Financial Information
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PART II
Item 8. Financial Statements and Supplementary Data.
MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18. 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
Balance Sheet Data
Undistributed earnings attributable to our equity method investments represented approximately $70 million of our consolidated retained earnings at year-end 2018.
Summarized Financial Information for Investees
The following tables present summarized financial information for the entities in which we have equity method investments:
(1) 2016 sales and net income for entities in which we acquired an investment through the Starwood Combination are for the period from the Merger Date to year-end 2016.
The carrying amount of our equity method investments was $732 million at year-end 2018 and $734 million at year-end 2017. This value exceeded our share of the book value of the investees’ net assets by $419 million at year-end 2018 and $441 at year-end 2017, 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 $13 million in 2018, $13 million in 2017, and $13 million in 2016, 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.