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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No. | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | OTHER INFORMATION | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchasers of Equity Securities | |||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Prepaid expenses | |||||||||||
Other | |||||||||||
Total current assets (variable interest entities – $ | |||||||||||
Intangibles and Other Assets: | |||||||||||
Goodwill | |||||||||||
Brands | |||||||||||
Management and franchise contracts, net | |||||||||||
Other intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Property and equipment, net | |||||||||||
Deferred income tax assets | |||||||||||
Other | |||||||||||
Total intangibles and other assets (variable interest entities – $ | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable, accrued expenses and other | $ | $ | |||||||||
Current maturities of long-term debt | |||||||||||
Current portion of deferred revenues | |||||||||||
Current portion of liability for guest loyalty program | |||||||||||
Total current liabilities (variable interest entities – $ | |||||||||||
Long-term debt | |||||||||||
Operating lease liabilities | |||||||||||
Deferred revenues | |||||||||||
Deferred income tax liabilities | |||||||||||
Liability for guest loyalty program | |||||||||||
Other | |||||||||||
Total liabilities (variable interest entities – $ | |||||||||||
Commitments and contingencies – see Note 12 | |||||||||||
Equity (Deficit): | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Hilton stockholders' deficit | ( | ( | |||||||||
Noncontrolling interests | |||||||||||
Total deficit | ( | ( | |||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Franchise and licensing fees | $ | $ | $ | $ | |||||||||||||||||||
Base and other management fees | |||||||||||||||||||||||
Incentive management fees | |||||||||||||||||||||||
Owned and leased hotels | |||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Other revenues from managed and franchised properties | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Owned and leased hotels | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Other expenses from managed and franchised properties | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Gain (loss) on foreign currency transactions | ( | ( | |||||||||||||||||||||
Loss on investments in unconsolidated affiliate | ( | ||||||||||||||||||||||
Other non-operating income, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Net income attributable to Hilton stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Cash dividends declared per share | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax benefit (expense): | |||||||||||||||||||||||
Currency translation adjustment, net of tax of $( | ( | ( | ( | ( | |||||||||||||||||||
Pension liability adjustment, net of tax of $( | |||||||||||||||||||||||
Cash flow hedge adjustment, net of tax of $( | |||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Comprehensive income attributable to Hilton stockholders | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of contract acquisition costs | |||||||||||
Depreciation and amortization expenses | |||||||||||
Loss (gain) on foreign currency transactions | ( | ||||||||||
Loss on investments in unconsolidated affiliate | |||||||||||
Share-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
Contract acquisition costs, net of refunds | ( | ( | |||||||||
Change in deferred revenues | ( | ||||||||||
Change in liability for guest loyalty program | |||||||||||
Working capital changes and other | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities: | |||||||||||
Capital expenditures for property and equipment | ( | ( | |||||||||
Issuance of financing receivables | ( | ( | |||||||||
Undesignated derivative financial instruments | ( | ||||||||||
Capitalized software costs | ( | ( | |||||||||
Investments in unconsolidated affiliates | ( | ( | |||||||||
Other | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Borrowings | |||||||||||
Repayment of debt | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Share-based compensation tax withholdings | ( | ( | |||||||||
Proceeds from share-based compensation | |||||||||||
Settlements of interest rate swap with financing component | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash, restricted cash and cash equivalents | ( | ( | |||||||||
Net decrease in cash, restricted cash and cash equivalents | ( | ( | |||||||||
Cash, restricted cash and cash equivalents, beginning of period | |||||||||||
Cash, restricted cash and cash equivalents, end of period | $ | $ |
(in millions) | |||||
Balance as of December 31, 2022 | $ | ||||
Cash received in advance and not recognized as revenue | |||||
Revenue recognized(1) | ( | ||||
Other(2) | ( | ||||
Balance as of September 30, 2023 | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Property and equipment, net | |||||||||||
Deferred income tax assets | |||||||||||
Other non-current assets | |||||||||||
Accounts payable, accrued expenses and other | |||||||||||
Long-term debt(1)(2) |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Senior secured term loan facility with a rate of | $ | $ | |||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Senior notes with a rate of | |||||||||||
Finance lease liabilities with a weighted average rate of | |||||||||||
Other debt of consolidated VIEs with a weighted average rate of | |||||||||||
Less: unamortized deferred financing costs and discount | ( | ( | |||||||||
Less: current maturities of long-term debt(3) | ( | ( | |||||||||
$ | $ |
September 30, 2023 | |||||||||||||||||||||||
Hierarchy Level | |||||||||||||||||||||||
Carrying Value(1) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest rate swap | $ | $ | — | $ | $ | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Long-term debt(2) | — |
December 31, 2022 | |||||||||||||||||||||||
Hierarchy Level | |||||||||||||||||||||||
Carrying Value(1) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest rate swap | $ | $ | — | $ | $ | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Long-term debt(2) | — | ||||||||||||||||||||||
Expected volatility(1) | % | ||||
Dividend yield(2) | % | ||||
Risk-free rate(3) | % | ||||
Expected term (in years)(4) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Hilton stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Hilton stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding(1) | |||||||||||||||||||||||
Diluted EPS | $ | $ | $ | $ |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity (Deficit) Attributable to Hilton Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock(1) | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity (Deficit) Attributable to Hilton Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity (Deficit) Attributable to Hilton Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss(2) | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock(1) | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity (Deficit) Attributable to Hilton Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Currency Translation Adjustment(1) | Pension Liability Adjustment(2) | Cash Flow Hedge Adjustment(3) | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | $ | ( | $ | $ | ( |
Currency Translation Adjustment(1) | Pension Liability Adjustment(2) | Cash Flow Hedge Adjustment(3) | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Franchise and licensing fees | $ | $ | $ | $ | |||||||||||||||||||
Base and other management fees(1) | |||||||||||||||||||||||
Incentive management fees | |||||||||||||||||||||||
Management and franchise | |||||||||||||||||||||||
Ownership | |||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||
Amortization of contract acquisition costs | ( | ( | ( | ( | |||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Direct reimbursements from managed and franchised properties(2) | |||||||||||||||||||||||
Indirect reimbursements from managed and franchised properties(2) | |||||||||||||||||||||||
Intersegment fees elimination(1) | ( | ( | ( | ( | |||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Management and franchise(1) | $ | $ | $ | $ | |||||||||||||||||||
Ownership(1) | |||||||||||||||||||||||
Segment operating income | |||||||||||||||||||||||
Amortization of contract acquisition costs | ( | ( | ( | ( | |||||||||||||||||||
Other revenues, less other expenses | |||||||||||||||||||||||
Net other revenues (expenses) from managed and franchised properties | ( | ( | |||||||||||||||||||||
Depreciation and amortization expenses | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Gain (loss) on foreign currency transactions | ( | ( | |||||||||||||||||||||
Loss on investments in unconsolidated affiliate | ( | ||||||||||||||||||||||
Other non-operating income, net | |||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
As of and for the | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2023 | |||||||||||
Hotels | Rooms(1) | ||||||||||
Hotel system | |||||||||||
Openings | 263 | 39,000 | |||||||||
Net additions(2) | 227 | 30,800 | |||||||||
Development pipeline | |||||||||||
Additions | 753 | 96,500 | |||||||||
Count as of period end(3)(4) | 3,194 | 457,300 |
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||
September 30, 2023 | 2023 vs. 2022 | September 30, 2023 | 2023 vs. 2022 | ||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||
Occupancy | 75.3 | % | 0.6 | % | pts. | 73.4 | % | 2.9 | % | pts. | |||||||||||||||||||
ADR | $ | 167.73 | 2.2 | % | $ | 165.90 | 4.7 | % | |||||||||||||||||||||
RevPAR | $ | 126.37 | 3.0 | % | $ | 121.83 | 9.0 | % | |||||||||||||||||||||
Americas (excluding U.S.) | |||||||||||||||||||||||||||||
Occupancy | 73.2 | % | 1.7 | % | pts. | 70.1 | % | 7.0 | % | pts. | |||||||||||||||||||
ADR | $ | 158.53 | 8.0 | % | $ | 153.78 | 13.3 | % | |||||||||||||||||||||
RevPAR | $ | 116.06 | 10.6 | % | $ | 107.74 | 25.9 | % | |||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||
Occupancy | 79.0 | % | 1.4 | % | pts. | 72.3 | % | 6.9 | % | pts. | |||||||||||||||||||
ADR | $ | 179.00 | 8.8 | % | $ | 169.79 | 14.8 | % | |||||||||||||||||||||
RevPAR | $ | 141.44 | 10.8 | % | $ | 122.75 | 27.0 | % | |||||||||||||||||||||
MEA | |||||||||||||||||||||||||||||
Occupancy | 70.0 | % | 5.3 | % | pts. | 70.8 | % | 7.1 | % | pts. | |||||||||||||||||||
ADR | $ | 143.00 | 9.9 | % | $ | 165.24 | 15.4 | % | |||||||||||||||||||||
RevPAR | $ | 100.07 | 19.0 | % | $ | 117.04 | 28.2 | % | |||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||
Occupancy | 74.4 | % | 11.7 | % | pts. | 70.1 | % | 18.9 | % | pts. | |||||||||||||||||||
ADR | $ | 112.54 | 17.4 | % | $ | 113.56 | 21.0 | % | |||||||||||||||||||||
RevPAR | $ | 83.76 | 39.3 | % | $ | 79.59 | 65.5 | % | |||||||||||||||||||||
System-wide | |||||||||||||||||||||||||||||
Occupancy | 75.3 | % | 2.2 | % | pts. | 72.7 | % | 5.5 | % | pts. | |||||||||||||||||||
ADR | $ | 161.20 | 3.6 | % | $ | 159.59 | 6.3 | % | |||||||||||||||||||||
RevPAR | $ | 121.37 | 6.8 | % | $ | 116.01 | 14.9 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income | $ | 379 | $ | 346 | $ | 1,001 | $ | 924 | |||||||||||||||
Interest expense | 113 | 106 | 340 | 295 | |||||||||||||||||||
Income tax expense | 169 | 181 | 417 | 407 | |||||||||||||||||||
Depreciation and amortization expenses | 40 | 39 | 114 | 123 | |||||||||||||||||||
EBITDA | 701 | 672 | 1,872 | 1,749 | |||||||||||||||||||
Loss (gain) on foreign currency transactions | 7 | — | 13 | (4) | |||||||||||||||||||
Loss on investments in unconsolidated affiliate(1) | — | — | 92 | — | |||||||||||||||||||
FF&E replacement reserves | 17 | 13 | 40 | 40 | |||||||||||||||||||
Share-based compensation expense | 48 | 42 | 133 | 126 | |||||||||||||||||||
Amortization of contract acquisition costs | 11 | 10 | 32 | 28 | |||||||||||||||||||
Net other expenses (revenues) from managed and franchised properties | 51 | (7) | 97 | (73) | |||||||||||||||||||
Other adjustments(2) | (1) | 2 | 7 | (7) | |||||||||||||||||||
Adjusted EBITDA | $ | 834 | $ | 732 | $ | 2,286 | $ | 1,859 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Franchise and licensing fees | $ | 643 | $ | 573 | 12.2 | $ | 1,769 | $ | 1,531 | 15.5 | |||||||||||||||||||||||||
Base and other management fees | $ | 81 | $ | 76 | 6.6 | $ | 247 | $ | 206 | 19.9 | |||||||||||||||||||||||||
Incentive management fees | 63 | 52 | 21.2 | 197 | 132 | 49.2 | |||||||||||||||||||||||||||||
Total management fees | $ | 144 | $ | 128 | 12.5 | $ | 444 | $ | 338 | 31.4 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Owned and leased hotels revenues | $ | 335 | $ | 295 | 13.6 | $ | 924 | $ | 727 | 27.1 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Other revenues | $ | 45 | $ | 28 | 60.7 | $ | 126 | $ | 71 | 77.5 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Owned and leased hotels expenses | $ | 301 | $ | 263 | 14.4 | $ | 849 | $ | 705 | 20.4 |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses | $ | 40 | $ | 39 | 2.6 | $ | 114 | $ | 123 | (7.3) | |||||||||||||||||||||||||
General and administrative expenses | 96 | 93 | 3.2 | 298 | 287 | 3.8 | |||||||||||||||||||||||||||||
Other expenses | 26 | 13 | 100.0 | 80 | 35 | NM⁽¹⁾ |
Three Months Ended | Percent | Nine Months Ended | Percent | ||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
Interest expense | $ | (113) | $ | (106) | 6.6 | $ | (340) | $ | (295) | 15.3 | |||||||||||||||||||||||||
Gain (loss) on foreign currency transactions | (7) | — | NM(1) | (13) | 4 | NM(1) | |||||||||||||||||||||||||||||
Loss on investments in unconsolidated affiliate | — | — | NM(1) | (92) | — | NM(1) | |||||||||||||||||||||||||||||
Other non-operating income, net | 15 | 10 | 50.0 | 38 | 32 | 18.8 | |||||||||||||||||||||||||||||
Income tax expense | (169) | (181) | (6.6) | (417) | (407) | 2.5 |
Nine Months Ended | Percent | ||||||||||||||||
September 30, | Change | ||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash provided by operating activities | $ | 1,481 | $ | 1,199 | 23.5 | ||||||||||||
Net cash used in investing activities | (228) | (98) | NM(1) | ||||||||||||||
Net cash used in financing activities | (1,744) | (1,230) | 41.8 |
Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Program(2) | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(2) (in millions) | ||||||||||||||||||||
July 1, 2023 to July 31, 2023 | 1,205,554 | $ | 150.16 | 1,205,554 | $ | 2,031 | |||||||||||||||||
August 1, 2023 to August 31, 2023 | 1,773,696 | 151.74 | 1,773,696 | 1,762 | |||||||||||||||||||
September 1, 2023 to September 30, 2023 | 1,545,047 | 151.47 | 1,545,047 | 1,528 | |||||||||||||||||||
Total | 4,524,297 | 151.22 | 4,524,297 |
Exhibit Number | Exhibit Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
HILTON WORLDWIDE HOLDINGS INC. | ||||||||
By: | /s/ Christopher J. Nassetta | |||||||
Name: | Christopher J. Nassetta | |||||||
Title: | President and Chief Executive Officer | |||||||
By: | /s/ Kevin J. Jacobs | |||||||
Name: | Kevin J. Jacobs | |||||||
Title: | Chief Financial Officer and President, Global Development |
By: | /s/ Christopher J. Nassetta | ||||
Christopher J. Nassetta | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
October 25, 2023 |
By: | /s/ Kevin J. Jacobs | ||||
Kevin J. Jacobs | |||||
Chief Financial Officer and President, Global Development | |||||
(Principal Financial Officer) | |||||
October 25, 2023 |
By: | /s/ Christopher J. Nassetta | ||||
Christopher J. Nassetta | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
By: | /s/ Kevin J. Jacobs | ||||
Kevin J. Jacobs | |||||
Chief Financial Officer and President, Global Development | |||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 10,000,000,000 | 10,000,000,000 |
Common stock, outstanding shares | 257,879,258 | 267,860,301 |
Treasury stock, shares | 76,241,976 | 65,217,085 |
Allowance for credit losses | $ 124 | $ 117 |
Total current assets of variable interest entities | 65 | 43 |
Total intangibles and other assets of variable interest entities | 110 | 152 |
Total current liabilities of variable interest entities | 45 | 45 |
Total liabilities of variable interest entities | $ 148 | $ 188 |
Condensed Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Revenues | $ 2,673 | $ 2,368 | $ 7,626 | $ 6,329 |
Owned and leased hotels | 301 | 263 | 849 | 705 |
Depreciation and amortization | 40 | 39 | 114 | 123 |
General and administrative | 96 | 93 | 298 | 287 |
Other expenses | 26 | 13 | 80 | 35 |
Total expenses excluding reimbursable expenses | 463 | 408 | 1,341 | 1,150 |
Other expenses from managed and franchised properties | 1,557 | 1,337 | 4,460 | 3,589 |
Total expenses | 2,020 | 1,745 | 5,801 | 4,739 |
Operating income (loss) | 653 | 623 | 1,825 | 1,590 |
Interest expense | (113) | (106) | (340) | (295) |
Gain (loss) on foreign currency transactions | (7) | 0 | (13) | 4 |
Loss on investments in unconsolidated affiliate | 0 | 0 | (92) | 0 |
Other non-operating income (loss), net | 15 | 10 | 38 | 32 |
Income before income taxes | 548 | 527 | 1,418 | 1,331 |
Income tax expense | (169) | (181) | (417) | (407) |
Net income | 379 | 346 | 1,001 | 924 |
Net loss (income) attributable to noncontrolling interests | (2) | 1 | (7) | 3 |
Net income attributable to Hilton stockholders | $ 377 | $ 347 | $ 994 | $ 927 |
Basic EPS: | ||||
Earnings (loss) per share, basic (USD per share) | $ 1.45 | $ 1.27 | $ 3.77 | $ 3.35 |
Diluted EPS: | ||||
Earnings (loss) per share, diluted (USD per share) | 1.44 | 1.26 | 3.74 | 3.32 |
Cash dividends declared per share | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.30 |
Total revenues excluding reimbursable revenues | ||||
Revenues | $ 1,167 | $ 1,024 | $ 3,263 | $ 2,667 |
Franchise and licensing fees | ||||
Revenues | 643 | 573 | 1,769 | 1,531 |
Base and other management fees | ||||
Revenues | 81 | 76 | 247 | 206 |
Incentive management fees | ||||
Revenues | 63 | 52 | 197 | 132 |
Owned and leased hotels | ||||
Revenues | 335 | 295 | 924 | 727 |
Other revenues | ||||
Revenues | 45 | 28 | 126 | 71 |
Other revenues from managed and franchised properties | ||||
Revenues | $ 1,506 | $ 1,344 | $ 4,363 | $ 3,662 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 379 | $ 346 | $ 1,001 | $ 924 | |||
Other comprehensive income (loss), net of tax benefit (expense): | |||||||
Currency translation adjustment, net of tax | (31) | (22) | (33) | (47) | |||
Pension liability adjustment, net of tax | (2) | (1) | (6) | (4) | |||
Cash flow hedge adjustment, net of tax | 4 | 50 | 4 | 137 | |||
Total other comprehensive income (loss) | (25) | 29 | (23) | [1] | 94 | ||
Comprehensive income | 354 | 375 | 978 | 1,018 | |||
Comprehensive loss (income) attributable to noncontrolling interests | (2) | 1 | (6) | 3 | |||
Comprehensive income attributable to Hilton stockholders | $ 352 | $ 376 | $ 972 | $ 1,021 | |||
|
Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
||||
Statement of Comprehensive Income [Abstract] | |||||||
Currency translation adjustment, tax benefit (expense) | $ (2) | $ 12 | $ (3) | $ 18 | |||
Pension liability adjustment, tax expense (less than) | (1) | 0 | [1] | (2) | (1) | ||
Cash flow hedge adjustment, tax benefit (expense) | $ (1) | $ (17) | $ (1) | $ (46) | |||
|
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Operating Activities: | ||
Net income (loss) | $ 1,001 | $ 924 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 114 | 123 |
Loss (gain) on foreign currency transactions | 13 | (4) |
Loss on investments in unconsolidated affiliate | 92 | 0 |
Share-based compensation expense | 133 | 126 |
Deferred income taxes | (38) | 54 |
Contract acquisition costs, net of refunds | (164) | (61) |
Change in deferred revenues | 140 | (133) |
Working capital changes and other | (46) | (77) |
Net cash provided by operating activities | 1,481 | 1,199 |
Investing Activities: | ||
Capital expenditures for property and equipment | (109) | (19) |
Issuance of financing receivables | 8 | 46 |
Undesignated derivative financial instruments | 28 | (65) |
Capitalized software costs | (68) | (43) |
Investments in unconsolidated affiliates | (15) | (53) |
Other | 0 | (2) |
Net cash used in investing activities | (228) | (98) |
Financing Activities: | ||
Borrowings | 3 | 23 |
Repayment of debt | (40) | (35) |
Debt issuance costs | 9 | 0 |
Dividends paid | (120) | (82) |
Repurchases of common stock | (1,595) | (1,092) |
Share-based compensation tax withholdings | 53 | 56 |
Proceeds from share-based compensation | 32 | 16 |
Settlements of interest rate swap with financing component | 38 | |
Settlements of interest rate swap with financing component | (4) | |
Net cash used in financing activities | (1,744) | (1,230) |
Effect of exchange rate changes on cash, restricted cash and cash equivalents | (16) | (21) |
Net decrease in cash, restricted cash and cash equivalents | (507) | (150) |
Cash, restricted cash and cash equivalents, beginning of period | 1,286 | 1,512 |
Cash, restricted cash and cash equivalents, end of period | 779 | 1,362 |
Recognized as a reduction of franchise and licensing fees and base and other management fees | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of contract acquisition costs | 32 | 28 |
Guest Loyalty Program | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Change in liability for guest loyalty program | $ 204 | $ 219 |
Organization and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 and is engaged in managing, franchising, owning and leasing hotels and resorts, and licensing its intellectual property ("IP"), including brand names, trademarks and service marks. Basis of Presentation The accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") and are unaudited. We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with GAAP; however, 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, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Additionally, 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.
|
Revenues from Contracts with Customers |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Revenues from Contracts with Customers | Contract Liabilities The following table summarizes the activity of our contract liabilities, which are classified as components of current and long-term deferred revenues, during the nine months ended September 30, 2023:
____________ (1)Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2)Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues. Performance Obligations As of September 30, 2023, deferred revenues for unsatisfied performance obligations consisted of: (i) $761 million related to Hilton Honors that will be recognized as revenue over approximately the next two years; (ii) $713 million related to advance consideration received from hotel owners for application, initiation and other fees and certain indirect reimbursements; and (iii) $19 million related to other obligations. These performance obligations are recognized as revenue as discussed in Note 2: "Basis of Presentation and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
|
Consolidated Variable Interest Entities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities As of September 30, 2023 and December 31, 2022, we consolidated two variable interest entities ("VIEs") that each lease one hotel property, both of which are located in Japan. We consolidate these VIEs since we are the primary beneficiary, having the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb losses and the right to receive benefits that could be significant to each of the VIEs individually. The assets of our consolidated VIEs are only available to settle the obligations of the respective entities, and the liabilities of the consolidated VIEs are non-recourse to us. Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following:
____________ (1)Includes finance lease liabilities of $86 million and $115 million as of September 30, 2023 and December 31, 2022, respectively. (2)Includes current maturities of $18 million and $22 million as of September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023, one of our consolidated VIEs made prepayments of JPY1.0 billion (approximately $7 million) on borrowings that were outstanding as of December 31, 2022 and had original maturity dates in 2029.
|
Loss on Investments in Unconsolidated Affiliate |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Loss on Investments in Unconsolidated Affiliate | Loss on Investments in Unconsolidated AffiliateWe strategically provide equity and debt financing to certain unconsolidated affiliates with an objective of supporting the growth of our network. The assets relating to these investments are classified as other current assets or other non-current assets in our condensed consolidated balance sheets based on the expected maturity of the respective investment.In March 2023, as a result of the rise in market-based interest rates, one of our third-party unconsolidated affiliates (the "Fund"), which has underlying investments in hotels that we currently or in the future will manage or franchise, failed to comply with certain requirements of its debt agreements. As a result, we determined that: (i) our investment in the Fund was fully impaired and (ii) short-term subordinated financing receivables due to us from the Fund were uncollectible. As such, we recognized an other-than-temporary impairment loss on our investment of $44 million and credit losses of $48 million to fully reserve the financing receivables, such that their net carrying values were zero. These losses were recognized in loss on investments in unconsolidated affiliate in our condensed consolidated statement of operations for the nine months ended September 30, 2023. See Note 6: "Fair Value Measurements" for additional information. |
Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of September 30, 2023, were as follows:
____________ (1)These notes are collectively referred to as the Senior Notes and are jointly and severally guaranteed on a senior unsecured basis by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, other than Hilton Domestic Operating Company Inc. ("HOC"), an indirect wholly owned subsidiary of the Parent and the issuer of all of the series of Senior Notes. (2)Long-term debt of our consolidated VIEs are included in finance lease liabilities and other debt of consolidated VIEs as applicable; refer to Note 3: "Consolidated Variable Interest Entities" for additional information. (3)Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs. Our senior secured credit facilities consist of a senior secured revolving credit facility (the "Revolving Credit Facility") and a senior secured term loan facility (the "Term Loan"). The obligations under our senior secured credit facilities are unconditionally and irrevocably guaranteed by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, except for HOC, the named borrower of the senior secured credit facilities. In January 2023, we amended the credit agreement governing our Revolving Credit Facility to increase the borrowing capacity from $1.75 billion to $2.0 billion, $250 million of which is available in the form of letters of credit, and, based on the terms of the agreement, we expect the extended maturity date to be January 2028. In connection with this amendment, we incurred $9 million of debt issuance costs, which were recognized in other non-current assets in our condensed consolidated balance sheet. No debt amounts were outstanding under the Revolving Credit Facility as of September 30, 2023, which had an available borrowing capacity of $1,940 million after considering $60 million of outstanding letters of credit.
|
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below:
____________ (1)The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other financial instruments not included in these tables are estimated to be equal to their carrying values. (2)The carrying values and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 5: "Debt" for additional information. We measure our interest rate swap at fair value, which is determined using a discounted cash flow analysis that reflects the contractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs of similar instruments, including interest rate curves, as applicable. During the nine months ended September 30, 2023, we measured a financial asset at fair value on a non-recurring basis and recognized an other-than-temporary impairment loss of $44 million. In March 2023, the financial asset, an equity method investment in the Fund, which derives its market value from the underlying hotel assets it owns, failed to comply with its debt agreements, as discussed in Note 4: "Loss on Investments in Unconsolidated Affiliate." Given the lack of an active market or observable inputs for the fair value of the Fund, we determined that at March 31, 2023 our investment had a fair value of zero using Level 3 valuation inputs.
|
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | At the end of each quarter, we estimate the effective income tax rate expected to be applied for the full year. The effective income tax rate is determined by the level and composition of income (loss) before income taxes, which is subject to federal, state, local and foreign income taxes. We are under regular and recurring audit by the Internal Revenue Service ("IRS"). The IRS previously proposed material increases to our income tax liability related to our Hilton Honors guest loyalty program, which we have resolved through settlement through the tax year ended December 31, 2018. We expect the Hilton Honors program to be audited for periods subsequent to 2018. The IRS may propose tax assessments similar to those which were resolved through the 2018 tax year, and the amounts of any such future proposed assessments may be material. In October 2023, the U.S. Tax Court issued an opinion deciding that a third-party taxpayer was not entitled to apply the method of accounting provided for in Treasury Regulation Section 1.451-4 (the "Regulation") to its hotel loyalty program. We currently apply this method of accounting to our guest loyalty program for federal income tax purposes. Based on this decision, we are reassessing our uncertain tax positions in relation to our guest loyalty program. Under U.S. GAAP, we are required to assess and reflect the impact of a change in our assessment of our uncertain tax positions within the period that we become aware of new information, which, in this case, was the aforementioned ruling. Given that this decision was rendered after September 30, 2023, we will continue to assess this issue and reflect any changes in the fourth quarter of 2023 and future periods as applicable. While we believe our facts and circumstances are distinguishable from those described in the decision, if we do not conclude that we are more-likely-than-not eligible to apply the Regulation to our guest loyalty program, our uncertain tax position reserves could increase by up to approximately $218 million, excluding interest. Because this issue concerns only the timing of taxable income and deductions, this potential increase in tax reserves would be materially offset by a corresponding increase in our deferred tax assets. Including interest on prior years potentially assessed under audit, income tax expense could increase by up to approximately $65 million in the period that we increase reserves. In June 2023, we received a draft of proposed adjustments from the IRS regarding our 2016 transfer of certain IP to a foreign jurisdiction that would increase taxable income for the tax years under audit from 2016 through 2018. If the IRS's proposed adjustments are upheld, future periods beyond the years currently under audit would be similarly impacted. We disagree with the proposed adjustments, intend to vigorously contest them and are currently evaluating action, which could include litigation to dispute the adjustments. We previously recorded reserves of $73 million related to this matter. We evaluated the amount of benefit more-likely-than-not to be realized related to this issue based on this draft notice, and we have determined that our existing reserves for unrecognized tax benefits accurately reflect the estimated benefit that we do not expect to realize related to this issue.
|
Share-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||
Share-Based Compensation | Our share-based compensation primarily consists of awards that we grant to eligible employees under the Hilton 2017 Omnibus Incentive Plan (the "2017 Plan") and includes time-vesting restricted stock units ("RSUs"), nonqualified stock options ("options") and performance-vesting RSUs ("performance shares"). We recognized share-based compensation expense of $48 million and $42 million during the three months ended September 30, 2023 and 2022, respectively, and $133 million and $126 million during the nine months ended September 30, 2023 and 2022, respectively, which includes amounts reimbursed by hotel owners. RSUs During the nine months ended September 30, 2023, we granted 602,000 RSUs with a weighted average grant date fair value per share of $146.18, which vest in equal annual installments over or three years from the date of grant. Options During the nine months ended September 30, 2023, we granted 341,000 options with a weighted average exercise price per share of $146.18, which vest in equal annual installments 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 under certain circumstances. The weighted average grant date fair value per share of the options granted during the nine months ended September 30, 2023 was $52.27, which was determined using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions:
____________ (1)Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected terms of the options. (2)Estimated based on the quarterly dividend and the three-month average stock price at the dates of grant. (3)Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the options at the dates of grant. (4)Estimated using the midpoint of the vesting periods and the contractual terms of the options. Performance Shares During the nine months ended September 30, 2023, we granted 244,000 performance shares with a weighted average grant date fair value per share of $146.18, which vest three years from the date of grant based on the projected achievement of various performance measures. As of September 30, 2023, we determined that all of the performance measures for the outstanding performance shares were probable of achievement, with the average of the applicable achievement factors estimated to be between the target and maximum achievement percentages for the performance shares granted in 2021 and 2022 and at the target achievement percentage for the performance shares granted in 2023.
|
Earnings (Loss) Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | The following table presents the calculation of basic and diluted earnings per share ("EPS"):
____________ (1)Certain shares related to share-based compensation were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method, including 1 million shares or less for all periods.
|
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss | The following tables present the changes in the components of stockholders' equity (deficit):
____________ (1)Beginning January 1, 2023, amount includes excise tax as imposed by the Inflation Reduction Act of 2022. (2)Amount for noncontrolling interests relates to currency translation adjustments. The changes in the components of accumulated other comprehensive loss, net of taxes, were as follows:
____________ (1)Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amount reclassified during the nine months ended September 30, 2022 relates to the liquidation of an investment in a foreign entity and was recognized in gain on foreign currency transactions in our condensed consolidated statement of operations. (2)Amounts reclassified relate to the amortization of prior service cost and amortization of net loss and were recognized in other non-operating income, net in our condensed consolidated statements of operations. (3)Amounts reclassified were the result of hedging instruments, including: (a) interest rate swaps, inclusive of interest rate swaps that were dedesignated, with related amounts recognized in interest expense in our condensed consolidated statements of operations and (b) forward contracts that hedge our foreign currency denominated fees, with related amounts recognized in various revenue line items, as applicable, in our condensed consolidated statements of operations.
|
Business Segments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments We are a hospitality company with operations organized in two distinct operating segments: (i) management and franchise and (ii) ownership, each of which is reported as a segment based on (a) delivering a similar set of products and services and (b) being managed separately given its distinct economic characteristics. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels that license our IP and where we provide other contracted services to third-party owners, but the day-to-day services of the hotels are operated or managed by someone other than us. Revenues from this segment include: (i) management and franchise fees charged to third-party hotel owners; (ii) licensing fees from our strategic partners, including co-branded credit card providers, and Hilton Grand Vacations Inc. ("HGV") for the right to use our IP; and (iii) fees for managing hotels in our ownership segment. The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated owned and leased hotels. The performance of our operating segments is evaluated primarily on operating income (loss), without allocating amortization of contract acquisition costs, other revenues and other expenses, other revenues and other expenses from managed and franchised properties, depreciation and amortization expenses or general and administrative expenses, and does not include equity in earnings (losses) from unconsolidated affiliates. Our chief operating decision maker does not use assets by operating segment when assessing performance or making operating segment resource allocations. The following table presents revenues for our reportable segments, reconciled to consolidated amounts:
____________ (1)Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. (2)Included in other revenues from managed and franchised properties in our condensed consolidated statements of operations. The following table presents operating income for each of our reportable segments, reconciled to consolidated income before income taxes:
____________ (1)Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.
|
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | In limited cases, we provide performance guarantees to certain owners of hotels that we operate under management contracts that obligate us to fund performance shortfalls if specified operating performance levels are not achieved. As of September 30, 2023, we had performance guarantees with expirations ranging from 2025 to 2043 and possible cash outlays totaling approximately $7 million. Our obligations under these guarantees in future periods are dependent on the operating performance level of the related hotel over the remaining term of the performance guarantee for that particular hotel. Additionally, as of September 30, 2023, we had extended debt guarantees and letters of credit with expirations ranging from 2025 to 2031 and possible cash outlays totaling $122 million to owners of certain hotels that we currently or in the future will manage or franchise. These guarantees create variable interests in the ownership entities of the hotels, of which we are not the primary beneficiary. We receive fees from managed and franchised properties that we are contractually required to use to operate our marketing, sales and brands programs on behalf of hotel owners. If we collect amounts in excess of amounts expended, we have a commitment to spend these amounts on the related programs. As of September 30, 2023 and December 31, 2022, the amounts expended on behalf of these programs exceeded the amounts collected. We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include 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, 2023 will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.
|
Supplemental Disclosures of Cash Flow Information |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information Cash interest paid included within operating activities in our condensed consolidated statements of cash flows was $345 million and $260 million during the nine months ended September 30, 2023 and 2022, respectively. These amounts exclude $38 million of cash receipts and $4 million of cash payments, respectively, related to settlements of our interest rate swap with a financing component, which are separately disclosed within financing activities in our condensed consolidated statements of cash flows. Income tax payments, net of refunds received, were $349 million and $253 million for the nine months ended September 30, 2023 and 2022, respectively.
|
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to Hilton stockholders | $ 377 | $ 347 | $ 994 | $ 927 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Revenues from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Contract Liabilities | The following table summarizes the activity of our contract liabilities, which are classified as components of current and long-term deferred revenues, during the nine months ended September 30, 2023:
____________ (1)Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2)Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues.
|
Consolidated Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following:
____________ (1)Includes finance lease liabilities of $86 million and $115 million as of September 30, 2023 and December 31, 2022, respectively. (2)Includes current maturities of $18 million and $22 million as of September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023, one of our consolidated VIEs made prepayments of JPY1.0 billion (approximately $7 million) on borrowings that were outstanding as of December 31, 2022 and had original maturity dates in 2029.
|
Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of September 30, 2023, were as follows:
____________ (1)These notes are collectively referred to as the Senior Notes and are jointly and severally guaranteed on a senior unsecured basis by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, other than Hilton Domestic Operating Company Inc. ("HOC"), an indirect wholly owned subsidiary of the Parent and the issuer of all of the series of Senior Notes. (2)Long-term debt of our consolidated VIEs are included in finance lease liabilities and other debt of consolidated VIEs as applicable; refer to Note 3: "Consolidated Variable Interest Entities" for additional information. (3)Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs.
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring and Disclosure | The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below:
____________ (1)The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other financial instruments not included in these tables are estimated to be equal to their carrying values. (2)The carrying values and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 5: "Debt" for additional information.
|
Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Stock Options Valuation Assumptions | The weighted average grant date fair value per share of the options granted during the nine months ended September 30, 2023 was $52.27, which was determined using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions:
____________ (1)Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected terms of the options. (2)Estimated based on the quarterly dividend and the three-month average stock price at the dates of grant. (3)Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the options at the dates of grant. (4)Estimated using the midpoint of the vesting periods and the contractual terms of the options.
|
Earnings (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings (Loss) Per Share | The following table presents the calculation of basic and diluted earnings per share ("EPS"):
____________ (1)Certain shares related to share-based compensation were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method, including 1 million shares or less for all periods.
|
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders' Equity (Deficit) | The following tables present the changes in the components of stockholders' equity (deficit):
____________ (1)Beginning January 1, 2023, amount includes excise tax as imposed by the Inflation Reduction Act of 2022. (2)Amount for noncontrolling interests relates to currency translation adjustments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The changes in the components of accumulated other comprehensive loss, net of taxes, were as follows:
____________ (1)Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amount reclassified during the nine months ended September 30, 2022 relates to the liquidation of an investment in a foreign entity and was recognized in gain on foreign currency transactions in our condensed consolidated statement of operations. (2)Amounts reclassified relate to the amortization of prior service cost and amortization of net loss and were recognized in other non-operating income, net in our condensed consolidated statements of operations. (3)Amounts reclassified were the result of hedging instruments, including: (a) interest rate swaps, inclusive of interest rate swaps that were dedesignated, with related amounts recognized in interest expense in our condensed consolidated statements of operations and (b) forward contracts that hedge our foreign currency denominated fees, with related amounts recognized in various revenue line items, as applicable, in our condensed consolidated statements of operations.
|
Business Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. (2)Included in other revenues from managed and franchised properties in our condensed consolidated statements of operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Segment Operating Income to Income (Loss) Before Income Taxes | The following table presents operating income for each of our reportable segments, reconciled to consolidated income before income taxes:
____________ (1)Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.
|
Revenues from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||
Revenue from Contract with Customer [Abstract] | ||||||
Contract liabilities balance | $ 1,493 | $ 1,331 | ||||
Cash received in advance not recognized as revenue | 508 | |||||
Revenue recognized | [1] | 271 | ||||
Other | [2] | $ 75 | ||||
|
Revenues from Contracts with Customers - Additional Information (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
| ||||
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized | $ 271 | [1] | ||
Guest loyalty program revenues | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 761 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | two years | |||
Application, initiation and other fees | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 713 | |||
Co-branded credit card arrangement performance obligations | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 19 | |||
|
Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) ¥ in Millions, $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
JPY (¥)
|
Dec. 31, 2022
USD ($)
|
|||||||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | $ 698 | $ 1,209 | |||||||
Accounts receivable, net | 1,396 | 1,327 | |||||||
Property and equipment, net | 305 | 280 | |||||||
Deferred income tax assets | 204 | 204 | |||||||
Other non-current assets | 545 | 576 | |||||||
Accounts payable, accrued expenses and other | 1,876 | 1,790 | |||||||
Current maturities of long-term debt | [1] | 37 | 39 | ||||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | 52 | 29 | |||||||
Property and equipment, net | 36 | 45 | |||||||
Deferred income tax assets | 33 | 52 | |||||||
Other non-current assets | 41 | 55 | |||||||
Accounts payable, accrued expenses and other | 25 | 21 | |||||||
Long-term debt | [2],[3] | 112 | 152 | ||||||
Finance lease liabilities | 86 | 115 | |||||||
Current maturities of long-term debt | 18 | $ 22 | |||||||
Prepayments of long-term debt | $ 7 | ¥ 1,000 | |||||||
|
Consolidated Variable Interest Entities - Additional Information (Details) - Hotel |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Consolidated Variable Interest Entities Disclosure [Abstract] | ||
Number of consolidated variable interest entities | 2 | 2 |
Loss on Investments in Unconsolidated Affiliate (Details) - Unconsolidated Affiliate $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Schedule of Equity Method Investments [Line Items] | |
Other-than-temporary impairment loss | $ 44 |
Credit losses | $ 48 |
Debt - Long-term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||
---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 8,783 | $ 8,820 | ||||||
Unamortized deferred financing costs and discount | (64) | (73) | ||||||
Current maturities of long-term debt | [1] | (37) | (39) | |||||
Long-term debt | 8,682 | 8,708 | ||||||
Variable Interest Entity, Primary Beneficiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Current maturities of long-term debt | (18) | (22) | ||||||
Senior secured term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 2,619 | 2,619 | ||||||
Debt instrument, interest rate, stated percentage | 7.17% | |||||||
Senior notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 500 | 500 | |||||
Debt instrument, interest rate, stated percentage | 5.375% | |||||||
Senior notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 600 | 600 | |||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||||
Senior Notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 500 | 500 | |||||
Debt instrument, interest rate, stated percentage | 5.75% | |||||||
Senior notes due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 800 | 800 | |||||
Debt instrument, interest rate, stated percentage | 3.75% | |||||||
Senior notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 1,000 | 1,000 | |||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||||
Senior Notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 1,100 | 1,100 | |||||
Debt instrument, interest rate, stated percentage | 4.00% | |||||||
Senior Notes due 2032 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [2] | $ 1,500 | 1,500 | |||||
Debt instrument, interest rate, stated percentage | 3.625% | |||||||
Other debt of consolidated VIEs | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, weighted average interest rate | 1.13% | |||||||
Other debt of consolidated VIEs | Variable Interest Entity, Primary Beneficiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [3] | $ 26 | 37 | |||||
Finance lease liabilities [member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | [3] | $ 138 | $ 164 | |||||
Debt, weighted average interest rate | 5.98% | |||||||
|
Debt - Additional Information (Details) - Senior secured revolving credit facility - USD ($) $ in Millions |
Sep. 30, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 2,000 | $ 1,750 | |
Letters of credit outstanding | $ 60 | 250 | |
Debt issuance costs | $ 9 | ||
Revolving credit facility, remaining borrowing capacity | $ 1,940 |
Fair Value Measurements - Recurring & Disclosure (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||
Unconsolidated Affiliate | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Other-than-temporary impairment loss | $ 44 | |||||
Carrying Value(1) | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate swaps, assets | [1] | 110 | $ 108 | |||
Carrying Value(1) | Long-term debt excluding finance lease liabilities and other debt | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [1],[2] | 8,619 | 8,619 | |||
Level 1 | Long-term debt excluding finance lease liabilities and other debt | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [2] | 5,281 | 5,292 | |||
Level 2 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate swaps, assets | 110 | 108 | ||||
Level 3 | Long-term debt excluding finance lease liabilities and other debt | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [2] | $ 2,623 | $ 2,616 | |||
|
Income Taxes - Additional Information (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
Previously recorded reserve for unrecognized tax benefits related to certain tax matters | $ 73 |
Uncertain tax position reserves, potential increase | 218 |
Income tax expense, potential increase (up to) | $ 65 |
Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee stock option |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
$ / shares
Rate
| ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, grants in period, grant date fair value | $ / shares | $ 52.27 | |||||||||
Expected volatility | 30.16% | [1] | ||||||||
Dividend yield | 0.43% | [2] | ||||||||
Risk-free rate | 4.00% | [3] | ||||||||
Expected term (in years) | 6 years | [4] | ||||||||
|
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense (benefit) | $ 48 | $ 42 | $ 133 | $ 126 |
Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 602,000 | |||
Weighted average grant date fair value, granted (USD per share) | $ 146.18 | |||
Employee stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Options granted in period (shares) | 341,000 | |||
Options granted in period, weighted average exercise price (USD per share) | $ 146.18 | |||
Options, expiration period | 10 years | |||
Performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 244,000 | |||
Weighted average grant date fair value, granted (USD per share) | $ 146.18 | |||
Vesting period | 3 years | |||
Minimum | Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Maximum | Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Basic EPS: | ||||||
Net income attributable to Hilton stockholders | $ 377 | $ 347 | $ 994 | $ 927 | ||
Weighted average shares outstanding, basic (shares) | 260 | 273 | 264 | 277 | ||
Earnings (loss) per share, basic (USD per share) | $ 1.45 | $ 1.27 | $ 3.77 | $ 3.35 | ||
Diluted EPS: | ||||||
Net income attributable to Hilton stockholders | $ 377 | $ 347 | $ 994 | $ 927 | ||
Weighted average shares outstanding, diluted (shares) | [1] | 262 | 275 | 266 | 279 | |
Earnings (loss) per share, diluted (USD per share) | $ 1.44 | $ 1.26 | $ 3.74 | $ 3.32 | ||
Antidilutive shares (or less) | 1 | 1 | 1 | 1 | ||
|
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, shares | 267,860,301 | |||||||||
Beginning balance, equity attributable to Hilton stockholders | $ (1,102) | |||||||||
Beginning balance, equity attributable to noncontrolling interest | (4) | |||||||||
Beginning balance, equity | $ (1,423) | $ (789) | (1,098) | $ (819) | ||||||
Net income (loss) attributable to Hilton stockholders | 377 | 347 | 994 | 927 | ||||||
Net loss (income) attributable to noncontrolling interests | 2 | (1) | 7 | (3) | ||||||
Net income (loss) | 379 | 346 | 1,001 | 924 | ||||||
Other comprehensive income (loss) | (25) | 29 | (23) | [1] | 94 | |||||
Repurchases of common stock | (691) | [2] | (497) | (1,615) | [2] | (1,107) | ||||
Increase (decrease) in stockholders’ equity from share-based compensation | $ 46 | 38 | $ 102 | 76 | ||||||
Ending balance, shares | 257,879,258 | 257,879,258 | ||||||||
Ending balance, equity attributable to Hilton stockholders | $ (1,763) | $ (1,763) | ||||||||
Ending balance, equity attributable to noncontrolling interest | (10) | (10) | ||||||||
Ending balance, equity | (1,753) | (914) | (1,753) | (914) | ||||||
Dividends | $ (39) | $ (41) | $ (120) | $ (82) | ||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, shares | 262,300,000 | 275,500,000 | 267,900,000 | 279,100,000 | ||||||
Beginning balance, equity attributable to Hilton stockholders | $ 3 | $ 3 | $ 3 | $ 3 | ||||||
Repurchases of common stock (shares) | (4,500,000) | [2] | (4,000,000.0) | (11,000,000.0) | [2] | (8,500,000) | ||||
Share-based compensation (shares) | 100,000 | 0 | 1,000,000.0 | 900,000 | ||||||
Ending balance, shares | 257,900,000 | 271,500,000 | 257,900,000 | 271,500,000 | ||||||
Ending balance, equity attributable to Hilton stockholders | $ 3 | $ 3 | $ 3 | $ 3 | ||||||
Treasury Stock, Common | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, equity attributable to Hilton stockholders | (6,956) | (5,048) | (6,040) | (4,443) | ||||||
Repurchases of common stock | (691) | [2] | (497) | (1,615) | [2] | (1,107) | ||||
Increase (decrease) in stockholders’ equity from share-based compensation | 0 | 0 | 8 | 5 | ||||||
Ending balance, equity attributable to Hilton stockholders | (7,647) | (5,545) | (7,647) | (5,545) | ||||||
Additional Paid-in Capital | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, equity attributable to Hilton stockholders | 10,879 | 10,753 | 10,831 | 10,720 | ||||||
Increase (decrease) in stockholders’ equity from share-based compensation | 46 | 38 | 94 | 71 | ||||||
Ending balance, equity attributable to Hilton stockholders | 10,925 | 10,791 | 10,925 | 10,791 | ||||||
Accumulated Deficit | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, equity attributable to Hilton stockholders | (4,654) | (5,783) | (5,190) | (6,322) | ||||||
Net income (loss) attributable to Hilton stockholders | 377 | 347 | 994 | 927 | ||||||
Ending balance, equity attributable to Hilton stockholders | (4,316) | (5,477) | (4,316) | (5,477) | ||||||
Dividends | (39) | (41) | (120) | (82) | ||||||
Accumulated Other Comprehensive Loss | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, equity attributable to Hilton stockholders | (703) | (714) | (706) | (779) | ||||||
Ending balance, equity attributable to Hilton stockholders | (728) | (685) | (728) | (685) | ||||||
Other comprehensive income (loss) attributable to Hilton stockholders | (25) | 29 | (22) | [1] | 94 | |||||
Noncontrolling Interests | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beginning balance, equity attributable to noncontrolling interest | 8 | 0 | 4 | 2 | ||||||
Net loss (income) attributable to noncontrolling interests | (2) | 1 | (7) | 3 | ||||||
Other comprehensive income (loss) | 0 | (1) | [1] | |||||||
Ending balance, equity attributable to noncontrolling interest | $ 10 | $ (1) | $ 10 | $ (1) | ||||||
|
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Beginning balance | $ (706) | ||||||||||||
Ending balance | $ (728) | (728) | |||||||||||
Currency translation adjustment | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Beginning balance | [1] | (548) | $ (540) | ||||||||||
Other comprehensive income (loss) before reclassifications | [1] | (32) | (48) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 0 | 1 | ||||||||||
Net current period other comprehensive income (loss) | [1] | (32) | (47) | ||||||||||
Ending balance | [1] | (580) | $ (587) | (580) | (587) | ||||||||
Pension liability adjustment | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Beginning balance | [2] | (259) | (210) | ||||||||||
Other comprehensive income (loss) before reclassifications | [2] | 0 | (2) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | [2] | 6 | 6 | ||||||||||
Net current period other comprehensive income (loss) | [2] | 6 | 4 | ||||||||||
Ending balance | [2] | (253) | (206) | (253) | (206) | ||||||||
Cash flow hedge adjustment | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Beginning balance | [3] | 101 | (29) | ||||||||||
Other comprehensive income (loss) before reclassifications | [3] | 31 | 121 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | [3] | (27) | 16 | ||||||||||
Net current period other comprehensive income (loss) | [3] | 4 | 137 | ||||||||||
Ending balance | [3] | 105 | 108 | 105 | 108 | ||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Beginning balance | (706) | (779) | |||||||||||
Other comprehensive income (loss) before reclassifications | (1) | 71 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (21) | 23 | |||||||||||
Net current period other comprehensive income (loss) | (25) | 29 | (22) | [4] | 94 | ||||||||
Ending balance | $ (728) | $ (685) | $ (728) | $ (685) | |||||||||
|
Business Segments - Reconciliation of Revenue from Segment Amounts to Consolidated Amounts (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | $ 2,673 | $ 2,368 | $ 7,626 | $ 6,329 | ||||
Amortization of contract acquisition costs | (11) | (10) | (32) | (28) | ||||
Segment revenues | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 1,139 | 1,013 | 3,186 | 2,638 | ||||
Segment revenues | Ownership | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 335 | 295 | 924 | 727 | ||||
Segment revenues | Management and Franchise | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 804 | 718 | 2,262 | 1,911 | ||||
Segment Reconciling Items | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Amortization of contract acquisition costs | (11) | (10) | (32) | (28) | ||||
Intersegment eliminations | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | [1] | 6 | 7 | 17 | 14 | |||
Franchise and licensing fees | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 643 | 573 | 1,769 | 1,531 | ||||
Franchise and licensing fees | Management and Franchise | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 647 | 578 | 1,782 | 1,544 | ||||
Base and other management fees | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 81 | 76 | 247 | 206 | ||||
Base and other management fees | Management and Franchise | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | [1] | 94 | 88 | 283 | 235 | |||
Incentive management fees | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 63 | 52 | 197 | 132 | ||||
Incentive management fees | Management and Franchise | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 63 | 52 | 197 | 132 | ||||
Other revenues | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 45 | 28 | 126 | 71 | ||||
Other revenues | Segment Reconciling Items | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | 45 | 28 | 126 | 71 | ||||
Direct reimbursements from managed and franchised properties | Segment Reconciling Items | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | [2] | 722 | 643 | 2,167 | 1,764 | |||
Indirect reimbursements from managed and franchised properties | Segment Reconciling Items | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenues | [2] | $ 784 | $ 701 | $ 2,196 | $ 1,898 | |||
|
Business Segments - Reconciliation of Segment Operating Income to Loss Before Income Taxes (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Segment
|
Sep. 30, 2022
USD ($)
|
|||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Number of operating segments | Segment | 2 | |||||
Operating income (loss) | $ 653 | $ 623 | $ 1,825 | $ 1,590 | ||
Amortization of contract acquisition costs | (11) | (10) | (32) | (28) | ||
Other revenues, less other expenses | 19 | 15 | 46 | 36 | ||
Net other revenues (expenses) from managed and franchised properties | (51) | 7 | (97) | 73 | ||
Depreciation and amortization expenses | (40) | (39) | (114) | (123) | ||
General and administrative expenses | (96) | (93) | (298) | (287) | ||
Interest expense | (113) | (106) | (340) | (295) | ||
Gain (loss) on foreign currency transactions | (7) | 0 | (13) | 4 | ||
Loss on investments in unconsolidated affiliate | 0 | 0 | (92) | 0 | ||
Other non-operating income (loss), net | 15 | 10 | 38 | 32 | ||
Income (loss) before income taxes | 548 | 527 | 1,418 | 1,331 | ||
Ownership | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Operating income (loss) | [1] | 28 | 25 | 58 | 8 | |
Management and Franchise | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Operating income (loss) | [1] | 804 | 718 | 2,262 | 1,911 | |
Segment operating income | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Operating income (loss) | $ (832) | $ 743 | $ 2,320 | $ 1,919 | ||
|
Commitments and Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Performance guarantees | |
Commitments and Contingencies [Line Items] | |
Guarantees, possible cash outlays | $ 7 |
Guarantees, expiration | 2025 to 2043 |
Debt guarantee | |
Commitments and Contingencies [Line Items] | |
Guarantees, possible cash outlays | $ 122 |
Guarantees, expiration | 2025 to 2031 |
Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Cash interest paid | $ 345 | $ 260 |
Settlements of interest rate swap with financing component | 38 | |
Settlements of interest rate swap with financing component | 4 | |
Income tax payments, net of refunds received | $ 349 | $ 253 |
(=T+->Q6:A\.-)T+G*VBSG 8
MFVPAU *;= &4CR.3+H3R1F0I[J4;=FNWWYCL1A:D:6LE&EDL 9!OK>* ZO+L
M3=I&Q61L$>NU&7:+,\U13U7TNF7Z!F52BN)N+QMA*KF>WFI!DX*793N_VRT.
MCG-;,YT1TR6 0C,= IBQQAR09[ S2*_-B%N;]0-N>>&7HI1JK:\E7WW=\#)G
M G1 UT$X" IS4X- OCG1 5 G4JB='Y936DDFMI5-9&PY$KWJ)6_4Z
MHC+OQN@E<=EVLAC&I6_&)80R2S\)@%)Q:2V5$&I,!Y)> A.W!%YF]481?RAR
M5N4URMFJ5)SSGC[(/K#FB'=NZ=\7H1(09<[P%$2-[9>]""9N$=S6,D1781\K
M;@E'!=[=P *H?XUUC&XI^!0[60.I"?&0IK)2= XK"HN*9"\P%SPF5(H66!YT-'&WC8!=J&BV=>G'G;JXTU%WR?FD1FD .;;(<1SYBM1+JF.V/$ZS
MH#M:;P-3C%T/YTD7J2O4/XV5
'YJ@8XA$>Q'8"=C;?NK5XKZ''/C70U,4:36 3TH73.6J@<^
MGF^H7(L67S/)Y2U)0YL_6MO?CBEK"??OS9':P4G)9)09Z0(+(TK+7JU;QB1&
M3"#)O4DGDV]^VC?4!LQALF/EAS:ZXF+HHI/41=/QL=,O/[CA:L8\RST>*'5%
M?]GM=_=_%9;]#?ELWO_/^(#C0-N N=W =3+^]DU&OK^[^T5T3;HOUR[B]DVO
M%11C+P;XOG$@/RPDP/X/U.(O4$L#!!0 ( ,Y265?BM,\2? 0 #T* 8
M >&PO=V]R:W-H965T
&"UFC5S1+85/S8W#:+2-4JB:C%?6"$?E/+LX.K^GB -'5J+2Z,>A9&Y)U
M [#@&.%(C#X_GLVV/6F(5D3O0F]+U&*[WR<4XAEKWV] VU
LVU[.SV>[!1[-N(S]8WEP->DT/
M%#\/]QYWR]%*;3KJ@W&]\M1#M) +;WHSMPILZW$8KX^EN"Z\E?4R@
M90$Z+XSQ^P4;.'R>+/X!4$L#!!0 ( ,Y265