Marriott International (MAR) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 25, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		346,988,137

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Revenues	$ 5,346	$ 5,211	$ 10,352	$ 10,123
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	58	71	112	122
General, administrative, and other	217	234	464	446
Merger-related costs and charges	18	21	52	72
Costs and expenses	4,606	4,467	9,112	8,833
OPERATING INCOME	740	744	1,240	1,290
Gains and other income, net	114	25	173	25
Interest expense	(85)	(73)	(160)	(143)
Interest income	6	8	11	15
Equity in earnings	21	12	34	23
INCOME BEFORE INCOME TAXES	796	716	1,298	1,210
Provision for income taxes	(186)	(227)	(290)	(350)
NET INCOME	$ 610	$ 489	$ 1,008	$ 860
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 1.73	$ 1.29	$ 2.83	$ 2.25
Earnings per share - diluted (in USD per share)	1.71	1.28	2.80	2.23
CASH DIVIDENDS DECLARED PER SHARE (in USD per share)	$ 0.41	$ 0.33	$ 0.74	$ 0.63
Base management fees
REVENUES
Gross revenues	$ 300	$ 285	$ 573	$ 549
Franchise fees
REVENUES
Gross revenues	475	408	892	763
Incentive management fees
REVENUES
Gross revenues	176	155	331	295
Fee revenues
REVENUES
Gross revenues	951	848	1,796	1,607
Contract investment amortization	(13)	(12)	(31)	(23)
Revenues	938	836	1,765	1,584
Owned, leased, and other
REVENUES
Revenues	423	448	829	876
OPERATING COSTS AND EXPENSES
Operating costs	334	350	670	706
Reimbursements
REVENUES
Revenues	3,985	3,927	7,758	7,663
OPERATING COSTS AND EXPENSES
Operating costs	$ 3,979	$ 3,791	$ 7,814	$ 7,487

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 610	$ 489	$ 1,008	$ 860
Other comprehensive (loss) income:
Foreign currency translation adjustments	(399)	162	(247)	350
Derivative instrument adjustments, net of tax	11	(6)	8	(8)
Unrealized gain (loss) on available-for-sale securities, net of tax	0	(1)	0	(2)
Pension and postretirement adjustments, net of tax	0	0	0	0
Reclassification of losses (gains), net of tax	3	1	16	1
Net other comprehensive (loss) income	(385)	156	(223)	341
Comprehensive income	$ 225	$ 645	$ 785	$ 1,201

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 366	$ 383
Accounts and notes receivable, net	2,174	1,973
Prepaid expenses and other	264	235
Assets held for sale	13	149
Assets, current, total	2,817	2,740
Property and equipment, net	1,958	1,793
Intangible assets
Goodwill	9,103	9,207
Goodwill and intangible assets, net, total	17,543	17,751
Equity method investments	638	734
Notes receivable, net	121	142
Deferred tax assets	171	93
Other noncurrent assets	596	593
Total assets	23,844	23,846
Current liabilities
Current portion of long-term debt	616	398
Accounts payable	834	783
Accrued payroll and benefits	1,176	1,214
Accrued expenses and other	1,101	1,291
Liabilities, current, total	5,904	5,807
Long-term debt	8,375	7,840
Deferred tax liabilities	567	605
Other noncurrent liabilities	2,198	2,610
Shareholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,728	5,770
Retained earnings	8,363	7,242
Treasury stock, at cost	(11,011)	(9,418)
Accumulated other comprehensive loss	(244)	(17)
Stockholders' equity (deficit) attributable to parent	2,841	3,582
Liabilities and equity (deficit), total	23,844	23,846
Brands
Intangible assets
Intangible assets	5,842	5,922
Contract acquisition costs and other
Intangible assets
Intangible assets	2,598	2,622
Liability for guest loyalty programs
Current liabilities
Liability for guest loyalty programs	2,177	2,121
Contract with customer	3,314	2,819
Deferred revenue
Current liabilities
Contract with customer	$ 645	$ 583

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 1,008	$ 860
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other	143	145
Share-based compensation	93	95
Income taxes	(198)	148
Contract acquisition costs	(71)	(89)
Merger-related charges	(23)	(98)
Working capital changes	(241)	(113)
Gain on asset dispositions	(173)	(24)
Other	49	78
Net cash provided by (used in) operating activities	1,129	1,186
INVESTING ACTIVITIES
Capital expenditures	(388)	(104)
Dispositions	436	482
Loan advances	(13)	(48)
Loan collections	29	10
Other	50	(17)
Net cash provided by investing activities	114	323
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net	707	119
Issuance of long-term debt	443	1
Repayment of long-term debt	(387)	(301)
Issuance of Class A Common Stock	4	3
Dividends paid	(262)	(240)
Purchase of treasury stock	(1,673)	(1,328)
Share-based compensation withholding taxes	(101)	(135)
Net cash provided by (used in) financing activities	(1,269)	(1,881)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(26)	(372)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	429	887
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	403	515
Liability for guest loyalty programs
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty programs	$ 542	$ 184

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Restricted Cash	$ 37	$ 46

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
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 in our Caribbean and Latin America, Europe, and Middle East and Africa regions as “Other International,” and together with those in our Asia Pacific segment, 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, 2017 (“ 2017 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2017 Form 10-K. Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of June 30, 2018 and December 31, 2017 , the results of our operations for the three and six months ended June 30, 2018 and June 30, 2017 , and cash flows for the six months ended June 30, 2018 and June 30, 2017 . 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. The accompanying Financial Statements also reflect our adoption of several new accounting standards. See the “New Accounting Standards Adopted” caption below for additional information. New Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2016-02 “Leases” (Topic 842). 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 requires the use of a modified retrospective transition method. 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. New Accounting Standards Adopted ASU 2016-18 “Restricted Cash” (Topic 230). ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling beginning and ending amounts shown on the statement of cash flows. We adopted ASU 2016-18 in the 2018 first quarter using the retrospective transition method, and accordingly, we revised prior period amounts, as shown in the “ Statements of Cash Flows ” table below. ASU 2016-16 “Accounting for Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” (Topic 740). ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales of assets other than inventory when the transfer occurs. We adopted ASU 2016-16 in the 2018 first quarter using the modified retrospective transition method and recorded an adjustment of $372 million for the cumulative effect to retained earnings at January 1, 2018. ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments” (Topic 230). ASU 2016-15 specifies how certain cash receipts and payments are to be classified in the statement of cash flows and primarily impacts our presentation of cash outflows for commercial paper. Under ASU 2016-15, we are required to attribute a portion of the payments to accreted interest and classify that portion as cash outflows for operating activities. We adopted ASU 2016-15 in the 2018 first quarter using the retrospective transition method, and accordingly, we revised prior period amounts, as shown in the “ Statements of Cash Flows ” table below. ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities” (Topic 825). ASU 2016-01 eliminates the available-for-sale classification for equity investments and requires companies to measure equity investments at fair value and recognize any changes in the fair value in net income. We adopted ASU 2016-01 in the 2018 first quarter using the modified retrospective transition method and recorded a cumulative-effect adjustment of $4 million to retained earnings at January 1, 2018. ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU 2014-09 and several related ASUs (collectively referred to as “ASU 2014-09”) supersede the revenue recognition requirements in Topic 605, Revenue Recognition , as well as most industry-specific guidance, and provide a principles-based, comprehensive framework in Topic 606, Revenue Recognition. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. We adopted ASU 2014-09 in the 2018 first quarter using the full retrospective transition method. See Footnote 2. Revenues for disclosures required by ASU 2014-09, including our revenue recognition accounting policies. When we adopted ASU 2014-09, we applied the following expedients and exemptions, which are allowed by the standard, to our prior period Financial Statements and disclosures: • We used the transaction price at the date of contract completion for our contracts that had variable consideration and were completed before January 1, 2018. • We considered the aggregate effect of all contract modifications that occurred before January 1, 2016 when: (1) identifying satisfied and unsatisfied performance obligations; (2) determining the transaction price; and (3) allocating the transaction price to the satisfied and unsatisfied performance obligations. • We did not: (1) disclose the amount of the transaction price that we allocated to remaining performance obligations; or (2) include an explanation of when we expect to recognize the revenue allocated to remaining performance obligations. The cumulative effect of adopting ASU 2014-09 was a decrease in 2016 retained earnings of $264 million . The following tables present the effect of the adoption of ASUs 2014-09, 2016-15, and 2016-18 on our 2017 Financial Statements. Throughout this report, our 2017 financial results reflect the “As Adjusted” amounts shown in the tables below. Income Statements Three Months Ended Six Months Ended ($ in millions, except per share amounts) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) REVENUES Base management fees $ 285 $ — $ 285 $ 549 $ — $ 549 Franchise fees 416 (8 ) 408 781 (18 ) 763 Incentive management fees 148 7 155 301 (6 ) 295 Gross fee revenues 849 (1 ) 848 1,631 (24 ) 1,607 Contract investment amortization — (12 ) (12 ) — (23 ) (23 ) Net fee revenues 849 (13 ) 836 1,631 (47 ) 1,584 Owned, leased, and other revenue 458 (10 ) 448 897 (21 ) 876 Cost reimbursement revenue 4,488 (561 ) 3,927 8,828 (1,165 ) 7,663 5,795 (584 ) 5,211 11,356 (1,233 ) 10,123 OPERATING COSTS AND EXPENSES Owned, leased, and other-direct 355 (5 ) 350 713 (7 ) 706 Depreciation, amortization, and other 85 (14 ) 71 150 (28 ) 122 General, administrative, and other 226 8 234 436 10 446 Merger-related costs and charges 21 — 21 72 — 72 Reimbursed expenses 4,488 (697 ) 3,791 8,828 (1,341 ) 7,487 5,175 (708 ) 4,467 10,199 (1,366 ) 8,833 OPERATING INCOME 620 124 744 1,157 133 1,290 Gains and other income, net 25 — 25 25 — 25 Interest expense (73 ) — (73 ) (143 ) — (143 ) Interest income 8 — 8 15 — 15 Equity in earnings 12 — 12 23 — 23 INCOME BEFORE INCOME TAXES 592 124 716 1,077 133 1,210 Provision for income taxes (178 ) (49 ) (227 ) (298 ) (52 ) (350 ) NET INCOME $ 414 $ 75 $ 489 $ 779 $ 81 $ 860 EARNINGS PER SHARE Earnings per share - basic $ 1.09 $ 0.20 $ 1.29 $ 2.04 $ 0.21 $ 2.25 Earnings per share - diluted $ 1.08 $ 0.20 $ 1.28 $ 2.02 $ 0.21 $ 2.23 Statements of Comprehensive Income Three Months Ended Six Months Ended ($ in millions) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) Net income $ 414 $ 75 $ 489 $ 779 $ 81 $ 860 Other comprehensive income (loss): Foreign currency translation adjustments 162 — 162 350 — 350 Derivative instrument adjustments, net of tax (6 ) — (6 ) (8 ) — (8 ) Unrealized (loss) gain on available-for-sale securities, net of tax (1 ) — (1 ) (2 ) — (2 ) Pension and postretirement adjustments, net of tax — — — — — — Reclassification of losses, net of tax 1 — 1 1 — 1 Total other comprehensive income, net of tax 156 — 156 341 — 341 Comprehensive income $ 570 $ 75 $ 645 $ 1,120 $ 81 $ 1,201 Balance Sheets ($ in millions) December 31, 2017 (As Previously Reported) (1) Adoption of ASU 2014-09 December 31, 2017 (As Adjusted) ASSETS Current assets Cash and equivalents $ 383 $ — $ 383 Accounts and notes receivable, net 1,999 (26 ) 1,973 Prepaid expenses and other 216 19 235 Assets held for sale 149 — 149 2,747 (7 ) 2,740 Property and equipment, net 1,793 — 1,793 Intangible assets Brands 5,922 — 5,922 Contract acquisition costs and other 2,884 (262 ) 2,622 Goodwill 9,207 — 9,207 18,013 (262 ) 17,751 Equity method investments 735 (1 ) 734 Notes receivable, net 142 — 142 Deferred tax assets 93 — 93 Other noncurrent assets 426 167 593 $ 23,949 $ (103 ) $ 23,846 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current portion of long-term debt $ 398 $ — $ 398 Accounts payable 783 — 783 Accrued payroll and benefits 1,214 — 1,214 Liability for guest loyalty programs 2,064 57 2,121 Accrued expenses and other 1,541 (250 ) 1,291 6,000 (193 ) 5,807 Long-term debt 7,840 — 7,840 Liability for guest loyalty programs 2,876 (57 ) 2,819 Deferred tax liabilities 604 1 605 Deferred revenue 145 438 583 Other noncurrent liabilities 2,753 (143 ) 2,610 Shareholders' equity Class A Common Stock 5 — 5 Additional paid-in-capital 5,770 — 5,770 Retained earnings 7,391 (149 ) 7,242 Treasury stock, at cost (9,418 ) — (9,418 ) Accumulated other comprehensive loss (17 ) — (17 ) 3,731 (149 ) 3,582 $ 23,949 $ (103 ) $ 23,846 (1) Includes reclassifications among various captions, including Deferred revenue and Other noncurrent liabilities, to conform to current period presentation. Statements of Cash Flows Six Months Ended Six Months Ended ($ in millions) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 Adoption of ASUs 2016-18 and 2016-15 June 30, 2017 (As Adjusted) OPERATING ACTIVITIES Net income $ 779 $ 81 $ — $ 860 Adjustments to reconcile to cash provided by operating activities: Depreciation, amortization, and other 150 (5 ) — 145 Share-based compensation 95 — — 95 Income taxes 96 52 — 148 Liability for guest loyalty program 204 (20 ) — 184 Contract acquisition costs — (89 ) — (89 ) Merger-related charges (98 ) — — (98 ) Working capital changes (6 ) (95 ) (12 ) (113 ) Gain on asset dispositions (24 ) — — (24 ) Other 106 (14 ) (14 ) 78 Net cash provided by (used in) operating activities 1,302 (90 ) (26 ) 1,186 INVESTING ACTIVITIES Capital expenditures (104 ) — — (104 ) Dispositions 482 — — 482 Loan advances (48 ) — — (48 ) Loan collections 10 — — 10 Contract acquisition costs (91 ) 91 — — Other (16 ) (1 ) — (17 ) Net cash provided by investing activities 233 90 — 323 FINANCING ACTIVITIES Commercial paper/Credit Facility, net 105 — 14 119 Issuance of long-term debt 1 — — 1 Repayment of long-term debt (301 ) — — (301 ) Issuance of Class A Common Stock 3 — — 3 Dividends paid (240 ) — — (240 ) Purchase of treasury stock (1,328 ) — — (1,328 ) Share-based compensation withholding taxes (135 ) — — (135 ) Net cash provided by (used in) financing activities (1,895 ) — 14 (1,881 ) (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (360 ) — (12 ) (372 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 858 — 29 887 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ 498 $ — $ 17 $ 515 See Footnote 10. Accumulated Other Comprehensive Loss and Shareholders’ Equity for the impact of the adoption of new accounting standards on our shareholders’ equity.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES Disaggregation of Revenues The following tables present our revenues disaggregated by major revenue stream for the three and six months ended June 30, 2018 and June 30, 2017 . Three Months Ended June 30, 2018 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 345 $ 250 $ 110 $ 128 $ 833 Contract investment amortization (7 ) (3 ) (1 ) (2 ) (13 ) Net fee revenues 338 247 109 126 820 Owned, leased, and other revenue 140 37 48 178 403 Cost reimbursement revenue 2,878 604 111 303 3,896 Total segment revenue $ 3,356 $ 888 $ 268 $ 607 $ 5,119 Unallocated corporate 227 Total revenue $ 5,346 Three Months Ended June 30, 2017 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 317 $ 230 $ 98 $ 119 $ 764 Contract investment amortization (6 ) (3 ) (1 ) (2 ) (12 ) Net fee revenues 311 227 97 117 752 Owned, leased, and other revenue 181 32 49 175 437 Cost reimbursement revenue 2,785 577 106 296 3,764 Total segment revenue $ 3,277 $ 836 $ 252 $ 588 $ 4,953 Unallocated corporate 258 Total revenue $ 5,211 Six Months Ended June 30, 2018 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 644 $ 446 $ 227 $ 250 $ 1,567 Contract investment amortization (18 ) (6 ) (1 ) (6 ) (31 ) Net fee revenues 626 440 226 244 1,536 Owned, leased, and other revenue 295 70 95 336 796 Cost reimbursement revenue 5,734 1,139 222 554 7,649 Total segment revenue $ 6,655 $ 1,649 $ 543 $ 1,134 $ 9,981 Unallocated corporate 371 Total revenue $ 10,352 Six Months Ended June 30, 2017 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 606 $ 411 $ 195 $ 231 $ 1,443 Contract investment amortization (12 ) (6 ) (1 ) (4 ) (23 ) Net fee revenues 594 405 194 227 1,420 Owned, leased, and other revenue 378 63 90 324 855 Cost reimbursement revenue 5,545 1,109 209 549 7,412 Total segment revenue $ 6,517 $ 1,577 $ 493 $ 1,100 $ 9,687 Unallocated corporate 436 Total revenue $ 10,123 Performance Obligations For our managed hotels, we have performance obligations to provide hotel management services and a license to our hotel system intellectual property for the use of our brand names. As compensation for such services, we are generally entitled to receive base fees, which are a percentage of the revenues of hotels, and incentives fees, which are generally based on a measure of hotel profitability. Both the base and incentive management fees are variable consideration, as the transaction price is based on a percentage of revenue or profit, as defined in each contract. We recognize base management fees on a monthly basis over the term of the agreement as those amounts become payable. We recognize incentive management fees on a monthly basis over the term of the agreement based on each property's financial results, as long as we do not expect a significant reversal due to projected future hotel performance or cash flows in future periods. For our franchised hotels, we have a performance obligation to provide franchisees and operators a license to our hotel system intellectual property for use of certain of our brand names. As compensation for such services, we are typically entitled to initial application fees and ongoing royalty fees. Our ongoing royalty fees represent variable consideration, as the transaction price is based on a percentage of certain revenues of the hotels, as defined in each contract. We recognize royalty fees on a monthly basis over the term of the agreement as those amounts become payable. Initial application and relicensing fees are fixed consideration payable upon submission of a franchise application or renewal and are recognized on a straight-line basis over the initial or renewal term of the franchise agreements. Under our management and franchise agreements, we are entitled to be reimbursed for certain costs we incur on behalf of the managed, franchised, and licensed properties, with no added mark-up. These costs primarily consist of payroll and related expenses at managed properties where we are the employer of the employees at the properties, and include certain operational and administrative costs as provided for in our contracts with the owners. We are entitled to reimbursement in the period we incur the related reimbursable costs, which we recognize within the “ Cost reimbursement revenue ” caption of our Income Statements. Under our management and franchise agreements, hotel owners and franchisees participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs. We operate these programs and services for the benefit of our hotel owners. We do not operate these programs and services to generate a profit over the contract term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners, we do not seek a mark-up. The amounts we charge for these programs and services are generally based on sales or other variable metrics and are payable on a monthly basis. We recognize revenue within the “ Cost reimbursement revenue ” caption of our Income Statements when the amounts may be billed to hotel owners, and we recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized programs and services and the related reimbursement from hotel owners in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. In addition, proceeds from the sale of our interest in Avendra that we expend for the benefit of our hotel owners are included in “Reimbursed expenses.” We provide hotel design and construction review quality assurance (“Global Design”) services to our managed and franchised hotel owners, generally during the period prior to a hotel’s opening or during the period a hotel is converting to a Marriott brand (the “pre-opening period”). As compensation for such services, we may be entitled to receive a one-time fixed fee that is payable during the pre-opening period of the hotel. As these services are not a distinct performance obligation, we recognize the fees on a straight-line basis over the initial term of the management or franchise agreement within the “ Owned, leased, and other revenue ” caption of our Income Statements. At our owned and leased hotels, we have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, we are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. We generally satisfy the performance obligations over time, and we recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied and we have rendered the services. Under our Loyalty Programs, we have a performance obligation to provide or arrange for the provision of goods or services for free or at a discount to Loyalty Program members in exchange for the redemption of points earned from past activities. We operate our Loyalty Programs as cross-brand marketing programs to participating properties. Our management and franchise agreements require that properties reimburse us for a portion of the costs of operating the Loyalty Programs, including costs for marketing, promotion, communication with, and performing member services for Loyalty Program members, with no added mark-up. We receive contributions on a monthly basis from managed, franchised, owned, and leased hotels based on a portion of qualified spend by Loyalty Program members. We recognize these contributions into revenue as the points are redeemed and we provide the related service. The amount of revenue we recognize upon point redemption is impacted by our estimate of the “breakage” for points that members will never redeem. We estimate such amounts based on our historical experience and expectations of future member behavior. We recognize revenue net of the redemption cost within our “ Cost reimbursement revenue ” caption of our Income Statements, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the managed or franchised property or program partner. We recognize all other Loyalty Program costs as incurred in our “Reimbursed expenses” caption. We have multi-year agreements for our co-brand credit cards associated with our Loyalty Programs. Under these agreements, we have performance obligations to provide a license to the intellectual property associated with our brands and marketing lists (“Licensed IP”) to the financial institutions that issue the credit cards, to arrange for the redemption of Loyalty Program points as discussed in the preceding paragraph, and to provide free night certificates to cardholders. We receive fees from these agreements, including fixed amounts that are primarily payable at contract inception, and variable amounts that are paid to us monthly over the term of the agreements, based on: (1) the number of free night certificates issued and redeemed; (2) the number of Loyalty Program points purchased; and (3) the volume of cardholder spend. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, and free night certificates provided to cardholders based on their estimated standalone selling prices. The estimation of the standalone selling prices requires significant judgments based upon generally accepted valuation methodologies regarding the value of our Licensed IP, the amount of funding we will receive, and the number of Loyalty Program points and free night certificates we will issue over the term of the agreements. We base our estimates of these amounts on our historical experience and expectation of future cardholder behavior. We recognize the portion of the Licensed IP revenue that meets the sales-based royalty criteria as the credit cards are used and the remaining portion of the Licensed IP revenue on a straight-line basis over the contract term. In our Income Statements, we primarily recognize Licensed IP revenue in the “Franchise fees” caption, and we recognize a portion in the “Cost reimbursement revenue” caption. We recognize the revenue related to the Loyalty Program points as discussed in the preceding paragraph. We recognize the revenue related to the free night certificates when the related service is provided. If the free night certificate redemption involves a managed or franchised property, we recognize revenue net of the redemption cost, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the managed or franchised property. Contract Balances We generally receive payments from customers as we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage of time is required before payment is due. We record deferred revenue when we receive payment, or have the unconditional right to receive payment, in advance of the satisfaction of our performance obligations related to franchise application and relicensing fees, Global Design fees, credit card branding license fees, and our Loyalty Programs. Current and noncurrent deferred revenue increased by $74 million , to $759 million at June 30, 2018 from $685 million at December 31, 2017 , primarily as a result of our revenue recognition activity described above in the “Performance Obligations” caption. The increase was primarily attributable to a $79 million increase related to our credit card branding licenses. Our current and noncurrent Loyalty Program liability increased by $551 million , to $5,491 million at June 30, 2018 from $4,940 million at December 31, 2017 , primarily reflecting an increase in points earned and consideration from our credit card agreements, partially offset by revenue recognized. We recognized revenue related to our Loyalty Programs that was previously deferred of $533 million in the 2018 second quarter , $431 million in the 2017 second quarter , $956 million in the 2018 first half , and $855 million in the 2017 first half . Costs incurred to obtain and fulfill contracts with customers We incur certain costs to obtain and fulfill contracts with customers, which we capitalize and amortize on a straight-line basis over the initial, non-cancellable term of the contract. We classify incremental costs of obtaining a contract with a customer in the “ Contract acquisition costs and other ” caption of our Balance Sheets, the related amortization in the “ Contract investment amortization ” caption of our Income Statements, and the cash flow impact in the “ Contract acquisition costs ” caption of our Statements of Cash Flows. We classify certain direct costs to fulfill a contract with a customer in the “ Other noncurrent assets ” caption of our Balance Sheets, and the related amortization in the “ Owned, leased, and other-direct ” caption of our Income Statements. We had capitalized costs to fulfill contracts with customers of $307 million at June 30, 2018 and $295 million at December 31, 2017 . Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced for services performed; (2) for sales-based or usage-based royalty promised in exchange for a license of intellectual property; or (3) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. We are required to collect certain taxes and fees from customers on behalf of governmental agencies and remit these back to the applicable governmental agencies on a periodic basis. We do not include these taxes in determining the transaction price.

Acquisitions and Dipositions

Acquisitions and Dipositions	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Dipositions	ACQUISITIONS AND DISPOSITIONS Acquisitions In the 2018 second quarter, we purchased the Sheraton Grand Phoenix, a North American Full-Service property that we manage, for $255 million . Dispositions In the 2018 second quarter, we sold two North American Full-Service properties — The Tremont Chicago Hotel at Magnificent Mile and Le Centre Sheraton Montreal Hotel — and two Asia Pacific properties — The Westin Denarau Island Resort and The Sheraton Fiji Resort. We recognized total gains of $67 million in the “Gains and other income, net” caption of our Income Statements. In the 2018 second quarter, we sold our interest in three equity method investments, whose assets included a plot of land in Italy, the W Hotel Mexico City, and the Royal Orchid Sheraton Hotel & Towers in Bangkok, and we recognized total gains of $42 million in the “Gains and other income, net” caption of our Income Statements. Also in the 2018 second quarter, an equity method investee sold The Ritz-Carlton Toronto, and we recorded our share of the gain, $10 million , in the “ Equity in earnings ” caption of our Income Statements. In the 2018 first quarter, we sold two Caribbean and Latin America properties — The Sheraton Buenos Aires Hotel & Convention Center and Park Tower, A Luxury Collection Hotel, Buenos Aires. We recognized total gains of $53 million in the “Gains and other income, net” caption of our Income Statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Computation of Basic Earnings Per Share Net income $ 610 $ 489 $ 1,008 $ 860 Shares for basic earnings per share 353.4 378.5 355.9 381.7 Basic earnings per share $ 1.73 $ 1.29 $ 2.83 $ 2.25 Computation of Diluted Earnings Per Share Net income $ 610 $ 489 $ 1,008 $ 860 Shares for basic earnings per share 353.4 378.5 355.9 381.7 Effect of dilutive securities Share-based compensation 3.9 4.5 4.4 4.8 Shares for diluted earnings per share 357.3 383.0 360.3 386.5 Diluted earnings per share $ 1.71 $ 1.28 $ 2.80 $ 2.23

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION We recorded share-based compensation expense of $51 million in the 2018 second quarter and $47 million in the 2017 second quarter , $93 million for the 2018 first half , and $95 million for the 2017 first half . Deferred compensation costs for unvested awards totaled $269 million at June 30, 2018 and $168 million at December 31, 2017 . RSUs and PSUs We granted 1.4 million restricted stock units (“RSUs”) during the 2018 first half to certain officers, and key employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2018 first half to certain executive officers, which are earned, subject to continued employment and the satisfaction of certain performance conditions based on achievement of pre-established targets for 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 2018 first half had a weighted average grant-date fair value of $133 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective tax rate decreased to 23.3 percent for the 2018 second quarter from 31.7 percent for the 2017 second quarter , primarily due to the reduction of the U.S. federal tax rate under the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) and increased earnings in jurisdictions with lower tax rates. The decrease was partially offset by tax expense related to the gains on dispositions in the 2018 second quarter, the 2017 release of a tax reserve due to the favorable settlement of a tax position, and the current period’s provisional estimate of tax for global intangible low-taxed income (“GILTI”) under the 2017 Tax Act. Our effective tax rate decreased to 22.4 percent for the 2018 first half from 28.9 percent for the 2017 first half , primarily due to the reduction of the U.S. federal tax rate under the 2017 Tax Act, increased earnings in jurisdictions with lower tax rates, and the release of tax reserves due to the completion of certain examinations. The decrease was partially offset by tax expense related to the gains on dispositions, tax expense incurred for uncertain tax positions relating to legacy-Starwood operations, increased state income tax due to a change in our position regarding the future remittance of a portion of the accumulated earnings of non-U.S. subsidiaries, the current period’s provisional estimate of tax for GILTI under the 2017 Tax Act, and the 2017 release of a tax reserve due to the favorable settlement of a tax position. We paid cash for income taxes, net of refunds, of $489 million in the 2018 first half and $201 million in the 2017 first half , an increase of $288 million primarily due to taxes paid for the 2017 gain on sale of our interest in Avendra. Tax Cuts and Jobs Act of 2017 Although we have not completed our accounting for the effects of the 2017 Tax Act, we have where possible made reasonable estimates of the 2017 Tax Act’s effects on our existing deferred tax balances and the Transition Tax, as described below. In cases where we have not been able to make reasonable estimates of the impact of the 2017 Tax Act, as described below, we continue to account for those items based on our existing accounting under ASC 740, Income Taxes, and the provisions of the tax laws that were in effect immediately before enactment of the 2017 Tax Act. In all cases, we will continue to refine our calculations as we complete additional analyses on the application of the law. As we complete our analysis, collect and prepare necessary data, and interpret any additional regulatory guidance, we may adjust the provisional amounts that we have recorded during a measurement period of up to one year from the enactment of the 2017 Tax Act that could materially impact our provision for income taxes, which could in turn materially affect our tax obligations and effective tax rate, in the periods in which we make such adjustments. Reduction of U.S. federal corporate tax rate . The 2017 Tax Act reduced the U.S. federal corporate tax rate from 35 percent to 21 percent, effective January 1, 2018. In 2017, we made a reasonable estimate of the net impact of the corporate tax rate reduction on our deferred tax assets and liabilities, which did not change in the 2018 first half . However, our estimate could change as we complete our analyses of all impacts of the 2017 Tax Act, including, but not limited to, the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax . The Transition Tax is a new one-time tax on previously untaxed earnings and profits (“E&P”) of certain of our foreign subsidiaries accumulated post-1986 through year-end 2017. In addition to U.S. federal income taxes, the deemed repatriation of such E&P may result in additional state income taxes in some of the U.S. states in which we operate. In the 2018 first half , we reduced our Transition Tax provisional estimate and recorded a benefit of $5 million , resulting in a net provisional estimated federal and state Transition Tax of $740 million . This adjustment resulted from changes to E&P as a result of completing an IRS audit. Our total Transition Tax estimate could continue to change as we finalize our analysis of untaxed post-1986 E&P, amounts held in cash or other specified assets, and as audits of federal income taxes are completed. The 2017 Tax Act does not provide for additional income taxes for any remaining undistributed foreign earnings not subject to the Transition Tax, or for any additional outside basis differences inherent in foreign entities, as these amounts continue to be indefinitely reinvested in those foreign operations. Substantially all our unremitted foreign earnings that have not been previously taxed have now been subjected to U.S. taxation under the Transition Tax. In the 2018 first half , we recorded a state tax expense of $27 million relating to our plan to remit a portion of the accumulated earnings of non-U.S. subsidiaries in the future. This estimate could change as we complete additional analyses of the impacts of the 2017 Tax Act. State net operating losses and valuation allowances . We must assess whether our state net operating loss valuation allowances are affected by various aspects of the 2017 Tax Act. As discussed above, we have recorded provisional amounts related to state income taxes for certain portions of the 2017 Tax Act, but we have not completed our analysis for the states where we have net operating loss carryovers and valuation allowances. Because we have not yet completed our determination of the need for, or any change in, any valuation allowance, we have not yet recorded any change to valuation allowances. Other provisions . The 2017 Tax Act also included a new provision designed to tax GILTI. Under GAAP, we may make an accounting policy election to either (1) treat any taxes on GILTI inclusions as a current-period expense when incurred (the “period cost method”) or (2) factor such amounts into our measurement of our deferred taxes (the “deferred method”). We have not yet adopted either accounting policy because we have not completed our analysis of this provision. We recorded a current provision for GILTI tax related to current-year operations in our estimated annual effective tax rate. Because we are still evaluating the GILTI provisions and performing our analysis of future taxable income that is subject GILTI, we have not provided for additional GILTI tax on deferred items.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 128 $ 76 Operating profit 229 110 Other 10 2 $ 367 $ 188 Contingent Purchase Obligations Times Square EDITION . In the 2018 second quarter, the owner of the Times Square EDITION sold the property, and the lenders terminated our contingent purchase agreement. 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 June 30, 2018 was $57 million .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
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 2018 second quarter and year-end 2017 : At Period End ($ in millions) June 30, December 31, Senior Notes: Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 $ 599 $ 598 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 348 348 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 397 397 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 448 447 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 345 345 Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 744 744 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 743 743 Series S Notes, interest rate of 6.8%, face amount of $324, matured May 15, 2018 — 330 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 192 197 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 336 337 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 292 292 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 443 — Commercial paper 3,079 2,371 Credit Facility — — Capital lease obligations 168 171 Other 218 279 $ 8,991 $ 8,238 Less: Current portion of long-term debt (616 ) (398 ) $ 8,375 $ 7,840 We paid cash for interest, net of amounts capitalized, of $144 million in the 2018 first half and $123 million in the 2017 first half . We are party to a multicurrency revolving credit agreement (the “Credit Facility”) that provides for up to $4,000 million of aggregate effective borrowings to support our commercial paper program and general corporate needs, including working capital, capital expenditures, share repurchases, letters of credit, and acquisitions. Borrowings under the Credit Facility generally bear interest at LIBOR (the London Interbank Offered Rate) plus a spread, based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. While any outstanding commercial paper borrowings and/or borrowings under our Credit Facility generally have short-term maturities, we classify the outstanding borrowings as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on June 10, 2021. See the “ Cash Requirements and Our Credit Facility ” caption later in this report in the “Liquidity and Capital Resources” section of Item 2 below for further information on our Credit Facility and available borrowing capacity at June 30, 2018 . In the 2018 second quarter, we issued $450 million aggregate principal amount of 4.000 percent Series X Notes due April 15, 2028 (the “Series X Notes”). We will pay interest on the Series X Notes on April 15 and October 15 of each year, commencing on October 15, 2018. We received net proceeds of approximately $443 million from the offering of the Series X Notes, after deducting the underwriting discount and estimated expenses. We expect to use these proceeds for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding commercial paper or other borrowings.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
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: June 30, 2018 December 31, 2017 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 121 $ 108 $ 142 $ 130 Total noncurrent financial assets $ 121 $ 108 $ 142 $ 130 Senior Notes $ (4,927 ) $ (4,810 ) $ (5,087 ) $ (5,126 ) Commercial paper (3,079 ) (3,079 ) (2,371 ) (2,371 ) Other long-term debt (207 ) (205 ) (217 ) (221 ) Other noncurrent liabilities (165 ) (165 ) (178 ) (178 ) Total noncurrent financial liabilities $ (8,378 ) $ (8,259 ) $ (7,853 ) $ (7,896 ) See the “Fair Value Measurements” caption of Footnote 2. Summary of Significant Accounting Policies of our 2017 Form 10-K for more information on the input levels we use in determining fair value.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss and Shareholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Loss and Shareholders' Equity	ACCUMULATED OTHER COMPREHENSIVE LOSS AND SHAREHOLDERS’ EQUITY The following tables detail the accumulated other comprehensive loss activity for the 2018 first half and 2017 first half : ($ 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 2017 $ (23 ) $ (10 ) $ 4 $ 12 $ (17 ) Other comprehensive (loss) income before reclassifications (1) (247 ) 8 — — (239 ) Amounts reclassified from accumulated other comprehensive loss 8 8 — — 16 Net other comprehensive (loss) income (239 ) 16 — — (223 ) Adoption of ASU 2016-01 — — (4 ) — (4 ) Balance at June 30, 2018 $ (262 ) $ 6 $ — $ 12 $ (244 ) ($ 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) 350 (8 ) (2 ) — 340 Amounts reclassified from accumulated other comprehensive loss — 1 — — 1 Net other comprehensive income (loss) 350 (7 ) (2 ) — 341 Balance at June 30, 2017 $ (153 ) $ (12 ) $ 4 $ 5 $ (156 ) (1) Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in a gain of $38 million for the 2018 first half and loss of $106 million for the 2017 first half . The following table details the changes in common shares outstanding and shareholders’ equity for the 2018 first half : (in millions, except per share amounts) Common Shares Outstanding Total Class A Common Stock Additional Paid-in- Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 359.1 Balance at year-end 2017 (as previously reported) $ 3,731 $ 5 $ 5,770 $ 7,391 $ (9,418 ) $ (17 ) — Adoption of ASU 2014-09 (149 ) — — (149 ) — — 359.1 Balance at year-end 2017 (as adjusted) 3,582 5 5,770 7,242 (9,418 ) (17 ) — Adoption of ASU 2016-01 — — — 4 — (4 ) — Adoption of ASU 2016-16 372 — — 372 — — — Net income 1,008 — — 1,008 — — — Other comprehensive income (223 ) — — — — (223 ) — Dividends ($0.74 per share) (263 ) — — (263 ) — — 1.4 Share-based compensation plans (3 ) — (42 ) — 39 — (11.8 ) Purchase of treasury stock (1,632 ) — — — (1,632 ) — 348.7 Balance at June 30, 2018 $ 2,841 $ 5 $ 5,728 $ 8,363 $ (11,011 ) $ (244 )

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2018
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 U.S. and Canada; • North American Limited-Service , which includes our Select brands located in the U.S. and Canada; and • Asia Pacific , which includes all brand tiers in our Asia Pacific region; The following operating segments do not meet the applicable accounting criteria for separate disclosure as reportable business segments: Caribbean and Latin America, Europe, and Middle East and Africa. We present these operating segments together as “ Other International ” in the tables below. 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, including license fees we receive from our credit card programs and fees from vacation ownership licensing agreements, 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. Beginning in the 2018 first quarter, “Other unallocated corporate” also includes revenues and expenses for our Loyalty Programs, and we reflected this change in the prior period amounts shown in the tables below. 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. Segment Revenues Three Months Ended Six Months Ended ($ in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 North American Full-Service $ 3,356 $ 3,277 $ 6,655 $ 6,517 North American Limited-Service 888 836 1,649 1,577 Asia Pacific 268 252 543 493 Other International 607 588 1,134 1,100 Total segment revenues 5,119 4,953 9,981 9,687 Other unallocated corporate 227 258 371 436 Total consolidated revenues $ 5,346 $ 5,211 $ 10,352 $ 10,123 Segment Profits Three Months Ended Six Months Ended ($ in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 North American Full-Service $ 394 $ 375 $ 671 $ 677 North American Limited-Service 252 243 434 430 Asia Pacific 140 73 252 167 Other International 160 113 319 231 Total segment profits 946 804 1,676 1,505 Other unallocated corporate (71 ) (23 ) (229 ) (167 ) Interest expense, net of interest income (79 ) (65 ) (149 ) (128 ) Income taxes (186 ) (227 ) (290 ) (350 ) Net income $ 610 $ 489 $ 1,008 $ 860

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2016-02 “Leases” (Topic 842). 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 requires the use of a modified retrospective transition method. 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. New Accounting Standards Adopted ASU 2016-18 “Restricted Cash” (Topic 230). ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling beginning and ending amounts shown on the statement of cash flows. We adopted ASU 2016-18 in the 2018 first quarter using the retrospective transition method, and accordingly, we revised prior period amounts, as shown in the “ Statements of Cash Flows ” table below. ASU 2016-16 “Accounting for Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” (Topic 740). ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales of assets other than inventory when the transfer occurs. We adopted ASU 2016-16 in the 2018 first quarter using the modified retrospective transition method and recorded an adjustment of $372 million for the cumulative effect to retained earnings at January 1, 2018. ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments” (Topic 230). ASU 2016-15 specifies how certain cash receipts and payments are to be classified in the statement of cash flows and primarily impacts our presentation of cash outflows for commercial paper. Under ASU 2016-15, we are required to attribute a portion of the payments to accreted interest and classify that portion as cash outflows for operating activities. We adopted ASU 2016-15 in the 2018 first quarter using the retrospective transition method, and accordingly, we revised prior period amounts, as shown in the “ Statements of Cash Flows ” table below. ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities” (Topic 825). ASU 2016-01 eliminates the available-for-sale classification for equity investments and requires companies to measure equity investments at fair value and recognize any changes in the fair value in net income. We adopted ASU 2016-01 in the 2018 first quarter using the modified retrospective transition method and recorded a cumulative-effect adjustment of $4 million to retained earnings at January 1, 2018. ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU 2014-09 and several related ASUs (collectively referred to as “ASU 2014-09”) supersede the revenue recognition requirements in Topic 605, Revenue Recognition , as well as most industry-specific guidance, and provide a principles-based, comprehensive framework in Topic 606, Revenue Recognition. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. We adopted ASU 2014-09 in the 2018 first quarter using the full retrospective transition method. See Footnote 2. Revenues for disclosures required by ASU 2014-09, including our revenue recognition accounting policies. When we adopted ASU 2014-09, we applied the following expedients and exemptions, which are allowed by the standard, to our prior period Financial Statements and disclosures: • We used the transaction price at the date of contract completion for our contracts that had variable consideration and were completed before January 1, 2018. • We considered the aggregate effect of all contract modifications that occurred before January 1, 2016 when: (1) identifying satisfied and unsatisfied performance obligations; (2) determining the transaction price; and (3) allocating the transaction price to the satisfied and unsatisfied performance obligations. • We did not: (1) disclose the amount of the transaction price that we allocated to remaining performance obligations; or (2) include an explanation of when we expect to recognize the revenue allocated to remaining performance obligations. The cumulative effect of adopting ASU 2014-09 was a decrease in 2016 retained earnings of $264 million .
Performance Obligations	Performance Obligations For our managed hotels, we have performance obligations to provide hotel management services and a license to our hotel system intellectual property for the use of our brand names. As compensation for such services, we are generally entitled to receive base fees, which are a percentage of the revenues of hotels, and incentives fees, which are generally based on a measure of hotel profitability. Both the base and incentive management fees are variable consideration, as the transaction price is based on a percentage of revenue or profit, as defined in each contract. We recognize base management fees on a monthly basis over the term of the agreement as those amounts become payable. We recognize incentive management fees on a monthly basis over the term of the agreement based on each property's financial results, as long as we do not expect a significant reversal due to projected future hotel performance or cash flows in future periods. For our franchised hotels, we have a performance obligation to provide franchisees and operators a license to our hotel system intellectual property for use of certain of our brand names. As compensation for such services, we are typically entitled to initial application fees and ongoing royalty fees. Our ongoing royalty fees represent variable consideration, as the transaction price is based on a percentage of certain revenues of the hotels, as defined in each contract. We recognize royalty fees on a monthly basis over the term of the agreement as those amounts become payable. Initial application and relicensing fees are fixed consideration payable upon submission of a franchise application or renewal and are recognized on a straight-line basis over the initial or renewal term of the franchise agreements. Under our management and franchise agreements, we are entitled to be reimbursed for certain costs we incur on behalf of the managed, franchised, and licensed properties, with no added mark-up. These costs primarily consist of payroll and related expenses at managed properties where we are the employer of the employees at the properties, and include certain operational and administrative costs as provided for in our contracts with the owners. We are entitled to reimbursement in the period we incur the related reimbursable costs, which we recognize within the “ Cost reimbursement revenue ” caption of our Income Statements. Under our management and franchise agreements, hotel owners and franchisees participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs. We operate these programs and services for the benefit of our hotel owners. We do not operate these programs and services to generate a profit over the contract term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners, we do not seek a mark-up. The amounts we charge for these programs and services are generally based on sales or other variable metrics and are payable on a monthly basis. We recognize revenue within the “ Cost reimbursement revenue ” caption of our Income Statements when the amounts may be billed to hotel owners, and we recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized programs and services and the related reimbursement from hotel owners in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. In addition, proceeds from the sale of our interest in Avendra that we expend for the benefit of our hotel owners are included in “Reimbursed expenses.” We provide hotel design and construction review quality assurance (“Global Design”) services to our managed and franchised hotel owners, generally during the period prior to a hotel’s opening or during the period a hotel is converting to a Marriott brand (the “pre-opening period”). As compensation for such services, we may be entitled to receive a one-time fixed fee that is payable during the pre-opening period of the hotel. As these services are not a distinct performance obligation, we recognize the fees on a straight-line basis over the initial term of the management or franchise agreement within the “ Owned, leased, and other revenue ” caption of our Income Statements. At our owned and leased hotels, we have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, we are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. We generally satisfy the performance obligations over time, and we recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied and we have rendered the services. Under our Loyalty Programs, we have a performance obligation to provide or arrange for the provision of goods or services for free or at a discount to Loyalty Program members in exchange for the redemption of points earned from past activities. We operate our Loyalty Programs as cross-brand marketing programs to participating properties. Our management and franchise agreements require that properties reimburse us for a portion of the costs of operating the Loyalty Programs, including costs for marketing, promotion, communication with, and performing member services for Loyalty Program members, with no added mark-up. We receive contributions on a monthly basis from managed, franchised, owned, and leased hotels based on a portion of qualified spend by Loyalty Program members. We recognize these contributions into revenue as the points are redeemed and we provide the related service. The amount of revenue we recognize upon point redemption is impacted by our estimate of the “breakage” for points that members will never redeem. We estimate such amounts based on our historical experience and expectations of future member behavior. We recognize revenue net of the redemption cost within our “ Cost reimbursement revenue ” caption of our Income Statements, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the managed or franchised property or program partner. We recognize all other Loyalty Program costs as incurred in our “Reimbursed expenses” caption. We have multi-year agreements for our co-brand credit cards associated with our Loyalty Programs. Under these agreements, we have performance obligations to provide a license to the intellectual property associated with our brands and marketing lists (“Licensed IP”) to the financial institutions that issue the credit cards, to arrange for the redemption of Loyalty Program points as discussed in the preceding paragraph, and to provide free night certificates to cardholders. We receive fees from these agreements, including fixed amounts that are primarily payable at contract inception, and variable amounts that are paid to us monthly over the term of the agreements, based on: (1) the number of free night certificates issued and redeemed; (2) the number of Loyalty Program points purchased; and (3) the volume of cardholder spend. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, and free night certificates provided to cardholders based on their estimated standalone selling prices. The estimation of the standalone selling prices requires significant judgments based upon generally accepted valuation methodologies regarding the value of our Licensed IP, the amount of funding we will receive, and the number of Loyalty Program points and free night certificates we will issue over the term of the agreements. We base our estimates of these amounts on our historical experience and expectation of future cardholder behavior. We recognize the portion of the Licensed IP revenue that meets the sales-based royalty criteria as the credit cards are used and the remaining portion of the Licensed IP revenue on a straight-line basis over the contract term. In our Income Statements, we primarily recognize Licensed IP revenue in the “Franchise fees” caption, and we recognize a portion in the “Cost reimbursement revenue” caption. We recognize the revenue related to the Loyalty Program points as discussed in the preceding paragraph. We recognize the revenue related to the free night certificates when the related service is provided. If the free night certificate redemption involves a managed or franchised property, we recognize revenue net of the redemption cost, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the managed or franchised property. Contract Balances We generally receive payments from customers as we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage of time is required before payment is due. We record deferred revenue when we receive payment, or have the unconditional right to receive payment, in advance of the satisfaction of our performance obligations related to franchise application and relicensing fees, Global Design fees, credit card branding license fees, and our Loyalty Programs.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Effects of Adoption of ASUs on Financial Statements	Income Statements Three Months Ended Six Months Ended ($ in millions, except per share amounts) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) REVENUES Base management fees $ 285 $ — $ 285 $ 549 $ — $ 549 Franchise fees 416 (8 ) 408 781 (18 ) 763 Incentive management fees 148 7 155 301 (6 ) 295 Gross fee revenues 849 (1 ) 848 1,631 (24 ) 1,607 Contract investment amortization — (12 ) (12 ) — (23 ) (23 ) Net fee revenues 849 (13 ) 836 1,631 (47 ) 1,584 Owned, leased, and other revenue 458 (10 ) 448 897 (21 ) 876 Cost reimbursement revenue 4,488 (561 ) 3,927 8,828 (1,165 ) 7,663 5,795 (584 ) 5,211 11,356 (1,233 ) 10,123 OPERATING COSTS AND EXPENSES Owned, leased, and other-direct 355 (5 ) 350 713 (7 ) 706 Depreciation, amortization, and other 85 (14 ) 71 150 (28 ) 122 General, administrative, and other 226 8 234 436 10 446 Merger-related costs and charges 21 — 21 72 — 72 Reimbursed expenses 4,488 (697 ) 3,791 8,828 (1,341 ) 7,487 5,175 (708 ) 4,467 10,199 (1,366 ) 8,833 OPERATING INCOME 620 124 744 1,157 133 1,290 Gains and other income, net 25 — 25 25 — 25 Interest expense (73 ) — (73 ) (143 ) — (143 ) Interest income 8 — 8 15 — 15 Equity in earnings 12 — 12 23 — 23 INCOME BEFORE INCOME TAXES 592 124 716 1,077 133 1,210 Provision for income taxes (178 ) (49 ) (227 ) (298 ) (52 ) (350 ) NET INCOME $ 414 $ 75 $ 489 $ 779 $ 81 $ 860 EARNINGS PER SHARE Earnings per share - basic $ 1.09 $ 0.20 $ 1.29 $ 2.04 $ 0.21 $ 2.25 Earnings per share - diluted $ 1.08 $ 0.20 $ 1.28 $ 2.02 $ 0.21 $ 2.23 Statements of Comprehensive Income Three Months Ended Six Months Ended ($ in millions) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 June 30, 2017 (As Adjusted) Net income $ 414 $ 75 $ 489 $ 779 $ 81 $ 860 Other comprehensive income (loss): Foreign currency translation adjustments 162 — 162 350 — 350 Derivative instrument adjustments, net of tax (6 ) — (6 ) (8 ) — (8 ) Unrealized (loss) gain on available-for-sale securities, net of tax (1 ) — (1 ) (2 ) — (2 ) Pension and postretirement adjustments, net of tax — — — — — — Reclassification of losses, net of tax 1 — 1 1 — 1 Total other comprehensive income, net of tax 156 — 156 341 — 341 Comprehensive income $ 570 $ 75 $ 645 $ 1,120 $ 81 $ 1,201 Balance Sheets ($ in millions) December 31, 2017 (As Previously Reported) (1) Adoption of ASU 2014-09 December 31, 2017 (As Adjusted) ASSETS Current assets Cash and equivalents $ 383 $ — $ 383 Accounts and notes receivable, net 1,999 (26 ) 1,973 Prepaid expenses and other 216 19 235 Assets held for sale 149 — 149 2,747 (7 ) 2,740 Property and equipment, net 1,793 — 1,793 Intangible assets Brands 5,922 — 5,922 Contract acquisition costs and other 2,884 (262 ) 2,622 Goodwill 9,207 — 9,207 18,013 (262 ) 17,751 Equity method investments 735 (1 ) 734 Notes receivable, net 142 — 142 Deferred tax assets 93 — 93 Other noncurrent assets 426 167 593 $ 23,949 $ (103 ) $ 23,846 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current portion of long-term debt $ 398 $ — $ 398 Accounts payable 783 — 783 Accrued payroll and benefits 1,214 — 1,214 Liability for guest loyalty programs 2,064 57 2,121 Accrued expenses and other 1,541 (250 ) 1,291 6,000 (193 ) 5,807 Long-term debt 7,840 — 7,840 Liability for guest loyalty programs 2,876 (57 ) 2,819 Deferred tax liabilities 604 1 605 Deferred revenue 145 438 583 Other noncurrent liabilities 2,753 (143 ) 2,610 Shareholders' equity Class A Common Stock 5 — 5 Additional paid-in-capital 5,770 — 5,770 Retained earnings 7,391 (149 ) 7,242 Treasury stock, at cost (9,418 ) — (9,418 ) Accumulated other comprehensive loss (17 ) — (17 ) 3,731 (149 ) 3,582 $ 23,949 $ (103 ) $ 23,846 (1) Includes reclassifications among various captions, including Deferred revenue and Other noncurrent liabilities, to conform to current period presentation. Statements of Cash Flows Six Months Ended Six Months Ended ($ in millions) June 30, 2017 (As Previously Reported) Adoption of ASU 2014-09 Adoption of ASUs 2016-18 and 2016-15 June 30, 2017 (As Adjusted) OPERATING ACTIVITIES Net income $ 779 $ 81 $ — $ 860 Adjustments to reconcile to cash provided by operating activities: Depreciation, amortization, and other 150 (5 ) — 145 Share-based compensation 95 — — 95 Income taxes 96 52 — 148 Liability for guest loyalty program 204 (20 ) — 184 Contract acquisition costs — (89 ) — (89 ) Merger-related charges (98 ) — — (98 ) Working capital changes (6 ) (95 ) (12 ) (113 ) Gain on asset dispositions (24 ) — — (24 ) Other 106 (14 ) (14 ) 78 Net cash provided by (used in) operating activities 1,302 (90 ) (26 ) 1,186 INVESTING ACTIVITIES Capital expenditures (104 ) — — (104 ) Dispositions 482 — — 482 Loan advances (48 ) — — (48 ) Loan collections 10 — — 10 Contract acquisition costs (91 ) 91 — — Other (16 ) (1 ) — (17 ) Net cash provided by investing activities 233 90 — 323 FINANCING ACTIVITIES Commercial paper/Credit Facility, net 105 — 14 119 Issuance of long-term debt 1 — — 1 Repayment of long-term debt (301 ) — — (301 ) Issuance of Class A Common Stock 3 — — 3 Dividends paid (240 ) — — (240 ) Purchase of treasury stock (1,328 ) — — (1,328 ) Share-based compensation withholding taxes (135 ) — — (135 ) Net cash provided by (used in) financing activities (1,895 ) — 14 (1,881 ) (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (360 ) — (12 ) (372 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 858 — 29 887 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ 498 $ — $ 17 $ 515 See Footnote 10. Accumulated Other Comprehensive Loss and Shareholders’ Equity for the impact of the adoption of new accounting standards on our shareholders’ equity.	The following tables present the effect of the adoption of ASUs 2014-09, 2016-15, and 2016-18 on our 2017 Financial Statements. Throughout this report, our 2017 financial results reflect the “As Adjusted” amounts shown in the tables below.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenues disaggregated by major revenue stream for the three and six months ended June 30, 2018 and June 30, 2017 . Three Months Ended June 30, 2018 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 345 $ 250 $ 110 $ 128 $ 833 Contract investment amortization (7 ) (3 ) (1 ) (2 ) (13 ) Net fee revenues 338 247 109 126 820 Owned, leased, and other revenue 140 37 48 178 403 Cost reimbursement revenue 2,878 604 111 303 3,896 Total segment revenue $ 3,356 $ 888 $ 268 $ 607 $ 5,119 Unallocated corporate 227 Total revenue $ 5,346 Three Months Ended June 30, 2017 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 317 $ 230 $ 98 $ 119 $ 764 Contract investment amortization (6 ) (3 ) (1 ) (2 ) (12 ) Net fee revenues 311 227 97 117 752 Owned, leased, and other revenue 181 32 49 175 437 Cost reimbursement revenue 2,785 577 106 296 3,764 Total segment revenue $ 3,277 $ 836 $ 252 $ 588 $ 4,953 Unallocated corporate 258 Total revenue $ 5,211 Six Months Ended June 30, 2018 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 644 $ 446 $ 227 $ 250 $ 1,567 Contract investment amortization (18 ) (6 ) (1 ) (6 ) (31 ) Net fee revenues 626 440 226 244 1,536 Owned, leased, and other revenue 295 70 95 336 796 Cost reimbursement revenue 5,734 1,139 222 554 7,649 Total segment revenue $ 6,655 $ 1,649 $ 543 $ 1,134 $ 9,981 Unallocated corporate 371 Total revenue $ 10,352 Six Months Ended June 30, 2017 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 606 $ 411 $ 195 $ 231 $ 1,443 Contract investment amortization (12 ) (6 ) (1 ) (4 ) (23 ) Net fee revenues 594 405 194 227 1,420 Owned, leased, and other revenue 378 63 90 324 855 Cost reimbursement revenue 5,545 1,109 209 549 7,412 Total segment revenue $ 6,517 $ 1,577 $ 493 $ 1,100 $ 9,687 Unallocated corporate 436 Total revenue $ 10,123

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended (in millions, except per share amounts) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Computation of Basic Earnings Per Share Net income $ 610 $ 489 $ 1,008 $ 860 Shares for basic earnings per share 353.4 378.5 355.9 381.7 Basic earnings per share $ 1.73 $ 1.29 $ 2.83 $ 2.25 Computation of Diluted Earnings Per Share Net income $ 610 $ 489 $ 1,008 $ 860 Shares for basic earnings per share 353.4 378.5 355.9 381.7 Effect of dilutive securities Share-based compensation 3.9 4.5 4.4 4.8 Shares for diluted earnings per share 357.3 383.0 360.3 386.5 Diluted earnings per share $ 1.71 $ 1.28 $ 2.80 $ 2.23

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 128 $ 76 Operating profit 229 110 Other 10 2 $ 367 $ 188

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
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 2018 second quarter and year-end 2017 : At Period End ($ in millions) June 30, December 31, Senior Notes: Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 $ 599 $ 598 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 348 348 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 397 397 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 448 447 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 345 345 Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 744 744 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 743 743 Series S Notes, interest rate of 6.8%, face amount of $324, matured May 15, 2018 — 330 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 192 197 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 336 337 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 292 292 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 443 — Commercial paper 3,079 2,371 Credit Facility — — Capital lease obligations 168 171 Other 218 279 $ 8,991 $ 8,238 Less: Current portion of long-term debt (616 ) (398 ) $ 8,375 $ 7,840

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
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: June 30, 2018 December 31, 2017 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 121 $ 108 $ 142 $ 130 Total noncurrent financial assets $ 121 $ 108 $ 142 $ 130 Senior Notes $ (4,927 ) $ (4,810 ) $ (5,087 ) $ (5,126 ) Commercial paper (3,079 ) (3,079 ) (2,371 ) (2,371 ) Other long-term debt (207 ) (205 ) (217 ) (221 ) Other noncurrent liabilities (165 ) (165 ) (178 ) (178 ) Total noncurrent financial liabilities $ (8,378 ) $ (8,259 ) $ (7,853 ) $ (7,896 )

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) Activity	The following tables detail the accumulated other comprehensive loss activity for the 2018 first half and 2017 first half : ($ 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 2017 $ (23 ) $ (10 ) $ 4 $ 12 $ (17 ) Other comprehensive (loss) income before reclassifications (1) (247 ) 8 — — (239 ) Amounts reclassified from accumulated other comprehensive loss 8 8 — — 16 Net other comprehensive (loss) income (239 ) 16 — — (223 ) Adoption of ASU 2016-01 — — (4 ) — (4 ) Balance at June 30, 2018 $ (262 ) $ 6 $ — $ 12 $ (244 ) ($ 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) 350 (8 ) (2 ) — 340 Amounts reclassified from accumulated other comprehensive loss — 1 — — 1 Net other comprehensive income (loss) 350 (7 ) (2 ) — 341 Balance at June 30, 2017 $ (153 ) $ (12 ) $ 4 $ 5 $ (156 ) (1) Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in a gain of $38 million for the 2018 first half and loss of $106 million for the 2017 first half .
Changes in Shareholders' Equity (Deficit)	The following table details the changes in common shares outstanding and shareholders’ equity for the 2018 first half : (in millions, except per share amounts) Common Shares Outstanding Total Class A Common Stock Additional Paid-in- Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 359.1 Balance at year-end 2017 (as previously reported) $ 3,731 $ 5 $ 5,770 $ 7,391 $ (9,418 ) $ (17 ) — Adoption of ASU 2014-09 (149 ) — — (149 ) — — 359.1 Balance at year-end 2017 (as adjusted) 3,582 5 5,770 7,242 (9,418 ) (17 ) — Adoption of ASU 2016-01 — — — 4 — (4 ) — Adoption of ASU 2016-16 372 — — 372 — — — Net income 1,008 — — 1,008 — — — Other comprehensive income (223 ) — — — — (223 ) — Dividends ($0.74 per share) (263 ) — — (263 ) — — 1.4 Share-based compensation plans (3 ) — (42 ) — 39 — (11.8 ) Purchase of treasury stock (1,632 ) — — — (1,632 ) — 348.7 Balance at June 30, 2018 $ 2,841 $ 5 $ 5,728 $ 8,363 $ (11,011 ) $ (244 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Revenues	Segment Revenues Three Months Ended Six Months Ended ($ in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 North American Full-Service $ 3,356 $ 3,277 $ 6,655 $ 6,517 North American Limited-Service 888 836 1,649 1,577 Asia Pacific 268 252 543 493 Other International 607 588 1,134 1,100 Total segment revenues 5,119 4,953 9,981 9,687 Other unallocated corporate 227 258 371 436 Total consolidated revenues $ 5,346 $ 5,211 $ 10,352 $ 10,123
Segment Profits	Segment Profits Three Months Ended Six Months Ended ($ in millions) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 North American Full-Service $ 394 $ 375 $ 671 $ 677 North American Limited-Service 252 243 434 430 Asia Pacific 140 73 252 167 Other International 160 113 319 231 Total segment profits 946 804 1,676 1,505 Other unallocated corporate (71 ) (23 ) (229 ) (167 ) Interest expense, net of interest income (79 ) (65 ) (149 ) (128 ) Income taxes (186 ) (227 ) (290 ) (350 ) Net income $ 610 $ 489 $ 1,008 $ 860

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2017	Jan. 01, 2016
Adoption of ASU 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle	$ 372
Adoption of ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle	0
Adoption of ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle		$ (149)
Retained Earnings | Adoption of ASU 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle	372
Retained Earnings | Adoption of ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle	$ 4
Retained Earnings | Adoption of ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accounting principle		$ (149)	$ 264

Basis of Presentation - Effect

Basis of Presentation - Effect of Adoption of ASU 2014-09 on Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Revenues	$ 5,346	$ 5,211	$ 10,352	$ 10,123
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	58	71	112	122
General, administrative, and other	217	234	464	446
Merger-related costs and charges	18	21	52	72
Costs and expenses	4,606	4,467	9,112	8,833
OPERATING INCOME	740	744	1,240	1,290
Gains and other income, net	114	25	173	25
Interest expense	(85)	(73)	(160)	(143)
Interest income	6	8	11	15
Equity in earnings	21	12	34	23
INCOME BEFORE INCOME TAXES	796	716	1,298	1,210
Income taxes	(186)	(227)	(290)	(350)
NET INCOME	$ 610	$ 489	$ 1,008	$ 860
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 1.73	$ 1.29	$ 2.83	$ 2.25
Earnings per share - diluted (in USD per share)	$ 1.71	$ 1.28	$ 2.80	$ 2.23
Base management fees
REVENUES
Gross revenues	$ 300	$ 285	$ 573	$ 549
Franchise fees
REVENUES
Gross revenues	475	408	892	763
Incentive management fees
REVENUES
Gross revenues	176	155	331	295
Fee revenues
REVENUES
Gross revenues	951	848	1,796	1,607
Contract investment amortization	(13)	(12)	(31)	(23)
Revenues	938	836	1,765	1,584
Owned, leased, and other
REVENUES
Revenues	423	448	829	876
OPERATING COSTS AND EXPENSES
Operating costs	334	350	670	706
Reimbursements
REVENUES
Revenues	3,985	3,927	7,758	7,663
OPERATING COSTS AND EXPENSES
Operating costs	$ 3,979	3,791	$ 7,814	7,487
As Previously Reported
REVENUES
Revenues		5,795		11,356
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other		85		8,828
General, administrative, and other		226		150
Merger-related costs and charges		21		436
Costs and expenses		5,175		10,199
OPERATING INCOME		620		1,157
Gains and other income, net		25		25
Interest expense		(73)		(143)
Interest income		8		15
Equity in earnings		12		23
INCOME BEFORE INCOME TAXES		592		1,077
Income taxes		(178)		(298)
NET INCOME		$ 414		$ 779
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)		$ 1.09		$ 2.04
Earnings per share - diluted (in USD per share)		$ 1.08		$ 2.02
As Previously Reported | Base management fees
REVENUES
Gross revenues		$ 285		$ 549
As Previously Reported | Franchise fees
REVENUES
Gross revenues		416		781
As Previously Reported | Incentive management fees
REVENUES
Gross revenues		148		301
As Previously Reported | Fee revenues
REVENUES
Gross revenues		849		1,631
Contract investment amortization		0		0
Revenues		849		1,631
As Previously Reported | Owned, leased, and other
REVENUES
Revenues		458		897
OPERATING COSTS AND EXPENSES
Operating costs		355		713
As Previously Reported | Reimbursements
REVENUES
Revenues		4,488		8,828
OPERATING COSTS AND EXPENSES
Operating costs		4,488		72
Adjustment | Adoption of ASU 2014-09
REVENUES
Revenues		(584)		(1,233)
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other		(14)		(1,341)
General, administrative, and other		8		(28)
Merger-related costs and charges		0		10
Costs and expenses		(708)		(1,366)
OPERATING INCOME		124		133
Gains and other income, net		0		0
Interest expense		0		0
Interest income		0		0
Equity in earnings		0		0
INCOME BEFORE INCOME TAXES		124		133
Income taxes		(49)		(52)
NET INCOME		$ 75		$ 81
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)		$ 0.20		$ 0.21
Earnings per share - diluted (in USD per share)		$ 0.20		$ 0.21
Adjustment | Base management fees | Adoption of ASU 2014-09
REVENUES
Gross revenues		$ 0		$ 0
Adjustment | Franchise fees | Adoption of ASU 2014-09
REVENUES
Gross revenues		(8)		(18)
Adjustment | Incentive management fees | Adoption of ASU 2014-09
REVENUES
Gross revenues		7		(6)
Adjustment | Fee revenues | Adoption of ASU 2014-09
REVENUES
Gross revenues		(1)		(24)
Contract investment amortization		(12)		(23)
Revenues		(13)		(47)
Adjustment | Owned, leased, and other | Adoption of ASU 2014-09
REVENUES
Revenues		(10)		(21)
OPERATING COSTS AND EXPENSES
Operating costs		(5)		(7)
Adjustment | Reimbursements | Adoption of ASU 2014-09
REVENUES
Revenues		(561)		(1,165)
OPERATING COSTS AND EXPENSES
Operating costs		$ (697)		$ 0

Basis of Presentation - Effec29

Basis of Presentation - Effect of Adoption of ASU 2014-09 on Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income	$ 610	$ 489	$ 1,008	$ 860
Other comprehensive income (loss):
Foreign currency translation adjustments	(399)	162	(247)	350
Derivative instrument adjustments, net of tax	11	(6)	8	(8)
Unrealized gain (loss) on available-for-sale securities, net of tax	0	(1)	0	(2)
Pension and postretirement adjustments, net of tax	0	0	0	0
Reclassification of losses (gains), net of tax	3	1	16	1
Net other comprehensive (loss) income	(385)	156	(223)	341
Comprehensive income	$ 225	645	$ 785	1,201
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		414		779
Other comprehensive income (loss):
Foreign currency translation adjustments		162		350
Derivative instrument adjustments, net of tax		(6)		(8)
Unrealized gain (loss) on available-for-sale securities, net of tax		(1)		(2)
Pension and postretirement adjustments, net of tax		0		0
Reclassification of losses (gains), net of tax		1		1
Net other comprehensive (loss) income		156		341
Comprehensive income		570		1,120
Adjustment | Adoption of ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		75		81
Other comprehensive income (loss):
Foreign currency translation adjustments		0		0
Derivative instrument adjustments, net of tax		0		0
Unrealized gain (loss) on available-for-sale securities, net of tax		0		0
Pension and postretirement adjustments, net of tax		0		0
Reclassification of losses (gains), net of tax		0		0
Net other comprehensive (loss) income		0		0
Comprehensive income		$ 75		$ 81

Basis of Presentation - Effec30

Basis of Presentation - Effect of Adoption of ASU 2014-09 on Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 366	$ 383
Accounts and notes receivable, net	2,174	1,973
Prepaid expenses and other	264	235
Assets held for sale	13	149
Assets, current, total	2,817	2,740
Property and equipment, net	1,958	1,793
Intangible assets
Goodwill	9,103	9,207
Goodwill and intangible assets, net, total	17,543	17,751
Equity method investments	638	734
Notes receivable, net	121	142
Deferred tax assets	171	93
Other noncurrent assets	596	593
Total assets	23,844	23,846
Current liabilities
Current portion of long-term debt	616	398
Accounts payable	834	783
Accrued payroll and benefits	1,176	1,214
Accrued expenses and other	1,101	1,291
Liabilities, current, total	5,904	5,807
Long-term debt	8,375	7,840
Deferred tax liabilities	567	605
Other noncurrent liabilities	2,198	2,610
Shareholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,728	5,770
Retained earnings	8,363	7,242
Treasury stock, at cost	(11,011)	(9,418)
Accumulated other comprehensive loss	(244)	(17)
Stockholders' equity (deficit) attributable to parent	2,841	3,582
Liabilities and equity (deficit), total	23,844	23,846
Brands
Intangible assets
Intangible assets	5,842	5,922
Contract acquisition costs and other
Intangible assets
Intangible assets	2,598	2,622
Liability for guest loyalty programs
Current liabilities
Liability for guest loyalty programs	2,177	2,121
Contract with customer	3,314	2,819
Deferred revenue
Current liabilities
Contract with customer	$ 645	583
As Previously Reported
Current assets
Cash and equivalents		383
Accounts and notes receivable, net		1,999
Prepaid expenses and other		216
Assets held for sale		149
Assets, current, total		2,747
Property and equipment, net		1,793
Intangible assets
Goodwill		9,207
Goodwill and intangible assets, net, total		18,013
Equity method investments		735
Notes receivable, net		142
Deferred tax assets		93
Other noncurrent assets		426
Total assets		23,949
Current liabilities
Current portion of long-term debt		398
Accounts payable		783
Accrued payroll and benefits		1,214
Accrued expenses and other		1,541
Liabilities, current, total		6,000
Long-term debt		7,840
Deferred tax liabilities		604
Other noncurrent liabilities		2,753
Shareholders’ equity
Class A Common Stock		5
Additional paid-in-capital		5,770
Retained earnings		7,391
Treasury stock, at cost		(9,418)
Accumulated other comprehensive loss		(17)
Stockholders' equity (deficit) attributable to parent		3,731
Liabilities and equity (deficit), total		23,949
As Previously Reported | Brands
Intangible assets
Intangible assets		5,922
As Previously Reported | Contract acquisition costs and other
Intangible assets
Intangible assets		2,884
As Previously Reported | Liability for guest loyalty programs
Current liabilities
Liability for guest loyalty programs		2,064
Contract with customer		2,876
As Previously Reported | Deferred revenue
Current liabilities
Contract with customer		145
Adjustment | Adoption of ASU 2014-09
Current assets
Cash and equivalents		0
Accounts and notes receivable, net		(26)
Prepaid expenses and other		19
Assets held for sale		0
Assets, current, total		(7)
Property and equipment, net		0
Intangible assets
Goodwill		0
Goodwill and intangible assets, net, total		(262)
Equity method investments		(1)
Notes receivable, net		0
Deferred tax assets		0
Other noncurrent assets		167
Total assets		(103)
Current liabilities
Current portion of long-term debt		0
Accounts payable		0
Accrued payroll and benefits		0
Accrued expenses and other		(250)
Liabilities, current, total		(193)
Long-term debt		0
Deferred tax liabilities		1
Other noncurrent liabilities		(143)
Shareholders’ equity
Class A Common Stock		0
Additional paid-in-capital		0
Retained earnings		(149)
Treasury stock, at cost		0
Accumulated other comprehensive loss		0
Stockholders' equity (deficit) attributable to parent		(149)
Liabilities and equity (deficit), total		(103)
Adjustment | Adoption of ASU 2014-09 | Brands
Intangible assets
Intangible assets		0
Adjustment | Adoption of ASU 2014-09 | Contract acquisition costs and other
Intangible assets
Intangible assets		(262)
Adjustment | Liability for guest loyalty programs | Adoption of ASU 2014-09
Current liabilities
Liability for guest loyalty programs		57
Contract with customer		(57)
Adjustment | Deferred revenue | Adoption of ASU 2014-09
Current liabilities
Contract with customer		$ 438

Basis of Presentation - Effec31

Basis of Presentation - Effect of Adoption of ASU 2014-09 on Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 610	$ 489	$ 1,008	$ 860
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other			143	145
Share-based compensation			93	95
Income taxes			(198)	148
Contract acquisition costs			(71)	(89)
Merger-related charges			(23)	(98)
Working capital changes			(241)	(113)
Gain on asset dispositions			(173)	(24)
Other			49	78
Net cash provided by (used in) operating activities			1,129	1,186
INVESTING ACTIVITIES
Capital expenditures			(388)	(104)
Dispositions			436	482
Loan advances			(13)	(48)
Loan collections			29	10
Other			50	(17)
Net cash provided by investing activities			114	323
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net			707	119
Issuance of long-term debt			443	1
Repayment of long-term debt			(387)	(301)
Issuance of Class A Common Stock			4	3
Dividends paid			(262)	(240)
Purchase of treasury stock			(1,673)	(1,328)
Share-based compensation withholding taxes			(101)	(135)
Net cash provided by (used in) financing activities			(1,269)	(1,881)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			(26)	(372)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period			429	887
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 403	515	403	515
Liability for guest loyalty programs
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty programs			551
Increase (Decrease) in Contract with Customer, Liability, Cash			$ 542	184
As Previously Reported
OPERATING ACTIVITIES
Net income		414		779
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other				150
Share-based compensation				95
Income taxes				96
Contract acquisition costs				0
Merger-related charges				(98)
Working capital changes				(6)
Gain on asset dispositions				(24)
Other				106
Net cash provided by (used in) operating activities				1,302
INVESTING ACTIVITIES
Capital expenditures				(104)
Dispositions				482
Loan advances				(48)
Loan collections				10
Contract acquisition costs				(91)
Other				(16)
Net cash provided by investing activities				233
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net				105
Issuance of long-term debt				1
Repayment of long-term debt				(301)
Issuance of Class A Common Stock				3
Dividends paid				(240)
Purchase of treasury stock				(1,328)
Share-based compensation withholding taxes				(135)
Net cash provided by (used in) financing activities				(1,895)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH				(360)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period				858
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period		498		498
As Previously Reported | Liability for guest loyalty programs
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty programs				204
Adjustment | Adoption of ASU 2014-09
OPERATING ACTIVITIES
Net income		75		81
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other				(5)
Share-based compensation				0
Income taxes				52
Contract acquisition costs				(89)
Merger-related charges				0
Working capital changes				(95)
Gain on asset dispositions				0
Other				(14)
Net cash provided by (used in) operating activities				(90)
INVESTING ACTIVITIES
Capital expenditures				0
Dispositions				0
Loan advances				0
Loan collections				0
Contract acquisition costs				91
Other				(1)
Net cash provided by investing activities				90
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net				0
Issuance of long-term debt				0
Repayment of long-term debt				0
Issuance of Class A Common Stock				0
Dividends paid				0
Purchase of treasury stock				0
Share-based compensation withholding taxes				0
Net cash provided by (used in) financing activities				0
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH				0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period				0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period		0		0
Adjustment | Adoption of ASUs 2016-18 and 2016-15
OPERATING ACTIVITIES
Net income				0
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other				0
Share-based compensation				0
Income taxes				0
Contract acquisition costs				0
Merger-related charges				0
Working capital changes				(12)
Gain on asset dispositions				0
Other				(14)
Net cash provided by (used in) operating activities				(26)
INVESTING ACTIVITIES
Capital expenditures				0
Dispositions				0
Loan advances				0
Loan collections				0
Contract acquisition costs				0
Other				0
Net cash provided by investing activities				0
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net				14
Issuance of long-term debt				0
Repayment of long-term debt				0
Issuance of Class A Common Stock				0
Dividends paid				0
Purchase of treasury stock				0
Share-based compensation withholding taxes				0
Net cash provided by (used in) financing activities				14
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH				(12)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period				29
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period		$ 17		17
Adjustment | Liability for guest loyalty programs | Adoption of ASU 2014-09
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty programs				(20)
Adjustment | Liability for guest loyalty programs | Adoption of ASUs 2016-18 and 2016-15
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty programs				$ 0

Revenues - Disaggregation of R

Revenues - Disaggregation of Revenue Stream (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 5,346	$ 5,211	$ 10,352	$ 10,123
Segments
Disaggregation of Revenue [Line Items]
Revenues	5,119	4,953	9,981	9,687
Segments | North American Full-Service
Disaggregation of Revenue [Line Items]
Revenues	3,356	3,277	6,655	6,517
Segments | North American Limited-Service
Disaggregation of Revenue [Line Items]
Revenues	888	836	1,649	1,577
Segments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	268	252	543	493
Segments | Other International
Disaggregation of Revenue [Line Items]
Revenues	607	588	1,134	1,100
Unallocated corporate
Disaggregation of Revenue [Line Items]
Revenues	227	258	371	436
Fee revenues
Disaggregation of Revenue [Line Items]
Gross revenues	951	848	1,796	1,607
Contract investment amortization	(13)	(12)	(31)	(23)
Revenues	938	836	1,765	1,584
Fee revenues | Segments
Disaggregation of Revenue [Line Items]
Gross revenues	833	764	1,567	1,443
Contract investment amortization	(13)	(12)	(31)	(23)
Revenues	820	752	1,536	1,420
Fee revenues | Segments | North American Full-Service
Disaggregation of Revenue [Line Items]
Gross revenues	345	317	644	606
Contract investment amortization	(7)	(6)	(18)	(12)
Revenues	338	311	626	594
Fee revenues | Segments | North American Limited-Service
Disaggregation of Revenue [Line Items]
Gross revenues	250	230	446	411
Contract investment amortization	(3)	(3)	(6)	(6)
Revenues	247	227	440	405
Fee revenues | Segments | Asia Pacific
Disaggregation of Revenue [Line Items]
Gross revenues	110	98	227	195
Contract investment amortization	(1)	(1)	(1)	(1)
Revenues	109	97	226	194
Fee revenues | Segments | Other International
Disaggregation of Revenue [Line Items]
Gross revenues	128	119	250	231
Contract investment amortization	(2)	(2)	(6)	(4)
Revenues	126	117	244	227
Owned, leased, and other
Disaggregation of Revenue [Line Items]
Revenues	423	448	829	876
Owned, leased, and other | Segments
Disaggregation of Revenue [Line Items]
Revenues	403	437	796	855
Owned, leased, and other | Segments | North American Full-Service
Disaggregation of Revenue [Line Items]
Revenues	140	181	295	378
Owned, leased, and other | Segments | North American Limited-Service
Disaggregation of Revenue [Line Items]
Revenues	37	32	70	63
Owned, leased, and other | Segments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	48	49	95	90
Owned, leased, and other | Segments | Other International
Disaggregation of Revenue [Line Items]
Revenues	178	175	336	324
Reimbursements
Disaggregation of Revenue [Line Items]
Revenues	3,985	3,927	7,758	7,663
Reimbursements | Segments
Disaggregation of Revenue [Line Items]
Revenues	3,896	3,764	7,649	7,412
Reimbursements | Segments | North American Full-Service
Disaggregation of Revenue [Line Items]
Revenues	2,878	2,785	5,734	5,545
Reimbursements | Segments | North American Limited-Service
Disaggregation of Revenue [Line Items]
Revenues	604	577	1,139	1,109
Reimbursements | Segments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	111	106	222	209
Reimbursements | Segments | Other International
Disaggregation of Revenue [Line Items]
Revenues	$ 303	$ 296	$ 554	$ 549

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Capitalized costs	$ 307		$ 307		$ 295
Contract Balances, Excluding Loyalty Program
Disaggregation of Revenue [Line Items]
Increase (decrease) in contract liabilities			74
Contract balances	759		759		685
Credit Card Branding Agreements
Disaggregation of Revenue [Line Items]
Increase (decrease) in contract liabilities			79
Loyalty Programs
Disaggregation of Revenue [Line Items]
Increase (decrease) in contract liabilities			551
Contract balances	5,491		5,491		$ 4,940
Revenue recognized	$ 533	$ 431	$ 956	$ 855

Acquisitions and Dipositions -

Acquisitions and Dipositions - Acquisitions (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018USD ($)
Sheraton Grand Phoenix
Business Acquisition [Line Items]
Acquisition price	$ 255

Acquisitions and Dipositions 35

Acquisitions and Dipositions - Dispositions, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of equity method investments	$ 42
Gain on sale from equity method investee	10
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Tremont Chicago Hotel at Magnificent Mile, Le Centre Sheraton Montreal Hotel, Westin Denarau Island Resort, and The Sheraton Fiji Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property	$ 67
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Sheraton Buenos Aires Hotel & Convention Center and Park Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property		$ 53

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Computation of Basic Earnings Per Share
Net income	$ 610	$ 489	$ 1,008	$ 860
Shares for basic earnings per share (in shares)	353.4	378.5	355.9	381.7
Basic earnings per share (in USD per share)	$ 1.73	$ 1.29	$ 2.83	$ 2.25
Computation of Diluted Earnings Per Share
Net income	$ 610	$ 489	$ 1,008	$ 860
Shares for basic earnings per share (in shares)	353.4	378.5	355.9	381.7
Effect of dilutive securities
Share-based compensation (in shares)	3.9	4.5	4.4	4.8
Shares for diluted earnings per share (in shares)	357.3	383	360.3	386.5
Diluted earnings per share (in USD per share)	$ 1.71	$ 1.28	$ 2.80	$ 2.23

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 51	$ 47	$ 93	$ 95
Deferred compensation costs related to unvested awards	$ 269		$ 269		$ 168
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)			$ 133
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			1.4
Stock awards, vesting period			4 years
Stock awards, period of service after grant date			1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.1
Stock awards, vesting period			3 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	23.30%	31.70%	22.40%	28.90%
Cash paid for income taxes, net of refunds			$ 489	$ 201
Increase in cash paid for income taxes, net of refunds			288
Provisional estimate of the benefit of the 2017 tax act due to the one-time transition tax			5
Provisional estimate of the impact of the 2017 tax act due to deemed repatriation transition tax			740
Tax expense relating to remitted accumulated earnings of non-U.S. subsidiaries			$ 27

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) $ in Millions	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 367
Recorded Liability for Guarantees	188
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	128
Recorded Liability for Guarantees	76
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	229
Recorded Liability for Guarantees	110
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	Jun. 30, 2018USD ($)
Guarantor Obligations [Line Items]
Guarantee	$ 367
Guarantee, recorded liability	188
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	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Credit Facility	$ 0	$ 0
Capital lease obligations	168	171
Total debt	8,991	8,238
Less: Current portion of long-term debt	(616)	(398)
Long-term debt, noncurrent	8,375	7,840
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	599	598
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	348
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	397	397
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	448	447
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	345	345
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	744	744
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	743
Series S Notes, interest rate of 6.8%, face amount of $324, matured May 15, 2018 (effective interest rate of 1.7%)
Debt Instrument [Line Items]
Senior notes	0	330
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	192	197
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	336	337
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	292	292
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)
Debt Instrument [Line Items]
Senior notes	$ 443	0
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, matured 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%
Senior Notes | Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)
Debt Instrument [Line Items]
Interest rate	4.00%
Senior notes, face amount	$ 450
Effective interest rate	4.20%
Commercial paper
Debt Instrument [Line Items]
Commercial paper	$ 3,079	2,371
Other
Debt Instrument [Line Items]
Other	$ 218	$ 279

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Debt Disclosure [Abstract]
Interest paid, net of amounts capitalized		$ 144	$ 123
Maximum borrowing capacity under credit facility	$ 4,000	4,000
Senior Notes | Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%)
Debt Instrument [Line Items]
Senior notes, face amount	$ 450	$ 450
Interest rate	4.00%	4.00%
Proceeds from debt offering	$ 443

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	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 121	$ 142
Other noncurrent liabilities	(2,198)	(2,610)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	121	142
Total noncurrent financial assets	121	142
Senior Notes	(4,927)	(5,087)
Commercial paper	(3,079)	(2,371)
Other long-term debt	(207)	(217)
Other noncurrent liabilities	(165)	(178)
Total noncurrent financial liabilities	(8,378)	(7,853)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	108	130
Total noncurrent financial assets	108	130
Senior Notes	(4,810)	(5,126)
Commercial paper	(3,079)	(2,371)
Other long-term debt	(205)	(221)
Other noncurrent liabilities	(165)	(178)
Total noncurrent financial liabilities	$ (8,259)	$ (7,896)

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Loss and Shareholders' Equity - Accumulated Other Comprehensive (Loss) Income Activity (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			$ 3,731
Other comprehensive income (loss) before reclassifications			(239)	$ 340
Amounts reclassified from accumulated other comprehensive loss			16	1
Net other comprehensive (loss) income	$ (385)	$ 156	(223)	341
Balance at end of period	2,841		2,841
Other comprehensive income (loss) before reclassification related to foreign current translation adjustment, loss on intra-equity foreign currency transaction			38	(106)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(23)	(503)
Other comprehensive income (loss) before reclassifications			(247)	350
Amounts reclassified from accumulated other comprehensive loss			8	0
Net other comprehensive (loss) income			(239)	350
Balance at end of period	(262)	(153)	(262)	(153)
Derivative Instrument Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(10)	(5)
Other comprehensive income (loss) before reclassifications			8	(8)
Amounts reclassified from accumulated other comprehensive loss			8	1
Net other comprehensive (loss) income			16	(7)
Balance at end of period	6	(12)	6	(12)
Available-For-Sale Securities Unrealized Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			4	6
Other comprehensive income (loss) before reclassifications			0	(2)
Amounts reclassified from accumulated other comprehensive loss			0	0
Net other comprehensive (loss) income			0	(2)
Balance at end of period	0	4	0	4
Pension and Postretirement Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			12	5
Other comprehensive income (loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive loss			0	0
Net other comprehensive (loss) income			0	0
Balance at end of period	12	5	12	5
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(17)	(497)
Net other comprehensive (loss) income			(223)
Balance at end of period	$ (244)	$ (156)	$ (244)	$ (156)
Adoption of ASU 2016-01
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					$ 0
Adoption of ASU 2016-01 | Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					0
Adoption of ASU 2016-01 | Derivative Instrument Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					0
Adoption of ASU 2016-01 | Available-For-Sale Securities Unrealized Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					(4)
Adoption of ASU 2016-01 | Pension and Postretirement Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					0
Adoption of ASU 2016-01 | Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle					$ (4)

Accumulated Other Comprehensi45

Accumulated Other Comprehensive Loss and Shareholders' Equity - Changes in Shareholders' Equity (Deficit) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017	Jan. 01, 2016
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			$ 3,731
Balance at beginning of period (in shares)			359.1
Balance at beginning of period (as adjusted)	$ 2,841		$ 2,841			$ 3,582
Net income	610	$ 489	1,008	$ 860
Other comprehensive income	(385)	156	(223)	341
Dividends ($0.74 per share)			(263)
Share-based compensation plans			$ (3)
Share-based compensation plans (in shares)			1.4
Purchase of treasury stock			$ (1,632)
Purchase of treasury stock (in shares)			(11.8)
Balance at end of period	$ 2,841		$ 2,841
Balance at end of period (in shares)	348.7		348.7
Cash dividends (in USD per share)			$ 0.74
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			$ 5
Balance at beginning of period (as adjusted)						5
Balance at end of period	$ 5		5
Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			5,770
Balance at beginning of period (as adjusted)						5,770
Share-based compensation plans			(42)
Balance at end of period	5,728		5,728
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			7,391
Balance at beginning of period (as adjusted)						7,242
Net income			1,008
Dividends ($0.74 per share)			(263)
Balance at end of period	8,363		8,363
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			(9,418)
Balance at beginning of period (as adjusted)						(9,418)
Share-based compensation plans			39
Purchase of treasury stock			(1,632)
Balance at end of period	(11,011)		(11,011)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period			(17)	(497)
Balance at beginning of period (as adjusted)						(17)
Other comprehensive income			(223)
Balance at end of period	$ (244)	$ (156)	$ (244)	$ (156)
Adoption of ASU 2014-09
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09						(149)
Adoption of ASU 2014-09 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09						(149)	$ 264
Adoption of ASU 2014-09 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09						$ 0
Adoption of ASU 2016-01
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09					$ 0
Adoption of ASU 2016-01 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09					4
Adoption of ASU 2016-01 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09					(4)
Adoption of ASU 2016-16
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09					372
Adoption of ASU 2016-16 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU 2014-09					$ 372

Business Segments - Segment Rev

Business Segments - Segment Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,346	$ 5,211	$ 10,352	$ 10,123
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,119	4,953	9,981	9,687
Other unallocated corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	227	258	371	436
North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,356	3,277	6,655	6,517
North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	888	836	1,649	1,577
Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	268	252	543	493
Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 607	$ 588	$ 1,134	$ 1,100

Business Segments - Segment Pro

Business Segments - Segment Profits (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 740	$ 744	$ 1,240	$ 1,290
Interest expense, net of interest income	(79)	(65)	(149)	(128)
Income taxes	(186)	(227)	(290)	(350)
NET INCOME	610	489	1,008	860
Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	946	804	1,676	1,505
Other unallocated corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	(71)	(23)	(229)	(167)
North American Full-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	394	375	671	677
North American Limited-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	252	243	434	430
Asia Pacific | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	140	73	252	167
Other International | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 160	$ 113	$ 319	$ 231