Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.01 par value | |
Trading Symbol | MAR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 325,683,100 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001048286 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Revenues | $ 3,946 | $ 2,254 | $ 9,411 | $ 8,399 |
OPERATING COSTS AND EXPENSES | ||||
Depreciation, amortization, and other | 64 | 53 | 166 | 275 |
General, administrative, and other | 212 | 131 | 610 | 579 |
Restructuring and merger-related charges | 4 | 1 | 8 | 5 |
Costs and expenses | 3,401 | 2,002 | 8,296 | 8,187 |
OPERATING INCOME | 545 | 252 | 1,115 | 212 |
Gains and other income, net | 0 | 2 | 6 | 3 |
Loss on extinguishment of debt | (164) | 0 | (164) | 0 |
Interest expense | (107) | (113) | (323) | (333) |
Interest income | 8 | 6 | 22 | 20 |
Equity in losses | (4) | (20) | (24) | (54) |
INCOME (LOSS) BEFORE INCOME TAXES | 278 | 127 | 632 | (152) |
(Provision) benefit for income taxes | (58) | (27) | (1) | 49 |
Net income (loss) | $ 220 | $ 100 | $ 631 | $ (103) |
EARNINGS (LOSS) PER SHARE | ||||
Earnings (loss) per share - basic (in USD per share) | $ 0.67 | $ 0.31 | $ 1.93 | $ (0.32) |
Earnings (loss) per share - diluted (in USD per share) | $ 0.67 | $ 0.31 | $ 1.92 | $ (0.32) |
Base management fees | ||||
REVENUES | ||||
Gross revenues | $ 190 | $ 87 | $ 452 | $ 341 |
Franchise fees | ||||
REVENUES | ||||
Gross revenues | 533 | 279 | 1,270 | 876 |
Incentive management fees | ||||
REVENUES | ||||
Gross revenues | 53 | 31 | 141 | 43 |
Fee revenues | ||||
REVENUES | ||||
Gross revenues | 776 | 397 | 1,863 | 1,260 |
Contract investment amortization | (21) | (48) | (56) | (94) |
Revenues | 755 | 349 | 1,807 | 1,166 |
Owned, leased, and other | ||||
REVENUES | ||||
Revenues | 241 | 116 | 536 | 445 |
OPERATING COSTS AND EXPENSES | ||||
Operating costs | 204 | 134 | 507 | 527 |
Reimbursements | ||||
REVENUES | ||||
Revenues | 2,950 | 1,789 | 7,068 | 6,788 |
OPERATING COSTS AND EXPENSES | ||||
Operating costs | $ 2,917 | $ 1,683 | $ 7,005 | $ 6,801 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 220 | $ 100 | $ 631 | $ (103) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (138) | 163 | (197) | (87) |
Derivative instrument adjustments and other, net of tax | 0 | (1) | 0 | 2 |
Total other comprehensive (loss) income, net of tax | (138) | 162 | (197) | (85) |
Comprehensive income (loss) | $ 82 | $ 262 | $ 434 | $ (188) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and equivalents | $ 772 | $ 877 |
Accounts and notes receivable, net | 2,042 | 1,768 |
Prepaid expenses and other | 176 | 180 |
Assets, current, total | 2,990 | 2,825 |
Property and equipment, net | 1,496 | 1,514 |
Intangible assets | ||
Goodwill | 9,084 | 9,175 |
Goodwill and intangible assets, net, total | 17,988 | 18,164 |
Equity method investments | 390 | 422 |
Notes receivable, net | 141 | 159 |
Deferred tax assets | 232 | 249 |
Operating lease assets | 642 | 752 |
Other noncurrent assets | 627 | 616 |
Total assets | 24,506 | 24,701 |
Current liabilities | ||
Current portion of long-term debt | 579 | 1,173 |
Accounts payable | 711 | 527 |
Accrued payroll and benefits | 1,120 | 831 |
Accrued expenses and other | 1,289 | 1,452 |
Liabilities, current, total | 6,019 | 5,752 |
Long-term debt | 9,264 | 9,203 |
Deferred tax liabilities | 69 | 83 |
Operating lease liabilities | 697 | 823 |
Other noncurrent liabilities | 2,137 | 2,366 |
Stockholders’ equity | ||
Class A Common Stock | 5 | 5 |
Additional paid-in-capital | 5,869 | 5,851 |
Retained earnings | 9,838 | 9,206 |
Treasury stock, at cost | (14,462) | (14,497) |
Accumulated other comprehensive loss | (332) | (135) |
Stockholders’ equity | 918 | 430 |
Liabilities and equity (deficit), total | 24,506 | 24,701 |
Brands | ||
Intangible assets | ||
Intangible assets | 5,987 | 6,059 |
Contract acquisition costs and other | ||
Intangible assets | ||
Intangible assets | 2,917 | 2,930 |
Liability for guest loyalty program | ||
Current liabilities | ||
Liability for guest loyalty program | 2,320 | 1,769 |
Contract with customer liabilities | 4,176 | 4,502 |
Deferred revenue | ||
Current liabilities | ||
Contract with customer liabilities | $ 1,226 | $ 1,542 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
OPERATING ACTIVITIES | |||
Net income (loss) | $ 631 | $ (103) | |
Adjustments to reconcile to cash provided by operating activities: | |||
Depreciation, amortization, and other | 222 | 369 | |
Stock-based compensation | 138 | 143 | |
Income taxes | (292) | (289) | |
Liability for guest loyalty program | 54 | 439 | |
Contract acquisition costs | (143) | (103) | |
Restructuring and merger-related charges | (5) | (40) | |
Working capital changes | 71 | 127 | |
Loss on extinguishment of debt | 164 | 0 | |
Deferred revenue changes and other | (95) | 1,080 | |
Net cash provided by operating activities | 745 | 1,623 | |
INVESTING ACTIVITIES | |||
Capital and technology expenditures | (114) | (97) | |
Dispositions | 8 | 260 | |
Loan advances | (10) | (36) | |
Loan collections | 38 | 6 | |
Other | (3) | (22) | |
Net cash (used in) provided by investing activities | (81) | 111 | |
FINANCING ACTIVITIES | |||
Commercial paper/Credit Facility, net | (150) | (2,260) | |
Issuance of long-term debt | 1,787 | 3,556 | |
Repayment of long-term debt | (2,172) | (1,278) | |
Issuance of Class A Common Stock | 2 | 0 | |
Debt extinguishment costs | (155) | 0 | |
Dividends paid | 0 | (156) | |
Purchase of treasury stock | 0 | (150) | |
Stock-based compensation withholding taxes | (85) | (100) | |
Other | 12 | (9) | |
Net cash used in financing activities | (761) | (397) | |
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (97) | 1,337 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | [1] | 894 | 253 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | [1] | $ 797 | $ 1,590 |
[1] | The 2021 amounts include beginning restricted cash of $17 million at December 31, 2020, and ending restricted cash of $25 million at September 30, 2021, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | ||
Restricted cash | $ 25 | $ 17 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020, the results of our operations for the three and nine months ended September 30, 2021 and September 30, 2020, and cash flows for the nine months ended September 30, 2021 and September 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 | 9 Months Ended |
Sep. 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 three quarters of $8 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, from the beginning of the programs through September 30, 2021, totaled $258 million. We substantially completed our property-level programs as of September 30, 2021. Our U.S. & Canada segment recorded $262 million of cumulative charges for above-property and property-level programs from the beginning of the programs through September 30, 2021, of which $7 million was recorded in the 2021 first three quarters. The following table presents our restructuring liability activity during the period: ($ in millions) Employee termination benefits Balance at December 31, 2020 $ 143 Charges 9 Cash payments (116) Other (3) Balance at September 30, 2021, classified in “Accrued expenses and other” $ 33 Additionally, as of September 30, 2021, we recorded $35 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. The American Rescue Plan Act of 2021 (“ARPA”) provides for refundable tax credits to employers as reimbursement for such benefit coverage continuation costs, which we have claimed as a tax credit against our Medicare tax obligations for that time period and recorded a receivable as of September 30, 2021 for excess tax credits that we expect to receive through payments from the U.S. Treasury. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 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 Nine Months Ended (in millions, except per share amounts) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Computation of Basic Earnings Per Share Net income (loss) $ 220 $ 100 $ 631 $ (103) Shares for basic earnings per share 327.3 325.9 327.0 325.7 Basic earnings (loss) per share $ 0.67 $ 0.31 $ 1.93 $ (0.32) Computation of Diluted Earnings Per Share Net income (loss) $ 220 $ 100 $ 631 $ (103) Shares for basic earnings per share 327.3 325.9 327.0 325.7 Effect of dilutive securities Stock-based compensation (1) 2.0 0.9 2.1 — Shares for diluted earnings per share 329.3 326.8 329.1 325.7 Diluted earnings (loss) per share $ 0.67 $ 0.31 $ 1.92 $ (0.32) (1) For the calculation of diluted loss per share for the nine months ended September 30, 2020, we excluded stock-based compensation securities of 1.2 million because the effect was anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | STOCK-BASED COMPENSATION We granted 0.3 million restricted stock units (“RSUs”) during the 2021 first three quarters 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 three quarters 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 three quarters had a weighted average grant-date fair value of $140 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 | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our effective tax rate was 21.1 percent for the 2021 third quarter compared to 21.6 percent for the 2020 third quarter, and 0.2 percent for the 2021 first three quarters compared to 32.0 percent for the 2020 first three quarters. The decrease in our effective tax rate for the first three quarters 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 $131 million to $333 million at September 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 $283 million at September 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 $(33) million in the 2021 first three quarters and $21 million in the 2020 first three quarters. We accrued interest and penalties related to our unrecognized tax benefits of approximately $52 million at September 30, 2021 and $85 million at December 31, 2020. We file income tax returns, including returns for our subsidiaries, in various jurisdictions around the world. The U.S. Internal Revenue Service (“IRS”) has examined our federal income tax returns, and as of September 30, 2021, we have settled all issues for Marriott for tax years through 2015 and for Starwood through 2016, the year the acquisition was completed. Our Marriott 2016 through 2020 tax year audits are currently ongoing. Various foreign, state, and local income tax returns are also under examination by the applicable taxing authorities. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees (excluding contingent purchase obligations) for which we are the primary obligor at September 30, 2021 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 20 $ 5 Operating profit 186 116 Other 18 4 $ 224 $ 125 Our maximum potential guarantees listed in the preceding table include $65 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 at September 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 third quarter, we recorded $4 million of expenses and no accrued insurance recoveries, and in the 2020 third quarter, we recorded a $35 million net reversal of expenses and $4 million of accrued insurance recoveries, related to the Data Security Incident. In the 2021 first three quarters, we recorded $16 million of expenses and $11 million of accrued insurance recoveries, and in the 2020 first three quarters, we recorded a $17 million net reversal of expenses and $24 million of accrued insurance recoveries, related to the Data Security Incident. We received no insurance recoveries in the 2021 third quarter, and we received insurance recoveries of $1 million in the 2020 third quarter, $10 million in the 2021 first three quarters, and $45 million in the 2020 first three quarters. The expenses for the 2021 third 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. Our motion to dismiss the Delaware derivative case was granted in October 2021. 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 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’s investigations are 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 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. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES The following table presents our future minimum lease payments as of September 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 43 $ 3 2022 175 14 2023 121 14 2024 114 14 2025 106 14 Thereafter 509 137 Total minimum lease payments $ 1,068 $ 196 Less: Amount representing interest (226) (48) Present value of minimum lease payments $ 842 $ 148 The following table presents the composition of our current and noncurrent lease liabilities as of September 30, 2021 and year-end 2020: ($ in millions) September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 145 $ 7 $ 147 $ 7 Noncurrent (2) 697 141 823 146 $ 842 $ 148 $ 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 September 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 September 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 43 $ 3 2022 175 14 2023 121 14 2024 114 14 2025 106 14 Thereafter 509 137 Total minimum lease payments $ 1,068 $ 196 Less: Amount representing interest (226) (48) Present value of minimum lease payments $ 842 $ 148 The following table presents the composition of our current and noncurrent lease liabilities as of September 30, 2021 and year-end 2020: ($ in millions) September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 145 $ 7 $ 147 $ 7 Noncurrent (2) 697 141 823 146 $ 842 $ 148 $ 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 September 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 | 9 Months Ended |
Sep. 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 September 30, 2021 and year-end 2020: ($ in millions) September 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, redeemed August 9, 2021 (effective interest rate of 3.4%) — 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%) 746 745 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%) 574 586 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 $600, maturing May 1, 2025 (effective interest rate of 6.0%) 595 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%) 987 986 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 — Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) 693 — Commercial paper — — Credit Facility 750 900 Finance lease obligations 148 153 Other 131 143 $ 9,843 $ 10,376 Less current portion (579) (1,173) $ 9,264 $ 9,203 We paid cash for interest, net of amounts capitalized, of $251 million in the 2021 first three quarters and $234 million in the 2020 first three quarters. On September 8, 2021, we announced a tender offer (the “Tender Offer”) to purchase certain of our Senior Notes, and on September 23, 2021, we purchased and retired $1 billion aggregate principal amount of our 5.750 percent Series EE Notes maturing May 1, 2025. Because the Tender Offer was oversubscribed as of the early tender time on September 22, 2021, only Series EE Notes were accepted for purchase and no additional Senior Notes were accepted for purchase in the Tender Offer after September 22, 2021. We used the net proceeds from our Series II Notes offering described below and cash on hand to complete the repurchase of such Series EE Notes, including the payment of accrued interest and other costs incurred. As a result of the Tender Offer, in the 2021 third quarter, we recorded a loss of $164 million in the “Loss on extinguishment of debt” caption of our Income Statements. On September 22, 2021, we issued $700 million aggregate principal amount of 2.750 percent Series II Notes due October 15, 2033 (the “Series II Notes”). We will pay interest on the Series II Notes in April and October of each year, commencing in April 2022. We received net proceeds of approximately $693 million from the offering of the Series II Notes, after deducting the underwriting discount and estimated expenses. We used the net proceeds to fund the Tender Offer, as further described above. On August 9, 2021, we redeemed all $400 million aggregate principal amount of our Series N Notes due in October 2021. 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 | 9 Months Ended |
Sep. 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: September 30, 2021 December 31, 2020 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 141 $ 127 $ 159 $ 142 Total noncurrent financial assets $ 141 $ 127 $ 159 $ 142 Senior Notes $ (8,242) $ (8,845) $ (8,031) $ (8,941) Credit Facility (750) (750) (900) (900) Other long-term debt (131) (134) (126) (128) Other noncurrent liabilities (411) (411) (426) (426) Total noncurrent financial liabilities $ (9,534) $ (10,140) $ (9,483) $ (10,395) See Note 13. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2020 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 | 9 Months Ended |
Sep. 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 three quarters and 2020 first three quarters: ($ 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) (197) — (197) Reclassification adjustments — — — Net other comprehensive loss (197) — (197) Balance at September 30, 2021 $ (336) $ 4 $ (332) ($ 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) (87) 12 (75) Reclassification adjustments — (10) (10) Net other comprehensive (loss) income (87) 2 (85) Balance at September 30, 2020 $ (455) $ 9 $ (446) (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 $30 million for the 2021 first three quarters and losses of $21 million for the 2020 first three quarters. The following tables detail the changes in common shares outstanding and stockholders’ equity (deficit) for the 2021 first three quarters and 2020 first three quarters: (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) — Net income 220 — — 220 — — — Other comprehensive loss (138) — — — — (138) 0.1 Stock-based compensation plans 40 — 39 — 1 — 325.7 Balance at September 30, 2021 $ 918 $ 5 $ 5,869 $ 9,838 $ (14,462) $ (332) 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) — Net income 100 — — 100 — — — Other comprehensive income 162 — — — — 162 — Stock-based compensation plans 46 — 45 — 1 — 324.3 Balance at September 30, 2020 $ 229 $ 5 $ 5,798 $ 9,370 $ (14,498) $ (446) |
Contracts with Customers
Contracts with Customers | 9 Months Ended |
Sep. 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 $225 million, to $6,496 million at September 30, 2021, from $6,271 million at December 31, 2020, primarily reflecting an increase in points earned by members. This includes a $171 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 $1,338 million of revenue recognized in the 2021 first three quarters, 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 $299 million, to $1,568 million at September 30, 2021, from $1,867 million at December 31, 2020, primarily as a result of $241 million of revenue recognized in the 2021 first three quarters 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 . The decrease was partially offset by an increase in franchise application and relicensing fees. Our allowance for credit losses increased to $221 million at September 30, 2021 from $207 million at December 31, 2020, primarily reflecting our provision for credit losses. Our provision for credit losses totaled $1 million in the 2021 third quarter and $24 million in the 2021 first three quarters. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 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 third quarter, 2020 third quarter, 2021 first three quarters, and 2020 first three quarters: Three Months Ended September 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 478 $ 156 $ 634 Contract investment amortization (15) (6) (21) Net fee revenues 463 150 613 Owned, leased, and other revenue 93 134 227 Cost reimbursement revenue 2,450 337 2,787 Total reportable segment revenue $ 3,006 $ 621 $ 3,627 Unallocated corporate and other 319 Total revenue $ 3,946 Three Months Ended September 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 201 $ 89 $ 290 Contract investment amortization (43) (5) (48) Net fee revenues 158 84 242 Owned, leased, and other revenue 36 63 99 Cost reimbursement revenue 1,392 212 1,604 Total reportable segment revenue $ 1,586 $ 359 $ 1,945 Unallocated corporate and other 309 Total revenue $ 2,254 Nine Months Ended September 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 1,101 $ 375 $ 1,476 Contract investment amortization (41) (15) (56) Net fee revenues 1,060 360 1,420 Owned, leased, and other revenue 185 320 505 Cost reimbursement revenue 5,810 854 6,664 Total reportable segment revenue $ 7,055 $ 1,534 $ 8,589 Unallocated corporate and other 822 Total revenue $ 9,411 Nine Months Ended September 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 720 $ 226 $ 946 Contract investment amortization (76) (18) (94) Net fee revenues 644 208 852 Owned, leased, and other revenue 155 250 405 Cost reimbursement revenue 5,686 727 6,413 Total reportable segment revenue $ 6,485 $ 1,185 $ 7,670 Unallocated corporate and other 729 Total revenue $ 8,399 Segment Profit and Loss Three Months Ended Nine Months Ended ($ in millions) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 U.S. & Canada $ 485 $ 66 $ 972 $ 188 International 86 11 142 (179) Unallocated corporate and other (194) 157 (181) 152 Interest expense, net of interest income (99) (107) (301) (313) (Provision) benefit for income taxes (58) (27) (1) 49 Net income (loss) $ 220 $ 100 $ 631 $ (103) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 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 9 Cash payments (116) Other (3) Balance at September 30, 2021, classified in “Accrued expenses and other” $ 33 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended (in millions, except per share amounts) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Computation of Basic Earnings Per Share Net income (loss) $ 220 $ 100 $ 631 $ (103) Shares for basic earnings per share 327.3 325.9 327.0 325.7 Basic earnings (loss) per share $ 0.67 $ 0.31 $ 1.93 $ (0.32) Computation of Diluted Earnings Per Share Net income (loss) $ 220 $ 100 $ 631 $ (103) Shares for basic earnings per share 327.3 325.9 327.0 325.7 Effect of dilutive securities Stock-based compensation (1) 2.0 0.9 2.1 — Shares for diluted earnings per share 329.3 326.8 329.1 325.7 Diluted earnings (loss) per share $ 0.67 $ 0.31 $ 1.92 $ (0.32) (1) For the calculation of diluted loss per share for the nine months ended September 30, 2020, we excluded stock-based compensation securities of 1.2 million because the effect was anti-dilutive. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 in the following table: ($ in millions) Guarantee Type Maximum Potential Amount of Future Fundings Recorded Liability for Guarantees Debt service $ 20 $ 5 Operating profit 186 116 Other 18 4 $ 224 $ 125 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Maturities of Finance Lease Liabilities | The following table presents our future minimum lease payments as of September 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 43 $ 3 2022 175 14 2023 121 14 2024 114 14 2025 106 14 Thereafter 509 137 Total minimum lease payments $ 1,068 $ 196 Less: Amount representing interest (226) (48) Present value of minimum lease payments $ 842 $ 148 The following table presents the composition of our current and noncurrent lease liabilities as of September 30, 2021 and year-end 2020: ($ in millions) September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 145 $ 7 $ 147 $ 7 Noncurrent (2) 697 141 823 146 $ 842 $ 148 $ 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 September 30, 2021: ($ in millions) Operating Leases Finance Leases 2021, remaining $ 43 $ 3 2022 175 14 2023 121 14 2024 114 14 2025 106 14 Thereafter 509 137 Total minimum lease payments $ 1,068 $ 196 Less: Amount representing interest (226) (48) Present value of minimum lease payments $ 842 $ 148 The following table presents the composition of our current and noncurrent lease liabilities as of September 30, 2021 and year-end 2020: ($ in millions) September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Current (1) $ 145 $ 7 $ 147 $ 7 Noncurrent (2) 697 141 823 146 $ 842 $ 148 $ 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) | 9 Months Ended |
Sep. 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 September 30, 2021 and year-end 2020: ($ in millions) September 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, redeemed August 9, 2021 (effective interest rate of 3.4%) — 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%) 746 745 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%) 574 586 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 $600, maturing May 1, 2025 (effective interest rate of 6.0%) 595 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%) 987 986 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 — Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) 693 — Commercial paper — — Credit Facility 750 900 Finance lease obligations 148 153 Other 131 143 $ 9,843 $ 10,376 Less current portion (579) (1,173) $ 9,264 $ 9,203 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 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: September 30, 2021 December 31, 2020 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Senior, mezzanine, and other loans $ 141 $ 127 $ 159 $ 142 Total noncurrent financial assets $ 141 $ 127 $ 159 $ 142 Senior Notes $ (8,242) $ (8,845) $ (8,031) $ (8,941) Credit Facility (750) (750) (900) (900) Other long-term debt (131) (134) (126) (128) Other noncurrent liabilities (411) (411) (426) (426) Total noncurrent financial liabilities $ (9,534) $ (10,140) $ (9,483) $ (10,395) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss and Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Activity | The following tables detail the accumulated other comprehensive loss activity for the 2021 first three quarters and 2020 first three quarters: ($ 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) (197) — (197) Reclassification adjustments — — — Net other comprehensive loss (197) — (197) Balance at September 30, 2021 $ (336) $ 4 $ (332) ($ 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) (87) 12 (75) Reclassification adjustments — (10) (10) Net other comprehensive (loss) income (87) 2 (85) Balance at September 30, 2020 $ (455) $ 9 $ (446) (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 $30 million for the 2021 first three quarters and losses of $21 million for the 2020 first three quarters. |
Changes in Shareholders' Equity | The following tables detail the changes in common shares outstanding and stockholders’ equity (deficit) for the 2021 first three quarters and 2020 first three quarters: (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) — Net income 220 — — 220 — — — Other comprehensive loss (138) — — — — (138) 0.1 Stock-based compensation plans 40 — 39 — 1 — 325.7 Balance at September 30, 2021 $ 918 $ 5 $ 5,869 $ 9,838 $ (14,462) $ (332) 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) — Net income 100 — — 100 — — — Other comprehensive income 162 — — — — 162 — Stock-based compensation plans 46 — 45 — 1 — 324.3 Balance at September 30, 2020 $ 229 $ 5 $ 5,798 $ 9,370 $ (14,498) $ (446) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Revenues | The following tables present our revenues disaggregated by segment and major revenue stream for the 2021 third quarter, 2020 third quarter, 2021 first three quarters, and 2020 first three quarters: Three Months Ended September 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 478 $ 156 $ 634 Contract investment amortization (15) (6) (21) Net fee revenues 463 150 613 Owned, leased, and other revenue 93 134 227 Cost reimbursement revenue 2,450 337 2,787 Total reportable segment revenue $ 3,006 $ 621 $ 3,627 Unallocated corporate and other 319 Total revenue $ 3,946 Three Months Ended September 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 201 $ 89 $ 290 Contract investment amortization (43) (5) (48) Net fee revenues 158 84 242 Owned, leased, and other revenue 36 63 99 Cost reimbursement revenue 1,392 212 1,604 Total reportable segment revenue $ 1,586 $ 359 $ 1,945 Unallocated corporate and other 309 Total revenue $ 2,254 Nine Months Ended September 30, 2021 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 1,101 $ 375 $ 1,476 Contract investment amortization (41) (15) (56) Net fee revenues 1,060 360 1,420 Owned, leased, and other revenue 185 320 505 Cost reimbursement revenue 5,810 854 6,664 Total reportable segment revenue $ 7,055 $ 1,534 $ 8,589 Unallocated corporate and other 822 Total revenue $ 9,411 Nine Months Ended September 30, 2020 ($ in millions) U.S. & Canada International Total Gross fee revenues $ 720 $ 226 $ 946 Contract investment amortization (76) (18) (94) Net fee revenues 644 208 852 Owned, leased, and other revenue 155 250 405 Cost reimbursement revenue 5,686 727 6,413 Total reportable segment revenue $ 6,485 $ 1,185 $ 7,670 Unallocated corporate and other 729 Total revenue $ 8,399 |
Segment Profits | Segment Profit and Loss Three Months Ended Nine Months Ended ($ in millions) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 U.S. & Canada $ 485 $ 66 $ 972 $ 188 International 86 11 142 (179) Unallocated corporate and other (194) 157 (181) 152 Interest expense, net of interest income (99) (107) (301) (313) (Provision) benefit for income taxes (58) (27) (1) 49 Net income (loss) $ 220 $ 100 $ 631 $ (103) |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Millions | 9 Months Ended | 18 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
American Rescue Plan Act of 2021, Benefit Coverage Continuation | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability for COBRA | $ 35 | $ 35 |
Property-Level Programs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 258 | |
U.S. & Canada | Above-Property and Property-Level Programs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 7 | $ 262 |
Reimbursed expenses | Property-Level Programs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 8 | |
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 | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 143 |
Charges | 9 |
Cash payments | (116) |
Other | (3) |
Ending balance | $ 33 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of the Earnings (Losses) and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Computation of Basic Earnings Per Share | ||||||||
Net income (loss) | $ 220 | $ 422 | $ (11) | $ 100 | $ (234) | $ 31 | $ 631 | $ (103) |
Shares for basic earnings per share (in shares) | 327.3 | 325.9 | 327 | 325.7 | ||||
Basic earnings (loss) per share (in USD per share) | $ 0.67 | $ 0.31 | $ 1.93 | $ (0.32) | ||||
Computation of Diluted Earnings Per Share | ||||||||
Net income (loss) | $ 220 | $ 422 | $ (11) | $ 100 | $ (234) | $ 31 | $ 631 | $ (103) |
Shares for basic earnings per share (in shares) | 327.3 | 325.9 | 327 | 325.7 | ||||
Effect of dilutive securities | ||||||||
Stock-based compensation (in shares) | 2 | 0.9 | 2.1 | 0 | ||||
Shares for diluted earnings per share (in shares) | 329.3 | 326.8 | 329.1 | 325.7 | ||||
Diluted earnings (loss) per share (in USD per share) | $ 0.67 | $ 0.31 | $ 1.92 | $ (0.32) | ||||
Antidilutive shares (in shares) | 1.2 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 40 | $ 49 | $ 130 | $ 134 | |
Deferred compensation costs related to unvested awards | $ 220 | $ 220 | $ 301 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards, granted (in shares) | 0.3 | ||||
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) | $ 140 | ||||
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 21.10% | 21.60% | 0.20% | (32.00%) | |
Unrecognized tax benefits | $ 333 | $ 333 | $ 464 | ||
Decrease in unrecognized tax benefits | 131 | ||||
Unrecognized tax benefits with tax positions that would impact effective tax rate | 283 | 283 | 410 | ||
Interest and penalties expense (benefit) | (33) | $ 21 | |||
Interest and penalties accrued | $ 52 | 52 | $ 85 | ||
Cash paid for income taxes, net of refunds | $ 293 | $ 240 |
Commitments and Contingencies -
Commitments and Contingencies - Guarantees (Details) $ in Millions | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Maximum Potential Amount of Future Fundings | $ 224 |
Recorded Liability for Guarantees | 125 |
Guarantees not in effect until underlying properties open | 65 |
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 | 186 |
Recorded Liability for Guarantees | 116 |
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 | Sep. 30, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Guarantee | $ 224 |
Guarantee, recorded liability | 125 |
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) | Dec. 03, 2019lawsuit | Nov. 30, 2018lawsuit | Mar. 15, 2019lawsuit | Sep. 30, 2021USD ($)lawsuit | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)lawsuit | Sep. 30, 2020USD ($) |
Data Security Incident | |||||||
Loss Contingencies [Line Items] | |||||||
Expense related to data security incident | $ | $ 4,000,000 | $ 35,000,000 | $ 16,000,000 | $ 17,000,000 | |||
Insurance recoveries related to data security incident | $ | 0 | 4,000,000 | 11,000,000 | 24,000,000 | |||
Insurance recoveries received | $ | $ 0 | $ 1,000,000 | $ 10,000,000 | $ 45,000,000 | |||
Class Action Lawsuits Related to Data Security Incident | |||||||
Loss Contingencies [Line Items] | |||||||
Number of new lawsuits filed | lawsuit | 100 | ||||||
Claims remaining | lawsuit | 1 | 1 | |||||
Shareholder Derivative Complaints Related to Data Security Incident | |||||||
Loss Contingencies [Line Items] | |||||||
Number of new lawsuits filed | lawsuit | 2 | 2 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021, remaining | $ 43 | |
2022 | 175 | |
2023 | 121 | |
2024 | 114 | |
2025 | 106 | |
Thereafter | 509 | |
Total minimum lease payments | 1,068 | |
Less: Amount representing interest | (226) | |
Present value of minimum lease payments | 842 | $ 970 |
Current | $ 145 | $ 147 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current |
Noncurrent | $ 697 | $ 823 |
Finance Leases | ||
2021, remaining | 3 | |
2022 | 14 | |
2023 | 14 | |
2024 | 14 | |
2025 | 14 | |
Thereafter | 137 | |
Total minimum lease payments | 196 | |
Less: Amount representing interest | (48) | |
Present value of minimum lease payments | 148 | 153 |
Current | 7 | 7 |
Noncurrent | $ 141 | $ 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) | Sep. 30, 2021 |
Leases [Abstract] | |
Lease term | 20 years |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) | Sep. 30, 2021 | Sep. 22, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Credit Facility | $ 750,000,000 | $ 900,000,000 | ||
Finance lease obligations | 148,000,000 | 153,000,000 | ||
Total debt | 9,843,000,000 | 10,376,000,000 | ||
Less current portion | (579,000,000) | (1,173,000,000) | ||
Long-term debt, noncurrent | 9,264,000,000 | 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, redeemed August 9, 2021 (effective interest rate of 3.4%) | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 0 | 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 | 746,000,000 | 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 | 574,000,000 | 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 $600, maturing May 1, 2025 (effective interest rate of 6.0%) | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 595,000,000 | 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 | 987,000,000 | 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 | ||
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 | $ 693,000,000 | 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, redeemed August 9, 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 $600, maturing May 1, 2025 (effective interest rate of 6.0%) | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.75% | |||
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% | 2.85% | ||
Senior notes, face amount | $ 1,100,000,000 | $ 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% | 2.75% | ||
Senior notes, face amount | $ 700,000,000 | $ 700,000,000 | ||
Effective interest rate | 2.80% | |||
Commercial paper | ||||
Debt Instrument [Line Items] | ||||
Commercial paper | $ 0 | 0 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Other | $ 131,000,000 | $ 143,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Sep. 23, 2021USD ($) | Sep. 22, 2021USD ($) | Aug. 09, 2021USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2021amendment | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Short-term Debt [Line Items] | |||||||||
Interest paid, net of amounts capitalized | $ 251,000,000 | $ 234,000,000 | |||||||
Loss on extinguishment of debt | $ 164,000,000 | $ 0 | 164,000,000 | $ 0 | |||||
Maximum aggregate borrowings under credit facility (up to) | $ 4,500,000,000 | $ 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 EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) | Senior Notes | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt redeemed | $ 1,000,000,000 | ||||||||
Interest rate | 5.75% | 5.75% | |||||||
Aggregate principal amount | $ 600,000,000 | $ 600,000,000 | |||||||
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) | Senior Notes | |||||||||
Short-term Debt [Line Items] | |||||||||
Interest rate | 2.75% | 2.80% | 2.80% | ||||||
Aggregate principal amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | ||||||
Net proceeds | $ 693,000,000 | ||||||||
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) | Senior Notes | |||||||||
Short-term Debt [Line Items] | |||||||||
Interest rate | 2.85% | 2.90% | 2.90% | ||||||
Aggregate principal amount | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | ||||||
Net proceeds | $ 1,089,000,000 | ||||||||
Series N Notes, interest rate of 3.1%, face amount of $400, redeemed August 9, 2021 (effective interest rate of 3.4%) | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt redeemed | $ 400,000,000 | ||||||||
Series N Notes, interest rate of 3.1%, face amount of $400, redeemed August 9, 2021 (effective interest rate of 3.4%) | Senior Notes | |||||||||
Short-term Debt [Line Items] | |||||||||
Interest rate | 3.10% | 3.10% | |||||||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior, mezzanine, and other loans | $ 141 | $ 159 |
Credit Facility | (750) | (900) |
Other noncurrent liabilities | (2,137) | (2,366) |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior, mezzanine, and other loans | 141 | 159 |
Total noncurrent financial assets | 141 | 159 |
Senior Notes | (8,242) | (8,031) |
Credit Facility | (750) | (900) |
Other long-term debt | (131) | (126) |
Other noncurrent liabilities | (411) | (426) |
Total noncurrent financial liabilities | (9,534) | (9,483) |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior, mezzanine, and other loans | 127 | 142 |
Total noncurrent financial assets | 127 | 142 |
Senior Notes | (8,845) | (8,941) |
Credit Facility | (750) | (900) |
Other long-term debt | (134) | (128) |
Other noncurrent liabilities | (411) | (426) |
Total noncurrent financial liabilities | $ (10,140) | $ (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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 796 | $ 234 | $ 430 | $ (79) | $ (20) | $ 703 | $ 430 | $ 703 |
Other comprehensive (loss) income before reclassifications | (197) | (75) | ||||||
Reclassification adjustments | 0 | (10) | ||||||
Total other comprehensive (loss) income, net of tax | (138) | 96 | (155) | 162 | 131 | (378) | (197) | (85) |
Balance at end of period | 918 | 796 | 234 | 229 | (79) | (20) | 918 | 229 |
Intra-entity foreign currency long-term-investment gains (losses) | 30 | (21) | ||||||
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 | (197) | (87) | ||||||
Reclassification adjustments | 0 | 0 | ||||||
Total other comprehensive (loss) income, net of tax | (197) | (87) | ||||||
Balance at end of period | (336) | (455) | (336) | (455) | ||||
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 | (10) | ||||||
Total other comprehensive (loss) income, net of tax | 0 | 2 | ||||||
Balance at end of period | 4 | 9 | 4 | 9 | ||||
Accumulated Other Comprehensive Loss | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (194) | (290) | (135) | (608) | (739) | (361) | (135) | (361) |
Total other comprehensive (loss) income, net of tax | (138) | 96 | (155) | 162 | 131 | (378) | ||
Balance at end of period | $ (332) | $ (194) | $ (290) | $ (446) | $ (608) | $ (739) | $ (332) | $ (446) |
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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
(Increase) Decrease in Shareholders' Deficit [Roll Forward] | ||||||||
Balance at beginning of period | $ 796 | $ 234 | $ 430 | $ (79) | $ (20) | $ 703 | $ 430 | $ 703 |
Net income (loss) | 220 | 422 | (11) | 100 | (234) | 31 | 631 | (103) |
Other comprehensive income (loss) | (138) | 96 | (155) | 162 | 131 | (378) | (197) | (85) |
Dividends | (156) | |||||||
Stock-based compensation plans | 40 | 44 | (30) | 46 | 44 | (55) | ||
Purchase of treasury stock | (150) | |||||||
Balance at end of period | 918 | 796 | 234 | 229 | (79) | $ (20) | 918 | 229 |
Accounting standards update | Accounting Standards Update 2016-02 [Member] | |||||||
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 | $ 5 | $ 5 |
Balance at beginning of period (in shares) | 325.6 | 325.6 | 324.4 | 324.3 | 324.2 | 324 | 324.4 | 324 |
Stock-based compensation plans (in shares) | 0.1 | 1.2 | 0.1 | 1.2 | ||||
Purchase of treasury stock (in shares) | (1) | |||||||
Balance at end of period | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 | $ 5 |
Balance at end of period (in shares) | 325.7 | 325.6 | 325.6 | 324.3 | 324.3 | 324.2 | 325.7 | 324.3 |
Additional Paid-in-Capital | ||||||||
(Increase) Decrease in Shareholders' Deficit [Roll Forward] | ||||||||
Balance at beginning of period | $ 5,830 | $ 5,787 | $ 5,851 | $ 5,753 | $ 5,711 | $ 5,800 | $ 5,851 | $ 5,800 |
Stock-based compensation plans | 39 | 43 | (64) | 45 | 42 | (89) | ||
Balance at end of period | 5,869 | 5,830 | 5,787 | 5,798 | 5,753 | 5,711 | 5,869 | 5,798 |
Retained Earnings | ||||||||
(Increase) Decrease in Shareholders' Deficit [Roll Forward] | ||||||||
Balance at beginning of period | 9,618 | 9,195 | 9,206 | 9,270 | 9,504 | 9,644 | 9,206 | 9,644 |
Net income (loss) | 220 | 422 | (11) | 100 | (234) | 31 | ||
Dividends | (156) | |||||||
Stock-based compensation plans | 1 | |||||||
Balance at end of period | 9,838 | 9,618 | 9,195 | 9,370 | 9,270 | 9,504 | 9,838 | 9,370 |
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) | (14,463) | (14,497) | (14,499) | (14,501) | (14,385) | (14,497) | (14,385) |
Stock-based compensation plans | 1 | 34 | 1 | 2 | 34 | |||
Purchase of treasury stock | (150) | |||||||
Balance at end of period | (14,462) | (14,463) | (14,463) | (14,498) | (14,499) | (14,501) | (14,462) | (14,498) |
Accumulated Other Comprehensive Loss | ||||||||
(Increase) Decrease in Shareholders' Deficit [Roll Forward] | ||||||||
Balance at beginning of period | (194) | (290) | (135) | (608) | (739) | (361) | (135) | (361) |
Other comprehensive income (loss) | (138) | 96 | (155) | 162 | 131 | (378) | ||
Balance at end of period | $ (332) | $ (194) | $ (290) | $ (446) | $ (608) | $ (739) | $ (332) | $ (446) |
Contracts with Customers (Detai
Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Change in contract with customer liability | $ (299) | ||
Contract with customer liability | $ 1,568 | 1,568 | $ 1,867 |
Deferred revenue recognized | 241 | ||
Accounts and notes receivable, net, allowance for credit losses | 221 | 221 | 207 |
Provision for credit losses | 1 | 24 | |
Loyalty Program | |||
Disaggregation of Revenue [Line Items] | |||
Change in contract with customer liability | 225 | ||
Contract with customer liability | $ 6,496 | 6,496 | $ 6,271 |
Reclassification of deferred revenue to liability for guest loyalty program | 171 | ||
Deferred revenue recognized | $ 1,338 |
Business Segments - Segment Rev
Business Segments - Segment Revenues (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 2 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 3,946 | $ 2,254 | $ 9,411 | $ 8,399 |
Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 3,627 | 1,945 | 8,589 | 7,670 |
Unallocated corporate and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 319 | 309 | 822 | 729 |
U.S. & Canada | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 3,006 | 1,586 | 7,055 | 6,485 |
International | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 621 | 359 | 1,534 | 1,185 |
Fee revenues | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Gross revenues | 776 | 397 | 1,863 | 1,260 |
Contract investment amortization | (21) | (48) | (56) | (94) |
Revenues | 755 | 349 | 1,807 | 1,166 |
Fee revenues | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Gross revenues | 634 | 290 | 1,476 | 946 |
Contract investment amortization | (21) | (48) | (56) | (94) |
Revenues | 613 | 242 | 1,420 | 852 |
Fee revenues | U.S. & Canada | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Gross revenues | 478 | 201 | 1,101 | 720 |
Contract investment amortization | (15) | (43) | (41) | (76) |
Revenues | 463 | 158 | 1,060 | 644 |
Fee revenues | International | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Gross revenues | 156 | 89 | 375 | 226 |
Contract investment amortization | (6) | (5) | (15) | (18) |
Revenues | 150 | 84 | 360 | 208 |
Owned, leased, and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 241 | 116 | 536 | 445 |
Owned, leased, and other | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 227 | 99 | 505 | 405 |
Owned, leased, and other | U.S. & Canada | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 93 | 36 | 185 | 155 |
Owned, leased, and other | International | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 134 | 63 | 320 | 250 |
Reimbursements | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,950 | 1,789 | 7,068 | 6,788 |
Reimbursements | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,787 | 1,604 | 6,664 | 6,413 |
Reimbursements | U.S. & Canada | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,450 | 1,392 | 5,810 | 5,686 |
Reimbursements | International | Total segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 337 | $ 212 | $ 854 | $ 727 |
Business Segments - Segment Pro
Business Segments - Segment Profits (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Segment profits | $ 545 | $ 252 | $ 1,115 | $ 212 | ||||
Interest expense, net of interest income | (99) | (107) | (301) | (313) | ||||
(Provision) benefit for income taxes | (58) | (27) | (1) | 49 | ||||
Net income (loss) | 220 | $ 422 | $ (11) | 100 | $ (234) | $ 31 | 631 | (103) |
Unallocated corporate and other | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Segment profits | (194) | 157 | (181) | 152 | ||||
U.S. & Canada | Total segment | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Segment profits | 485 | 66 | 972 | 188 | ||||
International | Total segment | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Segment profits | $ 86 | $ 11 | $ 142 | $ (179) |