Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets

v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
7. INTANGIBLE ASSETS
Intangible assets consisted of the following:
December 31, 2025 December 31, 2024
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Goodwill $ 1,525  $ 1,525 
Unamortized intangible assets:
Trademarks
 $ 1,208  $ 1,230 
Amortized intangible assets:
Franchise agreements $ 903  $ 621  $ 282  $ 912  $ 594  $ 318 
Management agreements 1  1  —  1  1  — 
Other
 1  1  —  —  —  — 
$ 905  $ 623  $ 282  $ 913  $ 595  $ 318 
The changes in the carrying amount of goodwill by reporting unit are as follows:
Balance as of December 31, 2023 Adjustments to Goodwill Balance as of December 31, 2025
Hotel Franchising $ 1,441  $ —  $ 1,441 
Hotel Management 84  —  84 
Total $ 1,525  $ —  $ 1,525 
Amortization expense relating to amortizable intangible assets was as follows for the years ended December 31:
2025 2024 2023
Franchise agreements
 $ 27  $ 27  $ 26 
Management agreements
 —  —  1 
Total (a)
$ 27  $ 27  $ 27 
______________________
(a)    Included as a component of depreciation and amortization on the Consolidated Statements of Income.
Based on the Company’s amortizable intangible assets as of December 31, 2025, the Company expects related amortization expense as follows:
Amount
2026 $ 26 
2027 25 
2028 24 
2029 23 
2030 23 
During 2025, the Company recorded impairment charges of $26 million and $12 million on its Vienna House trademark and related-franchise agreements intangible assets associated with the insolvency filing of Revo. See Note 16 - Other Expenses and Charges for more details.