v3.25.4

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
LEASES | LEASES We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years, and contain one or more renewals at our option, generally for five- or 10-year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option. The following table details the composition of lease expense and supplemental cash flow information for 2025, 2024, and 2023:
(in millions) |  | 2025 |  | 2024 |  | 2023
Operating lease cost |  | $ | 139 |  |  | $ | 143 |  |  | $ | 155 |
Variable lease cost |  | 122 |  |  | 122 |  |  | 128 |
Operating cash outflows for operating leases |  | 152 |  |  | 154 |  |  | 240 |
Operating lease assets obtained in exchange for lease obligation |  | 160 |  |  | 37 |  |  | 25 |
The following table presents our future minimum lease payments at year-end 2025:
(in millions) | Operating Leases |  | Finance Leases
2026 | $ | 144 |  | $ | 16
2027 | 125 |  | 16
2028 | 118 |  | 17
2029 | 102 |  | 17
2030 | 96 |  | 18
Thereafter | 668 |  | 60
Total minimum lease payments | $ | 1,253 |  | $ | 144
Less: Amount representing interest | 275 |  | 24
Present value of minimum lease payments | $ | 978 |  | $ | 120
The following table presents the composition of our current and noncurrent lease liability at year-end 2025 and 2024:
(in millions) | December 31, 2025 |  | December 31, 2024
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Current (1) | $ | 99 |  |  | $ | 11 |  |  | $ | 104 |  |  | $ | 9 |
Noncurrent (2) | 879 |  |  | 109 |  |  | 794 |  |  | 115 |
| $ | 978 |  |  | $ | 120 |  |  | $ | 898 |  |  | $ | 124 |
(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets. (2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets. The following table presents additional information about our lease obligations at year-end 2025 and 2024:
|  | 2025 |  | 2024
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted Average Remaining Lease Term (in years) |  | 12 |  | 8 |  | 13 |  | 9
Weighted Average Discount Rate |  | 4.5 | % |  | 4.4 | % |  | 4.3 | % |  | 4.4 | %
LEASES | LEASES We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years, and contain one or more renewals at our option, generally for five- or 10-year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option. The following table details the composition of lease expense and supplemental cash flow information for 2025, 2024, and 2023:
(in millions) |  | 2025 |  | 2024 |  | 2023
Operating lease cost |  | $ | 139 |  |  | $ | 143 |  |  | $ | 155 |
Variable lease cost |  | 122 |  |  | 122 |  |  | 128 |
Operating cash outflows for operating leases |  | 152 |  |  | 154 |  |  | 240 |
Operating lease assets obtained in exchange for lease obligation |  | 160 |  |  | 37 |  |  | 25 |
The following table presents our future minimum lease payments at year-end 2025:
(in millions) | Operating Leases |  | Finance Leases
2026 | $ | 144 |  | $ | 16
2027 | 125 |  | 16
2028 | 118 |  | 17
2029 | 102 |  | 17
2030 | 96 |  | 18
Thereafter | 668 |  | 60
Total minimum lease payments | $ | 1,253 |  | $ | 144
Less: Amount representing interest | 275 |  | 24
Present value of minimum lease payments | $ | 978 |  | $ | 120
The following table presents the composition of our current and noncurrent lease liability at year-end 2025 and 2024:
(in millions) | December 31, 2025 |  | December 31, 2024
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Current (1) | $ | 99 |  |  | $ | 11 |  |  | $ | 104 |  |  | $ | 9 |
Noncurrent (2) | 879 |  |  | 109 |  |  | 794 |  |  | 115 |
| $ | 978 |  |  | $ | 120 |  |  | $ | 898 |  |  | $ | 124 |
(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets. (2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets. The following table presents additional information about our lease obligations at year-end 2025 and 2024:
|  | 2025 |  | 2024
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted Average Remaining Lease Term (in years) |  | 12 |  | 8 |  | 13 |  | 9
Weighted Average Discount Rate |  | 4.5 | % |  | 4.4 | % |  | 4.3 | % |  | 4.4 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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