorities	(54)	(53)	(28)
Decrease attributable to lapse of statute of limitations			(1)
Unrecognized tax benefit at end of year	$ 569	$ 623	$ 491

INCOME TAXES - Types of Temporary Differences and Carry-Forwards that Significantly Effect Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets
Employee benefits	$ 267	$ 261
Net operating loss carry-forwards	680	494
Accrued expenses and other reserves	162	160
Receivables, net	11	12
Tax credits	41	24
Loyalty Program	249	133
Deferred income	70	56
Lease liabilities	261	0
Other	15	13
Deferred tax assets	1,756	1,153
Valuation allowance	(616)	(428)
Deferred tax assets after valuation allowance	1,140	725
Deferred Tax Liabilities
Joint venture interests	(55)	(59)
Property and equipment	(82)	(85)
Intangibles	(895)	(876)
Right-of-use assets	(229)	0
Self-insurance	(15)	(19)
Deferred tax liabilities	(1,276)	(1,039)
Net deferred taxes	$ (136)	$ (314)

INCOME TAXES - Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	35.00%
U.S. state income taxes, net of U.S. federal tax benefit	1.60%	2.50%	3.10%
Non-U.S. income	(3.30%)	(1.00%)	(7.30%)
Change in valuation allowance	3.40%	2.60%	2.00%
Change in uncertain tax positions	1.90%	1.00%	2.20%
Change in U.S. tax rate	0.00%	(1.70%)	(5.50%)
Transition Tax on foreign earnings	(0.30%)	0.10%	22.80%
Tax on asset dispositions	(0.70%)	(2.90%)	(0.20%)
Excess tax benefits related to equity awards	(3.20%)	(1.80%)	(2.40%)
Other, net	0.00%	(1.10%)	1.40%
Effective rate	20.40%	18.70%	51.10%

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 299
Recorded Liability for Guarantees	151
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	53
Recorded Liability for Guarantees	6
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	231
Recorded Liability for Guarantees	142
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	15
Recorded Liability for Guarantees	3
Sheraton Grand Chicago Hotel
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	57
Sheraton Grand Chicago Hotel \| Land and Hotel
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	300
Sheraton Grand Chicago Hotel \| Land
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	200
Not Yet In Effect Condition \| Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	3
Not Yet In Effect Condition \| Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	114
Not Yet In Effect Condition \| Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	5
Accrued Expenses and Other
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	16
Other noncurrent liabilities
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	$ 135
Minimum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term	3 years
Maximum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term	10 years

COMMITMENTS AND CONTINGENCIES - Commitments (Details) £ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 15, 2019 lawsuit	Dec. 31, 2019 USD ($) lawsuit province	Dec. 31, 2018 USD ($)	Jul. 09, 2019 GBP (£)
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding		$ 145
Surety bonds issued		160
Proceeds from insurance recoveries		58
Information Technology Hardware, Software, Accounting, Finance, and Maintenance Services
Commitments and Contingencies Disclosure [Line Items]
Purchase obligation		276
Purchase obligation, expected to fund commitments in 2020		116
Purchase obligation, expected to fund commitments in 2021		97
Purchase obligation, expected to fund commitments in 2022		63
Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Expense related to data security incident		148	$ 28
Insurance recoveries		84	$ 25
Data Security Incident, UK Information Commissioner's Office
Commitments and Contingencies Disclosure [Line Items]
Estimated fine		$ 65		£ 99
Putative Class Action Lawsuits Related to Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed \| lawsuit		100
Shareholder Derivative Complaints Related to Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Number of new lawsuits filed \| lawsuit	2
Canadian Putative Class Action Lawsuits Related to Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed \| lawsuit		5
Number of provinces where cases are pending \| province		5

LEASES - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
LEASES - Additional Information (Details) $ in Millions	Dec. 31, 2019 USD ($) renewal_option	Dec. 31, 2019 USD ($) renewal_option
Lessee, Lease, Description [Line Items]
Number of renewals (or more than) \| renewal_option	1	1
Term of lease not commenced		20 years
Minimum
Lessee, Lease, Description [Line Items]
Renewal term		5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term		20 years
Renewal term		10 years
Renaissance New York Times Square Hotel
Lessee, Lease, Description [Line Items]
Impairment loss	$ 78
Impairment of long-lived assets	$ 21
Legacy-Starwood Office Building
Lessee, Lease, Description [Line Items]
Impairment loss from leased asset		$ 34

LEASES - Composition of Lease Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 185
Variable lease cost	$ 113

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Operating Leases
2020	$ 173
2021	171
2022	165
2023	115
2024	107
Thereafter	579
Total minimum lease payments	1,310
Less: Amount representing interest	(298)
Present value of minimum lease payments	1,012	$ 1,053
Current	130
Noncurrent	882
Finance Leases
2020	13
2021	13
2022	13
2023	13
2024	14
Thereafter	151
Total minimum lease payments	217
Less: Amount representing interest	(60)
Present value of minimum lease payments	157
Current	6
Noncurrent	$ 151

LEASES - Lease Terms and Discount Rate (Details)	Dec. 31, 2019
Weighted Average Remaining Lease Term (in years)
Operating leases	11 years
Finance leases	14 years
Weighted Average Discount Rate
Operating leases	4.80%
Finance leases	4.40%

LEASES - Supplemental Cash Flows Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$ 176
Operating cash outflows for finance leases	7
Financing cash outflows for finance leases	6
Lease assets obtained in exchange for lease obligations:
Operating leases	$ 89

LONG-TERM DEBT - Detail on Long-term Debt Balances (Details) - USD ($) $ in Millions	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Credit Facility	$ 0		$ 0
Finance lease obligations	157
Finance lease obligations			163
Long-term debt	10,940		9,347
Less: Current portion of long-term debt	(977)		(833)
Long-term debt, noncurrent	9,963		8,514
Commercial paper
Debt Instrument [Line Items]
Commercial paper	3,197		2,245
Other
Debt Instrument [Line Items]
Other	247		223
Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior Notes	$ 0		600
Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 (effective interest rate of 4.4%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.00%
Senior notes, face amount	$ 600
Senior notes, effective interest rate	4.40%
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Senior Notes	$ 349		349
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.30%
Senior notes, face amount	$ 350
Senior notes, effective interest rate	3.40%
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)
Debt Instrument [Line Items]
Senior Notes	$ 349		349
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.40%
Senior notes, face amount	$ 350
Senior notes, effective interest rate	3.60%
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Senior Notes	$ 398		397
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.10%
Senior notes, face amount	$ 400
Senior notes, effective interest rate	3.40%
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior Notes	$ 449		448
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	2.90%
Senior notes, face amount	$ 450
Senior notes, effective interest rate	3.10%
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)
Debt Instrument [Line Items]
Senior Notes	$ 346		345
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.80%
Senior notes, face amount	$ 350
Senior notes, effective interest rate	4.00%
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Senior Notes	$ 747		745
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	2.30%
Senior notes, face amount	$ 750
Senior notes, effective interest rate	2.50%
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)
Debt Instrument [Line Items]
Senior Notes	$ 744		743
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.10%
Senior notes, face amount	$ 750
Senior notes, effective interest rate	3.30%
Series T Notes, interest rate of 7.2%, face amount of $181, matured December 1, 2019 (effective interest rate of 2.3%)
Debt Instrument [Line Items]
Senior Notes	$ 0		188
Series T Notes, interest rate of 7.2%, face amount of $181, matured December 1, 2019 (effective interest rate of 2.3%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	7.20%
Senior notes, face amount	$ 181
Senior notes, effective interest rate	2.30%
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior Notes	$ 291		291
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.10%
Senior notes, face amount	$ 291
Senior notes, effective interest rate	3.10%
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Senior Notes	$ 332		335
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.80%
Senior notes, face amount	$ 318
Senior notes, effective interest rate	2.80%
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)
Debt Instrument [Line Items]
Senior Notes	$ 291		292
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	4.50%
Senior notes, face amount	$ 278
Senior notes, effective interest rate	4.10%
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)
Debt Instrument [Line Items]
Senior Notes	$ 444		443
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	4.00%
Senior notes, face amount	$ 450
Senior notes, effective interest rate	4.20%
Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 2.5% at December 31, 2019)
Debt Instrument [Line Items]
Senior Notes	$ 549		547
Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 2.5% at December 31, 2019) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 550
Senior notes, effective interest rate	2.50%
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior Notes	$ 347		347
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	4.20%
Senior notes, face amount	$ 350
Senior notes, effective interest rate	4.40%
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Senior Notes	$ 297		297
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	4.70%
Senior notes, face amount	$ 300
Senior notes, effective interest rate	4.80%
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 2.5% at December 31, 2019)
Debt Instrument [Line Items]
Senior Notes	$ 299		0
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 2.5% at December 31, 2019) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 300	$ 300
Senior notes, effective interest rate	2.50%
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)
Debt Instrument [Line Items]
Senior Notes	$ 564		0
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	3.60%	3.60%
Senior notes, face amount	$ 550	$ 550
Senior notes, effective interest rate	3.90%
Series DD Notes, interest rate of 2.1%, face amount of $550, maturing October 3, 2022 (effective interest rate of 2.4%)
Debt Instrument [Line Items]
Senior Notes	$ 543		$ 0
Series DD Notes, interest rate of 2.1%, face amount of $550, maturing October 3, 2022 (effective interest rate of 2.4%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	2.125%
Senior notes, face amount	$ 550
Senior notes, effective interest rate	2.40%

LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019
Debt Instrument [Line Items]
Maximum aggregate borrowings under credit facility (up to)						$ 4,500
Cash paid for interest, net of amounts capitalized			$ 348	$ 290	$ 234
Senior Notes \| Series DD Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 550		$ 550
Senior notes, interest rate	2.125%		2.125%
Net proceeds	$ 545
Senior Notes \| Series BB Notes
Debt Instrument [Line Items]
Senior notes, face amount	300	$ 300	$ 300
Senior Notes \| Series CC Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 550	$ 550	$ 550
Senior notes, interest rate	3.60%	3.60%	3.60%
Senior Notes \| Series BB and Series CC Notes
Debt Instrument [Line Items]
Net proceeds		$ 841
LIBOR \| Senior Notes \| Series BB Notes
Debt Instrument [Line Items]
Variable interest rate		0.65%
Interest Rate Swap \| LIBOR \| Senior Notes \| Series DD Notes
Debt Instrument [Line Items]
Variable interest rate	0.754%		0.754%
Interest Rate Swap \| LIBOR \| Senior Notes \| Series CC Notes
Debt Instrument [Line Items]
Variable interest rate		1.1205%

LONG-TERM DEBT - Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 977
2021	1,164
2022	1,657
2023	694
2024	3,783
Thereafter	2,665
Long-term debt	$ 10,940	$ 9,347

INTANGIBLE ASSETS AND GOODWILL - Composition of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	$ 3,560	$ 3,330
Accumulated amortization	(808)	(674)
Definite-lived Intangible Assets, net	2,752	2,656
Acquired Indefinite-lived Intangible Assets [Line Items]
Total Intangible Assets	8,641	8,380
Indefinite-lived Intangible Brand Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Brand Assets	5,889	5,724
Costs incurred to obtain contracts with customers
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	1,588	1,347
Contracts acquired in business combinations and other
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	$ 1,972	$ 1,983

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Expected aggregate future amortization expense of intangible assets for 2021	$ 102
Expected aggregate future amortization expense of intangible assets for 2022	102
Expected aggregate future amortization expense of intangible assets for 2023	102
Expected aggregate future amortization expense of intangible assets for 2024	$ 102
Minimum
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	15 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	30 years
Contracts acquired in business combinations and other
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 105	$ 111	$ 116
Expected aggregate future amortization expense of intangible assets for 2020	$ 102

INTANGIBLE ASSETS AND GOODWILL - Carrying Amount of Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 9,039
Foreign currency translation	9
Ending balance	9,048
North American Full-Service
Goodwill [Roll Forward]
Beginning balance	3,566
Foreign currency translation	10
Ending balance	3,576
North American Limited-Service
Goodwill [Roll Forward]
Beginning balance	1,755
Foreign currency translation	7
Ending balance	1,762
Asia Pacific
Goodwill [Roll Forward]
Beginning balance	1,862
Foreign currency translation	2
Ending balance	1,864
Other International
Goodwill [Roll Forward]
Beginning balance	1,856
Foreign currency translation	(10)
Ending balance	$ 1,846

PROPERTY AND EQUIPMENT - Composition of our Property and Equipment Balances (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,205	$ 3,473
Accumulated depreciation	(1,301)	(1,517)
Property and equipment, net	1,904	1,956
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	684	591
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,100	1,275
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,225	1,439
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 196	$ 168

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 346	$ 256	$ 231
Property and equipment, net	1,904	1,956
International Operations
Property, Plant and Equipment [Line Items]
Property and equipment, net	695	533
Reimbursed Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 121	$ 147	$ 126
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years

NOTES RECEIVABLE - Notes Receivable Expected Future Principal Payments (Net of Reserves and Unamortized Discounts and Interest Rates) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Receivables [Abstract]
2020	$ 9
2021	32
2022	28
2023	2
2024	8
Thereafter	47
Senior, mezzanine, and other loans	$ 126
Weighted average interest rate at year-end 2019	5.60%
Range of stated interest rates at year-end 2018, minimum	0.00%
Range of stated interest rates at year-end 2018, maximum	9.00%

NOTES RECEIVABLE - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Investment in impaired loans	$ 20	$ 45
Allowance for credit losses	12	25
Investment in impaired loans with no related allowance for credit losses	8	20
Average investment in impaired loans	$ 33	$ 70	$ 84

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2019

Dec. 31, 2018

Senior, mezzanine, and other loans

$ 117

$ 125

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

(2,236)

(2,372)

Carrying Amount

Senior, mezzanine, and other loans

117

125

Total noncurrent financial assets

117

125

Senior Notes

(6,441)

(5,928)

Commercial paper

(3,197)

(2,245)

Other long-term debt

(174)

(184)

Total noncurrent financial liabilities

(196)

(153)

(10,008)

(8,510)

Fair Value

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Senior, mezzanine, and other loans

112

116

Total noncurrent financial assets

112

116

Senior Notes

(6,712)

(5,794)

Commercial paper

(3,197)

(2,245)

Other long-term debt

(179)

(182)

Total noncurrent financial liabilities

(196)

(153)

$ (10,284)

$ (8,374)

[1]	See Note 16 for disclosure of related party amounts.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper, maturity term	30 days

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	$ 2,225	$ 3,582	$ 5,121
Other comprehensive income (loss) before reclassifications	37	(387)	469
Reclassification of losses (gains), net of tax	(7)	17	11
Total other comprehensive (loss) income, net of tax	30	(370)	480
Ending balance	703	2,225	3,582
Intra-entity foreign currency long-term-investment gains	6	14	(147)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(403)	(23)	(503)
Other comprehensive income (loss) before reclassifications	35	(391)	478
Reclassification of losses (gains), net of tax	0	11	2
Total other comprehensive (loss) income, net of tax	35	(380)	480
Ending balance	(368)	(403)	(23)
Derivative Instrument and Other Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	12	6	6
Other comprehensive income (loss) before reclassifications	2	4	(9)
Reclassification of losses (gains), net of tax	(7)	6	9
Total other comprehensive (loss) income, net of tax	(5)	10	0
Ending balance	7	12	6
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(391)	(17)	(497)
Total other comprehensive (loss) income, net of tax	30	(370)	480
Ending balance	$ (361)	$ (391)	$ (17)
Accounting Standards Update 2016-01
AOCI Attributable to Parent [Roll forward] [Abstract]
Adoption of ASU				$ 0
Accounting Standards Update 2016-01 \| Foreign Currency Translation Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Adoption of ASU				0
Accounting Standards Update 2016-01 \| Derivative Instrument and Other Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Adoption of ASU				(4)
Accounting Standards Update 2016-01 \| Accumulated Other Comprehensive Loss
AOCI Attributable to Parent [Roll forward] [Abstract]
Adoption of ASU				$ (4)

BUSINESS SEGMENTS - Segment Revenues (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Segment Reporting, Revenue Reconciling Item [Line Items]

Segment Reporting, Revenue Reconciling Item [Line Items]

$ 5,371

$ 5,284

$ 5,305

$ 5,012

$ 5,289

$ 5,051

$ 5,409

$ 5,009

$ 20,972

$ 20,758

$ 20,452

Total segment

Total segment | International Operations

20,377

19,673

19,470

Segment Reporting, Revenue Reconciling Item [Line Items]

Total segment | North American Full-Service

4,400

4,246

3,830

Segment Reporting, Revenue Reconciling Item [Line Items]

Total segment | North American Limited-Service

13,455

13,072

12,909

Segment Reporting, Revenue Reconciling Item [Line Items]

Total segment | Asia Pacific

3,378

3,217

3,219

Segment Reporting, Revenue Reconciling Item [Line Items]

Total segment | Other International

1,189

1,118

1,054

Segment Reporting, Revenue Reconciling Item [Line Items]

Segment Reporting, Revenue Reconciling Item [Line Items]

2,355

2,266

2,288

Unallocated corporate

Segment Reporting, Revenue Reconciling Item [Line Items]

595

1,085

982

Net fee revenues

3,823

3,638

3,295

^[1]

(62)

(58)

(50)

Net fee revenues | Total segment

3,761

3,580

3,245

Segment Reporting, Revenue Reconciling Item [Line Items]

3,297

3,155

2,951

(62)

(58)

(50)

Net fee revenues | Total segment | North American Full-Service

3,235

3,097

2,901

Segment Reporting, Revenue Reconciling Item [Line Items]

1,299

1,255

1,202

(35)

(33)

(25)

Net fee revenues | Total segment | North American Limited-Service

1,264

1,222

1,177

Segment Reporting, Revenue Reconciling Item [Line Items]

966

903

842

(13)

(12)

(11)

Net fee revenues | Total segment | Asia Pacific

953

891

831

Segment Reporting, Revenue Reconciling Item [Line Items]

477

479

431

(2)

(1)

Net fee revenues | Total segment | Other International

475

477

430

Segment Reporting, Revenue Reconciling Item [Line Items]

555

518

476

(12)

(11)

(13)

Segment Reporting, Revenue Reconciling Item [Line Items]

543

507

463

Owned, leased, and other

Owned, leased, and other | Total segment

^[1]

1,612

1,635

1,752

Segment Reporting, Revenue Reconciling Item [Line Items]

Owned, leased, and other | Total segment | North American Full-Service

1,556

1,571

1,705

Segment Reporting, Revenue Reconciling Item [Line Items]

Owned, leased, and other | Total segment | North American Limited-Service

581

593

697

Segment Reporting, Revenue Reconciling Item [Line Items]

Owned, leased, and other | Total segment | Asia Pacific

134

128

132

Segment Reporting, Revenue Reconciling Item [Line Items]

Owned, leased, and other | Total segment | Other International

178

182

191

Segment Reporting, Revenue Reconciling Item [Line Items]

Segment Reporting, Revenue Reconciling Item [Line Items]

663

668

685

Reimbursements

Reimbursements | Total segment

^[1]

15,599

15,543

15,455

Segment Reporting, Revenue Reconciling Item [Line Items]

Reimbursements | Total segment | North American Full-Service

15,586

15,005

14,864

Segment Reporting, Revenue Reconciling Item [Line Items]

Reimbursements | Total segment | North American Limited-Service

11,610

11,257

11,035

Segment Reporting, Revenue Reconciling Item [Line Items]

Reimbursements | Total segment | Asia Pacific

2,291

2,198

2,256

Segment Reporting, Revenue Reconciling Item [Line Items]

Reimbursements | Total segment | Other International

536

459

433

Segment Reporting, Revenue Reconciling Item [Line Items]

$ 1,149

$ 1,091

$ 1,140

[1]	See Note 16 for disclosure of related party amounts.

BUSINESS SEGMENTS - Segment Profits (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 274	$ 607	$ 409	$ 510	$ 422	$ 596	$ 818	$ 530	$ 1,800	$ 2,366	$ 2,504
Interest expense, net of interest income									(368)	(318)	(250)
Income taxes									(326)	(438)	(1,523)
Net income	$ 279	$ 387	$ 232	$ 375	$ 317	$ 503	$ 667	$ 420	1,273	1,907	1,459
Total segment \| International Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									982	1,155	837
Total segment \| Asia Pacific
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									369
Total segment \| Europe
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									272
Total segment \| Caribbean and Latin America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									118
Total segment \| Middle East And Africa
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									45
Total segment \| Other Locations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									178
Total segment \| North American Full-Service
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									1,148	1,153	1,238
Total segment \| North American Limited-Service
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									852	786	827
Total segment \| Asia Pacific
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									369	456	361
Total segment \| Other International
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									435	570	420
Unallocated corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits									$ (837)	$ (302)	$ 386

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Total segment | North American Full-Service

^[1]

$ 341

$ 226

$ 229

Total segment | North American Limited-Service

199

Total segment | Asia Pacific

Total segment | Other International

Unallocated corporate

$ 27

$ 33

$ 30

[1]	See Note 16 for disclosure of related party amounts.

BUSINESS SEGMENTS - Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Capital expenditures	$ 653	$ 556	$ 240
Total segment \| North American Full-Service
Segment Reporting Information [Line Items]
Capital expenditures	270	290	21
Total segment \| North American Limited-Service
Segment Reporting Information [Line Items]
Capital expenditures	17	15	10
Total segment \| Asia Pacific
Segment Reporting Information [Line Items]
Capital expenditures	2	6	12
Total segment \| Other International
Segment Reporting Information [Line Items]
Capital expenditures	164	40	42
Unallocated corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 200	$ 205	$ 155

RELATED PARTY TRANSACTIONS - Financial Data Resulting from Transactions with Related Parties, Income Statement Data (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 5,371

$ 5,284

$ 5,305

$ 5,012

$ 5,289

$ 5,051

$ 5,409

$ 5,009

$ 20,972

$ 20,758

$ 20,452

General, administrative, and other

^[1]

(341)

(226)

(229)

^[1]

(938)

(927)

(921)

Gains and other income, net

^[1]

154

194

688

Interest expense

^[1]

394

340

288

Interest income

^[1]

Equity in earnings

^[1]

103

Equity Method Investment

General, administrative, and other

(2)

(3)

(2)

(1)

Gains and other income, net

658

103

^[1]

1,180

1,140

1,102

Base management fees | Equity Method Investment

Incentive management fees

Incentive management fees | Equity Method Investment

^[1]

637

649

607

Net fee revenues

3,823

3,638

3,295

^[1]

(62)

(58)

(50)

Net fee revenues | Equity Method Investment

3,761

3,580

3,245

(2)

Owned, leased, and other

Owned, leased, and other | Equity Method Investment

^[1]

1,612

1,635

1,752

Reimbursed expenses

(1,316)

(1,306)

(1,411)

Reimbursements

Reimbursements | Equity Method Investment

^[1]

15,599

15,543

15,455

Reimbursed expenses

^[1]

(16,439)

(15,778)

(15,228)

Accounts and notes receivable, net

233

332

356

Reimbursed expenses

$ (236)

$ (337)

$ (356)

[1]	See Note 16 for disclosure of related party amounts.

RELATED PARTY TRANSACTIONS - Financial Data Resulting from Transactions with Related Parties, Balance Sheet Data (Detail) - USD ($)
$ in Millions

Dec. 31, 2019

Dec. 31, 2018

Current assets

^[1]

$ 2,395

$ 2,133

Prepaid expenses and other

^[1]

252

249

8,641

8,380

Other noncurrent assets

^[1]

595

587

Accrued expenses and other

Accounts payable

^[1]

(720)

(767)

^[1]

(1,383)

(963)

Deferred tax liabilities

^[1]

(290)

(485)

Accounts and notes receivable, net

^[1]

(2,236)

(2,372)

Equity Method Investment

Current assets

Prepaid expenses and other

Equity method investments

577

732

Other noncurrent assets

Accrued expenses and other

Accounts payable

(1)

(4)

(3)

(16)

Deferred tax liabilities

(37)

(20)

Contract acquisition costs and other

(3)

(11)

Contract acquisition costs and other | Equity Method Investment

^[1]

2,687

2,590

Carrying amount of equity method investments

$ 29

$ 32

[1]	See Note 16 for disclosure of related party amounts.

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Undistributed earnings

$ 11

^[1]

577

$ 732

Amount by which the fair value of equity method investments exceeds company's share of the book value of the investee's net assets

311

419

JWM Family Enterprise, L.P.

Management fees

$ 12

$ 13

[1]	See Note 16 for disclosure of related party amounts.

RELATED PARTY TRANSACTIONS - Equity Method Investment Summarized Financial Information, Income Statement (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Sales	$ 815	$ 932	$ 1,176
Net income	$ 80	$ 221	$ 222

RELATED PARTY TRANSACTIONS - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Assets (primarily composed of hotel real estate managed by us)	$ 2,555	$ 2,724
Liabilities	$ 1,691	$ 1,843

RELATIONSHIP WITH MAJOR CUSTOMER - Additional Information (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) property	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) property	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)
Revenue, Major Customer [Line Items]
Revenues	$ 5,371	$ 5,284	$ 5,305	$ 5,012	$ 5,289	$ 5,051	$ 5,409	$ 5,009	$ 20,972	$ 20,758	$ 20,452
Host Partnerships
Revenue, Major Customer [Line Items]
Revenues										$ 123	114
Host Hotels & Resorts Inc
Revenue, Major Customer [Line Items]
Number of properties owned or leased \| property	60				74				60	74
Revenues									$ 2,406	$ 2,542	$ 2,671

SUPPLEMENTARY DATA QUARTERLY FINANCIAL DATA - UNAUDITED - Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 5,371	$ 5,284	$ 5,305	$ 5,012	$ 5,289	$ 5,051	$ 5,409	$ 5,009	$ 20,972	$ 20,758	$ 20,452
Operating income	274	607	409	510	422	596	818	530	1,800	2,366	2,504
Net income	$ 279	$ 387	$ 232	$ 375	$ 317	$ 503	$ 667	$ 420	$ 1,273	$ 1,907	$ 1,459
Basic earnings per share (in USD per share)	$ 0.85	$ 1.17	$ 0.70	$ 1.10	$ 0.93	$ 1.45	$ 1.89	$ 1.17	$ 3.83	$ 5.45	$ 3.89
Diluted earnings per share (in USD per share)	$ 0.85	$ 1.16	$ 0.69	$ 1.09	$ 0.92	$ 1.43	$ 1.87	$ 1.16	$ 3.80	$ 5.38	$ 3.84

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.