Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of our provision for income taxes were:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Current:
U.S. Federal	$	5	$	1	$	5
State	19		1		(2)
Total current	24		2		3
Deferred:
U.S. Federal	4		—		(1)
State	10		(2)		—
Total deferred	14		(2)		(1)
Total provision for income taxes	$	38	$	—	$	2

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Statutory U.S. federal income tax provision (benefit)	$	30	$	36	$	(94)
State income taxes, net of U.S. federal tax benefit	29		1		—
Change in deferred tax asset valuation allowance	—		4		(22)
REIT income not subject to tax	(23)		(39)		116
Derecognition and remeasurement of deferred taxes	—		(2)		(1)
Other	2		—		3
Provision for income taxes	$	38	$	—	$	2

Schedule of Deferred Tax Assets and Liabilities

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,
	2023		2022
	(in millions)
Deferred income tax assets(1)	$	1	$	—
Deferred income tax liabilities(2)	(24)		(9)
Net deferred tax liability	$	(23)	$	(9)

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

(2)Included within other liabilities in our consolidated balance sheets.

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

	December 31,
	2023		2022
	(in millions)
Deferred tax assets:
Net operating loss carryforwards	$	49	$	53
Deferred income	—		4
Investments	5		3
Interest expense limitation	4		—
Other	7		6
Total gross deferred tax assets	65		66
Less: valuation allowance	(59)		(59)
Deferred tax assets	6		7
Deferred tax liabilities:
Property and equipment	(16)		(3)
Investments	(10)		(9)
Accrued compensation	(2)		(4)
Other	(1)		—
Deferred tax liabilities	(29)		(16)
Net deferred tax liability	$	(23)	$	(9)

Schedule Of Cash Distributions To Stockholders For Federal Income Tax Purposes

We made no cash distributions to our stockholders in 2021. The cash distributions to stockholders in 2023 and 2022 are characterized, for U.S. federal income tax purposes, as follows:

	Year Ended December 31,
	2023		2022
Common distributions (per share):
Ordinary dividends	$	0.000000	$	0.000000
Capital gain distributions(1)	2.150000		0.280000

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(1)Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distributions for calendar years 2023 and 2022, 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 $0.000000 per share, and (ii) the “Three Year Amounts” are $0.000000 per share, with respect to both the 2023 and 2022 capital gain distributions.