Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Note 4: Property and Equipment

Property and equipment were:


	December 31,
	2022			2021
	(in millions)
Land	$	3,317		$	3,333
Buildings and leasehold improvements		6,512			6,606
Furniture and equipment		994			1,005
Construction-in-progress		201			82
		11,024			11,026
Accumulated depreciation and amortization		(2,723	)		(2,515	)
	$	8,301		$	8,511

Depreciation of property and equipment was $268 million, $281 million and $297 million during the years ended December 31, 2022, 2021 and 2020, respectively.

For the year ended December 31, 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.

For the year ended December 31, 2020, we recognized $90 million of impairment losses, primarily related to one of our hotels, which was triggered based on the effects of COVID-19 and our forecasted cash flows were insufficient to cover the carrying value of the asset.