Marriott International, Inc(NASDAQ:MAR) 
Marriott International, Inc. operates, franchises, and licenses hotel, residential, and timeshare properties worldwide. The company operates through North American Full-Service, North American Limited-Service, and Asia Pacific segments. It operates its properties under the JW Marriott, The Ritz-Carl...
Website: http://www.marriott.com
Founded: 1927
Full Time Employees: 174,000
CEO: Arne M. Sorenson
Sector: Consumer Cyclical
Industry: Lodging
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At a glance:
- Asset-Light, Fee-Driven Business Model Supports Resilience: Marriott primarily earns management and franchise fees rather than owning most hotel real estate, which can reduce capital intensity and help margins and cash generation across cycles.
- Global Brand Portfolio and Scale Drive Demand and Owner Preference: A broad set of brands across price points and a large loyalty ecosystem help sustain occupancy and pricing power, while making Marriott an attractive partner for hotel owners and developers.
- RevPAR and Travel Demand Trends Are Key Near-Term Performance Drivers: Results tend to hinge on revenue per available room (RevPAR), which is influenced by business and leisure travel volumes, group bookings, and the company’s ability to push room rates.
- Net Rooms Growth and Pipeline Conversion Matter for Longer-Term Growth: Future earnings are tied to signed development pipeline, openings, and retention of franchised/managed properties—especially in higher-fee segments and faster-growing regions.
- Capital Allocation Balances Shareholder Returns and Leverage Management: Marriott often emphasizes share repurchases and dividends while managing debt levels; changes in interest rates, refinancing needs, or downturn risk can influence the pace of buybacks.
Bull Thesis:
- Robust Brand Portfolio and Global Market Leadership: Marriott boasts an unparalleled collection of luxury, premium, and select-service brands, coupled with an extensive global footprint. This provides resilience, diverse revenue streams, and a dominant position in various markets worldwide, appealing to a broad spectrum of travelers.
- Resilient Asset-Light Business Model: A significant portion of Marriott's revenue is derived from franchising and management fees, rather than direct property ownership. This asset-light strategy reduces capital intensity, generates stable, high-margin cash flows, and makes the company less susceptible to property value fluctuations.
- Powerful Marriott Bonvoy Loyalty Program: The massive and highly engaged Marriott Bonvoy loyalty program is a significant competitive advantage. It drives repeat business, fosters strong customer stickiness, and provides valuable data, acting as a powerful demand generator and barrier to entry for competitors.
- Sustained Recovery in Global Travel Demand: Continued rebound in both leisure and business travel, particularly international and group segments, is fueling strong occupancy rates and Revenue Per Available Room (RevPAR) growth across Marriott's diverse portfolio, indicating a healthy demand environment post-pandemic.
Bear Thesis:
- Macroeconomic Headwinds and Recessionary Pressures: A potential global economic slowdown or recession could significantly dampen discretionary leisure travel and corporate spending. This would lead to reduced occupancy, lower RevPAR, and pressure on overall profitability for Marriott and its franchisees.
- Intense Competition from Alternative Accommodations: The persistent growth of short-term rental platforms like Airbnb continues to pose a competitive threat, particularly in the leisure segment. This can potentially siphon off demand and exert downward pressure on pricing in certain markets, impacting Marriott's market share.
- Labor Shortages and Wage Inflation Risks: The hospitality industry faces ongoing challenges with labor availability and increasing wage demands. These factors can elevate operating costs for Marriott's managed properties and impact the profitability of its franchisees, potentially squeezing margins across the portfolio.
- Geopolitical Instability and Travel Restrictions: As a global operator, Marriott is exposed to geopolitical conflicts, trade tensions, and the potential re-imposition of travel restrictions in various regions. Such events could disrupt operations, deter international travel, and negatively impact demand in affected markets.
Main Competitors:
- Hilton Worldwide Holdings Inc. ($HLT) (Hotel brands (Hilton, DoubleTree, Embassy Suites, Waldorf Astoria, etc.)), A direct global competitor with a vast portfolio of brands across all segments, strong loyalty program (Hilton Honors), and a similar business model (franchising, management, ownership), vying for market share in business and leisure travel.
- Hyatt Hotels Corporation ($H) (Hotel brands (Hyatt Regency, Park Hyatt, Grand Hyatt, Andaz, etc.)), Competes directly, often with a focus on the upscale and luxury segments, strong loyalty program (World of Hyatt), and a global footprint, vying for corporate and leisure travelers who prioritize premium experiences.
- IHG Hotels & Resorts ($IHG) (Hotel brands (Holiday Inn, Crowne Plaza, InterContinental, Kimpton, etc.)), A major global competitor with a diverse portfolio spanning economy to luxury, strong presence in key markets, and a robust loyalty program (IHG One Rewards), competing for market share across various traveler segments.
- Accor S.A. ($AC.PA) (Hotel brands (Sofitel, Novotel, Ibis, Fairmont, Raffles, etc.)), A European-based global hospitality group with a very diverse portfolio from economy to luxury, strong international presence, and its own loyalty program (ALL - Accor Live Limitless), competing for guests worldwide.
- Airbnb, Inc. ($ABNB) (Online marketplace for lodging and experiences), A disruptive competitor offering alternative accommodations (homes, apartments, unique stays) that appeal to leisure travelers, groups, and extended stays, often at competitive price points, challenging traditional hotel demand, particularly in the leisure segment.
Moat:
Marriott International's competitive moat is primarily built on its extensive global brand portfolio (Marriott Bonvoy), which offers a wide range of options from luxury to economy, catering to diverse traveler needs. Its powerful loyalty program, Marriott Bonvoy, fosters strong customer retention and drives direct bookings, reducing reliance on third-party channels. The company also benefits from significant scale, a robust global distribution system, and strong relationships with property owners and franchisees. Competition is intense, coming from traditional hotel giants like Hilton, Hyatt, IHG, and Accor, who compete directly on brand recognition, loyalty programs, location, and service. Additionally, disruptive players like Airbnb challenge Marriott by offering alternative accommodations, particularly for leisure, group, and extended stays, pushing Marriott to innovate with its own home rental offerings (Homes & Villas by Marriott International) and focus on unique hotel experiences.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 | 2012-12-28 | 2012-09-07 | 2012-06-15 | 2012-03-23 | 2011-12-31 | 2011-12-30 | 2011-09-09 | 2011-06-17 | 2011-03-25 | 2010-12-31 | 2010-09-10 | 2010-06-18 | 2010-03-26 | 2010-01-01 | 2009-12-31 | 2009-09-11 | 2009-06-19 | 2009-03-27 | 2009-01-02 | 2008-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
franchise fees | 872,000,000 | 843,000,000 | 876,000,000 | 860,000,000 | 746,000,000 | 795,000,000 | 812,000,000 | 818,000,000 | 688,000,000 | 705,000,000 | 748,000,000 | 739,000,000 | 639,000,000 | 658,000,000 | 678,000,000 | 669,000,000 | 500,000,000 | 520,000,000 | 533,000,000 | 431,000,000 | 306,000,000 | 277,000,000 | 279,000,000 | 182,000,000 | 415,000,000 | 501,000,000 | 530,000,000 | 525,000,000 | 450,000,000 | 455,000,000 | 502,000,000 | 475,000,000 | 417,000,000 | 411,000,000 | 426,000,000 | 416,000,000 | 365,000,000 | 296,000,000 | 250,000,000 | 235,000,000 | 207,000,000 | 201,000,000 | 227,000,000 | 221,000,000 | 204,000,000 | 185,000,000 | 203,000,000 | 194,000,000 | 163,000,000 | 175,000,000 | 177,000,000 | 151,000,000 | 187,000,000 | 149,000,000 | 145,000,000 | 126,000,000 | 159,000,000 | 124,000,000 | 120,000,000 | 103,000,000 | 136,000,000 | 109,000,000 | 105,000,000 | 91,000,000 | 119,000,000 | 100,000,000 | 93,000,000 | 88,000,000 | ||||||
base management fees | 339,000,000 | 343,000,000 | 314,000,000 | 340,000,000 | 325,000,000 | 333,000,000 | 312,000,000 | 330,000,000 | 313,000,000 | 321,000,000 | 306,000,000 | 318,000,000 | 293,000,000 | 287,000,000 | 275,000,000 | 269,000,000 | 213,000,000 | 217,000,000 | 190,000,000 | 156,000,000 | 106,000,000 | 102,000,000 | 87,000,000 | 40,000,000 | 214,000,000 | 298,000,000 | 291,000,000 | 309,000,000 | 282,000,000 | 288,000,000 | 279,000,000 | 300,000,000 | 273,000,000 | 284,000,000 | 269,000,000 | 285,000,000 | 264,000,000 | 268,000,000 | 180,000,000 | 186,000,000 | 172,000,000 | 172,000,000 | 170,000,000 | 191,000,000 | 165,000,000 | 163,000,000 | 178,000,000 | 176,000,000 | 155,000,000 | 150,000,000 | 166,000,000 | 153,000,000 | 182,000,000 | 134,000,000 | 141,000,000 | 124,000,000 | 183,000,000 | 136,000,000 | 149,000,000 | 134,000,000 | 178,000,000 | 123,000,000 | 136,000,000 | 125,000,000 | 163,000,000 | 116,000,000 | 126,000,000 | 125,000,000 | ||||||
incentive management fees | 222,000,000 | 239,000,000 | 148,000,000 | 200,000,000 | 204,000,000 | 206,000,000 | 159,000,000 | 195,000,000 | 209,000,000 | 218,000,000 | 143,000,000 | 193,000,000 | 201,000,000 | 186,000,000 | 106,000,000 | 135,000,000 | 102,000,000 | 94,000,000 | 53,000,000 | 55,000,000 | 33,000,000 | 44,000,000 | 31,000,000 | 12,000,000 | 175,000,000 | 134,000,000 | 165,000,000 | 163,000,000 | 167,000,000 | 151,000,000 | 176,000,000 | 155,000,000 | 170,000,000 | 136,000,000 | 148,000,000 | 153,000,000 | 149,000,000 | 81,000,000 | 94,000,000 | 101,000,000 | 81,000,000 | 68,000,000 | 81,000,000 | 89,000,000 | 82,000,000 | 67,000,000 | 82,000,000 | 71,000,000 | 53,000,000 | 64,000,000 | 66,000,000 | 90,000,000 | 36,000,000 | 56,000,000 | 50,000,000 | 74,000,000 | 29,000,000 | 50,000,000 | 42,000,000 | 75,000,000 | 21,000,000 | 46,000,000 | 40,000,000 | 59,000,000 | 17,000,000 | 35,000,000 | 43,000,000 | |||||||
gross fee revenues | 1,433,000,000 | 1,425,000,000 | 1,338,000,000 | 1,400,000,000 | 1,275,000,000 | 1,334,000,000 | 1,283,000,000 | 1,343,000,000 | 1,210,000,000 | 1,244,000,000 | 1,197,000,000 | 1,250,000,000 | 1,133,000,000 | 1,131,000,000 | 1,059,000,000 | 1,073,000,000 | 815,000,000 | 831,000,000 | 776,000,000 | 642,000,000 | 445,000,000 | 423,000,000 | 397,000,000 | 234,000,000 | 629,000,000 | 974,000,000 | 955,000,000 | 999,000,000 | 895,000,000 | 910,000,000 | 932,000,000 | 951,000,000 | 845,000,000 | |||||||||||||||||||||||||||||||||||||||||
contract investment amortization | -35,000,000 | -49,000,000 | -29,000,000 | -29,000,000 | -28,000,000 | -27,000,000 | -26,000,000 | -27,000,000 | -23,000,000 | -22,000,000 | -23,000,000 | -22,000,000 | -21,000,000 | -24,000,000 | -22,000,000 | -19,000,000 | -24,000,000 | -19,000,000 | -21,000,000 | -18,000,000 | -17,000,000 | -38,000,000 | -48,000,000 | -21,000,000 | -25,000,000 | -17,000,000 | -16,000,000 | -15,000,000 | -14,000,000 | -14,000,000 | -13,000,000 | -13,000,000 | -18,000,000 | |||||||||||||||||||||||||||||||||||||||||
net fee revenues | 1,398,000,000 | 1,376,000,000 | 1,309,000,000 | 1,371,000,000 | 1,247,000,000 | 1,307,000,000 | 1,257,000,000 | 1,316,000,000 | 1,187,000,000 | 1,222,000,000 | 1,174,000,000 | 1,228,000,000 | 1,112,000,000 | 1,107,000,000 | 1,037,000,000 | 1,054,000,000 | 791,000,000 | 812,000,000 | 755,000,000 | 624,000,000 | 428,000,000 | 385,000,000 | 349,000,000 | 213,000,000 | 604,000,000 | 957,000,000 | 939,000,000 | 984,000,000 | 881,000,000 | 896,000,000 | 919,000,000 | 938,000,000 | 827,000,000 | |||||||||||||||||||||||||||||||||||||||||
owned, leased, and other revenue | 412,000,000 | 457,000,000 | 420,000,000 | 441,000,000 | 361,000,000 | 418,000,000 | 381,000,000 | 395,000,000 | 357,000,000 | 455,000,000 | 363,000,000 | 390,000,000 | 356,000,000 | 396,000,000 | 345,000,000 | 364,000,000 | 262,000,000 | 260,000,000 | 241,000,000 | 187,000,000 | 108,000,000 | 123,000,000 | 116,000,000 | 49,000,000 | 280,000,000 | 426,000,000 | 393,000,000 | 418,000,000 | 375,000,000 | 409,000,000 | 397,000,000 | 423,000,000 | 406,000,000 | 453,000,000 | 452,000,000 | 458,000,000 | 439,000,000 | 536,000,000 | 279,000,000 | 245,000,000 | 247,000,000 | 257,000,000 | 229,000,000 | 243,000,000 | 257,000,000 | 275,000,000 | 244,000,000 | 269,000,000 | 234,000,000 | |||||||||||||||||||||||||
cost reimbursement revenue | 4,844,000,000 | 4,857,000,000 | 4,760,000,000 | 4,932,000,000 | 4,655,000,000 | 4,704,000,000 | 4,617,000,000 | 4,728,000,000 | 4,433,000,000 | 4,418,000,000 | 4,391,000,000 | 4,457,000,000 | 4,147,000,000 | 4,420,000,000 | 3,931,000,000 | 3,920,000,000 | 3,146,000,000 | 3,374,000,000 | 2,950,000,000 | 2,338,000,000 | 1,780,000,000 | 1,664,000,000 | 1,789,000,000 | 1,202,000,000 | 3,797,000,000 | 3,988,000,000 | 3,952,000,000 | 3,903,000,000 | 3,756,000,000 | 4,052,000,000 | 3,733,000,000 | 3,985,000,000 | 3,773,000,000 | |||||||||||||||||||||||||||||||||||||||||
yoy | 4.06% | 3.25% | 3.10% | 4.31% | 5.01% | 6.47% | 5.15% | 6.08% | 6.90% | -0.05% | 11.70% | 13.70% | 31.82% | 31.00% | 33.25% | 67.66% | 76.74% | 102.76% | 64.90% | 94.51% | -53.12% | -58.27% | -54.73% | -69.20% | 1.09% | -1.58% | 5.87% | -2.06% | -0.45% | |||||||||||||||||||||||||||||||||||||||||||||
qoq | -0.27% | 2.04% | -3.49% | 5.95% | -1.04% | 1.88% | -2.35% | 6.65% | 0.34% | 0.61% | -1.48% | 7.48% | -6.18% | 12.44% | 0.28% | 24.60% | -6.76% | 14.37% | 26.18% | 31.35% | 6.97% | -6.99% | 48.84% | -68.34% | -4.79% | 0.91% | 1.26% | 3.91% | -7.31% | 8.55% | -6.32% | 5.62% | ||||||||||||||||||||||||||||||||||||||||||
operating costs and expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
owned, leased, and other expense | 377,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation, amortization, and other | 54,000,000 | 59,000,000 | 50,000,000 | 53,000,000 | 51,000,000 | 46,000,000 | 45,000,000 | 47,000,000 | 45,000,000 | 51,000,000 | 46,000,000 | 48,000,000 | 44,000,000 | 46,000,000 | 50,000,000 | 49,000,000 | 48,000,000 | 54,000,000 | 64,000,000 | 50,000,000 | 52,000,000 | 71,000,000 | 53,000,000 | 72,000,000 | 150,000,000 | 179,000,000 | 52,000,000 | 56,000,000 | 54,000,000 | 62,000,000 | 52,000,000 | 58,000,000 | 54,000,000 | 72,000,000 | 68,000,000 | 85,000,000 | 65,000,000 | 71,000,000 | 36,000,000 | 30,000,000 | 31,000,000 | 32,000,000 | 31,000,000 | 32,000,000 | 44,000,000 | 32,000,000 | 33,000,000 | 47,000,000 | ||||||||||||||||||||||||||
general and administrative | 219,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring and merger-related charges, and other | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
reimbursed expenses | 4,936,000,000 | 5,168,000,000 | 4,739,000,000 | 4,874,000,000 | 4,722,000,000 | 4,972,000,000 | 4,681,000,000 | 4,645,000,000 | 4,501,000,000 | 4,684,000,000 | 4,238,000,000 | 4,366,000,000 | 4,136,000,000 | 4,349,000,000 | 3,786,000,000 | 3,827,000,000 | 3,179,000,000 | 3,317,000,000 | 2,917,000,000 | 2,255,000,000 | 1,833,000,000 | 1,634,000,000 | 1,683,000,000 | 1,241,000,000 | 3,877,000,000 | 4,370,000,000 | 4,070,000,000 | 4,107,000,000 | 3,892,000,000 | 4,085,000,000 | 3,879,000,000 | 3,979,000,000 | 3,835,000,000 | |||||||||||||||||||||||||||||||||||||||||
operating costs and expenses - sum | 5,590,000,000 | 5,913,000,000 | 5,309,000,000 | 5,508,000,000 | 5,315,000,000 | 5,677,000,000 | 5,311,000,000 | 5,244,000,000 | 5,101,000,000 | 5,377,000,000 | 4,829,000,000 | 4,979,000,000 | 4,664,000,000 | 4,927,000,000 | 4,355,000,000 | 4,388,000,000 | 3,641,000,000 | 3,811,000,000 | 3,401,000,000 | 2,663,000,000 | 2,232,000,000 | 2,300,000,000 | 2,002,000,000 | 1,618,000,000 | 4,567,000,000 | 5,097,000,000 | 4,677,000,000 | 4,896,000,000 | 4,502,000,000 | 4,801,000,000 | 4,479,000,000 | 4,606,000,000 | 4,506,000,000 | 5,305,000,000 | 5,031,000,000 | 5,175,000,000 | 5,024,000,000 | 5,015,000,000 | 3,771,000,000 | 3,513,000,000 | 3,405,000,000 | 3,396,000,000 | 3,239,000,000 | 3,320,000,000 | 3,181,000,000 | 3,268,000,000 | 3,162,000,000 | 3,168,000,000 | 3,039,000,000 | 2,915,000,000 | 2,984,000,000 | 2,916,000,000 | 3,448,000,000 | 2,516,000,000 | 2,533,000,000 | 2,377,000,000 | 3,446,000,000 | 3,018,000,000 | 2,740,000,000 | 2,587,000,000 | 3,520,000,000 | 2,481,000,000 | 2,545,000,000 | 2,450,000,000 | 1,963,000,000 | 2,977,000,000 | 2,462,000,000 | 2,413,000,000 | ||||||
operating income | 1,064,000,000 | 777,000,000 | 1,180,000,000 | 1,236,000,000 | 948,000,000 | 752,000,000 | 944,000,000 | 1,195,000,000 | 876,000,000 | 718,000,000 | 1,099,000,000 | 1,096,000,000 | 951,000,000 | 996,000,000 | 958,000,000 | 950,000,000 | 558,000,000 | 635,000,000 | 545,000,000 | 486,000,000 | 84,000,000 | -128,000,000 | 252,000,000 | -154,000,000 | 114,000,000 | 274,000,000 | 607,000,000 | 409,000,000 | 510,000,000 | 556,000,000 | 570,000,000 | 740,000,000 | 500,000,000 | 570,000,000 | 632,000,000 | 620,000,000 | 537,000,000 | 441,000,000 | 171,000,000 | 389,000,000 | 367,000,000 | 310,000,000 | 339,000,000 | 369,000,000 | 332,000,000 | 291,000,000 | 298,000,000 | 316,000,000 | 254,000,000 | 245,000,000 | 279,000,000 | 226,000,000 | 309,000,000 | 213,000,000 | 243,000,000 | 175,000,000 | 247,000,000 | -144,000,000 | 232,000,000 | 191,000,000 | 122,000,000 | 167,000,000 | 226,000,000 | 180,000,000 | 172,000,000 | -506,000,000 | 100,000,000 | 82,000,000 | ||||||
yoy | 12.24% | 3.32% | 25.00% | 3.43% | 8.22% | 4.74% | -14.10% | 9.03% | -7.89% | -27.91% | 14.72% | 15.37% | 70.43% | 56.85% | 75.78% | 95.47% | 564.29% | -596.09% | 116.27% | -415.58% | -26.32% | -146.72% | -58.48% | -137.65% | -77.65% | -50.72% | 6.49% | -44.73% | 2.00% | -2.46% | -9.81% | 19.35% | -6.89% | 29.25% | 269.59% | 59.38% | 46.32% | 42.26% | -49.56% | 5.42% | 10.54% | 6.53% | 13.76% | 16.77% | 30.71% | 21.63% | 13.26% | 12.39% | -20.71% | 30.99% | -7.00% | -13.77% | -268.75% | -24.57% | 102.46% | -186.23% | 2.65% | 6.11% | -2.91% | -144.66% | 80.00% | |||||||||||||
qoq | 36.94% | -34.15% | -4.53% | 30.38% | 26.06% | -20.34% | -21.00% | 36.42% | 22.01% | -34.67% | 0.27% | 15.25% | -4.52% | 3.97% | 0.84% | 70.25% | -12.13% | 16.51% | 12.14% | 478.57% | -165.63% | -150.79% | -263.64% | -235.09% | -58.39% | -54.86% | 48.41% | -19.80% | -8.27% | -2.46% | -22.97% | 48.00% | -12.28% | -9.81% | 1.94% | 15.46% | 21.77% | 157.89% | -56.04% | 5.99% | 18.39% | -8.55% | -8.13% | 11.14% | 14.09% | -2.35% | -5.70% | 24.41% | -12.19% | 23.45% | 45.07% | -12.35% | 38.86% | -271.53% | -162.07% | 21.47% | 56.56% | -26.95% | -26.11% | 25.56% | -133.99% | -606.00% | 21.95% | |||||||||||
operating margin % | 21.97% | 16.00% | 24.79% | 25.06% | 20.37% | 15.99% | 20.45% | 25.27% | 19.76% | 16.25% | 25.03% | 24.59% | 22.93% | 22.53% | 24.37% | 24.23% | 17.74% | 18.82% | 18.47% | 20.79% | 4.72% | -7.69% | 14.09% | -12.81% | 3.00% | 6.87% | 15.36% | 10.48% | 13.58% | 13.72% | 15.27% | 18.57% | 13.25% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | |||||
gains and other income | 3,000,000 | 3,000,000 | 3,000,000 | 5,000,000 | -2,000,000 | 16,000,000 | 7,000,000 | 4,000,000 | 4,000,000 | 7,000,000 | 28,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 4,000,000 | 4,000,000 | 5,000,000 | 1,000,000 | 6,000,000 | 2,000,000 | 5,000,000 | -4,000,000 | 138,000,000 | 10,000,000 | 1,000,000 | 5,000,000 | 3,000,000 | 18,000,000 | 114,000,000 | 59,000,000 | 657,000,000 | 6,000,000 | 25,000,000 | 2,000,000 | 3,000,000 | 7,000,000 | 20,000,000 | 4,000,000 | 1,000,000 | 3,000,000 | 1,000,000 | 10,000,000 | 3,000,000 | -1,000,000 | 36,000,000 | 5,000,000 | 2,000,000 | 4,000,000 | -16,000,000 | 3,000,000 | 2,000,000 | 28,000,000 | 3,000,000 | 3,000,000 | 1,000,000 | 4,000,000 | -1,000,000 | 3,000,000 | 25,000,000 | |||||||||||||
interest expense | -214,000,000 | -208,000,000 | -206,000,000 | -203,000,000 | -192,000,000 | -180,000,000 | -179,000,000 | -173,000,000 | -163,000,000 | -153,000,000 | -146,000,000 | -140,000,000 | -126,000,000 | -115,000,000 | -100,000,000 | -95,000,000 | -93,000,000 | -97,000,000 | -107,000,000 | -109,000,000 | -107,000,000 | -112,000,000 | -113,000,000 | -127,000,000 | -93,000,000 | -95,000,000 | -100,000,000 | -102,000,000 | -97,000,000 | -94,000,000 | -86,000,000 | -85,000,000 | -75,000,000 | -72,000,000 | -73,000,000 | -73,000,000 | -70,000,000 | -75,000,000 | -55,000,000 | -57,000,000 | -47,000,000 | -46,000,000 | -43,000,000 | -42,000,000 | -36,000,000 | -26,000,000 | -29,000,000 | -30,000,000 | -30,000,000 | -28,000,000 | -29,000,000 | -31,000,000 | -41,000,000 | -29,000,000 | -34,000,000 | -33,000,000 | -47,000,000 | -39,000,000 | -37,000,000 | -41,000,000 | -50,000,000 | -41,000,000 | -44,000,000 | -45,000,000 | -34,000,000 | -27,000,000 | -28,000,000 | -29,000,000 | ||||||
interest income | 10,000,000 | 9,000,000 | 12,000,000 | 12,000,000 | 9,000,000 | 10,000,000 | 11,000,000 | 9,000,000 | 10,000,000 | 9,000,000 | 7,000,000 | -1,000,000 | 15,000,000 | 8,000,000 | 7,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | 8,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 6,000,000 | 8,000,000 | 6,000,000 | 6,000,000 | 8,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 14,000,000 | 9,000,000 | 8,000,000 | 7,000,000 | 13,000,000 | 9,000,000 | 7,000,000 | 6,000,000 | 10,000,000 | 5,000,000 | 6,000,000 | 8,000,000 | 13,000,000 | 8,000,000 | 4,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 3,000,000 | 7,000,000 | 3,000,000 | 3,000,000 | 4,000,000 | 5,000,000 | 2,000,000 | 3,000,000 | 4,000,000 | 8,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 5,000,000 | 5,000,000 | 9,000,000 | 6,000,000 | ||||||
equity in earnings | -5,000,000 | 1,000,000 | 5,000,000 | 4,000,000 | 1,000,000 | 3,000,000 | 5,000,000 | 1,000,000 | 7,000,000 | 1,000,000 | 1,000,000 | 15,000,000 | 2,000,000 | -87,000,000 | -20,000,000 | -30,000,000 | -4,000,000 | 3,000,000 | 2,000,000 | 8,000,000 | 8,000,000 | 61,000,000 | 21,000,000 | 13,000,000 | 10,000,000 | 6,000,000 | 12,000,000 | 11,000,000 | 2,000,000 | 3,000,000 | 5,000,000 | 3,000,000 | 8,000,000 | 2,000,000 | 3,000,000 | 12,000,000 | 2,000,000 | -12,500,000 | -12,000,000 | -4,000,000 | -34,000,000 | |||||||||||||||||||||||||||||||||
income before income taxes | 858,000,000 | 582,000,000 | 994,000,000 | 1,054,000,000 | 764,000,000 | 598,000,000 | 786,000,000 | 1,040,000,000 | 727,000,000 | 581,000,000 | 989,000,000 | 964,000,000 | 844,000,000 | 891,000,000 | 869,000,000 | 878,000,000 | 476,000,000 | 548,000,000 | 278,000,000 | 381,000,000 | -27,000,000 | -314,000,000 | 127,000,000 | -298,000,000 | 19,000,000 | 326,000,000 | 527,000,000 | 314,000,000 | 432,000,000 | 479,000,000 | 568,000,000 | 796,000,000 | 502,000,000 | 1,179,000,000 | 580,000,000 | 592,000,000 | 485,000,000 | 383,000,000 | 131,000,000 | 344,000,000 | 326,000,000 | 284,000,000 | 309,000,000 | 355,000,000 | 307,000,000 | 282,000,000 | 290,000,000 | 285,000,000 | 231,000,000 | 223,000,000 | 263,000,000 | 201,000,000 | 271,000,000 | 222,000,000 | 209,000,000 | 147,000,000 | 202,000,000 | -199,000,000 | 201,000,000 | 152,000,000 | 110,250,000 | 128,000,000 | 184,000,000 | 129,000,000 | ||||||||||
provision for income taxes | -210,000,000 | -137,000,000 | -266,000,000 | -291,000,000 | -99,000,000 | -143,000,000 | -202,000,000 | -268,000,000 | -163,000,000 | 267,000,000 | -237,000,000 | -238,000,000 | -87,000,000 | -134,500,000 | -239,000,000 | -47,000,000 | -140,000,000 | -82,000,000 | -57,000,000 | -63,000,000 | -85,000,000 | -186,000,000 | -104,000,000 | -978,000,000 | -188,000,000 | -178,000,000 | -120,000,000 | -139,000,000 | -61,000,000 | -97,000,000 | -107,000,000 | -82,000,000 | -99,000,000 | -115,000,000 | -100,000,000 | -85,000,000 | -98,000,000 | -93,000,000 | -59,000,000 | -63,000,000 | -84,000,000 | -65,000,000 | -66,000,000 | -43,000,000 | -66,000,000 | -51,000,000 | -65,000,000 | -46,000,000 | -44,000,000 | -33,000,000 | ||||||||||||||||||||||||
net income | 648,000,000 | 445,000,000 | 728,000,000 | 763,000,000 | 665,000,000 | 455,000,000 | 584,000,000 | 772,000,000 | 564,000,000 | 848,000,000 | 752,000,000 | 726,000,000 | 757,000,000 | 673,000,000 | 630,000,000 | 678,000,000 | 377,000,000 | 468,000,000 | 220,000,000 | 422,000,000 | -11,000,000 | -164,000,000 | 100,000,000 | -234,000,000 | 31,000,000 | 279,000,000 | 387,000,000 | 232,000,000 | 375,000,000 | 416,000,000 | 483,000,000 | 610,000,000 | 398,000,000 | 201,000,000 | 392,000,000 | 414,000,000 | 365,000,000 | 244,000,000 | 70,000,000 | 247,000,000 | 219,000,000 | 202,000,000 | 210,000,000 | 240,000,000 | 207,000,000 | 197,000,000 | 192,000,000 | 192,000,000 | 172,000,000 | 160,000,000 | 179,000,000 | 136,000,000 | 181,000,000 | 143,000,000 | 143,000,000 | 104,000,000 | 141,000,000 | -179,000,000 | 135,000,000 | 101,000,000 | 173,000,000 | 83,000,000 | 119,000,000 | 83,000,000 | 106,000,000 | -469,000,000 | 35,000,000 | -25,000,000 | ||||||
yoy | -2.56% | -2.20% | 24.66% | -1.17% | 17.91% | -46.34% | -22.34% | 6.34% | -25.50% | 26.00% | 19.37% | 7.08% | 100.80% | 43.80% | 186.36% | 60.66% | -3527.27% | -385.37% | 120.00% | -280.34% | -135.48% | -158.78% | -74.16% | -200.86% | -91.73% | -32.93% | -19.88% | -61.97% | -5.78% | 106.97% | 23.21% | 47.34% | 9.04% | -17.62% | 460.00% | 67.61% | 66.67% | 20.79% | -66.67% | 2.92% | 5.80% | 2.54% | 9.38% | 25.00% | 20.35% | 20.00% | 7.26% | 26.47% | -11.60% | 25.17% | -4.90% | 1.42% | -179.89% | -22.96% | -18.50% | -315.66% | 13.45% | 21.69% | -21.70% | -125.37% | 137.14% | |||||||||||||
qoq | 45.62% | -38.87% | -4.59% | 14.74% | 46.15% | -22.09% | -24.35% | 36.88% | -33.49% | 12.77% | 3.58% | -4.10% | 12.48% | 6.83% | -7.08% | 79.84% | -19.44% | 112.73% | -47.87% | -3936.36% | -93.29% | -264.00% | -142.74% | -854.84% | -88.89% | -27.91% | 66.81% | -38.13% | -9.86% | -13.87% | -20.82% | 53.27% | 98.01% | -48.72% | -5.31% | 13.42% | 49.59% | 248.57% | -71.66% | 12.79% | 8.42% | -3.81% | -12.50% | 15.94% | 5.08% | 2.60% | 0.00% | 11.63% | -10.61% | 31.62% | 26.57% | 0.00% | 37.50% | -178.77% | -232.59% | 33.66% | -41.62% | 108.43% | -30.25% | 43.37% | -122.60% | -1440.00% | -240.00% | |||||||||||
net income margin % | 13.38% | 9.16% | 15.29% | 15.47% | 14.29% | 9.67% | 12.65% | 16.33% | 12.72% | 19.19% | 17.13% | 16.29% | 18.25% | 15.23% | 16.03% | 17.30% | 11.98% | 13.87% | 7.46% | 18.05% | -0.62% | -9.86% | 5.59% | -19.47% | 0.82% | 7.00% | 9.79% | 5.94% | 9.98% | 10.27% | 12.94% | 15.31% | 10.55% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | -Infinity% | |||||
earnings per share | 0.7 | 0.66 | 0.66 | 0.58 | 0.53 | 0.58 | 0.44 | 0.58 | 0.45 | 0.44 | 0.31 | 0.04 | -0.52 | 0.38 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share – basic | 2.44 | 1.67 | 2.68 | 2.78 | 2.4 | 1.65 | 2.08 | 2.7 | 1.94 | 2.87 | 2.52 | 2.39 | 2.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share – diluted | 2.43 | 1.67 | 2.67 | 2.78 | 2.39 | 1.64 | 2.07 | 2.69 | 1.93 | 2.86 | 2.51 | 2.38 | 2.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
owned, leased, and other - direct | 237,500,000 | 326,000,000 | 328,000,000 | 296,000,000 | 318,000,000 | 300,000,000 | 296,000,000 | 286,000,000 | 267,250,000 | 356,000,000 | 355,000,000 | 358,000,000 | 133,250,000 | 194,000,000 | 173,000,000 | 166,000,000 | 138,000,000 | 175,000,000 | 183,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
general, administrative, and other | 181,000,000 | 234,000,000 | 245,000,000 | 245,000,000 | 289,000,000 | 276,000,000 | 248,000,000 | 261,000,000 | 330,000,000 | 239,000,000 | 240,000,000 | 202,000,000 | 236,000,000 | 216,000,000 | 231,000,000 | 208,000,000 | 213,000,000 | 212,000,000 | 187,000,000 | 211,000,000 | 183,000,000 | 131,000,000 | 178,000,000 | 270,000,000 | 267,000,000 | 220,000,000 | 229,000,000 | 222,000,000 | 242,000,000 | 221,000,000 | 217,000,000 | 247,000,000 | 259,000,000 | 199,000,000 | 226,000,000 | 210,000,000 | 234,000,000 | 161,000,000 | 168,000,000 | 163,000,000 | 188,000,000 | 149,000,000 | 152,000,000 | 145,000,000 | 180,000,000 | 172,000,000 | 159,000,000 | 148,000,000 | 167,000,000 | 179,000,000 | 180,000,000 | 206,000,000 | 132,000,000 | 160,000,000 | 147,000,000 | 254,000,000 | 180,000,000 | 159,000,000 | 159,000,000 | 351,000,000 | 149,000,000 | 142,000,000 | 138,000,000 | 258,000,000 | 144,000,000 | 146,000,000 | 174,000,000 | |||||||
restructuring and merger-related (recoveries) charges, and other | 29,000,000 | -40,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring and merger-related charges | 8,000,000 | 1,000,000 | 52,000,000 | 9,000,000 | 4,000,000 | 3,000,000 | 1,000,000 | 262,000,000 | 1,000,000 | 6,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related charges and other | 8,000,000 | 8,000,000 | 8,000,000 | 13,000,000 | 38,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
owned, leased, and other-direct | 215,250,000 | 293,000,000 | 287,000,000 | 281,000,000 | 295,000,000 | 301,000,000 | 281,000,000 | 197,000,000 | 227,000,000 | 204,000,000 | 168,000,000 | 135,000,000 | 150,000,000 | 134,000,000 | 121,000,000 | 272,000,000 | 334,000,000 | 326,000,000 | 331,000,000 | 325,000,000 | 321,000,000 | 315,000,000 | 334,000,000 | 336,000,000 | 194,000,000 | 202,000,000 | 189,000,000 | 199,000,000 | 185,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
restructuring, merger-related charges, and other | 1,000,000 | 2,000,000 | 9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | -164,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share - basic | 1.288 | 1.94 | 2.06 | 1.15 | 1.43 | 0.67 | 1.29 | -0.03 | -0.5 | 0.31 | -0.72 | 0.1 | 0.86 | 1.17 | 0.7 | 1.1 | 1.22 | 1.39 | 1.73 | 1.11 | 0.57 | 1.05 | 1.09 | 0.95 | 0.6 | 0.26 | 0.97 | 0.86 | 0.79 | 0.8 | 0.88 | 0.75 | ||||||||||||||||||||||||||||||||||||||||||
earnings per share - diluted | 1.283 | 1.94 | 2.06 | 1.14 | 1.42 | 0.67 | 1.28 | -0.03 | -0.5 | 0.31 | -0.72 | 0.09 | 0.85 | 1.16 | 0.69 | 1.09 | 1.2 | 1.38 | 1.71 | 1.09 | 0.55 | 1.04 | 1.08 | 0.94 | 0.6 | 0.26 | 0.96 | 0.85 | 0.77 | 0.78 | 0.87 | 0.73 | ||||||||||||||||||||||||||||||||||||||||||
benefit for income taxes | -200,000,000 | -99,000,000 | -80,000,000 | -58,000,000 | 41,000,000 | 16,000,000 | 150,000,000 | -27,000,000 | 64,000,000 | 12,000,000 | -47,000,000 | -79,000,000 | -61,000,000 | 20,000,000 | 63,000,000 | -45,000,000 | -68,000,000 | 210,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity in losses | -6,000,000 | -4,000,000 | -8,000,000 | -12,000,000 | -8,000,000 | -2,000,000 | -3,000,000 | -1,000,000 | -8,000,000 | -1,000,000 | -7,000,000 | -2,000,000 | -4,000,000 | -5,000,000 | -5,000,000 | -4,000,000 | -11,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related costs and (recoveries) charges | -2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related costs and charges | -53,000,000 | 9,000,000 | 173,000,000 | 9,000,000 | 91,000,000 | 12,000,000 | 18,000,000 | 34,000,000 | 59,000,000 | 28,000,000 | 21,000,000 | 51,000,000 | 136,000,000 | 228,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash dividends declared per share | 0.288 | 0.41 | 0.41 | 0.33 | 0.24 | 0.33 | 0.33 | 0.3 | 0.213 | 0.3 | 0.3 | 0.25 | 0.175 | 0.25 | 0.25 | 0.2 | 0.143 | 0.2 | 0.2 | 0.17 | 0.17 | 0.17 | 0.13 | 0.13 | 0.13 | 0.13 | 0.1 | 0.1 | 0.1 | 0.1 | 0.088 | 0.088 | 0.04 | 0.04 | 0.04 | -0 | ||||||||||||||||||||||||||||||||||||||
revenues - sum | 20,432,000,000 | 831,000,000 | 849,000,000 | 782,000,000 | 5,456,000,000 | 3,942,000,000 | 3,902,000,000 | 3,772,000,000 | 3,706,000,000 | 3,578,000,000 | 3,689,000,000 | 3,513,000,000 | 3,559,000,000 | 3,460,000,000 | 3,484,000,000 | 3,293,000,000 | 3,160,000,000 | 3,263,000,000 | 3,142,000,000 | 3,757,000,000 | 2,729,000,000 | 2,776,000,000 | 2,552,000,000 | 3,693,000,000 | 2,874,000,000 | 2,972,000,000 | 2,778,000,000 | 3,642,000,000 | 2,648,000,000 | 2,771,000,000 | 2,630,000,000 | 1,882,000,000 | 2,471,000,000 | 2,562,000,000 | 2,495,000,000 | |||||||||||||||||||||||||||||||||||||||
cost reimbursements | 4,557,000,000 | 4,380,000,000 | 4,488,000,000 | 4,340,000,000 | 4,207,000,000 | 3,152,000,000 | 3,142,000,000 | 3,045,000,000 | 2,995,000,000 | 2,884,000,000 | 2,953,000,000 | 2,798,000,000 | 2,854,000,000 | 2,768,000,000 | 2,763,000,000 | 2,670,000,000 | 2,562,000,000 | 2,610,000,000 | 2,548,000,000 | 2,990,000,000 | 2,210,000,000 | 2,170,000,000 | 2,035,000,000 | 2,683,000,000 | 2,045,000,000 | 2,116,000,000 | 1,999,000,000 | 2,539,000,000 | 1,900,000,000 | 1,940,000,000 | 1,860,000,000 | 2,327,000,000 | 1,758,000,000 | 1,787,000,000 | 1,810,000,000 | |||||||||||||||||||||||||||||||||||||||
reimbursed costs | 4,557,000,000 | 4,380,000,000 | 4,488,000,000 | 4,340,000,000 | 4,207,000,000 | 3,152,000,000 | 3,142,000,000 | 3,045,000,000 | 2,995,000,000 | 2,884,000,000 | 2,953,000,000 | 2,798,000,000 | 2,854,000,000 | 2,768,000,000 | 2,763,000,000 | 2,670,000,000 | 2,562,000,000 | 2,610,000,000 | 2,548,000,000 | 2,990,000,000 | 2,210,000,000 | 2,170,000,000 | 2,035,000,000 | 2,683,000,000 | 2,045,000,000 | 2,116,000,000 | 1,999,000,000 | 2,539,000,000 | 1,900,000,000 | 1,940,000,000 | 1,860,000,000 | 2,327,000,000 | 1,758,000,000 | 1,787,000,000 | 1,810,000,000 | |||||||||||||||||||||||||||||||||||||||
earnings per share-basic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share-diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 36,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
owned, leased, corporate housing, and other revenue | 220,000,000 | 246,000,000 | 224,000,000 | 308,000,000 | 200,000,000 | 264,000,000 | 217,000,000 | 356,000,000 | 254,000,000 | 249,000,000 | 224,000,000 | 342,000,000 | 220,000,000 | 255,000,000 | 229,000,000 | 335,000,000 | 226,000,000 | 238,000,000 | 220,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
owned, leased, and corporate housing-direct | 186,000,000 | 195,000,000 | 188,000,000 | 252,000,000 | 174,000,000 | 203,000,000 | 195,000,000 | 300,000,000 | 219,000,000 | 220,000,000 | 204,000,000 | 301,000,000 | 213,000,000 | 224,000,000 | 217,000,000 | 313,000,000 | 214,000,000 | 217,000,000 | 207,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare sales and services | 238,000,000 | 286,000,000 | 288,000,000 | 276,000,000 | 372,000,000 | 275,000,000 | 289,000,000 | 285,000,000 | 377,000,000 | 254,000,000 | 283,000,000 | 209,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare-direct | 209,000,000 | 250,000,000 | 245,000,000 | 225,000,000 | 329,000,000 | 219,000,000 | 239,000,000 | 235,000,000 | 303,000,000 | 238,000,000 | 279,000,000 | 220,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare strategy - impairment charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare strategy-impairment charges | 324,000,000 | 614,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring costs | 7,000,000 | 9,000,000 | 33,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
add: net losses attributable to noncontrolling interests, net of tax | 1,750,000 | 3,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to marriott | 173,000,000 | 83,000,000 | 119,000,000 | 83,000,000 | 106,000,000 | -466,000,000 | 37,000,000 | -23,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share attributable to marriott shareholders | 0.47 | 0.23 | 0.33 | 0.23 | -0.318 | -1.31 | 0.1 | -0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(provision for) reversal of provision for loan losses | -10,750,000 | -1,000,000 | -42,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations before income taxes | 174,000,000 | -679,000,000 | 79,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations | 106,000,000 | -469,000,000 | 35,000,000 | -25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
discontinued operations, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings from continuing operations attributable to marriott shareholders | -0.318 | -1.31 | 0.1 | -0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings from discontinued operations attributable to marriott shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dividends declared per share | 0.088 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-28 | 2012-09-07 | 2012-06-15 | 2012-03-23 | 2011-12-30 | 2011-09-09 | 2011-06-17 | 2011-03-25 | 2010-12-31 | 2010-09-10 | 2010-06-18 | 2010-03-26 | 2010-01-01 | 2009-09-11 | 2009-06-19 | 2009-03-27 | 2009-01-02 | 2009-01-01 | 2008-01-02 |
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assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and equivalents | 454,000,000 | 358,000,000 | 678,000,000 | 671,000,000 | 523,000,000 | 396,000,000 | 394,000,000 | 349,000,000 | 429,000,000 | 338,000,000 | 717,000,000 | 563,000,000 | 554,000,000 | 507,000,000 | 1,045,000,000 | 546,000,000 | 1,042,000,000 | 1,393,000,000 | 772,000,000 | 664,000,000 | 628,000,000 | 877,000,000 | 1,577,000,000 | 2,283,000,000 | 1,760,000,000 | 225,000,000 | 276,000,000 | 284,000,000 | 258,000,000 | 316,000,000 | 373,000,000 | 366,000,000 | 701,000,000 | 383,000,000 | 508,000,000 | 498,000,000 | 738,000,000 | 858,000,000 | 1,078,000,000 | 679,000,000 | 99,000,000 | 96,000,000 | 95,000,000 | 140,000,000 | 120,000,000 | 104,000,000 | 150,000,000 | 192,000,000 | 184,000,000 | 126,000,000 | 144,000,000 | 108,000,000 | 221,000,000 | 88,000,000 | 105,000,000 | 105,000,000 | 290,000,000 | 102,000,000 | 220,000,000 | 117,000,000 | 144,000,000 | 505,000,000 | 223,000,000 | 100,000,000 | 118,000,000 | 115,000,000 | 130,000,000 | 125,000,000 | 168,000,000 | 134,000,000 | 115,000,000 | 134,000,000 |
accounts and notes receivable | 3,090,000,000 | 2,909,000,000 | 3,101,000,000 | 2,983,000,000 | 2,899,000,000 | 2,795,000,000 | 2,920,000,000 | 2,847,000,000 | 2,747,000,000 | 2,712,000,000 | 2,703,000,000 | 2,565,000,000 | 2,462,000,000 | 2,571,000,000 | 2,378,000,000 | 2,282,000,000 | 2,112,000,000 | 1,982,000,000 | 2,042,000,000 | 1,933,000,000 | 1,857,000,000 | 1,768,000,000 | 1,791,000,000 | 1,621,000,000 | 2,068,000,000 | 2,395,000,000 | 2,394,000,000 | 2,328,000,000 | 2,218,000,000 | 2,133,000,000 | 2,175,000,000 | 2,174,000,000 | 2,098,000,000 | 1,991,000,000 | 1,914,000,000 | 1,804,000,000 | 1,752,000,000 | 1,695,000,000 | 1,705,000,000 | 1,152,000,000 | 1,143,000,000 | 1,103,000,000 | 1,144,000,000 | 1,188,000,000 | 1,172,000,000 | 1,100,000,000 | 1,030,000,000 | 1,057,000,000 | 1,035,000,000 | 1,081,000,000 | 972,000,000 | 1,006,000,000 | 1,080,000,000 | 1,028,000,000 | 841,000,000 | 939,000,000 | 863,000,000 | 875,000,000 | 1,011,000,000 | 1,006,000,000 | 944,000,000 | 938,000,000 | 931,000,000 | 956,000,000 | 946,000,000 | 838,000,000 | 908,000,000 | 863,000,000 | 832,000,000 | 898,000,000 | 838,000,000 | 898,000,000 |
prepaid expenses and other | 370,000,000 | 317,000,000 | 332,000,000 | 380,000,000 | 324,000,000 | 294,000,000 | 259,000,000 | 304,000,000 | 274,000,000 | 261,000,000 | 262,000,000 | 316,000,000 | 248,000,000 | 235,000,000 | 261,000,000 | 278,000,000 | 264,000,000 | 251,000,000 | 176,000,000 | 202,000,000 | 187,000,000 | 172,000,000 | 164,000,000 | 201,000,000 | 213,000,000 | 252,000,000 | 230,000,000 | 257,000,000 | 259,000,000 | 249,000,000 | 242,000,000 | 264,000,000 | 232,000,000 | 224,000,000 | 225,000,000 | 243,000,000 | 231,000,000 | |||||||||||||||||||||||||||||||||||
current assets - sum | 3,914,000,000 | 3,584,000,000 | 4,111,000,000 | 4,034,000,000 | 3,746,000,000 | 3,485,000,000 | 3,573,000,000 | 3,500,000,000 | 3,450,000,000 | 3,682,000,000 | 3,444,000,000 | 3,264,000,000 | 3,313,000,000 | 3,684,000,000 | 3,106,000,000 | 3,418,000,000 | 3,626,000,000 | 2,990,000,000 | 2,799,000,000 | 2,672,000,000 | 2,825,000,000 | 3,540,000,000 | 3,127,000,000 | 2,900,000,000 | 2,869,000,000 | 2,735,000,000 | 2,706,000,000 | 2,803,000,000 | 2,817,000,000 | 3,152,000,000 | 2,747,000,000 | 2,944,000,000 | 2,830,000,000 | 3,121,000,000 | 3,371,000,000 | 3,787,000,000 | 1,959,000,000 | 1,424,000,000 | 1,384,000,000 | 1,723,000,000 | 1,906,000,000 | 1,828,000,000 | 1,921,000,000 | 1,537,000,000 | 1,565,000,000 | 1,903,000,000 | 1,646,000,000 | 1,404,000,000 | 1,626,000,000 | 1,475,000,000 | 1,158,000,000 | 1,355,000,000 | 1,464,000,000 | 1,324,000,000 | 2,678,000,000 | 2,938,000,000 | 2,999,000,000 | 3,382,000,000 | 3,061,000,000 | 2,951,000,000 | 3,015,000,000 | 2,851,000,000 | 2,963,000,000 | 3,398,000,000 | 3,437,000,000 | 3,368,000,000 | ||||||
property and equipment | 1,962,000,000 | 1,954,000,000 | 1,917,000,000 | 1,890,000,000 | 1,856,000,000 | 1,833,000,000 | 1,624,000,000 | 1,558,000,000 | 1,570,000,000 | 1,581,000,000 | 1,572,000,000 | 1,560,000,000 | 1,595,000,000 | 1,585,000,000 | 1,509,000,000 | 1,532,000,000 | 1,531,000,000 | 1,503,000,000 | 1,496,000,000 | 1,490,000,000 | 1,482,000,000 | 1,514,000,000 | 1,790,000,000 | 1,818,000,000 | 1,854,000,000 | 1,904,000,000 | 1,960,000,000 | 1,945,000,000 | 1,961,000,000 | 1,956,000,000 | 1,967,000,000 | 1,958,000,000 | 1,791,000,000 | 1,793,000,000 | 1,894,000,000 | 2,102,000,000 | 2,109,000,000 | 2,335,000,000 | 2,411,000,000 | 1,056,000,000 | 1,042,000,000 | 1,029,000,000 | 985,000,000 | 987,000,000 | 1,446,000,000 | 1,460,000,000 | 1,736,000,000 | 1,647,000,000 | 1,569,000,000 | 1,543,000,000 | 1,489,000,000 | 1,634,000,000 | 1,574,000,000 | 1,539,000,000 | 1,421,000,000 | 1,383,000,000 | 1,367,000,000 | 1,168,000,000 | 1,480,000,000 | 1,483,000,000 | 1,412,000,000 | 1,307,000,000 | 1,327,000,000 | 1,335,000,000 | 1,339,000,000 | 1,362,000,000 | 1,371,000,000 | 1,455,000,000 | 1,449,000,000 | 1,443,000,000 | 1,362,000,000 | 1,443,000,000 |
intangible assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
brands | 6,176,000,000 | 6,207,000,000 | 6,188,000,000 | 5,907,000,000 | 5,805,000,000 | 5,770,000,000 | 5,902,000,000 | 5,818,000,000 | 5,851,000,000 | 5,907,000,000 | 5,832,000,000 | 5,878,000,000 | 5,836,000,000 | 5,812,000,000 | 5,727,000,000 | 5,854,000,000 | 5,974,000,000 | 5,979,000,000 | 5,987,000,000 | 6,031,000,000 | 6,005,000,000 | 6,059,000,000 | 5,947,000,000 | 5,888,000,000 | 5,839,000,000 | 5,954,000,000 | 5,908,000,000 | 5,968,000,000 | 5,959,000,000 | 5,790,000,000 | 5,809,000,000 | 5,842,000,000 | 5,972,000,000 | 5,921,000,000 | 5,898,000,000 | 5,906,000,000 | 6,577,000,000 | 6,509,000,000 | 6,606,000,000 | |||||||||||||||||||||||||||||||||
contract acquisition costs and other | 4,189,000,000 | 4,129,000,000 | 4,015,000,000 | 3,889,000,000 | 3,815,000,000 | 3,718,000,000 | 3,595,000,000 | 3,445,000,000 | 3,401,000,000 | 3,283,000,000 | 3,161,000,000 | 3,117,000,000 | 2,996,000,000 | 2,935,000,000 | 2,880,000,000 | 2,892,000,000 | 2,917,000,000 | 2,947,000,000 | 2,917,000,000 | 2,953,000,000 | 2,931,000,000 | 2,930,000,000 | 2,607,000,000 | 2,624,000,000 | 2,647,000,000 | 2,687,000,000 | 2,642,000,000 | 2,646,000,000 | 2,643,000,000 | 2,590,000,000 | 2,594,000,000 | 2,598,000,000 | 2,622,000,000 | 2,884,000,000 | 2,860,000,000 | 2,863,000,000 | 2,746,000,000 | 2,761,000,000 | 3,442,000,000 | 1,473,000,000 | 1,468,000,000 | 1,451,000,000 | 1,450,000,000 | 1,452,000,000 | 1,395,000,000 | 1,351,000,000 | 1,342,000,000 | 1,334,000,000 | 1,126,000,000 | 1,131,000,000 | 1,115,000,000 | 1,117,000,000 | 1,119,000,000 | 1,115,000,000 | 898,000,000 | 846,000,000 | 852,000,000 | 846,000,000 | 841,000,000 | 844,000,000 | 802,000,000 | 748,000,000 | 735,000,000 | 743,000,000 | 734,000,000 | 716,000,000 | 712,000,000 | |||||
goodwill | 8,873,000,000 | 8,907,000,000 | 8,886,000,000 | 8,896,000,000 | 8,775,000,000 | 8,731,000,000 | 8,890,000,000 | 8,783,000,000 | 8,815,000,000 | 8,886,000,000 | 8,795,000,000 | 8,850,000,000 | 8,904,000,000 | 8,872,000,000 | 8,765,000,000 | 8,920,000,000 | 9,069,000,000 | 9,073,000,000 | 9,084,000,000 | 9,142,000,000 | 9,107,000,000 | 9,175,000,000 | 9,035,000,000 | 8,962,000,000 | 8,901,000,000 | 9,048,000,000 | 8,990,000,000 | 9,067,000,000 | 9,053,000,000 | 9,039,000,000 | 9,067,000,000 | 9,103,000,000 | 9,270,000,000 | 9,207,000,000 | 9,182,000,000 | 8,582,000,000 | 7,802,000,000 | 7,598,000,000 | 7,175,000,000 | 947,000,000 | 946,000,000 | 943,000,000 | 970,000,000 | 962,000,000 | 894,000,000 | 894,000,000 | 894,000,000 | 894,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 874,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 |
intangible assets - sum | 19,238,000,000 | 19,243,000,000 | 19,089,000,000 | 18,692,000,000 | 18,395,000,000 | 18,219,000,000 | 18,387,000,000 | 18,046,000,000 | 18,067,000,000 | 17,788,000,000 | 17,845,000,000 | 17,736,000,000 | 17,619,000,000 | 17,372,000,000 | 17,666,000,000 | 17,960,000,000 | 17,999,000,000 | 17,988,000,000 | 18,126,000,000 | 18,043,000,000 | 18,164,000,000 | 17,589,000,000 | 17,689,000,000 | 17,540,000,000 | 17,681,000,000 | 17,655,000,000 | 17,419,000,000 | 17,470,000,000 | 17,543,000,000 | 17,864,000,000 | 18,012,000,000 | 17,940,000,000 | 17,351,000,000 | 17,125,000,000 | 16,868,000,000 | 17,223,000,000 | 2,420,000,000 | 2,414,000,000 | 2,394,000,000 | 2,420,000,000 | 2,414,000,000 | 2,289,000,000 | 2,245,000,000 | 2,228,000,000 | 2,000,000,000 | 2,005,000,000 | 1,989,000,000 | 1,991,000,000 | 1,993,000,000 | 1,989,000,000 | 1,772,000,000 | 1,720,000,000 | 1,727,000,000 | 1,721,000,000 | 1,716,000,000 | 1,719,000,000 | 1,677,000,000 | 1,643,000,000 | 1,623,000,000 | 1,610,000,000 | 1,618,000,000 | 1,606,000,000 | 1,609,000,000 | 1,591,000,000 | 1,587,000,000 | 1,585,000,000 | ||||||
equity method investments | 304,000,000 | 298,000,000 | 298,000,000 | 298,000,000 | 300,000,000 | 298,000,000 | 307,000,000 | 304,000,000 | 302,000,000 | 308,000,000 | 311,000,000 | 311,000,000 | 334,000,000 | 335,000,000 | 332,000,000 | 363,000,000 | 361,000,000 | 387,000,000 | 390,000,000 | 407,000,000 | 410,000,000 | 422,000,000 | 517,000,000 | 534,000,000 | 562,000,000 | 577,000,000 | 580,000,000 | 580,000,000 | 584,000,000 | 732,000,000 | 689,000,000 | 638,000,000 | 754,000,000 | |||||||||||||||||||||||||||||||||||||||
notes receivable | 151,000,000 | 151,000,000 | 153,000,000 | 136,000,000 | 145,000,000 | 136,000,000 | 144,000,000 | 146,000,000 | 136,000,000 | 138,000,000 | 159,000,000 | 140,000,000 | 126,000,000 | 152,000,000 | 132,000,000 | 146,000,000 | 141,000,000 | 144,000,000 | 141,000,000 | 165,000,000 | 162,000,000 | 159,000,000 | 154,000,000 | 148,000,000 | 144,000,000 | 117,000,000 | 109,000,000 | 97,000,000 | 124,000,000 | 125,000,000 | 122,000,000 | 121,000,000 | 147,000,000 | 142,000,000 | 228,000,000 | 275,000,000 | 267,000,000 | 245,000,000 | 240,000,000 | 227,000,000 | 218,000,000 | 215,000,000 | 154,000,000 | 154,000,000 | 154,000,000 | 215,000,000 | 215,000,000 | 220,000,000 | 141,000,000 | 142,000,000 | 137,000,000 | 152,000,000 | 170,000,000 | 180,000,000 | 171,000,000 | 197,000,000 | 223,000,000 | 298,000,000 | 1,102,000,000 | 1,127,000,000 | 1,216,000,000 | 1,264,000,000 | 1,295,000,000 | 1,230,000,000 | 1,268,000,000 | 452,000,000 | 452,000,000 | |||||
deferred tax assets | 549,000,000 | 570,000,000 | 571,000,000 | 611,000,000 | 627,000,000 | 650,000,000 | 629,000,000 | 644,000,000 | 673,000,000 | 673,000,000 | 240,000,000 | 240,000,000 | 240,000,000 | 240,000,000 | 228,000,000 | 228,000,000 | 228,000,000 | 228,000,000 | 232,000,000 | 208,000,000 | 258,000,000 | 249,000,000 | 202,000,000 | 184,000,000 | 155,000,000 | 154,000,000 | 169,000,000 | 171,000,000 | 171,000,000 | 171,000,000 | 171,000,000 | 171,000,000 | 172,000,000 | 93,000,000 | 110,000,000 | 119,000,000 | 119,000,000 | 116,000,000 | 92,000,000 | |||||||||||||||||||||||||||||||||
operating lease assets | 940,000,000 | 941,000,000 | 947,000,000 | 934,000,000 | 843,000,000 | 845,000,000 | 879,000,000 | 875,000,000 | 897,000,000 | 929,000,000 | 937,000,000 | 965,000,000 | 984,000,000 | 987,000,000 | 947,000,000 | 1,002,000,000 | 1,024,000,000 | 1,062,000,000 | 642,000,000 | 682,000,000 | 712,000,000 | 752,000,000 | 757,000,000 | 759,000,000 | 782,000,000 | 888,000,000 | 955,000,000 | 977,000,000 | 979,000,000 | |||||||||||||||||||||||||||||||||||||||||||
other noncurrent assets | 799,000,000 | 799,000,000 | 747,000,000 | 747,000,000 | 739,000,000 | 716,000,000 | 666,000,000 | 667,000,000 | 661,000,000 | 658,000,000 | 578,000,000 | 582,000,000 | 584,000,000 | 584,000,000 | 559,000,000 | 572,000,000 | 575,000,000 | 604,000,000 | 627,000,000 | 627,000,000 | 630,000,000 | 616,000,000 | 599,000,000 | 650,000,000 | 616,000,000 | 595,000,000 | 599,000,000 | 573,000,000 | 537,000,000 | 587,000,000 | 611,000,000 | 596,000,000 | 604,000,000 | 421,000,000 | 400,000,000 | 442,000,000 | 439,000,000 | 477,000,000 | 419,000,000 | 223,000,000 | 234,000,000 | 223,000,000 | 247,000,000 | 247,000,000 | 400,000,000 | 270,000,000 | ||||||||||||||||||||||||||
liabilities and stockholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current portion of long-term debt | 1,210,000,000 | 1,209,000,000 | 1,557,000,000 | 1,109,000,000 | 959,000,000 | 1,309,000,000 | 960,000,000 | 960,000,000 | 910,000,000 | 553,000,000 | 898,000,000 | 894,000,000 | 358,000,000 | 684,000,000 | 558,000,000 | 558,000,000 | 731,000,000 | 805,000,000 | 579,000,000 | 805,000,000 | 822,000,000 | 1,173,000,000 | 1,316,000,000 | 1,665,000,000 | 1,664,000,000 | 977,000,000 | 227,000,000 | 229,000,000 | 231,000,000 | 833,000,000 | 617,000,000 | 616,000,000 | 988,000,000 | 398,000,000 | 398,000,000 | 402,000,000 | 309,000,000 | 309,000,000 | 316,000,000 | 303,000,000 | 300,000,000 | 300,000,000 | 615,000,000 | 614,000,000 | 325,000,000 | 324,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 6,000,000 | 52,000,000 | 50,000,000 | 49,000,000 | 407,000,000 | 408,000,000 | 407,000,000 | 755,000,000 | 355,000,000 | 480,000,000 | 482,000,000 | 137,000,000 | 138,000,000 | 126,000,000 | 142,000,000 | 145,000,000 | 64,000,000 | 137,000,000 | 136,000,000 | 143,000,000 | 120,000,000 | 64,000,000 | 120,000,000 |
accounts payable | 763,000,000 | 814,000,000 | 759,000,000 | 778,000,000 | 812,000,000 | 763,000,000 | 807,000,000 | 826,000,000 | 793,000,000 | 738,000,000 | 696,000,000 | 670,000,000 | 722,000,000 | 746,000,000 | 746,000,000 | 773,000,000 | 737,000,000 | 726,000,000 | 711,000,000 | 626,000,000 | 535,000,000 | 527,000,000 | 486,000,000 | 555,000,000 | 828,000,000 | 720,000,000 | 813,000,000 | 927,000,000 | 745,000,000 | 767,000,000 | 759,000,000 | 834,000,000 | 766,000,000 | 780,000,000 | 733,000,000 | 650,000,000 | 661,000,000 | 687,000,000 | 667,000,000 | 621,000,000 | 597,000,000 | 593,000,000 | 577,000,000 | 640,000,000 | 604,000,000 | 605,000,000 | 612,000,000 | 617,000,000 | 616,000,000 | 557,000,000 | 496,000,000 | 554,000,000 | 517,000,000 | 569,000,000 | 594,000,000 | 592,000,000 | 579,000,000 | 548,000,000 | 619,000,000 | 607,000,000 | 557,000,000 | 634,000,000 | 509,000,000 | 475,000,000 | 499,000,000 | 562,000,000 | 559,000,000 | 579,000,000 | 599,000,000 | 704,000,000 | 562,000,000 | 704,000,000 |
accrued payroll and benefits | 1,256,000,000 | 1,438,000,000 | 1,323,000,000 | 1,184,000,000 | 1,156,000,000 | 1,449,000,000 | 1,288,000,000 | 1,136,000,000 | 1,079,000,000 | 1,390,000,000 | 1,229,000,000 | 1,092,000,000 | 1,027,000,000 | 1,299,000,000 | 1,260,000,000 | 1,071,000,000 | 1,052,000,000 | 1,187,000,000 | 1,120,000,000 | 932,000,000 | 975,000,000 | 831,000,000 | 1,030,000,000 | 1,115,000,000 | 1,211,000,000 | 1,339,000,000 | 1,207,000,000 | 1,067,000,000 | 1,039,000,000 | 1,345,000,000 | 1,253,000,000 | 1,176,000,000 | 1,163,000,000 | 1,227,000,000 | 1,133,000,000 | 1,054,000,000 | 1,034,000,000 | 1,174,000,000 | 1,136,000,000 | 756,000,000 | 779,000,000 | 861,000,000 | 779,000,000 | 806,000,000 | 759,000,000 | 799,000,000 | 759,000,000 | 771,000,000 | 732,000,000 | 817,000,000 | 733,000,000 | 770,000,000 | 698,000,000 | 745,000,000 | 668,000,000 | 633,000,000 | 602,000,000 | 650,000,000 | 735,000,000 | 674,000,000 | 635,000,000 | 692,000,000 | 714,000,000 | 598,000,000 | 543,000,000 | 519,000,000 | 603,000,000 | 582,000,000 | 568,000,000 | 633,000,000 | 519,000,000 | 633,000,000 |
liability for guest loyalty program | 3,517,000,000 | 3,497,000,000 | 3,550,000,000 | 3,579,000,000 | 3,523,000,000 | 3,487,000,000 | 3,402,000,000 | 3,383,000,000 | 3,331,000,000 | 3,328,000,000 | 3,367,000,000 | 3,372,000,000 | 3,381,000,000 | 3,314,000,000 | 3,094,000,000 | 3,115,000,000 | 2,626,000,000 | 2,522,000,000 | 2,320,000,000 | 2,547,000,000 | 2,182,000,000 | 1,769,000,000 | 1,724,000,000 | 1,480,000,000 | 1,550,000,000 | 2,258,000,000 | 2,185,000,000 | 2,157,000,000 | 2,625,000,000 | 2,529,000,000 | 2,305,000,000 | 514,000,000 | 508,000,000 | 506,000,000 | 514,000,000 | 487,000,000 | 487,000,000 | 486,000,000 | 486,000,000 | 456,000,000 | 457,000,000 | 457,000,000 | 454,000,000 | 438,000,000 | 440,000,000 | 442,000,000 | 446,000,000 | 454,000,000 | 446,000,000 | |||||||||||||||||||||||
accrued expenses and other | 1,770,000,000 | 1,440,000,000 | 1,609,000,000 | 1,549,000,000 | 1,834,000,000 | 1,641,000,000 | 2,061,000,000 | 1,978,000,000 | 2,057,000,000 | 1,753,000,000 | 1,487,000,000 | 1,492,000,000 | 1,481,000,000 | 1,296,000,000 | 1,454,000,000 | 1,336,000,000 | 1,276,000,000 | 1,167,000,000 | 1,289,000,000 | 1,211,000,000 | 1,400,000,000 | 1,452,000,000 | 1,450,000,000 | 1,303,000,000 | 1,263,000,000 | 1,383,000,000 | 1,306,000,000 | 1,244,000,000 | 1,208,000,000 | 963,000,000 | 1,117,000,000 | 1,101,000,000 | 1,314,000,000 | 1,541,000,000 | 1,385,000,000 | 1,309,000,000 | 1,271,000,000 | 1,111,000,000 | 1,250,000,000 | 572,000,000 | 558,000,000 | 527,000,000 | 608,000,000 | 624,000,000 | 667,000,000 | 655,000,000 | ||||||||||||||||||||||||||
current liabilities - sum | 8,516,000,000 | 8,398,000,000 | 8,798,000,000 | 8,199,000,000 | 8,284,000,000 | 8,649,000,000 | 8,518,000,000 | 8,283,000,000 | 8,170,000,000 | 7,677,000,000 | 7,520,000,000 | 6,969,000,000 | 7,339,000,000 | 7,112,000,000 | 6,853,000,000 | 6,422,000,000 | 6,407,000,000 | 6,019,000,000 | 6,121,000,000 | 5,914,000,000 | 5,752,000,000 | 6,006,000,000 | 6,677,000,000 | 5,738,000,000 | 5,624,000,000 | 5,848,000,000 | 6,437,000,000 | 6,051,000,000 | 5,904,000,000 | 6,469,000,000 | 6,010,000,000 | 5,608,000,000 | 5,363,000,000 | 5,223,000,000 | 5,147,000,000 | 5,229,000,000 | 3,244,000,000 | 3,247,000,000 | 3,233,000,000 | 3,509,000,000 | 3,517,000,000 | 3,030,000,000 | 3,060,000,000 | 2,690,000,000 | 2,596,000,000 | 2,675,000,000 | 2,422,000,000 | 2,467,000,000 | 2,358,000,000 | 2,773,000,000 | 2,690,000,000 | 2,642,000,000 | 2,906,000,000 | 2,558,000,000 | 3,100,000,000 | 2,917,000,000 | 2,423,000,000 | 2,501,000,000 | 2,496,000,000 | 2,351,000,000 | 2,313,000,000 | 2,287,000,000 | 2,491,000,000 | 2,405,000,000 | 2,406,000,000 | 2,533,000,000 | ||||||
long-term debt | 15,320,000,000 | 14,995,000,000 | 14,442,000,000 | 14,546,000,000 | 14,103,000,000 | 13,138,000,000 | 12,671,000,000 | 12,183,000,000 | 11,748,000,000 | 11,320,000,000 | 10,870,000,000 | 10,403,000,000 | 10,299,000,000 | 9,380,000,000 | 8,860,000,000 | 8,230,000,000 | 8,738,000,000 | 9,333,000,000 | 9,264,000,000 | 9,383,000,000 | 9,386,000,000 | 9,203,000,000 | 9,679,000,000 | 10,133,000,000 | 10,569,000,000 | 9,963,000,000 | 10,552,000,000 | 10,185,000,000 | 10,025,000,000 | 8,514,000,000 | 8,710,000,000 | 8,375,000,000 | 7,858,000,000 | 7,840,000,000 | 8,271,000,000 | 7,911,000,000 | 8,161,000,000 | 8,197,000,000 | 8,506,000,000 | 4,057,000,000 | 3,859,000,000 | 3,807,000,000 | 3,689,000,000 | 3,303,000,000 | 3,703,000,000 | 3,457,000,000 | 3,521,000,000 | 3,397,000,000 | 3,295,000,000 | 3,147,000,000 | 3,104,000,000 | 3,037,000,000 | 3,206,000,000 | 2,528,000,000 | 2,101,000,000 | 2,153,000,000 | 1,772,000,000 | 1,816,000,000 | 2,623,000,000 | 2,440,000,000 | 2,720,000,000 | 2,691,000,000 | 2,600,000,000 | 2,769,000,000 | 3,124,000,000 | 2,234,000,000 | 2,523,000,000 | 2,713,000,000 | 2,834,000,000 | 2,975,000,000 | 2,234,000,000 | 2,975,000,000 |
deferred tax liabilities | 90,000,000 | 79,000,000 | 117,000,000 | 59,000,000 | 65,000,000 | 81,000,000 | 185,000,000 | 219,000,000 | 194,000,000 | 209,000,000 | 359,000,000 | 285,000,000 | 307,000,000 | 313,000,000 | 273,000,000 | 223,000,000 | 179,000,000 | 169,000,000 | 69,000,000 | 71,000,000 | 82,000,000 | 83,000,000 | 146,000,000 | 121,000,000 | 212,000,000 | 290,000,000 | 291,000,000 | 359,000,000 | 441,000,000 | 485,000,000 | 551,000,000 | 567,000,000 | 634,000,000 | 604,000,000 | 927,000,000 | 994,000,000 | 891,000,000 | 1,020,000,000 | 1,308,000,000 | |||||||||||||||||||||||||||||||||
deferred revenue | 1,219,000,000 | 1,200,000,000 | 1,158,000,000 | 1,162,000,000 | 1,144,000,000 | 1,103,000,000 | 1,064,000,000 | 1,052,000,000 | 1,047,000,000 | 1,018,000,000 | 1,007,000,000 | 1,039,000,000 | 1,063,000,000 | 1,059,000,000 | 1,085,000,000 | 1,085,000,000 | 1,121,000,000 | 1,181,000,000 | 1,226,000,000 | 1,294,000,000 | 1,413,000,000 | 1,542,000,000 | 1,615,000,000 | 1,665,000,000 | 862,000,000 | 840,000,000 | 799,000,000 | 768,000,000 | 743,000,000 | 731,000,000 | 632,000,000 | 645,000,000 | 645,000,000 | |||||||||||||||||||||||||||||||||||||||
operating lease liabilities | 876,000,000 | 879,000,000 | 887,000,000 | 881,000,000 | 789,000,000 | 794,000,000 | 831,000,000 | 825,000,000 | 851,000,000 | 887,000,000 | 966,000,000 | 999,000,000 | 1,024,000,000 | 1,034,000,000 | 1,007,000,000 | 1,048,000,000 | 1,066,000,000 | 1,098,000,000 | 697,000,000 | 745,000,000 | 775,000,000 | 823,000,000 | 817,000,000 | 830,000,000 | 846,000,000 | 882,000,000 | 868,000,000 | 893,000,000 | 889,000,000 | |||||||||||||||||||||||||||||||||||||||||||
other noncurrent liabilities | 1,247,000,000 | 1,265,000,000 | 1,280,000,000 | 1,263,000,000 | 1,255,000,000 | 1,377,000,000 | 1,392,000,000 | 1,327,000,000 | 1,503,000,000 | 1,482,000,000 | 1,622,000,000 | 1,652,000,000 | 1,711,000,000 | 1,842,000,000 | 1,811,000,000 | 1,875,000,000 | 1,977,000,000 | 2,002,000,000 | 2,137,000,000 | 2,166,000,000 | 2,344,000,000 | 2,366,000,000 | 2,223,000,000 | 2,292,000,000 | 2,270,000,000 | 2,236,000,000 | 2,287,000,000 | 2,294,000,000 | 2,309,000,000 | 2,372,000,000 | 2,248,000,000 | 2,198,000,000 | 2,283,000,000 | 2,887,000,000 | 2,094,000,000 | 1,911,000,000 | 1,820,000,000 | 1,744,000,000 | 1,580,000,000 | 1,091,000,000 | 1,041,000,000 | 1,010,000,000 | 1,013,000,000 | 927,000,000 | 901,000,000 | 891,000,000 | ||||||||||||||||||||||||||
stockholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
class a common stock | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
additional paid-in-capital | 6,311,000,000 | 6,352,000,000 | 6,291,000,000 | 6,193,000,000 | 6,135,000,000 | 6,179,000,000 | 6,125,000,000 | 6,030,000,000 | 5,978,000,000 | 6,051,000,000 | 5,996,000,000 | 5,952,000,000 | 5,906,000,000 | 5,965,000,000 | 5,919,000,000 | 5,872,000,000 | 5,831,000,000 | 5,892,000,000 | 5,869,000,000 | 5,830,000,000 | 5,787,000,000 | 5,851,000,000 | 5,798,000,000 | 5,753,000,000 | 5,711,000,000 | 5,800,000,000 | 5,773,000,000 | 5,729,000,000 | 5,706,000,000 | 5,814,000,000 | 5,773,000,000 | 5,728,000,000 | 5,685,000,000 | 5,770,000,000 | 5,744,000,000 | 5,712,000,000 | 5,711,000,000 | 5,808,000,000 | 5,740,000,000 | 2,787,000,000 | 2,751,000,000 | 2,821,000,000 | 2,791,000,000 | 2,781,000,000 | 2,740,000,000 | 2,802,000,000 | 2,753,000,000 | 2,707,000,000 | 2,664,000,000 | 2,716,000,000 | 2,670,000,000 | 2,578,000,000 | 2,542,000,000 | 2,585,000,000 | 2,515,000,000 | 2,464,000,000 | 2,438,000,000 | 2,513,000,000 | 3,657,000,000 | 3,615,000,000 | 3,587,000,000 | 3,644,000,000 | 3,580,000,000 | 3,552,000,000 | 3,524,000,000 | 3,585,000,000 | 3,556,000,000 | 3,538,000,000 | 3,520,000,000 | 3,590,000,000 | 3,585,000,000 | 3,590,000,000 |
retained earnings | 18,884,000,000 | 18,414,000,000 | 18,148,000,000 | 17,602,000,000 | 17,022,000,000 | 16,531,000,000 | 16,251,000,000 | 15,844,000,000 | 15,251,000,000 | 14,838,000,000 | 14,142,000,000 | 13,544,000,000 | 12,975,000,000 | 12,342,000,000 | 11,795,000,000 | 11,262,000,000 | 10,682,000,000 | 10,305,000,000 | 9,838,000,000 | 9,618,000,000 | 9,195,000,000 | 9,206,000,000 | 9,370,000,000 | 9,270,000,000 | 9,504,000,000 | 9,644,000,000 | 9,522,000,000 | 9,292,000,000 | 9,219,000,000 | 8,982,000,000 | 8,705,000,000 | 8,363,000,000 | 7,898,000,000 | 7,391,000,000 | 7,310,000,000 | 7,040,000,000 | 6,750,000,000 | 6,501,000,000 | 6,375,000,000 | 5,185,000,000 | 5,025,000,000 | 4,878,000,000 | 4,740,000,000 | 4,573,000,000 | 4,401,000,000 | 4,286,000,000 | 4,156,000,000 | 4,030,000,000 | 3,917,000,000 | 3,837,000,000 | 3,763,000,000 | 3,662,000,000 | 3,549,000,000 | 3,509,000,000 | 3,434,000,000 | 3,335,000,000 | 3,249,000,000 | 3,212,000,000 | 3,165,000,000 | 3,401,000,000 | 3,310,000,000 | 3,286,000,000 | 3,191,000,000 | 3,130,000,000 | 3,038,000,000 | 3,103,000,000 | 3,038,000,000 | 3,540,000,000 | 3,541,000,000 | 3,565,000,000 | 3,103,000,000 | 3,565,000,000 |
treasury stock | -28,577,000,000 | -27,900,000,000 | -26,890,000,000 | -26,090,000,000 | -25,368,000,000 | -24,644,000,000 | -24,088,000,000 | -23,065,000,000 | -22,056,000,000 | -20,929,000,000 | -19,955,000,000 | -19,009,000,000 | -18,099,000,000 | -17,015,000,000 | -15,666,000,000 | -14,716,000,000 | -14,418,000,000 | -14,446,000,000 | -14,462,000,000 | -14,463,000,000 | -14,463,000,000 | -14,497,000,000 | -14,498,000,000 | -14,499,000,000 | -14,501,000,000 | -14,385,000,000 | -13,958,000,000 | -13,460,000,000 | -12,967,000,000 | -12,185,000,000 | -11,850,000,000 | -11,011,000,000 | -10,163,000,000 | -9,418,000,000 | -8,498,000,000 | -7,700,000,000 | -6,986,000,000 | -6,460,000,000 | -6,110,000,000 | -11,266,000,000 | -11,271,000,000 | -11,098,000,000 | -11,005,000,000 | -10,304,000,000 | -9,593,000,000 | -9,223,000,000 | -8,703,000,000 | -8,423,000,000 | -8,170,000,000 | -7,929,000,000 | -7,798,000,000 | -7,684,000,000 | -7,427,000,000 | -7,340,000,000 | -7,201,000,000 | -6,875,000,000 | -6,502,000,000 | -6,463,000,000 | -6,381,000,000 | -5,874,000,000 | -5,518,000,000 | -5,348,000,000 | -5,427,000,000 | -5,458,000,000 | -5,497,000,000 | -5,564,000,000 | -5,622,000,000 | 31,000,000 | -5,711,000,000 | -5,765,000,000 | -5,564,000,000 | -5,765,000,000 |
accumulated other comprehensive loss | -715,000,000 | -642,000,000 | -673,000,000 | -674,000,000 | -962,000,000 | -1,063,000,000 | -714,000,000 | -905,000,000 | -794,000,000 | -647,000,000 | -849,000,000 | -716,000,000 | -647,000,000 | -729,000,000 | -990,000,000 | -651,000,000 | -328,000,000 | -342,000,000 | -332,000,000 | -194,000,000 | -290,000,000 | -135,000,000 | -446,000,000 | -608,000,000 | -739,000,000 | -361,000,000 | -504,000,000 | -326,000,000 | -360,000,000 | -391,000,000 | -309,000,000 | -244,000,000 | -17,000,000 | -49,000,000 | -156,000,000 | -312,000,000 | -497,000,000 | -169,000,000 | -173,000,000 | -177,000,000 | -196,000,000 | -120,000,000 | -88,000,000 | -90,000,000 | -70,000,000 | -53,000,000 | -39,000,000 | -41,000,000 | -44,000,000 | -49,000,000 | -54,000,000 | -46,000,000 | -44,000,000 | -49,000,000 | -53,000,000 | -38,000,000 | -48,000,000 | -16,000,000 | -11,000,000 | -4,000,000 | -27,000,000 | |||||||||||
stockholders’ deficit - sum | -4,092,000,000 | -3,771,000,000 | -3,119,000,000 | -2,964,000,000 | -3,168,000,000 | -2,992,000,000 | -2,421,000,000 | -2,091,000,000 | -1,616,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stockholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 3,083,000,000 | -203,000,000 | 31,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile to cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation, amortization, and other | 277,000,000 | 268,000,000 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation | 205,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income taxes | -612,000,000 | -148,000,000 | -71,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
contract acquisition costs | -221,000,000 | -60,000,000 | -39,000,000 | 768,000,000 | 731,000,000 | 710,000,000 | 731,000,000 | 710,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related charges and other | 47,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
working capital changes | 69,000,000 | 354,000,000 | 245,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other | 21,000,000 | -12,000,000 | 18,000,000 | 62,000,000 | 65,000,000 | 26,000,000 | 25,000,000 | 30,000,000 | 30,000,000 | 56,000,000 | 116,000,000 | 109,000,000 | 111,000,000 | 28,000,000 | 52,000,000 | 27,000,000 | 24,000,000 | 24,000,000 | 11,000,000 | 12,000,000 | 10,000,000 | 70,000,000 | 7,000,000 | 99,000,000 | 120,000,000 | 107,000,000 | 123,000,000 | 155,000,000 | 93,000,000 | 84,000,000 | 199,000,000 | 125,000,000 | 138,000,000 | 268,000,000 | 169,000,000 | 199,000,000 | 169,000,000 | |||||||||||||||||||||||||||||||||||
net cash from operating activities | 3,170,000,000 | 1,505,000,000 | 514,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
capital and technology expenditures | -452,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset acquisition | -101,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dispositions | 71,000,000 | 260,000,000 | 260,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan advances | -77,000,000 | -33,000,000 | -32,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan collections | 61,000,000 | 5,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from investing activities | -465,000,000 | 141,000,000 | 165,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
commercial paper/credit facility | 546,000,000 | -827,000,000 | 1,317,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of long-term debt | 1,918,000,000 | 2,566,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
repayment of long-term debt | -684,000,000 | -924,000,000 | -66,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of class a common stock | 29,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
debt extinguishment costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dividends paid | -587,000,000 | -156,000,000 | -156,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
purchase of treasury stock | -3,953,000,000 | -150,000,000 | -150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation withholding taxes | -108,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from financing activities | -2,864,000,000 | 401,000,000 | 850,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in cash, cash equivalents, and restricted cash | -159,000,000 | 2,047,000,000 | 1,529,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 525,000,000 | 253,000,000 | 253,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash, end of period | 366,000,000 | 2,300,000,000 | 1,782,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity - sum | -661,000,000 | -224,000,000 | 140,000,000 | 568,000,000 | 1,063,000,000 | 1,772,000,000 | 1,772,000,000 | 1,414,000,000 | 918,000,000 | 796,000,000 | 234,000,000 | 430,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
assets held for sale | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 255,000,000 | 8,000,000 | 13,000,000 | 13,000,000 | 121,000,000 | 149,000,000 | 297,000,000 | 285,000,000 | 400,000,000 | 588,000,000 | 771,000,000 | 31,000,000 | 78,000,000 | 78,000,000 | 139,000,000 | 145,000,000 | 45,000,000 | 233,000,000 | 350,000,000 | 232,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity - sum | 229,000,000 | 703,000,000 | 838,000,000 | 1,240,000,000 | 1,603,000,000 | 2,225,000,000 | 2,324,000,000 | 2,841,000,000 | 3,566,000,000 | 3,731,000,000 | 4,512,000,000 | 4,901,000,000 | 5,168,000,000 | -1,296,000,000 | 1,380,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities and shareholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
share-based compensation | 91,000,000 | 41,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring and merger-related charges | -13,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on asset dispositions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
deferred revenue changes and other | 854,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
capital expenditures | -79,000,000 | -59,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
share-based compensation withholding taxes | -99,000,000 | -95,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related charges | -12,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liability for guest loyalty programs | 2,177,000,000 | 2,238,000,000 | 2,064,000,000 | 1,959,000,000 | 1,948,000,000 | 1,948,000,000 | 1,866,000,000 | 1,860,000,000 | 992,000,000 | 1,013,000,000 | 952,000,000 | 930,000,000 | 833,000,000 | 675,000,000 | 677,000,000 | 657,000,000 | 659,000,000 | 661,000,000 | 666,000,000 | 583,000,000 | 586,000,000 | 590,000,000 | 593,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income | 141,000,000 | 2,000,000 | -2,000,000 | 6,000,000 | -5,000,000 | 13,000,000 | 8,000,000 | -15,000,000 | 13,000,000 | -15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity and cost method investments | 740,000,000 | 720,000,000 | 762,000,000 | 745,000,000 | 728,000,000 | 830,000,000 | 179,000,000 | 169,000,000 | 165,000,000 | 174,000,000 | 216,000,000 | 217,000,000 | 224,000,000 | 234,000,000 | 229,000,000 | 222,000,000 | 222,000,000 | 228,000,000 | 228,000,000 | 230,000,000 | 216,000,000 | 217,000,000 | 223,000,000 | 268,000,000 | 265,000,000 | 271,000,000 | 278,000,000 | 313,000,000 | 250,000,000 | 245,000,000 | 245,000,000 | 243,000,000 | 249,000,000 | 257,000,000 | 326,000,000 | 311,000,000 | 346,000,000 | 249,000,000 | 346,000,000 | |||||||||||||||||||||||||||||||||
prepaid expenses | 168,000,000 | 168,000,000 | 71,000,000 | 79,000,000 | 77,000,000 | 58,000,000 | 68,000,000 | 64,000,000 | 64,000,000 | 54,000,000 | 58,000,000 | 59,000,000 | 67,000,000 | 57,000,000 | 60,000,000 | 56,000,000 | 57,000,000 | 45,000,000 | 48,000,000 | 62,000,000 | 54,000,000 | 85,000,000 | 93,000,000 | 104,000,000 | 81,000,000 | 74,000,000 | 93,000,000 | 110,000,000 | 78,000,000 | 96,000,000 | ||||||||||||||||||||||||||||||||||||||||||
deferred taxes | 586,000,000 | 620,000,000 | 672,000,000 | 450,000,000 | 397,000,000 | 469,000,000 | 530,000,000 | 597,000,000 | 617,000,000 | 627,000,000 | 647,000,000 | 671,000,000 | 665,000,000 | 673,000,000 | 676,000,000 | 851,000,000 | 846,000,000 | 849,000,000 | 873,000,000 | 1,005,000,000 | 910,000,000 | 919,000,000 | 932,000,000 | 1,050,000,000 | 1,074,000,000 | 1,091,000,000 | 1,020,000,000 | 1,012,000,000 | 841,000,000 | 826,000,000 | 727,000,000 | 1,020,000,000 | 727,000,000 | |||||||||||||||||||||||||||||||||||||||
liabilities and shareholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ deficit - sum | -3,462,000,000 | -3,667,000,000 | -3,590,000,000 | -3,589,000,000 | -3,033,000,000 | -2,537,000,000 | -2,200,000,000 | -1,720,000,000 | -1,625,000,000 | -1,415,000,000 | -1,409,000,000 | -1,493,000,000 | -1,377,000,000 | -1,285,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current deferred taxes | 257,000,000 | 309,000,000 | 311,000,000 | 311,000,000 | 207,000,000 | 202,000,000 | 235,000,000 | 252,000,000 | 217,000,000 | 206,000,000 | 247,000,000 | 280,000,000 | 146,000,000 | 181,000,000 | 230,000,000 | 282,000,000 | 234,000,000 | 237,000,000 | 241,000,000 | 246,000,000 | 223,000,000 | 242,000,000 | 254,000,000 | 255,000,000 | 257,000,000 | 175,000,000 | 175,000,000 | 186,000,000 | 255,000,000 | 186,000,000 | ||||||||||||||||||||||||||||||||||||||||||
other long-term liabilities | 869,000,000 | 908,000,000 | 887,000,000 | 912,000,000 | 913,000,000 | 907,000,000 | 896,000,000 | 898,000,000 | 936,000,000 | 868,000,000 | 882,000,000 | 883,000,000 | 952,000,000 | 937,000,000 | 889,000,000 | 893,000,000 | 1,095,000,000 | 1,084,000,000 | 1,070,000,000 | 1,077,000,000 | 866,000,000 | 821,000,000 | 761,000,000 | 710,000,000 | 1,077,000,000 | 710,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
inventory | 11,000,000 | 10,000,000 | 11,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 1,029,000,000 | 1,365,000,000 | 1,459,000,000 | 1,489,000,000 | 1,455,000,000 | 1,467,000,000 | 1,503,000,000 | 1,444,000,000 | 1,465,000,000 | 2,001,000,000 | 1,994,000,000 | 1,981,000,000 | 1,444,000,000 | 1,981,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
marriott shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
marriott shareholders’ equity - sum | -1,124,000,000 | -848,000,000 | -781,000,000 | 430,000,000 | 1,136,000,000 | 1,386,000,000 | 1,585,000,000 | 1,355,000,000 | 1,224,000,000 | 1,070,000,000 | 1,142,000,000 | 985,000,000 | 1,415,000,000 | 1,328,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
the abbreviation vies above means variable interest entities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | 4,000,000 | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loans to equity method investees | 16,000,000 | 51,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loans to timeshare owners | 438,000,000 | 399,000,000 | 354,000,000 | 607,000,000 | 607,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other notes receivable | 79,000,000 | 141,000,000 | 135,000,000 | 173,000,000 | 173,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
notes receivable - sum | 533,000,000 | 591,000,000 | 539,000,000 | 830,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other long-term receivables | 79,000,000 | 90,000,000 | 109,000,000 | 158,000,000 | 158,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare segment deferred revenue | 75,000,000 | 70,000,000 | 65,000,000 | 70,000,000 | 70,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other payables and accruals | 679,000,000 | 598,000,000 | 589,000,000 | 560,000,000 | 560,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
self-insurance reserves | 231,000,000 | 222,000,000 | 211,000,000 | 204,000,000 | 204,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minority interest | 11,000,000 | 11,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-28 | 2012-09-07 | 2012-06-15 | 2012-03-23 | 2011-12-30 | 2011-09-09 | 2011-06-17 | 2011-03-25 | 2010-12-31 | 2010-09-10 | 2010-06-18 | 2010-03-26 | 2009-12-31 | 2009-09-11 | 2009-06-19 | 2009-03-27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 648,000,000 | 445,000,000 | 728,000,000 | 763,000,000 | 665,000,000 | 455,000,000 | 584,000,000 | 772,000,000 | 564,000,000 | 848,000,000 | 752,000,000 | 726,000,000 | 757,000,000 | 673,000,000 | 630,000,000 | 678,000,000 | 377,000,000 | 468,000,000 | 220,000,000 | 422,000,000 | -11,000,000 | -164,000,000 | 100,000,000 | -234,000,000 | 31,000,000 | 279,000,000 | 387,000,000 | 232,000,000 | 375,000,000 | 416,000,000 | 483,000,000 | 610,000,000 | 398,000,000 | 201,000,000 | 392,000,000 | 414,000,000 | 365,000,000 | 244,000,000 | 70,000,000 | 247,000,000 | 219,000,000 | 202,000,000 | 210,000,000 | 240,000,000 | 207,000,000 | 197,000,000 | 192,000,000 | 192,000,000 | 172,000,000 | 475,000,000 | 315,000,000 | 136,000,000 | 181,000,000 | 143,000,000 | 143,000,000 | 104,000,000 | 141,000,000 | -179,000,000 | 135,000,000 | 101,000,000 | 173,000,000 | 83,000,000 | 119,000,000 | 83,000,000 | 106,000,000 | -469,000,000 | ||
adjustments to reconcile to cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation, amortization, and other | 162,000,000 | 177,000,000 | 143,000,000 | 143,000,000 | 136,000,000 | 279,000,000 | 71,000,000 | 74,000,000 | 68,000,000 | 73,000,000 | 69,000,000 | 70,000,000 | 65,000,000 | 70,000,000 | 72,000,000 | 68,000,000 | 72,000,000 | 73,000,000 | 85,000,000 | 68,000,000 | 69,000,000 | 109,000,000 | 101,000,000 | 93,000,000 | 175,000,000 | 196,000,000 | 68,000,000 | 71,000,000 | 68,000,000 | 76,000,000 | 65,000,000 | 70,000,000 | 73,000,000 | 72,000,000 | 68,000,000 | 85,000,000 | 65,000,000 | 71,000,000 | 36,000,000 | 30,000,000 | 31,000,000 | 32,000,000 | 31,000,000 | 32,000,000 | 44,000,000 | 32,000,000 | 33,000,000 | |||||||||||||||||||||
stock-based compensation | 57,000,000 | 65,000,000 | 61,000,000 | 58,000,000 | 52,000,000 | 64,000,000 | 63,000,000 | 57,000,000 | 53,000,000 | 58,000,000 | 54,000,000 | 56,000,000 | 37,000,000 | 48,000,000 | 48,000,000 | 52,000,000 | 44,000,000 | 44,000,000 | 42,000,000 | 43,000,000 | 53,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
income taxes | 95,000,000 | -141,000,000 | 9,000,000 | -171,000,000 | 26,000,000 | -76,000,000 | -94,000,000 | -107,000,000 | 105,000,000 | -505,000,000 | -27,000,000 | -99,000,000 | 19,000,000 | 83,000,000 | 23,000,000 | 113,000,000 | 61,000,000 | 11,000,000 | -15,000,000 | -227,000,000 | -50,000,000 | -189,000,000 | -141,000,000 | -77,000,000 | -71,000,000 | -102,000,000 | 4,000,000 | -95,000,000 | -7,000,000 | -47,000,000 | 6,000,000 | -214,000,000 | 16,000,000 | 755,000,000 | -23,000,000 | 14,000,000 | 82,000,000 | 75,000,000 | -60,000,000 | 3,000,000 | 58,000,000 | 23,000,000 | 21,000,000 | 70,000,000 | 29,000,000 | -12,000,000 | 26,000,000 | 41,000,000 | 16,000,000 | 67,000,000 | 85,000,000 | 33,000,000 | 70,000,000 | 41,000,000 | 43,000,000 | 70,000,000 | 93,000,000 | -54,000,000 | 39,000,000 | 35,000,000 | -118,000,000 | 30,000,000 | 39,000,000 | 22,000,000 | 28,000,000 | -222,000,000 | 6,000,000 | 21,000,000 |
liability for guest loyalty program | 206,000,000 | 172,000,000 | 45,000,000 | 73,000,000 | 183,000,000 | 149,000,000 | 46,000,000 | 135,000,000 | 184,000,000 | 192,000,000 | -22,000,000 | 24,000,000 | 107,000,000 | -102,000,000 | -61,000,000 | -13,000,000 | 57,000,000 | -82,000,000 | -36,000,000 | 16,000,000 | 74,000,000 | 96,000,000 | 77,000,000 | 236,000,000 | 126,000,000 | 94,000,000 | -63,000,000 | 174,000,000 | 52,000,000 | -161,000,000 | 69,000,000 | -30,000,000 | 7,000,000 | 14,000,000 | 46,000,000 | -3,000,000 | 2,000,000 | 33,000,000 | 60,000,000 | 0 | 2,000,000 | 24,000,000 | 35,000,000 | 5,000,000 | 4,000,000 | 59,000,000 | ||||||||||||||||||||||
contract acquisition costs | -109,000,000 | -133,000,000 | -88,000,000 | -82,000,000 | -131,000,000 | -85,000,000 | -135,000,000 | -41,000,000 | -80,000,000 | -87,000,000 | -29,000,000 | -47,000,000 | -58,000,000 | -57,000,000 | -41,000,000 | -25,000,000 | -26,000,000 | -67,000,000 | -35,000,000 | -61,000,000 | -47,000,000 | -39,000,000 | -43,000,000 | -21,000,000 | -39,000,000 | -55,000,000 | -47,000,000 | -37,000,000 | -56,000,000 | -42,000,000 | -39,000,000 | -42,000,000 | -29,000,000 | -60,000,000 | -38,000,000 | -37,000,000 | -54,000,000 | -25,000,000 | -18,000,000 | -16,000,000 | -21,000,000 | -32,000,000 | -17,000,000 | -11,000,000 | -61,000,000 | -18,000,000 | -19,000,000 | -22,000,000 | -6,000,000 | -36,000,000 | -26,000,000 | -14,000,000 | -201,000,000 | -33,000,000 | -9,000,000 | -10,000,000 | -20,000,000 | -7,000,000 | -10,000,000 | -37,000,000 | -21,000,000 | -15,000,000 | -4,000,000 | -16,000,000 | -13,000,000 | -12,000,000 | -9,000,000 | -5,000,000 |
restructuring and merger-related charges, and other | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
working capital changes | -363,000,000 | 198,000,000 | 124,000,000 | -144,000,000 | -325,000,000 | 80,000,000 | 112,000,000 | -33,000,000 | -241,000,000 | 210,000,000 | 74,000,000 | -119,000,000 | -96,000,000 | -317,000,000 | 154,000,000 | -149,000,000 | -230,000,000 | 39,000,000 | 191,000,000 | -93,000,000 | -27,000,000 | -155,000,000 | -227,000,000 | 109,000,000 | 245,000,000 | 131,000,000 | -25,000,000 | 22,000,000 | -401,000,000 | 157,000,000 | 8,000,000 | -56,000,000 | -185,000,000 | -17,000,000 | 104,000,000 | 102,000,000 | -108,000,000 | -130,000,000 | -2,000,000 | 61,000,000 | -106,000,000 | -49,000,000 | -9,000,000 | 63,000,000 | -131,000,000 | -83,000,000 | -20,000,000 | 104,000,000 | -121,000,000 | |||||||||||||||||||
other | 160,000,000 | -5,000,000 | 119,000,000 | 2,000,000 | 60,000,000 | -246,000,000 | 224,000,000 | -93,000,000 | 119,000,000 | -43,000,000 | 0 | 8,000,000 | 56,000,000 | -22,000,000 | 31,000,000 | 3,000,000 | 19,000,000 | -40,000,000 | 9,000,000 | -5,000,000 | -7,000,000 | -35,000,000 | -10,000,000 | -30,000,000 | 18,000,000 | 86,000,000 | 94,000,000 | 20,000,000 | 94,000,000 | 40,000,000 | 18,000,000 | -62,000,000 | 111,000,000 | 19,000,000 | 16,000,000 | 32,000,000 | 50,000,000 | -10,000,000 | 12,000,000 | 38,000,000 | 27,000,000 | -1,000,000 | 28,000,000 | -2,000,000 | 44,000,000 | 7,000,000 | 21,000,000 | 36,000,000 | 24,000,000 | -88,000,000 | -68,000,000 | -7,000,000 | -61,000,000 | 17,000,000 | -31,000,000 | -8,000,000 | -29,000,000 | 113,000,000 | -81,000,000 | -14,000,000 | -15,000,000 | 10,000,000 | 5,000,000 | 20,000,000 | 6,000,000 | 21,000,000 | 31,000,000 | 17,000,000 |
net cash from operating activities | 858,000,000 | 829,000,000 | 1,093,000,000 | 643,000,000 | 647,000,000 | 318,000,000 | 880,000,000 | 772,000,000 | 779,000,000 | 751,000,000 | 881,000,000 | 651,000,000 | 887,000,000 | 441,000,000 | 874,000,000 | 650,000,000 | 398,000,000 | 432,000,000 | 619,000,000 | 99,000,000 | 27,000,000 | 16,000,000 | 118,000,000 | 991,000,000 | 514,000,000 | 495,000,000 | 452,000,000 | 587,000,000 | 151,000,000 | 533,000,000 | 695,000,000 | 454,000,000 | 675,000,000 | 520,000,000 | 614,000,000 | 776,000,000 | 526,000,000 | 450,000,000 | 334,000,000 | 465,000,000 | 333,000,000 | 350,000,000 | 328,000,000 | 490,000,000 | 262,000,000 | 274,000,000 | 281,000,000 | 487,000,000 | 182,000,000 | 805,000,000 | 610,000,000 | 118,000,000 | 181,000,000 | 391,000,000 | 292,000,000 | 125,000,000 | 204,000,000 | 404,000,000 | 342,000,000 | 139,000,000 | 238,000,000 | 391,000,000 | 362,000,000 | 160,000,000 | 271,000,000 | 250,000,000 | 144,000,000 | 203,000,000 |
investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
capital and technology expenditures | -130,000,000 | -172,000,000 | -142,000,000 | -155,000,000 | -135,000,000 | -342,000,000 | -174,000,000 | -125,000,000 | -109,000,000 | -134,000,000 | -124,000,000 | -99,000,000 | -95,000,000 | -140,000,000 | -73,000,000 | -70,000,000 | -49,000,000 | -69,000,000 | -44,000,000 | -40,000,000 | -30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
dispositions | 2,000,000 | 0 | 12,000,000 | 3,000,000 | 0 | 1,000,000 | 10,000,000 | 4,000,000 | 1,000,000 | 0 | 7,000,000 | 0 | 0 | 0 | 260,000,000 | 391,000,000 | 2,000,000 | 0 | 2,000,000 | 19,000,000 | 24,000,000 | 328,000,000 | 108,000,000 | 936,000,000 | 0 | 171,000,000 | 311,000,000 | 165,000,000 | 0 | 49,000,000 | 4,000,000 | 61,000,000 | 31,000,000 | 334,000,000 | 247,000,000 | 143,000,000 | 0 | 0 | 292,000,000 | 0 | 61,000,000 | 19,000,000 | 111,000,000 | 1,000,000 | 0 | 0 | 1,000,000 | |||||||||||||||||||||
loan advances | -13,000,000 | -4,000,000 | -19,000,000 | 0 | -12,000,000 | 0 | -2,000,000 | -7,000,000 | -1,000,000 | 0 | -60,000,000 | -16,000,000 | -1,000,000 | -1,000,000 | -7,000,000 | -3,000,000 | -8,000,000 | 0 | -2,000,000 | -5,000,000 | -3,000,000 | -1,000,000 | -32,000,000 | -7,000,000 | -13,000,000 | 0 | 0 | -1,000,000 | -12,000,000 | -8,000,000 | -37,000,000 | -20,000,000 | -28,000,000 | -8,000,000 | 0 | -8,000,000 | -16,000,000 | -54,000,000 | 0 | -2,000,000 | -10,000,000 | 0 | 0 | -100,000,000 | -3,000,000 | -5,000,000 | -4,000,000 | -3,000,000 | -15,000,000 | 0 | -1,000,000 | -1,000,000 | -6,000,000 | -9,000,000 | -9,000,000 | -2,000,000 | -8,000,000 | -6,000,000 | -8,000,000 | -2,000,000 | -15,000,000 | -32,000,000 | -14,000,000 | -4,000,000 | ||||
loan collections | 3,000,000 | 6,000,000 | 1,000,000 | 10,000,000 | 5,000,000 | 26,000,000 | 2,000,000 | 0 | 8,000,000 | 26,000,000 | 2,000,000 | 2,000,000 | 31,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 7,000,000 | 2,000,000 | 33,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 2,000,000 | 43,000,000 | 2,000,000 | 4,000,000 | 1,000,000 | 18,000,000 | 24,000,000 | 5,000,000 | 96,000,000 | 81,000,000 | 3,000,000 | 7,000,000 | 6,000,000 | 59,000,000 | 0 | 2,000,000 | 71,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 8,000,000 | 9,000,000 | 8,000,000 | 9,000,000 | |||||||||||||||||||
net cash from investing activities | -149,000,000 | -173,000,000 | -489,000,000 | -143,000,000 | -143,000,000 | -345,000,000 | -164,000,000 | -130,000,000 | -95,000,000 | -102,000,000 | -120,000,000 | -184,000,000 | -59,000,000 | -160,000,000 | -46,000,000 | -68,000,000 | -23,000,000 | -106,000,000 | -9,000,000 | -43,000,000 | -29,000,000 | -76,000,000 | -30,000,000 | -24,000,000 | 165,000,000 | -41,000,000 | -69,000,000 | -86,000,000 | -88,000,000 | -133,000,000 | -33,000,000 | 65,000,000 | 49,000,000 | 830,000,000 | -43,000,000 | 49,000,000 | 184,000,000 | 78,000,000 | -2,415,000,000 | -8,000,000 | -64,000,000 | -6,000,000 | 21,000,000 | 374,000,000 | -22,000,000 | -9,000,000 | -121,000,000 | -225,000,000 | 42,000,000 | -309,000,000 | -219,000,000 | -88,000,000 | -372,000,000 | 6,000,000 | -84,000,000 | -135,000,000 | -102,000,000 | 81,000,000 | -48,000,000 | -178,000,000 | -103,000,000 | -92,000,000 | -45,000,000 | -24,000,000 | 61,000,000 | -57,000,000 | -32,000,000 | -41,000,000 |
financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
commercial paper/credit facility | -1,085,000,000 | 557,000,000 | -1,139,000,000 | 1,181,000,000 | -1,002,000,000 | 811,000,000 | -990,000,000 | 1,027,000,000 | -685,000,000 | 446,000,000 | -636,000,000 | 619,000,000 | 117,000,000 | 300,000,000 | 350,000,000 | 0 | -500,000,000 | -30,000,000 | -1,433,000,000 | -2,144,000,000 | 1,317,000,000 | -226,000,000 | 354,000,000 | 158,000,000 | 665,000,000 | -1,174,000,000 | 338,000,000 | 80,000,000 | 627,000,000 | -430,000,000 | 350,000,000 | 138,000,000 | -33,000,000 | -292,000,000 | 2,598,000,000 | -992,000,000 | 51,000,000 | 134,000,000 | -410,000,000 | -110,000,000 | 246,000,000 | -140,000,000 | 125,000,000 | 101,000,000 | 149,000,000 | 268,000,000 | 553,000,000 | 722,000,000 | 74,000,000 | -37,000,000 | 387,000,000 | -240,000,000 | -72,000,000 | 241,000,000 | 114,000,000 | 42,000,000 | -29,000,000 | -285,000,000 | -186,000,000 | -104,000,000 | 31,000,000 | |||||||
issuance of long-term debt | 1,425,000,000 | 0 | 1,476,000,000 | 0 | 1,960,000,000 | 0 | 1,480,000,000 | 0 | 1,468,000,000 | 0 | 1,135,000,000 | 0 | 783,000,000 | 0 | 6,000,000 | 698,000,000 | 0 | 1,089,000,000 | 5,000,000 | 990,000,000 | 545,000,000 | 11,000,000 | 0 | 841,000,000 | 1,203,000,000 | 0 | 0 | 0 | 1,000,000 | -1,000,000 | 0 | 0 | 345,000,000 | 346,000,000 | 0 | 0 | 590,000,000 | |||||||||||||||||||||||||||||||
repayment of long-term debt | -3,000,000 | -352,000,000 | -3,000,000 | -602,000,000 | -352,000,000 | -2,000,000 | -2,000,000 | -552,000,000 | -2,000,000 | -352,000,000 | -2,000,000 | -2,000,000 | -328,000,000 | -226,000,000 | -2,000,000 | -175,000,000 | -401,000,000 | -2,000,000 | -1,402,000,000 | -18,000,000 | -752,000,000 | -609,000,000 | -354,000,000 | -858,000,000 | -66,000,000 | -214,000,000 | -4,000,000 | -14,000,000 | -603,000,000 | -6,000,000 | -4,000,000 | -374,000,000 | -13,000,000 | -5,000,000 | -4,000,000 | -297,000,000 | -4,000,000 | -30,000,000 | -2,000,000 | -292,000,000 | -2,000,000 | -318,000,000 | -3,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -1,000,000 | -2,000,000 | -405,000,000 | -403,000,000 | -402,000,000 | -2,000,000 | -16,000,000 | -350,000,000 | -2,000,000 | -68,000,000 | -67,000,000 | -52,000,000 | -77,000,000 | -117,000,000 | -89,000,000 | -58,000,000 | -121,000,000 | -79,000,000 | -2,000,000 | -27,000,000 | -130,000,000 |
issuance of class a common stock | 53,000,000 | 0 | 47,000,000 | 0 | 45,000,000 | 0 | 40,000,000 | 0 | 33,000,000 | 0 | 0 | 0 | 0 | 2,000,000 | 0 | 1,000,000 | 1,000,000 | 5,000,000 | 0 | 0 | 0 | 4,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 12,000,000 | 6,000,000 | 10,000,000 | 6,000,000 | 1,000,000 | 8,000,000 | 14,000,000 | 17,000,000 | 49,000,000 | 30,000,000 | 42,000,000 | 57,000,000 | 141,000,000 | 70,000,000 | 41,000,000 | 98,000,000 | 33,000,000 | 18,000,000 | 30,000,000 | 25,000,000 | 37,000,000 | 17,000,000 | 45,000,000 | 120,000,000 | 24,000,000 | 37,000,000 | 17,000,000 | 17,000,000 | 2,000,000 | 6,000,000 | 2,000,000 | |||||||||||
dividends paid | -178,000,000 | -179,000,000 | -182,000,000 | -183,000,000 | -174,000,000 | -176,000,000 | -176,000,000 | -179,000,000 | -151,000,000 | -152,000,000 | -154,000,000 | -157,000,000 | -124,000,000 | -126,000,000 | -97,000,000 | 0 | 0 | 0 | -156,000,000 | -157,000,000 | -157,000,000 | -159,000,000 | -139,000,000 | -139,000,000 | -142,000,000 | -144,000,000 | -118,000,000 | -120,000,000 | -122,000,000 | -125,000,000 | -115,000,000 | -117,000,000 | -117,000,000 | -76,000,000 | -64,000,000 | -64,000,000 | -65,000,000 | -68,000,000 | -56,000,000 | -56,000,000 | -58,000,000 | -59,000,000 | -50,000,000 | -144,000,000 | -93,000,000 | -41,000,000 | -81,000,000 | -43,000,000 | -33,000,000 | -34,000,000 | -34,000,000 | -36,000,000 | -32,000,000 | -32,000,000 | -14,000,000 | -15,000,000 | 0 | -2,000,000 | -30,000,000 | -31,000,000 | ||||||||
purchase of treasury stock | -700,000,000 | -1,000,000,000 | -800,000,000 | -749,000,000 | -751,000,000 | -586,000,000 | -1,020,000,000 | -1,012,000,000 | -1,144,000,000 | -965,000,000 | -942,000,000 | -911,000,000 | -1,135,000,000 | -1,331,000,000 | -935,000,000 | 0 | 0 | 0 | -150,000,000 | -432,000,000 | -600,000,000 | -431,000,000 | -797,000,000 | -337,000,000 | -840,000,000 | -858,000,000 | -815,000,000 | -908,000,000 | -777,000,000 | -746,000,000 | -582,000,000 | -320,000,000 | 1,000,000 | -1,000,000 | -248,000,000 | -96,000,000 | -714,000,000 | -678,000,000 | -429,000,000 | -556,000,000 | -297,000,000 | -337,000,000 | -320,000,000 | -644,000,000 | -498,000,000 | -217,000,000 | -261,000,000 | -334,000,000 | -414,000,000 | -136,000,000 | -200,000,000 | -557,000,000 | -368,000,000 | -300,000,000 | ||||||||||||||
stock-based compensation withholding taxes | -124,000,000 | -5,000,000 | -1,000,000 | -1,000,000 | -109,000,000 | -11,000,000 | -2,000,000 | -4,000,000 | -121,000,000 | -3,000,000 | -26,000,000 | -7,000,000 | -72,000,000 | -1,000,000 | -1,000,000 | -9,000,000 | -78,000,000 | -5,000,000 | -2,000,000 | -1,000,000 | -82,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
net cash from financing activities | -612,000,000 | -979,000,000 | -602,000,000 | -354,000,000 | -383,000,000 | 36,000,000 | -670,000,000 | -720,000,000 | -602,000,000 | -1,026,000,000 | -597,000,000 | -459,000,000 | -782,000,000 | -824,000,000 | -327,000,000 | -1,082,000,000 | -729,000,000 | 298,000,000 | -492,000,000 | -19,000,000 | -250,000,000 | -636,000,000 | -798,000,000 | -449,000,000 | 850,000,000 | -501,000,000 | -403,000,000 | -481,000,000 | -123,000,000 | -453,000,000 | -652,000,000 | -859,000,000 | -410,000,000 | -1,475,000,000 | -561,000,000 | -1,065,000,000 | -830,000,000 | -748,000,000 | 2,480,000,000 | 123,000,000 | -266,000,000 | -343,000,000 | -394,000,000 | -844,000,000 | -224,000,000 | -311,000,000 | -202,000,000 | -254,000,000 | -166,000,000 | -440,000,000 | -371,000,000 | 103,000,000 | 174,000,000 | -397,000,000 | -393,000,000 | 198,000,000 | -220,000,000 | -382,000,000 | -321,000,000 | -322,000,000 | 147,000,000 | -176,000,000 | -335,000,000 | -133,000,000 | -347,000,000 | -188,000,000 | -155,000,000 | -128,000,000 |
increase in cash, cash equivalents, and restricted cash | 97,000,000 | -323,000,000 | 2,000,000 | 146,000,000 | 121,000,000 | 9,000,000 | 46,000,000 | -78,000,000 | 82,000,000 | -377,000,000 | 164,000,000 | 8,000,000 | 46,000,000 | 624,000,000 | 118,000,000 | 37,000,000 | -252,000,000 | -696,000,000 | -710,000,000 | 518,000,000 | 1,529,000,000 | -20,000,000 | 20,000,000 | -60,000,000 | 314,000,000 | |||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 371,000,000 | 0 | 0 | 0 | 425,000,000 | 0 | 0 | 0 | 366,000,000 | 0 | 0 | 0 | 525,000,000 | 0 | 0 | 0 | 1,421,000,000 | 0 | 0 | 0 | 894,000,000 | 0 | 0 | 0 | 253,000,000 | 0 | 0 | 0 | 360,000,000 | 0 | 0 | 0 | 429,000,000 | |||||||||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash, end of period | 468,000,000 | -323,000,000 | 2,000,000 | 146,000,000 | 546,000,000 | 9,000,000 | 46,000,000 | -78,000,000 | 448,000,000 | -377,000,000 | 164,000,000 | 8,000,000 | 571,000,000 | -543,000,000 | 501,000,000 | -500,000,000 | 1,067,000,000 | 624,000,000 | 118,000,000 | 37,000,000 | 642,000,000 | -696,000,000 | -710,000,000 | 518,000,000 | 1,782,000,000 | -47,000,000 | -20,000,000 | 20,000,000 | 300,000,000 | -53,000,000 | 10,000,000 | -340,000,000 | 743,000,000 | |||||||||||||||||||||||||||||||||||
restructuring and merger-related (recoveries) charges, and other | 51,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset acquisition | 1,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring and merger-related charges | 1,000,000 | -19,000,000 | -302,000,000 | -5,000,000 | -1,000,000 | 2,000,000 | -6,000,000 | 240,000,000 | -27,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related charges and other | 8,000,000 | 7,000,000 | 5,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
debt extinguishment costs | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring, merger-related charges, and other | -7,000,000 | -7,000,000 | -1,000,000 | 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
deferred revenue changes and other | 50,000,000 | 56,000,000 | -73,000,000 | 36,000,000 | -46,000,000 | 4,000,000 | -71,000,000 | -28,000,000 | 57,000,000 | 226,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility | -300,000,000 | -500,000,000 | -250,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash, cash equivalents, and restricted cash | 501,000,000 | -500,000,000 | -354,000,000 | -53,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on asset dispositions | -60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
share-based compensation | 52,000,000 | 50,000,000 | 41,000,000 | 49,000,000 | 48,000,000 | 50,000,000 | 40,000,000 | 44,000,000 | 47,000,000 | 51,000,000 | 42,000,000 | 42,000,000 | 44,000,000 | 47,000,000 | 48,000,000 | 95,000,000 | 58,000,000 | 31,000,000 | 28,000,000 | 29,000,000 | 29,000,000 | 31,000,000 | 24,000,000 | 28,000,000 | 27,000,000 | 29,000,000 | 25,000,000 | |||||||||||||||||||||||||||||||||||||||||
gain on asset dispositions | -132,000,000 | -9,000,000 | -2,000,000 | -4,000,000 | -18,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18,000,000 | -20,000,000 | -59,000,000 | -418,000,000 | -93,000,000 | -76,000,000 | -66,000,000 | -94,000,000 | -74,000,000 | -324,000,000 | -64,000,000 | -85,000,000 | -51,000,000 | -56,000,000 | -48,000,000 | -67,000,000 | -54,000,000 | -36,000,000 | -42,000,000 | -87,000,000 | -59,000,000 | -84,000,000 | -75,000,000 | -144,000,000 | -111,000,000 | -95,000,000 | -61,000,000 | -226,000,000 | -148,000,000 | -70,000,000 | -121,000,000 | -59,000,000 | -60,000,000 | -197,000,000 | -55,000,000 | -37,000,000 | -29,000,000 | -62,000,000 | -160,000,000 | -83,000,000 | -39,000,000 | -25,000,000 | -35,000,000 | -29,000,000 | -33,000,000 | -50,000,000 |
free cash flows | 858,000,000 | 829,000,000 | 1,093,000,000 | 643,000,000 | 647,000,000 | 318,000,000 | 880,000,000 | 772,000,000 | 779,000,000 | 751,000,000 | 881,000,000 | 651,000,000 | 887,000,000 | 441,000,000 | 874,000,000 | 650,000,000 | 398,000,000 | 432,000,000 | 619,000,000 | 99,000,000 | 27,000,000 | 16,000,000 | 100,000,000 | 971,000,000 | 455,000,000 | 77,000,000 | 359,000,000 | 511,000,000 | 85,000,000 | 439,000,000 | 621,000,000 | 130,000,000 | 611,000,000 | 435,000,000 | 563,000,000 | 720,000,000 | 478,000,000 | 383,000,000 | 280,000,000 | 429,000,000 | 291,000,000 | 263,000,000 | 269,000,000 | 406,000,000 | 187,000,000 | 130,000,000 | 170,000,000 | 392,000,000 | 121,000,000 | 579,000,000 | 462,000,000 | 48,000,000 | 60,000,000 | 332,000,000 | 232,000,000 | -72,000,000 | 149,000,000 | 367,000,000 | 313,000,000 | 77,000,000 | 78,000,000 | 308,000,000 | 323,000,000 | 135,000,000 | 236,000,000 | 221,000,000 | 111,000,000 | 153,000,000 |
share-based compensation withholding taxes | -1,000,000 | -4,000,000 | -95,000,000 | -16,000,000 | -9,000,000 | -28,000,000 | -95,000,000 | 0 | -4,000,000 | -6,000,000 | -95,000,000 | -13,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
merger-related charges | -12,000,000 | -51,000,000 | -5,000,000 | 152,000,000 | -10,000,000 | 53,000,000 | -14,000,000 | -7,000,000 | -16,000,000 | -7,000,000 | -19,000,000 | -62,000,000 | -36,000,000 | -59,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of a business, net of cash acquired | 0 | 0 | -1,000,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liability for guest loyalty programs | 217,000,000 | 325,000,000 | 32,000,000 | 144,000,000 | 60,000,000 | 48,000,000 | 55,000,000 | 76,000,000 | 18,000,000 | 56,000,000 | 45,000,000 | 2,000,000 | 38,000,000 | 30,000,000 | 5,000,000 | 20,000,000 | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
redemption of debt security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in cash and equivalents | -125,000,000 | 10,000,000 | -240,000,000 | -120,000,000 | -220,000,000 | 399,000,000 | 580,000,000 | 3,000,000 | 1,000,000 | -45,000,000 | 20,000,000 | 16,000,000 | -46,000,000 | -42,000,000 | 8,000,000 | 58,000,000 | 56,000,000 | 20,000,000 | 133,000,000 | -17,000,000 | 0 | -185,000,000 | 188,000,000 | -118,000,000 | -361,000,000 | 282,000,000 | 3,000,000 | 34,000,000 | ||||||||||||||||||||||||||||||||||||||||
cash and equivalents, beginning of period | 0 | 0 | 0 | 858,000,000 | 0 | 0 | 0 | 96,000,000 | 0 | 0 | 0 | 104,000,000 | 0 | 0 | 0 | 126,000,000 | 88,000,000 | 88,000,000 | 88,000,000 | 0 | 0 | 0 | 102,000,000 | 0 | 0 | 0 | 505,000,000 | 0 | 0 | 115,000,000 | 0 | 0 | 134,000,000 | |||||||||||||||||||||||||||||||||||
cash and equivalents, end of period | -125,000,000 | 10,000,000 | -240,000,000 | 738,000,000 | -220,000,000 | 399,000,000 | 580,000,000 | 99,000,000 | 1,000,000 | -45,000,000 | 20,000,000 | 120,000,000 | -46,000,000 | -42,000,000 | 8,000,000 | 184,000,000 | 144,000,000 | 108,000,000 | 221,000,000 | -17,000,000 | 0 | -185,000,000 | 290,000,000 | -118,000,000 | 103,000,000 | -27,000,000 | 144,000,000 | 123,000,000 | -18,000,000 | 118,000,000 | 5,000,000 | -43,000,000 | 168,000,000 | |||||||||||||||||||||||||||||||||||
escrow deposit for acquisition of a business | -136,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity and cost method investments | -2,000,000 | -6,000,000 | 2,000,000 | -1,000,000 | 1,000,000 | -2,000,000 | -4,000,000 | -1,000,000 | -16,000,000 | -16,000,000 | -14,000,000 | -3,000,000 | 0 | -10,000,000 | -2,000,000 | -12,000,000 | -1,000,000 | -5,000,000 | -65,000,000 | -14,000,000 | -6,000,000 | -6,000,000 | -3,000,000 | -1,000,000 | -13,000,000 | -10,000,000 | -4,000,000 | |||||||||||||||||||||||||||||||||||||||||
redemption of / (investment in) debt security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
redemption of preferred equity investment | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment in debt security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 36,000,000 | 113,000,000 | 74,000,000 | 37,000,000 | 45,000,000 | 33,000,000 | 38,000,000 | 29,000,000 | 52,000,000 | 40,000,000 | 41,000,000 | 35,000,000 | 57,000,000 | 40,000,000 | 42,000,000 | 39,000,000 | 61,000,000 | 43,000,000 | 42,000,000 | 39,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
protea escrow deposit | -192,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare activity | 17,000,000 | 45,000,000 | 32,000,000 | 81,000,000 | 3,000,000 | 88,000,000 | 57,000,000 | 68,000,000 | 92,000,000 | -26,000,000 | -72,000,000 | 152,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare strategy-impairment charges | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring costs | -1,000,000 | 0 | -2,000,000 | -2,000,000 | -2,000,000 | -3,000,000 | -2,000,000 | -4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
working capital changes and other | 126,000,000 | 105,000,000 | -98,000,000 | -190,000,000 | 195,000,000 | 58,000,000 | -93,000,000 | -159,000,000 | 204,000,000 | 92,000,000 | -146,000,000 | -57,000,000 | 150,000,000 | 101,000,000 | -74,000,000 | -63,000,000 | 160,000,000 | 92,000,000 | -83,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
asset impairments and write-offs | 19,000,000 | 11,000,000 | 2,000,000 | 6,000,000 | 9,000,000 | 3,000,000 | 1,000,000 | 15,000,000 | 27,000,000 | 3,000,000 | 2,000,000 | 122,000,000 | 3,000,000 | 4,000,000 | 2,000,000 | 14,000,000 | 6,000,000 | 10,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
loan collections and sales | 62,000,000 | 43,000,000 | 20,000,000 | 29,000,000 | 20,000,000 | 23,000,000 | 83,000,000 | 1,000,000 | 21,000,000 | 86,000,000 | 2,000,000 | 4,000,000 | 5,000,000 | 7,000,000 | 2,000,000 | 5,000,000 | 8,000,000 | 3,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
commonsharesoutstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
358.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
366.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(43.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
333.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(31.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
310.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
timeshare strategy - impairment charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other financing activities | 0 | -1,000,000 | -10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sale of available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
partial surrender of life insurance policy cash value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
currency translation adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other derivative instrument adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized gains on available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
reclassification of losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash and equivalents | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and equivalents, beginning of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and equivalents, end of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility, net repayment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
foreign currency translation adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
reclassification of losses (gains) on available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restructuring costs and other charges | 1,000,000 | 26,000,000 | -9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to marriott | -23,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minority interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cumulative effect of change in accounting principle | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
purchase of available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
reclassification of losses (gains) upon sale of available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total other comprehensive income |