Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net Property and Equipment, Net

v3.22.4
Property and Equipment, Net Property and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
8. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of:
As of December 31,
2022 2021
Leasehold improvements 30  30 
Capitalized software 290  326 
Furniture, fixtures and equipment 24  32 
Finance leases 64  64 
Construction in progress 9  12 
417  464 
Less: Accumulated depreciation 318  358 
$ 99  $ 106 

During the fourth quarter of 2021, the Company’s Board approved a plan to sell its two owned hotels. As of December 31, 2021 the Company reported $146 million of net property and equipment in assets held for sale on the Consolidated Balance Sheets. In addition, as a result of the Board approval, the Company evaluated the recoverability of its owned hotels’ long-lived assets and in the fourth quarter of 2021, the Company recorded a $6 million impairment charge which was reported within impairments, net on the Consolidated Statement of Income/(Loss).
The Company recorded depreciation expense of $46 million, $57 million, and $61 million during 2022, 2021 and 2020, respectively, related to property and equipment.