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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss—The components of accumulated other comprehensive loss, net of tax impacts, were as follows:
| Balance at July 1, 2025 |  | Other comprehensive income (loss) before reclassification |  | Amounts reclassified from accumulated other comprehensive loss |  | Balance at September 30, 2025
Foreign currency translation adjustments | $ | (118) |  |  | $ | (4) |  |  | $ | — |  |  | $ | (122) |
AFS debt securities unrealized fair value adjustments (1) | 1 |  |  | 3 |  |  | (1) |  |  | 3 |
Pension liabilities adjustments | — |  |  | (1) |  |  | — |  |  | (1) |
Derivative instrument adjustments (2) | (17) |  |  | — |  |  | 2 |  |  | (15) |
Accumulated other comprehensive loss | $ | (134) |  |  | $ | (2) |  |  | $ | 1 |  |  | $ | (135) |
(1) Amounts reclassified from accumulated other comprehensive loss included realized gains recognized in other income (loss), net on our condensed consolidated statements of income (loss) related to marketable securities held for our captive insurance company and loyalty program (see Note 19).
(2) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in owned and leased expenses on our condensed consolidated statements of income (loss) related to foreign currency forward contracts and 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 reclassification |  | Amounts reclassified from accumulated other comprehensive loss |  | Balance at September 30, 2025
Foreign currency translation adjustments | $ | (251) |  |  | $ | 129 |  |  | $ | — |  |  | $ | (122) |
AFS debt securities unrealized fair value adjustments (3) | 2 |  |  | 2 |  |  | (1) |  |  | 3 |
Pension liabilities adjustments | — |  |  | (1) |  |  | — |  |  | (1) |
Derivative instrument adjustments (4) | (20) |  |  | 1 |  |  | 4 |  |  | (15) |
Accumulated other comprehensive loss | $ | (269) |  |  | $ | 131 |  |  | $ | 3 |  |  | $ | (135) |
(3) Amounts reclassified from accumulated other comprehensive loss included realized gains recognized in other income (loss), net on our condensed consolidated statements of income (loss) related to marketable securities held for our captive insurance company and loyalty program (see Note 19).
(4) Amounts reclassified from accumulated other comprehensive loss included realized losses recognized in owned and leased expenses on our condensed consolidated statements of income (loss) related to foreign currency forward contracts and 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, related to these interest rate locks over the next 12 months.
| Balance at July 1, 2024 |  | Other comprehensive income (loss) before reclassification |  | Amounts reclassified from accumulated other comprehensive loss |  | Balance at September 30, 2024
Foreign currency translation adjustments | $ | (209) |  |  | $ | 29 |  |  | $ | — |  |  | $ | (180) |
AFS debt securities unrealized fair value adjustments | — |  |  | 13 |  |  | — |  |  | 13 |
Pension liabilities adjustments | (2) |  |  | — |  |  | — |  |  | (2) |
Derivative instrument adjustments (5) | (22) |  |  | — |  |  | 1 |  |  | (21) |
Accumulated other comprehensive loss | $ | (233) |  |  | $ | 42 |  |  | $ | 1 |  |  | $ | (190) |
(5) 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 reclassification |  | Amounts reclassified from accumulated other comprehensive loss |  | Balance at September 30, 2024
Foreign currency translation adjustments (6) | $ | (156) |  |  | $ | (21) |  |  | $ | (3) |  |  | $ | (180) |
AFS debt securities unrealized fair value adjustments | 4 |  |  | 9 |  |  | — |  |  | 13 |
Pension liabilities adjustments (7) | — |  |  | — |  |  | (2) |  |  | (2) |
Derivative instrument adjustments (8) | (23) |  |  | (1) |  |  | 3 |  |  | (21) |
Accumulated other comprehensive loss | $ | (175) |  |  | $ | (13) |  |  | $ | (2) |  |  | $ | (190) |
(6) 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).
(7) Amounts reclassified from accumulated other comprehensive loss primarily 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).
(8) 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.
Schedule of Class of Treasury 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.
| Nine Months Ended September 30,
| 2025 |  | 2024
Total number of shares repurchased | 1,290,310 |  |  | 7,923,062 |
Weighted-average price per share | $ | 139.02 |  |  | $ | 148.81 |
Aggregate purchase price (1) | $ | 179 |  |  | $ | 1,179 |
(1) Excludes related insignificant expenses.
Schedule of Dividends Payable | The following tables summarize dividends declared to Class A and Class B stockholders of record:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Class A common stock | $ | 7 |  |  | $ | 6 |  |  | $ | 19 |  |  | $ | 20 |
Class B common stock | 8 |  |  | 9 |  |  | 24 |  |  | 26 |
Total cash dividends declared | $ | 15 |  |  | $ | 15 |  |  | $ | 43 |  |  | $ | 46 |
Date declared |  | Dividend per share amount for Class A and Class B |  | Date of record |  | Date paid
August 7, 2025 |  | $ | 0.15 |  |  | August 27, 2025 |  | September 10, 2025
May 1, 2025 |  | $ | 0.15 |  |  | May 29, 2025 |  | June 11, 2025
February 13, 2025 |  | $ | 0.15 |  |  | February 28, 2025 |  | March 12, 2025
August 6, 2024 |  | $ | 0.15 |  |  | August 27, 2024 |  | September 10, 2024
May 9, 2024 |  | $ | 0.15 |  |  | May 29, 2024 |  | June 11, 2024
February 14, 2024 |  | $ | 0.15 |  |  | February 28, 2024 |  | March 12, 2024

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