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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION As part of our Long-Term Incentive Plan (as amended from time to time, "LTIP"), we award time-vested stock appreciation rights ("SARs"), time-vested restricted stock units ("RSUs"), and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. Compensation expense and unearned compensation presented below exclude (i) amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as these expenses have been, and will continue to be, reimbursed by our third-party owners and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income and (ii) insignificant amounts related to employees of our owned and leased hotels recognized in owned and leased expenses on our condensed consolidated statements of income. Stock-based compensation expense recognized in general and administrative expenses, distribution expenses, and transaction and integration costs on our condensed consolidated statements of income related to our awards was as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
SARs | $ | 13 |  |  | $ | 12 |  |  |  |  |
RSUs | 17 |  |  | 16 |  |  |  |  |
PSUs | 1 |  |  | 3 |  |  |  |  |
Total | $ | 31 |  |  | $ | 31 |  |  |  |  |
SARs—During the three months ended March 31, 2025, we granted 302,439 SARs to employees with a weighted-average grant date fair value of $53.08. During the three months ended March 31, 2024, we granted 219,570 SARs to employees with a weighted-average grant date fair value of $68.83. RSUs—During the three months ended March 31, 2025, we granted 402,172 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $122.68. During the three months ended March 31, 2024, we granted 280,081 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $156.91. PSUs—During the three months ended March 31, 2025, we granted 61,714 PSUs to employees and non-employee directors with a weighted-average grant date fair value of $146.00. During the three months ended March 31, 2024, we did not grant any PSUs. Our total unearned compensation for our stock-based compensation programs at March 31, 2025 was $4 million for SARs, $53 million for RSUs, and $10 million for PSUs, which will be recognized in general and administrative expenses, distribution expenses, and transaction and integration costs over a weighted-average period of three years with respect to SARs and RSUs and one year with respect to PSUs.

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