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GOODWILL AND INTANGIBLES, NET
 9 Months Ended
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 franchisingOwned and leasedDistributionOverheadUnallocated (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 adjustments16 — — — 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 intangibles20$1,564 $(356)$1,208 
Brand and other indefinite-lived intangibles—814 — 814 
Customer relationships intangibles10411 (189)222 
Other intangibles1036 (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 intangibles806 — 806 
Customer relationships intangibles410 (153)257 
Other intangibles35 (9)26 
Total$2,619 $(452)$2,167 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
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.