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GOODWILL AND INTANGIBLES, NET | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES, NET | GOODWILL AND INTANGIBLES, NET Goodwill During the three months ended September 30, 2025, we implemented organizational changes, and as a result, we reassessed our reporting units and performed interim impairment analyses. We did not recognize any goodwill impairment charges as a result of the analyses. The following table presents the carrying value of goodwill:
| Management and franchising |  | Owned and leased |  | Distribution |  | Overhead |  | Unallocated (1) |  |  | Total
Goodwill at January 1, 2025 | $ | 1,495 |  |  | $ | 34 |  |  | $ | 675 |  |  | $ | 2 |  |  | $ | 335 |  |  |  | $ | 2,541 |
Additions (Note 7) | — |  |  | — |  |  | — |  |  | — |  |  | 964 |  |  |  | 964 |
Measurement period adjustments (Note 7) | 42 |  |  | — |  |  | — |  |  | — |  |  | (132) |  |  |  | (90) |
Allocations and other adjustments (1) | 1,078 |  |  | — |  |  | 108 |  |  | (2) |  |  | (1,184) |  |  |  | — |
Foreign currency translation adjustments | 16 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  |  | 33 |
Goodwill at September 30, 2025 | $ | 2,631 |  |  | $ | 34 |  |  | $ | 783 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 3,448 |
(1) During the three months ended September 30, 2025, we completed the allocations of the preliminary goodwill balances attributed to the Playa Hotels Acquisition and Bahia Principe Transaction to our reporting units (see Note 7).
Intangibles
|  |  | September 30, 2025
| Weighted- average useful lives in years |  | Gross carrying value |  | Accumulated amortization |  | Net carrying value
Management and hotel services agreement and franchise agreement intangibles | 20 |  | $ | 1,564 |  |  | $ | (356) |  |  | $ | 1,208 |
Brand and other indefinite-lived intangibles | — |  | 814 |  |  | — |  |  | 814 |
Customer relationships intangibles | 10 |  | 411 |  |  | (189) |  |  | 222 |
Other intangibles | 10 |  | 36 |  |  | (15) |  |  | 21 |
Total |  |  | $ | 2,825 |  |  | $ | (560) |  |  | $ | 2,265 |
|  |  | December 31, 2024
|  |  | Gross carrying value |  | Accumulated amortization |  | Net carrying value
Management and hotel services agreement and franchise agreement intangibles |  |  | $ | 1,368 |  |  | $ | (290) |  |  | $ | 1,078 |
Brand and other indefinite-lived intangibles |  |  | 806 |  |  | — |  |  | 806 |
Customer relationships intangibles |  |  | 410 |  |  | (153) |  |  | 257 |
Other intangibles |  |  | 35 |  |  | (9) |  |  | 26 |
Total |  |  | $ | 2,619 |  |  | $ | (452) |  |  | $ | 2,167 |
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  |  |  |  |  | 2025 |  | 2024
Amortization expense | $ | 38 |  |  | $ | 31 |  |  |  |  |  |  | $ | 111 |  |  | $ | 98 |
During the three and nine months ended September 30, 2025, we recognized $9 million and $15 million, respectively, of impairment charges, and during the three and nine months ended September 30, 2024, we recognized $9 million and $11 million, respectively, of impairment charges in asset impairments on our condensed consolidated statements of income (loss). The impairment charges were related to management agreement intangibles and were a result of contract terminations within our management and franchising segment. For additional information about acquisition and disposition activity impacting goodwill and intangibles, see Note 7.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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