Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Note 4: Property and Equipment

Property and equipment were:


	September 30, 2022			December 31, 2021
	(in millions)
Land	$	3,317		$	3,333
Buildings and leasehold improvements		6,509			6,606
Furniture and equipment		988			1,005
Construction-in-progress		140			82
		10,954			11,026
Accumulated depreciation and amortization		(2,662	)		(2,515	)
	$	8,292		$	8,511

Depreciation of property and equipment was $67 million and $68 million during the three months ended September 30, 2022 and 2021, respectively, and $203 million and $212 million during the nine months ended September 30, 2022 and 2021, respectively.

For the nine months ended September 30, 2021, we recognized $5 million of impairment losses related to one of our hotels classified as held for sale as of June 30, 2021, which was subsequently sold in July 2021, as the estimated selling costs were expected to reduce the gross proceeds below the net book value of the property.