MARRIOTT INTERNATIONAL INC /MD/ Fair Value Disclosure
| At Year-End 2025 | At Year-End 2024 | ||||||||||||||||||||||
| (in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Notes receivable | $ | 151 | $ | 149 | $ | 136 | $ | 133 | |||||||||||||||
| Total noncurrent financial assets | $ | 151 | $ | 149 | $ | 136 | $ | 133 | |||||||||||||||
| Senior Notes | $ | (13,686) | $ | (13,836) | $ | (11,419) | $ | (11,083) | |||||||||||||||
| Commercial paper | (1,177) | (1,177) | (1,582) | (1,582) | |||||||||||||||||||
| Total noncurrent financial liabilities | $ | (14,863) | $ | (15,013) | $ | (13,001) | $ | (12,665) | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 18, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.