v3.24.3
RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of Accounts Receivable, Allowance for Credit Loss
The following table summarizes the activity in our receivables allowance for credit losses:
20242023
Allowance at January 1$50 $63 
Write-offs(4)(4)
Provisions (reversals), net3 (4)
Allowance at June 30$49 $55 
Provisions, net5 — 
Write-offs(1)(1)
Allowance at September 30$53 $54 
Schedule of Financing Receivables
Financing Receivables
September 30, 2024December 31, 2023
Unsecured financing to hotel owners (1)$239 $137 
Secured financing to hotel owners (2)133 — 
Total financing receivables$372 $137 
Less: current portion of financing receivables included in receivables, net(23)(22)
Less: allowance for credit losses (3)(39)(42)
Total long-term financing receivables, net of allowances$310 $73 
(1) At September 30, 2024, unsecured financing included a $35 million loan, net of a $15 million unamortized discount based on an imputed interest rate of 9.5%, related to the seller financing issued in conjunction with the sale of an undeveloped land parcel (see Note 7).
(2) Comprised of senior and junior secured mortgage loans collateralized by underlying hotel properties, including an $85 million loan purchased and a 41 million Swiss Francs ("CHF") loan issued in conjunction with the sale of Park Hyatt Zurich (see Note 7).
(3) At September 30, 2024, there was no allowance for credit losses recorded for secured financing to hotel owners.
Schedule of Allowance for Losses and Impairments The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
20242023
Allowance at January 1$42 $44 
Write-offs(3)(2)
Foreign currency exchange, net(1)— 
Reversals, net— (2)
Allowance at June 30$38 $40 
Provisions, net1 — 
Allowance at September 30$39 $40 
Schedule of Credit Monitoring Our unsecured financing receivables were as follows:
September 30, 2024
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans$232 $(37)$195 $22 
Other financing arrangements7 (2)5 — 
Total unsecured financing receivables$239 $(39)$200 $22 
December 31, 2023
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans$128 $(39)$89 $22 
Other financing arrangements9 (3)6 — 
Total unsecured financing receivables$137 $(42)$95 $22