MARRIOTT INTERNATIONAL INC MD
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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Fair Value of Financial Instruments
NOTE 12. 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:
| At Year-End 2023 | At Year-End 2022 | |||
|---|---|---|---|---|
| (in millions) | CarryingAmount | Fair Value | CarryingAmount | Fair Value |
| Mezzanine and other loans | $138 | $131 | $152 | $142 |
| Total noncurrent financial assets | $138 | $131 | $152 | $142 |
| Senior Notes | $(9,720) | $(9,393) | $(8,322) | $(7,627) |
| Commercial paper | (1,421) | (1,421) | (871) | (871) |
| Other long-term debt | (56) | (52) | (56) | (49) |
| Other noncurrent liabilities | (80) | (80) | (394) | (394) |
| Total noncurrent financial liabilities | $(11,277) | $(10,946) | $(9,643) | $(8,941) |
We estimate the fair value of our mezzanine and other loans by discounting cash flows using risk-adjusted rates, both of which are Level 3 inputs.
We determine the fair value of our Senior Notes using quoted market prices, which are directly observable Level 1 inputs. The carrying amount of our commercial paper borrowings approximate fair value due to their short maturity and because they bear interest at a market rate. We estimate the fair value of our other long-term debt, excluding leases, using quoted market prices, which are directly observable Level 1 inputs. Our other noncurrent liabilities consist of guarantees. As we note in the
“Guarantees” caption of Note 2, we measure our liability for guarantees at fair value on a nonrecurring basis, which is when we issue or modify a guarantee using Level 3 internally developed inputs. At year-end 2023 and year-end 2022, we determined that the carrying amounts of our guarantee liabilities approximated their fair values based on Level 3 inputs.
See the “Fair Value Measurements” caption of Note 2 for more information on the input levels we use in determining fair value.
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