v3.26.1
RECEIVABLES
 6 Months Ended
Jun. 30, 2026
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
RECEIVABLES RECEIVABLES
Receivables
June 30, 2026December 31, 2025
Total receivables$1,225 $1,202 
Less: allowance for credit losses(81)(79)
Total receivables, net of allowances$1,144 $1,123 
The following table summarizes the activity in our receivables allowance for credit losses:
20262025
Allowance at January 1$79 $62 
Provisions (reversals), net7 4 
Write-offs(4)(2)
Allowance at March 31$82 $64 
Write-offs(1)(1)
Provisions (reversals), net— 5 
Allowance at June 30$81 $68 
Financing Receivables
June 30, 2026December 31, 2025
Secured financing to hotel owners$185 $163 
Unsecured financing to hotel owners and unconsolidated hospitality ventures (1)231 255 
Deferred fee arrangements134 104 
Total financing receivables$550 $522 
Less: current portion of financing receivables included in receivables, net(35)(30)
Less: allowance for credit losses(51)(50)
Total long-term financing receivables, net of allowances$464 $442 
(1) Includes a $41 million and $39 million loan, net of a $9 million and $11 million unamortized discount, at June 30, 2026 and December 31, 2025, respectively, related to seller financing issued in conjunction with a prior asset disposition. Accretion of the discount was recognized in interest income within other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19) and was based on an imputed interest rate of 9.4%.
The following table summarizes the activity in our financing receivables allowance for credit losses:
20262025
Allowance at January 1$50 $36 
Provisions (reversals), net9 6 
Write-offs(1)— 
Allowance at March 31$58 $42 
Provisions (reversals), net(7)— 
Foreign currency exchange, net— 1 
Allowance at June 30$51 $43 
Our financing receivables were comprised of the following:
June 30, 2026
 Amortized costAllowance for credit lossesNet carrying valueGross carrying value on nonaccrual status
Junior and senior mortgage loans$185 $— $185 $— 
Unsecured loans231 (41)190 46 
Deferred fee arrangements (1)134 (10)124 126 
Total$550 $(51)$499 $172 
(1) Primarily greater than 90 days past due based on the nature of the financing receivables class.
December 31, 2025
 Amortized costAllowance for credit lossesNet carrying valueGross carrying value on nonaccrual status
Junior and senior mortgage loans$163 $— $163 $— 
Unsecured loans255 (41)214 46 
Deferred fee arrangements (1)104 (9)95 96 
Total$522 $(50)$472 $142 
(1) Primarily greater than 90 days past due based on the nature of the financing receivables class.
We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be approximately $521 million and $493 million at June 30, 2026 and December 31, 2025, respectively.