Condensed Consolidating Guarantor Financial Information

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Condensed Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Condensed Consolidating Guarantor Financial Information

Note 18: 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 $589 million in mortgage loans, or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the “Non-Guarantors”).

The guarantees are full and unconditional, subject to certain customary release provisions. The 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 September 30, 2014 and December 31, 2013 and for the nine months ended September 30, 2014 and 2013, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.

	September 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	235	$	308	$	—	$	543
Restricted cash and cash equivalents		—		—		196		92		—		288
Accounts receivable, net		—		—		478		384		—		862
Inventories		—		—		326		24		—		350
Deferred income tax assets		—		—		6		17		—		23
Current portion of financing receivables, net		—		—		37		19		—		56
Current portion of securitized financing receivables, net		—		—		—		64		—		64
Prepaid expenses		—		—		34		138		—		172
Other		—		—		29		27		—		56
Total current assets		—		—		1,341		1,073		—		2,414
Property, Investments and Other Assets:
Property and equipment, net		—		—		323		8,801		—		9,124
Financing receivables, net		—		—		235		146		—		381
Securitized financing receivables, net		—		—		—		433		—		433
Investments in affiliates		—		—		123		51		—		174
Investments in subsidiaries		4,961		11,708		5,269		—		(21,938)		—
Goodwill		—		—		3,847		2,338		—		6,185
Brands		—		—		4,405		582		—		4,987
Management and franchise contracts, net		—		—		1,039		307		—		1,346
Other intangible assets, net		—		—		475		220		—		695
Deferred income tax assets		22		—		—		195		(22)		195
Other		—		95		124		171		—		390
Total property, investments and other assets		4,983		11,803		15,840		13,244		(21,960)		23,910
TOTAL ASSETS	$	4,983	$	11,803	$	17,181	$	14,317	$	(21,960)	$	26,324
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other	$	—	$	64	$	1,246	$	693	$	—	$	2,003
Current maturities of long-term debt		—		—		—		3		—		3
Current maturities of non-recourse debt		—		—		—		124		—		124
Income taxes payable		—		—		—		10		—		10
Total current liabilities		—		64		1,246		830		—		2,140
Long-term debt		—		6,776		54		4,294		—		11,124
Non-recourse debt		—		—		—		813		—		813
Deferred revenues		—		—		540		4		—		544
Deferred income tax liabilities		—		2		2,241		2,916		(22)		5,137
Liability for guest loyalty program		—		—		637		—		—		637
Other		193		—		755		231		—		1,179
Total liabilities		193		6,842		5,473		9,088		(22)		21,574
Equity:
Total Hilton stockholders’ equity		4,790		4,961		11,708		5,269		(21,938)		4,790
Noncontrolling interests		—		—		—		(40)		—		(40)
Total equity		4,790		4,961		11,708		5,229		(21,938)		4,750
TOTAL LIABILITIES AND EQUITY	$	4,983	$	11,803	$	17,181	$	14,317	$	(21,960)	$	26,324

	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

	Nine Months Ended September 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	163	$	2,999	$	(21)	$	3,141
Management and franchise fees and other		—		—		575		546		(91)		1,030
Timeshare		—		—		777		73		—		850
		—		—		1,515		3,618		(112)		5,021
Other revenues from managed and franchised properties		—		—		2,991		300		(638)		2,653
Total revenues		—		—		4,506		3,918		(750)		7,674
Expenses
Owned and leased hotels		—		—		116		2,359		(55)		2,420
Timeshare		—		—		590		14		(40)		564
Depreciation and amortization		—		—		227		243		—		470
General, administrative and other		—		—		275		91		(17)		349
		—		—		1,208		2,707		(112)		3,803
Other expenses from managed and franchised properties		—		—		2,991		300		(638)		2,653
Total expenses		—		—		4,199		3,007		(750)		6,456
Operating income		—		—		307		911		—		1,218
Interest income		—		—		6		2		—		8
Interest expense		—		(255)		(42)		(170)		—		(467)
Equity in earnings from unconsolidated affiliates		—		—		13		3		—		16
Gain (loss) on foreign currency transactions		—		—		248		(207)		—		41
Other gain, net		—		—		6		32		—		38
Income (loss) before income taxes and equity in earnings from subsidiaries		—		(255)		538		571		—		854
Income tax benefit (expense)		(5)		98		(213)		(211)		—		(331)
Income (loss) before equity in earnings from subsidiaries		(5)		(157)		325		360		—		523
Equity in earnings from subsidiaries		520		677		352		—		(1,549)		—
Net income		515		520		677		360		(1,549)		523
Net income attributable to noncontrolling interests		—		—		—		(8)		—		(8)
Net income attributable to Hilton stockholders	$	515	$	520	$	677	$	352	$	(1,549)	$	515
Comprehensive income	$	381	$	516	$	697	$	212	$	(1,415)	$	391
Comprehensive income attributable to noncontrolling interests		—		—		—		(10)		—		(10)
Comprehensive income attributable to Hilton stockholders	$	381	$	516	$	697	$	202	$	(1,415)	$	381

	Nine Months Ended September 30, 2013
	Parent		Subsidiary Issuers		Guarantors		Non- Guarantors		Eliminations		Total
	(in millions)
Revenues
Owned and leased hotels	$	—	$	—	$	146	$	2,855	$	(19)	$	2,982
Management and franchise fees and other		—		—		425		546		(103)		868
Timeshare		—		—		779		30		—		809
		—		—		1,350		3,431		(122)		4,659
Other revenues from managed and franchised properties		—		—		2,792		247		(606)		2,433
Total revenues		—		—		4,142		3,678		(728)		7,092
Expenses
Owned and leased hotels		—		—		110		2,258		(41)		2,327
Timeshare		—		—		594		8		(57)		545
Depreciation and amortization		—		—		208		247		—		455
General, administrative and other		—		—		229		114		(24)		319
		—		—		1,141		2,627		(122)		3,646
Other expenses from managed and franchised properties		—		—		2,792		247		(606)		2,433
Total expenses		—		—		3,933		2,874		(728)		6,079
Operating income		—		—		209		804		—		1,013
Interest income		217		—		3		2		(217)		5
Interest expense		—		—		(575)		(43)		217		(401)
Equity in earnings from unconsolidated affiliates		—		—		9		2		—		11
Gain (loss) on foreign currency transactions		—		—		4		(47)		—		(43)
Other gain, net		—		—		—		5		—		5
Income (loss) before income taxes and equity in earnings from subsidiaries		217		—		(350)		723		—		590
Income tax benefit (expense)		(84)		—		141		(249)		—		(192)
Income (loss) before equity in earnings from subsidiaries		133		—		(209)		474		—		398
Equity in earnings from subsidiaries		256		—		465		—		(721)		—
Net income		389		—		256		474		(721)		398
Net income attributable to noncontrolling interests		—		—		—		(9)		—		(9)
Net income attributable to Hilton stockholders	$	389	$	—	$	256	$	465	$	(721)	$	389
Comprehensive income	$	378	$	—	$	261	$	472	$	(710)	$	401
Comprehensive income attributable to noncontrolling interests		—		—		—		(23)		—		(23)
Comprehensive income attributable to Hilton stockholders	$	378	$	—	$	261	$	449	$	(710)	$	378

	Nine Months Ended September 30, 2014
	Parent		Subsidiary Issuers		Guarantors		Non-Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	605	$	501	$	(207)	$	899
Investing Activities:
Capital expenditures for property and equipment		—		—		(13)		(171)		—		(184)
Payments received on other financing receivables		—		—		16		2		—		18
Issuance of other financing receivables		—		—		—		(1)		—		(1)
Investments in affiliates		—		—		(6)		—		—		(6)
Distributions from unconsolidated affiliates		—		—		30		2		—		32
Proceeds from asset dispositions		—		—		6		34		—		40
Contract acquisition costs		—		—		(13)		(41)		—		(54)
Software capitalization costs		—		—		(45)		—		—		(45)
Net cash used in investing activities		—		—		(25)		(175)		—		(200)
Financing Activities:
Borrowings		—		—		—		350		—		350
Repayment of debt		—		(700)		—		(375)		—		(1,075)
Debt issuance costs		—		(6)		—		(3)		—		(9)
Change in restricted cash and cash equivalents		—		—		—		(19)		—		(19)
Intercompany transfers		—		706		(674)		(32)		—		—
Dividends paid to Guarantors		—		—		—		(207)		207		—
Capital contribution		—		—		—		13		—		13
Distributions to noncontrolling interests		—		—		—		(3)		—		(3)
Net cash used in financing activities		—		—		(674)		(276)		207		(743)
Effect of exchange rate changes on cash and cash equivalents		—		—		—		(7)		—		(7)
Net increase (decrease) in cash and cash equivalents		—		—		(94)		43		—		(51)
Cash and cash equivalents, beginning of period		—		—		329		265		—		594
Cash and cash equivalents, end of period	$	—	$	—	$	235	$	308	$	—	$	543

	Nine Months Ended September 30, 2013
	Parent		Subsidiary Issuers		Guarantors		Non-Guarantors		Eliminations		Total
	(in millions)
Operating Activities:
Net cash provided by operating activities	$	—	$	—	$	592	$	432	$	—	$	1,024
Investing Activities:
Capital expenditures for property and equipment		—		—		(15)		(152)		—		(167)
Acquisitions		—		—		—		(30)		—		(30)
Payments received on other financing receivables		—		—		3		—		—		3
Issuance of other financing receivables		—		—		(6)		(2)		—		(8)
Investments in affiliates		—		—		(4)		—		—		(4)
Distributions from unconsolidated affiliates		—		—		16		—		—		16
Contract acquisition costs		—		—		(2)		(10)		—		(12)
Software capitalization costs		—		—		(50)		—		—		(50)
Net cash used in investing activities		—		—		(58)		(194)		—		(252)
Financing Activities:
Borrowings		—		—		—		702		—		702
Repayment of debt		—		—		(1,279)		(323)		—		(1,602)
Change in restricted cash and cash equivalents		—		—		140		(26)		—		114
Intercompany transfers		—		—		566		(566)		—		—
Distributions to noncontrolling interests		—		—		—		(3)		—		(3)
Net cash used in financing activities		—		—		(573)		(216)		—		(789)
Effect of exchange rate changes on cash and cash equivalents		—		—		—		(14)		—		(14)
Net increase (decrease) in cash and cash equivalents		—		—		(39)		8		—		(31)
Cash and cash equivalents, beginning of period		—		—		542		213		—		755
Cash and cash equivalents, end of period	$	—	$	—	$	503	$	221	$	—	$	724

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 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 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