v3.22.4
Consolidated Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Consolidated Variable Interest Entities Disclosure [Abstract]  
Consolidated Variable Interest Entities Consolidated Variable Interest Entities As of December 31, 2022 and 2021, we consolidated two VIEs that each lease one hotel property, both of which are located in Japan. 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. The assets of our consolidated VIEs are only available to settle the obligations of the respective entities, and the liabilities of the consolidated VIEs are non-recourse to us.
Our consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following:

December 31,
20222021
(in millions)
Cash and cash equivalents$29 $18 
Property and equipment, net45 60 
Deferred income tax assets52 62 
Other non-current assets55 62 
Accounts payable, accrued expenses and other21 15 
Long-term debt(1)
152 179 
Other long-term liabilities14 16 
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(1)Includes finance lease liabilities of $115 million and $153 million as of December 31, 2022 and 2021, respectively.

During the year ended December 31, 2022, our consolidated VIEs borrowed an aggregate of 2.7 billion Japanese yen ("JPY"), of which 0.3 billion JPY was repaid during the year ended December 31, 2022, resulting in 2.4 billion JPY (equivalent to $18 million) of those borrowings remaining outstanding as of December 31, 2022. As of December 31, 2022, these remaining borrowings were included in long-term debt in our consolidated balance sheet and had a weighted average interest rate of 1.04 percent and maturity dates ranging from August 2025 to February 2029.

As of December 31, 2021, one of our consolidated VIEs had drawn 500 million JPY (equivalent to $4 million) under a revolving credit facility, which was fully repaid by July 2022; these borrowings were included in long-term debt in our consolidated balance sheet as of December 31, 2021.