0001628280-24-033679 | 10-Q | XBRL Viewer | Marriott International INC MD

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 226
Recorded Liability for Guarantees	85
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	150
Recorded Liability for Guarantees	75
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	19
Recorded Liability for Guarantees	$ 4

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Guarantees

We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees (excluding contingent purchase obligations) for which we are the primary obligor at June 30, 2024 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	57	$	6
Operating profit	150		75
Other	19		4
	$	226	$	85

Our maximum potential guarantees listed in the preceding table include $64 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.

Contingent Purchase Obligation

Sheraton Grand Chicago. In 2017, we granted the owner a one-time right to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). In the 2021 third quarter, we entered into an amendment with the owner to move the exercise period of the put option from the 2022 first half to the 2024 first half. 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 (reflected in the “Accrued expenses and other” caption of our Balance Sheets) was $300 million at June 30, 2024 and December 31, 2023.

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. The Fourth Circuit granted that petition on January 18, 2024, but has not yet set a date for oral argument. 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. Most of these matters have been resolved, are expected to be resolved in the near future, or no longer appear to be active. We believe we have reached a resolution with the Federal Trade Commission, and we are continuing to progress in our discussions with the Attorney General offices from 49 states and the District of Columbia. Based on this progress, we believe it is probable that we will incur losses, and as of June 30, 2024, 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 unresolved 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 specificity 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) uncertainty regarding unresolved inquiries, investigations, or requests for information and/or documents.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-13881
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2055918
Entity Address, Address Line One	7750 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	380-3000
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		281,522,766
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001048286
Current Fiscal Year End Date	--12-31

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	146	$	142	$	138	$	131
Total noncurrent financial assets	$	146	$	142	$	138	$	131

Senior Notes	$	(10,277)	$	(9,841)	$	(9,720)	$	(9,393)
Commercial paper	(1,763)		(1,763)		(1,421)		(1,421)


Total noncurrent financial liabilities	$	(12,040)	$	(11,604)	$	(11,141)	$	(10,814)

See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2023 Form 10-K for more information on the input levels we use in determining fair value.

- Definition

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

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BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS

Beginning in the 2024 first quarter, we modified our segment structure as a result of a change in the way our chief operating decision maker (“CODM”) evaluates performance and allocates resources within the Company, resulting in the following four reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.” We revised the prior period amounts shown in the tables below to conform to our current presentation.

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 charges and other expenses. 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, as well as results of our CALA operating segment.

Our CODM 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 tables present our revenues disaggregated by segment and major revenue stream for the 2024 second quarter, 2023 second quarter, 2024 first half, and 2023 first half:


	Three Months Ended June 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	798	$	154	$	59	$	74	$	1,085
Contract investment amortization	(21)		(4)		—		(1)		(26)
Net fee revenues	777		150		59		73		1,059
Owned, leased, and other revenue	111		157		6		36		310
Cost reimbursement revenue	3,877		322		75		123		4,397
Total reportable segment revenue	$	4,765	$	629	$	140	$	232	$	5,766
Unallocated corporate and other									673
Total revenues									$	6,439


	Three Months Ended June 30, 2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	751	$	133	$	68	$	63	$	1,015
Contract investment amortization	(17)		(3)		—		(1)		(21)
Net fee revenues	734		130		68		62		994
Owned, leased, and other revenue	116		151		5		37		309
Cost reimbursement revenue	3,652		307		81		100		4,140
Total reportable segment revenue	$	4,502	$	588	$	154	$	199	$	5,443
Unallocated corporate and other									632
Total revenues									$	6,075


	Six Months Ended June 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	1,480	$	272	$	124	$	161	$	2,037
Contract investment amortization	(38)		(7)		—		(2)		(47)
Net fee revenues	1,442		265		124		159		1,990
Owned, leased, and other revenue	219		275		13		68		575
Cost reimbursement revenue	7,594		600		151		239		8,584
Total reportable segment revenue	$	9,255	$	1,140	$	288	$	466	$	11,149
Unallocated corporate and other									1,267
Total revenues									$	12,416


	Six Months Ended June 30, 2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	1,423	$	238	$	125	$	130	$	1,916
Contract investment amortization	(33)		(6)		—		(2)		(41)
Net fee revenues	1,390		232		125		128		1,875
Owned, leased, and other revenue	233		264		9		67		573
Cost reimbursement revenue	7,157		563		151		197		8,068
Total reportable segment revenue	$	8,780	$	1,059	$	285	$	392	$	10,516
Unallocated corporate and other									1,174
Total revenues									$	11,690

Segment Profits


	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
U.S. & Canada	$	787	$	756	$	1,412	$	1,413
EMEA	153		132		234		210
Greater China	47		59		98		105
APEC	62		57		134		113
Unallocated corporate and other	155		101		206		219
Interest expense, net of interest income	(164)		(141)		(317)		(252)
Provision for income taxes	(268)		(238)		(431)		(325)
Net income	$	772	$	726	$	1,336	$	1,483

- 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.

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INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate increased to 25.8 percent for the 2024 second quarter compared to 24.7 percent for the 2023 second quarter, primarily due to a shift in earnings to jurisdictions with higher tax rates. Our effective tax rate increased to 24.4 percent for the 2024 first half compared to 18.0 percent for the 2023 first half, primarily due to the prior year release of tax reserves and a shift in earnings to jurisdictions with higher tax rates. We paid cash for income taxes, net of refunds, of $433 million in the 2024 first half and $406 million in the 2023 first half.

- Definition

The entire disclosure for income tax.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss Activity

The following tables detail the accumulated other comprehensive loss activity for the 2024 first half and 2023 first half:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2023	$	(654)	$	7	$	(647)
Other comprehensive (loss) income before reclassifications (1)	(271)		17		(254)
Reclassification adjustments	—		(4)		(4)
Net other comprehensive (loss) income	(271)		13		(258)
Balance at June 30, 2024	$	(925)	$	20	$	(905)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income before reclassifications (1)	7		4		11
Reclassification adjustments	—		2		2
Net other comprehensive income	7		6		13
Balance at June 30, 2023	$	(733)	$	17	$	(716)

(1)Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in gains of $21 million for the 2024 first half and losses of $14 million for the 2023 first half.

Schedule of Changes in Shareholders' Equity

The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2024 first half and 2023 first half:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
290.5	Balance at year-end 2023	$	(682)	$	5	$	6,051	$	14,838	$	(20,929)	$	(647)

—	Net income	564		—		—		564		—		—
—	Other comprehensive loss	(147)		—		—		—		—		(147)
—	Dividends ($0.52 per share)	(151)		—		—		(151)		—		—
1.3	Stock-based compensation plans	(36)		—		(73)		—		37		—
(4.8)	Purchase of treasury stock	(1,164)		—		—		—		(1,164)		—
287.0	Balance at March 31, 2024	$	(1,616)	$	5	$	5,978	$	15,251	$	(22,056)	$	(794)
—	Net income	772		—		—		772		—		—
—	Other comprehensive loss	(111)		—		—		—		—		(111)
—	Dividends ($0.63 per share)	(179)		—		—		(179)		—		—
—	Stock-based compensation plans	53		—		52		—		1		—
(4.1)	Purchase of treasury stock	(1,010)		—		—		—		(1,010)		—
282.9	Balance at June 30, 2024	$	(2,091)	$	5	$	6,030	$	15,844	$	(23,065)	$	(905)


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

—	Net income	757		—		—		757		—		—
—	Other comprehensive income	82		—		—		—		—		82
—	Dividends ($0.40 per share)	(124)		—		—		(124)		—		—
0.9	Stock-based compensation plans	(34)		—		(59)		—		25		—
(6.8)	Purchase of treasury stock	(1,109)		—		—		—		(1,109)		—
304.7	Balance at March 31, 2023	$	140	$	5	$	5,906	$	12,975	$	(18,099)	$	(647)
—	Net income	726		—		—		726		—		—
—	Other comprehensive loss	(69)		—		—		—		—		(69)
—	Dividends ($0.52 per share)	(157)		—		—		(157)		—		—
0.1	Stock-based compensation plans	48		—		46		—		2		—
(5.2)	Purchase of treasury stock	(912)		—		—		—		(912)		—
299.6	Balance at June 30, 2023	$	(224)	$	5	$	5,952	$	13,544	$	(19,009)	$	(716)

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

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

OPERATING ACTIVITIES

Net income

$ 1,336

$ 1,483

Adjustments to reconcile to cash provided by operating activities:

Depreciation, amortization, and other

142

135

Stock-based compensation

110

Income taxes

(2)

(80)

Contract acquisition costs

(121)

(105)

Merger-related charges and other

Working capital changes

(274)

(215)

Other

Net cash provided by operating activities

1,551

1,538

INVESTING ACTIVITIES

Capital and technology expenditures

(234)

(194)

Asset acquisition

(102)

Dispositions

Loan advances

(8)

(17)

Loan collections

Other

Net cash used in investing activities

(225)

(243)

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

342

736

Issuance of long-term debt

1,468

783

Repayment of long-term debt

(554)

(330)

Issuance of Class A Common Stock

Dividends paid

(330)

(281)

Purchase of treasury stock

(2,156)

(2,046)

Stock-based compensation withholding taxes

(125)

(79)

Other

(24)

Net cash used in financing activities

(1,322)

(1,241)

INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

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

^[1]

366

525

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

^[1]

370

579

Loyalty program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 319

$ 131

[1]	The 2024 amounts include beginning restricted cash of $28 million at December 31, 2023, and ending restricted cash of $21 million at June 30, 2024, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest paid, net of amounts capitalized		$ 303	$ 196
Maximum aggregate borrowings under credit facility (up to)		4,500
Series NN And OO Notes \| Senior Notes
Debt Instrument [Line Items]
Proceeds from debt	$ 1,468
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029 (effective interest rate of 5.3%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 500	$ 500
Interest rate	4.875%	4.90%
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034 (effective interest rate of 5.6%) \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 1,000	$ 1,000
Interest rate	5.30%	5.30%

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Computation of Basic Earnings Per Share
Net income	$	772	$	726	$	1,336	$	1,483
Shares for basic earnings per share	285.8		303.6		288.1		306.6
Basic earnings per share	$	2.70	$	2.39	$	4.64	$	4.84
Computation of Diluted Earnings Per Share
Net income	$	772	$	726	$	1,336	$	1,483
Shares for basic earnings per share	285.8		303.6		288.1		306.6
Effect of dilutive securities
Stock-based compensation	0.9		1.4		1.0		1.4
Shares for diluted earnings per share	286.7		305.0		289.1		308.0
Diluted earnings per share	$	2.69	$	2.38	$	4.62	$	4.81

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and equivalents	$ 349	$ 338
Accounts and notes receivable, net	2,847	2,712
Prepaid expenses and other	304	261
Assets, current, total	3,500	3,311
Property and equipment, net	1,558	1,581
Intangible assets
Goodwill	8,783	8,886
Goodwill and intangible assets, net, total	18,046	18,076
Equity method investments	304	308
Notes receivable, net	146	138
Deferred tax assets	644	673
Operating lease assets	875	929
Other noncurrent assets	667	658
Total assets	25,740	25,674
Current liabilities
Current portion of long-term debt	960	553
Accounts payable	826	738
Accrued payroll and benefits	1,136	1,390
Accrued expenses and other	1,978	1,753
Liabilities, current, total	8,283	7,762
Long-term debt	12,183	11,320
Deferred tax liabilities	219	209
Operating lease liabilities	825	887
Other noncurrent liabilities	1,327	1,482
Stockholders’ deficit
Class A Common Stock	5	5
Additional paid-in-capital	6,030	6,051
Retained earnings	15,844	14,838
Treasury stock, at cost	(23,065)	(20,929)
Accumulated other comprehensive loss	(905)	(647)
Stockholders’ deficit	(2,091)	(682)
Liabilities and equity, total	25,740	25,674
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	3,383	3,328
Contract with customer liabilities	3,942	3,678
Deferred revenue
Current liabilities
Contract with customer liabilities	1,052	1,018
Brands
Intangible assets
Intangible assets	5,818	5,907
Contract acquisition costs and other
Intangible assets
Intangible assets	$ 3,445	$ 3,283

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT - Changes in Stockholders' Equity (Deficit) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Line Items]
Cash dividends (in USD per share)	$ 0.63	$ 0.52	$ 0.52	$ 0.40
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ (1,616)	$ (682)	$ 140	$ 568	$ (682)	$ 568
Net income	772	564	726	757	1,336	1,483
Other comprehensive loss	(111)	(147)	(69)	82	(258)	13
Dividends	(179)	(151)	(157)	(124)
Stock-based compensation plans	53	(36)	48	(34)
Purchase of treasury stock	(1,010)	(1,164)	(912)	(1,109)
Balance at end of period	(2,091)	(1,616)	(224)	140	(2,091)	(224)
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at beginning of period (in shares)	287.0	290.5	304.7	310.6	290.5	310.6
Stock-based compensation plans (in shares)		1.3	0.1	0.9
Purchase of treasury stock (in shares)	(4.1)	(4.8)	(5.2)	(6.8)
Balance at end of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at end of period (in shares)	282.9	287.0	299.6	304.7	282.9	299.6
Additional Paid-in-Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5,978	$ 6,051	$ 5,906	$ 5,965	$ 6,051	$ 5,965
Stock-based compensation plans	52	(73)	46	(59)
Balance at end of period	6,030	5,978	5,952	5,906	6,030	5,952
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	15,251	14,838	12,975	12,342	14,838	12,342
Net income	772	564	726	757
Dividends	(179)	(151)	(157)	(124)
Balance at end of period	15,844	15,251	13,544	12,975	15,844	13,544
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(22,056)	(20,929)	(18,099)	(17,015)	(20,929)	(17,015)
Stock-based compensation plans	1	37	2	25
Purchase of treasury stock	(1,010)	(1,164)	(912)	(1,109)
Balance at end of period	(23,065)	(22,056)	(19,009)	(18,099)	(23,065)	(19,009)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(794)	(647)	(647)	(729)	(647)	(729)
Other comprehensive loss	(111)	(147)	(69)	82
Balance at end of period	$ (905)	$ (794)	$ (716)	$ (647)	$ (905)	$ (716)

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

The following tables detail the accumulated other comprehensive loss activity for the 2024 first half and 2023 first half:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2023	$	(654)	$	7	$	(647)
Other comprehensive (loss) income before reclassifications (1)	(271)		17		(254)
Reclassification adjustments	—		(4)		(4)
Net other comprehensive (loss) income	(271)		13		(258)
Balance at June 30, 2024	$	(925)	$	20	$	(905)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income before reclassifications (1)	7		4		11
Reclassification adjustments	—		2		2
Net other comprehensive income	7		6		13
Balance at June 30, 2023	$	(733)	$	17	$	(716)

The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2024 first half and 2023 first half:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
290.5	Balance at year-end 2023	$	(682)	$	5	$	6,051	$	14,838	$	(20,929)	$	(647)

—	Net income	564		—		—		564		—		—
—	Other comprehensive loss	(147)		—		—		—		—		(147)
—	Dividends ($0.52 per share)	(151)		—		—		(151)		—		—
1.3	Stock-based compensation plans	(36)		—		(73)		—		37		—
(4.8)	Purchase of treasury stock	(1,164)		—		—		—		(1,164)		—
287.0	Balance at March 31, 2024	$	(1,616)	$	5	$	5,978	$	15,251	$	(22,056)	$	(794)
—	Net income	772		—		—		772		—		—
—	Other comprehensive loss	(111)		—		—		—		—		(111)
—	Dividends ($0.63 per share)	(179)		—		—		(179)		—		—
—	Stock-based compensation plans	53		—		52		—		1		—
(4.1)	Purchase of treasury stock	(1,010)		—		—		—		(1,010)		—
282.9	Balance at June 30, 2024	$	(2,091)	$	5	$	6,030	$	15,844	$	(23,065)	$	(905)


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

—	Net income	757		—		—		757		—		—
—	Other comprehensive income	82		—		—		—		—		82
—	Dividends ($0.40 per share)	(124)		—		—		(124)		—		—
0.9	Stock-based compensation plans	(34)		—		(59)		—		25		—
(6.8)	Purchase of treasury stock	(1,109)		—		—		—		(1,109)		—
304.7	Balance at March 31, 2023	$	140	$	5	$	5,906	$	12,975	$	(18,099)	$	(647)
—	Net income	726		—		—		726		—		—
—	Other comprehensive loss	(69)		—		—		—		—		(69)
—	Dividends ($0.52 per share)	(157)		—		—		(157)		—		—
0.1	Stock-based compensation plans	48		—		46		—		2		—
(5.2)	Purchase of treasury stock	(912)		—		—		—		(912)		—
299.6	Balance at June 30, 2023	$	(224)	$	5	$	5,952	$	13,544	$	(19,009)	$	(716)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 772	$ 564	$ 726	$ 757	$ 1,336	$ 1,483

- Definition

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

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES - Litigation, Claims, and Government Investigations (Details)	Nov. 30, 2018 lawsuit
Class Action Lawsuits Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed	100

- 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

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Computation of Basic Earnings Per Share
Net income	$ 772	$ 564	$ 726	$ 757	$ 1,336	$ 1,483
Shares for basic earnings per share (in shares)	285.8		303.6		288.1	306.6
Basic earnings per shares (in USD per share)	$ 2.70		$ 2.39		$ 4.64	$ 4.84
Computation of Diluted Earnings Per Share
Net income	$ 772	$ 564	$ 726	$ 757	$ 1,336	$ 1,483
Shares for basic earnings per share (in shares)	285.8		303.6		288.1	306.6
Effect of dilutive securities
Stock-based compensation (in shares)	0.9		1.4		1.0	1.4
Shares for diluted earnings per share (in shares)	286.7		305.0		289.1	308.0
Diluted earnings per share (in USD per share)	$ 2.69		$ 2.38		$ 4.62	$ 4.81

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

BUSINESS SEGMENTS - Segment Revenues (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reporting segments \| segment			4
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 6,439	$ 6,075	$ 12,416	$ 11,690
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	5,766	5,443	11,149	10,516
Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4,765	4,502	9,255	8,780
Total segment \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	629	588	1,140	1,059
Total segment \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	140	154	288	285
Total segment \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	232	199	466	392
Unallocated corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	673	632	1,267	1,174
Net fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	1,343	1,250	2,553	2,383
Contract investment amortization	(27)	(22)	(50)	(43)
Revenue	1,316	1,228	2,503	2,340
Net fee revenues \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	1,085	1,015	2,037	1,916
Contract investment amortization	(26)	(21)	(47)	(41)
Revenue	1,059	994	1,990	1,875
Net fee revenues \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	798	751	1,480	1,423
Contract investment amortization	(21)	(17)	(38)	(33)
Revenue	777	734	1,442	1,390
Net fee revenues \| Total segment \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	154	133	272	238
Contract investment amortization	(4)	(3)	(7)	(6)
Revenue	150	130	265	232
Net fee revenues \| Total segment \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	59	68	124	125
Contract investment amortization	0	0	0	0
Revenue	59	68	124	125
Net fee revenues \| Total segment \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	74	63	161	130
Contract investment amortization	(1)	(1)	(2)	(2)
Revenue	73	62	159	128
Owned, leased, and other revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	395	390	752	746
Owned, leased, and other revenue \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	310	309	575	573
Owned, leased, and other revenue \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	111	116	219	233
Owned, leased, and other revenue \| Total segment \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	157	151	275	264
Owned, leased, and other revenue \| Total segment \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	6	5	13	9
Owned, leased, and other revenue \| Total segment \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	36	37	68	67
Cost reimbursement revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4,728	4,457	9,161	8,604
Cost reimbursement revenue \| Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4,397	4,140	8,584	8,068
Cost reimbursement revenue \| Total segment \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3,877	3,652	7,594	7,157
Cost reimbursement revenue \| Total segment \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	322	307	600	563
Cost reimbursement revenue \| Total segment \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	75	81	151	151
Cost reimbursement revenue \| Total segment \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 123	$ 100	$ 239	$ 197

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, weighted average grant-date fair value (in USD per share)			$ 226
Share-based compensation expense	$ 49	$ 49	$ 94	$ 82
Deferred compensation costs related to unvested awards	$ 272		$ 272		$ 171
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.8
Stock awards, vesting period			4 years
Stock awards, period of service after grant date			1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.1

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

COMMITMENTS AND CONTINGENCIES - Contingent Purchase Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2017
Guarantor Obligations [Line Items]
Guarantee	$ 226
Guarantee, recorded liability	85
Operating profit
Guarantor Obligations [Line Items]
Guarantee	150
Guarantee, recorded liability	75
Not Yet In Effect Condition \| Operating profit
Guarantor Obligations [Line Items]
Guarantee	64
Sheraton Grand Chicago Hotel
Guarantor Obligations [Line Items]
Guarantee, recorded liability	300	$ 300
Sheraton Grand Chicago Hotel \| Hotel and Leasehold
Guarantor Obligations [Line Items]
Guarantee	500		$ 300
Sheraton Grand Chicago Hotel \| Land
Guarantor Obligations [Line Items]
Guarantor obligations, additional exposure	$ 200

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 146	$ 138
Commercial paper	(1,763)	(1,421)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	146	138
Total noncurrent financial assets	146	138
Senior Notes	(10,277)	(9,720)
Commercial paper	(1,763)	(1,421)
Total noncurrent financial liabilities	(12,040)	(11,141)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	142	131
Total noncurrent financial assets	142	131
Senior Notes	(9,841)	(9,393)
Commercial paper	(1,763)	(1,421)
Total noncurrent financial liabilities	$ (11,604)	$ (10,814)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	25.80%	24.70%	24.40%	18.00%
Cash paid for income taxes, net of refunds			$ 433	$ 406

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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:


	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	146	$	142	$	138	$	131
Total noncurrent financial assets	$	146	$	142	$	138	$	131

Senior Notes	$	(10,277)	$	(9,841)	$	(9,720)	$	(9,393)
Commercial paper	(1,763)		(1,763)		(1,421)		(1,421)


Total noncurrent financial liabilities	$	(12,040)	$	(11,604)	$	(11,141)	$	(10,814)

BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Revenues

The following tables present our revenues disaggregated by segment and major revenue stream for the 2024 second quarter, 2023 second quarter, 2024 first half, and 2023 first half:


	Three Months Ended June 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	798	$	154	$	59	$	74	$	1,085
Contract investment amortization	(21)		(4)		—		(1)		(26)
Net fee revenues	777		150		59		73		1,059
Owned, leased, and other revenue	111		157		6		36		310
Cost reimbursement revenue	3,877		322		75		123		4,397
Total reportable segment revenue	$	4,765	$	629	$	140	$	232	$	5,766
Unallocated corporate and other									673
Total revenues									$	6,439


	Three Months Ended June 30, 2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	751	$	133	$	68	$	63	$	1,015
Contract investment amortization	(17)		(3)		—		(1)		(21)
Net fee revenues	734		130		68		62		994
Owned, leased, and other revenue	116		151		5		37		309
Cost reimbursement revenue	3,652		307		81		100		4,140
Total reportable segment revenue	$	4,502	$	588	$	154	$	199	$	5,443
Unallocated corporate and other									632
Total revenues									$	6,075


	Six Months Ended June 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	1,480	$	272	$	124	$	161	$	2,037
Contract investment amortization	(38)		(7)		—		(2)		(47)
Net fee revenues	1,442		265		124		159		1,990
Owned, leased, and other revenue	219		275		13		68		575
Cost reimbursement revenue	7,594		600		151		239		8,584
Total reportable segment revenue	$	9,255	$	1,140	$	288	$	466	$	11,149
Unallocated corporate and other									1,267
Total revenues									$	12,416


	Six Months Ended June 30, 2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC		Total
Gross fee revenues	$	1,423	$	238	$	125	$	130	$	1,916
Contract investment amortization	(33)		(6)		—		(2)		(41)
Net fee revenues	1,390		232		125		128		1,875
Owned, leased, and other revenue	233		264		9		67		573
Cost reimbursement revenue	7,157		563		151		197		8,068
Total reportable segment revenue	$	8,780	$	1,059	$	285	$	392	$	10,516
Unallocated corporate and other									1,174
Total revenues									$	11,690

Schedule of Segment Profits

Segment Profits


	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
U.S. & Canada	$	787	$	756	$	1,412	$	1,413
EMEA	153		132		234		210
Greater China	47		59		98		105
APEC	62		57		134		113
Unallocated corporate and other	155		101		206		219
Interest expense, net of interest income	(164)		(141)		(317)		(252)
Provision for income taxes	(268)		(238)		(431)		(325)
Net income	$	772	$	726	$	1,336	$	1,483

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Restricted cash	$ 21	$ 28

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 772	$ 726	$ 1,336	$ 1,483
Other comprehensive (loss) income
Foreign currency translation adjustments	(114)	(77)	(271)	7
Other adjustments, net of tax	3	8	13	6
Total other comprehensive (loss) income, net of tax	(111)	(69)	(258)	13
Comprehensive income	$ 661	$ 657	$ 1,078	$ 1,496

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Computation of Basic Earnings Per Share
Net income	$	772	$	726	$	1,336	$	1,483
Shares for basic earnings per share	285.8		303.6		288.1		306.6
Basic earnings per share	$	2.70	$	2.39	$	4.64	$	4.84
Computation of Diluted Earnings Per Share
Net income	$	772	$	726	$	1,336	$	1,483
Shares for basic earnings per share	285.8		303.6		288.1		306.6
Effect of dilutive securities
Stock-based compensation	0.9		1.4		1.0		1.4
Shares for diluted earnings per share	286.7		305.0		289.1		308.0
Diluted earnings per share	$	2.69	$	2.38	$	4.62	$	4.81

CONTRACTS WITH CUSTOMERS	6 Months Ended
CONTRACTS WITH CUSTOMERS	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
CONTRACTS WITH CUSTOMERS	CONTRACTS WITH CUSTOMERS Our current and noncurrent liability for guest loyalty program increased by $319 million, to $7,325 million at June 30, 2024, from $7,006 million at December 31, 2023, primarily reflecting an increase in points earned by members. The increase was partially offset by $1,645 million of revenue recognized in the 2024 first half, that was deferred as of December 31, 2023. Our allowance for credit losses was $207 million at June 30, 2024 and $197 million at December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Revenue	$ 6,439	$ 6,075	$ 12,416	$ 11,690
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	47	48	92	92
General, administrative, and other	248	240	509	442
Merger-related charges and other	8	38	16	39
Costs and expenses	5,244	4,979	10,345	9,643
OPERATING INCOME	1,195	1,096	2,071	2,047
Gains and other income, net	4	2	8	5
Interest expense	(173)	(140)	(336)	(266)
Interest income	9	(1)	19	14
Equity in earnings	5	7	5	8
INCOME BEFORE INCOME TAXES	1,040	964	1,767	1,808
Provision for income taxes	(268)	(238)	(431)	(325)
NET INCOME	$ 772	$ 726	$ 1,336	$ 1,483
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 2.70	$ 2.39	$ 4.64	$ 4.84
Earnings per share - diluted (in USD per share)	$ 2.69	$ 2.38	$ 4.62	$ 4.81
Net fee revenues
REVENUES
Gross fee revenues	$ 1,343	$ 1,250	$ 2,553	$ 2,383
Contract investment amortization	(27)	(22)	(50)	(43)
Revenue	1,316	1,228	2,503	2,340
Base management fees
REVENUES
Gross fee revenues	330	318	643	611
Franchise fees
REVENUES
Gross fee revenues	818	739	1,506	1,378
Incentive management fees
REVENUES
Gross fee revenues	195	193	404	394
Owned, leased, and other revenue
REVENUES
Revenue	395	390	752	746
OPERATING COSTS AND EXPENSES
Operating costs	296	287	582	568
Cost reimbursement revenue
REVENUES
Revenue	4,728	4,457	9,161	8,604
OPERATING COSTS AND EXPENSES
Operating costs	$ 4,645	$ 4,366	$ 9,146	$ 8,502

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of June 30, 2024 and year-end 2023:


(in millions)	June 30, 2024		December 31, 2023
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	$	349
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	748		748
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	320		321
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	288		288
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	447		447
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, matured April 15, 2024 (effective interest rate of 3.9%)	—		545
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	599		598
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	990		990
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	988		988
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)	1,092		1,091
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)	695		694
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%)	989		987
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	786		785
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%)	446		445
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%)	692		691
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029 (effective interest rate of 5.3%)	490		—
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034 (effective interest rate of 5.6%)	979		—
Commercial paper	1,763		1,421
Credit Facility	—		—
Finance lease obligations	128		131
Other	56		56
	$	13,143	$	11,873
Less current portion	(960)		(553)
	$	12,183	$	11,320

We paid cash for interest, net of amounts capitalized, of $303 million in the 2024 first half and $196 million in the 2023 first half.

In February 2024, we issued $500 million aggregate principal amount of 4.875 percent Series NN Notes due May 15, 2029 (the “Series NN Notes”) and $1.0 billion aggregate principal amount of 5.300 percent Series OO Notes due May 15, 2034 (the “Series OO Notes”). We pay interest on the Series NN Notes and Series OO Notes in May and November of each year. We received net proceeds of approximately $1.468 billion from the offering of the Series NN Notes and Series OO 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 (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility 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.

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We granted 0.8 million restricted stock units (“RSUs”) during the 2024 first half to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2024 first half 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 2026 adjusted EBITDA performance and relative total stockholder return over the 2024 to 2026 performance period. RSUs, including PSUs, granted in the 2024 first half had a weighted average grant-date fair value of $226 per unit. We recorded stock-based compensation expense for RSUs and PSUs of $49 million in the 2024 second quarter, $49 million in the 2023 second quarter, $94 million in the 2024 first half, and $82 million in the 2023 first half. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $272 million at June 30, 2024 and $171 million at December 31, 2023.

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of June 30, 2024 and year-end 2023:


(in millions)	June 30, 2024		December 31, 2023
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	$	349
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	748		748
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)	320		321
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)	288		288
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)	447		447
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, matured April 15, 2024 (effective interest rate of 3.9%)	—		545
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)	599		598
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)	990		990
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)	988		988
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)	1,092		1,091
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)	695		694
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%)	989		987
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%)	786		785
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%)	446		445
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%)	692		691
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029 (effective interest rate of 5.3%)	490		—
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034 (effective interest rate of 5.6%)	979		—
Commercial paper	1,763		1,421
Credit Facility	—		—
Finance lease obligations	128		131
Other	56		56
	$	13,143	$	11,873
Less current portion	(960)		(553)
	$	12,183	$	11,320

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69B
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Caribbean & Latin America, Europe, Middle East & Africa, Greater China, and Asia Pacific excluding China regions, as “International.” In addition, references throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2023 Form 10-K. Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of June 30, 2024 and December 31, 2023, the results of our operations for the three and six months ended June 30, 2024 and June 30, 2023, and cash flows for the six months ended June 30, 2024 and June 30, 2023. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Commercial paper	$ 1,763		$ 1,421
Credit Facility	0		0
Finance lease obligations	128		131
Other	56		56
Total debt	13,143		11,873
Less current portion	(960)		(553)
Long-term debt, noncurrent	12,183		11,320
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		349
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.80%
Senior notes, face amount	$ 350
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		748
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.10%
Senior notes, face amount	$ 750
Effective interest rate	3.30%
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	$ 320		321
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.80%
Senior notes, face amount	$ 318
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		288
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes, face amount	$ 278
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		447
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.00%
Senior notes, face amount	$ 450
Effective interest rate	4.20%
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		298
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.70%
Senior notes, face amount	$ 300
Effective interest rate	4.80%
Series CC Notes, interest rate of 3.6%, face amount of $550, matured April 15, 2024 (effective interest rate of 3.9%)
Debt Instrument [Line Items]
Senior notes	$ 0		545
Series CC Notes, interest rate of 3.6%, face amount of $550, matured April 15, 2024 (effective interest rate of 3.9%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.60%
Senior notes, face amount	$ 550
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	$ 599		598
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.80%
Senior notes, face amount	$ 600
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		990
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.60%
Senior notes, face amount	$ 1,000
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		988
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.50%
Senior notes, face amount	$ 1,000
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	$ 1,092		1,091
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	2.90%
Senior notes, face amount	$ 1,100
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	$ 695		694
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	2.80%
Senior notes, face amount	$ 700
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	$ 989		987
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.00%
Senior notes, face amount	$ 1,000
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	$ 786		785
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.90%
Senior notes, face amount	$ 800
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	$ 446		445
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]
Interest rate	5.50%
Senior notes, face amount	$ 450
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	$ 692		691
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]
Interest rate	5.60%
Senior notes, face amount	$ 700
Effective interest rate	5.90%
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029 (effective interest rate of 5.3%)
Debt Instrument [Line Items]
Senior notes	$ 490		0
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029 (effective interest rate of 5.3%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.90%	4.875%
Senior notes, face amount	$ 500	$ 500
Effective interest rate	5.30%
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034 (effective interest rate of 5.6%)
Debt Instrument [Line Items]
Senior notes	$ 979		$ 0
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034 (effective interest rate of 5.6%) \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.30%	5.30%
Senior notes, face amount	$ 1,000	$ 1,000
Effective interest rate	5.60%

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of 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	150		75
Other	19		4
	$	226	$	85

BUSINESS SEGMENTS - Segment Profits (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 1,195		$ 1,096		$ 2,071	$ 2,047
Interest expense, net of interest income	(164)		(141)		(317)	(252)
Provision for income taxes	(268)		(238)		(431)	(325)
NET INCOME	772	$ 564	726	$ 757	1,336	1,483
Total segment \| U.S. & Canada
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	787		756		1,412	1,413
Total segment \| EMEA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	153		132		234	210
Total segment \| Greater China
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	47		59		98	105
Total segment \| APEC
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	62		57		134	113
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segments profits	$ 155		$ 101		$ 206	$ 219

CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	6 Months Ended
CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 207	$ 197
Loyalty program
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	319
Contract with customer liability	7,325	$ 7,006
Deferred revenue recognized	$ 1,645

- 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

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT - Accumulated Other Comprehensive (Loss) Income Activity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ (1,616)	$ (682)	$ 140	$ 568	$ (682)	$ 568
Other comprehensive income before reclassifications					(254)	11
Reclassification adjustments					(4)	2
Total other comprehensive (loss) income, net of tax	(111)	(147)	(69)	82	(258)	13
Balance at end of period	(2,091)	(1,616)	(224)	140	(2,091)	(224)
Intra-entity foreign currency long-term-investment (losses) gains					21	(14)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(794)	(647)	(647)	(729)	(647)	(729)
Total other comprehensive (loss) income, net of tax	(111)	(147)	(69)	82
Balance at end of period	(905)	(794)	(716)	(647)	(905)	(716)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		(654)		(740)	(654)	(740)
Other comprehensive income before reclassifications					(271)	7
Reclassification adjustments					0	0
Total other comprehensive (loss) income, net of tax					(271)	7
Balance at end of period	(925)		(733)		(925)	(733)
Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		$ 7		$ 11	7	11
Other comprehensive income before reclassifications					17	4
Reclassification adjustments					(4)	2
Total other comprehensive (loss) income, net of tax					13	6
Balance at end of period	$ 20		$ 17		$ 20	$ 17

- Definition

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

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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details