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DEBT AND EQUITY SECURITIES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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.
June 30, 2025December 31, 2024
Cash and cash equivalents$17 $2 
Receivables7 15 
Total current assets24 17 
Operating lease right-of-use assets1 1 
Goodwill178 147 
Intangibles, net577 515 
Other assets56 50 
Total assets$836 $730 
Accounts payable$1 $15 
Accrued expenses and other current liabilities4 1 
Total current liabilities5 16 
Long-term operating lease liabilities1 1 
Other long-term liabilities185 161 
Total liabilities$191 $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:
June 30, 2025December 31, 2024
Loyalty program (Note 9)
$702 $642 
Deferred compensation plans held in rabbi trusts (Note 9 and Note 11)
564 548 
Captive insurance company (Note 9)
136 86 
Total marketable securities held to fund operating programs$1,402 $1,276 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments(97)(55)
Marketable securities held to fund operating programs included in other assets$1,305 $1,221 
The following table summarizes net gains (losses) recognized in other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net gains (losses)$2 $(16)$10 $(3)
Less: net gains recognized on shares during the period(2)— (10)— 
Unrealized gains (losses), net recognized on shares held at period end$— $(16)$— $(3)
Schedule of Net Gains (Losses) 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 June 30,Six Months Ended June 30,
2025202420252024
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)
$30 $2 $16 $24 
Revenues for reimbursed costs (2)
14 — 7 11 
Other income (loss), net (Note 19)
3 1 5 1 
Other comprehensive income (loss)
(Note 14)
4 (2)11 (6)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)
$1 $2 $3 $4 
Revenues for reimbursed costs (2)
1 1 2 2 
(1) Unrealized and realized gains 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 (loss).
(2) Unrealized and realized gains 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 (loss).
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:
June 30, 2025December 31, 2024
Interest-bearing money market funds$434 $600 
Time deposits (1)39 379 
Ordinary shares in Playa Hotels (Note 9)
— 154 
Total marketable securities held for investment purposes$473 $1,133 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments(467)(975)
Marketable securities held for investment purposes included in other assets$6 $158 
(1) Time deposits have contractual maturities on various dates through 2027. The amortized cost of our time deposits approximates fair value.
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis We measure marketable securities at fair value on a recurring basis:
June 30, 2025Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$465 $465 $— $— 
Mutual funds and exchange-traded funds571 — — 571 
Common shares12 — — 12 
Level Two—Significant Other Observable Inputs
Time deposits107 26 8 73 
U.S. government obligations314 3 15 296 
U.S. government agencies31 — — 31 
Corporate debt securities304 4 43 257 
Mortgage-backed securities30 — — 30 
Asset-backed securities37 — — 37 
Municipal and provincial notes and bonds4 — — 4 
Total$1,875 $498 $66 $1,311 
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 
Ordinary and 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:
June 30, 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 $196 million and $194 million preferred equity investment, net of a $32 million and $35 million unamortized discount, at June 30, 2025 and December 31, 2024, respectively, in a third-party entity that owns a managed hotel. Accretion of the discount is recognized as interest income in other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19) 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 (1)— — 
Allowance at March 31$9 $13 
Provisions (reversals), net (1)— (2)
Write-offs— (2)
Allowance at June 30$9 $9 
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 19).
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.
June 30, 2025
Amortized costAllowance for credit losses (1)Gross unrealized gainsGross unrealized lossesFair value
AFS debt security$30 $(30)$12 $(12)$— 
(1) During the three and six months ended June 30, 2025, we recognized $25 million and $30 million, respectively, of credit loss provisions in other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19). At June 30, 2025, the investment is considered nonperforming.
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 (Losses) Recognized
Net unrealized gains (losses) recognized on our condensed consolidated financial statements were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Other comprehensive income (loss) (Note 14)
$— $1 $(12)$1