Consolidated Statements of Comprehensive Income Parenthetical - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, net of tax (benefit) expense | $ 0 | $ (1) | $ 1 |
Unrecognized pension costs, net of tax expense (benefit) | (1) | 1 | 0 |
Unrealized gains on available-for-sale debt securities tax | 0 | 0 | 0 |
Unrealized gains on available-for-sale equity securities tax | 23 | ||
Unrealized gains on derivative activity, net of tax expense | $ (5) | $ 0 | |
Unrealized gains on derivative activity, net of tax expense | $ 0 |
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Allowance for doubtful accounts receivable, current | $ 32 | $ 26 |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares, issued (in shares) | 0 | |
Common Class A | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares, outstanding (in shares) | 36,109,179 | 39,507,817 |
Common stock, shares, issued (in shares) | 36,109,179 | 39,507,817 |
Common Class B | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 397,457,686 | 399,110,240 |
Common stock, shares, outstanding (in shares) | 65,463,274 | 67,115,828 |
Common stock, shares, issued (in shares) | 65,463,274 | 67,115,828 |
Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares |
12 Months Ended | |||||||||
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Dec. 09, 2019 |
Sep. 09, 2019 |
Jun. 10, 2019 |
Mar. 11, 2019 |
Dec. 10, 2018 |
Sep. 20, 2018 |
Jun. 28, 2018 |
Mar. 29, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Statement of Stockholders' Equity [Abstract] | ||||||||||
Cash dividends (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.19 | $ 0.15 |
Organization |
12 Months Ended |
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Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality and other services on a worldwide basis through the development, ownership, operation, management, franchising, and licensing of hospitality and wellness-related businesses. We develop, own, operate, manage, franchise, license, or provide services to a portfolio of properties, consisting of full service hotels, select service hotels, resorts, and other properties, including branded spas and fitness studios, timeshare, fractional, and other forms of residential, vacation, and condominium ownership units. At December 31, 2019, (i) we operated or franchised 446 full service hotels, comprising 156,133 rooms throughout the world, (ii) we operated or franchised 467 select service hotels, comprising 66,978 rooms, of which 399 hotels are located in the United States, and (iii) our portfolio included 8 franchised all-inclusive Hyatt-branded resorts, comprising 3,153 rooms, and 3 wellness resorts, comprising 410 rooms. At December 31, 2019, our portfolio of properties operated in 65 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and which operate under other tradenames or marks owned by such hotel or licensed by third parties.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation—Our consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying Notes. Actual results could differ materially from such estimated amounts. Revenue Recognition—Our revenues are primarily derived from the products and services provided to our customers and generally recognized when control of the product or service has transferred to the customer. Our customers include third-party hotel owners, guests at owned and leased hotels and spa and fitness centers, a third-party partner through our co-branded credit card program, and owners and guests of the condominium ownership units. A summary of our revenue streams is as follows:
The products and services we offer to our customers are comprised of the following performance obligations: Management and franchise agreements
Under the terms of certain management agreements, primarily within the United States, we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided and, therefore, we are the principal.
properties, as well as for other goods and services from third parties. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future. The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. These two promises are not distinct because the promise to market and manage the program does not benefit the customer without the related arrangement for award redemptions. The costs of administering the loyalty program are charged to the properties through an assessment fee based on members' qualified expenditures. The assessment fee is billed and collected monthly, and the revenue received by the program is deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent with respect to this performance obligation for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. A portion of our owned and leased hotels revenues is deferred upon initial stay as points are earned by program members at owned or leased hotels, and revenues are recognized upon redemption at owned or leased hotels. We actuarially determine the amount to recognize as revenue based on statistical formulas that estimate the timing of future point redemptions based on historical experience. The revenue recognized each period includes an estimate of the loyalty points that will eventually be redeemed and includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to estimate the ultimate redemption ratios used in the breakage calculations and the amount of revenue recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period. Any revenues in excess of the anticipated future redemptions are used to fund the other operational expenses of the program. Room rentals and other services provided at owned and leased hotels We provide room rentals and other services to our guests, including but not limited to spa, laundry, and parking. These products and services each represent individual performance obligations and, in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services are rendered or the goods are provided. If a guest enters into a package including multiple goods or services, the fixed price is allocated to each distinct good or service based on the stand-alone selling price for each item. Revenue is recognized over time when we transfer control of the good or service to the customer. Room rental revenue is recognized on a daily basis as the guest occupies the room, and revenue related to other products and services is recognized when the product or service is provided to the guest. Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenue generated through that channel. The determination of whether to recognize revenues gross or net of rebates and commissions is made based on the terms of each contract. Residential management operations We provide services related to the residential management business pursuant to rental management agreements with individual property owners or homeowners' associations whereby the property owners and/or homeowners' association participate in our rental program. The services provided include reservations, housekeeping, security, and concierge assistance to guests in exchange for a variable fee based on a revenue sharing agreement with the owner of the condominium ownership unit. The services represent an individual performance obligation. Revenue is recognized over time as services are rendered or upon completion of the guest's stay at the condominium ownership unit. We are responsible for establishing pricing as well as fulfilling the services during the guest's stay and, as a result, we are deemed to be the principal in the transaction. Spa and fitness services Exhale spa and fitness studios provide guests with spa and fitness services as well as retail products in exchange for fixed consideration. Each spa and fitness service represents an individual performance obligation. Payment is due in full, and revenue is recognized at the point in time the services are rendered or the products are provided to the customer. If a guest purchases a spa or fitness package, the fixed price is allocated to each distinct product or service based on the stand-alone selling price for each item. Co-branded credit cards We have a co-branded credit card agreement with a third party and under the terms of the agreement, we have various performance obligations: granting a license to the Hyatt name, arranging for the fulfillment of points issued to cardholders through the loyalty program, and awarding cardholders with free room nights upon achievement of certain program milestones. The loyalty points and free room nights represent material rights that can be redeemed for free or discounted services in the future. In exchange for the products and services provided, we receive fixed and variable consideration which is allocated between the performance obligations based upon the relative stand-alone selling prices. Significant judgment is involved in determining the relative stand-alone selling prices, and therefore, we engaged a third-party valuation specialist to assist us. We utilize a relief from royalty method to determine the revenue allocated to the license, which is recognized over time as the licensee derives value from access to Hyatt's brand name. We utilize observable transaction prices and adjusted market assumptions to determine the stand-alone selling price of a loyalty point, and we utilize a cost plus margin approach to determine the stand-alone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption or expiration of a card member's promotional awards, which is recognized net of redemption expense when we are the agent. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. We satisfy the following performance obligations over time: the license of Hyatt's symbolic IP, hotel management agreement services, administration of the loyalty program, and the license to our brand name through our co-branded credit card agreement. Each of these performance obligations is considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day. For each performance obligation satisfied over time, we recognize revenue using an output method based on the value transferred to the customer. Revenue is recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to represent our progress in satisfying these performance obligations:
Within our management agreements, we have two performance obligations: providing a license to Hyatt's IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenue using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. We have applied the practical expedient that permits the omission of prior-period information about revenue allocated to future performance obligations. Contract Balances—Our payments from customers are based on the billing terms established in our contracts. Customer billings are classified as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is classified as a contract asset. Due to certain profitability hurdles in our management agreements, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the profitability hurdle has been met, the incentive fee receivable balance will be recorded in accounts receivable. Contract assets are included in receivables, net on our consolidated balance sheets. Payments received in advance of performance under the contract are classified as current or long-term contract liabilities on our consolidated balance sheets and recognized as revenue as we perform under the contract. Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash—We had restricted cash of $170 million and $52 million at December 31, 2019 and December 31, 2018, of which $20 million and $19 million, respectively, are recorded in other assets on our consolidated balance sheets, which includes:
Equity Method Investments—We have investments in unconsolidated hospitality ventures accounted for under the equity method. These investments are an integral part of our business and strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. We assess investments in unconsolidated hospitality ventures for impairment quarterly. When there is indication a loss in value has occurred, we evaluate the carrying value in comparison to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. The principal inputs used in the discounted cash flow analysis requiring judgment are the projected future cash flows, the discount rate, and the capitalization rate assumptions. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of value as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value, and current economic conditions. Impairments deemed other than temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. For additional information about equity method investments, see Note 4. Debt and Equity Securities—Excluding the aforementioned equity method investments, debt and equity securities consist of various investments:
Our preferred shares earn a return that is recognized as interest income in other income (loss), net as earned unless we determine collection is at risk. AFS and HTM securities are assessed for impairment quarterly. To determine if an impairment is other than temporary for debt securities, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating, and our intent to sell. For debt securities that are deemed other than temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is typically recognized in other income (loss), net on our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss on our consolidated balance sheets. For debt securities that are deemed other than temporarily impaired and there is intent to sell, impairments in their entirety are recognized in other income (loss), net on our consolidated statements of income. For additional information about debt and equity securities, see Note 4. Foreign Currency—The functional currency of our consolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive loss on our consolidated balance sheets. Gains and losses from foreign currency transactions are included in earnings. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in accumulated other comprehensive loss. Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not long-term are included in earnings. Financing Receivables—Financing receivables represent contractual rights to receive money either on demand or on fixed or determinable dates and are recognized on our consolidated balance sheets at amortized cost. We recognize interest income as earned and provide an allowance for cancellations and defaults. Our financing receivables are composed of individual unsecured loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables generally have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel. On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We determine our financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due based on the contractual terms of the individual financing receivables, if an impairment charge is recognized for a loan, or if a provision is established for our other financing arrangements. If we consider a financing receivable to be non-performing, we place the financing receivable on non-accrual status. We individually assess all loans within financing receivables for impairment quarterly. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of these loans including capital structure, loan performance, market factors, and the underlying hotel performance. When it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement or if projected future cash flows available for repayment of unsecured receivables indicate there is a collection risk, we measure the impairment based on the present value of projected future cash flows discounted at the loan's effective interest rate. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the estimated fair value. In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we do not assess individually for impairment. We regularly evaluate our reserves for these other financing arrangements. We write off financing to hotel owners when we determine the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. We recognize interest income when received for impaired loans and financing receivables on non-accrual status which is recognized in other income (loss), net in our consolidated statements of income. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. For additional information about financing receivables, see Note 6. Accounts Receivable—Our accounts receivable primarily consists of trade receivables due from guests for services rendered at our owned and leased properties and from hotel owners with whom we have management and franchise agreements for services rendered and for reimbursements of costs incurred on behalf of managed and franchised properties. We record an accounts receivable reserve when losses are probable, based on an assessment of past collection activity and current business conditions. Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of two years or less and food and beverage items at our owned and leased hotels which are generally valued at the lower of cost (first-in, first-out) or net realizable value. Property and Equipment and Definite-Lived Intangible Assets—Property and equipment is stated at cost, including interest incurred during development and construction periods, less accumulated depreciation. Definite-lived intangible assets are recorded at the acquisition-date fair value, less accumulated amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. Property and equipment are depreciated over the following:
Definite-lived intangible assets are amortized over the following:
We assess property and equipment and definite-lived intangible assets for impairment quarterly. When events or circumstances indicate the carrying amount may not be recoverable, we evaluate the net book value of the assets for impairment by comparison to the projected undiscounted future cash flows of the assets. The principal factor used in the undiscounted cash flow analysis requiring judgment is the projected future operating cash flows, which are based on historical data, various internal estimates, and a variety of external resources, and are developed as part of our routine, long-term planning process. If the projected undiscounted future cash flows are less than the net book value of the assets, the fair value is determined based upon internally developed discounted cash flows of the assets, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. The principal inputs used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, the discount rates, and the capitalization rate assumptions. The excess of the net book value over the estimated fair value is recognized in asset impairments on our consolidated statements of income. We evaluate the carrying value of our property and equipment and definite-lived intangible assets based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area, status of local competition, and any significant adverse changes in the business climate. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset. For additional information about property and equipment and definite-lived intangible assets, see Notes 5 and 9, respectively. Leases—We primarily lease land, buildings, office space, spas and fitness centers, and equipment. We determine if an arrangement is an operating or finance lease at inception. For our hotel management agreements, we apply judgment in order to determine whether the contract is accounted for as a lease or management agreement based on the specific facts and circumstances of each agreement. In evaluating whether an agreement constitutes a lease, we review the contractual terms to determine which party obtains both the economic benefits and control of the assets. In arrangements where we control the assets and obtain the economic benefits, we account for the contract as a lease. Certain of our leases include options to extend the lease term by 1 to 99 years. We include lease extension options in our operating ROU assets and lease liabilities when it is reasonably certain that we will exercise the options. The range of extension options included in our operating ROU assets and lease liabilities is approximately 1 to 20 years. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. We assess ROU assets for impairment quarterly. When events or circumstances indicate the carrying value may not be recoverable, we evaluate the net book value of the asset for impairment by comparison to the projected undiscounted future cash flows. If the carrying value of the asset is determined to not be recoverable and is in excess of the estimated fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income. As our leases do not provide an implicit borrowing rate, we use our estimated IBR to determine the present value of our lease payments and apply a portfolio approach. We apply judgment in estimating our IBR including factors related to currency risk and our credit risk. We also give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when determining our IBR. Our operating leases may include the following terms: (i) fixed minimum lease payments, (ii) variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iii) lease payments equal to the greater of a minimum or variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iv) lease payments adjusted for changes in an index or market value, or (v) variable lease payments based on a percentage split of the total gross revenue, as defined in the leases, related to our residential management operations. Future lease payments that are contingent are not included in the measurement of the operating lease liability or in the future maturities table, see Note 8. For office space, land, and hotel leases, we do not separate the lease and nonlease components, which primarily relate to common area maintenance and utilities. We combine lease and nonlease components for those leases where we are the lessor, and we exclude all leases that are twelve months or less from the ROU assets and lease liabilities. Acquisitions—We evaluate the facts and circumstances of each acquisition to determine whether the transaction should be accounted for as an asset acquisition or a business combination. Under the supervision of management, independent third-party valuation specialists estimate the fair value of the assets or businesses acquired using various recognized valuation methods including the income approach, cost approach, relief from royalty approach, and sales comparison approach, which are primarily based on Level Three assumptions. Assumptions utilized in determining the fair value under these approaches include, but are not limited to, historical financial results when applicable, projected cash flows, discount rates, capitalization rates, royalty rates, current market conditions, likelihood of contract renewals, and comparable transactions. In a business combination, the fair value is allocated to tangible assets and liabilities and identifiable intangible assets, with any remaining value assigned to goodwill, if applicable. In an asset acquisition, any difference between the consideration paid and the fair value of the assets acquired is allocated across the identified assets based on the relative fair value. When we acquire the remaining ownership interest in or the property from an unconsolidated hospitality venture in a step acquisition, we estimate the fair value of our equity interest using the assumed cash proceeds we would receive from sale to a third party at a market sales price, which is determined using the aforementioned fair value methodologies and assumptions. The results of operations of properties or businesses have been included in our consolidated statements of income since their respective dates of acquisition. Assets acquired and liabilities assumed in acquisitions are recorded on our consolidated balance sheets at the respective acquisition dates based upon their estimated fair values (see Note 7). In business combinations, the purchase price allocations may be based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. Acquisition-related costs incurred in conjunction with a business combination are recognized in other income (loss), net on our consolidated statements of income. In an asset acquisition, these costs are included in the total consideration paid and allocated to the acquired assets. Goodwill—Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. As required, we evaluate goodwill for impairment annually during the fourth quarter of each year using balances at October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. We evaluate the fair value of the reporting unit either by performing a qualitative or quantitative assessment. In any given year, we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative assessment. When determining fair value, we utilize internally developed discounted future cash flow models, third-party valuation specialist models, third-party appraisals or broker valuations and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income based on the amount by which the reporting unit's carrying value exceeded its fair value, limited to the carrying amount of goodwill. For additional information about goodwill, see Note 9. Indefinite-Lived Intangible Assets—We have certain brand and other indefinite-lived intangibles that were acquired through various business combinations. At the time of each respective acquisition, fair value was estimated using a relief from royalty methodology. As required, we evaluate indefinite-lived intangible assets for impairment annually during the fourth quarter of each year using balances at October 1 and at an interim date if indications of impairment exist. We use the relief from royalty method to estimate the fair value. When determining fair value, we utilize internally developed discounted future cash flow models and third-party valuation specialist models, which include various assumptions requiring judgment, including projected future cash flows, discount rates, and market royalty rates. Our estimates of projected cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income. For additional information about indefinite-lived intangible assets, see Note 9. Guarantees—We enter into performance guarantees related to certain hotels we manage. We also enter into debt repayment and other guarantees with respect to unconsolidated hospitality ventures, certain managed or franchised hotels, and other properties. We record a liability for the fair value of these guarantees at their inception date. In order to estimate the fair value, we use a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology requires that we make certain assumptions and judgments regarding discount rates, volatility, hotel operating results, and hotel property sales prices. The fair value is not re-valued due to future changes in assumptions. The corresponding offset depends on the circumstances in which the guarantee was issued and is recorded to equity method investments, other assets, or expense. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Guarantees related to our managed or franchised hotels and other properties are amortized into income in other income (loss), net in our consolidated statements of income. Guarantees related to our unconsolidated hospitality ventures are amortized into equity earnings (losses) from unconsolidated hospitality ventures in our consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund is both probable and estimable based upon performance during the period, we record a separate contingent liability in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures. For additional information about guarantees, see Note 15. Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14. Fair Value—We apply the provisions of fair value measurement to various financial instruments, which we measure at fair value on a recurring basis, and to various financial and nonfinancial assets and liabilities, which we measure at fair value on a nonrecurring basis. We disclose the fair value of our financial assets and liabilities based on observable market information where available or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows:
We typically utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the classification within the fair value hierarchy has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy. The fair value of debt and equity securities is discussed in Note 4; the fair value of financing receivables is discussed in Note 6; the fair value of long-term debt is discussed in Note 11; and the fair value of our guarantee liabilities is discussed in Note 15. Excluding the aforementioned assets and liabilities, the carrying values of our current financial assets and current financial liabilities approximate fair values. We recognize transfers in and transfers out of the levels of the fair value hierarchy as of the end of each quarterly reporting period. Stock-Based Compensation—As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and directors:
We recognize the compensation expense for SARs on a straight-line basis from the date of grant through the requisite service period. The exercise price of these SARs is the fair value of our common stock at the grant date, based on a valuation of the Company prior to the IPO or the closing share price on the date of grant (as applicable). We recognize the effect of forfeitures for SARs as they occur.
The value of the RSUs is based upon the fair value of our common stock at the grant date, based upon a valuation of the Company prior to IPO or the closing stock price of our Class A common stock for the December 2009 award and all subsequent awards. Awards issued prior to our November 2009 IPO are deferred in nature and will be settled once all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. We recognize compensation expense over the requisite service period of the individual grant, which is generally between one and four years unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur. Under certain circumstances, we may issue performance-based RSUs which vest in tranches according to performance targets that are established annually. The value of the RSUs is determined using the fair value of our common stock at the grant date based upon the closing stock price of our Class A common stock. Due to the fact the performance tests, and therefore the vesting criteria, are established annually, each award tranche may have its own grant date. We issued 140,000 of such RSUs during the year ended December 31, 2019, for which, 126,000 RSUs have not met the grant date criteria and are therefore, not deemed granted as of December 31, 2019.
For additional information about stock-based compensation, see Note 17. Loyalty Program—The loyalty program is funded through contributions from participating properties and third-party loyalty alliances based on eligible revenues from loyalty program members and returns on marketable securities. The funds are used for the redemption of member awards and payment of operating expenses. Operating costs are expensed as incurred through costs incurred on behalf of managed and franchised properties. The program invests amounts received from the properties in marketable securities which are included in other current and noncurrent assets (see Note 4). Deferred revenues related to the loyalty program are classified as current and long-term contract liabilities on our consolidated balance sheets (see Note 3). The costs of administering the loyalty program, including the estimated cost of award redemption, are charged to the participating properties and third-party loyalty alliances based on members' qualified expenditures. Adopted Accounting Standards Leases—In February 2016, the Financial Accounting Standards Board ("FASB") released ASU 2016-02. ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a ROU asset and lease liability with certain practical expedients available. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make fixed minimum lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of fixed minimum lease payments over the lease term, including optional periods for which it is reasonably certain the renewal option will be exercised. In July 2018, the FASB released Accounting Standards Update No. 2018-11 ("ASU 2018-11"), Leases (Topic 842): Targeted Improvements, providing entities with an additional optional transition method. The provisions of ASU 2016-02, and all related ASUs, were effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted ASU 2016-02 utilizing the optional transition approach under ASU 2018-11 and applied the package of practical expedients beginning January 1, 2019. As a result of utilizing the optional transition method, our reporting for periods prior to January 1, 2019 continue to be reported in accordance with Leases (Topic 840). For leases in place upon adoption, we used the remaining lease term as of January 1, 2019 in determining the IBR. For the initial measurement of the lease liabilities for leases commencing on or after January 1, 2019, the IBR at the lease commencement date was applied. For operating leases, the adoption of ASU 2016-02 resulted in the initial recognition of ROU assets of $512 million and related lease liabilities of $452 million on our consolidated balance sheet at January 1, 2019. Upon adoption, we reclassified $103 million of intangibles, net related to below market leases and $49 million of deferred rent and other lease liabilities to the operating ROU assets. The net tax impact upon adoption was insignificant. The adoption of ASU 2016-02 did not significantly impact our accounting for finance leases or for those leases where we are the lessor. Additionally, the adoption of ASU 2016-02 did not materially affect our consolidated statements of income or our consolidated statements of cash flows. The impact on our consolidated balance sheet upon adoption of ASU 2016-02 was as follows:
Intangibles - Goodwill and Other - Internal-Use Software—In August 2018, the FASB released Accounting Standards Update No. 2018-15 ("ASU 2018-15"), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The provisions of ASU 2018-15 are to be applied using a prospective or retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We early adopted ASU 2018-15 on January 1, 2019 on a prospective basis which did not materially impact our consolidated financial statements. Future Adoption of Accounting Standards Financial Instruments - Credit Losses—In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize allowances for credit losses equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recognized through an allowance for credit losses. The provisions of ASU 2016-13 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. While we continue to evaluate the impact of adopting ASU 2016-13 and its disclosure requirements, we do not expect a material impact upon adoption.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Revenues The following tables present our revenues disaggregated by the nature of the product or service:
Contract Balances Our contract assets are insignificant at December 31, 2019 and December 31, 2018. Contract liabilities are comprised of the following:
The following table summarizes the activity in our contract liabilities:
Revenue recognized during the years ended December 31, 2019 and December 31, 2018 included in the contract liabilities balance at the beginning of each year was $375 million and $356 million, respectively. This revenue primarily relates to the loyalty program, which is recognized net of redemption reimbursements paid to third parties, and advanced deposits. Revenue Allocated to Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $130 million at December 31, 2019, of which we expect to recognize approximately 20% of the revenue over the next 12 months and the remainder thereafter. We did not estimate revenues expected to be recognized related to our unsatisfied performance obligations for the following:
• Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less.
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Debt and Equity Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities | DEBT AND EQUITY SECURITIES We make investments in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments. Equity Method Investments Equity method investments were $232 million and $233 million at December 31, 2019 and December 31, 2018, respectively, and are primarily recorded on our owned and leased hotels segment. The carrying values and ownership interests of our investments in unconsolidated hospitality ventures accounted for under the equity method are as follows:
The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
During the year ended December 31, 2019, we had the following activity:
During the year ended December 31, 2018, we had the following activity:
During the year ended December 31, 2017, we had the following activity:
During the years ended December 31, 2019, December 31, 2018, and December 31, 2017, we recognized $7 million, $16 million, and $3 million of impairment charges, respectively, in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income as the carrying values were in excess of fair values. The fair values were determined to be Level Three fair value measures, and the impairments were deemed other-than-temporary. Marketable Securities We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. Additionally, we periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes. Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on our consolidated balance sheets, were as follows:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund the loyalty program are recognized in other income (loss), net on our consolidated statements of income:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund rabbi trusts are recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts on our consolidated statements of income:
Our captive insurance companies hold marketable securities which include AFS debt securities that are invested in U.S. government agencies, time deposits, and corporate debt securities. We classify these investments as current or long-term, based on their contractual maturity dates, which range from 2020 through 2024. Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on our consolidated balance sheets, were as follows:
We hold common shares of Playa Hotels & Resorts N.V. ("Playa N.V.") which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. The fair value of the common shares is classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information. The remeasurement of our investment at fair value resulted in $15 million of unrealized gains and $44 million of unrealized losses for the years ended December 31, 2019 and December 31, 2018, respectively, recognized in other income (loss), net on our consolidated statements of income (see Note 21). We did not sell any shares of common stock during the year ended December 31, 2019. Other Investments HTM Debt Securities—At December 31, 2019 and December 31, 2018, we held $58 million and $49 million, respectively, of investments in HTM debt securities, which are investments in third-party entities that own certain of our hotels and are recorded within other assets in our consolidated balance sheets. The securities are mandatorily redeemable between 2020 and 2025. The amortized cost of our investments approximate fair value. We estimated the fair value of our investments using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. Based upon the lack of available market data, our investments are classified as Level Three within the fair value hierarchy. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. Equity Securities Without a Readily Determinable Fair Value—At December 31, 2019 and December 31, 2018, we had $7 million and $9 million, respectively, of investments in equity securities without a readily determinable fair value, which represent investments in entities where we do not have the ability to significantly influence the operations of the entity. Due to ongoing operating cash flow shortfalls in the business underlying an equity security during the year ended December 31, 2018, we recognized a $22 million impairment charge for our full investment balance in other income (loss), net on our consolidated statements of income (see Note 21) as the carrying value was in excess of the fair value. The fair value was determined to be a Level Three fair value measure. During the year ended December 31, 2018, the entity in which we held our investment disposed of its assets. Fair Value—We measured the following financial assets at fair value on a recurring basis:
During the years ended December 31, 2019 and December 31, 2018, there were no transfers between levels of the fair value hierarchy. We do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis. We invest a portion of our cash into short-term interest-bearing money market funds that have a maturity of less than 90 days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies, and the fair value of the funds is classified as Level One as we are able to obtain market available pricing information on an ongoing basis. The fair value of our mutual funds is classified as Level One as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Time deposits are recorded at par value, which approximates fair value, and are classified as Level Two. The remaining securities are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities.
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET
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Financing Receivables |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | FINANCING RECEIVABLES
Allowance for Losses and Impairments—The following table summarizes the activity in our unsecured financing receivables allowance:
Credit Monitoring—Our unsecured financing receivables were as follows:
Fair Value—We estimated the fair value of financing receivables to be approximately $36 million and $59 million at December 31, 2019 and December 31, 2018, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.
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Acquisitions and Dispositions |
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Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisitions Two Roads Hospitality, LLC—During the year ended December 31, 2018, we acquired all of the outstanding equity interests of Two Roads in a business combination for a purchase price of $405 million. The transaction also included potential additional consideration including (i) up to $96 million if the sellers completed specific actions with respect to certain of the acquired management agreements within 120 days from the date of acquisition and (ii) up to $8 million in the event of the execution of certain potential new management agreements related to the development of certain potential new deals previously identified and generated by the sellers or affiliates of the sellers within one year of the closing of the transaction. One of the sellers is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. We closed on the transaction on November 30, 2018 and paid cash of $415 million, net of $37 million cash acquired. Cash paid at closing was inclusive of a $36 million payment of the aforementioned additional consideration and $4 million of other purchase price adjustments. Related to the $68 million of potential additional consideration, we recorded a $57 million contingent liability in accrued expenses and other current liabilities on our consolidated balance sheet at December 31, 2018, which represented our estimate of remaining expected consideration to be paid. Net assets acquired were determined as follows:
As it relates to the $57 million contingent consideration liability recorded at December 31, 2018, of which $3 million remains at December 31, 2019, the following occurred during the year ended December 31, 2019:
The acquisition includes management and license agreements for operating and pipeline hotels primarily across North America and Asia under five hospitality brands. During the year ended December 31, 2019, the fair values of the assets acquired and liabilities assumed were revised as we refined our analysis of contract terms and renewal assumptions which affected the underlying cash flows in the valuation. This resulted in a $38 million reduction in intangibles, net with an offsetting increase in goodwill on our consolidated balance sheet at December 31, 2019. We finalized the fair values of the assets acquired and liabilities assumed, which are classified as Level Three in the fair value hierarchy, during 2019. The fair values are based on information that was available as of the date of acquisition and estimated using discounted future cash flow models and relief from royalty method, including revenue projections based on the expected contract terms, renewal assumptions, and long-term growth rates, as well as the selection of discount rates. The following table summarizes the fair value of the identifiable net assets acquired:
(1) Includes brand-related intangibles. (2) Amortized over useful lives of 1 to 19 years, with a weighted-average useful life of approximately 12 years. (3) The goodwill, of which $154 million is tax deductible, is attributable to the growth opportunities we expect to realize by expanding into new markets and enhancing guest experiences through these newly acquired lifestyle brands (see Note 9). (4) Includes $13 million of pre-acquisition liabilities relating to certain foreign filing positions, including $4 million of interest and penalties. We recorded an offsetting indemnification asset which we expect to collect under contractual arrangements (see Note 14). (5) See Note 9 for impairment discussion. (6) Included in contract liabilities (see Note 3). Hyatt Regency Phoenix—During the year ended December 31, 2018, we completed an asset acquisition of Hyatt Regency Phoenix from an unrelated third party for a purchase price of approximately $139 million, net of proration adjustments. Assets acquired and recorded in our owned and leased hotels segment consist primarily of $136 million of property and equipment. The purchase of Hyatt Regency Phoenix was designated as replacement property in a like-kind exchange (see "Like-Kind Exchange Agreements" below). Hyatt Regency Indian Wells Resort & Spa—During the year ended December 31, 2018, we completed an asset acquisition of Hyatt Regency Indian Wells Resort & Spa from an unrelated third party for a purchase price of approximately $120 million, net of proration adjustments. Assets acquired and recorded in our owned and leased hotels segment consist primarily of $119 million of property and equipment. The purchase of Hyatt Regency Indian Wells Resort & Spa was designated as replacement property in a like-kind exchange (see "Like-Kind Exchange Agreements" below). Exhale—During the year ended December 31, 2017, we acquired the equity of Exhale from an unrelated third party for a purchase price of $16 million, net of $1 million cash acquired. Assets acquired and recorded within corporate and other primarily include a $9 million brand indefinite-lived intangible and $4 million of goodwill, of which $3 million is deductible for tax purposes. Miraval—During the year ended December 31, 2017, we acquired Miraval from an unrelated third party. The transaction included the Miraval Life in Balance Spa brand, Miraval Arizona Resort & Spa in Tucson, Arizona, Travaasa Resort in Austin, Texas, and the option to acquire Cranwell Spa & Golf Resort ("Cranwell") in Lenox, Massachusetts. We subsequently exercised our option and acquired approximately 95% of Cranwell during the year ended December 31, 2017. Total cash consideration for Miraval was $237 million. The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:
(1) Includes an intangible attributable to the Miraval brand. (2) Amortized over a 20 year useful life. (3) The goodwill, of which $10 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities. (4) Amortized over useful lives ranging from two to seven years. In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing partner (the "Miraval Venture") issued $9 million of redeemable preferred shares to unrelated third-party investors. The preferred shares were non-voting, except as required by applicable law and certain contractual approval rights, and had liquidation preference over all other classes of securities within the Miraval Venture. The redeemable preferred shares earned a return of 12%. During the year ended December 31, 2018, the preferred shares were redeemed for $10 million. Dispositions Grand Hyatt Seoul—During the year ended December 31, 2019, we sold the shares of the entity which owns Grand Hyatt Seoul and adjacent land to an unrelated third party for approximately $467 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. We entered into a long-term management agreement for the property upon sale. The sale resulted in a $349 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2019. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Contractual Right—During the year ended December 31, 2019, we sold our contractual right to purchase Hyatt Regency Portland at the Oregon Convention Center to an unrelated third party for approximately $21 million, net of closing costs. We entered into a long-term management agreement for the property upon sale. The sale resulted in a $16 million pre-tax gain which was recognized in other income (loss), net on our consolidated statements of income during the year ended December 31, 2019 (see Note 21). Land—During the year ended December 31, 2019, we acquired $15 million of land through an asset acquisition from an unrelated third party to develop a hotel in Austin, Texas and subsequently sold the land and related construction in progress through an asset disposition during 2019. Hyatt Regency Atlanta—During the year ended December 31, 2019, we sold Hyatt Regency Atlanta to an unrelated third party for approximately $346 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. We entered into a long-term management agreement for the property upon sale. The sale resulted in a $272 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2019. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Land and Lease Assignment—During the year ended December 31, 2019, we sold the property adjacent to Grand Hyatt San Francisco and assigned the related Apple store lease to an unrelated third party for approximately $115 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. The sale resulted in a $101 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2019. The operating results and financial position of this property prior to the sale remain within our owned and leased hotels segment. A Hyatt House Hotel—During the year ended December 31, 2018, we sold a select service property for $48 million, net of closing costs and proration adjustments, to an unrelated third party and accounted for the transaction as an asset disposition. We entered into a long-term management agreement for the property upon sale. The sale resulted in a $4 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2018. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Hyatt Regency Mexico City—During the year ended December 31, 2018, we sold the shares of the entity which owns Hyatt Regency Mexico City, an investment in an unconsolidated hospitality venture, and adjacent land, a portion of which will be developed as Park Hyatt Mexico City, to an unrelated third party for approximately $405 million and accounted for the transaction as an asset disposition. We entered into long-term management agreements for the properties upon sale. We received $360 million of proceeds and issued $46 million of unsecured financing receivables which were repaid in full during the year ended December 31, 2019 (see Note 6). The sale resulted in a pre-tax gain of approximately $238 million, which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2018. In connection with the disposition, we recognized a $21 million goodwill impairment charge in asset impairments on our consolidated statements of income during the year ended December 31, 2018. The assets disposed represented the entirety of the related reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired (see Note 9). The operating results and financial position prior to the sale remain within our owned and leased hotels segment. Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort and Spa—During the year ended December 31, 2018, we sold Grand Hyatt San Francisco, Andaz Maui at Wailea Resort together with adjacent land, and Hyatt Regency Coconut Point Resort and Spa to an unrelated third party as a portfolio for approximately $992 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. We entered into long-term management agreements for the properties upon sale. The sale resulted in a $531 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2018. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. Although we concluded the disposal of these properties does not qualify as discontinued operations, the disposal is considered to be material. Pre-tax net income attributable to the three properties was $15 million and $23 million during the years ended December 31, 2018 and December 31, 2017, respectively. Land Held for Development—A wholly owned subsidiary held undeveloped land in Los Cabos, Mexico. During the year ended December 31, 2018, an unrelated third party invested in the subsidiary in exchange for a 50% ownership interest resulting in derecognition of the subsidiary and the recognition of an investment in an unconsolidated hospitality venture at fair value of $45 million. Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course—During the year ended December 31, 2017, we sold Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course to an unrelated third party for $58 million, net of closing costs and proration adjustments, and entered into a long-term franchise agreement for the property upon sale. The sale resulted in a $17 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2017. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa—During the year ended December 31, 2017, we sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa to an unrelated third party as a portfolio for $296 million, net of closing costs and proration adjustments, and entered into long-term management agreements for the properties upon sale. The sale resulted in a $159 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2017. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. Hyatt Regency Grand Cypress—During the year ended December 31, 2017, we sold Hyatt Regency Grand Cypress to an unrelated third party for $202 million, net of closing costs and proration adjustments, and entered into a long-term management agreement for the property upon sale. The sale resulted in a $26 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2017. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Hyatt Regency Louisville—During the year ended December 31, 2017, we sold Hyatt Regency Louisville to an unrelated third party for $65 million, net of closing costs and proration adjustments, and entered into a long-term franchise agreement for the property upon sale. The sale resulted in a $35 million pre-tax gain which was recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2017. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Land Held for Development—During the year ended December 31, 2017, we sold land and construction in progress for $29 million to an unconsolidated hospitality venture in which we have a 50% ownership interest, with the intent to complete development of a hotel in Glendale, California. Like-Kind Exchange Agreements Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period. In conjunction with the sale of the property adjacent to Grand Hyatt San Francisco during the year ended December 31, 2019, $115 million of proceeds were held as restricted for use in a potential like-kind exchange. In conjunction with the sale of Hyatt Regency Coconut Point Resort and Spa during the year ended December 31, 2018, $221 million of proceeds were held as restricted for use in a potential like-kind exchange. During the year ended December 31, 2018, $198 million of these proceeds were utilized to acquire Hyatt Regency Phoenix and Hyatt Regency Indian Wells Resort & Spa and the remaining $23 million were released. In conjunction with the sale of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch during the year ended December 31, 2017, $207 million of proceeds were held as restricted for use in a potential like-kind exchange. However, we did not acquire an identified replacement property within the specified 180 day period, and the proceeds were released during the year ended December 31, 2018.
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Leases |
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Leases | LEASES Lessee A summary of operating lease expense is as follows:
Total lease expense related to short-term leases and finance leases was insignificant for the year ended December 31, 2019. Supplemental balance sheet information related to finance leases is as follows:
(1) Finance lease assets are net of $14 million of accumulated amortization. Weighted-average remaining lease terms and discount rates are as follows:
The maturities of lease liabilities in accordance with Leases (Topic 842) in each of the next five years and thereafter are as follows:
The future minimum lease payments from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) in each of the next five years and thereafter are as follows:
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income within owned and leased hotels revenues on our consolidated statements of income as follows:
The future minimum lease receipts in accordance with Leases (Topic 842) scheduled to be received in each of the next five years and thereafter are as follows:
The future minimum lease receipts from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) scheduled to be received in each of the next five years and thereafter are as follows:
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Leases | LEASES Lessee A summary of operating lease expense is as follows:
Total lease expense related to short-term leases and finance leases was insignificant for the year ended December 31, 2019. Supplemental balance sheet information related to finance leases is as follows:
(1) Finance lease assets are net of $14 million of accumulated amortization. Weighted-average remaining lease terms and discount rates are as follows:
The maturities of lease liabilities in accordance with Leases (Topic 842) in each of the next five years and thereafter are as follows:
The future minimum lease payments from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) in each of the next five years and thereafter are as follows:
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income within owned and leased hotels revenues on our consolidated statements of income as follows:
The future minimum lease receipts in accordance with Leases (Topic 842) scheduled to be received in each of the next five years and thereafter are as follows:
The future minimum lease receipts from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) scheduled to be received in each of the next five years and thereafter are as follows:
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Leases | LEASES Lessee A summary of operating lease expense is as follows:
Total lease expense related to short-term leases and finance leases was insignificant for the year ended December 31, 2019. Supplemental balance sheet information related to finance leases is as follows:
(1) Finance lease assets are net of $14 million of accumulated amortization. Weighted-average remaining lease terms and discount rates are as follows:
The maturities of lease liabilities in accordance with Leases (Topic 842) in each of the next five years and thereafter are as follows:
The future minimum lease payments from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) in each of the next five years and thereafter are as follows:
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income within owned and leased hotels revenues on our consolidated statements of income as follows:
The future minimum lease receipts in accordance with Leases (Topic 842) scheduled to be received in each of the next five years and thereafter are as follows:
The future minimum lease receipts from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) scheduled to be received in each of the next five years and thereafter are as follows:
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET
We estimate amortization expense for definite-lived intangibles as follows: During the year ended December 31, 2019, we recognized $18 million of impairment charges related to management and franchise agreement intangibles and brand and other indefinite-lived intangibles primarily as a result of contract terminations. The impairment charges were recognized in asset impairments on our consolidated statements of income, primarily within our Americas management and franchising segment, and are classified as Level Three in the fair value hierarchy. During the year ended December 31, 2018, we recognized $25 million of goodwill impairment charges primarily related to the HRMC transaction in asset impairments on our consolidated statements of income (see Note 7). During the year ended December 31, 2017, we did not recognize any impairment charges.
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Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | OTHER ASSETS
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT
Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
Senior Notes—At December 31, 2019 and December 31, 2018, we had unsecured Senior Notes as further described below. Interest on the Senior Notes is payable semi-annually. We may redeem all or a portion of the Senior Notes at any time at 100% of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of our outstanding Senior Notes, by year of issuance, is as follows:
Debt Redemption—During the year ended December 31, 2018, we redeemed all of our outstanding 2019 Notes, of which there was $196 million of aggregate principal outstanding, at a redemption price of approximately $203 million, which was calculated in accordance with the terms of the 2019 Notes and included principal and accrued interest plus a make-whole premium. The $7 million loss on extinguishment of debt was recognized in other income (loss), net on our consolidated statements of income (see Note 21). Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B—During the year ended December 31, 2013, we acquired our partner's interest in the entity that owned Grand Hyatt San Antonio, and as a result, we consolidated $198 million of bonds, net of the $9 million bond discount, which is being amortized over the life of the bonds. The construction was financed in part by The City of San Antonio, Texas Convention Center Hotel Finance Corporation ("Texas Corporation"), a non-profit local government corporation created by the City of San Antonio, Texas for the purpose of providing financing for a portion of the costs of constructing the hotel. On June 8, 2005, Texas Corporation issued $130 million of original principal amount Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A ("Series 2005A Bonds") and $78 million of original principal amount Contract Revenue Bonds, Senior Taxable Series 2005B ("Series 2005B Bonds"). The Series 2005A Bonds mature between 2034 and 2039, with interest ranging from 4.75% to 5.00%, and the remaining Series 2005B Bonds mature between 2020 and 2028, with interest ranging from 5.1% to 5.31%. The loan payments are required to be funded solely from net operating revenues of Grand Hyatt San Antonio, and in the event that net operating revenues are not sufficient to pay debt service, Texas Corporation under certain circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series Bonds. The indenture allows for optional early redemption of the Series 2005B Bonds subject to make-whole payments at any time with consent from Texas Corporation and beginning in 2015 for the Series 2005A Bonds. Interest is payable semi-annually. Floating Average Rate Construction Loan—During the year ended December 31, 2012, we obtained a secured construction loan with Banco Nacional de Desenvolvimento Econômico e Social - BNDES ("BNDES") in order to develop Grand Hyatt Rio de Janeiro. The loan is split into four separate sub-loans, each with different interest rates. Sub-loans (a) and (b) mature in 2031 and sub-loans (c) and (d) mature in 2023. Borrowings under the four sub-loans bear interest at the following rates, depending on the applicable sub-loan: (a) and (b) the Brazilian Long Term Interest Rate - TJLP plus 2.92%, (c) 2.5%, and (d) the Brazilian Long Term Interest Rate - TJLP. On sub-loans (a), (b), and (d), when the TJLP rate exceeds 6%, the amount corresponding to the TJLP portion above 6% is required to be capitalized daily. At December 31, 2019, the weighted-average interest rates for the sub-loans we have drawn upon is 7.54%. The outstanding balance of the sub-loan subject to the interest rate described in (a) above is subject to adjustment on a daily basis based on BNDES's calculation of the weighted-average of exchange rate variations related to foreign currency funds raised by BNDES in foreign currency. At December 31, 2019 and December 31, 2018, we had Brazilian Real ("BRL") 197 million, or $49 million, and BRL 214 million, or $55 million, outstanding, respectively. Revolving Credit Facility—During the year ended December 31, 2018, we refinanced our $1.5 billion senior unsecured revolving credit facility with a syndicate of lenders, extending the maturity of the facility to January 2023. Interest rates on outstanding borrowings are either LIBOR-based or based on an alternate base rate, with margins in each case based on our credit rating or, in certain circumstances, our credit rating and leverage ratio. During the year ended December 31, 2019, we had $400 million of borrowings and repayments on our revolving credit facility. The weighted-average interest rate on these borrowings was 3.47% at December 31, 2019. At December 31, 2019 and December 31, 2018, we had no balance outstanding. The Company had $263 million and $277 million of letters of credit issued through additional banks at December 31, 2019 and December 31, 2018, respectively. Fair Value—We estimated the fair value of debt, excluding finance leases, which consists of our Senior Notes, bonds, and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of available market data, we have classified our revolving credit facility and other debt instruments as Level Three. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.
(1) Excludes $11 million of finance lease obligations and $15 million of unamortized discounts and deferred financing fees.
(2) Excludes $12 million of capital lease obligations and $16 million of unamortized discounts and deferred financing fees. Interest Rate Locks—At December 31, 2019 and December 31, 2018, we had outstanding interest rate locks with $275 million and $200 million of notional value, respectively, and mandatory settlement dates of 2021. The interest rate locks hedge a portion of the risk of changes in the benchmark interest rate associated with long-term debt we anticipate issuing in the future. These outstanding derivative instruments are designated as cash flow hedges and deemed highly effective both at inception and at December 31, 2019. During the years ended December 31, 2019 and December 31, 2018, we recognized $20 million and $4 million of pre-tax losses, respectively, in unrealized gains (losses) on derivative activity on our consolidated statements of comprehensive income. At December 31, 2019 and December 31, 2018, we had $24 million and $4 million of liabilities related to these derivative instruments, respectively, recorded in other long-term liabilities on our consolidated balance sheets. We estimated the fair values of interest rate locks, which are classified as Level Two in the fair value hierarchy, using discounted cash flow models. The primary sensitivity in these models is based on forward and discount curves. During the year ended December 31, 2018, we settled interest rate locks with $225 million of notional value upon issuance of the 2028 Notes.
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees' salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans. The accumulated benefit obligation related to the unfunded U.S. plan was $21 million and $19 million, of which $20 million and $18 million was classified as a long-term liability, at December 31, 2019 and December 31, 2018, respectively. At December 31, 2019, we expect benefits of $1 million to be paid annually over the next 10 years. Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the FRP, and other similar plans. For the years ended December 31, 2019, December 31, 2018, and December 31, 2017, we recorded expenses of $48 million, $41 million, and $39 million, respectively, related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts. The majority of these contributions relate to hotel property level employees, which are reimbursable to us, and are included in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income. Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the DCP. Contributions and investment elections are determined by the employees, and we provide contributions to certain eligible employees according to pre-established formulas. The DCP is fully funded through a rabbi trust, therefore changes in the underlying securities impact the deferred compensation liability, which is recorded in other long-term liabilities (see Note 13) and the corresponding marketable securities assets (see Note 4). Employee Stock Purchase Program—We provide the Hyatt Hotels Corporation ESPP, which qualifies under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair value on the last trading day of each quarter. We issued 79,700 shares and 61,900 shares under the ESPP during 2019 and 2018, respectively.
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Other Long-Term Liabilities |
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Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Our tax provision includes federal, state, local, and foreign income taxes.
The provision (benefit) for income taxes from continuing operations is comprised of the following:
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
Significant items affecting the 2019 effective tax rate include the state impact of U.S. operations and certain foreign net operating losses generated in the current year that are not expected to be utilized within the carryforward period. These expenses are offset by the benefits related to the rate differential on foreign operations, including a non-recurring benefit related to prior years recognized as a result of an agreement reached by the United States and Swiss tax authorities on Advanced Pricing Agreement terms covering tax years 2012 through 2021. Significant items affecting the 2018 effective tax rate include the decrease in the U.S. corporate income tax rate from 35% to 21% as part of the 2017 Tax Act, the low effective tax rate on the HRMC transaction, and a $15 million release of a valuation allowance on foreign tax credits expected to be utilized within the allowed carryforward period. These benefits are partially offset by the impact of certain foreign net operating losses generated that are not expected to be utilized in the future. Significant items affecting the 2017 effective tax rate include a $45 million expense related to reducing our net deferred tax assets to the lower U.S. corporate income tax rate. Additional items that impacted the 2017 effective tax rate include an expense related to certain foreign net operating losses generated that are not expected to be utilized in the future, a $15 million valuation allowance on foreign tax credits not expected to be utilized in the future, and $13 million of expenses related to deemed repatriation tax as a result of the Tax Act. These expenses were partially offset by the benefit related to the rate differential of foreign operations and the recognition of $10 million of foreign tax credits generated by distributions from certain foreign subsidiaries. The components of the net deferred tax assets and deferred tax liabilities are comprised of the following:
As a result of the adoption of ASU 2016-02, we recognized a deferred tax asset and an offsetting deferred tax liability for operating lease liabilities and operating ROU assets, respectively. Additionally, we reclassified existing deferred tax balances primarily from other deferred tax asset and property and equipment deferred tax liability balances. On a net basis, there was no change to our total net deferred tax assets as a result of the adoption. During the year ended December 31, 2019, significant changes to our deferred tax balances include a $21 million increase in the property and equipment deferred tax liability as a result of book depreciation in excess of tax depreciation and a $10 million increase in the intangibles deferred tax liability due to tax amortization in excess of book, primarily driven by the Two Roads acquisition (see Note 7). At December 31, 2019, we have $451 million of accumulated undistributed earnings generated by our foreign subsidiaries, the majority of which have been subject to U.S. tax. Any additional taxes due with respect to such earnings or the excess of book basis over tax basis of our foreign investments would generally be limited to foreign withholding and U.S. state income taxes. We continue to assert that undistributed net earnings with respect to certain foreign subsidiaries that have not previously been taxed in the U.S. are indefinitely reinvested. At December 31, 2019, we have $46 million of deferred tax assets for future tax benefits related to foreign and state net operating losses and $4 million of benefits related to federal and state credits. Of these deferred tax assets, $23 million relates to net operating losses and federal and state credits that expire in 2020 through 2039. However, $27 million primarily relates to foreign net operating losses that have no expiration date and may be carried forward indefinitely. A valuation allowance of $41 million is recorded for certain deferred tax assets related to net operating losses and credits that we do not believe are more likely than not to be realized. At December 31, 2019 and December 31, 2018, total unrecognized tax benefits were $125 million and $116 million, respectively, of which $36 million and $15 million, respectively, would impact the effective tax rate if recognized. It is reasonably possible that a reduction of up to $6 million of unrecognized tax benefits could occur within 12 months resulting from the expiration of certain tax statutes of limitations and tax settlements. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
In 2019, the $9 million net increase in uncertain tax positions is primarily related to an accrual for the U.S. treatment of the loyalty program. The decrease in prior period tax positions primarily relates to the effective settlement of certain federal and state tax matters. In 2018, the $22 million net increase in uncertain tax positions is primarily related to an accrual for the U.S. treatment of the loyalty program. The increase in prior period tax positions relates to local tax filing positions identified as a result of the Two Roads acquisition (see Note 7) and a state tax accrual related to filing positions taken on the 2017 state tax returns. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total gross accrued interest and penalties were $22 million and $18 million at December 31, 2019 and December 31, 2018, respectively. The amount of interest and penalties recognized as a component of income tax expense in 2019 was an expense of $5 million, primarily related to federal, state, and foreign tax matters. The amount of interest and penalties recognized as a component of income tax expense in 2018 was insignificant. We are subject to audits by federal, state, and foreign tax authorities. We are currently under field exam by the IRS for tax years 2015 through 2017. U.S. tax years 2009 through 2011 are before the U.S. Tax Court concerning the tax treatment of the loyalty program. Additionally, U.S. tax years 2012 through 2014 are pending the outcome of the issue currently in U.S. Tax Court. If the IRS' position to include loyalty program contributions as taxable income to the Company is upheld, it would result in an income tax payment of $191 million (including $47 million of estimated interest, net of federal tax benefit) for all assessed years that would be partially offset by a deferred tax asset. As future tax benefits will be recognized at the reduced U.S. corporate income tax rate, $69 million of the payment and related interest would have an impact on the effective tax rate, if recognized. We believe we have an adequate uncertain tax liability recorded in connection with this matter. We have several state audits pending, specifically in Illinois and Florida. State income tax returns are generally subject to examination for a period of three to five years after filing of the return. However, the state impact of any federal changes remains subject to examination by various states for a period generally up to one year after formal notification to the states of the federal changes. We also have several foreign audits pending. The statutes of limitations for the foreign jurisdictions ranges from three to ten years after filing the applicable tax return.
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Commitments and Contingencies |
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Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below: Commitments—At December 31, 2019, we are committed, under certain conditions, to lend or provide certain consideration to, or invest in, various business ventures up to $296 million, net of any related letters of credit. Performance Guarantees—Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels (see Note 2). Our most significant performance guarantee relates to the four managed hotels in France, which has a term of seven years and expires on April 30, 2020. This guarantee has a maximum cap, but does not have an annual cap. The remaining maximum exposure related to our performance guarantees at December 31, 2019 was $238 million, of which €147 million ($165 million using exchange rates at December 31, 2019) was related to the four managed hotels in France. We had $33 million and $47 million of total net performance guarantee liabilities at December 31, 2019 and December 31, 2018, respectively, which included $14 million and $25 million recorded in other long-term liabilities and $19 million and $22 million recorded in accrued expenses and other current liabilities on our consolidated balance sheets, respectively.
Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At December 31, 2019 and December 31, 2018, there were no amounts recognized on our consolidated balance sheets related to these performance test clauses. Debt Repayment and Other Guarantees—We enter into various debt repayment and other guarantees in order to assist property owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt repayment and other guarantees are the following:
(1) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at December 31, 2019. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $85 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded. (2) We have agreements with our unconsolidated hospitality venture partners, the respective hotel owners, or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security. (3) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property. With respect to properties in Brazil, this right only exists for the residential property. (4) In conjunction with the debt repayment guarantees, we are subject to completion guarantees whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to partial recovery in the form of cash. At December 31, 2019, the maximum potential future payments are $3 million, and the maximum exposure net of recoverability from third parties is insignificant. (5) At December 31, 2018, other-long term liabilities included a debt repayment guarantee for a hotel property in Washington State. During the year ended December 31, 2019, the debt was refinanced, and we are no longer a guarantor. As a result, we recognized a $15 million release of our debt repayment guarantee liability in other income (loss), net on our consolidated statements of income for the year ended December 31, 2019 (see Note 21). At December 31, 2019, we are not aware of, nor have we received notification that hotel owners are not current on their debt service obligations where we have provided a debt repayment guarantee. Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $62 million and $128 million at December 31, 2019 and December 31, 2018, respectively. Based upon the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy (see Note 2). Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S.-based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance companies to be paid within 12 months are $41 million and $38 million at December 31, 2019 and December 31, 2018, respectively, and are recorded in accrued expenses and other current liabilities on our consolidated balance sheets, while reserves for losses in our captive insurance companies to be paid in future periods are $80 million and $78 million at December 31, 2019 and December 31, 2018, respectively, and are recorded in other long-term liabilities on our consolidated balance sheets. Collective Bargaining Agreements—At December 31, 2019, approximately 23% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between us and various unions. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good. Surety Bonds—Surety bonds issued on our behalf were $48 million at December 31, 2019 and primarily relate to workers' compensation, taxes, licenses, construction liens, and utilities related to our lodging operations. Letters of Credit—Letters of credit outstanding on our behalf at December 31, 2019 were $264 million, which relate to our ongoing operations, hotel properties under development in the U.S., collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated with the hotel properties in India and the residential property in Brazil, which are only called upon if we default on our guarantees. Of the letters of credit outstanding, $1 million reduces the available capacity under our revolving credit facility (see Note 11). Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved. Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures, certain managed hotels, and other properties, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture partners, respective hotel owners, or other third parties. As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire. We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our consolidated financial statements. During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recognized a liability in connection with this matter. As of December 31, 2019, our maximum exposure is not expected to exceed $18 million.
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Stockholders' Equity and Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Comprehensive Loss | STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS Common Stock—At December 31, 2019, Pritzker family business interests beneficially owned, in the aggregate, approximately 96.5% of our Class B common stock and approximately 2.9% of our Class A common stock, representing approximately 63.2% of the outstanding shares of our common stock and approximately 91.6% of the total voting power of our outstanding common stock. As a result, consistent with the voting agreements contained in the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, Pritzker family business interests are able to exert a significant degree of influence or actual control over our management and affairs and over matters requiring stockholder approval, including the election of directors and other significant corporate transactions. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval. Because of our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our common stock. Pursuant to the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. In addition, other stockholders beneficially own, in the aggregate, approximately 3.5% of our outstanding Class B common stock representing approximately 2.2% of the outstanding shares of our common stock and approximately 3.3% of the total voting power of our outstanding common stock. Pursuant to the 2007 Stockholders' Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. Share Repurchase—During 2019, 2018, and 2017, our board of directors authorized the repurchase of up to $750 million, $750 million, and $1,250 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time. During the year ended December 31, 2019, we repurchased 5,621,281 shares of common stock. The shares of common stock were repurchased at a weighted-average price of $74.85 per share for an aggregate purchase price of $421 million, excluding related insignificant expenses. The shares repurchased during 2019 represented approximately 5% of our total shares of common stock outstanding at December 31, 2018. During the year ended December 31, 2018, we entered into the following ASR programs with third-party financial institutions to repurchase Class A shares:
(1) The delivery of shares resulted in a reduction in weighted-average common shares outstanding for basic and diluted earnings per share (see Note 20). (2) The May 2018 ASR and the November 2018 ASR are collectively referred to as the "2018 ASR Agreements." During the year ended December 31, 2018, we repurchased 12,723,895 shares of common stock, including settlement of the 2018 ASR Agreements and 244,260 shares representing the settlement of the November 2017 ASR. The shares of common stock were repurchased at a weighted-average price of $75.68 per share for an aggregate purchase price of $966 million, excluding related insignificant expenses. The aggregate purchase price includes $20 million of shares delivered in the settlement of the November 2017 ASR in 2018, for which payment was made during 2017. The shares repurchased during 2018 represented approximately 11% of our total shares of common stock outstanding at December 31, 2017. The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares retired during the year ended December 31, 2019 (see Note 18). At December 31, 2019, we had $997 million remaining under the share repurchase authorization. Accumulated Other Comprehensive Loss
Dividend—During the year ended December 31, 2019, we paid cash dividends of $29 million and $51 million, respectively, to Class A and Class B shareholders of record, and during the year ended December 31, 2018, we paid cash dividends of $27 million and $41 million, respectively, to Class A and Class B shareholders of record as follows:
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Stock-Based Compensation |
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Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and non-employee directors (see Note 2). In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. Under the LTIP, we are authorized to issue up to 14,375,000 shares. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recognized within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income. Stock-based compensation expense included in selling, general, and administration expense on our consolidated statements of income related to these awards was as follows:
The expected income tax benefit to be realized at the time of vest related to these awards for the years ended December 31, 2019, December 31, 2018, and December 31, 2017 was as follows:
SARs—The following table sets forth a summary of the SAR grants in 2019, 2018, and 2017:
The weighted-average grant date fair value for the awards granted in 2019, 2018, and 2017 was $17.11, $21.18, and $16.42, respectively. The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:
Due to a lack of historical exercise activity, the expected life was estimated based on the midpoint between the vesting period and the contractual life of each SAR. The risk-free interest rate was based on U.S. Treasury instruments with similar expected life. We calculate volatility using our trading history over a time period consistent with our expected term assumption. The dividend yield assumption is based on the expected annualized dividend payment at the date of grant. A summary of employee SAR activity is presented below:
During the years ended December 31, 2019, December 31, 2018, and December 31, 2017, the intrinsic value of exercised SARs was $16 million, $7 million, and $24 million, respectively. The total intrinsic value of SARs outstanding at December 31, 2019 was $131 million, and the total intrinsic value for exercisable SARs was $101 million at December 31, 2019. RSUs—The following table sets forth a summary of the employee RSU grants:
The weighted-average grant date fair value for the awards granted in 2019, 2018, and 2017 was $72.32, $79.47, and $54.08, respectively. The liability and related expense for granted cash-settled RSUs are insignificant at and for the year ended December 31, 2019. A summary of the status of the nonvested employee RSU awards outstanding under the LTIP is presented below:
The total intrinsic value of nonvested RSUs at December 31, 2019 was $70 million. PSUs—The following table sets forth a summary of PSU grants:
A summary of the status of the nonvested PSU awards outstanding under the LTIP is presented below:
At December 31, 2019, the total intrinsic value of nonvested PSUs if target performance is achieved was $23 million. Unearned Compensation—Our total unearned compensation for our stock-based compensation programs at December 31, 2019 is as follows and is expected to be recorded as stock-based compensation expense:
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Related-Party Transactions |
12 Months Ended |
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Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS In addition to those included elsewhere in the Notes to our consolidated financial statements, related-party transactions entered into by us are summarized as follows: Legal Services—A partner in a law firm that provided services to us throughout 2019, 2018, and 2017 is the brother-in-law of our Executive Chairman. We incurred $6 million, $6 million, and $3 million of legal fees with this firm for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively. At both December 31, 2019 and December 31, 2018, we had insignificant amounts due to the law firm. Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recognized $22 million, $20 million, and $24 million of fees for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively. In addition, in some cases we provide loans (see Note 6) or guarantees (see Note 15) to these entities. During the years ended December 31, 2019, December 31, 2018, and December 31, 2017, we recognized $4 million, $7 million, and $5 million, respectively, of income related to these guarantees. At both December 31, 2019 and December 31, 2018, we had $17 million of receivables due from these properties. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. See Note 4 for further details regarding these investments. Other Services—The brother of our Executive Chairman is affiliated with a limited partnership which has ownership interests in hotels from which we recognized $7 million of management and franchise fees during the year ended December 31, 2019. At both December 31, 2019 and December 31, 2018, we had insignificant receivables due from these properties. Class B Share Conversion—During the years ended December 31, 2019 and December 31, 2018, 975,170 shares and 1,207,355 shares, respectively, of Class B common stock were converted on a share-for-share basis into shares of our Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding. Class B Share Repurchase—During 2019, we repurchased 677,384 shares of Class B common stock for a weighted-average price of $74.21 per share, for an aggregate purchase price of approximately $50 million. The shares repurchased represented approximately 1% of our total shares of common stock outstanding at December 31, 2018. During 2018, we repurchased 2,430,654 shares of Class B common stock at a weighted-average price of $78.10 per share, for an aggregate purchase price of approximately $190 million. The shares repurchased represented approximately 2% of our total shares of common stock outstanding at December 31, 2017. The shares of Class B common stock were repurchased in privately negotiated transactions from trusts or limited partnerships owned indirectly by trusts for the benefit of certain Pritzker family members or private charitable organizations affiliated with certain Pritzker family members and were retired, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.
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Segment and Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. We define our reportable segments as follows:
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; Contra revenue; revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net. The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval and Exhale, Hyatt Residence Club license fees, results related to our co-branded credit cards, and unallocated corporate expenses.
The table below presents summarized consolidated balance sheet information by segment:
The following tables present revenues and property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill by geographical region:
The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
The computations of diluted net income per share for the years ended December 31, 2019, December 31, 2018, and December 31, 2017 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.
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Other Income (Loss), Net |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Loss), Net | OTHER INCOME (LOSS), NET
We recognized approximately $4 million and $18 million during the years ended December 31, 2018 and December 31, 2017, respectively, primarily related to pre-condemnation income for relinquishment of subterranean space at an owned hotel. During the year ended December 31, 2017, we relocated our corporate headquarters and recognized a $21 million cease use liability. During the year ended December 31, 2017, our convertible redeemable preferred shares in Playa Hotels & Resorts B.V., plus accrued and unpaid paid-in-kind dividends were redeemed, and we recognized $94 million of interest income and $40 million of realized losses.
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Quarterly Financial Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth the historical unaudited quarterly financial data. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period.
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Schedule II - Valuation and Qualifying Accounts [Schedule] |
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Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2019, December 31, 2018, and December 31, 2017 (In millions of dollars)
A—This amount represents currency translation on foreign currency denominated financing receivables. B—This amount represents the allowance related to our foreign tax credit carryforward balance.
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Summary of Significant Accounting Policies (Policies) |
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Principles of Consolidation | Principles of Consolidation—Our consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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Use of Estimates | Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying Notes. Actual results could differ materially from such estimated amounts.
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Revenue Recognition | Revenue Recognition—Our revenues are primarily derived from the products and services provided to our customers and generally recognized when control of the product or service has transferred to the customer. Our customers include third-party hotel owners, guests at owned and leased hotels and spa and fitness centers, a third-party partner through our co-branded credit card program, and owners and guests of the condominium ownership units. A summary of our revenue streams is as follows:
The products and services we offer to our customers are comprised of the following performance obligations: Management and franchise agreements
Under the terms of certain management agreements, primarily within the United States, we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided and, therefore, we are the principal.
properties, as well as for other goods and services from third parties. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future. The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. These two promises are not distinct because the promise to market and manage the program does not benefit the customer without the related arrangement for award redemptions. The costs of administering the loyalty program are charged to the properties through an assessment fee based on members' qualified expenditures. The assessment fee is billed and collected monthly, and the revenue received by the program is deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent with respect to this performance obligation for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. A portion of our owned and leased hotels revenues is deferred upon initial stay as points are earned by program members at owned or leased hotels, and revenues are recognized upon redemption at owned or leased hotels. We actuarially determine the amount to recognize as revenue based on statistical formulas that estimate the timing of future point redemptions based on historical experience. The revenue recognized each period includes an estimate of the loyalty points that will eventually be redeemed and includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to estimate the ultimate redemption ratios used in the breakage calculations and the amount of revenue recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period. Any revenues in excess of the anticipated future redemptions are used to fund the other operational expenses of the program. Room rentals and other services provided at owned and leased hotels We provide room rentals and other services to our guests, including but not limited to spa, laundry, and parking. These products and services each represent individual performance obligations and, in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services are rendered or the goods are provided. If a guest enters into a package including multiple goods or services, the fixed price is allocated to each distinct good or service based on the stand-alone selling price for each item. Revenue is recognized over time when we transfer control of the good or service to the customer. Room rental revenue is recognized on a daily basis as the guest occupies the room, and revenue related to other products and services is recognized when the product or service is provided to the guest. Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenue generated through that channel. The determination of whether to recognize revenues gross or net of rebates and commissions is made based on the terms of each contract. Residential management operations We provide services related to the residential management business pursuant to rental management agreements with individual property owners or homeowners' associations whereby the property owners and/or homeowners' association participate in our rental program. The services provided include reservations, housekeeping, security, and concierge assistance to guests in exchange for a variable fee based on a revenue sharing agreement with the owner of the condominium ownership unit. The services represent an individual performance obligation. Revenue is recognized over time as services are rendered or upon completion of the guest's stay at the condominium ownership unit. We are responsible for establishing pricing as well as fulfilling the services during the guest's stay and, as a result, we are deemed to be the principal in the transaction. Spa and fitness services Exhale spa and fitness studios provide guests with spa and fitness services as well as retail products in exchange for fixed consideration. Each spa and fitness service represents an individual performance obligation. Payment is due in full, and revenue is recognized at the point in time the services are rendered or the products are provided to the customer. If a guest purchases a spa or fitness package, the fixed price is allocated to each distinct product or service based on the stand-alone selling price for each item. Co-branded credit cards We have a co-branded credit card agreement with a third party and under the terms of the agreement, we have various performance obligations: granting a license to the Hyatt name, arranging for the fulfillment of points issued to cardholders through the loyalty program, and awarding cardholders with free room nights upon achievement of certain program milestones. The loyalty points and free room nights represent material rights that can be redeemed for free or discounted services in the future. In exchange for the products and services provided, we receive fixed and variable consideration which is allocated between the performance obligations based upon the relative stand-alone selling prices. Significant judgment is involved in determining the relative stand-alone selling prices, and therefore, we engaged a third-party valuation specialist to assist us. We utilize a relief from royalty method to determine the revenue allocated to the license, which is recognized over time as the licensee derives value from access to Hyatt's brand name. We utilize observable transaction prices and adjusted market assumptions to determine the stand-alone selling price of a loyalty point, and we utilize a cost plus margin approach to determine the stand-alone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption or expiration of a card member's promotional awards, which is recognized net of redemption expense when we are the agent. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. We satisfy the following performance obligations over time: the license of Hyatt's symbolic IP, hotel management agreement services, administration of the loyalty program, and the license to our brand name through our co-branded credit card agreement. Each of these performance obligations is considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day. For each performance obligation satisfied over time, we recognize revenue using an output method based on the value transferred to the customer. Revenue is recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to represent our progress in satisfying these performance obligations:
Within our management agreements, we have two performance obligations: providing a license to Hyatt's IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenue using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. We have applied the practical expedient that permits the omission of prior-period information about revenue allocated to future performance obligations. Contract Balances—Our payments from customers are based on the billing terms established in our contracts. Customer billings are classified as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is classified as a contract asset. Due to certain profitability hurdles in our management agreements, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the profitability hurdle has been met, the incentive fee receivable balance will be recorded in accounts receivable. Contract assets are included in receivables, net on our consolidated balance sheets. Payments received in advance of performance under the contract are classified as current or long-term contract liabilities on our consolidated balance sheets and recognized as revenue as we perform under the contract. Loyalty Program—The loyalty program is funded through contributions from participating properties and third-party loyalty alliances based on eligible revenues from loyalty program members and returns on marketable securities. The funds are used for the redemption of member awards and payment of operating expenses. Operating costs are expensed as incurred through costs incurred on behalf of managed and franchised properties. The program invests amounts received from the properties in marketable securities which are included in other current and noncurrent assets (see Note 4). Deferred revenues related to the loyalty program are classified as current and long-term contract liabilities on our consolidated balance sheets (see Note 3). The costs of administering the loyalty program, including the estimated cost of award redemption, are charged to the participating properties and third-party loyalty alliances based on members' qualified expenditures.
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Cash Equivalents | Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents.
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Equity Method Investments | Equity Method Investments—We have investments in unconsolidated hospitality ventures accounted for under the equity method. These investments are an integral part of our business and strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. We assess investments in unconsolidated hospitality ventures for impairment quarterly. When there is indication a loss in value has occurred, we evaluate the carrying value in comparison to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. The principal inputs used in the discounted cash flow analysis requiring judgment are the projected future cash flows, the discount rate, and the capitalization rate assumptions. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of value as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value, and current economic conditions. Impairments deemed other than temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities | Debt and Equity Securities—Excluding the aforementioned equity method investments, debt and equity securities consist of various investments:
Our preferred shares earn a return that is recognized as interest income in other income (loss), net as earned unless we determine collection is at risk. AFS and HTM securities are assessed for impairment quarterly. To determine if an impairment is other than temporary for debt securities, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating, and our intent to sell. For debt securities that are deemed other than temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is typically recognized in other income (loss), net on our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss on our consolidated balance sheets. For debt securities that are deemed other than temporarily impaired and there is intent to sell, impairments in their entirety are recognized in other income (loss), net on our consolidated statements of income.
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Foreign Currency | Foreign Currency—The functional currency of our consolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive loss on our consolidated balance sheets. Gains and losses from foreign currency transactions are included in earnings. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in accumulated other comprehensive loss. Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not long-term are included in earnings.
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Financing Receivables | Financing Receivables—Financing receivables represent contractual rights to receive money either on demand or on fixed or determinable dates and are recognized on our consolidated balance sheets at amortized cost. We recognize interest income as earned and provide an allowance for cancellations and defaults. Our financing receivables are composed of individual unsecured loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables generally have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel.
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Financing Receivables - Non-performing Loans | On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We determine our financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due based on the contractual terms of the individual financing receivables, if an impairment charge is recognized for a loan, or if a provision is established for our other financing arrangements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables - Impaired Loans | We individually assess all loans within financing receivables for impairment quarterly. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of these loans including capital structure, loan performance, market factors, and the underlying hotel performance. When it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement or if projected future cash flows available for repayment of unsecured receivables indicate there is a collection risk, we measure the impairment based on the present value of projected future cash flows discounted at the loan's effective interest rate. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the estimated fair value. In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we do not assess individually for impairment. We regularly evaluate our reserves for these other financing arrangements. We write off financing to hotel owners when we determine the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted.
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Financing Receivables - Non-accrual Status | If we consider a financing receivable to be non-performing, we place the financing receivable on non-accrual status.We recognize interest income when received for impaired loans and financing receivables on non-accrual status which is recognized in other income (loss), net in our consolidated statements of income. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable—Our accounts receivable primarily consists of trade receivables due from guests for services rendered at our owned and leased properties and from hotel owners with whom we have management and franchise agreements for services rendered and for reimbursements of costs incurred on behalf of managed and franchised properties. We record an accounts receivable reserve when losses are probable, based on an assessment of past collection activity and current business conditions.
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Inventories | Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of two years or less and food and beverage items at our owned and leased hotels which are generally valued at the lower of cost (first-in, first-out) or net realizable value.
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Property and Equipment and Definite-Lived Intangible Assets | Property and Equipment and Definite-Lived Intangible Assets—Property and equipment is stated at cost, including interest incurred during development and construction periods, less accumulated depreciation. Definite-lived intangible assets are recorded at the acquisition-date fair value, less accumulated amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. Property and equipment are depreciated over the following:
Definite-lived intangible assets are amortized over the following:
We assess property and equipment and definite-lived intangible assets for impairment quarterly. When events or circumstances indicate the carrying amount may not be recoverable, we evaluate the net book value of the assets for impairment by comparison to the projected undiscounted future cash flows of the assets. The principal factor used in the undiscounted cash flow analysis requiring judgment is the projected future operating cash flows, which are based on historical data, various internal estimates, and a variety of external resources, and are developed as part of our routine, long-term planning process. If the projected undiscounted future cash flows are less than the net book value of the assets, the fair value is determined based upon internally developed discounted cash flows of the assets, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. The principal inputs used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, the discount rates, and the capitalization rate assumptions. The excess of the net book value over the estimated fair value is recognized in asset impairments on our consolidated statements of income. We evaluate the carrying value of our property and equipment and definite-lived intangible assets based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area, status of local competition, and any significant adverse changes in the business climate. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset.
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Acquisitions | Acquisitions—We evaluate the facts and circumstances of each acquisition to determine whether the transaction should be accounted for as an asset acquisition or a business combination. Under the supervision of management, independent third-party valuation specialists estimate the fair value of the assets or businesses acquired using various recognized valuation methods including the income approach, cost approach, relief from royalty approach, and sales comparison approach, which are primarily based on Level Three assumptions. Assumptions utilized in determining the fair value under these approaches include, but are not limited to, historical financial results when applicable, projected cash flows, discount rates, capitalization rates, royalty rates, current market conditions, likelihood of contract renewals, and comparable transactions. In a business combination, the fair value is allocated to tangible assets and liabilities and identifiable intangible assets, with any remaining value assigned to goodwill, if applicable. In an asset acquisition, any difference between the consideration paid and the fair value of the assets acquired is allocated across the identified assets based on the relative fair value. When we acquire the remaining ownership interest in or the property from an unconsolidated hospitality venture in a step acquisition, we estimate the fair value of our equity interest using the assumed cash proceeds we would receive from sale to a third party at a market sales price, which is determined using the aforementioned fair value methodologies and assumptions. The results of operations of properties or businesses have been included in our consolidated statements of income since their respective dates of acquisition. Assets acquired and liabilities assumed in acquisitions are recorded on our consolidated balance sheets at the respective acquisition dates based upon their estimated fair values (see Note 7). In business combinations, the purchase price allocations may be based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. Acquisition-related costs incurred in conjunction with a business combination are recognized in other income (loss), net on our consolidated statements of income. In an asset acquisition, these costs are included in the total consideration paid and allocated to the acquired assets.
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Goodwill | Goodwill—Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. As required, we evaluate goodwill for impairment annually during the fourth quarter of each year using balances at October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. We evaluate the fair value of the reporting unit either by performing a qualitative or quantitative assessment. In any given year, we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative assessment. When determining fair value, we utilize internally developed discounted future cash flow models, third-party valuation specialist models, third-party appraisals or broker valuations and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income based on the amount by which the reporting unit's carrying value exceeded its fair value, limited to the carrying amount of goodwill.
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Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets—We have certain brand and other indefinite-lived intangibles that were acquired through various business combinations. At the time of each respective acquisition, fair value was estimated using a relief from royalty methodology. As required, we evaluate indefinite-lived intangible assets for impairment annually during the fourth quarter of each year using balances at October 1 and at an interim date if indications of impairment exist. We use the relief from royalty method to estimate the fair value. When determining fair value, we utilize internally developed discounted future cash flow models and third-party valuation specialist models, which include various assumptions requiring judgment, including projected future cash flows, discount rates, and market royalty rates. Our estimates of projected cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income.
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Guarantees | Guarantees—We enter into performance guarantees related to certain hotels we manage. We also enter into debt repayment and other guarantees with respect to unconsolidated hospitality ventures, certain managed or franchised hotels, and other properties. We record a liability for the fair value of these guarantees at their inception date. In order to estimate the fair value, we use a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology requires that we make certain assumptions and judgments regarding discount rates, volatility, hotel operating results, and hotel property sales prices. The fair value is not re-valued due to future changes in assumptions. The corresponding offset depends on the circumstances in which the guarantee was issued and is recorded to equity method investments, other assets, or expense. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Guarantees related to our managed or franchised hotels and other properties are amortized into income in other income (loss), net in our consolidated statements of income. Guarantees related to our unconsolidated hospitality ventures are amortized into equity earnings (losses) from unconsolidated hospitality ventures in our consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund is both probable and estimable based upon performance during the period, we record a separate contingent liability in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value—We apply the provisions of fair value measurement to various financial instruments, which we measure at fair value on a recurring basis, and to various financial and nonfinancial assets and liabilities, which we measure at fair value on a nonrecurring basis. We disclose the fair value of our financial assets and liabilities based on observable market information where available or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows:
We typically utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the classification within the fair value hierarchy has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy.
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Stock-Based Compensation | Stock-Based Compensation—As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and directors:
We recognize the compensation expense for SARs on a straight-line basis from the date of grant through the requisite service period. The exercise price of these SARs is the fair value of our common stock at the grant date, based on a valuation of the Company prior to the IPO or the closing share price on the date of grant (as applicable). We recognize the effect of forfeitures for SARs as they occur.
The value of the RSUs is based upon the fair value of our common stock at the grant date, based upon a valuation of the Company prior to IPO or the closing stock price of our Class A common stock for the December 2009 award and all subsequent awards. Awards issued prior to our November 2009 IPO are deferred in nature and will be settled once all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. We recognize compensation expense over the requisite service period of the individual grant, which is generally between one and four years unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur. Under certain circumstances, we may issue performance-based RSUs which vest in tranches according to performance targets that are established annually. The value of the RSUs is determined using the fair value of our common stock at the grant date based upon the closing stock price of our Class A common stock. Due to the fact the performance tests, and therefore the vesting criteria, are established annually, each award tranche may have its own grant date. We issued 140,000 of such RSUs during the year ended December 31, 2019, for which, 126,000 RSUs have not met the grant date criteria and are therefore, not deemed granted as of December 31, 2019. • PSUs—The Company has granted PSUs to certain executive officers. PSUs vest and are settled in Class A common stock based upon the performance of the Company through the end of the applicable three-year performance period relative to the applicable performance target and are generally subject to continued employment through the applicable performance period. The PSUs will vest at the end of the performance period only if the performance threshold is met and continued service requirements are satisfied; there is no interim performance metric except in the case of certain change in control transactions.
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Adopted Accounting Standards and Future Adoption of Accounting Standards | Adopted Accounting Standards Leases—In February 2016, the Financial Accounting Standards Board ("FASB") released ASU 2016-02. ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a ROU asset and lease liability with certain practical expedients available. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make fixed minimum lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of fixed minimum lease payments over the lease term, including optional periods for which it is reasonably certain the renewal option will be exercised. In July 2018, the FASB released Accounting Standards Update No. 2018-11 ("ASU 2018-11"), Leases (Topic 842): Targeted Improvements, providing entities with an additional optional transition method. The provisions of ASU 2016-02, and all related ASUs, were effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted ASU 2016-02 utilizing the optional transition approach under ASU 2018-11 and applied the package of practical expedients beginning January 1, 2019. As a result of utilizing the optional transition method, our reporting for periods prior to January 1, 2019 continue to be reported in accordance with Leases (Topic 840). For leases in place upon adoption, we used the remaining lease term as of January 1, 2019 in determining the IBR. For the initial measurement of the lease liabilities for leases commencing on or after January 1, 2019, the IBR at the lease commencement date was applied. For operating leases, the adoption of ASU 2016-02 resulted in the initial recognition of ROU assets of $512 million and related lease liabilities of $452 million on our consolidated balance sheet at January 1, 2019. Upon adoption, we reclassified $103 million of intangibles, net related to below market leases and $49 million of deferred rent and other lease liabilities to the operating ROU assets. The net tax impact upon adoption was insignificant. The adoption of ASU 2016-02 did not significantly impact our accounting for finance leases or for those leases where we are the lessor. Additionally, the adoption of ASU 2016-02 did not materially affect our consolidated statements of income or our consolidated statements of cash flows. The impact on our consolidated balance sheet upon adoption of ASU 2016-02 was as follows:
Intangibles - Goodwill and Other - Internal-Use Software—In August 2018, the FASB released Accounting Standards Update No. 2018-15 ("ASU 2018-15"), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The provisions of ASU 2018-15 are to be applied using a prospective or retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We early adopted ASU 2018-15 on January 1, 2019 on a prospective basis which did not materially impact our consolidated financial statements. Future Adoption of Accounting Standards Financial Instruments - Credit Losses—In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize allowances for credit losses equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recognized through an allowance for credit losses. The provisions of ASU 2016-13 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. While we continue to evaluate the impact of adopting ASU 2016-13 and its disclosure requirements, we do not expect a material impact upon adoption.
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Lessor, Leases | We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the FRP, and other similar plans. For the years ended December 31, 2019, December 31, 2018, and December 31, 2017, we recorded expenses of $48 million, $41 million, and $39 million, respectively, related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts. The majority of these contributions relate to hotel property level employees, which are reimbursable to us, and are included in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income. Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the DCP. Contributions and investment elections are determined by the employees, and we provide contributions to certain eligible employees according to pre-established formulas. Employee Stock Purchase Program—We provide the Hyatt Hotels Corporation ESPP, which qualifies under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair value on the last trading day of each quarter.Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees' salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans.
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Self Insurance Reserve | We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S.-based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures, certain managed hotels, and other properties, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture partners, respective hotel owners, or other third parties. As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire. We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our consolidated financial statements.
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Segment Reporting | Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit cards and are eliminated in consolidation.
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; Contra revenue; revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net.
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment Useful Lives | Property and equipment are depreciated over the following:
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Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets are amortized over the following:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact on our consolidated balance sheet upon adoption of ASU 2016-02 was as follows:
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Revenue from Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenues disaggregated by the nature of the product or service:
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Summary of Contract Liability | Contract liabilities are comprised of the following:
The following table summarizes the activity in our contract liabilities:
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Debt and Equity Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | The carrying values and ownership interests of our investments in unconsolidated hospitality ventures accounted for under the equity method are as follows:
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Summarized Financial Information | The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
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Marketable Securities Held to Fund Operating Programs | Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on our consolidated balance sheets, were as follows:
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Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs | Net realized and unrealized gains (losses) and interest income from marketable securities held to fund the loyalty program are recognized in other income (loss), net on our consolidated statements of income:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund rabbi trusts are recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts on our consolidated statements of income:
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Marketable Securities Held for Investment Purposes | Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on our consolidated balance sheets, were as follows:
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Assets and Liabilities Measured at Fair Value on a Recurring Basis | Fair Value—We measured the following financial assets at fair value on a recurring basis:
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Property and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
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Depreciation |
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Financing Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables |
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Allowance for Losses and Impairments | The following table summarizes the activity in our unsecured financing receivables allowance:
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Credit Monitoring | Our unsecured financing receivables were as follows:
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Acquisitions and Dispositions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the identifiable net assets acquired:
(1) Includes brand-related intangibles. (2) Amortized over useful lives of 1 to 19 years, with a weighted-average useful life of approximately 12 years. (3) The goodwill, of which $154 million is tax deductible, is attributable to the growth opportunities we expect to realize by expanding into new markets and enhancing guest experiences through these newly acquired lifestyle brands (see Note 9). (4) Includes $13 million of pre-acquisition liabilities relating to certain foreign filing positions, including $4 million of interest and penalties. We recorded an offsetting indemnification asset which we expect to collect under contractual arrangements (see Note 14). (5) See Note 9 for impairment discussion. (6) Included in contract liabilities (see Note 3). Net assets acquired were determined as follows:
The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:
(1) Includes an intangible attributable to the Miraval brand. (2) Amortized over a 20 year useful life. (3) The goodwill, of which $10 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities. (4) Amortized over useful lives ranging from two to seven years.
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expense and Weighted Average Remaining Lease Terms and Discount Rates | A summary of operating lease expense is as follows:
Weighted-average remaining lease terms and discount rates are as follows:
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Supplemental Balance Sheet Information | Supplemental balance sheet information related to finance leases is as follows:
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Maturities of Finance Lease Liabilities in Accordance with ASC 842 | The maturities of lease liabilities in accordance with Leases (Topic 842) in each of the next five years and thereafter are as follows:
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Maturities of Operating Lease Liabilities in Accordance with ASC 842 | The maturities of lease liabilities in accordance with Leases (Topic 842) in each of the next five years and thereafter are as follows:
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Maturities of Lease Liabilities in Accordance with ASC 840 | The future minimum lease payments from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) in each of the next five years and thereafter are as follows:
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Operating Lease, Lease Income | We recognized rental income within owned and leased hotels revenues on our consolidated statements of income as follows:
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Future Minimum Lease Receipts in Accordance with ASC 842 | The future minimum lease receipts in accordance with Leases (Topic 842) scheduled to be received in each of the next five years and thereafter are as follows:
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Future Minimum Lease Receipts in Accordance with ASC 840 | The future minimum lease receipts from our 2018 Form 10-K as filed in accordance with Leases (Topic 840) scheduled to be received in each of the next five years and thereafter are as follows:
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Goodwill and Intangible Assets, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill |
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Schedule of Intangible Assets by Major Class | Definite-lived intangible assets are amortized over the following:
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Schedule of Indefinite-Lived Intangible Assets |
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Schedule of Intangible Asset Amortization Expense |
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Schedule of Definite-Lived Intangible Assets, Future Amortization Expense | We estimate amortization expense for definite-lived intangibles as follows:
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets |
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Schedule of Maturities of Long-term Debt | Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
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Fair Value |
(1) Excludes $11 million of finance lease obligations and $15 million of unamortized discounts and deferred financing fees.
(2) Excludes $12 million of capital lease obligations and $16 million of unamortized discounts and deferred financing fees.
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Other Long-Term Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Our tax provision includes federal, state, local, and foreign income taxes.
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Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations is comprised of the following:
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Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
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Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and deferred tax liabilities are comprised of the following:
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Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations |
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Debt Repayment and Other Guarantees | Included within debt repayment and other guarantees are the following:
(1) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at December 31, 2019. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $85 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded. (2) We have agreements with our unconsolidated hospitality venture partners, the respective hotel owners, or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security. (3) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property. With respect to properties in Brazil, this right only exists for the residential property. (4) In conjunction with the debt repayment guarantees, we are subject to completion guarantees whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to partial recovery in the form of cash. At December 31, 2019, the maximum potential future payments are $3 million, and the maximum exposure net of recoverability from third parties is insignificant. (5) At December 31, 2018, other-long term liabilities included a debt repayment guarantee for a hotel property in Washington State. During the year ended December 31, 2019, the debt was refinanced, and we are no longer a guarantor. As a result, we recognized a $15 million release of our debt repayment guarantee liability in other income (loss), net on our consolidated statements of income for the year ended December 31, 2019 (see Note 21).
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Stockholders' Equity and Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accelerated Shares Repurchased | During the year ended December 31, 2018, we entered into the following ASR programs with third-party financial institutions to repurchase Class A shares:
(1) The delivery of shares resulted in a reduction in weighted-average common shares outstanding for basic and diluted earnings per share (see Note 20). (2) The May 2018 ASR and the November 2018 ASR are collectively referred to as the "2018 ASR Agreements."
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Schedule of Accumulated Other Comprehensive Loss |
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Dividends Declared | During the year ended December 31, 2019, we paid cash dividends of $29 million and $51 million, respectively, to Class A and Class B shareholders of record, and during the year ended December 31, 2018, we paid cash dividends of $27 million and $41 million, respectively, to Class A and Class B shareholders of record as follows:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense Related to Long-term Incentive Plan | Stock-based compensation expense included in selling, general, and administration expense on our consolidated statements of income related to these awards was as follows:
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Income Tax Benefit Share Based Compensation | The expected income tax benefit to be realized at the time of vest related to these awards for the years ended December 31, 2019, December 31, 2018, and December 31, 2017 was as follows:
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Stock Appreciation Rights by Grant Date | The following table sets forth a summary of the SAR grants in 2019, 2018, and 2017:
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Schedule of Share-based Payment Award SAR Valuation Assumptions | The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:
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Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity | A summary of employee SAR activity is presented below:
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Restricted Stock Units by Grant Date | The following table sets forth a summary of the employee RSU grants:
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Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of the nonvested employee RSU awards outstanding under the LTIP is presented below:
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Performance Vesting Restricted Stock | The following table sets forth a summary of PSU grants:
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Schedule of Nonvested Performance Awards | A summary of the status of the nonvested PSU awards outstanding under the LTIP is presented below:
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Unearned Compensation Future Compensation Expense | Our total unearned compensation for our stock-based compensation programs at December 31, 2019 is as follows and is expected to be recorded as stock-based compensation expense:
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Segment and Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Consolidated Financial Information by Segment | The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval and Exhale, Hyatt Residence Club license fees, results related to our co-branded credit cards, and unallocated corporate expenses.
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Reconciliation of Assets from Segment to Consolidated | The table below presents summarized consolidated balance sheet information by segment:
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following tables present revenues and property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill by geographical region:
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Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation | The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
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Anti-dilutive Shares Issued | The computations of diluted net income per share for the years ended December 31, 2019, December 31, 2018, and December 31, 2017 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.
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Other Income (Loss), Net (Tables) |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss), net |
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Quarterly Financial Information (Unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following table sets forth the historical unaudited quarterly financial data. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period.
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Summary of Significant Accounting Policies - Property and Equipment (Details) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 10 years |
Minimum | Furniture and equipment | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 3 years |
Minimum | Computers | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 50 years |
Maximum | Furniture and equipment | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 20 years |
Maximum | Computers | |
Property, Plant and Equipment | |
Property, plant and equipment, useful life | 7 years |
Summary of Significant Accounting Policies - Intangible Assets (Details) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Management and franchise agreement intangibles | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 4 years |
Management and franchise agreement intangibles | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 30 years |
Advanced booking intangibles | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 1 year |
Advanced booking intangibles | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 7 years |
Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 130 |
Revenue, performance obligation, description of timing | Revenues received for free nights granted through our co-branded credit card as the awards are required to be redeemed within 12 months; and Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent recognized | 20.00% |
Remaining performance obligation, period | 1 year |
Debt and Equity Securities - Summarized Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Investments, Debt and Equity Securities [Abstract] | |||
Total revenues | $ 496 | $ 513 | $ 832 |
Gross operating profit | 179 | 182 | 289 |
Income (loss) from continuing operations | (24) | (16) | 54 |
Net income (loss) | (24) | (16) | $ 54 |
Current assets | 231 | 228 | |
Noncurrent assets | 1,417 | 1,345 | |
Total assets | 1,648 | 1,573 | |
Current liabilities | 143 | 141 | |
Noncurrent liabilities | 1,270 | 1,148 | |
Total liabilities | $ 1,413 | $ 1,289 |
Debt and Equity Securities - Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Held for operating programs | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | $ 1,113 | $ 897 |
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets | (219) | (174) |
Marketable securities held to fund operating programs included in other assets | 894 | 723 |
Loyalty program | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | 483 | 397 |
Deferred compensation plans held in rabbi trusts | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | 450 | 367 |
Captive insurance companies | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | $ 180 | $ 133 |
Debt and Equity Securities - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Gain (Loss) on Securities [Line Items] | |||
Loyalty program | $ 62 | $ (11) | $ 45 |
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | 62 | (11) | 45 |
Loyalty program | |||
Gain (Loss) on Securities [Line Items] | |||
Loyalty program | 26 | 4 | 9 |
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | 26 | 4 | 9 |
Deferred compensation plans held in rabbi trusts | |||
Gain (Loss) on Securities [Line Items] | |||
Unrealized gains (losses), net | 42 | (45) | 20 |
Realized gains, net | $ 20 | $ 34 | $ 25 |
Debt and Equity Securities - Held for Investment Purposes (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Investments | ||
Common shares of Playa N.V. (Note 10) | $ 102 | $ 87 |
Held for Investment Purposes | ||
Schedule of Investments | ||
Interest-bearing money market funds | 147 | 14 |
Common shares of Playa N.V. (Note 10) | 102 | 87 |
Time deposits | 37 | 100 |
Total marketable securities held to fund operating programs | 286 | 201 |
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments | (184) | (114) |
Marketable securities held for investment purposes included in other assets | $ 102 | $ 87 |
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land | $ 690 | $ 713 |
Buildings | 3,285 | 3,583 |
Leasehold improvements | 194 | 215 |
Furniture, equipment, and computers | 1,183 | 1,178 |
Construction in progress | 253 | 158 |
Property and equipment, gross | 5,605 | 5,847 |
Less: accumulated depreciation | (2,149) | (2,239) |
Total property and equipment, net | $ 3,456 | $ 3,608 |
Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 304 | $ 312 | $ 335 |
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Property, Plant and Equipment [Abstract] | |||
Interest costs, capitalized during period | $ 6 | $ 3 | $ 4 |
Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Accounts, Notes, Loans, and Financing Receivable | |||
Total long-term financing receivables, net of allowances | $ 35 | $ 13 | |
Unsecured Financing | |||
Accounts, Notes, Loans, and Financing Receivable | |||
Unsecured financing to hotel owners | 135 | 159 | |
Less: current portion of financing receivables, included in receivables, net | 0 | (45) | |
Less: allowance for losses | (100) | (101) | $ (108) |
Total long-term financing receivables, net of allowances | $ 35 | $ 13 |
Financing Receivables - Allowance For Credit Losses (Details) - Unsecured Financing - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Allowance for Losses and Impairments | ||
Allowance beginning balance | $ 101 | $ 108 |
Provisions | 6 | 7 |
Write-offs | (6) | (12) |
Other adjustments | (1) | (2) |
Allowance ending balance | $ 100 | $ 101 |
Financing Receivables - Fair Value Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Significant unobservable inputs (Level Three) | ||
Total Unsecured Financing Receivables | ||
Level three financing receivables | $ 36 | $ 59 |
Leases - Schedule of Rent Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Leases [Abstract] | |||
Minimum rentals | $ 50 | $ 38 | $ 42 |
Contingent rentals | 97 | 47 | 52 |
Total operating lease expense | $ 147 | $ 85 | $ 94 |
Leases - Supplemental Balance Sheet Information (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Property and equipment, net | $ 9 |
Current maturities of long-term debt | 2 |
Long-term debt | 9 |
Total finance lease liabilities | 11 |
Finance lease, amortization | $ 14 |
Leases - Weighted Average Remaining Lease Term and Discount Rates (Details) |
Dec. 31, 2019 |
---|---|
Leases [Abstract] | |
Weighted-average remaining lease term - operating leases | 21 years |
Weighted-average remaining lease term - finance leases | 7 years |
Weighted-average discount rate - operating leases | 3.70% |
Weighted-average discount rate - finance leases | 0.90% |
Leases - Maturities of Lease Liabilities in Accordance with ASC 842 (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Operating leases | |
2020 | $ 47 |
2021 | 45 |
2022 | 42 |
2023 | 39 |
2024 | 36 |
Thereafter | 422 |
Total minimum lease payments | 631 |
Less: amount representing interest | (206) |
Total operating lease liabilities | 425 |
Finance leases | |
2020 | 3 |
2021 | 2 |
2022 | 2 |
2023 | 2 |
2024 | 2 |
Thereafter | 3 |
Total minimum lease payments | 14 |
Less: amount representing interest | (3) |
Total finance lease liabilities | $ 11 |
Leases - Maturities of Lease Liabilities in Accordance with ASC 840 (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Operating leases | |
2019 | $ 46 |
2020 | 42 |
2021 | 42 |
2022 | 38 |
2023 | 35 |
Thereafter | 448 |
Total minimum lease payments | 651 |
Capital leases | |
2019 | 3 |
2020 | 3 |
2021 | 2 |
2022 | 2 |
2023 | 2 |
Thereafter | 5 |
Total minimum lease payments | 17 |
Less: amount representing interest | (5) |
Present value of minimum lease payments | $ 12 |
Leases - Rental Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Leases [Abstract] | |||
Rental income | $ 23 | $ 25 | $ 27 |
Leases - Maturities of Future Minimum Lease Receipts Under ASC 842 (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2020 | $ 19 |
2021 | 13 |
2022 | 11 |
2023 | 8 |
2024 | 4 |
Thereafter | 8 |
Total minimum lease receipts | $ 63 |
Leases - Maturities of Future Minimum Lease Receipts Under ASC 840 (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 22 |
2020 | 18 |
2021 | 16 |
2022 | 15 |
2023 | 11 |
Thereafter | 48 |
Total minimum lease receipts | $ 130 |
Goodwill and Intangible Assets, Net - Intangible Assets Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 533 | $ 713 | |
Less: accumulated amortization | (96) | (85) | |
Intangibles, net | 437 | $ 525 | 628 |
Management and franchise agreement intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 367 | 390 | |
Weighted average useful life | 18 years | ||
Lease related intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 0 | 121 | |
Advanced booking intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 14 | 14 | |
Weighted average useful life | 5 years | ||
Other definite-lived intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 8 | 8 | |
Weighted average useful life | 6 years | ||
Brand and other indefinite-lived intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangibles | $ 144 | $ 180 |
Goodwill and Intangible Assets, Net - Amortization Expense Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 25 | $ 15 | $ 13 |
Goodwill and Intangible Assets, Net - Future Amortization Table (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Estimate Amortization Expense For Definite-lived Intangibles | |
2020 | $ 28 |
2021 | 27 |
2022 | 25 |
2023 | 24 |
2024 | 23 |
Thereafter | 166 |
Total amortization expense | $ 293 |
Goodwill and Intangible Assets, Net - Impairment Charges (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Impairment losses | $ 25,000,000 | $ 0 | |
Management and franchise agreement intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment losses | $ 18,000,000 | $ 25,000,000 |
Other Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Other Assets, Noncurrent [Abstract] | |||
Marketable securities held to fund rabbi trusts (Note 4) | $ 450 | $ 367 | |
Management and franchise agreement assets constituting payments to customers (1) | 423 | 396 | |
Marketable securities held to fund the loyalty program (Note 4) | 347 | 303 | |
Long-term investments | 162 | 112 | |
Common shares of Playa N.V. (Note 4) | 102 | 87 | |
Other | 104 | 88 | |
Total other assets | $ 1,588 | $ 1,346 | $ 1,353 |
Debt - Schedule of Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Maturities of Debt | ||
2019 | $ 11 | |
2020 | 261 | |
2021 | 11 | |
2022 | 361 | |
2023 | 12 | |
Thereafter | 982 | |
Total debt | $ 1,638 | $ 1,650 |
Debt - Contract Revenue Bonds Narrative (Details) - Contract Revenue Bonds - USD ($) $ in Millions |
Dec. 31, 2013 |
Jun. 08, 2005 |
---|---|---|
Debt Instrument | ||
Long-term debt | $ 198 | |
Debt instrument, unamortized discount | $ 9 | |
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | ||
Debt Instrument | ||
Long-term debt | $ 130 | |
Contract Revenue Bonds, Senior Taxable Series 2005B | ||
Debt Instrument | ||
Long-term debt | $ 78 | |
Minimum | Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | ||
Debt Instrument | ||
Debt instrument, interest rate, stated percentage | 4.75% | |
Minimum | Contract Revenue Bonds, Senior Taxable Series 2005B | ||
Debt Instrument | ||
Debt instrument, interest rate, stated percentage | 5.10% | |
Maximum | Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | ||
Debt Instrument | ||
Debt instrument, interest rate, stated percentage | 5.00% | |
Maximum | Contract Revenue Bonds, Senior Taxable Series 2005B | ||
Debt Instrument | ||
Debt instrument, interest rate, stated percentage | 5.31% |
Debt - Floating Average Rate Construction Loan Narrative (Details) - Floating average rate construction loan R$ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2012
sub-loan
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2019
BRL (R$)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
BRL (R$)
|
|
Debt Instrument | |||||
Number of loans | 4 | ||||
Debt, weighted average interest rate | 7.54% | 7.54% | |||
Floating average rate construction loan | $ 49 | R$ 197 | $ 55 | R$ 214 | |
Subloan (b) | |||||
Debt Instrument | |||||
Debt instrument, basis spread on variable rate | 2.92% | ||||
Subloan (c) | |||||
Debt Instrument | |||||
Debt instrument, interest rate, stated percentage | 2.50% | ||||
Brazilian long-term interest rate | Sub Loans (b) and (d) | |||||
Debt Instrument | |||||
Debt instrument, variable interest rate percent, threshold for daily capitalization | 6.00% |
Debt - Revolving Credit Facility Narrative (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revolving credit facility | ||
Debt Instrument | ||
Proceeds from revolving credit facility during period | $ 400,000,000 | |
Revolving credit facility, weighted average interest rate | 3.47% | |
Revolving credit facility, outstanding balance | $ 0 | |
Line of credit | Revolving credit facility | ||
Debt Instrument | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Additional non-revolving credit facility banks | ||
Debt Instrument | ||
Revolving credit facility, remaining borrowing capacity | $ 263,000,000 | $ 277,000,000 |
Debt - Interest Rate Locks (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative [Line Items] | ||
Unrealized gains (losses) on derivative activity, net of tax benefit | $ (20,000,000) | $ (4,000,000) |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative, notional amount | 275,000,000 | 200,000,000 |
Derivative liability, noncurrent | $ 24,000,000 | 4,000,000 |
Interest rate locks settled | $ 225,000,000 |
Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 21 | $ 19 |
Accrued long-term benefit liability | 20 | $ 18 |
Expected benefits to be paid annually over the next 10 years | $ 1 |
Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Retirement Benefits [Abstract] | |||
Defined contribution plans | $ 48 | $ 41 | $ 39 |
Employee Benefit Plans - Employee Stock Purchase Program (Details) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Retirement Benefits [Abstract] | ||
Price per share for the ESPP (percentage) | 95.00% | |
Stock issued during period, shares, ESPP (in shares) | 79,700 | 61,900 |
Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Other Liabilities, Noncurrent [Abstract] | |||
Deferred compensation plans funded by rabbi trusts (Note 4) | $ 450 | $ 367 | |
Income taxes payable | 147 | 131 | |
Self-insurance liabilities (Note 15) | 80 | 78 | |
Deferred income taxes (Note 14) | 47 | 54 | |
Guarantee liabilities (Note 15) | 46 | 76 | |
Other | 114 | 134 | |
Total other long-term liabilities | $ 884 | $ 791 | $ 840 |
Income Taxes - Domestic and Foreign Components of Pretax Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
U.S. income before tax | $ 466 | $ 652 | $ 650 |
Foreign income before tax | 540 | 299 | 72 |
INCOME BEFORE INCOME TAXES | $ 1,006 | $ 951 | $ 722 |
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Current: | |||
Federal | $ 74 | $ 140 | $ 201 |
State | 35 | 50 | 45 |
Foreign | 103 | 25 | 30 |
Total Current | 212 | 215 | 276 |
Deferred: | |||
Federal | 29 | (35) | 46 |
State | 2 | (12) | (3) |
Foreign | (3) | 14 | 13 |
Total Deferred | 28 | (33) | 56 |
Total | $ 240 | $ 182 | $ 332 |
Income Taxes - Effective Tax Rate Reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 35.00% |
State income taxes—net of federal tax benefit | 2.70% | 2.60% | 3.80% |
Impact of foreign operations (excluding unconsolidated hospitality ventures losses) | (2.00%) | (5.60%) | (5.40%) |
U.S. foreign tax credits | 0.00% | (1.60%) | 0.70% |
2017 Tax Act deferred rate change | 0.00% | (0.10%) | 6.30% |
2017 Tax Act deemed repatriation tax | 0.00% | 0.30% | 1.80% |
Change in valuation allowances | 1.00% | 0.90% | 1.00% |
Foreign unconsolidated hospitality ventures | 0.50% | 0.90% | 0.90% |
Tax contingencies | 0.30% | 1.00% | 1.00% |
Equity based compensation | 0.20% | 0.30% | 0.60% |
General business credits | (0.30%) | (0.50%) | (0.30%) |
Other | 0.50% | (0.10%) | 0.50% |
Effective income tax rate | 23.90% | 19.10% | 45.90% |
Income Taxes - Effective Tax Rate Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Contingency | ||
Foreign tax credit, valuation allowance | $ 15 | $ 15 |
Tax Act, provisional income tax expense (benefit) | 45 | |
Tax Act, provisional expense | 13 | |
Statute expiration on state tax filing positions | ||
Income Tax Contingency | ||
Effective income tax rate reconciliation, tax contingency, amount | $ 10 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred tax assets related to: | ||
Employee benefits | $ 134 | $ 133 |
Loyalty program | 118 | 99 |
Long-term operating lease liabilities | 103 | |
Foreign and state net operating losses and credit carryforwards | 50 | 57 |
Allowance for uncollectible assets | 33 | 31 |
Investments | 28 | 37 |
Unrealized losses | 7 | 3 |
Interest and state benefits | 3 | 3 |
Other | 33 | 41 |
Valuation allowance | (41) | (41) |
Total deferred tax asset | 468 | 363 |
Deferred tax liabilities related to: | ||
Property and equipment | (152) | (131) |
Operating ROU assets | (105) | |
Intangibles | (59) | (49) |
Investments | (36) | (16) |
Prepaid expenses | (9) | (7) |
Unrealized gains | (2) | (24) |
Other | (8) | (10) |
Total deferred tax liabilities | (371) | (237) |
Net deferred tax assets | 97 | 126 |
Deferred tax assets—noncurrent | 144 | 180 |
Deferred tax liabilities—noncurrent | $ (47) | $ (54) |
Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Unrecognized Tax Benefits | ||
Unrecognized tax benefits—beginning balance | $ 116 | $ 94 |
Total increases—current-period tax positions | 21 | 10 |
Total increases (decreases)—prior-period tax positions | (7) | |
Total increases (decreases)—prior-period tax positions | 18 | |
Settlements | (3) | (1) |
Lapse of statute of limitations | (3) | (4) |
Foreign currency fluctuation | 1 | |
Foreign currency fluctuation | (1) | |
Unrecognized tax benefits—ending balance | $ 125 | $ 116 |
Commitments and Contingencies - Additional Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Loss Contingencies | ||
Guarantees, fair value disclosure | $ 62 | $ 128 |
Self Insurance reserve, current | 41 | 38 |
Self-insurance liabilities (Note 15) | 80 | $ 78 |
Surety bonds | 48 | |
Letter of Credit | ||
Loss Contingencies | ||
Letters of credit outstanding | 264 | |
Letters of credit outstanding, reduction to available capacity | 1 | |
Maximum | ||
Loss Contingencies | ||
Estimate of possible loss | $ 18 | |
Various US | ||
Loss Contingencies | ||
Multiemployer plans, collective-bargaining arrangement, percentage of participants | 23.00% |
Stockholders' Equity and Comprehensive Loss - Schedule of Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share Repurchases | |||
Stock repurchased and retired during period (in shares) | 244,260 | 5,621,281 | 12,723,895 |
Total cash paid | $ 421 | $ 966 | |
Weighted average | |||
Share Repurchases | |||
Stock repurchased and retired during period (in dollars per share) | $ 74.85 | $ 75.68 | |
May 2018 ASR | |||
Share Repurchases | |||
Stock repurchased and retired during period (in shares) | 2,481,341 | ||
Total cash paid | $ 200 | ||
May 2018 ASR | Weighted average | |||
Share Repurchases | |||
Stock repurchased and retired during period (in dollars per share) | $ 80.60 | ||
November 2018 ASR | |||
Share Repurchases | |||
Stock repurchased and retired during period (in shares) | 2,575,095 | ||
Total cash paid | $ 180 | ||
November 2018 ASR | Weighted average | |||
Share Repurchases | |||
Stock repurchased and retired during period (in dollars per share) | $ 69.90 |
Stockholders' Equity and Comprehensive Loss - Dividend (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 09, 2019 |
Oct. 30, 2019 |
Sep. 09, 2019 |
Jul. 31, 2019 |
Jun. 10, 2019 |
May 17, 2019 |
Mar. 11, 2019 |
Feb. 13, 2019 |
Dec. 10, 2018 |
Oct. 30, 2018 |
Sep. 20, 2018 |
Jul. 31, 2018 |
Jun. 28, 2018 |
May 16, 2018 |
Mar. 29, 2018 |
Feb. 14, 2018 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Dividends | $ 80 | $ 68 | ||||||||||||||||||||||||
Cash dividends declared (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||||||||||
Cash dividends (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.19 | $ 0.15 | ||||||||||||||||
Common Class A | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Dividends | $ 29 | $ 27 | ||||||||||||||||||||||||
Common Class B | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Dividends | $ 51 | $ 41 |
Stock-Based Compensation - Compensation Expense Related To Long-Term Incentive Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares authorized for share based compensation (in shares) | 14,375,000 | ||
Compensation expense | $ 35 | $ 29 | $ 29 |
Stock appreciation rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 11 | 10 | 11 |
Restricted stock units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 17 | 15 | 16 |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 6 | 4 | 2 |
Other | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | $ 1 | $ 0 | $ 0 |
Stock-Based Compensation - Income Tax Benefit Share Based Compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Benefit Share Based Compensation | |||
Employee service share-based compensation, tax benefit | $ 10 | $ 7 | $ 8 |
Stock appreciation rights (SARs) | |||
Income Tax Benefit Share Based Compensation | |||
Employee service share-based compensation, tax benefit | 3 | 2 | 3 |
Restricted stock units (RSUs) | |||
Income Tax Benefit Share Based Compensation | |||
Employee service share-based compensation, tax benefit | 5 | 4 | 4 |
PSUs | |||
Income Tax Benefit Share Based Compensation | |||
Employee service share-based compensation, tax benefit | $ 2 | $ 1 | $ 1 |
Stock-Based Compensation - Stock Appreciation Rights by Grant Date (Details) - Stock appreciation rights (SARs) - $ / shares |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
May 31, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Granted (in shares) | 643,989 | |||||||
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 17.11 | $ 21.18 | $ 16.42 | |||||
25% annually | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Granted (in shares) | 643,989 | 38,918 | 465,842 | 20,139 | 605,601 | |||
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 17.11 | $ 21.84 | $ 21.13 | $ 18.62 | $ 16.35 | |||
Vesting period | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% |
Stock-Based Compensation - SAR Valuation Assumptions (Details) - Stock appreciation rights (SARs) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Exercise price (in dollars per share) | $ 71.67 | $ 80.12 | $ 52.93 |
Expected life in years | 6 years 3 months | 6 years 2 months 26 days | 6 years 2 months 26 days |
Risk-free interest rate | 2.40% | 2.79% | 2.11% |
Expected volatility | 22.51% | 22.97% | 26.56% |
Annual dividend yield | 1.06% | 0.75% | 0.00% |
Related-Party Transactions - Legal Services Narrative (Details) - Family member of management - Related party legal services - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Related Party Transaction | |||
Legal services | $ 6,000,000 | $ 6,000,000 | $ 3,000,000 |
Due (to) from related party | $ 0 | $ 0 |
Related-Party Transactions - Equity Method Investments Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Minimum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 24.00% | ||
Maximum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 50.00% | ||
Equity method investments | |||
Related Party Transaction | |||
Management and franchise fees revenues | $ 22 | $ 20 | $ 24 |
Guarantee fees | 4 | 7 | $ 5 |
Due (to) from related party | $ 17 | $ 17 |
Related-Party Transactions - Other Services Narrative (Details) - Limited Partnership Affiliated with Executive Chairman - Management Agreement - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Related Party Transaction | ||
Management fees | $ 7,000,000 | |
Receivables due from related parties | $ 0 | $ 0 |
Related-Party Transactions - Class B Share Conversion (Details) - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Common Class B | ||
Related Party Transaction | ||
Conversion of stock, shares converted (in shares) | 975,170 | 1,207,355 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A | ||
Related Party Transaction | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Related-Party Transactions - Class B Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Related Party Transaction | ||||
Stock repurchased and retired during period (in shares) | 244,260 | 5,621,281 | 12,723,895 | |
Stock repurchased and retired during period | $ 421 | $ 946 | $ 743 | |
Percent of stock outstanding repurchased during period | 5.00% | 11.00% | ||
Common Class B | ||||
Related Party Transaction | ||||
Stock repurchased and retired during period (in shares) | 677,384 | 2,430,654 | ||
Stock repurchased and retired during period (in dollars per share) | $ 74.21 | $ 78.10 | ||
Stock repurchased and retired during period | $ 50 | $ 190 | ||
Percent of stock outstanding repurchased during period | 1.00% | 2.00% |
Segment and Geographic Information - Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Segment Reporting Information | |||
Assets | $ 8,417 | $ 8,043 | $ 7,643 |
Operating Segments | Owned and leased hotels | |||
Segment Reporting Information | |||
Assets | 4,203 | 4,118 | |
Operating Segments | Americas management and franchising | |||
Segment Reporting Information | |||
Assets | 1,024 | 842 | |
Operating Segments | ASPAC management and franchising | |||
Segment Reporting Information | |||
Assets | 260 | 203 | |
Operating Segments | EAME/SW Asia management and franchising | |||
Segment Reporting Information | |||
Assets | 273 | 225 | |
Corporate and other | |||
Segment Reporting Information | |||
Assets | $ 2,657 | $ 2,255 |
Segment and Geographic Information - Schedule of Revenues from External Customers and Long-Lived Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | $ 1,275 | $ 1,215 | $ 1,289 | $ 1,241 | $ 1,138 | $ 1,074 | $ 1,133 | $ 1,109 | $ 5,020 | $ 4,454 | $ 4,462 |
Property and equipment, net, intangibles, net and goodwill | 4,712 | 4,519 | 4,712 | 4,519 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | 4,142 | 3,587 | 3,619 | ||||||||
Property and equipment, net, intangibles, net and goodwill | 3,798 | 3,670 | 3,798 | 3,670 | |||||||
All foreign | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | 878 | 867 | $ 843 | ||||||||
Property and equipment, net, intangibles, net and goodwill | $ 914 | $ 849 | $ 914 | $ 849 |
Segment and Geographic Information - Reconciliation of Net Income attributable to Hyatt Hotels Corporation to EBITDA and a Reconciliation of EBITDA to Consolidated Adjusted EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information | |||||||||||
Net income attributable to Hyatt Hotels Corporation | $ 321 | $ 296 | $ 86 | $ 63 | $ 44 | $ 237 | $ 77 | $ 411 | $ 766 | $ 769 | $ 389 |
Interest expense | 75 | 76 | 80 | ||||||||
Provision for income taxes | 240 | 182 | 332 | ||||||||
Depreciation and amortization | 329 | 327 | 348 | ||||||||
EBITDA | 1,410 | 1,354 | 1,149 | ||||||||
Revenue | $ (1,275) | $ (1,215) | $ (1,289) | $ (1,241) | $ (1,138) | $ (1,074) | $ (1,133) | $ (1,109) | (5,020) | (4,454) | (4,462) |
Equity (earnings) losses from unconsolidated hospitality ventures | 10 | (8) | (219) | ||||||||
Stock-based compensation expense | 35 | 29 | 29 | ||||||||
Gains on sales of real estate | (723) | (772) | (236) | ||||||||
Asset impairments | 18 | 25 | 0 | ||||||||
Other (income) loss, net | (127) | 49 | (42) | ||||||||
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA | 50 | 55 | 73 | ||||||||
Adjusted EBITDA | 754 | 777 | 792 | ||||||||
Contra revenue | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 22 | 20 | 18 | ||||||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | (2,461) | (1,956) | (1,762) | ||||||||
Costs incurred on behalf of managed and franchised properties | |||||||||||
Segment Reporting Information | |||||||||||
Costs incurred on behalf of managed and franchised properties | $ 2,520 | $ 1,981 | $ 1,782 |
Earnings Per Share - Anti-dilutive Shares Issued (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Stock appreciation rights (SARs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Antidilutive securities excluded from the computations of earnings per share (in shares) | 13,000 | 100 | 21,400 |
Restricted stock units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Antidilutive securities excluded from the computations of earnings per share (in shares) | 0 | 0 | 100 |
Other Income (Loss), Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Other Income and Expenses [Abstract] | |||
Release of contingent consideration liability (Note 7) | $ 30 | $ 0 | $ 0 |
Unrealized gains (losses), net (Note 4) | 26 | (47) | 1 |
Interest income (Note 4) | 25 | 28 | 110 |
Depreciation recovery | 25 | 22 | 27 |
Performance guarantee liability amortization (Note 15) | 18 | 18 | 19 |
Release and amortization of debt repayment guarantee liability (Note 15) | 18 | 11 | 10 |
Gain on sale of contractual right (Note 7) | 16 | 0 | 0 |
Realized gains (losses), net | 2 | (3) | (41) |
Foreign currency gains (losses), net | 1 | 4 | (2) |
Pre-condemnation income | 0 | 4 | 18 |
Cease use liability | 0 | 0 | (21) |
Loss on extinguishment of debt (Note 11) | 0 | (7) | 0 |
Impairment of an equity security without a readily determinable fair value (Note 4) | 0 | (22) | 0 |
Transaction costs | (1) | (10) | (4) |
Performance guarantee expense, net (Note 15) | (42) | (59) | (77) |
Other, net | 9 | 12 | 2 |
Other income (loss), net | $ 127 | $ (49) | $ 42 |
Other Income (Loss), Net Other Income (Loss), Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Other Income and Expenses [Abstract] | |||
Pre-condemnation income | $ 0 | $ 4 | $ 18 |
Recorded cease use liability | 21 | ||
Schedule of Equity Method Investments | |||
Interest income (Note 4) | $ 25 | $ 28 | 110 |
Preferred shares | Playa Hotels & Resorts B.V. | |||
Schedule of Equity Method Investments | |||
Interest income (Note 4) | 94 | ||
Realized losses | $ 40 |
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 30, 2019 |
Jul. 31, 2019 |
May 17, 2019 |
Feb. 13, 2019 |
Oct. 30, 2018 |
Jul. 31, 2018 |
May 16, 2018 |
Feb. 14, 2018 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenue | $ 1,275 | $ 1,215 | $ 1,289 | $ 1,241 | $ 1,138 | $ 1,074 | $ 1,133 | $ 1,109 | $ 5,020 | $ 4,454 | $ 4,462 | ||||||||
Direct and selling, general, and administrative expenses | 1,225 | 1,175 | 1,208 | 1,215 | 1,054 | 1,012 | 1,026 | 1,030 | 4,823 | 4,122 | 4,202 | ||||||||
Net income | 321 | 296 | 86 | 63 | 44 | 237 | 77 | 411 | 766 | 769 | 390 | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ 321 | $ 296 | $ 86 | $ 63 | $ 44 | $ 237 | $ 77 | $ 411 | $ 766 | $ 769 | $ 389 | ||||||||
Net Income per share - basic (in dollars per share) | $ 3.13 | $ 2.84 | $ 0.81 | $ 0.60 | $ 0.41 | $ 2.12 | $ 0.67 | $ 3.47 | $ 7.33 | $ 6.79 | $ 3.13 | ||||||||
Net Income per share - diluted (in dollars per share) | 3.08 | 2.80 | 0.80 | 0.59 | 0.40 | 2.09 | 0.66 | 3.40 | $ 7.21 | $ 6.68 | $ 3.09 | ||||||||
Cash dividends, declared per share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
Label | Element | Value | ||
---|---|---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (4,000,000) | [1] | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 3,839,000,000 | ||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 64,000,000 | [1] | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 3,118,000,000 | ||
Additional Paid-in Capital [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 967,000,000 | ||
AOCI Attributable to Parent [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (68,000,000) | [1] | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (253,000,000) | ||
Common Stock [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,000,000 | ||
Noncontrolling Interest [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 6,000,000 | ||
Common Class A [Member] | Common Stock [Member] | ||||
Shares, Outstanding | us-gaap_SharesOutstanding | 48,231,149 | ||
Common Class B [Member] | Common Stock [Member] | ||||
Shares, Outstanding | us-gaap_SharesOutstanding | 70,753,837 | ||
|