Condensed Financial Statements

6 Months Ended

12 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Condensed Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Note 17: Condensed Consolidating Guarantor Financial Information

In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (the “Subsidiary Issuers”), entities formed in August 2013 which are 100% owned by Hilton Worldwide Holdings Inc. (the “Parent”), issued $1.5 billion of 5.625% senior notes due in 2021 (the “Senior Notes”). The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent, and certain of the Parent’s 100% owned domestic restricted subsidiaries (the “Guarantors”). The indenture that governs the Senior Notes provides that any subsidiary of the Company that provides a guarantee of the Senior Secured Credit Facility will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, our non-wholly owned subsidiaries, our subsidiaries that secure the CMBS Loan and a $525 mortgage loan, or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the “Non-Guarantors”).

The guarantees are full and unconditional, subject to certain customary release provisions. The indenture that governs the Senior Notes provides that any Guarantor may be released from its guarantee so long as: (a) the subsidiary is sold or sells all of its assets; (b) the subsidiary is released from its guaranty under the Senior Secured Credit Facility; (c) the subsidiary is declared “unrestricted” for covenant purposes; or (d) the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied.

The following schedules present the condensed consolidated financial information as of June 30, 2014 and December 31, 2013 and for the six months ended June 30, 2014 and 2013, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.


	June 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	292	$	253	$	—	$	545
Restricted cash and cash equivalents		—		—		195		89		—		284
Accounts receivable, net		—		—		501		357		—		858
Inventories		—		—		333		26		—		359
Deferred income tax assets		—		—		7		16		—		23
Current portion of financing receivables, net		—		—		32		20		—		52
Current portion of securitized financing receivables, net		—		—		—		65		—		65
Prepaid expenses		—		—		22		144		—		166
Other		—		—		33		32		—		65

Total current assets		—		—		1,415		1,002		—		2,417

Property, Investments and Other Assets:
Property and equipment, net		—		—		326		8,710		—		9,036
Financing receivables, net		—		—		209		150		—		359
Securitized financing receivables, net		—		—		—		462		—		462
Investments in affiliates		—		—		205		52		—		257
Investments in subsidiaries		5,004		11,984		5,471		—		(22,459)		—
Goodwill		—		—		3,847		2,380		—		6,227
Brands		—		—		4,405		611		—		5,016
Management and franchise contracts, net		—		—		1,075		315		—		1,390
Other intangible assets, net		—		—		490		237		—		727
Deferred income tax assets		22		1		—		196		(23)		196
Other		—		99		121		190		—		410

Total property, investments and other assets		5,026		12,084		16,149		13,303		(22,482)		24,080

TOTAL ASSETS	$	5,026	$	12,084	$	17,564	$	14,305	$	(22,482)	$	26,497

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other	$	—	$	51	$	1,265	$	683	$	—	$	1,999
Current maturities of long-term debt		—		—		—		3		—		3
Current maturities of non-recourse debt		—		—		—		107		—		107
Income taxes payable		—		—		—		11		—		11

Total current liabilities		—		51		1,265		804		—		2,120
Long-term debt		—		7,024		54		4,236		—		11,314
Non-recourse debt		—		—		—		890		—		890
Deferred revenues		—		—		593		—		—		593
Deferred income tax liabilities		—		—		2,326		2,755		(23)		5,058
Liability for guest loyalty program		—		—		630		—		—		630
Other		192		5		712		236		—		1,145

Total liabilities		192		7,080		5,580		8,921		(23)		21,750
Equity:
Total Hilton stockholders’ equity		4,834		5,004		11,984		5,471		(22,459)		4,834
Noncontrolling interests		—		—		—		(87)		—		(87)

Total equity		4,834		5,004		11,984		5,384		(22,459)		4,747

TOTAL LIABILITIES AND EQUITY	$	5,026	$	12,084	$	17,564	$	14,305	$	(22,482)	$	26,497


	December 31, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	329	$	265	$	—	$	594
Restricted cash and cash equivalents		—		—		194		72		—		266
Accounts receivable, net		—		—		426		305		—		731
Inventories		—		—		370		26		—		396
Deferred income tax assets		—		—		6		17		—		23
Current portion of financing receivables, net		—		—		38		56		—		94
Current portion of securitized financing receivables, net		—		—		—		27		—		27
Prepaid expenses		—		—		15		133		—		148
Other		—		—		101		26		(23)		104

Total current assets		—		—		1,479		927		(23)		2,383

Property, Investments and Other Assets:
Property and equipment, net		—		—		341		8,717		—		9,058
Financing receivables, net		—		—		199		436		—		635
Securitized financing receivables, net		—		—		—		194		—		194
Investments in affiliates		—		—		210		50		—		260
Investments in subsidiaries		4,528		11,942		5,253		—		(21,723)		—
Goodwill		—		—		3,847		2,373		—		6,220
Brands		—		—		4,405		608		—		5,013
Management and franchise contracts, net		—		—		1,143		309		—		1,452
Other intangible assets, net		—		—		511		240		—		751
Deferred income tax assets		21		—		—		193		(21)		193
Other		—		121		133		149		—		403

Total property, investments and other assets		4,549		12,063		16,042		13,269		(21,744)		24,179

TOTAL ASSETS	$	4,549	$	12,063	$	17,521	$	14,196	$	(21,767)	$	26,562

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other	$	—	$	60	$	1,335	$	684	$	—	$	2,079
Current maturities of long-term debt		—		—		—		4		—		4
Current maturities of non-recourse debt		—		—		—		48		—		48
Income taxes payable		—		—		3		31		(23)		11

Total current liabilities		—		60		1,338		767		(23)		2,142
Long-term debt		—		7,470		54		4,227		—		11,751
Non-recourse debt		—		—		—		920		—		920
Deferred revenues		—		—		674		—		—		674
Deferred income tax liabilities		—		5		2,298		2,771		(21)		5,053
Liability for guest loyalty program		—		—		597		—		—		597
Other		186		—		618		345		—		1,149

Total liabilities		186		7,535		5,579		9,030		(44)		22,286

Equity:
Total Hilton stockholders’ equity		4,363		4,528		11,942		5,253		(21,723)		4,363
Noncontrolling interests		—		—		—		(87)		—		(87)

Total equity		4,363		4,528		11,942		5,166		(21,723)		4,276

TOTAL LIABILITIES AND EQUITY	$	4,549	$	12,063	$	17,521	$	14,196	$	(21,767)	$	26,562


	Six Months Ended June 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantor		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	103	$	1,973	$	(14)	$	2,062
Management and franchise fees and other		—		—		377		361		(72)		666
Timeshare		—		—		506		49		—		555

		—		—		986		2,383		(86)		3,283
Other revenues from managed and franchised properties		—		—		1,975		193		(421)		1,747

Total revenues		—		—		2,961		2,576		(507)		5,030

Expenses
Owned and leased hotels		—		—		75		1,566		(37)		1,604
Timeshare		—		—		390		9		(34)		365
Depreciation and amortization		—		—		150		161		—		311
General, administrative and other		—		—		181		64		(15)		230

		—		—		796		1,800		(86)		2,510
Other expenses from managed and franchised properties		—		—		1,975		193		(421)		1,747

Total expenses		—		—		2,771		1,993		(507)		4,257

Operating income		—		—		190		583		—		773

Interest income		—		—		4		2		—		6
Interest expense		—		(172)		(27)		(112)		—		(311)
Equity in earnings from unconsolidated affiliates		—		—		10		2		—		12
Gain on foreign currency transactions		—		—		43		3		—		46
Other gain, net		—		—		6		8		—		14


Income (loss) before income taxes and equity in earnings from subsidiaries		—		(172)		226		486		—		540

Income tax benefit (expense)		(4)		66		(92)		(174)		—		(204)


Income (loss) before equity in earnings from subsidiaries		(4)		(106)		134		312		—		336

Equity in earnings from subsidiaries		336		442		308		—		(1,086)		—


Net income		332		336		442		312		(1,086)		336
Net income attributable to noncontrolling interests		—		—		—		(4)		—		(4)

Net income attributable to Hilton stockholders	$	332	$	336	$	442	$	308	$	(1,086)	$	332


Comprehensive income	$	410	$	327	$	415	$	424	$	(1,164)	$	412
Comprehensive income attributable to noncontrolling interests		—		—		—		(2)		—		(2)

Comprehensive income attributable to Hilton stockholders	$	410	$	327	$	415	$	422	$	(1,164)	$	410


	Six Months Ended June 30, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantor		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	93	$	1,903	$	(12)	$	1,984
Management and franchise fees and other		—		—		270		358		(67)		561
Timeshare		—		—		492		15		—		507

		—		—		855		2,276		(79)		3,052
Other revenues from managed and franchised properties		—		—		1,841		155		(405)		1,591

Total revenues		—		—		2,696		2,431		(484)		4,643

Expenses
Owned and leased hotels		—		—		73		1,501		(27)		1,547
Timeshare		—		—		382		5		(36)		351
Depreciation and amortization		—		—		140		169		—		309
General, administrative and other		—		—		135		70		(16)		189

		—		—		730		1,745		(79)		2,396
Other expenses from managed and franchised properties		—		—		1,841		155		(405)		1,591

Total expenses		—		—		2,571		1,900		(484)		3,987

Operating income		—		—		125		531		—		656

Interest income		217		—		3		—		(217)		3
Interest expense		—		—		(462)		(29)		217		(274)
Equity in earnings from unconsolidated affiliates		—		—		8		—		—		8
Loss on foreign currency transactions		—		—		(39)		(43)		—		(82)
Other gain, net		—		—		1		5		—		6


Income (loss) before income taxes and equity in earnings from subsidiaries		217		—		(364)		464		—		317

Income tax benefit (expense)		(85)		—		147		(184)		—		(122)


Income (loss) before equity in earnings from subsidiaries		132		—		(217)		280		—		195

Equity in earnings from subsidiaries		57		—		274		—		(331)		—


Net income		189		—		57		280		(331)		195
Net income attributable to noncontrolling interests		—		—		—		(6)		—		(6)

Net income attributable to Hilton stockholders	$	189	$	—	$	57	$	274	$	(331)	$	189


Comprehensive income	$	4	$	—	$	10	$	158	$	(146)	$	26
Comprehensive income attributable to noncontrolling interests		—		—		—		(22)		—		(22)

Comprehensive income attributable to Hilton stockholders	$	4	$	—	$	10	$	136	$	(146)	$	4


	Six Months Ended June 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non-Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	384	$	285	$	(157)	$	512

Investing Activities:
Capital expenditures for property and equipment		—		—		(6)		(104)		—		(110)
Payments received on other financing receivables		—		—		1		1		—		2
Issuance of other financing receivables		—		—		—		(1)		—		(1)
Investments in affiliates		—		—		(5)		—		—		(5)
Distributions from unconsolidated affiliates		—		—		11		—		—		11
Proceeds from asset dispositions		—		—		4		31		—		35
Contract acquisition costs		—		—		(3)		(18)		—		(21)
Software capitalization costs		—		—		(32)		—		—		(32)

Net cash used in investing activities		—		—		(30)		(91)		—		(121)

Financing Activities:
Borrowings		—		—		—		350		—		350
Repayment of debt		—		(450)		—		(333)		—		(783)
Debt issuance costs		—		(1)		—		(1)		—		(2)
Change in restricted cash and cash equivalents		—		—		—		(17)		—		(17)
Intercompany transfers		—		451		(391)		(60)		—		—
Dividends paid to Guarantors		—		—		—		(157)		157		—
Capital contribution		—		—		—		13		—		13
Distributions to noncontrolling interests		—		—		—		(2)		—		(2)

Net cash used in financing activities		—		—		(391)		(207)		157		(441)

Effect of exchange rate changes on cash and cash equivalents		—		—		—		1		—		1
Net decrease in cash and cash equivalents		—		—		(37)		(12)		—		(49)
Cash and cash equivalents, beginning of period		—		—		329		265		—		594

Cash and cash equivalents, end of period	$	—	$	—	$	292	$	253	$	—	$	545


	Six Months Ended June 30, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	454	$	184	$	—	$	638

Investing Activities:
Capital expenditures for property and equipment		—		—		(10)		(111)		—		(121)
Acquisitions		—		—		—		(30)		—		(30)
Payments received on other financing receivables		—		—		1		—		—		1
Issuance of other financing receivables		—		—		(6)		(1)		—		(7)
Investments in affiliates		—		—		(3)		—		—		(3)
Distributions from unconsolidated affiliates		—		—		13		—		—		13
Contract acquisition costs		—		—		—		(10)		—		(10)
Software capitalization costs		—		—		(26)		—		—		(26)

Net cash used in investing activities		—		—		(31)		(152)		—		(183)

Financing Activities:
Borrowings		—		—		—		451		—		451
Repayment of debt		—		—		(894)		(58)		—		(952)
Change in restricted cash and cash equivalents		—		—		—		(30)		—		(30)
Intercompany transfers		—		—		367		(367)		—		—
Distributions to noncontrolling interests		—		—		—		(3)		—		(3)

Net cash used in financing activities		—		—		(527)		(7)		—		(534)

Effect of exchange rate changes on cash and cash equivalents		—		—		—		(15)		—		(15)
Net increase (decrease) in cash and cash equivalents		—		—		(104)		10		—		(94)
Cash and cash equivalents, beginning of period		—		—		542		213		—		755

Cash and cash equivalents, end of period	$	—	$	—	$	438	$	223	$	—	$	661

Note 29: Condensed Consolidating Guarantor Financial Information

In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (the “Subsidiary Issuers”), entities formed in August 2013 which are 100% owned by Hilton Worldwide Holdings Inc. (the “Parent”), issued the Senior Notes. The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent, and certain of the Parent’s 100% owned domestic restricted subsidiaries (the “Guarantors”). The indenture that governs the Senior Notes provides that any subsidiary of the Company that provides a guarantee of the Senior Secured Credit Facility will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, our non-wholly owned subsidiaries, our subsidiaries that secure the CMBS Loan and Waldorf Astoria Loan or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the “Non-Guarantors”).

The following schedules present the condensed consolidated financial information as of December 31, 2013 and 2012, and the years ended December 31, 2013, 2012 and 2011, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.


	December 31, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	329	$	265	$	—	$	594
Restricted cash and cash equivalents		—		—		194		72		—		266
Accounts receivable, net		—		—		426		305		—		731
Inventories		—		—		370		26		—		396
Deferred income tax assets		—		—		6		17		—		23
Current portion of financing receivables, net		—		—		38		56		—		94
Current portion of securitized financing receivables, net		—		—		—		27		—		27
Prepaid expenses		—		—		15		133		—		148
Other		—		—		101		26		(23)		104

Total current assets		—		—		1,479		927		(23)		2,383

Property, Investments and Other Assets:
Property and equipment, net		—		—		341		8,717		—		9,058
Financing receivables, net		—		—		199		436		—		635
Securitized financing receivables, net		—		—		—		194		—		194
Investments in affiliates		—		—		210		50		—		260
Investments in subsidiaries		4,528		11,942		5,253		—		(21,723)		—
Goodwill		—		—		3,847		2,373		—		6,220
Brands		—		—		4,405		608		—		5,013
Management and franchise contracts, net		—		—		1,143		309		—		1,452
Other intangible assets, net		—		—		511		240		—		751
Deferred income tax assets		21		—		—		193		(21)		193
Other		—		121		133		149		—		403

Total property, investments and other assets		4,549		12,063		16,042		13,269		(21,744)		24,179

TOTAL ASSETS	$	4,549	$	12,063	$	17,521	$	14,196	$	(21,767)	$	26,562

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other	$	—	$	60	$	1,335	$	684	$	—	$	2,079
Current maturities of long-term debt		—		—		—		4		—		4
Current maturities of non-recourse debt		—		—		—		48		—		48
Income taxes payable		—		—		3		31		(23)		11

Total current liabilities		—		60		1,338		767		(23)		2,142
Long-term debt		—		7,470		54		4,227		—		11,751
Non-recourse debt		—		—		—		920		—		920
Deferred revenues		—		—		674		—		—		674
Deferred income tax liabilities		—		5		2,298		2,771		(21)		5,053
Liability for guest loyalty program		—		—		597		—		—		597
Other		186		—		618		345		—		1,149

Total liabilities		186		7,535		5,579		9,030		(44)		22,286
Equity:
Total Hilton stockholders’ equity		4,363		4,528		11,942		5,253		(21,723)		4,363
Noncontrolling interests		—		—		—		(87)		—		(87)

Total equity		4,363		4,528		11,942		5,166		(21,723)		4,276

TOTAL LIABILITIES AND EQUITY	$	4,549	$	12,063	$	17,521	$	14,196	$	(21,767)	$	26,562


	December 31, 2012
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations			Total
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	542	$	213	$	—		$	755
Restricted cash and cash equivalents		—		—		496		54		—			550
Accounts receivable, net		—		—		414		305		—			719
Intercompany interest receivable⁽¹⁾		98		—		—		—		(98	)		—
Inventories		—		—		395		20		—			415
Deferred income tax assets		—		—		64		12		—			76
Current portion of financing receivables, net		—		—		119		—		—			119
Prepaid expenses		—		—		22		131		—			153
Other		—		—		51		12		(23	)		40

Total current assets		98		—		2,103		747		(121	)		2,827

Property, Investments and Other Assets:
Property and equipment, net		—		—		359		8,838		—			9,197
Financing receivables, net		—		—		806		9		—			815
Intercompany notes receivable⁽¹⁾		3,787		—		—		—		(3,787	)		—
Investments in affiliates		—		—		244		47		—			291
Investments in subsidiaries		—		—		9,364		—		(9,364	)		—
Goodwill		—		—		3,847		2,350		—			6,197
Brands		—		—		4,405		624		—			5,029
Management and franchise contracts, net		—		—		1,285		315		—			1,600
Other intangible assets, net		—		—		512		232		—			744
Deferred income tax assets		—		—		—		104		—			104
Other		—		—		159		103		—			262

Total property, investments and other assets		3,787		—		20,981		12,622		(13,151)			24,239

TOTAL ASSETS	$	3,885	$	—	$	23,084	$	13,369	$	(13,272)		$	27,066

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other	$	—	$	—	$	1,253	$	669	$	—		$	1,922
Intercompany interest payable⁽¹⁾		—		—		98		—		(98	)		—
Current maturities of long-term debt		—		—		357		35		—			392
Current maturities of non-recourse debt		—		—		—		15		—			15
Income taxes payable		—		—		—		43		(23	)		20

Total current liabilities		—		—		1,708		762		(121	)		2,349
Long-term debt		—		—		15,001		182		—			15,183
Non-recourse debt		—		—		—		405		—			405
Intercompany notes payable⁽¹⁾		—		—		3,787		—		(3,787	)		—
Investments in subsidiaries		1,389		—		—		—		(1,389	)		—
Deferred revenues		—		—		82		—		—			82
Deferred income tax liabilities		8		—		2,495		2,445		—			4,948
Liability for guest loyalty program		—		—		503		—		—			503
Other		187		—		897		357		—			1,441

Total liabilities		1,584		—		24,473		4,151		(5,297	)		24,911
Equity:
Total Hilton stockholders’ equity		2,301		—		(1,389)		9,364		(7,975	)		2,301
Noncontrolling interests		—		—		—		(146)		—			(146)

Total equity		2,301		—		(1,389)		9,218		(7,975	)		2,155

TOTAL LIABILITIES AND EQUITY	$	3,885	$	—	$	23,084	$	13,369	$	(13,272	)	$	27,066

⁽¹⁾

Prior to June 30, 2013, a Guarantor had intercompany notes payable to the Parent (the “Notes Payable to Parent”). Interest under the Notes Payable to Parent was accrued and added to the principal balance through the date of maturity. On June 30, 2013, the Parent made a non-cash contribution of the Notes Payable to Parent, including the accrued interest, to the Guarantor, resulting in an increase to the Guarantor’s equity.


	Year Ended December 31, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantor		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	190	$	3,882	$	(26)	$	4,046
Management and franchise fees and other		—		—		587		733		(145)		1,175
Timeshare		—		—		1,052		57		—		1,109

		—		—		1,829		4,672		(171)		6,330
Other revenues from managed and franchised properties		—		—		3,869		351		(815)		3,405

Total revenues		—		—		5,698		5,023		(986)		9,735

Expenses
Owned and leased hotels		—		—		148		3,058		(59)		3,147
Timeshare		—		—		797		12		(79)		730
Depreciation and amortization		—		—		277		326		—		603
General, administrative and other		—		—		620		161		(33)		748

		—		—		1,842		3,557		(171)		5,228
Other expenses from managed and franchised properties		—		—		3,869		351		(815)		3,405

Total expenses		—		—		5,711		3,908		(986)		8,633

Operating income (loss)		—		—		(13)		1,115		—		1,102
Interest income		217		—		7		2		(217)		9
Interest expense		—		(105)		(642)		(90)		217		(620)
Equity in earnings from unconsolidated affiliates		—		—		13		3		—		16
Gain (loss) on foreign currency transactions		—		—		35		(80)		—		(45)
Gain on debt extinguishment		—		—		229		—		—		229
Other gain, net		—		—		2		5		—		7


Income (loss) before income taxes and equity in earnings from subsidiaries		217		(105)		(369)		955		—		698
Income tax benefit (expense)		(84)		40		48		(242)		—		(238)


Income (loss) before equity in earnings from subsidiaries		133		(65)		(321)		713		—		460
Equity in earnings from subsidiaries		282		347		668		—		(1,297)		—


Net income		415		282		347		713		(1,297)		460
Net income attributable to noncontrolling interests		—		—		—		(45)		—		(45)

Net income attributable to Hilton stockholders	$	415	$	282	$	347	$	668	$	(1,297)	$	415


Comprehensive income	$	557	$	288	$	417	$	797	$	(1,439)	$	620
Comprehensive income attributable to noncontrolling interests		—		—		—		(63)		—		(63)

Comprehensive income attributable to Hilton stockholders	$	557	$	288	$	417	$	734	$	(1,439)	$	557


	Year Ended December 31, 2012
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantor		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	181	$	3,821	$	(23)	$	3,979
Management and franchise fees and other		—		—		459		762		(133)		1,088
Timeshare		—		—		1,081		4		—		1,085

		—		—		1,721		4,587		(156)		6,152
Other revenues from managed and franchised properties		—		—		3,643		295		(814)		3,124

Total revenues		—		—		5,364		4,882		(970)		9,276

Expenses
Owned and leased hotels		—		—		142		3,141		(53)		3,230
Timeshare		—		—		827		4		(73)		758
Depreciation and amortization		—		—		251		299		—		550
Impairment losses		—		—		13		41		—		54
General, administrative and other		—		—		342		148		(30)		460

		—		—		1,575		3,633		(156)		5,052
Other expenses from managed and franchised properties		—		—		3,643		295		(814)		3,124

Total expenses		—		—		5,218		3,928		(970)		8,176

Operating income		—		—		146		954		—		1,100
Interest income		403		—		7		8		(403)		15
Interest expense		—		—		(916)		(56)		403		(569)
Equity in earnings (losses) from unconsolidated affiliates		—		—		(12)		1		—		(11)
Gain on foreign currency transactions		—		—		12		11		—		23
Other gain, net		—		—		6		9		—		15


Income (loss) before income taxes and equity in earnings from subsidiaries		403		—		(757)		927		—		573
Income tax benefit (expense)		(155)		—		312		(371)		—		(214)


Income (loss) before equity in earnings from subsidiaries		248		—		(445)		556		—		359
Equity in earnings from subsidiaries		104		—		549		—		(653)		—


Net income		352		—		104		556		(653)		359
Net income attributable to noncontrolling interests		—		—		—		(7)		—		(7)

Net income attributable to Hilton stockholders	$	352	$	—	$	104	$	549	$	(653)	$	352


Comprehensive income	$	435	$	—	$	126	$	631	$	(736)	$	456
Comprehensive income attributable to noncontrolling interests		—		—		—		(21)		—		(21)

Comprehensive income attributable to Hilton stockholders	$	435	$	—	$	126	$	610	$	(736)	$	435


	Year Ended December 31, 2011
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantor		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	171	$	3,751	$	(24)	$	3,898
Management and franchise fees and other		—		—		383		756		(125)		1,014
Timeshare		—		—		940		4		—		944

		—		—		1,494		4,511		(149)		5,856
Other revenues from managed and franchised properties		—		—		3,521		196		(790)		2,927

Total revenues		—		—		5,015		4,707		(939)		8,783

Expenses
Owned and leased hotels		—		—		140		3,124		(51)		3,213
Timeshare		—		—		731		4		(67)		668
Depreciation and amortization		—		—		246		318		—		564
Impairment losses		—		—		8		12		—		20
General, administrative and other		—		—		301		146		(31)		416

		—		—		1,426		3,604		(149)		4,881
Other expenses from managed and franchised properties		—		—		3,521		196		(790)		2,927

Total expenses		—		—		4,947		3,800		(939)		7,808

Operating income		—		—		68		907		—		975
Interest income		359		—		7		4		(359)		11
Interest expense		—		—		(948)		(54)		359		(643)
Equity in losses from unconsolidated affiliates		—		—		(133)		(12)		—		(145)
Gain (loss) on foreign currency transactions		—		—		(26)		5		—		(21)
Other gain, net		—		—		14		5		—		19


Income (loss) before income taxes and equity in earnings from subsidiaries		359		—		(1,018)		855		—		196
Income tax benefit (expense)		(137)		—		397		(201)		—		59


Income (loss) before equity in earnings from subsidiaries		222		—		(621)		654		—		255
Equity in earnings from subsidiaries		31		—		652		—		(683)		—


Net income		253		—		31		654		(683)		255
Net income attributable to noncontrolling interests		—		—		—		(2)		—		(2)

Net income attributable to Hilton stockholders	$	253	$	—	$	31	$	652	$	(683)	$	253


Comprehensive income	$	162	$	—	$	30	$	561	$	(592)	$	161
Comprehensive loss attributable to noncontrolling interests		—		—		—		1		—		1

Comprehensive income attributable to Hilton stockholders	$	162	$	—	$	30	$	562	$	(592)	$	162


	Year Ended December 31, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	1,574	$	630	$	(103)	$	2,101

Investing Activities:
Capital expenditures for property and equipment		—		—		(23)		(231)		—		(254)
Acquisitions		—		—		—		(30)		—		(30)
Payments received on other financing receivables		—		—		4		1		—		5
Issuance of other financing receivables		—		—		(6)		(4)		—		(10)
Investments in affiliates		—		—		(4)		—		—		(4)
Distributions from unconsolidated affiliates		—		—		33		—		—		33
Contract acquisition costs		—		—		(14)		(30)		—		(44)
Software capitalization costs		—		—		(78)		—		—		(78)

Net cash used in investing activities		—		—		(88)		(294)		—		(382)

Financing Activities:
Net proceeds from issuance of common stock		1,243		—		—		—		—		1,243
Borrowings		—		9,062		—		5,026		—		14,088
Repayment of debt		—		(1,600)		(15,245)		(358)		—		(17,203)
Debt issuance costs		—		(123)		—		(57)		—		(180)
Change in restricted cash and cash equivalents		—		—		222		(29)		—		193
Intercompany transfers		(1,243)		(7,339)		13,324		(4,742)		—		—
Dividends paid to Guarantors		—		—		—		(103)		103		—
Distributions to noncontrolling interests		—		—		—		(4)		—		(4)

Net cash used in financing activities		—		—		(1,699)		(267)		103		(1,863)

Effect of exchange rate changes on cash and cash equivalents		—		—		—		(17)		—		(17)
Net increase (decrease) in cash and cash equivalents		—		—		(213)		52		—		(161)
Cash and cash equivalents, beginning of period		—		—		542		213		—		755

Cash and cash equivalents, end of period	$	—	$	—	$	329	$	265	$	—	$	594


	Year Ended December 31, 2012
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	271	$	853	$	(14)	$	1,110

Investing Activities:
Capital expenditures for property and equipment		—		—		(57)		(376)		—		(433)
Payments received on other financing receivables		—		—		5		3		—		8
Issuance of other financing receivables		—		—		(1)		(3)		—		(4)
Investments in affiliates		—		—		(3)		—		—		(3)
Distributions from unconsolidated affiliates		—		—		8		—		—		8
Contract acquisition costs		—		—		(28)		(3)		—		(31)
Software capitalization costs		—		—		(103)		—		—		(103)

Net cash used in investing activities		—		—		(179)		(379)		—		(558)

Financing Activities:
Borrowings		—		—		—		96		—		96
Repayment of debt		—		—		(735)		(119)		—		(854)
Change in restricted cash and cash equivalents		—		—		193		(6)		—		187
Intercompany transfers		—		—		449		(463)		14		—
Distributions to noncontrolling interests		—		—		—		(4)		—		(4)
Acquisition of noncontrolling interests		—		—		—		(1)		—		(1)

Net cash used in financing activities		—		—		(93)		(497)		14		(576)

Effect of exchange rate changes on cash and cash equivalents		—		—		—		(2)		—		(2)
Net decrease in cash and cash equivalents		—		—		(1)		(25)		—		(26)
Cash and cash equivalents, beginning of period		—		—		543		238		—		781

Cash and cash equivalents, end of period	$	—	$	—	$	542	$	213	$	—	$	755


	Year Ended December 31, 2011
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	359	$	812	$	(4)	$	1,167

Investing Activities:
Capital expenditures for property and equipment		—		—		(43)		(346)		—		(389)
Acquisitions		—		—		—		(12)		—		(12)
Payments received on other financing receivables		—		—		6		1		—		7
Investments in affiliates		—		—		(11)		—		—		(11)
Distributions from unconsolidated affiliates		—		—		—		23		—		23
Proceeds from asset dispositions		—		—		65		—		—		65
Contract acquisition costs		—		—		(23)		(30)		—		(53)
Software capitalization costs		—		—		(93)		—		—		(93)

Net cash used in investing activities		—		—		(99)		(364)		—		(463)

Financing Activities:
Borrowings		—		—		24		16		—		40
Repayment of debt		—		—		(697)		(29)		—		(726)
Change in restricted cash and cash equivalents		—		—		(19)		(6)		—		(25)
Intercompany transfers		—		—		422		(426)		4		—
Distributions to noncontrolling interests		—		—		—		(3)		—		(3)

Net cash used in financing activities		—		—		(270)		(448)		4		(714)

Effect of exchange rate changes on cash and cash equivalents		—		—		—		(5)		—		(5)
Net decrease in cash and cash equivalents		—		—		(10)		(5)		—		(15)
Cash and cash equivalents, beginning of period		—		—		553		243		—		796

Cash and cash equivalents, end of period	$	—	$	—	$	543	$	238	$	—	$	781