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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marriott International Inc | NASDAQ:MAR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.97 | -0.41% | 234.59 | 234.65 | 236.84 | 238.76 | 234.30 | 237.38 | 1,572,823 | 23:39:01 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 52-2055918 | |||||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(IRS Employer
Identification No.) |
|||||||||||||||||||
10400 Fernwood Road | Bethesda | Maryland | 20817 | |||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A Common Stock, $0.01 par value | MAR | Nasdaq Global Select Market |
Page No. | ||||||||
U.S. & Canada
|
Europe | Middle East & Africa | Asia Pacific | Caribbean & Latin America | Total | ||||||||||||||||||
Luxury | |||||||||||||||||||||||
JW Marriott®
|
Properties | 34 | 7 | 6 | 42 | 13 | 102 | ||||||||||||||||
Rooms | 18,658 | 2,205 | 3,325 | 15,574 | 3,597 | 43,359 | |||||||||||||||||
The Ritz-Carlton®
|
Properties | 39 | 13 | 13 | 36 | 8 | 109 | ||||||||||||||||
Rooms | 11,833 | 3,080 | 3,523 | 8,754 | 2,081 | 29,271 | |||||||||||||||||
W® Hotels
|
Properties | 24 | 7 | 5 | 16 | 7 | 59 | ||||||||||||||||
Rooms | 7,182 | 1,423 | 1,850 | 4,245 | 1,752 | 16,452 | |||||||||||||||||
The Luxury Collection® (1)
|
Properties | 17 | 48 | 10 | 30 | 14 | 119 | ||||||||||||||||
Rooms | 5,090 | 7,092 | 2,369 | 7,715 | 1,188 | 23,454 | |||||||||||||||||
St. Regis®
|
Properties | 10 | 7 | 6 | 20 | 3 | 46 | ||||||||||||||||
Rooms | 1,968 | 1,002 | 1,788 | 4,811 | 448 | 10,017 | |||||||||||||||||
EDITION®
|
Properties | 4 | 3 | 1 | 3 | — | 11 | ||||||||||||||||
Rooms | 1,209 | 381 | 255 | 852 | — | 2,697 | |||||||||||||||||
Bulgari®
|
Properties | — | 2 | 1 | 3 | — | 6 | ||||||||||||||||
Rooms | — | 143 | 120 | 260 | — | 523 | |||||||||||||||||
Premium | |||||||||||||||||||||||
Marriott Hotels®
|
Properties | 340 | 100 | 26 | 90 | 29 | 585 | ||||||||||||||||
Rooms | 133,972 | 25,946 | 8,110 | 30,008 | 7,789 | 205,825 | |||||||||||||||||
Sheraton®
|
Properties | 183 | 62 | 30 | 136 | 31 | 442 | ||||||||||||||||
Rooms | 70,245 | 16,900 | 9,299 | 49,399 | 8,613 | 154,456 | |||||||||||||||||
Westin®
|
Properties | 130 | 17 | 7 | 58 | 13 | 225 | ||||||||||||||||
Rooms | 52,705 | 5,686 | 1,839 | 17,751 | 3,819 | 81,800 | |||||||||||||||||
Renaissance® Hotels
|
Properties | 87 | 33 | 4 | 43 | 9 | 176 | ||||||||||||||||
Rooms | 28,880 | 7,846 | 1,035 | 14,972 | 2,745 | 55,478 | |||||||||||||||||
Le Méridien®
|
Properties | 22 | 16 | 22 | 47 | 2 | 109 | ||||||||||||||||
Rooms | 4,748 | 4,997 | 6,588 | 12,683 | 271 | 29,287 | |||||||||||||||||
Autograph Collection® Hotels (2)
|
Properties | 123 | 54 | 7 | 12 | 13 | 209 | ||||||||||||||||
Rooms | 25,449 | 6,468 | 1,640 | 3,245 | 3,751 | 40,553 | |||||||||||||||||
Delta Hotels by Marriott® (Delta Hotels®)
|
Properties | 77 | 5 | 1 | 2 | — | 85 | ||||||||||||||||
Rooms | 18,226 | 728 | 360 | 978 | — | 20,292 | |||||||||||||||||
Gaylord Hotels®
|
Properties | 6 | — | — | — | — | 6 | ||||||||||||||||
Rooms | 9,918 | — | — | — | — | 9,918 | |||||||||||||||||
Marriott Executive Apartments®
|
Properties | — | 4 | 10 | 18 | 2 | 34 | ||||||||||||||||
Rooms | — | 361 | 1,116 | 3,161 | 240 | 4,878 | |||||||||||||||||
Tribute Portfolio®
|
Properties | 26 | 11 | — | 8 | 3 | 48 | ||||||||||||||||
Rooms | 4,571 | 1,139 | — | 1,106 | 155 | 6,971 | |||||||||||||||||
Design HotelsTM
|
Properties | 5 | 7 | — | — | — | 12 | ||||||||||||||||
Rooms | 853 | 799 | — | — | — | 1,652 | |||||||||||||||||
Select | |||||||||||||||||||||||
Courtyard by Marriott® (Courtyard®)
|
Properties | 1,058 | 72 | 8 | 79 | 41 | 1,258 | ||||||||||||||||
Rooms | 146,913 | 13,551 | 1,684 | 18,454 | 6,717 | 187,319 | |||||||||||||||||
Residence Inn by Marriott® (Residence Inn®)
|
Properties | 854 | 13 | 3 | — | 4 | 874 | ||||||||||||||||
Rooms | 105,273 | 1,569 | 294 | — | 544 | 107,680 | |||||||||||||||||
Fairfield by Marriott®
|
Properties | 1,061 | — | — | 58 | 13 | 1,132 | ||||||||||||||||
Rooms | 99,901 | — | — | 9,300 | 1,863 | 111,064 | |||||||||||||||||
SpringHill Suites by Marriott® (SpringHill Suites®)
|
Properties | 488 | — | — | — | — | 488 | ||||||||||||||||
Rooms | 57,590 | — | — | — | — | 57,590 | |||||||||||||||||
Four Points® by Sheraton (Four Points®)
|
Properties | 158 | 19 | 16 | 83 | 19 | 295 | ||||||||||||||||
Rooms | 23,836 | 2,913 | 4,058 | 21,636 | 2,500 | 54,943 | |||||||||||||||||
TownePlace Suites by Marriott® (TownePlace Suites®)
|
Properties | 446 | — | — | — | — | 446 | ||||||||||||||||
Rooms | 45,320 | — | — | — | — | 45,320 |
U.S. & Canada
|
Europe | Middle East & Africa | Asia Pacific | Caribbean & Latin America | Total | ||||||||||||||||||
Aloft® Hotels
|
Properties | 134 | 10 | 8 | 30 | 10 | 192 | ||||||||||||||||
Rooms | 19,619 | 1,614 | 2,006 | 6,732 | 1,679 | 31,650 | |||||||||||||||||
AC Hotels by Marriott®
|
Properties | 73 | 84 | 1 | 4 | 14 | 176 | ||||||||||||||||
Rooms | 12,337 | 10,854 | 188 | 1,296 | 2,254 | 26,929 | |||||||||||||||||
Protea Hotels by Marriott® (Protea Hotels®)
|
Properties | — | — | 74 | — | — | 74 | ||||||||||||||||
Rooms | — | — | 7,851 | — | — | 7,851 | |||||||||||||||||
Element® Hotels
|
Properties | 55 | 2 | 2 | 6 | — | 65 | ||||||||||||||||
Rooms | 7,387 | 293 | 437 | 1,253 | — | 9,370 | |||||||||||||||||
Moxy® Hotels
|
Properties | 21 | 47 | — | 6 | — | 74 | ||||||||||||||||
Rooms | 4,149 | 9,227 | — | 1,159 | — | 14,535 | |||||||||||||||||
Residences and Timeshare | |||||||||||||||||||||||
Residences | Properties | 59 | 9 | 3 | 13 | 10 | 94 | ||||||||||||||||
Rooms | 6,258 | 313 | 308 | 1,700 | 576 | 9,155 | |||||||||||||||||
Timeshare | Properties | 72 | 5 | — | 5 | 9 | 91 | ||||||||||||||||
Rooms | 18,905 | 919 | — | 455 | 2,476 | 22,755 | |||||||||||||||||
Total Properties | 5,606 | 657 | 264 | 848 | 267 | 7,642 | |||||||||||||||||
Total Rooms | 942,995 | 127,449 | 60,043 | 237,499 | 55,058 | 1,423,044 |
Properties | Location | Rooms | ||||||||||||||||||
Courtyard by Marriott Aberdeen Airport | Aberdeen, UK | 194 | ||||||||||||||||||
Courtyard by Marriott Rio de Janeiro Barra da Tijuca | Barra da Tijuca, Brazil | 264 | ||||||||||||||||||
Courtyard by Marriott Toulouse Airport | Toulouse, France | 187 | ||||||||||||||||||
Colony Club, Barbados | Barbados | 96 | ||||||||||||||||||
Crystal Cove, Barbados | Barbados | 88 | ||||||||||||||||||
Marriott Puerto Vallarta Resort & Spa | Mexico | 433 | ||||||||||||||||||
Residence Inn Rio de Janeiro Barra da Tijuca | Barra da Tijuca, Brazil | 140 | ||||||||||||||||||
Sheraton Grand Rio Hotel & Resort | Rio de Janeiro, Brazil | 538 | ||||||||||||||||||
Sheraton Lima Hotel & Convention Center | Lima, Peru | 431 | ||||||||||||||||||
Sheraton Mexico City Maria Isabel Hotel | Mexico City, Mexico | 755 | ||||||||||||||||||
Tamarind, Barbados | Barbados | 104 | ||||||||||||||||||
The House, Barbados | Barbados | 34 | ||||||||||||||||||
Treasure Beach, Barbados | Barbados | 35 | ||||||||||||||||||
Turtle Beach, Barbados | Barbados | 161 | ||||||||||||||||||
Waves, Barbados | Barbados | 70 | ||||||||||||||||||
International Leased Hotels | ||||||||||||||||||||
15 on Orange Hotel, Autograph Collection | Cape Town, South Africa | 129 | ||||||||||||||||||
African Pride Melrose Arch, Autograph Collection | Johannesburg, South Africa | 118 | ||||||||||||||||||
Berlin Marriott Hotel | Berlin, Germany | 379 | ||||||||||||||||||
Cape Town Marriott Hotel Crystal Towers | Cape Town, South Africa | 180 | ||||||||||||||||||
Courtyard by Marriott Paris Gare de Lyon | Paris, France | 249 | ||||||||||||||||||
Frankfurt Marriott Hotel | Frankfurt, Germany | 593 | ||||||||||||||||||
Grosvenor House, A JW Marriott Hotel | London, UK | 496 | ||||||||||||||||||
Heidelberg Marriott Hotel | Heidelberg, Germany | 248 | ||||||||||||||||||
Hotel Alfonso XIII, a Luxury Collection Hotel, Seville | Seville, Spain | 148 | ||||||||||||||||||
Hotel Maria Cristina, San Sebastian | San Sebastian, Spain | 139 | ||||||||||||||||||
Leipzig Marriott Hotel | Leipzig, Germany | 231 | ||||||||||||||||||
Protea Hotel by Marriott Cape Town Sea Point | Cape Town, South Africa | 124 | ||||||||||||||||||
Protea Hotel by Marriott Midrand | Midrand, South Africa | 177 | ||||||||||||||||||
Protea Hotel by Marriott O.R. Tambo Airport | Johannesburg, South Africa | 213 | ||||||||||||||||||
Protea Hotel by Marriott Roodepoort | Roodepoort, South Africa | 79 | ||||||||||||||||||
Protea Hotel Fire & Ice! by Marriott Cape Town | Cape Town, South Africa | 201 | ||||||||||||||||||
Protea Hotel Fire & Ice! by Marriott Johannesburg Melrose Arch | Johannesburg, South Africa | 197 | ||||||||||||||||||
Renaissance Hamburg Hotel | Hamburg, Germany | 205 | ||||||||||||||||||
Renaissance Santo Domingo Jaragua Hotel & Casino | Santo Domingo, Dominican Republic | 300 | ||||||||||||||||||
Sheraton Diana Majestic, Milan | Milan, Italy | 106 | ||||||||||||||||||
The Ritz-Carlton, Berlin | Berlin, Germany | 303 | ||||||||||||||||||
The Ritz-Carlton, Tokyo | Tokyo, Japan | 247 | ||||||||||||||||||
The St. Regis Osaka | Osaka, Japan | 160 | ||||||||||||||||||
W Barcelona | Barcelona, Spain | 473 | ||||||||||||||||||
W London – Leicester Square | London, UK | 192 | ||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Period |
Total Number
of Shares Purchased |
Average Price
per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
|
|||||||||||||||||||
October 1, 2020-October 31, 2020 | — | $ | — | — | 17.4 | ||||||||||||||||||
November 1, 2020-November 30, 2020 | — | $ | — | — | 17.4 | ||||||||||||||||||
December 1, 2020-December 31, 2020 | — | $ | — | — | 17.4 |
Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues (2)
|
$ | 10,571 | $ | 20,972 | $ | 20,758 | $ | 20,452 | $ | 15,407 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) (2) (4)
|
$ | 84 | $ | 1,800 | $ | 2,366 | $ | 2,504 | $ | 1,424 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income (2) (4)
|
$ | (267) | $ | 1,273 | $ | 1,907 | $ | 1,459 | $ | 808 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted (losses) earnings per share (2) (4)
|
$ | (0.82) | $ | 3.80 | $ | 5.38 | $ | 3.84 | $ | 2.73 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared per share
|
$ | 0.48 | $ | 1.85 | $ | 1.56 | $ | 1.29 | $ | 1.15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data (at year-end): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (2) (3) (4)
|
$ | 24,701 | $ | 25,051 | $ | 23,696 | $ | 23,846 | $ | 24,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt
|
$ | 9,203 | $ | 9,963 | $ | 8,514 | $ | 7,840 | $ | 8,197 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (2) (4)
|
$ | 430 | $ | 703 | $ | 2,225 | $ | 3,582 | $ | 6,265 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base management fees
|
$ | 443 | $ | 1,180 | $ | 1,140 | $ | 1,102 | $ | 806 | |||||||||||||||||||||||||||||||||||||||||||||||||
Franchise fees (1) (2)
|
1,153 | 2,006 | 1,849 | 1,586 | 1,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive management fees
|
87 | 637 | 649 | 607 | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fees (1) (2)
|
$ | 1,683 | $ | 3,823 | $ | 3,638 | $ | 3,295 | $ | 2,388 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross Fee Revenue-Source: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada (1) (2)
|
$ | 1,345 | $ | 2,791 | $ | 2,641 | $ | 2,388 | $ | 1,845 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Outside U.S. & Canada (1) (2)
|
338 | 1,032 | 997 | 907 | 543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fees (1) (2)
|
$ | 1,683 | $ | 3,823 | $ | 3,638 | $ | 3,295 | $ | 2,388 |
Managed | Franchised/Licensed | Owned/Leased | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Rooms | Properties | Rooms | Properties | Rooms | Properties | Rooms | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
788 | 240,487 | 4,720 | 677,120 | 26 | 6,483 | 5,534 | 924,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific
|
698 | 199,040 | 143 | 37,597 | 2 | 407 | 843 | 237,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA
|
485 | 108,185 | 407 | 72,827 | 24 | 5,561 | 916 | 186,573 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CALA | 112 | 21,520 | 132 | 27,613 | 14 | 3,449 | 258 | 52,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Timeshare | — | — | 91 | 22,755 | — | — | 91 | 22,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 2,083 | 569,232 | 5,493 | 837,912 | 66 | 15,900 | 7,642 | 1,423,044 |
RevPAR | Occupancy | Average Daily Rate | ||||||||||||||||||||||||||||||||||||
2020 | vs. 2019 | 2020 | vs. 2019 | 2020 | vs. 2019 | |||||||||||||||||||||||||||||||||
Comparable Company-Operated Properties | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
$ | 50.73 | (67.3) | % | 28.6 | % | (47.2) | % | pts. | $ | 177.48 | (13.4) | % | |||||||||||||||||||||||||
Asia Pacific | $ | 46.32 | (53.7) | % | 39.6 | % | (31.7) | % | pts. | $ | 116.90 | (16.7) | % | |||||||||||||||||||||||||
CALA | $ | 52.55 | (60.0) | % | 26.7 | % | (37.8) | % | pts. | $ | 196.51 | (3.6) | % | |||||||||||||||||||||||||
Europe | $ | 34.88 | (76.8) | % | 20.8 | % | (53.3) | % | pts. | $ | 167.70 | (17.3) | % | |||||||||||||||||||||||||
Middle East & Africa | $ | 48.97 | (52.1) | % | 34.9 | % | (32.9) | % | pts. | $ | 140.34 | (6.8) | % | |||||||||||||||||||||||||
EMEA (1)
|
$ | 41.11 | (68.1) | % | 27.0 | % | (44.3) | % | pts. | $ | 152.08 | (15.9) | % | |||||||||||||||||||||||||
International - All (2)
|
$ | 44.77 | (60.6) | % | 33.8 | % | (37.0) | % | pts. | $ | 132.56 | (17.4) | % | |||||||||||||||||||||||||
Worldwide (3)
|
$ | 47.53 | (64.3) | % | 31.4 | % | (41.7) | % | pts. | $ | 151.51 | (16.7) | % | |||||||||||||||||||||||||
Comparable Systemwide Properties | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
$ | 48.28 | (59.4) | % | 37.2 | % | (36.5) | % | pts. | $ | 129.96 | (19.4) | % | |||||||||||||||||||||||||
Asia Pacific | $ | 46.51 | (54.2) | % | 38.8 | % | (32.4) | % | pts. | $ | 119.89 | (16.0) | % | |||||||||||||||||||||||||
CALA | $ | 38.81 | (63.4) | % | 24.4 | % | (37.4) | % | pts. | $ | 159.12 | (7.1) | % | |||||||||||||||||||||||||
Europe | $ | 32.53 | (75.1) | % | 21.7 | % | (51.2) | % | pts. | $ | 149.58 | (16.5) | % | |||||||||||||||||||||||||
Middle East & Africa | $ | 46.27 | (52.5) | % | 34.3 | % | (33.2) | % | pts. | $ | 134.87 | (6.5) | % | |||||||||||||||||||||||||
EMEA (1)
|
$ | 36.91 | (69.2) | % | 25.8 | % | (45.4) | % | pts. | $ | 143.33 | (14.9) | % | |||||||||||||||||||||||||
International - All (2)
|
$ | 41.51 | (62.2) | % | 31.5 | % | (38.5) | % | pts. | $ | 131.63 | (16.1) | % | |||||||||||||||||||||||||
Worldwide (3)
|
$ | 46.28 | (60.2) | % | 35.5 | % | (37.1) | % | pts. | $ | 130.40 | (18.5) | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Base management fees | $ | 443 | $ | 1,180 | $ | (737) | (62) | % | |||||||||||||||||||||||||||||||||
Franchise fees | 1,153 | 2,006 | (853) | (43) | % | ||||||||||||||||||||||||||||||||||||
Incentive management fees | 87 | 637 | (550) | (86) | % | ||||||||||||||||||||||||||||||||||||
Gross fee revenues | 1,683 | 3,823 | (2,140) | (56) | % | ||||||||||||||||||||||||||||||||||||
Contract investment amortization | (132) | (62) | 70 | 113 | % | ||||||||||||||||||||||||||||||||||||
Net fee revenues | $ | 1,551 | $ | 3,761 | $ | (2,210) | (59) | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Owned, leased, and other revenue | $ | 568 | $ | 1,612 | $ | (1,044) | (65) | % | |||||||||||||||||||||||||||||||||
Owned, leased, and other - direct expenses | 677 | 1,316 | (639) | (49) | % | ||||||||||||||||||||||||||||||||||||
Owned, leased, and other, net | $ | (109) | $ | 296 | $ | (405) | (137) | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Cost reimbursement revenue | $ | 8,452 | $ | 15,599 | $ | (7,147) | (46) | % | |||||||||||||||||||||||||||||||||
Reimbursed expenses | 8,435 | 16,439 | (8,004) | (49) | % | ||||||||||||||||||||||||||||||||||||
Cost reimbursements, net | $ | 17 | $ | (840) | $ | 857 | 102 | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Depreciation, amortization, and other | $ | 346 | $ | 341 | $ | 5 | 1 | % | |||||||||||||||||||||||||||||||||
General, administrative, and other | 762 | 938 | (176) | (19) | % | ||||||||||||||||||||||||||||||||||||
Restructuring and merger-related charges | 267 | 138 | 129 | 93 | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Gains and other income, net | $ | 9 | $ | 154 | $ | (145) | (94) | % | |||||||||||||||||||||||||||||||||
Interest expense | (445) | (394) | 51 | 13 | % | ||||||||||||||||||||||||||||||||||||
Interest income | 27 | 26 | 1 | 4 | % | ||||||||||||||||||||||||||||||||||||
Equity in (losses) earnings | (141) | 13 | (154) | (1,185) | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
Benefit (provision) for income taxes
|
$ | 199 | $ | (326) | $ | (525) | (161) | % |
($ in millions) | 2020 | 2019 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 7,905 | $ | 16,833 | $ | (8,928) | (53) | % | |||||||||||||||||||||||||||||||||
Segment profits | 198 | 2,000 | (1,802) | (90) | % | ||||||||||||||||||||||||||||||||||||
Asia Pacific
|
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | 612 | 1,189 | (577) | (49) | % | ||||||||||||||||||||||||||||||||||||
Segment profits | 1 | 369 | (368) | (100) | % | ||||||||||||||||||||||||||||||||||||
EMEA
|
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | 758 | 1,932 | (1,174) | (61) | % | ||||||||||||||||||||||||||||||||||||
Segment (loss) profits | (200) | 318 | (518) | (163) | % |
Properties | Rooms | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | vs. December 31, 2019 | December 31, 2020 | December 31, 2019 | vs. December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
5,534 | 5,324 | 210 | 4 | % | 924,090 | 899,805 | 24,285 | 3 | % | |||||||||||||||||||||||||||||||||||||
Asia Pacific
|
843 | 782 | 61 | 8 | % | 237,044 | 221,772 | 15,272 | 7 | % | |||||||||||||||||||||||||||||||||||||
EMEA
|
916 | 893 | 23 | 3 | % | 186,573 | 184,091 | 2,482 | 1 | % |
Payments Due by Period | |||||||||||||||||||||||||||||
($ in millions) | Total |
Less Than
1 Year |
1-3 Years | 3-5 Years |
After
5 Years |
||||||||||||||||||||||||
Debt (1)
|
$ | 12,453 | $ | 1,542 | $ | 2,143 | $ | 4,281 | $ | 4,487 | |||||||||||||||||||
Finance lease obligations (1)
|
206 | 13 | 27 | 28 | 138 | ||||||||||||||||||||||||
Operating leases where we are the primary obligor | 1,890 | 184 | 349 | 284 | 1,073 | ||||||||||||||||||||||||
Purchase obligations | 437 | 186 | 185 | 66 | — | ||||||||||||||||||||||||
Other noncurrent liabilities | 178 | — | 97 | 28 | 53 | ||||||||||||||||||||||||
Total contractual obligations | $ | 15,164 | $ | 1,925 | $ | 2,801 | $ | 4,687 | $ | 5,751 |
($ in millions) |
Total
Amounts Committed |
Less Than
1 Year |
1-3 Years | 3-5 Years |
After
5 Years |
||||||||||||||||||||||||
Guarantee commitments (expiration by period) | $ | 279 | $ | 35 | $ | 81 | $ | 40 | $ | 123 | |||||||||||||||||||
Investment and loan commitments (expected funding by period) | 22 | 12 | 7 | 3 | — | ||||||||||||||||||||||||
Total other commitments | $ | 301 | $ | 47 | $ | 88 | $ | 43 | $ | 123 |
Maturities by Period | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2022 | 2023 | 2024 | 2025 |
There-
after |
Total
Carrying Amount |
Total
Fair Value |
|||||||||||||||||||||||||||||||||||||||
Assets - Maturities represent expected principal receipts, fair values represent assets.
|
|||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate notes receivable | $ | 2 | $ | 2 | $ | 1 | $ | 1 | $ | 1 | $ | 35 | $ | 42 | $ | 33 | |||||||||||||||||||||||||||||||
Average interest rate | 0.83 | % | |||||||||||||||||||||||||||||||||||||||||||||
Floating-rate notes receivable | $ | 2 | $ | 83 | $ | 1 | $ | 13 | $ | 1 | $ | 21 | $ | 121 | $ | 112 | |||||||||||||||||||||||||||||||
Average interest rate | 3.77 | % | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities - Maturities represent expected principal payments, fair values represent liabilities.
|
|||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | $ | (849) | $ | (572) | $ | (674) | $ | — | $ | (2,293) | $ | (3,804) | $ | (8,192) | $ | (9,100) | |||||||||||||||||||||||||||||||
Average interest rate | 4.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
Floating-rate debt | $ | (317) | $ | (228) | $ | — | $ | (1,486) | $ | — | $ | — | $ | (2,031) | $ | (2,035) | |||||||||||||||||||||||||||||||
Average interest rate | 1.63 | % |
Page | |||||
/s/ Ernst & Young LLP |
Accounting for the Loyalty Program | ||||||||
Description of the Matter |
During 2020 the Company recognized $1,118 million of revenues previously deferred as of December 31, 2019 and had deferred revenue of $6,271 million as of December 31, 2020 associated with the Marriott Bonvoy guest loyalty program (the “Loyalty Program”). As discussed in Note 2 to the financial statements, the Company recognizes revenue for performance obligations relating to Loyalty Program points and free night certificates as they are redeemed and the related performance obligations are satisfied. The Company recognizes a portion of revenue for the Licensed IP performance obligation under the sales-based royalty criteria, with the remaining portion recognized on a straight-line basis over the contract term. Revenue is recognized utilizing complex models based upon the estimated standalone selling price per point and per free night certificate, which includes judgment in making the estimates of variable consideration and breakage of points.
|
|||||||
Auditing Loyalty Program results is complex due to: (1) the complexity of models and high volume of data used to monitor and account for Loyalty Program results, (2) the complexity in accounting for the amendments to the Company’s co-brand credit card agreements during May 2020, as well as the judgment in estimating the relative standalone selling price of the related performance obligations, (3) the complexity and judgment of estimating the standalone selling price per Loyalty Program point, including both the estimate of variable consideration under the Company’s co-brand credit card agreements which has significant estimation uncertainty associated with projecting future cardholder spending and redemption activity, and the estimated breakage of Loyalty Program points which requires the use of specialists and (4) the material weakness in the Company’s internal control over financial reporting that existed for a portion of the year relating to the insufficient complement of resources, including IT and accounting processes and personnel, to perform the ongoing accounting associated with the Loyalty Program.
|
||||||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of certain controls over the Company’s process of accounting for the Loyalty Program. For example, we tested controls over the accounting methods and model used in reporting results of the Loyalty Program, management’s review of the assumptions and data inputs utilized in estimating the standalone selling price per Loyalty Program point, as well as the development of the estimated breakage.
|
|||||||
To test the recognition of revenues and costs associated with the Loyalty Program, we performed audit procedures that included, among others, testing the clerical accuracy and consistency with US GAAP of the accounting model developed by the Company to recognize revenue and costs associated with the Loyalty Program, and testing significant inputs into the accounting model, including the estimated standalone selling price and recognition of points earned and redeemed during the period. Because of the material weakness that was present for a portion of the year, we expanded our sample sizes selected for substantive testing and performed additional testing over the completeness and accuracy of Loyalty Program data during the portion of the year in which the material weakness was present. We involved our valuation specialists to assist in our testing procedures with respect to the estimate of relative standalone selling price of the performance obligations associated with the amendment to the co-brand credit card agreements in May 2020. We involved our actuarial professionals to assist in our testing procedures with respect to the estimate of the breakage of Loyalty Program points. We evaluated management’s methodology for estimating the breakage of Loyalty Program points, and we tested underlying data and actuarial assumptions used in estimating the breakage. We evaluated the reasonableness of management’s assumptions, including projections of cash flows, used to estimate variable consideration under the Company’s co-brand credit cards.
|
||||||||
Accounting for General & Administrative Expenses and Reimbursed Expenses | ||||||||
Description of the Matter |
During 2020 the Company recognized $762 million of general and administrative expenses and $8,435 million of reimbursed expenses. As discussed in Note 2 to the financial statements, the Company incurs certain expenses that are for the benefit of, and reimbursable from, hotel owners and franchisees. Such amounts are recorded in the period in which the expense is incurred and include judgment with respect to the allocation of certain costs between general & administrative expenses, which are non-reimbursable, and reimbursed expenses.
|
|||||||
Auditing the classification of general and administrative expenses and reimbursed expenses is complex due to: (1) judgment associated with testing management’s conclusions regarding the allocation of costs between reimbursable and non-reimbursable expenses, (2) the complexity associated with allocating above-property expenses to hotel owners and franchisees due to the high volume of data used to monitor and account for reimbursed expenses and (3) incentives within management’s compensation structure designed to limit the growth in general and administrative expenses. | ||||||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process of accounting for reimbursed expenses, general and administrative expenses, and the process for allocating expenses. For example, we tested management’s controls over the review of the allocation of certain costs to determine if they were reasonably classified.
|
|||||||
To test the recognition of reimbursed expenses for appropriate classification, we performed audit procedures that included, among others, (1) testing a sample of transactions that were classified within reimbursed expenses in order to evaluate the appropriate accounting treatment and financial statement classification pursuant to the terms of the management and franchise agreements, (2) performed analytical procedures over total reimbursed expenses and general and administrative expenses in order to identify any trends or indicators of material errors in the classification of expenses, (3) tested manual journal entries made to reimbursed expenses and general and administrative expenses and (4) evaluated the methodology of cost allocations, including any material changes to allocations during the period. | ||||||||
Accounting for Indefinite-lived Brand Intangible Assets | ||||||||
Description of the Matter
|
At December 31, 2020 the Company had $5,995 million of indefinite-lived intangible brand assets. As discussed in Note 1 to the financial statements, the novel coronavirus (“COVID-19”) pandemic created uncertainty and increased subjectivity with respect to the development of estimates of future business performance. Further, as discussed in Note 2 to the financial statements, the Company evaluates the carrying value of its indefinite-lived brand intangible assets for impairment annually, or more frequently when factors indicate that the Company may not be able to recover the carrying value. The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived brand intangible assets are less than the carrying amount. However, when potential indicators of impairment exist, such as in consideration of the impact of COVID-19 on operations, the Company performs an analysis to determine the recoverability of the asset by comparing the estimated fair value to the carrying value of the asset.
|
|||||||
Auditing the accounting for indefinite-lived brand intangible assets is complex and judgmental as a result of the subjectivity in estimating the fair value of the indefinite-lived brand intangible assets. In particular, the fair value estimates are developed using the income approach and are subject to significant assumptions such as revenue growth, royalty rates and discount rates. These assumptions may be affected by the impact of the COVID-19 pandemic on future market conditions, including the duration of the recovery period.
|
||||||||
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process of accounting for indefinite-lived brand intangible assets. For example, we tested management’s controls over the review of the significant assumptions used in estimating the fair value of indefinite-lived intangible assets.
|
|||||||
To test the fair value of the indefinite-lived brand intangible assets our procedures included, among others, assessing the methodologies used in evaluating brand assets for impairment, involving our valuation specialists to assist in evaluating significant assumptions used by management in estimating the fair value of the brand assets, and testing the completeness and accuracy of underlying data used by management in their analyses. We compared the significant assumptions used by management to historical operating results and relevant observable market information including current industry, market and economic trends. Our procedures included evaluating the historical accuracy of management’s forecasts and performing sensitivity analyses to evaluate the impact of changes to significant assumptions.
|
/s/ Ernst & Young LLP |
December 31,
2020 |
December 31,
2019 |
December 31,
2018 |
|||||||||||||||
REVENUES | |||||||||||||||||
Base management fees | $ | 443 | $ | 1,180 | $ | 1,140 | |||||||||||
Franchise fees | 1,153 | 2,006 | 1,849 | ||||||||||||||
Incentive management fees | 87 | 637 | 649 | ||||||||||||||
Gross fee revenues | 1,683 | 3,823 | 3,638 | ||||||||||||||
Contract investment amortization | (132) | (62) | (58) | ||||||||||||||
Net fee revenues | 1,551 | 3,761 | 3,580 | ||||||||||||||
Owned, leased, and other revenue | 568 | 1,612 | 1,635 | ||||||||||||||
Cost reimbursement revenue (1)
|
8,452 | 15,599 | 15,543 | ||||||||||||||
10,571 | 20,972 | 20,758 | |||||||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||||
Owned, leased, and other-direct | 677 | 1,316 | 1,306 | ||||||||||||||
Depreciation, amortization, and other | 346 | 341 | 226 | ||||||||||||||
General, administrative, and other | 762 | 938 | 927 | ||||||||||||||
Restructuring and merger-related charges | 267 | 138 | 155 | ||||||||||||||
Reimbursed expenses (1)
|
8,435 | 16,439 | 15,778 | ||||||||||||||
10,487 | 19,172 | 18,392 | |||||||||||||||
OPERATING INCOME | 84 | 1,800 | 2,366 | ||||||||||||||
Gains and other income, net | 9 | 154 | 194 | ||||||||||||||
Interest expense | (445) | (394) | (340) | ||||||||||||||
Interest income | 27 | 26 | 22 | ||||||||||||||
Equity in (losses) earnings (1)
|
(141) | 13 | 103 | ||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (466) | 1,599 | 2,345 | ||||||||||||||
Benefit (provision) for income taxes | 199 | (326) | (438) | ||||||||||||||
NET (LOSS) INCOME | $ | (267) | $ | 1,273 | $ | 1,907 | |||||||||||
(LOSS) EARNINGS PER SHARE | |||||||||||||||||
(Loss) earnings per share - basic | $ | (0.82) | $ | 3.83 | $ | 5.45 | |||||||||||
(Loss) earnings per share - diluted | $ | (0.82) | $ | 3.80 | $ | 5.38 |
December 31,
2020 |
December 31,
2019 |
December 31,
2018 |
|||||||||||||||
Net (loss) income | $ | (267) | $ | 1,273 | $ | 1,907 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Foreign currency translation adjustments | 229 | 35 | (391) | ||||||||||||||
Derivative instrument adjustments and other, net of tax | (3) | (5) | 21 | ||||||||||||||
Total other comprehensive income (loss), net of tax | 226 | 30 | (370) | ||||||||||||||
Comprehensive (loss) income | $ | (41) | $ | 1,303 | $ | 1,537 |
December 31,
2020 |
December 31,
2019 |
||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and equivalents | $ | 877 | $ | 225 | |||||||
Accounts and notes receivable, net | 1,768 | 2,395 | |||||||||
Prepaid expenses and other | 172 | 252 | |||||||||
Assets held for sale | 8 | 255 | |||||||||
2,825 | 3,127 | ||||||||||
Property and equipment, net | 1,514 | 1,904 | |||||||||
Intangible assets | |||||||||||
Brands | 6,059 | 5,954 | |||||||||
Contract acquisition costs and other | 2,930 | 2,687 | |||||||||
Goodwill | 9,175 | 9,048 | |||||||||
18,164 | 17,689 | ||||||||||
Equity method investments | 422 | 577 | |||||||||
Notes receivable, net | 159 | 117 | |||||||||
Deferred tax assets | 249 | 154 | |||||||||
Operating lease assets | 752 | 888 | |||||||||
Other noncurrent assets | 616 | 595 | |||||||||
$ | 24,701 | $ | 25,051 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 1,173 | $ | 977 | |||||||
Accounts payable | 527 | 720 | |||||||||
Accrued payroll and benefits | 831 | 1,339 | |||||||||
Liability for guest loyalty program | 1,769 | 2,258 | |||||||||
Accrued expenses and other | 1,452 | 1,383 | |||||||||
5,752 | 6,677 | ||||||||||
Long-term debt | 9,203 | 9,963 | |||||||||
Liability for guest loyalty program | 4,502 | 3,460 | |||||||||
Deferred tax liabilities | 83 | 290 | |||||||||
Deferred revenue | 1,542 | 840 | |||||||||
Operating lease liabilities | 823 | 882 | |||||||||
Other noncurrent liabilities | 2,366 | 2,236 | |||||||||
Stockholders’ equity | |||||||||||
Class A Common Stock | 5 | 5 | |||||||||
Additional paid-in-capital | 5,851 | 5,800 | |||||||||
Retained earnings | 9,206 | 9,644 | |||||||||
Treasury stock, at cost | (14,497) | (14,385) | |||||||||
Accumulated other comprehensive loss | (135) | (361) | |||||||||
430 | 703 | ||||||||||
$ | 24,701 | $ | 25,051 |
December 31,
2020 |
December 31,
2019 |
December 31,
2018 |
|||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net (loss) income | $ | (267) | $ | 1,273 | $ | 1,907 | |||||||||||
Adjustments to reconcile to cash provided by operating activities: | |||||||||||||||||
Depreciation, amortization, and other | 478 | 403 | 284 | ||||||||||||||
Stock-based compensation | 201 | 187 | 184 | ||||||||||||||
Income taxes | (478) | (200) | (239) | ||||||||||||||
Liability for guest loyalty program | 535 | 257 | 520 | ||||||||||||||
Contract acquisition costs | (142) | (195) | (152) | ||||||||||||||
Restructuring and merger-related charges | 200 | 86 | 16 | ||||||||||||||
Working capital changes | (28) | (273) | (76) | ||||||||||||||
Loss (gain) on asset dispositions | 3 | (147) | (194) | ||||||||||||||
Deferred revenue changes and other | 1,137 | 294 | 107 | ||||||||||||||
Net cash provided by operating activities | 1,639 | 1,685 | 2,357 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital and technology expenditures | (135) | (653) | (556) | ||||||||||||||
Dispositions | 260 | 395 | 479 | ||||||||||||||
Loan advances | (41) | (30) | (13) | ||||||||||||||
Loan collections | 8 | 51 | 48 | ||||||||||||||
Other | (57) | (47) | (10) | ||||||||||||||
Net cash provided by (used in) investing activities | 35 | (284) | (52) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Commercial paper/Credit Facility, net | (2,290) | 951 | (129) | ||||||||||||||
Issuance of long-term debt | 3,561 | 1,397 | 1,646 | ||||||||||||||
Repayment of long-term debt | (1,887) | (835) | (397) | ||||||||||||||
Issuance of Class A Common Stock | — | 7 | 4 | ||||||||||||||
Dividends paid | (156) | (612) | (543) | ||||||||||||||
Purchase of treasury stock | (150) | (2,260) | (2,850) | ||||||||||||||
Stock-based compensation withholding taxes | (103) | (148) | (105) | ||||||||||||||
Other | (8) | (8) | — | ||||||||||||||
Net cash used in financing activities | (1,033) | (1,508) | (2,374) | ||||||||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 641 | (107) | (69) | ||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1)
|
253 | 360 | 429 | ||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1)
|
$ | 894 | $ | 253 | $ | 360 | |||||||||||
Common
Shares Outstanding |
|
Total |
Class A
Common Stock |
Additional
Paid-in- Capital |
Retained
Earnings |
Treasury
Stock, at Cost |
Accumulated
Other Comprehensive Loss |
||||||||||||||||||||||||||||||||||
359.1 | Balance at December 31, 2017 | $ | 3,582 | $ | 5 | $ | 5,770 | $ | 7,242 | $ | (9,418) | $ | (17) | ||||||||||||||||||||||||||||
— | Adoption of ASU 2016-01 | — | — | — | 4 | — | (4) | ||||||||||||||||||||||||||||||||||
— | Adoption of ASU 2016-16 | 372 | — | — | 372 | — | — | ||||||||||||||||||||||||||||||||||
— | Net income | 1,907 | — | — | 1,907 | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive loss | (370) | — | — | — | — | (370) | ||||||||||||||||||||||||||||||||||
— |
Dividends ($1.56 per share)
|
(543) | — | — | (543) | — | — | ||||||||||||||||||||||||||||||||||
1.5 | Stock-based compensation plans | 86 | — | 44 | — | 42 | — | ||||||||||||||||||||||||||||||||||
(21.5) | Purchase of treasury stock | (2,809) | — | — | — | (2,809) | — | ||||||||||||||||||||||||||||||||||
339.1 | Balance at December 31, 2018 | 2,225 | 5 | 5,814 | 8,982 | (12,185) | (391) | ||||||||||||||||||||||||||||||||||
— | Adoption of ASU 2016-02 | 1 | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||
— | Net income | 1,273 | — | — | 1,273 | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive income | 30 | — | — | — | — | 30 | ||||||||||||||||||||||||||||||||||
— |
Dividends ($1.85 per share)
|
(612) | — | — | (612) | — | — | ||||||||||||||||||||||||||||||||||
2.2 | Stock-based compensation plans | 46 | — | (14) | — | 60 | — | ||||||||||||||||||||||||||||||||||
(17.3) | Purchase of treasury stock | (2,260) | — | — | — | (2,260) | — | ||||||||||||||||||||||||||||||||||
324.0 | Balance at December 31, 2019 | 703 | 5 | 5,800 | 9,644 | (14,385) | (361) | ||||||||||||||||||||||||||||||||||
— | Adoption of ASU 2016-13 | (15) | — | — | (15) | — | — | ||||||||||||||||||||||||||||||||||
— | Net loss | (267) | — | — | (267) | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive income | 226 | — | — | — | — | 226 | ||||||||||||||||||||||||||||||||||
— |
Dividends ($0.48 per share)
|
(156) | — | — | (156) | — | — | ||||||||||||||||||||||||||||||||||
1.4 | Stock-based compensation plans | 89 | — | 51 | — | 38 | — | ||||||||||||||||||||||||||||||||||
(1.0) | Purchase of treasury stock | (150) | — | — | — | (150) | — | ||||||||||||||||||||||||||||||||||
324.4 |
(1)
|
Balance at December 31, 2020 | $ | 430 | $ | 5 | $ | 5,851 | $ | 9,206 | $ | (14,497) | $ | (135) |
($ in millions) | Employee termination benefits | ||||||||||||||||
Balance at December 31, 2019 | $ | — | |||||||||||||||
Charges | 366 | ||||||||||||||||
Cash payments | (215) | ||||||||||||||||
Other | (8) | ||||||||||||||||
Balance at December 31, 2020, classified in “Accrued expenses and other” | $ | 143 |
(in millions, except per share amounts) | 2020 | 2019 | 2018 | ||||||||||||||
Computation of Basic (Loss) Earnings Per Share | |||||||||||||||||
Net (loss) income | $ | (267) | $ | 1,273 | $ | 1,907 | |||||||||||
Shares for basic (loss) earnings per share | 325.8 | 332.7 | 350.1 | ||||||||||||||
Basic (loss) earnings per share | $ | (0.82) | $ | 3.83 | $ | 5.45 | |||||||||||
Computation of Diluted (Loss) Earnings Per Share | |||||||||||||||||
Net (loss) income | $ | (267) | $ | 1,273 | $ | 1,907 | |||||||||||
Shares for basic earnings per share | 325.8 | 332.7 | 350.1 | ||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Stock-based compensation(1)
|
— | 2.8 | 4.1 | ||||||||||||||
Shares for diluted (loss) earnings per share | 325.8 | 335.5 | 354.2 | ||||||||||||||
Diluted (loss) earnings per share | $ | (0.82) | $ | 3.80 | $ | 5.38 |
2020 | 2019 | 2018 | |||||||||||||||
Stock-based compensation expense (in millions) | $ | 188 | $ | 177 | $ | 170 | |||||||||||
Weighted average grant-date fair value (per RSU) | $ | 101 | $ | 117 | $ | 132 | |||||||||||
Aggregate intrinsic value of distributed RSUs (in millions) | $ | 234 | $ | 276 | $ | 294 |
Number of RSUs (in millions) | Weighted Average Grant-Date Fair Value (per unit) | ||||||||||
Outstanding at year-end 2019 | 4.1 | $ | 106 | ||||||||
Granted | 3.6 | 101 | |||||||||
Distributed | (1.6) | 97 | |||||||||
Forfeited | (0.3) | 114 | |||||||||
Outstanding at year-end 2020 | 5.8 | $ | 107 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. | $ | (320) | $ | 549 | $ | 1,311 | |||||||||||
Non-U.S. | (146) | 1,050 | 1,034 | ||||||||||||||
$ | (466) | $ | 1,599 | $ | 2,345 |
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Current | -U.S. Federal | $ | 9 | $ | (272) | $ | (169) | |||||||||||||
-U.S. State | (41) | (57) | (94) | |||||||||||||||||
-Non-U.S. | (78) | (161) | (284) | |||||||||||||||||
(110) | (490) | (547) | ||||||||||||||||||
Deferred | -U.S. Federal | 180 | 141 | 10 | ||||||||||||||||
-U.S. State | 81 | 39 | (6) | |||||||||||||||||
-Non-U.S. | 48 | (16) | 105 | |||||||||||||||||
309 | 164 | 109 | ||||||||||||||||||
$ | 199 | $ | (326) | $ | (438) |
($ in millions) | Amount | ||||
Unrecognized tax benefit at beginning of 2018
|
$ | 491 | |||
Change attributable to tax positions taken in prior years | 37 | ||||
Change attributable to tax positions taken during the current period | 148 | ||||
Decrease attributable to settlements with taxing authorities | (53) | ||||
Unrecognized tax benefit at year-end 2018
|
623 | ||||
Change attributable to tax positions taken in prior years | (13) | ||||
Change attributable to tax positions taken during the current period | 13 | ||||
Decrease attributable to settlements with taxing authorities | (54) | ||||
Unrecognized tax benefit at year-end 2019
|
569 | ||||
Change attributable to tax positions taken in prior years | (66) | ||||
Change attributable to tax positions taken during the current period | 4 | ||||
Decrease attributable to settlements with taxing authorities | (43) | ||||
Unrecognized tax benefit at year-end 2020
|
$ | 464 |
($ in millions) | At Year-End 2020 | At Year-End 2019 | |||||||||
Deferred Tax Assets | |||||||||||
Employee benefits | $ | 262 | $ | 267 | |||||||
Net operating loss carry-forwards | 818 | 680 | |||||||||
Accrued expenses and other reserves | 214 | 162 | |||||||||
Receivables, net | 12 | 11 | |||||||||
Tax credits | 49 | 41 | |||||||||
Loyalty Program | 367 | 249 | |||||||||
Deferred income | 69 | 70 | |||||||||
Lease liabilities | 252 | 261 | |||||||||
Other | 82 | 15 | |||||||||
Deferred tax assets | 2,125 | 1,756 | |||||||||
Valuation allowance | (1,009) | (616) | |||||||||
Deferred tax assets after valuation allowance | 1,116 | 1,140 | |||||||||
Deferred Tax Liabilities | |||||||||||
Equity method investments | (29) | (55) | |||||||||
Property and equipment | (42) | (82) | |||||||||
Intangibles | (663) | (895) | |||||||||
Right-of-use assets | (197) | (229) | |||||||||
Self-insurance | (19) | (15) | |||||||||
Deferred tax liabilities | (950) | (1,276) | |||||||||
Net deferred taxes | $ | 166 | $ | (136) |
2020 | 2019 | 2018 | |||||||||||||||
U.S. statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
U.S. state income taxes, net of U.S. federal tax benefit | 3.8 | 1.6 | 2.5 | ||||||||||||||
Non-U.S. income | 12.5 | (3.3) | (1.0) | ||||||||||||||
Change in valuation allowance | (20.0) | 3.4 | 2.6 | ||||||||||||||
Change in uncertain tax positions | 12.2 | 1.9 | 1.0 | ||||||||||||||
Change in U.S. tax rate | 0.0 | 0.0 | (1.7) | ||||||||||||||
Permanent items | 9.4 | 1.3 | 0.0 | ||||||||||||||
Tax on asset dispositions | 0.0 | (0.7) | (2.9) | ||||||||||||||
Excess tax benefits related to equity awards | 6.4 | (3.2) | (1.8) | ||||||||||||||
U.S. tax on foreign earnings | (3.0) | 0.1 | 0.0 | ||||||||||||||
Other, net | 0.6 | (1.7) | (1.0) | ||||||||||||||
Effective rate | 42.9 | % | 20.4 | % | 18.7 | % |
($ in millions)
Guarantee Type
|
Maximum Potential
Amount of Future Fundings |
Recorded Liability for
Guarantees |
|||||||||
Debt service | $ | 53 | $ | 6 | |||||||
Operating profit | 207 | 128 | |||||||||
Other | 19 | 4 | |||||||||
$ | 279 | $ | 138 |
($ in millions) | 2020 | 2019 | |||||||||
Operating lease cost
|
$ | 157 | $ | 185 | |||||||
Variable lease cost | 60 | 113 |
($ in millions) | Operating Leases | Finance Leases | |||||||||
2021 | $ | 184 | $ | 13 | |||||||
2022 | 176 | 13 | |||||||||
2023 | 124 | 14 | |||||||||
2024 | 116 | 14 | |||||||||
2025 | 106 | 14 | |||||||||
Thereafter | 529 | 138 | |||||||||
Total minimum lease payments | $ | 1,235 | $ | 206 | |||||||
Less: Amount representing interest | 265 | 53 | |||||||||
Present value of minimum lease payments | $ | 970 | $ | 153 | |||||||
($ in millions) | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
Current (1)
|
$ | 147 | $ | 7 | $ | 130 | $ | 6 | |||||||||||||||
Noncurrent (2)
|
823 | 146 | 882 | 151 | |||||||||||||||||||
$ | 970 | $ | 153 | $ | 1,012 | $ | 157 |
2020 | 2019 | |||||||||||||||||||||||||
Operating leases | Finance leases | Operating leases | Finance leases | |||||||||||||||||||||||
Weighted Average Remaining Lease Term (in years) | 10 | 13 | 11 | 14 | ||||||||||||||||||||||
Weighted Average Discount Rate | 4.6 | % | 4.4 | % | 4.8 | % | 4.4 | % |
($ in millions) | 2020 | 2019 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows for operating leases | $ | 162 | $ | 176 | |||||||
Operating cash outflows for finance leases | 7 | 7 | |||||||||
Financing cash outflows for finance leases | 6 | 6 | |||||||||
Lease assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | 35 | 89 | |||||||||
($ in millions) | At Year-End 2020 | At Year-End 2019 | |||||||||
Senior Notes: | |||||||||||
Series L Notes, interest rate of 3.3%, face amount of $173, maturing September 15, 2022
(effective interest rate of 3.4%)
|
$ | 173 | $ | 349 | |||||||
Series M Notes, interest rate of 3.4%, face amount of $350, matured October 15, 2020
(effective interest rate of 3.6%)
|
— | 349 | |||||||||
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021
(effective interest rate of 3.4%)
|
399 | 398 | |||||||||
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021
(effective interest rate of 3.1%)
|
450 | 449 | |||||||||
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025
(effective interest rate of 4.0%)
|
346 | 346 | |||||||||
Series Q Notes, interest rate of 2.3%, face amount of $399, maturing January 15, 2022
(effective interest rate of 2.5%)
|
398 | 747 | |||||||||
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026
(effective interest rate of 3.3%)
|
745 | 744 | |||||||||
Series U Notes, interest rate of 3.1%, face amount of $291, maturing February 15, 2023
(effective interest rate of 3.1%)
|
291 | 291 | |||||||||
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025
(effective interest rate of 2.8%)
|
330 | 332 | |||||||||
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034
(effective interest rate of 4.1%)
|
290 | 291 | |||||||||
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028
(effective interest rate of 4.2%)
|
445 | 444 | |||||||||
Series Y Notes, floating rate, face amount of $550, matured December 1, 2020
|
— | 549 | |||||||||
Series Z Notes, interest rate of 4.2%, face amount of $350, maturing December 1, 2023
(effective interest rate of 4.4%)
|
348 | 347 | |||||||||
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028
(effective interest rate of 4.8%)
|
297 | 297 | |||||||||
Series BB Notes, floating rate, face amount of $300, maturing March 8, 2021
(effective interest rate of 0.9% at December 31, 2020)
|
300 | 299 | |||||||||
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024
(effective interest rate of 3.9%)
|
586 | 564 | |||||||||
Series DD Notes, interest rate of 2.1%, face amount of $224, maturing October 3, 2022
(effective interest rate of 1.2%)
|
228 | 543 | |||||||||
Series EE Notes, interest rate of 5.8%, face amount of $1,600, maturing May 1, 2025
(effective interest rate of 6.0%)
|
1,583 | — | |||||||||
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030
(effective interest rate of 4.8%)
|
986 | — | |||||||||
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032
(effective interest rate of 3.7%)
|
985 | — | |||||||||
Commercial paper | — | 3,197 | |||||||||
Credit Facility | 900 | — | |||||||||
Finance lease obligations | 153 | 157 | |||||||||
Other | 143 | 247 | |||||||||
$ | 10,376 | $ | 10,940 | ||||||||
Less current portion | (1,173) | (977) | |||||||||
$ | 9,203 | $ | 9,963 |
Debt Principal Payments ($ in millions)
|
Amount | ||||
2021 | $ | 1,173 | |||
2022 | 807 | ||||
2023 | 682 | ||||
2024 | 1,494 | ||||
2025 | 2,302 | ||||
Thereafter | 3,918 | ||||
Balance at year-end 2020 | $ | 10,376 |
($ in millions) | At Year-End 2020 | At Year-End 2019 | |||||||||
Definite-lived Intangible Assets | |||||||||||
Costs incurred to obtain contracts with customers | $ | 1,674 | $ | 1,588 | |||||||
Contracts acquired in business combinations and other | 2,257 | 1,972 | |||||||||
3,931 | 3,560 | ||||||||||
Accumulated amortization | (937) | (808) | |||||||||
2,994 | 2,752 | ||||||||||
Indefinite-lived Intangible Brand Assets | 5,995 | 5,889 | |||||||||
$ | 8,989 | $ | 8,641 |
($ in millions) |
U.S. & Canada
|
Asia Pacific
|
EMEA
|
CALA |
Total
Goodwill |
||||||||||||||||||||||||
Balance at year-end 2019 | $ | 5,338 | $ | 1,864 | $ | 1,522 | $ | 324 | $ | 9,048 | |||||||||||||||||||
Foreign currency translation | 9 | 71 | 57 | (10) | 127 | ||||||||||||||||||||||||
Balance at year-end 2020 | $ | 5,347 | $ | 1,935 | $ | 1,579 | $ | 314 | $ | 9,175 |
($ in millions) | At Year-End 2020 | At Year-End 2019 | |||||||||
Land | $ | 688 | $ | 684 | |||||||
Buildings and leasehold improvements | 1,045 | 1,100 | |||||||||
Furniture and equipment | 640 | 1,225 | |||||||||
Construction in progress | 29 | 196 | |||||||||
2,402 | 3,205 | ||||||||||
Accumulated depreciation | (888) | (1,301) | |||||||||
$ | 1,514 | $ | 1,904 |
At Year-End 2020 | At Year-End 2019 | ||||||||||||||||||||||
($ in millions) |
Carrying
Amount |
Fair Value |
Carrying
Amount |
Fair Value | |||||||||||||||||||
Senior, mezzanine, and other loans | $ | 159 | $ | 142 | $ | 117 | $ | 112 | |||||||||||||||
Total noncurrent financial assets | $ | 159 | $ | 142 | $ | 117 | $ | 112 | |||||||||||||||
Senior Notes | $ | (8,031) | $ | (8,941) | $ | (6,441) | $ | (6,712) | |||||||||||||||
Commercial paper/Credit Facility | (900) | (900) | (3,197) | (3,197) | |||||||||||||||||||
Other long-term debt | (126) | (128) | (174) | (179) | |||||||||||||||||||
Other noncurrent liabilities | (426) | (426) | (196) | (196) | |||||||||||||||||||
Total noncurrent financial liabilities | $ | (9,483) | $ | (10,395) | $ | (10,008) | $ | (10,284) |
($ in millions) | Foreign Currency Translation Adjustments | Derivative Instrument and Other Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||
Balance at year-end 2017 | $ | (23) | $ | 6 | $ | (17) | |||||||||||
Other comprehensive (loss) income before reclassifications (1)
|
(391) | 4 | (387) | ||||||||||||||
Reclassification adjustments | 11 | 6 | 17 | ||||||||||||||
Net other comprehensive (loss) income | (380) | 10 | (370) | ||||||||||||||
Adoption of ASU 2016-01 | — | (4) | (4) | ||||||||||||||
Balance at year-end 2018 | $ | (403) | $ | 12 | $ | (391) | |||||||||||
Other comprehensive income before reclassifications (1)
|
35 | 2 | 37 | ||||||||||||||
Reclassification adjustments | — | (7) | (7) | ||||||||||||||
Net other comprehensive income (loss) | 35 | (5) | 30 | ||||||||||||||
Balance at year-end 2019 | $ | (368) | $ | 7 | $ | (361) | |||||||||||
Other comprehensive income before reclassifications (1)
|
229 | 7 | 236 | ||||||||||||||
Reclassification adjustments | — | (10) | (10) | ||||||||||||||
Net other comprehensive income (loss) | 229 | (3) | 226 | ||||||||||||||
Balance at year-end 2020 | $ | (139) | $ | 4 | $ | (135) |
2020 | |||||||||||||||||||||||
($ in millions) | U.S. & Canada | Asia Pacific | EMEA | Total | |||||||||||||||||||
Gross fee revenues | $ | 914 | $ | 183 | $ | 110 | $ | 1,207 | |||||||||||||||
Contract investment amortization | (108) | (7) | (12) | (127) | |||||||||||||||||||
Net fee revenues | 806 | 176 | 98 | 1,080 | |||||||||||||||||||
Owned, leased, and other revenue | 198 | 89 | 153 | 440 | |||||||||||||||||||
Cost reimbursement revenue | 6,901 | 347 | 507 | 7,755 | |||||||||||||||||||
Total reportable segment revenue | $ | 7,905 | $ | 612 | $ | 758 | $ | 9,275 | |||||||||||||||
Unallocated corporate and other
|
1,296 | ||||||||||||||||||||||
Total revenue | $ | 10,571 |
2019 | |||||||||||||||||||||||
($ in millions) | U.S. & Canada | Asia Pacific | EMEA | Total | |||||||||||||||||||
Gross fee revenues | $ | 2,265 | $ | 477 | $ | 418 | $ | 3,160 | |||||||||||||||
Contract investment amortization | (48) | (2) | (8) | (58) | |||||||||||||||||||
Net fee revenues | 2,217 | 475 | 410 | 3,102 | |||||||||||||||||||
Owned, leased, and other revenue | 715 | 178 | 553 | 1,446 | |||||||||||||||||||
Cost reimbursement revenue | 13,901 | 536 | 969 | 15,406 | |||||||||||||||||||
Total reportable segment revenue | $ | 16,833 | $ | 1,189 | $ | 1,932 | $ | 19,954 | |||||||||||||||
Unallocated corporate and other
|
1,018 | ||||||||||||||||||||||
Total revenue | $ | 20,972 |
2018 | |||||||||||||||||||||||
($ in millions) | U.S. & Canada | Asia Pacific | EMEA | Total | |||||||||||||||||||
Gross fee revenues | $ | 2,158 | $ | 479 | $ | 387 | $ | 3,024 | |||||||||||||||
Contract investment amortization | (45) | (2) | (7) | (54) | |||||||||||||||||||
Net fee revenues | 2,113 | 477 | 380 | 2,970 | |||||||||||||||||||
Owned, leased, and other revenue | 721 | 182 | 563 | 1,466 | |||||||||||||||||||
Cost reimbursement revenue | 13,455 | 459 | 926 | 14,840 | |||||||||||||||||||
Total reportable segment revenue | $ | 16,289 | $ | 1,118 | $ | 1,869 | $ | 19,276 | |||||||||||||||
Unallocated corporate and other
|
1,482 | ||||||||||||||||||||||
Total revenue | $ | 20,758 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. & Canada (1)
|
$ | 198 | $ | 2,000 | $ | 1,939 | |||||||||||
Asia Pacific (2)
|
1 | 369 | 456 | ||||||||||||||
EMEA (3)
|
(200) | 318 | 328 | ||||||||||||||
Unallocated corporate and other | (47) | (720) | (60) | ||||||||||||||
Interest expense, net of interest income | (418) | (368) | (318) | ||||||||||||||
Benefit (provision) for income taxes | 199 | (326) | (438) | ||||||||||||||
Net (loss) income | $ | (267) | $ | 1,273 | $ | 1,907 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. & Canada
|
$ | 209 | $ | 218 | $ | 97 | |||||||||||
Asia Pacific
|
30 | 25 | 26 | ||||||||||||||
EMEA
|
58 | 51 | 51 | ||||||||||||||
Unallocated corporate and other
|
49 | 47 | 52 | ||||||||||||||
$ | 346 | $ | 341 | $ | 226 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. & Canada
|
$ | 12 | $ | 287 | $ | 305 | |||||||||||
Asia Pacific
|
2 | 2 | 6 | ||||||||||||||
EMEA
|
12 | 29 | 36 | ||||||||||||||
Unallocated corporate and other
|
109 | 335 | 209 | ||||||||||||||
$ | 135 | $ | 653 | $ | 556 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Cost reimbursement revenue | $ | 107 | $ | 233 | $ | 332 | |||||||||||
Reimbursed expenses | (110) | (236) | (337) | ||||||||||||||
Equity in (losses) earnings | (141) | 13 | 103 |
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Sales | $ | 259 | $ | 815 | $ | 932 | |||||||||||
Net (loss) income | (212) | 80 | 221 |
($ in millions) | At Year-End 2020 | At Year-End 2019 | |||||||||
Assets (primarily composed of hotel real estate managed by us) | $ | 2,348 | $ | 2,555 | |||||||
Liabilities | 1,623 | 1,691 |
($ in millions, except per share data) | 2020 | ||||||||||||||||||||||||||||
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Fiscal
Year |
|||||||||||||||||||||||||
Revenues | $ | 4,681 | $ | 1,464 | $ | 2,254 | $ | 2,172 | $ | 10,571 | |||||||||||||||||||
Operating income (loss) | $ | 114 | $ | (154) | $ | 252 | $ | (128) | $ | 84 | |||||||||||||||||||
Net income (loss) | $ | 31 | $ | (234) | $ | 100 | $ | (164) | $ | (267) | |||||||||||||||||||
Basic earnings (loss) per share (1)
|
$ | 0.10 | $ | (0.72) | $ | 0.31 | $ | (0.50) | $ | (0.82) | |||||||||||||||||||
Diluted earnings (loss) per share (1)
|
$ | 0.09 | $ | (0.72) | $ | 0.31 | $ | (0.50) | $ | (0.82) |
($ in millions, except per share data) | 2019 | ||||||||||||||||||||||||||||
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Fiscal
Year |
|||||||||||||||||||||||||
Revenues | $ | 5,012 | $ | 5,305 | $ | 5,284 | $ | 5,371 | $ | 20,972 | |||||||||||||||||||
Operating income | $ | 510 | $ | 409 | $ | 607 | $ | 274 | $ | 1,800 | |||||||||||||||||||
Net income | $ | 375 | $ | 232 | $ | 387 | $ | 279 | $ | 1,273 | |||||||||||||||||||
Basic earnings per share (1)
|
$ | 1.10 | $ | 0.70 | $ | 1.17 | $ | 0.85 | $ | 3.83 | |||||||||||||||||||
Diluted earnings per share (1)
|
$ | 1.09 | $ | 0.69 | $ | 1.16 | $ | 0.85 | $ | 3.80 |
Name and Title | Age | Business Experience | ||||||||||||
J.W. Marriott, Jr.
Executive Chairman and Chairman of the Board |
88 |
J.W. Marriott, Jr. was elected Executive Chairman effective March 31, 2012, having relinquished his position as Chief Executive Officer. He served as Chief Executive Officer of the Company and its predecessors since 1972. He joined Marriott in 1956, became President and a Director in 1964, Chief Executive Officer in 1972, and Chairman of the Board in 1985. Mr. Marriott serves on the Board of Trustees of The J. Willard & Alice S. Marriott Foundation and the Executive Committee of the World Travel & Tourism Council. Mr. Marriott has served as a Director of the Company and its predecessors since 1964. He holds a Bachelor of Science degree in Banking and Finance from the University of Utah. Mr. Marriott plans to transition to the role of Chairman Emeritus in 2022.
|
||||||||||||
Liam Brown
Group President, United States and Canada |
60 |
Liam Brown became Group President, United States and Canada effective in January 2021. Prior to this role, Mr. Brown served as the President and Managing Director of Europe from 2018 to 2019, followed by Group President of Europe, Middle East & Africa in 2020. Mr. Brown joined Marriott in 1989 and served as President for Franchising, Owner Services and Managed by Marriott Select Brands, North America from 2012 to 2018. Other key positions held by Mr. Brown include Chief Operations Officer for the Americas for Select Service & Extended Stay Lodging and Owner & Franchise Services, as well as Senior Vice President and Executive Vice President of Development for Marriott’s Select Service & Extended Stay lodging products. Mr. Brown also serves on the Board of Directors of the American Hotel and Lodging Association. He holds a Hotel Diploma and Business Degree from the Dublin Institute of Technology, Trinity College and earned his Master of Business Administration from the Robert H. Smith School of Management at the University of Maryland.
|
||||||||||||
Anthony G. Capuano
Group President, Global Development, Design and Operations Services (Acting Co-Principal Executive Officer) |
55 |
Anthony G. Capuano became Group President, Global Development, Design and Operations Services in January 2020. He is responsible for leading the Company’s global development and design efforts and oversees the Company’s Global Operations discipline. In February 2021, Mr. Capuano also began to share responsibility with Ms. Linnartz for overseeing the day-to-day operations of Marriott’s business units and corporate functions, which arrangement is expected to continue until the Company’s Board of Directors appoints a permanent CEO. During this time, Mr. Capuano will be overseeing the Company’s U.S. & Canada segment and Finance. Mr. Capuano began his Marriott career in 1995 as part of the Market Planning and Feasibility team. Between 1997 and 2005, he led Marriott’s full-service development efforts in the Western U.S. & Canada. In early 2008, his responsibilities expanded to include all of U.S. & Canada and the Caribbean and Latin America and he became Executive Vice President and Global Chief Development Officer in 2009. Mr. Capuano began his professional career in Laventhol and Horwath’s Boston-based Leisure Time Advisory Group. He then joined Kenneth Leventhal and Company’s hospitality consulting group in Los Angeles, CA. Mr. Capuano earned his bachelor’s degree in Hotel Administration from Cornell University. He is an active member of the Cornell Hotel Society and a member of The Cornell School of Hotel Administration Dean’s Advisory Board. Mr. Capuano is also a member of the American Hotel and Lodging Association’s Industry Real Estate Financial Advisory Council.
|
||||||||||||
Name and Title | Age | Business Experience | ||||||||||||
Felitia Lee
Controller and Chief Accounting Officer |
59 |
Felitia Lee became Marriott’s Controller and Chief Accounting Officer and principal accounting officer in August 2020, with responsibility for the accounting operations of the Company including oversight of Financial Reporting & Analysis, Accounting Policy, General Accounting, Governance, Risk Management (Insurance, Claims, Business Continuity, Fire & Life Safety), Global Finance Shared Services, and Finance Contract Compliance. Ms. Lee joined Marriott in May 2020, supporting the management of the Company’s accounting operations. Prior to joining Marriott, Ms. Lee was the Senior Vice President and Controller for Kohl’s Corporation, a publicly-traded retailer, since 2018, where she was responsible for financial reporting, Sarbanes-Oxley processes, capital management, tax planning and compliance. Prior to joining Kohl’s Corporation, Ms. Lee held numerous positions with PepsiCo, Inc., a publicly-traded global food and beverage company, culminating in Vice President and Controller of the Pepsi Beverage Company after the merger of PepsiCo with two of its largest bottlers in 2010. Earlier in her career, Ms. Lee held a variety of financial leadership positions with such organizations as Pilkington, plc and Coopers & Lybrand (an accounting firm now part of PricewaterhouseCoopers). She earned her Bachelor of Science in Accounting from Santa Clara University. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.
|
||||||||||||
Stephanie Linnartz
Group President, Consumer Operations, Technology and Emerging Businesses (Acting Co-Principal Executive Officer) |
52 |
Stephanie Linnartz became Group President, Consumer Operations, Technology and Emerging Businesses in January 2020. She is responsible for the Company’s brand management, sales, marketing, revenue management, distribution, customer experience and innovation, information technology and digital functions, including Marriott Bonvoy, the Company’s loyalty program. In February 2021, Ms. Linnartz also began to share responsibility with Mr. Capuano for overseeing the day-to-day operations of Marriott’s business units and corporate functions, which arrangement is expected to continue until the Company’s Board of Directors appoints a permanent CEO. During this time, Ms. Linnartz will be overseeing the Company’s International segment, as well as Legal, Human Resources and Communications & Public Affairs. Ms. Linnartz also is responsible for developing, incubating, and running new lines of business. Before assuming her current position, Ms. Linnartz, who began her Marriott career in 1997, served as Global Chief Commercial Officer from 2013 to 2019; Global Officer, Sales and Revenue Management from 2009 to 2013; Senior Vice President, Global Sales from 2008 to 2009; Senior Vice President, Sales and Marketing Planning and Support from 2005 to 2008; and prior to that, various roles in Marriott’s Finance and Business Development Department. She currently serves on the Board of Directors of The Home Depot. She holds a bachelor’s degree in Political Science and Government from the College of the Holy Cross, where she sits on the Board of Trustees, and earned her Master of Business Administration from the College of William and Mary.
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Name and Title | Age | Business Experience | ||||||||||||
Kathleen K. Oberg
Executive Vice President and Chief Financial Officer |
60 | Kathleen (“Leeny”) K. Oberg was appointed as Marriott’s Chief Financial Officer, effective January 1, 2016. Previously, Ms. Oberg was the Chief Financial Officer for The Ritz-Carlton since 2013, where she contributed significantly to the brand’s performance, growth, and organizational effectiveness. Prior to assuming that role, Ms. Oberg served in a range of financial leadership positions with Marriott. From 2008 to 2013, she was the Company’s Senior Vice President, Corporate and Development Finance, where she led a team that valued new hotel development projects and merger and acquisition opportunities, prepared the Company’s long-range plans and annual budgets, and made recommendations for the Company’s financial and capital allocation strategy. From 2006 to 2008, Ms. Oberg served in London as Senior Vice President, International Project Finance and Asset Management for Europe and the Middle East and Africa, and as the region’s senior finance executive. Ms. Oberg first joined Marriott as part of its Investor Relations group in 1999. Before joining Marriott, Ms. Oberg held a variety of financial leadership positions with such organizations as Sodexo (previously Sodexo Marriott Services), Sallie Mae, Goldman Sachs, and Chase Manhattan Bank. She currently serves on the Adobe Board of Directors. She earned her Bachelor of Science in Commerce, with concentrations in Finance and Management Information Systems from the University of Virginia, McIntire School of Commerce and received her Master of Business Administration from Stanford University Graduate School of Business. | ||||||||||||
Rena Hozore Reiss
Executive Vice President and General Counsel |
61 |
Rena Hozore Reiss became Executive Vice President and General Counsel in December 2017. Ms. Reiss previously held the position of Executive Vice President, General Counsel and Corporate Secretary at Hyatt Hotels where she led the global legal team and oversaw Hyatt’s risk management team and corporate transactions group. Prior to her position with Hyatt, Ms. Reiss was an attorney in Marriott’s law department from 2000 to 2010 building her career in roles with increasing responsibility, ultimately holding the position of Senior Vice President and Associate General Counsel in which she led Marriott’s managed development efforts in the Americas region. Before joining Marriott, Ms. Reiss was a partner at Counts & Kanne, Chartered, in Washington, D.C. and Associate General Counsel at the Miami Herald Publishing Company. Ms. Reiss also serves on the Board of Directors of the American Hotel and Lodging Association. She earned her A.B. from Princeton University and her J.D. from Harvard Law School.
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David A. Rodriguez
Executive Vice President and Global Chief Human Resources Officer |
62 | David A. Rodriguez was appointed Executive Vice President and Global Chief Human Resources Officer in 2006. Before joining Marriott in 1998, he held senior roles in human resources at Citicorp (now Citigroup) from 1989 through 1998. Dr. Rodriguez holds a Bachelor of Arts degree and a doctorate degree in Industrial and Organizational Psychology from New York University. He is a member of the Board of Directors at American Woodmark. He is an elected fellow of the National Academy of Human Resources, chairman of the American Health Policy Institute, vice chair of the Human Resources Policy Association, and a governor on the board of the Health Transformation Alliance. | ||||||||||||
Craig S. Smith
Group President, International |
58 |
Craig S. Smith became Group President, International effective in January 2021. From October 2019 until December 2020, Mr. Smith was Group President and Managing Director of Asia Pacific, and he previously served as President and Managing Director of Asia Pacific since June 2015, assuming the responsibility for the strategic leadership of all operational and development functions spanning the region. Mr. Smith began his career with Marriott in 1988. Before becoming President and Managing Director of Asia Pacific, Mr. Smith served as President of Marriott’s Caribbean and Latin America region from 2013 to 2015. Before moving to the Caribbean and Latin America region in 2013, he was Executive Vice President and Chief Operations Officer for Asia Pacific. As the son of an American diplomat, Mr. Smith has lived in 13 countries, working in North America, the Caribbean, Latin America, Asia Pacific, and Australia. He is fluent in Spanish and conversant in Portuguese. Mr. Smith earned his Master of Business Administration from the Rotman School of Management at the University of Toronto and a Bachelor of Science from Brigham Young University.
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Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
3.1 | Restated Certificate of Incorporation. | |||||||||||||
3.2 | Amended and Restated Bylaws. | |||||||||||||
4.1 | Form of Common Stock Certificate. | |||||||||||||
4.2 | Indenture, dated as of November 16, 1998, between the Company and The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank. | |||||||||||||
4.3 | Description of Registrant’s Securities | |||||||||||||
10.1.1 | U.S. $4,500,000 Fifth Amended and Restated Credit Agreement dated as of June 28, 2019 with Bank of America, N.A. as administrative agent and certain banks. | |||||||||||||
10.1.2 | First Amendment, dated as of April 13, 2020, to the Fifth Amended and Restated Credit Agreement with Bank of America, N.A. as administrative agent, and certain banks, dated as of June 28, 2019. | |||||||||||||
Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
10.1.3 | Second Amendment, dated as of January 26, 2021, to the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain banks, dated as of June 28, 2019. | |||||||||||||
10.1.4 | Third Amendment, dated as of January 26, 2021, to the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain banks, dated as of June 28, 2019. | |||||||||||||
10.2.1 | License, Services and Development Agreement entered into on November 17, 2011, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.2.2 | First Amendment to License, Services, and Development Agreement for Marriott Projects, dated February 26, 2018, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.2.3 | Letter of Agreement, effective as of September 1, 2018, among Marriott International, Inc., Marriott Worldwide Corporation, Marriott Rewards, LLC, Starwood Hotels & Resorts Worldwide, LLC, Marriott Vacations Worldwide Corporation, Marriott Ownership Resorts, Inc., Vistana Signature Experiences, Inc. and ILG, LLC. | |||||||||||||
10.3.1 | License, Services and Development Agreement entered into on November 17, 2011, among The Ritz-Carlton Hotel Company, L.L.C., Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.3.2 | First Amendment to License, Services, and Development Agreement for Ritz-Carlton Projects, dated February 26, 2018, among The Ritz-Carlton Hotel Company, L.L.C., Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.4.1 | Marriott Rewards Affiliation Agreement entered into on November 17, 2011, among the Company, Marriott Rewards, L.L.C., Marriott Vacations Worldwide Corporation and certain of its subsidiaries, Marriott Ownership Resorts, Inc., and the other signatories thereto. | |||||||||||||
10.4.2 | First Amendment to the Marriott Rewards Affiliation Agreement, dated February 26, 2018, among the Company, Marriott Rewards, LLC, Marriott Vacations Worldwide Corporation, and Marriott Ownership Resorts, Inc. | |||||||||||||
10.4.3 | Second Amendment to Marriott Rewards Affiliation Agreement, dated November 25, 2019, among the Company, Marriott Rewards, LLC, Marriott Vacations Worldwide Corporation, and Marriott Ownership Resorts, Inc. | |||||||||||||
*10.5.1 | Marriott International, Inc. Stock and Cash Incentive Plan, as Amended Through February 13, 2014. | |||||||||||||
*10.5.2 | Amendment dated August 7, 2014 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
*10.5.3 | Amendment dated September 23, 2016 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.5.4 | Amendment dated May 5, 2017 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.5.5 | Amendment dated February 15, 2019 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.5.6 | Amendment dated May 10, 2019 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.5.7 | Amendment dated May 8, 2020 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.6.1 | Marriott International, Inc. Executive Deferred Compensation Plan, Amended and Restated as of January 1, 2009. | |||||||||||||
*10.6.2 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective January 1, 2010. | |||||||||||||
*10.6.3 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective April 1, 2010. | |||||||||||||
*10.6.4 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective October 25, 2011. | |||||||||||||
*10.6.5 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective November 19, 2011. | |||||||||||||
*10.6.6 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective January 1, 2013. | |||||||||||||
*10.6.7 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective September 23, 2016 (409A). | |||||||||||||
*10.6.8 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective September 23, 2016 (Starwood deferral elections). | |||||||||||||
*10.6.9 | Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective January 1, 2019. | |||||||||||||
*10.7.1 | Form of Employee Non-Qualified Stock Option Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.7.2 | Form of Senior Executive Supplemental Non-Qualified Stock Option Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.8.1 | Form of Executive Restricted Stock Unit/MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (pre-February 2018). | |||||||||||||
Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
*10.8.2 | Form of Executive Restricted Stock Unit/MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2018). | |||||||||||||
*10.8.3 | Form of Retention Executive Restricted Stock Unit Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2018). | |||||||||||||
*10.8.4 | Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.8.5 | Form of Retention Executive Restricted Stock Unit Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.9.1 | Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (pre-February 2018). | |||||||||||||
*10.9.2 | Form of Senior Executive Supplemental Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.3 | Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (For Non-Employee Directors). | |||||||||||||
*10.9.4 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2018). | |||||||||||||
*10.9.5 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.10.1 | Form of Performance Share Unit Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2018). | |||||||||||||
*10.10.2 | Form of Performance Share Unit Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.11 | Summary of Marriott International, Inc. Director Compensation. | |||||||||||||
*10.12 | Marriott International, Inc. Executive Officer Annual Cash Incentive Program. | |||||||||||||
*10.13.1 | Starwood 1999 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.13.2 | First Amendment to the Starwood 1999 Long-Term Incentive Compensation Plan, dated as of August 1, 2001. | |||||||||||||
*10.13.3 | Second Amendment to the Starwood 1999 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.14.1 | Starwood 2002 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.14.2 | First Amendment to the Starwood 2002 Long-Term Incentive Compensation Plan. |
Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
*10.15.1 | Starwood 2004 Long-Term Incentive Compensation Plan, amended and restated as of December 31, 2008. | |||||||||||||
*10.15.2 | First Amendment to the Starwood 2004 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.16.1 | Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.16.2 | Amendment dated May 5, 2017 to the Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.17 | Amendment dated June 29, 2016 to the Starwood 2013 Long-Term Incentive Compensation Plan, the Starwood 2004 Long-Term Incentive Compensation Plan, the Starwood 2002 Long-Term Incentive Compensation Plan, and the Starwood 1999 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.18 | Amendment dated September 23, 2016 to the Starwood 2013 Long-Term Incentive Compensation Plan, the Starwood 2004 Long-Term Incentive Compensation Plan, the Starwood 2002 Long-Term Incentive Compensation Plan, and the Starwood 1999 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.19 | Amendment dated November 10, 2016 to the Marriott International, Inc. Stock and Cash Incentive Plan, the Starwood 2013 Long-Term Incentive Compensation Plan, the Starwood 2004 Long-Term Incentive Compensation Plan, the Starwood 2002 Long-Term Incentive Compensation Plan, and the Starwood 1999 Long-Term Incentive Compensation Plan. | |||||||||||||
†10.20 | Amended and Restated Side Letter Agreement - Program Affiliation, dated February 26, 2018, among the Company, Marriott Vacations Worldwide, and certain of their subsidiaries. | |||||||||||||
10.21 | Aircraft Time Sharing Agreement, effective as of September 20, 2018, between Marriott International Administrative Services, Inc. and J. Willard Marriott Jr. | |||||||||||||
21 | Subsidiaries of Marriott International, Inc. | |||||||||||||
23 | Consent of Ernst & Young LLP. | |||||||||||||
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). | |||||||||||||
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). |
Exhibit No. | Description | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto) | ||||||||||||
32 | Section 1350 Certifications. | |||||||||||||
101 |
The following financial statements from Marriott International, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of (Loss) Income for the year ended December 31, 2020, December 31, 2019, and December 31, 2018; (ii) the Consolidated Balance Sheets at December 31, 2020, and December 31, 2019; (iii) the Consolidated Statements of Cash Flows for the year ended December 31, 2020, December 31, 2019, and December 31, 2018; (iv) the Consolidated Statements of Comprehensive (Loss) Income for the year ended December 31, 2020, December 31, 2019, and December 31, 2018; (v) the Consolidated Statements of Stockholders’ Equity for the year ended December 31, 2020, December 31, 2019, and December 31, 2018; and (vi) Notes to Consolidated Financial Statements.
|
Submitted electronically with this report. | ||||||||||||
101.INS | XBRL Instance Document. | Submitted electronically with this report. | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | Submitted electronically with this report. | ||||||||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document. | Submitted electronically with this report. | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | Submitted electronically with this report. | ||||||||||||
101.LAB | XBRL Taxonomy Label Linkbase Document. | Submitted electronically with this report. | ||||||||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | Submitted electronically with this report. | ||||||||||||
104 |
The cover page from Marriott International, Inc.’s Annual Report on Form 10-K/A for the year ended December 31, 2020, formatted in Inline XBRL (included as Exhibit 101).
|
Submitted electronically with this report. |
By: | /s/Anthony G. Capuano | |||||||||||||
Anthony G. Capuano | ||||||||||||||
Chief Executive Officer |
PRINCIPAL EXECUTIVE OFFICER: | ||||||||
/s/Anthony G. Capuano | Chief Executive Officer and Director | |||||||
Anthony G. Capuano | ||||||||
PRINCIPAL FINANCIAL OFFICER: | ||||||||
/s/Kathleen K. Oberg | Executive Vice President and Chief Financial Officer | |||||||
Kathleen K. Oberg | ||||||||
PRINCIPAL ACCOUNTING OFFICER: | ||||||||
/s/Felitia Lee | Controller and Chief Accounting Officer | |||||||
Felitia Lee | ||||||||
DIRECTORS: | ||||||||
/s/Deborah Marriott Harrison
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/s/Debra L. Lee
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Deborah Marriott Harrison, Director
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Debra L. Lee, Director
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/s/Frederick A. Henderson
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/s/Aylwin B. Lewis
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Frederick A. Henderson, Director
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Aylwin B. Lewis, Director
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/s/Eric Hippeau |
/s/Margaret M. McCarthy
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Eric Hippeau, Director |
Margaret M. McCarthy, Director
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/s/Lawrence W. Kellner
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/s/Susan C. Schwab | |||||||
Lawrence W. Kellner, Director
|
Susan C. Schwab, Director | |||||||
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