HYATT HOTELS CORP, 10-K filed on 2/17/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Document Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-34521    
Entity Registrant Name HYATT HOTELS CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-1480589    
Entity Address, Address Line One 150 North Riverside Plaza    
Entity Address, Address Line Two 8th Floor,    
Entity Address, City or Town Chicago,    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60606    
City Area Code 312    
Local Phone Number 750-1234    
Title of 12(b) Security Class A Common Stock, $0.01 par value    
Trading Symbol H    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 3,095.9
Documents Incorporated by Reference Part III of this Annual Report on Form 10-K incorporates by reference portions of the registrant's Proxy Statement for its 2022 Annual Meeting of Stockholders to be held on May 18, 2022.    
Entity Central Index Key 0001468174    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock      
Document Information      
Entity Common Stock, Shares Outstanding   50,334,271  
Class B common stock      
Document Information      
Entity Common Stock, Shares Outstanding   59,653,271  
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 34
v3.22.0.1
Consolidated Statements of Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUES:      
Revenue $ 3,028 $ 2,066 $ 5,020
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:      
Depreciation and amortization 310 310 329
Other direct costs 127 65 133
Selling, general, and administrative 366 321 417
Direct and selling, general, and administrative expenses 3,279 2,698 4,823
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts 43 60 62
Equity earnings (losses) from unconsolidated hospitality ventures 28 (70) (10)
Interest expense (163) (128) (75)
Gains (losses) on sales of real estate and other 414 (36) 723
Asset impairments (8) (62) (18)
Other income (loss), net (19) (92) 127
INCOME (LOSS) BEFORE INCOME TAXES 44 (960) 1,006
BENEFIT (PROVISION) FOR INCOME TAXES (266) 257 (240)
NET INCOME (LOSS) (222) (703) 766
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ (222) $ (703) $ 766
EARNINGS (LOSSES) PER SHARE—Basic      
Net income (loss) - basic (in dollars per share) $ (2.13) $ (6.93) $ 7.33
Net income (loss) attributable to Hyatt Hotels Corporation - Basic (in dollars per share) (2.13) (6.93) 7.33
EARNINGS (LOSSES) PER SHARE—Diluted      
Net income (loss) - diluted (in dollars per share) (2.13) (6.93) 7.21
Net income (loss) attributable to Hyatt Hotels Corporation - Diluted (in dollars per share) $ (2.13) $ (6.93) $ 7.21
Owned and leased hotels revenues      
REVENUES:      
Revenue $ 838 $ 513 $ 1,848
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:      
Costs incurred on behalf of managed and franchised properties 725 627 1,424
Net management, franchise, and other fees      
REVENUES:      
Revenue 383 209 586
Management, franchise, and other fees      
REVENUES:      
Revenue 418 239 608
Contra revenue      
REVENUES:      
Revenue (35) (30) (22)
Distribution and destination management      
REVENUES:      
Revenue 115 0 0
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:      
Costs incurred on behalf of managed and franchised properties 112 0 0
Other revenues      
REVENUES:      
Revenue 109 58 125
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
REVENUES:      
Revenue 1,583 1,286 2,461
Costs incurred on behalf of managed and franchised properties      
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:      
Costs incurred on behalf of managed and franchised properties $ 1,639 $ 1,375 $ 2,520
v3.22.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (222) $ (703) $ 766
Other comprehensive income (loss), net of taxes:      
Foreign currency translation adjustments, net of tax benefit (provision) of $1, $(2), and $— for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively (61) 38 8
Unrecognized pension benefit (cost), net of tax benefit (provision) of $—, $—, and $1 for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively 3 2 (4)
Unrealized gains (losses) on available-for-sale debt securities, net of tax benefit (provision) of $— for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (2) 0 1
Unrealized gains (losses) on derivative activity, net of tax benefit (provision) of $—, $8, and $5 for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively 7 (23) (14)
Other comprehensive income (loss) (53) 17 (9)
COMPREHENSIVE INCOME (LOSS) (275) (686) 757
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 0 0 0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ (275) $ (686) $ 757
v3.22.0.1
Consolidated Statements of Comprehensive Income (Loss) Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Foreign currency translation adjustments, tax benefit (provision) $ 1 $ (2) $ 0
Unrecognized pension benefit (cost), tax benefit (provision) 0 0 1
Unrealized gains (losses) on available-for-sale debt securities, tax benefit (provision) 0 0 0
Unrealized gains (losses) on derivative activity, tax benefit (provision) $ 0 $ 8 $ 5
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents $ 960 $ 1,207
Restricted cash 57 11
Short-term investments 227 675
Receivables, net of allowances of $53 and $56 at December 31, 2021 and December 31, 2020, respectively 633 316
Inventories 10 9
Prepaids and other assets 149 64
Prepaid income taxes 26 281
Total current assets 2,062 2,563
Equity method investments 216 260
Property and equipment, net 2,848 3,126
Financing receivables, net of allowances of $69 and $114 at December 31, 2021 and December 31, 2020, respectively 41 29
Operating lease right-of-use assets 446 474
Goodwill 2,965 288
Intangibles, net 1,977 385
Deferred tax assets 14 207
Other assets 2,034 1,797
TOTAL ASSETS 12,603 9,129
CURRENT LIABILITIES:    
Current maturities of long-term debt 10 260
Accounts payable 523 102
Accrued expenses and other current liabilities 299 200
Current contract liabilities 1,178 282
Accrued compensation and benefits 187 111
Current operating lease liabilities 35 29
Total current liabilities 2,232 984
Long-term debt 3,968 2,984
Long-term contract liabilities 1,349 659
Long-term operating lease liabilities 349 377
Other long-term liabilities 1,139 911
Total liabilities 9,037 5,915
Commitments and contingencies (see Note 15)
EQUITY:    
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2021 and December 31, 2020 0 0
Common stock, value, issued 1 1
Additional paid-in capital 640 13
Retained earnings 3,167 3,389
Accumulated other comprehensive loss (245) (192)
Total stockholders' equity 3,563 3,211
Noncontrolling interests in consolidated subsidiaries 3 3
Total equity 3,566 3,214
TOTAL LIABILITIES AND EQUITY $ 12,603 $ 9,129
v3.22.0.1
Consolidated Balance Sheet Parentheticals - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Allowance for doubtful accounts receivable, current $ 53 $ 56
Financing receivable, allowance for credit loss $ 69 $ 114
Preferred stock, par or stated value per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares outstanding (in shares) 0 0
Class A common stock    
Common stock, par or stated value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares, outstanding (in shares) 50,322,050 39,250,241
Common stock, shares, issued (in shares) 50,322,050 39,250,241
Class B common stock    
Common stock, par or stated value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 391,647,683 394,033,330
Common stock, shares, outstanding (in shares) 59,653,271 62,038,918
Common stock, shares, issued (in shares) 59,653,271 62,038,918
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (222) $ (703) $ 766
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gains) losses on sales of real estate and other (414) 36 (723)
Depreciation and amortization 310 310 329
Release of contingent consideration liability 0 (1) (30)
Amortization of share awards 59 28 35
Amortization of operating lease right-of-use assets 27 31 35
Deferred income taxes 200 (59) 28
Asset impairments 8 62 18
Equity (earnings) losses from unconsolidated hospitality ventures (28) 70 10
Contra revenue 35 30 22
Gain on sale of contractual right 0 0 (16)
Unrealized (gains) losses, net (14) 13 (26)
Other (34) (4) (39)
Increase (decrease) in cash attributable to changes in assets and liabilities and other      
Receivables, net (85) 120 (26)
Prepaid income taxes 255 (241) 10
Prepaids and other assets (54) (24) (32)
Accounts payable, accrued expenses, and other current liabilities 87 (256) (33)
Contract liabilities 213 73 133
Operating lease liabilities (25) (23) (34)
Accrued compensation and benefits 33 (47) (1)
Other long-term liabilities (25) (27) (9)
Other, net (11) 1 (21)
Net cash provided by (used in) operating activities 315 (611) 396
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities and short-term investments (793) (1,143) (350)
Proceeds from marketable securities and short-term investments 1,240 542 349
Contributions to equity method and other investments (29) (65) (48)
Return of equity method and other investments 98 5 28
Acquisitions, net of cash acquired (2,916) 0 (18)
Capital expenditures (111) (122) (369)
Issuance of financing receivables (21) (32) (18)
Proceeds from financing receivables 7 0 46
Proceeds from sales of real estate and other, net of cash disposed 758 85 940
Proceeds from sale of contractual right 0 0 21
Other investing activities (5) (6) 4
Net cash provided by (used in) investing activities (1,772) (736) 585
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from long-term debt, net of issuance costs of $11, $15, and $—, respectively 1,949 2,035 400
Repayments of debt (1,218) (406) (409)
Repurchase of common stock 0 (69) (421)
Proceeds from issuance of Class A common stock, net of offering costs of $25, $—, and $—, respectively 575 0 0
Contingent consideration paid 0 0 (24)
Dividends paid 0 (20) (80)
Other financing activities (18) (15) (7)
Net cash provided by (used in) financing activities 1,288 1,525 (541)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (3) (4) 1
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (172) 174 441
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR 1,237 1,063 622
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF YEAR 1,065 1,237 1,063
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash and cash equivalents 960 1,207 893
Restricted cash 57 11 150
Restricted cash included in other assets (see Note 2) 48 19 20
Total cash, cash equivalents, and restricted cash 1,065 1,237 1,063
Cash paid during the period for interest 145 105 79
Cash paid (received) during the period for income taxes (210) 63 175
Cash paid for amounts included in the measurement of operating lease liabilities 41 42 50
Non-cash investing and financing activities are as follows:      
Non-cash contributions to equity method investments (see Note 4, Note 7, Note 15) 61 35 9
Non-cash issuance of financing receivables (see Note 6, Note 7) 11 0 1
Change in accrued capital expenditures 2 (12) (7)
Non-cash right-of-use assets obtained in exchange for operating lease liabilities $ 16 $ 14 $ 8
v3.22.0.1
Consolidated Statements of Cash Flows - Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Cash Flows [Abstract]      
Debt issuance cost $ 11 $ 15 $ 0
Common stock net issuance costs $ 25 $ 0 $ 0
v3.22.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
Noncontrolling Interests in Consolidated Subsidiaries
Noncontrolling Interests in Consolidated Subsidiaries
Cumulative Effect, Period of Adoption, Adjusted Balance
Class A common stock
Class A common stock
Common Stock Amount
Class A common stock
Common Stock Amount
Cumulative Effect, Period of Adoption, Adjusted Balance
Class B common stock
Class B common stock
Common Stock Amount
Class B common stock
Common Stock Amount
Cumulative Effect, Period of Adoption, Adjusted Balance
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     $ 50   $ 3,819     $ (200)   $ 7     $ 1     $ 0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13                                  
Total comprehensive income (loss) $ 757         766     (9)                  
Noncontrolling interests (2)                   (2)              
Repurchase of common stock (in shares)                           (4,943,897)     (677,384)  
Repurchase of common stock (421)     (86)   (335)                   $ (50)    
Directors compensation 2     2                            
Employee stock plan issuance (in shares)                           79,700        
Employee stock plan issuance 5     5                            
Share-based payment activity (in shares)                           490,389        
Share-based payment activity 29     29                            
Class share conversions (in shares)                           975,170     (975,170)  
Cash dividends (80)         (80)             $ (29)     (51)    
Balance, beginning of period (in shares) at Dec. 31, 2019                           36,109,179 36,109,179   65,463,274 65,463,274
Balance, end of period at Dec. 31, 2019 3,967 $ (1) $ 3,966 0 $ 0 4,170 $ (1) $ 4,169 (209) $ (209) 5 $ 5   $ 1 $ 1   $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total comprehensive income (loss) (686)         (703)     17                  
Noncontrolling interests (2)                   (2)              
Repurchase of common stock (in shares)                           (827,643)     0  
Repurchase of common stock (69)     (12)   (57)                        
Directors compensation 1     1                            
Employee stock plan issuance (in shares)                           75,763        
Employee stock plan issuance 4     4                            
Share-based payment activity (in shares)                           468,586        
Share-based payment activity 20     20                            
Class share conversions (in shares)                           3,424,356     (3,424,356)  
Cash dividends (20)         (20)             (7)     (13)    
Balance, beginning of period (in shares) at Dec. 31, 2020                           39,250,241     62,038,918  
Balance, end of period at Dec. 31, 2020 3,214     13   3,389     (192)   3     $ 1     $ 0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total comprehensive income (loss) (275)         (222)     (53)                  
Directors compensation 2     2                            
Employee stock plan issuance (in shares)                           46,311        
Employee stock plan issuance 4     4                            
Share-based payment activity (in shares)                           589,851        
Share-based payment activity 46     46                            
Class share conversions (in shares)                           2,385,647     (2,385,647)  
Cash dividends 0                       $ 0     $ 0    
Issuance of Class A common stock (in shares)                           8,050,000        
Issuance of Class A common stock 575     575   0                        
Balance, beginning of period (in shares) at Dec. 31, 2021                           50,322,050     59,653,271  
Balance, end of period at Dec. 31, 2021 $ 3,566     $ 640   $ 3,167     $ (245)   $ 3     $ 1     $ 0  
[1] Cumulative adjustment due to adoption of Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Upon the modified retrospective adoption of ASU 2016-13, the transition from the impairment model to a current expected credit loss model required a $1 million adjustment, net of tax, for accounts receivable.
v3.22.0.1
Consolidated Statements of Changes in Stockholders' Equity Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Mar. 09, 2020
Dec. 09, 2019
Sep. 09, 2019
Jun. 10, 2019
Mar. 11, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]                  
Cash dividend (in dollars per share) $ 0.20 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.20 $ 0.19    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest           $ 3,214 $ 3,967 $ 3,566 $ 3,677
Cumulative Effect, Period of Adoption, Adjustment                  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [1]             (1)    
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment                  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest             $ 1    
[1] Cumulative adjustment due to adoption of Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Upon the modified retrospective adoption of ASU 2016-13, the transition from the impairment model to a current expected credit loss model required a $1 million adjustment, net of tax, for accounts receivable.
v3.22.0.1
Organization
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization ORGANIZATIONHyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") has offerings that consist of full services hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations and the Unlimited Vacation Club paid membership program offering member benefits exclusively at AMR Collection resorts within Latin America and the Caribbean. At December 31, 2021, (i) we operated or franchised 515 full service hotels, comprising 171,399 rooms throughout the world, (ii) we operated or franchised 539 select service hotels, comprising 78,067 rooms, of which 444 hotels are located in the United States, and (iii) we operated, franchised, or marketed 108 all-inclusive resorts, comprising 35,478 rooms. At December 31, 2021, our portfolio of properties operated in 70 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 hotels or licensed by third parties.
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation—Our consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Impact of the COVID-19 Pandemic—The COVID-19 pandemic and related travel restrictions and 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 continued throughout the year ended December 31, 2021. As a result, our financial results for 2021, and for the foreseeable future, are not comparable to past performance or indicative of long-term future performance.
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying Notes. Our estimates and assumptions are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from our estimated amounts.
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation.
Revenue Recognition—Our revenues are primarily derived from the products and services provided to our customers and are generally recognized when control of the product or service has transferred to the customer. Our customers include third-party hotel owners and franchisees, guests at owned and leased hotels, Unlimited Vacation Club members, ALG Vacations customers, a third-party partner through our co-branded credit card program, and owners and guests of the residential, vacation, and condominium units. A summary of our revenue streams is as follows:
•Owned and leased hotels revenues—Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased hotels. We present revenues net of sales, occupancy, and other taxes. Taxes collected on behalf of and remitted to governmental taxing authorities are excluded from the transaction price of the underlying products and services.
•Management, franchise, and other fees—Management fees primarily consist of a base fee, which is generally calculated as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Included within the management fees are fees that we earn in exchange for providing the hotel access to Hyatt's intellectual property ("IP"). Franchise fees consist of an initial fee and ongoing royalty fees computed as a percentage of gross room revenues and as applicable, food and beverage revenues. Other fees include license fee revenues associated with the licensing of the Hyatt brand names through our co-branded credit card program, license fees associated with sales of our branded residential units, termination fees, and revenues from marketing services provided to certain AMR Collection resorts.
•Net management, franchise, and other fees—Management, franchise, and other fees are reduced by the amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers. Consideration provided to customers related to management and franchise agreement assets is recorded in other assets and amortized to Contra revenue over the expected customer life, which is typically the initial term of the management or franchise agreement.
•Distribution and destination management—Distribution and destination management revenues include revenues from the sale of vacation packages, experiences, and charter flights through ALG Vacations and destination services and excursions offered through Amstar.
•Other revenues—Other revenues include revenues from our residential management operations for condominium units, our Unlimited Vacation Club paid membership club offering member benefits exclusively at AMR Collection resorts in Latin America and the Caribbean, the sale of promotional awards through our co-branded credit card program, and spa and fitness revenues from Exhale, which was sold during the year ended December 31, 2020 (see Note 7).
•Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties—Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties represent the reimbursement of costs incurred on behalf of the owners of properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.
The products and services we offer to our customers are comprised of the following performance obligations:
Management and franchise agreements
•Access to Hyatt's IP, including the Hyatt brand names—We receive sales-based fees from hotel owners in exchange for providing access to our IP, including the Hyatt brand names and systems, among other services. Fees are generally payable on a monthly basis as hotel owners and franchisees derive value from access to our IP. Fees are recognized over time as services are rendered. Under our franchise agreements, we also receive initial fees from hotel owners and franchisees. The initial fees do not represent a distinct performance obligation, and therefore, are combined with the royalty fees and deferred and recognized in management, franchise, and other fees over the expected customer life, which is typically the initial term of the franchise agreement.
•System-wide services—We provide system-wide services on behalf of owners of managed and franchised properties. The promise to provide system-wide services is not a distinct performance obligation because it is attendant to the access to our IP. Therefore, this promise is combined with the access to our IP to form a single performance obligation.
In 2021, Hyatt's system-wide services are accounted for under a fund model whereby hotel owners and franchisees are invoiced a system-wide assessment fee on a monthly basis. We recognize the revenues over time as services are provided in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. We have discretion over how we spend program revenues, and therefore, we are the principal. Expenses related to the system-wide programs are recognized as incurred in costs incurred on behalf of managed and franchised properties. Over time, we intend to manage the system-wide programs to break-even and not earn a profit on these services, but the timing of revenues received from the owners may not align with the timing of the expenses incurred to operate the programs. Therefore, any difference between the revenues and expenses will impact our net income (loss).
In prior years, certain system-wide services were provided and accounted for under a cost reimbursement model. Under the cost reimbursement model, hotel owners and franchisees were required to reimburse us for all costs incurred to operate the system-wide programs with no added margin. We had discretion over how we spent program revenues, and therefore, we were the principal. Expenses incurred related to the system-wide programs were recognized in costs incurred on behalf of managed and franchised properties. The reimbursement of system-wide services was billed monthly based on an annual estimate of costs to be incurred and recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties commensurate with incurring the cost. Any amounts collected and not yet recognized as revenues were deferred and classified as contract liabilities. Any costs incurred in excess of revenues collected were classified as receivables to the extent we expected to recover the costs over the long term. As a result of the changes in the manner in which system-wide services are charged and provided, we no longer have any properties on a cost reimbursement model.
•Hotel management agreement services—Under the terms of our management agreements, we provide hotel management services, which form a single performance obligation that qualifies as a series. In exchange, we receive variable consideration in the form of management fees which are comprised of base and/or incentive fees. Incentive fees are typically subject to the achievement of certain profitability targets, and therefore, we apply judgment in determining the amount of incentive fees recognized each period. Incentive fee revenues are recognized to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent
period. We rely on internal financial forecasts and historical trends to estimate the amount of incentive fee revenues recognized and the probability that incentive fees will reverse in the future. Generally, base management fees are due and payable on a monthly basis as services are provided, and incentive fees are due and payable based on the terms of the agreement, but at a minimum, incentive fees are billed and collected annually. Revenues are recognized over time as services are rendered.
Under the terms of certain management agreements, primarily within the U.S., we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided, and therefore, we are the principal.
•Loyalty program administration—We administer the loyalty program for the benefit of Hyatt's portfolio of properties during the period of their participation in the loyalty program. Under the program, members earn points based on their spend at our properties, by transacting with our strategic loyalty alliances, or in connection with spend on a Hyatt co-branded credit card, which may be redeemed for the right to stay at participating properties, as well as for other goods and services from third parties. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future.
The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. These two promises are not distinct because the promise to market and manage the program does not benefit the customer without the related arrangement for award redemptions. The costs of administering the loyalty program are charged to the properties through an assessment fee based on members' qualified expenditures. The assessment fee is billed and collected monthly, and revenues received by the program are deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent with respect to this performance obligation for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. A portion of our owned and leased hotels revenues is deferred upon initial stay as points are earned by program members at owned or leased hotels, and revenues are recognized upon redemption at owned or leased hotels.
The revenues recognized each period are based on the number of loyalty points redeemed and the revenue per point, which includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to assist us in estimating the ultimate redemption ratios used in the breakage calculations and the amount of revenues recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period. Any revenues in excess of the anticipated future redemptions are used to fund the other operational expenses of the program.
Room rentals and other services provided at owned and leased hotels
We provide room rentals and other services to our guests, including but not limited to food and beverage, spa, laundry, and parking. These products and services each represent individual performance obligations, and in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services are rendered or the goods are provided. If a guest enters into a package including multiple goods or services, the fixed price is allocated to each distinct good or service based on the standalone selling price for each item. Revenues are recognized over time when we transfer control of the good or service to the customer. Room rental revenues are recognized on a daily basis as the guest occupies the room, and revenues related to other products and services are recognized when the product or service is provided to the guest.
Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenues generated through that channel. We recognize revenues gross or net of rebates and commissions depending on the terms of each contract.
Distribution and destination management
ALG Vacations offers traditional leisure travel products and services on an individual and package basis to destinations primarily within Latin America and the Caribbean. Travel products and services include some or all of the following performance obligations:
•Performance obligations in which ALG Vacations is the agent as third-party suppliers are primarily responsible for providing the services:
•Commercial air transportation provided by third-party air carriers—revenues are recognized at the time of booking, net of related payments to suppliers
•Hotel accommodations provided by AMR Collection and third-party hotels and resorts—revenues are recognized on a net basis as the guest occupies the room
•Travel insurance provided by third-party insurance companies—revenues are recognized at the time of booking, net of related payments to suppliers
•Car rental reservations provided by third-party companies—revenues are recognized on a daily basis as the guest utilizes the rental car, net of related costs
•Excursions provided by third-party companies—revenues are recognized on the day of the excursion, net of related costs.
•Performance obligations in which ALG Vacations is primarily responsible for providing the services, and therefore, is the principal in the transaction and the revenue is recognized gross:
•Chartered air transportation provided by ALG Vacations—revenues are recognized at the time of departure and return
•Ground transportation and excursions provided by Amstar—revenues are recognized at the time of departure and return.
In exchange for the products and services provided, we receive fixed and variable consideration that is allocated between the performance obligations based on relative standalone selling prices. For all performance obligations, we utilize a cost plus margin approach to determine the standalone selling price. For car rental reservations and excursions provided by third-parties companies, we allocate the standalone selling price using observable transaction prices. ALG Vacation's customers pay for travel prior to trip departure and these deposits are recorded as contract liabilities until the transfer of control of the related performance obligation occurs, at which point the related revenues are recognized in distribution and destination management revenues. For certain airline, hotel, and car rental transactions, we also receive fees through global distribution systems ("GDS") that provide the computer systems through which travel supplier inventory is made available and reservations are booked. Payments received through GDS are considered commissions from suppliers and are recognized as revenues at the time of booking in distribution and destination management revenues.
We provide advertising services to travel suppliers on our consumer websites and travel agent websites, in travel brochures, and via other media. Revenues from advertising are recognized when the service is provided and recorded in distribution and destination management revenues.
Residential management operations
We provide residential management services pursuant to rental management agreements with individual property owners and/or homeowner associations whereby the property owners and/or homeowner associations participate in our rental program. The services provided include reservations, housekeeping, security, and concierge assistance to guests in exchange for a variable fee based on a revenue sharing agreement with the owner of the condominium unit. The services represent an individual performance obligation. Revenues are recognized over time as services are rendered or upon completion of the guest's stay at the condominium unit. We are responsible for establishing pricing as well as fulfilling the services during the guest's stay, and as a result, we are the principal.
Membership club
Through the Unlimited Vacation Club, we enter into membership contracts with guests that provide various benefits, which each represent a performance obligation: access to preferred rates and benefits at participating properties, free room
stays, up-front incentives, including gifts and upgrades, the right to renew after the initial contract term, and initial memberships to third-party vacation exchange services.
Membership contracts may be paid in full at commencement or by making a deposit and paying the remaining balance in monthly installments over an average term of less than 4 years. Members are required to pay an annual renewal fee to have continuous access to the benefits outlined in the contract. The unpaid portion of the membership contract does not meet the definition of an asset or a financing receivable as the unpaid balance relates to future services to be provided by us, and our right to collect future cash flows is conditional on our ability to provide continuous access to the member over the contract term.
In exchange for the membership club benefits, we receive fixed and variable consideration. The transaction price includes cash consideration received and the unpaid portion of the membership contract, which is allocated between the performance obligations based on the relative standalone selling prices of each performance obligation. We utilize observable transaction prices and/or adjusted market assumptions in determining the relative standalone selling price. Membership fees received are recorded as contract liabilities, and the revenues allocated to each performance obligation are recognized in other revenues as follows:
•Preferred rates and benefits at participating properties—revenues are recognized over the estimated customer life, which ranges from 3 to 25 years, using the straight-line method
•Free night stays and up-front incentives—revenues are recognized upon redemption, net of redemption expenses as we are the agent
•Right to renew after the initial contract term—this performance obligation represents a material right and revenues are recognized annually as earned
•Initial memberships to third-party vacation exchange services—revenues are recognized over the exchange membership term, net of expenses as we are the agent
Members can upgrade their membership to a higher tier for an additional fee, which results in additional products and services that are separable from the initial contract, and therefore, upgrades are considered a cancellation of the old contract and the creation of a new contract. Members can also downgrade their membership by opting out of paying the unpaid portion of the membership contract. Downgrades do not result in additional distinct goods or services, and therefore, the revised consideration is allocated to the remaining performance obligations, with an adjustment to revenues recognized on the date of downgrade for performance to date under the contract.
Co-branded credit card program
We have co-branded credit card agreements with a third party and under the terms of the agreement, we have various performance obligations: granting a license to the Hyatt name, arranging for the fulfillment of points issued to cardholders through the loyalty program, and awarding cardholders with free room nights upon achievement of certain program milestones. The loyalty points and free room nights represent material rights that can be redeemed for free or discounted services in the future.
In exchange for the products and services provided, we receive fixed and variable consideration which is allocated between the performance obligations based on the relative standalone selling prices. Significant judgment is involved in determining the relative standalone selling prices, and therefore, we engage a third-party valuation specialist for assistance. We utilize a relief from royalty method to determine the revenues allocated to the license which are recognized over time as the licensee derives value from access to Hyatt's brand name. We utilize observable transaction prices and adjusted market assumptions to determine the standalone selling price of a loyalty point, and we utilize a cost plus margin approach to determine the standalone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption or expiration of a card member's promotional awards which is recognized net of redemption expense when we are the agent. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent for managed and franchised hotels, and we are the principal with respect to owned and leased hotels.
We satisfy the following performance obligations over time: the access to Hyatt's symbolic IP, hotel management agreement services, administration of the loyalty program, the license to our brand name through our co-branded credit card agreements, and access to preferred pricing for Unlimited Vacation Club members. Each of these performance obligations is
considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day.
For each performance obligation satisfied over time, we recognize revenues using an output method based on the value transferred to the customer. Revenues are recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to represent our progress in satisfying these performance obligations:
•revenues and operating profits earned by the hotels during the reporting period for access to Hyatt's IP, as it is indicative of the value third-party hotel owners and franchisees derive;
•revenues and operating profits of the hotels for the promise to provide management agreement services to the hotels;
•award night redemptions or point redemptions with third-party partners for the administration of the loyalty program performance obligation;
•cardholder spend for the license to the Hyatt name through our co-branded credit card program, as it is indicative of the value our partner derives from the use of our name; and
•time elapsed as we provide access to AMR Collection resorts under the Unlimited Vacation Club paid membership program.
Within our management agreements, we have two performance obligations: providing access to Hyatt's IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenues using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition.
Revenues are adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year.
We have applied the practical expedient that permits the omission of prior-period information about revenues allocated to future performance obligations.
We do not estimate revenues allocated to remaining performance obligations for the following:
•Deferred revenue related to the loyalty program and base and incentive management fee revenues as the revenues are allocated to a wholly unperformed performance obligation in a series;
•Revenues related to royalty fees as they are considered sales-based royalty fees;
•Revenues received for free nights granted through our co-branded credit card program as the awards have an original duration of 12 months;
•Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less; and
•Revenues related to ALG Vacations as bookings are generally for travel within 12 months or less.
Contract Balances—Our payments from customers are based on the billing terms established in our contracts. Customer billings are recorded as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is recorded as a contract asset. Due to certain profitability hurdles in our management agreements, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the profitability hurdle has been met, the incentive fee receivable balance will be recorded in accounts receivable. Contract assets are recorded in receivables, net on our consolidated balance sheets. Payments received in advance of performance under the contract are recorded as current or long-term contract liabilities on our consolidated balance sheets and recognized as revenues as we perform under the contract.
Costs Incurred to Obtain Contracts with Customers—We incur incremental costs to obtain contracts with Unlimited Vacation Club members. The incremental costs, which primarily relate to sales commissions, are deferred and recorded as current or long-term other assets on our consolidated balance sheets. The costs are amortized in other direct costs on our consolidated statements of income (loss) over the same period as the associated revenues, using the straight-line method over the customer life, which ranges from 3 to 25 years. We assess costs incurred to obtain contracts with customers for impairment
quarterly, and when events or circumstances indicate the carrying value may not be recoverable. At December 31, 2021, we had $2 million and $14 million of these deferred costs recorded in prepaids and other assets and other assets, respectively.
Foreign Currency—The functional currency of our consolidated entities located outside the U.S. is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at period-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are recorded in accumulated other comprehensive loss on our consolidated balance sheets. Gains and losses from foreign currency transactions are recognized in net income (loss) on our consolidated statements of income (loss). Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally recorded in accumulated other comprehensive loss. Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not long-term are recognized in net income (loss) on our consolidated statements of income (loss).
Fair Value—We apply the provisions of fair value measurement to various financial instruments, which we measure at fair value on a recurring basis, and to various financial and nonfinancial assets and liabilities, which we measure at fair value on a nonrecurring basis. We disclose the fair value of our financial assets and liabilities based on observable market information where available or market participant assumptions. These assumptions are subjective in nature and involve matters of judgment, and therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows:
•Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities;
•Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; and
•Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques may include the use of discounted cash flow models and similar techniques and may be internally developed.
We recognize transfers in and transfers out of the levels of the fair value hierarchy as of the end of each quarterly reporting period.
We typically utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities, and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single, discounted present value. For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the classification within the fair value hierarchy has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy.
The carrying values of our current financial assets and current financial liabilities approximate fair values with the exception of debt and equity securities (see below and Note 4) and financing receivables (see Note 6). The fair value of long-term debt is discussed in Note 11, and the fair value of our guarantee liabilities is discussed below and in Note 15. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis.
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash equivalents are classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information on an ongoing basis, see Note 4.
Restricted Cash—Cash deposited or held in escrow under contractual or regulatory requirements is classified as restricted cash. Our restricted cash may include sales proceeds pursuant to like-kind exchanges, debt service on bonds, escrow deposits, collateral for the securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, and deposits with banks that collateralize our obligations to certain vendors, and other arrangements.
Equity Method Investments—We have investments in unconsolidated hospitality ventures accounted for under the equity method. These investments are an integral part of our business and strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. Certain of our equity method investments are reported on a lag of up to three months. When intervening events occur during the time lag, we recognize the impact in our consolidated financial statements.
We assess investments in unconsolidated hospitality ventures for impairment quarterly, and when there is an indication that a loss in value has occurred, we evaluate the carrying value in comparison to the estimated fair value of the investment. Fair value is based on internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates, which are primarily Level Three assumptions. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process.
If the estimated fair value is less than the carrying value, we apply judgment to determine whether the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of value as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value, and current economic conditions. Impairments deemed other than temporary are recognized in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss).
For additional information about equity method investments, see Note 4.
Debt and Equity Securities—Excluding equity method investments, debt and equity securities consist of various investments:
•Equity securities consist of interest-bearing money market funds, mutual funds, common shares, and preferred shares. Equity securities with a readily determinable fair value are recorded at fair value on our consolidated balance sheets based on listed market prices or dealer quotations where available and are classified as Level One in the fair value hierarchy as we are able to obtain pricing information on an ongoing basis. Equity securities without a readily determinable fair value are recorded at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Net gains and losses, both realized and unrealized, and impairment charges on equity securities are recognized in other income (loss), net on our consolidated statements of income (loss).
•Debt securities include preferred shares, time deposits, and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities, and municipal and provincial notes and bonds. Debt securities are classified as trading, available-for-sale ("AFS"), or HTM.
•Trading securities—recorded at fair value based on listed market prices or dealer price quotations, where available. Net gains and losses, both realized and unrealized, on trading 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 consolidated statements of income (loss).
•AFS securities—recorded at fair value based on listed market prices or dealer price quotations, where available. Unrealized gains and losses on AFS debt securities are recognized in accumulated other comprehensive loss on our consolidated balance sheets. Realized gains and losses on AFS debt securities are recognized in other income (loss), net on our consolidated statements of income (loss). AFS securities are assessed quarterly for expected credit losses which are recognized in other income (loss), net on our consolidated statements of income (loss). In determining the reserve for credit losses, we evaluate AFS securities at the individual security level and consider our investment strategy, current market conditions, financial strength of the underlying investments, term to maturity, credit rating, and our intent and ability to sell the securities.
•HTM securities—investments that we have the intent and ability to hold until maturity are recorded at amortized cost, net of expected credit losses. HTM securities are assessed for expected credit losses quarterly, and credit losses are recognized in other income (loss), net on our consolidated statements of income (loss). We evaluate HTM securities individually when determining the reserve for credit losses due to the unique risks associated with each security. In determining the reserve for credit losses, we consider the financial strength of the underlying assets, including the current and forecasted performance of the property, term to maturity, credit quality of the owner, and current market conditions.
We classify debt securities as current or long-term based on their contractual maturity dates and our intent and ability to hold the investment. Our debt securities are primarily classified as Level Two in fair value hierarchy. Time deposits are recorded at par value, which approximates fair value, and are therefore, classified as Level Two. The remaining securities, other than our investment in preferred shares, are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Our investments in preferred shares are classified as Level Three as discussed in Note 4.
Interest income on preferred shares that earn a return is recognized in other income (loss), net.
For additional information about debt and equity securities, see Note 4.
Accounts Receivables—Our accounts receivables primarily consist of trade receivables due from guests for services rendered at our owned and leased properties, 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, from third-party financial institutions for credit and debit card transactions, and from ALG Vacations customers. We assess all accounts receivables for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. The allowance for credit losses 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 expenses, distribution and destination management expenses, or selling, general, and administrative expenses on our consolidated statements of income (loss), based on the nature of the receivable. For additional information about accounts receivables, see Note 6.
Financing Receivables—Financing receivables represent contractual rights to receive money either on demand or on fixed or determinable dates and are recorded on our 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 on 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 losses are recognized in other income (loss), net on our 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 nonperforming 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 nonperforming, we place the financing receivable on nonaccrual status.
For financing receivables on nonaccrual status, we recognize interest income in other income (loss), net on our consolidated statements of income (loss) when cash is received. 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 balance have been exhausted. We write off uncollectible balances by reversing the financing receivable and the related allowance for credit losses.
Financing receivables acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration ("PCD") assets. PCD assets are accounted for at the purchase price or acquisition date fair value with an estimate of expected credit losses to arrive at an initial amortized cost basis. We use certain indicators, such as past due status and specific risk characteristics of the financing receivable, including capital structure, loan performance, market factors, and the underlying hotel performance, in identifying and assessing whether the acquired financing receivables are considered PCD assets.
For additional information about financing receivables, see Note 6.
Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of two years or less and food and beverage items at our owned and leased hotels, which are generally valued at the lower of cost (first-in, first-out) or net realizable value.
Property and Equipment and Definite-Lived Intangible Assets—Property and equipment is stated at cost, including interest incurred during development and construction periods, less accumulated depreciation. Definite-lived intangible assets are recorded at the acquisition-date fair value, less accumulated amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method.
Property and equipment are depreciated over the following useful lives:
Buildings and improvements
10–50 years
Leasehold improvementsThe shorter of the lease term or useful life of asset
Furniture and equipment
3–20 years
Computers
3–7 years
Definite-lived intangible assets are amortized over the following useful lives:
Management and franchise agreement intangibles
1–30 years
Customer relationships intangibles
5–11 years
Other intangiblesVaries based on the nature of the asset
We assess property and equipment and definite-lived intangible assets for impairment quarterly, and when events or circumstances indicate the carrying value may not be recoverable, we evaluate the net book value of the assets by comparing it to the projected undiscounted future cash flows of the assets. Under the undiscounted cash flow approach, the primary assumption requiring judgment is our estimate of projected future operating cash flows, which are based on historical data, various internal estimates, and a variety of external resources, which are primarily Level Three assumptions, and are developed as part of our routine, long-term planning process.
If the projected undiscounted future cash flows are less than the net book value of the assets, the fair value is determined based on internally developed discounted cash flows of the assets, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. The excess of the net book value over the estimated fair value is recognized in asset impairments on our consolidated statements of income (loss).
We evaluate the carrying value of our property and equipment and definite-lived intangible assets based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area, status of local competition, and any significant adverse changes in the business climate. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset.
For additional information about property and equipment and definite-lived intangible assets, see Note 5 and Note 9, respectively.
Leases—We primarily lease land, buildings, office space, and equipment. We determine if an arrangement is an operating or finance lease at inception. For our hotel management agreements, we apply judgment in order to determine whether the contract is accounted for as a lease or management agreement based on the specific facts and circumstances of each agreement. In evaluating whether an agreement constitutes a lease, we review the contractual terms to determine which party obtains both the economic benefits and control of the assets. In arrangements where we control the assets and obtain substantially all of the economic benefits, we account for the contract as a lease.
Certain of our leases include options to extend the lease term by 1 to 99 years. We include lease extension options in our operating lease ROU assets and lease liabilities when it is reasonably certain that we will exercise the options. The range of extension options included in our operating lease ROU assets and lease liabilities is approximately 1 to 20 years. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.
We assess operating lease ROU assets for impairment quarterly, and when events or circumstances indicate the carrying value may not be recoverable, we evaluate the net book value of the assets by comparing it to the projected undiscounted future cash flows of the assets. If the carrying value of the assets is determined to not be recoverable and is in excess of the estimated fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income (loss).
As our leases do not provide an implicit borrowing rate, we use our estimated IBR to determine the present value of our lease payments and apply a portfolio approach. We apply judgment in estimating our IBR, including assumptions related to currency risk and our credit risk. We also give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when determining our IBR. 
Our operating leases may include the following terms: (i) fixed minimum lease payments, (ii) variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iii) lease payments equal to the greater of a minimum or variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iv) lease payments adjusted for changes in an index or market value, or (v) variable lease payments based on a percentage split of the
total gross revenue, as defined in the leases, related to our residential management operations. Future lease payments that are contingent are not included in the measurement of the operating lease liability or in the future maturities table, see Note 8.
For office space, land, and hotel leases, we do not separate the lease and nonlease components, which primarily relate to common area maintenance and utilities. We combine lease and nonlease components for those leases where we are the lessor, and we exclude all leases that are twelve months or less from the operating lease ROU assets and lease liabilities.
For additional information about leases, see Note 8.
Acquisitions—We evaluate the facts and circumstances of each acquisition to determine whether the transaction should be accounted for as an asset acquisition or a business combination.
Under the supervision of management, independent third-party valuation specialists estimate the fair value of the assets or businesses acquired using various recognized valuation methods, including the income approach, cost approach, relief from royalty approach, and sales comparison approach, which are primarily based on Level Three assumptions. Assumptions utilized in determining the fair value under these approaches include, but are not limited to, historical financial results when applicable, projected cash flows, discount rates, capitalization rates, royalty rates, current market conditions, likelihood of contract renewals, and comparable transactions. In a business combination, the fair value is allocated to tangible assets and liabilities and identifiable intangible assets, with any remaining value assigned to goodwill, if applicable. In an asset acquisition, any difference between the consideration paid and the fair value of the assets acquired is allocated across the identified assets based on the relative fair value. When we acquire the remaining ownership interest in or the property from an unconsolidated hospitality venture in a step acquisition, we estimate the fair value of our equity interest using the assumed cash proceeds we would receive from sale to a third party at a market sales price, which is determined using our fair value methodologies and assumptions.
The results of operations of properties or businesses have been included on our consolidated statements of income (loss) since their respective dates of acquisition. Assets acquired and liabilities assumed in acquisitions are recorded on our consolidated balance sheets at the respective acquisition dates based on their estimated fair values. In business combinations, the purchase price allocations may be based on preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses.
Acquisition-related costs incurred in conjunction with a business combination are recognized in other income (loss), net on our consolidated statements of income (loss). In an asset acquisition, these costs are included in the total consideration paid and allocated to the acquired assets.
Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period.
For additional information about acquisitions, see Note 7.
Goodwill—Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. We evaluate goodwill for impairment annually during the fourth quarter of each year using balances at October 1 and at interim dates if indicators of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount.
We evaluate the fair value of the reporting unit by performing a qualitative or quantitative assessment. In any given year, we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative assessment.
When determining fair value, we utilize internally developed discounted future cash flow models, third-party valuation specialist models, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, which are primarily Level Three assumptions, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our
consolidated statements of income (loss) based on the amount by which the carrying value of the reporting unit exceeded the fair value, limited to the carrying amount of goodwill. For additional information about goodwill, see Note 9.
Indefinite-Lived Intangible Assets—We have certain brand and other indefinite-lived intangible assets that were acquired through various business combinations. At the time of each acquisition, fair value was estimated using a relief from royalty method.
We evaluate indefinite-lived intangible assets for impairment annually during the fourth quarter of each year using balances at October 1 and at interim dates if indicators of impairment exist. We use the relief from royalty method to estimate the fair value. When determining fair value, we utilize internally developed discounted future cash flow models and third-party valuation specialist models, which include various assumptions requiring judgment, including projected future cash flows, discount rates, and market royalty rates that are primarily Level Three assumptions. Our estimates of projected cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income (loss). For additional information about indefinite-lived intangible assets, see Note 9.
Guarantees—We enter into performance guarantees related to certain hotels we manage. We also enter into debt repayment guarantees with respect to unconsolidated hospitality ventures and certain managed hotels. 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, which are primarily Level Three assumptions. The fair value is not revalued 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 expenses. 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 hotels and our unconsolidated hospitality ventures are amortized into income in other income (loss), net and in equity earnings (losses) from unconsolidated hospitality ventures, respectively, on our consolidated statements of income (loss).
•Performance and other guarantees—On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund is both probable and estimable based on performance during the period, we record a separate contingent liability and recognize expense in other income (loss), net.
•Debt repayment guarantees—At guarantee inception and on a quarterly basis, we evaluate the risk of funding under a guarantee. We assess credit risk 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 underlying property, and the current market, and we record a separate liability and recognize expense in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures based on the nature of the guarantee.
For additional information about guarantees, see Note 15.
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We assess the realizability of our deferred tax assets and record a valuation allowance when it is more likely than not that some or all of our deferred tax assets are not realizable. This assessment is completed by tax jurisdiction and relies on the weight of both positive and negative evidence available with significant weight placed on recent financial results. When necessary, we use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions.
We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14.
Stock-Based Compensation—As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and non-employee directors:
•SARs—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. The value of the SARs is determined using the fair value of our common stock at the grant date based on the closing stock
price of our Class A common stock. SARs generally vest 25% annually over four years, beginning on the first anniversary after the grant date. Vested SARs can be exercised over their life as determined in accordance with the LTIP. All SARs have a 10-year contractual term, are settled in shares of our Class A common stock, and are accounted for as equity instruments.
We recognize compensation expense on a straight-line basis from the date of grant through the requisite service period, which is generally the vesting period, unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur.
•RSUs—Each vested RSU will generally be settled by delivery of a single share of our Class A common stock and therefore is accounted for as an equity instrument. In certain situations, we grant a limited number of cash-settled RSUs, which are recorded as liability instruments. The cash-settled RSUs represent an insignificant portion of previous grants.
The value of the RSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. Awards are settled as each individual tranche vests under the relevant agreements. We recognize compensation expense over the requisite service period of the individual grant, which is generally a vesting period of one to four years, unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur.
Under certain circumstances, we may issue time-vested RSUs with performance requirements, which vest based on the satisfaction of a continued employment requirement and the attainment of specified performance-vesting conditions that are established annually and eligible to be earned in tranches. Generally, these RSUs fully vest and settle in Class A common stock to the extent performance requirements for each tranche are achieved and if the requisite service period, which is generally three to five years, is satisfied. The value of the RSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. Due to the fact that the performance conditions are established annually, each tranche may have its own grant date. We issued 0 and 51,400 of such RSUs during the years ended December 31, 2021 and December 31, 2020, respectively, for which, 119,980 RSUs have not met the grant date criteria and are therefore not deemed granted at December 31, 2021.
•PSUs—PSUs vest and are settled in Class A common stock based on the performance of the Company through the end of the applicable performance period relative to the applicable performance target and are generally subject to continued employment through the applicable performance period. The PSUs will vest at the end of the performance period only to the extent the performance threshold is met and continued service requirements are satisfied; there is no interim performance metric, except in the case of certain change in control transactions.
The value of the PSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. We recognize compensation expense over the requisite performance period, which is generally a vesting period of approximately three to six years. Compensation expense recognized is dependent on management's quarterly assessment of the expected achievement relative to the applicable performance targets. We recognize the effect of forfeitures as they occur.
For additional information about stock-based compensation, see Note 17.
Loyalty Program—The loyalty program is funded through contributions from participating properties and third-party loyalty alliances based on eligible revenues from loyalty program members and returns on marketable securities. The funds are used for the redemption of member awards and payment of operating expenses. Operating costs are expensed as incurred and recognized in costs incurred on behalf of managed and franchised properties.
The program invests amounts received from the participating properties and third-party loyalty alliances in marketable securities which are included in other current and long-term assets on our consolidated balance sheets (see Note 4). Deferred revenues related to the loyalty program are classified as current and long-term contract liabilities on our consolidated balance sheets (see Note 3). The costs of administering the loyalty program, including the estimated cost of award redemption, are charged to the participating properties and third-party loyalty alliances based on members' qualified expenditures.
Adopted Accounting Standards
Business Combinations—In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08 ("ASU 2021-08"), Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities, including deferred revenue, acquired in a business combination in accordance with Revenue from
Contracts with Customers (Topic 606) as if the acquirer had originated the contracts at the date of the business combination. The provisions of ASU 2021-08 are effective for interim periods and fiscal years beginning after December 15, 2022, with early adoption permitted. If early adopted, the provisions of ASU 2021-08 apply retrospectively to all business combinations that occurred on or after the first day of the fiscal year in which the standard is adopted. We early adopted ASU 2021-08 in the fourth quarter of 2021. Upon adoption, there was no retrospective impact to our consolidated financial statements. The adoption had a material impact to the purchase price allocation for the ALG Acquisition as deferred revenues related to ALG Vacations and Unlimited Vacation Club were recorded at carrying value at the date of acquisition on our consolidated balance sheet (see Note 7).
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 LIBOR or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.
Government Assistance—In November 2021, the FASB issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2021-10.
v3.22.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2021
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:
Year Ended December 31, 2021
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues$519 $— $— $— $— $— $(17)$502 
Food and beverage196 — — — — — — 196 
Other 140 — — — — — — 140 
Owned and leased hotels855 — — — — — (17)838 
Base management fees— 130 37 22 5 — (25)169 
Incentive management fees— 19 21 15 10 — (7)58 
Franchise fees— 115 2 2 — — — 119 
Other fees— 13 12 4 6 37 — 72 
Management, franchise, and other fees— 277 72 43 21 37 (32)418 
Contra revenue— (19)(4)(12)— — — (35)
Net management, franchise, and other fees— 258 68 31 21 37 (32)383 
Distribution and destination management— — — — 115 — — 115 
Other revenues— 84 — — 19 4 2 109 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 1,410 96 66 11 — — 1,583 
Total$855 $1,752 $164 $97 $166 $41 $(47)$3,028 
Year Ended December 31, 2020
Owned and leased hotels Americas management and franchising ASPAC management and franchisingEAME/SW Asia management and franchisingCorporate and otherEliminations Total
Rooms revenues$283 $— $— $— $— $(12)$271 
Food and beverage148 — — — — — 148 
Other94 — — — — — 94 
Owned and leased hotels525 — — — — (12)513 
Base management fees— 72 26 13 — (15)96 
Incentive management fees— 4 14 5 — (1)22 
Franchise fees— 61 1 1 — — 63 
Other fees— 15 20 4 19 — 58 
Management, franchise, and other fees— 152 61 23 19 (16)239 
Contra revenue— (18)(2)(10)— — (30)
Net management, franchise, and other fees— 134 59 13 19 (16)209 
Other revenues— 42 — — 15 1 58 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 1,152 75 55 4 — 1,286 
Total$525 $1,328 $134 $68 $38 $(27)$2,066 
Year Ended December 31, 2019
Owned and leased hotels Americas management and franchising ASPAC management and franchisingEAME/SW Asia management and franchisingCorporate and other Eliminations Total
Rooms revenues$1,083 $— $— $— $— $(35)$1,048 
Food and beverage 619 — — — — — 619 
Other 181 — — — — — 181 
Owned and leased hotels1,883 — — — — (35)1,848 
Base management fees— 229 46 37 — (52)260 
Incentive management fees— 65 72 38 — (24)151 
Franchise fees— 136 4 1 — — 141 
Other fees— 9 14 7 26 — 56 
Management, franchise, and other fees— 439 136 83 26 (76)608 
Contra revenue— (15)(2)(5)— — (22)
Net management, franchise, and other fees— 424 134 78 26 (76)586 
Other revenues— 89 — — 35 1 125 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 2,268 113 74 6 — 2,461 
Total$1,883 $2,781 $247 $152 $67 $(110)$5,020 
Contract Balances
Contract assets were insignificant at December 31, 2021 and December 31, 2020.
Contract liabilities were comprised of the following:
December 31, 2021December 31, 2020
Deferred revenue related to the paid membership program$833 $— 
Deferred revenue related to the loyalty program814 733 
Deferred revenue related to travel distribution and destination management services
629 — 
Advanced deposits61 44 
Deferred revenue related to insurance programs52 47 
Initial fees received from franchise owners42 41 
Other deferred revenue96 76 
Total contract liabilities$2,527 $941 

The following table summarizes the activity in our contract liabilities:
20212020
Beginning balance, January 1$941 $920 
Contract liabilities assumed in the ALG Acquisition1,384 — 
Cash received and other1,259 564 
Revenue recognized(1,057)(543)
Ending balance, December 31$2,527 $941 
Revenue recognized during the years ended December 31, 2021 and December 31, 2020 included in the contract liabilities balance at the beginning of each year was $289 million and $243 million, respectively. This revenue primarily relates to the loyalty program, which is recognized net of redemption reimbursements paid to third parties.
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 $945 million at December 31, 2021, of which we expect to recognize approximately 15% of the revenue over the next 12 months and the remainder thereafter.
v3.22.0.1
Debt and Equity Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Debt and Equity Securities DEBT AND EQUITY SECURITIES
We invest in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments.
Equity Method Investments
Equity method investments were $216 million and $260 million at December 31, 2021 and December 31, 2020, respectively, and are primarily recorded on our owned and leased hotels segment.
The carrying values and ownership interests of our investments in unconsolidated hospitality ventures accounted for under the equity method were as follows:
InvesteeExisting or future hotel propertyOwnership interestCarrying value
December 31, 2021December 31, 2020
Hyatt of Baja, S. de. R.L. de C.V.Park Hyatt Los Cabos50.0 %$54 $50 
HP Boston Partners, LLC Hyatt Place Boston/Seaport District50.0 %27 28 
Hotel am Belvedere Holding GmbH & Co KGAndaz Vienna Am Belvedere
50.0 %18 24 
HC Lenox JV LLCHyatt Centric Buckhead Atlanta50.0 %15 15 
H.E. Philadelphia HC Hotel, L.L.C.Hyatt Centric Center City Philadelphia42.3 %14 19 
Desarrolladora Hotelera Acueducto, S. de R.L. de C.V.
Hyatt Regency Andares Guadalajara50.0 %13 13 
CBR HCN, LLCHyatt Centric Downtown Nashville 40.0 %13 15 
HRM HoldCo, LLCHyatt Regency Miami50.0 %11 — 
Juniper Hotels Private LimitedHyatt Regency Ahmedabad, Andaz Delhi, Grand Hyatt Mumbai Hotel & Residences50.0 %10 — 
San Jose Hotel Partners, L.L.C.Hyatt Place San Jose Airport, Hyatt
House San Jose Airport		— %— 18 
33 Beale Street Hotel Company, LLCHyatt Centric Beale Street Memphis— %— 15 
Portland Hotel Properties, L.L.C.Hyatt Centric Downtown Portland— %— 9 
HH Nashville JV Holdings, L.L.C.Hyatt House Nashville at Vanderbilt— %— 9 
OtherVarious41 45 
Total equity method investments$216 $260 
The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
Year Ended December 31,
202120202019
Total revenues$261 $243 $496 
Gross operating profit59 30 179 
Loss from continuing operations(114)(206)(24)
Net loss(114)(206)(24)
December 31, 2021December 31, 2020
Current assets
$168 $168 
Noncurrent assets
1,712 1,754 
Total assets$1,880 $1,922 
Current liabilities
$469 $177 
Noncurrent liabilities
1,269 1,527 
Total liabilities$1,738 $1,704 
During the year ended December 31, 2021, we had the following activity:
•We received $83 million of sales proceeds and recognized $31 million of net gains in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss) resulting from sales activity related to certain equity method investments within our owned and leased hotels segment.
•We purchased our partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss) (see Note 7).
During the year ended December 31, 2020, we had no significant sales activity.
During the year ended December 31, 2019, we received $25 million of sales proceeds and recognized $8 million of gains in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss) resulting from sales activity related to certain equity method investments within our owned and leased hotels segment.
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 consolidated balance sheets, were as follows:
December 31, 2021December 31, 2020
Loyalty program (Note 10)
$601 $567 
Deferred compensation plans held in rabbi trusts (Note 10 and Note 13)
543 511 
Captive insurance company (Note 10)
148 226 
Total marketable securities held to fund operating programs$1,292 $1,304 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments(173)(238)
Marketable securities held to fund operating programs included in other assets$1,119 $1,066 
Marketable securities held to fund operating programs included $141 million and $82 million of AFS debt securities at December 31, 2021 and December 31, 2020, respectively, with contractual maturity dates ranging from 2022 through 2069. The fair value of our AFS debt securities approximates amortized cost. Additionally, marketable securities held to fund operating programs include $89 million and $70 million of equity securities with a readily determinable fair value at December 31, 2021 and December 31, 2020, respectively.
Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our consolidated financial statements were as follows:
Year Ended December 31,
202120202019
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$(7)$24 $42 
Other income (loss), net (Note 21)(11)17 11 
Other comprehensive loss (Note 16)(2)— 1 
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$50 $36 $20 
Other income (loss), net (Note 21)2 6 2 
Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our consolidated balance sheets, were as follows:
December 31, 2021December 31, 2020
Time deposits$255 $657 
Interest-bearing money market funds231 107 
Common shares of Playa N.V. (Note 10)
97 72 
Total marketable securities held for investment purposes$583 $836 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments(486)(764)
Marketable securities held for investment purposes included in other assets$97 $72 
We hold common shares in 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. We did not sell any shares of common stock during the years ended December 31, 2021 or December 31, 2020. Net unrealized gains (losses) recognized on our consolidated statements of income (loss) were as follows:
Year Ended December 31,
202120202019
Other income (loss), net (Note 21)$25 $(30)$15 
Fair Value—We measured the following financial assets at fair value on a recurring basis:
December 31, 2021Cash and cash equivalentsShort-term investmentsOther assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$397 $397 $— $— 
Mutual funds632 — — 632 
Common shares97 — — 97 
Level Two - Significant Other Observable Inputs
Time deposits259 35 221 3 
U.S. government obligations235 — — 235 
U.S. government agencies58 — — 58 
Corporate debt securities137 — 6 131 
Mortgage-backed securities24 — — 24 
Asset-backed securities28 — — 28 
Municipal and provincial notes and bonds8 — — 8 
Total $1,875 $432 $227 $1,216 
December 31, 2020Cash and cash equivalentsShort-term investmentsOther assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$327 $327 $— $— 
Mutual funds581 — — 581 
Common shares72 — — 72 
Level Two - Significant Other Observable Inputs
Time deposits662 — 659 3 
U.S. government obligations208 — 3 205 
U.S. government agencies65 — — 65 
Corporate debt securities159 — 13 146 
Mortgage-backed securities24 — — 24 
Asset-backed securities35 — — 35 
Municipal and provincial notes and bonds7 — — 7 
Total$2,140 $327 $675 $1,138 
During the years ended December 31, 2021 and December 31, 2020, there were no transfers between levels of the fair value hierarchy.
Other Investments
HTM Debt Securities—We hold investments in HTM debt securities, which are investments in third-party entities that own or are developing certain of our hotels. The securities are mandatorily redeemable on various dates through 2027. At December 31, 2021 and December 31, 2020, HTM debt securities recorded within other assets on our consolidated balance sheets were as follows:
December 31, 2021December 31, 2020
HTM debt securities$91 $102 
Less: allowance for credit losses(38)(21)
Total HTM debt securities, net of allowances$53 $81 
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20212020
Allowance at January 1$21 $12 
Credit losses (1)19 9 
Write-offs (2)— 
Allowance at December 31$38 $21 
(1) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 21).
We estimated the fair value of HTM debt securities to be approximately $77 million and $100 million at December 31, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. 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 both December 31, 2021 and December 31, 2020, we held $12 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.
v3.22.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net PROPERTY AND EQUIPMENT, NET
December 31, 2021December 31, 2020
Land$676 $658 
Buildings3,065 3,381 
Leasehold improvements192 187 
Furniture, equipment, and computers1,186 1,216 
Construction in progress47 32 
Property and equipment5,166 5,474 
Less: accumulated depreciation
(2,318)(2,348)
Total property and equipment, net$2,848 $3,126 
 Year Ended December 31,
202120202019
Depreciation expense$262 $283 $304 
During the years ended December 31, 2021 and December 31, 2019, we did not recognize any property and equipment impairment charges.
During the year ended December 31, 2020, the carrying values of certain property and equipment were in excess of fair values, which were determined to be Level Three fair value measurements, and we recognized $9 million of impairment charges in asset impairments on our consolidated statements of income (loss) within corporate and other.
v3.22.0.1
Receivables
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Receivables RECEIVABLES
Accounts Receivable
At December 31, 2021 and December 31, 2020, we had $633 million and $316 million of net receivables, respectively, on our consolidated balance sheets.
The following table summarizes the activity in our accounts receivable allowance for credit losses:
20212020
Allowance at January 1$56 $32 
Provisions4 37 
Write-offs(7)(13)
Allowance at December 31$53 $56 
Financing Receivables
December 31, 2021December 31, 2020
Unsecured financing to hotel owners$133 $145 
Less: current portion of financing receivables, included in receivables, net
(23)(2)
Less: allowance for credit losses(69)(114)
Total long-term financing receivables, net of allowances$41 $29 
Allowance for Credit Losses—The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
20212020
Allowance at January 1$114 $100 
Provisions
7 29 
Allowance on PCD assets acquired in the ALG Acquisition12 — 
Write-offs (1)(61)(17)
Foreign currency exchange, net(3)2 
Allowance at December 31$69 $114 
(1) Includes $60 million written off related to a financing arrangement with a hotel owner, which was legally waived during the year ended December 31, 2021.
Credit Monitoring—Our unsecured financing receivables were as follows:
December 31, 2021
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans
$130 $(67)$63 $47 
Other financing arrangements3 (2)1 — 
Total unsecured financing receivables$133 $(69)$64 $47 
December 31, 2020
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans
$83 $(54)$29 $53 
Other financing arrangements
62 (60)2 58 
Total unsecured financing receivables$145 $(114)$31 $111 
Fair Value—We estimated the fair value of financing receivables to be approximately $88 million and $44 million at December 31, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.
v3.22.0.1
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions ACQUISITIONS AND DISPOSITIONS
Acquisitions
Apple Leisure Group—During the year ended December 31, 2021, we acquired 100% of the outstanding limited partnership interests in Casablanca Global Intermediate Holdings L.P., doing business as ALG, and 100% of the outstanding ordinary shares of Casablanca Global GP Limited, its general partner, in a business combination for a purchase price of $2.7 billion. The transaction included $69 million of contingent consideration payable upon the achievement of certain targets related to ALG's outstanding travel credits; however, we did not record a contingent liability as the achievement is not considered probable at December 31, 2021. We closed on the transaction on November 1, 2021 and paid $2,679 million of cash.
Net assets acquired were determined as follows:
Cash paid, net of cash acquired$2,679 
Cash and cash equivalents acquired460 
Restricted cash acquired16 
Purchase price adjustments (1)39 
Net assets acquired$3,194 
(1) Represents amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our consolidated balance sheet at December 31, 2021.
The acquisition includes (i) management and franchise agreements for operating and pipeline hotels, primarily across Latin America, the Caribbean, and Europe, and brand names affiliated with the AMR Collection; (ii) customer relationships and brand names through ALG Vacations; and (iii) customer relationships and a brand name associated with the Unlimited Vacation Club membership program.
Our consolidated balance sheet at December 31, 2021 reflects preliminary estimates of the fair value of the assets acquired and liabilities assumed and is based on information that was available as of the date of acquisition. The fair values of intangibles acquired are estimated using discounted future cash flow models and relief from royalty method, which includes revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values. We will continue to evaluate the management agreements acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the date of acquisition.
The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment:
Cash and cash equivalents$460 
Restricted cash16 
Receivables168 
Prepaids and other assets74 
Property and equipment22 
Financing receivables, net19 
Operating lease right-of-use assets79 
Goodwill (1)2,677 
Indefinite-lived intangibles (2)516 
Management agreement intangibles (3)496 
Customer relationships intangibles (4)586 
Other intangibles50 
Other assets42 
Total assets acquired$5,205 
Accounts payable264 
Accrued expenses and other current liabilities97 
Current contract liabilities (5)646 
Accrued compensation and benefits49 
Current operating lease liabilities9 
Long-term contract liabilities (5)738 
Long-term operating lease liabilities70 
Other long-term liabilities138 
Total liabilities assumed$2,011 
Total net assets acquired attributable to Hyatt Hotels Corporation$3,194 
(1) The goodwill, of which $36 million is tax deductible, is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings (see Note 9). We have not completed the assignment of goodwill to reporting units at December 31, 2021.
(2) Includes intangibles related to the AMR Collection and ALG Vacations brands.
(3) Amortized over useful lives of approximately 1 to 20 years, with a weighted-average useful life of approximately 12 years.
(4) Amortized over useful lives of 5 to 11 years, with a weighted-average useful life of approximately 9 years.
(5) In accordance with ASU 2021-08, contract liabilities assumed were recorded at carrying value at the date of acquisition (see Note 2).
Following the acquisition date, the operating results of ALG were recognized in our consolidated statements of income (loss). For the period from the acquisition date through December 31, 2021, total revenues attributable to ALG were $165 million and the net loss attributable to ALG was $28 million, which included $22 million of amortization expense recognized related to the acquired definite-lived intangibles assets.
We recognized $45 million of transaction costs, primarily related to regulatory, financial advisory, and legal fees, in other income (loss), net on our consolidated statements of income (loss) during the year ended December 31, 2021 (see Note 21).
Unaudited Pro Forma Combined Financial Information
The following table presents the unaudited pro forma combined results of Hyatt and ALG as if the ALG Acquisition had occurred on January 1, 2020:
Year Ended December 31,
20212020
Total revenues3,732 $2,515 
Net loss(227)(1,585)
The unaudited pro forma combined financial information was based on the historical financial information of Hyatt and ALG and includes (i) incremental amortization expense to be incurred based on the preliminary fair values of the identifiable intangible assets acquired; (ii) additional interest expense associated with the senior notes issuance to finance the acquisition (see Note 11); (iii) transaction incentive compensation expense and equity-based compensation expense due to change in control provisions; (iv) the elimination of expenses related to deferred cost assets that were not separately recorded as a part of our purchase price allocation; and (v) the reclassification of various expenses, primarily transaction costs incurred, during the year ended December 31, 2021 to the year ended December 2020; and (vi) the assumption that ASU 2021-08 was effective beginning January 1, 2020. The unaudited pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been had the transaction and the related financing occurred on the dates indicated. The unaudited pro forma financial statements also may not be useful in predicting the future financial condition and results of operations of the combined company following the transaction. In addition, the unaudited pro forma combined financial information does not give effect to any cost savings, operating synergies or revenue synergies that may result from the transaction, or the costs to achieve any such synergies.
Land—During the year ended December 31, 2021, we acquired $7 million of land through an asset acquisition from an unrelated third party to develop a hotel in Tempe, Arizona.
Alila Ventana Big Sur—During the year ended December 31, 2021, we completed an asset acquisition of Alila Ventana Big Sur for $146 million, net of closing costs and proration adjustments, which primarily consisted of $149 million of property and equipment. The seller is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. The acquisition was identified as replacement property in a potential reverse like-kind exchange; however, we sold the property before a suitable replacement property was identified.
During the year ended December 31, 2021, we sold the property to an unrelated third party for approximately $148 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $2 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2021. The operating results and financial position of this hotel during our period of ownership remain within our owned and leased hotels segment.
Grand Hyatt São Paulo—We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property, and we were released from our debt repayment guarantee (see Note 15). The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 16).
Net assets acquired were determined as follows:
Cash paid$6 
Repayment of third-party mortgage loan78 
Fair value of our previously-held equity method investment6 
Net assets acquired$90 
Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our consolidated balance sheet.
Dispositions
Hyatt Regency Miami—During the year ended December 31, 2021, we formed an unconsolidated hospitality venture with an unrelated third party and contributed Hyatt Regency Miami assets to the new entity resulting in the derecognition of the nonfinancial assets in the subsidiary. The agreed-upon value of the assets, which were primarily property and equipment, was $22 million. As a result of the transaction, we recorded our 50% ownership interest as an equity method investment, recorded a financing receivable from the unconsolidated hospitality venture, a related party (see Note 18), and recognized a $2 million pre-tax gain in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2021. Our $11 million equity method investment (see Note 4) and $11 million financing receivable (see Note 6) were recorded at fair value based on the value of assets contributed. The operating results and financial position of this hotel prior to the derecognition of the assets remain within our owned and leased hotels segment.
Hyatt Regency Bishkek—During the year ended December 31, 2021, we sold our interest in the consolidated hospitality venture that owns Hyatt Regency Bishkek to our venture partner for approximately $3 million, net of cash disposed, closing costs, and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in an insignificant pre-tax gain, including the reclassification of $7 million of currency translation gains from accumulated other comprehensive loss (see Note 16), which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Lake Tahoe Resort, Spa and Casino—During the year ended December 31, 2021, we sold Hyatt Regency Lake Tahoe Resort, Spa and Casino to an unrelated third party for approximately $343 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $305 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Lost Pines Resort and Spa—During the year ended December 31, 2021, we sold Hyatt Regency Lost Pines Resort and Spa to an unrelated third party for approximately $268 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $104 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Baku—During the year ended December 31, 2020, we sold shares of the entities which own Hyatt Regency Baku to an unrelated third party for approximately $11 million, net of $4 million of cash disposed, closing costs, and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $30 million pre-tax loss, including the reclassification of $24 million of currency translation losses from accumulated other comprehensive loss (see Note 16), which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2020. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Exhale—During the year ended December 31, 2020, we sold shares of the entity which owns the Exhale spa and fitness business to an unrelated third party for a nominal amount and accounted for the transaction as a business disposition. The sale resulted in an $11 million pre-tax loss, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2020. The operating results and financial position of this business prior to the sale remain within corporate and other.
Land—During the year ended December 31, 2020, we sold land and construction in progress to an unrelated third party for a nominal amount and accounted for the transaction as an asset disposition. The sale resulted in a $3 million pre-tax loss, including the reclassification of $1 million of currency translation losses from accumulated other comprehensive loss (see Note 16), which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2020.
Hyatt Centric Center City Philadelphia—During the year ended December 31, 2020, an unrelated third party invested in certain of our subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space in exchange for a 58% ownership interest, resulting in the derecognition of the nonfinancial assets of the subsidiaries. As a result of the transaction, we received $72 million of proceeds, recorded our 42% ownership interest as an equity method investment
(see Note 4), and recognized a $4 million pre-tax gain in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2020. Our $22 million equity method investment was recorded at fair value based on 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 (see Note 4).
Building—During the year ended December 31, 2020, we sold a commercial 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 operating lease ROU asset and related lease liability on our consolidated balance sheet. The sale resulted in a $4 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2020. At the time of sale, the operating lease had 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.
Grand Hyatt Seoul—During the year ended December 31, 2019, we sold the shares of the entity which owns Grand Hyatt Seoul and adjacent land to an unrelated third party for approximately $467 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $349 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2019. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Contractual Right—During the year ended December 31, 2019, we sold our contractual right to purchase Hyatt Regency Portland at the Oregon Convention Center to an unrelated third party for approximately $21 million, net of closing costs. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $16 million pre-tax gain, which was recognized in other income (loss), net on our consolidated statements of income (loss) during the year ended December 31, 2019 (see Note 21).
Land—During the year ended December 31, 2019, we acquired $15 million of land through an asset acquisition from an unrelated third party to develop a hotel in Austin, Texas and subsequently sold the land and related construction in progress through an asset disposition during 2019.
Hyatt Regency Atlanta—During the year ended December 31, 2019, we sold Hyatt Regency Atlanta to an unrelated third party for approximately $346 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $272 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2019. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Land and Lease Assignment—During the year ended December 31, 2019, we sold the property adjacent to Grand Hyatt San Francisco and assigned the related Apple store lease to an unrelated third party for approximately $115 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. The sale resulted in a $101 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss) during the year ended December 31, 2019. The operating results and financial position of this property prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Mexico City—During the year ended December 31, 2018, we sold the shares of the entity which owns Hyatt Regency Mexico City, an investment in an unconsolidated hospitality venture, and adjacent land, a portion of which will be developed as Park Hyatt Mexico City, to an unrelated third party for approximately $405 million and accounted for the transaction as an asset disposition. We received $360 million of proceeds and issued $46 million of unsecured financing receivables, which were repaid in full during the year ended December 31, 2019.
Like-Kind Exchange Agreements
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 year ended December 31, 2020.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases LEASES
Lessee
A summary of operating lease expense is as follows:
Year Ended December 31,
202120202019
Minimum rentals$41 $45 $50 
Contingent rentals71 38 97 
Total operating lease expense$112 $83 $147 
Total lease expense related to short-term leases and finance leases was insignificant for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.
Supplemental balance sheet information related to finance leases is as follows:
December 31, 2021December 31, 2020
Property and equipment, net (1)$6 $8 
Current maturities of long-term debt$1 $2 
Long-term debt6 7 
Total finance lease liabilities$7 $9 
(1) Finance lease assets are net of $15 million of accumulated amortization at both December 31, 2021 and December 31, 2020.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term in years
Operating leases (1)1922
Finance leases56
Weighted-average discount rate
Operating leases3.8 %3.9 %
Finance leases0.6 %0.6 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year ending December 31,Operating leasesFinance leases
2022$47 $2 
202347 2 
202444 2 
202537 1 
202632 1 
Thereafter345 — 
Total minimum lease payments$552 $8 
Less: amount representing interest(168)(1)
Present value of minimum lease payments$384 $7 
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income primarily within owned and leased hotels revenues on our consolidated statements of income (loss) as follows:
Year Ended December 31,
202120202019
Rental income$13 $16 $23 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20238 
20245 
20254 
20264 
Thereafter17 
Total minimum lease receipts
$48 
Leases LEASES
Lessee
A summary of operating lease expense is as follows:
Year Ended December 31,
202120202019
Minimum rentals$41 $45 $50 
Contingent rentals71 38 97 
Total operating lease expense$112 $83 $147 
Total lease expense related to short-term leases and finance leases was insignificant for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.
Supplemental balance sheet information related to finance leases is as follows:
December 31, 2021December 31, 2020
Property and equipment, net (1)$6 $8 
Current maturities of long-term debt$1 $2 
Long-term debt6 7 
Total finance lease liabilities$7 $9 
(1) Finance lease assets are net of $15 million of accumulated amortization at both December 31, 2021 and December 31, 2020.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term in years
Operating leases (1)1922
Finance leases56
Weighted-average discount rate
Operating leases3.8 %3.9 %
Finance leases0.6 %0.6 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year ending December 31,Operating leasesFinance leases
2022$47 $2 
202347 2 
202444 2 
202537 1 
202632 1 
Thereafter345 — 
Total minimum lease payments$552 $8 
Less: amount representing interest(168)(1)
Present value of minimum lease payments$384 $7 
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income primarily within owned and leased hotels revenues on our consolidated statements of income (loss) as follows:
Year Ended December 31,
202120202019
Rental income$13 $16 $23 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20238 
20245 
20254 
20264 
Thereafter17 
Total minimum lease receipts
$48 
Leases LEASES
Lessee
A summary of operating lease expense is as follows:
Year Ended December 31,
202120202019
Minimum rentals$41 $45 $50 
Contingent rentals71 38 97 
Total operating lease expense$112 $83 $147 
Total lease expense related to short-term leases and finance leases was insignificant for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.
Supplemental balance sheet information related to finance leases is as follows:
December 31, 2021December 31, 2020
Property and equipment, net (1)$6 $8 
Current maturities of long-term debt$1 $2 
Long-term debt6 7 
Total finance lease liabilities$7 $9 
(1) Finance lease assets are net of $15 million of accumulated amortization at both December 31, 2021 and December 31, 2020.
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term in years
Operating leases (1)1922
Finance leases56
Weighted-average discount rate
Operating leases3.8 %3.9 %
Finance leases0.6 %0.6 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
The maturities of lease liabilities for the next five years and thereafter are as follows:
Year ending December 31,Operating leasesFinance leases
2022$47 $2 
202347 2 
202444 2 
202537 1 
202632 1 
Thereafter345 — 
Total minimum lease payments$552 $8 
Less: amount representing interest(168)(1)
Present value of minimum lease payments$384 $7 
Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues. We recognized rental income primarily within owned and leased hotels revenues on our consolidated statements of income (loss) as follows:
Year Ended December 31,
202120202019
Rental income$13 $16 $23 
The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20238 
20245 
20254 
20264 
Thereafter17 
Total minimum lease receipts
$48 
v3.22.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net GOODWILL AND INTANGIBLE ASSETS, NET
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingApple Leisure GroupCorporate and otherTotal
Balance at January 1, 2020
Goodwill$210 $232 $— $— $— $4 $446 
Accumulated impairment losses(116)— — — — (4)(120)
Goodwill, net$94 $232 $— $— $— $— $326 
Activity during the year
Impairment losses(38)— — — — — (38)
Balance at December 31, 2020
Goodwill210 232 — — — 4 446 
Accumulated impairment losses(154)— — — — (4)(158)
Goodwill, net$56 $232 $— $— $— $— $288 
Activity during the year
Additions— — — — 2,677 — 2,677 
Balance at December 31, 2021
Goodwill210 232 — — 2,677 4 3,123 
Accumulated impairment losses(154)— — — — (4)(158)
Goodwill, net$56 $232 $— $— $2,677 $— $2,965 
During the years ended December 31, 2021 and December 31, 2019, we did not recognize any goodwill impairment charges.
During the year ended December 31, 2020, we determined that the carrying values of two reporting units were in excess of fair values, which were Level Three fair value measurements, and we recognized $38 million of goodwill impairment charges in asset impairments on our consolidated statements of income (loss) within our owned and leased hotels segment.
December 31, 2021Weighted-average useful lives in yearsDecember 31, 2020
Management and franchise agreement intangibles$835 15$354 
Brand and other indefinite-lived intangibles646 — 130 
Customer relationships intangibles586 9— 
Other intangibles58 614 
Intangibles2,125 498 
Less: accumulated amortization(148)(113)
Intangibles, net$1,977 $385 
 Year Ended December 31,
 202120202019
Amortization expense$48 $27 $25 
We estimate amortization expense for definite-lived intangibles for the next five years and thereafter as follows:
Year Ending December 31, 
2022$147 
2023146 
2024145 
2025144 
2026142 
Thereafter566 
Total amortization expense
$1,290 
During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, we recognized $8 million, $14 million, and $18 million of impairment charges, respectively, related to management and franchise agreement intangibles and brand and other indefinite-lived intangibles, primarily as a result of contract terminations. The impairment charges were recognized in asset impairments on our consolidated statements of income (loss), primarily within our Americas management and franchising segment, and are classified as Level Three in the fair value hierarchy.
v3.22.0.1
Other Assets
 12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets OTHER ASSETS
December 31, 2021December 31, 2020
Management and franchise agreement assets constituting payments to customers (1)$571 $470 
Marketable securities held to fund rabbi trusts (Note 4)
543 511 
Marketable securities held to fund the loyalty program (Note 4)
439 441 
Marketable securities held for captive insurance company (Note 4)
137 114 
Common shares of Playa N.V. (Note 4)97 72 
Long-term investments (Note 4)
65 93 
Other
182 96 
Total other assets$2,034 $1,797 
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt DEBT
December 31, 2021December 31, 2020
$250 million senior unsecured notes maturing in 2021—5.375%
$— $250 
$750 million senior unsecured notes maturing in 2022—three-month LIBOR plus 3.000%
— 750 
$300 million senior unsecured notes maturing in 2023—floating rate notes
300 — 
$350 million senior unsecured notes maturing in 2023—3.375%
350 350 
$700 million senior unsecured notes maturing in 2023—1.300%
700 — 
$750 million senior unsecured notes maturing in 2024—1.800%
750 — 
$450 million senior unsecured notes maturing in 2025—5.375%
450 450 
$400 million senior unsecured notes maturing in 2026—4.850%
400 400 
$400 million senior unsecured notes maturing in 2028—4.375%
400 400 
$450 million senior unsecured notes maturing in 2030—5.750%
450 450 
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A130 130 
Contract Revenue Bonds, Senior Taxable Series 2005B38 43 
Floating average rate construction loan31 37 
Other1 1 
Total debt before finance lease obligations4,000 3,261 
Finance lease obligations7 9 
Total debt4,007 3,270 
Less: current maturities
(10)(260)
Less: unamortized discounts and deferred financing fees
(29)(26)
Total long-term debt$3,968 $2,984 
Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20231,360 
2024761 
2025461 
2026412 
Thereafter1,003 
Total maturities of debt
$4,007 
Senior Notes—At December 31, 2021 and December 31, 2020, we had unsecured Senior Notes as further described below. Interest on the Senior Notes is payable semi-annually or quarterly. We may redeem all or a portion of the Senior Notes at any time at 100% of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of our outstanding Senior Notes, by year of issuance, is as follows:
•In 2011, we issued $250 million of 5.375% senior notes due 2021, at an issue price of 99.846% (the "2021 Notes"). During the year ended December 31, 2021, we redeemed all of our outstanding 2021 Notes as described below.
•In 2013, we issued $350 million of 3.375% senior notes due 2023, at an issue price of 99.498% (the "2023 Notes").
•In 2016, we issued $400 million of 4.850% senior notes due 2026, at an issue price of 99.920% (the "2026 Notes").
•In 2018, we issued $400 million of 4.375% senior notes due 2028, at an issue price of 99.866% (the "2028 Notes").
•In 2020, we issued $750 million of three-month LIBOR plus 3.000% senior notes due 2022, (the "2022 Notes"), $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 $1,635 million of net proceeds from the sale, after deducting $15
million of underwriting discounts and other offering expenses. We used a portion of the proceeds from these issuances to repay all outstanding borrowings on our revolving credit facility and settle the outstanding interest rate locks, and we used the remainder for general corporate purposes. During the year ended December 31, 2021, we redeemed all of our outstanding 2022 Notes as described below.
•In 2021, we issued $700 million of 1.300% senior notes due 2023 at an issue price of 99.941% (the "2023 Fixed Rate Notes"), $300 million of floating rate senior notes due 2023 (the "2023 Floating Rate Notes") at par, and $750 million of 1.800% senior notes due 2024 at an issue price of 99.994% (the "2024 Fixed Rate Notes"). We received approximately $1,738 million of net proceeds, after deducting $11 million of underwriting discounts and other offering expenses. We used the net proceeds from the senior notes issuance to fund a portion of the purchase price for the ALG Acquisition, redeem the 2022 Notes, and pay fees and expenses related to the senior notes issuance.
Debt Redemption—During the year ended December 31, 2021, we repaid the outstanding 2021 Notes at maturity for approximately $257 million, inclusive of $7 million of accrued interest. We also redeemed the 2022 Notes, of which there was $750 million of aggregate principal outstanding, at a redemption price of approximately $753 million, which was calculated in accordance with the terms of the 2022 Notes and included principal and $3 million of accrued interest. The $2 million loss on extinguishment of debt was recognized in other income (loss), net on our consolidated statements of income (loss) (see Note 21).
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B—During the year ended December 31, 2013, we acquired our partner's interest in the entity that owned Grand Hyatt San Antonio, and as a result, we consolidated $198 million of bonds, net of the $9 million bond discount, which is being amortized over the life of the bonds. The construction was financed in part by The City of San Antonio, Texas Convention Center Hotel Finance Corporation ("Texas Corporation"), a non-profit local government corporation created by the City of San Antonio, Texas ("City") for the purpose of providing financing for a portion of the costs of constructing the hotel. On June 8, 2005, Texas Corporation issued $130 million of original principal amount Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A ("Series 2005A Bonds") and $78 million of original principal amount Contract Revenue Bonds, Senior Taxable Series 2005B ("Series 2005B Bonds"). The Series 2005A Bonds mature between 2034 and 2039, with interest ranging from 4.75% to 5.00%, and the remaining Series 2005B Bonds mature between 2020 and 2028, with interest ranging from 5.1% to 5.31%. The loan payments are required to be funded solely from net operating revenues of Grand Hyatt San Antonio, and in the event that net operating revenues are not sufficient to pay debt service, the City under certain circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series Bonds. The City funded approximately $10 million of tax revenues for the payment of debt service during the year ended December 31, 2021, which amounts will be repaid to the City from hotel cash flows in future years in accordance with the provisions of the applicable Indenture of Trust ("Indenture"). The Indenture allows for optional early redemption of the Series 2005B Bonds subject to make-whole payments at any time with consent from Texas Corporation and beginning in 2015 for the Series 2005A Bonds. Interest is payable semi-annually.
Floating Average Rate Construction Loan—During the year ended December 31, 2012, we obtained a secured construction loan with Banco Nacional de Desenvolvimento Econômico e Social - BNDES ("BNDES") in order to develop Grand Hyatt Rio de Janeiro. The loan is split into four separate sub-loans, each with different interest rates. Sub-loans (a) and (b) mature in 2031 and sub-loans (c) and (d) mature in 2023. Borrowings under the four sub-loans bear interest at the following rates, depending on the applicable sub-loan: (a) and (b) the Brazilian Long Term Interest Rate - TJLP plus 2.02%, (c) 2.5%, and (d) the Brazilian Long Term Interest Rate - TJLP. On sub-loans (a), (b), and (d), when the TJLP rate exceeds 6%, the amount corresponding to the TJLP portion above 6% is required to be capitalized daily. At December 31, 2021, the weighted-average interest rates for the sub-loans we have drawn upon is 7.31%. At December 31, 2021 and December 31, 2020, we had Brazilian Real ("BRL") 173 million, or $31 million, and BRL 193 million, or $37 million, outstanding, respectively.
Revolving Credit Facility—During the year ended December 31, 2021, we entered into a Fourth Amendment to Second Amended and Restated Credit Agreement (the "Fourth Revolver Amendment"). The Fourth Revolver Amendment, among other things, (i) modified the negative investments covenant to permit the ALG Acquisition (see Note 7), (ii) incorporated certain metrics consistent with ALG's covenants, (iii) amended certain negative covenants to permit certain existing transactions by ALG, and (iv) included a post-closing covenant requiring certain ALG entities to become guarantors under the revolving credit facility, subject to certain conditions. The effectiveness of the Fourth Revolver Amendment, including the amendments described herein, was subject in all respects to the substantially concurrent consummation of the ALG Acquisition.
During the year ended December 31, 2021, we also entered into a Third Amendment to Second Amended and Restated Credit Agreement (the "Third Revolver Amendment"). The Third Revolver Amendment, among other things, (i) extended the Covenant Waiver Period through January 1, 2022, (ii) added a new minimum fixed charge coverage ratio covenant applicable to the first quarter of 2022, and (iii) increased the maintenance level of the leverage ratio covenant for the second, third, fourth,
and fifth quarters following the end of the Covenant Waiver Period. The Third Revolver Amendment also included an option, at our election, to extend the maturity date of $1.45 billion of revolving credit commitments by one year on the terms specified in the Third Revolver Amendment. The terms of the Third Revolver Amendment restrict, among other things, our ability to repurchase shares and pay dividends until the first quarter of 2022.
The $1.5 billion aggregate commitment amount under our revolving credit facility remains unchanged under the Fourth Revolver Amendment and Third Revolver Amendment.
During the years ended December 31, 2021 and December 31, 2020, we had $210 million of borrowings and repayments and $400 million of borrowings and repayments on our revolving credit facility, respectively. The weighted-average interest rate on these borrowings was 1.80% and 1.71% at December 31, 2021 and December 31, 2020, respectively. At December 31, 2021 and December 31, 2020, we had no balance outstanding. At December 31, 2021, we had $1,493 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.
The Company had $276 million and $234 million of letters of credit issued through additional banks at December 31, 2021 and December 31, 2020, respectively.
Fair Value—We estimated the fair value of debt, excluding finance leases, which consists of our Senior Notes, bonds, and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based on 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 our assumptions will result in different estimates of fair value.
December 31, 2021
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (1)$4,000 $4,230 $— $4,193 $37 
(1) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees.
December 31, 2020
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (2)$3,261 $3,561 $— $3,518 $43 
(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.
Interest Rate Locks—During the year ended December 31, 2020, upon issuance of the 2030 Notes, we settled the interest rate locks for $61 million, which was recorded in accumulated other comprehensive loss. This loss is being amortized into interest expense on our consolidated statements of income (loss) over the term of the 2030 Notes and resulted in $6 million and $4 million of interest expense during the years ended December 31, 2021 and December 31, 2020, respectively (see Note 16). The settlement was reflected as a cash outflow from operating activities on the consolidated statement of cash flows for the year ended December 31, 2020, as our policy is to classify cash flows from derivative instruments in the same category as the item being hedged.
During the years ended December 31, 2021 and December 31, 2020, we recognized $0 and $37 million of pre-tax losses, respectively, in unrealized gains (losses) on derivative activity on our consolidated statements of comprehensive income (loss).
v3.22.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees' salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans. The accumulated benefit obligation related to the unfunded U.S. plan was $21 million and $23 million, of which $20 million and $22 million was recorded as a long-term liability on our consolidated balance sheets, at December 31, 2021 and December 31, 2020, respectively. At December 31, 2021, we expect $1 million of benefits to be paid annually over the next 10 years.
Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the FRP, and other similar plans. For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, we recognized $28 million, $30 million, and $48
million, respectively, of expenses related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts. The majority of these contributions relate to hotel property-level employees, which are reimbursable to us, and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income (loss).
Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the DCP. Contributions and investment elections are determined by the employees, and we provide contributions to certain eligible employees according to pre-established formulas. The DCP is fully funded through a rabbi trust, and therefore changes in the underlying securities impact the deferred compensation liability, which is recorded in other long-term liabilities (see Note 13) and the corresponding marketable securities assets, which are recorded in other assets (see Note 10) on our consolidated balance sheets.
Employee Stock Purchase Program—We provide the ESPP, which is intended to qualify under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair value on the last trading day of each quarter. We issued 46,311 shares and 75,763 shares under the ESPP during the years ended December 31, 2021 and December 31, 2020, respectively.
v3.22.0.1
Other Long-Term Liabilities
 12 Months Ended
Dec. 31, 2021
Other Liabilities, Noncurrent [Abstract]  
Other Long-Term Liabilities OTHER LONG-TERM LIABILITIES
December 31, 2021December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4)
$543 $511 
Income taxes payable
281 166 
Deferred income taxes (Note 14)
93 48 
Guarantee liabilities (Note 15)
92 31 
Self-insurance liabilities (Note 15)
66 67 
Other
64 88 
Total other long-term liabilities$1,139 $911 
v3.22.0.1
Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Taxes TAXES
Our tax provision includes federal, state, local, and foreign income taxes.
Year Ended December 31,
202120202019
U.S. income (loss) before tax$14 $(694)$466 
Foreign income (loss) before tax30 (266)540 
Income (loss) before income taxes$44 $(960)$1,006 

The provision (benefit) for income taxes from continuing operations was comprised of the following:
Year Ended December 31,
202120202019
Current:
Federal$43 $(209)$74 
State10 8 35 
Foreign13 3 103 
Total Current$66 $(198)$212 
Deferred:
Federal$191 $(11)$29 
State— (47)2 
Foreign9 (1)(3)
Total Deferred$200 $(59)$28 
Total$266 $(257)$240 
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
Year Ended December 31,
202120202019
Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %
State income taxes—net of federal tax benefit24.1 4.0 2.7 
Impact of foreign operations (excluding unconsolidated hospitality ventures losses)(37.0)(2.3)(2.0)
Change in valuation allowances567.7 (1.6)1.0 
U.S. net operating loss carryback benefit at 35%(4.1)11.5 — 
U.S. foreign tax credits(18.6)(2.3)— 
Foreign unconsolidated hospitality ventures 20.0 (1.0)0.5 
Tax contingencies9.2 (2.1)0.3 
Other (1)21.2 (0.4)0.4 
Effective income tax rate603.5 %26.8 %23.9 %
(1) Includes the impact of estimated non-deductible transaction costs as a result of the ALG Acquisition (see Note 7).
Significant items affecting the 2021 effective tax rate include the impact of a non-cash expense to record a valuation allowance on U.S. federal and state deferred tax assets and the state impact of U.S. operations. This expense was partially offset by the release of a valuation allowance on a portion of our U.S. foreign tax credit carryforwards expected to be utilized in the current year and the impact of foreign operations.
Significant items affecting the 2020 effective tax rate include the impact of U.S. net operating losses that will be benefited at the 35% tax rate in accordance with the terms of the CARES Act and the state impact of U.S. operations. These benefits were offset by a $35 million valuation allowance recorded on foreign tax credit carryforwards and foreign net operating losses generated, which are not expected to be realized within the carryforward period, and the rate differential on foreign operations.
During the year ended December 31, 2020, we recognized a $30 million benefit related to the employee retention credit created under the CARES Act, of which $8 million was recognized as a reduction of owned and leased hotels expenses and $22 million was recognized as a reduction of costs incurred on behalf of managed and franchised properties on our consolidated statements of income (loss) with an offset in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and no impact to net income (loss) on our consolidated statements of income (loss) for the year ended December 31, 2020.
Significant items affecting the 2019 effective tax rate include the state impact of U.S. operations and certain foreign net operating losses generated in the current year that are not expected to be utilized within the carryforward period. These expenses were offset by the benefits related to the rate differential on foreign operations, including a non-recurring benefit related to prior years recognized as a result of an agreement reached by the U.S. and Swiss tax authorities on Advanced Pricing Agreement terms covering tax years 2012 through 2021.
The components of the net deferred tax assets and deferred tax liabilities were comprised of the following:
December 31, 2021December 31, 2020
Deferred tax assets related to:
Foreign net operating losses and credit carryforwards$181 $82 
Loyalty program155 133 
Employee benefits148 134 
Federal and state net operating losses and credit carryforwards112 36 
Long-term operating lease liabilities90 98 
Deferred revenues79 18 
Interest deduction limitations58 5 
Allowance for uncollectible assets28 40 
Unrealized losses13 23 
Investments10 36 
Other42 16 
Valuation allowance(478)(82)
Total deferred tax assets$438 $539 
Deferred tax liabilities related to:
Intangibles$(231)$(61)
Property and equipment(128)(131)
Operating ROU assets(98)(102)
Investments(23)(52)
Prepaid expenses(21)(19)
Unrealized gains(5)(3)
Other(11)(12)
Total deferred tax liabilities$(517)$(380)
Net deferred tax assets (liabilities)$(79)$159 
Recorded on our consolidated balance sheets as:
Deferred tax assets—noncurrent$14 $207 
Deferred tax liabilities—noncurrent(93)(48)
Total$(79)$159 
During the year ended December 31, 2021, significant changes to our deferred tax assets, excluding valuation allowance activity, included a $175 million increase related to federal, state, and foreign net operating losses and a $53 million increase related to interest deduction limitations, both of which were primarily driven by the ALG Acquisition. These changes were offset by a $251 million valuation allowance recorded on U.S. federal and state net deferred tax assets as a result of entering into a U.S. three-year cumulative pre-tax loss position during the year. Significant changes to our deferred tax liabilities included a $170 million increase in intangibles related to book basis in excess of tax basis as a result of the ALG Acquisition.
At December 31, 2021, we had $271 million of deferred tax assets for future tax benefits related to federal, state, and foreign net operating losses and $22 million of benefits related to federal and state credits. Of these deferred tax assets, $92 million related to net operating losses and federal and state credits that expire in 2022 through 2041 and $201 million related to federal and foreign net operating losses that have no expiration date and may be carried forward indefinitely. A $275 million valuation allowance was recorded on these deferred tax assets that we do not believe are more likely than not to be realized.
At December 31, 2021, we had $61 million of accumulated undistributed earnings generated by our foreign subsidiaries, the majority of which have been subject to U.S. tax. Any potential additional taxes due with respect to such earnings or the excess of book basis over tax basis of our foreign investments would generally be limited to an insignificant amount of foreign withholding and/or U.S. state income taxes. We continue to assert that undistributed net earnings with respect to certain foreign subsidiaries that have not previously been taxed in the U.S. are indefinitely reinvested.
At December 31, 2021, December 31, 2020, and December 31, 2019, total unrecognized tax benefits were $205 million, $146 million, and $125 million, of which $186 million, $49 million, and $36 million, respectively, would impact the effective tax rate if recognized. While it is reasonably possible that the amount of uncertain tax benefits associated with the U.S.
treatment of the loyalty program could significantly change within the next 12 months, at this time, we are not able to estimate the range by which the reasonably possible outcomes of the pending litigation could impact our uncertain tax benefits within the next 12 months.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
202120202019
Unrecognized tax benefits—beginning balance$146 $125 $116 
Total increases—current-period tax positions12 24 21 
Total increases (decreases)—prior-period tax positions50 3 (7)
Settlements(1)— (3)
Lapse of statute of limitations(2)(6)(3)
Foreign currency fluctuation— — 1 
Unrecognized tax benefits—ending balance$205 $146 $125 
In 2021, the $59 million net increase in uncertain tax positions was primarily related to U.S. and local filing positions acquired as a result of the ALG Acquisition and an accrual for the U.S. treatment of the loyalty program.
In 2020, the $21 million net increase in uncertain tax positions was primarily related to an accrual for the U.S. treatment of the loyalty program. The decrease in the lapse of statute of limitations was related to local tax filing positions identified as a result of the Two Roads acquisition.
In 2019, the $9 million net increase in uncertain tax positions was primarily related to an accrual for the U.S. treatment of the loyalty program. The decrease in prior period tax positions primarily related to the effective settlement of certain federal and state tax matters.
We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total gross accrued interest and penalties were $93 million, $26 million, and $22 million at December 31, 2021, December 31, 2020, and December 31, 2019, respectively.
The amount of interest and penalties recognized as a component of income tax expense in 2021 was $8 million, primarily related to foreign tax matters. The amount of interest and penalties recognized as a reduction of our income tax benefit in 2020 was an expense of $6 million, primarily related to federal, state, and foreign tax matters. The amount of interest and penalties recognized as a component of income tax expense in 2019 was $5 million, primarily related to federal, state, and foreign tax matters.
We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2009 through 2011 are before the U.S. Tax Court concerning the tax treatment of the loyalty program. A trial date has been scheduled for April 2022. During the year ended December 31, 2021, we received a Notice of Proposed Adjustment for tax years 2015 through 2017 related to the loyalty program issue. As a result, U.S. tax years 2009 through 2017 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 $223 million (including $65 million of estimated interest, net of federal tax benefit) for all assessed years. We believe we have an adequate uncertain tax liability recorded in connection with this matter.
We have several state audits pending, including in Illinois, California, and New York. State income tax returns are generally subject to examination for a period of three to five years after filing of the return. However, the state impact of any federal changes remains subject to examination by various states for a period generally up to one year after formal notification to the states of the federal changes. We also have several foreign audits pending. The statutes of limitations for the foreign jurisdictions ranges from three to ten years after filing the applicable tax return.
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, we enter into various commitments, guarantees, surety and other bonds, and letter of credit agreements.
We continue to review and evaluate the management agreements acquired in the ALG Acquisition and the contractual obligations therein. Any identified contractual obligations could be material and may increase our liabilities assumed in the ALG Acquisition (see Note 7).
Commitments—At December 31, 2021, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in, various business ventures up to $353 million, net of any related letters of credit.
Performance Guarantees—Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels (see Note 2). At December 31, 2021, our performance guarantees have $99 million of remaining maximum exposure and expire between 2022 and 2042. Our most significant performance guarantee, related to four managed hotels in France, expired in April 2020.
At December 31, 2021 and December 31, 2020, we had $52 million and $16 million of total performance guarantee liabilities, respectively, which included $41 million and $6 million recorded in other long-term liabilities and $11 million and $10 million recorded in accrued expenses and other current liabilities, respectively, on our consolidated balance sheets.
Four managed hotels in FranceOther performance guaranteesAll performance guarantees
202120202021202020212020
Beginning balance, January 1$— $20 $16 $13 $16 $33 
Initial guarantee obligation liability— — 37 — 37 — 
Amortization of initial guarantee obligation liability into income— (4)(3)(4)(3)(8)
Performance guarantee expense, net— 26 10 31 10 57 
Payments during the year— (43)(9)(24)(9)(67)
Foreign currency exchange, net— 1 1 — 1 1 
Ending balance, December 31$— $— $52 $16 $52 $16 
Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At December 31, 2021 and December 31, 2020, we had $7 million and $3 million, respectively, recorded in accrued expenses and other current liabilities on our consolidated balance sheets related to these performance cure payments.
Debt Repayment Guarantees—We enter into various debt repayment guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.
Property descriptionMaximum potential future paymentsMaximum exposure net of recoverability from third parties Other long-term liabilities recorded at December 31, 2021Other long-term liabilities recorded at December 31, 2020Year of guarantee expiration
Hotel properties in India (1)$197 $197 $33 $— 2024
Hotel properties in Tennessee (2), (3)44 14 5 8 various, through 2024
Hotel property in Pennsylvania (2)28 11 1 1 2023
Hotel property in Massachusetts (2)27 14 2 4 2022
Hotel properties in Georgia (2)27 13 2 4 various, through 2024
Hotel property in Mexico (2)20 10 7 — 2031
Other (2), (3)19 6 1 8 various, through 2025
Total $362 $265 $51 $25 
(1) Debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at December 31, 2021. 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 approximately $100 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 or the respective hotel owners to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash 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.
At December 31, 2021, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures or 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 $87 million and $66 million at December 31, 2021 and December 31, 2020, respectively, which are classified as Level Three in the fair value hierarchy (see Note 2).
Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained
on a self-insurance basis primarily through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance company to be paid within 12 months are $34 million and $37 million at December 31, 2021 and December 31, 2020, respectively, and are recorded in accrued expenses and other current liabilities on our consolidated balance sheets. Reserves for losses in our captive insurance company to be paid in future periods are $66 million and $67 million at December 31, 2021 and December 31, 2020, respectively, and are recorded in other long-term liabilities on our consolidated balance sheets.
Collective Bargaining Agreements—At December 31, 2021, approximately 23% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.
Surety and Other Bonds—Surety and other bonds issued on our behalf were $47 million at December 31, 2021 and primarily relate to workers' compensation, taxes, licenses, construction liens, and utilities related to our lodging operations.
Letters of Credit—Letters of credit outstanding on our behalf at December 31, 2021 were $283 million, which primarily relate to our ongoing operations, hotel properties under development in the U.S., collateral for customer deposits associated with ALG Vacations, collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, which are only called on if we default on our guarantees. Of the letters of credit outstanding, $7 million reduces the available capacity under our revolving credit facility (see Note 11).
Capital Expenditures—As part of our ongoing business operations, 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 and certain managed hotels, 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 or respective hotel owners.
As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our consolidated financial statements.
During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At December 31, 2021, our maximum exposure is not expected to exceed $18 million.
v3.22.0.1
Stockholders' Equity and Comprehensive Loss
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity and Comprehensive Loss STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSSCommon Stock—At December 31, 2021, Pritzker family business interests beneficially owned, in the aggregate, approximately 96.2% of our Class B common stock and approximately 0.5% of our Class A common stock, representing approximately 52.4% of the outstanding shares of our common stock and approximately 88.8% of the total voting power of our outstanding common stock. As a result, consistent with the voting agreements contained in the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, Pritzker family business interests are able to exert a significant degree of influence or actual control over our management and affairs and over matters requiring stockholder approval, including the election of directors and other significant corporate transactions. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval. Because of
our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our common stock. Pursuant to the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. In addition, other stockholders beneficially own, in the aggregate, approximately 3.8% of our outstanding Class B common stock representing approximately 2.1% of the outstanding shares of our common stock and approximately 3.5% of the total voting power of our outstanding common stock. Pursuant to the 2007 Stockholders' Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock.
Share Repurchase—During both 2019 and 2018, our board of directors authorized the repurchase of up to $750 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices we deem appropriate and subject to our financial condition, capital requirements, market conditions, restrictions under the terms of our revolving credit facility, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time.
Year Ended December 31,
202120202019
Total number of shares repurchased—827,6435,621,281
Weighted-average price per share$—$84.08$74.85
Aggregate purchase price (1)$—$69$421
Shares repurchased as a percentage of total common stock outstanding (2)—%1%5%
(1) Excludes related insignificant expenses.
(2) Calculated based on the total common stock outstanding as of December 31 of the prior year.
The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares retired (see Note 18). At December 31, 2021, we had $928 million remaining under the share repurchase authorization.
Common Stock Issuance—During the year ended December 31, 2021, we completed an underwritten public offering of our Class A common stock at a price of $74.50 per share. We issued and sold 8,050,000 shares, including 1,050,000 shares issued in connection with the full exercise of the underwriters' over-allotment option.
We received $575 million of net proceeds from the common stock issuance, after deducting approximately $25 million of underwriting discounts and other offering expenses. We used the proceeds from the common stock issuance to fund a portion of the ALG Acquisition (see Note 7).
Dividend— The following tables summarize dividends paid to Class A and Class B shareholders of record:
Year Ended December 31,
202120202019
Class A common stock$— $7 $29 
Class B common stock— 13 51 
Total cash dividends paid$— $20 $80 
Date declaredDividend per share amount for Class A and Class BDate of recordDate paid
February 13, 2020$0.20 February 26, 2020March 9, 2020
February 13, 2019$0.19 February 27, 2019March 11, 2019
May 17, 2019$0.19 May 29, 2019June 10, 2019
July 31, 2019$0.19 August 27, 2019September 9, 2019
October 30, 2019$0.19 November 26, 2019December 9, 2019
Accumulated Other Comprehensive Loss
Balance at
January 1, 2021		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
December 31, 2021
Foreign currency translation adjustments (a)$(145)$(34)$(27)$(206)
Unrealized gains (losses) on AFS debt securities1 (2)— (1)
Unrecognized pension cost(7)3 — (4)
Unrealized gains (losses) on derivative instruments (b)(41)— 7 (34)
Accumulated other comprehensive loss$(192)$(33)$(20)$(245)
(a) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 7), the sale of our interest in the consolidated hospitality venture that owns Hyatt Regency Bishkek (see Note 7), and the disposition of our ownership interest in certain unconsolidated hospitality ventures (see Note 4).
(b) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 11). We expect to reclassify $6 million of losses over the next 12 months.
Balance at
January 1, 2020		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
December 31, 2020
Foreign currency translation adjustments (c)$(183)$13 $25 $(145)
Unrealized gains (losses) on AFS debt securities1 — — 1 
Unrecognized pension cost(9)2 — (7)
Unrealized gains (losses) on derivative instruments (d)(18)(27)4 (41)
Accumulated other comprehensive loss$(209)$(12)$29 $(192)
(c) The amount reclassified from accumulated other comprehensive loss includes the net losses recognized in gains (losses) on sales of real estate and other related to the sale of shares of the entities which own Hyatt Regency Baku and the sale of land and construction in progress (see Note 7).
(d) The amount reclassified from accumulated other comprehensive loss includes realized losses recognized in interest expense, net of $2 million tax impacts, related to the settlement of interest rate locks (see Note 11).
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and non-employee directors (see Note 2). In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. Under the LTIP, we are authorized to issue up to 22,375,000 shares. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as these expenses have been and will continue to be reimbursed by our third-party hotel owners and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income (loss). Stock-based compensation expense recognized in selling, general, and administration expenses on our consolidated statements of income (loss) related to these awards was as follows:
 Year Ended December 31,
 202120202019
SARs$10 $11 $11 
RSUs23 19 17 
PSUs17 (6)6 
Other— — 1 
Total$50 $24 $35 
The year ended December 31, 2020 included a reversal of previously recognized stock-based compensation expense based on our assessment at the time of the expected achievement relative to the applicable performance targets related to certain PSU awards.
The income tax benefit recognized at the time of vest related to these awards was as follows:
 Year Ended December 31,
 202120202019
SARs$— $— $3 
RSUs4 4 5 
PSUs1 — 2 
Total$5 $4 $10 
SARs—A summary of SAR activity is presented below:
SAR unitsWeighted-average exercise price (in whole dollars)Weighted-average remaining contractual term
Outstanding at December 31, 20204,677,013 $54.90 6.37
Granted396,889 80.46 
Exercised(652,582)47.67 
Forfeited or expired(14,854)60.65 
Outstanding at December 31, 20214,406,466 $58.25 6.14
Exercisable at December 31, 20212,654,393 $55.78 4.83
The weighted-average grant date fair value for the awards granted in 2021, 2020, and 2019 was $28.68, $8.88, and $17.11, respectively.
The fair value of each SAR was estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:
202120202019
Exercise price$80.46$48.66$71.67
Expected life in years6.246.246.25
Risk-free interest rate1.10 %0.66 %2.40 %
Expected volatility34.49 %22.92 %22.51 %
Annual dividend yield— %1.64 %1.06 %
Due to a lack of historical exercise activity, the expected life was estimated based on the midpoint between the vesting period and the contractual life of each SAR. The risk-free interest rate was based on U.S. Treasury instruments with similar expected life. We calculate volatility using our trading history over a time period consistent with our expected term assumption. The dividend yield assumption is based on the expected annualized dividend payment at the date of grant.
During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the intrinsic value of exercised SARs was $31 million, $14 million, and $16 million, respectively. The total intrinsic value of SARs outstanding at December 31, 2021 was $166 million, and the total intrinsic value for exercisable SARs was $107 million at December 31, 2021.
RSUs—A summary of the status of the nonvested RSU awards outstanding under the LTIP, including certain RSUs with a performance component, is presented below:
RSUsWeighted-average grant date fair value
Nonvested at December 31, 20201,031,190 $58.54 
Granted626,340 81.59 
Vested(406,611)60.49 
Forfeited or canceled(42,422)64.06 
Nonvested at December 31, 20211,208,497 $69.64 
The weighted-average grant date fair value for the awards granted in 2021, 2020, and 2019 was $81.59, $50.28, and $72.32, respectively. The liability and related expense for granted cash-settled RSUs are insignificant at and for the year ended December 31, 2021. The fair value of RSUs vested during the years ended December 31, 2021, December 31, 2020, and December 31, 2019 was $34 million, $18 million, and $25 million, respectively.
The total intrinsic value of nonvested RSUs at December 31, 2021 was $116 million.
PSUs—A summary of the status of the nonvested PSU awards outstanding under the LTIP is presented below:
PSUsWeighted-average grant date fair value
Nonvested at December 31, 2020346,499 $80.16 
Granted153,256 82.02 
Vested(50,088)82.10 
Forfeited or canceled(109,872)78.98 
Nonvested at December 31, 2021339,795 $81.09 
The weighted-average grant date fair value for the awards granted in 2021, 2020, and 2019 was $82.02, $80.95, and $77.95, respectively. The fair value of PSUs vested during each of the years ended December 31, 2021, December 31, 2020, and December 31, 2019 was $4 million.
At December 31, 2021, the total intrinsic value of nonvested PSUs if target performance is achieved was $33 million.
Unearned Compensation—Our total unearned compensation for our stock-based compensation programs at December 31, 2021 was $2 million for SARs, $33 million for RSUs, and $14 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of 3 years.
v3.22.0.1
Related-Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related-Party Transactions RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the Notes to our consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Legal Services—A partner in a law firm that provided services to us throughout 2021, 2020, and 2019 is the brother-in-law of our Executive Chairman. We incurred $9 million, $7 million, and $6 million of legal fees with this firm for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. At both December 31, 2021 and December 31, 2020, we had insignificant amounts due to the law firm.
Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties for which we receive management, franchise, or license fees. We recognized $11 million, $6 million, and $22 million of fees for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. In addition, in some cases we provide loans (see Note 6 and Note 7) or guarantees (see Note 15) to these entities. During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, we recognized $6 million, $3 million, and $4 million, respectively, of income related to these guarantees. At December 31, 2021 and December 31, 2020, we had $29 million and $15 million of net receivables due from these properties, respectively. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. See Note 4 for further details regarding these investments.
Class B Share Conversion—During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, 2,385,647 shares, 3,424,356 shares, and 975,170 shares, respectively, of Class B common stock were converted on a share-for-share basis into shares of our Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.
Class B Share Repurchase—During 2019, we repurchased 677,384 shares of Class B common stock at a weighted-average price of $74.21 per share, for an aggregate purchase price of approximately $50 million. The shares repurchased represented approximately 1% of our total shares of common stock outstanding at December 31, 2018. The shares of Class B common stock were repurchased in privately negotiated transactions from trusts or limited partnerships owned indirectly by trusts for the benefit of certain Pritzker family members or private charitable organizations affiliated with certain Pritzker family members and were retired, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.
v3.22.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information SEGMENT AND GEOGRAPHIC INFORMATION
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. We define our reportable segments as follows:
•Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card program and are eliminated in consolidation.
•Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada, and the Caribbean as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned hotel, which was sold during the year ended December 31, 2019, and are eliminated in consolidation.
•EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•Apple Leisure Group—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive resorts within the AMR Collection located in Latin America, the Caribbean, and Europe; and through a paid membership club offering member benefits exclusively at AMR Collection resorts within Latin America and the Caribbean.
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, distribution and destination management revenues, other 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; 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 that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net.
The table below shows summarized consolidated financial information by segment. Included within corporate and other are results related to our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses.
Year Ended December 31,
202120202019
Owned and leased hotels
Owned and leased hotels revenues$855 $525 $1,883 
Intersegment revenues (a)17 12 35 
Adjusted EBITDA91 (148)389 
Depreciation and amortization230 243 259 
Capital expenditures80 111 331 
Americas management and franchising
Management, franchise, and other fees revenues277 152 439 
Contra revenue(19)(18)(15)
Other revenues84 42 89 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties1,410 1,152 2,268 
Intersegment revenues (a)29 14 64 
Adjusted EBITDA231 90 380 
Depreciation and amortization22 22 24 
Capital expenditures1 1 2 
Year Ended December 31,
202120202019
ASPAC management and franchising
Management, franchise, and other fees revenues72 61 136 
Contra revenue(4)(2)(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties96 75 113 
Intersegment revenues (a)— — 2 
Adjusted EBITDA29 24 87 
Depreciation and amortization3 3 3 
Capital expenditures— — 1 
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues43 23 83 
Contra revenue(12)(10)(5)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties66 55 74 
Intersegment revenues (a)3 2 10 
Adjusted EBITDA17 (15)49 
Depreciation and amortization— 1 1 
Capital expenditures4 2 — 
Apple Leisure Group
Management, franchise, and other fees revenues21 — — 
Distribution and destination management revenues115 — — 
Other revenues19 — — 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties11 — — 
Adjusted EBITDA4 — — 
Depreciation and amortization22 — — 
Capital expenditures4 — — 
Corporate and other
Revenues41 34 61 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 4 6 
Intersegment revenues (a)(2)(1)(1)
Adjusted EBITDA(116)(130)(152)
Depreciation and amortization33 41 42 
Capital expenditures22 8 35 
Eliminations
Revenues (a)(47)(27)(110)
Adjusted EBITDA1 2 1 
TOTAL
Revenues$3,028 $2,066 $5,020 
Adjusted EBITDA257 (177)754 
Depreciation and amortization310 310 329 
Capital expenditures111 122 369 
(a)Intersegment revenues are included in the management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.
The table below presents summarized consolidated balance sheet information by segment:
December 31, 2021December 31, 2020
Total assets:
Owned and leased hotels$3,585 $4,006 
Americas management and franchising1,137 1,055 
ASPAC management and franchising205 235 
EAME/SW Asia management and franchising280 254 
Apple Leisure Group5,003 — 
Corporate and other2,393 3,579 
Total
$12,603 $9,129 
The following tables present revenues and property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill by geographical region:
Year Ended December 31,
202120202019
Revenues:
United States$2,311 $1,730 $4,142 
All foreign717 336 878 
Total$3,028 $2,066 $5,020 
 December 31, 2021December 31, 2020
Property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill:
United States$4,416 $3,435 
All foreign3,820 838 
Total$8,236 $4,273 
The table below provides a reconciliation of our net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
 Year Ended December 31,
202120202019
Net income (loss) attributable to Hyatt Hotels Corporation$(222)$(703)$766 
Interest expense163 128 75 
(Benefit) provision for income taxes266 (257)240 
Depreciation and amortization310 310 329 
EBITDA517 (522)1,410 
Contra revenue35 30 22 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(1,583)(1,286)(2,461)
Costs incurred on behalf of managed and franchised properties1,639 1,375 2,520 
Costs incurred on behalf of managed and franchised properties that we do not intend to recover from hotel owners— (45)— 
Equity (earnings) losses from unconsolidated hospitality ventures(28)70 10 
Stock-based compensation expense50 24 35 
(Gains) losses on sales of real estate and other(414)36 (723)
Asset impairments8 62 18 
Other (income) loss, net19 92 (127)
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA14 (13)50 
Adjusted EBITDA$257 $(177)$754 
v3.22.0.1
Earnings (Losses) Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings (Losses) Per Share EARNINGS (LOSSES) PER SHARE
The calculation of basic and diluted earnings (losses) per share, including a reconciliation of the numerator and denominator, is as follows:
 Year Ended December 31,
202120202019
Numerator:
Net income (loss)$(222)$(703)$766 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(222)$(703)$766 
Denominator:
Basic weighted-average shares outstanding103,970,738 101,325,394 104,590,383 
Share-based compensation— — 1,702,021 
Diluted weighted-average shares outstanding103,970,738 101,325,394 106,292,404 
Basic Earnings (Losses) Per Share:
Net income (loss)$(2.13)$(6.93)$7.33 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(2.13)$(6.93)$7.33 
Diluted Earnings (Losses) Per Share:
Net income (loss)$(2.13)$(6.93)$7.21 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(2.13)$(6.93)$7.21 
The computations of diluted net earnings (losses) per share for the years ended December 31, 2021, December 31, 2020, and December 31, 2019 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and PSUs because they are anti-dilutive.
Year Ended December 31,
202120202019
SARs1,275,400 767,400 13,000 
RSUs563,700 522,300 — 
PSUs105,400 — — 
v3.22.0.1
Other Income (Loss), Net
 12 Months Ended
Dec. 31, 2021
Other Income and Expenses [Abstract]  
Other Income (Loss), Net OTHER INCOME (LOSS), NET
Year Ended December 31,
202120202019
Transaction costs (Note 7)
$(46)$— $(1)
Credit losses (Note 4 and Note 6)(22)(29)— 
Performance guarantee expense, net (Note 15)
(10)(57)(42)
Restructuring expenses (3)(73)— 
Gain on sale of contractual right (Note 7)
— — 16 
Release of contingent consideration liability
— 1 30 
Release and amortization of debt repayment guarantee liability1 1 18 
Performance guarantee liability amortization (Note 15)
3 8 18 
Unrealized gains (losses), net (Note 4)14 (13)26 
Depreciation recovery
17 23 25 
Interest income
28 30 25 
Other, net
(1)17 12 
Other income (loss), net$(19)$(92)$127 
During the year ended December 31, 2020, we recognized $73 million of restructuring expenses, including severance, insurance benefits, outplacement, and other related costs, due to operational changes as a result of the COVID-19 pandemic.
During the years ended December 31, 2020 and December 31, 2019, we released $1 million and $30 million of contingent consideration liability for management agreements previously acquired in conjunction with Two Roads in which specific actions were not completed or payment was no longer probable.
During the year ended December 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 the guarantor.
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Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2021, December 31, 2020, and December 31, 2019
(In millions of dollars)
DescriptionBalance at beginning of periodAdditions charged to revenues, costs, and expensesAdditions charged to other accountsDeductionsBalance at
 end of
period
Year Ended December 31, 2021:
Trade receivables—allowance for credit losses$56 $4 $— $(7)$53 
Financing receivables—allowance for credit losses114 7 9 A(61)69 
Deferred tax assets—valuation allowance82 242 B154 C— 478 
Year Ended December 31, 2020:
Trade receivables—allowance for credit losses32 35 2 D(13)56 
Financing receivables—allowance for credit losses100 29 2 E(17)114 
Deferred tax assets—valuation allowance41 41 F— — 82 
Year Ended December 31, 2019:
Trade receivables—allowance for doubtful accounts26 14 — (8)32 
Financing receivables—allowance for losses101 6 (1)(6)100 
Deferred tax assets—valuation allowance41 6 — (6)41 
A—This amount includes the $12 million allowance on PCD assets acquired in the ALG Acquisition, partially offset by currency translation on foreign currency denominated financing receivables.
B—This amount primarily relates to the valuation allowance recorded on U.S. federal and state deferred tax assets.
C—This amount primarily relates to the valuation allowance recorded on deferred tax assets as a result of ALG Acquisition.
D—This amount represents the pre-tax credit loss for accounts receivable recorded upon the adoption of ASU 2016-13.
E—This amount represents currency translation on foreign currency denominated financing receivables.
F—This amount primarily represents the allowance on our foreign tax credit and net operating loss carryforwards.
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Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation—Our consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying Notes. Our estimates and assumptions are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from our estimated amounts.
Reclassifications Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation.
Revenue Recognition
Revenue Recognition—Our revenues are primarily derived from the products and services provided to our customers and are generally recognized when control of the product or service has transferred to the customer. Our customers include third-party hotel owners and franchisees, guests at owned and leased hotels, Unlimited Vacation Club members, ALG Vacations customers, a third-party partner through our co-branded credit card program, and owners and guests of the residential, vacation, and condominium units. A summary of our revenue streams is as follows:
•Owned and leased hotels revenues—Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased hotels. We present revenues net of sales, occupancy, and other taxes. Taxes collected on behalf of and remitted to governmental taxing authorities are excluded from the transaction price of the underlying products and services.
•Management, franchise, and other fees—Management fees primarily consist of a base fee, which is generally calculated as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Included within the management fees are fees that we earn in exchange for providing the hotel access to Hyatt's intellectual property ("IP"). Franchise fees consist of an initial fee and ongoing royalty fees computed as a percentage of gross room revenues and as applicable, food and beverage revenues. Other fees include license fee revenues associated with the licensing of the Hyatt brand names through our co-branded credit card program, license fees associated with sales of our branded residential units, termination fees, and revenues from marketing services provided to certain AMR Collection resorts.
•Net management, franchise, and other fees—Management, franchise, and other fees are reduced by the amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers. Consideration provided to customers related to management and franchise agreement assets is recorded in other assets and amortized to Contra revenue over the expected customer life, which is typically the initial term of the management or franchise agreement.
•Distribution and destination management—Distribution and destination management revenues include revenues from the sale of vacation packages, experiences, and charter flights through ALG Vacations and destination services and excursions offered through Amstar.
•Other revenues—Other revenues include revenues from our residential management operations for condominium units, our Unlimited Vacation Club paid membership club offering member benefits exclusively at AMR Collection resorts in Latin America and the Caribbean, the sale of promotional awards through our co-branded credit card program, and spa and fitness revenues from Exhale, which was sold during the year ended December 31, 2020 (see Note 7).
•Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties—Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties represent the reimbursement of costs incurred on behalf of the owners of properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.
The products and services we offer to our customers are comprised of the following performance obligations:
Management and franchise agreements
•Access to Hyatt's IP, including the Hyatt brand names—We receive sales-based fees from hotel owners in exchange for providing access to our IP, including the Hyatt brand names and systems, among other services. Fees are generally payable on a monthly basis as hotel owners and franchisees derive value from access to our IP. Fees are recognized over time as services are rendered. Under our franchise agreements, we also receive initial fees from hotel owners and franchisees. The initial fees do not represent a distinct performance obligation, and therefore, are combined with the royalty fees and deferred and recognized in management, franchise, and other fees over the expected customer life, which is typically the initial term of the franchise agreement.
•System-wide services—We provide system-wide services on behalf of owners of managed and franchised properties. The promise to provide system-wide services is not a distinct performance obligation because it is attendant to the access to our IP. Therefore, this promise is combined with the access to our IP to form a single performance obligation.
In 2021, Hyatt's system-wide services are accounted for under a fund model whereby hotel owners and franchisees are invoiced a system-wide assessment fee on a monthly basis. We recognize the revenues over time as services are provided in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. We have discretion over how we spend program revenues, and therefore, we are the principal. Expenses related to the system-wide programs are recognized as incurred in costs incurred on behalf of managed and franchised properties. Over time, we intend to manage the system-wide programs to break-even and not earn a profit on these services, but the timing of revenues received from the owners may not align with the timing of the expenses incurred to operate the programs. Therefore, any difference between the revenues and expenses will impact our net income (loss).
In prior years, certain system-wide services were provided and accounted for under a cost reimbursement model. Under the cost reimbursement model, hotel owners and franchisees were required to reimburse us for all costs incurred to operate the system-wide programs with no added margin. We had discretion over how we spent program revenues, and therefore, we were the principal. Expenses incurred related to the system-wide programs were recognized in costs incurred on behalf of managed and franchised properties. The reimbursement of system-wide services was billed monthly based on an annual estimate of costs to be incurred and recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties commensurate with incurring the cost. Any amounts collected and not yet recognized as revenues were deferred and classified as contract liabilities. Any costs incurred in excess of revenues collected were classified as receivables to the extent we expected to recover the costs over the long term. As a result of the changes in the manner in which system-wide services are charged and provided, we no longer have any properties on a cost reimbursement model.
•Hotel management agreement services—Under the terms of our management agreements, we provide hotel management services, which form a single performance obligation that qualifies as a series. In exchange, we receive variable consideration in the form of management fees which are comprised of base and/or incentive fees. Incentive fees are typically subject to the achievement of certain profitability targets, and therefore, we apply judgment in determining the amount of incentive fees recognized each period. Incentive fee revenues are recognized to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent
period. We rely on internal financial forecasts and historical trends to estimate the amount of incentive fee revenues recognized and the probability that incentive fees will reverse in the future. Generally, base management fees are due and payable on a monthly basis as services are provided, and incentive fees are due and payable based on the terms of the agreement, but at a minimum, incentive fees are billed and collected annually. Revenues are recognized over time as services are rendered.
Under the terms of certain management agreements, primarily within the U.S., we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided, and therefore, we are the principal.
•Loyalty program administration—We administer the loyalty program for the benefit of Hyatt's portfolio of properties during the period of their participation in the loyalty program. Under the program, members earn points based on their spend at our properties, by transacting with our strategic loyalty alliances, or in connection with spend on a Hyatt co-branded credit card, which may be redeemed for the right to stay at participating properties, as well as for other goods and services from third parties. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future.
The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. These two promises are not distinct because the promise to market and manage the program does not benefit the customer without the related arrangement for award redemptions. The costs of administering the loyalty program are charged to the properties through an assessment fee based on members' qualified expenditures. The assessment fee is billed and collected monthly, and revenues received by the program are deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent with respect to this performance obligation for managed and franchised hotels, and we are the principal with respect to owned and leased hotels. A portion of our owned and leased hotels revenues is deferred upon initial stay as points are earned by program members at owned or leased hotels, and revenues are recognized upon redemption at owned or leased hotels.
The revenues recognized each period are based on the number of loyalty points redeemed and the revenue per point, which includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to assist us in estimating the ultimate redemption ratios used in the breakage calculations and the amount of revenues recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period. Any revenues in excess of the anticipated future redemptions are used to fund the other operational expenses of the program.
Room rentals and other services provided at owned and leased hotels
We provide room rentals and other services to our guests, including but not limited to food and beverage, spa, laundry, and parking. These products and services each represent individual performance obligations, and in exchange for these services, we receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services are rendered or the goods are provided. If a guest enters into a package including multiple goods or services, the fixed price is allocated to each distinct good or service based on the standalone selling price for each item. Revenues are recognized over time when we transfer control of the good or service to the customer. Room rental revenues are recognized on a daily basis as the guest occupies the room, and revenues related to other products and services are recognized when the product or service is provided to the guest.
Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenues generated through that channel. We recognize revenues gross or net of rebates and commissions depending on the terms of each contract.
Distribution and destination management
ALG Vacations offers traditional leisure travel products and services on an individual and package basis to destinations primarily within Latin America and the Caribbean. Travel products and services include some or all of the following performance obligations:
•Performance obligations in which ALG Vacations is the agent as third-party suppliers are primarily responsible for providing the services:
•Commercial air transportation provided by third-party air carriers—revenues are recognized at the time of booking, net of related payments to suppliers
•Hotel accommodations provided by AMR Collection and third-party hotels and resorts—revenues are recognized on a net basis as the guest occupies the room
•Travel insurance provided by third-party insurance companies—revenues are recognized at the time of booking, net of related payments to suppliers
•Car rental reservations provided by third-party companies—revenues are recognized on a daily basis as the guest utilizes the rental car, net of related costs
•Excursions provided by third-party companies—revenues are recognized on the day of the excursion, net of related costs.
•Performance obligations in which ALG Vacations is primarily responsible for providing the services, and therefore, is the principal in the transaction and the revenue is recognized gross:
•Chartered air transportation provided by ALG Vacations—revenues are recognized at the time of departure and return
•Ground transportation and excursions provided by Amstar—revenues are recognized at the time of departure and return.
In exchange for the products and services provided, we receive fixed and variable consideration that is allocated between the performance obligations based on relative standalone selling prices. For all performance obligations, we utilize a cost plus margin approach to determine the standalone selling price. For car rental reservations and excursions provided by third-parties companies, we allocate the standalone selling price using observable transaction prices. ALG Vacation's customers pay for travel prior to trip departure and these deposits are recorded as contract liabilities until the transfer of control of the related performance obligation occurs, at which point the related revenues are recognized in distribution and destination management revenues. For certain airline, hotel, and car rental transactions, we also receive fees through global distribution systems ("GDS") that provide the computer systems through which travel supplier inventory is made available and reservations are booked. Payments received through GDS are considered commissions from suppliers and are recognized as revenues at the time of booking in distribution and destination management revenues.
We provide advertising services to travel suppliers on our consumer websites and travel agent websites, in travel brochures, and via other media. Revenues from advertising are recognized when the service is provided and recorded in distribution and destination management revenues.
Residential management operations
We provide residential management services pursuant to rental management agreements with individual property owners and/or homeowner associations whereby the property owners and/or homeowner associations participate in our rental program. The services provided include reservations, housekeeping, security, and concierge assistance to guests in exchange for a variable fee based on a revenue sharing agreement with the owner of the condominium unit. The services represent an individual performance obligation. Revenues are recognized over time as services are rendered or upon completion of the guest's stay at the condominium unit. We are responsible for establishing pricing as well as fulfilling the services during the guest's stay, and as a result, we are the principal.
Membership club
Through the Unlimited Vacation Club, we enter into membership contracts with guests that provide various benefits, which each represent a performance obligation: access to preferred rates and benefits at participating properties, free room
stays, up-front incentives, including gifts and upgrades, the right to renew after the initial contract term, and initial memberships to third-party vacation exchange services.
Membership contracts may be paid in full at commencement or by making a deposit and paying the remaining balance in monthly installments over an average term of less than 4 years. Members are required to pay an annual renewal fee to have continuous access to the benefits outlined in the contract. The unpaid portion of the membership contract does not meet the definition of an asset or a financing receivable as the unpaid balance relates to future services to be provided by us, and our right to collect future cash flows is conditional on our ability to provide continuous access to the member over the contract term.
In exchange for the membership club benefits, we receive fixed and variable consideration. The transaction price includes cash consideration received and the unpaid portion of the membership contract, which is allocated between the performance obligations based on the relative standalone selling prices of each performance obligation. We utilize observable transaction prices and/or adjusted market assumptions in determining the relative standalone selling price. Membership fees received are recorded as contract liabilities, and the revenues allocated to each performance obligation are recognized in other revenues as follows:
•Preferred rates and benefits at participating properties—revenues are recognized over the estimated customer life, which ranges from 3 to 25 years, using the straight-line method
•Free night stays and up-front incentives—revenues are recognized upon redemption, net of redemption expenses as we are the agent
•Right to renew after the initial contract term—this performance obligation represents a material right and revenues are recognized annually as earned
•Initial memberships to third-party vacation exchange services—revenues are recognized over the exchange membership term, net of expenses as we are the agent
Members can upgrade their membership to a higher tier for an additional fee, which results in additional products and services that are separable from the initial contract, and therefore, upgrades are considered a cancellation of the old contract and the creation of a new contract. Members can also downgrade their membership by opting out of paying the unpaid portion of the membership contract. Downgrades do not result in additional distinct goods or services, and therefore, the revised consideration is allocated to the remaining performance obligations, with an adjustment to revenues recognized on the date of downgrade for performance to date under the contract.
Co-branded credit card program
We have co-branded credit card agreements with a third party and under the terms of the agreement, we have various performance obligations: granting a license to the Hyatt name, arranging for the fulfillment of points issued to cardholders through the loyalty program, and awarding cardholders with free room nights upon achievement of certain program milestones. The loyalty points and free room nights represent material rights that can be redeemed for free or discounted services in the future.
In exchange for the products and services provided, we receive fixed and variable consideration which is allocated between the performance obligations based on the relative standalone selling prices. Significant judgment is involved in determining the relative standalone selling prices, and therefore, we engage a third-party valuation specialist for assistance. We utilize a relief from royalty method to determine the revenues allocated to the license which are recognized over time as the licensee derives value from access to Hyatt's brand name. We utilize observable transaction prices and adjusted market assumptions to determine the standalone selling price of a loyalty point, and we utilize a cost plus margin approach to determine the standalone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption or expiration of a card member's promotional awards which is recognized net of redemption expense when we are the agent. We are responsible for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. Therefore, we are the agent for managed and franchised hotels, and we are the principal with respect to owned and leased hotels.
We satisfy the following performance obligations over time: the access to Hyatt's symbolic IP, hotel management agreement services, administration of the loyalty program, the license to our brand name through our co-branded credit card agreements, and access to preferred pricing for Unlimited Vacation Club members. Each of these performance obligations is
considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day.
For each performance obligation satisfied over time, we recognize revenues using an output method based on the value transferred to the customer. Revenues are recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to represent our progress in satisfying these performance obligations:
•revenues and operating profits earned by the hotels during the reporting period for access to Hyatt's IP, as it is indicative of the value third-party hotel owners and franchisees derive;
•revenues and operating profits of the hotels for the promise to provide management agreement services to the hotels;
•award night redemptions or point redemptions with third-party partners for the administration of the loyalty program performance obligation;
•cardholder spend for the license to the Hyatt name through our co-branded credit card program, as it is indicative of the value our partner derives from the use of our name; and
•time elapsed as we provide access to AMR Collection resorts under the Unlimited Vacation Club paid membership program.
Within our management agreements, we have two performance obligations: providing access to Hyatt's IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenues using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition.
Revenues are adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year.
We have applied the practical expedient that permits the omission of prior-period information about revenues allocated to future performance obligations.
We do not estimate revenues allocated to remaining performance obligations for the following:
•Deferred revenue related to the loyalty program and base and incentive management fee revenues as the revenues are allocated to a wholly unperformed performance obligation in a series;
•Revenues related to royalty fees as they are considered sales-based royalty fees;
•Revenues received for free nights granted through our co-branded credit card program as the awards have an original duration of 12 months;
•Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less; and
•Revenues related to ALG Vacations as bookings are generally for travel within 12 months or less.
Contract Balances—Our payments from customers are based on the billing terms established in our contracts. Customer billings are recorded as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is recorded as a contract asset. Due to certain profitability hurdles in our management agreements, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the profitability hurdle has been met, the incentive fee receivable balance will be recorded in accounts receivable. Contract assets are recorded in receivables, net on our consolidated balance sheets. Payments received in advance of performance under the contract are recorded as current or long-term contract liabilities on our consolidated balance sheets and recognized as revenues as we perform under the contract.
Costs Incurred to Obtain Contracts with Customers—We incur incremental costs to obtain contracts with Unlimited Vacation Club members. The incremental costs, which primarily relate to sales commissions, are deferred and recorded as current or long-term other assets on our consolidated balance sheets. The costs are amortized in other direct costs on our consolidated statements of income (loss) over the same period as the associated revenues, using the straight-line method over the customer life, which ranges from 3 to 25 years. We assess costs incurred to obtain contracts with customers for impairment
quarterly, and when events or circumstances indicate the carrying value may not be recoverable. Loyalty Program—The loyalty program is funded through contributions from participating properties and third-party loyalty alliances based on eligible revenues from loyalty program members and returns on marketable securities. The funds are used for the redemption of member awards and payment of operating expenses. Operating costs are expensed as incurred and recognized in costs incurred on behalf of managed and franchised properties.The program invests amounts received from the participating properties and third-party loyalty alliances in marketable securities which are included in other current and long-term assets on our consolidated balance sheets (see Note 4). Deferred revenues related to the loyalty program are classified as current and long-term contract liabilities on our consolidated balance sheets (see Note 3). The costs of administering the loyalty program, including the estimated cost of award redemption, are charged to the participating properties and third-party loyalty alliances based on members' qualified expenditures.
Foreign Currency Foreign Currency—The functional currency of our consolidated entities located outside the U.S. is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at period-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are recorded in accumulated other comprehensive loss on our consolidated balance sheets. Gains and losses from foreign currency transactions are recognized in net income (loss) on our consolidated statements of income (loss). Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally recorded in accumulated other comprehensive loss. Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not long-term are recognized in net income (loss) on our consolidated statements of income (loss).
Fair Value
Fair Value—We apply the provisions of fair value measurement to various financial instruments, which we measure at fair value on a recurring basis, and to various financial and nonfinancial assets and liabilities, which we measure at fair value on a nonrecurring basis. We disclose the fair value of our financial assets and liabilities based on observable market information where available or market participant assumptions. These assumptions are subjective in nature and involve matters of judgment, and therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows:
•Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities;
•Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; and
•Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques may include the use of discounted cash flow models and similar techniques and may be internally developed.
We recognize transfers in and transfers out of the levels of the fair value hierarchy as of the end of each quarterly reporting period.
We typically utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities, and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single, discounted present value. For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the classification within the fair value hierarchy has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy.
Cash Equivalents Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash equivalents are classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information on an ongoing basis, see Note 4.
Restricted Cash Restricted Cash—Cash deposited or held in escrow under contractual or regulatory requirements is classified as restricted cash. Our restricted cash may include sales proceeds pursuant to like-kind exchanges, debt service on bonds, escrow deposits, collateral for the securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, and deposits with banks that collateralize our obligations to certain vendors, and other arrangements.
Equity Method Investments Equity Method Investments—We have investments in unconsolidated hospitality ventures accounted for under the equity method. These investments are an integral part of our business and strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. Certain of our equity method investments are reported on a lag of up to three months. When intervening events occur during the time lag, we recognize the impact in our consolidated financial statements.We assess investments in unconsolidated hospitality ventures for impairment quarterly, and when there is an indication that a loss in value has occurred, we evaluate the carrying value in comparison to the estimated fair value of the investment. Fair value is based on internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates, which are primarily Level Three assumptions. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. If the estimated fair value is less than the carrying value, we apply judgment to determine whether the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of value as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value, and current economic conditions. Impairments deemed other than temporary are recognized in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss).
Debt and Equity Securities
Debt and Equity Securities—Excluding equity method investments, debt and equity securities consist of various investments:
•Equity securities consist of interest-bearing money market funds, mutual funds, common shares, and preferred shares. Equity securities with a readily determinable fair value are recorded at fair value on our consolidated balance sheets based on listed market prices or dealer quotations where available and are classified as Level One in the fair value hierarchy as we are able to obtain pricing information on an ongoing basis. Equity securities without a readily determinable fair value are recorded at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Net gains and losses, both realized and unrealized, and impairment charges on equity securities are recognized in other income (loss), net on our consolidated statements of income (loss).
•Debt securities include preferred shares, time deposits, and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities, and municipal and provincial notes and bonds. Debt securities are classified as trading, available-for-sale ("AFS"), or HTM.
•Trading securities—recorded at fair value based on listed market prices or dealer price quotations, where available. Net gains and losses, both realized and unrealized, on trading 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 consolidated statements of income (loss).
•AFS securities—recorded at fair value based on listed market prices or dealer price quotations, where available. Unrealized gains and losses on AFS debt securities are recognized in accumulated other comprehensive loss on our consolidated balance sheets. Realized gains and losses on AFS debt securities are recognized in other income (loss), net on our consolidated statements of income (loss). AFS securities are assessed quarterly for expected credit losses which are recognized in other income (loss), net on our consolidated statements of income (loss). In determining the reserve for credit losses, we evaluate AFS securities at the individual security level and consider our investment strategy, current market conditions, financial strength of the underlying investments, term to maturity, credit rating, and our intent and ability to sell the securities.
•HTM securities—investments that we have the intent and ability to hold until maturity are recorded at amortized cost, net of expected credit losses. HTM securities are assessed for expected credit losses quarterly, and credit losses are recognized in other income (loss), net on our consolidated statements of income (loss). We evaluate HTM securities individually when determining the reserve for credit losses due to the unique risks associated with each security. In determining the reserve for credit losses, we consider the financial strength of the underlying assets, including the current and forecasted performance of the property, term to maturity, credit quality of the owner, and current market conditions.
We classify debt securities as current or long-term based on their contractual maturity dates and our intent and ability to hold the investment. Our debt securities are primarily classified as Level Two in fair value hierarchy. Time deposits are recorded at par value, which approximates fair value, and are therefore, classified as Level Two. The remaining securities, other than our investment in preferred shares, are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Our investments in preferred shares are classified as Level Three as discussed in Note 4.
Interest income on preferred shares that earn a return is recognized in other income (loss), net.
For additional information about debt and equity securities, see Note 4.
Accounts Receivables Accounts Receivables—Our accounts receivables primarily consist of trade receivables due from guests for services rendered at our owned and leased properties, 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, from third-party financial institutions for credit and debit card transactions, and from ALG Vacations customers. We assess all accounts receivables for credit losses quarterly and establish a reserve to reflect the net amount expected to be collected. The allowance for credit losses 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 expenses, distribution and destination management expenses, or selling, general, and administrative expenses on our consolidated statements of income (loss), based on the nature of the receivable. For additional information about accounts receivables, see Note 6.
Financing Receivables
Financing Receivables—Financing receivables represent contractual rights to receive money either on demand or on fixed or determinable dates and are recorded on our 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 on 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 losses are recognized in other income (loss), net on our 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 nonperforming 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 nonperforming, we place the financing receivable on nonaccrual status.For financing receivables on nonaccrual status, we recognize interest income in other income (loss), net on our consolidated statements of income (loss) when cash is received. 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 balance have been exhausted. We write off uncollectible balances by reversing the financing receivable and the related allowance for credit losses. Financing receivables acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration ("PCD") assets. PCD assets are accounted for at the purchase price or acquisition date fair value with an estimate of expected credit losses to arrive at an initial amortized cost basis. We use certain indicators, such as past due status and specific risk characteristics of the financing receivable, including capital structure, loan performance, market factors, and the underlying hotel performance, in identifying and assessing whether the acquired financing receivables are considered PCD assets.
Inventories Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of two years or less and food and beverage items at our owned and leased hotels, which are generally valued at the lower of cost (first-in, first-out) or net realizable value.
Property and Equipment and Definite-Lived Intangible Assets Property and Equipment and Definite-Lived Intangible Assets—Property and equipment is stated at cost, including interest incurred during development and construction periods, less accumulated depreciation. Definite-lived intangible assets are recorded at the acquisition-date fair value, less accumulated amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method.
Property and equipment are depreciated over the following useful lives:
Buildings and improvements
10–50 years
Leasehold improvementsThe shorter of the lease term or useful life of asset
Furniture and equipment
3–20 years
Computers
3–7 years
Definite-lived intangible assets are amortized over the following useful lives:
Management and franchise agreement intangibles
1–30 years
Customer relationships intangibles
5–11 years
Other intangiblesVaries based on the nature of the asset
We assess property and equipment and definite-lived intangible assets for impairment quarterly, and when events or circumstances indicate the carrying value may not be recoverable, we evaluate the net book value of the assets by comparing it to the projected undiscounted future cash flows of the assets. Under the undiscounted cash flow approach, the primary assumption requiring judgment is our estimate of projected future operating cash flows, which are based on historical data, various internal estimates, and a variety of external resources, which are primarily Level Three assumptions, and are developed as part of our routine, long-term planning process.
If the projected undiscounted future cash flows are less than the net book value of the assets, the fair value is determined based on internally developed discounted cash flows of the assets, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. The excess of the net book value over the estimated fair value is recognized in asset impairments on our consolidated statements of income (loss).
We evaluate the carrying value of our property and equipment and definite-lived intangible assets based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area, status of local competition, and any significant adverse changes in the business climate. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset.
Leases
Leases—We primarily lease land, buildings, office space, and equipment. We determine if an arrangement is an operating or finance lease at inception. For our hotel management agreements, we apply judgment in order to determine whether the contract is accounted for as a lease or management agreement based on the specific facts and circumstances of each agreement. In evaluating whether an agreement constitutes a lease, we review the contractual terms to determine which party obtains both the economic benefits and control of the assets. In arrangements where we control the assets and obtain substantially all of the economic benefits, we account for the contract as a lease.
Certain of our leases include options to extend the lease term by 1 to 99 years. We include lease extension options in our operating lease ROU assets and lease liabilities when it is reasonably certain that we will exercise the options. The range of extension options included in our operating lease ROU assets and lease liabilities is approximately 1 to 20 years. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.
We assess operating lease ROU assets for impairment quarterly, and when events or circumstances indicate the carrying value may not be recoverable, we evaluate the net book value of the assets by comparing it to the projected undiscounted future cash flows of the assets. If the carrying value of the assets is determined to not be recoverable and is in excess of the estimated fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income (loss).
As our leases do not provide an implicit borrowing rate, we use our estimated IBR to determine the present value of our lease payments and apply a portfolio approach. We apply judgment in estimating our IBR, including assumptions related to currency risk and our credit risk. We also give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when determining our IBR. 
Our operating leases may include the following terms: (i) fixed minimum lease payments, (ii) variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iii) lease payments equal to the greater of a minimum or variable lease payments based on a percentage of the hotel's profitability measure, as defined in the lease, (iv) lease payments adjusted for changes in an index or market value, or (v) variable lease payments based on a percentage split of the
total gross revenue, as defined in the leases, related to our residential management operations. Future lease payments that are contingent are not included in the measurement of the operating lease liability or in the future maturities table, see Note 8. For office space, land, and hotel leases, we do not separate the lease and nonlease components, which primarily relate to common area maintenance and utilities. We combine lease and nonlease components for those leases where we are the lessor, and we exclude all leases that are twelve months or less from the operating lease ROU assets and lease liabilities.
Acquisitions
Acquisitions—We evaluate the facts and circumstances of each acquisition to determine whether the transaction should be accounted for as an asset acquisition or a business combination.
Under the supervision of management, independent third-party valuation specialists estimate the fair value of the assets or businesses acquired using various recognized valuation methods, including the income approach, cost approach, relief from royalty approach, and sales comparison approach, which are primarily based on Level Three assumptions. Assumptions utilized in determining the fair value under these approaches include, but are not limited to, historical financial results when applicable, projected cash flows, discount rates, capitalization rates, royalty rates, current market conditions, likelihood of contract renewals, and comparable transactions. In a business combination, the fair value is allocated to tangible assets and liabilities and identifiable intangible assets, with any remaining value assigned to goodwill, if applicable. In an asset acquisition, any difference between the consideration paid and the fair value of the assets acquired is allocated across the identified assets based on the relative fair value. When we acquire the remaining ownership interest in or the property from an unconsolidated hospitality venture in a step acquisition, we estimate the fair value of our equity interest using the assumed cash proceeds we would receive from sale to a third party at a market sales price, which is determined using our fair value methodologies and assumptions.
The results of operations of properties or businesses have been included on our consolidated statements of income (loss) since their respective dates of acquisition. Assets acquired and liabilities assumed in acquisitions are recorded on our consolidated balance sheets at the respective acquisition dates based on their estimated fair values. In business combinations, the purchase price allocations may be based on preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses.
Acquisition-related costs incurred in conjunction with a business combination are recognized in other income (loss), net on our consolidated statements of income (loss). In an asset acquisition, these costs are included in the total consideration paid and allocated to the acquired assets.
Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period.
Goodwill
Goodwill—Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. We evaluate goodwill for impairment annually during the fourth quarter of each year using balances at October 1 and at interim dates if indicators of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount.
We evaluate the fair value of the reporting unit by performing a qualitative or quantitative assessment. In any given year, we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative assessment.
When determining fair value, we utilize internally developed discounted future cash flow models, third-party valuation specialist models, third-party appraisals or broker valuations, and if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and capitalization rates. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a variety of external sources, which are primarily Level Three assumptions, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our
consolidated statements of income (loss) based on the amount by which the carrying value of the reporting unit exceeded the fair value, limited to the carrying amount of goodwill.
Indefinite-Lived Intangible Assets Indefinite-Lived Intangible Assets—We have certain brand and other indefinite-lived intangible assets that were acquired through various business combinations. At the time of each acquisition, fair value was estimated using a relief from royalty method. We evaluate indefinite-lived intangible assets for impairment annually during the fourth quarter of each year using balances at October 1 and at interim dates if indicators of impairment exist. We use the relief from royalty method to estimate the fair value. When determining fair value, we utilize internally developed discounted future cash flow models and third-party valuation specialist models, which include various assumptions requiring judgment, including projected future cash flows, discount rates, and market royalty rates that are primarily Level Three assumptions. Our estimates of projected cash flows are based on historical data, various internal estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment charge in asset impairments on our consolidated statements of income (loss).
Guarantees
Guarantees—We enter into performance guarantees related to certain hotels we manage. We also enter into debt repayment guarantees with respect to unconsolidated hospitality ventures and certain managed hotels. 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, which are primarily Level Three assumptions. The fair value is not revalued 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 expenses. 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 hotels and our unconsolidated hospitality ventures are amortized into income in other income (loss), net and in equity earnings (losses) from unconsolidated hospitality ventures, respectively, on our consolidated statements of income (loss).
•Performance and other guarantees—On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund is both probable and estimable based on performance during the period, we record a separate contingent liability and recognize expense in other income (loss), net.
•Debt repayment guarantees—At guarantee inception and on a quarterly basis, we evaluate the risk of funding under a guarantee. We assess credit risk 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 underlying property, and the current market, and we record a separate liability and recognize expense in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures based on the nature of the guarantee.
Income Taxes Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We assess the realizability of our deferred tax assets and record a valuation allowance when it is more likely than not that some or all of our deferred tax assets are not realizable. This assessment is completed by tax jurisdiction and relies on the weight of both positive and negative evidence available with significant weight placed on recent financial results. When necessary, we use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions.We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant.
Stock-Based Compensation
Stock-Based Compensation—As part of our LTIP, we award SARs, RSUs, and PSUs to certain employees and non-employee directors:
•SARs—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. The value of the SARs is determined using the fair value of our common stock at the grant date based on the closing stock
price of our Class A common stock. SARs generally vest 25% annually over four years, beginning on the first anniversary after the grant date. Vested SARs can be exercised over their life as determined in accordance with the LTIP. All SARs have a 10-year contractual term, are settled in shares of our Class A common stock, and are accounted for as equity instruments.
We recognize compensation expense on a straight-line basis from the date of grant through the requisite service period, which is generally the vesting period, unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur.
•RSUs—Each vested RSU will generally be settled by delivery of a single share of our Class A common stock and therefore is accounted for as an equity instrument. In certain situations, we grant a limited number of cash-settled RSUs, which are recorded as liability instruments. The cash-settled RSUs represent an insignificant portion of previous grants.
The value of the RSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. Awards are settled as each individual tranche vests under the relevant agreements. We recognize compensation expense over the requisite service period of the individual grant, which is generally a vesting period of one to four years, unless the employee meets retirement eligibility criteria resulting in immediate recognition. We recognize the effect of forfeitures as they occur.
Under certain circumstances, we may issue time-vested RSUs with performance requirements, which vest based on the satisfaction of a continued employment requirement and the attainment of specified performance-vesting conditions that are established annually and eligible to be earned in tranches. Generally, these RSUs fully vest and settle in Class A common stock to the extent performance requirements for each tranche are achieved and if the requisite service period, which is generally three to five years, is satisfied. The value of the RSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. Due to the fact that the performance conditions are established annually, each tranche may have its own grant date. We issued 0 and 51,400 of such RSUs during the years ended December 31, 2021 and December 31, 2020, respectively, for which, 119,980 RSUs have not met the grant date criteria and are therefore not deemed granted at December 31, 2021.
•PSUs—PSUs vest and are settled in Class A common stock based on the performance of the Company through the end of the applicable performance period relative to the applicable performance target and are generally subject to continued employment through the applicable performance period. The PSUs will vest at the end of the performance period only to the extent the performance threshold is met and continued service requirements are satisfied; there is no interim performance metric, except in the case of certain change in control transactions.
The value of the PSUs is determined using the fair value of our common stock at the grant date based on the closing stock price of our Class A common stock. We recognize compensation expense over the requisite performance period, which is generally a vesting period of approximately three to six years. Compensation expense recognized is dependent on management's quarterly assessment of the expected achievement relative to the applicable performance targets. We recognize the effect of forfeitures as they occur.
Adopted Accounting Standards and Future Adoption of Accounting Standards
Adopted Accounting Standards
Business Combinations—In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08 ("ASU 2021-08"), Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities, including deferred revenue, acquired in a business combination in accordance with Revenue from
Contracts with Customers (Topic 606) as if the acquirer had originated the contracts at the date of the business combination. The provisions of ASU 2021-08 are effective for interim periods and fiscal years beginning after December 15, 2022, with early adoption permitted. If early adopted, the provisions of ASU 2021-08 apply retrospectively to all business combinations that occurred on or after the first day of the fiscal year in which the standard is adopted. We early adopted ASU 2021-08 in the fourth quarter of 2021. Upon adoption, there was no retrospective impact to our consolidated financial statements. The adoption had a material impact to the purchase price allocation for the ALG Acquisition as deferred revenues related to ALG Vacations and Unlimited Vacation Club were recorded at carrying value at the date of acquisition on our consolidated balance sheet (see Note 7).
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 LIBOR or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.
Government Assistance—In November 2021, the FASB issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2021-10.
Lessor Lessor—We lease retail space under operating leases at certain of our owned hotels. Rental payments are primarily fixed with certain variable payments based on a contractual percentage of revenues.
Employee Benefit Plans Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees' salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans.Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the FRP, and other similar plans. For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, we recognized $28 million, $30 million, and $48 million, respectively, of expenses related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts. The majority of these contributions relate to hotel property-level employees, which are reimbursable to us, and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our consolidated statements of income (loss).Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the DCP. Contributions and investment elections are determined by the employees, and we provide contributions to certain eligible employees according to pre-established formulas. Employee Stock Purchase Program—We provide the ESPP, which is intended to qualify under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair value on the last trading day of each quarter.
Insurance 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 a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures 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 and certain managed hotels, 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 or respective hotel owners.
As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our consolidated financial statements.
Segment Reporting SEGMENT AND GEOGRAPHIC INFORMATION
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. We define our reportable segments as follows:
•Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card program and are eliminated in consolidation.
•Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada, and the Caribbean as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned hotel, which was sold during the year ended December 31, 2019, and are eliminated in consolidation.
•EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•Apple Leisure Group—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive resorts within the AMR Collection located in Latin America, the Caribbean, and Europe; and through a paid membership club offering member benefits exclusively at AMR Collection resorts within Latin America and the Caribbean.
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, distribution and destination management revenues, other 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; 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 that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net.
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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Property and Equipment Useful Lives Property and equipment are depreciated over the following useful lives:
Buildings and improvements
10–50 years
Leasehold improvementsThe shorter of the lease term or useful life of asset
Furniture and equipment
3–20 years
Computers
3–7 years
Schedule of Definite-Lived Intangible Assets Definite-lived intangible assets are amortized over the following useful lives:
Management and franchise agreement intangibles
1–30 years
Customer relationships intangibles
5–11 years
Other intangiblesVaries based on the nature of the asset
December 31, 2021Weighted-average useful lives in yearsDecember 31, 2020
Management and franchise agreement intangibles$835 15$354 
Brand and other indefinite-lived intangibles646 — 130 
Customer relationships intangibles586 9— 
Other intangibles58 614 
Intangibles2,125 498 
Less: accumulated amortization(148)(113)
Intangibles, net$1,977 $385 
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Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables present our revenues disaggregated by the nature of the product or service:
Year Ended December 31, 2021
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues$519 $— $— $— $— $— $(17)$502 
Food and beverage196 — — — — — — 196 
Other 140 — — — — — — 140 
Owned and leased hotels855 — — — — — (17)838 
Base management fees— 130 37 22 5 — (25)169 
Incentive management fees— 19 21 15 10 — (7)58 
Franchise fees— 115 2 2 — — — 119 
Other fees— 13 12 4 6 37 — 72 
Management, franchise, and other fees— 277 72 43 21 37 (32)418 
Contra revenue— (19)(4)(12)— — — (35)
Net management, franchise, and other fees— 258 68 31 21 37 (32)383 
Distribution and destination management— — — — 115 — — 115 
Other revenues— 84 — — 19 4 2 109 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 1,410 96 66 11 — — 1,583 
Total$855 $1,752 $164 $97 $166 $41 $(47)$3,028 
Year Ended December 31, 2020
Owned and leased hotels Americas management and franchising ASPAC management and franchisingEAME/SW Asia management and franchisingCorporate and otherEliminations Total
Rooms revenues$283 $— $— $— $— $(12)$271 
Food and beverage148 — — — — — 148 
Other94 — — — — — 94 
Owned and leased hotels525 — — — — (12)513 
Base management fees— 72 26 13 — (15)96 
Incentive management fees— 4 14 5 — (1)22 
Franchise fees— 61 1 1 — — 63 
Other fees— 15 20 4 19 — 58 
Management, franchise, and other fees— 152 61 23 19 (16)239 
Contra revenue— (18)(2)(10)— — (30)
Net management, franchise, and other fees— 134 59 13 19 (16)209 
Other revenues— 42 — — 15 1 58 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 1,152 75 55 4 — 1,286 
Total$525 $1,328 $134 $68 $38 $(27)$2,066 
Year Ended December 31, 2019
Owned and leased hotels Americas management and franchising ASPAC management and franchisingEAME/SW Asia management and franchisingCorporate and other Eliminations Total
Rooms revenues$1,083 $— $— $— $— $(35)$1,048 
Food and beverage 619 — — — — — 619 
Other 181 — — — — — 181 
Owned and leased hotels1,883 — — — — (35)1,848 
Base management fees— 229 46 37 — (52)260 
Incentive management fees— 65 72 38 — (24)151 
Franchise fees— 136 4 1 — — 141 
Other fees— 9 14 7 26 — 56 
Management, franchise, and other fees— 439 136 83 26 (76)608 
Contra revenue— (15)(2)(5)— — (22)
Net management, franchise, and other fees— 424 134 78 26 (76)586 
Other revenues— 89 — — 35 1 125 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 2,268 113 74 6 — 2,461 
Total$1,883 $2,781 $247 $152 $67 $(110)$5,020 
Summary of Contract Liability
Contract liabilities were comprised of the following:
December 31, 2021December 31, 2020
Deferred revenue related to the paid membership program$833 $— 
Deferred revenue related to the loyalty program814 733 
Deferred revenue related to travel distribution and destination management services
629 — 
Advanced deposits61 44 
Deferred revenue related to insurance programs52 47 
Initial fees received from franchise owners42 41 
Other deferred revenue96 76 
Total contract liabilities$2,527 $941 

The following table summarizes the activity in our contract liabilities:
20212020
Beginning balance, January 1$941 $920 
Contract liabilities assumed in the ALG Acquisition1,384 — 
Cash received and other1,259 564 
Revenue recognized(1,057)(543)
Ending balance, December 31$2,527 $941 
v3.22.0.1
Debt and Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Equity Method Investments The carrying values and ownership interests of our investments in unconsolidated hospitality ventures accounted for under the equity method were as follows:
InvesteeExisting or future hotel propertyOwnership interestCarrying value
December 31, 2021December 31, 2020
Hyatt of Baja, S. de. R.L. de C.V.Park Hyatt Los Cabos50.0 %$54 $50 
HP Boston Partners, LLC Hyatt Place Boston/Seaport District50.0 %27 28 
Hotel am Belvedere Holding GmbH & Co KGAndaz Vienna Am Belvedere
50.0 %18 24 
HC Lenox JV LLCHyatt Centric Buckhead Atlanta50.0 %15 15 
H.E. Philadelphia HC Hotel, L.L.C.Hyatt Centric Center City Philadelphia42.3 %14 19 
Desarrolladora Hotelera Acueducto, S. de R.L. de C.V.
Hyatt Regency Andares Guadalajara50.0 %13 13 
CBR HCN, LLCHyatt Centric Downtown Nashville 40.0 %13 15 
HRM HoldCo, LLCHyatt Regency Miami50.0 %11 — 
Juniper Hotels Private LimitedHyatt Regency Ahmedabad, Andaz Delhi, Grand Hyatt Mumbai Hotel & Residences50.0 %10 — 
San Jose Hotel Partners, L.L.C.Hyatt Place San Jose Airport, Hyatt
House San Jose Airport		— %— 18 
33 Beale Street Hotel Company, LLCHyatt Centric Beale Street Memphis— %— 15 
Portland Hotel Properties, L.L.C.Hyatt Centric Downtown Portland— %— 9 
HH Nashville JV Holdings, L.L.C.Hyatt House Nashville at Vanderbilt— %— 9 
OtherVarious41 45 
Total equity method investments$216 $260 
Summarized Financial Information The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
Year Ended December 31,
202120202019
Total revenues$261 $243 $496 
Gross operating profit59 30 179 
Loss from continuing operations(114)(206)(24)
Net loss(114)(206)(24)
December 31, 2021December 31, 2020
Current assets
$168 $168 
Noncurrent assets
1,712 1,754 
Total assets$1,880 $1,922 
Current liabilities
$469 $177 
Noncurrent liabilities
1,269 1,527 
Total liabilities$1,738 $1,704 
Marketable Securities Held to Fund Operating Programs Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on our consolidated balance sheets, were as follows:
December 31, 2021December 31, 2020
Loyalty program (Note 10)
$601 $567 
Deferred compensation plans held in rabbi trusts (Note 10 and Note 13)
543 511 
Captive insurance company (Note 10)
148 226 
Total marketable securities held to fund operating programs$1,292 $1,304 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments(173)(238)
Marketable securities held to fund operating programs included in other assets$1,119 $1,066 
Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our consolidated financial statements were as follows:
Year Ended December 31,
202120202019
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$(7)$24 $42 
Other income (loss), net (Note 21)(11)17 11 
Other comprehensive loss (Note 16)(2)— 1 
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$50 $36 $20 
Other income (loss), net (Note 21)2 6 2 
Marketable Securities Held for Investment Purposes Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our consolidated balance sheets, were as follows:
December 31, 2021December 31, 2020
Time deposits$255 $657 
Interest-bearing money market funds231 107 
Common shares of Playa N.V. (Note 10)
97 72 
Total marketable securities held for investment purposes$583 $836 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments(486)(764)
Marketable securities held for investment purposes included in other assets$97 $72 
Unrealized Gain (Loss) on Investments Net unrealized gains (losses) recognized on our consolidated statements of income (loss) were as follows:
Year Ended December 31,
202120202019
Other income (loss), net (Note 21)$25 $(30)$15 
Assets and Liabilities Measured at Fair Value on a Recurring Basis We measured the following financial assets at fair value on a recurring basis:
December 31, 2021Cash and cash equivalentsShort-term investmentsOther assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$397 $397 $— $— 
Mutual funds632 — — 632 
Common shares97 — — 97 
Level Two - Significant Other Observable Inputs
Time deposits259 35 221 3 
U.S. government obligations235 — — 235 
U.S. government agencies58 — — 58 
Corporate debt securities137 — 6 131 
Mortgage-backed securities24 — — 24 
Asset-backed securities28 — — 28 
Municipal and provincial notes and bonds8 — — 8 
Total $1,875 $432 $227 $1,216 
December 31, 2020Cash and cash equivalentsShort-term investmentsOther assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$327 $327 $— $— 
Mutual funds581 — — 581 
Common shares72 — — 72 
Level Two - Significant Other Observable Inputs
Time deposits662 — 659 3 
U.S. government obligations208 — 3 205 
U.S. government agencies65 — — 65 
Corporate debt securities159 — 13 146 
Mortgage-backed securities24 — — 24 
Asset-backed securities35 — — 35 
Municipal and provincial notes and bonds7 — — 7 
Total$2,140 $327 $675 $1,138 
Debt Securities, Held-to-maturity At December 31, 2021 and December 31, 2020, HTM debt securities recorded within other assets on our consolidated balance sheets were as follows:
December 31, 2021December 31, 2020
HTM debt securities$91 $102 
Less: allowance for credit losses(38)(21)
Total HTM debt securities, net of allowances$53 $81 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20212020
Allowance at January 1$21 $12 
Credit losses (1)19 9 
Write-offs (2)— 
Allowance at December 31$38 $21 
(1) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 21).
v3.22.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
December 31, 2021December 31, 2020
Land$676 $658 
Buildings3,065 3,381 
Leasehold improvements192 187 
Furniture, equipment, and computers1,186 1,216 
Construction in progress47 32 
Property and equipment5,166 5,474 
Less: accumulated depreciation
(2,318)(2,348)
Total property and equipment, net$2,848 $3,126 
Depreciation
 Year Ended December 31,
202120202019
Depreciation expense$262 $283 $304 
v3.22.0.1
Receivables (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Accounts Receivable, Allowance for Credit Loss The following table summarizes the activity in our accounts receivable allowance for credit losses:
20212020
Allowance at January 1$56 $32 
Provisions4 37 
Write-offs(7)(13)
Allowance at December 31$53 $56 
Financing Receivables
December 31, 2021December 31, 2020
Unsecured financing to hotel owners$133 $145 
Less: current portion of financing receivables, included in receivables, net
(23)(2)
Less: allowance for credit losses(69)(114)
Total long-term financing receivables, net of allowances$41 $29 
Allowance for Losses and Impairments The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
20212020
Allowance at January 1$114 $100 
Provisions
7 29 
Allowance on PCD assets acquired in the ALG Acquisition12 — 
Write-offs (1)(61)(17)
Foreign currency exchange, net(3)2 
Allowance at December 31$69 $114 
(1) Includes $60 million written off related to a financing arrangement with a hotel owner, which was legally waived during the year ended December 31, 2021.
Credit Monitoring Our unsecured financing receivables were as follows:
December 31, 2021
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans
$130 $(67)$63 $47 
Other financing arrangements3 (2)1 — 
Total unsecured financing receivables$133 $(69)$64 $47 
December 31, 2020
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans
$83 $(54)$29 $53 
Other financing arrangements
62 (60)2 58 
Total unsecured financing receivables$145 $(114)$31 $111 
v3.22.0.1
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Net assets acquired were determined as follows:
Cash paid, net of cash acquired$2,679 
Cash and cash equivalents acquired460 
Restricted cash acquired16 
Purchase price adjustments (1)39 
Net assets acquired$3,194 
(1) Represents amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our consolidated balance sheet at December 31, 2021.
The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment:
Cash and cash equivalents$460 
Restricted cash16 
Receivables168 
Prepaids and other assets74 
Property and equipment22 
Financing receivables, net19 
Operating lease right-of-use assets79 
Goodwill (1)2,677 
Indefinite-lived intangibles (2)516 
Management agreement intangibles (3)496 
Customer relationships intangibles (4)586 
Other intangibles50 
Other assets42 
Total assets acquired$5,205 
Accounts payable264 
Accrued expenses and other current liabilities97 
Current contract liabilities (5)646 
Accrued compensation and benefits49 
Current operating lease liabilities9 
Long-term contract liabilities (5)738 
Long-term operating lease liabilities70 
Other long-term liabilities138 
Total liabilities assumed$2,011 
Total net assets acquired attributable to Hyatt Hotels Corporation$3,194 
(1) The goodwill, of which $36 million is tax deductible, is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings (see Note 9). We have not completed the assignment of goodwill to reporting units at December 31, 2021.
(2) Includes intangibles related to the AMR Collection and ALG Vacations brands.
(3) Amortized over useful lives of approximately 1 to 20 years, with a weighted-average useful life of approximately 12 years.
(4) Amortized over useful lives of 5 to 11 years, with a weighted-average useful life of approximately 9 years.
(5) In accordance with ASU 2021-08, contract liabilities assumed were recorded at carrying value at the date of acquisition (see Note 2).
Business Acquisition, Pro Forma Information The following table presents the unaudited pro forma combined results of Hyatt and ALG as if the ALG Acquisition had occurred on January 1, 2020:
Year Ended December 31,
20212020
Total revenues3,732 $2,515 
Net loss(227)(1,585)
Schedule Of Asset Acquisition Net assets acquired were determined as follows:
Cash paid$6 
Repayment of third-party mortgage loan78 
Fair value of our previously-held equity method investment6 
Net assets acquired$90 
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Rent Expense and Weighted Average Remaining Lease Terms and Discount Rates A summary of operating lease expense is as follows:
Year Ended December 31,
202120202019
Minimum rentals$41 $45 $50 
Contingent rentals71 38 97 
Total operating lease expense$112 $83 $147 
Weighted-average remaining lease terms and discount rates were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term in years
Operating leases (1)1922
Finance leases56
Weighted-average discount rate
Operating leases3.8 %3.9 %
Finance leases0.6 %0.6 %
(1) Certain of our hotel and land leases have nominal or contingent rental payments and are excluded from the weighted-average remaining lease term calculation resulting in a lower weighted-average term.
Supplemental Balance Sheet Information
Supplemental balance sheet information related to finance leases is as follows:
December 31, 2021December 31, 2020
Property and equipment, net (1)$6 $8 
Current maturities of long-term debt$1 $2 
Long-term debt6 7 
Total finance lease liabilities$7 $9 
(1) Finance lease assets are net of $15 million of accumulated amortization at both December 31, 2021 and December 31, 2020.
Maturities of Finance Lease Liabilities The maturities of lease liabilities for the next five years and thereafter are as follows:
Year ending December 31,Operating leasesFinance leases
2022$47 $2 
202347 2 
202444 2 
202537 1 
202632 1 
Thereafter345 — 
Total minimum lease payments$552 $8 
Less: amount representing interest(168)(1)
Present value of minimum lease payments$384 $7 
Maturities of Operating Lease Liabilities The maturities of lease liabilities for the next five years and thereafter are as follows:
Year ending December 31,Operating leasesFinance leases
2022$47 $2 
202347 2 
202444 2 
202537 1 
202632 1 
Thereafter345 — 
Total minimum lease payments$552 $8 
Less: amount representing interest(168)(1)
Present value of minimum lease payments$384 $7 
Operating Lease, Lease Income We recognized rental income primarily within owned and leased hotels revenues on our consolidated statements of income (loss) as follows:
Year Ended December 31,
202120202019
Rental income$13 $16 $23 
Future Minimum Lease Receipts The future minimum lease receipts scheduled to be received for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20238 
20245 
20254 
20264 
Thereafter17 
Total minimum lease receipts
$48 
v3.22.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingApple Leisure GroupCorporate and otherTotal
Balance at January 1, 2020
Goodwill$210 $232 $— $— $— $4 $446 
Accumulated impairment losses(116)— — — — (4)(120)
Goodwill, net$94 $232 $— $— $— $— $326 
Activity during the year
Impairment losses(38)— — — — — (38)
Balance at December 31, 2020
Goodwill210 232 — — — 4 446 
Accumulated impairment losses(154)— — — — (4)(158)
Goodwill, net$56 $232 $— $— $— $— $288 
Activity during the year
Additions— — — — 2,677 — 2,677 
Balance at December 31, 2021
Goodwill210 232 — — 2,677 4 3,123 
Accumulated impairment losses(154)— — — — (4)(158)
Goodwill, net$56 $232 $— $— $2,677 $— $2,965 
Schedule of Intangible Assets by Major Class Definite-lived intangible assets are amortized over the following useful lives:
Management and franchise agreement intangibles
1–30 years
Customer relationships intangibles
5–11 years
Other intangiblesVaries based on the nature of the asset
December 31, 2021Weighted-average useful lives in yearsDecember 31, 2020
Management and franchise agreement intangibles$835 15$354 
Brand and other indefinite-lived intangibles646 — 130 
Customer relationships intangibles586 9— 
Other intangibles58 614 
Intangibles2,125 498 
Less: accumulated amortization(148)(113)
Intangibles, net$1,977 $385 
Schedule of Indefinite-Lived Intangible Assets
December 31, 2021Weighted-average useful lives in yearsDecember 31, 2020
Management and franchise agreement intangibles$835 15$354 
Brand and other indefinite-lived intangibles646 — 130 
Customer relationships intangibles586 9— 
Other intangibles58 614 
Intangibles2,125 498 
Less: accumulated amortization(148)(113)
Intangibles, net$1,977 $385 
Schedule of Intangible Asset Amortization Expense
 Year Ended December 31,
 202120202019
Amortization expense$48 $27 $25 
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense We estimate amortization expense for definite-lived intangibles for the next five years and thereafter as follows:
Year Ending December 31, 
2022$147 
2023146 
2024145 
2025144 
2026142 
Thereafter566 
Total amortization expense
$1,290 
v3.22.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
December 31, 2021December 31, 2020
Management and franchise agreement assets constituting payments to customers (1)$571 $470 
Marketable securities held to fund rabbi trusts (Note 4)
543 511 
Marketable securities held to fund the loyalty program (Note 4)
439 441 
Marketable securities held for captive insurance company (Note 4)
137 114 
Common shares of Playa N.V. (Note 4)97 72 
Long-term investments (Note 4)
65 93 
Other
182 96 
Total other assets$2,034 $1,797 
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
December 31, 2021December 31, 2020
$250 million senior unsecured notes maturing in 2021—5.375%
$— $250 
$750 million senior unsecured notes maturing in 2022—three-month LIBOR plus 3.000%
— 750 
$300 million senior unsecured notes maturing in 2023—floating rate notes
300 — 
$350 million senior unsecured notes maturing in 2023—3.375%
350 350 
$700 million senior unsecured notes maturing in 2023—1.300%
700 — 
$750 million senior unsecured notes maturing in 2024—1.800%
750 — 
$450 million senior unsecured notes maturing in 2025—5.375%
450 450 
$400 million senior unsecured notes maturing in 2026—4.850%
400 400 
$400 million senior unsecured notes maturing in 2028—4.375%
400 400 
$450 million senior unsecured notes maturing in 2030—5.750%
450 450 
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A130 130 
Contract Revenue Bonds, Senior Taxable Series 2005B38 43 
Floating average rate construction loan31 37 
Other1 1 
Total debt before finance lease obligations4,000 3,261 
Finance lease obligations7 9 
Total debt4,007 3,270 
Less: current maturities
(10)(260)
Less: unamortized discounts and deferred financing fees
(29)(26)
Total long-term debt$3,968 $2,984 
Schedule of Maturities of Long-term Debt Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
Year Ending December 31,
2022$10 
20231,360 
2024761 
2025461 
2026412 
Thereafter1,003 
Total maturities of debt
$4,007 
Fair Value
December 31, 2021
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (1)$4,000 $4,230 $— $4,193 $37 
(1) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees.
December 31, 2020
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (2)$3,261 $3,561 $— $3,518 $43 
(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.
v3.22.0.1
Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Other Liabilities, Noncurrent [Abstract]  
Other Long-Term Liabilities
December 31, 2021December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4)
$543 $511 
Income taxes payable
281 166 
Deferred income taxes (Note 14)
93 48 
Guarantee liabilities (Note 15)
92 31 
Self-insurance liabilities (Note 15)
66 67 
Other
64 88 
Total other long-term liabilities$1,139 $911 
v3.22.0.1
Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign Our tax provision includes federal, state, local, and foreign income taxes.
Year Ended December 31,
202120202019
U.S. income (loss) before tax$14 $(694)$466 
Foreign income (loss) before tax30 (266)540 
Income (loss) before income taxes$44 $(960)$1,006 
Schedule of Components of Income Tax Expense (Benefit) The provision (benefit) for income taxes from continuing operations was comprised of the following:
Year Ended December 31,
202120202019
Current:
Federal$43 $(209)$74 
State10 8 35 
Foreign13 3 103 
Total Current$66 $(198)$212 
Deferred:
Federal$191 $(11)$29 
State— (47)2 
Foreign9 (1)(3)
Total Deferred$200 $(59)$28 
Total$266 $(257)$240 
Schedule of Effective Income Tax Rate Reconciliation The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
Year Ended December 31,
202120202019
Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %
State income taxes—net of federal tax benefit24.1 4.0 2.7 
Impact of foreign operations (excluding unconsolidated hospitality ventures losses)(37.0)(2.3)(2.0)
Change in valuation allowances567.7 (1.6)1.0 
U.S. net operating loss carryback benefit at 35%(4.1)11.5 — 
U.S. foreign tax credits(18.6)(2.3)— 
Foreign unconsolidated hospitality ventures 20.0 (1.0)0.5 
Tax contingencies9.2 (2.1)0.3 
Other (1)21.2 (0.4)0.4 
Effective income tax rate603.5 %26.8 %23.9 %
(1) Includes the impact of estimated non-deductible transaction costs as a result of the ALG Acquisition (see Note 7).
Schedule of Deferred Tax Assets and Liabilities The components of the net deferred tax assets and deferred tax liabilities were comprised of the following:
December 31, 2021December 31, 2020
Deferred tax assets related to:
Foreign net operating losses and credit carryforwards$181 $82 
Loyalty program155 133 
Employee benefits148 134 
Federal and state net operating losses and credit carryforwards112 36 
Long-term operating lease liabilities90 98 
Deferred revenues79 18 
Interest deduction limitations58 5 
Allowance for uncollectible assets28 40 
Unrealized losses13 23 
Investments10 36 
Other42 16 
Valuation allowance(478)(82)
Total deferred tax assets$438 $539 
Deferred tax liabilities related to:
Intangibles$(231)$(61)
Property and equipment(128)(131)
Operating ROU assets(98)(102)
Investments(23)(52)
Prepaid expenses(21)(19)
Unrealized gains(5)(3)
Other(11)(12)
Total deferred tax liabilities$(517)$(380)
Net deferred tax assets (liabilities)$(79)$159 
Recorded on our consolidated balance sheets as:
Deferred tax assets—noncurrent$14 $207 
Deferred tax liabilities—noncurrent(93)(48)
Total$(79)$159 
Unrecognized Tax Benefits Reconciliation A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
202120202019
Unrecognized tax benefits—beginning balance$146 $125 $116 
Total increases—current-period tax positions12 24 21 
Total increases (decreases)—prior-period tax positions50 3 (7)
Settlements(1)— (3)
Lapse of statute of limitations(2)(6)(3)
Foreign currency fluctuation— — 1 
Unrecognized tax benefits—ending balance$205 $146 $125 
v3.22.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantor Obligations
Four managed hotels in FranceOther performance guaranteesAll performance guarantees
202120202021202020212020
Beginning balance, January 1$— $20 $16 $13 $16 $33 
Initial guarantee obligation liability— — 37 — 37 — 
Amortization of initial guarantee obligation liability into income— (4)(3)(4)(3)(8)
Performance guarantee expense, net— 26 10 31 10 57 
Payments during the year— (43)(9)(24)(9)(67)
Foreign currency exchange, net— 1 1 — 1 1 
Ending balance, December 31$— $— $52 $16 $52 $16 
Debt Repayment and Other Guarantees
Property descriptionMaximum potential future paymentsMaximum exposure net of recoverability from third parties Other long-term liabilities recorded at December 31, 2021Other long-term liabilities recorded at December 31, 2020Year of guarantee expiration
Hotel properties in India (1)$197 $197 $33 $— 2024
Hotel properties in Tennessee (2), (3)44 14 5 8 various, through 2024
Hotel property in Pennsylvania (2)28 11 1 1 2023
Hotel property in Massachusetts (2)27 14 2 4 2022
Hotel properties in Georgia (2)27 13 2 4 various, through 2024
Hotel property in Mexico (2)20 10 7 — 2031
Other (2), (3)19 6 1 8 various, through 2025
Total $362 $265 $51 $25 
(1) Debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at December 31, 2021. 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 approximately $100 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded.
(2) We have agreements with our unconsolidated hospitality venture partners or the respective hotel owners to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash or HTM debt security.
(3) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property.
v3.22.0.1
Stockholders' Equity and Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Class of Treasury Stock The common stock repurchase program applies to our Class A and Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time.
Year Ended December 31,
202120202019
Total number of shares repurchased—827,6435,621,281
Weighted-average price per share$—$84.08$74.85
Aggregate purchase price (1)$—$69$421
Shares repurchased as a percentage of total common stock outstanding (2)—%1%5%
(1) Excludes related insignificant expenses.
(2) Calculated based on the total common stock outstanding as of December 31 of the prior year.
Dividends Declared
Dividend— The following tables summarize dividends paid to Class A and Class B shareholders of record:
Year Ended December 31,
202120202019
Class A common stock$— $7 $29 
Class B common stock— 13 51 
Total cash dividends paid$— $20 $80 
Date declaredDividend per share amount for Class A and Class BDate of recordDate paid
February 13, 2020$0.20 February 26, 2020March 9, 2020
February 13, 2019$0.19 February 27, 2019March 11, 2019
May 17, 2019$0.19 May 29, 2019June 10, 2019
July 31, 2019$0.19 August 27, 2019September 9, 2019
October 30, 2019$0.19 November 26, 2019December 9, 2019
Schedule of Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Balance at
January 1, 2021		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
December 31, 2021
Foreign currency translation adjustments (a)$(145)$(34)$(27)$(206)
Unrealized gains (losses) on AFS debt securities1 (2)— (1)
Unrecognized pension cost(7)3 — (4)
Unrealized gains (losses) on derivative instruments (b)(41)— 7 (34)
Accumulated other comprehensive loss$(192)$(33)$(20)$(245)
(a) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 7), the sale of our interest in the consolidated hospitality venture that owns Hyatt Regency Bishkek (see Note 7), and the disposition of our ownership interest in certain unconsolidated hospitality ventures (see Note 4).
(b) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 11). We expect to reclassify $6 million of losses over the next 12 months.
Balance at
January 1, 2020		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
December 31, 2020
Foreign currency translation adjustments (c)$(183)$13 $25 $(145)
Unrealized gains (losses) on AFS debt securities1 — — 1 
Unrecognized pension cost(9)2 — (7)
Unrealized gains (losses) on derivative instruments (d)(18)(27)4 (41)
Accumulated other comprehensive loss$(209)$(12)$29 $(192)
(c) The amount reclassified from accumulated other comprehensive loss includes the net losses recognized in gains (losses) on sales of real estate and other related to the sale of shares of the entities which own Hyatt Regency Baku and the sale of land and construction in progress (see Note 7).
(d) The amount reclassified from accumulated other comprehensive loss includes realized losses recognized in interest expense, net of $2 million tax impacts, related to the settlement of interest rate locks (see Note 11).
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Compensation Expense Related to Long-term Incentive Plan Stock-based compensation expense recognized in selling, general, and administration expenses on our consolidated statements of income (loss) related to these awards was as follows:
 Year Ended December 31,
 202120202019
SARs$10 $11 $11 
RSUs23 19 17 
PSUs17 (6)6 
Other— — 1 
Total$50 $24 $35 
Income Tax Benefit Share Based Compensation The income tax benefit recognized at the time of vest related to these awards was as follows:
 Year Ended December 31,
 202120202019
SARs$— $— $3 
RSUs4 4 5 
PSUs1 — 2 
Total$5 $4 $10 
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity A summary of SAR activity is presented below:
SAR unitsWeighted-average exercise price (in whole dollars)Weighted-average remaining contractual term
Outstanding at December 31, 20204,677,013 $54.90 6.37
Granted396,889 80.46 
Exercised(652,582)47.67 
Forfeited or expired(14,854)60.65 
Outstanding at December 31, 20214,406,466 $58.25 6.14
Exercisable at December 31, 20212,654,393 $55.78 4.83
Schedule of Share-based Payment Award SAR Valuation Assumptions The fair value of each SAR was estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:
202120202019
Exercise price$80.46$48.66$71.67
Expected life in years6.246.246.25
Risk-free interest rate1.10 %0.66 %2.40 %
Expected volatility34.49 %22.92 %22.51 %
Annual dividend yield— %1.64 %1.06 %
Schedule of Nonvested Restricted Stock Units Activity A summary of the status of the nonvested RSU awards outstanding under the LTIP, including certain RSUs with a performance component, is presented below:
RSUsWeighted-average grant date fair value
Nonvested at December 31, 20201,031,190 $58.54 
Granted626,340 81.59 
Vested(406,611)60.49 
Forfeited or canceled(42,422)64.06 
Nonvested at December 31, 20211,208,497 $69.64 
Schedule of Nonvested Performance Awards A summary of the status of the nonvested PSU awards outstanding under the LTIP is presented below:
PSUsWeighted-average grant date fair value
Nonvested at December 31, 2020346,499 $80.16 
Granted153,256 82.02 
Vested(50,088)82.10 
Forfeited or canceled(109,872)78.98 
Nonvested at December 31, 2021339,795 $81.09 
v3.22.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2021
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 results related to our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses.
Year Ended December 31,
202120202019
Owned and leased hotels
Owned and leased hotels revenues$855 $525 $1,883 
Intersegment revenues (a)17 12 35 
Adjusted EBITDA91 (148)389 
Depreciation and amortization230 243 259 
Capital expenditures80 111 331 
Americas management and franchising
Management, franchise, and other fees revenues277 152 439 
Contra revenue(19)(18)(15)
Other revenues84 42 89 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties1,410 1,152 2,268 
Intersegment revenues (a)29 14 64 
Adjusted EBITDA231 90 380 
Depreciation and amortization22 22 24 
Capital expenditures1 1 2 
Year Ended December 31,
202120202019
ASPAC management and franchising
Management, franchise, and other fees revenues72 61 136 
Contra revenue(4)(2)(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties96 75 113 
Intersegment revenues (a)— — 2 
Adjusted EBITDA29 24 87 
Depreciation and amortization3 3 3 
Capital expenditures— — 1 
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues43 23 83 
Contra revenue(12)(10)(5)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties66 55 74 
Intersegment revenues (a)3 2 10 
Adjusted EBITDA17 (15)49 
Depreciation and amortization— 1 1 
Capital expenditures4 2 — 
Apple Leisure Group
Management, franchise, and other fees revenues21 — — 
Distribution and destination management revenues115 — — 
Other revenues19 — — 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties11 — — 
Adjusted EBITDA4 — — 
Depreciation and amortization22 — — 
Capital expenditures4 — — 
Corporate and other
Revenues41 34 61 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties— 4 6 
Intersegment revenues (a)(2)(1)(1)
Adjusted EBITDA(116)(130)(152)
Depreciation and amortization33 41 42 
Capital expenditures22 8 35 
Eliminations
Revenues (a)(47)(27)(110)
Adjusted EBITDA1 2 1 
TOTAL
Revenues$3,028 $2,066 $5,020 
Adjusted EBITDA257 (177)754 
Depreciation and amortization310 310 329 
Capital expenditures111 122 369 
(a)Intersegment revenues are included in the management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.
Reconciliation of Assets from Segment to Consolidated The table below presents summarized consolidated balance sheet information by segment:
December 31, 2021December 31, 2020
Total assets:
Owned and leased hotels$3,585 $4,006 
Americas management and franchising1,137 1,055 
ASPAC management and franchising205 235 
EAME/SW Asia management and franchising280 254 
Apple Leisure Group5,003 — 
Corporate and other2,393 3,579 
Total
$12,603 $9,129 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas The following tables present revenues and property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill by geographical region:
Year Ended December 31,
202120202019
Revenues:
United States$2,311 $1,730 $4,142 
All foreign717 336 878 
Total$3,028 $2,066 $5,020 
 December 31, 2021December 31, 2020
Property and equipment, net, operating lease ROU assets, intangibles, net, and goodwill:
United States$4,416 $3,435 
All foreign3,820 838 
Total$8,236 $4,273 
Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation The table below provides a reconciliation of our net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
 Year Ended December 31,
202120202019
Net income (loss) attributable to Hyatt Hotels Corporation$(222)$(703)$766 
Interest expense163 128 75 
(Benefit) provision for income taxes266 (257)240 
Depreciation and amortization310 310 329 
EBITDA517 (522)1,410 
Contra revenue35 30 22 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(1,583)(1,286)(2,461)
Costs incurred on behalf of managed and franchised properties1,639 1,375 2,520 
Costs incurred on behalf of managed and franchised properties that we do not intend to recover from hotel owners— (45)— 
Equity (earnings) losses from unconsolidated hospitality ventures(28)70 10 
Stock-based compensation expense50 24 35 
(Gains) losses on sales of real estate and other(414)36 (723)
Asset impairments8 62 18 
Other (income) loss, net19 92 (127)
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA14 (13)50 
Adjusted EBITDA$257 $(177)$754 
v3.22.0.1
Earnings (Losses) Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of the Calculation of Basic and Diluted Earnings Per Share The calculation of basic and diluted earnings (losses) per share, including a reconciliation of the numerator and denominator, is as follows:
 Year Ended December 31,
202120202019
Numerator:
Net income (loss)$(222)$(703)$766 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(222)$(703)$766 
Denominator:
Basic weighted-average shares outstanding103,970,738 101,325,394 104,590,383 
Share-based compensation— — 1,702,021 
Diluted weighted-average shares outstanding103,970,738 101,325,394 106,292,404 
Basic Earnings (Losses) Per Share:
Net income (loss)$(2.13)$(6.93)$7.33 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(2.13)$(6.93)$7.33 
Diluted Earnings (Losses) Per Share:
Net income (loss)$(2.13)$(6.93)$7.21 
Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Hyatt Hotels Corporation$(2.13)$(6.93)$7.21 
Anti-dilutive Shares Issued The computations of diluted net earnings (losses) per share for the years ended December 31, 2021, December 31, 2020, and December 31, 2019 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and PSUs because they are anti-dilutive.
Year Ended December 31,
202120202019
SARs1,275,400 767,400 13,000 
RSUs563,700 522,300 — 
PSUs105,400 — — 
v3.22.0.1
Other Income (Loss), Net (Tables)
 12 Months Ended
Dec. 31, 2021
Other Income and Expenses [Abstract]  
Other income (loss), net
Year Ended December 31,
202120202019
Transaction costs (Note 7)
$(46)$— $(1)
Credit losses (Note 4 and Note 6)(22)(29)— 
Performance guarantee expense, net (Note 15)
(10)(57)(42)
Restructuring expenses (3)(73)— 
Gain on sale of contractual right (Note 7)
— — 16 
Release of contingent consideration liability
— 1 30 
Release and amortization of debt repayment guarantee liability1 1 18 
Performance guarantee liability amortization (Note 15)
3 8 18 
Unrealized gains (losses), net (Note 4)14 (13)26 
Depreciation recovery
17 23 25 
Interest income
28 30 25 
Other, net
(1)17 12 
Other income (loss), net$(19)$(92)$127 
v3.22.0.1
Organization (Details)
Dec. 31, 2021
room
country
hotel
Organization  
Number of countries in which entity operates | country 70
Full service  
Organization  
Number of hotels operated or franchised 515
Number of rooms operated or franchised | room 171,399
Number of hotels operated or marketed 108
Number of rooms operated or marketed | room 35,478
Select service  
Organization  
Number of hotels operated or franchised 539
Number of rooms operated or franchised | room 78,067
Select service | United States  
Organization  
Number of hotels operated or franchised 444
v3.22.0.1
Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
obligation
shares
Dec. 31, 2020
USD ($)
shares
Accounting Policies    
Number of performance obligations | obligation 2  
Capitalized contract cost | $ $ 2 $ 14
Inventory supplies and equipment, maximum consumption period 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01    
Accounting Policies    
Remaining performance obligation, period 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01    
Accounting Policies    
Remaining performance obligation, period  
Membership club | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01    
Accounting Policies    
Remaining performance obligation, period 4 years  
SARs    
Accounting Policies    
Award vesting period 4 years  
Share-based compensation contractual term 10 years  
SARs | Tranche One    
Accounting Policies    
Award vesting percentage 25.00%  
SARs | Tranche Two    
Accounting Policies    
Award vesting percentage 25.00%  
SARs | Tranche Three    
Accounting Policies    
Award vesting percentage 25.00%  
SARs | Tranche Four    
Accounting Policies    
Award vesting percentage 25.00%  
RSUs    
Accounting Policies    
Share-based compensation, issued during the period 0 51,400
Share-based compensation arrangement, issued not granted 119,980  
Minimum    
Accounting Policies    
Lessee, operating and finance lease, extension term 1 year  
Operating lease, term of contract 1 year  
Minimum | Preferred Rates And Benefits At Participating Properties    
Accounting Policies    
Remaining performance obligation, period 3 years  
Minimum | RSUs    
Accounting Policies    
Award vesting period 1 year  
Requisite service period 3 years  
Minimum | PSUs    
Accounting Policies    
Award vesting period 3 years  
Maximum    
Accounting Policies    
Lessee, operating and finance lease, extension term 99 years  
Operating lease, term of contract 20 years  
Maximum | Preferred Rates And Benefits At Participating Properties    
Accounting Policies    
Remaining performance obligation, period 25 years  
Maximum | RSUs    
Accounting Policies    
Award vesting period 4 years  
Requisite service period 5 years  
Maximum | PSUs    
Accounting Policies    
Award vesting period 6 years  
v3.22.0.1
Summary of Significant Accounting Policies - Property and Equipment (Details)
 12 Months Ended
Dec. 31, 2021
Minimum | Buildings and improvements  
Property, Plant and Equipment  
Property, plant and equipment, useful life 10 years
Minimum | Furniture and equipment  
Property, Plant and Equipment  
Property, plant and equipment, useful life 3 years
Minimum | Computers  
Property, Plant and Equipment  
Property, plant and equipment, useful life 3 years
Maximum | Buildings and improvements  
Property, Plant and Equipment  
Property, plant and equipment, useful life 50 years
Maximum | Furniture and equipment  
Property, Plant and Equipment  
Property, plant and equipment, useful life 20 years
Maximum | Computers  
Property, Plant and Equipment  
Property, plant and equipment, useful life 7 years
v3.22.0.1
Summary of Significant Accounting Policies - Intangible Assets (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Management and franchise agreement intangibles | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived intangible asset, useful life   30 years
Customer relationships intangibles | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived intangible asset, useful life 5 years  
Customer relationships intangibles | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived intangible asset, useful life 11 years  
v3.22.0.1
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenues $ 3,028 $ 2,066 $ 5,020
Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 838 513 1,848
Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 502 271 1,048
Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 196 148 619
Other      
Disaggregation of Revenue [Line Items]      
Revenues 140 94 181
Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 383 209 586
Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 418 239 608
Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 169 96 260
Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 58 22 151
Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 119 63 141
Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 72 58 56
Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues (35) (30) (22)
Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 115 0 0
Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 109 58 125
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Disaggregation of Revenue [Line Items]      
Revenues 1,583 1,286 2,461
Operating Segments | Owned and leased hotels      
Disaggregation of Revenue [Line Items]      
Revenues 855 525 1,883
Operating Segments | Owned and leased hotels | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 855 525 1,883
Operating Segments | Owned and leased hotels | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 519 283 1,083
Operating Segments | Owned and leased hotels | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 196 148 619
Operating Segments | Owned and leased hotels | Other      
Disaggregation of Revenue [Line Items]      
Revenues 140 94 181
Operating Segments | Owned and leased hotels | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Owned and leased hotels | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Owned and leased hotels | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 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 0
Operating Segments | Americas management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues 1,752 1,328 2,781
Operating Segments | Americas management and franchising | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Americas management and franchising | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Americas management and franchising | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Americas management and franchising | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Americas management and franchising | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 258 134 424
Operating Segments | Americas management and franchising | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 277 152 439
Operating Segments | Americas management and franchising | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 130 72 229
Operating Segments | Americas management and franchising | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 19 4 65
Operating Segments | Americas management and franchising | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 115 61 136
Operating Segments | Americas management and franchising | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 13 15 9
Operating Segments | Americas management and franchising | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues (19) (18) (15)
Operating Segments | Americas management and franchising | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Americas management and franchising | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 84 42 89
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 1,410 1,152 2,268
Operating Segments | ASPAC management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues 164 134 247
Operating Segments | ASPAC management and franchising | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | ASPAC management and franchising | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | ASPAC management and franchising | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | ASPAC management and franchising | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | ASPAC management and franchising | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 68 59 134
Operating Segments | ASPAC management and franchising | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 72 61 136
Operating Segments | ASPAC management and franchising | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 37 26 46
Operating Segments | ASPAC management and franchising | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 21 14 72
Operating Segments | ASPAC management and franchising | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 2 1 4
Operating Segments | ASPAC management and franchising | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 12 20 14
Operating Segments | ASPAC management and franchising | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues (4) (2) (2)
Operating Segments | ASPAC management and franchising | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | ASPAC management and franchising | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 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 96 75 113
Operating Segments | EAME/SW Asia management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues 97 68 152
Operating Segments | EAME/SW Asia management and franchising | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | EAME/SW Asia management and franchising | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | EAME/SW Asia management and franchising | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | EAME/SW Asia management and franchising | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | EAME/SW Asia management and franchising | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 31 13 78
Operating Segments | EAME/SW Asia management and franchising | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 43 23 83
Operating Segments | EAME/SW Asia management and franchising | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 22 13 37
Operating Segments | EAME/SW Asia management and franchising | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 15 5 38
Operating Segments | EAME/SW Asia management and franchising | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 2 1 1
Operating Segments | EAME/SW Asia management and franchising | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 4 4 7
Operating Segments | EAME/SW Asia management and franchising | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues (12) (10) (5)
Operating Segments | EAME/SW Asia management and franchising | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | EAME/SW Asia management and franchising | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 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 66 55 74
Operating Segments | Apple Leisure Group      
Disaggregation of Revenue [Line Items]      
Revenues 166    
Operating Segments | Apple Leisure Group | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 21    
Operating Segments | Apple Leisure Group | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 21 0 0
Operating Segments | Apple Leisure Group | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 5    
Operating Segments | Apple Leisure Group | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 10    
Operating Segments | Apple Leisure Group | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 6    
Operating Segments | Apple Leisure Group | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Apple Leisure Group | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 115    
Operating Segments | Apple Leisure Group | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 19 0 0
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Disaggregation of Revenue [Line Items]      
Revenues 11 0 0
Operating Segments | Corporate and other      
Disaggregation of Revenue [Line Items]      
Revenues 41 38 67
Operating Segments | Corporate and other | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 37 19 26
Operating Segments | Corporate and other | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues 37 19 26
Operating Segments | Corporate and other | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 37 19 26
Operating Segments | Corporate and other | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Corporate and other | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Operating Segments | Corporate and other | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 4 15 35
Operating Segments | Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Disaggregation of Revenue [Line Items]      
Revenues 0 4 6
Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (47) (27) (110)
Eliminations | Owned and leased hotels revenues      
Disaggregation of Revenue [Line Items]      
Revenues (17) (12) (35)
Eliminations | Rooms revenues      
Disaggregation of Revenue [Line Items]      
Revenues (17) (12) (35)
Eliminations | Food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Net management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues (32) (16) (76)
Eliminations | Management, franchise, and other fees      
Disaggregation of Revenue [Line Items]      
Revenues (32) (16) (76)
Eliminations | Base management fees      
Disaggregation of Revenue [Line Items]      
Revenues (25) (15) (52)
Eliminations | Incentive management fees      
Disaggregation of Revenue [Line Items]      
Revenues (7) (1) (24)
Eliminations | Franchise fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Other fees      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Contra revenue      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Distribution and destination management      
Disaggregation of Revenue [Line Items]      
Revenues 0    
Eliminations | Other revenues      
Disaggregation of Revenue [Line Items]      
Revenues 2 1 1
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Owned and leased hotels      
Disaggregation of Revenue [Line Items]      
Revenues (17) (12) (35)
Eliminations | Americas management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues (29) (14) (64)
Eliminations | ASPAC management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 (2)
Eliminations | EAME/SW Asia management and franchising      
Disaggregation of Revenue [Line Items]      
Revenues (3) (2) (10)
Eliminations | Corporate and other      
Disaggregation of Revenue [Line Items]      
Revenues $ 2 $ 1 $ 1
v3.22.0.1
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities $ 2,527 $ 941 $ 920
Deferred revenue related to the paid membership program      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 833 0  
Deferred revenue related to the loyalty program      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 814 733  
Deferred revenue related to travel distribution and destination management services      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 629 0  
Advanced deposits      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 61 44  
Deferred revenue related to insurance programs      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 52 47  
Initial fees received from franchise owners      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities 42 41  
Other deferred revenue      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Total contract liabilities $ 96 $ 76  
v3.22.0.1
Revenue from Contracts with Customers - Activity in Contract Liability Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Increase (Decrease) in Contract with Customer, Liability [Roll Forward]    
Contract liabilities, beginning balance $ 941 $ 920
Contract liabilities assumed in the ALG Acquisition 1,384 0
Cash received and other 1,259 564
Revenue recognized (1,057) (543)
Contract liabilities, ending balance 2,527 941
Revenue recognized from contract with customer beginning balance $ 289 $ 243
v3.22.0.1
Revenue from Contracts with Customers - Remaining Performance Obligation (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 945
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, percent recognized 15.00%
Remaining performance obligation, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, period
v3.22.0.1
Debt and Equity Securities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Dec. 31, 2020
Schedule of Equity Method Investments      
Equity method investments $ 216   $ 260
Held-to-maturity, fair value 77   100
Equity securities without a readily determinable fair value 12   12
Grand Hyatt Sao Paulo      
Schedule of Equity Method Investments      
Cash acquired 6    
Repayment of third-party mortgage loan 78    
Gain on asset acquisition 69    
Loyalty program      
Schedule of Equity Method Investments      
Available-for-sale debt securities 141   82
Captive insurance company (Note 10)      
Schedule of Equity Method Investments      
Equity securities, fair value 89   $ 70
Owned and leased hotels      
Schedule of Equity Method Investments      
Equity method investment, net sales proceeds 83 $ 25  
Equity method investment, realized gain on disposal $ 31 $ 8  
v3.22.0.1
Debt and Equity Securities - Carrying Value and Ownership Percentages of Equity Method Investments (Details) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Schedule of Equity Method Investments    
Equity method investments $ 216 $ 260
Hyatt of Baja, S. de. R.L. de C.V.    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 54 50
HP Boston Partners, LLC    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 27 28
Hotel am Belvedere Holding GmbH & Co KG    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 18 24
HC Lenox JV LLC    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 15 15
H.E. Philadelphia HC Hotel, L.L.C.    
Schedule of Equity Method Investments    
Ownership interest 42.30%  
Equity method investments $ 14 19
Desarrolladora Hotelera Acueducto, S. de R.L. de C.V.    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 13 13
CBR HCN, LLC    
Schedule of Equity Method Investments    
Ownership interest 40.00%  
Equity method investments $ 13 15
HRM HoldCo, LLC    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 11 0
Juniper Hotels Private Limited    
Schedule of Equity Method Investments    
Ownership interest 50.00%  
Equity method investments $ 10 0
San Jose Hotel Partners, L.L.C.    
Schedule of Equity Method Investments    
Ownership interest 0.00%  
Equity method investments $ 0 18
33 Beale Street Hotel Company, LLC    
Schedule of Equity Method Investments    
Ownership interest 0.00%  
Equity method investments $ 0 15
Portland Hotel Properties, L.L.C.    
Schedule of Equity Method Investments    
Ownership interest 0.00%  
Equity method investments $ 0 9
HH Nashville JV Holdings, L.L.C.    
Schedule of Equity Method Investments    
Ownership interest 0.00%  
Equity method investments $ 0 9
Other    
Schedule of Equity Method Investments    
Equity method investments $ 41 $ 45
v3.22.0.1
Debt and Equity Securities - Summarized Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Equity Method Investments      
Net loss $ (222) $ (703) $ 766
Current assets 2,062 2,563  
TOTAL ASSETS 12,603 9,129  
Current liabilities 2,232 984  
Total liabilities 9,037 5,915  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Schedule of Equity Method Investments      
Total revenues 261 243 496
Gross operating profit 59 30 179
Loss from continuing operations (114) (206) (24)
Net loss (114) (206) $ (24)
Current assets 168 168  
Noncurrent assets 1,712 1,754  
TOTAL ASSETS 1,880 1,922  
Current liabilities 469 177  
Noncurrent liabilities 1,269 1,527  
Total liabilities $ 1,738 $ 1,704  
v3.22.0.1
Debt and Equity Securities - Held to Fund Operating Programs (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Held for operating programs    
Schedule of Investments    
Total marketable securities held to fund operating programs $ 1,292 $ 1,304
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments (173) (238)
Marketable securities held to fund operating programs included in other assets 1,119 1,066
Loyalty program    
Schedule of Investments    
Total marketable securities held to fund operating programs 601 567
Deferred compensation plans held in rabbi trusts    
Schedule of Investments    
Total marketable securities held to fund operating programs 543 511
Captive insurance company (Note 10)    
Schedule of Investments    
Total marketable securities held to fund operating programs $ 148 $ 226
v3.22.0.1
Debt and Equity Securities - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrealized gains (losses), net      
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ (7) $ 24 $ 42
Other income (loss), net (Note 21) (11) 17 11
Other comprehensive loss (Note 16) (2) 0 1
Realized gains, net      
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts 50 36 20
Other income (loss), net (Note 21) $ 2 $ 6 $ 2
v3.22.0.1
Debt and Equity Securities - Held for Investment Purposes (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Schedule of Investments    
Common shares of Playa N.V. (Note 10) $ 97 $ 72
Held for Investment Purposes    
Schedule of Investments    
Time deposits 255 657
Interest-bearing money market funds 231 107
Common shares of Playa N.V. (Note 10) 97 72
Total marketable securities held to fund operating programs 583 836
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments (486) (764)
Marketable securities held for investment purposes included in other assets $ 97 $ 72
v3.22.0.1
Debt and Equity Securities - Common Shares of Playa N.V (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Playa Hotels & Resorts N.V.      
Schedule of Investments      
Unrealized gains (losses) recognized in other income (loss), net $ 25 $ (30) $ 15
v3.22.0.1
Debt and Equity Securities - Fair Value of Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments, fair value disclosure $ 1,875 $ 2,140
Quoted prices in active markets for identical assets (Level One) | Interest-bearing money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 397 327
Quoted prices in active markets for identical assets (Level One) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 632 581
Quoted prices in active markets for identical assets (Level One) | Common shares    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 97 72
Significant other observable inputs (Level Two) | Time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 259 662
Significant other observable inputs (Level Two) | U.S. government obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 235 208
Significant other observable inputs (Level Two) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 58 65
Significant other observable inputs (Level Two) | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 137 159
Significant other observable inputs (Level Two) | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 24 24
Significant other observable inputs (Level Two) | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 28 35
Significant other observable inputs (Level Two) | Municipal and provincial notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 8 7
Cash and cash equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments, fair value disclosure 432 327
Cash and cash equivalents | Quoted prices in active markets for identical assets (Level One) | Interest-bearing money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 397 327
Cash and cash equivalents | Quoted prices in active markets for identical assets (Level One) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Cash and cash equivalents | Quoted prices in active markets for identical assets (Level One) | Common shares    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | Time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 35 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | U.S. government obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Cash and cash equivalents | Significant other observable inputs (Level Two) | Municipal and provincial notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments, fair value disclosure 227 675
Short-term investments | Quoted prices in active markets for identical assets (Level One) | Interest-bearing money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Short-term investments | Quoted prices in active markets for identical assets (Level One) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Short-term investments | Quoted prices in active markets for identical assets (Level One) | Common shares    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Short-term investments | Significant other observable inputs (Level Two) | Time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 221 659
Short-term investments | Significant other observable inputs (Level Two) | U.S. government obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 3
Short-term investments | Significant other observable inputs (Level Two) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Short-term investments | Significant other observable inputs (Level Two) | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 6 13
Short-term investments | Significant other observable inputs (Level Two) | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Short-term investments | Significant other observable inputs (Level Two) | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Short-term investments | Significant other observable inputs (Level Two) | Municipal and provincial notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 0 0
Other assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments, fair value disclosure 1,216 1,138
Other assets | Quoted prices in active markets for identical assets (Level One) | Interest-bearing money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 0 0
Other assets | Quoted prices in active markets for identical assets (Level One) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 632 581
Other assets | Quoted prices in active markets for identical assets (Level One) | Common shares    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Cash equivalents 97 72
Other assets | Significant other observable inputs (Level Two) | Time deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 3 3
Other assets | Significant other observable inputs (Level Two) | U.S. government obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 235 205
Other assets | Significant other observable inputs (Level Two) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 58 65
Other assets | Significant other observable inputs (Level Two) | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 131 146
Other assets | Significant other observable inputs (Level Two) | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 24 24
Other assets | Significant other observable inputs (Level Two) | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities 28 35
Other assets | Significant other observable inputs (Level Two) | Municipal and provincial notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Available-for-sale debt securities $ 8 $ 7
v3.22.0.1
Debt and Equity Securities - Schedule of Debt and Equity Securities HTM (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]      
HTM debt securities $ 91 $ 102  
Less: allowance for credit losses (38) (21) $ (12)
Total HTM debt securities, net of allowances $ 53 $ 81  
v3.22.0.1
Debt and Equity Securities - Activity in HTM Debt Security Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 21 $ 12
Credit losses 19 9
Write-offs (2) 0
Ending balance $ 38 $ 21
v3.22.0.1
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Land $ 676 $ 658
Buildings 3,065 3,381
Leasehold improvements 192 187
Furniture, equipment, and computers 1,186 1,216
Construction in progress 47 32
Property and equipment, gross 5,166 5,474
Less: accumulated depreciation (2,318) (2,348)
Total property and equipment, net $ 2,848 $ 3,126
v3.22.0.1
Property and Equipment, Net - Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 262 $ 283 $ 304
v3.22.0.1
Property and Equipment, Net - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Asset impairments $ 8,000,000 $ 62,000,000 $ 18,000,000
Property and equipment      
Property, Plant and Equipment [Line Items]      
Asset impairments $ 0 $ 9,000,000 $ 0
v3.22.0.1
Receivables - Accounts Receivable (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Receivables [Abstract]    
Net receivables $ 633 $ 316
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Accounts receivable, allowance for credit loss, beginning balance 56 32
Provisions 4 37
Write-offs (7) (13)
Accounts receivable, allowance for credit loss, ending balance $ 53 $ 56
v3.22.0.1
Receivables - Schedule of Financing Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans, and Financing Receivable      
Less: allowance for credit losses $ (69) $ (114)  
Total long-term financing receivables, net of allowances 41 29  
Unsecured Financing      
Accounts, Notes, Loans, and Financing Receivable      
Unsecured financing to hotel owners 133 145  
Less: current portion of financing receivables, included in receivables, net (23) (2)  
Less: allowance for credit losses (69) (114) $ (100)
Total long-term financing receivables, net of allowances $ 41 $ 29  
v3.22.0.1
Receivables - Allowance For Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Allowance for Losses and Impairments    
Allowance beginning balance $ 114  
Allowance ending balance 69 $ 114
Unsecured Financing    
Allowance for Losses and Impairments    
Allowance beginning balance 114 100
Provisions 7 29
Allowance on PCD assets acquired in the ALG Acquisition 12 0
Write-offs (61) (17)
Foreign currency exchange, net (3) 2
Allowance ending balance 69 $ 114
Write-offs, legally waived $ 60  
v3.22.0.1
Receivables - Credit Monitoring (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Total Unsecured Financing Receivables      
Related allowance $ (69) $ (114)  
Unsecured Financing      
Total Unsecured Financing Receivables      
Gross loan balance (principal and interest) 133 145  
Related allowance (69) (114) $ (100)
Net financing receivables 64 31  
Gross receivables on nonaccrual status 47 111  
Unsecured Financing | Loans      
Total Unsecured Financing Receivables      
Gross loan balance (principal and interest) 130 83  
Related allowance (67) (54)  
Net financing receivables 63 29  
Gross receivables on nonaccrual status 47 53  
Unsecured Financing | Other financing arrangements      
Total Unsecured Financing Receivables      
Gross loan balance (principal and interest) 3 62  
Related allowance (2) (60)  
Net financing receivables 1 2  
Gross receivables on nonaccrual status $ 0 $ 58  
v3.22.0.1
Receivables - Fair Value Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Significant unobservable inputs (Level Three)    
Total Unsecured Financing Receivables    
Level three financing receivables $ 88 $ 44
v3.22.0.1
Acquisitions and Dispositions - Acquisitions Narrative (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Nov. 01, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition          
Acquisitions, net of cash acquired     $ 2,916 $ 0 $ 18
Gain on sale of property     414 $ (36) $ 723
Land          
Business Acquisition          
Asset acquisition     $ 7    
Grand Hyatt Sao Paulo          
Business Acquisition          
Ownership interest   50.00% 50.00%    
Alila Ventana Big Su          
Business Acquisition          
Asset acquisition     $ 146    
Property and equipment acquired     149    
Assets disposals     148    
Gain on sale of property     2    
Grand Hyatt Sao Paulo          
Business Acquisition          
Property and equipment acquired     $ 101    
Asset acquisition, voting rights acquired   50.00% 50.00%    
Cash acquired   $ 6 $ 6    
Repayment of third-party mortgage loan   78 78    
Gain on asset acquisition     69    
Reversal of long term liabilities     42    
Currency translation loss reclassified     22    
Deferred tax liabilities   $ 11 $ 11    
Casablanca Global G P Limited          
Business Acquisition          
Business acquisition, remaining interest percent acquired in acquisition   100.00% 100.00%    
Apple Leisure Group          
Business Acquisition          
Business acquisition, remaining interest percent acquired in acquisition   100.00% 100.00%    
Purchase price $ 2,700        
Contingent liability   $ 69 $ 69    
Acquisitions, net of cash acquired 2,679        
Pro forma revenue of acquiree since acquisition date   165      
Pro forma loss of acquiree since acquisition date   28      
Pro forma amortization acquiree since acquisition date   $ 22      
Acquisition related costs     $ 45    
Net assets acquired $ 3,194        
v3.22.0.1
Acquisitions and Dispositions - Net Assets Acquired (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 01, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Acquired Indefinite-lived Intangible Assets [Line Items]        
Cash paid, net of cash acquired   $ 2,916 $ 0 $ 18
Apple Leisure Group        
Acquired Indefinite-lived Intangible Assets [Line Items]        
Cash paid, net of cash acquired $ 2,679      
Cash and cash equivalents acquired 460      
Restricted cash acquired 16      
Purchase price adjustments 39      
Net assets acquired $ 3,194      
v3.22.0.1
Acquisitions and Dispositions - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Nov. 01, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition        
Goodwill $ 2,965   $ 288 $ 326
Apple Leisure Group        
Business Acquisition        
Cash and cash equivalents   $ 460    
Restricted cash   16    
Receivables   168    
Prepaids and other assets   74    
Property and equipment   22    
Financing receivables, net   19    
Operating lease right-of-use assets   79    
Goodwill   2,677    
Indefinite-lived intangibles   516    
Other assets   42    
Total assets acquired   5,205    
Accounts payable   264    
Accrued expenses and other current liabilities   97    
Current contract liabilities   646    
Accrued compensation and benefits   49    
Current operating lease liabilities   9    
Long-term contract liabilities   738    
Long-term operating lease liabilities   70    
Other long-term liabilities   138    
Total liabilities assumed   2,011    
Total net assets acquired attributable to Hyatt Hotels Corporation   3,194    
Goodwill expected to be tax deductible $ 36      
Management And Franchise Agreement | Apple Leisure Group        
Business Acquisition        
Finite-lived intangibles   496    
Customer relationships intangibles        
Business Acquisition        
Weighted-average useful lives in years 9 years      
Customer relationships intangibles | Apple Leisure Group        
Business Acquisition        
Finite-lived intangibles   586    
Other | Apple Leisure Group        
Business Acquisition        
Finite-lived intangibles   $ 50    
Minimum | Management And Franchise Agreement | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 1 year      
Minimum | Customer relationships intangibles | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 5 years      
Maximum | Management And Franchise Agreement | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 20 years      
Maximum | Customer relationships intangibles | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 11 years      
Weighted average | Management And Franchise Agreement | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 12 years      
Weighted average | Customer relationships intangibles | Apple Leisure Group        
Business Acquisition        
Weighted-average useful lives in years 9 years      
v3.22.0.1
Acquisitions and Dispositions - Pro Forma Combined Results (Details) - Apple Leisure Group - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition    
Total revenues $ 3,732 $ 2,515
Net loss $ (227) $ (1,585)
v3.22.0.1
Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Grand Hyatt Sao Paulo
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Asset Acquisition [Line Items]  
Cash paid $ 6
Repayment of third-party mortgage loan 78
Fair value of our previously-held equity method investment 6
Net assets acquired $ 90
v3.22.0.1
Acquisitions and Dispositions - Dispositions Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Significant Acquisitions and Disposals        
Equity method investments $ 216 $ 260    
Equity securities without a readily determinable fair value 12 12    
Non-cash right-of-use assets obtained in exchange for operating lease liabilities $ 16 $ 14 $ 8  
Weighted-average remaining lease term - operating leases 19 years 22 years    
Weighted-average discount rate - operating leases 3.80% 3.90%    
Proceeds from sales of real estate, net $ 758 $ 85 940  
Hospitality Venture        
Significant Acquisitions and Disposals        
Financing receivable 11      
Global Contact Center, Omaha, Nebraska        
Significant Acquisitions and Disposals        
Non-cash 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, term of contract   5 years    
Disposal group, disposed of by other than sale | Hyatt Regency Miami        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate 22      
Gains (losses) on sales of real estate 2      
Disposal group, disposed of by sale | Hyatt Regency Bishkek        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate 3      
Currency translation gains (losses) from comprehensive income (loss) 7      
Disposal group, disposed of by sale | Hyatt Regency Lake Tahoe Resort, Spa and Casino        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate 343      
Gains (losses) on sales of real estate 305      
Disposal group, disposed of by sale | Hyatt Regency Lost Pines Resort and Spa        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate 268      
Gains (losses) on sales of real estate $ 104      
Disposal group, disposed of by sale | Hyatt Regency Baku        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate   $ 11    
Gains (losses) on sales of real estate   (30)    
Currency translation gains (losses) from comprehensive income (loss)   (24)    
Transaction costs   4    
Disposal group, disposed of by sale | Exhale Spa and Fitness        
Significant Acquisitions and Disposals        
Gains (losses) on sales of real estate   (11)    
Disposal group, disposed of by sale | Land and Construction in Progress, Sold in 2020        
Significant Acquisitions and Disposals        
Gains (losses) on sales of real estate   (3)    
Currency translation gains (losses) from comprehensive income (loss)   $ (1)    
Disposal group, disposed of by sale | Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space        
Significant Acquisitions and Disposals        
Ownership interest   42.00%    
Gains (losses) on sales of real estate   $ 4    
Consideration in exchange for third party investment   58.00%    
Proceeds from sales of real estate and other   $ 72    
Disposal group, disposed of by sale | Global Contact Center, Omaha, Nebraska        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate   6    
Gains (losses) on sales of real estate   4    
Disposal group, disposed of by sale | Grand Hyatt Seoul        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate     467  
Gains (losses) on sales of real estate     349  
Disposal group, disposed of by sale | Contractual Rights        
Significant Acquisitions and Disposals        
Gains (losses) on sales of real estate     16  
Advanced deposits     21  
Disposal group, disposed of by sale | Hyatt Regency Atlanta        
Significant Acquisitions and Disposals        
Gains (losses) on sales of real estate     272  
Proceeds from sales of real estate, net     346  
Disposal group, disposed of by sale | Property Adjacent to Grand Hyatt San Francisco        
Significant Acquisitions and Disposals        
Gains (losses) on sales of real estate     101  
Proceeds from sales of real estate, net     115  
Disposal group, disposed of by sale | Hyatt Regency Mexico City        
Significant Acquisitions and Disposals        
Proceeds from sale of real estate       $ 405
Proceeds from sales of real estate, net     360  
Consideration from sales of assets, unsecured financing receivable     46  
Hospitality Venture        
Significant Acquisitions and Disposals        
Ownership interest 50.00%      
Equity method investments $ 11      
Unconsolidated Hospitality Venture | Disposal group, disposed of by sale | Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space        
Significant Acquisitions and Disposals        
Equity method investments   22    
Equity securities without a readily determinable fair value   $ 5    
Land Held for Development        
Significant Acquisitions and Disposals        
Payments to acquire land     $ 15  
v3.22.0.1
Acquisitions and Dispositions - Like-Kind Exchanges Narrative (Details) - Disposal group, disposed of by sale - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort & Spa    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations    
Sales proceeds transferred to escrow as restricted cash   $ 115
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations    
Like-kind exchange, period for replacement property 180 days  
v3.22.0.1
Leases - Schedule of Rent Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Minimum rentals $ 41 $ 45 $ 50
Contingent rentals 71 38 97
Total operating lease expense $ 112 $ 83 $ 147
v3.22.0.1
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property and equipment, net Property and equipment, net
Property and equipment, net $ 6 $ 8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Current maturities of long-term debt Current maturities of long-term debt
Current maturities of long-term debt $ 1 $ 2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Total long-term debt Total long-term debt
Long-term debt $ 6 $ 7
Total finance lease liabilities 7 9
Finance lease, amortization $ 15 $ 15
v3.22.0.1
Leases - Weighted Average Remaining Lease Term and Discount Rates (Details)
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Weighted-average remaining lease term - operating leases 19 years 22 years
Weighted-average remaining lease term - finance leases 5 years 6 years
Weighted-average discount rate - operating leases 3.80% 3.90%
Weighted-average discount rate - finance leases 0.60% 0.60%
v3.22.0.1
Leases - Maturities of Lease Liabilities in Accordance with ASC 842 (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Operating leases    
2022 $ 47  
2023 47  
2024 44  
2025 37  
2026 32  
Thereafter 345  
Total minimum lease payments 552  
Less: amount representing interest (168)  
Present value of minimum lease payments 384  
Finance leases    
2022 2  
2023 2  
2024 2  
2025 1  
2026 1  
Thereafter 0  
Total minimum lease payments 8  
Less: amount representing interest (1)  
Present value of minimum lease payments $ 7 $ 9
v3.22.0.1
Leases - Rental Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Rental income $ 13 $ 16 $ 23
v3.22.0.1
Leases - Maturities of Future Minimum Lease Receipts Under ASC 842 (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 10
2023 8
2024 5
2025 4
2026 4
Thereafter 17
Total minimum lease receipts $ 48
v3.22.0.1
Goodwill and Intangible Assets, Net - Goodwill Changes Table (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill    
Goodwill, beginning balance $ 446 $ 446
Accumulated impairment losses, beginning balance (158) (120)
Impairment losses   (38)
Additions 2,677  
Goodwill, net, beginning balance 288 326
Goodwill, ending balance 3,123 446
Accumulated impairment losses, ending balance (158) (158)
Goodwill, net, ending balance 2,965 288
Owned and leased hotels    
Goodwill    
Impairment losses 0  
Operating Segments | Owned and leased hotels    
Goodwill    
Goodwill, beginning balance 210 210
Accumulated impairment losses, beginning balance (154) (116)
Impairment losses   (38)
Additions 0  
Goodwill, net, beginning balance 56 94
Goodwill, ending balance 210 210
Accumulated impairment losses, ending balance (154) (154)
Goodwill, net, ending balance 56 56
Operating Segments | Americas management and franchising    
Goodwill    
Goodwill, beginning balance 232 232
Accumulated impairment losses, beginning balance 0 0
Impairment losses   0
Additions 0  
Goodwill, net, beginning balance 232 232
Goodwill, ending balance 232 232
Accumulated impairment losses, ending balance 0 0
Goodwill, net, ending balance 232 232
Operating Segments | ASPAC management and franchising    
Goodwill    
Goodwill, beginning balance 0 0
Accumulated impairment losses, beginning balance 0 0
Impairment losses   0
Additions 0  
Goodwill, net, beginning balance 0 0
Goodwill, ending balance 0 0
Accumulated impairment losses, ending balance 0 0
Goodwill, net, ending balance 0 0
Operating Segments | EAME/SW Asia management and franchising    
Goodwill    
Goodwill, beginning balance 0  
Accumulated impairment losses, beginning balance 0 0
Impairment losses   0
Additions 0  
Goodwill, ending balance 0 0
Accumulated impairment losses, ending balance 0 0
Goodwill, net, ending balance 0  
Operating Segments | Apple Leisure Group    
Goodwill    
Goodwill, beginning balance 0  
Accumulated impairment losses, beginning balance 0 0
Impairment losses   0
Additions 2,677  
Goodwill, ending balance 2,677 0
Accumulated impairment losses, ending balance 0 0
Goodwill, net, ending balance 2,677  
Corporate and other    
Goodwill    
Goodwill, beginning balance 4 4
Accumulated impairment losses, beginning balance (4) (4)
Impairment losses   0
Additions 0  
Goodwill, net, beginning balance 0 0
Goodwill, ending balance 4 4
Accumulated impairment losses, ending balance (4) (4)
Goodwill, net, ending balance $ 0 $ 0
v3.22.0.1
Goodwill and Intangible Assets, Net - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
unit
Dec. 31, 2019
USD ($)
Finite-Lived Intangible Assets [Line Items]      
Number of reporting units | unit   2  
Goodwill impairment losses   $ 38  
Owned and leased hotels      
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment losses $ 0    
Management and franchise agreement intangibles      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets impairment losses $ 8 $ 14 $ 18
v3.22.0.1
Goodwill and Intangible Assets, Net - Intangible Assets Table (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net $ 1,290  
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangibles 2,125 $ 498
Less: accumulated amortization (148) (113)
Intangibles, net 1,977 385
Brand and other indefinite-lived intangibles    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets (Excluding Goodwill) 646 130
Management and franchise agreement intangibles    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net $ 835 354
Weighted-average useful lives in years 15 years  
Customer relationships intangibles    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net $ 586 0
Weighted-average useful lives in years 9 years  
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net $ 58 $ 14
Weighted-average useful lives in years 6 years  
v3.22.0.1
Goodwill and Intangible Assets, Net - Amortization Expense Table (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 48 $ 27 $ 25
v3.22.0.1
Goodwill and Intangible Assets, Net - Future Amortization Table (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Estimate Amortization Expense For Definite-lived Intangibles  
2022 $ 147
2023 146
2024 145
2025 144
2026 142
Thereafter 566
Total amortization expense $ 1,290
v3.22.0.1
Other Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Assets, Noncurrent [Abstract]    
Management and franchise agreement assets constituting payments to customers $ 571 $ 470
Marketable securities held to fund rabbi trusts (Note 4) 543 511
Marketable securities held to fund the loyalty program (Note 4) 439 441
Marketable securities held for captive insurance company (Note 4) 137 114
Common shares of Playa N.V. (Note 4) 97 72
Long-term investments (Note 4) 65 93
Other 182 96
Total other assets $ 2,034 $ 1,797
v3.22.0.1
Debt - Schedule of Debt (Details)
R$ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2021
BRL (R$)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
BRL (R$)
Dec. 31, 2018
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2011
USD ($)
Debt Instrument                
Long-term debt gross $ 4,000,000,000   $ 3,261,000,000          
Other 1,000,000   1,000,000          
Finance lease obligations 7,000,000   9,000,000          
Total debt 4,007,000,000   3,270,000,000          
Less: current maturities (10,000,000)   (260,000,000)          
Less: unamortized discounts and deferred financing fees (29,000,000)   (26,000,000)          
Total long-term debt 3,968,000,000   2,984,000,000          
Senior Notes                
Debt Instrument                
Less: unamortized discounts and deferred financing fees (11,000,000)   (15,000,000)          
$250 million senior unsecured notes maturing in 2021—5.375% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 250,000,000             $ 250,000,000
Debt instrument, interest rate, stated percentage 5.375% 5.375%           5.375%
Long-term debt gross     250,000,000          
$750 million senior unsecured notes maturing in 2022—three-month LIBOR plus 3.000% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 750,000,000   $ 750,000,000          
Debt instrument, interest rate, stated percentage 3.00% 3.00% 3.00% 3.00%        
Long-term debt gross     $ 750,000,000          
$300 million senior unsecured notes maturing in 2023—floating rate notes | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 300,000,000              
Long-term debt gross 300,000,000   0          
$350 million senior unsecured notes maturing in 2023—3.375% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 350,000,000           $ 350,000,000  
Debt instrument, interest rate, stated percentage 3.375% 3.375%         3.375%  
Long-term debt gross $ 350,000,000   350,000,000          
$700 million senior unsecured notes maturing in 2023—1.300% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 700,000,000              
Debt instrument, interest rate, stated percentage 1.30% 1.30%            
Long-term debt gross $ 700,000,000   0          
$750 million senior unsecured notes maturing in 2024—1.800% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 750,000,000              
Debt instrument, interest rate, stated percentage 1.80% 1.80%            
Long-term debt gross $ 750,000,000   0          
$450 million senior unsecured notes maturing in 2025—5.375% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 450,000,000   $ 450,000,000          
Debt instrument, interest rate, stated percentage 5.375% 5.375% 5.375% 5.375%        
Long-term debt gross $ 450,000,000   $ 450,000,000          
$400 million senior unsecured notes maturing in 2026—4.850% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 400,000,000         $ 400,000,000    
Debt instrument, interest rate, stated percentage 4.85% 4.85%       4.85%    
Long-term debt gross $ 400,000,000   400,000,000          
$400 million senior unsecured notes maturing in 2028—4.375% | Senior Notes                
Debt Instrument                
Debt instrument, face amount         $ 400,000,000      
Debt instrument, interest rate, stated percentage         4.375%      
Long-term debt gross 400,000,000   400,000,000          
$450 million senior unsecured notes maturing in 2030—5.750% | Senior Notes                
Debt Instrument                
Debt instrument, face amount $ 450,000,000   $ 450,000,000          
Debt instrument, interest rate, stated percentage 5.75% 5.75% 5.75% 5.75%        
Long-term debt gross $ 450,000,000   $ 450,000,000          
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | Contract Revenue Bonds                
Debt Instrument                
Long-term debt gross 130,000,000   130,000,000          
Contract Revenue Bonds, Senior Taxable Series 2005B | Contract Revenue Bonds                
Debt Instrument                
Long-term debt gross 38,000,000   43,000,000          
Floating average rate construction loan                
Debt Instrument                
Floating average rate construction loan $ 31,000,000 R$ 173 $ 37,000,000 R$ 193        
v3.22.0.1
Debt - Schedule of Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Maturities of Debt    
2022 $ 10  
2023 1,360  
2024 761  
2025 461  
2026 412  
Thereafter 1,003  
Total debt $ 4,007 $ 3,270
v3.22.0.1
Debt - Senior Notes Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2011
Debt Instrument            
Unamortized discounts and deferred financing fees $ 29,000,000 $ 26,000,000        
Loss on extinguishment of debt $ 2,000,000          
Senior Notes            
Debt Instrument            
Debt instrument, redemption price, percentage 100.00%          
Proceeds from issuance of debt $ 1,738,000,000 1,635,000,000        
Unamortized discounts and deferred financing fees 11,000,000 15,000,000        
Senior Notes | 2021 Notes            
Debt Instrument            
Debt instrument, face amount $ 250,000,000         $ 250,000,000
Debt instrument, interest rate, stated percentage 5.375%         5.375%
Issue price percentage           99.846%
Make-whole premium $ 257,000,000          
Accrued interest 7,000,000          
Senior Notes | 2023 Notes            
Debt Instrument            
Debt instrument, face amount $ 350,000,000       $ 350,000,000  
Debt instrument, interest rate, stated percentage 3.375%       3.375%  
Issue price percentage         99.498%  
Senior Notes | 2026 Notes            
Debt Instrument            
Debt instrument, face amount $ 400,000,000     $ 400,000,000    
Debt instrument, interest rate, stated percentage 4.85%     4.85%    
Issue price percentage       99.92%    
Senior Notes | 2028 Notes            
Debt Instrument            
Debt instrument, face amount     $ 400,000,000      
Debt instrument, interest rate, stated percentage     4.375%      
Issue price percentage     99.866%      
Senior Notes | 2022 Notes            
Debt Instrument            
Debt instrument, face amount $ 750,000,000 $ 750,000,000        
Debt instrument, interest rate, stated percentage 3.00% 3.00%        
Make-whole premium $ 753,000,000          
Accrued interest 3,000,000          
Repurchased face amount 750,000,000          
Senior Notes | 2025 Notes            
Debt Instrument            
Debt instrument, face amount $ 450,000,000 $ 450,000,000        
Debt instrument, interest rate, stated percentage 5.375% 5.375%        
Senior Notes | 2030 Notes            
Debt Instrument            
Debt instrument, face amount $ 450,000,000 $ 450,000,000        
Debt instrument, interest rate, stated percentage 5.75% 5.75%        
Senior Notes | 2023 Fixed Rate            
Debt Instrument            
Debt instrument, face amount $ 700,000,000          
Debt instrument, interest rate, stated percentage 1.30%          
Issue price percentage 99.941%          
Senior Notes | 2023 Notes Floating Rate            
Debt Instrument            
Debt instrument, face amount $ 300,000,000          
Senior Notes | 2024 Notes            
Debt Instrument            
Debt instrument, face amount $ 750,000,000          
Debt instrument, interest rate, stated percentage 1.80%          
Issue price percentage 99.994%          
v3.22.0.1
Debt - Contract Revenue Bonds Narrative (Details) - Contract Revenue Bonds - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2013
Jun. 08, 2005
Debt Instrument      
Long-term debt   $ 198  
Debt instrument, unamortized discount   $ 9  
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A      
Debt Instrument      
Long-term debt     $ 130
Contract Revenue Bonds, Senior Taxable Series 2005B      
Debt Instrument      
Long-term debt     $ 78
Contract Revenue Bonds, Senior Taxable Series 2005B | City      
Debt Instrument      
Repayments of debt $ 10    
Minimum | Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A      
Debt Instrument      
Debt instrument, interest rate, stated percentage     4.75%
Minimum | Contract Revenue Bonds, Senior Taxable Series 2005B      
Debt Instrument      
Debt instrument, interest rate, stated percentage     5.10%
Maximum | Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A      
Debt Instrument      
Debt instrument, interest rate, stated percentage     5.00%
Maximum | Contract Revenue Bonds, Senior Taxable Series 2005B      
Debt Instrument      
Debt instrument, interest rate, stated percentage     5.31%
v3.22.0.1
Debt - Floating Average Rate Construction Loan Narrative (Details) - Floating average rate construction loan
R$ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2012
sub-loan
Dec. 31, 2021
USD ($)
Dec. 31, 2021
BRL (R$)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
BRL (R$)
Debt Instrument          
Number of loans 4        
Debt, weighted average interest rate   7.31% 7.31%    
Floating average rate construction loan   $ 31 R$ 173 $ 37 R$ 193
Subloan (b)          
Debt Instrument          
Debt instrument, basis spread on variable rate 2.02%        
Subloan (c)          
Debt Instrument          
Debt instrument, interest rate, stated percentage 2.50%        
Brazilian long-term interest rate | Sub Loans (b) and (d)          
Debt Instrument          
Debt instrument, variable interest rate percent, threshold for daily capitalization 6.00%        
v3.22.0.1
Debt - Revolving Credit Facility Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revolving credit facility    
Debt Instrument    
Repayments of revolving credit facility during period $ 210,000,000 $ 400,000,000
Revolving credit facility, weighted average interest rate 1.80% 1.71%
Revolving credit facility, outstanding balance $ 0 $ 0
Line of credit facility, remaining borrowing capacity 1,493,000,000  
Revolving credit facility | Line of credit    
Debt Instrument    
Borrowing capacity extension option $ 1,450,000,000  
Term extension period 1 year  
Line of credit commitment $ 1,500,000,000  
Additional non-revolving credit facility banks    
Debt Instrument    
Revolving credit facility, remaining borrowing capacity $ 276,000,000 $ 234,000,000
v3.22.0.1
Debt - Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument    
Finance lease obligations $ 7 $ 9
Unamortized discounts and deferred financing fees 29 26
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 4,193 3,518
Significant unobservable inputs (Level Three)    
Debt Instrument    
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value 37 43
Carrying value    
Debt Instrument    
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value 4,000 3,261
Fair value    
Debt Instrument    
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value $ 4,230 $ 3,561
v3.22.0.1
Debt - Interest Rate Locks (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]    
Unrealized losses on derivative activity, net of tax benefit $ 0 $ 37
Interest Rate Contract    
Derivative [Line Items]    
Interest rate locks settled   61
Derivative, loss on derivative $ 6 $ 4
v3.22.0.1
Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Retirement Benefits [Abstract]    
Accumulated benefit obligation $ 21 $ 23
Accrued long-term benefit liability 20 $ 22
Expected benefits to be paid annually over the next 10 years $ 1  
v3.22.0.1
Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Defined contribution plans $ 28 $ 30 $ 48
v3.22.0.1
Employee Benefit Plans - Employee Stock Purchase Program (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Price per share for the ESPP (percentage) 95.00%    
Class A common stock | Common Stock Amount      
Class of Stock [Line Items]      
Employee stock plan issuance (in shares) 46,311 75,763 79,700
v3.22.0.1
Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Liabilities, Noncurrent [Abstract]    
Deferred compensation plans funded by rabbi trusts (Note 4) $ 543 $ 511
Income taxes payable 281 166
Deferred income taxes (Note 14) 93 48
Guarantee liabilities (Note 15) 92 31
Self-insurance liabilities (Note 15) 66 67
Other 64 88
Total other long-term liabilities $ 1,139 $ 911
v3.22.0.1
Taxes - Domestic and Foreign Components of Pretax Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
U.S. income (loss) before tax $ 14 $ (694) $ 466
Foreign income (loss) before tax 30 (266) 540
INCOME (LOSS) BEFORE INCOME TAXES $ 44 $ (960) $ 1,006
v3.22.0.1
Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current:      
Federal $ 43 $ (209) $ 74
State 10 8 35
Foreign 13 3 103
Total Current 66 (198) 212
Deferred:      
Federal 191 (11) 29
State 0 (47) 2
Foreign 9 (1) (3)
Total Deferred 200 (59) 28
Total $ 266 $ (257) $ 240
v3.22.0.1
Taxes - Effective Tax Rate Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Tax Credit Carryforward [Line Items]      
Foreign tax credit carryforward, valuation allowance   $ 35  
(Benefit) provision for income taxes $ 266 (257) $ 240
Employee Retention Credit, CARES Act      
Tax Credit Carryforward [Line Items]      
(Benefit) provision for income taxes   (8)  
Employee Retention Credit, CARES Act | Owned and leased hotels      
Tax Credit Carryforward [Line Items]      
(Benefit) provision for income taxes   (30)  
Employee Retention Credit, CARES Act | Managed Properties      
Tax Credit Carryforward [Line Items]      
(Benefit) provision for income taxes   $ (22)  
v3.22.0.1
Taxes - Effective Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Statutory U.S. federal income tax rate 21.00% 21.00% 21.00%
State income taxes—net of federal tax benefit 24.10% 4.00% 2.70%
Impact of foreign operations (excluding unconsolidated hospitality ventures losses) (37.00%) (2.30%) (2.00%)
U.S. net operating loss carryback benefit at 35% (4.10%) 11.50% 0.00%
U.S. foreign tax credits (18.60%) (2.30%) 0.00%
Change in valuation allowances 567.70% (1.60%) 1.00%
Foreign unconsolidated hospitality ventures 20.00% (1.00%) 0.50%
Tax contingencies 9.20% (2.10%) 0.30%
Other 21.20% (0.40%) 0.40%
Effective income tax rate 603.50% 26.80% 23.90%
v3.22.0.1
Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets related to:    
Foreign net operating losses and credit carryforwards $ 181 $ 82
Loyalty program 155 133
Employee benefits 148 134
Federal and state net operating losses and credit carryforwards 112 36
Long-term operating lease liabilities 90 98
Deferred revenues 79 18
Interest deduction limitations 58 5
Allowance for uncollectible assets 28 40
Unrealized losses 13 23
Investments 10 36
Other 42 16
Valuation allowance (478) (82)
Total deferred tax assets 438 539
Deferred tax liabilities related to:    
Intangibles (231) (61)
Property and equipment (128) (131)
Operating ROU assets (98) (102)
Investments (23) (52)
Prepaid expenses (21) (19)
Unrealized gains (5) (3)
Other (11) (12)
Total deferred tax liabilities (517) (380)
Net deferred tax assets (liabilities) (79)  
Net deferred tax assets (liabilities)   159
Deferred tax assets—noncurrent 14 207
Deferred tax liabilities—noncurrent $ (93) $ (48)
v3.22.0.1
Taxes - Unrecognized Taxes Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Contingency        
Valuation allowance $ 478 $ 82    
Deferred tax assets, operating loss carryforwards 271      
Federal and state net operating losses and credit carryforwards 22      
Operating loss carryforwards, valuation allowance 275      
Undistributed earnings of foreign subsidiaries 61      
Unrecognized tax benefits 205 146 $ 125 $ 116
Amount of unrecognized tax benefits that would impact effective tax rate if recognized 186 49 36  
Unrecognized tax benefits, increase resulting from current period tax positions 12 24 21  
Unrecognized tax benefits, income tax penalties and interest accrued 93 26 22  
Income tax examination, penalties and interest expense (benefit) 8 6 5 $ 0
Expiration Period 2022 To 2041        
Income Tax Contingency        
Deferred tax assets, operating loss carryforwards expiring 92      
Foreign Tax Authority        
Income Tax Contingency        
Deferred tax assets, operating loss carryforwards, not subject to expiration 201      
Domestic tax authority        
Income Tax Contingency        
Unrecognized tax benefits, increase resulting from current period tax positions 59 $ 21 $ 9  
Possible settlement with taxing authority        
Income Tax Contingency        
Estimated income tax liability based on taxing authority's assessment 223      
Estimated interest, net of federal tax benefit, included in taxing authority assessment 65      
Apple Leisure Group        
Income Tax Contingency        
Increase in deferred tax assets, operating loss carryforwards 175      
Increase interest deduction limitations 53      
Valuation allowance 251      
Deferred tax liabilities, intangible assets period increase (decrease) $ 170      
v3.22.0.1
Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrecognized Tax Benefits      
Unrecognized tax benefits—beginning balance $ 146 $ 125 $ 116
Total increases—current-period tax positions 12 24 21
Total increases (decreases)—prior-period tax positions 50    
Total increases (decreases)—prior-period tax positions   (3) (7)
Settlements (1) 0 (3)
Lapse of statute of limitations (2) (6) (3)
Foreign currency fluctuation 0 0  
Foreign currency fluctuation     1
Unrecognized tax benefits—ending balance $ 205 $ 146 $ 125
v3.22.0.1
Commitments and Contingencies - Commitments, Guarantees Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Loss Contingencies      
Guarantor obligations, liability (asset), current carrying value   $ 3  
Performance guarantees      
Loss Contingencies      
Remaining maximum exposure $ 99    
Guarantor obligations, liability (asset), current carrying value 52 16 $ 33
Performance Test Clause Guarantee      
Loss Contingencies      
Guarantor obligations, liability (asset), current carrying value 7    
Other long-term liabilities | Performance guarantees      
Loss Contingencies      
Guarantor obligations, liability (asset), current carrying value 41 6  
Accrued expenses and other current liabilities | Performance guarantees      
Loss Contingencies      
Guarantor obligations, liability (asset), current carrying value 11 $ 10  
Various Business Ventures      
Loss Contingencies      
Commitment to loan or investment $ 353    
v3.22.0.1
Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Guarantor Obligations      
Beginning Balance $ 3    
Amortization of initial guarantee obligation liability into income (3) $ (8) $ (18)
Performance guarantee expense, net 10 57 42
Ending Balance   3  
Performance guarantees      
Guarantor Obligations      
Beginning Balance 16 33  
Initial guarantee obligation liability 37 0  
Amortization of initial guarantee obligation liability into income (3) (8)  
Performance guarantee expense, net 10 57  
Payments during the year (9) (67)  
Foreign currency exchange, net 1 1  
Ending Balance 52 16 33
Four managed hotels in France | Performance guarantees      
Guarantor Obligations      
Beginning Balance 0 20  
Initial guarantee obligation liability 0 0  
Amortization of initial guarantee obligation liability into income 0 (4)  
Performance guarantee expense, net 0 26  
Payments during the year 0 (43)  
Foreign currency exchange, net 0 1  
Ending Balance 0 0 20
Other performance guarantees | Performance guarantees      
Guarantor Obligations      
Beginning Balance 16 13  
Initial guarantee obligation liability 37 0  
Amortization of initial guarantee obligation liability into income (3) (4)  
Performance guarantee expense, net 10 31  
Payments during the year (9) (24)  
Foreign currency exchange, net 1 0  
Ending Balance $ 52 $ 16 $ 13
v3.22.0.1
Commitments and Contingencies - Debt Repayment and Other Guarantee (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Loss Contingencies    
Guarantor obligations, carrying value, noncurrent $ 92 $ 31
Debt repayment and other guarantees    
Loss Contingencies    
Maximum potential future payments 362  
Maximum exposure net of recoverability from third parties 265  
Guarantor obligations, carrying value, noncurrent 51 25
Debt repayment and other guarantees | Hotel properties in India    
Loss Contingencies    
Maximum potential future payments 197  
Maximum exposure net of recoverability from third parties 197  
Guarantor obligations, carrying value, noncurrent 33 0
Debt repayment and other guarantees | Hotel Properties In Tennessee    
Loss Contingencies    
Maximum potential future payments 44  
Maximum exposure net of recoverability from third parties 14  
Guarantor obligations, carrying value, noncurrent 5 8
Debt repayment and other guarantees | Hotel Properties in Pennsylvania    
Loss Contingencies    
Maximum potential future payments 28  
Maximum exposure net of recoverability from third parties 11  
Guarantor obligations, carrying value, noncurrent 1 1
Debt repayment and other guarantees | Hotel property in Massachusetts    
Loss Contingencies    
Maximum potential future payments 27  
Maximum exposure net of recoverability from third parties 14  
Guarantor obligations, carrying value, noncurrent 2 4
Debt repayment and other guarantees | Hotel Properties in Georgia    
Loss Contingencies    
Maximum potential future payments 27  
Maximum exposure net of recoverability from third parties 13  
Guarantor obligations, carrying value, noncurrent 2 4
Debt repayment and other guarantees | Hotel Property In Mexico    
Loss Contingencies    
Maximum potential future payments 20  
Maximum exposure net of recoverability from third parties 10  
Guarantor obligations, carrying value, noncurrent 7 0
Debt repayment and other guarantees | Other    
Loss Contingencies    
Maximum potential future payments 19  
Maximum exposure net of recoverability from third parties 6  
Guarantor obligations, carrying value, noncurrent 1 $ 8
Joint venture | Debt repayment and other guarantees | Hotel properties in India    
Loss Contingencies    
Maximum exposure net of recoverability from third parties $ 100  
Ownership interest 50.00%  
v3.22.0.1
Commitments and Contingencies - Additional Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Loss Contingencies    
Guarantees, fair value disclosure $ 87,000,000 $ 66,000,000
Self Insurance reserve, current 34,000,000 37,000,000
Self-insurance liabilities, noncurrent 66,000,000 $ 67,000,000
Surety bonds 47,000,000  
Maximum    
Loss Contingencies    
Estimate of possible loss 18,000,000  
Letter of Credit    
Loss Contingencies    
Letters of credit outstanding 283,000,000  
Reducing capacity under revolving credit facility $ 7,000,000  
Various US    
Loss Contingencies    
Multiemployer plans, collective-bargaining arrangement, percentage of participants 23.00%  
v3.22.0.1
Stockholders' Equity and Comprehensive Loss - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share Repurchase      
Stock repurchase program, authorized amount     $ 750,000,000
Stock repurchase program, remaining authorized repurchase amount $ 928,000,000    
Common Stock Issuance      
Common stock net issuance costs $ 25,000,000 $ 0 $ 0
Public Offering      
Common Stock Issuance      
Common stock price (in dollars per share) $ 74.50    
Number of shares issued (in shares) 8,050,000    
Net proceeds $ 575,000,000    
Common stock net issuance costs $ 25,000,000    
Over-Allotment Option      
Common Stock Issuance      
Number of shares issued (in shares) 1,050,000    
Pritzker Family Business Interests      
Common Stock      
Percent of Class B Common Stock owned (percentage) 96.20%    
Percent of outstanding shares of Common Stock (percentage) 52.40%    
Percent of total voting power, Common Stock (percentage) 88.80%    
Pritzker Family Business Interests | Maximum      
Common Stock      
Percent of Class A Common Stock owned (percentage) 0.50%    
Other Business Interests With Significant Ownership Percentage      
Common Stock      
Percent of Class B Common Stock owned (percentage) 3.80%    
Percent of outstanding shares of Common Stock (percentage) 2.10%    
Percent of total voting power, Common Stock (percentage) 3.50%    
v3.22.0.1
Stockholders' Equity and Comprehensive Loss - Share Repurchase (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]      
Total number of shares repurchased (in shares) 0 827,643 5,621,281
Aggregate purchase price $ 0 $ 69 $ 421
Shares repurchased as a percentage of total common stock outstanding 0.00% 1.00% 5.00%
Weighted average      
Equity, Class of Treasury Stock [Line Items]      
Weighted-average price per share (in dollars per share) $ 0 $ 84.08 $ 74.85
v3.22.0.1
Stockholders' Equity and Comprehensive Loss - Dividend (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 09, 2020
Feb. 13, 2020
Dec. 09, 2019
Oct. 30, 2019
Sep. 09, 2019
Jul. 31, 2019
Jun. 10, 2019
May 17, 2019
Mar. 11, 2019
Feb. 13, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]                          
Dividends                     $ 0 $ 20 $ 80
Cash dividend (in dollars per share) $ 0.20   $ 0.19   $ 0.19   $ 0.19   $ 0.19     $ 0.20 $ 0.19
Cash dividends declared (in dollars per share)   $ 0.20   $ 0.19   $ 0.19   $ 0.19   $ 0.19      
Class A common stock                          
Class of Stock [Line Items]                          
Dividends                     0 $ 7 $ 29
Class B common stock                          
Class of Stock [Line Items]                          
Dividends                     $ 0 $ 13 $ 51
v3.22.0.1
Stockholders' Equity and Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period $ 3,214 $ 3,967
Balance, end of period 3,566 3,214
Interest Rate Contract    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Reclassification from AOCI, current period, tax 2  
Foreign currency translation adjustments (a)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period (145) (183)
Current period other comprehensive income (loss) before reclassification (34) 13
Amount reclassified from accumulated other comprehensive loss (27) 25
Balance, end of period (206) (145)
Unrealized gains (losses) on AFS debt securities    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period 1 1
Current period other comprehensive income (loss) before reclassification (2) 0
Amount reclassified from accumulated other comprehensive loss 0 0
Balance, end of period (1) 1
Unrecognized pension cost    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period (7) (9)
Current period other comprehensive income (loss) before reclassification 3 2
Amount reclassified from accumulated other comprehensive loss 0 0
Balance, end of period (4) (7)
Unrealized gains (losses) on derivative instruments    
Accumulated Other Comprehensive Loss    
Losses to be reclassified over the next 12 months (6)  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period (41) (18)
Current period other comprehensive income (loss) before reclassification 0 (27)
Amount reclassified from accumulated other comprehensive loss 7 4
Balance, end of period (34) (41)
Accumulated other comprehensive loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance, beginning of period (192) (209)
Current period other comprehensive income (loss) before reclassification (33) (12)
Amount reclassified from accumulated other comprehensive loss (20) 29
Balance, end of period $ (245) $ (192)
v3.22.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award      
Number of shares authorized for share based compensation (in shares) 22,375,000    
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Granted (in dollars per share) $ 82.02 $ 80.95 $ 77.95
Awards vested, fair value $ 4 $ 4 $ 4
Intrinsic value, nonvested $ 33    
SARs      
Share-based Compensation Arrangement by Share-based Payment Award      
Granted (in dollars per share) $ 28.68 $ 8.88 $ 17.11
Exercised intrinsic value $ 31 $ 14 $ 16
Outstanding intrinsic value 166    
Exercisable intrinsic value $ 107    
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Granted (in dollars per share) $ 81.59 $ 50.28 $ 72.32
Awards vested, fair value $ 34 $ 18 $ 25
Intrinsic value, nonvested $ 116    
v3.22.0.1
Stock-Based Compensation - Compensation Expense Related To Long-Term Incentive Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation expense $ 50 $ 24 $ 35
SARs      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation expense 10 11 11
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation expense 23 19 17
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation expense 17 (6) 6
Other      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation expense $ 0 $ 0 $ 1
v3.22.0.1
Stock-Based Compensation - Income Tax Benefit Share Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award      
Employee service share-based compensation, tax benefit $ 5 $ 4 $ 10
SARs      
Share-based Compensation Arrangement by Share-based Payment Award      
Employee service share-based compensation, tax benefit 0 0 3
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Employee service share-based compensation, tax benefit 4 4 5
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award      
Employee service share-based compensation, tax benefit $ 1 $ 0 $ 2
v3.22.0.1
Stock-Based Compensation - Summary of SAR Activity (Details) - SARs - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Unit    
Beginning balance (in shares) 4,677,013  
Granted (in shares) 396,889  
Exercised (in shares) (652,582)  
Forfeited or expired (in shares) (14,854)  
Ending balance (in shares) 4,406,466 4,677,013
Exercisable (in shares) 2,654,393  
Weighted-average grant date fair value    
Beginning balance (in dollars per share) $ 54.90  
Granted (in dollars per share) 80.46  
Exercised (in dollars per share) 47.67  
Forfeited or canceled (in dollars per share) 60.65  
Ending balance (in dollars per share) 58.25 $ 54.90
Exercisable, weighted average exercise price (in dollars per share) $ 55.78  
Weighted-average remaining contractual term    
Outstanding, weighted average remaining contractual term 6 years 1 month 20 days 6 years 4 months 13 days
Exercisable, weighted average contractual term 4 years 9 months 29 days  
v3.22.0.1
Stock-Based Compensation - SAR Valuation Assumptions (Details) - SARs - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award      
Exercise price (in dollars per share) $ 80.46 $ 48.66 $ 71.67
Expected life in years 6 years 2 months 26 days 6 years 2 months 26 days 6 years 3 months
Risk-free interest rate 1.10% 0.66% 2.40%
Expected volatility 34.49% 22.92% 22.51%
Annual dividend yield 0.00% 1.64% 1.06%
v3.22.0.1
Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unit      
Beginning balance (in shares) 1,031,190    
Granted (in shares) 626,340    
Vested (in shares) (406,611)    
Forfeited or canceled (in shares) (42,422)    
Ending balance (in shares) 1,208,497 1,031,190  
Weighted-average grant date fair value      
Beginning balance (in dollars per share) $ 58.54    
Granted (in dollars per share) 81.59 $ 50.28 $ 72.32
Vested (in dollars per share) 60.49    
Forfeited or canceled (in dollars per share) 64.06    
Ending balance (in dollars per share) $ 69.64 $ 58.54  
v3.22.0.1
Stock-Based Compensation - Summary of PSU and PS Activity (Details) - PSUs - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unit      
Beginning balance (in shares) 346,499    
Granted (in shares) 153,256    
Vested (in shares) (50,088)    
Forfeited or canceled (in shares) (109,872)    
Ending balance (in shares) 339,795 346,499  
Weighted-average grant date fair value      
Beginning balance (in dollars per share) $ 80.16    
Granted (in dollars per share) 82.02 $ 80.95 $ 77.95
Vested (in dollars per share) 82.10    
Forfeited or canceled (in dollars per share) 78.98    
Ending balance (in dollars per share) $ 81.09 $ 80.16  
v3.22.0.1
Stock-Based Compensation - Unearned Compensation (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
SARs  
Share-based Compensation Arrangement by Share-based Payment Award  
Future compensation expense $ 2
Future compensation expense, period for recognition 3 years
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award  
Future compensation expense $ 33
PSUs  
Share-based Compensation Arrangement by Share-based Payment Award  
Future compensation expense $ 14
v3.22.0.1
Related-Party Transactions - Legal Services Narrative (Details) - Family member of management - Related party legal services - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction      
Legal services $ 9 $ 7 $ 6
Due (to) from related party $ 0 $ 0  
v3.22.0.1
Related-Party Transactions - Equity Method Investments Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Minimum      
Related Party Transaction      
Ownership interest 24.00%    
Maximum      
Related Party Transaction      
Ownership interest 50.00%    
Equity method investments      
Related Party Transaction      
Management and franchise fees revenues $ 11 $ 6 $ 22
Guarantee fees 6 3 $ 4
Due (to) from related party $ 29 $ 15  
v3.22.0.1
Related-Party Transactions - Other Services Narrative (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Limited Partnership Affiliated with Executive Chairman | Management And Franchise Agreement  
Related Party Transaction  
Receivables due from related parties $ 0
v3.22.0.1
Related-Party Transactions - Class B Share Conversion (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class B common stock      
Related Party Transaction      
Conversion of stock, shares converted (in shares) 2,385,647 3,424,356 975,170
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01  
Class A common stock      
Related Party Transaction      
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01 $ 0.01
v3.22.0.1
Related-Party Transactions - Class B Shares Repurchased (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction      
Stock repurchased and retired during period (in shares) 0 827,643 5,621,281
Stock repurchased and retired during period   $ 69 $ 421
Percent of stock outstanding repurchased during period 0.00% 1.00% 5.00%
Class B common stock      
Related Party Transaction      
Stock repurchased and retired during period (in shares)     677,384
Stock repurchased and retired during period (in dollars per share)     $ 74.21
Stock repurchased and retired during period     $ 50
Percent of stock outstanding repurchased during period     1.00%
v3.22.0.1
Segment and Geographic Information - Summarized Consolidated Financial Information by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information      
Revenue $ 3,028 $ 2,066 $ 5,020
Adjusted EBITDA 257 (177) 754
Depreciation and amortization 310 310 329
Capital expenditures 111 122 369
Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue 1,752 1,328 2,781
Adjusted EBITDA 231 90 380
Depreciation and amortization 22 22 24
Capital expenditures 1 1 2
Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue 164 134 247
Adjusted EBITDA 29 24 87
Depreciation and amortization 3 3 3
Capital expenditures 0 0 1
Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue 97 68 152
Adjusted EBITDA 17 (15) 49
Depreciation and amortization 0 1 1
Capital expenditures 4 2 0
Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 166    
Adjusted EBITDA 4 0 0
Depreciation and amortization 22 0 0
Capital expenditures 4 0 0
Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 41 38 67
Adjusted EBITDA (116) (130) (152)
Depreciation and amortization 33 41 42
Capital expenditures 22 8 35
Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 855 525 1,883
Adjusted EBITDA 91 (148) 389
Depreciation and amortization 230 243 259
Capital expenditures 80 111 331
Intersegment Eliminations      
Segment Reporting Information      
Revenue (47) (27) (110)
Adjusted EBITDA 1 2 1
Intersegment Eliminations | Americas management and franchising      
Segment Reporting Information      
Revenue (29) (14) (64)
Intersegment Eliminations | ASPAC management and franchising      
Segment Reporting Information      
Revenue 0 0 (2)
Intersegment Eliminations | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue (3) (2) (10)
Intersegment Eliminations | Corporate and other      
Segment Reporting Information      
Revenue 2 1 1
Intersegment Eliminations | Owned and leased hotels      
Segment Reporting Information      
Revenue (17) (12) (35)
Owned and leased hotels revenues      
Segment Reporting Information      
Revenue 838 513 1,848
Owned and leased hotels revenues | Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue 0 0 0
Owned and leased hotels revenues | Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue 0 0 0
Owned and leased hotels revenues | Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue 0 0 0
Owned and leased hotels revenues | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 0    
Owned and leased hotels revenues | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 0 0 0
Owned and leased hotels revenues | Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 855 525 1,883
Owned and leased hotels revenues | Intersegment Eliminations      
Segment Reporting Information      
Revenue (17) (12) (35)
Management, franchise, and other fees      
Segment Reporting Information      
Revenue 418 239 608
Management, franchise, and other fees | Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue 277 152 439
Management, franchise, and other fees | Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue 72 61 136
Management, franchise, and other fees | Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue 43 23 83
Management, franchise, and other fees | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 21 0 0
Management, franchise, and other fees | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 37 19 26
Management, franchise, and other fees | Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 0 0 0
Management, franchise, and other fees | Intersegment Eliminations      
Segment Reporting Information      
Revenue (32) (16) (76)
Contra revenue      
Segment Reporting Information      
Revenue (35) (30) (22)
Contra revenue | Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue (19) (18) (15)
Contra revenue | Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue (4) (2) (2)
Contra revenue | Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue (12) (10) (5)
Contra revenue | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 0    
Contra revenue | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 0 0 0
Contra revenue | Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 0 0 0
Contra revenue | Intersegment Eliminations      
Segment Reporting Information      
Revenue 0 0 0
Other revenues      
Segment Reporting Information      
Revenue 109 58 125
Other revenues | Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue 84 42 89
Other revenues | Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue 0 0 0
Other revenues | Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue 0 0 0
Other revenues | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 19 0 0
Other revenues | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 4 15 35
Other revenues | Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 0 0 0
Other revenues | Intersegment Eliminations      
Segment Reporting Information      
Revenue 2 1 1
Distribution and destination management revenues | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 115 0 0
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Segment Reporting Information      
Revenue 1,583 1,286 2,461
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | Americas management and franchising      
Segment Reporting Information      
Revenue 1,410 1,152 2,268
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | ASPAC management and franchising      
Segment Reporting Information      
Revenue 96 75 113
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | EAME/SW Asia management and franchising      
Segment Reporting Information      
Revenue 66 55 74
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | Apple Leisure Group      
Segment Reporting Information      
Revenue 11 0 0
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue 0 4 6
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Operating Segments | Owned and leased hotels      
Segment Reporting Information      
Revenue 0 0 0
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | Intersegment Eliminations      
Segment Reporting Information      
Revenue 0 0 0
Revenues | Operating Segments | Corporate and other      
Segment Reporting Information      
Revenue $ 41 $ 34 $ 61
v3.22.0.1
Segment and Geographic Information - Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information    
Assets $ 12,603 $ 9,129
Owned and leased hotels    
Segment Reporting Information    
Assets 3,585 4,006
Americas management and franchising    
Segment Reporting Information    
Assets 1,137 1,055
ASPAC management and franchising    
Segment Reporting Information    
Assets 205 235
EAME/SW Asia management and franchising    
Segment Reporting Information    
Assets 280 254
Apple Leisure Group    
Segment Reporting Information    
Assets 5,003 0
Corporate and other    
Segment Reporting Information    
Assets $ 2,393 $ 3,579
v3.22.0.1
Segment and Geographic Information - Schedule of Revenues from External Customers and Long-Lived Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets      
Revenue $ 3,028 $ 2,066 $ 5,020
Property and equipment, net, intangibles, net and goodwill 8,236 4,273  
United States      
Revenues from External Customers and Long-Lived Assets      
Revenue 2,311 1,730 4,142
Property and equipment, net, intangibles, net and goodwill 4,416 3,435  
All foreign      
Revenues from External Customers and Long-Lived Assets      
Revenue 717 336 $ 878
Property and equipment, net, intangibles, net and goodwill $ 3,820 $ 838  
v3.22.0.1
Segment and Geographic Information - Reconciliation of Net Income attributable to Hyatt Hotels Corporation to EBITDA and a Reconciliation of EBITDA to Consolidated Adjusted EBITDA (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information      
Net income (loss) attributable to Hyatt Hotels Corporation $ (222) $ (703) $ 766
Interest expense 163 128 75
(Benefit) provision for income taxes 266 (257) 240
Depreciation and amortization 310 310 329
EBITDA 517 (522) 1,410
Revenue 3,028 2,066 5,020
Equity (earnings) losses from unconsolidated hospitality ventures (28) 70 10
Stock-based compensation expense 50 24 35
(Gains) losses on sales of real estate and other (414) 36 (723)
Asset impairments 8 62 18
Other (income) loss, net 19 92 (127)
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA 14 (13) 50
Adjusted EBITDA 257 (177) 754
Contra revenue      
Segment Reporting Information      
Revenue (35) (30) (22)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties      
Segment Reporting Information      
Revenue 1,583 1,286 2,461
Costs incurred on behalf of managed and franchised properties      
Segment Reporting Information      
Costs incurred on behalf of managed and franchised properties 1,639 1,375 2,520
Costs incurred on behalf of managed and franchised properties that we do not intend to recover from hotel owners      
Segment Reporting Information      
Revenue $ 0 $ 45 $ 0
v3.22.0.1
Earnings (Losses) Per Share - Schedule of the Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Numerator:      
Net income (loss) $ (222) $ (703) $ 766
Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ (222) $ (703) $ 766
Denominator:      
Basic weighted-average shares outstanding (in shares) 103,970,738 101,325,394 104,590,383
Share-based compensation (in shares) 0 0 1,702,021
Diluted weighted-average shares outstanding (in shares) 103,970,738 101,325,394 106,292,404
Basic Earnings (Losses) Per Share:      
Net income (loss) - basic (in dollars per share) $ (2.13) $ (6.93) $ 7.33
Net income (loss) attributable to noncontrolling interests (in dollars per share) 0 0 0
Net income (loss) attributable to Hyatt Hotels Corporation - Basic (in dollars per share) (2.13) (6.93) 7.33
Diluted Earnings (Losses) Per Share:      
Net income (loss) - diluted (in dollars per share) (2.13) (6.93) 7.21
Net income (loss) attributable to noncontrolling interests (in dollars per share) 0 0 0
Net income (loss) attributable to Hyatt Hotels Corporation - Diluted (in dollars per share) $ (2.13) $ (6.93) $ 7.21
v3.22.0.1
Earnings (Losses) Per Share - Anti-dilutive Shares Issued (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SARs      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from the computations of earnings per share (in shares) 1,275,400 767,400 13,000
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from the computations of earnings per share (in shares) 563,700 522,300 0
PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Antidilutive securities excluded from the computations of earnings per share (in shares) 105,400 0 0
v3.22.0.1
Other Income (Loss), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other Income and Expenses [Abstract]      
Transaction costs (Note 7) $ (46) $ 0 $ (1)
Credit losses (Note 4 and Note 6) (22) (29) 0
Performance guarantee expense, net (Note 15) (10) (57) (42)
Restructuring expenses (3) (73) 0
Gain on sale of contractual right (Note 7) 0 0 16
Release of contingent consideration liability 0 1 30
Release and amortization of debt repayment guarantee liability 1 1 18
Performance guarantee liability amortization (Note 15) 3 8 18
Unrealized gains (losses), net (Note 4) 14 (13) 26
Depreciation recovery 17 23 25
Interest income 28 30 25
Other, net (1) 17 12
Other income (loss), net $ (19) $ (92) $ 127
v3.22.0.1
Other Income (Loss), Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Equity Method Investments      
Restructuring Charges $ 3 $ 73 $ 0
Release and amortization of debt repayment guarantee liability $ 1 1 18
Hotel Property in Washington      
Schedule of Equity Method Investments      
Release and amortization of debt repayment guarantee liability     15
Two Roads Hospitality LLC      
Schedule of Equity Method Investments      
Contingent liability   1 $ 30
COVID-19 Pandemic      
Schedule of Equity Method Investments      
Restructuring Charges   $ 73  
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Trade receivables—allowance for credit losses      
Valuation and Qualifying Accounts Disclosure      
Balance at beginning of period $ 56 $ 32 $ 26
Additions charged to revenues, costs, and expenses 4 35 14
Additions charged to other accounts 0 2 0
Deductions (7) (13) (8)
Balance at  end of period 53 56 32
Financing receivables—allowance for credit losses      
Valuation and Qualifying Accounts Disclosure      
Balance at beginning of period 114 100 101
Additions charged to revenues, costs, and expenses 7 29 6
Additions charged to other accounts 9 2 (1)
Deductions (61) (17) (6)
Balance at  end of period 69 114 100
Financing receivables—allowance for credit losses | Apple Leisure Group      
Valuation and Qualifying Accounts Disclosure      
Additions charged to other accounts 12    
Deferred tax assets—valuation allowance      
Valuation and Qualifying Accounts Disclosure      
Balance at beginning of period 82 41 41
Additions charged to revenues, costs, and expenses 242 41 6
Additions charged to other accounts 154 0 0
Deductions 0 0 (6)
Balance at  end of period $ 478 $ 82 $ 41