v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Lessee
A summary of operating lease expenses, net of insignificant sublease income, was as follows:
Year Ended December 31,
202420232022
Minimum rentals$45 $49 $44 
Contingent rentals29 98 111 
Total operating lease expenses$74 $147 $155 
Total lease expenses related to short-term leases and finance leases were insignificant for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
During the year ended December 31, 2024, certain operating ROU assets were included in asset groups deemed not fully recoverable (see Note 5). We recognized $5 million of impairment charges related to these operating ROU assets in asset impairments on our consolidated statements of income within our owned and leased segment.
Supplemental balance sheet information related to finance leases was as follows:
December 31, 2024December 31, 2023
Property and equipment, net (1)$3 $5 
Current maturities of long-term debt$2 $2 
Long-term debt2 4 
Total finance lease liabilities$4 $6 
(1) Finance lease assets are net of $18 million and $14 million of accumulated amortization at December 31, 2024 and December 31, 2023, respectively.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term in years
Operating leases (1)1415
Finance leases23
Weighted-average discount rate
Operating leases3.8 %3.7 %
Finance leases2.0 %1.2 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year Ending December 31,Operating leases (1)Finance leases
2025$41 $2 
202637 2 
202734 — 
202834 — 
202933 — 
Thereafter174 — 
Total minimum lease payments$353 $4 
Less: amount representing interest(75)— 
Present value of minimum lease payments$278 $4 
(1) Operating lease payments have not been reduced by $55 million of future sublease receipts.
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. Rental income recognized in owned and leased revenues on our consolidated statements of income was follows:
Year Ended December 31,
202420232022
Rental income$8 $11 $12 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,((1)
2025$5 
20263 
20273 
20281 
20291 
Thereafter5 
Total minimum lease receipts$18 
LEASES LEASES
Lessee
A summary of operating lease expenses, net of insignificant sublease income, was as follows:
Year Ended December 31,
202420232022
Minimum rentals$45 $49 $44 
Contingent rentals29 98 111 
Total operating lease expenses$74 $147 $155 
Total lease expenses related to short-term leases and finance leases were insignificant for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
During the year ended December 31, 2024, certain operating ROU assets were included in asset groups deemed not fully recoverable (see Note 5). We recognized $5 million of impairment charges related to these operating ROU assets in asset impairments on our consolidated statements of income within our owned and leased segment.
Supplemental balance sheet information related to finance leases was as follows:
December 31, 2024December 31, 2023
Property and equipment, net (1)$3 $5 
Current maturities of long-term debt$2 $2 
Long-term debt2 4 
Total finance lease liabilities$4 $6 
(1) Finance lease assets are net of $18 million and $14 million of accumulated amortization at December 31, 2024 and December 31, 2023, respectively.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term in years
Operating leases (1)1415
Finance leases23
Weighted-average discount rate
Operating leases3.8 %3.7 %
Finance leases2.0 %1.2 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year Ending December 31,Operating leases (1)Finance leases
2025$41 $2 
202637 2 
202734 — 
202834 — 
202933 — 
Thereafter174 — 
Total minimum lease payments$353 $4 
Less: amount representing interest(75)— 
Present value of minimum lease payments$278 $4 
(1) Operating lease payments have not been reduced by $55 million of future sublease receipts.
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. Rental income recognized in owned and leased revenues on our consolidated statements of income was follows:
Year Ended December 31,
202420232022
Rental income$8 $11 $12 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,((1)
2025$5 
20263 
20273 
20281 
20291 
Thereafter5 
Total minimum lease receipts$18 
LEASES LEASES
Lessee
A summary of operating lease expenses, net of insignificant sublease income, was as follows:
Year Ended December 31,
202420232022
Minimum rentals$45 $49 $44 
Contingent rentals29 98 111 
Total operating lease expenses$74 $147 $155 
Total lease expenses related to short-term leases and finance leases were insignificant for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
During the year ended December 31, 2024, certain operating ROU assets were included in asset groups deemed not fully recoverable (see Note 5). We recognized $5 million of impairment charges related to these operating ROU assets in asset impairments on our consolidated statements of income within our owned and leased segment.
Supplemental balance sheet information related to finance leases was as follows:
December 31, 2024December 31, 2023
Property and equipment, net (1)$3 $5 
Current maturities of long-term debt$2 $2 
Long-term debt2 4 
Total finance lease liabilities$4 $6 
(1) Finance lease assets are net of $18 million and $14 million of accumulated amortization at December 31, 2024 and December 31, 2023, respectively.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term in years
Operating leases (1)1415
Finance leases23
Weighted-average discount rate
Operating leases3.8 %3.7 %
Finance leases2.0 %1.2 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year Ending December 31,Operating leases (1)Finance leases
2025$41 $2 
202637 2 
202734 — 
202834 — 
202933 — 
Thereafter174 — 
Total minimum lease payments$353 $4 
Less: amount representing interest(75)— 
Present value of minimum lease payments$278 $4 
(1) Operating lease payments have not been reduced by $55 million of future sublease receipts.
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. Rental income recognized in owned and leased revenues on our consolidated statements of income was follows:
Year Ended December 31,
202420232022
Rental income$8 $11 $12 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,((1)
2025$5 
20263 
20273 
20281 
20291 
Thereafter5 
Total minimum lease receipts$18