Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt consists of the following (in millions):

	As of December 31,
	2014		2013
Series Q senior notes, with a rate of 6¾% due June 2016	$	—	$	150
Series V senior notes, with a rate of 6% due November 2020		500		500
Series X senior notes, with a rate of 5⅞% due June 2019		498		497
Series Z senior notes, with a rate of 6% due October 2021		300		300
Series B senior notes, with a rate of 5¼% due March 2022		350		350
Series C senior notes, with a rate of 4¾% due March 2023		450		450
Series D senior notes, with a rate of 3¾% due October 2023		400		400
2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029		386		371
Total senior notes		2,884		3,018
Credit facility revolver		204		446
Credit facility term loan due June 2017		500		500
Mortgage debt (non-recourse), with an average interest rate of 5.0% and 4.1% at December 31, 2014 and 2013, respectively, maturing through January 2024		404		709
Other		—		86
Total debt	$	3,992	$	4,759

Interest Expense

The following items are included in interest expense (in millions):

	Year ended December 31,
	2014⁽¹⁾			2013⁽¹⁾			2012⁽¹⁾
Interest expense	$	214		$	304		$	373
Amortization of debt premiums/discounts, net ⁽²⁾		(16	)		(15	)		(18	)
Amortization of deferred financing costs		(8	)		(10	)		(12	)
Non-cash losses on debt extinguishments		(2	)		(13	)		(9	)
Change in accrued interest		1			16			4
Interest paid ⁽³⁾	$	189		$	282		$	338
___________

(1)	Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2 million, $23 million and $21 million, respectively.

(2)	Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense.

(3)	Does not include capitalized interest of $7 million, $6 million and $6 million during 2014, 2013 and 2012, respectively.

Mortgage Debt Issuances And Repayments

We had the following mortgage debt issuances and repayments since January 2013:

					Maturity
Transaction Date	Property	Rate			Date	Amount
Issuances/Assumptions						(in millions)
December 2013	Harbor Beach Marriott Resort & Spa		4.75	%	1/1/2024	$	150
Repayments
February 2014	The Ritz-Carlton, Naples and Newport Beach Marriott Hotel		3.25	%	3/1/2014		(300	)
December 2013	Harbor Beach Marriott Resort & Spa		5.55	%	3/1/2014		(134	)
December 2013	The Westin Denver Downtown		8.51	%	12/11/2023		(31	)
May 2013	Orlando World Center Marriott		4.75	%	7/1/2013		(246	)

Aggregate Debt Maturities

Aggregate debt maturities are as follows (in millions):

	As of December 31, 2014
2015	$	400
2016		253
2017		500
2018		204
2019		500
Thereafter		2,150
		4,007
Unamortized (discounts) premiums, net		(16	)
Capital lease obligations		1
	$	3,992

Convertible Debt

Debt Instrument [Line Items]

Interest Expense

Interest expense recorded for our exchangeable senior debentures (including interest expense for debentures redeemed in 2013 and 2012) consists of the following (in millions):

	Year ended December 31,
	2014		2013		2012
Contractual interest expense (cash)	$	10	$	10	$	19
Non-cash interest expense due to discount amortization		16		15		17
Total interest expense	$	26	$	25	$	36