| EQUITY |
EQUITY Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax impacts, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Balance at
July 1, 2024 | | Current period other comprehensive income (loss) before reclassification | | Amount reclassified from accumulated other comprehensive loss | | Balance at September 30, 2024 | | Foreign currency translation adjustments | $ | (209) | | | $ | 29 | | | $ | — | | | $ | (180) | | | AFS debt securities unrealized fair value adjustments | — | | | 13 | | | — | | | 13 | | | Pension liabilities adjustments | (2) | | | — | | | — | | | (2) | | | Derivative instrument adjustments (1) | (22) | | | — | | | 1 | | | (21) | | | Accumulated other comprehensive loss | $ | (233) | | | $ | 42 | | | $ | 1 | | | $ | (190) | | | | | | | | | | | | (1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. | | Balance at
January 1, 2024 | | Current period other comprehensive income (loss) before reclassification | | Amount reclassified from accumulated other comprehensive loss | | Balance at September 30, 2024 | | Foreign currency translation adjustments (2) | $ | (156) | | | $ | (21) | | | $ | (3) | | | $ | (180) | | | AFS debt securities unrealized fair value adjustments | 4 | | | 9 | | | — | | | 13 | | | Pension liabilities adjustment (3) | — | | | — | | | (2) | | | (2) | | | Derivative instrument adjustments (4) | (23) | | | (1) | | | 3 | | | (21) | | | Accumulated other comprehensive loss | $ | (175) | | | $ | (13) | | | $ | (2) | | | $ | (190) | | (2) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the dilution of our ownership interest in an unconsolidated hospitality venture in India (see Note 4) and realized gains recognized in gains (losses) on sales of real estate and other related to the sale of Park Hyatt Zurich (see Note 7). | (3) The amount reclassified from accumulated other comprehensive loss primarily included realized gains recognized in gains (losses) on sales of real estate and other related to the UVC Transaction (see Note 4) and the sale of Park Hyatt Zurich (see Note 7). | (4) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. We expect to reclassify $5 million of losses, net of insignificant tax impacts, over the next 12 months. | | | Balance at
July 1, 2023 | | Current period other comprehensive income (loss) before reclassification | | Amount reclassified from accumulated other comprehensive loss | | Balance at
September 30, 2023 | Foreign currency translation adjustments | $ | (168) | | | $ | (26) | | | $ | — | | | $ | (194) | | | AFS debt securities unrealized fair value adjustments (5) | (11) | | | 2 | | | 3 | | | (6) | | | | | | | | | | | Derivative instrument adjustments (6) | (27) | | | 1 | | | 2 | | | (24) | | | Accumulated other comprehensive loss | $ | (206) | | | $ | (23) | | | $ | 5 | | | $ | (224) | | (5) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in other income (loss), net related to marketable securities held for our captive insurance company (see Note 19). |
| | | | | | | | | | | | | | | | | | | | | | | | | (6) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. | | Balance at
January 1, 2023 | | Current period other comprehensive income (loss) before reclassification | | Amount reclassified from accumulated other comprehensive loss | | Balance at
September 30, 2023 | | Foreign currency translation adjustments | $ | (202) | | | $ | 8 | | | $ | — | | | $ | (194) | | | AFS debt securities unrealized fair value adjustments (7) | (11) | | | 2 | | | 3 | | | (6) | | | | | | | | | | | Derivative instrument adjustments (8) | (29) | | | 1 | | | 4 | | | (24) | | | Accumulated other comprehensive loss | $ | (242) | | | $ | 11 | | | $ | 7 | | | $ | (224) | | (7) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in other income (loss), net related to marketable securities held for our captive insurance company (see Note 19). | | (8) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. |
Share Repurchases—On December 18, 2019, May 10, 2023, and May 8, 2024, our board of directors authorized repurchases of up to $750 million, $1,055 million, and $1,000 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time. At September 30, 2024, we had $982 million remaining under the total share repurchase authorization. During the nine months ended September 30, 2024, we repurchased 7,923,062 shares of Class A and Class B common stock. The shares of common stock were repurchased at a weighted-average price of $148.81 per share for an aggregate purchase price of $1,179 million, excluding insignificant related expenses. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares retired (see Note 16). During the nine months ended September 30, 2023, we repurchased 3,233,926 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $110.72 per share for an aggregate purchase price of $358 million, excluding insignificant related expenses. The shares repurchased included the repurchase of 106,116 shares for $9 million, which was initiated prior to December 31, 2022, but settled during the nine months ended September 30, 2023. Dividend—The following tables summarize dividends declared to Class A and Class B stockholders of record: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Class A common stock | $ | 6 | | | $ | 7 | | | $ | 20 | | | $ | 14 | | | Class B common stock | 9 | | | 9 | | | 26 | | | 18 | | | Total cash dividends declared | $ | 15 | | | $ | 16 | | | $ | 46 | | | $ | 32 | |
| | | | | | | | | | | | | | | | | | | | | | Date declared | | Dividend per share amount for Class A and Class B | | Date of record | | Date paid | | February 14, 2024 | | $ | 0.15 | | | February 28, 2024 | | March 12, 2024 | | May 9, 2024 | | $ | 0.15 | | | May 29, 2024 | | June 11, 2024 | | August 6, 2024 | | $ | 0.15 | | | August 27, 2024 | | September 10, 2024 | | | | | | | | | | | | | | |
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