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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($)
$ in Millions
Total
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Class A common stock
Class A common stock
Common Stock
Class B common stock
Class B common stock
Common Stock
Balance, beginning of period (in shares) at Dec. 31, 2023             44,275,818   58,757,123
Balance, beginning of period at Dec. 31, 2023 $ 3,567 $ 0 $ 3,738 $ (175) $ 3   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 522   522            
Other comprehensive (loss) income (22)     (22)          
Repurchases of common stock (in shares) [1]             (528,427)   (1,987,229)
Repurchases of common stock [1] (389) (2) (387)            
Employee stock plan issuance (in shares)             13,475    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares)             635,482    
Share-based payment activity (5)   (5)            
Cash dividends declared (15)   (15)            
Class share conversions (in shares)             766,296   (766,296)
Balance, end of period (in shares) at Mar. 31, 2024             45,162,644   56,003,598
Balance, end of period at Mar. 31, 2024 3,660 0 3,853 (197) 3   $ 1   $ 0
Balance, beginning of period (in shares) at Dec. 31, 2023             44,275,818   58,757,123
Balance, beginning of period at Dec. 31, 2023 3,567 0 3,738 (175) 3   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 1,352                
Other comprehensive (loss) income (15)                
Cash dividends declared (46)         $ (20)   $ (26)  
Class share conversions (in shares)           1,379,064   (1,379,064)  
Balance, end of period (in shares) at Sep. 30, 2024             42,277,394   53,748,579
Balance, end of period at Sep. 30, 2024 3,700 0 3,886 (190) 3   $ 1   $ 0
Balance, beginning of period (in shares) at Mar. 31, 2024             45,162,644   56,003,598
Balance, beginning of period at Mar. 31, 2024 3,660 0 3,853 (197) 3   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 359   359            
Other comprehensive (loss) income (36)     (36)          
Repurchases of common stock (in shares) [1]             (906,875)    
Repurchases of common stock [1] (135) (21) (114)            
Employee stock plan issuance (in shares)             14,553    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares)             32,883    
Share-based payment activity 19 19              
Cash dividends declared (16)   (16)            
Class share conversions (in shares)             464,111   (464,111)
Balance, end of period (in shares) at Jun. 30, 2024             44,767,316   55,539,487
Balance, end of period at Jun. 30, 2024 3,853 0 4,082 (233) 3   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 471   471            
Other comprehensive (loss) income 43     43          
Repurchases of common stock (in shares) [2]             (2,858,280)   (1,642,251)
Repurchases of common stock [2] (663) (11) (652)            
Employee stock plan issuance (in shares)             12,920    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares)             206,781    
Share-based payment activity 9 9              
Cash dividends declared (15)   (15)     $ (6)   $ (9)  
Class share conversions (in shares)             148,657   (148,657)
Balance, end of period (in shares) at Sep. 30, 2024             42,277,394   53,748,579
Balance, end of period at Sep. 30, 2024 3,700 0 3,886 (190) 3   $ 1   $ 0
Balance, beginning of period (in shares) at Dec. 31, 2024           42,613,090 42,613,090 53,531,579 53,531,579
Balance, beginning of period at Dec. 31, 2024 3,826 0 3,815 (269) 279   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 24   20   4        
Other comprehensive (loss) income 58     45 13        
Measurement period adjustment for noncontrolling interest 5       5        
Repurchases of common stock (in shares) [3]             (1,078,511)    
Repurchases of common stock [3] (150) (13) (137)            
Employee stock plan issuance (in shares)             12,982    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares)             351,159    
Share-based payment activity 11 11              
Cash dividends declared (14)   (14)            
Class share conversions (in shares)             19,001   (19,001)
Balance, end of period (in shares) at Mar. 31, 2025             41,917,721   53,512,578
Balance, end of period at Mar. 31, 2025 3,762 0 3,684 (224) 301   $ 1   $ 0
Balance, beginning of period (in shares) at Dec. 31, 2024           42,613,090 42,613,090 53,531,579 53,531,579
Balance, beginning of period at Dec. 31, 2024 3,826 0 3,815 (269) 279   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (30)                
Other comprehensive (loss) income 172                
Cash dividends declared (43)         $ (19)   $ (24)  
Class share conversions (in shares)           383,621   383,621  
Balance, end of period (in shares) at Sep. 30, 2025           42,140,646 42,140,646 53,147,958 53,147,958
Balance, end of period at Sep. 30, 2025 3,808 15 3,603 (135) 324   $ 1   $ 0
Balance, beginning of period (in shares) at Mar. 31, 2025             41,917,721   53,512,578
Balance, beginning of period at Mar. 31, 2025 3,762 0 3,684 (224) 301   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (4)   (3)   (1)        
Other comprehensive (loss) income 116     90 26        
Employee stock plan issuance (in shares)             21,695    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares) [4]             17,454    
Share-based payment activity [4] 25 25              
Cash dividends declared (14)   (14)            
Balance, end of period (in shares) at Jun. 30, 2025             41,956,870   53,512,578
Balance, end of period at Jun. 30, 2025 3,887 27 3,667 (134) 326   $ 1   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (50)   (49)   (1)        
Other comprehensive (loss) income (2)     (1) (1)        
Repurchases of common stock (in shares) [3]             (211,799)   0
Repurchases of common stock [3] (31) (31) 0            
Employee stock plan issuance (in shares)             15,578    
Employee stock plan issuance 2 2              
Share-based payment activity (in shares)             15,377    
Share-based payment activity 17 17              
Cash dividends declared (15)   (15)     $ (7)   $ (8)  
Class share conversions (in shares)             364,620   (364,620)
Balance, end of period (in shares) at Sep. 30, 2025           42,140,646 42,140,646 53,147,958 53,147,958
Balance, end of period at Sep. 30, 2025 $ 3,808 $ 15 $ 3,603 $ (135) $ 324   $ 1   $ 0
[1]
(1) Includes a $1 million liability related to the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
[2]
(2) Includes a $6 million liability related to the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
[3]
(1) Includes a $1 million liability related to the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
[4]
(2) Includes $3 million of additional paid-in capital related to time-vested restricted stock units granted to certain Playa Hotels & Resorts N.V. employees as part of the total purchase consideration on the acquisition date (see Note 7).