Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (103) | $ 63 |
Other comprehensive loss, net of taxes: | ||
Foreign currency translation adjustments, net of tax expense of $- for the three months ended March 31, 2020 and March 31, 2019 | (51) | (6) |
Unrealized losses on derivative activity, net of tax benefit of $(9) and $(1) for the three months ended March 31, 2020 and March 31, 2019, respectively | (25) | (4) |
Other comprehensive loss | (76) | (10) |
COMPREHENSIVE INCOME (LOSS) | (179) | 53 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (179) | $ 53 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - Parentheticals - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, net of tax (benefit) | $ 0 | $ 0 |
Unrealized gains on derivative activity, net of tax expense | $ (9) | $ (1) |
Condensed Consolidated Balance Sheet - Parentheticals - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for doubtful accounts receivable, current | $ 38 | $ 32 |
Financing receivable, allowance for credit loss | $ 99 | $ 100 |
Preferred stock, par 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 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) | 35,570,053 | 36,109,179 |
Common stock, shares, issued (in shares) | 35,570,053 | 36,109,179 |
Common Class B | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 397,457,686 | 397,457,686 |
Common stock, shares, outstanding (in shares) | 65,463,274 | 65,463,274 |
Common stock, shares, issued (in shares) | 65,463,274 | 65,463,274 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (103) | $ 63 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Gains on sales of real estate | (8) | (1) |
Depreciation and amortization | 80 | 80 |
Release of contingent consideration liability | 0 | (25) |
Amortization of share awards | 17 | 21 |
Amortization of operating lease right-of-use assets | 8 | 9 |
Deferred income taxes | (45) | 1 |
Equity losses from unconsolidated hospitality ventures | 2 | 3 |
Amortization of management and franchise agreement assets constituting payments to customers | 6 | 5 |
Unrealized (gains) losses, net | 79 | (12) |
Distributions from unconsolidated hospitality ventures | 2 | 2 |
Working capital changes and other | (138) | (133) |
Net cash provided by (used in) operating activities | (100) | 13 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities and short-term investments | (110) | (67) |
Proceeds from marketable securities and short-term investments | 109 | 123 |
Contributions to equity method and other investments | (21) | (7) |
Return of equity method and other investments | 2 | 0 |
Acquisitions, net of cash acquired | 0 | (15) |
Capital expenditures | (55) | (66) |
Proceeds from sales of real estate, net of cash disposed | 78 | 0 |
Other investing activities | 10 | (7) |
Net cash provided by (used in) investing activities | 13 | (39) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from long-term debt | 400 | 120 |
Repayments of debt | (51) | (1) |
Repurchases of common stock | (69) | (102) |
Dividends paid | (20) | (20) |
Other financing activities | (7) | (2) |
Net cash provided by (used in) financing activities | 253 | (5) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 3 | 0 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 169 | (31) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR | 1,063 | 622 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD | 1,232 | 591 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Total cash, cash equivalents, and restricted cash | 1,232 | 591 |
Cash paid during the period for interest | 37 | 39 |
Cash paid during the period for income taxes | 31 | 10 |
Cash paid for amounts included in the measurement of operating lease liabilities | 13 | 13 |
Non-cash investing and financing activities are as follows: | ||
Non-cash contributions to equity method and other investments (see Note 7, Note 13) | 33 | 0 |
Non-cash issuance of financing receivables | 0 | 1 |
Change in accrued capital expenditures | 9 | 1 |
Non-cash right-of-use assets obtained in exchange for operating lease liabilities (see Note 7) | $ 4 | $ 0 |
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock Amount |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Noncontrolling Interests in Consolidated Subsidiaries |
Common Class A |
Common Class A
Common Stock Amount
|
Common Class B |
Common Class B
Common Stock Amount
|
Cumulative effect of accounting changes, net of tax (see Note 3) |
Cumulative effect of accounting changes, net of tax (see Note 3)
Retained Earnings
|
Cumulative Effect Period Of Adoption, Adjusted Balance |
Cumulative Effect Period Of Adoption, Adjusted Balance
Common Stock Amount
|
Cumulative Effect Period Of Adoption, Adjusted Balance
Additional Paid-in Capital
|
Cumulative Effect Period Of Adoption, Adjusted Balance
Retained Earnings
|
Cumulative Effect Period Of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
|
Cumulative Effect Period Of Adoption, Adjusted Balance
Noncontrolling Interests in Consolidated Subsidiaries
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | $ 3,677 | $ 1 | $ 50 | $ 3,819 | $ (200) | $ 7 | ||||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2018 | 39,507,817 | 67,115,828 | ||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | 3,677 | 1 | 50 | 3,819 | (200) | 7 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | 3,628 | 1 | 0 | 3,831 | (210) | 6 | ||||||||||||
Total comprehensive income | 53 | 63 | (10) | |||||||||||||||
Noncontrolling interests | (1) | (1) | ||||||||||||||||
Repurchase of common stock (in shares) | (1,452,858) | |||||||||||||||||
Repurchase of common stock | (102) | (71) | (31) | |||||||||||||||
Employee stock plan issuance (in shares) | 19,245 | |||||||||||||||||
Employee stock plan issuance | 1 | 1 | ||||||||||||||||
Share-based payment activity (in shares) | 326,972 | |||||||||||||||||
Share-based payment activity | 20 | 20 | ||||||||||||||||
Cash dividends | (20) | (20) | $ (7) | $ (13) | ||||||||||||||
Balance, end of period (in shares) at Mar. 31, 2019 | 38,401,176 | 67,115,828 | ||||||||||||||||
Balance, end of period at Mar. 31, 2019 | 3,628 | 1 | 0 | 3,831 | (210) | 6 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | 3,628 | 1 | 0 | 3,831 | (210) | 6 | ||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | 3,967 | 1 | 0 | 4,170 | (209) | 5 | $ (1) | $ (1) | $ 3,966 | $ 1 | $ 0 | $ 4,169 | $ (209) | $ 5 | ||||
Balance, beginning of period (in shares) at Dec. 31, 2019 | 36,109,179 | 65,463,274 | ||||||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 3,967 | 1 | 0 | 4,170 | (209) | 5 | (1) | (1) | 3,966 | 1 | 0 | 4,169 | (209) | 5 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | 3,708 | 1 | 0 | 3,989 | (209) | 3 | $ (1) | $ (1) | $ 3,966 | $ 1 | $ 0 | $ 4,169 | $ (209) | $ 5 | ||||
Total comprehensive income | (179) | (103) | (76) | |||||||||||||||
Noncontrolling interests | (2) | (2) | ||||||||||||||||
Repurchase of common stock (in shares) | (827,643) | |||||||||||||||||
Repurchase of common stock | (69) | (12) | (57) | |||||||||||||||
Employee stock plan issuance (in shares) | 16,654 | |||||||||||||||||
Employee stock plan issuance | 1 | 1 | ||||||||||||||||
Share-based payment activity (in shares) | 271,863 | |||||||||||||||||
Share-based payment activity | 11 | 11 | ||||||||||||||||
Cash dividends | (20) | (20) | $ (7) | $ (13) | ||||||||||||||
Balance, end of period (in shares) at Mar. 31, 2020 | 35,570,053 | 65,463,274 | ||||||||||||||||
Balance, end of period at Mar. 31, 2020 | 3,708 | 1 | 0 | 3,989 | (285) | 3 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Cumulative effect of accounting changes, net of tax (see Note 3) | $ 3,708 | $ 1 | $ 0 | $ 3,989 | $ (285) | $ 3 |
Condensed Consolidated Statements of Changes in Stockholders' Equity - Parenthetical - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 09, 2020 |
Mar. 11, 2019 |
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividend (in dollars per share) | $ 0.20 | $ 0.19 | $ 0.20 | $ 0.19 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
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 March 31, 2020, (i) we operated or franchised 453 full service hotels, comprising 155,951 rooms throughout the world, (ii) we operated or franchised 471 select service hotels, comprising 67,523 rooms, of which 402 hotels are located in the United States, and (iii) we franchised 8 all-inclusive Hyatt-branded resorts, comprising 3,153 rooms. At March 31, 2020, 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 operate under other tradenames or marks owned by such hotel or licensed by third parties. As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries, (ii) the term "properties" refers to hotels, resorts, and other properties, including branded spas and fitness studios, and residential, vacation, and condominium ownership units that we develop, own, operate, manage, franchise, or to which we provide services or license our trademarks, (iii) "Hyatt portfolio of properties" or "portfolio of properties" refers to hotels, resorts, and other properties that we develop, own, operate, manage, franchise, license, or provide services to, including under the Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, Joie de Vivre, Hyatt House, Hyatt Place, tommie, Hyatt Residence Club, and Exhale brands, (iv) the term "worldwide hotel portfolio" includes our full service hotels, including our wellness resorts, and our select service hotels, and (v) the term "worldwide property portfolio" includes our all-inclusive resorts, branded spas and fitness studios, and residential, vacation, and condominium ownership units in addition to our worldwide hotel portfolio. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Form 10-K"). We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.
|
Impact of the COVID-19 Pandemic |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of the COVID-19 Pandemic | IMPACT OF THE COVID-19 PANDEMIC Overview The COVID-19 pandemic and related travel restrictions and other containment efforts have had a significant impact on the travel industry and, as a result, on our business. The impact began in the first quarter of 2020 and has extended into the second quarter. As a result, this interim period, as well as future periods, are unlikely to be comparable to past performance or indicative of future performance. Impact to Financial and Non-financial Assets We evaluate our goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each year and at interim dates if indications of impairment exist. Given the impact the COVID-19 pandemic is having on our industry, we concluded that indicators of impairment existed at March 31, 2020. We updated our previous assumptions based on the current economic environment. Our assumptions are subject to inherent risk and uncertainty due to the stay-in-place measures enacted as a result of the COVID-19 pandemic, consumer confidence levels, and the ongoing impact of the COVID-19 pandemic on the hospitality industry. Based on our analysis, we concluded that our goodwill and indefinite-lived intangible assets are not impaired at March 31, 2020, but we continue to monitor the impact the COVID-19 pandemic is having on our business and the valuation of our goodwill and indefinite-lived intangible assets. We evaluate property and equipment, right-of-use assets, definite-lived intangible assets, and equity method investments for impairment quarterly. As a result of the current economic environment, we performed procedures to assess the recoverability of the net book value of property and equipment, right-of-use assets, and definite-lived intangible assets and did not identify any impairments related to these assets at March 31, 2020. For our equity method investments, we considered the impact on the underlying operations of the investments to determine whether there were any indications that the decline in value was other than temporary, and none were identified. In assessing our financial assets for credit losses, we considered the impact of the COVID-19 pandemic. As a result of our analysis, we recognized $3 million of bad debt expense in selling, general, and administrative expenses and $4 million of credit allowances in other income (loss), net on our condensed consolidated statements of income (loss) during the three months ended March 31, 2020. We will continue to monitor our financial assets for potential credit risk as the impact of the COVID-19 pandemic evolves.
|
Recently Issued Accounting Pronouncements |
3 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Our significant accounting policies are detailed in Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 2 to our Consolidated Financial Statements" within the 2019 Form 10-K. Upon adoption of Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, our accounting policies have been updated as follows: Debt and Equity Securities—Excluding equity method investments, debt and equity securities consist of various investments:
securities are recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts or other income (loss), net, depending on the nature of the investment, on our condensed consolidated statements of income (loss).
Our preferred shares earn a return that is recognized as interest income in other income (loss), net. For additional information about debt and equity securities, see Note 5. Financing Receivables—Financing receivables represent contractual rights to receive money either on demand or on fixed or determinable dates and are recognized on our condensed consolidated balance sheets at amortized cost, net of expected credit losses. We recognize interest as earned and include accrued interest in the amortized cost basis of the asset. 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, but the repayment terms vary and may be dependent upon future cash flows of the hotel. We individually assess all financing receivables for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. We estimate credit losses based on an analysis of several factors, including current economic conditions, industry trends, and specific risk characteristics of the financing receivable, including capital structure, loan performance, market factors, and the underlying hotel performance. Adjustments to credit allowances on financing receivables are recognized in other income (loss), net on our condensed consolidated statements of income (loss). We evaluate accrued interest allowances separately from the financing receivable assets. On an ongoing basis, we monitor the credit quality of our financing receivables based on historical and expected future 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 or if an allowance has been established for our other financing arrangements with that borrower. If we consider a financing receivable to be non-performing, we place the financing receivable on non-accrual status. We recognize interest income when cash is received for financing receivables on non-accrual status which is recognized in other income (loss), net in our condensed consolidated statements of income (loss). Accrual of interest income is resumed and potential reversal of any associated allowance for credit loss occurs when the receivable becomes contractually current and collection doubts are removed. After an allowance for credit losses has been established, we may determine the receivable balance is uncollectible when all commercially reasonable means of recovering the receivable balances have been exhausted. We write-off uncollectible balances by reversing the financing receivable and the related allowance for credit losses. For additional information about financing receivables, see Note 6. Accounts Receivables—Our accounts receivables primarily consist 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 assess all accounts receivable for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. The credit loss reserve is based on an assessment of historical collection activity, the nature of the receivable, geographic considerations, and the current business environment. The allowance for credit losses is recognized in owned and leased hotels expense or selling, general, and administrative expenses on our condensed consolidated statements of income (loss), based on the nature of the receivable. 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 condensed consolidated statements of income (loss). Guarantees related to our unconsolidated hospitality ventures are amortized into equity earnings (losses) from unconsolidated hospitality ventures in our condensed consolidated statements of income (loss).
For additional information about guarantees, see Note 13. Adopted Accounting Standards Financial Instruments—Credit Losses—In June 2016, the Financial Accounting Standards Board ("FASB") released ASU 2016-13. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss 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. We adopted ASU 2016-13 on January 1, 2020 utilizing the modified retrospective approach. Upon adoption, we recorded an adjustment of $1 million, net of tax, to opening retained earnings related to our credit allowance for accounts receivables, a $12 million increase to our HTM debt securities, and a corresponding $12 million credit loss allowance on our condensed consolidated balance sheets. The adoption adjustments do not reflect the impact of the COVID-19 pandemic. ASU 2016-03 did not materially affect our condensed consolidated statements of income (loss) or our condensed consolidated statements of cash flows. Future Adoption of Accounting Standards Reference Rate Reform—In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London interbank offered rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The relief provided in ASU 2020-04 is applicable to all entities, but is only available through December 31, 2022. We are still assessing the impact of adopting ASU 2020-04.
|
Revenue from Contracts with Customers |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 were $1 million and insignificant at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the contract assets were included in receivables, net. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract asset balance to be insignificant at year end. Contract liabilities are comprised of the following:
The following table summarizes the activity in our contract liabilities:
Revenue recognized during the three months ended March 31, 2020 and March 31, 2019 included in the contract liabilities balance at the beginning of each year was $137 million and $145 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 March 31, 2020, of which we expect to recognize approximately 15% as 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.
|
Debt and Equity Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities | DEBT AND EQUITY SECURITIES Equity Method Investments Equity method investments were $259 million and $232 million at March 31, 2020 and December 31, 2019, respectively. The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
Marketable Securities We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. 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 condensed 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 condensed consolidated statements of income (loss):
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 condensed consolidated statements of income (loss):
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 2025. Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on our condensed 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 $81 million of unrealized losses and $6 million of unrealized gains for the three months ended March 31, 2020 and March 31, 2019, respectively, recognized in other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19). We did not sell any shares of common stock during the three months ended March 31, 2020. Other Investments HTM Debt Securities—At March 31, 2020 and December 31, 2019, we held $62 million and $58 million, respectively, of investments in HTM debt securities, net of allowances, which are investments in third-party entities that own or are developing certain of our hotels and are recorded within other assets on our condensed consolidated balance sheets. The securities are mandatorily redeemable between 2020 and 2027. At March 31, 2020 our investments were net of allowances of $15 million. The carrying value of our investments approximates 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 March 31, 2020 and December 31, 2019, we held $12 million and $7 million 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. Fair Value—We measured the following financial assets at fair value on a recurring basis:
During the three months ended March 31, 2020 and March 31, 2019, 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.
|
Financing Receivables |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | FINANCING RECEIVABLES
Allowance for Losses—The following table summarizes the activity in our unsecured financing receivables allowance:
Credit Monitoring—Our unsecured financing receivables were as follows:
(1) The unpaid principal balance was $31 million and the average recorded loan balance was $42 million at March 31, 2020.
Fair Value—We estimated the fair value of financing receivables to be approximately $36 million at both March 31, 2020 and December 31, 2019. 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.
|
Acquisitions and Dispositions |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisitions Land—During the three months ended March 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 the year ended December 31, 2019. Dispositions Property Under Development—During the three months ended March 31, 2020, an unrelated third-party invested in certain of our subsidiaries that are developing a hotel, parking, and retail space in Philadelphia, Pennsylvania in exchange for a 60% ownership interest, resulting in the derecognition of the non-financial assets of the subsidiaries. As a result of the transaction, we received $72 million of proceeds, recorded our 40% ownership interest as an equity method investment, and recognized a $4 million pre-tax gain in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended March 31, 2020. Our $22 million equity method investment was recorded at fair value based upon the value contributed by our partner to the unconsolidated hospitality venture. As additional consideration, we received a $5 million investment in an equity security without a readily determinable fair value. Building—During the three months ended March 31, 2020, we sold a building in Omaha, Nebraska for $6 million, net of closing costs and proration adjustments. In conjunction with the sale, we entered into a lease for a portion of the building and accounted for the transaction as a sale and leaseback and recorded a $4 million right-of-use asset and related lease liability on our condensed consolidated balance sheet at March 31, 2020. The sale resulted in a $4 million pre-tax gain which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended March 31, 2020. The operating lease has a weighted-average remaining term of 9 years and a weighted-average discount rate of 3.25%. The lease includes an option to extend the lease term by 5 years. 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 condensed 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. However, we did not acquire the identified replacement property within the specified 180 day period, and the proceeds were released during the three months ended March 31, 2020.
|
Intangibles, Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles, Net | INTANGIBLES, NET
|
Other Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | OTHER ASSETS
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Long-term debt, net of current maturities, was $1,602 million and $1,612 million at March 31, 2020 and December 31, 2019, respectively. Revolving Credit Facility—During the three months ended March 31, 2020, we had $400 million of borrowings and $50 million of repayments on our revolving credit facility. The weighted-average interest rate on these borrowings was 1.66% at March 31, 2020. At March 31, 2020 and December 31, 2019, we had $350 million and $0 balance outstanding, respectively. At March 31, 2020, we had $1,149 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding. Fair Value—We estimated the fair value of debt, excluding finance leases, which consists of $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), $350 million of 3.375% senior notes due 2023 (the "2023 Notes"), $400 million of 4.850% senior notes due 2026 (the "2026 Notes"), and $400 million of 4.375% senior notes due 2028 (the "2028 Notes"), collectively referred to as the "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 a 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 $10 million of finance lease obligations and $13 million of unamortized discounts and deferred financing fees.
Interest Rate Locks—At March 31, 2020 and December 31, 2019, we had outstanding interest rate locks with $275 million in notional value 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 March 31, 2020. During the three months ended March 31, 2020 and March 31, 2019, we recognized $34 million and $6 million of pre-tax losses in unrealized gains (losses) on derivative activity on our condensed consolidated statements of comprehensive income (loss). At March 31, 2020, we had $58 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these instruments. At December 31, 2019, we had $24 million recorded in other long-term liabilities on our condensed 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.
|
Other Long-Term Liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security ("CARES") Act was signed into law. The provisions include, but are not limited to, allowing net operating loss carrybacks, modifying the net interest deduction limitations, providing technical corrections to tax depreciation methods for qualified improvement property, allowing refundable payroll tax credits, and deferring employer social security deposits. Specifically, net operating losses incurred in 2020 may be carried back to each of the preceding five years to offset prior year taxable income generating a refund in future periods when the tax returns are filed, and the cash is received. We are in the process of evaluating the impact of each of the provisions to our business. The effective income tax rates for the three months ended March 31, 2020 and March 31, 2019 were 25.4% and 23.5%, respectively. Our effective tax rate increased for the three months ended March 31, 2020, compared to the three months ended March 31, 2019, primarily due to U.S. net operating losses that will be benefited at the 35% tax rate in accordance with the terms of the CARES Act. We are subject to audits by federal, state, and foreign tax authorities. We are currently under field exam by the Internal Revenue Service ("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 $194 million (including $50 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, $71 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.
|
Commitments and Contingencies |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Commitments—At March 31, 2020, we are committed, under certain conditions, to lend or provide certain consideration to, or invest in, various business ventures up to $295 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. At March 31, 2020, the remaining maximum exposure under our performance guarantees was $194 million. Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("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. At March 31, 2020, our remaining contractual maximum exposure was €115 million ($127 million using exchange rates at March 31, 2020). Of this amount, we recognized approximately $6 million of expense in April to fully settle our guarantee obligation which expired on April 30, 2020. We had $36 million and $33 million of total net performance guarantee liabilities at March 31, 2020 and December 31, 2019, respectively, which included $9 million and $14 million recorded in other long-term liabilities and $27 million and $19 million recorded in accrued expenses and other current liabilities on our condensed 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 March 31, 2020 and December 31, 2019, there were no amounts recognized on our condensed 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 March 31, 2020. 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 $80 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 March 31, 2020, the maximum potential future payments are $6 million, and the maximum exposure net of recoverability from third parties is insignificant. At March 31, 2020, 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 $53 million and $62 million at March 31, 2020 and December 31, 2019, respectively. Based upon the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy. 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 $39 million and $41 million at March 31, 2020 and December 31, 2019, respectively, and are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Reserves for losses in our captive insurance companies to be paid in future periods are $79 million and $80 million at March 31, 2020 and December 31, 2019, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets. Collective Bargaining Agreements—At March 31, 2020, approximately 22% 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 $47 million at March 31, 2020 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 March 31, 2020 were $254 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 10). 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 condensed 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. At March 31, 2020, our maximum exposure is not expected to exceed $18 million.
|
Equity |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY Accumulated Other Comprehensive Loss
Share Repurchase—During 2019 and 2018 our board of directors authorized the repurchase of up to $750 million and $750 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 three months ended March 31, 2020, we repurchased 827,643 shares of common stock. The shares of common stock were repurchased at a weighted-average price of $84.08 per share for an aggregate purchase price of $69 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2020 represented approximately 1% of our total shares of common stock outstanding at December 31, 2019. During the three months ended March 31, 2019, we repurchased 1,452,858 shares of common stock. The shares of common stock were repurchased at a weighted-average price of $70.22 per share for an aggregate purchase price of $102 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2019 represented approximately 1% of our total shares of common stock outstanding at December 31, 2018. The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares. At March 31, 2020, we had $928 million remaining under the share repurchase authorization. Dividend—The following tables summarize dividends paid to Class A and Class B shareholders of record:
|
Stock-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION As part of our Long-Term Incentive Plan ("LTIP"), we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), and Performance Share Units ("PSUs") to certain employees and non-employee directors. 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. 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 condensed consolidated statements of income (loss). Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income (loss) related to these awards was as follows:
The three months ended March 31, 2020 includes a reversal of previously recognized stock-based compensation expense based on our current assessment of the expected achievement relative to the applicable performance targets related to certain PSU awards. SARs—During the three months ended March 31, 2020, we granted 1,250,434 SARs to employees with a weighted-average grant date fair value of $8.88. During the three months ended March 31, 2019, we granted 643,989 SARs to employees with a weighted-average grant date fair value of $17.11. RSUs—During the three months ended March 31, 2020, we granted 519,730 RSUs to employees with a weighted-average grant date fair value of $48.66. During the three months ended March 31, 2019, we granted 332,102 RSUs to employees with a weighted-average grant date fair value of $71.65. PSUs—During the three months ended March 31, 2020 and March 31, 2019, we did not grant PSUs under our LTIP. Our total unearned compensation for our stock-based compensation programs at March 31, 2020 was $3 million for SARs, $21 million for RSUs, and $3 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of three years with respect to SARs and RSUs and two years with respect to PSUs.
|
Related-Party Transactions |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS In addition to those included elsewhere in the Notes to our condensed 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 the three months ended March 31, 2020 and March 31, 2019 is the brother-in-law of our Executive Chairman. We incurred $2 million and $1 million of legal fees with this firm during the three months ended March 31, 2020 and March 31, 2019, respectively. At March 31, 2020 and December 31, 2019, we had $2 million and insignificant amounts due to the law firm, respectively. Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recognized $3 million and $5 million of fees for the three months ended March 31, 2020 and March 31, 2019, respectively. In addition, in some cases we provide loans (see Note 6) or guarantees (see Note 13) to these entities. During each of the three months ended March 31, 2020 and March 31, 2019, we recognized $1 million of income related to these guarantees. At March 31, 2020 and December 31, 2019, we had $15 million and $17 million of receivables due from these properties, respectively. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. See Note 5 for further details regarding these investments.
|
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. Effective January 1, 2020, we changed the strategic and operational oversight for our Miraval properties, which were previously evaluated as a distinct business by our CODM. The management fees from Miraval properties are now reported in the Americas management and franchising segment, and the operating results and financial position of underlying hotel results are now reported in our owned and leased hotels segment; the results of Miraval properties were previously reported in corporate and other. In addition, the license fees we receive from Hyatt Residence Club are now reported within our Americas management and franchising segment due to changes in the strategic oversight for these license agreements. The segment changes have been reflected retrospectively to the three months ended March 31, 2019. 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 (loss) 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; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets constituting payments to customers ("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 Exhale, results related to our co-branded credit cards, and unallocated corporate expenses.
The table below provides a reconciliation of our net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
|
Earnings (Losses) Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Losses) Per Share | EARNINGS (LOSSES) PER SHARE The calculation of basic and diluted earnings (losses) per share, including a reconciliation of the numerator and denominator, are as follows:
The computations of diluted net income (loss) per share for the three months ended March 31, 2020 and March 31, 2019 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.
|
Other Income (Loss), Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Loss), Net | OTHER INCOME (LOSS), NET
During the three months ended March 31, 2019, we released $25 million of contingent consideration liability for management agreements previously acquired in conjunction with Two Roads Hospitality LLC ("Two Roads") in which specific actions were not completed or payment was no longer probable. During the three months ended March 31, 2019, we recognized a $15 million release of our debt repayment guarantee liability for a hotel property in Washington State as the debt was refinanced, and we are no longer guarantor.
|
Subsequent Event |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On April 21, 2020, we entered into a Second Amendment to the Second Amended and Restated Credit Agreement (the "Revolver Amendment"), which amends the Second Amended and Restated Credit Agreement. Terms of the Revolver Amendment include, but are not limited to, waivers on certain covenants and modifications to negative covenants and other terms, including the interest rate. On April 21, 2020, we issued $450 million of 5.375% senior notes due 2025 (the "2025 Notes") and $450 million of 5.750% senior notes due 2030 (the "2030 Notes"). We received approximately $890 million, after deducting underwriting discounts and other offering expenses. In connection with the issuance of the 2030 Notes, we settled the outstanding interest rate locks with $275 million in notional value for $61 million.
|
Recently Issued Accounting Pronouncements (Policies) |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Accounting | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. | ||||||||||||||||||||
Principles of Consolidation | We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.
|
||||||||||||||||||||
Debt and Equity Securities | Debt and Equity Securities—Excluding equity method investments, debt and equity securities consist of various investments:
securities are recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts or other income (loss), net, depending on the nature of the investment, on our condensed consolidated statements of income (loss).
Our preferred shares earn a return that is recognized as interest income in other income (loss), net.
|
||||||||||||||||||||
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 condensed consolidated balance sheets at amortized cost, net of expected credit losses. We recognize interest as earned and include accrued interest in the amortized cost basis of the asset. 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, but the repayment terms vary and may be dependent upon future cash flows of the hotel. We individually assess all financing receivables for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. We estimate credit losses based on an analysis of several factors, including current economic conditions, industry trends, and specific risk characteristics of the financing receivable, including capital structure, loan performance, market factors, and the underlying hotel performance. Adjustments to credit allowances on financing receivables are recognized in other income (loss), net on our condensed consolidated statements of income (loss).
|
||||||||||||||||||||
Financing Receivables - Non-performing Loans | We evaluate accrued interest allowances separately from the financing receivable assets. On an ongoing basis, we monitor the credit quality of our financing receivables based on historical and expected future 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 or if an allowance has been established for our other financing arrangements with that borrower. | ||||||||||||||||||||
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 cash is received for financing receivables on non-accrual status which is recognized in other income (loss), net in our condensed consolidated statements of income (loss). Accrual of interest income is resumed and potential reversal of any associated allowance for credit loss occurs when the receivable becomes contractually current and collection doubts are removed.
|
||||||||||||||||||||
Financing Receivables - Impaired Loans | After an allowance for credit losses has been established, we may determine the receivable balance is uncollectible when all commercially reasonable means of recovering the receivable balances have been exhausted. We write-off uncollectible balances by reversing the financing receivable and the related allowance for credit losses. | ||||||||||||||||||||
Accounts Receivable | Accounts Receivables—Our accounts receivables primarily consist 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 assess all accounts receivable for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. The credit loss reserve is based on an assessment of historical collection activity, the nature of the receivable, geographic considerations, and the current business environment. The allowance for credit losses is recognized in owned and leased hotels expense or selling, general, and administrative expenses on our condensed consolidated statements of income (loss), based on the nature of the receivable.
|
||||||||||||||||||||
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 condensed consolidated statements of income (loss). Guarantees related to our unconsolidated hospitality ventures are amortized into equity earnings (losses) from unconsolidated hospitality ventures in our condensed consolidated statements of income (loss).
• Debt repayment guarantees—At inception of the guarantee and on a quarterly basis, we evaluate the risk of funding under a guarantee. Based on the current and forecasted performance of the underlying property, whether the property owner is current on debt service, the historical performance of the property, and the current market, we record a separate liability with an offset recognized in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures as necessary.
|
||||||||||||||||||||
Adopted Accounting Standards and Future Adoption of Accounting Standards | Adopted Accounting Standards Financial Instruments—Credit Losses—In June 2016, the Financial Accounting Standards Board ("FASB") released ASU 2016-13. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss 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. We adopted ASU 2016-13 on January 1, 2020 utilizing the modified retrospective approach. Upon adoption, we recorded an adjustment of $1 million, net of tax, to opening retained earnings related to our credit allowance for accounts receivables, a $12 million increase to our HTM debt securities, and a corresponding $12 million credit loss allowance on our condensed consolidated balance sheets. The adoption adjustments do not reflect the impact of the COVID-19 pandemic. ASU 2016-03 did not materially affect our condensed consolidated statements of income (loss) or our condensed consolidated statements of cash flows. Future Adoption of Accounting Standards Reference Rate Reform—In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London interbank offered rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The relief provided in ASU 2020-04 is applicable to all entities, but is only available through December 31, 2022. We are still assessing the impact of adopting ASU 2020-04.
|
||||||||||||||||||||
Revenue Recognition | 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. 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.
|
||||||||||||||||||||
Self 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. | ||||||||||||||||||||
Commitments and Contingencies 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 condensed consolidated financial statements.
|
||||||||||||||||||||
Segment Reporting | Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. Effective January 1, 2020, we changed the strategic and operational oversight for our Miraval properties, which were previously evaluated as a distinct business by our CODM. The management fees from Miraval properties are now reported in the Americas management and franchising segment, and the operating results and financial position of underlying hotel results are now reported in our owned and leased hotels segment; the results of Miraval properties were previously reported in corporate and other. In addition, the license fees we receive from Hyatt Residence Club are now reported within our Americas management and franchising segment due to changes in the strategic oversight for these license agreements. The segment changes have been reflected retrospectively to the three months ended March 31, 2019. 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 (loss) 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; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets constituting payments to customers ("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.
|
Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenues disaggregated by the nature of the product or service:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contract Liability | Contract liabilities are comprised of the following:
The following table summarizes the activity in our contract liabilities:
|
Debt and Equity Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information | The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed consolidated balance sheets, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed consolidated statements of income (loss):
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 condensed consolidated statements of income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed consolidated balance sheets, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | We measured the following financial assets at fair value on a recurring basis:
|
Financing Receivables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) The unpaid principal balance was $31 million and the average recorded loan balance was $42 million at March 31, 2020.
|
Intangibles, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Amortization Expense |
|
Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets |
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping |
(1) Excludes $10 million of finance lease obligations and $13 million of unamortized discounts and deferred financing fees.
|
Other Long-Term Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities |
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2020. 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 $80 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 March 31, 2020, the maximum potential future payments are $6 million, and the maximum exposure net of recoverability from third parties is insignificant.
|
Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared and Paid | The following tables summarize dividends paid to Class A and Class B shareholders of record:
|
Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense Related to Long-Term Incentive Plan | Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income (loss) related to these awards was as follows:
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Exhale, results related to our co-branded credit cards, and unallocated corporate expenses.
(a) Intersegment revenues are included in management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
|
Earnings (Losses) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings (losses) per share, including a reconciliation of the numerator and denominator, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The computations of diluted net income (loss) per share for the three months ended March 31, 2020 and March 31, 2019 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.
|
Other Income (Loss), Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Loss), Net |
|
Organization (Details) |
Mar. 31, 2020
hotel
country
room
|
---|---|
Organization | |
Number of countries in which entity operates | country | 65 |
Full service | |
Organization | |
Number of hotels operated or franchised | 453 |
Number of rooms operated or franchised | room | 155,951 |
Select service | |
Organization | |
Number of hotels operated or franchised | 471 |
Number of rooms operated or franchised | room | 67,523 |
Select service | United States | |
Organization | |
Number of hotels operated or franchised | 402 |
All inclusive | |
Organization | |
Number of hotels operated or franchised | 8 |
Number of rooms operated or franchised | room | 3,153 |
Impact of the COVID-19 Pandemic (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, allowance for credit loss | $ 99 | $ 100 |
COVID-19 Pandemic | Selling, General and Administrative Expenses | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, credit loss expense | 3 | |
COVID-19 Pandemic | Operating Income (Loss) | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, allowance for credit loss | $ 4 |
Recently Issued Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to retained earnings | $ (3,708) | $ (3,967) | $ (3,628) | $ (3,677) | |
Held-to-maturity securities | 62 | 58 | |||
Held-to-maturity, allowance for credit loss | 15 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to retained earnings | $ (3,989) | (4,170) | $ (3,831) | $ (3,819) | |
Cumulative effect of accounting changes, net of tax (see Note 3) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to retained earnings | 1 | ||||
Cumulative effect of accounting changes, net of tax (see Note 3) | Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to retained earnings | $ 1 | $ 1 | |||
Held-to-maturity securities | 12 | ||||
Held-to-maturity, allowance for credit loss | $ 12 |
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 993 | $ 1,241 |
Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 178 | 266 |
Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 105 | 160 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 40 | 44 |
Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 323 | 470 |
Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 47 | 63 |
Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | 34 |
Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 27 | 32 |
Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5 | 6 |
License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 21 | 6 |
Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 108 | 141 |
Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6) | (5) |
Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 102 | 136 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 35 | 45 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 533 | 590 |
Operating segments | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 330 | 477 |
Operating segments | Owned and leased hotels | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 185 | 273 |
Operating segments | Owned and leased hotels | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 105 | 160 |
Operating segments | Owned and leased hotels | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 40 | 44 |
Operating segments | Owned and leased hotels | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 330 | 477 |
Operating segments | Owned and leased hotels | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Americas management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 591 | 684 |
Operating segments | Americas management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Americas management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Americas management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Americas management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | Americas management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 44 | 57 |
Operating segments | Americas management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4 | 14 |
Operating segments | Americas management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 27 | 32 |
Operating segments | Americas management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 0 |
Operating segments | Americas management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | 1 |
Operating segments | Americas management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 84 | 104 |
Operating segments | Americas management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (4) | (4) |
Operating segments | Americas management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 80 | 100 |
Operating segments | Americas management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 27 | 36 |
Operating segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 484 | 548 |
Operating segments | ASPAC management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 45 | 56 |
Operating segments | ASPAC management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 12 |
Operating segments | ASPAC management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | 17 |
Operating segments | ASPAC management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 3 |
Operating segments | ASPAC management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | 0 |
Operating segments | ASPAC management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19 | 32 |
Operating segments | ASPAC management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (1) | 0 |
Operating segments | ASPAC management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18 | 32 |
Operating segments | ASPAC management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 27 | 24 |
Operating segments | EAME/SW Asia management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29 | 34 |
Operating segments | EAME/SW Asia management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7 | 8 |
Operating segments | EAME/SW Asia management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 8 |
Operating segments | EAME/SW Asia management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 2 |
Operating segments | EAME/SW Asia management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10 | 18 |
Operating segments | EAME/SW Asia management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (1) | (1) |
Operating segments | EAME/SW Asia management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9 | 17 |
Operating segments | EAME/SW Asia management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20 | 17 |
Corporate and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 16 | 16 |
Corporate and other | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 1 |
Corporate and other | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5 | 5 |
Corporate and other | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 6 |
Corporate and other | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 6 |
Corporate and other | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | 9 |
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 1 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (18) | (26) |
Eliminations | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (7) | (7) |
Eliminations | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (7) | (7) |
Eliminations | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (10) | (14) |
Eliminations | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (1) | (5) |
Eliminations | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (11) | (19) |
Eliminations | Amortization of management and franchise agreement assets constituting payments to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (11) | (19) |
Eliminations | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7 | 7 |
Eliminations | Americas management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10 | 17 |
Eliminations | ASPAC management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | EAME/SW Asia management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1 | $ 2 |
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract assets | $ 1,000,000 | $ 0 | |||
Total contract liabilities | 904,000,000 | $ 849,000,000 | 920,000,000 | $ 830,000,000 | |
Cash received from contract with customer | 246,000,000 | 247,000,000 | |||
Revenue recognized from contract with customer | (262,000,000) | (228,000,000) | |||
Revenue recognized from contract with customer beginning balance | 137,000,000 | $ 145,000,000 | |||
Deferred revenue related to the loyalty program | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 696,000,000 | 671,000,000 | |||
Advanced deposits | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 54,000,000 | 77,000,000 | |||
Initial fees received from franchise owners | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 41,000,000 | 41,000,000 | |||
Deferred revenue related to system-wide services | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 3,000,000 | 5,000,000 | |||
Other deferred revenue | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | $ 110,000,000 | $ 126,000,000 | |||
Scenario, Forecast | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract assets | $ 0 |
Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2020
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]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent recognized | 15.00% |
Remaining performance obligation, period | 1 year |
Debt and Equity Securities - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Schedule of Debt and Equity Method Investments | |||
Equity method investments | $ 259 | $ 232 | |
Common stock, shares sold (in shares) | 0 | ||
Held-to-maturity securities | $ 62 | 58 | |
Held-to-maturity, allowance for credit loss | 15 | ||
Equity securities without a readily determinable fair value | 12 | $ 7 | |
Playa Hotels & Resorts N.V. | Common shares | |||
Schedule of Debt and Equity Method Investments | |||
Unrealized gains recognized in other income (loss), net | $ (81) | $ 6 |
Debt and Equity Securities - Summarized Financial Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Total revenues | $ 117 | $ 116 |
Gross operating profit | 34 | 39 |
Loss from continuing operations | (7) | (10) |
Net loss | $ (7) | $ (10) |
Debt and Equity Securities - Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Held for operating programs | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | $ 1,068 | $ 1,113 |
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 | (172) | (219) |
Marketable securities held to fund operating programs included in other assets | 896 | 894 |
Loyalty program | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | 510 | 483 |
Deferred compensation plans held in rabbi trusts | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | 385 | 450 |
Captive insurance companies | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | $ 173 | $ 180 |
Debt and Equity Securities - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Gain (Loss) on Securities [Line Items] | ||
Loyalty program | $ (48) | $ 30 |
Net gains and interest income from marketable securities held to fund rabbi trusts | (48) | 30 |
Loyalty program | ||
Gain (Loss) on Securities [Line Items] | ||
Loyalty program | 11 | 9 |
Net gains and interest income from marketable securities held to fund rabbi trusts | 11 | 9 |
Deferred compensation plans held in rabbi trusts | ||
Gain (Loss) on Securities [Line Items] | ||
Unrealized gains (losses) | (50) | 28 |
Realized gains | $ 2 | $ 2 |
Debt and Equity Securities - Held for Investment Purposes (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Investments | ||
Common shares of Playa N.V. (Note 5) | $ 21 | $ 102 |
Held for Investment Purposes | ||
Schedule of Investments | ||
Interest-bearing money market funds (a) | 368 | 147 |
Time deposits | 37 | 37 |
Common shares of Playa N.V. (Note 5) | 21 | 102 |
Total marketable securities held for investment/operating purposes | 426 | 286 |
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments | (405) | (184) |
Marketable securities held for investment purposes included in other assets | $ 21 | $ 102 |
Debt and Equity Securities - Fair Value of Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | $ 1,494 | $ 1,399 |
Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 509 | 269 |
Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 444 | 502 |
Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 21 | 102 |
Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 45 | 47 |
Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 207 | 202 |
Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 42 | 50 |
Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 159 | 161 |
Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 24 | 23 |
Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 38 | 39 |
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 5 | 4 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 509 | 269 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 509 | 269 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 68 | 68 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 41 | 41 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 6 | 4 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 3 | 3 |
Short-term investments | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 18 | 20 |
Short-term investments | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 66 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 31 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 6 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 18 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 4 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 6 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 1 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 917 | 996 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 444 | 502 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 21 | 102 |
Other assets | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 4 | 6 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 201 | 167 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 39 | 41 |
Other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 141 | 123 |
Other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 24 | 19 |
Other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 38 | 33 |
Other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | $ 5 | $ 3 |
Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable | ||||
Less: allowance for losses | $ (99) | $ (100) | ||
Total long-term financing receivables, net of allowances | 35 | 35 | ||
Unsecured financing | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Unsecured financing to hotel owners | 134 | 135 | ||
Less: allowance for losses | (99) | (100) | $ (103) | $ (101) |
Total long-term financing receivables, net of allowances | $ 35 | $ 35 |
Financing Receivables - Allowance for Losses and Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Allowance for Losses and Impairments | ||
Allowance beginning balance | $ 100 | |
Allowance ending balance | 99 | |
Unsecured financing | ||
Allowance for Losses and Impairments | ||
Allowance beginning balance | 100 | $ 101 |
Provisions | 2 | 2 |
Foreign currency exchange, net | (3) | 0 |
Allowance ending balance | $ 99 | $ 103 |
Financing Receivables - Credit Monitoring (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Unsecured Financing Receivables | ||||
Related allowance | $ (99) | $ (100) | ||
Unsecured financing | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 134 | 135 | ||
Related allowance | (99) | (100) | $ (103) | $ (101) |
Net financing receivables | 35 | 35 | ||
Gross receivables on non-accrual status | 98 | 99 | ||
Unsecured financing | Loans | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 34 | 33 | ||
Related allowance | (1) | (1) | ||
Net financing receivables | 33 | 32 | ||
Gross receivables on non-accrual status | 0 | 0 | ||
Unsecured financing | Impaired loans | ||||
Unsecured Financing Receivables | ||||
Impaired loans | 40 | 43 | ||
Impaired loans, allowance | (40) | (43) | ||
Net financing receivables | 0 | 0 | ||
Gross receivables on non-accrual status | 40 | 43 | ||
Impaired financing receivable, unpaid principal balance | 31 | 33 | ||
Impaired financing receivable, average recorded investment | 42 | 46 | ||
Unsecured financing | Total loans | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 74 | 76 | ||
Related allowance | (41) | (44) | ||
Net financing receivables | 33 | 32 | ||
Gross receivables on non-accrual status | 40 | 43 | ||
Unsecured financing | Other financing arrangements | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 60 | 59 | ||
Related allowance | (58) | (56) | ||
Net financing receivables | 2 | 3 | ||
Gross receivables on non-accrual status | $ 58 | $ 56 |
Financing Receivables - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Significant unobservable inputs (Level Three) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Financing receivables | $ 36 | $ 36 |
Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Land Held for Development | |
Business Acquisition [Line Items] | |
Payments to acquire land | $ 15 |
Acquisitions and Dispositions - Dispositions Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity method investments | $ 259 | $ 232 | |
Equity securities without a readily determinable fair value | 12 | $ 7 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 4 | $ 0 | |
Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration in exchange for the third party investment | 60.00% | ||
Proceeds from sales of assets, investing activities | $ 72 | ||
Equity method investment, ownership percentage | 40.00% | ||
Gains on sales of real estate | $ 4 | ||
Global Contact Center, Omaha, Nebraska | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 4 | ||
Weighted-average remaining lease term - operating leases | 9 years | ||
Weighted-average discount rate - operating leases | 3.25% | ||
Operating lease, option to extend term | 5 years | ||
Global Contact Center, Omaha, Nebraska | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gains on sales of real estate | $ 4 | ||
Disposal group, consideration | 6 | ||
Unconsolidated Hospitality Venture | Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity method investments | 22 | ||
Equity securities without a readily determinable fair value | $ 5 |
Acquisitions and Dispositions - Like-Kind Exchange Agreements (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | ||
Like-kind exchange period for replacement property identified | 45 days | |
Disposal group, disposed of by sale | Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort & Spa | ||
Business Acquisition [Line Items] | ||
Proceeds held as restricted for use | $ 115 | |
Disposal group, disposed of by sale | Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | ||
Business Acquisition [Line Items] | ||
Like-kind exchange period for replacement property identified | 180 days |
Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Schedule of Intangible Asset by Major Class | ||
Intangible assets, gross | $ 529 | $ 533 |
Less: accumulated amortization | (102) | (96) |
Intangibles, net | 427 | 437 |
Brand and other indefinite-lived intangibles | ||
Schedule of Intangible Asset by Major Class | ||
Intangible assets, gross | 144 | 144 |
Management and franchise agreement intangibles | ||
Schedule of Intangible Asset by Major Class | ||
Intangible assets, gross | $ 363 | 367 |
Weighted- average useful lives in years | 18 years | |
Advanced booking intangibles | ||
Schedule of Intangible Asset by Major Class | ||
Intangible assets, gross | $ 14 | 14 |
Weighted- average useful lives in years | 5 years | |
Other definite-lived intangibles | ||
Schedule of Intangible Asset by Major Class | ||
Intangible assets, gross | $ 8 | $ 8 |
Weighted- average useful lives in years | 6 years |
Intangibles, Net - Amortization Expense Table (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 7 | $ 3 |
Other Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Assets, Noncurrent [Abstract] | ||
Management and franchise agreement assets constituting payments to customers (1) | $ 431 | $ 423 |
Marketable securities held to fund the loyalty program (Note 5) | 420 | 347 |
Marketable securities held to fund rabbi trusts (Note 5) | 385 | 450 |
Marketable securities held for captive insurance companies (Note 5) | 91 | 97 |
Long-term investments | 74 | 65 |
Common shares of Playa N.V. (Note 5) | 21 | 102 |
Other | 104 | 104 |
Total other assets | $ 1,526 | $ 1,588 |
Debt - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Debt Instrument | ||
Long-term debt, net of current maturities | $ 1,602,000,000 | $ 1,612,000,000 |
Revolving credit facility | ||
Debt Instrument | ||
Borrowings from revolving credit facility during period | 400,000,000 | |
Repayments of revolving credit facility during period | $ 50,000,000 | |
Revolving credit facility, weighted average interest rate | 1.66% | |
Revolving credit facility, outstanding balance | $ 350,000,000 | $ 0 |
Revolving credit facility, remaining borrowing capacity | 1,149,000,000 | |
2021 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 250,000,000 | |
Debt instrument, stated percent | 5.375% | |
2023 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 350,000,000 | |
Debt instrument, stated percent | 3.375% | |
2026 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 400,000,000 | |
Debt instrument, stated percent | 4.85% | |
2028 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 400,000,000 | |
Debt instrument, stated percent | 4.375% |
Debt - Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument | ||
Finance lease obligations | $ 10 | $ 11 |
Unamortized discount and deferred financing fees | 13 | 15 |
Quoted prices in active markets for identical assets (Level One) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 0 | 0 |
Significant other observable inputs (Level Two) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 1,504 | 1,680 |
Significant unobservable inputs (Level Three) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 392 | 60 |
Carrying value | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 1,965 | 1,627 |
Fair value | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | $ 1,896 | $ 1,740 |
Debt - Interest Rate Locks (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) on derivative activity, net of tax benefit | $ (34,000,000) | $ 6,000,000 | |
Interest Rate Contract | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 275,000,000 | $ 275,000,000 | |
Derivative liability, current | $ 58,000,000 | ||
Derivative liability, noncurrent | $ 24,000,000 |
Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Liabilities [Abstract] | ||
Deferred compensation plans funded by rabbi trusts (Note 5) | $ 385 | $ 450 |
Income taxes payable | 164 | 147 |
Self-insurance liabilities (Note 13) | 79 | 80 |
Deferred income taxes (Note 12) | 45 | 47 |
Guarantee liabilities (Note 13) | 42 | 46 |
Other | 91 | 114 |
Total other long-term liabilities | $ 806 | $ 884 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Tax Credit Carryforward [Line Items] | ||
Effective income tax rate | 25.40% | 23.50% |
Settlement with Taxing Authority | ||
Tax Credit Carryforward [Line Items] | ||
Estimated income tax liability based on taxing authority’s assessment | $ 194 | |
Estimated income tax liability, interest | 50 | |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | $ 71 |
Commitments and Contingencies - Commitments and Performance Guarantees Narrative (Details) |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
hotel
|
Mar. 31, 2020
EUR (€)
hotel
|
Dec. 31, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Performance guarantee | ||||||
Loss Contingencies | ||||||
Remaining maximum exposure | $ 194,000,000 | |||||
Guarantor obligations, liability, current carrying value | 36,000,000 | $ 33,000,000 | $ 46,000,000 | $ 47,000,000 | ||
Performance guarantee | Other long-term liabilities | ||||||
Loss Contingencies | ||||||
Guarantor obligations, liability, current carrying value | 9,000,000 | 14,000,000 | ||||
Performance guarantee | Accrued expenses and other current liabilitiess | ||||||
Loss Contingencies | ||||||
Guarantor obligations, liability, current carrying value | 27,000,000 | 19,000,000 | ||||
Performance test clause guarantee | ||||||
Loss Contingencies | ||||||
Guarantor obligations, liability, current carrying value | 0 | 0 | ||||
The four managed hotels in France | Performance guarantee | ||||||
Loss Contingencies | ||||||
Remaining maximum exposure | $ 127,000,000 | € 115,000,000 | ||||
Hotels managed In France | hotel | 4 | 4 | ||||
Performance guarantee term | 7 years | |||||
Guarantor obligations, liability, current carrying value | $ 21,000,000 | $ 20,000,000 | $ 36,000,000 | $ 36,000,000 | ||
Various Business Ventures | ||||||
Loss Contingencies | ||||||
Commitment to loan or investment | $ 295,000,000 | |||||
Scenario, Forecast | The four managed hotels in France | Performance guarantee | ||||||
Loss Contingencies | ||||||
Additional performance guarantee expense | $ 6,000,000 |
Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Guarantor Obligations | ||
Amortization of initial guarantee obligation liability into income | $ (5) | $ (4) |
Performance guarantee expense (recovery), net | 26 | 21 |
Performance guarantee | ||
Guarantor Obligations | ||
Beginning balance | 33 | 47 |
Initial guarantee obligation liability | 0 | 1 |
Amortization of initial guarantee obligation liability into income | (5) | (4) |
Performance guarantee expense (recovery), net | 26 | 21 |
Net payments during the period | (18) | (19) |
Ending balance | 36 | 46 |
Performance guarantee | The four managed hotels in France | ||
Guarantor Obligations | ||
Beginning balance | 20 | 36 |
Initial guarantee obligation liability | 0 | 0 |
Amortization of initial guarantee obligation liability into income | (4) | (4) |
Performance guarantee expense (recovery), net | 20 | 20 |
Net payments during the period | (15) | (16) |
Ending balance | 21 | 36 |
Performance guarantee | Other performance guarantees | ||
Guarantor Obligations | ||
Beginning balance | 13 | 11 |
Initial guarantee obligation liability | 0 | 1 |
Amortization of initial guarantee obligation liability into income | (1) | 0 |
Performance guarantee expense (recovery), net | 6 | 1 |
Net payments during the period | (3) | (3) |
Ending balance | $ 15 | $ 10 |
Commitments and Contingencies - Schedule of Debt Guarantees (Details) - USD ($) |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Loss Contingencies | ||
Debt repayment and other guarantees, other long-term liabilities | $ 42,000,000 | $ 46,000,000 |
Debt repayment and other guarantees | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 444,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 279,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 33,000,000 | 32,000,000 |
Debt repayment and other guarantees | Hotel properties in India | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 159,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 159,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 3,000,000 | 5,000,000 |
Debt repayment and other guarantees | Hotel and residential properties in Brazil | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 90,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 38,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 3,000,000 | 3,000,000 |
Debt repayment and other guarantees | Hotel Properties In Tennessee | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 44,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 20,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 8,000,000 | 8,000,000 |
Debt repayment and other guarantees | Hotel Property In Pennsylvania | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 32,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 11,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 2,000,000 | 0 |
Debt repayment and other guarantees | Hotel properties in California | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 31,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 12,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 3,000,000 | 3,000,000 |
Debt repayment and other guarantees | Hotel Properties in Massachusetts | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 27,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 15,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 5,000,000 | 6,000,000 |
Debt repayment and other guarantees | Hotel Properties in Georgia | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 27,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 13,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 5,000,000 | 2,000,000 |
Debt repayment and other guarantees | Hotel property in Oregon | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 15,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 6,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 2,000,000 | 3,000,000 |
Debt repayment and other guarantees | Other | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 19,000,000 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 5,000,000 | |
Debt repayment and other guarantees, other long-term liabilities | 2,000,000 | $ 2,000,000 |
Debt repayment and other guarantees | Joint venture | Hotel properties in India | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | $ 80,000,000 | |
Debt repayment and other guarantees, equity method investment, ownership percentage | 50.00% | |
Completion Guarantee | Debt repayment and other guarantees | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | $ 6,000,000 | |
Construction Loans | Debt repayment and other guarantees | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | $ 0 |
Commitments and Contingencies - Guarantee Liabilities Fair Value Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantees, fair value disclosure | $ 53 | $ 62 |
Commitments and Contingencies - Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Loss Contingencies | ||
Self insurance reserve, current | $ 39 | $ 41 |
Self-insurance reserve, noncurrent | 79 | $ 80 |
Surety bonds | 47 | |
Maximum | ||
Loss Contingencies | ||
Maximum exposure of possible loss | 18 | |
Letter of credit | ||
Loss Contingencies | ||
Letters of credit outstanding, amount | 254 | |
Letters of credit outstanding, reduction to available capacity | $ 1 | |
Various US | ||
Loss Contingencies | ||
Multiemployer plans, collective-bargaining arrangement, percentage of participants | 22.00% |
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Total Equity | ||
Balance, beginning of period | $ 3,967 | $ 3,677 |
Balance, end of period | 3,708 | 3,628 |
Foreign currency translation adjustments | ||
Total Equity | ||
Balance, beginning of period | (183) | (191) |
Current period other comprehensive income (loss) before reclassification | (51) | (6) |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance, end of period | (234) | (197) |
Unrecognized gains on AFS debt securities | ||
Total Equity | ||
Balance, beginning of period | 1 | |
Current period other comprehensive income (loss) before reclassification | 0 | |
Amount reclassified from accumulated other comprehensive loss | 0 | |
Balance, end of period | 1 | |
Unrecognized pension cost | ||
Total Equity | ||
Balance, beginning of period | (9) | (5) |
Current period other comprehensive income (loss) before reclassification | 0 | 0 |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance, end of period | (9) | (5) |
Unrealized losses on derivative instruments | ||
Total Equity | ||
Balance, beginning of period | (18) | (4) |
Current period other comprehensive income (loss) before reclassification | (25) | (4) |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance, end of period | (43) | (8) |
Accumulated other comprehensive loss | ||
Total Equity | ||
Balance, beginning of period | (209) | (200) |
Current period other comprehensive income (loss) before reclassification | (76) | (10) |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance, end of period | $ (285) | $ (210) |
Equity - Share Repurchase (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share Repurchase | ||||
Stock repurchase program, authorized amount | $ 750,000,000 | $ 750,000,000 | ||
Stock repurchased during period (in shares) | 827,643 | 1,452,858 | ||
Stock repurchased and retired during period, excluding insignificant expenses | $ 69,000,000 | $ 102,000,000 | ||
Percent of stock outstanding repurchased during period | 1.00% | 1.00% | ||
Stock repurchase program, remaining authorized repurchase amount | $ 928,000,000 | |||
Weighted Average | ||||
Share Repurchase | ||||
Stock repurchased and retired during period (in dollars per share) | $ 84.08 | $ 70.22 |
Equity - Dividend (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 09, 2020 |
Feb. 13, 2020 |
Mar. 11, 2019 |
Feb. 13, 2019 |
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Class of Stock [Line Items] | ||||||
Cash dividends | $ 20 | $ 20 | ||||
Cash dividend (in dollars per share) | $ 0.20 | $ 0.19 | $ 0.20 | $ 0.19 | ||
Cash dividend declared (in dollars per share) | $ 0.2 | $ 0.19 | ||||
Common Class A | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends | $ 7 | $ 7 | ||||
Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends | $ 13 | $ 13 |
Stock-Based Compensation - Compensation Expense Related to Long-Term Incentive Plan (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ 15 | $ 20 |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 10 | 10 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 10 | 9 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ (5) | $ 1 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
SARs and RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Amortization period, deferred compensation expense | 3 years | |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 1,250,434 | 643,989 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 8.88 | $ 17.11 |
Total unearned compensation | $ 3 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 519,730 | 332,102 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 48.66 | $ 71.65 |
Total unearned compensation | $ 21 | |
Performance Shares (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 0 | 0 |
Total unearned compensation | $ 3 | |
Amortization period, deferred compensation expense | 2 years |
Related-Party Transactions - Legal Services (Details) - Family member of management - Related party legal services - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Related Party Transaction | |||
Legal services | $ 2 | $ 1 | |
Due to (from) related parties | $ 2 | $ 2 |
Related-Party Transactions - Equity Method Investments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Minimum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 24.00% | ||
Maximum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 50.00% | ||
Equity method investee | |||
Related Party Transaction | |||
Management, franchise, and other fees | $ 3 | $ 5 | |
Guarantee fees | 1 | $ 1 | |
Due (to) from related parties | $ 15 | $ 17 |
Segment Information - Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Segment Reporting Information | ||
Total revenues | $ 993 | $ 1,241 |
Adjusted EBITDA | 86 | 187 |
Depreciation and amortization | 80 | 80 |
Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 323 | 470 |
Other revenues | ||
Segment Reporting Information | ||
Total revenues | 35 | 45 |
Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 108 | 141 |
Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | (6) | (5) |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 533 | 590 |
Operating segments | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 330 | 477 |
Adjusted EBITDA | 34 | 103 |
Depreciation and amortization | 63 | 64 |
Operating segments | Owned and leased hotels | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 330 | 477 |
Operating segments | Owned and leased hotels | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | Americas management and franchising | ||
Segment Reporting Information | ||
Total revenues | 591 | 684 |
Adjusted EBITDA | 68 | 93 |
Depreciation and amortization | 5 | 6 |
Operating segments | Americas management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | Americas management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 27 | 36 |
Operating segments | Americas management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 84 | 104 |
Operating segments | Americas management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | (4) | (4) |
Operating segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 484 | 548 |
Operating segments | ASPAC management and franchising | ||
Segment Reporting Information | ||
Total revenues | 45 | 56 |
Adjusted EBITDA | 8 | 20 |
Depreciation and amortization | 1 | 1 |
Operating segments | ASPAC management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | ASPAC management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 19 | 32 |
Operating segments | ASPAC management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | (1) | 0 |
Operating segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 27 | 24 |
Operating segments | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Total revenues | 29 | 34 |
Adjusted EBITDA | 1 | 10 |
Depreciation and amortization | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 10 | 18 |
Operating segments | EAME/SW Asia management and franchising | Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | (1) | (1) |
Operating segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 20 | 17 |
Eliminations | ||
Segment Reporting Information | ||
Total revenues | (18) | (26) |
Adjusted EBITDA | 2 | 1 |
Eliminations | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | (7) | (7) |
Eliminations | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | (11) | (19) |
Eliminations | Amortization of management and franchise agreement assets constituting payments to customers | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 7 | 7 |
Eliminations | Americas management and franchising | ||
Segment Reporting Information | ||
Total revenues | 10 | 17 |
Eliminations | ASPAC management and franchising | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Total revenues | 1 | 2 |
Eliminations | Corporate and other | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Corporate and other | ||
Segment Reporting Information | ||
Total revenues | 14 | 15 |
Adjusted EBITDA | (27) | (40) |
Depreciation and amortization | 11 | 9 |
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | $ 2 | $ 1 |
Segment 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 | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Segment Reporting Information | ||
Net income (loss) attributable to Hyatt Hotels Corporation | $ (103) | $ 63 |
Interest expense | 17 | 19 |
(Benefit) provision for income taxes | (35) | 20 |
Depreciation and amortization | 80 | 80 |
EBITDA | (41) | 182 |
Revenues | (993) | (1,241) |
Equity losses from unconsolidated hospitality ventures | 2 | 3 |
Stock-based compensation expense | 15 | 20 |
Gains on sales of real estate | (8) | (1) |
Asset impairments | 3 | 3 |
Other (income) loss, net | 81 | (51) |
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA | 6 | 11 |
Adjusted EBITDA | 86 | 187 |
Contra revenue | ||
Segment Reporting Information | ||
Revenues | 6 | 5 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Revenues | (533) | (590) |
Costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Costs incurred on behalf of managed and franchised properties | $ 555 | $ 605 |
Earnings (Losses) Per Share - Schedule of the Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Numerator: | ||
Net income (loss) | $ (103) | $ 63 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (103) | $ 63 |
Denominator: | ||
Basic weighted-average shares outstanding (in shares) | 101,402,348 | 105,976,163 |
Share-based compensation (in shares) | 0 | 1,543,020 |
Diluted weighted-average shares outstanding (in shares) | 101,402,348 | 107,519,183 |
Basic Earnings (Losses) Per Share: | ||
Net income (in dollars per share) | $ (1.02) | $ 0.60 |
Net income and accretion attributable to noncontrolling interests (in dollars per share) | 0 | 0 |
Net income attributable to Hyatt Hotels Corporation (in dollars per share) | (1.02) | 0.60 |
Diluted Earnings (Losses) Per Share: | ||
Net income (in dollars per share) | (1.02) | 0.59 |
Net income and accretion attributable to noncontrolling interests (in dollars per share) | 0 | 0 |
Net income attributable to Hyatt Hotels Corporation (in dollars per share) | $ (1.02) | $ 0.59 |
Earnings (Losses) Per Share - Anti-dilutive Shares Issued (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
SARs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,058,600 | 1,400 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 470,500 | 200 |
Other Income (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Other Income and Expenses [Abstract] | ||
Unrealized gains (losses), net (Note 5) | $ (79) | $ 12 |
Performance guarantee expense, net (Note 13) | (26) | (21) |
Release and amortization of debt repayment guarantee liability | 0 | 17 |
Release of contingent consideration liability | 0 | 25 |
Performance guarantee liability amortization (Note 13) | 5 | 4 |
Depreciation recovery | 6 | 6 |
Interest income | 11 | 6 |
Other, net | 2 | 2 |
Other income (loss), net | (81) | 51 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Release of contingent consideration liability | 0 | (25) |
Release and amortization of debt repayment guarantee liability | $ 0 | 17 |
Two Roads Hospitality LLC | ||
Other Income and Expenses [Abstract] | ||
Release of contingent consideration liability | 25 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Release of contingent consideration liability | (25) | |
Hotel Property in Washington | ||
Other Income and Expenses [Abstract] | ||
Release and amortization of debt repayment guarantee liability | 15 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Release and amortization of debt repayment guarantee liability | $ 15 |
Subsequent Event (Details) - USD ($) |
Apr. 21, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Subsequent Event | Senior Notes | 2025 Notes | |||
Subsequent Event [Line Items] | |||
Long-term debt, fair value | $ 450,000,000 | ||
Debt instrument, stated percent | 5.375% | ||
Subsequent Event | Senior Notes | 2030 Notes | |||
Subsequent Event [Line Items] | |||
Long-term debt, fair value | $ 450,000,000 | ||
Debt instrument, stated percent | 5.75% | ||
Subsequent Event | Senior Notes | 2025 Notes and 2030 Notes [Member] | |||
Subsequent Event [Line Items] | |||
Long-term debt | $ 890,000,000 | ||
Interest Rate Contract | |||
Subsequent Event [Line Items] | |||
Derivative, notional amount | $ 275,000,000 | $ 275,000,000 | |
Interest Rate Contract | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Derivative, notional amount | 275,000,000 | ||
Derivative, notional amount, settled value | $ 61,000,000 |
Label | Element | Value | ||
---|---|---|---|---|
Restricted Cash and Cash Equivalents, Noncurrent | us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | $ 20,000,000 | ||
Restricted Cash and Cash Equivalents, Noncurrent | us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | $ 20,000,000 | ||
|