Marriott International (MAR) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Entity Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Entity File Number	1-13881
City Area Code	301
Local Phone Number	380-3000
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Central Index Key	0001048286
Entity Address, Postal Zip Code	20817
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		329,358,821
Entity Tax Identification Number	52-2055918
Entity Address, Address Line One	10400 Fernwood Road
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Nasdaq Global Select Market
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	NASDAQ
Chicago Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	CHX

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES
Revenues	$ 5,305	$ 5,409	$ 10,317	$ 10,418
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	56	58	110	112
General, administrative, and other	229	217	451	464
Merger-related costs and charges	173	18	182	52
Costs and expenses	4,896	4,591	9,398	9,070
OPERATING INCOME	409	818	919	1,348
Gains and other income, net	1	114	6	173
Interest expense	(102)	(85)	(199)	(160)
Interest income	6	6	12	11
Equity in earnings	0	21	8	34
INCOME BEFORE INCOME TAXES	314	874	746	1,406
Provision for income taxes	(82)	(207)	(139)	(319)
NET INCOME	$ 232	$ 667	$ 607	$ 1,087
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 0.70	$ 1.89	$ 1.80	$ 3.06
Earnings per share - diluted (in USD per share)	$ 0.69	$ 1.87	$ 1.79	$ 3.02
Base management fees
REVENUES
Gross revenues	$ 309	$ 300	$ 591	$ 573
Franchise fees
REVENUES
Gross revenues	525	475	975	892
Incentive management fees
REVENUES
Gross revenues	165	176	328	331
Fee revenues
REVENUES
Gross revenues	999	951	1,894	1,796
Contract investment amortization	(15)	(13)	(29)	(31)
Revenues	984	938	1,865	1,765
Owned, leased, and other
REVENUES
Revenues	418	423	793	829
OPERATING COSTS AND EXPENSES
Operating costs	331	334	656	670
Reimbursements
REVENUES
Revenues	3,903	4,048	7,659	7,824
OPERATING COSTS AND EXPENSES
Operating costs	$ 4,107	$ 3,964	$ 7,999	$ 7,772

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 232	$ 667	$ 607	$ 1,087
Other comprehensive income (loss):
Foreign currency translation adjustments	38	(399)	71	(247)
Derivative instrument adjustments and other, net of tax	(1)	11	(2)	8
Reclassification of (income) loss, net of tax	(3)	3	(4)	16
Net other comprehensive income (loss)	34	(385)	65	(223)
Comprehensive income	$ 266	$ 282	$ 672	$ 864

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and equivalents	$ 284	$ 316
Accounts and notes receivable, net	2,328	2,133
Prepaid expenses and other	257	257
Assets, current, total	2,869	2,706
Property and equipment, net	1,945	1,956
Intangible assets
Goodwill	9,067	9,039
Goodwill and intangible assets, net, total	17,681	17,419
Equity method investments	580	732
Notes receivable, net	97	125
Deferred tax assets	171	171
Operating lease assets	977
Other noncurrent assets	573	587
Total assets	24,893	23,696
Current liabilities
Current portion of long-term debt	229	833
Accounts payable	927	767
Accrued payroll and benefits	1,067	1,345
Accrued expenses and other	1,244	963
Liabilities, current, total	5,624	6,437
Long-term debt	10,185	8,514
Deferred tax liabilities	359	485
Operating lease liabilities	893	0
Other noncurrent liabilities	2,294	2,372
Shareholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,729	5,814
Retained earnings	9,292	8,982
Treasury stock, at cost	(13,460)	(12,185)
Accumulated other comprehensive loss	(326)	(391)
Stockholders' equity (deficit) attributable to parent	1,240	2,225
Liabilities and equity (deficit), total	24,893	23,696
Brands
Intangible assets
Intangible assets	5,968	5,790
Contract acquisition costs and other
Intangible assets
Intangible assets	2,646	2,590
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	2,157	2,529
Contract with customer liabilities	3,530	2,932
Deferred revenue
Current liabilities
Contract with customer liabilities	$ 768	$ 731

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES
Net income		$ 607	$ 1,087
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other		139	143
Share-based compensation		90	93
Income taxes		(102)	(170)
Contract acquisition costs		(93)	(71)
Merger-related charges		142	(23)
Working capital changes		(379)	(166)
Gain on asset dispositions		(6)	(173)
Other		114	49
Net cash provided by (used in) operating activities		738	1,129
INVESTING ACTIVITIES
Capital expenditures		(142)	(388)
Dispositions		2	436
Loan advances		(10)	(13)
Loan collections		6	29
Other		(30)	50
Net cash (used in) provided by investing activities		(174)	114
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net		823	707
Issuance of long-term debt		841	443
Repayment of long-term debt		(617)	(387)
Issuance of Class A Common Stock		6	4
Dividends paid		(298)	(262)
Purchase of treasury stock		(1,228)	(1,673)
Share-based compensation withholding taxes		(123)	(101)
Other		(8)	0
Net cash provided by (used in) financing activities		(604)	(1,269)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(40)	(26)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	[1]	360	429
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	[1]	320	403
Liability for guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program		$ 226	$ 360
[1]	The 2019 amounts include beginning restricted cash of $44 million at December 31, 2018 , and ending restricted cash of $36 million at June 30, 2019 , which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Restricted cash	$ 36	$ 44

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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, 2018 (“ 2018 Form 10-K ”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2018 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, 2019 and December 31, 2018 , the results of our operations for the three and six months ended June 30, 2019 and June 30, 2018 , and cash flows for the six months ended June 30, 2019 and June 30, 2018 . As described in Part II, Item 8 of our 2018 Form 10-K , in the 2018 fourth quarter, we identified errors related to our Loyalty Program, which resulted in the understatement of cost reimbursement revenue, net of reimbursed expenses. We presented revised information for the 2018 first, second, and third quarters in our 2018 Form 10-K, and the accompanying Income Statement for the three and six months ended June 30, 2018 reflects the revised information. 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 ASU 2016-02. See the “New Accounting Standards Adopted” caption below for additional information. New Accounting Standards Adopted Accounting Standards Update (“ASU”) No. 2016-02 - “Leases” (Topic 842). ASU 2016-02 introduces a lessee model that brings substantially all leases onto the balance sheet. Under the standard, a lessee recognizes on its balance sheet a lease liability and a right-of-use asset for most leases, including operating leases. The new standard also distinguishes leases as either finance leases or operating leases. This distinction affects how leases are measured and presented in the income statement and statement of cash flows. We adopted ASU 2016-02 in the 2019 first quarter using the modified retrospective transition method. Our accounting for finance leases remained substantially unchanged. Adoption of the standard resulted in the recording of $1,013 million of operating lease assets and $1,053 million of operating lease liabilities, as of January 1, 2019. We did not adjust our prior period Balance Sheets. Adoption of the standard did not impact our Income Statements or our Statements of Cash Flows. When we adopted ASU 2016-02, we applied the package of practical expedients allowed by the standard, and therefore, we did not reassess: • Whether any expired or existing contracts are or contain leases under the new definition; • The lease classification for any expired or existing leases; or • Whether previously capitalized costs continue to qualify as initial direct costs. See Footnote 7. Leases for disclosures required by ASU 2016-02.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Asset Acquisitions [Abstract]
Acquisitions	ACQUISITIONS In the 2019 first quarter, we accelerated our option to acquire our partner’s remaining interests in two joint ventures. As a result of the transaction, we recognized an indefinite-lived brand asset for AC Hotels by Marriott of $156 million and management and franchise contract assets, with a weighted-average term of 24 years, totaling $34 million .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
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, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Computation of Basic Earnings Per Share Net income $ 232 $ 667 $ 607 $ 1,087 Shares for basic earnings per share 333.8 353.4 336.7 355.9 Basic earnings per share $ 0.70 $ 1.89 $ 1.80 $ 3.06 Computation of Diluted Earnings Per Share Net income $ 232 $ 667 $ 607 $ 1,087 Shares for basic earnings per share 333.8 353.4 336.7 355.9 Effect of dilutive securities Share-based compensation 2.6 3.9 2.9 4.4 Shares for diluted earnings per share 336.4 357.3 339.6 360.3 Diluted earnings per share $ 0.69 $ 1.87 $ 1.79 $ 3.02

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION RSUs and PSUs We granted 1.6 million restricted stock units (“RSUs”) during the 2019 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 2019 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 gross room openings, Marriott Bonvoy™ loyalty member penetration, and adjusted operating income growth over, or at the end of, a three -year performance period. RSUs, including PSUs, granted in the 2019 first half had a weighted average grant-date fair value of $117 . We recorded share-based compensation expense for RSUs and PSUs of $48 million in the 2019 second quarter and $49 million in the 2018 second quarter , $86 million for the 2019 first half , and $88 million for the 2018 first half . Deferred compensation costs for unvested awards for RSUs and PSUs totaled $266 million at June 30, 2019 and $167 million at December 31, 2018 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective tax rate increased to 26.2 percent for the 2019 second quarter from 23.6 percent for the 2018 second quarter , primarily due to the unfavorable impact of the non-tax deductible accrual for the Proposed ICO Fine discussed in Footnote 6. Commitments and Contingencies . The increase was partially offset by a shift in earnings to jurisdictions with lower tax rates and prior year tax expenses for dispositions. Our effective tax rate decreased to 18.7 percent for the 2019 first half from 22.6 percent for the 2018 first half , primarily due to the prior year tax expense incurred for uncertain tax positions relating to legacy-Starwood operations, the prior year state income tax expense due to a change in our position regarding the future remittance of accumulated earnings of non-U.S. subsidiaries, prior year tax expenses for dispositions, and a shift in earnings to jurisdictions with lower tax rates. The decrease was partially offset by the 2018 release of tax reserves due to the completion of certain examinations and the unfavorable impact in the 2019 second quarter of the non-tax deductible accrual for the loss contingency related to the Proposed ICO Fine discussed in Footnote 6. Commitments and Contingencies . We paid cash for income taxes, net of refunds, of $241 million in the 2019 first half and $489 million in the 2018 first half .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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 (excluding contingent purchase obligations) for which we are the primary obligor at June 30, 2019 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 109 $ 11 Operating profit 198 92 Other 8 1 $ 315 $ 104 Our guarantees listed in the preceding table include $46 million of guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur. Contingent Purchase Obligation Sheraton Grand Chicago . 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 fee simple interest in the underlying land for an additional $200 million in cash. We accounted for the put option as a guarantee, and our recorded liability at June 30, 2019 was $57 million . Data Security Incident Description of Event On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. While our forensic review of the incident is now complete, certain data analytics work continues. The Starwood reservations database is no longer used for business operations . Expenses and Insurance Recoveries We recorded $148 million of expenses, partially offset by $22 million of accrued insurance recoveries, related to the Data Security Incident during the 2019 second quarter , and $192 million of expenses, partially offset by $68 million of accrued insurance recoveries, related to the Data Security Incident during the 2019 first half , which we recorded in either the “Reimbursed expenses” or “Merger-related costs and charges” captions of our Income Statements. Expenses for the quarter and year-to-date primarily included the accrual for the loss contingency related to the Proposed ICO Fine discussed below, along with customer care and legal costs. We recognize insurance recoveries when they are probable of receipt and present them in our Income Statements in the same caption as the related expense, up to the amount of total expense incurred in prior and current periods. Litigation, Claims, and Government Investigations To date, approximately 100 lawsuits have been filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the Data Security Incident. The vast majority of these cases are putative consumer class actions, in which the plaintiffs, who purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. All of the U.S. cases, except for a single case filed in small claims court in Minnesota, have been consolidated and transferred to the U.S. District Court for the District of Maryland, pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (MDL). In addition, a putative class action lawsuit was filed against us and certain of our current officers and directors on December 1, 2018, alleging violations of the federal securities laws in connection with statements regarding our cybersecurity systems and controls, and seeking certification of a class of affected persons, unspecified monetary damages, costs and attorneys’ fees, and other related relief. Two shareholder derivative complaints were also filed on February 26, 2019 and March 15, 2019, respectively, against the Company, certain of its officers and certain of the members of our Board of Directors, alleging, among other claims, breach of fiduciary duty, corporate waste, unjust enrichment, mismanagement and violations of the federal securities laws, and seeking unspecified monetary damages and restitution, changes to the Company’s corporate governance and internal procedures, costs and attorneys’ fees, and other related relief. These cases are also covered by the MDL order. We dispute the allegations in the lawsuits described above and intend to defend vigorously against such claims. In addition, in April 2019, we received a letter purportedly on behalf of a shareholder of the Company (also one of the named plaintiffs in the putative securities class action described above) demanding that our Board of Directors take action against the Company’s current and certain former officers and directors to recover damages for alleged breaches of fiduciary duties and related claims arising from the Data Security Incident. The Board of Directors has constituted a demand review committee to investigate the claims made in the demand letter, and the committee has retained independent counsel to assist with the investigation. The committee’s investigation is ongoing. In addition, numerous U.S. federal, U.S. state and foreign governmental authorities are investigating, or otherwise seeking information and/or documents related to, the Data Security Incident and related matters, including Attorneys General offices from all 50 states and the District of Columbia, the Federal Trade Commission, the Securities and Exchange Commission, certain committees of the U.S. Senate and House of Representatives, the Information Commissioner’s Office in the United Kingdom (“ICO”) as lead supervisory authority in the European Economic Area, and regulatory authorities in various other jurisdictions. On July 9, 2019, we announced that the ICO had communicated its intent to issue a fine in the amount of £99 million against the Company in relation to the Data Security Incident (the “Proposed ICO Fine”). In the 2019 second quarter, we recorded an accrual in the amount of $126 million for this loss contingency . The accrual was recorded in the “Accrued expenses and other” caption of our Balance Sheets and in the “Merger-related costs and charges” caption of our Income Statements. We have the right to respond to the ICO before the amount of the fine is finally determined and the fine can be issued by the ICO, and we intend to respond and vigorously defend our position. Following the Data Security Incident, the ICO also notified us that it had opened an investigation into the Company’s online privacy policy and related practices and an investigation into the Company’s handling of data subject access requests. These investigations are separate from the ICO’s investigation related to the Data Security Incident and the Proposed ICO Fine does not relate to either of these separate investigations. While we believe it is reasonably possible that we may incur additional losses associated with the above described proceedings and investigations, it is not possible to estimate the amount of loss or range of loss, if any, in excess of the amounts already incurred that might result from adverse judgments, settlements, fines, penalties, or other resolution of these proceedings and investigations based on the stage of these proceedings and investigations, the absence of specific allegations as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, if applicable, and/or the lack of resolution of significant factual and legal issues.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	LEASES We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years and contain one or more renewals at our option, generally for five - to 10 -year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option. In addition, our leases generally contain fixed and variable components. The variable components of leases of land or building facilities are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we combine with the lease component to account for both as a single lease component. We calculate the present value of future payments using a discount rate equal to our incremental borrowing rate. The following table details the composition of lease expense for the 2019 second quarter and 2019 first half : June 30, 2019 ($ in millions) Three Months Ended Six Months Ended Operating lease cost $ 46 $ 91 Variable lease cost 31 58 Additionally, in the 2019 second quarter , we recorded an expense of $34 million in the “Merger-related costs and charges” caption of our Income Statements due to the impairment of a legacy-Starwood office building accounted for as a finance lease. The following tables present our future minimum lease payments and additional information about our lease obligations as of June 30, 2019 : ($ in millions) Operating Leases Finance Leases 2019 , remaining $ 90 $ 6 2020 164 13 2021 148 13 2022 142 13 2023 114 13 Thereafter 680 165 Total minimum lease payments $ 1,338 $ 223 Less: Amount representing interest (318 ) (63 ) Present value of minimum lease payments $ 1,020 $ 160 As of June 30, 2019 , we had entered into an agreement that we expect to account for as an operating lease with a 20 -year term for our new headquarters office, which is not reflected in our Balance Sheets or in the table above as the lease has not commenced. June 30, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 11 Finance leases 15 Weighted Average Discount Rate Operating leases 5.0 % Finance leases 4.4 % The following table details the classification of lease liabilities in our Balance Sheets: ($ in millions) Caption June 30, 2019 Operating lease liabilities Current Accrued expenses and other $ 127 Noncurrent Operating lease liabilities 893 $ 1,020 Finance lease liabilities Current Current portion of long-term debt $ 6 Noncurrent Long-term debt 154 $ 160 The following table presents supplemental cash flow information for the 2019 first half : Six Months Ended ($ in millions) June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 89 Operating cash outflows for finance leases 4 Financing cash outflows for finance leases 3
Leases	LEASES We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years and contain one or more renewals at our option, generally for five - to 10 -year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option. In addition, our leases generally contain fixed and variable components. The variable components of leases of land or building facilities are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we combine with the lease component to account for both as a single lease component. We calculate the present value of future payments using a discount rate equal to our incremental borrowing rate. The following table details the composition of lease expense for the 2019 second quarter and 2019 first half : June 30, 2019 ($ in millions) Three Months Ended Six Months Ended Operating lease cost $ 46 $ 91 Variable lease cost 31 58 Additionally, in the 2019 second quarter , we recorded an expense of $34 million in the “Merger-related costs and charges” caption of our Income Statements due to the impairment of a legacy-Starwood office building accounted for as a finance lease. The following tables present our future minimum lease payments and additional information about our lease obligations as of June 30, 2019 : ($ in millions) Operating Leases Finance Leases 2019 , remaining $ 90 $ 6 2020 164 13 2021 148 13 2022 142 13 2023 114 13 Thereafter 680 165 Total minimum lease payments $ 1,338 $ 223 Less: Amount representing interest (318 ) (63 ) Present value of minimum lease payments $ 1,020 $ 160 As of June 30, 2019 , we had entered into an agreement that we expect to account for as an operating lease with a 20 -year term for our new headquarters office, which is not reflected in our Balance Sheets or in the table above as the lease has not commenced. June 30, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 11 Finance leases 15 Weighted Average Discount Rate Operating leases 5.0 % Finance leases 4.4 % The following table details the classification of lease liabilities in our Balance Sheets: ($ in millions) Caption June 30, 2019 Operating lease liabilities Current Accrued expenses and other $ 127 Noncurrent Operating lease liabilities 893 $ 1,020 Finance lease liabilities Current Current portion of long-term debt $ 6 Noncurrent Long-term debt 154 $ 160 The following table presents supplemental cash flow information for the 2019 first half : Six Months Ended ($ in millions) June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 89 Operating cash outflows for finance leases 4 Financing cash outflows for finance leases 3

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
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 2019 second quarter and year-end 2018 : At Period End ($ in millions) June 30, December 31, Senior Notes: Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 $ — $ 600 Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 349 349 Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 349 349 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 398 397 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 449 448 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 746 745 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 744 743 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 184 188 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 334 335 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 291 292 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 444 443 Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 3.1% at June 30, 2019) 548 547 Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%) 347 347 Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) 297 297 Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 3.1% at June 30, 2019) 299 — Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 564 — Commercial paper 3,069 2,245 Credit Facility — — Finance lease obligations 160 163 Other 206 223 $ 10,414 $ 9,347 Less: Current portion of long-term debt (229 ) (833 ) $ 10,185 $ 8,514 We paid cash for interest, net of amounts capitalized, of $176 million in the 2019 first half and $144 million in the 2018 first half . In the 2019 second quarter, we amended and restated our multicurrency revolving credit agreement (the “Credit Facility”) to extend the maturity date of the Credit Facility and increase the aggregate amount of available borrowings to up to $4.5 billion . The available borrowings support our commercial paper program and general corporate needs. 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 28, 2024. 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, 2019 . In the 2019 first quarter, we issued $300 million aggregate principal amount of LIBOR plus 0.650 percent Series BB Notes due March 8, 2021 (the “Series BB Notes”) and $550 million aggregate principal amount of 3.600 percent Series CC Notes due April 15, 2024 (the “Series CC Notes”). We pay interest on the Series BB Notes in March, June, September, and December of each year, commencing in June 2019, and will pay interest on the Series CC Notes in April and October of each year, commencing in October 2019. We received net proceeds of approximately $841 million from the offering of the Series BB Notes and Series CC Notes, after deducting the underwriting discount and estimated expenses, which were made available 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, 2019
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, 2019 December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 97 $ 94 $ 125 $ 116 Total noncurrent financial assets $ 97 $ 94 $ 125 $ 116 Senior Notes $ (6,795 ) $ (6,994 ) $ (5,928 ) $ (5,794 ) Commercial paper (3,069 ) (3,069 ) (2,245 ) (2,245 ) Other long-term debt (167 ) (175 ) (184 ) (182 ) Other noncurrent liabilities (143 ) (143 ) (153 ) (153 ) Total noncurrent financial liabilities $ (10,174 ) $ (10,381 ) $ (8,510 ) $ (8,374 ) See the “Fair Value Measurements” caption of Footnote 2. Summary of Significant Accounting Policies of our 2018 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, 2019
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 2019 first half and 2018 first half : ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2018 $ (403 ) $ 12 $ (391 ) Other comprehensive income (loss) before reclassifications (1) 71 (2 ) 69 Reclassification of income — (4 ) (4 ) Net other comprehensive income (loss) 71 (6 ) 65 Balance at June 30, 2019 $ (332 ) $ 6 $ (326 ) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2017 $ (23 ) $ 6 $ (17 ) Other comprehensive income (loss) before reclassifications (1) (247 ) 8 (239 ) Reclassification of losses 8 8 16 Net other comprehensive income (239 ) 16 (223 ) Adoption of ASU 2016-01 — (4 ) (4 ) Balance at June 30, 2018 $ (262 ) $ 18 $ (244 ) (1) Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in gains of $2 million for the 2019 first half and $38 million for the 2018 first half . The following tables detail the changes in common shares outstanding and shareholders’ equity for the 2019 first half and 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 339.1 Balance at year-end 2018 $ 2,225 $ 5 $ 5,814 $ 8,982 $ (12,185 ) $ (391 ) — Adoption of ASU 2016-02 1 — — 1 — — — Net income 375 — — 375 — — — Other comprehensive income 31 — — — — 31 — Dividends ($0.41 per share) (139 ) — — (139 ) — — 1.7 Share-based compensation plans (62 ) — (108 ) — 46 — (6.7 ) Purchase of treasury stock (828 ) — — — (828 ) — 334.1 Balance at March 31, 2019 1,603 5 5,706 9,219 (12,967 ) (360 ) — Net income 232 — — 232 — — — Other comprehensive income 34 — — — — 34 — Dividends ($0.48 per share) (159 ) — — (159 ) — — 0.2 Share-based compensation plans 30 — 23 — 7 — (3.7 ) Purchase of treasury stock (1) (500 ) — — — (500 ) — 330.6 Balance at June 30, 2019 $ 1,240 $ 5 $ 5,729 $ 9,292 $ (13,460 ) $ (326 ) (1) At the end of the 2019 second quarter, we made purchases of shares of our common stock totaling $100 million , which settled in cash in the 2019 third quarter. (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 420 — — 420 — — — Other comprehensive income 162 — — — — 162 — Dividends ($0.33 per share) (118 ) — — (118 ) — — 1.3 Share-based compensation plans (48 ) — (85 ) — 37 — (5.6 ) Purchase of treasury stock (782 ) — — — (782 ) — 354.8 Balance at March 31, 2018 3,588 5 5,685 7,920 (10,163 ) 141 — Net income 667 — — 667 — — — Other comprehensive income (385 ) — — — — (385 ) — Dividends ($0.41 per share) (145 ) — — (145 ) — — 0.1 Share-based compensation plans 45 — 43 — 2 — (6.2 ) Purchase of treasury stock (850 ) — — — (850 ) — 348.7 Balance at June 30, 2018 $ 2,920 $ 5 $ 5,728 $ 8,442 $ (11,011 ) $ (244 )

Contracts with Customers

Contracts with Customers	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contracts with Customers	CONTRACTS WITH CUSTOMERS Our current and noncurrent Loyalty Program liability increased by $226 million , to $5,687 million at June 30, 2019 , from $5,461 million at December 31, 2018 , primarily reflecting an increase in points earned, partially offset by deferred revenue of $997 million that we recognized in the 2019 first half . At each reporting period, we evaluate the estimates used in the recognition of Loyalty Program revenues, including estimates of the breakage of points that members will never redeem and the amount of funding we expect to receive over the life of the agreements with various third parties. In the 2019 second quarter, the updated estimates resulted in an increase in deferred revenue, and a corresponding reduction of revenue of approximately $147 million ( $111 million net of tax).

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2019
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. “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. 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 The following tables present our revenues disaggregated by segment and major revenue stream for the 2019 second quarter , 2018 second quarter , 2019 first half , and 2018 first half : Three Months Ended June 30, 2019 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 349 $ 264 $ 112 $ 142 $ 867 Contract investment amortization (8 ) (3 ) (1 ) (3 ) (15 ) Net fee revenues 341 261 111 139 852 Owned, leased, and other revenue 147 38 50 168 403 Cost reimbursement revenue 2,915 602 149 306 3,972 Total segment revenue $ 3,403 $ 901 $ 310 $ 613 $ 5,227 Unallocated corporate 78 Total revenue $ 5,305 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 2,878 576 111 303 3,868 Total segment revenue $ 3,356 $ 860 $ 268 $ 607 $ 5,091 Unallocated corporate 318 Total revenue $ 5,409 Six Months Ended June 30, 2019 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 665 $ 476 $ 230 $ 271 $ 1,642 Contract investment amortization (16 ) (6 ) (1 ) (6 ) (29 ) Net fee revenues 649 470 229 265 1,613 Owned, leased, and other revenue 294 69 91 312 766 Cost reimbursement revenue 5,765 1,131 260 565 7,721 Total segment revenue $ 6,708 $ 1,670 $ 580 $ 1,142 $ 10,100 Unallocated corporate 217 Total revenue $ 10,317 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 1,090 222 554 7,600 Total segment revenue $ 6,655 $ 1,600 $ 543 $ 1,134 $ 9,932 Unallocated corporate 486 Total revenue $ 10,418 Segment Profits Three Months Ended Six Months Ended ($ in millions) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 North American Full-Service $ 338 $ 394 $ 627 $ 671 North American Limited-Service 253 252 455 434 Asia Pacific 92 140 195 252 Other International 118 160 213 319 Unallocated corporate (391 ) 7 (557 ) (121 ) Interest expense, net of interest income (96 ) (79 ) (187 ) (149 ) Income taxes (82 ) (207 ) (139 ) (319 ) Net Income $ 232 $ 667 $ 607 $ 1,087

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards Adopted Accounting Standards Update (“ASU”) No. 2016-02 - “Leases” (Topic 842). ASU 2016-02 introduces a lessee model that brings substantially all leases onto the balance sheet. Under the standard, a lessee recognizes on its balance sheet a lease liability and a right-of-use asset for most leases, including operating leases. The new standard also distinguishes leases as either finance leases or operating leases. This distinction affects how leases are measured and presented in the income statement and statement of cash flows. We adopted ASU 2016-02 in the 2019 first quarter using the modified retrospective transition method. Our accounting for finance leases remained substantially unchanged. Adoption of the standard resulted in the recording of $1,013 million of operating lease assets and $1,053 million of operating lease liabilities, as of January 1, 2019. We did not adjust our prior period Balance Sheets. Adoption of the standard did not impact our Income Statements or our Statements of Cash Flows. When we adopted ASU 2016-02, we applied the package of practical expedients allowed by the standard, and therefore, we did not reassess: • Whether any expired or existing contracts are or contain leases under the new definition; • The lease classification for any expired or existing leases; or • Whether previously capitalized costs continue to qualify as initial direct costs.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Computation of Basic Earnings Per Share Net income $ 232 $ 667 $ 607 $ 1,087 Shares for basic earnings per share 333.8 353.4 336.7 355.9 Basic earnings per share $ 0.70 $ 1.89 $ 1.80 $ 3.06 Computation of Diluted Earnings Per Share Net income $ 232 $ 667 $ 607 $ 1,087 Shares for basic earnings per share 333.8 353.4 336.7 355.9 Effect of dilutive securities Share-based compensation 2.6 3.9 2.9 4.4 Shares for diluted earnings per share 336.4 357.3 339.6 360.3 Diluted earnings per share $ 0.69 $ 1.87 $ 1.79 $ 3.02

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
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 (excluding contingent purchase obligations) for which we are the primary obligor at June 30, 2019 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 109 $ 11 Operating profit 198 92 Other 8 1 $ 315 $ 104

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Composition of Lease Expense and Supplemental Cash Flows	The following table details the composition of lease expense for the 2019 second quarter and 2019 first half : June 30, 2019 ($ in millions) Three Months Ended Six Months Ended Operating lease cost $ 46 $ 91 Variable lease cost 31 58 The following table presents supplemental cash flow information for the 2019 first half : Six Months Ended ($ in millions) June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 89 Operating cash outflows for finance leases 4 Financing cash outflows for finance leases 3
Maturities of Finance Lease Liabilities	The following tables present our future minimum lease payments and additional information about our lease obligations as of June 30, 2019 : ($ in millions) Operating Leases Finance Leases 2019 , remaining $ 90 $ 6 2020 164 13 2021 148 13 2022 142 13 2023 114 13 Thereafter 680 165 Total minimum lease payments $ 1,338 $ 223 Less: Amount representing interest (318 ) (63 ) Present value of minimum lease payments $ 1,020 $ 160
Maturities of Operating Lease Liabilities	The following tables present our future minimum lease payments and additional information about our lease obligations as of June 30, 2019 : ($ in millions) Operating Leases Finance Leases 2019 , remaining $ 90 $ 6 2020 164 13 2021 148 13 2022 142 13 2023 114 13 Thereafter 680 165 Total minimum lease payments $ 1,338 $ 223 Less: Amount representing interest (318 ) (63 ) Present value of minimum lease payments $ 1,020 $ 160
Lease Terms and Discount Rate	June 30, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 11 Finance leases 15 Weighted Average Discount Rate Operating leases 5.0 % Finance leases 4.4 %
Balance Sheet Classification of Leases	The following table details the classification of lease liabilities in our Balance Sheets: ($ in millions) Caption June 30, 2019 Operating lease liabilities Current Accrued expenses and other $ 127 Noncurrent Operating lease liabilities 893 $ 1,020 Finance lease liabilities Current Current portion of long-term debt $ 6 Noncurrent Long-term debt 154 $ 160

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
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 2019 second quarter and year-end 2018 : At Period End ($ in millions) June 30, December 31, Senior Notes: Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 $ — $ 600 Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 349 349 Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 349 349 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 398 397 Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 449 448 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 746 745 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 744 743 Series T Notes, interest rate of 7.2%, face amount of $181, maturing December 1, 2019 184 188 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 334 335 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 291 292 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 444 443 Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 3.1% at June 30, 2019) 548 547 Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%) 347 347 Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) 297 297 Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 3.1% at June 30, 2019) 299 — Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 564 — Commercial paper 3,069 2,245 Credit Facility — — Finance lease obligations 160 163 Other 206 223 $ 10,414 $ 9,347 Less: Current portion of long-term debt (229 ) (833 ) $ 10,185 $ 8,514

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 97 $ 94 $ 125 $ 116 Total noncurrent financial assets $ 97 $ 94 $ 125 $ 116 Senior Notes $ (6,795 ) $ (6,994 ) $ (5,928 ) $ (5,794 ) Commercial paper (3,069 ) (3,069 ) (2,245 ) (2,245 ) Other long-term debt (167 ) (175 ) (184 ) (182 ) Other noncurrent liabilities (143 ) (143 ) (153 ) (153 ) Total noncurrent financial liabilities $ (10,174 ) $ (10,381 ) $ (8,510 ) $ (8,374 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) Activity	The following tables detail the accumulated other comprehensive loss activity for the 2019 first half and 2018 first half : ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2018 $ (403 ) $ 12 $ (391 ) Other comprehensive income (loss) before reclassifications (1) 71 (2 ) 69 Reclassification of income — (4 ) (4 ) Net other comprehensive income (loss) 71 (6 ) 65 Balance at June 30, 2019 $ (332 ) $ 6 $ (326 ) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2017 $ (23 ) $ 6 $ (17 ) Other comprehensive income (loss) before reclassifications (1) (247 ) 8 (239 ) Reclassification of losses 8 8 16 Net other comprehensive income (239 ) 16 (223 ) Adoption of ASU 2016-01 — (4 ) (4 ) Balance at June 30, 2018 $ (262 ) $ 18 $ (244 ) (1) Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in gains of $2 million for the 2019 first half and $38 million for the 2018 first half .
Changes in Shareholders' Equity	The following tables detail the changes in common shares outstanding and shareholders’ equity for the 2019 first half and 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 339.1 Balance at year-end 2018 $ 2,225 $ 5 $ 5,814 $ 8,982 $ (12,185 ) $ (391 ) — Adoption of ASU 2016-02 1 — — 1 — — — Net income 375 — — 375 — — — Other comprehensive income 31 — — — — 31 — Dividends ($0.41 per share) (139 ) — — (139 ) — — 1.7 Share-based compensation plans (62 ) — (108 ) — 46 — (6.7 ) Purchase of treasury stock (828 ) — — — (828 ) — 334.1 Balance at March 31, 2019 1,603 5 5,706 9,219 (12,967 ) (360 ) — Net income 232 — — 232 — — — Other comprehensive income 34 — — — — 34 — Dividends ($0.48 per share) (159 ) — — (159 ) — — 0.2 Share-based compensation plans 30 — 23 — 7 — (3.7 ) Purchase of treasury stock (1) (500 ) — — — (500 ) — 330.6 Balance at June 30, 2019 $ 1,240 $ 5 $ 5,729 $ 9,292 $ (13,460 ) $ (326 ) (1) At the end of the 2019 second quarter, we made purchases of shares of our common stock totaling $100 million , which settled in cash in the 2019 third quarter. (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 420 — — 420 — — — Other comprehensive income 162 — — — — 162 — Dividends ($0.33 per share) (118 ) — — (118 ) — — 1.3 Share-based compensation plans (48 ) — (85 ) — 37 — (5.6 ) Purchase of treasury stock (782 ) — — — (782 ) — 354.8 Balance at March 31, 2018 3,588 5 5,685 7,920 (10,163 ) 141 — Net income 667 — — 667 — — — Other comprehensive income (385 ) — — — — (385 ) — Dividends ($0.41 per share) (145 ) — — (145 ) — — 0.1 Share-based compensation plans 45 — 43 — 2 — (6.2 ) Purchase of treasury stock (850 ) — — — (850 ) — 348.7 Balance at June 30, 2018 $ 2,920 $ 5 $ 5,728 $ 8,442 $ (11,011 ) $ (244 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Revenues	Segment Revenues The following tables present our revenues disaggregated by segment and major revenue stream for the 2019 second quarter , 2018 second quarter , 2019 first half , and 2018 first half : Three Months Ended June 30, 2019 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 349 $ 264 $ 112 $ 142 $ 867 Contract investment amortization (8 ) (3 ) (1 ) (3 ) (15 ) Net fee revenues 341 261 111 139 852 Owned, leased, and other revenue 147 38 50 168 403 Cost reimbursement revenue 2,915 602 149 306 3,972 Total segment revenue $ 3,403 $ 901 $ 310 $ 613 $ 5,227 Unallocated corporate 78 Total revenue $ 5,305 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 2,878 576 111 303 3,868 Total segment revenue $ 3,356 $ 860 $ 268 $ 607 $ 5,091 Unallocated corporate 318 Total revenue $ 5,409 Six Months Ended June 30, 2019 ($ in millions) North American Full-Service North American Limited-Service Asia Pacific Other International Total Gross fee revenues $ 665 $ 476 $ 230 $ 271 $ 1,642 Contract investment amortization (16 ) (6 ) (1 ) (6 ) (29 ) Net fee revenues 649 470 229 265 1,613 Owned, leased, and other revenue 294 69 91 312 766 Cost reimbursement revenue 5,765 1,131 260 565 7,721 Total segment revenue $ 6,708 $ 1,670 $ 580 $ 1,142 $ 10,100 Unallocated corporate 217 Total revenue $ 10,317 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 1,090 222 554 7,600 Total segment revenue $ 6,655 $ 1,600 $ 543 $ 1,134 $ 9,932 Unallocated corporate 486 Total revenue $ 10,418
Segment Profits	Segment Profits Three Months Ended Six Months Ended ($ in millions) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 North American Full-Service $ 338 $ 394 $ 627 $ 671 North American Limited-Service 253 252 455 434 Asia Pacific 92 140 195 252 Other International 118 160 213 319 Unallocated corporate (391 ) 7 (557 ) (121 ) Interest expense, net of interest income (96 ) (79 ) (187 ) (149 ) Income taxes (82 ) (207 ) (139 ) (319 ) Net Income $ 232 $ 667 $ 607 $ 1,087

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 977
operating lease liability	$ 1,020
Adoption of ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		$ 1,013
operating lease liability		$ 1,053

Acquisitions - Acquisitions (De

Acquisitions - Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)joint_venture
Business Acquisition [Line Items]
Number of joint ventures acquired | joint_venture	2
Management and Franchise Contracts
Business Acquisition [Line Items]
Finite lived intangible assets term	24 years
Finite lived intangible assets acquired	$ 34
Brand Assets
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired	$ 156

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, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Computation of Basic Earnings Per Share
Net income	$ 232	$ 375	$ 667	$ 420	$ 607	$ 1,087
Shares for basic earnings per share (in shares)	333.8		353.4		336.7	355.9
Basic earnings per share (in USD per share)	$ 0.70		$ 1.89		$ 1.80	$ 3.06
Computation of Diluted Earnings Per Share
Net income	$ 232	$ 375	$ 667	$ 420	$ 607	$ 1,087
Shares for basic earnings per share (in shares)	333.8		353.4		336.7	355.9
Effect of dilutive securities
Share-based compensation (in shares)	2.6		3.9		2.9	4.4
Shares for diluted earnings per share (in shares)	336.4		357.3		339.6	360.3
Diluted earnings per share (in USD per share)	$ 0.69		$ 1.87		$ 1.79	$ 3.02

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 48	$ 49	$ 86	$ 88
Deferred compensation costs related to unvested awards	$ 266		$ 266		$ 167
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)			$ 117
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			1.6
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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	26.20%	23.60%	18.70%	22.60%
Cash paid for income taxes, net of refunds			$ 241	$ 489

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) $ in Millions	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 315
Recorded Liability for Guarantees	104
Guarantees not in effect until underlying properties open	46
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	109
Recorded Liability for Guarantees	11
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	198
Recorded Liability for Guarantees	92
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	8
Recorded Liability for Guarantees	$ 1

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Purchase Obligations (Details) $ in Millions	Jun. 30, 2019USD ($)
Guarantor Obligations [Line Items]
Guarantee	$ 315
Guarantee, recorded liability	104
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

Commitments and Contingencies_3

Commitments and Contingencies - Expenses and Insurance Recoveries (Details) £ in Millions, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 15, 2019lawsuit	Jun. 30, 2019USD ($)lawsuit	Jun. 30, 2019USD ($)lawsuit	Jun. 30, 2019GBP (£)lawsuit
Data Security Incident
Loss Contingencies [Line Items]
Expense related to data security incident		$ 148	$ 192
Insurance recoveries related to data security incident		22	68
Data Security Incident, UK Information Commissioner's Office
Loss Contingencies [Line Items]
Estimated fine | £				£ 99
Accrual for loss contingency		$ 126	$ 126
Putative Class Action Lawsuits Related to Data Security Incident
Loss Contingencies [Line Items]
Number of lawsuits filed | lawsuit		100	100	100
Shareholder Derivative Complaints Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed | lawsuit	2

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)renewal_option	Jun. 30, 2019renewal_option
Lessee, Lease, Description [Line Items]
Number of renewals (or more than) | renewal_option	1	1
Term of lease not commenced		20 years
Minimum
Lessee, Lease, Description [Line Items]
Renewal term		5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term		20 years
Renewal term		10 years
Legacy-Starwood Office Building
Lessee, Lease, Description [Line Items]
Impairment loss from leased asset | $	$ 34

Leases - Composition of Lease E

Leases - Composition of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 46	$ 91
Variable lease cost	$ 31	$ 58

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
2019, remaining	$ 90
2020	164
2021	148
2022	142
2023	114
Thereafter	680
Total minimum lease payments	1,338
Less: Amount representing interest	(318)
Present value of minimum lease payments	1,020
Finance Leases
2019, remaining	6
2020	13
2021	13
2022	13
2023	13
Thereafter	165
Total minimum lease payments	223
Less: Amount representing interest	(63)
Present value of minimum lease payments	$ 160	$ 163

Leases - Lease Terms and Disco

Leases - Lease Terms and Discount Rate (Details)	Jun. 30, 2019
Weighted Average Remaining Lease Term (in years)
Operating leases	11 years
Finance leases	15 years
Weighted Average Discount Rate
Operating leases	5.00%
Finance leases	4.40%

Leases - Balance Sheet Classifi

Leases - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Operating lease liabilities
Current	$ 127
Noncurrent	893	$ 0
Total	1,020
Finance lease liabilities
Current	6
Noncurrent	154
Total	$ 160	$ 163

Leases - Supplemental Cash Flo

Leases - Supplemental Cash Flows Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$ 89
Operating cash outflows for finance leases	4
Financing cash outflows for finance leases	$ 3

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Credit Facility	$ 0		$ 0
Finance lease obligations	160		163
Total debt	10,414		9,347
Less: Current portion of long-term debt	(229)		(833)
Long-term debt, noncurrent	10,185		8,514
Series K Notes, interest rate of 3.0%, face amount of $600, matured March 1, 2019 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior notes	0		600
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	349		349
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	349		349
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	398		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	449		448
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	746		745
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	744		743
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	184		188
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	334		335
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	291		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	444		443
Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 3.1% at June 30, 2019)
Debt Instrument [Line Items]
Senior notes	548		547
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Senior notes	347		347
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Senior notes	297		297
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 3.1% at June 30, 2019)
Debt Instrument [Line Items]
Senior notes	299		0
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)
Debt Instrument [Line Items]
Senior notes	$ 564		0
Senior Notes | Series K Notes, interest rate of 3.0%, face amount of $600, matured 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 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%
Senior Notes | Series Y Notes, floating rate, face amount of $550, maturing December 1, 2020 (effective interest rate of 3.1% at June 30, 2019)
Debt Instrument [Line Items]
Senior notes, face amount	$ 550
Effective interest rate	3.10%
Senior Notes | Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%)
Debt Instrument [Line Items]
Interest rate	4.20%
Senior notes, face amount	$ 350
Effective interest rate	4.40%
Senior Notes | Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Interest rate	4.70%
Senior notes, face amount	$ 300
Effective interest rate	4.80%
Senior Notes | Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021 (effective interest rate of 3.1% at June 30, 2019)
Debt Instrument [Line Items]
Senior notes, face amount	$ 300	$ 300
Effective interest rate	3.10%
Senior Notes | Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%)
Debt Instrument [Line Items]
Interest rate	3.60%	3.60%
Senior notes, face amount	$ 550	$ 550
Effective interest rate	3.90%
Commercial paper
Debt Instrument [Line Items]
Commercial paper	$ 3,069		2,245
Other
Debt Instrument [Line Items]
Other	$ 206		$ 223

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Debt Disclosure [Abstract]
Interest paid, net of amounts capitalized		$ 176	$ 144
Maximum borrowing capacity under credit facility		4,500
Senior Notes | Series BB Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 300	300
Senior Notes | Series CC Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 550	$ 550
Interest rate	3.60%	3.60%
Senior Notes | Series BB and Series CC Notes
Debt Instrument [Line Items]
Proceeds from debt offering	$ 841
LIBOR | Senior Notes | Series BB Notes
Debt Instrument [Line Items]
Variable interest rate	0.65%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 97	$ 125
Other noncurrent liabilities	(2,294)	(2,372)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	97	125
Total noncurrent financial assets	97	125
Senior Notes	(6,795)	(5,928)
Commercial paper	(3,069)	(2,245)
Other long-term debt	(167)	(184)
Other noncurrent liabilities	(143)	(153)
Total noncurrent financial liabilities	(10,174)	(8,510)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	94	116
Total noncurrent financial assets	94	116
Senior Notes	(6,994)	(5,794)
Commercial paper	(3,069)	(2,245)
Other long-term debt	(175)	(182)
Other noncurrent liabilities	(143)	(153)
Total noncurrent financial liabilities	$ (10,381)	$ (8,374)

Accumulated Other Comprehensi_3

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, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,603	$ 2,225	$ 3,588	$ 3,731	$ 2,225	$ 3,731
Other comprehensive income (loss) before reclassifications					69	(239)
Reclassification of (income) losses					(4)	16
Net other comprehensive income (loss)	34	31	(385)	162	65	(223)
Balance at end of period	1,240	1,603	2,920	3,588	1,240	2,920
Other comprehensive income (loss) before reclassification related to foreign current translation adjustment, loss on intra-equity foreign currency transaction					2	38
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		(403)		(23)	(403)	(23)
Other comprehensive income (loss) before reclassifications					71	(247)
Reclassification of (income) losses					0	8
Net other comprehensive income (loss)					71	(239)
Balance at end of period	(332)		(262)		(332)	(262)
Derivative Instrument and Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		12		6	12	6
Other comprehensive income (loss) before reclassifications					(2)	8
Reclassification of (income) losses					(4)	8
Net other comprehensive income (loss)					(6)	16
Balance at end of period	6		18		6	18
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(360)	(391)	141	(17)	(391)	(17)
Net other comprehensive income (loss)	34	31	(385)	162
Balance at end of period	$ (326)	$ (360)	$ (244)	$ 141	$ (326)	$ (244)
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 and Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cumulative effect adjustment of accounting principle							(4)
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 Comprehensi_4

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
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 1,240	$ 1,603	$ 2,225	$ 3,588	$ 3,731	$ 2,225	$ 3,731
Balance at beginning of period (as adjusted)		1,240				1,240			$ 2,225
Net income		232	375	667	420	607	1,087
Other comprehensive income		34	31	(385)	162	65	(223)
Dividends		(159)	(139)	(145)	(118)
Share-based compensation plans		30	(62)	45	(48)
Purchase of treasury stock		(500)	(828)	(850)	(782)
Balance at end of period		$ 1,240	$ 1,603	$ 2,920	$ 3,588	1,240	2,920
Cash dividends (in USD per share)		$ 0.41	$ 0.33	$ 0.48	$ 0.41
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at beginning of period (in shares)	330.6	334.1	339.1	354.8	359.1	339.1	359.1
Share-based compensation plans (in shares)		0.2	1.7	0.1	1.3
Purchase of treasury stock (in shares)		(3.7)	(6.7)	(6.2)	(5.6)
Balance at end of period		$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at end of period (in shares)		330.6	334.1	348.7	354.8	330.6	348.7
Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5,729	$ 5,706	$ 5,814	$ 5,685	$ 5,770	$ 5,814	$ 5,770
Share-based compensation plans		23	(108)	43	(85)
Balance at end of period		5,729	5,706	5,728	5,685	5,729	5,728
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	9,292	9,219	8,982	7,920	7,391	8,982	7,391
Net income		232	375	667	420
Dividends		(159)	(139)	(145)	(118)
Balance at end of period		9,292	9,219	8,442	7,920	9,292	8,442
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(13,460)	(12,967)	(12,185)	(10,163)	(9,418)	(12,185)	(9,418)
Share-based compensation plans		7	46	2	37
Purchase of treasury stock		(500)	(828)	(850)	(782)
Balance at end of period		(13,460)	(12,967)	(11,011)	(10,163)	(13,460)	(11,011)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(326)	(360)	(391)	141	(17)	(391)	(17)
Other comprehensive income		34	31	(385)	162
Balance at end of period		$ (326)	$ (360)	$ (244)	$ 141	$ (326)	$ (244)
Adoption of ASU 2016-02
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								$ 1
Adoption of ASU 2016-02 | Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								0
Adoption of ASU 2016-02 | Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								0
Adoption of ASU 2016-02 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								1
Adoption of ASU 2016-02 | Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								0
Adoption of ASU 2016-02 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU								$ 0
Adoption of ASU 2014-09
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										$ (149)
Balance at beginning of period (as adjusted)										3,582
Adoption of ASU 2014-09 | Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period (in shares)					359.1		359.1
Adoption of ASU										0
Balance at beginning of period (as adjusted)										5
Adoption of ASU 2014-09 | Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Balance at beginning of period (as adjusted)										5,770
Adoption of ASU 2014-09 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										(149)
Balance at beginning of period (as adjusted)										7,242
Adoption of ASU 2014-09 | Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Balance at beginning of period (as adjusted)										(9,418)
Adoption of ASU 2014-09 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Balance at beginning of period (as adjusted)										(17)
Adoption of ASU 2016-01
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-01 | Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-01 | Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-01 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										4
Adoption of ASU 2016-01 | Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-01 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										(4)
Adoption of ASU 2016-16
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										372
Adoption of ASU 2016-16 | Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-16 | Additional Paid-in- Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-16 | Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										372
Adoption of ASU 2016-16 | Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										0
Adoption of ASU 2016-16 | Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Adoption of ASU										$ 0
Subsequent Even | Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Purchase of treasury stock	$ (100)

Contracts with Customers (Detai

Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Breakage, including tax	$ 147
Breakage, excluding tax	111
Loyalty Program
Disaggregation of Revenue [Line Items]
Change in contract with customer liability		$ 226
Contract with customer liability	$ 5,687	5,687	$ 5,461
Deferred revenue recognized		$ 997

Business Segments - Segment Rev

Business Segments - Segment Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 5,305	$ 5,409	$ 10,317	$ 10,418
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,227	5,091	10,100	9,932
Unallocated corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	78	318	217	486
North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,403	3,356	6,708	6,655
North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	901	860	1,670	1,600
Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	310	268	580	543
Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	613	607	1,142	1,134
Fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	999	951	1,894	1,796
Contract investment amortization	(15)	(13)	(29)	(31)
Revenues	984	938	1,865	1,765
Fee revenues | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	867	833	1,642	1,567
Contract investment amortization	(15)	(13)	(29)	(31)
Revenues	852	820	1,613	1,536
Fee revenues | North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	349	345	665	644
Contract investment amortization	(8)	(7)	(16)	(18)
Revenues	341	338	649	626
Fee revenues | North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	264	250	476	446
Contract investment amortization	(3)	(3)	(6)	(6)
Revenues	261	247	470	440
Fee revenues | Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	112	110	230	227
Contract investment amortization	(1)	(1)	(1)	(1)
Revenues	111	109	229	226
Fee revenues | Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	142	128	271	250
Contract investment amortization	(3)	(2)	(6)	(6)
Revenues	139	126	265	244
Owned, leased, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	418	423	793	829
Owned, leased, and other | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	403	403	766	796
Owned, leased, and other | North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	147	140	294	295
Owned, leased, and other | North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	38	37	69	70
Owned, leased, and other | Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	50	48	91	95
Owned, leased, and other | Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	168	178	312	336
Reimbursements
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,903	4,048	7,659	7,824
Reimbursements | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,972	3,868	7,721	7,600
Reimbursements | North American Full-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,915	2,878	5,765	5,734
Reimbursements | North American Limited-Service | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	602	576	1,131	1,090
Reimbursements | Asia Pacific | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	149	111	260	222
Reimbursements | Other International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 306	$ 303	$ 565	$ 554

Business Segments - Segment Pro

Business Segments - Segment Profits (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 409		$ 818		$ 919	$ 1,348
Interest expense, net of interest income	(96)		(79)		(187)	(149)
Income taxes	(82)		(207)		(139)	(319)
NET INCOME	232	$ 375	667	$ 420	607	1,087
Unallocated corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	(391)		7		(557)	(121)
North American Full-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	338		394		627	671
North American Limited-Service | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	253		252		455	434
Asia Pacific | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	92		140		195	252
Other International | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 118		$ 160		$ 213	$ 319