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Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Assumption used with Black-Scholes Option Valuations Models We value the TSR awards using the economic theory that is the basis for all valuation models, including Binominal, Black-Scholes, exotic options formulas, and Monte Carlo valuations. We valued the TSR awards with the following assumptions:
NAREIT Lodging & Resorts Index
2024 Grant Awards2023 Grant Awards
Grant date stock price$19.23 $18.55 
Volatility33.2 %49.2 %
Beta0.8450.695
Risk-free rate - three year award4.16 %4.08 %
Summary of Schedule Payout for TSR Awards
The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30th and 75th percentiles:
TSR Percentile RankingPayout (% of Maximum)
At or above 75th percentile100 %
50th percentile50 %
30th percentile25 %
Below 30th percentile— %
Summary of Status of Senior Executive Plans The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2024:
 Year ended December 31,
202420232022
Shares
(in millions)
Fair Value
(per share)
Shares
(in millions)
Fair Value
(per share)
Shares
(in millions)
Fair Value
(per share)
Balance, at beginning of year2.6$17 3.4$15 3.2$12 
Granted1.717 1.616 1.617 
Vested (1)
(1.3)18 (2.2)19 (1.3)16 
Forfeited/expired(0.1)18 (0.2)19 (0.1)16 
Balance, at end of year2.917 2.617 3.415 
Issued in calendar year (1)
1.219 0.716 0.517 
___________
(1)Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 1.2 million shares issued in 2024 include shares vested at December 31, 2023, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $18 million, $11 million and $8 million for 2024, 2023 and 2022, respectively.