ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Consideration Transferred and Results of Starwood Operations Included in Income Statements

The following table presents the fair value of each type of consideration that we transferred in the Starwood Combination:

(in millions, except per share amounts)
Equivalent shares of Marriott common stock issued in exchange for Starwood outstanding shares	134.4
Marriott common stock price as of Merger Date	$	68.44
Fair value of Marriott common stock issued in exchange for Starwood outstanding shares	9,198
Cash consideration to Starwood shareholders, net of cash acquired of $1,116	2,412
Fair value of Marriott equity-based awards issued in exchange for vested Starwood equity-based awards	71
Total consideration transferred, net of cash acquired	$	11,681

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

($ in millions)	2017		2016		2015
Merger-related costs and charges
Transaction costs	$	17	$	53	$	—
Employee termination costs	11		241		—
Integration costs	131		92		—
	159		386		—
Interest expense	—		22		—
	$	159	$	408	$	—

Fair Value of Assets Acquired and Liabilities Assume

The following table presents our fair value estimates of the assets that we acquired and the liabilities that we assumed on the Merger Date:

($ in millions)	September 23, 2016 (as finalized)
Working capital	$	(236	)
Property and equipment, including assets held for sale	1,706
Identified intangible assets	7,238
Equity and cost method investments	537
Other noncurrent assets	200
Deferred income taxes, net	(1,464		)
Guest loyalty program	(1,638		)
Debt	(1,877		)
Other noncurrent liabilities	(977		)
Net assets acquired	3,489
Goodwill (1)	8,192
	$	11,681

⁽¹⁾  Goodwill primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined operations, and it is not deductible for tax purposes. See Footnote 13 “Intangible Assets and Goodwill” for changes in our assignment of goodwill by reportable segment.

Fair Values of Identified Intangible Assets and Their Estimated Useful Lives

The following table presents our estimates of the fair values of Starwood’s identified intangible assets and their related estimated useful lives.

	Estimated Fair Value (in millions)		Estimated Useful Life (in years)
Brands	$	5,664	indefinite
Management Agreements and Lease Contract Intangibles	751		10 - 25
Franchise Agreements	746		10 - 80
Loyalty Program Marketing Rights	77		30
	$	7,238