Marriott International (MAR) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-13881
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2055918
Entity Address, Address Line One	10400 Fernwood Road
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	380-3000
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		325,656,362
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001048286
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Revenues	$ 3,149	$ 1,464	$ 5,465	$ 6,145
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	50	72	102	222
General, administrative, and other	187	178	398	448
Restructuring and merger-related charges	3	6	4	4
Costs and expenses	2,663	1,618	4,895	6,185
OPERATING INCOME (LOSS)	486	(154)	570	(40)
Gains and other income, net	5	5	6	1
Interest expense	(109)	(127)	(216)	(220)
Interest income	7	8	14	14
Equity in losses	(8)	(30)	(20)	(34)
INCOME (LOSS) BEFORE INCOME TAXES	381	(298)	354	(279)
Benefit for income taxes	41	64	57	76
Net income (loss)	$ 422	$ (234)	$ 411	$ (203)
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share - basic (in USD per share)	$ 1.29	$ (0.72)	$ 1.26	$ (0.63)
Earnings (loss) per share - diluted (in USD per share)	$ 1.28	$ (0.72)	$ 1.25	$ (0.63)
Base management fees
REVENUES
Gross revenues	$ 156	$ 40	$ 262	$ 254
Franchise fees
REVENUES
Gross revenues	431	182	737	597
Incentive management fees
REVENUES
Gross revenues	55	12	88	12
Fee revenues
REVENUES
Gross revenues	642	234	1,087	863
Contract investment amortization	(18)	(21)	(35)	(46)
Revenues	624	213	1,052	817
Owned, leased, and other
REVENUES
Revenues	187	49	295	329
OPERATING COSTS AND EXPENSES
Operating costs	168	121	303	393
Reimbursements
REVENUES
Revenues	2,338	1,202	4,118	4,999
OPERATING COSTS AND EXPENSES
Operating costs	$ 2,255	$ 1,241	$ 4,088	$ 5,118

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 422	$ (234)	$ 411	$ (203)
Other comprehensive income (loss):
Foreign currency translation adjustments	96	133	(59)	(250)
Derivative instrument adjustments and other, net of tax	0	(2)	0	3
Total other comprehensive income (loss), net of tax	96	131	(59)	(247)
Comprehensive income (loss)	$ 518	$ (103)	$ 352	$ (450)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and equivalents	$ 664	$ 877
Accounts and notes receivable, net	1,933	1,768
Prepaid expenses and other	202	180
Assets, current, total	2,799	2,825
Property and equipment, net	1,490	1,514
Intangible assets
Goodwill	9,142	9,175
Goodwill and intangible assets, net, total	18,126	18,164
Equity method investments	407	422
Notes receivable, net	165	159
Deferred tax assets	208	249
Operating lease assets	682	752
Other noncurrent assets	627	616
Total assets	24,504	24,701
Current liabilities
Current portion of long-term debt	805	1,173
Accounts payable	626	527
Accrued payroll and benefits	932	831
Accrued expenses and other	1,211	1,452
Liabilities, current, total	6,121	5,752
Long-term debt	9,383	9,203
Deferred tax liabilities	71	83
Operating lease liabilities	745	823
Other noncurrent liabilities	2,166	2,366
Stockholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,830	5,851
Retained earnings	9,618	9,206
Treasury stock, at cost	(14,463)	(14,497)
Accumulated other comprehensive loss	(194)	(135)
Stockholders’ equity	796	430
Liabilities and equity (deficit), total	24,504	24,701
Brands
Intangible assets
Intangible assets	6,031	6,059
Contract acquisition costs and other
Intangible assets
Intangible assets	2,953	2,930
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	2,547	1,769
Contract with customer liabilities	3,928	4,502
Deferred revenue
Current liabilities
Contract with customer liabilities	$ 1,294	$ 1,542

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net income (loss)		$ 411	$ (203)
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other		137	268
Stock-based compensation		96	91
Income taxes		(277)	(148)
Contract acquisition costs		(108)	(60)
Restructuring and merger-related charges		(4)	(13)
Working capital changes		(120)	354
Deferred revenue changes and other		(99)	854
Net cash provided by operating activities		126	1,505
INVESTING ACTIVITIES
Capital and technology expenditures		(70)	(79)
Dispositions		7	260
Loan advances		(2)	(33)
Loan collections		5	5
Other		(12)	(12)
Net cash (used in) provided by investing activities		(72)	141
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net		(500)	(827)
Issuance of long-term debt		1,089	2,566
Repayment of long-term debt		(770)	(924)
Issuance of Class A Common Stock		2	0
Dividends paid		0	(156)
Purchase of treasury stock		0	(150)
Stock-based compensation withholding taxes		(83)	(99)
Other		(7)	(9)
Net cash (used in) provided by financing activities		(269)	401
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(215)	2,047
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	[1]	894	253
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	[1]	679	2,300
Liability for guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program		$ 90	$ 362
[1]	The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020, and ending restricted cash of $15 million at June 30, 2021, 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, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Restricted cash	$ 15	$ 17

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income (Loss) as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Caribbean and Latin America, Europe, Middle East and Africa, Greater China, and Asia Pacific excluding China regions, as “International.” In addition, references throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended (“2020 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2020 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. The uncertainty created by the coronavirus pandemic and efforts to contain it (“COVID-19”) has made such estimates more difficult and subjective. 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, 2021 and December 31, 2020, the results of our operations for the three and six months ended June 30, 2021 and June 30, 2020, and cash flows for the six months ended June 30, 2021 and June 30, 2020. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations, as well as the impact of COVID-19. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	RESTRUCTURING CHARGES Beginning in the 2020 second quarter, we initiated several regional restructuring plans to achieve cost savings in response to the decline in lodging demand caused by COVID-19. We completed the programs relating to our above-property organization as of year-end 2020. For the property-level programs, including owned and leased properties, we recorded restructuring charges for employee termination benefits in the 2021 first half of $18 million in the “Reimbursed expenses” caption and $1 million in the “Restructuring and merger-related charges” caption of our Income Statements. Cumulative charges incurred for the property-level programs through the end of the 2021 first half totaled $268 million. We anticipate additional property-level restructuring charges in future quarters. Our U.S. & Canada segment recorded $272 million of cumulative charges for above-property and property-level programs through the end of the 2021 first half, of which $17 million was recorded in the 2021 first half. The following table presents our restructuring liability activity during the period: ($ in millions) Employee termination benefits Balance at December 31, 2020 $ 143 Charges 19 Cash payments (100) Other (2) Balance at June 30, 2021, classified in “Accrued expenses and other” $ 60 Additionally, as of June 30, 2021, we estimated $40 million of costs related to group medical, dental, and vision benefit coverage provided to eligible former associates and furloughed or part-time associates (and their eligible enrolled dependents) pursuant to the continuation coverage requirements under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for the April 1, 2021 to September 30, 2021 period. We expect to receive payments and credits totaling $36 million from the U.S. Treasury during 2021 or 2022 with respect to such benefit coverage continuation costs under the American Rescue Plan Act of 2021 (“ARPA”). In the 2021 first half, we presented the difference of $4 million in the “Reimbursed expenses” caption of our Income Statements. Our expected COBRA costs and related payments and credits from the U.S. Treasury decreased from March 31, 2021 as a result of lower-than-expected participation in the program.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Computation of Basic Earnings Per Share Net income (loss) $ 422 $ (234) $ 411 $ (203) Shares for basic earnings per share 327.1 325.6 326.9 325.5 Basic earnings (loss) per share $ 1.29 $ (0.72) $ 1.26 $ (0.63) Computation of Diluted Earnings Per Share Net income (loss) $ 422 $ (234) $ 411 $ (203) Shares for basic earnings per share 327.1 325.6 326.9 325.5 Effect of dilutive securities Stock-based compensation (1) 2.0 — 2.1 — Shares for diluted earnings per share 329.1 325.6 329.0 325.5 Diluted earnings (loss) per share $ 1.28 $ (0.72) $ 1.25 $ (0.63) (1) For the calculation of diluted loss per share for the three and six months ended June 30, 2020, we excluded stock-based compensation securities of 0.8 million and 1.4 million, respectively, because the effect was anti-dilutive.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	STOCK-BASED COMPENSATION We granted 0.2 million restricted stock units (“RSUs”) during the 2021 first half to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.2 million performance-based RSUs (“PSUs”) in the 2021 first half to certain executives, which are earned, subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2023 adjusted EBITDA performance and relative total stockholder return over the 2021 to 2023 performance period. RSUs, including PSUs, granted in the 2021 first half had a weighted average grant-date fair value of $141 per unit. In the 2020 third quarter, as part of our effort to encourage associate retention in response to the severe impact of COVID-19 on our industry and the Company, we accelerated the issuance of RSU awards to certain officers and employees that ordinarily would have been made in the 2021 first quarter. We did not accelerate the issuance of awards for our most senior executives.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective tax rate was (10.9) percent for the 2021 second quarter compared to 21.5 percent for the 2020 second quarter, and (16.3) percent for the 2021 first half compared to 27.3 percent for the 2020 first half. The change in our effective tax rates was primarily due to the current year tax benefit from the release of tax reserves due to the favorable resolution of Legacy-Starwood tax audits. Our unrecognized tax benefits balance decreased by $128 million to $336 million at June 30, 2021 from $464 million at December 31, 2020, primarily due to the release of tax reserves due to the favorable resolution of Legacy-Starwood tax audits. Our unrecognized tax benefits balance included $286 million at June 30, 2021 and $410 million at December 31, 2020 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that within the next 12 months we will reach resolution of income tax examinations in one or more jurisdictions. The actual amount of any change to our unrecognized tax benefits could vary depending on the timing and nature of the settlement. Therefore, an estimate of the change cannot be provided. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expenses. Related interest (benefit) expense totaled $(36) million in the 2021 first half and $15 million in the 2020 first half. We accrued interest and penalties related to our unrecognized tax benefits of approximately $49 million at June 30, 2021 and $85 million at December 31, 2020. We file income tax returns, including returns for our subsidiaries, in various jurisdictions around the world. The U.S. Internal Revenue Service (“IRS”) has examined our federal income tax returns, and as of June 30, 2021, we have settled all issues for Marriott for tax years through 2015 and for Starwood through 2016, the year the acquisition was completed. Our Marriott 2016 through 2018 tax year audits are currently ongoing. Various foreign, state, and local income tax returns are also under examination by the applicable taxing authorities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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, 2021 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 53 $ 7 Operating profit 196 119 Other 18 4 $ 267 $ 130 Our maximum potential guarantees listed in the preceding table include $92 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 . In 2017, 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 account for the put option as a guarantee, and our recorded liability at June 30, 2021 was $300 million. Starwood Data Security Incident Description of Event On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. The Starwood reservations database is no longer used for business operations . Expenses and Insurance Recoveries In the 2021 second quarter, we recorded $7 million of expenses and $7 million of accrued insurance recoveries, and in the 2020 second quarter, we recorded $3 million of expenses and $3 million of accrued insurance recoveries, related to the Data Security Incident. In the 2021 first half, we recorded $12 million of expenses and $12 million of accrued insurance recoveries, and in the 2020 first half, we recorded $18 million of expenses and $20 million of accrued insurance recoveries, related to the Data Security Incident. We received no insurance recoveries in the 2021 second quarter, and we received insurance recoveries of $20 million in the 2020 second quarter, $10 million in the 2021 first half, and $44 million in the 2020 first half. The expenses for the 2021 second quarter primarily included 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. We present expenses and insurance recoveries related to the Data Security Incident in either the “Reimbursed expenses” or “Restructuring and merger-related charges” captions of our Income Statements. Litigation, Claims, and Government Investigations Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. All but one of the U.S. cases were 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 (the “MDL”). The plaintiffs in the U.S. and Canadian cases, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. Among the U.S. cases consolidated in the MDL proceeding is a putative class action lawsuit that was filed on December 1, 2018 against the Company and certain of our current and former officers and directors, 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 (the “Securities Case”). The MDL proceeding also included two shareholder derivative complaints that were filed on February 26, 2019 and March 15, 2019, respectively, against the Company and certain of our current and former 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 (the “MDL Derivative Cases”). A separate shareholder derivative complaint was filed in the Delaware Court of Chancery on December 3, 2019 against the Company and certain of our current and former officers and directors, alleging claims and seeking relief generally similar to the claims made and relief sought in the other two derivative cases. This case was not consolidated with the MDL proceeding. We filed motions to dismiss in connection with all of the U.S. cases. Our motions to dismiss the Securities Case and the MDL Derivative Cases were granted in June 2021. The plaintiff in the Securities Case has appealed the dismissal, which appeal is still pending, and the plaintiffs in the MDL Derivative Cases have not appealed. Motions to dismiss in the other MDL cases have been denied in part or in whole and these cases remain at varying stages. A motion to dismiss the Delaware derivative case is pending. A putative class action lawsuit brought on behalf of financial institutions has been voluntarily dismissed. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in the lawsuits described above and are vigorously defending against such claims. In April 2019, we received a letter purportedly on behalf of a stockholder 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 certain of the Company’s current and 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, on August 18, 2020, a purported representative action was brought against us in the High Court of Justice for England and Wales on behalf of an alleged claimant class of English and Welsh residents alleging breaches of the General Data Protection Regulation and/or the U.K. Data Protection Act 2018 (the “U.K. DPA”) in connection with the Data Security Incident. We dispute all of the allegations in this purported action and will vigorously defend against any such claims. On November 5, 2020, the court issued an order with the consent of all parties staying this action pending resolution of another case raising similar issues, but not involving the Company, that is pending before the U.K. Supreme Court. In addition, numerous U.S. federal, U.S. state and foreign governmental authorities made inquiries, opened investigations, or requested information and/or documents related to the Data Security Incident and related matters, 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 (the “ICO”) as lead supervisory authority in the European Economic Area, and regulatory authorities in various other jurisdictions. With the exception of the ICO proceeding, which was resolved in October 2020, these matters generally remain open. We are in discussions with the U.S. state Attorneys General, the Federal Trade Commission and the Canadian regulator to resolve their investigations and requests. While we believe it is reasonably possible that we may incur additional losses associated with the above described proceedings and investigations related to the Data Security Incident, 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 current 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, 2021
Leases [Abstract]
Leases	LEASES The following table presents our future minimum lease payments as of June 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 91 $ 7 2022 176 13 2023 123 14 2024 115 14 2025 108 14 Thereafter 520 137 Total minimum lease payments $ 1,133 $ 199 Less: Amount representing interest (240) (49) Present value of minimum lease payments $ 893 $ 150 The following table presents the composition of our current and noncurrent lease liabilities as of June 30, 2021 and year-end 2020: ($ in millions) June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 148 $ 7 $ 147 $ 7 Noncurrent (2) 745 143 823 146 $ 893 $ 150 $ 970 $ 153 (1) Operating leases are recorded in the “ Accrued expenses and other Current portion of long-term debt (2) Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “ Long-term debt As of June 30, 2021, 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.
Leases	LEASES The following table presents our future minimum lease payments as of June 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 91 $ 7 2022 176 13 2023 123 14 2024 115 14 2025 108 14 Thereafter 520 137 Total minimum lease payments $ 1,133 $ 199 Less: Amount representing interest (240) (49) Present value of minimum lease payments $ 893 $ 150 The following table presents the composition of our current and noncurrent lease liabilities as of June 30, 2021 and year-end 2020: ($ in millions) June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 148 $ 7 $ 147 $ 7 Noncurrent (2) 745 143 823 146 $ 893 $ 150 $ 970 $ 153 (1) Operating leases are recorded in the “ Accrued expenses and other Current portion of long-term debt (2) Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “ Long-term debt As of June 30, 2021, 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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
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 as of June 30, 2021 and year-end 2020: ($ in millions) June 30, December 31, Senior Notes: Series L Notes, interest rate of 3.3%, face amount of $173, maturing September 15, 2022 (effective interest rate of 3.4%) $ 173 $ 173 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%) 400 399 Series O Notes, interest rate of 2.9%, face amount of $450, matured March 1, 2021 (effective interest rate of 3.1%) — 450 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) 347 346 Series Q Notes, interest rate of 2.3%, face amount of $399, maturing January 15, 2022 (effective interest rate of 2.5%) 399 398 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) 745 745 Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%) 291 291 Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%) 328 330 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%) 290 290 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 445 445 Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%) 348 348 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, matured March 8, 2021 — 300 Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 577 586 Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%) 227 228 Series EE Notes, interest rate of 5.8%, face amount of $1,600, maturing May 1, 2025 (effective interest rate of 6.0%) 1,585 1,583 Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) 986 986 Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) 985 985 Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) 1,089 — Commercial paper — — Credit Facility 400 900 Finance lease obligations 150 153 Other 126 143 $ 10,188 $ 10,376 Less current portion (805) (1,173) $ 9,383 $ 9,203 We paid cash for interest, net of amounts capitalized, of $196 million in the 2021 first half and $186 million in the 2020 first half. On July 23, 2021, we announced that on August 9, 2021, we will redeem all of our Series N Notes due in October 2021 at a redemption price equal to the sum of 100% of the $400 million aggregate principal amount plus accrued and unpaid interest thereon. In March 2021, we issued $1.1 billion aggregate principal amount of 2.850 percent Series HH Notes due April 15, 2031 (the “Series HH Notes”). We will pay interest on the Series HH Notes in April and October of each year, commencing in October 2021. We received net proceeds of approximately $1.089 billion from the offering of the Series HH Notes, after deducting the underwriting discount and estimated expenses, which were made available for general corporate purposes, including the repayment of a portion of our outstanding borrowings under the Credit Facility. We are party to a multicurrency revolving credit agreement (as amended, the “Credit Facility”) that provides for up to $4.5 billion of aggregate effective borrowings for general corporate needs, including working capital, capital expenditures, letters of credit, acquisitions, and to support our commercial paper program if and when we resume issuing commercial paper. 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. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (if any) 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. In April 2020, we entered into an amendment to the Credit Facility (the “First Credit Facility Amendment”). The First Credit Facility Amendment waives the quarterly-tested leverage covenant in the Credit Facility through and including the first quarter of 2021 (the “Covenant Waiver Period”), adjusts the required leverage levels for the covenant when it is re-imposed at the end of the Covenant Waiver Period, and imposes a new monthly-tested liquidity covenant for the duration of the Covenant Waiver Period. The First Credit Facility Amendment also makes certain other amendments to the terms of the Credit Facility, including increasing the interest and fees payable on the Credit Facility for the duration of the Covenant Waiver Period, tightening certain existing covenants, and imposing additional covenants for the duration of the Covenant Waiver Period. These covenant changes include tightening the lien covenant and the covenant on dividends, share repurchases and distributions, and imposing new covenants limiting asset sales, investments and discretionary capital expenditures. In January 2021, we entered into two more amendments to the Credit Facility (the “New Credit Facility Amendments,” and together with the First Credit Facility Amendment, the “Credit Facility Amendments”), which extend the Covenant Waiver Period through and including the fourth quarter of 2021 (which waiver period may end sooner at our election), revise the required leverage levels for such covenant when it is re-imposed at the end of the Covenant Waiver Period (starting at 5.50 to 1.00 when the leverage test is first re-imposed and gradually stepping down to 4.00 to 1.00 over the succeeding five fiscal quarters, as further described in the Credit Facility), and increase the minimum liquidity amount under the liquidity covenant that is tested monthly for the duration of the Covenant Waiver Period. The New Credit Facility Amendments also make certain other amendments to the terms of the Credit Facility, including reducing the rate floor for the LIBOR Daily Floating Rate and the Eurocurrency Rate.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
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 in the following table: June 30, 2021 December 31, 2020 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 165 $ 149 $ 159 $ 142 Total noncurrent financial assets $ 165 $ 149 $ 159 $ 142 Senior Notes $ (8,713) $ (9,537) $ (8,031) $ (8,941) Commercial paper / Credit Facility (400) (400) (900) (900) Other long-term debt (126) (129) (126) (128) Other noncurrent liabilities (414) (414) (426) (426) Total noncurrent financial liabilities $ (9,653) $ (10,480) $ (9,483) $ (10,395)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss and Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss and Shareholders' Equity	ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ EQUITY The following tables detail the accumulated other comprehensive loss activity for the 2021 first half and 2020 first half: ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2020 $ (139) $ 4 $ (135) Other comprehensive loss before reclassifications (1) (59) — (59) Reclassification adjustments — — — Net other comprehensive loss (59) — (59) Balance at June 30, 2021 $ (198) $ 4 $ (194) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2019 $ (368) $ 7 $ (361) Other comprehensive (loss) income before reclassifications (1) (250) 12 (238) Reclassification adjustments — (9) (9) Net other comprehensive (loss) income (250) 3 (247) Balance at June 30, 2020 $ (618) $ 10 $ (608) (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 $18 million for the 2021 first half and $2 million for the 2020 first half. The following tables detail the changes in common shares outstanding and stockholders’ equity (deficit) for the 2021 first half and 2020 first half: (in millions, except per share amounts) Common Total Class A Common Stock Additional Paid-in-Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 324.4 Balance at year-end 2020 $ 430 $ 5 $ 5,851 $ 9,206 $ (14,497) $ (135) — Net loss (11) — — (11) — — — Other comprehensive loss (155) — — — — (155) 1.2 Stock-based compensation plans (30) — (64) — 34 — 325.6 Balance at March 31, 2021 234 5 5,787 9,195 (14,463) (290) — Net income 422 — — 422 — — — Other comprehensive income 96 — — — — 96 — Stock-based compensation plans 44 — 43 1 — — 325.6 Balance at June 30, 2021 $ 796 $ 5 $ 5,830 $ 9,618 $ (14,463) $ (194) Common Total Class A Common Stock Additional Paid-in-Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 324.0 Balance at year-end 2019 $ 703 $ 5 $ 5,800 $ 9,644 $ (14,385) $ (361) — Adoption of ASU 2016-13 (15) — — (15) — — — Net income 31 — — 31 — — — Other comprehensive loss (378) — — — — (378) — Dividends ($0.48 per share) (156) — — (156) — — 1.2 Stock-based compensation plans (55) — (89) — 34 — (1.0) Purchase of treasury stock (150) — — — (150) — 324.2 Balance at March 31, 2020 (20) 5 5,711 9,504 (14,501) (739) — Net loss (234) — — (234) — — — Other comprehensive income 131 — — — — 131 0.1 Stock-based compensation plans 44 — 42 — 2 — 324.3 Balance at June 30, 2020 $ (79) $ 5 $ 5,753 $ 9,270 $ (14,499) $ (608)

Contracts with Customers

Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contracts with Customers	CONTRACTS WITH CUSTOMERS Our current and noncurrent liability for guest loyalty program increased by $204 million, to $6,475 million at June 30, 2021, from $6,271 million at December 31, 2020, primarily reflecting an increase in points earned by members. This includes a $114 million reclassification from deferred revenue to the liability for guest loyalty program as a result of points that were earned during the period by members using our U.S.-issued co-brand credit cards, which were prepaid by the financial institutions in 2020. The increase was partially offset by $760 million of revenue recognized in the 2021 first half, that was deferred as of December 31, 2020. The current portion of our liability for guest loyalty program increased compared to December 31, 2020 due to higher estimated redemptions in the short-term. Current and noncurrent deferred revenue decreased by $230 million, to $1,637 million at June 30, 2021, from $1,867 million at December 31, 2020, primarily as a result of $154 million of revenue recognized in the 2021 first half that was deferred as of December 31, 2020, as well as the reclassification from deferred revenue to the liability for guest loyalty program, which we discuss above . Our allowance for credit losses increased to $224 million at June 30, 2021 from $207 million at December 31, 2020, primarily reflecting our provision for credit losses. Our provision for credit losses totaled $4 million in the 2021 second quarter and $23 million in the 2021 first half.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS Beginning in the 2021 first quarter, we modified our segment structure due to a change in the way our chief operating decision maker evaluates results and allocates resources within the Company, resulting in the following two operating segments, both of which meet the applicable accounting criteria for separate disclosure as a reportable business segment: U.S. & Canada and International. We revised the prior period amounts shown in the tables below to conform to our current presentation. We evaluate the performance of our operating segments using “segment profit/loss” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, merger-related costs, or most above-property restructuring charges. We assign gains and losses, equity in earnings or losses, direct general, administrative, and other expenses, and other restructuring charges to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (including license fees we receive from our credit card programs), fees from vacation ownership licensing agreements, revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring and merger-related charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments. 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 2021 second quarter, 2020 second quarter, 2021 first half, and 2020 first half: Three Months Ended June 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 373 $ 132 $ 505 Contract investment amortization (13) (5) (18) Net fee revenues 360 127 487 Owned, leased, and other revenue 57 120 177 Cost reimbursement revenue 1,911 275 2,186 Total reportable segment revenue $ 2,328 $ 522 $ 2,850 Unallocated corporate and other 299 Total revenue $ 3,149 Three Months Ended June 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 113 $ 35 $ 148 Contract investment amortization (14) (7) (21) Net fee revenues 99 28 127 Owned, leased, and other revenue 17 19 36 Cost reimbursement revenue 963 147 1,110 Total reportable segment revenue $ 1,079 $ 194 $ 1,273 Unallocated corporate and other 191 Total revenue $ 1,464 Six Months Ended June 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 623 $ 219 $ 842 Contract investment amortization (26) (9) (35) Net fee revenues 597 210 807 Owned, leased, and other revenue 92 186 278 Cost reimbursement revenue 3,360 517 3,877 Total reportable segment revenue $ 4,049 $ 913 $ 4,962 Unallocated corporate and other 503 Total revenue $ 5,465 Six Months Ended June 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 519 $ 137 $ 656 Contract investment amortization (33) (13) (46) Net fee revenues 486 124 610 Owned, leased, and other revenue 119 187 306 Cost reimbursement revenue 4,294 515 4,809 Total reportable segment revenue $ 4,899 $ 826 $ 5,725 Unallocated corporate and other 420 Total revenue $ 6,145 Segment Profit and Loss Three Months Ended Six Months Ended ($ in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 U.S. & Canada $ 344 $ (36) $ 487 $ 122 International 79 (163) 56 (190) Unallocated corporate and other 60 20 13 (5) Interest expense, net of interest income (102) (119) (202) (206) Benefit for income taxes 41 64 57 76 Net income (loss) $ 422 $ (234) $ 411 $ (203)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Rollforward of Restructuring Charges	The following table presents our restructuring liability activity during the period: ($ in millions) Employee termination benefits Balance at December 31, 2020 $ 143 Charges 19 Cash payments (100) Other (2) Balance at June 30, 2021, classified in “Accrued expenses and other” $ 60

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Computation of Basic Earnings Per Share Net income (loss) $ 422 $ (234) $ 411 $ (203) Shares for basic earnings per share 327.1 325.6 326.9 325.5 Basic earnings (loss) per share $ 1.29 $ (0.72) $ 1.26 $ (0.63) Computation of Diluted Earnings Per Share Net income (loss) $ 422 $ (234) $ 411 $ (203) Shares for basic earnings per share 327.1 325.6 326.9 325.5 Effect of dilutive securities Stock-based compensation (1) 2.0 — 2.1 — Shares for diluted earnings per share 329.1 325.6 329.0 325.5 Diluted earnings (loss) per share $ 1.28 $ (0.72) $ 1.25 $ (0.63) (1) For the calculation of diluted loss per share for the three and six months ended June 30, 2020, we excluded stock-based compensation securities of 0.8 million and 1.4 million, respectively, because the effect was anti-dilutive.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 53 $ 7 Operating profit 196 119 Other 18 4 $ 267 $ 130

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Maturities of Finance Lease Liabilities	The following table presents our future minimum lease payments as of June 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 91 $ 7 2022 176 13 2023 123 14 2024 115 14 2025 108 14 Thereafter 520 137 Total minimum lease payments $ 1,133 $ 199 Less: Amount representing interest (240) (49) Present value of minimum lease payments $ 893 $ 150 The following table presents the composition of our current and noncurrent lease liabilities as of June 30, 2021 and year-end 2020: ($ in millions) June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 148 $ 7 $ 147 $ 7 Noncurrent (2) 745 143 823 146 $ 893 $ 150 $ 970 $ 153 (1) Operating leases are recorded in the “ Accrued expenses and other Current portion of long-term debt Long-term debt
Maturities of Operating Lease Liabilities	The following table presents our future minimum lease payments as of June 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 91 $ 7 2022 176 13 2023 123 14 2024 115 14 2025 108 14 Thereafter 520 137 Total minimum lease payments $ 1,133 $ 199 Less: Amount representing interest (240) (49) Present value of minimum lease payments $ 893 $ 150 The following table presents the composition of our current and noncurrent lease liabilities as of June 30, 2021 and year-end 2020: ($ in millions) June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 148 $ 7 $ 147 $ 7 Noncurrent (2) 745 143 823 146 $ 893 $ 150 $ 970 $ 153 (1) Operating leases are recorded in the “ Accrued expenses and other Current portion of long-term debt (2) Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “ Long-term debt

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of June 30, 2021 and year-end 2020: ($ in millions) June 30, December 31, Senior Notes: Series L Notes, interest rate of 3.3%, face amount of $173, maturing September 15, 2022 (effective interest rate of 3.4%) $ 173 $ 173 Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%) 400 399 Series O Notes, interest rate of 2.9%, face amount of $450, matured March 1, 2021 (effective interest rate of 3.1%) — 450 Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) 347 346 Series Q Notes, interest rate of 2.3%, face amount of $399, maturing January 15, 2022 (effective interest rate of 2.5%) 399 398 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) 745 745 Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023 (effective interest rate of 3.1%) 291 291 Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%) 328 330 Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%) 290 290 Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) 445 445 Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023 (effective interest rate of 4.4%) 348 348 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, matured March 8, 2021 — 300 Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 577 586 Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%) 227 228 Series EE Notes, interest rate of 5.8%, face amount of $1,600, maturing May 1, 2025 (effective interest rate of 6.0%) 1,585 1,583 Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) 986 986 Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) 985 985 Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) 1,089 — Commercial paper — — Credit Facility 400 900 Finance lease obligations 150 153 Other 126 143 $ 10,188 $ 10,376 Less current portion (805) (1,173) $ 9,383 $ 9,203

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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 in the following table: June 30, 2021 December 31, 2020 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 165 $ 149 $ 159 $ 142 Total noncurrent financial assets $ 165 $ 149 $ 159 $ 142 Senior Notes $ (8,713) $ (9,537) $ (8,031) $ (8,941) Commercial paper / Credit Facility (400) (400) (900) (900) Other long-term debt (126) (129) (126) (128) Other noncurrent liabilities (414) (414) (426) (426) Total noncurrent financial liabilities $ (9,653) $ (10,480) $ (9,483) $ (10,395)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) Activity	The following tables detail the accumulated other comprehensive loss activity for the 2021 first half and 2020 first half: ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2020 $ (139) $ 4 $ (135) Other comprehensive loss before reclassifications (1) (59) — (59) Reclassification adjustments — — — Net other comprehensive loss (59) — (59) Balance at June 30, 2021 $ (198) $ 4 $ (194) ($ in millions) Foreign Currency Translation Adjustments Derivative Instrument and Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2019 $ (368) $ 7 $ (361) Other comprehensive (loss) income before reclassifications (1) (250) 12 (238) Reclassification adjustments — (9) (9) Net other comprehensive (loss) income (250) 3 (247) Balance at June 30, 2020 $ (618) $ 10 $ (608) (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 $18 million for the 2021 first half and $2 million for the 2020 first half.
Changes in Shareholders' Equity	The following tables detail the changes in common shares outstanding and stockholders’ equity (deficit) for the 2021 first half and 2020 first half: (in millions, except per share amounts) Common Total Class A Common Stock Additional Paid-in-Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 324.4 Balance at year-end 2020 $ 430 $ 5 $ 5,851 $ 9,206 $ (14,497) $ (135) — Net loss (11) — — (11) — — — Other comprehensive loss (155) — — — — (155) 1.2 Stock-based compensation plans (30) — (64) — 34 — 325.6 Balance at March 31, 2021 234 5 5,787 9,195 (14,463) (290) — Net income 422 — — 422 — — — Other comprehensive income 96 — — — — 96 — Stock-based compensation plans 44 — 43 1 — — 325.6 Balance at June 30, 2021 $ 796 $ 5 $ 5,830 $ 9,618 $ (14,463) $ (194) Common Total Class A Common Stock Additional Paid-in-Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Loss 324.0 Balance at year-end 2019 $ 703 $ 5 $ 5,800 $ 9,644 $ (14,385) $ (361) — Adoption of ASU 2016-13 (15) — — (15) — — — Net income 31 — — 31 — — — Other comprehensive loss (378) — — — — (378) — Dividends ($0.48 per share) (156) — — (156) — — 1.2 Stock-based compensation plans (55) — (89) — 34 — (1.0) Purchase of treasury stock (150) — — — (150) — 324.2 Balance at March 31, 2020 (20) 5 5,711 9,504 (14,501) (739) — Net loss (234) — — (234) — — — Other comprehensive income 131 — — — — 131 0.1 Stock-based compensation plans 44 — 42 — 2 — 324.3 Balance at June 30, 2020 $ (79) $ 5 $ 5,753 $ 9,270 $ (14,499) $ (608)

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Revenues	The following tables present our revenues disaggregated by segment and major revenue stream for the 2021 second quarter, 2020 second quarter, 2021 first half, and 2020 first half: Three Months Ended June 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 373 $ 132 $ 505 Contract investment amortization (13) (5) (18) Net fee revenues 360 127 487 Owned, leased, and other revenue 57 120 177 Cost reimbursement revenue 1,911 275 2,186 Total reportable segment revenue $ 2,328 $ 522 $ 2,850 Unallocated corporate and other 299 Total revenue $ 3,149 Three Months Ended June 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 113 $ 35 $ 148 Contract investment amortization (14) (7) (21) Net fee revenues 99 28 127 Owned, leased, and other revenue 17 19 36 Cost reimbursement revenue 963 147 1,110 Total reportable segment revenue $ 1,079 $ 194 $ 1,273 Unallocated corporate and other 191 Total revenue $ 1,464 Six Months Ended June 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 623 $ 219 $ 842 Contract investment amortization (26) (9) (35) Net fee revenues 597 210 807 Owned, leased, and other revenue 92 186 278 Cost reimbursement revenue 3,360 517 3,877 Total reportable segment revenue $ 4,049 $ 913 $ 4,962 Unallocated corporate and other 503 Total revenue $ 5,465 Six Months Ended June 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 519 $ 137 $ 656 Contract investment amortization (33) (13) (46) Net fee revenues 486 124 610 Owned, leased, and other revenue 119 187 306 Cost reimbursement revenue 4,294 515 4,809 Total reportable segment revenue $ 4,899 $ 826 $ 5,725 Unallocated corporate and other 420 Total revenue $ 6,145
Segment Profits	Segment Profit and Loss Three Months Ended Six Months Ended ($ in millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 U.S. & Canada $ 344 $ (36) $ 487 $ 122 International 79 (163) 56 (190) Unallocated corporate and other 60 20 13 (5) Interest expense, net of interest income (102) (119) (202) (206) Benefit for income taxes 41 64 57 76 Net income (loss) $ 422 $ (234) $ 411 $ (203)

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Millions	6 Months Ended	15 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Difference between liability for COBRA and receivable from credits from ARPA	$ 4
American Rescue Plan Act of 2021, Benefit Coverage Continuation
Restructuring Cost and Reserve [Line Items]
Liability for COBRA	40	$ 40
Receivable credits from ARPA	36	36
Property-Level Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		268
U.S. & Canada | Above-Property and Property-Level Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	17	$ 272
Reimbursed expenses | Property-Level Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	18
Restructuring and merger-related charges | Property-Level Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1

Restructuring Charges - Rollfor

Restructuring Charges - Rollforward of Reserves (Details) - Employee termination benefits $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 143
Charges	19
Cash payments	(100)
Other	(2)
Ending balance	$ 60

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, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Computation of Basic Earnings Per Share
Net income (loss)	$ 422	$ (11)	$ (234)	$ 31	$ 411	$ (203)
Shares for basic earnings per share (in shares)	327.1		325.6		326.9	325.5
Basic earnings (loss) per share (in USD per share)	$ 1.29		$ (0.72)		$ 1.26	$ (0.63)
Computation of Diluted Earnings Per Share
Net income (loss)	$ 422	$ (11)	$ (234)	$ 31	$ 411	$ (203)
Shares for basic earnings per share (in shares)	327.1		325.6		326.9	325.5
Effect of dilutive securities
Stock-based compensation (in shares)	2		0		2.1	0
Shares for diluted earnings per share (in shares)	329.1		325.6		329	325.5
Diluted earnings (loss) per share (in USD per share)	$ 1.28		$ (0.72)		$ 1.25	$ (0.63)
Antidilutive shares (in shares)			0.8			1.4

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 41	$ 46	$ 90	$ 85
Deferred compensation costs related to unvested awards	$ 255		$ 255		$ 301
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.2
Stock awards, vesting period			4 years
Stock awards, period of service after grant date			1 year
Stock awards, weighted average grant-date fair value (in USD per share)			$ 141
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	(10.90%)	21.50%	(16.30%)	27.30%
Unrecognized tax benefits	$ 336		$ 336		$ 464
Change in unrecognized benefits			(128)
Unrecognized tax benefits with tax positions that would impact effective tax rate	286		286		410
Interest and penalties expense (benefit)			(36)	$ 15
Interest and penalties accrued	$ 49		49		$ 85
Cash paid for income taxes, net of refunds			$ 220	$ 72

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 267
Recorded Liability for Guarantees	130
Guarantees not in effect until underlying properties open	92
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	53
Recorded Liability for Guarantees	7
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	196
Recorded Liability for Guarantees	119
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	18
Recorded Liability for Guarantees	$ 4

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Purchase Obligations (Details) $ in Millions	Jun. 30, 2021USD ($)
Guarantor Obligations [Line Items]
Guarantee	$ 267
Guarantee, recorded liability	130
Sheraton Grand Chicago Hotel
Guarantor Obligations [Line Items]
Guarantee, recorded liability	300
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)	Nov. 30, 2018lawsuit	Mar. 15, 2019lawsuit	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Data Security Incident
Loss Contingencies [Line Items]
Expense related to data security incident			$ 7,000,000	$ 3,000,000	$ 12,000,000	$ 18,000,000
Insurance recoveries related to data security incident			7,000,000	3,000,000	12,000,000	20,000,000
Insurance recoveries received			$ 0	$ 20,000,000	$ 10,000,000	$ 44,000,000
Class Action Lawsuits Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed | lawsuit	100
Shareholder Derivative Complaints Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed | lawsuit		2

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Operating Leases
2021, remaining	$ 91
2022	176
2023	123
2024	115
2025	108
Thereafter	520
Total minimum lease payments	1,133
Less: Amount representing interest	(240)
Present value of minimum lease payments	893	$ 970
Current	$ 148	$ 147
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Noncurrent	$ 745	$ 823
Finance Leases
2021, remaining	7
2022	13
2023	14
2024	14
2025	14
Thereafter	137
Total minimum lease payments	199
Less: Amount representing interest	(49)
Present value of minimum lease payments	150	153
Current	7	7
Noncurrent	$ 143	$ 146
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2021
Leases [Abstract]
Lease term	20 years

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit Facility	$ 400,000,000		$ 900,000,000
Finance lease obligations	150,000,000		153,000,000
Total debt	10,188,000,000		10,376,000,000
Less current portion	(805,000,000)		(1,173,000,000)
Long-term debt, noncurrent	9,383,000,000		9,203,000,000
Series L Notes, interest rate of 3.3%, face amount of $173, maturing September 15, 2022 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Senior notes	173,000,000		173,000,000
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	400,000,000		399,000,000
Series O Notes, interest rate of 2.9%, face amount of $450, matured March 1, 2021 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Senior notes	0		450,000,000
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	347,000,000		346,000,000
Series Q Notes, interest rate of 2.3%, face amount of $399, maturing January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Senior notes	399,000,000		398,000,000
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	745,000,000		745,000,000
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	291,000,000		291,000,000
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	328,000,000		330,000,000
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	290,000,000		290,000,000
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	445,000,000		445,000,000
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	348,000,000		348,000,000
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	297,000,000		297,000,000
Series BB Notes, floating rate, face amount of $300, matured March 8, 2021
Debt Instrument [Line Items]
Senior notes	0		300,000,000
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	577,000,000		586,000,000
Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%)
Debt Instrument [Line Items]
Senior notes	227,000,000		228,000,000
Series EE Notes, interest rate of 5.8%, face amount of $1,600, maturing May 1, 2025 (effective interest rate of 6.0%)
Debt Instrument [Line Items]
Senior notes	1,585,000,000		1,583,000,000
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Senior notes	986,000,000		986,000,000
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)
Debt Instrument [Line Items]
Senior notes	985,000,000		985,000,000
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)
Debt Instrument [Line Items]
Senior notes	$ 1,089,000,000		0
Senior Notes | Series L Notes, interest rate of 3.3%, face amount of $173, maturing September 15, 2022 (effective interest rate of 3.4%)
Debt Instrument [Line Items]
Interest rate	3.30%
Senior notes, face amount	$ 173,000,000
Effective interest rate	3.40%
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	$ 400,000,000
Effective interest rate	3.40%
Senior Notes | Series O Notes, interest rate of 2.9%, face amount of $450, matured March 1, 2021 (effective interest rate of 3.1%)
Debt Instrument [Line Items]
Interest rate	2.90%
Senior notes, face amount	$ 450,000,000
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	$ 350,000,000
Effective interest rate	4.00%
Senior Notes | Series Q Notes, interest rate of 2.3%, face amount of $399, maturing January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Interest rate	2.30%
Senior notes, face amount	$ 399,000,000
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	$ 750,000,000
Effective interest rate	3.30%
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	$ 291,000,000
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	$ 318,000,000
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	$ 278,000,000
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	$ 450,000,000
Effective interest rate	4.20%
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	$ 350,000,000
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	$ 300,000,000
Effective interest rate	4.80%
Senior Notes | Series BB Notes, floating rate, face amount of $300, matured March 8, 2021
Debt Instrument [Line Items]
Senior notes, face amount	$ 300,000,000
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%
Senior notes, face amount	$ 550,000,000
Effective interest rate	3.90%
Senior Notes | Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%)
Debt Instrument [Line Items]
Interest rate	2.10%
Senior notes, face amount	$ 224,000,000
Effective interest rate	1.20%
Senior Notes | Series EE Notes, interest rate of 5.8%, face amount of $1,600, maturing May 1, 2025 (effective interest rate of 6.0%)
Debt Instrument [Line Items]
Interest rate	5.80%
Senior notes, face amount	$ 1,600,000,000
Effective interest rate	6.00%
Senior Notes | Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%)
Debt Instrument [Line Items]
Interest rate	4.60%
Senior notes, face amount	$ 1,000,000,000
Effective interest rate	4.80%
Senior Notes | Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%)
Debt Instrument [Line Items]
Interest rate	3.50%
Senior notes, face amount	$ 1,000,000,000
Effective interest rate	3.70%
Senior Notes | Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%)
Debt Instrument [Line Items]
Interest rate	2.90%	2.85%
Senior notes, face amount	$ 1,100,000,000	$ 1,100,000,000
Effective interest rate	3.00%
Commercial paper
Debt Instrument [Line Items]
Commercial paper	$ 0		0
Other
Debt Instrument [Line Items]
Other	$ 126,000,000		$ 143,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Aug. 09, 2021USD ($)	Mar. 31, 2021USD ($)	Jan. 31, 2021amendment	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Short-term Debt [Line Items]
Interest paid, net of amounts capitalized				$ 196,000,000	$ 186,000,000
Maximum aggregate borrowings under credit facility (up to)				4,500,000,000
Line of Credit | Revolving Credit Facility
Short-term Debt [Line Items]
Number of amendments | amendment			2
Line of Credit | Revolving Credit Facility | Maximum
Short-term Debt [Line Items]
Maximum leverage ratio			5.50
Line of Credit | Revolving Credit Facility | Minimum
Short-term Debt [Line Items]
Maximum leverage ratio			4
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) | Senior Notes
Short-term Debt [Line Items]
Aggregate principal amount		$ 1,100,000,000		$ 1,100,000,000
Interest rate		2.85%		2.90%
Net proceeds		$ 1,089,000,000
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%) | Forecast [Member]
Short-term Debt [Line Items]
Percentage of debt redeemed	100.00%
Debt redeemed	$ 400,000,000
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%) | Senior Notes
Short-term Debt [Line Items]
Aggregate principal amount				$ 400,000,000
Interest rate				3.10%

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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 165	$ 159
Other noncurrent liabilities	(2,166)	(2,366)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	165	159
Total noncurrent financial assets	165	159
Senior Notes	(8,713)	(8,031)
Commercial paper / Credit Facility	(400)	(900)
Other long-term debt	(126)	(126)
Other noncurrent liabilities	(414)	(426)
Total noncurrent financial liabilities	(9,653)	(9,483)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	149	142
Total noncurrent financial assets	149	142
Senior Notes	(9,537)	(8,941)
Commercial paper / Credit Facility	(400)	(900)
Other long-term debt	(129)	(128)
Other noncurrent liabilities	(414)	(426)
Total noncurrent financial liabilities	$ (10,480)	$ (10,395)

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, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 234	$ 430	$ (20)	$ 703	$ 430	$ 703
Other comprehensive (loss) income before reclassifications					(59)	(238)
Reclassification adjustments					0	(9)
Total other comprehensive income (loss), net of tax	96	(155)	131	(378)	(59)	(247)
Balance at end of period	796	234	(79)	(20)	796	(79)
Intra-entity foreign currency long-term-investment gains					18	2
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		(139)		(368)	(139)	(368)
Other comprehensive (loss) income before reclassifications					(59)	(250)
Reclassification adjustments					0	0
Total other comprehensive income (loss), net of tax					(59)	(250)
Balance at end of period	(198)		(618)		(198)	(618)
Derivative Instrument and Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period		4		7	4	7
Other comprehensive (loss) income before reclassifications					0	12
Reclassification adjustments					0	(9)
Total other comprehensive income (loss), net of tax					0	3
Balance at end of period	4		10		4	10
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(290)	(135)	(739)	(361)	(135)	(361)
Total other comprehensive income (loss), net of tax	96	(155)	131	(378)
Balance at end of period	$ (194)	$ (290)	$ (608)	$ (739)	$ (194)	$ (608)

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
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 234	$ 430	$ (20)	$ 703	$ 430	$ 703
Net income (loss)	422	(11)	(234)	31	411	(203)
Other comprehensive income (loss)	96	(155)	131	(378)	(59)	(247)
Dividends				(156)
Stock-based compensation plans	44	(30)	44	(55)
Purchase of treasury stock				(150)
Balance at end of period	796	234	(79)	$ (20)	796	(79)
Accounting standards update				us-gaap:AccountingStandardsUpdate201602Member
Cash dividends (in USD per share)				$ 0.48
Cumulative Effect, Period of Adoption, Adjustment
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period				$ (15)		(15)
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at beginning of period (in shares)	325.6	324.4	324.2	324	324.4	324
Stock-based compensation plans (in shares)		1.2	0.1	1.2
Purchase of treasury stock (in shares)				(1)
Balance at end of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Balance at end of period (in shares)	325.6	325.6	324.3	324.2	325.6	324.3
Additional Paid-in-Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5,787	$ 5,851	$ 5,711	$ 5,800	$ 5,851	$ 5,800
Stock-based compensation plans	43	(64)	42	(89)
Balance at end of period	5,830	5,787	5,753	5,711	5,830	5,753
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	9,195	9,206	9,504	9,644	9,206	9,644
Net income (loss)	422	(11)	(234)	31
Dividends				(156)
Stock-based compensation plans	1
Balance at end of period	9,618	9,195	9,270	9,504	9,618	9,270
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period				(15)		(15)
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(14,463)	(14,497)	(14,501)	(14,385)	(14,497)	(14,385)
Stock-based compensation plans		34	2	34
Purchase of treasury stock				(150)
Balance at end of period	(14,463)	(14,463)	(14,499)	(14,501)	(14,463)	(14,499)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(290)	(135)	(739)	(361)	(135)	(361)
Other comprehensive income (loss)	96	(155)	131	(378)
Balance at end of period	$ (194)	$ (290)	$ (608)	$ (739)	$ (194)	$ (608)

Contracts with Customers (Detai

Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Change in contract with customer liability		$ (230)
Contract with customer liability	$ 1,637	1,637	$ 1,867
Deferred revenue recognized		154
Accounts and notes receivable, net, allowance for credit losses	224	224	207
Provision for credit losses	4	23
Loyalty Program
Disaggregation of Revenue [Line Items]
Change in contract with customer liability		204
Contract with customer liability	$ 6,475	6,475	$ 6,271
Reclassification of deferred revenue to liability for guest loyalty program		114
Deferred revenue recognized		$ 760

Business Segments - Segment Rev

Business Segments - Segment Revenues (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 3,149	$ 1,464	$ 5,465	$ 6,145
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,850	1,273	4,962	5,725
Unallocated corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	299	191	503	420
U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,328	1,079	4,049	4,899
International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	522	194	913	826
Fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	642	234	1,087	863
Contract investment amortization	(18)	(21)	(35)	(46)
Revenues	624	213	1,052	817
Fee revenues | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	505	148	842	656
Contract investment amortization	(18)	(21)	(35)	(46)
Revenues	487	127	807	610
Fee revenues | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	373	113	623	519
Contract investment amortization	(13)	(14)	(26)	(33)
Revenues	360	99	597	486
Fee revenues | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	132	35	219	137
Contract investment amortization	(5)	(7)	(9)	(13)
Revenues	127	28	210	124
Owned, leased, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	187	49	295	329
Owned, leased, and other | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	177	36	278	306
Owned, leased, and other | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	57	17	92	119
Owned, leased, and other | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	120	19	186	187
Reimbursements
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,338	1,202	4,118	4,999
Reimbursements | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,186	1,110	3,877	4,809
Reimbursements | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,911	963	3,360	4,294
Reimbursements | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 275	$ 147	$ 517	$ 515

Business Segments - Segment Pro

Business Segments - Segment Profits (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 486		$ (154)		$ 570	$ (40)
Interest expense, net of interest income	(102)		(119)		(202)	(206)
Benefit for income taxes	41		64		57	76
Net income (loss)	422	$ (11)	(234)	$ 31	411	(203)
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	60		20		13	(5)
U.S. & Canada | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	344		(36)		487	122
International | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 79		$ (163)		$ 56	$ (190)