Consolidated Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Consolidated Variable Interest Entities Disclosure [Abstract]

As of June 30, 2024 and December 31, 2023, we consolidated two variable interest entities ("VIEs") that each lease one hotel property, both of which are located in Japan, and for which the assets are only available to settle the obligations of the respective entities and the liabilities of the respective entities are non-recourse to us. We consolidated these VIEs since we are the primary beneficiary, having the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb losses and the right to receive benefits that could be significant to each of the VIEs individually.

Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following:


	June 30,		December 31,
	2024		2023
	(in millions)
Cash and cash equivalents	$	53	$	46
Accounts receivable, net	14		17
Property and equipment, net	30		37
Deferred income tax assets	25		32
Other non-current assets	38		43
Accounts payable, accrued expenses and other	29		29
Long-term debt(1)(2)	78		95

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(1)Includes finance lease liabilities of $70 million and $86 million as of June 30, 2024 and December 31, 2023, respectively.

(2)Includes current maturities of $17 million and $19 million as of June 30, 2024 and December 31, 2023, respectively.