Marriott International (MAR) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 26, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	MAR
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Central Index Key	1,048,286
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		364,581,283

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES
Base management fees	$ 269	$ 180	$ 818	$ 538
Franchise fees	426	290	1,207	813
Incentive management fees	136	81	437	276
Management and franchise fees	831	551	2,462	1,627
Owned, leased, and other revenue	452	239	1,349	650
Cost reimbursements	4,380	3,152	13,208	9,339
Revenues	5,663	3,942	17,019	11,616
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct	356	194	1,069	533
Reimbursed costs	4,380	3,152	13,208	9,339
Depreciation, amortization, and other	68	36	218	97
General, administrative, and other	199	161	635	470
Merger-related costs and charges	28	228	100	250
Costs and Expenses, Total	5,031	3,771	15,230	10,689
OPERATING INCOME	632	171	1,789	927
Gains and other income, net	6	3	31	3
Interest expense	(73)	(55)	(216)	(159)
Interest income	9	9	24	22
Equity in earnings	6	3	29	8
INCOME BEFORE INCOME TAXES	580	131	1,657	801
Provision for income taxes	(188)	(61)	(486)	(265)
NET INCOME	$ 392	$ 70	$ 1,171	$ 536
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 1.05	$ 0.26	$ 3.09	$ 2.08
Earnings per share - diluted (in USD per share)	1.04	0.26	3.06	2.04
CASH DIVIDENDS DECLARED PER SHARE (in USD per share)	$ 0.33	$ 0.30	$ 0.96	$ 0.85

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 392	$ 70	$ 1,171	$ 536
Other comprehensive income (loss):
Foreign currency translation adjustments	107	2	457	27
Derivative instrument adjustments, net of tax	(5)	1	(13)	(3)
Unrealized gain (loss) on available-for-sale securities, net of tax	1	0	(1)	0
Reclassification of losses, net of tax	4	1	5	3
Net other comprehensive income (loss)	107	4	448	27
Comprehensive income	$ 499	$ 74	$ 1,619	$ 563

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 508	$ 858
Accounts and notes receivable, net	1,914	1,695
Prepaid expenses and other	225	230
Assets held for sale	297	588
Assets, current, total	2,944	3,371
Property and equipment, net	1,894	2,335
Intangible assets
Goodwill	9,182	7,598
Goodwill and intangible assets, net, total	17,940	16,868
Equity and cost method investments	720	728
Notes receivable, net	228	245
Deferred tax assets	110	116
Other noncurrent assets	400	477
Total assets	24,236	24,140
Current liabilities
Current portion of long-term debt	398	309
Accounts payable	733	687
Accrued payroll and benefits	1,133	1,174
Liability for guest loyalty programs	1,959	1,866
Accrued expenses and other	1,385	1,111
Liabilities, current, total	5,608	5,147
Long-term debt	8,271	8,197
Liability for guest loyalty programs	2,824	2,675
Deferred tax liabilities	927	1,020
Other noncurrent liabilities	2,094	1,744
Shareholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,744	5,808
Retained earnings	7,310	6,501
Treasury stock, at cost	(8,498)	(6,460)
Accumulated other comprehensive loss	(49)	(497)
Stockholders' equity (deficit) attributable to parent	4,512	5,357
Liabilities and equity (deficit), total	24,236	24,140
Brands
Intangible assets
Intangible assets	5,898	6,509
Contract acquisition costs and other
Intangible assets
Intangible assets	$ 2,860	$ 2,761

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net income	$ 1,171	$ 536
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other	218	97
Share-based compensation	139	117
Income taxes	73	1
Liability for guest loyalty programs	236	179
Merger-related charges	(117)	172
Working capital changes	98	27
Other	98	77
Net cash provided by operating activities	1,916	1,206
INVESTING ACTIVITIES
Acquisition of a business, net of cash acquired	0	(2,412)
Capital expenditures	(155)	(132)
Dispositions	482	53
Loan advances	(85)	(24)
Loan collections	91	61
Contract acquisition costs	(129)	(55)
Other	(14)	22
Net cash provided by (used in) investing activities	190	(2,487)
FINANCING ACTIVITIES
Commercial paper/Credit facility, net	455	1,657
Issuance of long-term debt	1	1,483
Repayment of long-term debt	(305)	(296)
Issuance of Class A Common Stock	4	22
Dividends paid	(362)	(257)
Purchase of treasury stock	(2,105)	(248)
Share-based compensation withholding taxes	(144)	(74)
Other	0	(24)
Net cash (used in) provided by financing activities	(2,456)	2,263
(DECREASE) INCREASE IN CASH AND EQUIVALENTS	(350)	982
CASH AND EQUIVALENTS, beginning of period	858	96
CASH AND EQUIVALENTS, end of period	$ 508	$ 1,078

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or “the Company”). In order to make this report easier to read, we also refer throughout to (i) our Condensed Consolidated Financial Statements as our “Financial Statements,” (ii) our Condensed Consolidated Statements of Income as our “Income Statements,” (iii) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (iv) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (v) our properties, brands, or markets in the United States (“U.S.”) and Canada as “North America” or “North American,” and (vi) our properties, brands, or markets outside of the U.S. and Canada as “International.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Condensed Consolidated Financial Statements, unless otherwise noted. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (“ 2016 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2016 Form 10-K. Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2017 and December 31, 2016 , the results of our operations for the three and nine months ended September 30, 2017 and September 30, 2016 , and cash flows for the nine months ended September 30, 2017 and September 30, 2016 . Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements. Beginning in the 2017 first quarter, we reclassified branding fees for third-party residential sales and credit card licensing to the “ Franchise fees ” caption from the “ Owned, leased, and other revenue ” caption on our Income Statements, as we believe branding fees are more akin to franchise royalties than owned and leased hotel profits. Branding fees totaled $68 million for the three months ended September 30, 2017 and $195 million for the nine months ended September 30, 2017 . We reclassified the prior period amounts, which totaled $40 million for the three months ended September 30, 2016 and $121 million for the nine months ended September 30, 2016 , to conform to our current presentation. In the 2017 first quarter, our Asia Pacific operating segment met the applicable accounting criteria to be a reportable segment. Our Europe, Middle East and Africa, and Caribbean and Latin America operating segments do not individually meet the criteria for separate disclosure as reportable segments, and accordingly we combined them into an “all other category” which we refer to as “ Other International .” We reclassified prior period amounts to conform to our current presentation. See Footnote 11 “ Business Segments .” Acquisition of Starwood Hotels & Resorts Worldwide On September 23, 2016 (the “Merger Date”), we completed the acquisition of Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), through a series of transactions (the “Starwood Combination”), after which Starwood became an indirect wholly-owned subsidiary of the Company. Accordingly, our Income Statements include Starwood’s results of operations from the Merger Date. We refer to our business associated with brands that were in our portfolio before the Starwood Combination as “Legacy-Marriott” and to the Starwood business and brands that we acquired as “Legacy-Starwood.” See Footnote 2 “ Acquisitions and Dispositions ” for more information on the Starwood Combination. New Accounting Standards Accounting Standards Update No. 2014-09 - “Revenue from Contracts with Customers” (“ASU 2014-09”) ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , as well as most industry-specific guidance, and enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. ASU 2014-09 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. The standard will be effective for us beginning in our 2018 first quarter. We are permitted to use either the full retrospective or the modified retrospective method when adopting ASU 2014-09, and we are evaluating the available adoption methods. We are still assessing the potential impact that ASU 2014-09 will have on our financial statements and disclosures, but we believe that recognition of base management fees, franchise royalty fees, and owned and leased revenues will remain largely unchanged. We expect to recognize gains from the sale of real estate assets when control of the asset is transferred to the buyer, generally at the time the sale closes. Under current guidance, we defer gains on sales of real estate assets if we maintain substantial continuing involvement. We do not expect that this change will have a material impact on our Financial Statements, as we typically do not have real estate sale transactions that require us to defer significant gains. There likely will be changes to our revenue recognition policies related to the following: • We expect to recognize franchise application and relicensing fees over the term of the franchise contract rather than at hotel opening or relicensing. • We expect to present the amortization of contract acquisition costs paid to customers as a reduction of revenue rather than including such costs in “ Depreciation, amortization, and other ” on our Income Statements. • We expect to capitalize fewer contract acquisition costs as certain costs will not meet the capitalization criteria specified by ASU 2014-09. • We expect to recognize incentive management fees throughout the year to the extent that we determine that it is probable that a significant reversal will not occur as a result of future hotel profits or cash flows. This may result in a different pattern of recognition for incentive management fees from quarter to quarter than under the current guidance, but we do not expect a material impact on the total incentive management fees we will recognize during the full fiscal year. • Under the new guidance, we will generally be considered an agent in the transaction when loyalty program awards are redeemed. As a result, we will only recognize revenue for the net amount of consideration to which we are entitled for arranging for the redemption award, rather than the gross amount. While we have not yet fully quantified the impact of this change, it will have no impact on our operating or net income. • We expect to recognize temporary timing differences between costs incurred for centralized programs and services and the related reimbursement from hotel owners in our operating and net income in the period they occur. We operate these programs with the objective of breaking even, and under current guidance, we record any temporary timing differences on our Balance Sheets. Accounting Standards Update No. 2016-02 - “Leases” (“ASU 2016-02”) ASU 2016-02 introduces a lessee model that brings substantially all leases onto the balance sheet. Under the new standard, a lessee will recognize on its balance sheet a lease liability and a right-of-use asset for most leases, including operating leases. The new standard will also distinguish leases as either finance leases or operating leases. This distinction will affect how leases are measured and presented in the income statement and statement of cash flows. The standard is effective for us beginning in our 2019 first quarter, and we will be required to use a modified retrospective transition approach, which means that we will apply the provisions of ASU 2016-02 to each lease that existed at the beginning of the earliest comparative period presented in the financial statements, as well as leases entered into after that date. We are still assessing the potential impact that ASU 2016-02 will have on our financial statements and disclosures, but we expect that it will have a material effect on our Balance Sheets. Accounting Standards Update No. 2016-09 - “Stock Compensation” (“ASU 2016-09”) We adopted ASU 2016-09 in the 2017 first quarter, which involves several aspects of the accounting for share-based payments. The new guidance had the following impacts on our Financial Statements: • We now record excess tax benefits (or deficiencies) as income tax benefit (or expense) in our Income Statements. Previously, we recorded excess tax benefits (deficiencies) in additional paid-in-capital in our Balance Sheets. As required, we prospectively applied this amendment in our Income Statements, which resulted in a benefit of $62 million to our provision for income taxes, approximately $0.16 per diluted share, for the nine months ended September 30, 2017 . • We now classify excess tax benefits (or deficiencies) along with other income taxes in operating activities in our Statements of Cash Flows. ASU 2016-09 allowed for this amendment to be applied either prospectively or retrospectively. For consistency with our application of ASU 2016-09 in our Income Statements, we applied this amendment prospectively in our Statements of Cash Flows. For the nine months ended September 30, 2017 , operating activities in our Statements of Cash Flows include $62 million from excess tax benefits. For the nine months ended September 30, 2016 , we classified $21 million of excess tax benefits as financing inflows. • We now classify cash paid to taxing authorities when we withhold shares for employee tax-withholding purposes as a financing activity. As required, we retrospectively applied this amendment in our Statements of Cash Flows, and accordingly we reclassified $74 million of cash outflows from operating activities to financing activities for the nine months ended September 30, 2016 . Accounting Standards Update No. 2016-16 - “Accounting for Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” (“ASU 2016-16”) ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales of assets other than inventory when the transfer occurs. Under current GAAP, the tax effects of intercompany sales are deferred until the transferred asset is sold to a third party or otherwise recovered through use. ASU 2016-16 will be effective for us beginning in our 2018 first quarter, and we will be required to use a modified retrospective transition approach with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We are still assessing the potential impact that the standard will have on our financial statements and disclosures. Accounting Standards Update No. 2017-01 - “Clarifying the Definition of a Business” (“ASU 2017-01”) We prospectively adopted ASU 2017-01 in the 2017 first quarter, which clarifies the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. We expect that under this new guidance, our hotel sales will generally qualify as asset disposals, with the result that no goodwill of the reporting unit will be assigned to the carrying value of the asset when calculating the gain or loss on sale.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions and Dispositions	ACQUISITIONS AND DISPOSITIONS Starwood Combination The following table presents the fair value of each type of consideration that we transferred in the Starwood Combination: (in millions, except per share amounts) Equivalent shares of Marriott common stock issued in exchange for Starwood outstanding shares 134.4 Marriott common stock price as of Merger Date $ 68.44 Fair value of Marriott common stock issued in exchange for Starwood outstanding shares 9,198 Cash consideration to Starwood shareholders, net of cash acquired of $1,116 2,412 Fair value of Marriott equity-based awards issued in exchange for vested Starwood equity-based awards 71 Total consideration transferred, net of cash acquired $ 11,681 Fair Values of Assets Acquired and Liabilities Assumed . The following table presents our estimates of fair values of the assets that we acquired and the liabilities that we assumed on the Merger Date as preliminarily reported at year-end 2016 and as finalized at the end of the 2017 third quarter : ($ in millions) September 23, 2016 December 31, 2016) Adjustments (2) September 23, 2016 Working capital $ (180 ) $ (56 ) $ (236 ) Property and equipment, including assets held for sale 1,999 (293 ) 1,706 Identified intangible assets 7,957 (719 ) 7,238 Equity and cost method investments 579 (42 ) 537 Other noncurrent assets 224 (24 ) 200 Deferred income taxes, net (1,516 ) 52 (1,464 ) Guest loyalty program (1,631 ) (7 ) (1,638 ) Debt (1,871 ) (6 ) (1,877 ) Other noncurrent liabilities (654 ) (323 ) (977 ) Net assets acquired 4,907 (1,418 ) 3,489 Goodwill (1) 6,774 1,418 8,192 $ 11,681 $ — $ 11,681 (1) Goodwill primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined operations, and it is not deductible for tax purposes. See Footnote 11 “ Business Segments ” for our assignment of goodwill by reportable segment. (2) Adjustments primarily reflect refinements of our valuation models related to certain acquired IT systems, our assumptions for capital expenditures of owned and leased hotels, discount rates, certain assumptions related to operating lease agreements, and our assumptions related to certain brands and management and franchise agreements, including contract terms (including renewal assumptions), tax rates, and royalty and growth rates used in the relief-from-royalty valuation models. We estimated the value of the acquired property and equipment using a combination of the income, cost, and market approaches, which are primarily based on significant Level 2 and Level 3 assumptions, such as estimates of future income growth, capitalization rates, discount rates, and capital expenditure needs of the hotel properties. Our equity method investments consist primarily of partnership and joint venture interests in entities that own hotel real estate. We estimated the value of the underlying real estate using the same methods as for property and equipment described above. We primarily valued debt using quoted market prices, which are considered Level 1 inputs as they are observable in the market. The following table presents our estimates of the fair values of Starwood’s identified intangible assets and their related estimated useful lives: Estimated Fair Value ($ in millions) Estimated Useful Life (in years) Brands $ 5,664 indefinite Management agreements and lease contract intangibles 751 10 - 25 Franchise agreements 746 10 - 80 Loyalty program marketing rights 77 30 $ 7,238 We estimated the value of Starwood’s brands using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. We estimated the value of management and franchise agreements using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. We valued the lease contract intangibles using an income approach. These valuation approaches utilize Level 3 inputs. In connection with the Starwood Combination, we are currently assessing various regulatory compliance matters at several foreign Legacy-Starwood locations, including compliance with the U.S. Foreign Corrupt Practices Act (“FCPA”). The results of this assessment may give rise to contingencies that could require us to accrue expenses. While any such amounts are not currently estimable, we will continue to evaluate potential contingencies as we gather more information. Pro Forma Results of Operations . For the nine months ended September 30, 2016, pro forma revenues totaled $17,033 million , and pro forma net income totaled $878 million . Pro forma net income includes $54 million of integration costs, and it excludes $295 million of transaction and employee termination costs. As required by GAAP, these unaudited pro forma results assume we completed the Starwood Combination on January 1, 2015, use our estimates of the fair values of assets and liabilities as of the Merger Date, and do not reflect any cost saving synergies from operating efficiencies. They are not necessarily indicative of what the actual results of operations of the combined company would have been if the Starwood Combination had occurred on January 1, 2015, nor are they indicative of future results of operations. Dispositions and Planned Dispositions In the 2017 fourth quarter, we announced that the owners of Avendra LLC have reached a binding agreement to sell Avendra LLC to Aramark. We expect to receive approximately $650 million for our 55 percent interest in Avendra LLC. We committed to the owners of the hotels in our system that the benefits derived from Avendra LLC, including any dividends or sale proceeds above our original investment, would be used for the benefit of the hotels in our system. Accordingly, our share of the proceeds will be invested for the benefit of our system of hotels. We are currently developing these investment plans. At the end of the 2017 third quarter , we held $297 million of assets classified as “Assets held for sale” on our Balance Sheets related to a North American Full-Service hotel acquired in the Starwood Combination and the remaining Miami Beach EDITION residences. In the 2017 fourth quarter, we sold the North American Full-Service hotel and received C $337 million ( $269 million ) in cash. In the 2017 second quarter, we sold a North American Full-Service hotel and received $169 million in cash. We recognized a $24 million gain in the “ Gains and other income, net ” caption of our Income Statements. In the 2017 first quarter, we sold a North American Full-Service hotel, which we had acquired in the Starwood Combination and previously classified as “Assets held for sale,” and received $306 million in cash. In conjunction with the sale, we also transferred the associated ground lease, as a result of which our future minimum operating lease obligations decreased by approximately $194 million as of the date of the sale as follows: $ 3 million in 2017 , $ 4 million in 2018 , $ 4 million in 2019 , $ 4 million in 2020 , $ 4 million in 2021 , and $ 175 million thereafter.

Merger-Related Costs and Charge

Merger-Related Costs and Charges	9 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Merger-Related Costs and Charges	MERGER-RELATED COSTS AND CHARGES The following table presents pre-tax merger-related costs and other charges that we incurred in connection with the Starwood Combination: Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Merger-related costs and charges Transaction costs $ 4 $ 18 $ 14 $ 31 Employee termination costs (3 ) 186 9 186 Integration costs 27 24 77 33 28 228 100 250 Interest expense — 9 — 22 $ 28 $ 237 $ 100 $ 272 Transaction costs represent costs related to the planning and execution of the Starwood Combination, primarily for financial advisory, legal, and other professional service fees. Employee termination costs represent adjustments or charges for employee severance, retention, and other termination related benefits. Integration costs primarily represent integration employee salaries and share-based compensation, change management consultants, and technology-related costs. Merger-related interest expense in the 2016 first three quarters reflects costs that we incurred for a bridge term loan facility commitment and incremental interest expense for debt incurred related to the Starwood Combination. In connection with the Starwood Combination, we initiated a restructuring program to achieve cost synergies from our combined operations. We did not allocate costs associated with our restructuring program to any of our business segments. The following table presents our restructuring reserve activity during the 2017 first three quarters : ($ in millions) Liability for employee termination costs Balance at year-end 2016 $ 192 Charges 4 Cash payments (110 ) Adjustments (1) (13 ) Balance at September 30, 2017, classified in “Accrued expenses and other” $ 73 (1) Adjustments primarily reflect the reversal of accruals for certain employees who accepted other positions at the Company or resigned and the impact of cumulative translation adjustments.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The table below presents the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in millions, except per share amounts) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Computation of Basic Earnings Per Share Net income $ 392 $ 70 $ 1,171 $ 536 Shares for basic earnings per share 372.3 266.2 378.5 258.3 Basic earnings per share $ 1.05 $ 0.26 $ 3.09 $ 2.08 Computation of Diluted Earnings Per Share Net income $ 392 $ 70 $ 1,171 $ 536 Shares for basic earnings per share 372.3 266.2 378.5 258.3 Effect of dilutive securities Share-based compensation 4.3 4.3 4.7 4.4 Shares for diluted earnings per share 376.6 270.5 383.2 262.7 Diluted earnings per share $ 1.04 $ 0.26 $ 3.06 $ 2.04

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION We recorded share-based compensation expense of $44 million in the 2017 third quarter and $39 million in the 2016 third quarter , $139 million for the 2017 first three quarters , and $98 million for the 2016 first three quarters . Deferred compensation costs for unvested awards totaled $209 million at September 30, 2017 and $192 million at December 31, 2016 . RSUs and PSUs We granted 1.7 million RSUs during the 2017 first three quarters to certain officers, key employees, and non-employee directors, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We granted 0.2 million PSUs in the 2017 first three quarters to certain executive officers, subject to continued employment and the satisfaction of certain performance conditions based on achievement of pre-established targets for Adjusted EBITDA, RevPAR Index, room openings, and/or net administrative expense over, or at the end of, a three -year performance period. RSUs, including PSUs, granted in the 2017 first three quarters had a weighted average grant-date fair value of $84 . SARs We granted 0.3 million SARs to officers and key employees during the 2017 first three quarters . These SARs generally expire ten years after the grant date and both vest and may be exercised in four equal annual installments commencing one year following the grant date. The weighted average grant-date fair value of SARs granted in the 2017 first three quarters was $30 , and the weighted average exercise price was $88 . We used the following assumptions as part of a binomial lattice-based valuation model to estimate the fair value of the SARs we granted during the 2017 first three quarters : Expected volatility 30.9 % Dividend yield 1.3 % Risk-free rate 2.4 % Expected term (in years) 8

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective tax rate decreased to 32.5% for the 2017 third quarter from 46.4% for the 2016 third quarter , primarily compared to the limited tax benefit we recognized in 2016 from certain merger-related costs that we incurred in jurisdictions with lower tax rates and a tax benefit of $6 million from our adoption of ASU 2016-09. Our effective tax rate decreased to 29.3% for the 2017 first three quarters from 33.1% for the 2016 first three quarters , primarily due to a tax benefit of $62 million from the adoption of ASU 2016-09 and the release of a tax reserve of $12 million due to the favorable settlement of an uncertain tax position. The decrease was partially offset by an unfavorable comparison to the 2016 release of a valuation allowance of $15 million . We paid cash for income taxes, net of refunds, of $413 million in the 2017 first three quarters and $243 million in the 2016 first three quarters .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees for which we are the primary obligor at September 30, 2017 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 136 $ 19 Operating profit 248 117 Other 10 2 $ 394 $ 138 Contingent Purchase Obligations Times Square EDITION . We granted the lenders the right, upon an uncured event of default by the hotel owner under, and an acceleration of, the mortgage loan, to require us to purchase the hotel component of the property for $315 million during a period of two years after opening, which the lenders may extend for up to three years to complete foreclosure if the loan has been accelerated and certain other conditions are met. We accounted for this contingent purchase obligation as a guarantee, and our recorded liability at September 30, 2017 was $2 million . Sheraton Grand Chicago . We granted the owner a one-time right, exercisable in 2022, to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). If the owner exercises the put option, we have the option to purchase, at the same time the put transaction closes, the underlying fee simple interest in the land for an additional $200 million in cash. We accounted for the put option as a guarantee, and our recorded liability at September 30, 2017 was $57 million . We concluded that the entity that owns the Sheraton Grand Chicago hotel is a variable interest entity. We did not consolidate the entity because we do not have the power to direct the activities that most significantly impact the entity’s economic performance. Our maximum exposure to loss related to the entity is equal to the difference between the purchase price and the fair value of the hotel at the time that the put option is exercised, plus the maximum funding amount of an operating profit guarantee that we provided for the hotel. Other Contingencies See a description of certain contingencies relating to the Starwood Combination in Footnote 2 “ Acquisitions and Dispositions .”

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table at the end of the 2017 third quarter and year-end 2016 : At Period End ($ in millions) September 30, 2017 December 31, 2016 Senior Notes: Series I Notes, interest rate of 6.4%, face amount of $293, matured June 15, 2017 $ — $ 293 Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 598 597 Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 348 348 Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 348 347 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 396 396 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 447 446 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 344 344 Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 743 742 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 743 742 Series S Notes, interest rate of 6.8%, face amount of $324, maturing May 15, 2018 334 346 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 199 206 Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 291 291 Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 338 340 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 293 293 Commercial paper 2,791 2,311 Credit Facility — — Capital lease obligations 172 173 Other 284 291 8,669 8,506 Less: Current portion of long-term debt (398 ) (309 ) $ 8,271 $ 8,197 We paid cash for interest, net of amounts capitalized, of $171 million in the 2017 first three quarters and $99 million in the 2016 first three quarters . We are party to a multicurrency revolving credit agreement (the “Credit Facility”) that provides for up to $4,000 million of aggregate effective borrowings. See the “ Cash Requirements and Our Credit Facility ” caption later in this report in the “Liquidity and Capital Resources” section for further information on our Credit Facility and available borrowing capacity at September 30, 2017 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying values and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments, determined under current guidance for disclosures on the fair value of financial instruments, in the following table: September 30, 2017 December 31, 2016 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 228 $ 216 $ 245 $ 231 Total noncurrent financial assets $ 228 $ 216 $ 245 $ 231 Senior Notes $ (5,088 ) $ (5,161 ) $ (5,438 ) $ (5,394 ) Commercial paper (2,791 ) (2,791 ) (2,311 ) (2,311 ) Other long-term debt (226 ) (230 ) (280 ) (284 ) Other noncurrent liabilities (186 ) (186 ) (59 ) (59 ) Total noncurrent financial liabilities $ (8,291 ) $ (8,368 ) $ (8,088 ) $ (8,048 ) See the “Fair Value Measurements” caption of Footnote 2 “Summary of Significant Accounting Policies” of our 2016 Form 10-K for more information on the input levels we use in determining fair value.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income and Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Other Comprehensive (Loss) Income and Shareholders' Equity	OTHER COMPREHENSIVE (LOSS) INCOME AND SHAREHOLDERS' EQUITY The following tables detail the accumulated other comprehensive (loss) income activity for the 2017 first three quarters and 2016 first three quarters : ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument Adjustments Available-For-Sale Securities Unrealized Adjustments Pension and Postretirement Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2016 $ (503 ) $ (5 ) $ 6 $ 5 $ (497 ) Other comprehensive income (loss) before reclassifications (1) 457 (13 ) (1 ) — 443 Amounts reclassified from accumulated other comprehensive loss — 5 — — 5 Net other comprehensive income (loss) 457 (8 ) (1 ) — 448 Balance at September 30, 2017 $ (46 ) $ (13 ) $ 5 $ 5 $ (49 ) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument Adjustments Available-For-Sale Securities Unrealized Adjustments Pension and Postretirement Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2015 $ (192 ) $ (8 ) $ 4 $ — $ (196 ) Other comprehensive income (loss) before reclassifications (1) 27 (3 ) — — 24 Amounts reclassified from accumulated other comprehensive loss — 3 — — 3 Net other comprehensive income 27 — — — 27 Balance at September 30, 2016 $ (165 ) $ (8 ) $ 4 $ — $ (169 ) (1) Other comprehensive income before reclassifications for foreign currency translation adjustments includes losses on intra-entity foreign currency transactions that are of a long-term investment nature of $142 million for the 2017 first three quarters and $1 million for the 2016 first three quarters . The following table details the changes in common shares outstanding and shareholders’ equity for the 2017 first three quarters : (in millions, except per share amounts) Common Shares Outstanding Total Class A Common Stock Additional Paid-in- Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 386.1 Balance at year-end 2016 $ 5,357 $ 5 $ 5,808 $ 6,501 $ (6,460 ) $ (497 ) — Net income 1,171 — — 1,171 — — — Other comprehensive income 448 — — — — 448 — Dividends ($0.96 per share) (362 ) — — (362 ) — — 2.1 Employee stock plan (2 ) — (64 ) — 62 — (21.8 ) Purchase of treasury stock (2,100 ) — — — (2,100 ) — 366.4 Balance at September 30, 2017 $ 4,512 $ 5 $ 5,744 $ 7,310 $ (8,498 ) $ (49 )

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS We are a diversified global lodging company with operations in the following reportable business segments: • North American Full-Service , which includes our Luxury and Premium brands located in the United States and Canada; • North American Limited-Service , which includes our Select brands located in the United States and Canada; • Asia Pacific , which includes all brand tiers in our Asia Pacific region; and • Other International , which includes all brand tiers in our Europe, Middle East and Africa, and Caribbean and Latin America regions. Our North American Full-Service , North American Limited-Service , and Asia Pacific segments meet the applicable accounting criteria to be reportable segments. Our Europe, Middle East and Africa, and Caribbean and Latin America operating segments individually do not meet the criteria for separate disclosure as reportable segments, and accordingly we combined them into an “all other category” which we refer to as “ Other International .” We evaluate the performance of our operating segments using “segment profits” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or merger-related costs and charges. We assign gains and losses, equity in earnings or losses from our joint ventures, and direct general, administrative, and other expenses to each of our segments. “Other unallocated corporate” represents a portion of our revenues, general, administrative, and other expenses, merger-related costs and charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments. It also includes license fees we receive from our credit card programs and fees from vacation ownership licensing agreements, which we present in the “ Franchise fees ” caption of our Income Statements. Our President and Chief Executive Officer, who is our chief operating decision maker, monitors assets for the consolidated company but does not use assets by operating segment when assessing performance or making operating segment resource allocations. We did not allocate Legacy-Starwood’s results to our segments for the eight days ended September 30, 2016. Therefore, in the tables below, for the three and nine months ended September 30, 2016, the impact of Legacy-Starwood operations after the Merger Date is included in “Other unallocated corporate” and not in the segment results. Segment Revenues Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 North American Full-Service $ 3,436 $ 2,222 $ 10,631 $ 6,903 North American Limited-Service 1,061 936 3,017 2,675 Asia Pacific 337 141 968 428 Other International 688 404 1,966 1,244 Total segment revenues 5,522 3,703 16,582 11,250 Other unallocated corporate 141 239 437 366 Total consolidated revenues $ 5,663 $ 3,942 $ 17,019 $ 11,616 Segment Profits Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 North American Full-Service $ 258 $ 148 $ 879 $ 506 North American Limited-Service 228 193 629 539 Asia Pacific 88 24 237 78 Other International 120 43 304 139 Total segment profits 694 408 2,049 1,262 Other unallocated corporate (51 ) (231 ) (201 ) (324 ) Interest expense, net of interest income (63 ) (46 ) (191 ) (137 ) Income taxes (188 ) (61 ) (486 ) (265 ) Net income $ 392 $ 70 $ 1,171 $ 536 Goodwill ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Goodwill Year-end 2016 balance: Goodwill $ 2,905 $ 1,558 $ 1,572 $ 1,617 $ 7,652 Accumulated impairment losses — (54 ) — — (54 ) 2,905 1,504 1,572 1,617 7,598 Adjustments (1) $ 664 $ 255 $ 276 $ 223 $ 1,418 Foreign currency translation 19 12 54 81 166 September 30, 2017 balance: Goodwill $ 3,588 $ 1,825 $ 1,902 $ 1,921 $ 9,236 Accumulated impairment losses — (54 ) — — (54 ) $ 3,588 $ 1,771 $ 1,902 $ 1,921 $ 9,182 (1) The table reflects adjustments to our goodwill from the Starwood Combination during the measurement period. See Footnote 2 “ Acquisitions and Dispositions ” for more information.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards Accounting Standards Update No. 2014-09 - “Revenue from Contracts with Customers” (“ASU 2014-09”) ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , as well as most industry-specific guidance, and enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. ASU 2014-09 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. The standard will be effective for us beginning in our 2018 first quarter. We are permitted to use either the full retrospective or the modified retrospective method when adopting ASU 2014-09, and we are evaluating the available adoption methods. We are still assessing the potential impact that ASU 2014-09 will have on our financial statements and disclosures, but we believe that recognition of base management fees, franchise royalty fees, and owned and leased revenues will remain largely unchanged. We expect to recognize gains from the sale of real estate assets when control of the asset is transferred to the buyer, generally at the time the sale closes. Under current guidance, we defer gains on sales of real estate assets if we maintain substantial continuing involvement. We do not expect that this change will have a material impact on our Financial Statements, as we typically do not have real estate sale transactions that require us to defer significant gains. There likely will be changes to our revenue recognition policies related to the following: • We expect to recognize franchise application and relicensing fees over the term of the franchise contract rather than at hotel opening or relicensing. • We expect to present the amortization of contract acquisition costs paid to customers as a reduction of revenue rather than including such costs in “ Depreciation, amortization, and other ” on our Income Statements. • We expect to capitalize fewer contract acquisition costs as certain costs will not meet the capitalization criteria specified by ASU 2014-09. • We expect to recognize incentive management fees throughout the year to the extent that we determine that it is probable that a significant reversal will not occur as a result of future hotel profits or cash flows. This may result in a different pattern of recognition for incentive management fees from quarter to quarter than under the current guidance, but we do not expect a material impact on the total incentive management fees we will recognize during the full fiscal year. • Under the new guidance, we will generally be considered an agent in the transaction when loyalty program awards are redeemed. As a result, we will only recognize revenue for the net amount of consideration to which we are entitled for arranging for the redemption award, rather than the gross amount. While we have not yet fully quantified the impact of this change, it will have no impact on our operating or net income. • We expect to recognize temporary timing differences between costs incurred for centralized programs and services and the related reimbursement from hotel owners in our operating and net income in the period they occur. We operate these programs with the objective of breaking even, and under current guidance, we record any temporary timing differences on our Balance Sheets. Accounting Standards Update No. 2016-02 - “Leases” (“ASU 2016-02”) ASU 2016-02 introduces a lessee model that brings substantially all leases onto the balance sheet. Under the new standard, a lessee will recognize on its balance sheet a lease liability and a right-of-use asset for most leases, including operating leases. The new standard will also distinguish leases as either finance leases or operating leases. This distinction will affect how leases are measured and presented in the income statement and statement of cash flows. The standard is effective for us beginning in our 2019 first quarter, and we will be required to use a modified retrospective transition approach, which means that we will apply the provisions of ASU 2016-02 to each lease that existed at the beginning of the earliest comparative period presented in the financial statements, as well as leases entered into after that date. We are still assessing the potential impact that ASU 2016-02 will have on our financial statements and disclosures, but we expect that it will have a material effect on our Balance Sheets. Accounting Standards Update No. 2016-09 - “Stock Compensation” (“ASU 2016-09”) We adopted ASU 2016-09 in the 2017 first quarter, which involves several aspects of the accounting for share-based payments. The new guidance had the following impacts on our Financial Statements: • We now record excess tax benefits (or deficiencies) as income tax benefit (or expense) in our Income Statements. Previously, we recorded excess tax benefits (deficiencies) in additional paid-in-capital in our Balance Sheets. As required, we prospectively applied this amendment in our Income Statements, which resulted in a benefit of $62 million to our provision for income taxes, approximately $0.16 per diluted share, for the nine months ended September 30, 2017 . • We now classify excess tax benefits (or deficiencies) along with other income taxes in operating activities in our Statements of Cash Flows. ASU 2016-09 allowed for this amendment to be applied either prospectively or retrospectively. For consistency with our application of ASU 2016-09 in our Income Statements, we applied this amendment prospectively in our Statements of Cash Flows. For the nine months ended September 30, 2017 , operating activities in our Statements of Cash Flows include $62 million from excess tax benefits. For the nine months ended September 30, 2016 , we classified $21 million of excess tax benefits as financing inflows. • We now classify cash paid to taxing authorities when we withhold shares for employee tax-withholding purposes as a financing activity. As required, we retrospectively applied this amendment in our Statements of Cash Flows, and accordingly we reclassified $74 million of cash outflows from operating activities to financing activities for the nine months ended September 30, 2016 . Accounting Standards Update No. 2016-16 - “Accounting for Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” (“ASU 2016-16”) ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales of assets other than inventory when the transfer occurs. Under current GAAP, the tax effects of intercompany sales are deferred until the transferred asset is sold to a third party or otherwise recovered through use. ASU 2016-16 will be effective for us beginning in our 2018 first quarter, and we will be required to use a modified retrospective transition approach with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We are still assessing the potential impact that the standard will have on our financial statements and disclosures. Accounting Standards Update No. 2017-01 - “Clarifying the Definition of a Business” (“ASU 2017-01”) We prospectively adopted ASU 2017-01 in the 2017 first quarter, which clarifies the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. We expect that under this new guidance, our hotel sales will generally qualify as asset disposals, with the result that no goodwill of the reporting unit will be assigned to the carrying value of the asset when calculating the gain or loss on sale.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of Consideration Transferred	The following table presents the fair value of each type of consideration that we transferred in the Starwood Combination: (in millions, except per share amounts) Equivalent shares of Marriott common stock issued in exchange for Starwood outstanding shares 134.4 Marriott common stock price as of Merger Date $ 68.44 Fair value of Marriott common stock issued in exchange for Starwood outstanding shares 9,198 Cash consideration to Starwood shareholders, net of cash acquired of $1,116 2,412 Fair value of Marriott equity-based awards issued in exchange for vested Starwood equity-based awards 71 Total consideration transferred, net of cash acquired $ 11,681
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	The following table presents our estimates of fair values of the assets that we acquired and the liabilities that we assumed on the Merger Date as preliminarily reported at year-end 2016 and as finalized at the end of the 2017 third quarter : ($ in millions) September 23, 2016 December 31, 2016) Adjustments (2) September 23, 2016 Working capital $ (180 ) $ (56 ) $ (236 ) Property and equipment, including assets held for sale 1,999 (293 ) 1,706 Identified intangible assets 7,957 (719 ) 7,238 Equity and cost method investments 579 (42 ) 537 Other noncurrent assets 224 (24 ) 200 Deferred income taxes, net (1,516 ) 52 (1,464 ) Guest loyalty program (1,631 ) (7 ) (1,638 ) Debt (1,871 ) (6 ) (1,877 ) Other noncurrent liabilities (654 ) (323 ) (977 ) Net assets acquired 4,907 (1,418 ) 3,489 Goodwill (1) 6,774 1,418 8,192 $ 11,681 $ — $ 11,681 (1) Goodwill primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined operations, and it is not deductible for tax purposes. See Footnote 11 “ Business Segments ” for our assignment of goodwill by reportable segment. (2) Adjustments primarily reflect refinements of our valuation models related to certain acquired IT systems, our assumptions for capital expenditures of owned and leased hotels, discount rates, certain assumptions related to operating lease agreements, and our assumptions related to certain brands and management and franchise agreements, including contract terms (including renewal assumptions), tax rates, and royalty and growth rates used in the relief-from-royalty valuation models.
Schedule of Fair Values of Identified Intangible Assets	The following table presents our estimates of the fair values of Starwood’s identified intangible assets and their related estimated useful lives: Estimated Fair Value ($ in millions) Estimated Useful Life (in years) Brands $ 5,664 indefinite Management agreements and lease contract intangibles 751 10 - 25 Franchise agreements 746 10 - 80 Loyalty program marketing rights 77 30 $ 7,238

Merger-Related Costs and Char19

Merger-Related Costs and Charges (Tables)	9 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve Activity	The following table presents our restructuring reserve activity during the 2017 first three quarters : ($ in millions) Liability for employee termination costs Balance at year-end 2016 $ 192 Charges 4 Cash payments (110 ) Adjustments (1) (13 ) Balance at September 30, 2017, classified in “Accrued expenses and other” $ 73 (1) Adjustments primarily reflect the reversal of accruals for certain employees who accepted other positions at the Company or resigned and the impact of cumulative translation adjustments. The following table presents pre-tax merger-related costs and other charges that we incurred in connection with the Starwood Combination: Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Merger-related costs and charges Transaction costs $ 4 $ 18 $ 14 $ 31 Employee termination costs (3 ) 186 9 186 Integration costs 27 24 77 33 28 228 100 250 Interest expense — 9 — 22 $ 28 $ 237 $ 100 $ 272

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of the Earnings and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share	The table below presents the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in millions, except per share amounts) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Computation of Basic Earnings Per Share Net income $ 392 $ 70 $ 1,171 $ 536 Shares for basic earnings per share 372.3 266.2 378.5 258.3 Basic earnings per share $ 1.05 $ 0.26 $ 3.09 $ 2.08 Computation of Diluted Earnings Per Share Net income $ 392 $ 70 $ 1,171 $ 536 Shares for basic earnings per share 372.3 266.2 378.5 258.3 Effect of dilutive securities Share-based compensation 4.3 4.3 4.7 4.4 Shares for diluted earnings per share 376.6 270.5 383.2 262.7 Diluted earnings per share $ 1.04 $ 0.26 $ 3.06 $ 2.04

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions for SARs	We used the following assumptions as part of a binomial lattice-based valuation model to estimate the fair value of the SARs we granted during the 2017 first three quarters : Expected volatility 30.9 % Dividend yield 1.3 % Risk-free rate 2.4 % Expected term (in years) 8

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Maximum Potential Amount of Future Fundings as the Primary Obligor for Guarantees and the Liability for Expected Future Fundings	We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees for which we are the primary obligor at September 30, 2017 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 136 $ 19 Operating profit 248 117 Other 10 2 $ 394 $ 138

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table at the end of the 2017 third quarter and year-end 2016 : At Period End ($ in millions) September 30, 2017 December 31, 2016 Senior Notes: Series I Notes, interest rate of 6.4%, face amount of $293, matured June 15, 2017 $ — $ 293 Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 598 597 Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 348 348 Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 348 347 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 396 396 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 447 446 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 344 344 Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 743 742 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 743 742 Series S Notes, interest rate of 6.8%, face amount of $324, maturing May 15, 2018 334 346 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 199 206 Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 291 291 Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 338 340 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 293 293 Commercial paper 2,791 2,311 Credit Facility — — Capital lease obligations 172 173 Other 284 291 8,669 8,506 Less: Current portion of long-term debt (398 ) (309 ) $ 8,271 $ 8,197

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities	We present the carrying values and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments, determined under current guidance for disclosures on the fair value of financial instruments, in the following table: September 30, 2017 December 31, 2016 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 228 $ 216 $ 245 $ 231 Total noncurrent financial assets $ 228 $ 216 $ 245 $ 231 Senior Notes $ (5,088 ) $ (5,161 ) $ (5,438 ) $ (5,394 ) Commercial paper (2,791 ) (2,791 ) (2,311 ) (2,311 ) Other long-term debt (226 ) (230 ) (280 ) (284 ) Other noncurrent liabilities (186 ) (186 ) (59 ) (59 ) Total noncurrent financial liabilities $ (8,291 ) $ (8,368 ) $ (8,088 ) $ (8,048 )

Other Comprehensive (Loss) In25

Other Comprehensive (Loss) Income and Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income Activity	The following tables detail the accumulated other comprehensive (loss) income activity for the 2017 first three quarters and 2016 first three quarters : ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument Adjustments Available-For-Sale Securities Unrealized Adjustments Pension and Postretirement Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2016 $ (503 ) $ (5 ) $ 6 $ 5 $ (497 ) Other comprehensive income (loss) before reclassifications (1) 457 (13 ) (1 ) — 443 Amounts reclassified from accumulated other comprehensive loss — 5 — — 5 Net other comprehensive income (loss) 457 (8 ) (1 ) — 448 Balance at September 30, 2017 $ (46 ) $ (13 ) $ 5 $ 5 $ (49 ) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument Adjustments Available-For-Sale Securities Unrealized Adjustments Pension and Postretirement Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2015 $ (192 ) $ (8 ) $ 4 $ — $ (196 ) Other comprehensive income (loss) before reclassifications (1) 27 (3 ) — — 24 Amounts reclassified from accumulated other comprehensive loss — 3 — — 3 Net other comprehensive income 27 — — — 27 Balance at September 30, 2016 $ (165 ) $ (8 ) $ 4 $ — $ (169 ) (1) Other comprehensive income before reclassifications for foreign currency translation adjustments includes losses on intra-entity foreign currency transactions that are of a long-term investment nature of $142 million for the 2017 first three quarters and $1 million for the 2016 first three quarters .
Changes in Shareholders' Equity (Deficit)	The following table details the changes in common shares outstanding and shareholders’ equity for the 2017 first three quarters : (in millions, except per share amounts) Common Shares Outstanding Total Class A Common Stock Additional Paid-in- Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 386.1 Balance at year-end 2016 $ 5,357 $ 5 $ 5,808 $ 6,501 $ (6,460 ) $ (497 ) — Net income 1,171 — — 1,171 — — — Other comprehensive income 448 — — — — 448 — Dividends ($0.96 per share) (362 ) — — (362 ) — — 2.1 Employee stock plan (2 ) — (64 ) — 62 — (21.8 ) Purchase of treasury stock (2,100 ) — — — (2,100 ) — 366.4 Balance at September 30, 2017 $ 4,512 $ 5 $ 5,744 $ 7,310 $ (8,498 ) $ (49 )

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Revenues	Segment Revenues Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 North American Full-Service $ 3,436 $ 2,222 $ 10,631 $ 6,903 North American Limited-Service 1,061 936 3,017 2,675 Asia Pacific 337 141 968 428 Other International 688 404 1,966 1,244 Total segment revenues 5,522 3,703 16,582 11,250 Other unallocated corporate 141 239 437 366 Total consolidated revenues $ 5,663 $ 3,942 $ 17,019 $ 11,616
Segment Profits	Segment Profits Three Months Ended Nine Months Ended ($ in millions) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 North American Full-Service $ 258 $ 148 $ 879 $ 506 North American Limited-Service 228 193 629 539 Asia Pacific 88 24 237 78 Other International 120 43 304 139 Total segment profits 694 408 2,049 1,262 Other unallocated corporate (51 ) (231 ) (201 ) (324 ) Interest expense, net of interest income (63 ) (46 ) (191 ) (137 ) Income taxes (188 ) (61 ) (486 ) (265 ) Net income $ 392 $ 70 $ 1,171 $ 536
Goodwill	Goodwill ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Goodwill Year-end 2016 balance: Goodwill $ 2,905 $ 1,558 $ 1,572 $ 1,617 $ 7,652 Accumulated impairment losses — (54 ) — — (54 ) 2,905 1,504 1,572 1,617 7,598 Adjustments (1) $ 664 $ 255 $ 276 $ 223 $ 1,418 Foreign currency translation 19 12 54 81 166 September 30, 2017 balance: Goodwill $ 3,588 $ 1,825 $ 1,902 $ 1,921 $ 9,236 Accumulated impairment losses — (54 ) — — (54 ) $ 3,588 $ 1,771 $ 1,902 $ 1,921 $ 9,182 (1) The table reflects adjustments to our goodwill from the Starwood Combination during the measurement period. See Footnote 2 “ Acquisitions and Dispositions ” for more information.

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Tax benefit from adoption of ASU 2016-09	$ 6		$ 62
Earnings per share - diluted (in USD per share)	$ 1.04	$ 0.26	$ 3.06	$ 2.04
Net cash provided by operating activities			$ 1,916	$ 1,206
Net cash provided by (used in) financing activities			$ (2,456)	2,263
Accounting Standards Update 2016-09
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Earnings per share - diluted (in USD per share)			$ 0.16
Excess tax benefit classified as operating activities			$ 62
Excess tax benefit classified as financing activity				21
Net cash provided by operating activities				(74)
Net cash provided by (used in) financing activities				74
Franchise Fees
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Branding fees	$ 68		$ 195
Franchise Fees | Reclassification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Branding fees		$ 40		121
Owned, Leased and Other Revenue | Reclassification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Branding fees		$ (40)		$ (121)

Acquisitions and Dispositions-

Acquisitions and Dispositions- Starwood Consideration Transferred (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Sep. 23, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Cash consideration to Starwood shareholders, net of cash acquired of $1,116		$ 0	$ 2,412
Starwood Hotels & Resorts Worldwide, Inc.
Business Acquisition [Line Items]
Equivalent shares of Marriott common stock issued in exchange for Starwood outstanding shares (in shares)	134.4
Marriott common stock price as of Merger Date (in USD per share)	$ 68.44
Fair value of Marriott common stock issued in exchange for Starwood outstanding shares	$ 9,198
Cash consideration to Starwood shareholders, net of cash acquired of $1,116	2,412
Fair value of Marriott equity-based awards issued in exchange for vested Starwood equity-based awards	71
Total consideration transferred, net of cash acquired	11,681
Cash acquired	$ 1,116

Acquisitions and Dispositions29

Acquisitions and Dispositions- Starwood Allocation of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 23, 2016	Sep. 30, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill		$ 9,182	$ 7,598
Starwood Hotels & Resorts Worldwide, Inc.
Business Acquisition [Line Items]
Working capital	$ (236)
Working capital, Adjustments	(56)
Property and equipment, including assets held for sale	1,706
Property and equipment, including assets held for sale, Adjustments	(293)
Identified intangible assets	7,238
Identified intangible assets, Adjustments	(719)
Equity and cost method investments	537
Equity and cost method investments, Adjustments	(42)
Other noncurrent assets	200
Other noncurrent assets, Adjustments	(24)
Deferred income taxes, net	(1,464)
Deferred income taxes, net, Adjustments	52
Guest loyalty program	(1,638)
Guest loyalty program, Adjustments	(7)
Debt	(1,877)
Debt, Adjustments	(6)
Other noncurrent liabilities	(977)
Other noncurrent liabilities, Adjustments	(323)
Net assets acquired	3,489
Net assets acquired, Adjustments	(1,418)
Goodwill	8,192
Goodwill, Adjustments	1,418
Fair value of assets acquired and liabilities assumed, net	11,681
Fair value of assets acquired and liabilities assumed, net, Adjustments	0
As Previously Reported | Starwood Hotels & Resorts Worldwide, Inc.
Business Acquisition [Line Items]
Working capital	(180)
Property and equipment, including assets held for sale	1,999
Identified intangible assets	7,957
Equity and cost method investments	579
Other noncurrent assets	224
Deferred income taxes, net	(1,516)
Guest loyalty program	(1,631)
Debt	(1,871)
Other noncurrent liabilities	(654)
Net assets acquired	4,907
Goodwill	6,774
Fair value of assets acquired and liabilities assumed, net	$ 11,681

Acquisitions and Dispositions30

Acquisitions and Dispositions- Starwood Fair Value and Estimated Useful Lives of Identifiable Intangible Assets (Details) - Starwood Hotels & Resorts Worldwide, Inc. $ in Millions	Sep. 23, 2016USD ($)
Business Acquisition [Line Items]
Identified intangible assets	$ 7,238
Management agreements and lease contract intangibles
Business Acquisition [Line Items]
Estimated fair value, finite-lived intangible assets	751
Franchise agreements
Business Acquisition [Line Items]
Estimated fair value, finite-lived intangible assets	746
Loyalty program marketing rights
Business Acquisition [Line Items]
Estimated fair value, finite-lived intangible assets	$ 77
Estimated Useful Life (in years)	30 years
Brands
Business Acquisition [Line Items]
Estimated fair value, indefinite-lived intangible assets	$ 5,664
Minimum | Management agreements and lease contract intangibles
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Minimum | Franchise agreements
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Maximum | Management agreements and lease contract intangibles
Business Acquisition [Line Items]
Estimated Useful Life (in years)	25 years
Maximum | Franchise agreements
Business Acquisition [Line Items]
Estimated Useful Life (in years)	80 years

Acquisitions and Dispositions A

Acquisitions and Dispositions Acquisitions and Dispositions - Pro Forma Results of Operations (Details) - Starwood Hotels & Resorts Worldwide, Inc. $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Pro forma revenues	$ 17,033
Pro forma net income	878
Pro forma integration costs	54
Pro forma transaction and employee termination costs	$ 295

Acquisitions and Dispositions -

Acquisitions and Dispositions - Dispositions and Planned Dispositions (Details) CAD in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2017CAD	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Remaining Future Minimum Operating Lease Obligations Due
Assets held for sale					$ 297	$ 588
Disposal Group, Disposed of by Sale, Not Discontinued Operations | North American Full-Service Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of property			$ 169	$ 306
Gain on sale of property			$ 24
Remaining Future Minimum Operating Lease Obligations Due
2017 (remaining)				3
2,018				4
2,019				4
2,020				4
2,021				4
Thereafter				175
Total				$ 194
Disposal Group, Held-for-sale, Not Discontinued Operations | North American Full-Service Hotel and Miami Beach EDITION Residences
Remaining Future Minimum Operating Lease Obligations Due
Assets held for sale					$ 297
Scenario, Forecast | Subsequent Event | Avendra LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership prior to sale		55.00%
Scenario, Forecast | Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | North American Full-Service Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of property	CAD 337	$ 269
Scenario, Forecast | Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Avendra LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount received from sale		$ 650

Merger-Related Costs and Char33

Merger-Related Costs and Charges Merger-Related Costs and Charges- Types of Merger-related Costs and Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Merger-related costs and charges
Transaction, employee termination and integration costs	$ 28	$ 228	$ 100	$ 250
Interest expense	73	55	216	159
Starwood Hotels & Resorts Worldwide, Inc.
Merger-related costs and charges
Transaction costs	4	18	14	31
Employee termination costs	(3)	186	9	186
Integration costs	27	24	77	33
Transaction, employee termination and integration costs	28	228	100	250
Interest expense	0	9	0	22
Transaction, employee termination, integration, and interest costs	$ 28	$ 237	$ 100	$ 272

Merger-Related Costs and Char34

Merger-Related Costs and Charges Merger-Related Costs and Charges - Schedule of Restructuring Reserve Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Restructuring Reserve [Roll Forward]
Balance at year-end 2016	$ 192
Charges	4
Cash payments	(110)
Adjustments	(13)
Balance at September 30, 2017, classified in “Accrued expenses and other”	$ 73

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of the Earnings (Losses) and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Computation of Basic Earnings Per Share
Net income	$ 392	$ 70	$ 1,171	$ 536
Shares for basic earnings per share (in shares)	372.3	266.2	378.5	258.3
Basic earnings per share (in USD per share)	$ 1.05	$ 0.26	$ 3.09	$ 2.08
Computation of Diluted Earnings Per Share
Net income	$ 392	$ 70	$ 1,171	$ 536
Shares for basic earnings per share (in shares)	372.3	266.2	378.5	258.3
Effect of dilutive securities
Share-based compensation (in shares)	4.3	4.3	4.7	4.4
Shares for diluted earnings per share (in shares)	376.6	270.5	383.2	262.7
Diluted earnings per share (in USD per share)	$ 1.04	$ 0.26	$ 3.06	$ 2.04

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)installment$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 44	$ 39	$ 139	$ 98
Deferred compensation costs related to unvested awards | $	$ 209		$ 209		$ 192
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, weighted average grant-date fair value (in USD per share) | $ / shares			$ 84
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares) | shares			1.7
Stock awards, vesting period			4 years
Stock awards, period of service after grant date			1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares) | shares			0.2
Stock awards, vesting period			3 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares) | shares			0.3
Stock awards, period of service after grant date			1 year
Stock awards, expiration period			10 years
Stock awards, number of vesting periods | installment			4
Stock awards, weighted average grant-date fair value (in USD per share) | $ / shares			$ 30
Stock awards, weighted average exercise price (in USD per share) | $ / shares			$ 88

Share Based Compensation - Assu

Share Based Compensation - Assumptions for SARs Granted (Details) - SARs	9 Months Ended
	Sep. 30, 2017
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Expected volatility	30.90%
Dividend yield	1.30%
Risk-free rate	2.40%
Expected term (in years)	8 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	32.50%	46.40%	29.30%	33.10%
Tax benefit from adoption of ASU 2016-09	$ 6		$ 62
Favorable settlement of uncertain tax position			12
Unfavorable comparison to prior year release of valuation allowance			15
Cash paid for income taxes, net of refunds			$ 413	$ 243

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) $ in Millions	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 394
Recorded Liability for Guarantees	138
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	136
Recorded Liability for Guarantees	19
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	248
Recorded Liability for Guarantees	117
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	10
Recorded Liability for Guarantees	$ 2

Commitments and Contingencies40

Commitments and Contingencies - Contingent Purchase Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Guarantor Obligations [Line Items]
Guarantee	$ 394
Guarantee, recorded liability	138
Times Square Edition
Guarantor Obligations [Line Items]
Guarantee	$ 315
Guarantee, term	2 years
Guarantor, extension term	3 years
Guarantee, recorded liability	$ 2
Sheraton Grand Chicago Hotel
Guarantor Obligations [Line Items]
Guarantee, recorded liability	57
Sheraton Grand Chicago Hotel | Hotel and Leasehold
Guarantor Obligations [Line Items]
Guarantee	300
Sheraton Grand Chicago Hotel | Land
Guarantor Obligations [Line Items]
Guarantee	$ 200

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Credit Facility	$ 0	$ 0
Capital lease obligations	172	173
Total debt	8,669	8,506
Less: Current portion of long-term debt	(398)	(309)
Long-term debt, noncurrent	8,271	8,197
Series I Notes, interest rate of 6.4%, face amount of $293, matured June 15, 2017 (effective interest rate of 6.5%)
Debt Instrument [Line Items]
Senior notes	0	293
Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior notes	598	597
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Senior notes	348	348
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)
Debt Instrument [Line Items]
Senior notes	348	347
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Senior notes	396	396
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior notes	447	446
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)
Debt Instrument [Line Items]
Senior notes	344	344
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Senior notes	743	742
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)
Debt Instrument [Line Items]
Senior notes	743	742
Series S Notes, interest rate of 6.8%, face amount of $324, maturing May 15, 2018 (effective interest rate of 1.7%)
Debt Instrument [Line Items]
Senior notes	334	346
Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 (effective interest rate of 2.3%)
Debt Instrument [Line Items]
Senior notes	199	206
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior notes	291	291
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Senior notes	338	340
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)
Debt Instrument [Line Items]
Senior notes	$ 293	293
Senior Notes | Series I Notes, interest rate of 6.4%, face amount of $293, matured June 15, 2017 (effective interest rate of 6.5%)
Debt Instrument [Line Items]
Interest rate	6.40%
Senior notes, face amount	$ 293
Effective interest rate	6.50%
Senior Notes | Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Interest rate	3.00%
Senior notes, face amount	$ 600
Effective interest rate	4.40%
Senior Notes | Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Interest rate	3.30%
Senior notes, face amount	$ 350
Effective interest rate	3.40%
Senior Notes | Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)
Debt Instrument [Line Items]
Interest rate	3.40%
Senior notes, face amount	$ 350
Effective interest rate	3.60%
Senior Notes | Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Interest rate	3.10%
Senior notes, face amount	$ 400
Effective interest rate	3.40%
Senior Notes | Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Interest rate	2.90%
Senior notes, face amount	$ 450
Effective interest rate	3.10%
Senior Notes | Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)
Debt Instrument [Line Items]
Interest rate	3.80%
Senior notes, face amount	$ 350
Effective interest rate	4.00%
Senior Notes | Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Interest rate	2.30%
Senior notes, face amount	$ 750
Effective interest rate	2.50%
Senior Notes | Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)
Debt Instrument [Line Items]
Interest rate	3.10%
Senior notes, face amount	$ 750
Effective interest rate	3.30%
Senior Notes | Series S Notes, interest rate of 6.8%, face amount of $324, maturing May 15, 2018 (effective interest rate of 1.7%)
Debt Instrument [Line Items]
Interest rate	6.80%
Senior notes, face amount	$ 324
Effective interest rate	1.70%
Senior Notes | Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 (effective interest rate of 2.3%)
Debt Instrument [Line Items]
Interest rate	7.20%
Senior notes, face amount	$ 181
Effective interest rate	2.30%
Senior Notes | Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Interest rate	3.10%
Senior notes, face amount	$ 291
Effective interest rate	3.10%
Senior Notes | Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Interest rate	3.80%
Senior notes, face amount	$ 318
Effective interest rate	2.80%
Senior Notes | Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%)
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes, face amount	$ 278
Effective interest rate	4.10%
Commercial paper
Debt Instrument [Line Items]
Commercial paper	$ 2,791	2,311
Other
Debt Instrument [Line Items]
Other	$ 284	$ 291

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Debt Disclosure [Abstract]
Interest paid, net of amounts capitalized	$ 171,000,000	$ 99,000,000
Maximum borrowing capacity under credit facility	$ 4,000,000,000

Fair Value of Financial Instr43

Fair Value of Financial Instruments - Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 228	$ 245
Other noncurrent liabilities	(2,094)	(1,744)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	228	245
Total noncurrent financial assets	228	245
Senior Notes	(5,088)	(5,438)
Commercial paper	(2,791)	(2,311)
Other long-term debt	(226)	(280)
Other noncurrent liabilities	(186)	(59)
Total noncurrent financial liabilities	(8,291)	(8,088)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	216	231
Total noncurrent financial assets	216	231
Senior Notes	(5,161)	(5,394)
Commercial paper	(2,791)	(2,311)
Other long-term debt	(230)	(284)
Other noncurrent liabilities	(186)	(59)
Total noncurrent financial liabilities	$ (8,368)	$ (8,048)

Other Comprehensive (Loss) In44

Other Comprehensive (Loss) Income and Shareholders' Equity - Accumulated Other Comprehensive (Loss) Income Activity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			$ 5,357
Other comprehensive income (loss) before reclassifications			443	$ 24
Amounts reclassified from accumulated other comprehensive loss			5	3
Net other comprehensive income (loss)	$ 107	$ 4	448	27
Balance at end of period	4,512		4,512
Other comprehensive income (loss) before reclassification related to foreign current translation adjustment, loss on intra-equity foreign currency transaction			142	1
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(503)	(192)
Other comprehensive income (loss) before reclassifications			457	27
Amounts reclassified from accumulated other comprehensive loss			0	0
Net other comprehensive income (loss)			457	27
Balance at end of period	(46)	(165)	(46)	(165)
Derivative Instrument Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(5)	(8)
Other comprehensive income (loss) before reclassifications			(13)	(3)
Amounts reclassified from accumulated other comprehensive loss			5	3
Net other comprehensive income (loss)			(8)	0
Balance at end of period	(13)	(8)	(13)	(8)
Available-For-Sale Securities Unrealized Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			6	4
Other comprehensive income (loss) before reclassifications			(1)	0
Amounts reclassified from accumulated other comprehensive loss			0	0
Net other comprehensive income (loss)			(1)	0
Balance at end of period	5	4	5	4
Pension and Postretirement Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			5	0
Other comprehensive income (loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive loss			0	0
Net other comprehensive income (loss)			0	0
Balance at end of period	5	0	5	0
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(497)	(196)
Net other comprehensive income (loss)			448
Balance at end of period	$ (49)	$ (169)	$ (49)	$ (169)

Other Comprehensive (Loss) In45

Other Comprehensive (Loss) Income and Shareholders' Equity - Changes in Shareholders' Equity (Deficit) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			$ 5,357
Balance at beginning of period (in shares)			386.1
Net income	$ 392	$ 70	$ 1,171	$ 536
Other comprehensive income	107	4	448	27
Dividends ($0.96 per share)			(362)
Employee stock plan			$ (2)
Employee stock plan (in shares)			2.1
Purchase of treasury stock			$ (2,100)
Purchase of treasury stock (in shares)			(21.8)
Balance at end of period	$ 4,512		$ 4,512
Balance at end of period (in shares)	366.4		366.4
Cash dividends (in USD per share)			$ 0.96
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			$ 5
Balance at end of period	$ 5		5
Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			5,808
Employee stock plan			(64)
Balance at end of period	5,744		5,744
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			6,501
Net income			1,171
Dividends ($0.96 per share)			(362)
Balance at end of period	7,310		7,310
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			(6,460)
Employee stock plan			62
Purchase of treasury stock			(2,100)
Balance at end of period	(8,498)		(8,498)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			(497)	(196)
Other comprehensive income			448
Balance at end of period	$ (49)	$ (169)	$ (49)	$ (169)

Business Segments - Segment Rev

Business Segments - Segment Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,663	$ 3,942	$ 17,019	$ 11,616
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,522	3,703	16,582	11,250
Other unallocated corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	141	239	437	366
North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,436	2,222	10,631	6,903
North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,061	936	3,017	2,675
Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	337	141	968	428
Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 688	$ 404	$ 1,966	$ 1,244

Business Segments - Segment Pro

Business Segments - Segment Profits (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 632	$ 171	$ 1,789	$ 927
Interest expense, net of interest income	(63)	(46)	(191)	(137)
Income taxes	(188)	(61)	(486)	(265)
Net income	392	70	1,171	536
Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	694	408	2,049	1,262
Other unallocated corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	(51)	(231)	(201)	(324)
North American Full-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	258	148	879	506
North American Limited-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	228	193	629	539
Asia Pacific | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	88	24	237	78
Other International | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 120	$ 43	$ 304	$ 139

Business Segments - Schedule of

Business Segments - Schedule of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Goodwill, gross		$ 9,236	$ 7,652
Accumulated impairment losses		(54)	(54)
Goodwill	$ 7,598	9,182	7,598
Goodwill [Roll Forward]
Goodwill	7,598
Adjustments	1,418
Foreign currency translation	166
Goodwill	9,182
North American Full-Service
Segment Reporting Information [Line Items]
Goodwill, gross		3,588	2,905
Accumulated impairment losses		0	0
Goodwill	2,905	3,588	2,905
Goodwill [Roll Forward]
Goodwill	2,905
Adjustments	664
Foreign currency translation	19
Goodwill	3,588
North American Limited-Service
Segment Reporting Information [Line Items]
Goodwill, gross		1,825	1,558
Accumulated impairment losses		(54)	(54)
Goodwill	1,504	1,771	1,504
Goodwill [Roll Forward]
Goodwill	1,504
Adjustments	255
Foreign currency translation	12
Goodwill	1,771
Asia Pacific
Segment Reporting Information [Line Items]
Goodwill, gross		1,902	1,572
Accumulated impairment losses		0	0
Goodwill	1,572	1,902	1,572
Goodwill [Roll Forward]
Goodwill	1,572
Adjustments	276
Foreign currency translation	54
Goodwill	1,902
Other International
Segment Reporting Information [Line Items]
Goodwill, gross		1,921	1,617
Accumulated impairment losses		0	0
Goodwill	1,617	$ 1,921	$ 1,617
Goodwill [Roll Forward]
Goodwill	1,617
Adjustments	223
Foreign currency translation	81
Goodwill	$ 1,921