Marriott International (MAR) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		327,298,386
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Revenues	$ 4,199	$ 2,316
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	48	52
General, administrative, and other	208	211
Restructuring, merger-related charges, and other	9	1
Costs and expenses	3,641	2,232
OPERATING INCOME	558	84
Gains and other income, net	4	1
Interest expense	(93)	(107)
Interest income	5	7
Equity in earnings (losses)	2	(12)
INCOME (LOSS) BEFORE INCOME TAXES	476	(27)
(Provision) benefit for income taxes	(99)	16
Net income (loss)	$ 377	$ (11)
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share - basic (in USD per share)	$ 1.15	$ (0.03)
Earnings (loss) per share - diluted (in USD per share)	$ 1.14	$ (0.03)
Base management fees
REVENUES
Gross revenues	$ 213	$ 106
Franchise fees
REVENUES
Gross revenues	500	306
Incentive management fees
REVENUES
Gross revenues	102	33
Fee revenues
REVENUES
Gross revenues	815	445
Contract investment amortization	(24)	(17)
Revenues	791	428
Owned, leased, and other
REVENUES
Revenues	262	108
OPERATING COSTS AND EXPENSES
Operating costs	197	135
Reimbursements
REVENUES
Revenues	3,146	1,780
OPERATING COSTS AND EXPENSES
Operating costs	$ 3,179	$ 1,833

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 377	$ (11)
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(155)
Other adjustments, net of tax	0	0
Total other comprehensive income (loss), net of tax	14	(155)
Comprehensive income (loss)	$ 391	$ (166)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 1,042	$ 1,393
Accounts and notes receivable, net	2,112	1,982
Prepaid expenses and other	264	251
Assets, current, total	3,418	3,626
Property and equipment, net	1,531	1,503
Intangible assets
Goodwill	9,069	9,073
Goodwill and intangible assets, net, total	17,960	17,999
Equity method investments	361	387
Notes receivable, net	141	144
Deferred tax assets	228	228
Operating lease assets	1,024	1,062
Other noncurrent assets	575	604
Total assets	25,238	25,553
Current liabilities
Current portion of long-term debt	731	805
Accounts payable	737	726
Accrued payroll and benefits	1,052	1,187
Accrued expenses and other	1,276	1,167
Liabilities, current, total	6,422	6,407
Long-term debt	8,738	9,333
Deferred tax liabilities	179	169
Operating lease liabilities	1,066	1,098
Other noncurrent liabilities	1,977	2,002
Stockholders’ equity
Class A Common Stock	5	5
Additional paid-in-capital	5,831	5,892
Retained earnings	10,682	10,305
Treasury stock, at cost	(14,418)	(14,446)
Accumulated other comprehensive loss	(328)	(342)
Stockholders’ equity	1,772	1,414
Liabilities and equity (deficit), total	25,238	25,553
Brands
Intangible assets
Intangible assets	5,974	5,979
Contract acquisition costs and other
Intangible assets
Intangible assets	2,917	2,947
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	2,626	2,522
Contract with customer liabilities	3,963	3,949
Deferred revenue
Current liabilities
Contract with customer liabilities	$ 1,121	$ 1,181

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income (loss)		$ 377	$ (11)
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other		72	69
Stock-based compensation		44	53
Income taxes		61	(50)
Liability for guest loyalty program		57	74
Contract acquisition costs		(26)	(47)
Restructuring, merger-related charges, and other		7	(6)
Working capital changes		(230)	(27)
Deferred revenue changes and other		36	(28)
Net cash provided by operating activities		398	27
INVESTING ACTIVITIES
Capital and technology expenditures		(49)	(30)
Dispositions		0	7
Loan advances		0	(2)
Loan collections		7	3
Other		19	(7)
Net cash used in investing activities		(23)	(29)
FINANCING ACTIVITIES
Credit Facility, net		(250)	(500)
Issuance of long-term debt		0	1,089
Repayment of long-term debt		(401)	(752)
Issuance of Class A Common Stock		0	2
Stock-based compensation withholding taxes		(78)	(82)
Other		0	(7)
Net cash used in financing activities		(729)	(250)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(354)	(252)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	[1]	1,421	894
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	[1]	$ 1,067	$ 642
[1]	The 2022 amounts include beginning restricted cash of $28 million at December 31, 2021, and ending restricted cash of $25 million at March 31, 2022, 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	Mar. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Restricted cash	$ 25	$ 28

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021 (“2021 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2021 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 March 31, 2022 and December 31, 2021, the results of our operations for the three months ended March 31, 2022 and March 31, 2021, and cash flows for the three months ended March 31, 2022 and March 31, 2021. 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 (in millions, except per share amounts) March 31, 2022 March 31, 2021 Computation of Basic Earnings Per Share Net income (loss) $ 377 $ (11) Shares for basic earnings per share 328.3 326.7 Basic earnings (loss) per share $ 1.15 $ (0.03) Computation of Diluted Earnings Per Share Net income (loss) $ 377 $ (11) Shares for basic earnings per share 328.3 326.7 Effect of dilutive securities Stock-based compensation (1) 1.7 — Shares for diluted earnings per share 330.0 326.7 Diluted earnings (loss) per share $ 1.14 $ (0.03) (1) For the calculation of diluted loss per share for the three months ended March 31, 2021, we excluded stock-based compensation securities of 2.3 million because the effect was anti-dilutive.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	STOCK-BASED COMPENSATION We granted 1.0 million restricted stock units (“RSUs”) during the 2022 first quarter 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 0.1 million performance-based RSUs (“PSUs”) in the 2022 first quarter to certain executives, which are earned, subject to continued employment and the satisfaction of certain performance and market conditions generally based on the degree of achievement of pre-established targets for 2024 adjusted EBITDA performance and relative total stockholder return over the 2022 to 2024 performance period. RSUs, including PSUs, granted in the 2022 first quarter had a weighted average grant-date fair value of $169 per unit. We recorded stock-based compensation expense for RSUs and PSUs of $42 million in the 2022 first quarter and $49 million in the 2021 first quarter. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $320 million at March 31, 2022 and $189 million at December 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES We recorded a provision of $99 million with an effective tax rate of 20.7 percent for the 2022 first quarter and a benefit of $16 million with an effective tax rate of 59.2 percent for the 2021 first quarter. The change in our effective tax rate was primarily due to a less favorable impact from stock-based compensation as a percentage of our pre-tax income in the 2022 first quarter compared to a percentage of our pre-tax loss in the 2021 first quarter. We paid cash for income taxes, net of refunds, of $38 million in the 2022 first quarter and $33 million in the 2021 first quarter.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 20 $ 5 Operating profit 182 112 Other 17 4 $ 219 $ 121 Our maximum potential guarantees listed in the preceding table include $45 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 to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). In the 2021 third quarter, we entered into an amendment with the owner to move the exercise period of the put option from the 2022 first half to the 2024 first half. If the owner exercises the put option, the closing is expected to occur in the 2024 fourth quarter, and 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 was $300 million at March 31, 2022 and December 31, 2021. 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 . 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 was 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”). We filed motions to dismiss in connection with all of the U.S. cases. Our motions to dismiss the Securities Case and three shareholder derivative complaints (two included in the MDL proceeding and one filed in the Delaware Court of Chancery) were granted in 2021. The plaintiff in the Securities Case appealed the dismissal and the dismissal was affirmed by the U.S. Court of Appeals for the Fourth Circuit in April 2022. Motions to dismiss in the other MDL cases have been denied in part or in whole and these cases remain at varying stages. On May 3, 2022, the U.S. District Court for the District of Maryland granted in part and denied in part class certification of various U.S. groups of consumers and we are evaluating how to proceed. 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 Securities Case 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. In October 2021, we received a letter purportedly on behalf of another stockholder of the Company (also one of the named plaintiffs in one of the dismissed MDL Derivative Cases 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 other claims related to the Data Security Incident or associated disclosures. The Board of Directors has constituted a demand review committee to investigate the claims made in these demand letters, and the committee has retained independent counsel to assist with the investigations. The committee has completed its investigation and reported its findings and recommendations to our Board of Directors, which thereafter resolved, in February 2022, to reject the demands in their entirety. 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. 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 other case was decided by the U.K. Supreme Court on November 10, 2021. The plaintiffs have informed us that they have decided not to pursue this case and the parties are in the process of preparing formal dismissal papers. 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 U.S. Federal Trade Commission, and certain regulatory authorities in other jurisdictions 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.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and year-end 2021: ($ in millions) March 31, 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 P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) 347 347 Series Q Notes, interest rate of 2.3%, face amount of $399, matured January 15, 2022 (effective interest rate of 2.5%) — 399 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) 746 746 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%) 326 327 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%) 349 349 Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) 298 297 Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 548 566 Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%) 224 226 Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) 595 595 Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) 987 987 Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) 986 986 Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) 1,090 1,090 Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) 694 693 Credit Facility 800 1,050 Finance lease obligations 144 146 Other 136 135 $ 9,469 $ 10,138 Less current portion (731) (805) $ 8,738 $ 9,333 We paid cash for interest, net of amounts capitalized, of $29 million in the 2022 first quarter and $38 million in the 2021 first quarter. We are party to a multicurrency revolving credit agreement (as amended, the “Credit Facility”) that provides for up to $4.5 billion of aggregate 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 the 2022 first quarter, we made repayments of $250 million, reducing the total outstanding borrowings under the Credit Facility to $800 million as of March 31, 2022. In April 2022, we repaid an additional $400 million of outstanding borrowings under the Credit Facility. We entered into amendments to the Credit Facility in April 2020 and January 2021 (the “Credit Facility Amendments”). The debt leverage covenant in the Credit Facility, which is tested each quarter and was waived pursuant to the Credit Facility Amendments through and including the fourth quarter of 2021, resumed beginning with the quarter that ended March 31, 2022. The Credit Facility Amendments adjusted the required leverage levels for this covenant starting at 5.50 to 1.00 for the test period that ended on March 31, 2022 and gradually stepping down to 4.00 to 1.00 over the succeeding five fiscal quarters, as further described in the Credit Facility. The Credit Facility Amendments also amended certain other 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	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 141 $ 128 $ 144 $ 131 Total noncurrent financial assets $ 141 $ 128 $ 144 $ 131 Senior Notes $ (7,701) $ (7,649) $ (8,009) $ (8,480) Credit Facility (800) (800) (1,050) (1,050) Other long-term debt (100) (100) (135) (140) Other noncurrent liabilities (407) (407) (414) (414) Total noncurrent financial liabilities $ (9,008) $ (8,956) $ (9,608) $ (10,084) See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2021 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	3 Months Ended
	Mar. 31, 2022
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 2022 first quarter and 2021 first quarter: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2021 $ (351) $ 9 $ (342) Other comprehensive income before reclassifications (1) 14 — 14 Reclassification adjustments — — — Net other comprehensive income 14 — 14 Balance at March 31, 2022 $ (337) $ 9 $ (328) ($ in millions) Foreign Currency Translation Adjustments Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2020 $ (139) $ 4 $ (135) Other comprehensive loss before reclassifications (1) (155) — (155) Reclassification adjustments — — — Net other comprehensive loss (155) — (155) Balance at March 31, 2021 $ (294) $ 4 $ (290) (1) Other comprehensive income (loss) 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 $12 million for the 2022 first quarter and $27 million for the 2021 first quarter. The following tables detail the changes in common shares outstanding and stockholders’ equity for the 2022 first quarter and 2021 first quarter: (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 326.3 Balance at year-end 2021 $ 1,414 $ 5 $ 5,892 $ 10,305 $ (14,446) $ (342) — Net income 377 — — 377 — — — Other comprehensive income 14 — — — — 14 1.0 Stock-based compensation plans (33) — (61) — 28 — 327.3 Balance at March 31, 2022 $ 1,772 $ 5 $ 5,831 $ 10,682 $ (14,418) $ (328) 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)

Contracts with Customers

Contracts with Customers	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contracts with Customers	CONTRACTS WITH CUSTOMERS Our current and noncurrent liability for guest loyalty program increased by $118 million, to $6,589 million at March 31, 2022, from $6,471 million at December 31, 2021, primarily reflecting an increase in points earned by members. This includes a $61 million reclassification from deferred revenue to the liability for guest loyalty program primarily due to 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 $567 million of revenue recognized in the 2022 first quarter, that was deferred as of December 31, 2021. The current portion of our liability for guest loyalty program increased compared to December 31, 2021, due to higher estimated redemptions in the short-term. Current and noncurrent deferred revenue decreased by $73 million, to $1,454 million at March 31, 2022, from $1,527 million at December 31, 2021, primarily as a result of $92 million of revenue recognized in the 2022 first quarter that was deferred as of December 31, 2021, as well as the reclassification from deferred revenue to the liability for guest loyalty program, which we discuss above . The decrease was partially offset by deferred cash received related to our co-brand credit cards and gift cards, as well as an increase in franchise application and relicensing fees. Our current deferred revenue, which we present in the “Accrued expenses and other” caption of our Balance Sheets, was $333 million at March 31, 2022 and $346 million at year-end 2021. Our allowance for credit losses increased to $200 million at March 31, 2022 from $187 million at December 31, 2021, primarily reflecting our provision for credit losses. Our provision for credit losses totaled $19 million in the 2022 first quarter.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS We discuss our operations in the following two operating segments, both of which meet the applicable criteria for separate disclosure as a reportable business segment: U.S. & Canada and International. 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 and fees from vacation ownership licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring, merger-related charges, and other expenses, 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 table presents our revenues disaggregated by segment and major revenue stream for the 2022 first quarter and 2021 first quarter: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 ($ in millions) U.S. & Canada International Total U.S. & Canada International Total Gross fee revenues $ 489 $ 177 $ 666 $ 250 $ 87 $ 337 Contract investment amortization (14) (10) (24) (13) (4) (17) Net fee revenues 475 167 642 237 83 320 Owned, leased, and other revenue 92 153 245 35 66 101 Cost reimbursement revenue 2,704 355 3,059 1,449 242 1,691 Total reportable segment revenue $ 3,271 $ 675 $ 3,946 $ 1,721 $ 391 $ 2,112 Unallocated corporate and other 253 204 Total revenue $ 4,199 $ 2,316 Segment Profit and Loss Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 U.S. & Canada $ 454 $ 143 International 131 (23) Unallocated corporate and other (21) (47) Interest expense, net of interest income (88) (100) (Provision) benefit for income taxes (99) 16 Net income (loss) $ 377 $ (11)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 (in millions, except per share amounts) March 31, 2022 March 31, 2021 Computation of Basic Earnings Per Share Net income (loss) $ 377 $ (11) Shares for basic earnings per share 328.3 326.7 Basic earnings (loss) per share $ 1.15 $ (0.03) Computation of Diluted Earnings Per Share Net income (loss) $ 377 $ (11) Shares for basic earnings per share 328.3 326.7 Effect of dilutive securities Stock-based compensation (1) 1.7 — Shares for diluted earnings per share 330.0 326.7 Diluted earnings (loss) per share $ 1.14 $ (0.03) (1) For the calculation of diluted loss per share for the three months ended March 31, 2021, we excluded stock-based compensation securities of 2.3 million because the effect was anti-dilutive.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 20 $ 5 Operating profit 182 112 Other 17 4 $ 219 $ 121

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and year-end 2021: ($ in millions) March 31, 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 P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) 347 347 Series Q Notes, interest rate of 2.3%, face amount of $399, matured January 15, 2022 (effective interest rate of 2.5%) — 399 Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) 746 746 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%) 326 327 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%) 349 349 Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) 298 297 Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) 548 566 Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022 (effective interest rate of 1.2%) 224 226 Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) 595 595 Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) 987 987 Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) 986 986 Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) 1,090 1,090 Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) 694 693 Credit Facility 800 1,050 Finance lease obligations 144 146 Other 136 135 $ 9,469 $ 10,138 Less current portion (731) (805) $ 8,738 $ 9,333

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 141 $ 128 $ 144 $ 131 Total noncurrent financial assets $ 141 $ 128 $ 144 $ 131 Senior Notes $ (7,701) $ (7,649) $ (8,009) $ (8,480) Credit Facility (800) (800) (1,050) (1,050) Other long-term debt (100) (100) (135) (140) Other noncurrent liabilities (407) (407) (414) (414) Total noncurrent financial liabilities $ (9,008) $ (8,956) $ (9,608) $ (10,084)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss Activity	The following tables detail the accumulated other comprehensive loss activity for the 2022 first quarter and 2021 first quarter: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2021 $ (351) $ 9 $ (342) Other comprehensive income before reclassifications (1) 14 — 14 Reclassification adjustments — — — Net other comprehensive income 14 — 14 Balance at March 31, 2022 $ (337) $ 9 $ (328) ($ in millions) Foreign Currency Translation Adjustments Other Adjustments Accumulated Other Comprehensive Loss Balance at year-end 2020 $ (139) $ 4 $ (135) Other comprehensive loss before reclassifications (1) (155) — (155) Reclassification adjustments — — — Net other comprehensive loss (155) — (155) Balance at March 31, 2021 $ (294) $ 4 $ (290) (1) Other comprehensive income (loss) 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 $12 million for the 2022 first quarter and $27 million for the 2021 first quarter.
Changes in Shareholders' Equity	The following tables detail the changes in common shares outstanding and stockholders’ equity for the 2022 first quarter and 2021 first quarter: (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 326.3 Balance at year-end 2021 $ 1,414 $ 5 $ 5,892 $ 10,305 $ (14,446) $ (342) — Net income 377 — — 377 — — — Other comprehensive income 14 — — — — 14 1.0 Stock-based compensation plans (33) — (61) — 28 — 327.3 Balance at March 31, 2022 $ 1,772 $ 5 $ 5,831 $ 10,682 $ (14,418) $ (328) 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)

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Revenues	The following table presents our revenues disaggregated by segment and major revenue stream for the 2022 first quarter and 2021 first quarter: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 ($ in millions) U.S. & Canada International Total U.S. & Canada International Total Gross fee revenues $ 489 $ 177 $ 666 $ 250 $ 87 $ 337 Contract investment amortization (14) (10) (24) (13) (4) (17) Net fee revenues 475 167 642 237 83 320 Owned, leased, and other revenue 92 153 245 35 66 101 Cost reimbursement revenue 2,704 355 3,059 1,449 242 1,691 Total reportable segment revenue $ 3,271 $ 675 $ 3,946 $ 1,721 $ 391 $ 2,112 Unallocated corporate and other 253 204 Total revenue $ 4,199 $ 2,316
Segment Profits	Segment Profit and Loss Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 U.S. & Canada $ 454 $ 143 International 131 (23) Unallocated corporate and other (21) (47) Interest expense, net of interest income (88) (100) (Provision) benefit for income taxes (99) 16 Net income (loss) $ 377 $ (11)

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
	Mar. 31, 2022	Mar. 31, 2021
Computation of Basic Earnings Per Share
Net income (loss)	$ 377	$ (11)
Shares for basic earnings per share (in shares)	328.3	326.7
Basic earnings (loss) per share (in USD per share)	$ 1.15	$ (0.03)
Computation of Diluted Earnings Per Share
Net income (loss)	$ 377	$ (11)
Shares for basic earnings per share (in shares)	328.3	326.7
Effect of dilutive securities
Stock-based compensation (in shares)	1.7	0
Shares for diluted earnings per share (in shares)	330	326.7
Diluted earnings (loss) per share (in USD per share)	$ 1.14	$ (0.03)
Antidilutive shares (in shares)		2.3

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 42	$ 49
Deferred compensation costs related to unvested awards	$ 320		$ 189
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)	1
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)	$ 169
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)	0.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	20.70%	59.20%
Cash paid for income taxes, net of refunds	$ 38	$ 33

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 219
Recorded Liability for Guarantees	121
Guarantees not in effect until underlying properties open	45
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	20
Recorded Liability for Guarantees	5
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	182
Recorded Liability for Guarantees	112
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	17
Recorded Liability for Guarantees	$ 4

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Purchase Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Guarantee	$ 219
Guarantee, recorded liability	121
Sheraton Grand Chicago Hotel
Guarantor Obligations [Line Items]
Guarantee, recorded liability	300	$ 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) - Class Action Lawsuits Related to Data Security Incident - lawsuit	Nov. 30, 2018	Mar. 31, 2022
Loss Contingencies [Line Items]
Number of new lawsuits filed	100
Claims remaining		1

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Credit Facility	$ 800,000,000	$ 1,050,000,000
Finance lease obligations	144,000,000	146,000,000
Total debt	9,469,000,000	10,138,000,000
Less current portion	(731,000,000)	(805,000,000)
Long-term debt, noncurrent	8,738,000,000	9,333,000,000
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 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	347,000,000
Series Q Notes, interest rate of 2.3%, face amount of $399, matured January 15, 2022 (effective interest rate of 2.5%)
Debt Instrument [Line Items]
Senior notes	0	399,000,000
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	746,000,000	746,000,000
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	326,000,000	327,000,000
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	349,000,000	349,000,000
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	298,000,000	297,000,000
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	548,000,000	566,000,000
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	224,000,000	226,000,000
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%)
Debt Instrument [Line Items]
Senior notes	595,000,000	595,000,000
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	987,000,000	987,000,000
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	986,000,000	986,000,000
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	1,090,000,000	1,090,000,000
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Senior notes	$ 694,000,000	693,000,000
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 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, matured 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 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 $600, maturing May 1, 2025 (effective interest rate of 6.0%)
Debt Instrument [Line Items]
Interest rate	5.80%
Senior notes, face amount	$ 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%
Senior notes, face amount	$ 1,100,000,000
Effective interest rate	3.00%
Senior Notes | Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%)
Debt Instrument [Line Items]
Interest rate	2.80%
Senior notes, face amount	$ 700,000,000
Effective interest rate	2.80%
Other
Debt Instrument [Line Items]
Other	$ 136,000,000	$ 135,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Apr. 01, 2023	Jan. 01, 2022	Dec. 31, 2021USD ($)
Short-term Debt [Line Items]
Interest paid, net of amounts capitalized		$ 29	$ 38
Maximum aggregate borrowings under credit facility (up to)		4,500
Credit Facility		800				$ 1,050
Line of Credit | Revolving Credit Facility
Short-term Debt [Line Items]
Maximum leverage ratio					5.50
Repayments of credit facility		250
Credit Facility		$ 800
Line of Credit | Revolving Credit Facility | Forecast [Member]
Short-term Debt [Line Items]
Maximum leverage ratio				4
Line of Credit | Revolving Credit Facility | Subsequent Event
Short-term Debt [Line Items]
Repayments of credit facility	$ 400

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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	$ 141	$ 144
Credit Facility	(800)	(1,050)
Other noncurrent liabilities	(1,977)	(2,002)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	141	144
Total noncurrent financial assets	141	144
Senior Notes	(7,701)	(8,009)
Credit Facility	(800)	(1,050)
Other long-term debt	(100)	(135)
Other noncurrent liabilities	(407)	(414)
Total noncurrent financial liabilities	(9,008)	(9,608)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior, mezzanine, and other loans	128	131
Total noncurrent financial assets	128	131
Senior Notes	(7,649)	(8,480)
Credit Facility	(800)	(1,050)
Other long-term debt	(100)	(140)
Other noncurrent liabilities	(407)	(414)
Total noncurrent financial liabilities	$ (8,956)	$ (10,084)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss and Shareholders' Equity - Accumulated Other Comprehensive (Loss) Income Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,414	$ 430
Other comprehensive (loss) income before reclassifications	14	(155)
Reclassification adjustments	0	0
Total other comprehensive income (loss), net of tax	14	(155)
Balance at end of period	1,772	234
Intra-entity foreign currency long-term-investment gains (losses)	12	27
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(351)	(139)
Other comprehensive (loss) income before reclassifications	14	(155)
Reclassification adjustments	0	0
Total other comprehensive income (loss), net of tax	14	(155)
Balance at end of period	(337)	(294)
Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	9	4
Other comprehensive (loss) income before reclassifications	0	0
Reclassification adjustments	0	0
Total other comprehensive income (loss), net of tax	0	0
Balance at end of period	9	4
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(342)	(135)
Total other comprehensive income (loss), net of tax	14	(155)
Balance at end of period	$ (328)	$ (290)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss and Shareholders' Equity - Changes in Shareholders' Equity (Deficit) (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 1,414	$ 430
Net income (loss)	377	(11)
Other comprehensive income (loss)	14	(155)
Stock-based compensation plans	(33)	(30)
Balance at end of period	1,772	234
Class A Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5	$ 5
Balance at beginning of period (in shares)	326.3	324.4
Stock-based compensation plans (in shares)	1	1.2
Balance at end of period	$ 5	$ 5
Balance at end of period (in shares)	327.3	325.6
Additional Paid-in-Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ 5,892	$ 5,851
Stock-based compensation plans	(61)	(64)
Balance at end of period	5,831	5,787
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	10,305	9,206
Net income (loss)	377	(11)
Balance at end of period	10,682	9,195
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(14,446)	(14,497)
Stock-based compensation plans	28	34
Balance at end of period	(14,418)	(14,463)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(342)	(135)
Other comprehensive income (loss)	14	(155)
Balance at end of period	$ (328)	$ (290)

Contracts with Customers (Detai

Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts and notes receivable, net, allowance for credit losses	$ 200	$ 187
Provision for credit losses	19
Accrued Expenses and Other
Disaggregation of Revenue [Line Items]
Liability for guest loyalty program	333	346
Loyalty Program
Disaggregation of Revenue [Line Items]
Change in contract with customer liability	118
Contract with customer liability	6,589	6,471
Reclassification of deferred revenue to liability for guest loyalty program	61
Deferred revenue recognized	567
Liability for guest loyalty program	2,626	2,522
Deferred revenue
Disaggregation of Revenue [Line Items]
Change in contract with customer liability	(73)
Contract with customer liability	1,454	$ 1,527
Deferred revenue recognized	$ 92

Business Segments - Segment Rev

Business Segments - Segment Revenues (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	2
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of operating segments | segment	2
Revenues	$ 4,199	$ 2,316
Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,946	2,112
Unallocated corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	253	204
U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,271	1,721
International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	675	391
Fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	815	445
Contract investment amortization	(24)	(17)
Revenues	791	428
Fee revenues | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	666	337
Contract investment amortization	(24)	(17)
Revenues	642	320
Fee revenues | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	489	250
Contract investment amortization	(14)	(13)
Revenues	475	237
Fee revenues | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross revenues	177	87
Contract investment amortization	(10)	(4)
Revenues	167	83
Owned, leased, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	262	108
Owned, leased, and other | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	245	101
Owned, leased, and other | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	92	35
Owned, leased, and other | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	153	66
Reimbursements
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,146	1,780
Reimbursements | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,059	1,691
Reimbursements | U.S. & Canada | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,704	1,449
Reimbursements | International | Total segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 355	$ 242

Business Segments - Segment Pro

Business Segments - Segment Profits (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 558	$ 84
Interest expense, net of interest income	(88)	(100)
(Provision) benefit for income taxes	(99)	16
Net income (loss)	377	(11)
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	(21)	(47)
U.S. & Canada | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	454	143
International | Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profits	$ 131	$ (23)