MARRIOTT INTERNATIONAL INC MD
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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Intangible Assets and Goodwill
NOTE 10. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our intangible assets at year-end 2023 and 2022:
| (in millions) | At Year-End 2023 | At Year-End 2022 |
|---|---|---|
| Definite-lived Intangible Assets | ||
| Costs incurred to obtain contracts with customers | $2,246 | $1,995 |
| Contracts acquired in business combinations and other | 2,426 | 2,173 |
| 4,672 | 4,168 | |
| Accumulated amortization | (1,328) | (1,172) |
| 3,344 | 2,996 | |
| Indefinite-lived Intangible Brand Assets | 5,846 | 5,751 |
| $9,190 | $8,747 | |
We capitalize direct costs that we incur to obtain management, franchise, and license agreements. We amortize these costs on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years.
For contracts acquired in business combinations and other intangible assets, we recorded amortization expense of $226 million in 2023, $197 million in 2022, and $165 million in 2021 (of which $122 million in 2023, $83 million in 2022, and $62 million in 2021 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our aggregate amortization expense will be $206 million in 2024, $178 million in 2025, $148 million in 2026, $126 million in 2027, and $94 million in 2028.
The following table details the carrying amount of our goodwill at year-end 2023 and 2022:
| (in millions) | U.S. & Canada | International | Total Goodwill |
|---|---|---|---|
| Balance at year-end 2022 | $5,323 | $3,549 | $8,872 |
| Foreign currency translation | 10 | 4 | 14 |
| Balance at year-end 2023 | $5,333 | $3,553 | $8,886 |
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