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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Equity Method Investments
We have equity method investments in entities that own properties for which we provide management services and receive fees. In addition, in some cases we provide loans, preferred equity, or guarantees to these entities.
The following tables present financial data resulting from transactions with these related parties:
Income Statement Data
($ in millions)
2019
 
2018
 
2017
Base management fees
$
21

 
$
25

 
$
28

Incentive management fees
8

 
12

 
15

Contract investment amortization
(2
)
 
(2
)
 
(2
)
Owned, leased, and other revenue
—

 
—

 
2

Cost reimbursement revenue
233

 
332

 
356

Depreciation, amortization, and other
(2
)
 
(2
)
 
(3
)
General, administrative, and other
(2
)
 
—

 
(1
)
Reimbursed expenses
(236
)
 
(337
)
 
(356
)
Gains and other income, net
2

 
51

 
658

Interest expense
3

 
—

 
—

Interest income
—

 
—

 
4

Equity in earnings
13

 
103

 
40



Balance Sheet Data
($ in millions)
At Year-End 2019
 
At Year-End 2018
Current assets
 
 
 
Accounts and notes receivable, net
$
16

 
$
31

Prepaid expenses and other
1

 
1

Intangible assets
 
 
 
Contract acquisition costs and other
29

 
32

Equity method investments
577

 
732

Other noncurrent assets
3

 
10

Current liabilities
 
 
 
Accounts payable
(1
)
 
(4
)
Accrued expenses and other
(3
)
 
(16
)
Deferred tax liabilities
(37
)
 
(20
)
Other noncurrent liabilities
(3
)
 
(11
)

Undistributed earnings attributable to our equity method investments represented approximately $11 million of our consolidated retained earnings at year-end 2019.
Summarized Financial Information for Investees
The following tables present summarized financial information for the entities in which we have equity method investments:
($ in millions)
2019
 
2018
 
2017
Sales
$
815

 
$
932

 
$
1,176

Net income
80

 
221

 
222

($ in millions)
At Year-End 2019
 
At Year-End 2018
Assets (primarily composed of hotel real estate managed by us)
$
2,555

 
$
2,724

Liabilities
1,691

 
1,843


The carrying amount of our equity method investments was $577 million at year-end 2019 and $732 million at year-end 2018. This value exceeded our share of the book value of the investees' net assets by $311 million at year-end 2019 and $419 million at year-end 2018, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.
Other Related Parties
We received management fees of approximately $12 million in 2019, $13 million in 2018, and $13 million in 2017, plus reimbursement of certain expenses, from our operation of properties owned by JWM Family Enterprises, L.P., which is beneficially owned and controlled by J.W. Marriott, Jr., Deborah Marriott Harrison, and other members of the Marriott family.