mar-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 10-Q

_________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission File No. 1-13881

_________________________________________________

MARRIOTT INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

52-2055918

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification No.)

7750 Wisconsin Avenue

Bethesda

Maryland

20814

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code) (301) 380-3000

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 273,896,119 shares of Class A Common Stock, par value $0.01 per share, outstanding at April 28, 2025.

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MARRIOTT INTERNATIONAL, INC.

FORM 10-Q TABLE OF CONTENTS


		Page No.

Part I.	Financial Information (Unaudited)

Item 1.	Financial Statements

	Condensed Consolidated Statements of Income	3

	Condensed Consolidated Statements of Comprehensive Income	4

	Condensed Consolidated Balance Sheets	5

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

	Cautionary Statement	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4.	Controls and Procedures	20

Part II.	Other Information

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 5.	Other Information	22



Item 6.	Exhibits	23

	Signature	24

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

(Unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
REVENUES
Base management fees	$	325	$	313
Franchise fees	746		688
Incentive management fees	204		209
Gross fee revenues	1,275		1,210
Contract investment amortization	(28)		(23)
Net fee revenues	1,247		1,187
Owned, leased, and other revenue	361		357
Cost reimbursement revenue	4,655		4,433
	6,263		5,977
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct	296		286
Depreciation, amortization, and other	51		45
General, administrative, and other	245		261
Restructuring and merger-related charges	1		8
Reimbursed expenses	4,722		4,501
	5,315		5,101
OPERATING INCOME	948		876
(Losses) gains and other income, net	(2)		4

Interest expense	(192)		(163)
Interest income	9		10
Equity in earnings	1		—
INCOME BEFORE INCOME TAXES	764		727
Provision for income taxes	(99)		(163)
NET INCOME	$	665	$	564
EARNINGS PER SHARE
Earnings per share – basic	$	2.40	$	1.94
Earnings per share – diluted	$	2.39	$	1.93

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
Net income	$	665	$	564
Other comprehensive income (loss)
Foreign currency translation adjustments	112		(157)
Other adjustments, net of tax	(11)		10



Total other comprehensive income (loss), net of tax	101		(147)
Comprehensive income	$	766	$	417

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)


	(Unaudited)
	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and equivalents	$	523	$	396
Accounts and notes receivable, net	2,899		2,795
Prepaid expenses and other	324		294

	3,746		3,485
Property and equipment, net	1,856		1,833
Intangible assets
Brands	5,805		5,770
Contract acquisition costs and other	3,815		3,718
Goodwill	8,775		8,731
	18,395		18,219
Equity method investments	300		298
Notes receivable, net	145		136
Deferred tax assets	627		650
Operating lease assets	843		845
Other noncurrent assets	739		716
	$	26,651	$	26,182
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Current portion of long-term debt	$	959	$	1,309
Accounts payable	812		763
Accrued payroll and benefits	1,156		1,449
Liability for guest loyalty program	3,523		3,487
Accrued expenses and other	1,834		1,641
	8,284		8,649
Long-term debt	14,103		13,138
Liability for guest loyalty program	4,179		4,032
Deferred tax liabilities	65		81
Deferred revenue	1,144		1,103
Operating lease liabilities	789		794
Other noncurrent liabilities	1,255		1,377
Stockholders’ deficit
Class A Common Stock	5		5
Additional paid-in-capital	6,135		6,179
Retained earnings	17,022		16,531
Treasury stock, at cost	(25,368)		(24,644)
Accumulated other comprehensive loss	(962)		(1,063)
	(3,168)		(2,992)
	$	26,651	$	26,182

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
OPERATING ACTIVITIES
Net income	$	665	$	564
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) (2)	136		116
Stock-based compensation	52		53
Income taxes	26		105
Liability for guest loyalty program	183		184
Contract acquisition costs	(131)		(80)
Restructuring and merger-related charges	(19)		7
Working capital changes	(325)		(241)

Other	60		71
Net cash provided by operating activities	647		779
INVESTING ACTIVITIES
Capital and technology expenditures	(135)		(109)

Dispositions	—		1
Loan advances	(12)		(1)
Loan collections	5		8
Other	(1)		6
Net cash used in investing activities	(143)		(95)
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net	(1,002)		(685)
Issuance of long-term debt	1,960		1,468
Repayment of long-term debt	(352)		(2)
Issuance of Class A Common Stock	45		33

Dividends paid	(174)		(151)
Purchase of treasury stock	(751)		(1,144)
Stock-based compensation withholding taxes	(109)		(121)

Net cash used in financing activities	(383)		(602)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	121		82
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1)	425		366
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1)	$	546	$	448

(1)The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024, and ending restricted cash of $23 million at March 31, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

(2)The 2024 first quarter reflects the reclassification of $48 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and its consolidated subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America regions, as “International.” References throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. In addition, we use the term “hotel owners” throughout this report to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.

These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2024 Form 10-K.

Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates.

The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of March 31, 2025 and December 31, 2024 and the results of our operations and cash flows for the three months ended March 31, 2025 and March 31, 2024. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.

NOTE 2. ACQUISITION

In the 2025 second quarter, we announced that we reached an agreement with citizenM Holding BV and certain of its affiliates (the “seller”) to acquire the citizenM brand and related intellectual property for $355 million. We may also pay earn-out payments to the seller up to $110 million, based on the future growth of the brand over a specified, multi-year timeframe. Earn-out payments would not begin until the fourth year following closing of the transaction. As of April 28, 2025, citizenM’s portfolio included 36 open select-service hotels (8,544 rooms) located around the world. Upon closing of the transaction, which is subject to regulatory approval and other customary closing conditions, the citizenM portfolio will become part of our system, with the hotels owned and leased by the seller subject to new long-term franchise agreements with us. We expect the transaction to close later in 2025.

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NOTE 3. EARNINGS PER SHARE

The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of the Company’s potential common stock:


	Three Months Ended
(in millions, except per share amounts)	March 31, 2025		March 31, 2024
Computation of Basic Earnings Per Share
Net income	$	665	$	564
Shares for basic earnings per share	276.9		290.4
Basic earnings per share	$	2.40	$	1.94
Computation of Diluted Earnings Per Share
Net income	$	665	$	564
Shares for basic earnings per share	276.9		290.4
Effect of dilutive securities
Stock-based compensation	0.8		1.2
Shares for diluted earnings per share	277.7		291.6
Diluted earnings per share	$	2.39	$	1.93

NOTE 4. STOCK-BASED COMPENSATION

We granted 0.7 million restricted stock units (“RSUs”) during the 2025 first quarter to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2025 first quarter to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2027 adjusted EBITDA performance and relative total stockholder return over the 2025 to 2027 performance period. RSUs, including PSUs, granted in the 2025 first quarter had a weighted average grant-date fair value of $273 per unit.

We recorded stock-based compensation expense for RSUs and PSUs of $43 million in the 2025 first quarter and $45 million in the 2024 first quarter. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $320 million at March 31, 2025 and $173 million at December 31, 2024.

NOTE 5. INCOME TAXES

Our effective tax rate decreased to 13.0 percent for the 2025 first quarter compared to 22.4 percent for the 2024 first quarter, primarily due to the current year release of tax reserves.

Our unrecognized tax benefit balance decreased by $69 million to $114 million at March 31, 2025 from $183 million at December 31, 2024, primarily due to the lapse of the statute of limitations on certain tax positions. Our unrecognized tax benefit balance included $103 million at March 31, 2025 and $171 million at December 31, 2024 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that within the next 12 months we will reach resolution of income tax examinations in one or more jurisdictions. The actual amount of any change to our unrecognized tax benefits could vary depending on the timing and nature of the settlement. Therefore, an estimate of the change cannot be provided.

We paid cash for income taxes, net of refunds, of $73 million in the 2025 first quarter and $58 million in the 2024 first quarter.

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NOTE 6. COMMITMENTS AND CONTINGENCIES

Guarantees

We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees for which we are the primary obligor at March 31, 2025 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	62	$	6
Operating profit	130		78
Other	20		4
	$	212	$	88

Our maximum potential guarantees listed in the preceding table include $60 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.

Starwood Data Security Incident

Description of Event

On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. We discontinued use of the Starwood reservations database for business operations at the end of 2018.

Litigation, Claims, and Government Investigations

Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in the cases that remain pending, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The active U.S. cases are consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). We continue our efforts to appeal the District Court’s decision to certify a class of U.S. consumers, and we are awaiting a decision from the U.S. Court of Appeals for the Fourth Circuit. A case brought by the City of Chicago (which is consolidated in the MDL proceeding) also remains pending. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims.

In addition, most inquiries and investigations by U.S. federal, U.S. state and foreign governmental authorities have been resolved or no longer appear to be active.

While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above-described MDL proceedings or further regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss in excess of the amounts recorded that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on: (1) in the case of the above-described MDL proceedings, the current stage of these proceedings, the absence of specificity as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, and the lack of resolution of significant factual and legal issues, and (2) uncertainty regarding further regulatory inquiries or investigations.

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Other Legal Proceedings

As of May 2025, we have resolved most of the claims brought against the Company regarding the use of copyrighted music. The amounts recorded for the completed settlements to date are not material to our Financial Statements, and we do not expect any remaining claims or resolutions to have a material impact on the Company’s financial position or operations.

NOTE 7. LONG-TERM DEBT

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of March 31, 2025 and year-end 2024:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of March 31, 2025		Balance as of December 31, 2024
Senior Notes:
Series P Notes, maturing October 1, 2025	3.8	%	4.0	%	$	350	$	350	$	349
Series R Notes, maturing June 15, 2026	3.1	%	3.3	%	750		749		749
Series V Notes, matured March 15, 2025	3.8	%	2.8	%	318		—		319
Series W Notes, maturing October 1, 2034	4.5	%	4.1	%	278		287		287
Series X Notes, maturing April 15, 2028	4.0	%	4.2	%	450		448		447
Series AA Notes, maturing December 1, 2028	4.7	%	4.8	%	300		299		298
Series EE Notes, matured May 1, 2025	5.8	%	6.0	%	600		600		599
Series FF Notes, maturing June 15, 2030	4.6	%	4.8	%	1,000		991		991
Series GG Notes, maturing October 15, 2032	3.5	%	3.7	%	1,000		989		989
Series HH Notes, maturing April 15, 2031	2.9	%	3.0	%	1,100		1,093		1,093
Series II Notes, maturing October 15, 2033	2.8	%	2.8	%	700		695		695
Series JJ Notes, maturing October 15, 2027	5.0	%	5.4	%	1,000		991		990
Series KK Notes, maturing April 15, 2029	4.9	%	5.3	%	800		788		788
Series LL Notes, maturing September 15, 2026	5.5	%	5.9	%	450		447		447
Series MM Notes, maturing October 15, 2028	5.6	%	5.9	%	700		693		693
Series NN Notes, maturing May 15, 2029	4.9	%	5.3	%	500		492		491
Series OO Notes, maturing May 15, 2034	5.3	%	5.6	%	1,000		980		980
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		495		495
Series QQ Notes, maturing March 15, 2035	5.4	%	5.5	%	1,000		986		986
Series RR Notes, maturing April 15, 2032	5.1	%	5.4	%	500		492		—
Series SS Notes, maturing April 15, 2037	5.5	%	5.7	%	1,500		1,474		—
Commercial paper							578		1,582
Credit Facility							—		—
Finance lease obligations							122		124
Other							23		55
							$	15,062	$	14,447
Less current portion							(959)		(1,309)
							$	14,103	$	13,138

We paid cash for interest, net of amounts capitalized, of $87 million in the 2025 first quarter and $48 million in the 2024 first quarter.

We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14,

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2027.

In February 2025, we issued $500 million aggregate principal amount of 5.100 percent Series RR Notes due April 15, 2032 (the “Series RR Notes”) and $1.5 billion aggregate principal amount of 5.500 percent Series SS Notes due April 15, 2037 (the “Series SS Notes”). We will pay interest on the Series RR Notes and Series SS Notes in April and October of each year, commencing in October 2025. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $700 million of the Series SS Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.49 percent. Net proceeds from the offering of the Series RR Notes and Series SS Notes were approximately $1.960 billion, after deducting the underwriting discount and estimated expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

NOTE 8. FAIR VALUE OF FINANCIAL INSTRUMENTS

We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:


	March 31, 2025				December 31, 2024
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	145	$	143	$	136	$	133
Total noncurrent financial assets	$	145	$	143	$	136	$	133

Senior Notes	$	(13,389)	$	(13,168)	$	(11,419)	$	(11,083)
Commercial paper	(578)		(578)		(1,582)		(1,582)

Total noncurrent financial liabilities	$	(13,967)	$	(13,746)	$	(13,001)	$	(12,665)

See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on the input levels we use in determining fair value.

NOTE 9. ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

The following tables detail the accumulated other comprehensive loss activity for the 2025 first quarter and 2024 first quarter:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2024	$	(1,091)	$	28	$	(1,063)
Other comprehensive income (loss) before reclassifications (1)	112		(9)		103
Reclassification adjustments	—		(2)		(2)
Net other comprehensive income (loss)	112		(11)		101
Balance at March 31, 2025	$	(979)	$	17	$	(962)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2023	$	(654)	$	7	$	(647)
Other comprehensive (loss) income before reclassifications (1)	(157)		11		(146)
Reclassification adjustments	—		(1)		(1)
Net other comprehensive (loss) income	(157)		10		(147)
Balance at March 31, 2024	$	(811)	$	17	$	(794)

(1)Other comprehensive income (loss) before reclassifications for foreign currency translation adjustments includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in losses of $19 million for the 2025 first quarter and gains of $12 million for the 2024 first quarter.

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The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2025 first quarter and 2024 first quarter:

(in millions, except per share amounts)

Common Shares Outstanding

Total

SEC Form 10-Q filed by Marriott International