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)202520242023
Operating lease cost
$139 $143 $155 
Variable lease cost122 122 128 
Operating cash outflows for operating leases152 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 LeasesFinance Leases
2026$144$16
202712516
202811817
202910217
20309618
Thereafter66860
Total minimum lease payments$1,253$144
Less: Amount representing interest27524
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, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance 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:
20252024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
Weighted Average Remaining Lease Term (in years)128139
Weighted Average Discount Rate4.5 %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)202520242023
Operating lease cost
$139 $143 $155 
Variable lease cost122 122 128 
Operating cash outflows for operating leases152 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 LeasesFinance Leases
2026$144$16
202712516
202811817
202910217
20309618
Thereafter66860
Total minimum lease payments$1,253$144
Less: Amount representing interest27524
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, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance 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:
20252024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
Weighted Average Remaining Lease Term (in years)128139
Weighted Average Discount Rate4.5 %4.4 %4.3 %4.4 %