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RECEIVABLES | 3 Months Ended
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Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
RECEIVABLES | RECEIVABLES Receivables At March 31, 2025 and December 31, 2024, we had $1,239 million and $1,121 million, respectively, of net receivables recorded on our condensed consolidated balance sheets. The following table summarizes the activity in our receivables allowance for credit losses:
| 2025 |  | 2024 |  |
Allowance at January 1 | $ | 62 |  |  | $ | 50 |  |  |
Provisions (reversals), net | 4 |  |  | 3 |  |  |
Write-offs | (2) |  |  | (2) |  |  |
Allowance at March 31 | $ | 64 |  |  | $ | 51 |  |  |
Financing Receivables
| March 31, 2025 |  | December 31, 2024
Secured financing to hotel owners | $ | 151 |  |  | $ | 150 |
Unsecured financing to hotel owners and unconsolidated hospitality ventures (1) | 310 |  |  | 295 |
Total financing receivables | $ | 461 |  |  | $ | 445 |
Less: current portion of financing receivables included in receivables, net | (60) |  |  | (41) |
Less: allowance for credit losses (2) | (42) |  |  | (36) |
Total long-term financing receivables, net of allowances | $ | 359 |  |  | $ | 368 |
(1) Includes a $36 million and $35 million loan, net of $14 million and $15 million of unamortized discounts at March 31, 2025 and December 31, 2024, respectively, related to seller financing issued in conjunction with the sale of an undeveloped land parcel. Accretion of the discount is recognized as interest income in other income (loss), net on our condensed consolidated statements of income (see Note 18) and is based on an imputed interest rate of approximately 9.5%.
(2) At both March 31, 2025 and December 31, 2024, there was no allowance for credit losses recorded for secured financing to hotel owners.
Allowance for Credit Losses—The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
| 2025 |  | 2024 |  |
Allowance at January 1 | $ | 36 |  |  | $ | 42 |  |  |
Provisions (reversals), net | 6 |  |  | (1) |  |  |
Foreign currency exchange, net | — |  |  | (1) |  |  |
Allowance at March 31 | $ | 42 |  |  | $ | 40 |  |  |
Credit Monitoring—Our unsecured financing receivables were as follows:
| March 31, 2025
| Gross loan balance (principal and interest) |  | Related allowance |  | Net financing receivables |  | Gross receivables on nonaccrual status
Loans | $ | 256 |  |  | $ | (38) |  |  | $ | 218 |  |  | $ | 20 |
Other financing arrangements | 54 |  |  | (4) |  |  | 50 |  |  | — |
Total unsecured financing receivables | $ | 310 |  |  | $ | (42) |  |  | $ | 268 |  |  | $ | 20 |
| December 31, 2024
| Gross loan balance (principal and interest) |  | Related allowance |  | Net financing receivables |  | Gross receivables on nonaccrual status
Loans | $ | 259 |  |  | $ | (33) |  |  | $ | 226 |  |  | $ | 20 |
Other financing arrangements | 36 |  |  | (3) |  |  | 33 |  |  | — |
Total unsecured financing receivables | $ | 295 |  |  | $ | (36) |  |  | $ | 259 |  |  | $ | 20 |
Fair Value—We estimated the fair value of financing receivables to be approximately $441 million and $440 million at March 31, 2025 and December 31, 2024, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.

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