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EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
Accumulated Other Comprehensive Loss—The components of accumulated other comprehensive loss, net of tax impacts, were as follows:
Balance at
April 1, 2025		Other comprehensive income (loss) before reclassificationAmounts reclassified from accumulated other comprehensive loss
Balance at
June 30, 2025
Foreign currency translation adjustments$(203)$85 $— $(118)
AFS debt securities unrealized fair value adjustments(2)3 — 1 
Derivative instrument adjustments (1)(19)1 1 (17)
Accumulated other comprehensive loss$(224)$89 $1 $(134)
(1) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks.
Balance at
January 1, 2025		Other comprehensive income (loss) before reclassificationAmounts reclassified from accumulated other comprehensive lossBalance at
June 30, 2025
Foreign currency translation adjustments$(251)$133 $— $(118)
AFS debt securities unrealized fair value adjustments2 (1)— 1 
Derivative instrument adjustments (2)(20)1 2 (17)
Accumulated other comprehensive loss$(269)$133 $2 $(134)
(2) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks. We expect to reclassify $5 million of losses, net of insignificant tax impacts, over the next 12 months.
Balance at
April 1, 2024		Other comprehensive income (loss) before reclassificationAmounts reclassified from accumulated other comprehensive lossBalance at
June 30, 2024
Foreign currency translation adjustments (3)$(174)$(29)$(6)$(209)
AFS debt securities unrealized fair value adjustments1 (1)— — 
Pension liabilities adjustments (3)(1)— (1)(2)
Derivative instrument adjustments (4)(23)— 1 (22)
Accumulated other comprehensive loss$(197)$(30)$(6)$(233)
(3) Amounts reclassified from accumulated other comprehensive loss included realized gains recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income (loss) related to the sale of Park Hyatt Zurich (see Note 7).
(4) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks.
Balance at
January 1, 2024		Other comprehensive income (loss) before reclassificationAmounts reclassified from accumulated other comprehensive lossBalance at
June 30, 2024
Foreign currency translation adjustments (5)$(156)$(50)$(3)$(209)
AFS debt securities unrealized fair value adjustments4 (4)— — 
Pension liabilities adjustment (6)— — (2)(2)
Derivative instrument adjustments (7)(23)(1)2 (22)
Accumulated other comprehensive loss$(175)$(55)$(3)$(233)
(5) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) related to the dilution of our ownership interest in an unconsolidated hospitality venture (see Note 4) and realized gains recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income (loss) related to the sale of Park Hyatt Zurich (see Note 7).
(6) Amounts reclassified from accumulated other comprehensive loss included realized gains recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income (loss) related to the UVC Transaction (see Note 4) and the sale of Park Hyatt Zurich (see Note 7).
(7) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks.
Share Repurchases—On December 18, 2019, May 10, 2023, and May 8, 2024, our board of directors authorized repurchases of up to $750 million, $1,055 million, and $1,000 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase ("ASR") transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time and does not have an expiration date.
Six Months Ended June 30,
20252024
Total number of shares repurchased1,078,511 3,422,531 
Weighted-average price per share$138.50 $152.51 
Aggregate purchase price (1)$149 $522 
(1) Excludes related insignificant expenses.
The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares returned (see Note 16). At June 30, 2025, we had $822 million remaining under the total share repurchase authorization.
Dividends—The following tables summarize dividends declared to Class A and Class B stockholders of record:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Class A common stock$6 $8 $12 $14 
Class B common stock8 8 16 17 
Total cash dividends declared$14 $16 $28 $31 
Date declaredDividend per share amount for Class A and Class BDate of recordDate paid
February 13, 2025$0.15 February 28, 2025March 12, 2025
May 1, 2025$0.15 May 29, 2025June 11, 2025
February 14, 2024$0.15 February 28, 2024March 12, 2024
May 9, 2024$0.15 May 29, 2024June 11, 2024