MARRIOTT INTERNATIONAL INC MD
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Intangible Assets and Goodwill
NOTE 10. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our intangible assets at year-end 2024 and 2023:
| (in millions) | At Year-End 2024 | At Year-End 2023 |
|---|---|---|
| Definite-lived Intangible Assets | ||
| Costs incurred to obtain contracts with customers | $2,538 | $2,185 |
| Acquired contracts and other | 1,918 | 1,911 |
| Software | 792 | 576 |
| 5,248 | 4,672 | |
| Accumulated amortization | (1,471) | (1,328) |
| 3,777 | 3,344 | |
| Indefinite-lived Intangible Brand Assets | 5,711 | 5,846 |
| $9,488 | $9,190 | |
We capitalize direct costs that we incur to obtain contracts with customers, which we amortize on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years.
For contracts acquired in business combinations and asset acquisitions, we record a definite-lived intangible asset at the acquisition date, which is amortized on a straight-line basis over the remaining life of the contract. We capitalize costs incurred to develop internal-use software and acquire software licenses and begin amortizing these costs when the software is substantially ready for its intended use on a straight-line basis over its estimated useful life, generally ranging fromtwo toseven years. For acquired contracts, software, and other intangible assets, we recorded amortization expense of $255 million in 2024, $226 million in 2023, and $197 million in 2022 (of which $158 million in 2024, $122 million in 2023, and $83 million in 2022 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our aggregate amortization expense will be $241 million in 2025, $205 million in 2026, $175 million in 2027, $138 million in 2028, and $102 million in 2029.
The following table details the carrying amount of our goodwill at year-end 2024 and 2023:
| (in millions) | U.S. & Canada | EMEA | Greater China | APEC | CALA | Total Goodwill |
|---|---|---|---|---|---|---|
| Balance at year-end 2023 | $5,333 | $1,467 | $999 | $763 | $324 | $8,886 |
| Foreign currency translation | (32) | (50) | (20) | (32) | (21) | (155) |
| Balance at year-end 2024 | $5,301 | $1,417 | $979 | $731 | $303 | $8,731 |
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