0001628280-23-014793 | 10-Q | XBRL Viewer | Marriott International INC MD

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-13881
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2055918
Entity Address, Address Line One	7750 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	380-3000
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		303,354,157
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001048286
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Revenues	$ 5,615	$ 4,199
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	44	48
General, administrative, and other	202	208
Merger-related charges and other	1	9
Costs and expenses	4,664	3,641
OPERATING INCOME	951	558
Gains and other income, net	3	4
Interest expense	(126)	(93)
Interest income	15	5
Equity in earnings	1	2
INCOME BEFORE INCOME TAXES	844	476
Provision for income taxes	(87)	(99)
NET INCOME	$ 757	$ 377
EARNINGS PER SHARE
Basic (in USD per share)	$ 2.44	$ 1.15
Diluted (in USD per share)	$ 2.43	$ 1.14
Base management fees
REVENUES
Gross revenues	$ 293	$ 213
Franchise fees
REVENUES
Gross revenues	639	500
Incentive management fees
REVENUES
Gross revenues	201	102
Fee revenues
REVENUES
Gross revenues	1,133	815
Contract investment amortization	(21)	(24)
Revenues	1,112	791
Owned, leased, and other
REVENUES
Revenues	356	262
OPERATING COSTS AND EXPENSES
Operating costs	281	197
Reimbursements
REVENUES
Revenues	4,147	3,146
OPERATING COSTS AND EXPENSES
Operating costs	$ 4,136	$ 3,179

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 757	$ 377
Other comprehensive income
Foreign currency translation adjustments	84	14
Other adjustments, net of tax	(2)	0
Total other comprehensive income, net of tax	82	14
Comprehensive income	$ 839	$ 391

- Definition

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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and equivalents	$ 554	$ 507
Accounts and notes receivable, net	2,462	2,571
Prepaid expenses and other	248	235
Assets, current, total	3,264	3,313
Property and equipment, net	1,595	1,585
Intangible assets
Goodwill	8,904	8,872
Goodwill and intangible assets, net, total	17,736	17,619
Equity method investments	334	335
Notes receivable, net	126	152
Deferred tax assets	240	240
Operating lease assets	984	987
Other noncurrent assets	584	584
Total assets	24,863	24,815
Current liabilities
Current portion of long-term debt	358	684
Accounts payable	722	746
Accrued payroll and benefits	1,027	1,299
Accrued expenses and other	1,481	1,296
Liabilities, current, total	6,969	7,339
Long-term debt	10,299	9,380
Deferred tax liabilities	307	313
Operating lease liabilities	1,024	1,034
Other noncurrent liabilities	1,711	1,842
Stockholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,906	5,965
Retained earnings	12,975	12,342
Treasury stock, at cost	(18,099)	(17,015)
Accumulated other comprehensive loss	(647)	(729)
Stockholders’ equity	140	568
Liabilities and equity (deficit), total	24,863	24,815
Brands
Intangible assets
Intangible assets	5,836	5,812
Contract acquisition costs and other
Intangible assets
Intangible assets	2,996	2,935
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	3,381	3,314
Contract with customer liabilities	3,350	3,280
Deferred revenue
Current liabilities
Contract with customer liabilities	$ 1,063	$ 1,059

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

OPERATING ACTIVITIES

Net income

$ 757

$ 377

Adjustments to reconcile to cash provided by operating activities:

Depreciation, amortization, and other

Stock-based compensation

Income taxes

Contract acquisition costs

(58)

(26)

Merger-related charges and other

Working capital changes

(96)

(230)

Other

Net cash provided by operating activities

887

398

INVESTING ACTIVITIES

Capital and technology expenditures

(95)

(49)

Loan advances

(1)

Loan collections

Other

Net cash used in investing activities

(59)

(23)

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

117

(250)

Issuance of long-term debt

783

Repayment of long-term debt

(328)

(401)

Dividends paid

(124)

Purchase of treasury stock

(1,135)

Stock-based compensation withholding taxes

(72)

(78)

Other

(23)

Net cash used in financing activities

(782)

(729)

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(354)

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

^[1]

525

1,421

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

^[1]

571

1,067

Loyalty Program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 107

$ 57

[1]	The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022, and ending restricted cash of $17 million at March 31, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash	$ 17	$ 18

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed 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 (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Caribbean and Latin America, Europe, Middle East and Africa, Greater China, and Asia Pacific excluding China regions, as “International.” In addition, references throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2022 Form 10-K. Preparation of financial statements that conform with 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 as of March 31, 2023 and December 31, 2022 and the results of our operations and cash flows for the three months ended March 31, 2023 and March 31, 2022. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations, as well as the impact of COVID-19. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 to calculate the dilutive effect of the Company’s potential common stock:


	Three Months Ended
(in millions, except per share amounts)	March 31, 2023		March 31, 2022
Computation of Basic Earnings Per Share
Net income	$	757	$	377
Shares for basic earnings per share	309.6		328.3
Basic earnings per share	$	2.44	$	1.15
Computation of Diluted Earnings Per Share
Net income	$	757	$	377
Shares for basic earnings per share	309.6		328.3
Effect of dilutive securities
Stock-based compensation	1.4		1.7
Shares for diluted earnings per share	311.0		330.0
Diluted earnings per share	$	2.43	$	1.14

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	STOCK-BASED COMPENSATION We granted 1.0 million restricted stock units (“RSUs”) during the 2023 first quarter to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2023 first quarter to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2025 adjusted EBITDA performance and relative total stockholder return over the 2023 to 2025 performance period. RSUs, including PSUs, granted in the 2023 first quarter had a weighted average grant-date fair value of $167 per unit. We recorded stock-based compensation expense for RSUs and PSUs of $33 million in the 2023 first quarter and $42 million in the 2022 first quarter. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $315 million at March 31, 2023 and $179 million at December 31, 2022.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective tax rate decreased to 10.3 percent for the 2023 first quarter compared to 20.7 percent for the 2022 first quarter, primarily due to the current year release of tax reserves. Our unrecognized tax benefit balance decreased by $99 million to $156 million at March 31, 2023 from $255 million at December 31, 2022, primarily due to the completion of a prior year tax audit. Our unrecognized tax benefit balance included $145 million at March 31, 2023 and $241 million at December 31, 2022 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that within the next 12 months we will reach resolution of income tax examinations in one or more jurisdictions. The actual amount of any change to our unrecognized tax benefits could vary depending on the timing and nature of the settlement. Therefore, an estimate of the change cannot be provided. 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 March 31, 2023, we have settled all issues for tax years through 2019. Our 2020 through 2023 tax year audits are currently ongoing. Various foreign, state, and local income tax returns are also under examination by the applicable taxing authorities. We paid cash for income taxes, net of refunds, of $68 million in the 2023 first quarter and $38 million in the 2022 first quarter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Guarantees

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 March 31, 2023 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	60	$	6
Operating profit	182		98
Other	18		4
	$	260	$	108

Our maximum potential guarantees listed in the preceding table include $58 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.

Contingent Purchase Obligation

Sheraton Grand Chicago. In 2017, we granted the owner a one-time right to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). In the 2021 third quarter, we entered into an amendment with the owner to move the exercise period of the put option from the 2022 first half to the 2024 first half. If the owner exercises the put option, the closing is expected to occur in the 2024 fourth quarter, and 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 was $300 million at March 31, 2023 and December 31, 2022.

Starwood 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.

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. The plaintiffs in the cases that remain pending, 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. The active U.S. cases are consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). The District Court granted in part and denied in part class certification of various U.S. groups of consumers, and our appeal of this decision is pending in the U.S. Court of Appeals for the Fourth Circuit. A case brought by the City of Chicago (which is consolidated in the MDL proceeding) also remains pending. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims.

In addition, various U.S. federal, U.S. state and foreign governmental authorities made inquiries, opened investigations, or requested information and/or documents related to the Data Security Incident and related matters. Although some of these matters have been resolved or no longer appear to be active, some remain open. We are in discussions with the Attorney General offices from 49 states and the District of Columbia and the Federal Trade Commission. Based on the ongoing discussions, we believe it is probable that we will incur losses, and we recorded an accrual in 2022 for an estimated loss contingency; the amount of this accrual is not material to our Financial Statements.

While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above described MDL proceedings and regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on: (1) in the case of the above described MDL proceedings, the current stage of these proceedings, 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, and the lack of resolution of significant factual and legal issues; and (2) in the case of the above described regulatory investigations, the lack of resolution with the Federal Trade Commission and the state Attorneys General.

Long-Term Debt

3 Months Ended

Mar. 31, 2023

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 as of March 31, 2023 and year-end 2022:


(in millions)	March 31, 2023		December 31, 2022
Senior Notes:

Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)	$	348	$	348

Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	747		747
Series U Notes, interest rate of 3.1%, face amount of $291, matured February 15, 2023 (effective interest rate of 3.1%)	—		291
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	324		324
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	289		289
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	446		446
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)	350		349
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)	298		298
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)	535		531

Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	597		596
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	988		988
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	987		987
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)	1,091		1,090
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)	694		694
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%)	985		984
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	783		—
Commercial paper	1,002		871
Credit Facility	—		—
Finance lease obligations	137		139
Other	56		92
	$	10,657	$	10,064
Less current portion	(358)		(684)
	$	10,299	$	9,380

We paid cash for interest, net of amounts capitalized, of $15 million in the 2023 first quarter and $29 million in the 2022 first quarter.

In March 2023, we issued $800 million aggregate principal amount of 4.9 percent Series KK Notes due April 15, 2029 (the “Series KK Notes”). We will pay interest on the Series KK Notes in April and October of each year, commencing in October 2023. We received net proceeds of approximately $783 million from the offering of the Series KK Notes, after deducting the underwriting discount and estimated expenses, which were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

We are party to a $4.5 billion multicurrency revolving credit agreement (the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. Borrowings under the Credit Facility generally bear interest at SOFR (the Secured Overnight Financing Rate) 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. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper 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 December 14, 2027.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONOn May 1, 2023, we completed the acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. for $100 million. As a result of the transaction, we added approximately 150 properties located in Mexico, Costa Rica, Colombia, and Chile to our franchise portfolio.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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 amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:


	March 31, 2023				December 31, 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior, mezzanine, and other loans	$	126	$	118	$	152	$	142
Total noncurrent financial assets	$	126	$	118	$	152	$	142

Senior Notes	$	(9,112)	$	(8,646)	$	(8,322)	$	(7,627)
Commercial paper	(1,002)		(1,002)		(871)		(871)

Other long-term debt	(56)		(49)		(56)		(49)
Other noncurrent liabilities	(387)		(387)		(394)		(394)
Total noncurrent financial liabilities	$	(10,557)	$	(10,084)	$	(9,643)	$	(8,941)

See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2022 Form 10-K for more information on the input levels we use in determining fair value.

- Definition

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.

+ References + Details

Accumulated Other Comprehensive Loss and Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss and Shareholders' Equity

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ EQUITY

The following tables detail the accumulated other comprehensive loss activity for the 2023 first quarter and 2022 first quarter:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) before reclassifications (1)	84		(3)		81
Reclassification adjustments	—		1		1
Net other comprehensive income (loss)	84		(2)		82
Balance at March 31, 2023	$	(656)	$	9	$	(647)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2021	$	(351)	$	9	$	(342)
Other comprehensive income before reclassifications (1)	14		—		14
Reclassification adjustments	—		—		—
Net other comprehensive income	14		—		14
Balance at March 31, 2022	$	(337)	$	9	$	(328)

(1)Other comprehensive income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in losses of $12 million for the 2023 first quarter and gains of $12 million for the 2022 first quarter.

The following tables detail the changes in common shares outstanding and stockholders’ equity for the 2023 first quarter and 2022 first quarter:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
310.6	Balance at year-end 2022	$	568	$	5	$	5,965	$	12,342	$	(17,015)	$	(729)

—	Net income	757		—		—		757		—		—
—	Other comprehensive income	82		—		—		—		—		82
—	Dividends ($0.40 per share)	(124)		—		—		(124)		—		—
0.9	Stock-based compensation plans	(34)		—		(59)		—		25		—
(6.8)	Purchase of treasury stock	(1,109)		—		—		—		(1,109)		—
304.7	Balance at March 31, 2023	$	140	$	5	$	5,906	$	12,975	$	(18,099)	$	(647)


Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
326.3	Balance at year-end 2021	$	1,414	$	5	$	5,892	$	10,305	$	(14,446)	$	(342)

—	Net income	377		—		—		377		—		—
—	Other comprehensive income	14		—		—		—		—		14

1.0	Stock-based compensation plans	(33)		—		(61)		—		28		—

327.3	Balance at March 31, 2022	$	1,772	$	5	$	5,831	$	10,682	$	(14,418)	$	(328)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Contracts with Customers	3 Months Ended
Contracts with Customers	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contracts with Customers	CONTRACTS WITH CUSTOMERSOur current and noncurrent liability for guest loyalty program increased by $137 million, to $6,731 million at March 31, 2023, from $6,594 million at December 31, 2022, primarily reflecting an increase in points earned by members. This includes a $30 million reclassification from deferred revenue to the liability for guest loyalty program primarily due to points that were earned during the period by members using our U.S.-issued co-branded credit cards, which were prepaid by the financial institutions in 2020. The increase was partially offset by $745 million of revenue recognized in the 2023 first quarter, that was deferred as of December 31, 2022. The current portion of our liability for guest loyalty program increased compared to December 31, 2022, due to higher estimated redemptions in the short-term.Our allowance for credit losses was $194 million at March 31, 2023 and $191 million at December 31, 2022

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We discuss our operations in the following two operating segments, both of which meet the applicable accounting criteria for separate disclosure as a reportable business segment: (1) U.S. & Canada and (2) International.

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. We assign gains and losses, equity in earnings or losses, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (such as fees we receive from our credit card programs and vacation ownership licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, merger-related charges and other expenses, equity in earnings or losses, and other gains or losses that we do not allocate to our segments.

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.

Segment Revenues

The following table presents our revenues disaggregated by segment and major revenue stream for the 2023 first quarter and 2022 first quarter:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
(in millions)	U.S. & Canada		International		Total		U.S. & Canada		International		Total
Gross fee revenues	$	672	$	291	$	963	$	489	$	177	$	666
Contract investment amortization	(16)		(5)		(21)		(14)		(10)		(24)
Net fee revenues	656		286		942		475		167		642
Owned, leased, and other revenue	117		214		331		92		153		245
Cost reimbursement revenue	3,505		508		4,013		2,704		355		3,059
Total reportable segment revenue	$	4,278	$	1,008	$	5,286	$	3,271	$	675	$	3,946
Unallocated corporate and other					329						253
Total revenue					$	5,615					$	4,199

Segment Profits


	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
U.S. & Canada	$	657	$	454
International	252		131
Unallocated corporate and other	46		(21)
Interest expense, net of interest income	(111)		(88)
Provision for income taxes	(87)		(99)
Net income	$	757	$	377

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended
(in millions, except per share amounts)	March 31, 2023		March 31, 2022
Computation of Basic Earnings Per Share
Net income	$	757	$	377
Shares for basic earnings per share	309.6		328.3
Basic earnings per share	$	2.44	$	1.15
Computation of Diluted Earnings Per Share
Net income	$	757	$	377
Shares for basic earnings per share	309.6		328.3
Effect of dilutive securities
Stock-based compensation	1.4		1.7
Shares for diluted earnings per share	311.0		330.0
Diluted earnings per share	$	2.43	$	1.14

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

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	$	60	$	6
Operating profit	182		98
Other	18		4
	$	260	$	108

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

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 as of March 31, 2023 and year-end 2022:


(in millions)	March 31, 2023		December 31, 2022
Senior Notes:

Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)	$	348	$	348

Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	747		747
Series U Notes, interest rate of 3.1%, face amount of $291, matured February 15, 2023 (effective interest rate of 3.1%)	—		291
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	324		324
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	289		289
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	446		446
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)	350		349
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)	298		298
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)	535		531

Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	597		596
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	988		988
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	987		987
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)	1,091		1,090
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)	694		694
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%)	985		984
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	783		—
Commercial paper	1,002		871
Credit Facility	—		—
Finance lease obligations	137		139
Other	56		92
	$	10,657	$	10,064
Less current portion	(358)		(684)
	$	10,299	$	9,380

- Definition

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.

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+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:


	March 31, 2023				December 31, 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior, mezzanine, and other loans	$	126	$	118	$	152	$	142
Total noncurrent financial assets	$	126	$	118	$	152	$	142

Senior Notes	$	(9,112)	$	(8,646)	$	(8,322)	$	(7,627)
Commercial paper	(1,002)		(1,002)		(871)		(871)

Other long-term debt	(56)		(49)		(56)		(49)
Other noncurrent liabilities	(387)		(387)		(394)		(394)
Total noncurrent financial liabilities	$	(10,557)	$	(10,084)	$	(9,643)	$	(8,941)

Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss Activity

The following tables detail the accumulated other comprehensive loss activity for the 2023 first quarter and 2022 first quarter:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) before reclassifications (1)	84		(3)		81
Reclassification adjustments	—		1		1
Net other comprehensive income (loss)	84		(2)		82
Balance at March 31, 2023	$	(656)	$	9	$	(647)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2021	$	(351)	$	9	$	(342)
Other comprehensive income before reclassifications (1)	14		—		14
Reclassification adjustments	—		—		—
Net other comprehensive income	14		—		14
Balance at March 31, 2022	$	(337)	$	9	$	(328)

Changes in Shareholders' Equity

The following tables detail the changes in common shares outstanding and stockholders’ equity for the 2023 first quarter and 2022 first quarter:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
310.6	Balance at year-end 2022	$	568	$	5	$	5,965	$	12,342	$	(17,015)	$	(729)

—	Net income	757		—		—		757		—		—
—	Other comprehensive income	82		—		—		—		—		82
—	Dividends ($0.40 per share)	(124)		—		—		(124)		—		—
0.9	Stock-based compensation plans	(34)		—		(59)		—		25		—
(6.8)	Purchase of treasury stock	(1,109)		—		—		—		(1,109)		—
304.7	Balance at March 31, 2023	$	140	$	5	$	5,906	$	12,975	$	(18,099)	$	(647)


Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
326.3	Balance at year-end 2021	$	1,414	$	5	$	5,892	$	10,305	$	(14,446)	$	(342)

—	Net income	377		—		—		377		—		—
—	Other comprehensive income	14		—		—		—		—		14

1.0	Stock-based compensation plans	(33)		—		(61)		—		28		—

327.3	Balance at March 31, 2022	$	1,772	$	5	$	5,831	$	10,682	$	(14,418)	$	(328)

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Revenues

The following table presents our revenues disaggregated by segment and major revenue stream for the 2023 first quarter and 2022 first quarter:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
(in millions)	U.S. & Canada		International		Total		U.S. & Canada		International		Total
Gross fee revenues	$	672	$	291	$	963	$	489	$	177	$	666
Contract investment amortization	(16)		(5)		(21)		(14)		(10)		(24)
Net fee revenues	656		286		942		475		167		642
Owned, leased, and other revenue	117		214		331		92		153		245
Cost reimbursement revenue	3,505		508		4,013		2,704		355		3,059
Total reportable segment revenue	$	4,278	$	1,008	$	5,286	$	3,271	$	675	$	3,946
Unallocated corporate and other					329						253
Total revenue					$	5,615					$	4,199

Segment Profits


	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
U.S. & Canada	$	657	$	454
International	252		131
Unallocated corporate and other	46		(21)
Interest expense, net of interest income	(111)		(88)
Provision for income taxes	(87)		(99)
Net income	$	757	$	377

Earnings Per Share - Reconciliation of the Earnings (Losses) and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Computation of Basic Earnings Per Share
Net income	$ 757	$ 377
Shares for basic earnings per share (in shares)	309.6	328.3
Basic (in USD per share)	$ 2.44	$ 1.15
Computation of Diluted Earnings Per Share
Net income	$ 757	$ 377
Shares for basic earnings per share (in shares)	309.6	328.3
Effect of dilutive securities
Stock-based compensation (in shares)	1.4	1.7
Shares for diluted earnings per share (in shares)	311.0	330.0
Diluted (in USD per share)	$ 2.43	$ 1.14

- Definition

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

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- Definition

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.

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

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

+ References

+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 33	$ 42
Deferred compensation costs related to unvested awards	$ 315		$ 179
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)	1.0
Stock awards, vesting period	4 years
Stock awards, period of service after grant date	1 year
Stock awards, weighted average grant-date fair value (in USD per share)	$ 167
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)	0.1

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	10.30%	20.70%
Change in unrecognized benefits	$ (99)
Unrecognized tax benefits	156		$ 255
Unrecognized tax benefits with tax positions that would impact effective tax rate	145		$ 241
Cash paid for income taxes, net of refunds	$ 68	$ 38

Commitments and Contingencies - Guarantees (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 260
Recorded Liability for Guarantees	108
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	60
Recorded Liability for Guarantees	6
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	182
Recorded Liability for Guarantees	98
Operating profit \| Not Yet In Effect Condition
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	58
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	18
Recorded Liability for Guarantees	$ 4

Commitments and Contingencies - Contingent Purchase Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Guarantor Obligations [Line Items]
Guarantee	$ 260
Guarantee, recorded liability	108
Sheraton Grand Chicago Hotel
Guarantor Obligations [Line Items]
Guarantee, recorded liability	300	$ 300
Sheraton Grand Chicago Hotel \| Hotel and Leasehold
Guarantor Obligations [Line Items]
Guarantee			$ 300
Sheraton Grand Chicago Hotel \| Land
Guarantor Obligations [Line Items]
Guarantee	$ 200

Commitments and Contingencies - Expenses and Insurance Recoveries (Details)	Nov. 30, 2018 lawsuit
Class Action Lawsuits Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed	100

Long-Term Debt (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Commercial paper	$ 1,002,000,000	$ 871,000,000
Credit Facility	0	0
Finance lease obligations	137,000,000	139,000,000
Other	56,000,000	92,000,000
Total debt	10,657,000,000	10,064,000,000
Less current portion	(358,000,000)	(684,000,000)
Long-term debt, noncurrent	10,299,000,000	9,380,000,000
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	$ 348,000,000	348,000,000
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]
Interest rate	3.80%
Senior notes, face amount	$ 350,000,000
Effective interest rate	4.00%
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	$ 747,000,000	747,000,000
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]
Interest rate	3.10%
Senior notes, face amount	$ 750,000,000
Effective interest rate	3.30%
Series U Notes, interest rate of 3.1%, face amount of $291, matured February 15, 2023 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior notes	$ 0	291,000,000
Series U Notes, interest rate of 3.1%, face amount of $291, matured February 15, 2023 (effective interest rate of 3.1%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.10%
Senior notes, face amount	$ 291,000,000
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	$ 324,000,000	324,000,000
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]
Interest rate	3.80%
Senior notes, face amount	$ 318,000,000
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	$ 289,000,000	289,000,000
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]
Interest rate	4.50%
Senior notes, face amount	$ 278,000,000
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	$ 446,000,000	446,000,000
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]
Interest rate	4.00%
Senior notes, face amount	$ 450,000,000
Effective interest rate	4.20%
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	$ 350,000,000	349,000,000
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]
Interest rate	4.20%
Senior notes, face amount	$ 350,000,000
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	$ 298,000,000	298,000,000
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]
Interest rate	4.70%
Senior notes, face amount	$ 300,000,000
Effective interest rate	4.80%
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	$ 535,000,000	531,000,000
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]
Interest rate	3.60%
Senior notes, face amount	$ 550,000,000
Effective interest rate	3.90%
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)
Debt Instrument [Line Items]
Senior notes	$ 597,000,000	596,000,000
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.80%
Senior notes, face amount	$ 600,000,000
Effective interest rate	6.00%
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Senior notes	$ 988,000,000	988,000,000
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.60%
Senior notes, face amount	$ 1,000,000,000
Effective interest rate	4.80%
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)
Debt Instrument [Line Items]
Senior notes	$ 987,000,000	987,000,000
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.50%
Senior notes, face amount	$ 1,000,000,000
Effective interest rate	3.70%
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)
Debt Instrument [Line Items]
Senior notes	$ 1,091,000,000	1,090,000,000
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	2.90%
Senior notes, face amount	$ 1,100,000,000
Effective interest rate	3.00%
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Senior notes	$ 694,000,000	694,000,000
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	2.80%
Senior notes, face amount	$ 700,000,000
Effective interest rate	2.80%
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%)
Debt Instrument [Line Items]
Senior notes	$ 985,000,000	984,000,000
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.00%
Senior notes, face amount	$ 1,000,000,000
Effective interest rate	5.40%
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)
Debt Instrument [Line Items]
Senior notes	$ 783,000,000	$ 0
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.90%
Senior notes, face amount	$ 800,000,000
Effective interest rate	5.30%

Long-Term Debt - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Interest paid, net of amounts capitalized		$ 15,000,000	$ 29,000,000
Maximum aggregate borrowings under credit facility (up to)	$ 4,500,000,000	4,500,000,000
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 800,000,000	$ 800,000,000
Interest rate	4.90%	4.90%
Proceeds from debt	$ 783,000,000

Acquisitions - Acquisitions (Details) - City Express Brand Portfolio - Subsequent Event $ in Millions	May 01, 2023 USD ($) hotel
Asset Acquisition [Line Items]
Consideration transferred \| $	$ 100
Number of hotels \| hotel	150

Fair Value of Financial Instruments - Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 126	$ 152
Commercial paper	(1,002)	(871)
Other noncurrent liabilities	(1,711)	(1,842)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	126	152
Total noncurrent financial assets	126	152
Senior Notes	(9,112)	(8,322)
Commercial paper	(1,002)	(871)
Other long-term debt	(56)	(56)
Other noncurrent liabilities		(394)
Total noncurrent financial liabilities	(10,557)	(9,643)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	118	142
Total noncurrent financial assets	118	142
Senior Notes	(8,646)	(7,627)
Commercial paper	(1,002)	(871)
Other long-term debt	(49)	(49)
Other noncurrent liabilities	(387)	(394)
Total noncurrent financial liabilities	$ (10,084)	$ (8,941)

Accumulated Other Comprehensive Loss and Shareholders' Equity - Accumulated Other Comprehensive (Loss) Income Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 568	$ 1,414
Other comprehensive (loss) income before reclassifications	81	14
Reclassification adjustments	1	0
Total other comprehensive income, net of tax	82	14
Balance at end of period	140	1,772
Intra-entity foreign currency long-term-investment (losses) gains	(12)	12
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(740)	(351)
Other comprehensive (loss) income before reclassifications	84	14
Reclassification adjustments	0	0
Total other comprehensive income, net of tax	84	14
Balance at end of period	(656)	(337)
Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	11	9
Other comprehensive (loss) income before reclassifications	(3)	0
Reclassification adjustments	1	0
Total other comprehensive income, net of tax	(2)	0
Balance at end of period	9	9
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(729)	(342)
Total other comprehensive income, net of tax	82	14
Balance at end of period	$ (647)	$ (328)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Accumulated Other Comprehensive Loss and Shareholders' Equity - Changes in Shareholders' Equity (Deficit) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders Equity Note [Line Items]
Cash dividends (in USD per share)	$ 0.40
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 568	$ 1,414
Net income	757	377
Other comprehensive income (loss)	82	14
Dividends ($0.00 per share)	(124)
Stock-based compensation plans	(34)	(33)
Purchase of treasury stock	(1,109)
Balance at end of period	140	1,772
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5	$ 5
Balance at beginning of period (in shares)	310.6	326.3
Purchase of treasury stock (in shares)	(6.8)
Stock-based compensation plans (in shares)	0.9	1.0
Balance at end of period	$ 5	$ 5
Balance at end of period (in shares)	304.7	327.3
Additional Paid-in-Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5,965	$ 5,892
Stock-based compensation plans	(59)	(61)
Balance at end of period	5,906	5,831
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	12,342	10,305
Net income	757	377
Dividends ($0.00 per share)	(124)
Balance at end of period	12,975	10,682
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(17,015)	(14,446)
Stock-based compensation plans	25	28
Purchase of treasury stock	(1,109)
Balance at end of period	(18,099)	(14,418)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(729)	(342)
Other comprehensive income (loss)	82	14
Balance at end of period	$ (647)	$ (328)

Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 194	$ 191
Loyalty Program
Disaggregation of Revenue [Line Items]
Change in contract with customer liability	137
Contract with customer liability	6,731	$ 6,594
Reclassification of deferred revenue to liability for guest loyalty program	30
Deferred revenue recognized	$ 745

BUSINESS SEGMENTS - Segment Revenues (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,615	$ 4,199
Number of operating segments \| segment	2
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,286	3,946
Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,278	3,271
Total segment \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,008	675
Unallocated corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	329	253
Fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	1,133	815
Contract investment amortization	(21)	(24)
Revenues	1,112	791
Fee revenues \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	963	666
Contract investment amortization	(21)	(24)
Revenues	942	642
Fee revenues \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	672	489
Contract investment amortization	(16)	(14)
Revenues	656	475
Fee revenues \| Total segment \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	291	177
Contract investment amortization	(5)	(10)
Revenues	286	167
Owned, leased, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	356	262
Owned, leased, and other \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	331	245
Owned, leased, and other \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	117	92
Owned, leased, and other \| Total segment \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	214	153
Reimbursements
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,147	3,146
Reimbursements \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,013	3,059
Reimbursements \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,505	2,704
Reimbursements \| Total segment \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 508	$ 355

BUSINESS SEGMENTS - Segment Profits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 951	$ 558
Interest expense, net of interest income	(111)	(88)
Provision for income taxes	(87)	(99)
NET INCOME	757	377
Total segment \| U.S. & Canada
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	657	454
Total segment \| International
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	252	131
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 46	$ (21)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details