Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Income Before Income Taxes

Our tax provision includes U.S. federal, state and foreign income taxes payable. The domestic and foreign components of (loss) income before income taxes were:

	Year Ended December 31,
	2021			2020			2019
	(in millions)
U.S. (loss) income before tax	$	(450	)	$	(1,449	)	$	350
Foreign (loss) income before tax		—			(1	)		1
(Loss) income before income taxes	$	(450	)	$	(1,450	)	$	351

Components of (Benefit) Provision for Income Taxes

The components of our provision (benefit) for income taxes were:

	Year Ended December 31,
	2021			2020			2019
	(in millions)
Current:
U.S. Federal	$	5		$	1		$	16
State		(2	)		3			3
Foreign		—			20			11
Total current		3			24			30
Deferred:
U.S. Federal		(1	)		(29	)		3
Foreign		—			(1	)		2
Total deferred		(1	)		(30	)		5
Total provision (benefit) for income taxes	$	2		$	(6	)	$	35

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of our tax provision at the U.S. statutory rate to the provision (benefit) for income taxes were:

	Year Ended December 31,
	2021			2020			2019
	(in millions)
Statutory U.S. federal income tax (benefit) provision	$	(94	)	$	(306	)	$	74
State income taxes, net of U.S. federal tax benefit		—			1			2
Foreign income tax expense, net		—			19			13
Change in deferred tax asset valuation allowance		(22	)		71			2
Tax rate change		—			(7	)		—
REIT income not subject to tax		116			221			(69	)
Derecognition and remeasurement of deferred taxes		(1	)		(35	)		13
Recognized built-in gain tax		—			29			—
Other		3			1			—
Provision (benefit) for income taxes	$	2		$	(6	)	$	35

Schedule of Composition of Net Deferred Tax Balances

Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows:

	December 31,
	2021			2020
	(in millions)
Deferred income tax assets(1)	$	1		$	1
Deferred income tax liabilities		(9	)		(10	)
Net deferred tax liability	$	(8	)	$	(9	)

(1) Included within other assets in our consolidated balance sheets, net of valuation allowance.

Schedule of Net Deferred Tax Liability

The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were:

	December 31,
	2021			2020
	(in millions)
Deferred tax assets:
Net operating loss carryforwards	$	51		$	74
Deferred income		5			5
Accrued compensation		2			1
Other		7			6
Total gross deferred tax assets		65			86
Less: valuation allowance		(55	)		(77	)
Deferred tax assets		10			9
Deferred tax liabilities:
Property and equipment		(4	)		(4	)
Investments		(9	)		(10	)
Accrued compensation		(5	)		(4	)
Deferred tax liabilities		(18	)		(18	)
Net deferred tax liability	$	(8	)	$	(9	)

Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes

For U.S. federal income tax purposes, we made no cash distributions to our stockholders in 2021. The cash distributions to stockholders in 2020 are characterized as follows:

	Year Ended December 31,
	2020
Common distributions (per share):
Ordinary dividends	$	0.244571
Capital gain distributions(1)		0.205429

(1) Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distribution for calendar year 2020, as reported on Park Hotels & Resorts Inc. Form 1099-DIV, Box 2a. For purposes of Internal Revenue Code Section 1061, which is generally applicable to direct and indirect holders of “applicable partnership interests,”: (i) the “One Year Amounts” are $0.205429 per share, and (ii) the “Three Year Amounts” are $0.205429 per share, with respect to the 2020 capital gain distribution.