x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-4384691 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
7930 Jones Branch Drive, Suite 1100, McLean, VA | 22102 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer ¨ | |
Non-accelerated filer ¨ | (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Page No. | ||
PART I | FINANCIAL INFORMATION | |
Item 1. | Financial Statements | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II | OTHER INFORMATION | |
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
Signatures |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 859 | $ | 609 | |||
Restricted cash and cash equivalents | 272 | 247 | |||||
Accounts receivable, net of allowance for doubtful accounts of $33 and $30 | 1,021 | 876 | |||||
Inventories | 508 | 442 | |||||
Current portion of financing receivables, net | 128 | 129 | |||||
Prepaid expenses | 171 | 147 | |||||
Income taxes receivable | 17 | 97 | |||||
Other | 48 | 38 | |||||
Total current assets (variable interest entities - $176 and $141) | 3,024 | 2,585 | |||||
Property, Intangibles and Other Assets: | |||||||
Property and equipment, net | 9,020 | 9,119 | |||||
Financing receivables, net | 929 | 887 | |||||
Investments in affiliates | 132 | 138 | |||||
Goodwill | 5,855 | 5,887 | |||||
Brands | 4,908 | 4,919 | |||||
Management and franchise contracts, net | 1,044 | 1,149 | |||||
Other intangible assets, net | 525 | 586 | |||||
Deferred income tax assets | 75 | 78 | |||||
Other | 359 | 274 | |||||
Total property, intangibles and other assets (variable interest entities - $616 and $481) | 22,847 | 23,037 | |||||
TOTAL ASSETS | $ | 25,871 | $ | 25,622 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable, accrued expenses and other | $ | 2,354 | $ | 2,206 | |||
Current maturities of long-term debt | 101 | 94 | |||||
Current maturities of timeshare debt | 80 | 110 | |||||
Income taxes payable | 63 | 33 | |||||
Total current liabilities (variable interest entities - $248 and $157) | 2,598 | 2,443 | |||||
Long-term debt | 9,883 | 9,857 | |||||
Timeshare debt | 337 | 392 | |||||
Deferred revenues | 96 | 283 | |||||
Deferred income tax liabilities | 4,487 | 4,630 | |||||
Liability for guest loyalty program | 853 | 784 | |||||
Other | 1,126 | 1,282 | |||||
Total liabilities (variable interest entities - $779 and $627) | 19,380 | 19,671 | |||||
Commitments and contingencies - see Note 18 | |||||||
Equity: | |||||||
Preferred stock, $0.01 par value; 3,000,000,000 authorized shares, none issued or outstanding as of September 30, 2016 and December 31, 2015 | — | — | |||||
Common stock, $0.01 par value; 30,000,000,000 authorized shares, 989,810,812 issued and 989,782,045 outstanding as of September 30, 2016 and 987,487,127 issued and 987,458,360 outstanding as of December 31, 2015 | 10 | 10 | |||||
Additional paid-in capital | 10,198 | 10,151 | |||||
Accumulated deficit | (2,866 | ) | (3,392 | ) | |||
Accumulated other comprehensive loss | (826 | ) | (784 | ) | |||
Total Hilton stockholders' equity | 6,516 | 5,985 | |||||
Noncontrolling interests | (25 | ) | (34 | ) | |||
Total equity | 6,491 | 5,951 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 25,871 | $ | 25,622 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | |||||||||||||||
Owned and leased hotels | $ | 1,033 | $ | 1,082 | $ | 3,105 | $ | 3,174 | |||||||
Management and franchise fees and other | 446 | 416 | 1,276 | 1,194 | |||||||||||
Timeshare | 358 | 334 | 1,020 | 974 | |||||||||||
1,837 | 1,832 | 5,401 | 5,342 | ||||||||||||
Other revenues from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 | |||||||||||
Total revenues | 2,942 | 2,895 | 8,743 | 8,416 | |||||||||||
Expenses | |||||||||||||||
Owned and leased hotels | 771 | 798 | 2,335 | 2,383 | |||||||||||
Timeshare | 257 | 219 | 697 | 673 | |||||||||||
Depreciation and amortization | 169 | 171 | 509 | 519 | |||||||||||
Impairment loss | — | — | 15 | — | |||||||||||
General, administrative and other | 147 | 145 | 392 | 493 | |||||||||||
1,344 | 1,333 | 3,948 | 4,068 | ||||||||||||
Other expenses from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 | |||||||||||
Total expenses | 2,449 | 2,396 | 7,290 | 7,142 | |||||||||||
Gain on sales of assets, net | — | 164 | 2 | 306 | |||||||||||
Operating income | 493 | 663 | 1,455 | 1,580 | |||||||||||
Interest income | 3 | 3 | 10 | 11 | |||||||||||
Interest expense | (148 | ) | (138 | ) | (434 | ) | (431 | ) | |||||||
Equity in earnings from unconsolidated affiliates | 7 | 9 | 18 | 22 | |||||||||||
Loss on foreign currency transactions | (8 | ) | (8 | ) | (33 | ) | (21 | ) | |||||||
Other gain (loss), net | (10 | ) | 1 | (15 | ) | (6 | ) | ||||||||
Income before income taxes | 337 | 530 | 1,001 | 1,155 | |||||||||||
Income tax expense | (145 | ) | (247 | ) | (255 | ) | (555 | ) | |||||||
Net income | 192 | 283 | 746 | 600 | |||||||||||
Net income attributable to noncontrolling interests | (5 | ) | (4 | ) | (11 | ) | (10 | ) | |||||||
Net income attributable to Hilton stockholders | $ | 187 | $ | 279 | $ | 735 | $ | 590 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 0.19 | $ | 0.28 | $ | 0.74 | $ | 0.60 | |||||||
Diluted | $ | 0.19 | $ | 0.28 | $ | 0.74 | $ | 0.60 | |||||||
Cash dividends declared per share | $ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.07 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 192 | $ | 283 | $ | 746 | $ | 600 | |||||||
Other comprehensive income (loss), net of tax benefit (expense): | |||||||||||||||
Currency translation adjustment, net of tax of $1, $(79), $(14) and $(49) | (2 | ) | (115 | ) | (42 | ) | (157 | ) | |||||||
Pension liability adjustment, net of tax of $(1), $(1), $(2) and $(2) | — | 1 | 2 | 3 | |||||||||||
Cash flow hedge adjustment, net of tax of $(1), $4, $3 and $7 | 3 | (6 | ) | (3 | ) | (11 | ) | ||||||||
Total other comprehensive income (loss) | 1 | (120 | ) | (43 | ) | (165 | ) | ||||||||
Comprehensive income | 193 | 163 | 703 | 435 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (6 | ) | (4 | ) | (10 | ) | (10 | ) | |||||||
Comprehensive income attributable to Hilton stockholders | $ | 187 | $ | 159 | $ | 693 | $ | 425 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Operating Activities | |||||||
Net income | $ | 746 | $ | 600 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 509 | 519 | |||||
Impairment loss | 15 | — | |||||
Gain on sales of assets, net | (2 | ) | (306 | ) | |||
Equity in earnings from unconsolidated affiliates | (18 | ) | (22 | ) | |||
Loss on foreign currency transactions | 33 | 21 | |||||
Other loss, net | 15 | 6 | |||||
Share-based compensation | 50 | 114 | |||||
Distributions from unconsolidated affiliates | 15 | 22 | |||||
Deferred income taxes | (147 | ) | 34 | ||||
Change in restricted cash and cash equivalents | (20 | ) | (13 | ) | |||
Working capital changes and other | (260 | ) | 16 | ||||
Net cash provided by operating activities | 936 | 991 | |||||
Investing Activities | |||||||
Capital expenditures for property and equipment | (227 | ) | (214 | ) | |||
Acquisitions, net of cash acquired | — | (1,410 | ) | ||||
Payments received on other financing receivables | 2 | 3 | |||||
Issuance of other financing receivables | (33 | ) | (9 | ) | |||
Investments in affiliates | — | (5 | ) | ||||
Distributions from unconsolidated affiliates | 2 | 18 | |||||
Proceeds from asset dispositions | 1 | 2,197 | |||||
Change in restricted cash and cash equivalents | 14 | — | |||||
Contract acquisition costs | (35 | ) | (27 | ) | |||
Capitalized software costs | (56 | ) | (38 | ) | |||
Net cash provided by (used in) investing activities | (332 | ) | 515 | ||||
Financing Activities | |||||||
Borrowings | 1,000 | 35 | |||||
Repayment of debt | (1,094 | ) | (1,342 | ) | |||
Debt issuance costs | (35 | ) | — | ||||
Change in restricted cash and cash equivalents | (19 | ) | (53 | ) | |||
Dividends paid | (207 | ) | (69 | ) | |||
Distributions to noncontrolling interests | (6 | ) | (6 | ) | |||
Excess tax benefits from share-based compensation | — | 8 | |||||
Net cash used in financing activities | (361 | ) | (1,427 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 7 | (17 | ) | ||||
Net increase in cash and cash equivalents | 250 | 62 | |||||
Cash and cash equivalents, beginning of period | 609 | 566 | |||||
Cash and cash equivalents, end of period | $ | 859 | $ | 628 | |||
Supplemental Disclosures | |||||||
Cash paid during the year: | |||||||
Interest | $ | 341 | $ | 329 | |||
Income taxes, net of refunds | 476 | 359 | |||||
Non-cash investing activities: | |||||||
Conversion of property and equipment to timeshare inventory | (79 | ) | — | ||||
Long-term debt assumed | — | (450 | ) | ||||
Non-cash financing activities: | |||||||
Long-term debt assumed | — | 450 | |||||
Capital lease restructuring | — | (24 | ) |
Equity Attributable to Hilton Stockholders | ||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | |||||||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||||||
Balance as of December 31, 2015 | 987 | $ | 10 | $ | 10,151 | $ | (3,392 | ) | $ | (784 | ) | $ | (34 | ) | $ | 5,951 | ||||||||||
Share-based compensation | 3 | — | 47 | — | — | — | 47 | |||||||||||||||||||
Net income | — | — | — | 735 | — | 11 | 746 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (41 | ) | (1 | ) | (42 | ) | ||||||||||||||||
Pension liability adjustment | — | — | — | — | 2 | — | 2 | |||||||||||||||||||
Cash flow hedge adjustment | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (42 | ) | (1 | ) | (43 | ) | ||||||||||||||||
Dividends | — | — | — | (209 | ) | — | — | (209 | ) | |||||||||||||||||
Cumulative effect of the adoption of ASU 2015-02 | — | — | — | — | — | 5 | 5 | |||||||||||||||||||
Distributions | — | — | — | — | — | (6 | ) | (6 | ) | |||||||||||||||||
Balance as of September 30, 2016 | 990 | $ | 10 | $ | 10,198 | $ | (2,866 | ) | $ | (826 | ) | $ | (25 | ) | $ | 6,491 |
Equity Attributable to Hilton Stockholders | ||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | |||||||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||||||
Balance as of December 31, 2014 | 985 | $ | 10 | $ | 10,028 | $ | (4,658 | ) | $ | (628 | ) | $ | (38 | ) | $ | 4,714 | ||||||||||
Share-based compensation | 2 | — | 106 | — | — | — | 106 | |||||||||||||||||||
Net income | — | — | — | 590 | — | 10 | 600 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (157 | ) | — | (157 | ) | |||||||||||||||||
Pension liability adjustment | — | — | — | — | 3 | — | 3 | |||||||||||||||||||
Cash flow hedge adjustment | — | — | — | — | (11 | ) | — | (11 | ) | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (165 | ) | — | (165 | ) | |||||||||||||||||
Dividends | — | — | — | (69 | ) | — | — | (69 | ) | |||||||||||||||||
Distributions | — | — | — | — | — | (6 | ) | (6 | ) | |||||||||||||||||
Balance as of September 30, 2015 | 987 | $ | 10 | $ | 10,134 | $ | (4,137 | ) | $ | (793 | ) | $ | (34 | ) | $ | 5,180 |
• | the resort complex consisting of the Waldorf Astoria Orlando and the Hilton Orlando Bonnet Creek in Orlando, Florida (the "Bonnet Creek Resort"); |
• | the Casa Marina Resort in Key West, Florida; |
• | the Reach Resort in Key West, Florida; |
• | the Parc 55 in San Francisco, California; and |
• | the Juniper Hotel Cupertino in Cupertino, California. |
Three Months Ended | Nine Months Ended | ||||||
September 30, 2015 | September 30, 2015 | ||||||
(in millions) | |||||||
Total revenues | $ | 84 | $ | 228 | |||
Income before income taxes | 10 | 44 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Land | $ | 3,451 | $ | 3,486 | |||
Buildings and leasehold improvements | 6,478 | 6,410 | |||||
Furniture and equipment | 1,369 | 1,263 | |||||
Construction-in-progress | 112 | 80 | |||||
11,410 | 11,239 | ||||||
Accumulated depreciation | (2,390 | ) | (2,120 | ) | |||
$ | 9,020 | $ | 9,119 |
September 30, 2016 | |||||||||||||||
Securitized Timeshare | Unsecuritized Timeshare(1) | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Financing receivables | $ | 228 | $ | 741 | $ | 63 | $ | 1,032 | |||||||
Less: allowance for loan loss | (9 | ) | (94 | ) | — | (103 | ) | ||||||||
219 | 647 | 63 | 929 | ||||||||||||
Current portion of financing receivables | 51 | 88 | 2 | 141 | |||||||||||
Less: allowance for loan loss | (2 | ) | (11 | ) | — | (13 | ) | ||||||||
49 | 77 | 2 | 128 | ||||||||||||
Total financing receivables | $ | 268 | $ | 724 | $ | 65 | $ | 1,057 |
December 31, 2015 | |||||||||||||||
Securitized Timeshare | Unsecuritized Timeshare(1) | Other | Total | ||||||||||||
(in millions) | |||||||||||||||
Financing receivables | $ | 309 | $ | 632 | $ | 39 | $ | 980 | |||||||
Less: allowance for loan loss | (14 | ) | (79 | ) | — | (93 | ) | ||||||||
295 | 553 | 39 | 887 | ||||||||||||
Current portion of financing receivables | 58 | 83 | 1 | 142 | |||||||||||
Less: allowance for loan loss | (3 | ) | (10 | ) | — | (13 | ) | ||||||||
55 | 73 | 1 | 129 | ||||||||||||
Total financing receivables | $ | 350 | $ | 626 | $ | 40 | $ | 1,016 |
(1) | Included in this balance, we had $164 million and $163 million of gross timeshare financing receivables securing our revolving non-recourse timeshare financing receivables credit facility (the "Timeshare Facility"), as of September 30, 2016 and December 31, 2015, respectively. |
Securitized Timeshare | Unsecuritized Timeshare | ||||||
Year | (in millions) | ||||||
2016 (remaining) | $ | 13 | $ | 31 | |||
2017 | 51 | 76 | |||||
2018 | 50 | 81 | |||||
2019 | 47 | 84 | |||||
2020 | 43 | 88 | |||||
Thereafter | 75 | 469 | |||||
279 | 829 | ||||||
Less: allowance for loan loss | (11 | ) | (105 | ) | |||
$ | 268 | $ | 724 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Current | $ | 1,061 | $ | 1,035 | |||
30 - 89 days past due | 13 | 15 | |||||
90 - 119 days past due | 4 | 4 | |||||
120 days and greater past due | 30 | 28 | |||||
$ | 1,108 | $ | 1,082 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Beginning balance | $ | 106 | $ | 96 | |||
Write-offs | (27 | ) | (23 | ) | |||
Provision for loan loss | 37 | 29 | |||||
Ending balance | $ | 116 | $ | 102 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Equity investments | $ | 123 | $ | 129 | |||
Other investments | 9 | 9 | |||||
$ | 132 | $ | 138 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Cash and cash equivalents | $ | 73 | $ | 46 | |||
Restricted cash and cash equivalents | 22 | 15 | |||||
Accounts receivable, net | 18 | 19 | |||||
Property and equipment, net | 265 | 72 | |||||
Financing receivables, net | 268 | 350 | |||||
Deferred income tax assets | 69 | 62 | |||||
Other non-current assets | 63 | 52 | |||||
Accounts payable, accrued expenses and other | 51 | 35 | |||||
Long-term debt | 395 | 219 | |||||
Timeshare debt | 268 | 353 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Senior notes with a rate of 5.625%, due 2021 | $ | 1,500 | $ | 1,500 | |||
Senior notes with a rate of 4.25%, due 2024 | 1,000 | — | |||||
Senior secured term loan facility with a rate of 3.50%, due 2020 | 1,000 | 4,225 | |||||
Senior secured term loan facility with an average rate of 3.10%, due 2023 | 3,217 | — | |||||
Commercial mortgage-backed securities loan with a rate of 4.47%, due 2018 | 2,427 | 3,418 | |||||
Mortgage loans and other property debt with an average rate of 4.28%, due 2016 to 2022(1) | 620 | 616 | |||||
Other unsecured notes with a rate of 7.50%, due 2017 | 54 | 54 | |||||
Capital lease obligations with an average rate of 6.38%, due 2018 to 2097 | 277 | 245 | |||||
10,095 | 10,058 | ||||||
Less: current maturities of long-term debt(2) | (101 | ) | (94 | ) | |||
Less: unamortized deferred financing costs and discounts | (111 | ) | (107 | ) | |||
$ | 9,883 | $ | 9,857 |
(1) | For mortgage loans with maturity date extensions that are solely at our option, we assumed they were exercised. |
(2) | Net of unamortized deferred financing costs expected to be amortized in the next twelve months. |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Timeshare Facility with a rate of 1.83%, due 2019 | $ | 150 | $ | 150 | |||
Securitized Timeshare Debt with an average rate of 1.97%, due 2026 | 270 | 356 | |||||
420 | 506 | ||||||
Less: current maturities of timeshare debt(1) | (80 | ) | (110 | ) | |||
Less: unamortized deferred financing costs | (3 | ) | (4 | ) | |||
$ | 337 | $ | 392 |
(1) | Net of unamortized deferred financing costs expected to be amortized in the next twelve months. |
Long-term Debt | Timeshare Debt | ||||||
Year | (in millions) | ||||||
2016 (remaining) | $ | 116 | $ | 23 | |||
2017 | 104 | 74 | |||||
2018(1) | 2,492 | 51 | |||||
2019(1) | 478 | 186 | |||||
2020 | 1,062 | 47 | |||||
Thereafter(1) | 5,843 | 39 | |||||
$ | 10,095 | $ | 420 |
(1) | We assumed all extensions that are solely at our option for purposes of calculating maturity dates. |
Fair Value | |||||||||
September 30, | December 31, | ||||||||
Balance Sheet Classification | 2016 | 2015 | |||||||
(in millions) | |||||||||
Cash Flow Hedge: | |||||||||
Interest rate swaps | Other liabilities | N/A | $ | 15 | |||||
Non-designated Hedges: | |||||||||
Interest rate swaps | Other liabilities | $ | 21 | N/A | |||||
Interest rate caps(1) | Other current assets | — | — | ||||||
Forward contracts | Other current assets | 2 | 1 | ||||||
Forward contracts | Accounts payable, accrued expenses and other | 1 | 1 |
(1) | The fair value of our interest rate caps was less than $1 million as of December 31, 2015. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Classification of Gain (Loss) Recognized | 2016 | 2015 | 2016 | 2015 | |||||||||||||
(in millions) | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||
Interest rate swaps(1) | Other comprehensive income (loss) | $ | 3 | $ | (10 | ) | $ | (7 | ) | $ | (18 | ) | |||||
Non-designated Hedges: | |||||||||||||||||
Interest rate swaps | Other gain (loss), net | (1 | ) | N/A | (1 | ) | N/A | ||||||||||
Interest rate swaps(2) | Interest expense | (1 | ) | N/A | (1 | ) | N/A | ||||||||||
Forward contracts | Loss on foreign currency transactions | 4 | 6 | 7 | 12 |
(1) | There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three and nine months ended September 30, 2016 and 2015. |
(2) | The amounts recognized during the three and nine months ended September 30, 2016 are related to the dedesignation of these instruments as cash flow hedges and were reclassified from accumulated other comprehensive loss as the underlying transactions occurred. |
September 30, 2016 | |||||||||||||||
Hierarchy Level | |||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
(in millions) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 513 | $ | — | $ | 513 | $ | — | |||||||
Restricted cash equivalents | 12 | — | 12 | — | |||||||||||
Timeshare financing receivables(1) | 992 | — | — | 1,110 | |||||||||||
Liabilities: | |||||||||||||||
Long-term debt(2)(3) | 9,668 | 1,603 | — | 8,248 | |||||||||||
Timeshare debt(3) | 417 | — | — | 420 | |||||||||||
Interest rate swaps | 21 | — | 21 | — |
December 31, 2015 | |||||||||||||||
Hierarchy Level | |||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
(in millions) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 327 | $ | — | $ | 327 | $ | — | |||||||
Restricted cash equivalents | 18 | — | 18 | — | |||||||||||
Timeshare financing receivables(1) | 976 | — | — | 1,080 | |||||||||||
Liabilities: | |||||||||||||||
Long-term debt(2)(3) | 9,673 | 1,619 | — | 8,267 | |||||||||||
Timeshare debt(3) | 502 | — | — | 506 | |||||||||||
Interest rate swaps | 15 | — | 15 | — |
(1) | Carrying amount includes allowance for loan loss. |
(2) | Excludes capital lease obligations with a carrying value of $277 million and $245 million as of September 30, 2016 and December 31, 2015, respectively, and debt of certain consolidated VIEs with a carrying value of $39 million and $32 million, respectively. |
(3) | Carrying amount includes unamortized deferred financing costs and discounts. |
Expected volatility(1) | 32.00 | % |
Dividend yield(2) | 1.43 | % |
Risk-free rate(3) | 1.36 | % |
Expected term (in years)(4) | 6.0 |
(1) | Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical and implied volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation. |
(2) | Estimated based on the expected annualized dividend payment. |
(3) | Based on the yields of U.S. Department of Treasury instruments with similar expected lives. |
(4) | Estimated using the average of the vesting periods and the contractual term of the options. |
Expected volatility(1) | 31.00 | % |
Dividend yield(2) | — | % |
Risk-free rate(3) | 0.92 | % |
Expected term (in years)(4) | 2.8 |
(1) | Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical and implied volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation. |
(2) | As dividends are assumed to be reinvested in shares of common stock and dividends will not be paid to the participants of the performance shares unless the shares vest, we utilized a dividend yield of zero percent. |
(3) | Based on the yields of U.S. Department of Treasury instruments with similar expected lives. |
(4) | Midpoint of the 30-calendar day period preceding the end of the performance period. |
Achievement Percentage | ||
2014 grants | 125 | % |
2015 grants | 88 | % |
2016 grants | 63 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Basic EPS: | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 187 | $ | 279 | $ | 735 | $ | 590 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding | 988 | 987 | 988 | 986 | |||||||||||
Basic EPS | $ | 0.19 | $ | 0.28 | $ | 0.74 | $ | 0.60 | |||||||
Diluted EPS: | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 187 | $ | 279 | $ | 735 | $ | 590 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding | 992 | 989 | 991 | 989 | |||||||||||
Diluted EPS | $ | 0.19 | $ | 0.28 | $ | 0.74 | $ | 0.60 |
Currency Translation Adjustment(1) | Pension Liability Adjustment | Cash Flow Hedge Adjustment | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance as of December 31, 2015 | $ | (580 | ) | $ | (194 | ) | $ | (10 | ) | $ | (784 | ) | |||
Other comprehensive loss before reclassifications | (40 | ) | (2 | ) | (4 | ) | (46 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (1 | ) | 4 | 1 | 4 | ||||||||||
Net current period other comprehensive income (loss) | (41 | ) | 2 | (3 | ) | (42 | ) | ||||||||
Balance as of September 30, 2016 | $ | (621 | ) | $ | (192 | ) | $ | (13 | ) | $ | (826 | ) |
Currency Translation Adjustment(1) | Pension Liability Adjustment | Cash Flow Hedge Adjustment | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance as of December 31, 2014 | $ | (446 | ) | $ | (179 | ) | $ | (3 | ) | $ | (628 | ) | |||
Other comprehensive loss before reclassifications | (173 | ) | (1 | ) | (11 | ) | (185 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 16 | 4 | — | 20 | |||||||||||
Net current period other comprehensive income (loss) | (157 | ) | 3 | (11 | ) | (165 | ) | ||||||||
Balance as of September 30, 2015 | $ | (603 | ) | $ | (176 | ) | $ | (14 | ) | $ | (793 | ) |
(1) | Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) | |||||||||||||||
Currency translation adjustment: | |||||||||||||||
Sale and liquidation of foreign assets(1) | $ | — | $ | (25 | ) | $ | — | $ | (25 | ) | |||||
Gains on net investment hedges(2) | — | — | 1 | — | |||||||||||
Tax benefit(3)(4) | — | 9 | — | 9 | |||||||||||
Total currency translation adjustment reclassifications for the period, net of tax | — | (16 | ) | 1 | (16 | ) | |||||||||
Pension liability adjustment: | |||||||||||||||
Amortization of prior service cost(5) | (1 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||
Amortization of net loss(5) | (1 | ) | — | (4 | ) | (4 | ) | ||||||||
Tax benefit(3) | 1 | 1 | 3 | 3 | |||||||||||
Total pension liability adjustment reclassifications for the period, net of tax | (1 | ) | — | (4 | ) | (4 | ) | ||||||||
Cash flow hedge adjustment: | |||||||||||||||
Dedesignation of interest rate swaps(6) | (1 | ) | — | (1 | ) | — | |||||||||
Tax benefit(3)(7) | — | — | — | — | |||||||||||
Total cash flow hedge adjustment reclassifications for the period, net of tax | (1 | ) | — | (1 | ) | — | |||||||||
Total reclassifications for the period, net of tax | $ | (2 | ) | $ | (16 | ) | $ | (4 | ) | $ | (20 | ) |
(1) | Reclassified out of accumulated other comprehensive loss to gain on sales of assets, net for the three and nine months ended September 30, 2015 in our condensed consolidated statements of operations. See Note 4: "Disposals" for additional information. |
(2) | Reclassified out of accumulated other comprehensive loss to other gain (loss), net in our condensed consolidated statements of operations. |
(3) | Reclassified out of accumulated other comprehensive loss to income tax expense in our condensed consolidated statements of operations. |
(4) | The tax benefit was less than $1 million for the nine months ended September 30, 2016. |
(5) | Reclassified out of accumulated other comprehensive loss to general, administrative and other in our condensed consolidated statements of operations. These amounts were included in the computation of net periodic pension cost (credit). |
(6) | Reclassified out of accumulated other comprehensive loss to interest expense in our condensed consolidated statements of operations. |
(7) | The tax benefit was less than $1 million for the three and nine months ended September 30, 2016. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) | |||||||||||||||
Revenues | |||||||||||||||
Ownership | $ | 1,040 | $ | 1,089 | $ | 3,128 | $ | 3,194 | |||||||
Management and franchise | 470 | 438 | 1,350 | 1,263 | |||||||||||
Timeshare | 358 | 334 | 1,020 | 974 | |||||||||||
Segment revenues | 1,868 | 1,861 | 5,498 | 5,431 | |||||||||||
Other revenues from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 | |||||||||||
Other revenues | 24 | 25 | 69 | 67 | |||||||||||
Intersegment fees elimination(1) | (55 | ) | (54 | ) | (166 | ) | (156 | ) | |||||||
Total revenues | $ | 2,942 | $ | 2,895 | $ | 8,743 | $ | 8,416 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) | |||||||||||||||
Rental and other fees(a) | $ | 6 | $ | 6 | $ | 19 | $ | 17 | |||||||
Management, royalty and intellectual property fees(b) | 33 | 33 | 104 | 99 | |||||||||||
Licensing fee(c) | 12 | 11 | 33 | 31 | |||||||||||
Laundry services(d) | 3 | 3 | 6 | 6 | |||||||||||
Other(e) | 1 | 1 | 4 | 3 | |||||||||||
Intersegment fees elimination | $ | 55 | $ | 54 | $ | 166 | $ | 156 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) | |||||||||||||||
Ownership(1)(2) | $ | 264 | $ | 281 | $ | 770 | $ | 789 | |||||||
Management and franchise(2) | 470 | 438 | 1,350 | 1,263 | |||||||||||
Timeshare(2) | 85 | 99 | 278 | 259 | |||||||||||
Segment Adjusted EBITDA | 819 | 818 | 2,398 | 2,311 | |||||||||||
Corporate and other(2) | (54 | ) | (60 | ) | (174 | ) | (177 | ) | |||||||
Interest expense | (148 | ) | (138 | ) | (434 | ) | (431 | ) | |||||||
Income tax expense | (145 | ) | (247 | ) | (255 | ) | (555 | ) | |||||||
Depreciation and amortization | (169 | ) | (171 | ) | (509 | ) | (519 | ) | |||||||
Interest expense, income tax and depreciation and amortization included in equity in earnings from unconsolidated affiliates | (8 | ) | (6 | ) | (23 | ) | (20 | ) | |||||||
Gain on sales of assets, net | — | 164 | 2 | 306 | |||||||||||
Loss on foreign currency transactions | (8 | ) | (8 | ) | (33 | ) | (21 | ) | |||||||
FF&E replacement reserve | (13 | ) | (9 | ) | (42 | ) | (36 | ) | |||||||
Share-based compensation expense | (26 | ) | (21 | ) | (70 | ) | (143 | ) | |||||||
Impairment loss | — | — | (15 | ) | — | ||||||||||
Other gain (loss), net | (10 | ) | 1 | (15 | ) | (6 | ) | ||||||||
Other adjustment items | (46 | ) | (40 | ) | (84 | ) | (109 | ) | |||||||
Net income | $ | 192 | $ | 283 | $ | 746 | $ | 600 |
(1) | Includes unconsolidated affiliate Adjusted EBITDA. |
(2) | Our measures of Adjusted EBITDA included intercompany charges that were eliminated in our condensed consolidated financial statements. Refer to the footnote to the segment revenues table for detail of the intercompany charges. |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Ownership | $ | 11,298 | $ | 11,269 | |||
Management and franchise | 10,314 | 10,392 | |||||
Timeshare | 2,114 | 1,935 | |||||
Corporate and other | 2,145 | 2,026 | |||||
$ | 25,871 | $ | 25,622 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Ownership | $ | 203 | $ | 200 | |||
Timeshare | 15 | 7 | |||||
Corporate and other | 9 | 7 | |||||
$ | 227 | $ | 214 |
September 30, 2016 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 78 | $ | 781 | $ | — | $ | 859 | |||||||||||
Restricted cash and cash equivalents | — | — | 171 | 101 | — | 272 | |||||||||||||||||
Accounts receivable, net | — | — | 594 | 427 | — | 1,021 | |||||||||||||||||
Intercompany receivables | — | — | 24 | 42 | (66 | ) | — | ||||||||||||||||
Inventories | — | — | 486 | 22 | — | 508 | |||||||||||||||||
Current portion of financing receivables, net | — | — | 59 | 69 | — | 128 | |||||||||||||||||
Prepaid expenses | — | — | 62 | 113 | (4 | ) | 171 | ||||||||||||||||
Income taxes receivable | — | — | 17 | — | — | 17 | |||||||||||||||||
Other | — | — | 10 | 38 | — | 48 | |||||||||||||||||
Total current assets | — | — | 1,501 | 1,593 | (70 | ) | 3,024 | ||||||||||||||||
Property, Intangibles and Other Assets: | |||||||||||||||||||||||
Property and equipment, net | — | — | 299 | 8,742 | (21 | ) | 9,020 | ||||||||||||||||
Financing receivables, net | — | — | 571 | 358 | — | 929 | |||||||||||||||||
Investments in affiliates | — | — | 80 | 52 | — | 132 | |||||||||||||||||
Investments in subsidiaries | 6,506 | 12,205 | 6,537 | — | (25,248 | ) | — | ||||||||||||||||
Goodwill | — | — | 3,851 | 2,004 | — | 5,855 | |||||||||||||||||
Brands | — | — | 4,405 | 503 | — | 4,908 | |||||||||||||||||
Management and franchise contracts, net | — | — | 791 | 253 | — | 1,044 | |||||||||||||||||
Other intangible assets, net | — | — | 367 | 158 | — | 525 | |||||||||||||||||
Deferred income tax assets | 10 | 6 | — | 75 | (16 | ) | 75 | ||||||||||||||||
Other | — | 7 | 205 | 147 | — | 359 | |||||||||||||||||
Total property, intangibles and other assets | 6,516 | 12,218 | 17,106 | 12,292 | (25,285 | ) | 22,847 | ||||||||||||||||
TOTAL ASSETS | $ | 6,516 | $ | 12,218 | $ | 18,607 | $ | 13,885 | $ | (25,355 | ) | $ | 25,871 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable, accrued expenses and other | $ | — | $ | 49 | $ | 1,625 | $ | 684 | $ | (4 | ) | $ | 2,354 | ||||||||||
Intercompany payables | — | — | 42 | 31 | (73 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | (9 | ) | (3 | ) | 113 | — | 101 | |||||||||||||||
Current maturities of timeshare debt | — | — | — | 80 | — | 80 | |||||||||||||||||
Income taxes payable | — | — | 28 | 35 | — | 63 | |||||||||||||||||
Total current liabilities | — | 40 | 1,692 | 943 | (77 | ) | 2,598 | ||||||||||||||||
Long-term debt | — | 5,651 | 1,038 | 3,194 | — | 9,883 | |||||||||||||||||
Timeshare debt | — | — | — | 337 | — | 337 | |||||||||||||||||
Deferred revenues | — | — | 96 | — | — | 96 | |||||||||||||||||
Deferred income tax liabilities | — | — | 1,920 | 2,583 | (16 | ) | 4,487 | ||||||||||||||||
Liability for guest loyalty program | — | — | 853 | — | — | 853 | |||||||||||||||||
Other | — | 21 | 803 | 302 | — | 1,126 | |||||||||||||||||
Total liabilities | — | 5,712 | 6,402 | 7,359 | (93 | ) | 19,380 | ||||||||||||||||
Equity: | |||||||||||||||||||||||
Total Hilton stockholders' equity | 6,516 | 6,506 | 12,205 | 6,551 | (25,262 | ) | 6,516 | ||||||||||||||||
Noncontrolling interests | — | — | — | (25 | ) | — | (25 | ) | |||||||||||||||
Total equity | 6,516 | 6,506 | 12,205 | 6,526 | (25,262 | ) | 6,491 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 6,516 | $ | 12,218 | $ | 18,607 | $ | 13,885 | $ | (25,355 | ) | $ | 25,871 |
December 31, 2015 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 223 | $ | 386 | $ | — | $ | 609 | |||||||||||
Restricted cash and cash equivalents | — | — | 148 | 99 | — | 247 | |||||||||||||||||
Accounts receivable, net | — | — | 501 | 375 | — | 876 | |||||||||||||||||
Intercompany receivables | — | — | 89 | — | (89 | ) | — | ||||||||||||||||
Inventories | — | — | 419 | 23 | — | 442 | |||||||||||||||||
Current portion of financing receivables, net | — | — | 55 | 74 | — | 129 | |||||||||||||||||
Prepaid expenses | — | — | 39 | 129 | (21 | ) | 147 | ||||||||||||||||
Income taxes receivable | — | — | 120 | — | (23 | ) | 97 | ||||||||||||||||
Other | — | — | 9 | 29 | — | 38 | |||||||||||||||||
Total current assets | — | — | 1,603 | 1,115 | (133 | ) | 2,585 | ||||||||||||||||
Property, Intangibles and Other Assets: | |||||||||||||||||||||||
Property and equipment, net | — | — | 304 | 8,815 | — | 9,119 | |||||||||||||||||
Financing receivables, net | — | — | 451 | 436 | — | 887 | |||||||||||||||||
Investments in affiliates | — | — | 94 | 44 | — | 138 | |||||||||||||||||
Investments in subsidiaries | 6,166 | 11,854 | 5,232 | — | (23,252 | ) | — | ||||||||||||||||
Goodwill | — | — | 3,851 | 2,036 | — | 5,887 | |||||||||||||||||
Brands | — | — | 4,405 | 514 | — | 4,919 | |||||||||||||||||
Management and franchise contracts, net | — | — | 877 | 272 | — | 1,149 | |||||||||||||||||
Other intangible assets, net | — | — | 402 | 184 | — | 586 | |||||||||||||||||
Deferred income tax assets | 24 | 3 | — | 78 | (27 | ) | 78 | ||||||||||||||||
Other | — | 9 | 165 | 100 | — | 274 | |||||||||||||||||
Total property, intangibles and other assets | 6,190 | 11,866 | 15,781 | 12,479 | (23,279 | ) | 23,037 | ||||||||||||||||
TOTAL ASSETS | $ | 6,190 | $ | 11,866 | $ | 17,384 | $ | 13,594 | $ | (23,412 | ) | $ | 25,622 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable, accrued expenses and other | $ | — | $ | 39 | $ | 1,542 | $ | 646 | $ | (21 | ) | $ | 2,206 | ||||||||||
Intercompany payables | — | — | — | 89 | (89 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | (12 | ) | — | 106 | — | 94 | ||||||||||||||||
Current maturities of timeshare debt | — | — | — | 110 | — | 110 | |||||||||||||||||
Income taxes payable | — | — | 6 | 50 | (23 | ) | 33 | ||||||||||||||||
Total current liabilities | — | 27 | 1,548 | 1,001 | (133 | ) | 2,443 | ||||||||||||||||
Long-term debt | — | 5,659 | 54 | 4,144 | — | 9,857 | |||||||||||||||||
Timeshare debt | — | — | — | 392 | — | 392 | |||||||||||||||||
Deferred revenues | — | — | 282 | 1 | — | 283 | |||||||||||||||||
Deferred income tax liabilities | — | — | 2,041 | 2,616 | (27 | ) | 4,630 | ||||||||||||||||
Liability for guest loyalty program | — | — | 784 | — | — | 784 | |||||||||||||||||
Other | 205 | 14 | 821 | 242 | — | 1,282 | |||||||||||||||||
Total liabilities | 205 | 5,700 | 5,530 | 8,396 | (160 | ) | 19,671 | ||||||||||||||||
Equity: | |||||||||||||||||||||||
Total Hilton stockholders' equity | 5,985 | 6,166 | 11,854 | 5,232 | (23,252 | ) | 5,985 | ||||||||||||||||
Noncontrolling interests | — | — | — | (34 | ) | — | (34 | ) | |||||||||||||||
Total equity | 5,985 | 6,166 | 11,854 | 5,198 | (23,252 | ) | 5,951 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 6,190 | $ | 11,866 | $ | 17,384 | $ | 13,594 | $ | (23,412 | ) | $ | 25,622 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Owned and leased hotels | $ | — | $ | — | $ | 63 | $ | 977 | $ | (7 | ) | $ | 1,033 | ||||||||||
Management and franchise fees and other | — | — | 377 | 93 | (24 | ) | 446 | ||||||||||||||||
Timeshare | — | — | 341 | 17 | — | 358 | |||||||||||||||||
— | — | 781 | 1,087 | (31 | ) | 1,837 | |||||||||||||||||
Other revenues from managed and franchised properties | — | — | 1,306 | 123 | (324 | ) | 1,105 | ||||||||||||||||
Total revenues | — | — | 2,087 | 1,210 | (355 | ) | 2,942 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Owned and leased hotels | — | — | 46 | 747 | (22 | ) | 771 | ||||||||||||||||
Timeshare | — | — | 259 | 4 | (6 | ) | 257 | ||||||||||||||||
Depreciation and amortization | — | — | 81 | 88 | — | 169 | |||||||||||||||||
General, administrative and other | — | — | 123 | 27 | (3 | ) | 147 | ||||||||||||||||
— | — | 509 | 866 | (31 | ) | 1,344 | |||||||||||||||||
Other expenses from managed and franchised properties | — | — | 1,306 | 123 | (324 | ) | 1,105 | ||||||||||||||||
Total expenses | — | — | 1,815 | 989 | (355 | ) | 2,449 | ||||||||||||||||
Operating income | — | — | 272 | 221 | — | 493 | |||||||||||||||||
Interest income | — | — | 2 | 1 | — | 3 | |||||||||||||||||
Interest expense | — | (65 | ) | (24 | ) | (59 | ) | — | (148 | ) | |||||||||||||
Equity in earnings from unconsolidated affiliates | — | — | 5 | 2 | — | 7 | |||||||||||||||||
Gain (loss) on foreign currency transactions | — | — | (20 | ) | 12 | — | (8 | ) | |||||||||||||||
Other loss, net | — | (5 | ) | — | (5 | ) | — | (10 | ) | ||||||||||||||
Income (loss) before income taxes and equity in earnings from subsidiaries | — | (70 | ) | 235 | 172 | — | 337 | ||||||||||||||||
Income tax benefit (expense) | 1 | 27 | (105 | ) | (68 | ) | — | (145 | ) | ||||||||||||||
Income (loss) before equity in earnings from subsidiaries | 1 | (43 | ) | 130 | 104 | — | 192 | ||||||||||||||||
Equity in earnings from subsidiaries | 186 | 229 | 99 | — | (514 | ) | — | ||||||||||||||||
Net income | 187 | 186 | 229 | 104 | (514 | ) | 192 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 187 | $ | 186 | $ | 229 | $ | 99 | $ | (514 | ) | $ | 187 | ||||||||||
Comprehensive income | $ | 187 | $ | 189 | $ | 214 | $ | 117 | $ | (514 | ) | $ | 193 | ||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Comprehensive income attributable to Hilton stockholders | $ | 187 | $ | 189 | $ | 214 | $ | 111 | $ | (514 | ) | $ | 187 |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Owned and leased hotels | $ | — | $ | — | $ | 64 | $ | 1,025 | $ | (7 | ) | $ | 1,082 | ||||||||||
Management and franchise fees and other | — | — | 355 | 86 | (25 | ) | 416 | ||||||||||||||||
Timeshare | — | — | 314 | 20 | — | 334 | |||||||||||||||||
— | — | 733 | 1,131 | (32 | ) | 1,832 | |||||||||||||||||
Other revenues from managed and franchised properties | — | — | 1,199 | 116 | (252 | ) | 1,063 | ||||||||||||||||
Total revenues | — | — | 1,932 | 1,247 | (284 | ) | 2,895 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Owned and leased hotels | — | — | 46 | 773 | (21 | ) | 798 | ||||||||||||||||
Timeshare | — | — | 221 | 4 | (6 | ) | 219 | ||||||||||||||||
Depreciation and amortization | — | — | 82 | 89 | — | 171 | |||||||||||||||||
General, administrative and other | — | — | 117 | 33 | (5 | ) | 145 | ||||||||||||||||
— | — | 466 | 899 | (32 | ) | 1,333 | |||||||||||||||||
Other expenses from managed and franchised properties | — | — | 1,199 | 116 | (252 | ) | 1,063 | ||||||||||||||||
Total expenses | — | — | 1,665 | 1,015 | (284 | ) | 2,396 | ||||||||||||||||
Gain on sales of assets, net | — | — | — | 164 | — | 164 | |||||||||||||||||
Operating income | — | — | 267 | 396 | — | 663 | |||||||||||||||||
Interest income | — | — | 2 | 1 | — | 3 | |||||||||||||||||
Interest expense | — | (69 | ) | (9 | ) | (60 | ) | — | (138 | ) | |||||||||||||
Equity in earnings from unconsolidated affiliates | — | — | 7 | 2 | — | 9 | |||||||||||||||||
Gain (loss) on foreign currency transactions | — | — | 213 | (221 | ) | — | (8 | ) | |||||||||||||||
Other gain, net | — | — | — | 1 | — | 1 | |||||||||||||||||
Income (loss) before income taxes and equity in earnings from subsidiaries | — | (69 | ) | 480 | 119 | — | 530 | ||||||||||||||||
Income tax benefit (expense) | (1 | ) | 27 | (200 | ) | (73 | ) | — | (247 | ) | |||||||||||||
Income (loss) before equity in earnings from subsidiaries | (1 | ) | (42 | ) | 280 | 46 | — | 283 | |||||||||||||||
Equity in earnings from subsidiaries | 280 | 322 | 42 | — | (644 | ) | — | ||||||||||||||||
Net income | 279 | 280 | 322 | 46 | (644 | ) | 283 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 279 | $ | 280 | $ | 322 | $ | 42 | $ | (644 | ) | $ | 279 | ||||||||||
Comprehensive income (loss) | $ | 159 | $ | 274 | $ | 301 | $ | (47 | ) | $ | (524 | ) | $ | 163 | |||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Comprehensive income (loss) attributable to Hilton stockholders | $ | 159 | $ | 274 | $ | 301 | $ | (51 | ) | $ | (524 | ) | $ | 159 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Owned and leased hotels | $ | — | $ | — | $ | 177 | $ | 2,950 | $ | (22 | ) | $ | 3,105 | ||||||||||
Management and franchise fees and other | — | — | 1,089 | 265 | (78 | ) | 1,276 | ||||||||||||||||
Timeshare | — | — | 969 | 51 | — | 1,020 | |||||||||||||||||
— | — | 2,235 | 3,266 | (100 | ) | 5,401 | |||||||||||||||||
Other revenues from managed and franchised properties | — | — | 3,798 | 369 | (825 | ) | 3,342 | ||||||||||||||||
Total revenues | — | — | 6,033 | 3,635 | (925 | ) | 8,743 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Owned and leased hotels | — | — | 133 | 2,273 | (71 | ) | 2,335 | ||||||||||||||||
Timeshare | — | — | 704 | 12 | (19 | ) | 697 | ||||||||||||||||
Depreciation and amortization | — | — | 242 | 267 | — | 509 | |||||||||||||||||
Impairment loss | — | — | — | 15 | — | 15 | |||||||||||||||||
General, administrative and other | — | — | 303 | 99 | (10 | ) | 392 | ||||||||||||||||
— | — | 1,382 | 2,666 | (100 | ) | 3,948 | |||||||||||||||||
Other expenses from managed and franchised properties | — | — | 3,798 | 369 | (825 | ) | 3,342 | ||||||||||||||||
Total expenses | — | — | 5,180 | 3,035 | (925 | ) | 7,290 | ||||||||||||||||
Gain on sales of assets, net | — | — | — | 2 | — | 2 | |||||||||||||||||
Operating income | — | — | 853 | 602 | — | 1,455 | |||||||||||||||||
Interest income | — | — | 7 | 3 | — | 10 | |||||||||||||||||
Interest expense | — | (199 | ) | (55 | ) | (180 | ) | — | (434 | ) | |||||||||||||
Equity in earnings from unconsolidated affiliates | — | — | 15 | 3 | — | 18 | |||||||||||||||||
Gain (loss) on foreign currency transactions | — | — | (82 | ) | 49 | — | (33 | ) | |||||||||||||||
Other loss, net | — | (5 | ) | — | (10 | ) | — | (15 | ) | ||||||||||||||
Income (loss) before income taxes and equity in earnings from subsidiaries | — | (204 | ) | 738 | 467 | — | 1,001 | ||||||||||||||||
Income tax benefit (expense) | 193 | 78 | (347 | ) | (179 | ) | — | (255 | ) | ||||||||||||||
Income (loss) before equity in earnings from subsidiaries | 193 | (126 | ) | 391 | 288 | — | 746 | ||||||||||||||||
Equity in earnings from subsidiaries | 542 | 668 | 277 | — | (1,487 | ) | — | ||||||||||||||||
Net income | 735 | 542 | 668 | 288 | (1,487 | ) | 746 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (11 | ) | — | (11 | ) | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 735 | $ | 542 | $ | 668 | $ | 277 | $ | (1,487 | ) | $ | 735 | ||||||||||
Comprehensive income | $ | 693 | $ | 539 | $ | 614 | $ | 302 | $ | (1,445 | ) | $ | 703 | ||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Comprehensive income attributable to Hilton stockholders | $ | 693 | $ | 539 | $ | 614 | $ | 292 | $ | (1,445 | ) | $ | 693 |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Owned and leased hotels | $ | — | $ | — | $ | 177 | $ | 3,016 | $ | (19 | ) | $ | 3,174 | ||||||||||
Management and franchise fees and other | — | — | 1,026 | 243 | (75 | ) | 1,194 | ||||||||||||||||
Timeshare | — | — | 911 | 63 | — | 974 | |||||||||||||||||
— | — | 2,114 | 3,322 | (94 | ) | 5,342 | |||||||||||||||||
Other revenues from managed and franchised properties | — | — | 3,449 | 345 | (720 | ) | 3,074 | ||||||||||||||||
Total revenues | — | — | 5,563 | 3,667 | (814 | ) | 8,416 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Owned and leased hotels | — | — | 128 | 2,321 | (66 | ) | 2,383 | ||||||||||||||||
Timeshare | — | — | 678 | 12 | (17 | ) | 673 | ||||||||||||||||
Depreciation and amortization | — | — | 255 | 264 | — | 519 | |||||||||||||||||
General, administrative and other | — | — | 405 | 99 | (11 | ) | 493 | ||||||||||||||||
— | — | 1,466 | 2,696 | (94 | ) | 4,068 | |||||||||||||||||
Other expenses from managed and franchised properties | — | — | 3,449 | 345 | (720 | ) | 3,074 | ||||||||||||||||
Total expenses | — | — | 4,915 | 3,041 | (814 | ) | 7,142 | ||||||||||||||||
Gain on sales of assets, net | — | — | — | 306 | — | 306 | |||||||||||||||||
Operating income | — | — | 648 | 932 | — | 1,580 | |||||||||||||||||
Interest income | — | — | 9 | 2 | — | 11 | |||||||||||||||||
Interest expense | — | (213 | ) | (37 | ) | (181 | ) | — | (431 | ) | |||||||||||||
Equity in earnings from unconsolidated affiliates | — | — | 18 | 4 | — | 22 | |||||||||||||||||
Gain (loss) on foreign currency transactions | — | — | 73 | (94 | ) | — | (21 | ) | |||||||||||||||
Other loss, net | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Income (loss) before income taxes and equity in earnings from subsidiaries | — | (213 | ) | 711 | 657 | — | 1,155 | ||||||||||||||||
Income tax benefit (expense) | (6 | ) | 82 | (299 | ) | (332 | ) | — | (555 | ) | |||||||||||||
Income (loss) before equity in earnings from subsidiaries | (6 | ) | (131 | ) | 412 | 325 | — | 600 | |||||||||||||||
Equity in earnings from subsidiaries | 596 | 727 | 315 | — | (1,638 | ) | — | ||||||||||||||||
Net income | 590 | 596 | 727 | 325 | (1,638 | ) | 600 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Net income attributable to Hilton stockholders | $ | 590 | $ | 596 | $ | 727 | $ | 315 | $ | (1,638 | ) | $ | 590 | ||||||||||
Comprehensive income | $ | 425 | $ | 585 | $ | 709 | $ | 189 | $ | (1,473 | ) | $ | 435 | ||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Comprehensive income attributable to Hilton stockholders | $ | 425 | $ | 585 | $ | 709 | $ | 179 | $ | (1,473 | ) | $ | 425 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 321 | $ | 703 | $ | (88 | ) | $ | 936 | ||||||||||
Investing Activities: | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | — | (28 | ) | (199 | ) | — | (227 | ) | ||||||||||||||
Payments received on other financing receivables | — | — | 1 | 1 | — | 2 | |||||||||||||||||
Issuance of other financing receivables | — | — | (33 | ) | — | — | (33 | ) | |||||||||||||||
Distributions from unconsolidated affiliates | — | — | 1 | 1 | — | 2 | |||||||||||||||||
Issuance of intercompany receivables | — | — | — | (42 | ) | 42 | — | ||||||||||||||||
Proceeds from asset dispositions | — | — | — | 1 | — | 1 | |||||||||||||||||
Change in restricted cash and cash equivalents | — | — | — | 14 | — | 14 | |||||||||||||||||
Contract acquisition costs | — | — | (28 | ) | (7 | ) | — | (35 | ) | ||||||||||||||
Capitalized software costs | — | — | (56 | ) | — | — | (56 | ) | |||||||||||||||
Net cash used in investing activities | — | — | (143 | ) | (231 | ) | 42 | (332 | ) | ||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Borrowings | — | — | 1,000 | — | — | 1,000 | |||||||||||||||||
Repayment of debt | — | (8 | ) | — | (1,086 | ) | — | (1,094 | ) | ||||||||||||||
Intercompany borrowings | — | — | 42 | — | (42 | ) | — | ||||||||||||||||
Debt issuance costs | — | (12 | ) | (23 | ) | — | — | (35 | ) | ||||||||||||||
Change in restricted cash and cash equivalents | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||
Intercompany transfers | 207 | 20 | (1,342 | ) | 1,115 | — | — | ||||||||||||||||
Dividends paid | (207 | ) | — | — | — | — | (207 | ) | |||||||||||||||
Intercompany dividends | — | — | — | (88 | ) | 88 | — | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Net cash used in financing activities | — | — | (323 | ) | (84 | ) | 46 | (361 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 7 | — | 7 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (145 | ) | 395 | — | 250 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 223 | 386 | — | 609 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 78 | $ | 781 | $ | — | $ | 859 |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Parent | Subsidiary Issuers | Guarantors | Non-Guarantors | Eliminations | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 722 | $ | 456 | $ | (187 | ) | $ | 991 | ||||||||||
Investing Activities: | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | — | (19 | ) | (195 | ) | — | (214 | ) | ||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (1,410 | ) | — | (1,410 | ) | |||||||||||||||
Payments received on other financing receivables | — | — | 1 | 2 | — | 3 | |||||||||||||||||
Issuance of other financing receivables | — | — | (7 | ) | (2 | ) | — | (9 | ) | ||||||||||||||
Investments in affiliates | — | — | (5 | ) | — | — | (5 | ) | |||||||||||||||
Distributions from unconsolidated affiliates | — | — | 18 | — | — | 18 | |||||||||||||||||
Issuance of intercompany receivables | — | — | (184 | ) | — | 184 | — | ||||||||||||||||
Payments received on intercompany receivables | — | — | 184 | — | (184 | ) | — | ||||||||||||||||
Proceeds from asset dispositions | — | — | — | 2,197 | — | 2,197 | |||||||||||||||||
Contract acquisition costs | — | — | (14 | ) | (13 | ) | — | (27 | ) | ||||||||||||||
Capitalized software costs | — | — | (38 | ) | — | — | (38 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | — | (64 | ) | 579 | — | 515 | ||||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Borrowings | — | — | — | 35 | — | 35 | |||||||||||||||||
Repayment of debt | — | (675 | ) | — | (667 | ) | — | (1,342 | ) | ||||||||||||||
Intercompany borrowings | — | — | — | 184 | (184 | ) | — | ||||||||||||||||
Repayment of intercompany borrowings | — | — | — | (184 | ) | 184 | — | ||||||||||||||||
Change in restricted cash and cash equivalents | — | — | — | (53 | ) | — | (53 | ) | |||||||||||||||
Intercompany transfers | 69 | 675 | (666 | ) | (78 | ) | — | — | |||||||||||||||
Dividends paid | (69 | ) | — | — | — | — | (69 | ) | |||||||||||||||
Intercompany dividends | — | — | — | (187 | ) | 187 | — | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Excess tax benefits from share-based compensation | — | — | 8 | — | — | 8 | |||||||||||||||||
Net cash used in financing activities | — | — | (658 | ) | (956 | ) | 187 | (1,427 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (17 | ) | — | (17 | ) | |||||||||||||||
Net increase in cash and cash equivalents | — | — | — | 62 | — | 62 | |||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 270 | 296 | — | 566 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 270 | $ | 358 | $ | — | $ | 628 |
• | EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; |
• | EBITDA and Adjusted EBITDA do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; |
• | EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; |
• | EBITDA and Adjusted EBITDA do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; |
• | EBITDA and Adjusted EBITDA do not reflect the effect on earnings or changes resulting from matters that we consider not to be indicative of our future operations; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; and |
• | other companies in our industry may calculate EBITDA and Adjusted EBITDA differently, limiting their usefulness as comparative measures. |
Three Months Ended | Variance | Nine Months Ended | Variance | ||||||||||||
September 30, 2016 | 2016 vs. 2015 | September 30, 2016 | 2016 vs. 2015 | ||||||||||||
Owned and leased hotels | |||||||||||||||
Occupancy | 82.8 | % | (1.2 | )% | pts. | 79.2 | % | (1.2 | )% | pts. | |||||
ADR | $ | 185.91 | 0.3 | % | $ | 185.93 | 2.1 | % | |||||||
RevPAR | $ | 153.87 | (1.2 | )% | $ | 147.32 | 0.6 | % | |||||||
Managed and franchised hotels | |||||||||||||||
Occupancy | 79.1 | % | (0.2 | )% | pts. | 76.0 | % | — | % | pts. | |||||
ADR | $ | 141.27 | 1.7 | % | $ | 140.31 | 2.3 | % | |||||||
RevPAR | $ | 111.77 | 1.5 | % | $ | 106.63 | 2.2 | % | |||||||
System-wide | |||||||||||||||
Occupancy | 79.5 | % | (0.2 | )% | pts. | 76.3 | % | (0.1 | )% | pts. | |||||
ADR | $ | 145.43 | 1.5 | % | $ | 144.56 | 2.2 | % | |||||||
RevPAR | $ | 115.54 | 1.3 | % | $ | 110.28 | 2.1 | % |
Three Months Ended | Variance | Nine Months Ended | Variance | ||||||||||||
September 30, 2016 | 2016 vs. 2015 | September 30, 2016 | 2016 vs. 2015 | ||||||||||||
U.S. | |||||||||||||||
Occupancy | 80.4 | % | (0.3 | )% | pts. | 77.7 | % | (0.1 | )% | pts. | |||||
ADR | $ | 145.68 | 1.9 | % | $ | 144.59 | 2.2 | % | |||||||
RevPAR | $ | 117.10 | 1.5 | % | $ | 112.28 | 2.1 | % | |||||||
Americas (excluding U.S.) | |||||||||||||||
Occupancy | 78.2 | % | 0.5 | % | pts. | 73.4 | % | 0.1 | % | pts. | |||||
ADR | $ | 125.71 | 5.3 | % | $ | 122.91 | 4.5 | % | |||||||
RevPAR | $ | 98.37 | 6.0 | % | $ | 90.26 | 4.7 | % | |||||||
Europe | |||||||||||||||
Occupancy | 79.6 | % | (1.7 | )% | pts. | 73.7 | % | (1.3 | )% | pts. | |||||
ADR | $ | 148.66 | 1.5 | % | $ | 148.38 | 2.7 | % | |||||||
RevPAR | $ | 118.36 | (0.7 | )% | $ | 109.29 | 0.9 | % | |||||||
MEA | |||||||||||||||
Occupancy | 65.9 | % | (0.7 | )% | pts. | 63.3 | % | (3.5 | )% | pts. | |||||
ADR | $ | 164.54 | (1.6 | )% | $ | 168.94 | 5.3 | % | |||||||
RevPAR | $ | 108.37 | (2.6 | )% | $ | 106.99 | (0.2 | )% | |||||||
Asia Pacific | |||||||||||||||
Occupancy | 74.4 | % | 3.8 | % | pts. | 70.7 | % | 3.9 | % | pts. | |||||
ADR | $ | 144.87 | (4.5 | )% | $ | 145.33 | (1.6 | )% | |||||||
RevPAR | $ | 107.78 | 0.6 | % | $ | 102.74 | 4.1 | % |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
U.S. owned and leased hotels | $ | 614 | $ | 611 | 0.5 | $ | 1,872 | $ | 1,807 | 3.6 | |||||||||
International owned and leased hotels | 419 | 471 | (11.0) | 1,233 | 1,367 | (9.8) | |||||||||||||
Total owned and leased hotels | $ | 1,033 | $ | 1,082 | (4.5) | $ | 3,105 | $ | 3,174 | (2.2) |
Increase / (decrease) | Net increase / (decrease) from acquired and disposed hotels(1) | Net increase / (decrease) excluding the effect of acquired and disposed hotels | |||||||||||||||||
September 30, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Comparable U.S. owned and leased hotels | $ | 529 | $ | 521 | $ | 8 | $ | — | $ | 8 | |||||||||
Non-comparable U.S. owned and leased hotels | 85 | 90 | (5 | ) | (2 | ) | (3 | ) | |||||||||||
U.S. owned and leased hotels | $ | 614 | $ | 611 | $ | 3 | $ | (2 | ) | $ | 5 | ||||||||
Nine Months Ended | |||||||||||||||||||
Comparable U.S. owned and leased hotels | $ | 1,575 | $ | 1,540 | $ | 35 | $ | — | $ | 35 | |||||||||
Non-comparable U.S. owned and leased hotels | 297 | 267 | 30 | 41 | (11 | ) | |||||||||||||
U.S. owned and leased hotels | $ | 1,872 | $ | 1,807 | $ | 65 | $ | 41 | $ | 24 |
(1) | From January 1, 2015 to September 30, 2016, six properties were added to our U.S. owned and leased portfolio on a net basis. |
Decrease | Net increase / (decrease) due to FX changes(1) | Decrease from disposed hotels(2) | Net decrease excluding the effect of FX changes and disposed hotels | ||||||||||||||||||||
September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Comparable international owned and leased hotels | $ | 396 | $ | 427 | $ | (31 | ) | $ | (17 | ) | $ | — | $ | (14 | ) | ||||||||
Non-comparable international owned and leased hotels | 23 | 44 | (21 | ) | 1 | (20 | ) | (2 | ) | ||||||||||||||
International owned and leased hotels | $ | 419 | $ | 471 | $ | (52 | ) | $ | (16 | ) | $ | (20 | ) | $ | (16 | ) | |||||||
Nine Months Ended | |||||||||||||||||||||||
Comparable international owned and leased hotels | $ | 1,164 | $ | 1,203 | $ | (39 | ) | $ | (39 | ) | $ | — | $ | — | |||||||||
Non-comparable international owned and leased hotels | 69 | 164 | (95 | ) | — | (89 | ) | (6 | ) | ||||||||||||||
International owned and leased hotels | $ | 1,233 | $ | 1,367 | $ | (134 | ) | $ | (39 | ) | $ | (89 | ) | $ | (6 | ) |
(1) | Unfavorable movements were a result of the strengthening of the USD compared to other currencies, primarily the British pound, partially offset by the strengthening of the Japanese Yen compared to the USD. |
(2) | From January 1, 2015 to September 30, 2016, six properties were removed from our international owned and leased portfolio. |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Management fees | $ | 101 | $ | 95 | 6.3 | $ | 305 | $ | 289 | 5.5 | |||||||||
Franchise fees | 324 | 299 | 8.4 | 908 | 844 | 7.6 | |||||||||||||
Other | 21 | 22 | (4.5) | 63 | 61 | 3.3 | |||||||||||||
$ | 446 | $ | 416 | 7.2 | $ | 1,276 | $ | 1,194 | 6.9 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Timeshare sales | $ | 263 | $ | 246 | 6.9 | $ | 737 | $ | 716 | 2.9 | |||||||||
Resort operations | 57 | 51 | 11.8 | 172 | 152 | 13.2 | |||||||||||||
Financing and other | 38 | 37 | 2.7 | 111 | 106 | 4.7 | |||||||||||||
$ | 358 | $ | 334 | 7.2 | $ | 1,020 | $ | 974 | 4.7 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
U.S. owned and leased hotels | $ | 410 | $ | 403 | 1.7 | $ | 1,245 | $ | 1,191 | 4.5 | |||||||||
International owned and leased hotels | 361 | 395 | (8.6) | 1,090 | 1,192 | (8.6) | |||||||||||||
Total owned and leased hotels | $ | 771 | $ | 798 | (3.4) | $ | 2,335 | $ | 2,383 | (2.0) |
Increase | Net increase from acquired and disposed hotels(1) | Net increase / (decrease) excluding the effect of acquired and disposed hotels | |||||||||||||||||
September 30, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Comparable U.S. owned and leased hotels | $ | 350 | $ | 346 | $ | 4 | $ | — | $ | 4 | |||||||||
Non-comparable U.S. owned and leased hotels | 60 | 57 | 3 | 3 | — | ||||||||||||||
U.S. owned and leased hotels | $ | 410 | $ | 403 | $ | 7 | $ | 3 | $ | 4 | |||||||||
Nine Months Ended | |||||||||||||||||||
Comparable U.S. owned and leased hotels | $ | 1,058 | $ | 1,022 | $ | 36 | $ | — | $ | 36 | |||||||||
Non-comparable U.S. owned and leased hotels | 187 | 169 | 18 | 21 | (3 | ) | |||||||||||||
U.S. owned and leased hotels | $ | 1,245 | $ | 1,191 | $ | 54 | $ | 21 | $ | 33 |
(1) | From January 1, 2015 to September 30, 2016, six properties were added to our U.S. owned and leased portfolio on a net basis. |
Decrease | Net increase / (decrease) due to FX changes(1) | Decrease from disposed hotels(2) | Net increase / (decrease) excluding the effect of FX changes and disposed hotels | ||||||||||||||||||||
September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Comparable international owned and leased hotels | $ | 342 | $ | 360 | $ | (18 | ) | $ | (18 | ) | $ | — | $ | — | |||||||||
Non-comparable international owned and leased hotels | 19 | 35 | (16 | ) | 1 | (17 | ) | — | |||||||||||||||
International owned and leased hotels | $ | 361 | $ | 395 | $ | (34 | ) | $ | (17 | ) | $ | (17 | ) | $ | — | ||||||||
Nine Months Ended | |||||||||||||||||||||||
Comparable international owned and leased hotels | $ | 1,026 | $ | 1,055 | $ | (29 | ) | $ | (40 | ) | $ | — | $ | 11 | |||||||||
Non-comparable international owned and leased hotels | 64 | 137 | (73 | ) | (1 | ) | (67 | ) | (5 | ) | |||||||||||||
International owned and leased hotels | $ | 1,090 | $ | 1,192 | $ | (102 | ) | $ | (41 | ) | $ | (67 | ) | $ | 6 |
(1) | Unfavorable movements were a result of the strengthening of the USD compared to other currencies, primarily the British pound, partially offset by the strengthening of the Japanese Yen compared to the USD. |
(2) | From January 1, 2015 to September 30, 2016, six properties were removed from our international owned and leased portfolio. |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Timeshare sales | $ | 204 | $ | 172 | 18.6 | $ | 544 | $ | 532 | 2.3 | |||||||||
Resort operations | 34 | 31 | 9.7 | 98 | 94 | 4.3 | |||||||||||||
Financing and other | 19 | 16 | 18.8 | 55 | 47 | 17.0 | |||||||||||||
$ | 257 | $ | 219 | 17.4 | $ | 697 | $ | 673 | 3.6 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Depreciation | $ | 86 | $ | 88 | (2.3) | $ | 263 | $ | 260 | 1.2 | |||||||||
Amortization | 83 | 83 | — | 246 | 259 | (5.0) | |||||||||||||
$ | 169 | $ | 171 | (1.2) | $ | 509 | $ | 519 | (1.9) |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
General and administrative | $ | 134 | $ | 131 | 2.3 | $ | 342 | $ | 448 | (23.7) | |||||||||
Other | 13 | 14 | (7.1) | 50 | 45 | 11.1 | |||||||||||||
$ | 147 | $ | 145 | 1.4 | $ | 392 | $ | 493 | (20.5) |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Gain on sales of assets, net | $ | — | $ | 164 | NM(1) | $ | 2 | $ | 306 | (99.3) |
(1) | Fluctuation in terms of percentage change is not meaningful. |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Interest expense | $ | 148 | $ | 138 | 7.2 | $ | 434 | $ | 431 | 0.7 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Equity in earnings from unconsolidated affiliates | $ | 7 | $ | 9 | (22.2) | $ | 18 | $ | 22 | (18.2) |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Loss on foreign currency transactions | $ | (8 | ) | $ | (8 | ) | — | $ | (33 | ) | $ | (21 | ) | 57.1 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Other gain (loss), net | $ | (10 | ) | $ | 1 | NM(1) | $ | (15 | ) | $ | (6 | ) | NM(1) |
(1) | Fluctuation in terms of percentage change is not meaningful. |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Income tax expense | $ | (145 | ) | $ | (247 | ) | (41.3) | $ | (255 | ) | $ | (555 | ) | (54.1) |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Revenues | |||||||||||||||||||
Ownership | $ | 1,040 | $ | 1,089 | (4.5) | $ | 3,128 | $ | 3,194 | (2.1) | |||||||||
Management and franchise | 470 | 438 | 7.3 | 1,350 | 1,263 | 6.9 | |||||||||||||
Timeshare | 358 | 334 | 7.2 | 1,020 | 974 | 4.7 | |||||||||||||
Segment revenues | 1,868 | 1,861 | 0.4 | 5,498 | 5,431 | 1.2 | |||||||||||||
Other revenues from managed and franchised properties | 1,105 | 1,063 | 4.0 | 3,342 | 3,074 | 8.7 | |||||||||||||
Other revenues | 24 | 25 | (4.0) | 69 | 67 | 3.0 | |||||||||||||
Intersegment fees elimination | (55 | ) | (54 | ) | 1.9 | (166 | ) | (156 | ) | 6.4 | |||||||||
Total revenues | $ | 2,942 | $ | 2,895 | 1.6 | $ | 8,743 | $ | 8,416 | 3.9 | |||||||||
Adjusted EBITDA | |||||||||||||||||||
Ownership | $ | 264 | $ | 281 | (6.0) | $ | 770 | $ | 789 | (2.4) | |||||||||
Management and franchise | 470 | 438 | 7.3 | 1,350 | 1,263 | 6.9 | |||||||||||||
Timeshare | 85 | 99 | (14.1) | 278 | 259 | 7.3 | |||||||||||||
Corporate and other | (54 | ) | (60 | ) | (10.0) | (174 | ) | (177 | ) | (1.7) | |||||||||
Adjusted EBITDA | $ | 765 | $ | 758 | 0.9 | $ | 2,224 | $ | 2,134 | 4.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) | |||||||||||||||
Net income | $ | 192 | $ | 283 | $ | 746 | $ | 600 | |||||||
Interest expense | 148 | 138 | 434 | 431 | |||||||||||
Income tax expense | 145 | 247 | 255 | 555 | |||||||||||
Depreciation and amortization | 169 | 171 | 509 | 519 | |||||||||||
Interest expense, income tax and depreciation and amortization included in equity in earnings from unconsolidated affiliates | 8 | 6 | 23 | 20 | |||||||||||
EBITDA | 662 | 845 | 1,967 | 2,125 | |||||||||||
Gain on sales of assets, net | — | (164 | ) | (2 | ) | (306 | ) | ||||||||
Loss on foreign currency transactions | 8 | 8 | 33 | 21 | |||||||||||
FF&E replacement reserve | 13 | 9 | 42 | 36 | |||||||||||
Share-based compensation expense | 26 | 21 | 70 | 143 | |||||||||||
Impairment loss | — | — | 15 | — | |||||||||||
Other loss (gain), net | 10 | (1 | ) | 15 | 6 | ||||||||||
Other adjustment items | 46 | 40 | 84 | 109 | |||||||||||
Adjusted EBITDA | $ | 765 | $ | 758 | $ | 2,224 | $ | 2,134 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Revenues | $ | 1,721 | $ | 1,672 | |||
Net income attributable to Hilton stockholders | 115 | 211 | |||||
Capital expenditures for property and equipment | 142 | 146 | |||||
Adjusted EBITDA(1) | 531 | 519 | |||||
Cash provided by (used in): | |||||||
Operating activities | 263 | 293 | |||||
Investing activities | (127 | ) | 308 | ||||
Financing activities | 144 | (595 | ) |
(1) | The following table provides a reconciliation of our Unrestricted U.S. Real Estate Subsidiaries' net income to EBITDA and Adjusted EBITDA, which we believe is the most closely comparable U.S. GAAP financial measure: |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Net income | $ | 117 | $ | 213 | |||
Interest expense | 131 | 131 | |||||
Income tax expense | 79 | 105 | |||||
Depreciation and amortization | 190 | 181 | |||||
Interest expense and depreciation and amortization included in equity in earnings from unconsolidated affiliates | 2 | — | |||||
EBITDA | 519 | 630 | |||||
Gain on sales of assets, net | (1 | ) | (143 | ) | |||
Share-based compensation expense | 1 | 1 | |||||
Other loss, net | 8 | 30 | |||||
Other adjustment items | 4 | 1 | |||||
Adjusted EBITDA | $ | 531 | $ | 519 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Assets | $ | 9,124 | $ | 8,914 | |||
Liabilities | 5,581 | 6,718 |
As of and for the Nine Months Ended September 30, | Percent Change | ||||||||
2016 | 2015 | 2016 vs. 2015 | |||||||
(in millions) | |||||||||
Net cash provided by operating activities | $ | 936 | $ | 991 | (5.6) | ||||
Net cash provided by (used in) investing activities | (332 | ) | 515 | NM(1) | |||||
Net cash used in financing activities | (361 | ) | (1,427 | ) | (74.7) | ||||
Working capital surplus(2) | 426 | 111 | NM(1) |
(1) | Fluctuation in terms of percentage change is not meaningful. |
(2) | Total current assets less total current liabilities. |
Exhibit Number | Exhibit Description | |
3.1 | Certificate of Incorporation of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36243) filed on December 17, 2013). | |
3.2 | Bylaws of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-36243) filed on December 17, 2013). | |
4.1 | Indenture, dated as of August 18, 2016, by and among Hilton Escrow Issuer LLC, Hilton Escrow Issuer Corp., the guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-36243) filed on August 18, 2016). | |
4.2 | Form of 4.250% Senior Note due 2024 (included in Exhibit 4.1). | |
4.3 | Registration Rights Agreement, dated as of August 18, 2016, by and among Hilton Escrow Issuer LLC, Hilton Escrow Issuer Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on behalf of the initial purchasers (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 001-36243) filed on August 18, 2016). | |
4.4 | Fourth Supplemental Indenture, dated as of August 19, 2016, between Hilton Domestic Operating Company Inc. and Wilmington Trust, National Association, as trustee. | |
4.5 | Fifth Supplemental Indenture, dated as of September 22, 2016, among Hilton Worldwide Parent LLC, Hilton Worldwide Finance LLC, Hilton Worldwide Finance Corp., and Wilmington Trust, National Association, as trustee. | |
4.6 | First Supplemental Indenture, dated as of September 22, 2016, among Hilton Escrow Issuer LLC, Hilton Escrow Issuer Corp., Hilton Domestic Operating Company Inc., Hilton Worldwide Holdings Inc., Hilton Worldwide Finance LLC, the subsidiary guarantors party thereto, and Wilmington Trust, National Association, as trustee. | |
4.7 | Second Supplemental Indenture, dated as of September 22, 2016, among Hilton Domestic Operating Company Inc., Hilton Worldwide Parent LLC, and Wilmington Trust, National Association. | |
10.1 | Amendment No. 1, dated as of August 18, 2016, to the Credit Agreement, dated as of October 25, 2013, by and among Hilton Worldwide Holdings Inc., Hilton Worldwide Finance LLC, the other guarantors party thereto from time to time, Deutsche Bank AG New York Branch as administrative agent, collateral agent, swing line lender and L/C issuer and the other lenders party thereto from time to time (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-36243) filed on August 18, 2016). | |
10.2 | Omnibus Amendment No. 4 to Receivables Loan Agreement and Amendment No. 2 to Sale and Contribution Agreement, effective as of August 18, 2016, among Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, the financial institutions signatory thereto, as managing agents, the financial institutions signatory thereto as committed lenders and Deutsche Bank Securities, Inc., as administrative agent (incorporated by reference to Exhibit 10.11 to Hilton Grand Vacations Inc.'s Registration Statement on Form 10 (File No. 001-37794) filed on September 16, 2016). | |
12 | Computation of Ratio of Earnings to Fixed Charges. | |
31.1 | Certificate of Christopher J. Nassetta, President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certificate of Kevin J. Jacobs, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certificate of Christopher J. Nassetta, President and Chief Executive Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). | |
32.2 | Certificate of Kevin J. Jacobs, Executive Vice President and Chief Financial Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). | |
99.1 | Section 13(r) Disclosure. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
HILTON WORLDWIDE HOLDINGS INC. | ||
By: | /s/ Christopher J. Nassetta | |
Name: | Christopher J. Nassetta | |
President and Chief Executive Officer | ||
By: | /s/ Kevin J. Jacobs | |
Name: | Kevin J. Jacobs | |
Executive Vice President and Chief Financial Officer |
By: | /s/ W. Steven Standefer |
Name: | W. Steven Standefer |
Title: | Senior Vice President |
By: | /s/ W. Steven Standefer |
Name: | W. Steven Standefer |
Title: | Senior Vice President |
By: | /s/ W. Steven Standefer |
Name: | W. Steven Standefer |
Title: | Senior Vice President |
By: | /s/ W. Thomas Morris, II |
Name: | W. Thomas Morris, II |
Title: | Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Thomas Morris, II Name: W. Thomas Morris, II Title: Vice President |
By: | /s/ Sean M. Dell’Orto Name: Sean M. Dell’Orto Title: President |
By: | /s/ Sean M. Dell’Orto Name: Sean M. Dell’Orto Title: President |
By: | /s/ Sean M. Dell’Orto Name: Sean M. Dell’Orto Title: Senior Vice President and Treasurer |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ Mark Wang Name: Mark Wang Title: President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. Steven Standefer Name: W. Steven Standefer Title: Senior Vice President |
By: | /s/ W. T. Morris, II Name: W. Thomas Morris, II Title: Vice President |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
Earnings: | |||||||
Income before taxes | $ | 1,001 | $ | 1,155 | |||
Equity in earnings from unconsolidated affiliates | (18 | ) | (22 | ) | |||
983 | 1,133 | ||||||
Add: | |||||||
Fixed charges | 537 | 533 | |||||
Distributed income of equity method investees | 15 | 22 | |||||
Subtract: | |||||||
Interest capitalized | (3 | ) | (2 | ) | |||
Earnings available for fixed charges | $ | 1,532 | $ | 1,686 | |||
Fixed Charges: | |||||||
Interest expense(1) | $ | 434 | $ | 431 | |||
Interest capitalized | 3 | 2 | |||||
Estimated interest included in rent expense | 100 | 100 | |||||
Total Fixed Charges | $ | 537 | $ | 533 | |||
Ratio of Earnings to Fixed Charges | 2.9 | 3.2 |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 of Hilton Worldwide Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ Christopher J. Nassetta |
Christopher J. Nassetta | |
President and Chief Executive Officer | |
(Principal Executive Officer) | |
October 26, 2016 |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 of Hilton Worldwide Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ Kevin J. Jacobs |
Kevin J. Jacobs | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) | |
October 26, 2016 |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ Christopher J. Nassetta |
Christopher J. Nassetta | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ Kevin J. Jacobs |
Kevin J. Jacobs | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
Document and Entity Information Document - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 21, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | Hilton Worldwide Holdings Inc. | |
Entity Central Index Key | 0001585689 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | hlt | |
Entity Common Stock, Shares Outstanding | 989,783,195 |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 33 | $ 30 |
Variable interest entities - current assets | 176 | 141 |
Variable interest entities - property, intangibles and other assets | 616 | 481 |
Variable interest entities - current liabilities | 248 | 157 |
Variable interest entities - liabilities | $ 779 | $ 627 |
Preferred stock, par value (per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 3,000,000,000 | 3,000,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 30,000,000,000 | 30,000,000,000 |
Common stock, issued shares | 989,810,812 | 987,487,127 |
Common stock, outstanding shares | 989,782,045 | 987,458,360 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 192 | $ 283 | $ 746 | $ 600 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation adjustment | (2) | (115) | (42) | (157) |
Pension liability adjustment | 0 | 1 | 2 | 3 |
Cash flow hedge adjustment | 3 | (6) | (3) | (11) |
Total other comprehensive income (loss) | 1 | (120) | (43) | (165) |
Comprehensive income | 193 | 163 | 703 | 435 |
Comprehensive income attributable to noncontrolling interests | (6) | (4) | (10) | (10) |
Comprehensive income attributable to Hilton stockholders | $ 187 | $ 159 | $ 693 | $ 425 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax | $ 1 | $ (79) | $ (14) | $ (49) |
Pension liability adjustment, tax | (1) | (1) | (2) | (2) |
Cash flow hedge adjustment, tax | $ (1) | $ 4 | $ 3 | $ 7 |
Organization and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Hilton Worldwide Holdings Inc. (the "Parent," or together with its subsidiaries, "Hilton," "we," "us," "our" or the "Company"), a Delaware corporation, is one of the largest hospitality companies in the world based upon the number of hotel rooms and timeshare units. We are engaged in owning, leasing, managing and franchising hotels, resorts and timeshare properties. As of September 30, 2016, we owned, leased, managed or franchised 4,774 hotel and resort properties, totaling 781,272 rooms in 104 countries and territories, as well as 46 timeshare properties comprising 7,592 units. As of September 30, 2016, affiliates of The Blackstone Group L.P. ("Blackstone") beneficially owned approximately 45.8 percent of our common stock. Spin-off Hilton Grand Vacations Inc. ("HGV") and Park Hotels & Resorts Inc. ("Park") have each filed Registration Statements on Form 10 with the U.S. Securities and Exchange Commission ("SEC") in which they disclosed financial and other details of our previously announced spin-off transactions (the "spin-offs") of a substantial portion of our ownership business, consisting primarily of our owned hotels located in the U.S., as well as our timeshare business, resulting in two additional independent, publicly traded companies. Completion of each of the spin-offs is subject to several conditions, including the SEC declaring effective the registration statements and final approval of the transactions by our board of directors. Basis of Presentation The accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2016 and 2015 have been prepared in accordance with United States of America ("U.S.") generally accepted accounting principles ("GAAP") and are unaudited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance. In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions have been eliminated in consolidation. |
Recently Issued Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted Accounting Standards In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset, which is consistent with the presentation of debt discounts and premiums. In August 2015, the FASB issued ASU No. 2015-15 ("ASU 2015-15"), Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted ASU 2015-03 and ASU 2015-15 retrospectively as of January 1, 2016. As a result, approximately $94 million of debt issuance costs that were previously presented in other non-current assets as of December 31, 2015 are now included within long-term debt and timeshare debt. We elected to continue presenting the debt issuance costs related to our line-of-credit arrangements within other non-current assets. In February 2015, the FASB issued ASU No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This ASU modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. We elected, as permitted by the standard, to adopt ASU 2015-02 as of January 1, 2016 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2016 of approximately $5 million. Additionally, certain consolidated entities that were not previously considered variable interest entities ("VIEs") prior to the adoption of ASU 2015-02 were considered to be VIEs for which we are the primary beneficiary and continue to be consolidated following adoption; prior period VIE disclosures do not include the balances or activity associated with these VIEs. Accounting Standards Not Yet Adopted In March 2016, the FASB issued ASU No. 2016-09 ("ASU 2016-09"), Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The provisions of ASU 2016-09 are effective for reporting periods beginning after December 15, 2016; early adoption is permitted. The provisions of this ASU contain specific transition guidance for each amendment. The adoption is not expected to have a material effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 ("ASU 2016-02"), Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequent to ASU 2014-09, the FASB has issued several related ASUs. The provisions of ASU 2014-09 and the related ASUs are effective for reporting periods beginning after December 15, 2017 and are to be applied retrospectively or using a modified retrospective approach. We are currently evaluating our method of adoption and the effect that this ASU will have on our consolidated financial statements. |
Acquisitions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions During the nine months ended September 30, 2015, we used proceeds from the sale of the Waldorf Astoria New York (see Note 4: "Disposals") to acquire, as part of a tax deferred exchange of real property, the following properties from sellers affiliated with Blackstone and an unrelated third party, for a total purchase price of $1.87 billion:
We incurred transaction costs of $26 million recognized in other gain (loss), net in our condensed consolidated statement of operations for the nine months ended September 30, 2015. The results of operations from these properties included in our condensed consolidated statements of operations were as follows:
|
Disposals |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Disposals [Abstract] | |
Disposals | Disposals Hilton Sydney In July 2015, we completed the sale of the Hilton Sydney for a purchase price of 442 million Australian dollars ("AUD") (equivalent to $340 million as of the closing date). As a result of the sale, we recognized a pre-tax gain of $163 million included in gain on sales of assets, net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2015. The pre-tax gain was net of transaction costs, a goodwill reduction of $36 million and a reclassification of a currency translation adjustment of $25 million from accumulated other comprehensive loss into earnings concurrent with the disposition. The goodwill reduction was due to our consideration of the Hilton Sydney property as a business within our ownership segment; therefore, we reduced the carrying amount of our goodwill by the amount representing the fair value of the business disposed relative to the fair value of the portion of our ownership reporting unit goodwill that was retained. Waldorf Astoria New York In February 2015, we completed the sale of the Waldorf Astoria New York for a purchase price of $1.95 billion, and we repaid in full the existing mortgage loan secured by the Waldorf Astoria New York property (the "Waldorf Astoria Loan") of approximately $525 million. As a result of the sale, we recognized a gain of $143 million included in gain on sales of assets, net in our condensed consolidated statement of operations for the nine months ended September 30, 2015. The gain was net of transaction costs and a goodwill reduction of $185 million. The goodwill reduction was due to our consideration of the Waldorf Astoria New York property as a business within our ownership segment; therefore, we reduced the carrying amount of our goodwill by the amount representing the fair value of the business disposed relative to the fair value of the portion of our ownership reporting unit goodwill that was retained. Additionally, we recognized a loss of $6 million in other gain (loss), net in our condensed consolidated statement of operations for the nine months ended September 30, 2015 related to the reduction of the Waldorf Astoria Loan's remaining carrying amount of debt issuance costs. |
Property and Equipment |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment were as follows:
Depreciation expense of property and equipment, including assets recorded for capital lease assets, was $86 million and $88 million during the three months ended September 30, 2016 and 2015, respectively, and $263 million and $260 million during the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, property and equipment included approximately $155 million and $144 million, respectively, of capital lease assets primarily consisting of buildings and leasehold improvements, net of $85 million and $71 million, respectively, of accumulated depreciation. |
Financing Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Financing Receivables Financing receivables were as follows:
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Timeshare Financing Receivables As of September 30, 2016, our timeshare financing receivables had interest rates ranging from 5.15 percent to 20.50 percent, a weighted average interest rate of 11.94 percent, a weighted average remaining term of 7.7 years and maturities through 2028. Our timeshare financing receivables as of September 30, 2016 mature as follows:
As of September 30, 2016 and December 31, 2015, we had ceased accruing interest on timeshare financing receivables with an aggregate principal balance of $34 million and $32 million, respectively. The following table details an aged analysis of our gross timeshare financing receivables balance:
The changes in our allowance for loan loss were as follows:
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Investments in Affiliates |
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Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliates | Investments in Affiliates Investments in affiliates were as follows:
We maintain investments in affiliates accounted for under the equity method, which are primarily investments in entities that owned or leased 15 and 16 hotels as of September 30, 2016 and December 31, 2015, respectively. These entities had total debt of approximately $960 million and $959 million as of September 30, 2016 and December 31, 2015, respectively. Substantially all of the debt is secured solely by the affiliates' assets or is guaranteed by other partners without recourse to us. |
Consolidated Variable Interest Entities |
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Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities As of September 30, 2016, we consolidated nine VIEs: six that own or lease hotel properties; two that are associated with our timeshare financing receivables securitization transactions that both issued debt (collectively, the "Securitized Timeshare Debt"); and one management company. As of December 31, 2015, prior to adoption of ASU 2015-02, we consolidated three VIEs that owned or leased hotel properties and two that issued our Securitized Timeshare Debt. Of the four additional entities considered to be VIEs following the adoption of ASU 2015-02, two were previously consolidated by us and two were unconsolidated investments in affiliates. We are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. As of September 30, 2016 and December 31, 2015, our condensed consolidated balance sheets included the assets and liabilities of the nine and five VIEs, respectively, which primarily comprised the following:
During the nine months ended September 30, 2016 and 2015, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future. In June 2015, one of our consolidated VIEs modified the terms of its capital lease, resulting in a reduction in long-term debt of $24 million. This amount was recognized as a gain in other gain (loss), net in our condensed consolidated statement of operations during the nine months ended September 30, 2015, as the capital lease asset had previously been fully impaired. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term Debt Long-term debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2016, were as follows:
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Senior Notes In August 2016, we issued $1.0 billion aggregate principal amount of 4.25% senior notes due 2024 (the "2024 Senior Notes") and incurred $20 million of debt issuance costs. Interest on the 2024 Senior Notes is payable semi-annually in cash in arrears on March 1 and September 1 of each year, beginning on March 1, 2017. The 2024 Senior Notes are guaranteed on a senior unsecured basis by us and certain of our wholly owned subsidiaries. Senior Secured Credit Facility Our senior secured credit facility (the "Senior Secured Credit Facility") consists of a $1.0 billion senior secured revolving credit facility (the "Revolving Credit Facility") and a senior secured term loan facility (the "Term Loans"). In August 2016, we amended the Term Loans pursuant to which $3,225 million of outstanding Term Loans were converted into a new tranche of Term Loans due October 25, 2023 with interest of LIBOR plus 2.50 percent. In connection with the modification of the Term Loans, we recognized an $8 million discount as a reduction to long-term debt and $4 million of other debt issuance costs included in other gain (loss), net. As of September 30, 2016, we had $45 million of letters of credit outstanding under our Revolving Credit Facility and a borrowing capacity of $955 million. CMBS and Mortgage Loans In February 2015, we repaid the $525 million Waldorf Astoria Loan concurrent with the sale of the Waldorf Astoria New York. See Note 4: "Disposals" for further information on the transaction. We also assumed a $450 million mortgage loan secured by the Bonnet Creek Resort (the "Bonnet Creek Loan") as a result of an acquisition. See Note 3: "Acquisitions" for further information on the transaction. In September 2016, we made prepayments of $991 million on our commercial mortgage-backed securities loan (the "CMBS Loan") in exchange for the release of certain collateral. Our CMBS Loan, which was secured by 20 of our U.S. owned real estate assets as of September 30, 2016, and the Bonnet Creek Loan require us to deposit with the lenders certain cash reserves for restricted uses. As of September 30, 2016 and December 31, 2015, our condensed consolidated balance sheets included $68 million and $49 million, respectively, of restricted cash and cash equivalents related to these loans. Timeshare Debt Timeshare debt balances, and associated interest rates as of September 30, 2016, were as follows:
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In August 2016, we amended the terms of the Timeshare Facility to, among other things, increase the borrowing capacity from $300 million to $450 million, allowing us to borrow up to the maximum amount until August 2018 and requiring all amounts borrowed to be repaid in August 2019. As a result of the modification, we incurred $3 million of debt issuance costs recognized in other non-current assets. We are required to deposit payments received from customers on the pledged timeshare financing receivables and securitized timeshare financing receivables related to the Timeshare Facility and Securitized Timeshare Debt, respectively, into a depository account maintained by a third party. On a monthly basis, the depository account will be used to make any required principal, interest and other payments due with respect to the Timeshare Facility and Securitized Timeshare Debt. The balance in the depository account, totaling $15 million and $17 million as of September 30, 2016 and December 31, 2015, respectively, was included in restricted cash and cash equivalents in our condensed consolidated balance sheets. Debt Maturities The contractual maturities of our debt as of September 30, 2016 were as follows:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities During the nine months ended September 30, 2016 and 2015, derivatives were used to hedge the interest rate risk associated with variable-rate debt as required by certain loan agreements, as well as foreign exchange risk associated with certain foreign currency denominated cash balances. During the three months ended September 30, 2016, we dedesignated four interest rate swaps that were previously designated as cash flow hedges as they no longer met the criteria for hedge accounting. These interest rate swaps, which swapped three-month LIBOR on the Term Loans to a fixed rate of 1.87 percent, expire in October 2018 and, as of September 30, 2016, had an aggregate notional amount of $1.45 billion. As of September 30, 2016, we also held one interest rate cap in the notional amount of $862 million, for the variable-rate component of the CMBS Loan, that expires in November 2016 and caps one-month LIBOR at 6.9 percent, and one interest rate cap in the notional amount of $337 million that expires in May 2017 and caps one-month LIBOR at 3.0 percent on the Bonnet Creek Loan. We did not elect to designate any of these interest rate caps as hedging instruments. As of September 30, 2016, we held 65 short-term foreign exchange forward contracts with an aggregate notional amount of $348 million to offset exposure to fluctuations in our foreign currency denominated cash balances. We elected not to designate these foreign exchange forward contracts as hedging instruments. Fair Value of Derivative Instruments The effects of our derivative instruments on our condensed consolidated balance sheets were as follows:
Earnings Effect of Derivative Instruments The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss) before any effect for income taxes were as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair value of certain financial instruments and the hierarchy level we used to estimate fair values are shown below:
The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts as of September 30, 2016 and December 31, 2015. Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values. Cash equivalents and restricted cash equivalents primarily consisted of short-term interest-bearing money market funds with maturities of less than 90 days, time deposits and commercial paper. The estimated fair values were based on available market pricing information of similar financial instruments. The estimated fair values of our timeshare financing receivables were based on the expected future cash flows discounted at weighted-average interest rates of the current portfolio, which reflect the risk of the underlying notes, primarily determined by the creditworthiness of the borrowers. The estimated fair values of our Level 1 long-term debt were based on prices in active debt markets. The estimated fair values of our Level 3 long-term debt were based on: (i) indicative quotes received for similar issuances; (ii) the expected future cash flows discounted at risk-adjusted rates; or (iii) the carrying value, where the interest rates approximated current market rates. The estimated fair values of our Level 3 timeshare debt were based on the carrying values, excluding unamortized deferred financing costs, as the interest rates approximated current market rates. We measure our interest rate swaps at fair value, which were estimated using an income approach. The primary inputs into our fair value estimate include interest rates and yield curves based on observable market inputs of similar instruments. |
Income Taxes |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At the end of each quarter we estimate the effective tax rate expected to be applied for the full year. The effective income tax rate is determined by the level and composition of pre-tax income or loss, which is subject to federal, foreign, state and local income taxes. The lower effective tax rate, as compared to our statutory tax rate, for the nine months ended September 30, 2016, was primarily attributable to changes in our uncertain tax positions. Our total unrecognized tax benefits as of September 30, 2016 and December 31, 2015 were $248 million and $407 million, respectively. During the nine months ended September 30, 2016, we released $220 million of reserves related to unrecognized tax benefits that we have either settled or determined that we are more likely than not to receive the full benefit for. In April 2014, we received 30-day Letters from the Internal Revenue Service ("IRS") and the Revenue Agents Report ("RAR") for the 2006 and October 2007 tax years. We disagreed with several of the proposed adjustments in the RAR, filed a formal appeals protest with the IRS and did not make any tax payments related to this audit. The issues being protested in appeals relate to assertions by the IRS that: (1) certain foreign currency denominated intercompany loans from our foreign subsidiaries to certain U.S. subsidiaries should be recharacterized as equity for U.S. federal income tax purposes and constitute deemed dividends from such foreign subsidiaries to our U.S. subsidiaries; (2) in calculating the amount of U.S. taxable income resulting from our Hilton HHonors guest loyalty program, we should not reduce gross income by the estimated costs of future redemptions, but rather such costs would be deductible at the time the points are redeemed; and (3) certain foreign currency denominated loans issued by one of our Luxembourg subsidiaries whose functional currency is U.S. dollar ("USD"), should instead be treated as issued by one of our Belgian subsidiaries whose functional currency is the euro, and thus foreign currency gains and losses with respect to such loans should have been measured in euros, instead of USD. Additionally, in January 2016, we received a 30-day Letter from the IRS and the RAR for the December 2007 through 2010 tax years. The RAR includes the proposed adjustments for tax years December 2007 through 2010 which reflect the carryover effect of the three protested issues from 2006 through October 2007. These proposed adjustments will also be protested in appeals and formal appeals protests have been submitted. In total, the proposed adjustments sought by the IRS would result in additional U.S. federal tax owed of approximately $874 million, excluding interest and penalties and potential state income taxes. The portion of this amount related to our Hilton HHonors guest loyalty program would result in a decrease to our future tax liability when the points are redeemed. We disagree with the IRS's position on each of these assertions and intend to vigorously contest them. However, as a result of recent developments related to the appeals process discussions that have taken place during 2016, we have determined based on on-going discussions with the IRS, it is more likely than not that we will not recognize the full benefit related to certain of the issues being appealed. Accordingly, as of September 30, 2016, we have recognized a $44 million unrecognized tax benefit. We recognize interest and penalties accrued related to uncertain tax positions in income tax expense. We had accrued approximately $26 million and $27 million for the payment of interest and penalties as of September 30, 2016 and December 31, 2015, respectively. As a result of the expected resolution of examination issues with federal, state and foreign tax authorities, we believe it is reasonably possible that during the next 12 months the amount of unrecognized tax benefits will decrease up to $1 million. Included in the balance of unrecognized tax benefits as of September 30, 2016 and December 31, 2015 were $208 million and $377 million, respectively, associated with positions that, if favorably resolved, would provide a benefit to our effective tax rate. We file income tax returns, including returns for our subsidiaries, with federal, state and foreign jurisdictions. We are under regular and recurring audit by the IRS and other taxing authorities on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, federal and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. We are no longer subject to U.S. federal income tax examination for years through 2004. As of September 30, 2016, we remain subject to federal examinations from 2005-2015, state examinations from 2003-2015 and foreign examinations of our income tax returns for the years 1996 through 2015. State income tax returns are generally subject to examination for a period of three to five years after filing the respective return; however, the state effect of any federal tax return changes remains subject to examination by various states for a period generally of up to one year after formal notification to the states. The statute of limitations for the foreign jurisdictions generally ranges from three to ten years after filing the respective tax return. |
Employee Benefit Plans |
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Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation. We have a noncontributory retirement plan in the U.S., which covers certain employees not earning union benefits. This plan was frozen for participant benefit accruals in 1996. We also have multiple employee benefit plans that cover many of our international employees. These include a plan that covers workers in the United Kingdom, which was frozen to further accruals in November 2013, and a number of smaller plans that cover workers in various other countries around the world. The net periodic pension cost for our employee benefit plans was $1 million and $2 million for the three months ended September 30, 2016 and 2015, respectively, and $4 million and $8 million for the nine months ended September 30, 2016 and 2015, respectively. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation We issue time-vesting restricted stock units ("RSUs"), nonqualified stock options ("options"), performance-vesting restricted stock units and restricted stock (collectively, "performance shares") and deferred share units ("DSUs"). We recognized share-based compensation expense of $26 million and $22 million during the three months ended September 30, 2016 and 2015, respectively, and $70 million and $143 million during the nine months ended September 30, 2016 and 2015, respectively, which included amounts reimbursed by hotel owners. Share-based compensation expense for the nine months ended September 30, 2015 included $66 million of compensation expense that was recognized when certain remaining awards granted in connection with our initial public offering vested during 2015. As of September 30, 2016, unrecognized compensation costs for unvested awards was approximately $116 million, which is expected to be recognized over a weighted-average period of 1.9 years on a straight-line basis. As of September 30, 2016, there were 62,204,701 shares of common stock available for future issuance. RSUs During the nine months ended September 30, 2016, we issued 3,507,714 RSUs with a weighted average grant date fair value of $19.91, which generally vest in equal annual installments over two or three years from the date of grant. Options During the nine months ended September 30, 2016, we issued 1,509,451 options with an exercise price of $19.61, which vest over three years from the date of grant and terminate 10 years from the date of grant or earlier if the individual’s service terminates in certain circumstances. The grant date fair value of these options was $5.47, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:
____________
As of September 30, 2016, 885,644 options outstanding were exercisable. Performance Shares During the nine months ended September 30, 2016, we issued 1,804,706 performance shares. The performance shares are settled at the end of the three-year performance period with 50 percent of the shares subject to achievement based on a measure of the Company’s total shareholder return relative to the total shareholder returns of members of a peer company group ("relative shareholder return") and the other 50 percent of the shares subject to achievement based on the Company’s earnings before interest expense, taxes and depreciation and amortization ("EBITDA") compound annual growth rate ("CAGR"). The grant date fair value of these performance shares based on relative shareholder return was $20.81, which was determined using a Monte Carlo simulation valuation model with the following assumptions:
____________
The grant date fair value of these performance shares based on our EBITDA CAGR was $19.61. For these shares, we determined that the performance condition is probable of achievement and as of September 30, 2016, we recognized compensation expense based on the anticipated achievement percentage as follows:
DSUs During the nine months ended September 30, 2016, we issued to our independent directors 34,259 DSUs with a grant date fair value of $22.04, which are fully vested and non-forfeitable on the grant date. DSUs are settled for shares of our common stock and deliverable upon the earlier of termination of the individual's service on our board of directors or a change in control. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table presents the calculation of basic and diluted earnings per share ("EPS"):
Approximately 2 million share-based compensation awards were excluded from the weighted average shares outstanding in the computation of diluted EPS for the three and nine months ended September 30, 2016, and 1 million awards were excluded for the three and nine months ended September 30, 2015 because their effect would have been anti-dilutive under the treasury stock method. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of taxes, were as follows:
____________
The following table presents additional information about reclassifications out of accumulated other comprehensive loss; amounts in parentheses indicate a loss in our condensed consolidated statements of operations:
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments We are a diversified hospitality company with operations organized in three distinct operating segments: ownership; management and franchise; and timeshare. Each segment is managed separately because of its distinct economic characteristics. The ownership segment included 142 properties totaling 57,868 rooms, comprising 120 hotels that we wholly owned or leased, one hotel owned by a consolidated non-wholly owned entity, six hotels owned or leased by consolidated VIEs and 15 hotels that are owned or leased by unconsolidated affiliates, as of September 30, 2016. While we do not include equity in earnings (losses) from unconsolidated affiliates in our measure of segment revenues, we manage these investments in our ownership segment and the results are included in our measure of segment profits. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels operated or managed by someone other than us. As of September 30, 2016, this segment included 545 managed hotels and 4,087 franchised hotels totaling 4,632 hotels consisting of 723,404 rooms. This segment also earns fees for managing properties in our ownership and timeshare segments. The timeshare segment includes the development of vacation ownership clubs and resorts, marketing and selling of timeshare intervals, resort operations and providing timeshare customer financing for the timeshare interests. This segment also provides assistance to third-party developers in selling their timeshare inventory. As of September 30, 2016, this segment included 46 timeshare properties totaling 7,592 units. Corporate and other represents revenues and related operating expenses generated by the incidental support of hotel operations for owned, leased, managed and franchised hotels and other rental income, as well as corporate assets and related expenditures. The performance of our operating segments is evaluated primarily based on Adjusted EBITDA. We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) furniture, fixtures and equipment ("FF&E") replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based compensation expense; (viii) severance, relocation and other expenses; and (ix) other items. The following table presents revenues for our reportable segments, reconciled to consolidated amounts:
____________ (1)Includes the following intercompany charges that were eliminated in our condensed consolidated financial statements:
____________ (a) Represents fees charged to our timeshare segment by our ownership segment. (b) Represents fees charged to our ownership segment by our management and franchise segment. (c) Represents fees charged to our timeshare segment by our management and franchise segment. (d) Represents charges to our ownership segment for services provided by our wholly owned laundry business. Revenues from our laundry business are included in other revenues. (e) Represents other intercompany charges, which are a benefit to the ownership segment and a cost to corporate and other. The following table provides a reconciliation of segment Adjusted EBITDA to consolidated net income:
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies As of September 30, 2016, we had outstanding guarantees of $25 million, with remaining terms ranging from four years to six years, for debt and other obligations of third parties. We have one letter of credit for $25 million that has been pledged as collateral for one of these guarantees. Although we believe it is unlikely that material payments will be required under these guarantees or letters of credit, there can be no assurance that this will be the case. We have also provided performance guarantees to certain owners of hotels that we operate under management contracts. Most of these guarantees allow us to terminate the contract, rather than fund shortfalls, if specified performance levels are not achieved. However, in limited cases, we are obligated to fund performance shortfalls. As of September 30, 2016, we had eight contracts containing performance guarantees, with expirations ranging from 2017 to 2030, and possible cash outlays totaling approximately $89 million. Our obligations in future periods depend on the operating performance levels of these hotels over the remaining terms of the performance guarantees. We do not have any letters of credit pledged as collateral against these guarantees. As of September 30, 2016 and December 31, 2015, we recorded a current liability of approximately $8 million in accounts payable, accrued expenses and other and a non-current liability of approximately $20 million and $25 million, respectively, in other liabilities in our condensed consolidated balance sheets for an outstanding performance guarantee that is related to a VIE for which we are not the primary beneficiary. As of September 30, 2016, we had outstanding commitments under third-party contracts of approximately $74 million for capital expenditures at certain owned and leased properties. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurs, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract. We have entered into an agreement with an affiliate of the owner of a hotel whereby we have agreed to provide a $60 million junior mezzanine loan to finance the construction of a new hotel that we will manage. The junior mezzanine loan will be subordinated to a senior mortgage loan and senior mezzanine loan provided by third parties unaffiliated with us and will be funded on a pro rata basis with these loans as the construction costs are incurred. During the nine months ended September 30, 2016 and 2015, we funded $25 million and $11 million of this commitment, respectively, and we currently expect to fund the remainder of our commitment as follows: $10 million in the remainder of 2016 and $8 million in 2017. We have entered into certain arrangements with developers whereby we have committed to purchase timeshare units at a future date to be marketed and sold under our Hilton Grand Vacations brand. As of September 30, 2016, we are committed to purchase approximately $195 million of inventory over a period of four years. The ultimate amount and timing of the acquisitions is subject to change pursuant to the terms of the respective arrangements, which could also allow for cancellation in certain circumstances. During the nine months ended September 30, 2016 and 2015, we purchased $11 million and $17 million, respectively, of inventory as required under our commitments. As of September 30, 2016, our remaining contractual obligations pursuant to these arrangements were expected to be incurred as follows: $3 million in the remainder of 2016; $8 million in 2017; $56 million in 2018; and $128 million in 2019. In 2010, an affiliate of Blackstone settled a $75 million liability on our behalf in conjunction with a lawsuit settlement by entering into service contracts with the plaintiff. As part of the settlement, we entered into a guarantee with the plaintiff to pay any shortfall that this affiliate does not fund related to those service contracts up to the value of the settlement amount made by the affiliate. The remaining potential exposure as of September 30, 2016 was approximately $14 million. We have not accrued a liability for this guarantee as we believe the likelihood of any material funding to be remote. We are involved in other litigation arising in the normal course of business, some of which includes claims for substantial sums. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of September 30, 2016 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows. |
Condensed Consolidating Guarantor Financial Information |
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Condensed Consolidating Guarantor Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Guarantor Financial Information | Condensed Consolidating Guarantor Financial Information In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. ("the Subsidiary Issuers"), entities formed in August 2013 that are 100 percent owned by the Parent, issued $1.5 billion of 5.625% senior notes due in 2021 (the "2021 Senior Notes"). In August 2016, Hilton Domestic Operating Company Inc., an entity formed in August 2016 that is 100 percent owned by Hilton Worldwide Finance LLC and a guarantor of the 2021 Senior Notes, issued the 2024 Senior Notes. The 2021 Senior Notes and 2024 Senior Notes are referred to as the Senior Notes. The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent and certain of the Parent's 100 percent owned domestic restricted subsidiaries (together, the "Guarantors"). The indentures that govern the Senior Notes provide that any subsidiary of the Company that provides a guarantee of the Senior Secured Credit Facility will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations; our non-wholly owned subsidiaries; our subsidiaries that secure the CMBS Loan and $446 million in mortgage loans; or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the "Non-Guarantors"). The guarantees are full and unconditional, subject to certain customary release provisions. The indentures that govern the Senior Notes provide that any Guarantor may be released from its guarantee so long as: (i) the subsidiary is sold or sells all of its assets; (ii) the subsidiary is released from its guaranty under the Senior Secured Credit Facility; (iii) the subsidiary is declared "unrestricted" for covenant purposes; or (iv) the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied. The following schedules present the condensed consolidating financial information as of September 30, 2016 and December 31, 2015, and for the three and nine months ended September 30, 2016 and 2015, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.
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Subsequent Events (Notes) |
9 Months Ended |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events In October 2016, in preparation of the spin-offs, we made prepayments of $1,967 million on our CMBS Loan. Additionally, we issued commercial mortgage-backed securities loans that will be held by Park, including a $725 million loan that matures in 2023 and is secured by two of our U.S. owned real estate assets and a $1,275 million loan that matures in 2026 and is secured by one of our U.S. owned real estate assets. |
Recently Issued Accounting Pronouncements (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ASU 2015-03, ASU 2015-15 Presentation of Debt Issuance Costs | In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset, which is consistent with the presentation of debt discounts and premiums. In August 2015, the FASB issued ASU No. 2015-15 ("ASU 2015-15"), Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted ASU 2015-03 and ASU 2015-15 retrospectively as of January 1, 2016. As a result, approximately $94 million of debt issuance costs that were previously presented in other non-current assets as of December 31, 2015 are now included within long-term debt and timeshare debt. We elected to continue presenting the debt issuance costs related to our line-of-credit arrangements within other non-current assets. |
ASU 2015-02 Consolidation | In February 2015, the FASB issued ASU No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This ASU modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. We elected, as permitted by the standard, to adopt ASU 2015-02 as of January 1, 2016 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2016 of approximately $5 million. Additionally, certain consolidated entities that were not previously considered variable interest entities ("VIEs") prior to the adoption of ASU 2015-02 were considered to be VIEs for which we are the primary beneficiary and continue to be consolidated following adoption; prior period VIE disclosures do not include the balances or activity associated with these VIEs. |
ASU 2016-09 Stock Compensation | In March 2016, the FASB issued ASU No. 2016-09 ("ASU 2016-09"), Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The provisions of ASU 2016-09 are effective for reporting periods beginning after December 15, 2016; early adoption is permitted. The provisions of this ASU contain specific transition guidance for each amendment. The adoption is not expected to have a material effect on our consolidated financial statements. |
ASU 2016-02 Leases | In February 2016, the FASB issued ASU No. 2016-02 ("ASU 2016-02"), Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. |
ASU 2014-09 and Related ASUs Revenue Recognition | In May 2014, the FASB issued ASU No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequent to ASU 2014-09, the FASB has issued several related ASUs. The provisions of ASU 2014-09 and the related ASUs are effective for reporting periods beginning after December 15, 2017 and are to be applied retrospectively or using a modified retrospective approach. We are currently evaluating our method of adoption and the effect that this ASU will have on our consolidated financial statements. |
Acquisitions (Tables) |
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Sep. 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Acquired Businesses | The results of operations from these properties included in our condensed consolidated statements of operations were as follows:
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment were as follows:
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Financing Receivables (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables | Financing receivables were as follows:
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Schedule of Maturities of Timeshare Financing Receivables | Our timeshare financing receivables as of September 30, 2016 mature as follows:
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Aged Analysis of Gross TImeshare Financing Receivables | The following table details an aged analysis of our gross timeshare financing receivables balance:
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Allowance for Uncollectible Timeshare Financing Receivables | The changes in our allowance for loan loss were as follows:
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Investments in Affiliates (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Affiliates | Investments in affiliates were as follows:
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Consolidated Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | As of September 30, 2016 and December 31, 2015, our condensed consolidated balance sheets included the assets and liabilities of the nine and five VIEs, respectively, which primarily comprised the following:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2016, were as follows:
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Timeshare Debt | Timeshare debt balances, and associated interest rates as of September 30, 2016, were as follows:
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Debt Maturities | The contractual maturities of our debt as of September 30, 2016 were as follows:
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Derivative Instruments and Hedging Activities (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | The effects of our derivative instruments on our condensed consolidated balance sheets were as follows:
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Earnings Effect of Derivative Instruments | The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss) before any effect for income taxes were as follows:
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Fair Value Measurements Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | The fair value of certain financial instruments and the hierarchy level we used to estimate fair values are shown below:
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Share-Based Compensation (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The grant date fair value of these options was $5.47, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:
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Schedule of Share Based Payment Award, Performance Shares, Valuation Assumptions [Table Text Block] | The grant date fair value of these performance shares based on relative shareholder return was $20.81, which was determined using a Monte Carlo simulation valuation model with the following assumptions:
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Schedule of Share Based Payment Award, Performance Shares, Performance Conditions [Table Text Block] | For these shares, we determined that the performance condition is probable of achievement and as of September 30, 2016, we recognized compensation expense based on the anticipated achievement percentage as follows:
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Earnings Per Share (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share ("EPS"):
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of taxes, were as follows:
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Reclassification Out of Accumulated Other Comprehensive Loss | The following table presents additional information about reclassifications out of accumulated other comprehensive loss; amounts in parentheses indicate a loss in our condensed consolidated statements of operations:
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Business Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segment Amounts to Consolidated Amounts | The following table presents revenues for our reportable segments, reconciled to consolidated amounts:
____________ (1)Includes the following intercompany charges that were eliminated in our condensed consolidated financial statements:
____________ (a) Represents fees charged to our timeshare segment by our ownership segment. (b) Represents fees charged to our ownership segment by our management and franchise segment. (c) Represents fees charged to our timeshare segment by our management and franchise segment. (d) Represents charges to our ownership segment for services provided by our wholly owned laundry business. Revenues from our laundry business are included in other revenues. (e) Represents other intercompany charges, which are a benefit to the ownership segment and a cost to corporate and other. |
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Reconciliation of Segment Adjusted EBITDA to Net Income | The following table provides a reconciliation of segment Adjusted EBITDA to consolidated net income:
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Schedule of Assets by Segment | The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
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Schedule of Capital Expenditures by Segment | The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:
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Condensed Consolidating Guarantor Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Consolidating Guarantor Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet |
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Condensed Statement of Income and Comprehensive Income |
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Condensed Cash Flow Statement |
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Organization and Basis of Presentation - Additional Information (Details) |
Sep. 30, 2016
Room
Timeshare
Country
Hotel
Interval
Rate
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of hotel properties | Hotel | 4,774 |
Number of hotel rooms | Room | 781,272 |
Number of countries and territories | Country | 104 |
Number of timeshare properties | Timeshare | 46 |
Number of timeshare units | Interval | 7,592 |
Common stock ownership percentage | Rate | 45.80% |
Recently Issued Accounting Pronouncements Impact of Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions |
Jan. 01, 2016 |
Dec. 31, 2015 |
---|---|---|
Impact of Recently Adopted Accounting Pronouncements [Abstract] | ||
Reclassification of debt issuance costs | $ 94 | |
Cumulative effect of new accounting principle in period of adoption | $ 5 |
Acquisitions - Additional Information (Details) - Tax deferred exchange [member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2015
USD ($)
| |
Business Acquisition [Line Items] | |
Payments to acquire businesses, gross | $ 1,870 |
Transaction costs | $ 26 |
Acquisitions Earnings from Acquired Businesses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Business Acquisition [Line Items] | ||||
Revenues | $ 2,942 | $ 2,895 | $ 8,743 | $ 8,416 |
Income before income taxes | $ 337 | 530 | $ 1,001 | 1,155 |
Tax deferred exchange [member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | 84 | 228 | ||
Income before income taxes | $ 10 | $ 44 |
Disposals - Additional Information (Details) AUD in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
AUD
|
Sep. 30, 2015
USD ($)
|
|
Disclosures by Disposal Group [Line Items] | |||||
Proceeds from asset dispositions | $ 1 | $ 2,197 | |||
Gain on sales of assets, net | $ 0 | $ 164 | $ 2 | 306 | |
Hilton Sydney [Member] | |||||
Disclosures by Disposal Group [Line Items] | |||||
Proceeds from asset dispositions | AUD 442 | 340 | |||
Gain on sales of assets, net | 163 | ||||
Reduction of goodwill | 36 | ||||
Reclassification of currency translation adjustment | 25 | ||||
Waldorf Astoria New York [member] | |||||
Disclosures by Disposal Group [Line Items] | |||||
Proceeds from asset dispositions | 1,950 | ||||
Repayments of debt | 525 | ||||
Gain on sales of assets, net | 143 | ||||
Reduction of goodwill | 185 | ||||
Reduction of debt issuance costs | $ 6 |
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 3,451 | $ 3,486 |
Buildings and leasehold improvements | 6,478 | 6,410 |
Furniture and equipment | 1,369 | 1,263 |
Construction-in-progress | 112 | 80 |
Property and equipment, gross | 11,410 | 11,239 |
Accumulated depreciation | (2,390) | (2,120) |
Property and equipment, net | $ 9,020 | $ 9,119 |
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 86 | $ 88 | $ 263 | $ 260 | |
Net capital lease assets included in property and equipment | 155 | 155 | $ 144 | ||
Accumulated depreciation of capital lease assets included in property and equipment | $ 85 | $ 85 | $ 71 |
Financing Receivables - Schedule of Maturities of Timeshare Financing Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Schedule of Maturities of Timeshare Financing Receivables [Line Items] | ||||
Allowance for loan loss | $ (116) | $ (106) | $ (102) | $ (96) |
Securitized timeshare financing receivables [member] | ||||
Schedule of Maturities of Timeshare Financing Receivables [Line Items] | ||||
2016 (remaining) | 13 | |||
2017 | 51 | |||
2018 | 50 | |||
2019 | 47 | |||
2020 | 43 | |||
Thereafter | 75 | |||
Timeshare financing receivables, gross | 279 | |||
Allowance for loan loss | (11) | |||
Timeshare financing receivables, net | 268 | |||
Unsecuritized timeshare financing receivables [member] | ||||
Schedule of Maturities of Timeshare Financing Receivables [Line Items] | ||||
2016 (remaining) | 31 | |||
2017 | 76 | |||
2018 | 81 | |||
2019 | 84 | |||
2020 | 88 | |||
Thereafter | 469 | |||
Timeshare financing receivables, gross | 829 | |||
Allowance for loan loss | (105) | |||
Timeshare financing receivables, net | $ 724 |
Financing Receivables - Aged Analysis of Gross Timeshare Financing Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Current | $ 1,061 | $ 1,035 |
30 - 89 days past due | 13 | 15 |
90 - 119 days past due | 4 | 4 |
120 days and greater past due | 30 | 28 |
Financing receivable, gross | $ 1,108 | $ 1,082 |
Financing Receivables - Schedule of Allowance Uncollectible Timeshare Financing Receivables (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Timeshare Allowance for Uncollectible Accounts [Roll Forward] | ||
Beginning balance | $ 106 | $ 96 |
Write-offs | (27) | (23) |
Provision for loan loss | 37 | 29 |
Ending balance | $ 116 | $ 102 |
Financing Receivables - Additional Information (Details) $ in Millions |
Sep. 30, 2016
USD ($)
Rate
|
Dec. 31, 2015
USD ($)
|
---|---|---|
Financing Receivable, Additional Disclosures [Line Items] | ||
Timeshare financing receivables weighted average remaining term | 7.7 | |
Nonaccrual timeshare financing receivables | $ | $ 34 | $ 32 |
Timeshare facility [member] | ||
Financing Receivable, Additional Disclosures [Line Items] | ||
Gross timeshare financing receivables secured under securitized timeshare debt | $ | $ 164 | $ 163 |
Minimum [member] | ||
Financing Receivable, Additional Disclosures [Line Items] | ||
Timeshare financing receivables, interest rate | 5.15% | |
Maximum [member] | ||
Financing Receivable, Additional Disclosures [Line Items] | ||
Timeshare financing receivables, interest rate | 20.50% | |
Weighted Average [member] | ||
Financing Receivable, Additional Disclosures [Line Items] | ||
Timeshare financing receivables, interest rate | 11.94% |
Investments in Affiliates - Schedule of Investments (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity investments | $ 123 | $ 129 |
Other investments | 9 | 9 |
Investments in affiliates | $ 132 | $ 138 |
Investments in Affiliates - Additional Information (Details) $ in Millions |
Sep. 30, 2016
USD ($)
Hotel
|
Dec. 31, 2015
USD ($)
Hotel
|
---|---|---|
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ||
Number of hotels owned or leased by unconsolidated joint ventures | Hotel | 15 | 16 |
Debt of unconsolidated joint ventures | $ | $ 960 | $ 959 |
Consolidated Variable Interest Entities - Additional Information (Details) $ in Millions |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
Entity
|
Sep. 30, 2015
USD ($)
|
Jan. 01, 2016
Entity
|
Dec. 31, 2015
Entity
|
|
Variable Interest Entity [Line Items] | |||||
Number of consolidated variable interest entities | 9 | 5 | |||
Number of newly consolidated variable interest entities | 4 | ||||
Non-cash capital lease obligation reduction | $ | $ 0 | $ 24 | |||
Hotel VIEs [member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of consolidated variable interest entities | 6 | 3 | |||
Non-cash capital lease obligation reduction | $ | $ 24 | ||||
Securitized Timeshare Debt VIEs [member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of consolidated variable interest entities | 2 | 2 | |||
Condo management VIE [member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of consolidated variable interest entities | 1 | ||||
Consolidated non-VIE entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of newly consolidated variable interest entities | 2 | ||||
Unconsolidated investments in affiliates [member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of newly consolidated variable interest entities | 2 |
Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 859 | $ 609 | $ 628 | $ 566 |
Restricted cash and cash equivalents | 272 | 247 | ||
Accounts receivable, net | 1,021 | 876 | ||
Property and equipment, net | 9,020 | 9,119 | ||
Deferred income tax assets | 75 | 78 | ||
Other non-current assets | 359 | 274 | ||
Accounts payable and accrued liabilities, Current | 2,354 | 2,206 | ||
Long-term debt | 9,883 | 9,857 | ||
Consolidated VIEs [member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 73 | 46 | ||
Restricted cash and cash equivalents | 22 | 15 | ||
Accounts receivable, net | 18 | 19 | ||
Property and equipment, net | 265 | 72 | ||
Financing receivables, net | 268 | 350 | ||
Deferred income tax assets | 69 | 62 | ||
Other non-current assets | 63 | 52 | ||
Accounts payable and accrued liabilities, Current | 51 | 35 | ||
Long-term debt | 395 | 219 | ||
Timeshare debt | $ 268 | $ 353 |
Debt - Long-term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Aug. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||
Current maturities of long-term debt | $ (101) | $ (94) | ||||||
Long-term debt | 9,883 | 9,857 | ||||||
Senior notes [member] | Senior notes due 2021 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 1,500 | 1,500 | ||||||
Debt instrument, interest rate, stated percentage | 5.625% | |||||||
Senior notes [member] | Senior notes due 2024 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 1,000 | $ 1,000 | 0 | |||||
Debt instrument, interest rate, stated percentage | 4.25% | 4.25% | ||||||
Secured debt [member] | Senior secured term loan facility due 2020 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 1,000 | 4,225 | ||||||
Debt instrument, interest rate, stated percentage | 3.50% | |||||||
Secured debt [member] | Senior secured term loan facility due 2023 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 3,217 | $ 3,225 | 0 | |||||
Debt instrument, weighted average interest rate | 3.10% | |||||||
Commercial mortgage-backed securities loan [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 2,427 | 3,418 | ||||||
Debt instrument, interest rate, stated percentage | 4.47% | |||||||
Mortgage loans and other property debt [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [1] | $ 620 | 616 | |||||
Debt instrument, weighted average interest rate | 4.28% | |||||||
Other unsecured notes [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 54 | 54 | ||||||
Debt instrument, interest rate, stated percentage | 7.50% | |||||||
Capital lease obligations [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 277 | 245 | ||||||
Debt instrument, weighted average interest rate | 6.38% | |||||||
Long-term debt and capital lease obligations [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, including current maturities | $ 10,095 | 10,058 | ||||||
Current maturities of long-term debt | [2] | (101) | (94) | |||||
Unamortized deferred financing costs and discount | (111) | (107) | ||||||
Long-term debt | $ 9,883 | $ 9,857 | ||||||
|
Debt - Additional Information (Details) $ in Millions |
1 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
Hotel
|
Sep. 30, 2016
USD ($)
Hotel
|
Sep. 30, 2015
USD ($)
|
Aug. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|||
Debt Instrument [Line Items] | ||||||||
Long-term debt assumed | $ 0 | $ 450 | ||||||
Restricted cash and cash equivalents | $ 272 | 272 | $ 247 | |||||
Senior notes [member] | Senior notes due 2024 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 1,000 | $ 1,000 | $ 1,000 | 0 | ||||
Debt instrument, interest rate, stated percentage | 4.25% | 4.25% | 4.25% | |||||
Debt issuance costs, gross | $ 20 | |||||||
Revolving credit facility [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 45 | $ 45 | ||||||
Line of credit facility, remaining borrowing capacity | 955 | 955 | ||||||
Revolving credit facility [member] | Senior secured revolving credit facility [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 1,000 | 1,000 | ||||||
Mortgage loans and other property debt [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [1] | 620 | 620 | 616 | ||||
Mortgage loans and other property debt [member] | Waldorf astoria loan [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Voluntary repayments of long-term debt | 525 | |||||||
Mortgage loans and other property debt [member] | Bonnet creek loan [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt assumed | $ 450 | |||||||
Secured debt [member] | Senior secured term loan facility due 2023 [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 3,217 | 3,217 | 3,225 | 0 | ||||
Debt issuance costs, gross | 4 | |||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||
Debt instrument, unamortized discount | 8 | |||||||
Commercial mortgage-backed securities loan [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 2,427 | $ 2,427 | 3,418 | |||||
Debt instrument, interest rate, stated percentage | 4.47% | 4.47% | ||||||
Voluntary repayments of long-term debt | $ 991 | |||||||
Number of hotels securing CMBS loan | Hotel | 20 | 20 | ||||||
Mortgage loan agreements [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Restricted cash and cash equivalents | $ 68 | $ 68 | 49 | |||||
Timeshare facility [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 1.83% | 1.83% | ||||||
Debt issuance costs, gross | $ 3 | |||||||
Line of credit facility, maximum borrowing capacity | $ 450 | $ 450 | $ 300 | |||||
Timeshare debt [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Restricted cash and cash equivalents | $ 15 | $ 15 | $ 17 | |||||
|
Debt - Timeshare Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Timeshare Debt [Line Items] | ||||
Current maturities of timeshare debt | $ (80) | $ (110) | ||
Timeshare debt | 337 | 392 | ||
Timeshare facility [member] | ||||
Timeshare Debt [Line Items] | ||||
Timeshare debt, including current maturities | $ 150 | 150 | ||
Debt instrument, interest rate, stated percentage | 1.83% | |||
Securitized timeshare debt [member] | ||||
Timeshare Debt [Line Items] | ||||
Timeshare debt, including current maturities | $ 270 | 356 | ||
Debt instrument, weighted average interest rate | 1.97% | |||
Timeshare debt [member] | ||||
Timeshare Debt [Line Items] | ||||
Timeshare debt, including current maturities | $ 420 | 506 | ||
Current maturities of timeshare debt | [1] | (80) | (110) | |
Unamortized deferred financing costs | (3) | (4) | ||
Timeshare debt | $ 337 | $ 392 | ||
|
Debt - Debt Maturities (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Long-term debt and capital lease obligations [member] | |||||
Debt Instrument [Line Items] | |||||
2016 (remaining) | $ 116 | ||||
2017 | 104 | ||||
2018 | [1] | 2,492 | |||
2019 | [1] | 478 | |||
2020 | 1,062 | ||||
Thereafter | [1] | 5,843 | |||
Long-term debt, including current maturities | 10,095 | $ 10,058 | |||
Timeshare debt [member] | |||||
Debt Instrument [Line Items] | |||||
2016 (remaining) | 23 | ||||
2017 | 74 | ||||
2018 | 51 | ||||
2019 | 186 | ||||
2020 | 47 | ||||
Thereafter | 39 | ||||
Timeshare debt, including current maturities | $ 420 | $ 506 | |||
|
Derivative Instruments and Hedging Activities - Additional Information (Details) - Not designated as hedging instrument [member] $ in Millions |
Sep. 30, 2016
USD ($)
Derivative
|
---|---|
Term loan interest rate swaps [member] | |
Derivative [Line Items] | |
Number of interest rate derivatives held | Derivative | 4 |
Derivative, notional amount | $ | $ 1,450 |
Derivative, swaption interest rate | 1.87% |
CMBS loan interest rate cap [member] | |
Derivative [Line Items] | |
Number of interest rate derivatives held | Derivative | 1 |
Derivative, notional amount | $ | $ 862 |
Derivative, cap interest rate | 6.90% |
Assumed mortgage loan interest rate cap [member] | |
Derivative [Line Items] | |
Number of interest rate derivatives held | Derivative | 1 |
Derivative, notional amount | $ | $ 337 |
Derivative, cap interest rate | 3.00% |
Foreign exchange forward contracts [member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ | $ 348 |
Number of foreign exchange forward contracts held | Derivative | 65 |
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Other Noncurrent Liabilities [Member] | Designated as hedging instrument [member] | Term loan interest rate swaps [member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps, liability | $ 15 | ||||
Other Noncurrent Liabilities [Member] | Not designated as hedging instrument [member] | Term loan interest rate swaps [member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps, liability | $ 21 | ||||
Other Current Assets [Member] | Not designated as hedging instrument [member] | Interest rate cap [member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps, assets | 0 | 0 | [1] | ||
Other Current Assets [Member] | Not designated as hedging instrument [member] | Foreign exchange forward contracts [member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps, assets | 2 | 1 | |||
Accounts Payable and Accrued Liabilities [Member] | Not designated as hedging instrument [member] | Foreign exchange forward contracts [member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps, liability | $ 1 | $ 1 | |||
|
Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Term loan interest rate swaps [member] | Designated as hedging instrument [member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | $ 3 | $ (10) | $ (7) | $ (18) | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 | |||||
Other Nonoperating Income (Expense) [Member] | Term loan interest rate swaps [member] | Not designated as hedging instrument [member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | (1) | (1) | |||||||
Interest Expense [Member] | Term loan interest rate swaps [member] | Not designated as hedging instrument [member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gain (Loss) Reclassified to Earnings, Net from Discontinued Cash Flow Hedges | [2] | (1) | (1) | ||||||
Foreign Currency Gain (Loss) [Member] | Foreign exchange forward contracts [member] | Not designated as hedging instrument [member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 4 | $ 6 | $ 7 | $ 12 | |||||
|
Fair Value Measurements Schedule by Balance Sheet Grouping (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Capital lease obligations [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt, gross | $ 277 | $ 245 | |||||||
Non-recourse debt of consolidated VIEs [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt, gross | 39 | 32 | |||||||
Level 1 [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt | 1,603 | 1,619 | |||||||
Level 2 [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash equivalents | 513 | 327 | |||||||
Restricted cash equivalents | 12 | 18 | |||||||
Interest rate swaps, liability | 21 | 15 | |||||||
Level 3 [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Timeshare financing receivables | 1,110 | 1,080 | |||||||
Long-term debt | 8,248 | 8,267 | |||||||
Timeshare debt | 420 | 506 | |||||||
Carrying amount [member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash equivalents | 513 | 327 | |||||||
Restricted cash equivalents | 12 | 18 | |||||||
Timeshare financing receivables | [1] | 992 | 976 | ||||||
Long-term debt | [2],[3] | 9,668 | 9,673 | ||||||
Timeshare debt | [2] | 417 | 502 | ||||||
Interest rate swaps, liability | $ 21 | $ 15 | |||||||
|
Income Taxes (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 248 | $ 407 |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 220 | |
Taxing Authority Proposed Tax Owed Adjustment | 874 | |
Accrual for Taxing Authority Proposed Tax Owed Adjustment | 44 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 26 | 27 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 208 | $ 377 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Compensation and Retirement Disclosure [Abstract] | ||||
Net periodic pension cost | $ 1 | $ 2 | $ 4 | $ 8 |
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ (26) | $ (21) | $ (70) | $ (143) |
Unrecognized compensation costs related to unvested awards | $ 116 | $ 116 | ||
Unrecognized compensation costs related to unvested awards, weighted-average period | 1 year 11 months | |||
Shares of common stock reserved for future issuance | 62,204,701 | 62,204,701 | ||
Restricted stock units (RSUs) [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during the period | 3,507,714 | |||
Weighted average grant-date fair value | $ 19.91 | |||
Restricted stock units (RSUs) [member] | Minimum [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Restricted stock units (RSUs) [member] | Maximum [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Employee stock option [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Options granted during the period | 1,509,451 | |||
Options, grants in period, weighted-average exercise price | $ 19.61 | |||
Options, expiration period | 10 years | |||
Options, grants in period, grant date fair value | $ 5.47 | |||
Options, exercisable, number | 885,644 | 885,644 | ||
Performance shares [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during the period | 1,804,706 | |||
Vesting period | 3 years | |||
Relative shareholder return [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value | $ 20.81 | |||
Vesting rights, percentage | 50.00% | |||
EBITDA CAGR [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value | $ 19.61 | |||
Vesting rights, percentage | 50.00% | |||
Deferred share units [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value | $ 22.04 | |||
DSU shares issued | 34,259 | |||
2013 omnibus incentive plan [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 26 | $ 22 | $ 70 | |
Promote plan and 2013 omnibus incentive plan [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 143 | |||
Promote plan [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 66 |
Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee stock option [member] |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
Rate
| ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility rate | 32.00% | [1] | ||||||||
Dividend yield | 1.43% | [2] | ||||||||
Risk-free interest rate | 1.36% | [3] | ||||||||
Expected term (in years) | 6 years | [4] | ||||||||
|
Share-Based Compensation - Schedule of Performance Shares Valuation Assumptions (Details) - Relative shareholder return [member] |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
Rate
| ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility rate | 31.00% | [1] | ||||||||
Dividend yield | 0.00% | [2] | ||||||||
Risk-free interest rate | 0.92% | [3] | ||||||||
Expected term (in years) | 2 years 9 months | [4] | ||||||||
|
Share-Based Compensation - Stock Plan Achievement Percentage (Details) - EBITDA CAGR [member] |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Awards granted in 2014 [member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Anticipated achievement percentage | 1.25 |
Awards granted in 2015 [member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Anticipated achievement percentage | 0.88 |
Awards granted in 2016 [member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Anticipated achievement percentage | 0.63 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS, amount | 2 | 1 | 2 | 1 |
Net income attributable to Hilton Stockholders | $ 187 | $ 279 | $ 735 | $ 590 |
Basic EPS: | ||||
Weighted average shares outstanding | 988 | 987 | 988 | 986 |
Basic EPS | $ 0.19 | $ 0.28 | $ 0.74 | $ 0.60 |
Diluted EPS: | ||||
Weighted average shares outstanding | 992 | 989 | 991 | 989 |
Diluted EPS | $ 0.19 | $ 0.28 | $ 0.74 | $ 0.60 |
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ (784) | $ (628) | |||
Other comprehensive loss before reclassifications | (46) | (185) | |||
Amounts reclassified from accumulated other comprehensive loss | 4 | 20 | |||
Net current period other comprehensive income (loss) | (42) | (165) | |||
Ending balance | (826) | (793) | |||
Currency translation adjustment [member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | (580) | (446) | ||
Other comprehensive loss before reclassifications | [1] | (40) | (173) | ||
Amounts reclassified from accumulated other comprehensive loss | [1] | (1) | 16 | ||
Net current period other comprehensive income (loss) | [1] | (41) | (157) | ||
Ending balance | [1] | (621) | (603) | ||
Pension liability adjustment [member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (194) | (179) | |||
Other comprehensive loss before reclassifications | (2) | (1) | |||
Amounts reclassified from accumulated other comprehensive loss | 4 | 4 | |||
Net current period other comprehensive income (loss) | 2 | 3 | |||
Ending balance | (192) | (176) | |||
Cash flow hedge adjustment [member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (10) | (3) | |||
Other comprehensive loss before reclassifications | (4) | (11) | |||
Amounts reclassified from accumulated other comprehensive loss | 1 | 0 | |||
Net current period other comprehensive income (loss) | (3) | (11) | |||
Ending balance | $ (13) | $ (14) | |||
|
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | $ 4 | $ 20 | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Tax benefit | [1],[2] | $ 0 | $ 9 | 0 | 9 | ||||||||||||
Total currency translation adjustment reclassifications for the period, net of taxes | 0 | (16) | 1 | (16) | |||||||||||||
Amortization of prior service credit (cost) | [3] | (1) | (1) | (3) | (3) | ||||||||||||
Amortization of net gain (loss) | [3] | (1) | 0 | (4) | (4) | ||||||||||||
Tax benefit | [1] | 1 | 1 | 3 | 3 | ||||||||||||
Total pension liability adjustment reclassifications for the period, net of taxes | (1) | 0 | (4) | (4) | |||||||||||||
Dedesignation of interest rate swaps | [4] | (1) | 0 | (1) | 0 | ||||||||||||
Tax benefit | [1],[5] | 0 | 0 | 0 | 0 | ||||||||||||
Total cash flow hedge adjustment reclassifications for the period, net of taxes | (1) | 0 | (1) | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (2) | (16) | (4) | (20) | |||||||||||||
Currency translation adjustment release [member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Sale and liquidation of foreign assets | [6] | 0 | (25) | 0 | (25) | ||||||||||||
Net investment hedges [member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Sale and liquidation of foreign assets | [6] | $ 0 | $ 0 | $ 1 | $ 0 | ||||||||||||
|
Business Segments - Hotel Properties by Segment (Detail) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016
Room
Timeshare
Hotel
Interval
|
Dec. 31, 2015
Hotel
|
|
Segment Reporting Information [Line Items] | ||
Number of operating business segments | 3 | |
Number of hotels owned or leased by unconsolidated joint ventures | 15 | 16 |
Number of timeshare properties | Timeshare | 46 | |
Number of timeshare units | Interval | 7,592 | |
Ownership [member] | ||
Segment Reporting Information [Line Items] | ||
Number of owned and leased hotel properties | 142 | |
Number of owned and leased hotel rooms | Room | 57,868 | |
Number of wholly owned and leased hotels and resorts | 120 | |
Number of non-wholly owned hotel properties | 1 | |
Number of hotels of consolidated VIEs | 6 | |
Number of hotels owned or leased by unconsolidated joint ventures | 15 | |
Management and franchise [member] | ||
Segment Reporting Information [Line Items] | ||
Number of managed hotels | 545 | |
Number of franchised hotels | 4,087 | |
Number of managed and franchised hotel properties | 4,632 | |
Number of managed and franchised hotel rooms | Room | 723,404 | |
Timeshare [member] | ||
Segment Reporting Information [Line Items] | ||
Number of timeshare properties | 46 | |
Number of timeshare units | Timeshare | 7,592 |
Business Segments - Reconciliation of Revenue from Segment Amounts to Consolidated Amounts (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | $ 2,942 | $ 2,895 | $ 8,743 | $ 8,416 | |||||||||||||
Other revenues from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 | |||||||||||||
Rental and other fees | [1] | 6 | 6 | 19 | 17 | ||||||||||||
Management, royalty and intellectual property fees | [2] | 33 | 33 | 104 | 99 | ||||||||||||
Licensing fee | [3] | 12 | 11 | 33 | 31 | ||||||||||||
Laundry services | [4] | 3 | 3 | 6 | 6 | ||||||||||||
Other Charges from Owned and Leased Properties | [5] | 1 | 1 | 4 | 3 | ||||||||||||
Ownership [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | 1,040 | 1,089 | 3,128 | 3,194 | |||||||||||||
Management and franchise [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | 470 | 438 | 1,350 | 1,263 | |||||||||||||
Timeshare [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | 358 | 334 | 1,020 | 974 | |||||||||||||
Operating segments [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | 1,868 | 1,861 | 5,498 | 5,431 | |||||||||||||
Other revenues for segment reconciliation [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | 24 | 25 | 69 | 67 | |||||||||||||
Intersegment eliminations [member] | |||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||
Total revenues | [6] | $ (55) | $ (54) | $ (166) | $ (156) | ||||||||||||
|
Business Segments - Reconciliation of Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Interest expense | $ (148) | $ (138) | $ (434) | $ (431) | |||||
Income tax expense | (145) | (247) | (255) | (555) | |||||
Depreciation and amortization | (169) | (171) | (509) | (519) | |||||
Interest expense, income tax and depreciation and amortization included in equity in earnings from unconsolidated affiliates | (8) | (6) | (23) | (20) | |||||
Gain on sales of assets, net | 0 | 164 | 2 | 306 | |||||
Gain (loss) on foreign currency transactions | (8) | (8) | (33) | (21) | |||||
FF&E replacement reserve | (13) | (9) | (42) | (36) | |||||
Share-based compensation expense | (26) | (21) | (70) | (143) | |||||
Impairment loss | 0 | 0 | (15) | 0 | |||||
Other gain (loss), net | (10) | 1 | (15) | (6) | |||||
Other adjustment items | (46) | (40) | (84) | (109) | |||||
Net income | 192 | 283 | 746 | 600 | |||||
Operating segments [member] | |||||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Adjusted EBITDA | 819 | 818 | 2,398 | 2,311 | |||||
Corporate and other [member] | |||||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Adjusted EBITDA | [1] | (54) | (60) | (174) | (177) | ||||
Ownership [member] | |||||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Adjusted EBITDA | [1],[2] | 264 | 281 | 770 | 789 | ||||
Management and franchise [member] | |||||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Adjusted EBITDA | [1] | 470 | 438 | 1,350 | 1,263 | ||||
Timeshare [member] | |||||||||
Reconciliation of Adjusted EBITDA to Net Income [Line Items] | |||||||||
Adjusted EBITDA | [1] | $ 85 | $ 99 | $ 278 | $ 259 | ||||
|
Business Segments - Schedule of Assets by Segment (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 25,871 | $ 25,622 |
Ownership [member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 11,298 | 11,269 |
Management and franchise [member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 10,314 | 10,392 |
Timeshare [member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,114 | 1,935 |
Corporate and other [member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 2,145 | $ 2,026 |
Business Segments - Schedule of Capital Expenditures by Segment (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting, Capital Expenditure Reconciling Item [Line Items] | ||
Capital expenditures for property and equipment | $ 227 | $ 214 |
Ownership [member] | ||
Segment Reporting, Capital Expenditure Reconciling Item [Line Items] | ||
Capital expenditures for property and equipment | 203 | 200 |
Timeshare [member] | ||
Segment Reporting, Capital Expenditure Reconciling Item [Line Items] | ||
Capital expenditures for property and equipment | 15 | 7 |
Corporate and other [member] | ||
Segment Reporting, Capital Expenditure Reconciling Item [Line Items] | ||
Capital expenditures for property and equipment | $ 9 | $ 7 |
Commitments and Contingencies (Details) $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
Agreement
Contract
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2010
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Commitments and Contingencies [Line Items] | ||||
Current liabilities | $ 2,598 | $ 2,443 | ||
Guarantees for debt and other obligations of third parties [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 25 | |||
Guarantor obligations, term | four years to six years | |||
Number of letters of credit pledged as collateral | 1 | |||
Letters of credit outstanding, amount | $ 25 | |||
Number of guarantees with pledged collateral | Agreement | 1 | |||
Management contract performance guarantees [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 89 | |||
Guarantor obligations, term | 2017 to 2030 | |||
Number of contracts with performance guarantees | Contract | 8 | |||
Current liabilities | $ 8 | 8 | ||
Non-current liabilities | 20 | $ 25 | ||
Commitments for capital expenditures [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Purchase commitment, remaining minimum amount committed | 74 | |||
Loan commitment [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Long-term purchase commitment, amount | 60 | |||
Commitment payments year to date | 25 | $ 11 | ||
Other commitments, future minimum payments, remainder of fiscal year | 10 | |||
2017 fund commitment | 8 | |||
Timeshare inventory purchase commitment [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Long-term purchase commitment, amount | $ 195 | |||
Long-term purchase commitment, time period | 4 years | |||
Commitment payments year to date | $ 11 | $ 17 | ||
Contractual obligation, future minimum payments due, remainder of fiscal year | 3 | |||
2017 contractual obligation | 8 | |||
2018 contractual obligation | 56 | |||
2019 contractual obligation | 128 | |||
Settlement guarantee [member] | ||||
Commitments and Contingencies [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 14 | |||
Litigation settlement, amount | $ 75 |
Condensed Consolidating Guarantor Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Current Assets: | ||||
Cash and cash equivalents | $ 859 | $ 609 | $ 628 | $ 566 |
Restricted cash and cash equivalents | 272 | 247 | ||
Accounts receivable, net | 1,021 | 876 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 508 | 442 | ||
Current portion of financing receivables, net | 128 | 129 | ||
Prepaid expenses | 171 | 147 | ||
Income taxes receivable | 17 | 97 | ||
Other | 48 | 38 | ||
Total current assets | 3,024 | 2,585 | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | 9,020 | 9,119 | ||
Financing receivables, net | 929 | 887 | ||
Investments in affiliates | 132 | 138 | ||
Investments in subsidiaries | 0 | 0 | ||
Goodwill | 5,855 | 5,887 | ||
Brands | 4,908 | 4,919 | ||
Management and franchise contracts, net | 1,044 | 1,149 | ||
Other intangible assets, net | 525 | 586 | ||
Deferred income tax assets | 75 | 78 | ||
Other | 359 | 274 | ||
Total property, intangibles and other assets | 22,847 | 23,037 | ||
Total assets | 25,871 | 25,622 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | 2,354 | 2,206 | ||
Intercompany payables | 0 | 0 | ||
Current maturities of long-term debt | 101 | 94 | ||
Current maturities of timeshare debt | 80 | 110 | ||
Income taxes payable | 63 | 33 | ||
Total current liabilities | 2,598 | 2,443 | ||
Long-term debt | 9,883 | 9,857 | ||
Timeshare debt | 337 | 392 | ||
Deferred revenues | 96 | 283 | ||
Deferred income tax liabilities | 4,487 | 4,630 | ||
Liability for guest loyalty program | 853 | 784 | ||
Other | 1,126 | 1,282 | ||
Total liabilities | 19,380 | 19,671 | ||
Equity: | ||||
Total Hilton stockholders' equity | 6,516 | 5,985 | ||
Noncontrolling interests | (25) | (34) | ||
Total equity | 6,491 | 5,951 | 5,180 | 4,714 |
Total liabilities and equity | 25,871 | 25,622 | ||
Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | (66) | (89) | ||
Inventories | 0 | 0 | ||
Current portion of financing receivables, net | 0 | 0 | ||
Prepaid expenses | (4) | (21) | ||
Income taxes receivable | 0 | (23) | ||
Other | 0 | 0 | ||
Total current assets | (70) | (133) | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | (21) | 0 | ||
Financing receivables, net | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | (25,248) | (23,252) | ||
Goodwill | 0 | 0 | ||
Brands | 0 | 0 | ||
Management and franchise contracts, net | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income tax assets | (16) | (27) | ||
Other | 0 | 0 | ||
Total property, intangibles and other assets | (25,285) | (23,279) | ||
Total assets | (25,355) | (23,412) | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | (4) | (21) | ||
Intercompany payables | (73) | (89) | ||
Current maturities of long-term debt | 0 | 0 | ||
Current maturities of timeshare debt | 0 | 0 | ||
Income taxes payable | 0 | (23) | ||
Total current liabilities | (77) | (133) | ||
Long-term debt | 0 | 0 | ||
Timeshare debt | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Deferred income tax liabilities | (16) | (27) | ||
Liability for guest loyalty program | 0 | 0 | ||
Other | 0 | 0 | ||
Total liabilities | (93) | (160) | ||
Equity: | ||||
Total Hilton stockholders' equity | (25,262) | (23,252) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (25,262) | (23,252) | ||
Total liabilities and equity | (25,355) | (23,412) | ||
Parent [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Current portion of financing receivables, net | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | 0 | 0 | ||
Financing receivables, net | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | 6,506 | 6,166 | ||
Goodwill | 0 | 0 | ||
Brands | 0 | 0 | ||
Management and franchise contracts, net | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income tax assets | 10 | 24 | ||
Other | 0 | 0 | ||
Total property, intangibles and other assets | 6,516 | 6,190 | ||
Total assets | 6,516 | 6,190 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | 0 | 0 | ||
Intercompany payables | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Current maturities of timeshare debt | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Timeshare debt | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Deferred income tax liabilities | 0 | 0 | ||
Liability for guest loyalty program | 0 | 0 | ||
Other | 0 | 205 | ||
Total liabilities | 0 | 205 | ||
Equity: | ||||
Total Hilton stockholders' equity | 6,516 | 5,985 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 6,516 | 5,985 | ||
Total liabilities and equity | 6,516 | 6,190 | ||
Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Current portion of financing receivables, net | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | 0 | 0 | ||
Financing receivables, net | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | 12,205 | 11,854 | ||
Goodwill | 0 | 0 | ||
Brands | 0 | 0 | ||
Management and franchise contracts, net | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income tax assets | 6 | 3 | ||
Other | 7 | 9 | ||
Total property, intangibles and other assets | 12,218 | 11,866 | ||
Total assets | 12,218 | 11,866 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | 49 | 39 | ||
Intercompany payables | 0 | 0 | ||
Current maturities of long-term debt | (9) | (12) | ||
Current maturities of timeshare debt | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 40 | 27 | ||
Long-term debt | 5,651 | 5,659 | ||
Timeshare debt | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Deferred income tax liabilities | 0 | 0 | ||
Liability for guest loyalty program | 0 | 0 | ||
Other | 21 | 14 | ||
Total liabilities | 5,712 | 5,700 | ||
Equity: | ||||
Total Hilton stockholders' equity | 6,506 | 6,166 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 6,506 | 6,166 | ||
Total liabilities and equity | 12,218 | 11,866 | ||
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 78 | 223 | 270 | 270 |
Restricted cash and cash equivalents | 171 | 148 | ||
Accounts receivable, net | 594 | 501 | ||
Intercompany receivables | 24 | 89 | ||
Inventories | 486 | 419 | ||
Current portion of financing receivables, net | 59 | 55 | ||
Prepaid expenses | 62 | 39 | ||
Income taxes receivable | 17 | 120 | ||
Other | 10 | 9 | ||
Total current assets | 1,501 | 1,603 | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | 299 | 304 | ||
Financing receivables, net | 571 | 451 | ||
Investments in affiliates | 80 | 94 | ||
Investments in subsidiaries | 6,537 | 5,232 | ||
Goodwill | 3,851 | 3,851 | ||
Brands | 4,405 | 4,405 | ||
Management and franchise contracts, net | 791 | 877 | ||
Other intangible assets, net | 367 | 402 | ||
Deferred income tax assets | 0 | 0 | ||
Other | 205 | 165 | ||
Total property, intangibles and other assets | 17,106 | 15,781 | ||
Total assets | 18,607 | 17,384 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | 1,625 | 1,542 | ||
Intercompany payables | 42 | 0 | ||
Current maturities of long-term debt | (3) | 0 | ||
Current maturities of timeshare debt | 0 | 0 | ||
Income taxes payable | 28 | 6 | ||
Total current liabilities | 1,692 | 1,548 | ||
Long-term debt | 1,038 | 54 | ||
Timeshare debt | 0 | 0 | ||
Deferred revenues | 96 | 282 | ||
Deferred income tax liabilities | 1,920 | 2,041 | ||
Liability for guest loyalty program | 853 | 784 | ||
Other | 803 | 821 | ||
Total liabilities | 6,402 | 5,530 | ||
Equity: | ||||
Total Hilton stockholders' equity | 12,205 | 11,854 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 12,205 | 11,854 | ||
Total liabilities and equity | 18,607 | 17,384 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 781 | 386 | $ 358 | $ 296 |
Restricted cash and cash equivalents | 101 | 99 | ||
Accounts receivable, net | 427 | 375 | ||
Intercompany receivables | 42 | 0 | ||
Inventories | 22 | 23 | ||
Current portion of financing receivables, net | 69 | 74 | ||
Prepaid expenses | 113 | 129 | ||
Income taxes receivable | 0 | 0 | ||
Other | 38 | 29 | ||
Total current assets | 1,593 | 1,115 | ||
Property, Intangibles and Other Assets: | ||||
Property and equipment, net | 8,742 | 8,815 | ||
Financing receivables, net | 358 | 436 | ||
Investments in affiliates | 52 | 44 | ||
Investments in subsidiaries | 0 | 0 | ||
Goodwill | 2,004 | 2,036 | ||
Brands | 503 | 514 | ||
Management and franchise contracts, net | 253 | 272 | ||
Other intangible assets, net | 158 | 184 | ||
Deferred income tax assets | 75 | 78 | ||
Other | 147 | 100 | ||
Total property, intangibles and other assets | 12,292 | 12,479 | ||
Total assets | 13,885 | 13,594 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other | 684 | 646 | ||
Intercompany payables | 31 | 89 | ||
Current maturities of long-term debt | 113 | 106 | ||
Current maturities of timeshare debt | 80 | 110 | ||
Income taxes payable | 35 | 50 | ||
Total current liabilities | 943 | 1,001 | ||
Long-term debt | 3,194 | 4,144 | ||
Timeshare debt | 337 | 392 | ||
Deferred revenues | 0 | 1 | ||
Deferred income tax liabilities | 2,583 | 2,616 | ||
Liability for guest loyalty program | 0 | 0 | ||
Other | 302 | 242 | ||
Total liabilities | 7,359 | 8,396 | ||
Equity: | ||||
Total Hilton stockholders' equity | 6,551 | 5,232 | ||
Noncontrolling interests | (25) | (34) | ||
Total equity | 6,526 | 5,198 | ||
Total liabilities and equity | $ 13,885 | $ 13,594 |
Condensed Consolidating Guarantor Financial Information - Condensed Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues | ||||
Owned and leased hotels | $ 1,033 | $ 1,082 | $ 3,105 | $ 3,174 |
Management and franchise fees and other | 446 | 416 | 1,276 | 1,194 |
Timeshare | 358 | 334 | 1,020 | 974 |
Total revenues excluding reimbursement revenue | 1,837 | 1,832 | 5,401 | 5,342 |
Other revenues from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 |
Total revenues | 2,942 | 2,895 | 8,743 | 8,416 |
Expenses | ||||
Owned and leased hotels | 771 | 798 | 2,335 | 2,383 |
Timeshare | 257 | 219 | 697 | 673 |
Depreciation and amortization | 169 | 171 | 509 | 519 |
Impairment loss | 0 | 0 | 15 | 0 |
General, administrative and other | 147 | 145 | 392 | 493 |
Total expenses excluding cost of reimbursable expense | 1,344 | 1,333 | 3,948 | 4,068 |
Other expenses from managed and franchised properties | 1,105 | 1,063 | 3,342 | 3,074 |
Total expenses | 2,449 | 2,396 | 7,290 | 7,142 |
Gain on sales of assets, net | 0 | 164 | 2 | 306 |
Operating income | 493 | 663 | 1,455 | 1,580 |
Interest income | 3 | 3 | 10 | 11 |
Interest expense | (148) | (138) | (434) | (431) |
Equity in earnings from unconsolidated affiliates | 7 | 9 | 18 | 22 |
Gain (loss) on foreign currency transactions | (8) | (8) | (33) | (21) |
Other gain (loss), net | (10) | 1 | (15) | (6) |
Income before income taxes | 337 | 530 | 1,001 | 1,155 |
Income tax expense | (145) | (247) | (255) | (555) |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | 192 | 283 | 746 | 600 |
Equity in earnings from subsidiaries | 0 | 0 | 0 | 0 |
Net income | 192 | 283 | 746 | 600 |
Net income attributable to noncontrolling interests | (5) | (4) | (11) | (10) |
Net income attributable to Hilton Stockholders | 187 | 279 | 735 | 590 |
Comprehensive income (loss) | 193 | 163 | 703 | 435 |
Comprehensive income attributable to noncontrolling interests | (6) | (4) | (10) | (10) |
Comprehensive income attributable to Hilton stockholders | 187 | 159 | 693 | 425 |
Eliminations [Member] | ||||
Revenues | ||||
Owned and leased hotels | (7) | (7) | (22) | (19) |
Management and franchise fees and other | (24) | (25) | (78) | (75) |
Timeshare | 0 | 0 | 0 | 0 |
Total revenues excluding reimbursement revenue | (31) | (32) | (100) | (94) |
Other revenues from managed and franchised properties | (324) | (252) | (825) | (720) |
Total revenues | (355) | (284) | (925) | (814) |
Expenses | ||||
Owned and leased hotels | (22) | (21) | (71) | (66) |
Timeshare | (6) | (6) | (19) | (17) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment loss | 0 | |||
General, administrative and other | (3) | (5) | (10) | (11) |
Total expenses excluding cost of reimbursable expense | (31) | (32) | (100) | (94) |
Other expenses from managed and franchised properties | (324) | (252) | (825) | (720) |
Total expenses | (355) | (284) | (925) | (814) |
Gain on sales of assets, net | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Equity in earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Gain (loss) on foreign currency transactions | 0 | 0 | 0 | 0 |
Other gain (loss), net | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | 0 | 0 | 0 | 0 |
Equity in earnings from subsidiaries | (514) | (644) | (1,487) | (1,638) |
Net income | (514) | (644) | (1,487) | (1,638) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Hilton Stockholders | (514) | (644) | (1,487) | (1,638) |
Comprehensive income (loss) | (514) | (524) | (1,445) | (1,473) |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Hilton stockholders | (514) | (524) | (1,445) | (1,473) |
Parent [Member] | ||||
Revenues | ||||
Owned and leased hotels | 0 | 0 | 0 | 0 |
Management and franchise fees and other | 0 | 0 | 0 | 0 |
Timeshare | 0 | 0 | 0 | 0 |
Total revenues excluding reimbursement revenue | 0 | 0 | 0 | 0 |
Other revenues from managed and franchised properties | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Owned and leased hotels | 0 | 0 | 0 | 0 |
Timeshare | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment loss | 0 | |||
General, administrative and other | 0 | 0 | 0 | 0 |
Total expenses excluding cost of reimbursable expense | 0 | 0 | 0 | 0 |
Other expenses from managed and franchised properties | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Gain on sales of assets, net | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Equity in earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Gain (loss) on foreign currency transactions | 0 | 0 | 0 | 0 |
Other gain (loss), net | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 1 | (1) | 193 | (6) |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | 1 | (1) | 193 | (6) |
Equity in earnings from subsidiaries | 186 | 280 | 542 | 596 |
Net income | 187 | 279 | 735 | 590 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Hilton Stockholders | 187 | 279 | 735 | 590 |
Comprehensive income (loss) | 187 | 159 | 693 | 425 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Hilton stockholders | 187 | 159 | 693 | 425 |
Subsidiary Issuer [Member] | ||||
Revenues | ||||
Owned and leased hotels | 0 | 0 | 0 | 0 |
Management and franchise fees and other | 0 | 0 | 0 | 0 |
Timeshare | 0 | 0 | 0 | 0 |
Total revenues excluding reimbursement revenue | 0 | 0 | 0 | 0 |
Other revenues from managed and franchised properties | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Owned and leased hotels | 0 | 0 | 0 | 0 |
Timeshare | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment loss | 0 | |||
General, administrative and other | 0 | 0 | 0 | 0 |
Total expenses excluding cost of reimbursable expense | 0 | 0 | 0 | 0 |
Other expenses from managed and franchised properties | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Gain on sales of assets, net | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | (65) | (69) | (199) | (213) |
Equity in earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Gain (loss) on foreign currency transactions | 0 | 0 | 0 | 0 |
Other gain (loss), net | (5) | 0 | (5) | 0 |
Income before income taxes | (70) | (69) | (204) | (213) |
Income tax expense | 27 | 27 | 78 | 82 |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | (43) | (42) | (126) | (131) |
Equity in earnings from subsidiaries | 229 | 322 | 668 | 727 |
Net income | 186 | 280 | 542 | 596 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Hilton Stockholders | 186 | 280 | 542 | 596 |
Comprehensive income (loss) | 189 | 274 | 539 | 585 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Hilton stockholders | 189 | 274 | 539 | 585 |
Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Owned and leased hotels | 63 | 64 | 177 | 177 |
Management and franchise fees and other | 377 | 355 | 1,089 | 1,026 |
Timeshare | 341 | 314 | 969 | 911 |
Total revenues excluding reimbursement revenue | 781 | 733 | 2,235 | 2,114 |
Other revenues from managed and franchised properties | 1,306 | 1,199 | 3,798 | 3,449 |
Total revenues | 2,087 | 1,932 | 6,033 | 5,563 |
Expenses | ||||
Owned and leased hotels | 46 | 46 | 133 | 128 |
Timeshare | 259 | 221 | 704 | 678 |
Depreciation and amortization | 81 | 82 | 242 | 255 |
Impairment loss | 0 | |||
General, administrative and other | 123 | 117 | 303 | 405 |
Total expenses excluding cost of reimbursable expense | 509 | 466 | 1,382 | 1,466 |
Other expenses from managed and franchised properties | 1,306 | 1,199 | 3,798 | 3,449 |
Total expenses | 1,815 | 1,665 | 5,180 | 4,915 |
Gain on sales of assets, net | 0 | 0 | 0 | |
Operating income | 272 | 267 | 853 | 648 |
Interest income | 2 | 2 | 7 | 9 |
Interest expense | (24) | (9) | (55) | (37) |
Equity in earnings from unconsolidated affiliates | 5 | 7 | 15 | 18 |
Gain (loss) on foreign currency transactions | (20) | 213 | (82) | 73 |
Other gain (loss), net | 0 | 0 | 0 | 0 |
Income before income taxes | 235 | 480 | 738 | 711 |
Income tax expense | (105) | (200) | (347) | (299) |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | 130 | 280 | 391 | 412 |
Equity in earnings from subsidiaries | 99 | 42 | 277 | 315 |
Net income | 229 | 322 | 668 | 727 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Hilton Stockholders | 229 | 322 | 668 | 727 |
Comprehensive income (loss) | 214 | 301 | 614 | 709 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Hilton stockholders | 214 | 301 | 614 | 709 |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Owned and leased hotels | 977 | 1,025 | 2,950 | 3,016 |
Management and franchise fees and other | 93 | 86 | 265 | 243 |
Timeshare | 17 | 20 | 51 | 63 |
Total revenues excluding reimbursement revenue | 1,087 | 1,131 | 3,266 | 3,322 |
Other revenues from managed and franchised properties | 123 | 116 | 369 | 345 |
Total revenues | 1,210 | 1,247 | 3,635 | 3,667 |
Expenses | ||||
Owned and leased hotels | 747 | 773 | 2,273 | 2,321 |
Timeshare | 4 | 4 | 12 | 12 |
Depreciation and amortization | 88 | 89 | 267 | 264 |
Impairment loss | 15 | |||
General, administrative and other | 27 | 33 | 99 | 99 |
Total expenses excluding cost of reimbursable expense | 866 | 899 | 2,666 | 2,696 |
Other expenses from managed and franchised properties | 123 | 116 | 369 | 345 |
Total expenses | 989 | 1,015 | 3,035 | 3,041 |
Gain on sales of assets, net | 164 | 2 | 306 | |
Operating income | 221 | 396 | 602 | 932 |
Interest income | 1 | 1 | 3 | 2 |
Interest expense | (59) | (60) | (180) | (181) |
Equity in earnings from unconsolidated affiliates | 2 | 2 | 3 | 4 |
Gain (loss) on foreign currency transactions | 12 | (221) | 49 | (94) |
Other gain (loss), net | (5) | 1 | (10) | (6) |
Income before income taxes | 172 | 119 | 467 | 657 |
Income tax expense | (68) | (73) | (179) | (332) |
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes | 104 | 46 | 288 | 325 |
Equity in earnings from subsidiaries | 0 | 0 | 0 | 0 |
Net income | 104 | 46 | 288 | 325 |
Net income attributable to noncontrolling interests | (5) | (4) | (11) | (10) |
Net income attributable to Hilton Stockholders | 99 | 42 | 277 | 315 |
Comprehensive income (loss) | 117 | (47) | 302 | 189 |
Comprehensive income attributable to noncontrolling interests | (6) | (4) | (10) | (10) |
Comprehensive income attributable to Hilton stockholders | $ 111 | $ (51) | $ 292 | $ 179 |
Condensed Consolidating Guarantor Financial Information - Condensed Cash Flow Statement (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Operating Activities: | ||
Net cash provided by operating activities | $ 936 | $ 991 |
Investing Activities: | ||
Capital expenditures for property and equipment | (227) | (214) |
Acquisitions, net of cash acquired | 0 | (1,410) |
Payments received on other financing receivables | 2 | 3 |
Issuance of other financing receivables | (33) | (9) |
Investments in affiliates | 0 | 5 |
Distributions from unconsolidated affiliates | 2 | 18 |
Issuance of intercompany receivables | 0 | 0 |
Payments received on intercompany receivables | 0 | |
Proceeds from asset dispositions | 1 | 2,197 |
Change in restricted cash and cash equivalents | (14) | 0 |
Contract acquisition costs | (35) | (27) |
Capitalized software costs | (56) | (38) |
Net cash provided by (used in) investing activities | (332) | 515 |
Financing Activities: | ||
Borrowings | 1,000 | 35 |
Repayment of debt | (1,094) | (1,342) |
Intercompany borrowings | 0 | 0 |
Repayment of intercompany borrowings | 0 | |
Debt issuance costs | (35) | 0 |
Change in restricted cash and cash equivalents | (19) | (53) |
Intercompany transfers | 0 | 0 |
Dividends paid | (207) | (69) |
Dividends paid to guarantors | 0 | 0 |
Distributions to noncontrolling interests | (6) | (6) |
Excess tax benefits from share-based compensation | 0 | 8 |
Net cash used in financing activities | (361) | (1,427) |
Effect of exchange rate changes on cash and cash equivalents | 7 | (17) |
Net increase in cash and cash equivalents | 250 | 62 |
Cash and cash equivalents, beginning of period | 609 | 566 |
Cash and cash equivalents, end of period | 859 | 628 |
Eliminations [Member] | ||
Operating Activities: | ||
Net cash provided by operating activities | (88) | (187) |
Investing Activities: | ||
Capital expenditures for property and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | |
Payments received on other financing receivables | 0 | 0 |
Issuance of other financing receivables | 0 | 0 |
Investments in affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | 0 |
Issuance of intercompany receivables | 42 | 184 |
Payments received on intercompany receivables | (184) | |
Proceeds from asset dispositions | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | |
Contract acquisition costs | 0 | 0 |
Capitalized software costs | 0 | 0 |
Net cash provided by (used in) investing activities | 42 | 0 |
Financing Activities: | ||
Borrowings | 0 | 0 |
Repayment of debt | 0 | 0 |
Intercompany borrowings | (42) | (184) |
Repayment of intercompany borrowings | 184 | |
Debt issuance costs | 0 | |
Change in restricted cash and cash equivalents | 0 | 0 |
Intercompany transfers | 0 | 0 |
Dividends paid | 0 | 0 |
Dividends paid to guarantors | 88 | 187 |
Distributions to noncontrolling interests | 0 | 0 |
Excess tax benefits from share-based compensation | 0 | |
Net cash used in financing activities | 46 | 187 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Parent [Member] | ||
Operating Activities: | ||
Net cash provided by operating activities | 0 | 0 |
Investing Activities: | ||
Capital expenditures for property and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | |
Payments received on other financing receivables | 0 | 0 |
Issuance of other financing receivables | 0 | 0 |
Investments in affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | 0 |
Issuance of intercompany receivables | 0 | 0 |
Payments received on intercompany receivables | 0 | |
Proceeds from asset dispositions | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | |
Contract acquisition costs | 0 | 0 |
Capitalized software costs | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities: | ||
Borrowings | 0 | 0 |
Repayment of debt | 0 | 0 |
Intercompany borrowings | 0 | 0 |
Repayment of intercompany borrowings | 0 | |
Debt issuance costs | 0 | |
Change in restricted cash and cash equivalents | 0 | 0 |
Intercompany transfers | 207 | 69 |
Dividends paid | (207) | (69) |
Dividends paid to guarantors | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Excess tax benefits from share-based compensation | 0 | |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Subsidiary Issuer [Member] | ||
Operating Activities: | ||
Net cash provided by operating activities | 0 | 0 |
Investing Activities: | ||
Capital expenditures for property and equipment | 0 | 0 |
Acquisitions, net of cash acquired | 0 | |
Payments received on other financing receivables | 0 | 0 |
Issuance of other financing receivables | 0 | 0 |
Investments in affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | 0 |
Issuance of intercompany receivables | 0 | 0 |
Payments received on intercompany receivables | 0 | |
Proceeds from asset dispositions | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | |
Contract acquisition costs | 0 | 0 |
Capitalized software costs | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities: | ||
Borrowings | 0 | 0 |
Repayment of debt | (8) | (675) |
Intercompany borrowings | 0 | 0 |
Repayment of intercompany borrowings | 0 | |
Debt issuance costs | (12) | |
Change in restricted cash and cash equivalents | 0 | 0 |
Intercompany transfers | 20 | 675 |
Dividends paid | 0 | 0 |
Dividends paid to guarantors | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Excess tax benefits from share-based compensation | 0 | |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Operating Activities: | ||
Net cash provided by operating activities | 321 | 722 |
Investing Activities: | ||
Capital expenditures for property and equipment | (28) | (19) |
Acquisitions, net of cash acquired | 0 | |
Payments received on other financing receivables | 1 | 1 |
Issuance of other financing receivables | (33) | (7) |
Investments in affiliates | 5 | |
Distributions from unconsolidated affiliates | 1 | 18 |
Issuance of intercompany receivables | 0 | (184) |
Payments received on intercompany receivables | 184 | |
Proceeds from asset dispositions | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | |
Contract acquisition costs | (28) | (14) |
Capitalized software costs | (56) | (38) |
Net cash provided by (used in) investing activities | (143) | (64) |
Financing Activities: | ||
Borrowings | 1,000 | 0 |
Repayment of debt | 0 | 0 |
Intercompany borrowings | 42 | 0 |
Repayment of intercompany borrowings | 0 | |
Debt issuance costs | (23) | |
Change in restricted cash and cash equivalents | 0 | 0 |
Intercompany transfers | (1,342) | (666) |
Dividends paid | 0 | 0 |
Dividends paid to guarantors | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Excess tax benefits from share-based compensation | 8 | |
Net cash used in financing activities | (323) | (658) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (145) | 0 |
Cash and cash equivalents, beginning of period | 223 | 270 |
Cash and cash equivalents, end of period | 78 | 270 |
Non-Guarantor Subsidiaries [Member] | ||
Operating Activities: | ||
Net cash provided by operating activities | 703 | 456 |
Investing Activities: | ||
Capital expenditures for property and equipment | (199) | (195) |
Acquisitions, net of cash acquired | (1,410) | |
Payments received on other financing receivables | 1 | 2 |
Issuance of other financing receivables | 0 | (2) |
Investments in affiliates | 0 | |
Distributions from unconsolidated affiliates | 1 | 0 |
Issuance of intercompany receivables | (42) | 0 |
Payments received on intercompany receivables | 0 | |
Proceeds from asset dispositions | 1 | 2,197 |
Change in restricted cash and cash equivalents | (14) | |
Contract acquisition costs | (7) | (13) |
Capitalized software costs | 0 | 0 |
Net cash provided by (used in) investing activities | (231) | 579 |
Financing Activities: | ||
Borrowings | 0 | 35 |
Repayment of debt | (1,086) | (667) |
Intercompany borrowings | 0 | 184 |
Repayment of intercompany borrowings | (184) | |
Debt issuance costs | 0 | |
Change in restricted cash and cash equivalents | (19) | (53) |
Intercompany transfers | 1,115 | (78) |
Dividends paid | 0 | 0 |
Dividends paid to guarantors | (88) | (187) |
Distributions to noncontrolling interests | (6) | (6) |
Excess tax benefits from share-based compensation | 0 | |
Net cash used in financing activities | (84) | (956) |
Effect of exchange rate changes on cash and cash equivalents | 7 | (17) |
Net increase in cash and cash equivalents | 395 | 62 |
Cash and cash equivalents, beginning of period | 386 | 296 |
Cash and cash equivalents, end of period | $ 781 | $ 358 |
Condensed Consolidating Guarantor Financial Information - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | 100.00% |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | 100.00% |
Mortgage loan [member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt, gross | $ 446 | |
Senior notes due 2021 [member] | Senior notes [member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt, gross | $ 1,500 | $ 1,500 |
Debt instrument, interest rate, stated percentage | 5.625% |
Subsequent Events (Details) - Commercial mortgage-backed securities loan [member] $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Oct. 26, 2016
USD ($)
Hotel
|
Sep. 30, 2016
USD ($)
Hotel
|
Dec. 31, 2015
USD ($)
|
|
Subsequent Event [Line Items] | |||
Voluntary repayments of long-term debt | $ 991 | ||
Long-term debt, gross | $ 2,427 | $ 3,418 | |
Number of hotels securing CMBS loan | Hotel | 20 | ||
Subsequent event [member] | CMBS loan due 2018 [member] | |||
Subsequent Event [Line Items] | |||
Voluntary repayments of long-term debt | $ 1,967 | ||
Subsequent event [member] | CMBS loan due 2023 [member] | |||
Subsequent Event [Line Items] | |||
Long-term debt, gross | $ 725 | ||
Number of hotels securing CMBS loan | Hotel | 2 | ||
Subsequent event [member] | CMBS loan due 2026 [member] | |||
Subsequent Event [Line Items] | |||
Long-term debt, gross | $ 1,275 | ||
Number of hotels securing CMBS loan | Hotel | 1 |
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