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目次


UNITED STATES
証券取引委員会
ワシントンDC20549
_______________________________________ 
フォーム 10-Q
_________________________________________________ 
☒証券取引法第13条または15(d)条に基づく四半期報告書
報告期間が終了した2023年6月30日をもって2024年9月30日
または
☐移行期間：             から             まで
期間中の移行先       から
委員会ファイル番号1-13881
_________________________________________________ 
MI-rgb.jpg
マリオットインターナショナル、インク。
（会社設立時の指定名）
デラウェア52-2055918
（設立または組織の州またはその他の管轄区域）
（I.R.S.雇用者識別番号）		(IRS 雇用者
識別番号）
ウィスコンシン・アベニュー7750番地ベセスダ株式の番号20814
(主要執行オフィスの住所)
（郵便番号）
（登録者の電話番号、市外局番を含む）（443-3000301) 380-3000
法第12(b)条に基づき登録された証券:
証券の種類取引シンボル登録されている取引所の名称
普通株式クラスA、0.01ドルの名義価値3月
ナスダック･グローバル･セレクト･マーケット
登録者が法案のセクション13、15(d)によって報告義務のあるすべての報告書を過去12ヵ月間(またはその期間中に登録者がそのような報告書を提出することが求められたより短い期間)に提出したか、または(2)過去90日間にわたって当該報告書の提出要件の対象となったかどうかを示すチェックマークを記入してください。はい  ý    いいえ  ¨
登録者が、前の12か月間（または登録者がそのようなファイルを提出する義務があったよりも短い期間）に、Regulation S-TのRule 405に従って提出する必要のあるすべてのインタラクティブ・データ・ファイルを電子的に提出したかどうか、チェックマークで示してください（§ 232.405 of this chapter）。はい  ý    いいえ  ¨
申請者が大型加速装置、加速装置、ノンアクセル装置、小規模報告会社、または新興グロース会社である場合は、註記欄にチェックマークを付けてください。規則120億2に記載されている「大型加速装置」、「加速装置」、「小規模報告会社」、「新興グロース会社」の定義を参照してください。
大型加速ファイラー ý 加速度ファイラー 
¨
非加速ファイラー ¨小規模報告会社 
☐
新興成長企業
☐
新興成長企業の場合、株式登録業者が13(a)条に基づく規定に従って提供された新しいまたは改訂された財務会計基準の適合に対して延長移行期間を使用しないことを示すチェックマークを入れてください。 ¨
取引所法12b-2の定義に基づき、登録者がシェル企業であるかどうかをチェックマークで示します。はい☐、いいえ  ☒
発行者の各種普通株式の発行済み株式数を、最新の実施可能日時点で表示しなさい 277,893,432 2024年10月28日時点で1株当たり$0.01の普通株式シェアが発行されています。

目次

マリオットインターナショナル株式会社
10-Qフォーム目次
 
  ページ番号
パート I.
アイテム 1.
アイテム 2.
アイテム 3.
アイテム 4.
第二部。
アイテム 1.
アイテム 1A.
アイテム 2.
アイテム 5.
アイテム 6.


2
目次

第I部−財務情報
事項1.
マリオットインターナショナル株式会社
損益計算書要約（未監査）
（百万ドル、株式当たりの金額以外）
（未確定）
終了した三ヶ月間終了した9か月間
 2024年9月30日2023年9月30日2024年9月30日2023年9月30日
収益
基本管理手数料$312 $306 $955 $917 
フランチャイズ料812 748 2,318 2,126 
インセンティブ管理手数料159 143 563 537 
グロス手数料収入1,283 1,197 3,836 3,580 
契約投資償却(26)(23)(76)(66)
手数料収入1,257 1,174 3,760 3,514 
所有、リース及びその他の収益381 363 1,133 1,109 
コスト精算収入4,617 4,391 13,778 12,995 
6,255 5,928 18,671 17,618 
営業コスト及び経費
所有、リース及びその他 - 直接
300 293 882 861 
減価償却費、償却費、およびその他45 46 137 138 
280,138276 239 785 681 
リストラクチャリングおよび合併に関連する費用
9 13 25 52 
経費の払い戻し 4,681 4,238 13,827 12,740 
5,311 4,829 15,656 14,472 
営業利益944 1,099 3,015 3,146 
その他の利益および収益7 28 15 33 
利子費用(179)(146)(515)(412)
利息収入11 7 30 21 
利益に対する資本配当 3 1 8 9 
所得税前利益786 989 2,553 2,797 
所得税引当金(202)(237)(633)(562)
当期純利益$584 $752 $1,920 $2,235 
1株当たり利益
1株当たりの利益-基本$2.08 $2.52 $6.71 $7.36 
1株当たりの利益-希薄化後$2.07 $2.51 $6.69 $7.32 
財務諸表の注記を参照してください。
3
目次

マリオットインターナショナル株式会社
総合利益計算書（連結）の簡易版
（百万ドル）
（未確定）

終了した三ヶ月間終了した9か月間
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
当期純利益$584 $752 $1,920 $2,235 
その他包括利益（損失）
外貨翻訳調整209 (139)(62)(132)
その他の調整（税引後）(18)6 (5)12 
その他包括利益（損失）合計、税引後191 (133)(67)(120)
包括的利益$775 $619 $1,853 $2,115 
財務諸表の注記を参照してください。

4
目次

マリオットインターナショナル株式会社
連結簡易貸借対照表
（百万ドル）
（未確定）
2024年9月30日2023年12月31日
資産
流動資産
現金及び現金同等物$394 $338 
売掛金および受取手形の純額2,920 2,712 
前払費用及びその他流動資産259 261 
3,573 3,311 
有形固定資産、正味額1,624 1,581 
無形資産
ブランド 5,902 5,907 
契約取得コストとその他3,595 3,283 
のれん8,890 8,886 
18,387 18,076 
エクイティメソッド投資307 308 
ノート受領、純額144 138 
繰延税資産629 673 
オペレーティングリース資産879 929 
その他の非流動資産666 658 
$26,209 $25,674 
負債及び株主資本の赤字
流動負債
長期借入金の短期部分$960 $553 
支払調整807 738 
支払われた給与および福利厚生1,288 1,390 
顧客忠誠プログラムに関する負債3,402 3,328 
未払費用その他2,061 1,753 
8,518 7,762 
新規買債務12,671 11,320 
顧客忠誠プログラムに関する負債3,969 3,678 
繰延税金負債185 209 
前払収益1,064 1,018 
オペレーティングリース債務831 887 
その他の長期負債1,392 1,482 
株主資本不足
普通株式クラスA5 5 
剰余資本金6,125 6,051 
留保利益16,251 14,838 
取得自己株式　簿価(24,088)(20,929)
その他の総合損失(714)(647)
(2,421)(682)
$26,209 $25,674 
財務諸表の注記を参照してください。
5
目次

マリオットインターナショナル株式会社
キャッシュフローの概要
（百万ドル）
（未確定）

終了した9か月間
 2024年9月30日2023年9月30日
営業活動
当期純利益$1,920 $2,235 
営業活動によるキャッシュフローへの調整:
減価償却費、償却費、およびその他213 204 
株式報酬認識支払い173 147 
所得税(96)(107)
顧客忠誠プログラムに関する負債365 109 
契約獲得費用 (256)(134)
リストラクチャリングおよび合併に関連する費用24 42 
運転資本変動(162)(141)
他250 64 
営業活動によるキャッシュフロー2,431 2,419 
投資活動
資本支出とテクノロジー投資(408)(318)
資産取得— (102)
譲渡4 61 
貸付の前進(10)(77)
ローン返済10 35 
他15 38 
投資活動によるキャッシュフローの純流出(389)(363)
財務活動
商業用手形/信用取引差引残高(648)100 
長期債務の発行2,948 1,918 
長期借入金の返済(556)(332)
普通株式クラスAの発行73 29 
配当支払い(506)(435)
自己株式の購入(3,176)(2,988)
株式報酬源泉徴収税(127)(105)
他— (25)
資金調達活動に使用された純現金流入額(1,992)(1,838)
現金及び現金同等物、および制約付き現金の増加
50 218 
当期初めの現金、現金同等物、および制約付き現金 (1)
366 525 
当期末の現金、現金同等物、および制約付き現金 (1)
$416 $743 
(1)2024年の金額には2023年12月31日の制限された現金資産残高が$〔翻訳〕含まれ、2024年9月30日の制限された現金資産残高が$〔翻訳〕がその他資産とその他の非流動資産の項目でバランスシートで提示しています。28 2024年の金額には2023年12月31日の制限された現金資産残高が$〔翻訳〕含まれ、2024年9月30日の制限された現金資産残高が$〔翻訳〕がその他資産とその他の非流動資産の項目でバランスシートで提示しています。22 2024年の金額には2023年12月31日の制限された現金資産残高が$〔翻訳〕含まれ、2024年9月30日の制限された現金資産残高が$〔翻訳〕がその他資産とその他の非流動資産の項目でバランスシートで提示しています。
財務諸表の注記を参照してください。
6
目次

マリオットインターナショナル株式会社
コンデンスド連結財務諸表に関する注記
（未確定）
注意1. 報告の根拠
子会社を含むマリオットインターナショナル社の業績、財政状態、およびキャッシュ・フローを示す要約連結財務諸表（以下、「当社」「本報告書」「マリオット」「当社」とする）。この報告書を読みやすくするため、（1）当社の要約連結財務諸表を「財務諸表」として、（2）要約連結損益計算書を「損益計算書」として、（3）当社の要約連結貸借対照表を「貸借対照表」として、（4）要約連結キャッシュ・フロー計算書を「キャッシュ・フロー計算書」として、（5）米国およびカナダの当社の物件、ブランド、市場を「米国＆カナダ」とし、（6）カリブ海・ラテンアメリカ、ヨーロッパ、中東・アフリカ、グレーターチャイナ、アジア太平洋地域（中国を除く）の当社の物件、ブランド、市場を「インターナショナル」とも参照しています。さらに、数字付きの「注」については、特にそれ以外が明示されていない限り、これらの要約連結財務諸表に関する注を指します。
これらの財務諸表は監査されていません。 私たちは、米国一般に受け入れられている会計原則（「GAAP」）に従って提示される財務諸表に通常含まれる特定の情報と開示を簡略化または省略しています。 このレポートの財務諸表は、2023年12月31日までの決算年度に関する10-Kフォームで示された連結財務諸表およびそのノートとともに読まれるべきです。「2023 Form 10-K」。 この10-Qフォームで別に定義されていない特定の用語については、私たちの「2023 Form 10-K」で指定された意味を持っています。
Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates.
The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2024 and December 31, 2023, the results of our operations for the three and nine months ended September 30, 2024 and September 30, 2023, and cash flows for the nine months ended September 30, 2024 and September 30, 2023. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.
NOTE 2. EARNINGS PER SHARE
The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of the Company’s potential common stock:
Three Months EndedNine Months Ended
(in millions, except per share amounts)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Computation of Basic Earnings Per Share
Net income$584 $752 $1,920 $2,235 
Shares for basic earnings per share281.5 298.6 285.9 303.9 
Basic earnings per share$2.08 $2.52 $6.71 $7.36 
Computation of Diluted Earnings Per Share
Net income$584 $752 $1,920 $2,235 
Shares for basic earnings per share281.5 298.6 285.9 303.9 
Effect of dilutive securities
Stock-based compensation0.9 1.5 1.0 1.4 
Shares for diluted earnings per share282.4 300.1 286.9 305.3 
Diluted earnings per share$2.07 $2.51 $6.69 $7.32 
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NOTE 3. STOCK-BASED COMPENSATION
We granted 0.8 million restricted stock units (“RSUs”) during the 2024 first three quarters to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2024 first three quarters to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2026 adjusted EBITDA performance and relative total stockholder return over the 2024 to 2026 performance period. RSUs, including PSUs, granted in the 2024 first three quarters had a weighted average grant-date fair value of $226 per unit.
We recorded stock-based compensation expense for RSUs and PSUs of $54 million in the 2024 third quarter, $47 million in the 2023 third quarter, $148 million in the 2024 first three quarters, and $129 million in the 2023 first three quarters. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $224 million at September 30, 2024 and $171 million at December 31, 2023.
NOTE 4. INCOME TAXES
Our effective tax rate increased to 25.7 percent for the 2024 third quarter compared to 23.9 percent for the 2023 third quarter, primarily due to a shift in earnings to jurisdictions with higher tax rates.
Our effective tax rate increased to 24.8 percent for the 2024 first three quarters compared to 20.1 percent for the 2023 first three quarters, primarily due to the prior year release of tax reserves and a shift in earnings to jurisdictions with higher tax rates.
We paid cash for income taxes, net of refunds, of $729 million in the 2024 first three quarters and $669 million in the 2023 first three quarters.
NOTE 5. COMMITMENTS AND CONTINGENCIES
Guarantees
We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees (excluding contingent purchase obligations) for which we are the primary obligor at September 30, 2024 in the following table:
(in millions)
Guarantee Type
Maximum Potential Amount of Future FundingsRecorded Liability for Guarantees
Debt service$62 $6 
Operating profit146 91 
Other20 4 
$228 $101 
Our maximum potential guarantees listed in the preceding table include $58 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.
Contingent Purchase Obligation
Sheraton Grand Chicago. In 2017, we granted the owner a one-time right to require us to purchase the leasehold interest in the land and the hotel for $300 million in cash (the “put option”). In the 2021 third quarter, we entered into an amendment with the owner to move the exercise period of the put option from the 2022 first half to the 2024 first half. In January 2024, the owner exercised the put option, and we exercised our option to purchase, at the same time the put transaction closes, the fee simple interest in the underlying land for an additional $200 million in cash, resulting in an expected total cash payment of approximately $500 million. The closing is expected to occur in the 2024 fourth quarter. We account for the put option as a guarantee, and our recorded liability (reflected in the “Accrued expenses and other” caption of our Balance Sheets) was $300 million at September 30, 2024 and December 31, 2023.
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Starwood Data Security Incident
Description of Event
On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. We discontinued use of the Starwood reservations database for business operations at the end of 2018.
Litigation, Claims, and Government Investigations
Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in the cases that remain pending, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The active U.S. cases are consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). The District Court granted in part and denied in part class certification of various U.S. groups of consumers. In August 2023, the U.S. Court of Appeals for the Fourth Circuit (the “Fourth Circuit”) vacated the District Court’s class certification decision because the District Court failed to first consider the effect of a class-action waiver signed by all putative class members. On remand, after briefing, the District Court issued an order reinstating the same classes that had previously been certified. We promptly petitioned the Fourth Circuit, seeking leave to appeal that ruling. The Fourth Circuit granted that petition on January 18, 2024, oral argument was held on November 1, 2024, and we await a decision. A case brought by the City of Chicago (which is consolidated in the MDL proceeding) also remains pending. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims.
In addition, various U.S. federal, U.S. state and foreign governmental authorities made inquiries, opened investigations, or requested information and/or documents related to the Data Security Incident and related matters. Most of these matters have been resolved or no longer appear to be active. In October 2024, we reached final resolutions with the Federal Trade Commission and the Attorney General offices from 49 states and the District of Columbia (the “AG Offices”). Among other terms, the resolution with the AG Offices includes a $52 million monetary payment, which we have fully accrued for as of September 30, 2024, and which is not material to our Financial Statements. We do not expect the terms of these resolutions to have a material impact on our current or ongoing operations.
While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above described MDL proceedings and unresolved regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss in excess of the amounts recorded that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on: (1) in the case of the above described MDL proceedings, the current stage of these proceedings, the absence of specificity as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, and the lack of resolution of significant factual and legal issues, and (2) uncertainty regarding unresolved inquiries, investigations, or requests for information and/or documents.
Other Legal Proceedings
During the 2024 third quarter, we recorded certain expenses related to settled and ongoing claims brought against the Company regarding the use of copyrighted music. These amounts are not material to our Financial Statements. While we believe it is reasonably possible that we may incur losses in excess of the amounts already recorded for the unresolved claims, we are currently unable to reasonably estimate the amount of losses or range of
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loss in excess of the amounts recorded. At this time, we do not expect these claims or resolutions to have a material impact on the Company’s financial position or operations.
NOTE 6. LONG-TERM DEBT
We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of September 30, 2024 and year-end 2023:
(in millions)September 30, 2024December 31, 2023
Senior Notes:
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025
(effective interest rate of 4.0%)
$349 $349 
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026
(effective interest rate of 3.3%)
748 748 
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025
(effective interest rate of 2.8%)
319 321 
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034
(effective interest rate of 4.1%)
288 288 
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028
(effective interest rate of 4.2%)
447 447 
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028
(effective interest rate of 4.8%)
298 298 
Series CC Notes, interest rate of 3.6%, face amount of $550, matured April 15, 2024
(effective interest rate of 3.9%)
— 545 
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025
(effective interest rate of 6.0%)
599 598 
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030
(effective interest rate of 4.8%)
991 990 
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032
(effective interest rate of 3.7%)
989 988 
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031
(effective interest rate of 3.0%)
1,092 1,091 
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033
(effective interest rate of 2.8%)
695 694 
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027
(effective interest rate of 5.4%)
989 987 
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029
(effective interest rate of 5.3%)
787 785 
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026
(effective interest rate of 5.9%)
446 445 
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028
(effective interest rate of 5.9%)
692 691 
Series NN Notes, interest rate of 4.9%, face amount of $500, maturing May 15, 2029
(effective interest rate of 5.3%)
491 — 
Series OO Notes, interest rate of 5.3%, face amount of $1,000, maturing May 15, 2034
(effective interest rate of 5.6%)
979 — 
Series PP Notes, interest rate of 4.8%, face amount of $500, maturing March 15, 2030
(effective interest rate of 5.0%)
495 — 
Series QQ Notes, interest rate of 5.4%, face amount of $1,000, maturing March 15, 2035
(effective interest rate of 5.5%)
986 — 
Commercial paper769 1,421 
Credit Facility— — 
Finance lease obligations126 131 
Other56 56 
$13,631 $11,873 
Less current portion(960)(553)
$12,671 $11,320 
We paid cash for interest, net of amounts capitalized, of $350 million in the 2024 first three quarters and $266 million in the 2023 first three quarters.
In August 2024, we issued $500 million aggregate principal amount of 4.800 percent Series PP Notes due March 15, 2030 (the “Series PP Notes”) and $1.0 billion aggregate principal amount of 5.350 percent Series QQ
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Notes due March 15, 2035 (the “Series QQ Notes”). We will pay interest on the Series PP Notes and Series QQ Notes in March and September of each year, commencing in March 2025. Net proceeds from the offering of the Series PP Notes and Series QQ Notes were approximately $1.480 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.
In February 2024, we issued $500 million aggregate principal amount of 4.875 percent Series NN Notes due May 15, 2029 (the “Series NN Notes”) and $1.0 billion aggregate principal amount of 5.300 percent Series OO Notes due May 15, 2034 (the “Series OO Notes”). We pay interest on the Series NN Notes and Series OO Notes in May and November of each year. Net proceeds from the offering of the Series NN Notes and Series OO Notes were approximately $1.468 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.
We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14, 2027.
NOTE 7. FAIR VALUE OF FINANCIAL INSTRUMENTS
We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:
 September 30, 2024December 31, 2023
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Notes receivable
$144 $142 $138 $131 
Total noncurrent financial assets$144 $142 $138 $131 
Senior Notes$(11,762)$(11,720)$(9,720)$(9,393)
Commercial paper(769)(769)(1,421)(1,421)
Total noncurrent financial liabilities$(12,531)$(12,489)$(11,141)$(10,814)
See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2023 Form 10-K for more information on the input levels we use in determining fair value.
NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT
The following tables detail the accumulated other comprehensive loss activity for the 2024 first three quarters and 2023 first three quarters:
(in millions)Foreign Currency Translation AdjustmentsOther AdjustmentsAccumulated Other Comprehensive Loss
Balance at year-end 2023$(654)$7 $(647)
Other comprehensive loss before reclassifications
(62)(2)(64)
Reclassification adjustments— (3)(3)
Net other comprehensive loss
(62)(5)(67)
Balance at September 30, 2024$(716)$2 $(714)
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(in millions)Foreign Currency Translation AdjustmentsOther AdjustmentsAccumulated Other Comprehensive Loss
Balance at year-end 2022
$(740)$11 $(729)
Other comprehensive (loss) income before reclassifications
(129)11 (118)
Reclassification adjustments(3)1 (2)
Net other comprehensive (loss) income
(132)12 (120)
Balance at September 30, 2023$(872)$23 $(849)
The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2024 first three quarters and 2023 first three quarters:
(in millions, except per share amounts) 
Common Shares Outstanding
 TotalClass A Common StockAdditional Paid-in-CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Loss
290.5 Balance at year-end 2023$(682)$5 $6,051 $14,838 $(20,929)$(647)
— Net income564 — — 564 — — 
— Other comprehensive loss(147)— — — — (147)
— 
Dividends ($0.52 per share)
(151)— — (151)— — 
1.3 Stock-based compensation plans(36)— (73)— 37 — 
(4.8)Purchase of treasury stock(1,164)— — — (1,164)— 
287.0 
Balance at March 31, 2024
$(1,616)$5 $5,978 $15,251 $(22,056)$(794)
— Net income772 — — 772 — — 
— Other comprehensive loss(111)— — — — (111)
— 
Dividends ($0.63 per share)
(179)— — (179)— — 
— Stock-based compensation plans53 — 52 — 1 — 
(4.1)Purchase of treasury stock(1,010)— — — (1,010)— 
282.9 
Balance at June 30, 2024
$(2,091)$5 $6,030 $15,844 $(23,065)$(905)
— Net income584 — — 584 — — 
— Other comprehensive income191 — — — — 191 
— 
Dividends ($0.63 per share)
(177)— — (177)— — 
0.2 Stock-based compensation plans101 — 95 — 6 — 
(4.5)Purchase of treasury stock(1,029)— — — (1,029)— 
278.6 
Balance at September 30, 2024
$(2,421)$5 $6,125 $16,251 $(24,088)$(714)
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Common Shares Outstanding
 TotalClass A Common StockAdditional Paid-in-CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Loss
310.6 
Balance at year-end 2022
$568 $5 $5,965 $12,342 $(17,015)$(729)
— Net income757 — — 757 — — 
— Other comprehensive income82 — — — — 82 
— 
Dividends ($0.40 per share)
(124)— — (124)— — 
0.9 Stock-based compensation plans(34)— (59)— 25 — 
(6.8)Purchase of treasury stock(1,109)— — — (1,109)— 
304.7 
Balance at March 31, 2023
$140 $5 $5,906 $12,975 $(18,099)$(647)
— Net income726 — — 726 — — 
— Other comprehensive loss(69)— — — — (69)
— 
Dividends ($0.52 per share)
(157)— — (157)— — 
0.1 Stock-based compensation plans48 — 46 — 2 — 
(5.2)Purchase of treasury stock(912)— — — (912)— 
299.6 
Balance at June 30, 2023
$(224)$5 $5,952 $13,544 $(19,009)$(716)
— Net income752 — — 752 — — 
— Other comprehensive loss(133)— — — — (133)
— 
Dividends ($0.52 per share)
(154)— — (154)— — 
0.4 Stock-based compensation plans56 — 44 — 12 — 
(4.8)Purchase of treasury stock(958)— — — (958)— 
295.2 
Balance at September 30, 2023
$(661)$5 $5,996 $14,142 $(19,955)$(849)
NOTE 9. CONTRACTS WITH CUSTOMERS
Our current and noncurrent liability for guest loyalty program increased by $365 million, to $7,371 million at September 30, 2024, from $7,006 million at December 31, 2023, primarily reflecting an increase in points earned by members. The increase was partially offset by $2,410 million of revenue recognized in the 2024 first three quarters, that was deferred as of December 31, 2023.
Our allowance for credit losses was $207 million at September 30, 2024 and $197 million at December 31, 2023.
NOTE 10. BUSINESS SEGMENTS
Beginning in the 2024 first quarter, we modified our segment structure as a result of a change in the way our chief operating decision maker (“CODM”) evaluates performance and allocates resources within the Company, resulting in the following four reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.” We revised the prior period amounts shown in the tables below to conform to our current presentation.
We evaluate the performance of our operating segments using “segment profits,” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or certain restructuring and merger-related charges. We assign gains and losses, equity in earnings or losses, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (such as fees we receive from our credit card programs and vacation ownership licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, certain restructuring and merger-related charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments, as well as results of our CALA operating segment.
Our CODM monitors assets for the consolidated Company but does not use assets by operating segment when assessing performance or making operating segment resource allocations.
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Segment Revenues
The following tables present our revenues disaggregated by segment and major revenue stream for the 2024 third quarter, 2023 third quarter, 2024 first three quarters, and 2023 first three quarters:
Three Months Ended September 30, 2024
(in millions)U.S. & Canada
EMEA
Greater China
APEC
Total
Gross fee revenues$747 $153 $62 $82 $1,044 
Contract investment amortization(19)(3)— (2)(24)
Net fee revenues728 150 62 80 1,020 
Owned, leased, and other revenue95 169 5 30 299 
Cost reimbursement revenue3,773 316 75 120 4,284 
Total reportable segment revenue$4,596 $635 $142 $230 $5,603 
Unallocated corporate and other
652 
Total revenues
$6,255 
Three Months Ended September 30, 2023
(in millions)U.S. & CanadaEMEAGreater ChinaAPECTotal
Gross fee revenues$690 $143 $71 $69 $973 
Contract investment amortization(16)(4)— (1)(21)
Net fee revenues674 139 71 68 952 
Owned, leased, and other revenue94 155 6 28 283 
Cost reimbursement revenue3,565 309 83 103 4,060 
Total reportable segment revenue$4,333 $603 $160 $199 $5,295 
Unallocated corporate and other
633 
Total revenues
$5,928 
Nine Months Ended September 30, 2024
(in millions)U.S. & CanadaEMEAGreater ChinaAPECTotal
Gross fee revenues$2,227 $425 $186 $243 $3,081 
Contract investment amortization(57)(10)— (4)(71)
Net fee revenues2,170 415 186 239 3,010 
Owned, leased, and other revenue314 444 18 98 874 
Cost reimbursement revenue11,367 916 226 359 12,868 
Total reportable segment revenue$13,851 $1,775 $430 $696 $16,752 
Unallocated corporate and other
1,919 
Total revenues
$18,671 
Nine Months Ended September 30, 2023
(in millions)U.S. & CanadaEMEAGreater ChinaAPECTotal
Gross fee revenues$2,113 $381 $196 $199 $2,889 
Contract investment amortization(49)(10)— (3)(62)
Net fee revenues2,064 371 196 196 2,827 
Owned, leased, and other revenue327 419 15 95 856 
Cost reimbursement revenue10,722 872 234 300 12,128 
Total reportable segment revenue$13,113 $1,662 $445 $591 $15,811 
Unallocated corporate and other
1,807 
Total revenues
$17,618 
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Segment Profits
Three Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
U.S. & Canada$617 $707 $2,029 $2,120 
EMEA152 144 386 354 
Greater China46 60 144 165 
APEC66 58 200 171 
Unallocated corporate and other
73 159 279 378 
Interest expense, net of interest income(168)(139)(485)(391)
Provision for income taxes(202)(237)(633)(562)
Net income$584 $752 $1,920 $2,235 
NOTE 11. RESTRUCTURING CHARGES
Earlier this year, we launched a comprehensive initiative to enhance our effectiveness and efficiency across the Company.
In connection with these efforts, in the 2024 third quarter, we recorded an immaterial amount of charges for voluntary retirement benefits relating to our above-property organization in the “Restructuring and merger-related charges” and “Reimbursed expenses” captions of our Income Statements.
We anticipate total charges of approximately $100 million for employee termination benefits relating to our above-property organization. We expect to substantially complete this initiative by the end of the 2025 first quarter and expect the above-described charges to be recorded primarily in the 2024 fourth quarter.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement
All statements in this report are made as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. We make forward-looking statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this report based on the beliefs and assumptions of our management and on information available to us through the date this Form 10-Q is filed with the SEC. Forward-looking statements include information related to our development pipeline; our expectations regarding rooms growth; our expectations regarding our ability to meet our liquidity requirements; our capital expenditures and other investment spending and reimbursement expectations; our expectations regarding future dividends and share repurchases; our expectations regarding certain claims, legal proceedings, settlements or resolutions; our comprehensive initiative to enhance our effectiveness and efficiency across the Company, including related plans and goals, anticipated charges and cost reductions, and other expected or potential benefits and outcomes; and other statements that are preceded by, followed by, or include the words “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “foresees,” or similar expressions; and similar statements concerning anticipated future events and expectations that are not historical facts.
We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risks and uncertainties we describe in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”), Part II, Item 1A of this report, and other factors we describe from time to time in our periodic filings with the SEC.
BUSINESS AND OVERVIEW
Overview
We are a worldwide operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties under more than 30 brand names. Under our asset-light business model, we typically manage or franchise
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hotels, rather than own them. We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.”
Terms of our management agreements vary, but our management fees generally consist of base management fees and incentive management fees. Base management fees are typically calculated as a percentage of property-level revenue. Incentive management fees are typically calculated as a percentage of a hotel profitability measure, and, in many cases (particularly in our U.S. & Canada, Europe, and CALA regions), are subject to a specified owner return. Under our franchise and license agreements for most properties, franchise fees are calculated as a percentage of property-level revenue or a portion thereof. Additionally, we earn franchise fees for the use of our intellectual property, including primarily co-branded credit card fees, as well as timeshare and yacht fees, residential branding fees, franchise application and relicensing fees, and certain other non-hotel licensing fees.
Performance Measures
We believe Revenue per Available Room (“RevPAR”), which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate (“ADR”), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property’s available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. RevPAR, occupancy, and ADR statistics are on a systemwide basis for comparable properties, unless otherwise stated. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding our properties’ performance as it removes currency fluctuations from the presentation of such results.
We define our comparable properties as our properties that were open and operating under one of our hotel brands since the beginning of the last full calendar year (since January 1, 2023 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, and timeshare properties.
Business Trends    
We saw solid global RevPAR growth during the 2024 third quarter and 2024 first three quarters compared to the same periods in 2023. For the 2024 third quarter, worldwide RevPAR increased 3.0 percent, reflecting ADR growth of 2.5 percent and occupancy improvement of 0.3 percentage points. For the 2024 first three quarters, worldwide RevPAR increased 4.0 percent, reflecting ADR growth of 2.7 percent and occupancy improvement of 0.9 percentage points. The increase in RevPAR in the 2024 third quarter and 2024 first three quarters was primarily driven by strong year-over-year demand growth in nearly all of our regions.
In the U.S. & Canada, where demand has normalized, RevPAR increased 2.6 percent in the 2024 first three quarters, led by strong group business.
In EMEA, RevPAR growth of 9.4 percent in the 2024 first three quarters was driven by strong demand across the region, strengthened by the 2024 Paris Olympics and other special events. In APEC, RevPAR increased 13.3 percent in the 2024 first three quarters, driven by strong growth in ADR and occupancy, including an increase in inbound demand into the region. In CALA, RevPAR increased 9.3 percent in the 2024 first three quarters, driven by strong demand throughout the region. In Greater China, RevPAR declined 2.7 percent in the 2024 first three
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quarters and 7.9 percent in the 2024 third quarter due to lower domestic demand as a result of macro-economic conditions, severe weather, and an increase in outbound travel.
Earlier this year, we launched a comprehensive initiative to enhance our effectiveness and efficiency across the Company. At this point in the process, we expect this initiative to yield $80 million to $90 million of annual general and administrative cost reductions beginning in 2025. These efforts are also anticipated to deliver cost savings to our owners and franchisees.
As part of these efforts, we implemented a voluntary retirement program for certain above-property associates in the 2024 third quarter, and we also expect that some above-property roles in the organization will be eliminated or redefined going forward. We anticipate charges for employee termination benefits related to the above efforts primarily in the 2024 fourth quarter and expect to substantially complete this initiative by the end of the 2025 first quarter.
Starwood Data Security Incident
On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). We are currently unable to reasonably estimate the range of total possible financial impact to the Company from the Data Security Incident in excess of the expenses already recorded; however, we do not believe this incident will impact our long-term financial health. See Note 5 for additional information related to legal proceedings and governmental investigations related to the Data Security Incident.
System Growth and Pipeline
At the end of the 2024 third quarter, our system had 9,068 properties (1,674,600 rooms), compared to 8,785 properties (1,597,380 rooms) at year-end 2023 and 8,675 properties (1,581,002 rooms) at the end of the 2023 third quarter. In the 2024 first three quarters, we added over 77,200 net rooms, including the addition of approximately 37,000 rooms from our exclusive, long-term strategic licensing agreement with MGM Resorts International.
At the end of the 2024 third quarter, we had approximately 3,800 hotels and 585,000 rooms in our development pipeline, which includes roughly 34,000 rooms approved for development but not yet under signed contracts. More than 220,000 rooms in the pipeline, or 38 percent, including rooms from our long-term licensing agreement with Sonder Holdings Inc. that we announced in August 2024, were under construction at the end of the 2024 third quarter. Fifty-six percent of the rooms in our development pipeline are located outside U.S. & Canada.
We currently expect full year 2024 net rooms growth to be around 6.5 percent.
Properties and Rooms
The following table shows our properties and rooms by ownership type.
PropertiesRooms
September 30, 2024September 30, 2023vs. September 30, 2023September 30, 2024September 30, 2023vs. September 30, 2023
Managed
1,999 2,039 (40)(2)%572,731 573,991 (1,260)— %
Franchised/Licensed/Other (1)
6,888 6,466 422 7 %1,074,361 980,969 93,392 10 %
Owned/Leased
50 51 (1)(2)%13,108 13,432 (324)(2)%
Residential
131 119 12 10 %14,400 12,610 1,790 14 %
Total
9,068 8,675 393 5 %1,674,600 1,581,002 93,598 6 %
(1)In addition to franchised, includes timeshare, The Ritz-Carlton Yacht Collection, and certain license and other agreements.
Lodging Statistics
The following tables present RevPAR, occupancy, and ADR statistics for comparable properties. Systemwide statistics include data from our franchised properties, in addition to our company-operated properties.
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Three Months Ended September 30, 2024 and Change vs. Three Months Ended September 30, 2023
RevPAROccupancyAverage Daily Rate
2024vs. 20232024vs. 20232024vs. 2023
Comparable Company-Operated Properties
U.S. & Canada$174.62 3.1 %71.1 %0.3 %pts.$245.46 2.7 %
Europe$265.98 9.2 %77.7 %0.3 %pts.$342.42 8.9 %
Middle East & Africa$98.15 7.2 %64.9 %1.5 %pts.$151.29 4.7 %
Greater China$84.71 (8.4)%71.1 %0.2 %pts.$119.09 (8.6)%
Asia Pacific excluding China
$115.85 8.9 %72.8 %2.7 %pts.$159.05 4.8 %
Caribbean & Latin America
$140.89 9.0 %63.0 %1.6 %pts.$223.53 6.2 %
International - All (1)
$120.81 3.7 %70.7 %1.2 %pts.$170.92 2.0 %
Worldwide (2)
$143.66 3.4 %70.9 %0.8 %pts.$202.69 2.2 %
Comparable Systemwide Properties
U.S. & Canada$136.15 2.1 %73.0 %(0.2)%pts.$186.48 2.3 %
Europe$191.93 9.5 %77.3 %2.7 %pts.$248.42 5.8 %
Middle East & Africa$94.30 8.0 %65.0 %1.4 %pts.$145.04 5.7 %
Greater China$78.83 (7.9)%69.9 %(0.2)%pts.$112.78 (7.7)%
Asia Pacific excluding China
$119.48 9.2 %73.0 %3.1 %pts.$163.77 4.6 %
Caribbean & Latin America
$123.06 6.7 %61.8 %(0.1)%pts.$199.09 6.8 %
International - All (1)
$122.24 5.4 %70.7 %1.5 %pts.$172.88 3.2 %
Worldwide (2)
$131.72 3.0 %72.3 %0.3 %pts.$182.24 2.5 %
Nine Months Ended September 30, 2024 and Change vs. Nine Months Ended September 30, 2023
RevPAROccupancyAverage Daily Rate
2024vs. 20232024vs. 20232024vs. 2023
Comparable Company-Operated Properties
U.S. & Canada$178.12 3.1 %70.2 %0.4 %pts.$253.56 2.5 %
Europe$218.79 7.2 %71.9 %0.6 %pts.$304.26 6.3 %
Middle East & Africa$121.86 12.4 %66.7 %2.8 %pts.$182.63 7.6 %
Greater China$84.08 (3.0)%68.5 %1.0 %pts.$122.81 (4.5)%
Asia Pacific excluding China
$117.01 12.9 %71.9 %4.3 %pts.$162.81 6.1 %
Caribbean & Latin America
$177.61 8.4 %65.9 %2.5 %pts.$269.56 4.4 %
International - All (1)
$121.87 6.7 %69.3 %2.3 %pts.$175.92 3.2 %
Worldwide (2)
$145.78 4.8 %69.7 %1.5 %pts.$209.19 2.6 %
Comparable Systemwide Properties
U.S. & Canada$132.78 2.6 %71.1 %0.2 %pts.$186.65 2.3 %
Europe$156.92 7.7 %70.5 %2.6 %pts.$222.73 3.7 %
Middle East & Africa$113.59 13.3 %66.1 %2.6 %pts.$171.84 8.9 %
Greater China$78.35 (2.7)%67.5 %0.8 %pts.$116.14 (3.9)%
Asia Pacific excluding China
$119.35 13.3 %71.8 %4.4 %pts.$166.26 6.4 %
Caribbean & Latin America
$152.15 9.3 %66.0 %2.4 %pts.$230.64 5.3 %
International - All (1)
$119.73 7.7 %68.8 %2.5 %pts.$174.12 3.8 %
Worldwide (2)
$128.63 4.0 %70.4 %0.9 %pts.$182.76 2.7 %
(1)Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.
(2)Includes U.S. & Canada and International - All.
CONSOLIDATED RESULTS
The discussion below presents an analysis of our consolidated results of operations for the 2024 third quarter compared to the 2023 third quarter and for the 2024 first three quarters compared to the 2023 first three quarters. Also see the “Business Trends” section above for further discussion.
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Fee Revenues
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Base management fees$312 $306 $6 2 %$955 $917 $38 4 %
Franchise fees812 748 64 9 %2,318 2,126 192 9 %
Incentive management fees159 143 16 11 %563 537 26 5 %
Gross fee revenues1,283 1,197 86 7 %3,836 3,580 256 7 %
Contract investment amortization(26)(23)(3)(13)%(76)(66)(10)(15)%
Net fee revenues$1,257 $1,174 $83 7 %$3,760 $3,514 $246 7 %
The increase in base management fees in the 2024 third quarter and 2024 first three quarters primarily reflected higher RevPAR.
The increase in franchise fees in the 2024 third quarter and 2024 first three quarters primarily reflected unit growth ($26 million and $74 million, respectively), higher RevPAR, higher co-branded credit card fees ($10 million and $38 million, respectively), and higher residential branding fees ($12 million and $22 million, respectively).
The increase in incentive management fees in the 2024 third quarter and 2024 first three quarters primarily reflected higher profits at managed hotels.
Owned, Leased, and Other
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Owned, leased, and other revenue$381 $363 $18 5 %$1,133 $1,109 $24 2 %
Owned, leased, and other - direct expenses300 293 7 2 %882 861 21 2 %
Owned, leased, and other, net$81 $70 $11 16 %$251 $248 $3 1 %
Cost Reimbursements
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Cost reimbursement revenue$4,617 $4,391 $226 5 %$13,778 $12,995 $783 6 %
Reimbursed expenses4,681 4,238 443 10 %13,827 12,740 1,087 9 %
Cost reimbursements, net$(64)$153 $(217)(142)%$(49)$255 $(304)(119)%
Cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) varies due to timing differences between the costs we incur for centralized programs and services and the related reimbursements we receive from property owners and franchisees. Over the long term, our centralized programs and services are not designed to impact our economics, either positively or negatively.
The decrease in cost reimbursements, net in the 2024 third quarter and 2024 first three quarters primarily reflected lower revenues, net of expenses, for our other programs and services, higher Loyalty Program expenses, and higher expenses related to our insurance program.
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Other Operating Expenses
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Depreciation, amortization, and other$45 $46 $(1)(2)%$137 $138 $(1)(1)%
General, administrative, and other276 239 37 15 %785 681 104 15 %
Restructuring and merger-related charges
9 13 (4)(31)%25 52 (27)(52)%
General, administrative, and other expenses increased in the 2024 third quarter and 2024 first three quarters primarily due to higher guarantee reserves ($21 million and $25 million, respectively). The increase in the 2024 first three quarters was also due to higher compensation costs and higher legal expenses ($16 million).
Restructuring and merger-related charges decreased in the 2024 first three quarters primarily due to lower charges related to the Data Security Incident discussed in Note 5.
Non-Operating Income (Expense)
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Gains and other income, net$7 $28 $(21)(75)%$15 $33 $(18)(55)%
Interest expense(179)(146)(33)(23)%(515)(412)(103)(25)%
Interest income11 7 4 57 %30 21 9 43 %
Equity in earnings 3 1 2 200 %8 9 (1)(11)%
Gains and other income, net decreased in the 2024 third quarter and 2024 first three quarters primarily due to a gain recorded in the prior year on the sale of a hotel in the CALA region ($24 million).
Interest expense increased in the 2024 third quarter and 2024 first three quarters primarily due to higher debt balances driven by Senior Notes issuances, net of maturities ($35 million and $93 million, respectively).
Income Taxes
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
Provision for income taxes$(202)$(237)$35 15 %$(633)$(562)$(71)(13)%
Provision for income taxes decreased in the 2024 third quarter primarily due to the decrease in pre-tax income ($51 million), partially offset by a shift in earnings to jurisdictions with higher tax rates ($16 million).
Provision for income taxes increased in the 2024 first three quarters primarily due to the prior year release of tax reserves ($103 million), which was mostly due to completion of a tax audit, and a shift in earnings to jurisdictions with higher tax rates ($37 million), partially offset by the decrease in pre-tax income ($61 million).
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BUSINESS SEGMENTS
The following discussion presents an analysis of the operating results of our reportable business segments for the 2024 third quarter compared to the 2023 third quarter and for the 2024 first three quarters compared to the 2023 first three quarters. Also see the “Business Trends” section above for further discussion.
Three Months EndedNine Months Ended
($ in millions)
September 30, 2024September 30, 2023Change 2024 vs. 2023September 30, 2024September 30, 2023Change 2024 vs. 2023
U.S. & Canada
Segment net fee revenues
$728 $674 $54 8 %$2,170 $2,064 $106 5 %
Segment profit617 707 (90)(13)%2,029 2,120 (91)(4)%
EMEA
Segment net fee revenues
150 139 11 8 %415 371 44 12 %
Segment profit152 144 8 6 %386 354 32 9 %
Greater China
Segment net fee revenues
62 71 (9)(13)%186 196 (10)(5)%
Segment profit46 60 (14)(23)%144 165 (21)(13)%
APEC
Segment net fee revenues
80 68 12 18 %239 196 43 22 %
Segment profit66 58 8 14 %200 171 29 17 %
PropertiesRooms
September 30, 2024September 30, 2023vs. September 30, 2023September 30, 2024September 30, 2023vs. September 30, 2023
U.S. & Canada
6,090 5,927 163 3 %1,030,074 975,391 54,683 6 %
EMEA
1,198 1,105 93 8 %226,447 213,366 13,081 6 %
Greater China
572 516 56 11 %168,692 157,939 10,753 7 %
APEC
606 550 56 10 %137,568 125,986 11,582 9 %
In the 2024 third quarter and 2024 first three quarters, net fee revenue grew in U.S. & Canada, EMEA, and APEC, compared to the same periods in 2023, primarily reflecting higher RevPAR and unit growth (see the Lodging Statistics and Properties and Rooms tables above for more information), as well as higher profits at managed hotels. In Greater China, net fee revenue decreased in the 2024 third quarter and 2024 first three quarters, primarily due to lower demand.
Additionally, U.S. & Canada segment profits in the 2024 third quarter and 2024 first three quarters compared to the same periods in 2023 reflected lower cost reimbursement revenue, net of reimbursed expenses ($129 million and $159 million, respectively) as well as higher general, administrative, and other expenses, primarily due to higher guarantee reserves ($21 million and $26 million, respectively).
LIQUIDITY AND CAPITAL RESOURCES
Our long-term financial objectives include maintaining diversified financing sources, optimizing the mix and maturity of our long-term debt, and reducing our working capital. At the end of the 2024 third quarter, our long-term debt had a weighted average interest rate of 4.5 percent and a weighted average maturity of approximately 5.4 years. The ratio of our fixed-rate long-term debt to our total long-term debt was 0.9 to 1.0 at the end of the 2024 third quarter.
Sources of Liquidity
Our Credit Facility
We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our
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public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14, 2027.
The Credit Facility contains certain covenants, including a single financial covenant that limits our maximum leverage (consisting of the ratio of Adjusted Total Debt to EBITDA, each as defined in the Credit Facility) to not more than 4.5 to 1.0. Our outstanding public debt does not contain a corresponding financial covenant or a requirement that we maintain certain financial ratios. We currently satisfy the covenants in our Credit Facility and public debt instruments, including the leverage covenant under the Credit Facility, and do not expect the covenants will restrict our ability to meet our anticipated borrowing and liquidity needs.
We monitor the status of the capital markets and regularly evaluate the effect that changes in capital market conditions may have on our ability to fund our liquidity needs. We believe the Credit Facility, and our access to capital markets, together with cash we expect to generate from operations, remain adequate to meet our liquidity requirements.
Commercial Paper
We issue commercial paper in the U.S. Because we do not have purchase commitments from buyers for our commercial paper, our ability to issue commercial paper is subject to market demand. We do not expect that fluctuations in the demand for commercial paper will affect our liquidity, given our borrowing capacity under the Credit Facility and access to capital markets.
Sources and Uses of Cash
Cash, cash equivalents, and restricted cash totaled $416 million at September 30, 2024, an increase of $50 million from year-end 2023, primarily due to net cash provided by operating activities ($2,431 million), Senior Notes issuances, net of repayments ($2,398 million), and issuances of common stock for our employee stock purchase plan ($73 million), partially offset by share repurchases ($3,176 million), net commercial paper repayments ($648 million), dividends paid ($506 million), capital and technology expenditures ($408 million), and financing outflows for employee stock-based compensation withholding taxes ($127 million).
Our ratio of current assets to current liabilities was 0.4 to 1.0 at the end of the 2024 third quarter. We have significant borrowing capacity under our Credit Facility should we need additional working capital.
Capital Expenditures and Other Investments
We made capital and technology expenditures of $408 million in the 2024 first three quarters and $318 million in the 2023 first three quarters. We expect capital expenditures and other investments will total approximately $1.1 billion to $1.2 billion for the 2024 full year, including capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities (including approximately $160 million for maintenance capital spending). Our anticipated capital and technology expenditures include $200 million of spending related to our option to purchase the land underlying the Sheraton Grand Chicago, which we discuss in Note 5. Capital and technology expenditures in 2024 include higher than typical spending on our worldwide technology systems transformation, which is overwhelmingly expected to be reimbursed over time.
Share Repurchases and Dividends
We repurchased 4.5 million shares of our common stock for $1.0 billion in the 2024 third quarter. Year-to-date through October 31, 2024, we repurchased 14.2 million shares for $3.4 billion. For additional information, see “Issuer Purchases of Equity Securities” in Part II, Item 2.
Our Board of Directors declared the following quarterly cash dividends in 2024 to date: (1) $0.52 per share declared on February 8, 2024 and paid on March 29, 2024 to stockholders of record on February 22, 2024; (2) $0.63 per share declared on May 10, 2024 and paid on June 28, 2024 to stockholders of record on May 24, 2024; and (3)
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$0.63 per share declared on August 2, 2024 and paid on September 30, 2024 to stockholders of record on August 16, 2024.
We expect to continue to return cash to stockholders through a combination of share repurchases and cash dividends.
Material Cash Requirements
As of the end of the 2024 third quarter, there have been no material changes to our cash requirements as disclosed in our 2023 Form 10-K. See Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2023 Form 10-K for more information about our cash requirements. Also, see Note 6 for information on our long-term debt.
At September 30, 2024, projected Deemed Repatriation Transition Tax payments under the 2017 Tax Cuts and Jobs Act totaled $135 million, which is payable within the next 12 months from September 30, 2024.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application in our 2023 Form 10-K. We have made no material changes to our critical accounting policies or the methodologies or assumptions that we apply under them.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk has not materially changed since December 31, 2023. See Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2023 Form 10-K for more information on our exposure to market risk.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this quarterly report under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Management necessarily applied its judgment in assessing the costs and benefits of those controls and procedures, which by their nature, can provide only reasonable assurance about management’s control objectives. You should note that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and we cannot assure you that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and operating to provide reasonable assurance that we record, process, summarize, and report the information we are required to disclose in the reports that we file or submit under the Exchange Act within the time periods specified in the rules and forms of the SEC, and to provide reasonable assurance that we accumulate and communicate such information to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions about required disclosure.
Changes in Internal Control Over Financial Reporting
We made no changes in internal control over financial reporting during the 2024 third quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
See the information under the “Litigation, Claims, and Government Investigations” caption in Note 5, which we incorporate here by reference. Within this section, we use a threshold of $1 million in disclosing material environmental proceedings involving a governmental authority, if any.
From time to time, we are also subject to other legal proceedings and claims in the ordinary course of business, including adjustments proposed during governmental examinations of the various tax returns we file. While management presently believes that the ultimate outcome of these other proceedings, individually and in aggregate, will not materially harm our financial position, cash flows, or overall trends in results of operations, legal proceedings are inherently uncertain, and unfavorable rulings could, individually or in aggregate, have a material adverse effect on our business, financial condition, or operating results.
Item 1A. Risk Factors
We are subject to various risks that make an investment in our securities risky. You should carefully consider the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our 2023 Form 10-K. There are no material changes to the risk factors discussed in our 2023 Form 10-K.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
(a)Unregistered Sales of Equity Securities
None.
(b)Use of Proceeds
None.
(c)Issuer Purchases of Equity Securities
(in millions, except per share amounts)
Period
Total Number of Shares Purchased
Average Price per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
July 1, 2024 - July 31, 20241.5 $241.79 1.5 18.7 
August 1, 2024 - August 31, 20241.9 $216.66 1.9 16.8 
September 1, 2024 - September 30, 20241.1 $230.09 1.1 15.7 
(1)On November 9, 2023, we announced that our Board of Directors increased our common stock repurchase authorization by 25 million shares. As of September 30, 2024, 15.7 million shares remained available for repurchase under Board approved authorizations. We may repurchase shares in the open market or in privately negotiated transactions, and we account for these shares as treasury stock.
Item 5. Other Information
During the 2024 third quarter, no director or Section 16 officer adopted or terminated any Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements.
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Item 6. Exhibits
We have not filed as exhibits certain instruments defining the rights of holders of the long-term debt of Marriott pursuant to Item 601(b)(4)(iii) of Regulation S-K promulgated under the Exchange Act, because the amount of debt authorized and outstanding under each such instrument does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish a copy of any such instrument to the Commission upon request.
Exhibit No.DescriptionIncorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto)
3.1Restated Certificate of Incorporation.
3.2Amended and Restated Bylaws.
10.1*
Third Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective as of January 1, 2025.

10.2
Amended and Restated License, Services and Development Agreement, dated September 20, 2024 and effective as of January 1, 2024, by and among the Company, Marriott Worldwide Corporation, and Marriott Vacations Worldwide Corporation, and the other signatories thereto.
31.1Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).
31.2Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).
32Section 1350 Certifications.
101
The following financial statements from Marriott International, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; and (iv) the Condensed Consolidated Statements of Cash Flows.
Submitted electronically with this report.
101.INSXBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.Submitted electronically with this report.
101.SCHXBRL Taxonomy Extension Schema Document.Submitted electronically with this report.
101.CALXBRL Taxonomy Calculation Linkbase Document.Submitted electronically with this report.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document.Submitted electronically with this report.
101.LABXBRL Taxonomy Label Linkbase Document.Submitted electronically with this report.
101.PREXBRL Taxonomy Presentation Linkbase Document.Submitted electronically with this report.
104
The cover page from Marriott International, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL (included as Exhibit 101).
Submitted electronically with this report.
*    Denotes management contract or compensatory plan.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
MARRIOTT INTERNATIONAL, INC.
November 4, 2024
/s/ Felitia O. Lee
Felitia O. Lee
Controller and Chief Accounting Officer
(Duly Authorized Officer)

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