v3.25.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Finite-lived intangible assets were as follows:

December 31, 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying Value
(in millions)
Management and franchise contracts:
Contract acquisition costs
$1,564 $(334)$1,230 
Other(1)
300 (59)241 
$1,864 $(393)$1,471 
Other intangible assets:
Capitalized software costs$859 $(667)$192 
Leases(2)
67 (53)14 
$926 $(720)$206 

December 31, 2024
Gross Carrying ValueAccumulated AmortizationNet Carrying Value
(in millions)
Management and franchise contracts:
Contract acquisition costs
$1,289 $(289)$1,000 
Other(1)
281 (46)235 
$1,570 $(335)$1,235 
Other intangible assets:
Capitalized software costs$754 $(590)$164 
Leases(2)
88 (58)30 
$842 $(648)$194 
____________
(1)Includes development commissions, other intangible assets and management and franchise contract intangible assets acquired from third parties.
(2)Represents intangible assets that were initially recorded at fair value at the time of the Merger.
Schedule of Amortization of Finite-lived Intangible Assets
Amortization of our finite-lived intangible assets was as follows:

Year Ended December 31,
202520242023
(in millions)
Recognized in depreciation and amortization expenses(1)
$114 $91 $104 
Recognized as a reduction of franchise and licensing fees and base and other management fees
57 50 43 
____________
(1)Includes amortization expense of $5 million, $5 million and $37 million for the years ended December 31, 2025, 2024 and 2023, respectively, associated with assets that were initially recorded at fair value at the time of the Merger, some of which fully amortized during the year ended December 31, 2023.
Schedule of Future Amortization Expense of Finite-lived Intangible Assets
As of December 31, 2025, we estimate future amortization expense of our finite-lived intangible assets that will be recognized in depreciation and amortization expenses to be as follows:

Year(in millions)
2026$113 
202785 
202846 
202917 
203016 
Thereafter170 
$447