Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Summary of Segment Information

The following tables present our segment information for the three and nine months ended September 30, 2016 and 2015, and includes a reconciliation of Adjusted EBITDA to Net Income, the most directly comparable financial measure calculated and presented in accordance with GAAP.

	Three months ended September 30, 2016
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	320	$	101	$	-		$	421
Adjusted EBITDA (1)	99			15		-			114
Depreciation						(18	)		(18	)
Amortization of intangible assets						(8	)		(8	)
Stock-based compensation						(22	)		(22	)
Operating income (loss)									66
Other expense, net									(3	)
Income before income taxes									63
Provision for income taxes									(8	)
Net income								$	55

	Three months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	340	$	75	$	-		$	415
Adjusted EBITDA (2)	121			9		-			130
Depreciation						(13	)		(13	)
Amortization of intangible assets						(10	)		(10	)
Stock-based compensation						(19	)		(19	)
Operating income (loss)									88
Other income, net									10
Income before income taxes									98
Provision for income taxes									(24	)
Net income								$	74

	Nine months ended September 30, 2016
	Hotel		Non-Hotel			Corporate and Unallocated			Total
	(in millions)
Revenue	$	939	$	225		$	-		$	1,164
Adjusted EBITDA (1)	309			(15	)		-			294
Depreciation							(51	)		(51	)
Amortization of intangible assets							(23	)		(23	)
Stock-based compensation							(64	)		(64	)
Operating income (loss)										156
Other expense, net										(10	)
Income before income taxes										146
Provision for income taxes										(27	)
Net income									$	119

	Nine months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	1,003	$	180	$	-		$	1,183
Adjusted EBITDA (2)	377			2		-			379
Depreciation						(42	)		(42	)
Amortization of intangible assets						(26	)		(26	)
Stock-based compensation						(52	)		(52	)
Other non-recurring expenses						(2	)		(2	)
Operating income (loss)									257
Other income, net									8
Income before income taxes									265
Provision for income taxes									(70	)
Net income								$	195

(1)	Includes allocated general and administrative expenses in our Hotel segment of $21 million and $63 million; and in our Non-Hotel segment of $10 million and $28 million for the three and nine months ended September 30, 2016, respectively.
(2)	Includes allocated general and administrative expenses in our Hotel segment of $23 million and $69 million; and in our Non-Hotel segment of $8 million and $23 million for the three and nine months ended September 30, 2015, respectively.