2016 Q4 Form 10-K Financial Statement

#000162828017001506 Filed on February 21, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4 2015 Q3
Revenue $5.456B $3.706B $3.578B
YoY Change 47.22% 4.13% 3.41%
Cost Of Revenue $4.574B $3.176B $3.059B
YoY Change 44.02% 3.93% 3.45%
Gross Profit $882.0M $530.0M $519.0M
YoY Change 66.42% 5.37% 3.18%
Gross Profit Margin 16.17% 14.3% 14.51%
Selling, General & Admin $234.0M $188.0M $149.0M
YoY Change 24.47% 4.44% -13.37%
% of Gross Profit 26.53% 35.47% 28.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.00M $32.00M $31.00M
YoY Change 121.88% 0.0% -6.06%
% of Gross Profit 8.05% 6.04% 5.97%
Operating Expenses $305.0M $220.0M $180.0M
YoY Change 38.64% 3.77% -12.2%
Operating Profit $441.0M $310.0M $339.0M
YoY Change 42.26% 6.53% 13.76%
Interest Expense -$58.00M -$26.00M $43.00M
YoY Change 123.08% 188.89% 48.28%
% of Operating Profit -13.15% -8.39% 12.68%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $383.0M $284.0M $309.0M
YoY Change 34.86% 0.71% 6.55%
Income Tax $139.0M $82.00M $99.00M
% Of Pretax Income 36.29% 28.87% 32.04%
Net Earnings $244.0M $202.0M $210.0M
YoY Change 20.79% 2.54% 9.38%
Net Earnings / Revenue 4.47% 5.45% 5.87%
Basic Earnings Per Share $0.63 $0.80
Diluted Earnings Per Share $0.62 $0.77 $0.78
COMMON SHARES
Basic Shares Outstanding 390.5M shares 257.1M shares 262.2M shares
Diluted Shares Outstanding 267.3M shares

Balance Sheet

Concept 2016 Q4 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $858.0M $96.00M $95.00M
YoY Change 793.75% -7.69% -36.67%
Cash & Equivalents $858.0M $96.00M $95.00M
Short-Term Investments
Other Short-Term Assets $62.00M $30.00M $30.00M
YoY Change 106.67% -72.48% -72.97%
Inventory
Prepaid Expenses $168.0M $77.00M $58.00M
Receivables $1.695B $1.103B $1.144B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.371B $1.384B $1.723B
YoY Change 143.57% -14.04% 11.02%
LONG-TERM ASSETS
Property, Plant & Equipment $2.335B $1.029B $985.0M
YoY Change 126.92% -29.52% -43.26%
Goodwill $7.598B $943.0M $970.0M
YoY Change 705.73% 5.48% 8.5%
Intangibles $9.270B $1.451B $1.450B
YoY Change 538.87% 7.4%
Long-Term Investments $723.0M $165.0M $174.0M
YoY Change 338.18% -26.34% -25.64%
Other Assets $477.0M $223.0M $247.0M
YoY Change 113.9% -14.23% -10.83%
Total Long-Term Assets $20.77B $4.698B $4.430B
YoY Change 342.08% -10.05% -16.34%
TOTAL ASSETS
Total Short-Term Assets $3.371B $1.384B $1.723B
Total Long-Term Assets $20.77B $4.698B $4.430B
Total Assets $24.14B $6.082B $6.153B
YoY Change 296.91% -10.99% -10.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $687.0M $593.0M $577.0M
YoY Change 15.85% -1.98% -5.72%
Accrued Expenses $2.285B $1.388B $1.387B
YoY Change 64.63% -3.07% -5.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $309.0M $300.0M $615.0M
YoY Change 3.0% -7.41% 8685.71%
Total Short-Term Liabilities $5.147B $3.233B $3.509B
YoY Change 59.2% 6.42% 28.16%
LONG-TERM LIABILITIES
Long-Term Debt $8.197B $3.807B $3.689B
YoY Change 115.31% 10.44% 4.77%
Other Long-Term Liabilities $1.744B $994.0M $1.013B
YoY Change 75.45% 11.56% 16.57%
Total Long-Term Liabilities $1.744B $994.0M $1.013B
YoY Change 75.45% 11.56% 16.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.147B $3.233B $3.509B
Total Long-Term Liabilities $1.744B $994.0M $1.013B
Total Liabilities $6.891B $4.227B $4.522B
YoY Change 63.02% 7.58% 25.37%
SHAREHOLDERS EQUITY
Retained Earnings $6.501B $4.878B $4.740B
YoY Change 33.27% 13.81% 14.05%
Common Stock $5.813B $2.826B $2.796B
YoY Change 105.7% 0.68% 1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.460B $11.10B $11.01B
YoY Change -41.79% 20.33% 26.45%
Treasury Stock Shares
Shareholders Equity $5.121B -$3.590B -$3.589B
YoY Change
Total Liabilities & Shareholders Equity $24.14B $6.082B $6.153B
YoY Change 296.91% -10.99% -10.14%

Cashflow Statement

Concept 2016 Q4 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $244.0M $202.0M $210.0M
YoY Change 20.79% 2.54% 9.38%
Depreciation, Depletion And Amortization $71.00M $32.00M $31.00M
YoY Change 121.88% 0.0% -6.06%
Cash From Operating Activities $476.0M $435.0M $328.0M
YoY Change 9.43% 58.76% 16.73%
INVESTING ACTIVITIES
Capital Expenditures -$67.00M -$87.00M -$59.00M
YoY Change -22.99% -39.58% -46.85%
Acquisitions
YoY Change
Other Investing Activities $145.0M $81.00M $80.00M
YoY Change 79.01% -40.0% -900.0%
Cash From Investing Activities $78.00M -$6.000M $21.00M
YoY Change -1400.0% -33.33% -117.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -774.0M -428.0M -394.0M
YoY Change 80.84% 37.62% 95.05%
NET CHANGE
Cash From Operating Activities 476.0M 435.0M 328.0M
Cash From Investing Activities 78.00M -6.000M 21.00M
Cash From Financing Activities -774.0M -428.0M -394.0M
Net Change In Cash -220.0M 1.000M -45.00M
YoY Change -22100.0% -102.17% 7.14%
FREE CASH FLOW
Cash From Operating Activities $476.0M $435.0M $328.0M
Capital Expenditures -$67.00M -$87.00M -$59.00M
Free Cash Flow $543.0M $522.0M $387.0M
YoY Change 4.02% 24.88% -1.28%

Facts In Submission

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CY2016 us-gaap Deferred Foreign Income Tax Expense Benefit
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DeferredIncomeTaxExpenseBenefit
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CY2016 us-gaap Deferred Income Tax Expense Benefit
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CY2016Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
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656000000 USD
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205000000 USD
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320000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
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1243000000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
79000000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
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348000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
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430000000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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63000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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204000000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
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21000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
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15000000 USD
CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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163000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
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249000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2015Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
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49000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
DeferredTaxLiabilitiesInvestmentInNoncontrolledAffiliates
8000000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Other Finite Lived Assets
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11000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Other Finite Lived Assets
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1724000000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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3000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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199000000 USD
us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
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CY2016Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
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18000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
13000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
13000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
13000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
12000000 USD
us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year
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0.07
us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
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CY2015 us-gaap Depreciation
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132000000 USD
CY2016 us-gaap Depreciation
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157000000 USD
CY2014 us-gaap Direct Costs Of Hotels
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CY2015 us-gaap Direct Costs Of Hotels
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733000000 USD
CY2016 us-gaap Direct Costs Of Hotels
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900000000 USD
CY2014 us-gaap Dividends Cash
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223000000 USD
CY2015 us-gaap Dividends Cash
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253000000 USD
CY2016 us-gaap Dividends Cash
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374000000 USD
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2.60
CY2015 us-gaap Earnings Per Share Basic
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3.22
CY2016 us-gaap Earnings Per Share Basic
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2.68
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2.54
CY2015Q1 us-gaap Earnings Per Share Diluted
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0.73
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.15
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.64
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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0.308
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
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0.315
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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0.341
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.35
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.004
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.012
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.003
CY2014 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.048
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.052
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.068
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-0.014
CY2015 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.021
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.031
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0.027
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0.029
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.029
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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192000000 USD
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0.003
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
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CY2016Q4 us-gaap Employee Related Liabilities Current
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1174000000 USD
CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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116000000 USD
CY2016 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2015Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
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1218000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
2249000000 USD
CY2015Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
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1110000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
EquityMethodInvestmentSummarizedFinancialInformationLiabilities
1677000000 USD
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38000000 USD
CY2015 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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44000000 USD
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101000000 USD
CY2014 us-gaap Equity Method Investment Summarized Financial Information Revenue
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752000000 USD
CY2015 us-gaap Equity Method Investment Summarized Financial Information Revenue
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615000000 USD
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747000000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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92000000 USD
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34000000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses
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55000000 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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380000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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447000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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152000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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152000000 USD
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152000000 USD
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152000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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152000000 USD
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CY2016Q4 us-gaap Goodwill Gross
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54000000 USD
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54000000 USD
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CY2015 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2016 us-gaap Goodwill Impairment Loss
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CY2016Q4 us-gaap Guarantee Obligations Current Carrying Value
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66000000 USD
CY2016Q4 us-gaap Guarantee Obligations Maximum Exposure
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282000000 USD
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81000000 USD
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67000000 USD
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73000000 USD
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72000000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
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74000000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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17000000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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17000000 USD
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808000000 USD
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896000000 USD
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813000000 USD
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1088000000 USD
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1255000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1184000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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280000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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359000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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371000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1088000000 USD
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1255000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1184000000 USD
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6000000 USD
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16000000 USD
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10000000 USD
CY2014 us-gaap Income Tax Credits And Adjustments
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4000000 USD
CY2015 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
4000000 USD
CY2016 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
4000000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
335000000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
396000000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
404000000 USD
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172000000 USD
CY2015 us-gaap Income Taxes Paid Net
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218000000 USD
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293000000 USD
CY2014 us-gaap Increase Decrease In Customer Loyalty Program Liability
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175000000 USD
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233000000 USD
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343000000 USD
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6900000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5500000 shares
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4800000 shares
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1451000000 USD
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9270000000 USD
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2394000000 USD
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16868000000 USD
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115000000 USD
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InterestExpense
167000000 USD
CY2016 us-gaap Interest Expense
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234000000 USD
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79000000 USD
CY2015 us-gaap Interest Paid Net
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114000000 USD
CY2016 us-gaap Interest Paid Net
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165000000 USD
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-85000000 USD
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CY2016 us-gaap Interest Revenue Expense Net
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-199000000 USD
CY2014 us-gaap Investment Income Interest
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30000000 USD
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29000000 USD
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
35000000 USD
CY2015Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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165000000 USD
CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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728000000 USD
CY2014 us-gaap Lease And Rental Expense
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207000000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
203000000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
217000000 USD
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
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157000000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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6082000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
24140000000 USD
CY2015Q4 us-gaap Liabilities Current
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3233000000 USD
CY2016Q4 us-gaap Liabilities Current
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5147000000 USD
CY2014Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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384000000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
416000000 USD
CY2016Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
522000000 USD
CY2015 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Business Acquisitions
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0 USD
CY2016 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Business Acquisitions
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91000000 USD
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27000000 USD
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26000000 USD
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70000000 USD
CY2016 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
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79000000 USD
CY2015 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
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130000000 USD
CY2016 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
120000000 USD
CY2014Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
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380000000 USD
CY2015Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
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413000000 USD
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397000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
15000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
288000000 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
296800000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
272800000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
295700000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
289900000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
267300000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
290900000 shares
CY2016 us-gaap Revenue Recognition Loyalty Programs
RevenueRecognitionLoyaltyPrograms
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marriott Rewards and The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG) are our frequent guest loyalty programs. Program members earn points based on the money they spend at our hotels; purchases of timeshare interval, fractional ownership, and residential products; and, to a lesser degree, through participation in affiliated partners&#8217; programs, such as those offered by credit card, car rental, and airline companies. Members can redeem points, which we track on their behalf, for stays at most of our hotels, airline tickets, airline frequent flyer program miles, rental cars, and a variety of other awards. Points cannot be redeemed for cash. We provide our </font><font style="font-family:inherit;font-size:10pt;">Loyalty Programs</font><font style="font-family:inherit;font-size:10pt;"> as cross-brand marketing programs to participating properties, with the objective of operating the programs on a break-even basis. We collect amounts that we expect will, in the aggregate, equal the costs of point redemptions and program operating costs over time.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We defer revenue we receive from managed, franchised, and Marriott-owned/leased hotels and program partners. Our management and franchise agreements require that properties reimburse us currently for the costs of operating the </font><font style="font-family:inherit;font-size:10pt;">Loyalty Programs</font><font style="font-family:inherit;font-size:10pt;">, including marketing, promotion, communication with, and performing member services for Loyalty Program members. Due to the requirement that properties reimburse us for program operating costs as incurred, we recognize the related cost reimbursements revenues from properties for our </font><font style="font-family:inherit;font-size:10pt;">Loyalty Programs</font><font style="font-family:inherit;font-size:10pt;"> when we incur and expense such costs. We also recognize the component of revenue from program partners that corresponds to program maintenance services when we incur and expense such costs. When points are redeemed we recognize the amounts we previously deferred as revenue and the corresponding expense relating to the costs of the awards redeemed.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The recorded liability related to these programs totaled </font><font style="font-family:inherit;font-size:10pt;">$4,541 million</font><font style="font-family:inherit;font-size:10pt;"> at year-end </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> compared to </font><font style="font-family:inherit;font-size:10pt;">$2,574 million</font><font style="font-family:inherit;font-size:10pt;"> at year-end </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. We estimate the reasonableness and the value of the future redemption obligations using statistical formulas that project timing of future point redemptions based on historical levels, including an estimate of the &#8220;breakage&#8221; for points that members will never redeem, and an estimate of the points that members will eventually redeem. A </font><font style="font-family:inherit;font-size:10pt;">ten percent</font><font style="font-family:inherit;font-size:10pt;"> reduction in the estimate of &#8220;breakage&#8221; would have increased the estimated</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">year-end </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> liability by</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">$232 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2016 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the activity in our self-insurance reserve for losses and loss adjustment expenses as of year-end </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">: </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:95.5078125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:69%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">($ in millions)</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Balance at beginning of year</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">384</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: reinsurance recoverable</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net balance at beginning of year</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">413</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">380</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Assumed in the Starwood Combination</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">91</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Incurred related to:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Current year</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">140</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">141</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(20</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(11</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total incurred</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">120</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Paid related to:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Current year</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(26</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(27</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(79</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(70</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total paid</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(105</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(97</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net balance at end of year</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">519</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Add: reinsurance recoverable</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Balance at end of year</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">522</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">416</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Current portion classified in &#8220;Accrued expenses and other&#8221;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">142</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">115</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Noncurrent portion classified in &#8220;Other noncurrent liabilities&#8221;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">380</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">301</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">522</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">416</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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