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DEBT AND EQUITY SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Variable Interest Entities
The following table summarizes the VIE's assets and liabilities, including the effect of foreign currency translation, recorded on our condensed consolidated balance sheets at March 31, 2025 and December 31, 2024. The assets may only be used to settle obligations of the consolidated VIE, if any. In addition, there is no recourse to us for the consolidated VIE's liabilities.
March 31, 2025December 31, 2024
Cash and cash equivalents$1 $2 
Receivables30 15 
Total current assets31 17 
Operating lease right-of-use assets1 1 
Goodwill163 147 
Intangibles, net534 515 
Other assets53 50 
Total assets$782 $730 
Accounts payable$16 $15 
Accrued expenses and other current liabilities1 1 
Total current liabilities17 16 
Long-term operating lease liabilities1 1 
Other long-term liabilities169 161 
Total liabilities$187 $178 
Schedule of Marketable Securities Held to Fund Operating Programs Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows:
March 31, 2025December 31, 2024
Loyalty program (Note 8)
$669 $642 
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)
523 548 
Captive insurance company (Note 8)
162 86 
Total marketable securities held to fund operating programs$1,354 $1,276 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments(147)(55)
Marketable securities held to fund operating programs included in other assets$1,207 $1,221 
Schedule of Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs
Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:
Three Months Ended March 31,
20252024
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)
$(14)$22 
Revenues for reimbursed costs (2)
(7)11 
Other income (loss), net (Note 18)
2 — 
Other comprehensive income (loss) (Note 13)
7 (4)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)
$2 $2 
Revenues for reimbursed costs (2)
1 1 
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in general and administrative expenses and owned and leased expenses with no impact on net income.
(2) Unrealized and realized gains and losses recognized in revenues for reimbursed costs related to investments held to fund rabbi trusts are offset by amounts recognized in reimbursed costs with no impact on net income.
Schedule of Marketable Securities Held for Investment Purposes Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:
March 31, 2025December 31, 2024
Interest-bearing money market funds$447 $600 
Common shares in Playa Hotels (Note 8)
162 154 
Time deposits (1)617 379 
Total marketable securities held for investment purposes$1,226 $1,133 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments(1,058)(975)
Marketable securities held for investment purposes included in other assets$168 $158 
(1) Time deposits have contractual maturities on various dates through 2027. The amortized cost of our time deposits approximates fair value.
Schedule of Unrealized Gain (Loss) on Investments Net unrealized gains recognized on our condensed consolidated statements of income were as follows:
Three Months Ended March 31,
20252024
Other income (loss), net (Note 18)
$8 $13 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis We measure marketable securities at fair value on a recurring basis:
March 31, 2025Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$525 $525 $— $— 
Mutual funds and exchange-traded funds529 — — 529 
Common shares173 — — 173 
Level Two—Significant Other Observable Inputs
Time deposits642 605 6 31 
U.S. government obligations314 5 22 287 
U.S. government agencies20 — — 20 
Corporate debt securities307 — 42 265 
Mortgage-backed securities28 — — 28 
Asset-backed securities38 — — 38 
Municipal and provincial notes and bonds4 — — 4 
Total$2,580 $1,135 $70 $1,375 
December 31, 2024Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$638 $638 $— $— 
Mutual funds and exchange-traded funds555 — — 555 
Common shares164 — — 164 
Level Two—Significant Other Observable Inputs
Time deposits404 20 355 29 
U.S. government obligations307 — 5 302 
U.S. government agencies21 — — 21 
Corporate debt securities249 — 12 237 
Mortgage-backed securities29 — — 29 
Asset-backed securities38 — — 38 
Municipal and provincial notes and bonds4 — — 4 
Total$2,409 $658 $372 $1,379 
Schedule of Debt Securities, Held-to-maturity We hold investments in third-party entities associated with certain of our hotels. The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:
March 31, 2025December 31, 2024
HTM debt securities (1)$296 $276 
Less: allowance for credit losses(9)(9)
Total HTM debt securities, net of allowances$287 $267 
(1) Includes a $194 million preferred equity investment in a third-party entity that owns a managed hotel. The investment was net of $34 million and $35 million of unamortized discounts at March 31, 2025 and December 31, 2024, respectively. 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 8.9%.
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20252024
Allowance at January 1$9 $13 
Provisions, net (1)— — 
Allowance at March 31$9 $13 
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).
Schedule of Convertible Debt Security
The convertible debt security has a contractual maturity date in 2029 and is recorded within other assets on our condensed consolidated balance sheets.
March 31, 2025
Amortized costAllowance for credit losses (1)Gross unrealized gainsGross unrealized lossesFair value
AFS debt security$30 $(5)$12 $(12)$25 
(1) During the three months ended March 31, 2025, we recognized a $5 million credit loss provision in other income (loss), net on our condensed consolidated statements of income (see Note 18).
December 31, 2024
Amortized costAllowance for credit lossesGross unrealized gainsGross unrealized lossesFair value
AFS debt security$30 $— $12 $— $42 
Schedule of Changes in Fair Value of Net Unrealized Gains Recognized
Net unrealized gains (losses) recognized on our condensed consolidated financial statements were as follows:
Three Months Ended March 31,
20252024
Other comprehensive income (loss) (Note 13)
$(12)$—