Merger-Related Costs and Charges Merger-Related Costs and Charges

9 Months Ended

Sep. 30, 2016

Restructuring and Related Activities [Abstract]

Merger-Related Costs and Charges

MERGER-RELATED COSTS AND CHARGES

The following table presents pre-tax merger-related costs and other charges that we incurred in connection with the Starwood Combination.

	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Merger-related costs and charges
Transaction costs	$	18	$	—	$	31	$	—
Employee termination costs	186		—		186		—
Integration costs	24		—		33		—
	228		—		250		—
Interest expense	9		—		22		—
	$	237	$	—	$	272	$	—

Transaction costs represent costs related to the planning and execution of the Starwood Combination, primarily for financial advisory, legal, and other professional service fees. Employee termination costs represent employee severance, retention, and other termination benefits. Integration costs primarily represent integration employee salaries and share-based compensation, change management and legal consultants, and technology-related costs. Merger-related interest expense reflects costs that we incurred for a bridge term loan facility commitment and incremental interest expense for debt incurred prior to the Merger Date related to the Starwood Combination.

We reflect our liability at September 30, 2016 for severance and other employee termination charges in our Balance Sheets as $242 million of “Accrued expenses and other.”