0001628280-24-004372 | 10-K | XBRL Viewer | Marriott International INC MD

INTANGIBLE ASSETS AND GOODWILL - Carrying Amount of Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 8,872
Foreign currency translation	14
Ending balance	8,886
U.S. & Canada
Goodwill [Roll Forward]
Beginning balance	5,323
Foreign currency translation	10
Ending balance	5,333
International
Goodwill [Roll Forward]
Beginning balance	3,549
Foreign currency translation	4
Ending balance	$ 3,553

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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


(in millions, except per share amounts)	2023		2022		2021
Computation of Basic Earnings Per Share
Net income	$	3,083	$	2,358	$	1,099
Shares for basic earnings per share	301.5		324.4		327.2
Basic earnings per share	$	10.23	$	7.27	$	3.36
Computation of Diluted Earnings Per Share
Net income	$	3,083	$	2,358	$	1,099
Shares for basic earnings per share	301.5		324.4		327.2
Effect of dilutive securities
Stock-based compensation	1.4		1.4		2.1
Shares for diluted earnings per share	302.9		325.8		329.3
Diluted earnings per share	$	10.18	$	7.24	$	3.34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Base Management and Incentive Management Fees: For our managed properties, we have performance obligations to provide hotel management services and a license to our 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 properties, and incentive management 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 properties, we have a performance obligation to provide franchisees and operators a license to our 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 properties, 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 long 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 generally 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, we present in the “Reimbursed expenses” caption of our Income Statements spending funded by the proceeds ($664 million, $425 million after-tax) from the 2017 sale of our interest in Avendra LLC, which we committed would be used for the benefit of hotels in our system. Such spending totaled $161 million ($120 million after-tax) in 2023, $69 million ($52 million after-tax) in 2022, and $56 million ($42 million after-tax) in 2021. 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 certain hotel design and construction review (“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 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 properties; the exchange of timeshare ownership interests; 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, airline, and other companies. Members can redeem points for stays at most of our properties, airline tickets, airline frequent flyer program miles, rental cars, merchandise, 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, with no added mark-up, including costs related to the following activities, which we expense as incurred in our “Reimbursed expenses” caption of our Income Statements: marketing, promotion, and communications and services provided to Loyalty Program members. We generally receive monthly cash contributions from managed, franchised, owned, and leased properties based on a portion of qualified spend by Loyalty Program members (when the points are earned). We recognize these contributions into revenue as we provide the related service (when the points are redeemed). The amount of revenue we recognize upon point redemption is based on a blend of historical funding rates and 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. Our redemption cost, which is generally based on redemption rates that can increase in periods in which occupancy at the property exceeds a certain threshold, could be higher or lower than our revenue recognized in any given period. We have multi-year agreements for our co-branded 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 institutions that issue 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 and gift cards 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, generally based on: (1) the number of free night certificates issued or redeemed; (2) the number of Loyalty Program points purchased; (3) the volume of cardholder spend; and (4) the number of gift cards issued. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, free night certificates, and gift cards 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, free night certificates, and gift cards cardholders will ultimately redeem. 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 and gift cards 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. Our current and noncurrent deferred revenue decreased by $108 million, to $1,223 million at December 31, 2023, from $1,331 million at December 31, 2022, primarily as a result of $274 million of revenue recognized in 2023 that was deferred as of December 31, 2022, as well as the reclassification from deferred revenue to the liability for guest loyalty program, which we discuss below. The decrease was partially offset by revenue deferred in 2023 related to our gift cards, co-branded credit cards, franchise application and relicensing fees, and certain centralized programs and services fees. Our current and noncurrent liability for guest loyalty program increased by $412 million, to $7,006 million at December 31, 2023, from $6,594 million at December 31, 2022, primarily reflecting an increase in points earned by members. This includes a $112 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 $2,798 million of revenue recognized in 2023, that was deferred as of December 31, 2022. 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 2023, the updated estimates resulted in a net decrease in revenue, and a corresponding increase in the liability for guest loyalty program of approximately $148 million. 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 assess the assets for impairment when events or changes in circumstances indicate that we may not be able to recover the carrying amount. We recognize an impairment loss for the amount by which the carrying amount exceeds the expected net future cash flows. We classify certain direct costs to fulfill a contract with a customer in the “Other noncurrent assets” and “Prepaid expenses and other” captions of our Balance Sheets, and the related amortization in the “Owned, leased, and other - direct” caption of our Income Statements. We had capitalized costs to fulfill contracts with customers of $402 million at December 31, 2023 and $379 million at December 31, 2022. 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 matching or supplemental contributions. We recognized compensation costs from Company contributions of $215 million in 2023, $137 million in 2022, and $80 million in 2021. 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 stockholders’ 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. Stock-Based Compensation Our stock-based compensation awards primarily consist of restricted stock units (“RSUs”). We measure compensation costs for our stock-based payment transactions at fair value based on the average of the high and low stock price on the grant date (discounted for the lack of marketability and dividends), 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 our “Reimbursed expenses” caption of our Income Statements to the extent undertaken on behalf of our owners and franchisees. We recognized advertising costs of $794 million in 2023, $635 million in 2022, and $470 million in 2021. 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 account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred. 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 (that is, a likelihood of more than 50 percent), 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 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 record an allowance for credit losses measured over the contractual life of the instrument based on an assessment of historical collection activity and current and forecasted future economic conditions by region. Our allowance for credit losses was $197 million at December 31, 2023 and $191 million at December 31, 2022. The increase during 2023 was primarily due to our provision for credit losses, partially offset by write-offs of amounts deemed uncollectible. Our provision for credit losses totaled $29 million in 2023, $27 million in 2022, and $22 million in 2021. 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 amount or its estimated fair value, less estimated costs to sell, and we cease depreciation. 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 the fair value of a reporting unit is less than its carrying amount. Factors we consider when making this determination include, but are not limited to, assessing general economic conditions, hospitality industry trends, and overall financial performance of the reporting unit. 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 amount, 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 amount 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 amount; 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 amount, 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 amount of an asset group, we recognize an impairment loss for the amount by which the carrying amount 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 of our Balance Sheets. For the market approach, we use internal analyses based primarily on market comparables and assumptions about market capitalization rates, growth rates, and inflation. 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 or more 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 amount. 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 amount. 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 amount. 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 12 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 (e.g., 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 inputs include 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, a 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 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 and currency exchange rates 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 mezzanine and other loans to owners of hotels that we operate or franchise, generally to facilitate the development or renovation 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 performance of the hotels 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. At inception and throughout the term of the loan agreement, we individually assess loans for impairment. We consider current and forecasted future economic conditions in addition to our historical experience. We use internally generated cash flow projections to determine the likelihood that the loans will be repaid under the terms of the loan agreements. 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 are less than the carrying value of the loan receivable, we establish a specific impairment reserve for the difference. Leases We determine if an arrangement is a lease or contains a lease at the inception of the contract. We evaluate leases for classification as operating or financing upon lease commencement. 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 4.00 percent, based upon market rates, 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 expenses 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 $172 million at December 31, 2023 and $130 million at December 31, 2022. The noncurrent portion of our self-insurance reserve was $387 million at December 31, 2023 and $287 million at December 31, 2022. 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. 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.

LONG-TERM DEBT - Detail on Long-term Debt Balances (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Commercial paper	$ 1,421,000,000			$ 871,000,000
Credit Facility	0			0
Finance lease obligations	131,000,000			139,000,000
Other	56,000,000			92,000,000
Long-term debt	11,873,000,000			10,064,000,000
Less current portion	(553,000,000)			(684,000,000)
Long-term debt, noncurrent	11,320,000,000			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	$ 349,000,000			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]
Senior notes, interest rate	3.80%
Senior notes, face amount	$ 350,000,000
Senior notes, 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	$ 748,000,000			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]
Senior notes, interest rate	3.10%
Senior notes, face amount	$ 750,000,000
Senior notes, 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]
Senior notes, interest rate	3.10%
Senior notes, face amount	$ 291,000,000
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	$ 321,000,000			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]
Senior notes, interest rate	3.80%
Senior notes, face amount	$ 318,000,000
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	$ 288,000,000			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]
Senior notes, interest rate	4.50%
Senior notes, face amount	$ 278,000,000
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	$ 447,000,000			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]
Senior notes, interest rate	4.00%
Senior notes, face amount	$ 450,000,000
Senior notes, effective interest rate	4.20%
Series Z Notes, interest rate of 4.2%, face amount of $350, matured December 1, 2023 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior Notes	$ 0			349,000,000
Series Z Notes, interest rate of 4.2%, face amount of $350, matured 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	$ 350,000,000
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	$ 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]
Senior notes, interest rate	4.70%
Senior notes, face amount	$ 300,000,000
Senior notes, 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	$ 545,000,000			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]
Senior notes, interest rate	3.60%
Senior notes, face amount	$ 550,000,000
Senior notes, 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	$ 598,000,000			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]
Senior notes, interest rate	5.80%
Senior notes, face amount	$ 600,000,000
Senior notes, 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	$ 990,000,000			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]
Senior notes, interest rate	4.60%
Senior notes, face amount	$ 1,000,000,000
Senior notes, 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	$ 988,000,000			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]
Senior notes, interest rate	3.50%
Senior notes, face amount	$ 1,000,000,000
Senior notes, 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]
Senior notes, interest rate	2.90%
Senior notes, face amount	$ 1,100,000,000
Senior notes, 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]
Senior notes, interest rate	2.80%
Senior notes, face amount	$ 700,000,000
Senior notes, 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	$ 987,000,000			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]
Senior notes, interest rate	5.00%
Senior notes, face amount	$ 1,000,000,000
Senior notes, 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	$ 785,000,000			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]
Senior notes, interest rate	4.90%		4.90%
Senior notes, face amount	$ 800,000,000		$ 800,000,000
Senior notes, effective interest rate	5.30%
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%)
Debt Instrument [Line Items]
Senior Notes	$ 445,000,000			0
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	5.50%	5.45%
Senior notes, face amount	$ 450,000,000	$ 450,000,000
Senior notes, effective interest rate	5.90%
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%)
Debt Instrument [Line Items]
Senior Notes	$ 691,000,000			$ 0
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, interest rate	5.60%	5.55%
Senior notes, face amount	$ 700,000,000	$ 700,000,000
Senior notes, effective interest rate	5.90%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 45,768,892,728
Entity Common Stock, Shares Outstanding		289,485,338
Documents Incorporated by Reference	Portions of the Proxy Statement prepared for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001048286

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Computation of Basic Earnings Per Share
Net income	$ 3,083	$ 2,358	$ 1,099
Shares for basic earnings per share (in shares)	301.5	324.4	327.2
Basic earnings per share (in USD per share)	$ 10.23	$ 7.27	$ 3.36
Computation of Diluted Earnings Per Share
Net income	$ 3,083	$ 2,358	$ 1,099
Shares for basic earnings per share (in shares)	301.5	324.4	327.2
Effect of dilutive securities
Stock-based compensation (in shares)	1.4	1.4	2.1
Shares for diluted earnings per share (in shares)	302.9	325.8	329.3
Diluted earnings per share (in USD per share)	$ 10.18	$ 7.24	$ 3.34

- 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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+ Details

LEASES - Supplemental Cash Flows Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$ 240	$ 191	$ 181
Lease assets obtained in exchange for lease obligations:
Operating leases	$ 25	$ 75	$ 463

PROPERTY AND EQUIPMENT - Composition of our Property and Equipment Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,471	$ 2,459
Accumulated depreciation	(890)	(874)
Property and equipment, net	1,581	1,585
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	669	688
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,108	1,086
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	622	649
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 72	$ 36

ACQUISITION (Details) - City Express Brand Portfolio $ in Millions	May 01, 2023 USD ($) hotel
Asset Acquisition [Line Items]
Consideration transferred	$ 100
Number of hotels \| hotel	149
Indefinite lived intangible assets acquired	$ 85
Finite lived intangible assets acquired	20 years
Finite lived intangible assets term	$ 21

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mezzanine and other loans	$ 138	$ 152
Commercial paper	(1,421)	(871)
Other noncurrent liabilities	(1,482)	(1,842)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mezzanine and other loans	138	152
Total noncurrent financial assets	138	152
Senior Notes	(9,720)	(8,322)
Commercial paper	(1,421)	(871)
Other long-term debt	(56)	(56)
Other noncurrent liabilities	(80)	(394)
Total noncurrent financial liabilities	(11,277)	(9,643)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mezzanine and other loans	131	142
Total noncurrent financial assets	131	142
Senior Notes	(9,393)	(7,627)
Commercial paper	(1,421)	(871)
Other long-term debt	(52)	(49)
Other noncurrent liabilities	(80)	(394)
Total noncurrent financial liabilities	$ (10,946)	$ (8,941)

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE


(in millions, except per share amounts)	2023		2022		2021
Computation of Basic Earnings Per Share
Net income	$	3,083	$	2,358	$	1,099
Shares for basic earnings per share	301.5		324.4		327.2
Basic earnings per share	$	10.23	$	7.27	$	3.36
Computation of Diluted Earnings Per Share
Net income	$	3,083	$	2,358	$	1,099
Shares for basic earnings per share	301.5		324.4		327.2
Effect of dilutive securities
Stock-based compensation	1.4		1.4		2.1
Shares for diluted earnings per share	302.9		325.8		329.3
Diluted earnings per share	$	10.18	$	7.24	$	3.34

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Carrying amount of equity method investments	$ 308	$ 335
Amount by which the fair value of equity method investments exceeds company's share of the book value of the investee's net assets	231	238
Gross fee revenues
Related Party Transaction [Line Items]
Fees earned	4,824	4,078	$ 2,694
Related Party \| Management fees \| JWM Family Enterprise, L.P.
Related Party Transaction [Line Items]
Fees earned	13	11	6
Related Party \| Gross fee revenues \| Affiliated Members Of The Marriott Family
Related Party Transaction [Line Items]
Fees earned	$ 4	$ 4	$ 1

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

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 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 2023 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	57	$	6
Operating profit	172		94
Other	20		4
	$	249	$	104

Our liability at year-end 2023 for guarantees for which we are the primary obligor is reflected in our Balance Sheets as $29 million of “Accrued expenses and other” and $75 million of “Other noncurrent liabilities.”

Our maximum potential guarantees listed in the preceding table include $62 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.

In conjunction with financing obtained for specific projects or properties owned by us or entities in which we have an investment, we may provide industry standard indemnifications to the lender for loss, liability, or damage occurring as a result of the actions of the entity or our own actions.

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. In January 2024, the owner exercised the put option, and we exercised our 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, resulting in an expected total cash payment of approximately $500 million. The closing is expected to occur in the 2024 fourth quarter. We account for the put option as a guarantee, and our recorded liability was $300 million at year-end 2023 and 2022. The liability is reflected in our Balance Sheets as “Accrued expenses and other” at year-end 2023 and as “Other noncurrent liabilities” at year-end 2022.

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 of closing, plus the maximum funding amount of an operating profit guarantee that we provided for the hotel.

Commitments

At year-end 2023, 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 $735 million. We expect to purchase goods and services subject to these commitments as follows: $385 million in 2024, $202 million in 2025, $85 million in 2026, and $63 million thereafter.

Letters of Credit

At year-end 2023, we had $129 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 2023 totaled $164 million, most of which state governments requested in connection with our self-insurance programs.

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. We discontinued use of the Starwood reservations database for business operations at the end of 2018.

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. In August 2023, the U.S. Court of Appeals for the Fourth Circuit (the “Fourth Circuit”) vacated the District Court’s class certification decision because the District Court failed to first consider the effect of a class-action waiver signed by all putative class members. On remand, after briefing, the District Court issued an order reinstating the same classes that had previously been certified. We promptly petitioned the Fourth Circuit, seeking leave to appeal that ruling. On January 18, 2024, the Fourth Circuit granted that petition, and we are preparing to file such appeal. 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 as of December 31, 2023, we have an accrual for an estimated loss contingency, which 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.

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2023
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 (1) our Consolidated Financial Statements as our “Financial Statements,” (2) our Consolidated Statements of Income as our “Income Statements,” (3) our Consolidated Balance Sheets as our “Balance Sheets,” (4) our 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 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 2023 and fiscal year-end 2022 and the results of our operations and cash flows for fiscal years 2023, 2022, and 2021. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS

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

In January 2024, we modified our 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 2024 first quarter, we will report the following four operating segments: (1) U.S. & Canada, (2) Europe, Middle East, and Africa, (3) Asia Pacific excluding China, and (4) Greater China. Our Caribbean and Latin America operating segment will not meet the applicable criteria for separate disclosure as a reportable business segment, and as such, we will include its results in “Unallocated corporate and other.”

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 last three fiscal years:


	2023				2022						2021
(in millions)	U.S. & Canada		International		Total		U.S. & Canada		International		Total		U.S. & Canada		International		Total
Gross fee revenues	$	2,799	$	1,290	$	4,089	$	2,486	$	917	$	3,403	$	1,580	$	568	$	2,148
Contract investment amortization	(65)		(22)		(87)		(60)		(29)		(89)		(55)		(20)		(75)
Net fee revenues	2,734		1,268		4,002		2,426		888		3,314		1,525		548		2,073
Owned, leased, and other revenue	506		937		1,443		479		801		1,280		282		467		749
Cost reimbursement revenue	14,456		2,250		16,706		12,848		1,797		14,645		8,549		1,239		9,788
Total reportable segment revenue	$	17,696	$	4,455	$	22,151	$	15,753	$	3,486	$	19,239	$	10,356	$	2,254	$	12,610
Unallocated corporate and other					1,562						1,534						1,247
Total revenue					$	23,713					$	20,773					$	13,857

Revenues attributed to operations located outside the U.S. were $5,160 million in 2023, $4,032 million in 2022, and $2,615 million in 2021, including cost reimbursement revenue outside the U.S. of $2,806 million in 2023, $2,231 million in 2022, and $1,553 million in 2021.

Segment Profits


(in millions)	2023		2022		2021
U.S. & Canada (1)	$	2,724	$	2,446	$	1,394
International (2)	1,121		794		258
Unallocated corporate and other	68		251		(80)
Interest expense, net of interest income	(535)		(377)		(392)
Provision for income taxes	(295)		(756)		(81)
Net income	$	3,083	$	2,358	$	1,099

(1) Includes cost reimbursements, net of $57 million in 2023, $134 million in 2022, and $51 million in 2021.

(2) Includes cost reimbursements, net of $17 million in 2023, $49 million in 2022, and $14 million in 2021.

Segment profits attributed to operations located outside the U.S. were $1,258 million in 2023, $898 million in 2022, and $297 million in 2021, including cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) outside the U.S. of $23 million in 2023, $67 million in 2022, and $14 million in 2021.

Depreciation, Amortization, and Other


(in millions)	2023		2022		2021
U.S. & Canada	$	84	$	81	$	92
International	77		85		106

Unallocated corporate and other	28		27		22
	$	189	$	193	$	220

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

LEASES - Composition of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 155	$ 165	$ 149
Variable lease cost	$ 128	$ 90	$ 51

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

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

The following table presents Income Statement data resulting from transactions with these related parties. This table does not include our Financial Statement captions with insignificant related party activity.


(in millions)	2023		2022		2021




Cost reimbursement revenue	$	122	$	104	$	104


Reimbursed expenses	(126)		(104)		(105)



Equity in earnings (losses)	9		18		(24)

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Expected aggregate future amortization expense of intangible assets for 2024	$ 206,000,000
Expected aggregate future amortization expense of intangible assets for 2025	178,000,000
Expected aggregate future amortization expense of intangible assets for 2026	148,000,000
Expected aggregate future amortization expense of intangible assets for 2027	126,000,000
Expected aggregate future amortization expense of intangible assets for 2028	94,000,000
Contracts acquired in business combinations and other
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	226,000,000	$ 197,000,000	$ 165,000,000
Contracts acquired in business combinations and other \| Reimbursed Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 122,000,000	$ 83,000,000	$ 62,000,000
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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and equivalents	$ 338	$ 507
Accounts and notes receivable, net	2,712	2,571
Prepaid expenses and other	261	235
Total current assets	3,311	3,313
Property and equipment, net	1,581	1,585
Intangible assets
Intangible assets	9,190	8,747
Goodwill	8,886	8,872
Total intangible assets	18,076	17,619
Equity method investments	308	335
Notes receivable, net	138	152
Deferred tax assets	673	240
Operating lease assets	929	987
Other noncurrent assets	658	584
Total assets	25,674	24,815
Current liabilities
Current portion of long-term debt	553	684
Accounts payable	738	746
Accrued payroll and benefits	1,390	1,299
Accrued expenses and other	1,753	1,296
Total current liabilities	7,762	7,339
Long-term debt	11,320	9,380
Deferred tax liabilities	209	313
Operating lease liabilities	887	1,034
Other noncurrent liabilities	1,482	1,842
Stockholders’ (deficit) equity
Class A Common Stock	5	5
Additional paid-in-capital	6,051	5,965
Retained earnings	14,838	12,342
Treasury stock, at cost	(20,929)	(17,015)
Accumulated other comprehensive loss	(647)	(729)
Shareholder's equity (deficit)	(682)	568
Liabilities and deficit, total	25,674	24,815
Brands
Intangible assets
Intangible assets	5,907	5,812
Contract acquisition costs and other
Intangible assets
Intangible assets	3,283	2,935
Guest loyalty program
Current liabilities
Liability for guest loyalty program	3,328	3,314
Contract with customer	3,678	3,280
Deferred revenue
Current liabilities
Contract with customer	$ 1,018	$ 1,059

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Composition of Lease Expense and Supplemental Cash Flows

The following table details the composition of lease expense for 2023, 2022, and 2021:


(in millions)	2023		2022		2021



Operating lease cost	$	155	$	165	$	149
Variable lease cost	128		90		51

The following table presents additional information about our lease obligations at year-end 2023 and 2022:


	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	13		10		13		11
Weighted Average Discount Rate	4.3	%	4.4	%	4.4	%	4.3	%

The following table presents supplemental cash flow information for 2023, 2022, and 2021:


(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	240	$	191	$	181


Lease assets obtained in exchange for lease obligations:
Operating leases	25		75		463

Maturities of Finance Lease Liabilities

The following table presents our future minimum lease payments at year-end 2023:


(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

Maturities of Operating Lease Liabilities

The following table presents our future minimum lease payments at year-end 2023:


(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

Assets And Liabilities, Lessee

The following table presents the composition of our current and noncurrent lease liability at year-end 2023 and 2022:


(in millions)	December 31, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	105	$	8	$	106	$	8
Noncurrent (2)	887		123		1,034		131
	$	992	$	131	$	1,140	$	139

(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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2017

USD ($)

Significant Accounting Policies [Line Items]

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]

Cost of revenues

Compensation costs from retirement savings plan

$ 215,000,000

$ 137,000,000

$ 80,000,000

Advertising costs

794,000,000

635,000,000

470,000,000

Allowance for credit losses

197,000,000

191,000,000

Change in allowance for credit losses

29,000,000

27,000,000

22,000,000

Goodwill impairment charge

Self-insurance reserve, current

172,000,000

130,000,000

Self-insurance reserve, noncurrent

$ 387,000,000

287,000,000

Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow

Significant Accounting Policies [Line Items]

Self insurance review, measurement input

0.0400

Costs Incurred to Fulfill Contracts

Significant Accounting Policies [Line Items]

Capitalized costs

$ 402,000,000

379,000,000

Reimbursements expenses

Significant Accounting Policies [Line Items]

Cost of revenues

^[1]

17,424,000,000

15,141,000,000

10,322,000,000

Deferred revenue

Significant Accounting Policies [Line Items]

Increase (decrease) deferred revenue

(108,000,000)

Current and noncurrent deferred revenue

1,223,000,000

1,331,000,000

Deferred revenue recognized

274,000,000

Guest loyalty program

Significant Accounting Policies [Line Items]

Increase (decrease) deferred revenue

412,000,000

Current and noncurrent deferred revenue

7,006,000,000

6,594,000,000

Deferred revenue recognized

2,798,000,000

Reclassification from deferred revenue

112,000,000

Change in customer contract liability from change in estimates

148,000,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Avendra LLC

Significant Accounting Policies [Line Items]

Gain (loss) on disposal

$ 664,000,000

Gain (loss) on disposal, net of tax

$ 425,000,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Avendra LLC | Reimbursements expenses

Significant Accounting Policies [Line Items]

Cost of revenues

161,000,000

69,000,000

56,000,000

Cost of revenues, net of tax

$ 120,000,000

$ 52,000,000

$ 42,000,000

[1]	See Note 15 for disclosure of related party amounts.

INCOME TAXES - Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 255	$ 282	$ 464
Change attributable to tax positions taken in prior years	(90)	(15)	(134)
Change attributable to tax positions taken during the current period	16	3	0
Decrease attributable to settlements with taxing authorities	(9)	(15)	(48)
Unrecognized tax benefit at end of year	$ 172	$ 255	$ 282

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cost reimbursement revenue

$ 23,713

$ 20,773

$ 13,857

Equity in earnings (losses)

^[1]

(24)

Equity Method Investment

Equity in earnings (losses)

(24)

Reimbursements expenses

Cost reimbursement revenue

^[1]

17,413

15,417

10,442

Reimbursed expenses

^[1]

(17,424)

(15,141)

(10,322)

Reimbursements expenses | Equity Method Investment

Cost reimbursement revenue

122

104

Reimbursed expenses

$ (126)

$ (104)

$ (105)

[1]	See Note 15 for disclosure of related party amounts.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) 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, 2020

$ 430

$ 5

$ 5,851

$ 9,206

$ (14,497)

$ (135)

Beginning balance (in shares) at Dec. 31, 2020

324,400,000

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

Net income

1,099

Other comprehensive income (loss)

(207)

Stock-based compensation plans (in shares)

1,900,000

Stock-based compensation plans

Ending balance at Dec. 31, 2021

1,414

$ 5

5,892

10,305

(14,446)

(342)

Ending balance (in shares) at Dec. 31, 2021

326,300,000

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

Net income

2,358

Other comprehensive income (loss)

(387)

Dividends

(321)

Stock-based compensation plans (in shares)

1,100,000

Stock-based compensation plans

104

Purchase of treasury stock

(2,600)

Purchase of treasury stock (in shares)

(16,800,000)

Ending balance at Dec. 31, 2022

568

$ 5

5,965

12,342

(17,015)

(729)

Ending balance (in shares) at Dec. 31, 2022

310,600,000

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

Net income

3,083

Other comprehensive income (loss)

Dividends

(587)

Stock-based compensation plans (in shares)

1,400,000

Stock-based compensation plans

126

Purchase of treasury stock

(3,954)

Purchase of treasury stock (in shares)

(21,500,000)

Ending balance at Dec. 31, 2023

$ (682)

$ 5

$ 6,051

$ 14,838

$ (20,929)

$ (647)

Ending balance (in shares) at Dec. 31, 2023

290,539,975

290,500,000

^[1]

[1]

Our restated certificate of incorporation authorizes 800,000,000 shares of our common stock, with a par value of $0.01 per share and 10,000,000 shares of preferred stock, without par value. At year-end 2023, we had 290,539,975 of these authorized shares of our common stock and no preferred stock outstanding.

LEASES - Additional Information (Details)	12 Months Ended
LEASES - Additional Information (Details)	Dec. 31, 2023 renewal_option
Lessee, Lease, Description [Line Items]
Lease term	20 years
Minimum
Lessee, Lease, Description [Line Items]
Number of options for renewal (or more than)	1
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

LONG-TERM DEBT

12 Months Ended

Dec. 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 at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 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%)	$	349	$	348

Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	748		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%)	321		324
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	288		289
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	447		446
Series Z Notes, interest rate of 4.2%, face amount of $350, matured December 1, 2023 (effective interest rate of 4.4%)	—		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%)	545		531

Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	598		596
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	990		988
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	988		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%)	987		984
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	785		—
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%)	445		—
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%)	691		—
Commercial paper	1,421		871
Credit Facility	—		—
Finance lease obligations	131		139
Other	56		92
	$	11,873	$	10,064
Less current portion	(553)		(684)
	$	11,320	$	9,380

All our long-term debt is recourse to us but unsecured. 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. 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 September 2023, we issued $450 million aggregate principal amount of 5.45 percent Series LL Notes due September 15, 2026 (the “Series LL Notes”) and $700 million aggregate principal amount of 5.55 percent Series MM Notes due October 15, 2028 (the “Series MM Notes”). We will pay interest on the Series LL Notes in March and September of each year, commencing in March 2024, and we will pay interest on the Series MM Notes in April and October of each year, commencing

in April 2024. We received net proceeds of approximately $1.135 billion from the offering of the Series LL Notes and Series MM Notes, after deducting the underwriting discount and expenses, which were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

In March 2023, we issued $800 million aggregate principal amount of 4.90 percent Series KK Notes due April 15, 2029 (the “Series KK Notes”). We pay interest on the Series KK Notes in April and October of each year. We received net proceeds of approximately $783 million from the offering of the Series KK Notes, after deducting the underwriting discount and 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 (which generally have short-term maturities of 45 days or less) 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.

The following table presents future principal payments, net of discounts, premiums, and debt issuance costs, for our debt at year-end 2023:


Debt Principal Payments (in millions)	Amount
2024	$	553
2025	1,310
2026	1,202
2027	2,419
2028	1,447
Thereafter	4,942
Balance at year-end 2023	$	11,873

We paid cash for interest, net of amounts capitalized, of $476 million in 2023, $345 million in 2022, and $391 million in 2021.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 3,083	$ 2,358	$ 1,099
Other comprehensive income (loss)
Foreign currency translation adjustments	86	(389)	(212)
Other adjustments, net of tax	(4)	2	5
Total other comprehensive income (loss), net of tax	82	(387)	(207)
Comprehensive income	$ 3,165	$ 1,971	$ 892

- Definition

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

+ References

+ Details

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

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 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Land	$	669	$	688
Buildings and leasehold improvements	1,108		1,086
Furniture and equipment	622		649
Construction in progress	72		36
	2,471		2,459
Accumulated depreciation	(890)		(874)
	$	1,581	$	1,585

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

RSUs and PSUs

We granted RSUs in 2023 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 performance-based RSUs (“PSUs”) in 2023 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.

We had deferred compensation costs for unvested awards for RSUs, including PSUs, of approximately $171 million at year-end 2023 and $179 million at year-end 2022. The weighted average remaining term for RSUs outstanding at year-end 2023 was 2.2 years.

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


	2023		2022		2021
Stock-based compensation expense (in millions)	$	179	$	181	$	171
Weighted average grant-date fair value (per unit)	$	167	$	168	$	141
Aggregate intrinsic value of distributed RSUs (in millions)	$	297	$	253	$	205

The following table presents the changes in our outstanding RSUs, including PSUs, during 2023 and the associated weighted average grant-date fair values:


	Number of RSUs (in millions)	Weighted Average Grant-Date Fair Value (per unit)
Outstanding at year-end 2022	3.8	$	125
Granted	1.1	167
Distributed	(1.6)	116
Forfeited	(0.2)	155
Outstanding at year-end 2023	3.1	$	144

Other Information

No further shares are authorized for grant under the Marriott International, Inc. Stock and Cash Incentive Plan or the Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc., stock plans. Beginning May 2023, awards are granted under the 2023 Marriott International, Inc. Stock and Cash Incentive Plan (“2023 Plan”). At year-end 2023, we had approximately 12 million remaining shares authorized for grant under the 2023 Plan.

LEASES

12 Months Ended

Dec. 31, 2023

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 for 2023, 2022, and 2021:


(in millions)	2023		2022		2021



Operating lease cost	$	155	$	165	$	149
Variable lease cost	128		90		51

The following table presents our future minimum lease payments at year-end 2023:


(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

The following table presents the composition of our current and noncurrent lease liability at year-end 2023 and 2022:


(in millions)	December 31, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	105	$	8	$	106	$	8
Noncurrent (2)	887		123		1,034		131
	$	992	$	131	$	1,140	$	139

(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 2023 and 2022:


	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	13		10		13		11
Weighted Average Discount Rate	4.3	%	4.4	%	4.4	%	4.3	%

The following table presents supplemental cash flow information for 2023, 2022, and 2021:


(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	240	$	191	$	181


Lease assets obtained in exchange for lease obligations:
Operating leases	25		75		463

LEASES

The following table details the composition of lease expense for 2023, 2022, and 2021:


(in millions)	2023		2022		2021



Operating lease cost	$	155	$	165	$	149
Variable lease cost	128		90		51

The following table presents our future minimum lease payments at year-end 2023:


(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

The following table presents the composition of our current and noncurrent lease liability at year-end 2023 and 2022:


(in millions)	December 31, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	105	$	8	$	106	$	8
Noncurrent (2)	887		123		1,034		131
	$	992	$	131	$	1,140	$	139

(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 2023 and 2022:


	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	13		10		13		11
Weighted Average Discount Rate	4.3	%	4.4	%	4.4	%	4.3	%

The following table presents supplemental cash flow information for 2023, 2022, and 2021:


(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	240	$	191	$	181


Lease assets obtained in exchange for lease obligations:
Operating leases	25		75		463

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of (Losses) Earnings Before Income Taxes

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


(in millions)	2023		2022		2021
U.S.	$	2,113	$	2,268	$	890
Non-U.S.	1,265		846		290
	$	3,378	$	3,114	$	1,180

Provision (Benefit) for Income Taxes

Our (provision) benefit for income taxes for the last three fiscal years consisted of:


(in millions)		2023		2022		2021
Current	-U.S. Federal	$	(431)	$	(364)	$	99
	-U.S. State	(158)		(82)		24
	-Non-U.S.	(249)		(155)		(86)
		(838)		(601)		37

Deferred	-U.S. Federal	94		(129)		(122)
	-U.S. State	16		(25)		(37)
	-Non-U.S.	433		(1)		41
		543		(155)		(118)
		$	(295)	$	(756)	$	(81)

Unrecognized Tax Benefits Reconciliation

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2021 to the end of 2023:


(in millions)	Amount
Unrecognized tax benefit at beginning of 2021	$	464

Change attributable to tax positions taken in prior years	(134)
Change attributable to tax positions taken during the current period	—
Decrease attributable to settlements with taxing authorities	(48)

Unrecognized tax benefit at year-end 2021	282
Change attributable to tax positions taken in prior years	(15)
Change attributable to tax positions taken during the current period	3
Decrease attributable to settlements with taxing authorities	(15)

Unrecognized tax benefit at year-end 2022	255
Change attributable to tax positions taken in prior years	(90)
Change attributable to tax positions taken during the current period	16
Decrease attributable to settlements with taxing authorities	(9)

Unrecognized tax benefit at year-end 2023	$	172

Schedule of Deferred Tax Assets and Liabilities

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 2023 and year-end 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Deferred Tax Assets
Employee benefits	$	265	$	243
Net operating loss carry-forwards	1,132		1,096
Accrued expenses and other reserves	219		181

Tax credits	64		55
Loyalty Program	277		168
Deferred income	102		66
Lease liabilities	266		304
Interest limitation	67		187
Other	40		12
Deferred tax assets	2,432		2,312
Valuation allowance	(1,149)		(1,359)
Deferred tax assets after valuation allowance	1,283		953
Deferred Tax Liabilities

Property and equipment	(62)		(58)
Intangibles	(471)		(626)
Right-of-use assets	(248)		(265)
Self-insurance	(22)		(37)
Other	(16)		(40)
Deferred tax liabilities	(819)		(1,026)
Net deferred taxes	$	464	$	(73)

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:


	2023		2022		2021
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
U.S. state income taxes, net of U.S. federal tax benefit	2.8		2.8		2.7
Non-U.S. income	0.3		(0.5)		(0.5)
Change in valuation allowance	(5.8)		0.4		(0.7)
Change in uncertain tax positions	(2.3)		0.3		(12.0)




Excess tax benefits related to equity awards	(0.8)		(0.7)		(2.8)
U.S. tax on foreign earnings	1.1		0.2		0.4
Intellectual property restructuring	(7.9)		0.0		0.0
Other, net	0.3		0.8		(1.3)
Effective rate	8.7	%	24.3	%	6.8	%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 3,083	$ 2,358	$ 1,099

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lawsuit	Dec. 31, 2022 USD ($)	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	$ 104
Maximum Potential Amount of Future Fundings	249
Purchase obligation	735
Purchase obligation, expected to fund commitments in 2024	385
Purchase obligation, expected to fund commitments in 2025	202
Purchase obligation, expected to fund commitments in 2026	85
Purchase obligation, expected to fund commitments thereafter	63
Letters of credit outstanding	129
Surety bonds issued	$ 164
Class Action Lawsuits Related to Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed \| lawsuit	100
Sheraton Grand Chicago Hotel
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	$ 300	$ 300
Sheraton Grand Chicago Hotel \| Land and Hotel
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	500		$ 300
Sheraton Grand Chicago Hotel \| Land
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, additional exposure	200
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	94
Maximum Potential Amount of Future Fundings	172
Not Yet In Effect Condition \| Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	62
Accrued Expenses and Other
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	29
Other noncurrent liabilities
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees	$ 75
Minimum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term	3 years
Maximum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term	10 years

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved under the stock plan (in shares)	12
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	$ 171	$ 179
Weighted average remaining term for grants outstanding	2 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income Activity

The following table details the accumulated other comprehensive loss activity for 2023, 2022, and 2021:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2020	$	(139)	$	4	$	(135)
Other comprehensive (loss) income before reclassifications (1)	(212)		5		(207)
Reclassification adjustments	—		—		—
Net other comprehensive (loss) income	(212)		5		(207)
Balance at year-end 2021	$	(351)	$	9	$	(342)
Other comprehensive (loss) income before reclassifications (1)	(390)		11		(379)
Reclassification adjustments	1		(9)		(8)
Net other comprehensive (loss) income	(389)		2		(387)
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) before reclassifications (1)	89		(4)		85
Reclassification adjustments	(3)		—		(3)
Net other comprehensive income (loss)	86		(4)		82
Balance at year-end 2023	$	(654)	$	7	$	(647)

(1)Other comprehensive income (loss) 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)/gains of $(28) million for 2023, $32 million for 2022, and $40 million for 2021.

INCOME TAXES - Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
U.S. state income taxes, net of U.S. federal tax benefit	2.80%	2.80%	2.70%
Non-U.S. income	0.30%	(0.50%)	(0.50%)
Change in valuation allowance	(5.80%)	0.40%	(0.70%)
Change in uncertain tax positions	(2.30%)	0.30%	(12.00%)
Excess tax benefits related to equity awards	(0.80%)	(0.70%)	(2.80%)
U.S. tax on foreign earnings	1.10%	0.20%	0.40%
Intellectual property restructuring	(7.90%)	0.00%	0.00%
Other, net	0.30%	0.80%	(1.30%)
Effective rate	8.70%	24.30%	6.80%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 161	$ 241	$ 266
Accrued interest and penalties for unrecognized tax benefits related to interest expense (benefit)	6	13	(21)
Interest and penalties accrued	52	49
Decrease in valuation allowance	223
Decrease in deferred tax liabilities	228
Tax credits which do expire	47
Tax credits which do not expire	17
Net operating loss benefits	25	12
Net operating losses	4,856
Net operating losses subject to expiration	3,207
Cash paid for income taxes	$ 907	$ 476	$ 362

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Additional Information on RSUs

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


	2023		2022		2021
Stock-based compensation expense (in millions)	$	179	$	181	$	171
Weighted average grant-date fair value (per unit)	$	167	$	168	$	141
Aggregate intrinsic value of distributed RSUs (in millions)	$	297	$	253	$	205

Changes in Outstanding RSU Grants

The following table presents the changes in our outstanding RSUs, including PSUs, during 2023 and the associated weighted average grant-date fair values:


	Number of RSUs (in millions)	Weighted Average Grant-Date Fair Value (per unit)
Outstanding at year-end 2022	3.8	$	125
Granted	1.1	167
Distributed	(1.6)	116
Forfeited	(0.2)	155
Outstanding at year-end 2023	3.1	$	144

INTANGIBLE ASSETS AND GOODWILL - Composition of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	$ 4,672	$ 4,168
Accumulated amortization	(1,328)	(1,172)
Definite-lived Intangible Assets, net	3,344	2,996
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible assets	9,190	8,747
Indefinite-lived Intangible Brand Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Brand Assets	5,846	5,751
Costs incurred to obtain contracts with customers
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	2,246	1,995
Contracts acquired in business combinations and other
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived Intangible Assets, gross	$ 2,426	$ 2,173

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 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 at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 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%)	$	349	$	348

Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	748		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%)	321		324
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	288		289
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	447		446
Series Z Notes, interest rate of 4.2%, face amount of $350, matured December 1, 2023 (effective interest rate of 4.4%)	—		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%)	545		531

Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	598		596
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	990		988
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	988		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%)	987		984
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	785		—
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%)	445		—
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%)	691		—
Commercial paper	1,421		871
Credit Facility	—		—
Finance lease obligations	131		139
Other	56		92
	$	11,873	$	10,064
Less current portion	(553)		(684)
	$	11,320	$	9,380

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 2023:


Debt Principal Payments (in millions)	Amount
2024	$	553
2025	1,310
2026	1,202
2027	2,419
2028	1,447
Thereafter	4,942
Balance at year-end 2023	$	11,873

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	In order to make this report easier to read, we also refer throughout to (1) our Consolidated Financial Statements as our “Financial Statements,” (2) our Consolidated Statements of Income as our “Income Statements,” (3) our Consolidated Balance Sheets as our “Balance Sheets,” (4) our 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 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 2023 and fiscal year-end 2022 and the results of our operations and cash flows for fiscal years 2023, 2022, and 2021. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.
Revenue Recognition	Base Management and Incentive Management Fees: For our managed properties, we have performance obligations to provide hotel management services and a license to our 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 properties, and incentive management 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 properties, we have a performance obligation to provide franchisees and operators a license to our 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 properties, 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 long 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 generally 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, we present in the “Reimbursed expenses” caption of our Income Statements spending funded by the proceeds ($664 million, $425 million after-tax) from the 2017 sale of our interest in Avendra LLC, which we committed would be used for the benefit of hotels in our system. Such spending totaled $161 million ($120 million after-tax) in 2023, $69 million ($52 million after-tax) in 2022, and $56 million ($42 million after-tax) in 2021. 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 certain hotel design and construction review (“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 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 members earn points based on the money they spend at our properties; the exchange of timeshare ownership interests; 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, airline, and other companies. Members can redeem points for stays at most of our properties, airline tickets, airline frequent flyer program miles, rental cars, merchandise, 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, with no added mark-up, including costs related to the following activities, which we expense as incurred in our “Reimbursed expenses” caption of our Income Statements: marketing, promotion, and communications and services provided to Loyalty Program members. We generally receive monthly cash contributions from managed, franchised, owned, and leased properties based on a portion of qualified spend by Loyalty Program members (when the points are earned). We recognize these contributions into revenue as we provide the related service (when the points are redeemed). The amount of revenue we recognize upon point redemption is based on a blend of historical funding rates and 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. Our redemption cost, which is generally based on redemption rates that can increase in periods in which occupancy at the property exceeds a certain threshold, could be higher or lower than our revenue recognized in any given period. We have multi-year agreements for our co-branded 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 institutions that issue 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 and gift cards 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, generally based on: (1) the number of free night certificates issued or redeemed; (2) the number of Loyalty Program points purchased; (3) the volume of cardholder spend; and (4) the number of gift cards issued. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, free night certificates, and gift cards 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, free night certificates, and gift cards cardholders will ultimately redeem. 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 and gift cards 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. Our current and noncurrent deferred revenue decreased by $108 million, to $1,223 million at December 31, 2023, from $1,331 million at December 31, 2022, primarily as a result of $274 million of revenue recognized in 2023 that was deferred as of December 31, 2022, as well as the reclassification from deferred revenue to the liability for guest loyalty program, which we discuss below. The decrease was partially offset by revenue deferred in 2023 related to our gift cards, co-branded credit cards, franchise application and relicensing fees, and certain centralized programs and services fees. Our current and noncurrent liability for guest loyalty program increased by $412 million, to $7,006 million at December 31, 2023, from $6,594 million at December 31, 2022, primarily reflecting an increase in points earned by members. This includes a $112 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 $2,798 million of revenue recognized in 2023, that was deferred as of December 31, 2022. 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 2023, the updated estimates resulted in a net decrease in revenue, and a corresponding increase in the liability for guest loyalty program of approximately $148 million. 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 assess the assets for impairment when events or changes in circumstances indicate that we may not be able to recover the carrying amount. We recognize an impairment loss for the amount by which the carrying amount exceeds the expected net future cash flows. We classify certain direct costs to fulfill a contract with a customer in the “Other noncurrent assets” and “Prepaid expenses and other” captions of our Balance Sheets, and the related amortization in the “Owned, leased, and other - direct” caption of our Income Statements.
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 matching or supplemental contributions.
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 stockholders’ 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.
Stock-Based Compensation	Our stock-based compensation awards primarily consist of restricted stock units (“RSUs”). We measure compensation costs for our stock-based payment transactions at fair value based on the average of the high and low stock price on the grant date (discounted for the lack of marketability and dividends), 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 our “Reimbursed expenses” caption of our Income Statements to the extent undertaken on behalf of our owners and franchisees.
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 account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred. 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 (that is, a likelihood of more than 50 percent), 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 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. 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.
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 record an allowance for credit losses measured over the contractual life of the instrument based on an assessment of historical collection activity and current and forecasted future economic conditions by region. Our allowance for credit losses was $197 million at December 31, 2023 and $191 million at December 31, 2022. The increase during 2023 was primarily due to our provision for credit losses, partially offset by write-offs of amounts deemed uncollectible.
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 amount or its estimated fair value, less estimated costs to sell, and we cease depreciation.
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 the fair value of a reporting unit is less than its carrying amount. Factors we consider when making this determination include, but are not limited to, assessing general economic conditions, hospitality industry trends, and overall financial performance of the reporting unit. 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 amount, 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.
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 amount 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 amount; 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 amount, 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 amount of an asset group, we recognize an impairment loss for the amount by which the carrying amount 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 of our Balance Sheets. For the market approach, we use internal analyses based primarily on market comparables and assumptions about market capitalization rates, growth rates, and inflation.
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 or more 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 amount. 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 amount. 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 amount. 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 12 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 (e.g., 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 inputs include 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, a 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 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 and currency exchange rates 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 mezzanine and other loans to owners of hotels that we operate or franchise, generally to facilitate the development or renovation 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 performance of the hotels 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. At inception and throughout the term of the loan agreement, we individually assess loans for impairment. We consider current and forecasted future economic conditions in addition to our historical experience. We use internally generated cash flow projections to determine the likelihood that the loans will be repaid under the terms of the loan agreements. 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 are less than the carrying value of the loan receivable, we establish a specific impairment reserve for the difference.
Leases	We determine if an arrangement is a lease or contains a lease at the inception of the contract. We evaluate leases for classification as operating or financing upon lease commencement. 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 4.00 percent, based upon market rates, 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 expenses and other” caption and the noncurrent portion in the “Other noncurrent liabilities” caption of our Balance Sheets.
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.
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.
Intangible Assets	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, generally ranging from 15 to 30 years.
Property and Equipment	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.

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table details the accumulated other comprehensive loss activity for 2023, 2022, and 2021:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2020	$	(139)	$	4	$	(135)
Other comprehensive (loss) income before reclassifications (1)	(212)		5		(207)
Reclassification adjustments	—		—		—
Net other comprehensive (loss) income	(212)		5		(207)
Balance at year-end 2021	$	(351)	$	9	$	(342)
Other comprehensive (loss) income before reclassifications (1)	(390)		11		(379)
Reclassification adjustments	1		(9)		(8)
Net other comprehensive (loss) income	(389)		2		(387)
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) before reclassifications (1)	89		(4)		85
Reclassification adjustments	(3)		—		(3)
Net other comprehensive income (loss)	86		(4)		82
Balance at year-end 2023	$	(654)	$	7	$	(647)

- Definition

The entire disclosure for equity.

+ References

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

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

Equity Method Investments

We have equity method investments in entities that own or lease 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.


(in millions)	2023		2022		2021




Cost reimbursement revenue	$	122	$	104	$	104


Reimbursed expenses	(126)		(104)		(105)



Equity in earnings (losses)	9		18		(24)

The carrying amount of our equity method investments was $308 million at year-end 2023 and $335 million at year-end 2022. This value exceeded our share of the book value of the investees’ net assets by $231 million at year-end 2023 and $238 million at year-end 2022, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.

Other Related Parties

We earned management fees of approximately $13 million in 2023, $11 million in 2022, and $6 million in 2021, plus reimbursement of certain expenses, from our operation of properties in which JWM Family Enterprises, L.P., which is beneficially owned and controlled by J.W. Marriott, Jr., Deborah Marriott Harrison, David S. Marriott, and other members of the Marriott family, indirectly holds varying percentages of ownership. We earned gross fee revenues of approximately $4 million in 2023, $4 million in 2022, and $1 million in 2021, plus reimbursement of certain expenses, from managed and franchised properties in which other members of the Marriott family hold varying interests.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

OPERATING ACTIVITIES

Net income

$ 3,083

$ 2,358

$ 1,099

Adjustments to reconcile to cash provided by operating activities:

Depreciation, amortization, and other

277

282

295

Stock-based compensation

205

192

182

Income taxes

(612)

280

(281)

Contract acquisition costs

(221)

(149)

(210)

Merger-related charges and other

(8)

(10)

Working capital changes

(542)

110

Loss on extinguishment of debt

164

Other

(144)

Net cash provided by operating activities

3,170

2,363

1,177

INVESTING ACTIVITIES

Capital and technology expenditures

(452)

(332)

(183)

Asset acquisition

(101)

Dispositions

Loan advances

(77)

(11)

(13)

Loan collections

Other

(43)

Net cash used in investing activities

(465)

(297)

(187)

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

546

(182)

150

Issuance of long-term debt

1,918

983

1,793

Repayment of long-term debt

(684)

(804)

(2,174)

Issuance of Class A Common Stock

Debt extinguishment costs

(155)

Dividends paid

(587)

(321)

Purchase of treasury stock

(3,953)

(2,566)

Stock-based compensation withholding taxes

(108)

(89)

(90)

Other

(25)

Net cash used in financing activities

(2,864)

(2,962)

(463)

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

(159)

(896)

527

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

525

^[1]

1,421

894

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

366

^[1]

525

^[1]

1,421

Guest loyalty program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 301

$ (119)

$ (28)

[1]	The 2023 amounts include beginning restricted cash of $18 million at December 31, 2022 and ending restricted cash of $28 million at December 31, 2023, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	$ 568	$ 1,414	$ 430
Other comprehensive (loss) income before reclassifications	85	(379)	(207)
Reclassification adjustments	(3)	(8)	0
Total other comprehensive income (loss), net of tax	82	(387)	(207)
Ending balance	(682)	568	1,414
Intra-entity foreign currency long-term-investment gains (losses)	(28)	32	40
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(729)	(342)	(135)
Total other comprehensive income (loss), net of tax	82	(387)	(207)
Ending balance	(647)	(729)	(342)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(740)	(351)	(139)
Other comprehensive (loss) income before reclassifications	89	(390)	(212)
Reclassification adjustments	(3)	1	0
Total other comprehensive income (loss), net of tax	86	(389)	(212)
Ending balance	(654)	(740)	(351)
Other Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	11	9	4
Other comprehensive (loss) income before reclassifications	(4)	11	5
Reclassification adjustments	0	(9)	0
Total other comprehensive income (loss), net of tax	(4)	2	5
Ending balance	$ 7	$ 11	$ 9

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

REVENUES

Total revenue

$ 23,713

$ 20,773

$ 13,857

OPERATING COSTS AND EXPENSES

Depreciation, amortization, and other

189

193

220

General, administrative, and other

1,011

891

823

Merger-related charges and other

Costs and Expenses, Total

19,849

17,311

12,107

OPERATING INCOME

3,864

3,462

1,750

Gains and other income, net

Loss on extinguishment of debt

(164)

Interest expense

(565)

(403)

(420)

Interest income

Equity in earnings (losses)

^[1]

(24)

INCOME BEFORE INCOME TAXES

3,378

3,114

1,180

Provision for income taxes

(295)

(756)

(81)

NET INCOME

$ 3,083

$ 2,358

$ 1,099

EARNINGS PER SHARE

Earnings (loss) per share - basic (in USD per share)

$ 10.23

$ 7.27

$ 3.36

Earnings (loss) per share - diluted (in USD per share)

$ 10.18

$ 7.24

$ 3.34

Net fee revenues

REVENUES

Gross fee revenues

$ 4,824

$ 4,078

$ 2,694

Contract investment amortization

(88)

(89)

(75)

Total revenue

4,736

3,989

2,619

Base management fees

REVENUES

Gross fee revenues

1,238

1,044

669

Franchise fees

REVENUES

Gross fee revenues

2,831

2,505

1,790

Incentive management fees

REVENUES

Gross fee revenues

755

529

235

Owned, leased, and other

REVENUES

Total revenue

1,564

1,367

796

OPERATING COSTS AND EXPENSES

Cost of revenues

1,165

1,074

734

Reimbursements expenses

REVENUES

Total revenue

^[1]

17,413

15,417

10,442

OPERATING COSTS AND EXPENSES

Cost of revenues

^[1]

$ 17,424

$ 15,141

$ 10,322

[1]	See Note 15 for disclosure of related party amounts.

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The following table details the composition of our intangible assets at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,246	$	1,995
Contracts acquired in business combinations and other	2,426		2,173
	4,672		4,168
Accumulated amortization	(1,328)		(1,172)
	3,344		2,996
Indefinite-lived Intangible Brand Assets	5,846		5,751
	$	9,190	$	8,747

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, generally ranging from 15 to 30 years.

For contracts acquired in business combinations and other intangible assets, we recorded amortization expense of $226 million in 2023, $197 million in 2022, and $165 million in 2021 (of which $122 million in 2023, $83 million in 2022, and $62 million in 2021 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our aggregate amortization expense will be $206 million in 2024, $178 million in 2025, $148 million in 2026, $126 million in 2027, and $94 million in 2028.

The following table details the carrying amount of our goodwill at year-end 2023 and 2022:


(in millions)	U.S. & Canada		International		Total Goodwill










Balance at year-end 2022	$	5,323	$	3,549	$	8,872



Foreign currency translation	10		4		14




Balance at year-end 2023	$	5,333	$	3,553	$	8,886

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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


(in millions)	2023		2022		2021
U.S.	$	2,113	$	2,268	$	890
Non-U.S.	1,265		846		290
	$	3,378	$	3,114	$	1,180

Our (provision) benefit for income taxes for the last three fiscal years consisted of:


(in millions)		2023		2022		2021
Current	-U.S. Federal	$	(431)	$	(364)	$	99
	-U.S. State	(158)		(82)		24
	-Non-U.S.	(249)		(155)		(86)
		(838)		(601)		37

Deferred	-U.S. Federal	94		(129)		(122)
	-U.S. State	16		(25)		(37)
	-Non-U.S.	433		(1)		41
		543		(155)		(118)
		$	(295)	$	(756)	$	(81)

Unrecognized Tax Benefits

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2021 to the end of 2023:


(in millions)	Amount
Unrecognized tax benefit at beginning of 2021	$	464

Change attributable to tax positions taken in prior years	(134)
Change attributable to tax positions taken during the current period	—
Decrease attributable to settlements with taxing authorities	(48)

Unrecognized tax benefit at year-end 2021	282
Change attributable to tax positions taken in prior years	(15)
Change attributable to tax positions taken during the current period	3
Decrease attributable to settlements with taxing authorities	(15)

Unrecognized tax benefit at year-end 2022	255
Change attributable to tax positions taken in prior years	(90)
Change attributable to tax positions taken during the current period	16
Decrease attributable to settlements with taxing authorities	(9)

Unrecognized tax benefit at year-end 2023	$	172

Our unrecognized tax benefit balance included $161 million at year-end 2023, $241 million at year-end 2022, and $266 million at year-end 2021 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 recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expenses. Related interest expense (benefit) totaled $6 million in 2023, $13 million in 2022, and $(21) million in 2021. We accrued interest and penalties related to our unrecognized tax benefits of approximately $52 million at year-end 2023 and $49 million at year-end 2022.

We file income tax returns, including returns for our subsidiaries, in various jurisdictions around the world. The U.S. Internal Revenue Service has examined our federal income tax returns, and as of year-end 2023, we have settled all issues for

tax years through 2021. Our 2022 and 2023 tax year audits are currently ongoing. 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.


(in millions)	At Year-End 2023		At Year-End 2022
Deferred Tax Assets
Employee benefits	$	265	$	243
Net operating loss carry-forwards	1,132		1,096
Accrued expenses and other reserves	219		181

Tax credits	64		55
Loyalty Program	277		168
Deferred income	102		66
Lease liabilities	266		304
Interest limitation	67		187
Other	40		12
Deferred tax assets	2,432		2,312
Valuation allowance	(1,149)		(1,359)
Deferred tax assets after valuation allowance	1,283		953
Deferred Tax Liabilities

Property and equipment	(62)		(58)
Intangibles	(471)		(626)
Right-of-use assets	(248)		(265)
Self-insurance	(22)		(37)
Other	(16)		(40)
Deferred tax liabilities	(819)		(1,026)
Net deferred taxes	$	464	$	(73)

Our valuation allowance is primarily attributable to non-U.S. net operating loss carry-forwards. During 2023, our valuation allowance decreased primarily due to the release of certain non-U.S. tax benefits ($223 million) as the Company concluded that it is more likely than not to recognize those tax benefits. In addition, during 2023, our intangibles deferred tax liability decreased primarily due to intellectual property restructuring transactions, resulting in non-U.S. tax benefits ($228 million).

At year-end 2023, we had approximately $47 million of tax credits that will expire through 2033 and $17 million of tax credits that do not expire. We recorded $25 million of net operating loss benefits in 2023 and $12 million in 2022. At year-end 2023, we had approximately $4,856 million of primarily state and foreign net operating losses, of which $3,207 million will expire through 2043.

We made no provision for U.S. income taxes or additional non-U.S. taxes on certain undistributed earnings of non-U.S. subsidiaries. These earnings could become subject to additional taxes if the non-U.S. subsidiaries dividend or loan those earnings to an affiliate or if we sell our interests in the non-U.S. subsidiaries. We cannot practically estimate the amount of additional taxes that might be payable on the undistributed earnings.

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:


	2023		2022		2021
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
U.S. state income taxes, net of U.S. federal tax benefit	2.8		2.8		2.7
Non-U.S. income	0.3		(0.5)		(0.5)
Change in valuation allowance	(5.8)		0.4		(0.7)
Change in uncertain tax positions	(2.3)		0.3		(12.0)




Excess tax benefits related to equity awards	(0.8)		(0.7)		(2.8)
U.S. tax on foreign earnings	1.1		0.2		0.4
Intellectual property restructuring	(7.9)		0.0		0.0
Other, net	0.3		0.8		(1.3)
Effective rate	8.7	%	24.3	%	6.8	%

Other Information

We paid cash for income taxes, net of refunds, of $907 million in 2023, $476 million in 2022, and $362 million in 2021.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

BUSINESS SEGMENTS - Segment Profits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 3,864	$ 3,462	$ 1,750
Interest expense, net of interest income	(535)	(377)	(392)
Provision for income taxes	(295)	(756)	(81)
NET INCOME	3,083	2,358	1,099
Non-US \| Reimbursements expenses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	23	67	14
Total segment \| Non-US
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	1,258	898	297
Total segment \| U.S. & Canada
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	2,724	2,446	1,394
Total segment \| U.S. & Canada \| Reimbursements expenses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	57	134	51
Total segment \| International
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	1,121	794	258
Total segment \| International \| Reimbursements expenses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	17	49	14
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 68	$ 251	$ (80)

INCOME TAXES - Types of Temporary Differences and Carry-Forwards that Significantly Effect Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Employee benefits	$ 265	$ 243
Net operating loss carry-forwards	1,132	1,096
Accrued expenses and other reserves	219	181
Tax credits	64	55
Loyalty Program	277	168
Deferred income	102	66
Lease liabilities	266	304
Interest limitation	67	187
Other	40	12
Deferred tax assets	2,432	2,312
Valuation allowance	(1,149)	(1,359)
Deferred tax assets after valuation allowance	1,283	953
Deferred Tax Liabilities
Property and equipment	(62)	(58)
Intangibles	(471)	(626)
Right-of-use assets	(248)	(265)
Self-insurance	(22)	(37)
Other	(16)	(40)
Deferred tax liabilities	(819)	(1,026)
Net deferred taxes	$ 464
Net deferred taxes		$ (73)

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 151
2025	147
2026	118
2027	81
2028	76
Thereafter	727
Total minimum lease payments	1,300
Less: Amount representing interest	308
Present value of minimum lease payments	992	$ 1,140
Finance Leases
2024	14
2025	14
2026	15
2027	15
2028	15
Thereafter	92
Total minimum lease payments	165
Less: Amount representing interest	34
Finance lease obligations	$ 131	$ 139

INCOME TAXES - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 2,113	$ 2,268	$ 890
Non-U.S.	1,265	846	290
INCOME BEFORE INCOME TAXES	$ 3,378	$ 3,114	$ 1,180

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

ACQUISITION	12 Months Ended
ACQUISITION	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITION	ACQUISITION On 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 149 properties located in Mexico, Costa Rica, Colombia, and Chile to our franchise portfolio. We accounted for the transaction as an asset acquisition and allocated the cost of the acquisition, including direct and incremental transaction costs, to an indefinite-lived brand asset of approximately $85 million and franchise contract assets, with a weighted-average term of 20 years, totaling $21 million.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 1.96	$ 1.00
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
Common stock, outstanding (in shares)	290,539,975
Preferred stock, outstanding (in shares)	0

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

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


	At Year-End 2023				At Year-End 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mezzanine and other loans	$	138	$	131	$	152	$	142
Total noncurrent financial assets	$	138	$	131	$	152	$	142

Senior Notes	$	(9,720)	$	(9,393)	$	(8,322)	$	(7,627)
Commercial paper	(1,421)		(1,421)		(871)		(871)
Other long-term debt	(56)		(52)		(56)		(49)
Other noncurrent liabilities	(80)		(80)		(394)		(394)
Total noncurrent financial liabilities	$	(11,277)	$	(10,946)	$	(9,643)	$	(8,941)

We estimate the fair value of our mezzanine and other loans by discounting cash flows using risk-adjusted rates, both of 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. The carrying amount of our commercial paper borrowings approximate fair value due to their short maturity and because they bear interest at a market rate. We estimate the fair value of our other long-term debt, excluding leases, using quoted market prices, which are directly observable Level 1 inputs. Our other noncurrent liabilities 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 2023 and year-end 2022, we determined that the carrying amounts 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.

- 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

STOCK-BASED COMPENSATION - Additional Information on RSUs (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Restricted Stock Activity [Line Items]
Stock-based compensation expense (in millions)	$ 179	$ 181	$ 171
Weighted average grant-date fair value (in USD per share)	$ 167	$ 168	$ 141
Aggregate intrinsic value of distributed RSUs (in millions)	$ 297	$ 253	$ 205

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
-U.S. Federal	$ (431)	$ (364)	$ 99
-U.S. State	(158)	(82)	24
-Non-U.S.	(249)	(155)	(86)
Current income tax expense	(838)	(601)	37
Deferred
-U.S. Federal	94	(129)	(122)
-U.S. State	16	(25)	(37)
-Non-U.S.	433	(1)	41
Deferred income tax expense	543	(155)	(118)
Provision for income taxes	$ (295)	$ (756)	$ (81)

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation, amortization, and other	$ 189	$ 193	$ 220
Total segment \| U.S. & Canada
Segment Reporting Information [Line Items]
Depreciation, amortization, and other	84	81	92
Total segment \| International
Segment Reporting Information [Line Items]
Depreciation, amortization, and other	77	85	106
Unallocated corporate and other
Segment Reporting Information [Line Items]
Depreciation, amortization, and other	$ 28	$ 27	$ 22

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash	$ 28	$ 18

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 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	$	57	$	6
Operating profit	172		94
Other	20		4
	$	249	$	104

LONG-TERM DEBT - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 4,500,000,000
Cash paid for interest, net of amounts capitalized			476,000,000	$ 345,000,000	$ 391,000,000
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 450,000,000		$ 450,000,000
Senior notes, interest rate	5.45%		5.50%
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 700,000,000		$ 700,000,000
Senior notes, interest rate	5.55%		5.60%
Series LL and MM Notes \| Senior Notes
Debt Instrument [Line Items]
Net proceeds	$ 1,135,000,000
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
Senior notes, interest rate		4.90%	4.90%
Net proceeds		$ 783,000,000

LEASES - Lease Terms and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases	13 years	13 years
Finance Leases	10 years	11 years
Weighted Average Discount Rate
Operating Leases	4.30%	4.40%
Finance Leases	4.40%	4.30%

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table presents the composition of our property and equipment balances at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Land	$	669	$	688
Buildings and leasehold improvements	1,108		1,086
Furniture and equipment	622		649
Construction in progress	72		36
	2,471		2,459
Accumulated depreciation	(890)		(874)
	$	1,581	$	1,585

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 $122 million in 2023, $114 million in 2022, and $138 million in 2021 (of which $37 million in 2023, $35 million in 2022, and $49 million in 2021 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $552 million at year-end 2023 and $592 million at year-end 2022.

LEASES - Current and Noncurrent Lease Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Current	$ 105	$ 106
Noncurrent	887	1,034
Present value of minimum lease payments	992	1,140
Finance Lease Liability [Abstract]
Current	8	8
Noncurrent	123	131
Present value of minimum lease payments	$ 131	$ 139
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other	Accrued expenses and other
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, noncurrent	Long-term debt, noncurrent

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Revenues

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


	2023				2022						2021
(in millions)	U.S. & Canada		International		Total		U.S. & Canada		International		Total		U.S. & Canada		International		Total
Gross fee revenues	$	2,799	$	1,290	$	4,089	$	2,486	$	917	$	3,403	$	1,580	$	568	$	2,148
Contract investment amortization	(65)		(22)		(87)		(60)		(29)		(89)		(55)		(20)		(75)
Net fee revenues	2,734		1,268		4,002		2,426		888		3,314		1,525		548		2,073
Owned, leased, and other revenue	506		937		1,443		479		801		1,280		282		467		749
Cost reimbursement revenue	14,456		2,250		16,706		12,848		1,797		14,645		8,549		1,239		9,788
Total reportable segment revenue	$	17,696	$	4,455	$	22,151	$	15,753	$	3,486	$	19,239	$	10,356	$	2,254	$	12,610
Unallocated corporate and other					1,562						1,534						1,247
Total revenue					$	23,713					$	20,773					$	13,857

Segment Profits


(in millions)	2023		2022		2021
U.S. & Canada (1)	$	2,724	$	2,446	$	1,394
International (2)	1,121		794		258
Unallocated corporate and other	68		251		(80)
Interest expense, net of interest income	(535)		(377)		(392)
Provision for income taxes	(295)		(756)		(81)
Net income	$	3,083	$	2,358	$	1,099

(1) Includes cost reimbursements, net of $57 million in 2023, $134 million in 2022, and $51 million in 2021.

(2) Includes cost reimbursements, net of $17 million in 2023, $49 million in 2022, and $14 million in 2021.

Depreciation and Amortization

Depreciation, Amortization, and Other


(in millions)	2023		2022		2021
U.S. & Canada	$	84	$	81	$	92
International	77		85		106

Unallocated corporate and other	28		27		22
	$	189	$	193	$	220

LONG-TERM DEBT - Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 553
2025	1,310
2026	1,202
2027	2,419
2028	1,447
Thereafter	4,942
Long-term debt	$ 11,873	$ 10,064

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 122	$ 114	$ 138
Property and equipment, net	1,581	1,585
International
Property, Plant and Equipment [Line Items]
Property and equipment, net	552	592
Reimbursed Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 37	$ 35	$ 49
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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:


	At Year-End 2023				At Year-End 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mezzanine and other loans	$	138	$	131	$	152	$	142
Total noncurrent financial assets	$	138	$	131	$	152	$	142

Senior Notes	$	(9,720)	$	(9,393)	$	(8,322)	$	(7,627)
Commercial paper	(1,421)		(1,421)		(871)		(871)
Other long-term debt	(56)		(52)		(56)		(49)
Other noncurrent liabilities	(80)		(80)		(394)		(394)
Total noncurrent financial liabilities	$	(11,277)	$	(10,946)	$	(9,643)	$	(8,941)

BUSINESS SEGMENTS - Segment Revenues (Details)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2024

segment

Dec. 31, 2023

USD ($)

segment

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Segment Reporting, Revenue Reconciling Item [Line Items]

Number of reporting segments | segment

Total revenue

$ 23,713

$ 20,773

$ 13,857

Total segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

22,151

19,239

12,610

Total segment | Non-US

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

5,160

4,032

2,615

Total segment | U.S. & Canada

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

17,696

15,753

10,356

Total segment | International

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

4,455

3,486

2,254

Unallocated corporate and other

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

1,562

1,534

1,247

Net fee revenues

Segment Reporting, Revenue Reconciling Item [Line Items]

Gross fee revenues

4,824

4,078

2,694

Contract investment amortization

(88)

(89)

(75)

Total revenue

4,736

3,989

2,619

Net fee revenues | Total segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Gross fee revenues

4,089

3,403

2,148

Contract investment amortization

(87)

(89)

(75)

Total revenue

4,002

3,314

2,073

Net fee revenues | Total segment | U.S. & Canada

Segment Reporting, Revenue Reconciling Item [Line Items]

Gross fee revenues

2,799

2,486

1,580

Contract investment amortization

(65)

(60)

(55)

Total revenue

2,734

2,426

1,525

Net fee revenues | Total segment | International

Segment Reporting, Revenue Reconciling Item [Line Items]

Gross fee revenues

1,290

917

568

Contract investment amortization

(22)

(29)

(20)

Total revenue

1,268

888

548

Owned, leased, and other

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

1,564

1,367

796

Owned, leased, and other | Total segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

1,443

1,280

749

Owned, leased, and other | Total segment | U.S. & Canada

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

506

479

282

Owned, leased, and other | Total segment | International

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

937

801

467

Reimbursements expenses

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

^[1]

17,413

15,417

10,442

Reimbursements expenses | Total segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

16,706

14,645

9,788

Reimbursements expenses | Total segment | Non-US

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

2,806

2,231

1,553

Reimbursements expenses | Total segment | U.S. & Canada

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

14,456

12,848

8,549

Reimbursements expenses | Total segment | International

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenue

$ 2,250

$ 1,797

$ 1,239

Subsequent Event | Forecast

Segment Reporting, Revenue Reconciling Item [Line Items]

Number of reporting segments | segment

[1]	See Note 15 for disclosure of related party amounts.

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 249
Recorded Liability for Guarantees	104
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	57
Recorded Liability for Guarantees	6
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	172
Recorded Liability for Guarantees	94
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	20
Recorded Liability for Guarantees	$ 4

INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Composition of Intangible Assets, Finite-Lived

The following table details the composition of our intangible assets at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,246	$	1,995
Contracts acquired in business combinations and other	2,426		2,173
	4,672		4,168
Accumulated amortization	(1,328)		(1,172)
	3,344		2,996
Indefinite-lived Intangible Brand Assets	5,846		5,751
	$	9,190	$	8,747

Composition of Intangible Assets, Indefinite-Lived

The following table details the composition of our intangible assets at year-end 2023 and 2022:


(in millions)	At Year-End 2023		At Year-End 2022
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,246	$	1,995
Contracts acquired in business combinations and other	2,426		2,173
	4,672		4,168
Accumulated amortization	(1,328)		(1,172)
	3,344		2,996
Indefinite-lived Intangible Brand Assets	5,846		5,751
	$	9,190	$	8,747

Carrying Amount of Goodwill

The following table details the carrying amount of our goodwill at year-end 2023 and 2022:


(in millions)	U.S. & Canada		International		Total Goodwill










Balance at year-end 2022	$	5,323	$	3,549	$	8,872



Foreign currency translation	10		4		14




Balance at year-end 2023	$	5,333	$	3,553	$	8,886

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

STOCK-BASED COMPENSATION - Changes in Outstanding RSU Grants (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of RSUs (in millions)
Outstanding beginning balance (in shares)	3.8
Granted (in shares)	1.1
Distributed (in shares)	(1.6)
Forfeited (in shares)	(0.2)
Outstanding ending balance (in shares)	3.1	3.8
Weighted Average Grant-Date Fair Value (per unit)
Outstanding beginning balance (in USD per share)	$ 125
Granted (in USD per share)	167	$ 168	$ 141
Distributed (in USD per share)	116
Forfeited (in USD per share)	155
Outstanding ending balance (in USD per share)	$ 144	$ 125