Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2018 |
Apr. 27, 2018 |
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Document Information | ||
Entity Registrant Name | Hyatt Hotels Corp | |
Entity Central Index Key | 0001468174 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | h | |
Common Class A | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 46,469,910 | |
Common Class B | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 70,496,643 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 411 | $ 55 |
Other comprehensive income, net of taxes: | ||
Foreign currency translation adjustments, net of tax expense of $- for each of the three months ended March 31, 2018 and March 31, 2017 | 23 | 41 |
Unrealized gains on available-for-sale debt securities, net of tax expense of $- for each of the three months ended March 31, 2018 and March 31, 2017, and unrealized gains on available-for-sale equity securities, net of tax expense of $21 for the three months ended March 31, 2017 | 0 | 34 |
Other comprehensive income | 23 | 75 |
COMPREHENSIVE INCOME | 434 | 130 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ 434 | $ 130 |
Condensed Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, net of tax expense | $ 0 | $ 0 |
Unrealized gains on available-for-sale debt securities tax | $ 0 | 0 |
Unrealized gains on available-for-sale equity securities tax | $ 21 |
Condensed Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Allowance for doubtful accounts receivable, current | $ 23 | $ 21 |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares, outstanding (in shares) | 47,515,803 | 48,231,149 |
Common stock, shares, issued (in shares) | 47,515,803 | 48,231,149 |
Common Class B | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 402,613,149 | 402,748,249 |
Common stock, shares, outstanding (in shares) | 70,496,643 | 70,753,837 |
Common stock, shares, issued (in shares) | 70,496,643 | 70,753,837 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2018 |
Mar. 31, 2017 |
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CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 411 | $ 55 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gains on sales of real estate | (529) | 0 |
Depreciation and amortization | 83 | 87 |
Deferred income taxes | (10) | (16) |
Equity losses from unconsolidated hospitality ventures | 13 | 3 |
Realized losses | 1 | 41 |
Working capital changes and other | 85 | (29) |
Net cash provided by operating activities | 54 | 141 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities and short-term investments | (97) | (111) |
Proceeds from marketable securities and short-term investments | 104 | 119 |
Contributions to equity method and other investments | (10) | (8) |
Return of equity method and other investments | 12 | 200 |
Acquisitions, net of cash acquired | 0 | (245) |
Capital expenditures | (60) | (50) |
Proceeds from sales of real estate, net of cash disposed | 992 | 0 |
Other investing activities | (6) | (1) |
Net cash provided by (used in) investing activities | 935 | (96) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt | 20 | 180 |
Repayments of debt | (21) | (3) |
Repurchases of common stock | (75) | (348) |
Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary | 0 | 9 |
Repayments of redeemable noncontrolling interest in preferred shares in a subsidiary | (10) | 0 |
Dividends paid | (18) | 0 |
Other financing activities | (5) | (4) |
Net cash used in financing activities | (109) | (166) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (3) | 1 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 877 | (120) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR | 752 | 573 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD | $ 1,629 | $ 453 |
Condensed Consolidated Statements of Cash Flows - Supplemental Disclosure Information - USD ($) $ in Millions |
3 Months Ended | ||||
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Mar. 31, 2018 |
Mar. 31, 2017 |
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||
Cash and cash equivalents | $ 1,160 | $ 374 | |||
Restricted cash | [1] | 450 | 64 | ||
Restricted cash included in other assets | [1] | 19 | 15 | ||
Total cash, cash equivalents, and restricted cash | 1,629 | 453 | |||
Cash paid during the period for interest | 35 | 37 | |||
Cash paid during the period for income taxes | 10 | 10 | |||
Non-cash investing and financing activities are as follows: | |||||
Non-cash contributions to equity method investments | 4 | 0 | |||
Change in accrued capital expenditures | $ 1 | $ 17 | |||
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Organization |
3 Months Ended |
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Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality and other services on a worldwide basis through the development, ownership, operation, management, franchising, and licensing of hospitality and wellness related businesses. We develop, own, operate, manage, franchise, license, or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts, and other properties, including branded spas and fitness studios, and timeshare, fractional, and other forms of residential or vacation properties. At March 31, 2018, (i) we operated or franchised 334 full service hotels, comprising 128,893 rooms throughout the world, (ii) we operated or franchised 394 select service hotels, comprising 55,937 rooms, of which 345 hotels are located in the United States, and (iii) our portfolio included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms, and 3 destination wellness resorts, comprising 399 rooms. At March 31, 2018, our portfolio of properties operated in 58 countries around the world. As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Hyatt," "Company," "we," "us", or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries and (ii) the term "portfolio of properties" refers to hotels and other properties, including branded spas and fitness studios and residential vacation ownership units, that we develop, own, operate, manage, franchise, license, or provide services to, including under our Park Hyatt, Miraval, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva, Hyatt Zilara, exhale, and Hyatt Residence Club brands. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the "2017 Form 10-K"). We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods. |
Recently Issued Accounting Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Our significant accounting policies are detailed in Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 2 to our Consolidated Financial Statements" within the 2017 Form 10-K. Upon adoption of Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606) and Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, our accounting policies have been updated as follows: Revenue Recognition—Our revenues are primarily derived from the following products and services and are generally recognized when control of the product or service has transferred to the customer:
Gains on Sales of Real Estate—Gains on sales of real estate are generally recognized when control of the property transfers to the buyer and recognized through gains on sales of real estate in our condensed consolidated statements of income. Equity Method Investments—We have investments in unconsolidated hospitality ventures recorded under the equity method. These investments are an integral part of our business and are strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. We assess investments in unconsolidated hospitality ventures for impairment quarterly. Debt and Equity Securities—Debt and equity securities consist of various investments, excluding equity securities classified as equity method investments:
AFS and HTM debt securities are assessed for impairment quarterly. Loyalty Program—We administer the loyalty program for the benefit of the Hyatt portfolio of properties owned, operated, managed, franchised, or licensed by us during the period of their participation in the loyalty program. The loyalty program is primarily funded through contributions from eligible revenues from loyalty program members, and the funds are used for the redemption of member awards associated with the loyalty program and payment of operating expenses. The costs of operating the loyalty program, including the estimated cost of award redemption, are charged to the participating properties based on members' qualified expenditures. The revenues received from the properties are deferred, and revenue is recognized as loyalty points are redeemed, net of redemption expense, through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. Operating costs are expensed as incurred through costs incurred on behalf of managed and franchised properties. We actuarially determine the amount to recognize as revenue when points are redeemed, based on statistical formulas that estimate the timing of future point redemptions based on historical experience, including an estimate of breakage for points that will not be redeemed, and an estimate of the points that will eventually be redeemed. Any revenue in excess of the anticipated future redemptions is used to fund the operational expenses of the program. The loyalty program is financed by payments from the properties and returns on marketable securities. The program invests amounts received from the properties in marketable securities which are included in other current and noncurrent assets (see Note 4). The current and noncurrent liabilities of the loyalty program are classified as contract liabilities (see Note 3). Adopted Accounting Standards Revenue from Contracts with Customers—In May 2014, the Financial Accounting Standards Board ("FASB") released ASU 2014-09. ASU 2014-09 supersedes the requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. Subsequently, the FASB issued several related ASUs which further clarify the application of the standard including ASU 2015-14, which delayed the effective date by one year making it effective for interim and fiscal years beginning after December 14, 2017. We adopted ASU 2014-09, and all related ASUs, utilizing the full retrospective transition method on January 1, 2018, which required us to adjust each prior reporting period presented. The adoption of ASU 2014-09 impacts the timing of the recognition of gains on sales of real estate subject to a long-term management agreement, and the associated impact to deferred tax assets (see Note 11), the classification of Contra Revenue, and the timing of revenue recognition related to incentive fees. However, we do not expect the new standard to have a significant impact on incentive fee revenue on a full-year basis. The adoption of ASU 2014-09 also impacts the timing of revenue recognition related to the loyalty program and as a result of the change, we recorded an increase of $116 million to the contract liability related to the loyalty program as of January 1, 2018. Upon adoption of ASU 2014-09, we recognized a cumulative effect of a change in accounting principle through retained earnings, including a reclassification of $523 million related to deferred gains at January 1, 2018. We also reclassified certain management and franchise agreement assets from intangibles, net to other assets and certain current and long-term liabilities to current and long-term contract liabilities. Financial Instruments - Recognition, Measurement, Presentation, and Disclosure—In January 2016, the FASB released ASU 2016-01. ASU 2016-01 revised the accounting for equity investments, excluding those accounted for under the equity method, and the presentation and disclosure requirements for financial instruments. ASU 2016-01 superseded the guidance to classify equity securities with readily determinable fair values into different categories (i.e., trading versus AFS) and requires all equity securities to be measured at fair value on a recurring basis unless an equity security does not have a readily determinable fair value. Equity securities without a readily determinable fair value are remeasured at fair value only in periods in which an observable price change is available or upon identification of an impairment. All changes in fair value are recognized in net income on our condensed consolidated statements of income. On January 1, 2018, we adopted the provisions of ASU 2016-01 on a modified retrospective basis through a cumulative-effect adjustment to our opening condensed consolidated balance sheet. Upon adoption, unrealized gains of $68 million, net of tax, were reclassified from accumulated other comprehensive loss to opening retained earnings. Changes in fair value are recognized in other income (loss), net on our condensed consolidated statements of income. Accounting for Income Taxes - Intra-Entity Asset Transfers—In October 2016, the FASB released Accounting Standards Update No. 2016-16 ("ASU 2016-16"), Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted ASU 2016-16 on January 1, 2018 on a modified retrospective basis, resulting in a decrease of $4 million to retained earnings. Statement of Cash Flows - Restricted Cash—In November 2016, the FASB released Accounting Standards Update No. 2016-18 ("ASU 2016-18"), Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU 2016-18 requires amounts generally described as restricted cash to be included within cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the condensed consolidated statements of cash flows. We adopted the provisions of ASU 2016-18 on January 1, 2018 on a retrospective basis. Upon adoption of ASU 2016-18, restricted cash of $249 million, including $15 million which is recognized within other assets on our consolidated balance sheet at December 31, 2017, is included within the beginning balance of cash and cash equivalents on our condensed consolidated statement of cash flows for the three months ending March 31, 2018. The table below summarizes the effect on our condensed consolidated statements of cash flows for the three months ended March 31, 2017:
Business Combinations - Definition of a Business—In January 2017, the FASB released Accounting Standards Update No. 2017-01 ("ASU 2017-01"), Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Generally, our acquisitions of individual hotels were previously accounted for as business combinations, however, upon adoption of ASU 2017-01, there is an increased likelihood that certain acquisitions of individual hotels will be accounted for as asset acquisitions. We do not expect ASU 2017-01 to have a significant impact on our accounting for the disposition of assets as we generally account for disposals as sales of assets. We adopted ASU 2017-01 on January 1, 2018 on a prospective basis, and we will evaluate the impact of the standard on future transactions based on the relevant facts and circumstances. The impact of the changes made to our condensed consolidated financial statements as a result of the adoption of ASU 2014-09, ASU 2016-01, and ASU 2016-16 were as follows:
The adoption of ASU 2014-09 resulted in a reclassification of $3 million from investing into operating activities related to cash outflows representing payments to customers. There were no impacts to cash provided by or used in financing activities on our condensed consolidated statements of cash flows. Future Adoption of Accounting Standards Leases—In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability; the accounting for lessors remains largely unchanged. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. The real estate leases for a majority of our owned and leased hotels include contingent lease payments, which will be excluded from the impact of ASU 2016-02. We are currently evaluating the impact of adopting ASU 2016-02 and expect this ASU may have a material effect to our condensed consolidated financial statements. Financial Instruments - Credit Losses—In June 2016, the FASB released Accounting Standards Update No. ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recognized through an allowance for credit losses. The provisions of ASU 2016-13 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-13. |
Revenue Recognition Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations We provide products and services to our customers, which include third-party hotel owners, guests at owned and leased hotels and spa and fitness centers, and a third-party partner through our co-branded credit card program. The products and services offered by us are comprised of the following performance obligations:
Under the terms of certain management agreements, primarily within the United States, we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided and, therefore, we are the principal and revenues are recognized on a gross basis.
The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. The costs of operating the loyalty program are charged to the properties through an assessment fee based on members’ qualified expenditures. The assessment fee is billed and collected monthly, and the revenue received by the program is deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels, as we are an agent in the transaction. 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 hotels. When loyalty points are redeemed at owned and leased hotels, we recognize revenue through owned and leased hotels revenues on our condensed consolidated statements of income. The revenue recognized each period includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to estimate the ultimate redemption ratios used in the breakage calculations and to estimate the amount of revenue recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period.
Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenue generated through that channel. The determination of whether to recognize revenues gross or net of rebates and commission is made based on the terms of each contract. Due to the nature of our business, our fees are not significantly impacted by refunds or returns. Prepayments are refunded to hotel guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to service are generally recognized as an adjustment to the transaction price at the time the hotel stay occurs or services are rendered.
In exchange for the products and services provided, we receive fixed and variable consideration that is allocated between the performance obligations based upon the relative stand-alone selling prices. Significant judgment is involved in determining the relative stand-alone selling prices, and therefore, we engaged a third-party valuation specialist to assist us. We utilized a relief from royalty method to determine the revenue allocated to the license, which is recognized over time. We utilized observable transaction prices and adjusted market assumptions to determine the stand-alone selling price of a loyalty point and we utilized a cost plus margin approach to determine the stand-alone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption, net of redemption expenses, as we are deemed to be the agent in the transaction. 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 hotels. When loyalty points and free nights are redeemed at owned and leased hotels, we recognize revenue through owned and leased hotels revenues on our condensed consolidated statements of income. We satisfy the following performance obligations over time: the license of Hyatt’s symbolic IP, hotel management agreement services, administration of the loyalty program, and the license to our brand name through our co-branded credit card agreement. Each of these performance obligations is considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day. For each performance obligation satisfied over time, we recognize revenue using an output method based on the value transferred to the customer. Revenue is recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to be a faithful depiction of our progress in satisfying these performance obligations:
Within our management agreements, we have two performance obligations: providing a license to Hyatt’s IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenue using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition. Disaggregated Revenues The following tables present our revenues disaggregated by the nature of the product or service:
Contract Balances Our payments from customers are based on the billing terms established in our contracts. Customer billings are classified as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is classified as a contract asset. Under the terms of our management agreements, we earn incentive management fees based on a percentage of hotel profitability. The incentive fee may be contingent on the hotel achieving certain annual profitability targets. We recognize an incentive fee receivable each month to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent period. However, due to the profitability hurdles in the contract, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the annual profitability hurdle has been met, the incentive fee receivable balance will be reflected within accounts receivable. Our contract assets were $21 million and insignificant at March 31, 2018 and December 31, 2017, respectively. At March 31, 2018, the contract assets were included in receivables, net. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract asset balance to be insignificant at year-end. Payments received in advance of performance under the contract are classified as contract liabilities and recognized as revenue as we perform under the contract. Contract liabilities consisted of the following at March 31, 2018 and December 31, 2017:
At March 31, 2018 and December 31, 2017, the contract liabilities balances above include the following:
Revenue recognized during the three months ended March 31, 2018 and March 31, 2017 included in the contract liability balance at the beginning of each year was $224 million and $215 million, respectively. This revenue was primarily related to revenue from 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 $160 million at March 31, 2018, of which we expect to recognize approximately 45% of the revenue over the next 12 months and the remainder thereafter. We did not estimate revenues expected to be recognized related to our unsatisfied performance obligations for the following:
We elected to apply the practical expedient that permits the omission of prior period information about revenue allocated to future performance obligations under ASU 2014-09. Incremental Costs to Obtain a Contract We did not incur significant costs to obtain a contract and generally any costs are expensed as incurred, as the amortization period would be less than one year. |
Debt and Equity Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities | DEBT AND EQUITY SECURITIES We make investments in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments. Equity Method Investments
During the three months ended March 31, 2018, we sold our ownership interest in an equity method investment within our owned and leased hotels segment for which we received proceeds of $9 million. We recognized a gain of $8 million in equity losses from unconsolidated hospitality ventures on our condensed consolidated statements of income. During the three months ended March 31, 2017, an unconsolidated hospitality venture within our owned and leased hotels segment sold a Hyatt Place hotel. We received proceeds of $4 million and recognized a gain of $2 million in equity losses from unconsolidated hospitality ventures on our condensed consolidated statements of income. During the three months ended March 31, 2018, we recognized impairment charges of $16 million as a result of the buyout of our partner's interest in unconsolidated hospitality ventures in Brazil, which was initiated in the first quarter of 2018 and completed subsequent to March 31, 2018. The pending acquisition indicated a carrying value in excess of fair value, which was determined to be a Level Three fair value measure and was deemed other-than-temporary. Therefore, we recognized the impairment charges. During the three months ended March 31, 2017, we recognized insignificant impairment charges. These charges are recognized in equity losses from unconsolidated hospitality ventures on our condensed consolidated statements of income. The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
Marketable Securities We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. Additionally, we periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes. Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on our condensed consolidated balance sheets, were as follows:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund the loyalty program are recognized in other income (loss), net on our condensed consolidated statements of income:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund rabbi trusts are recognized in net gains and interest income from marketable securities held to fund rabbi trusts on our condensed consolidated statements of income:
Our captive insurance companies hold marketable securities which are classified as AFS debt securities and are invested in U.S. government agencies, time deposits, and corporate debt securities. We classify these investments as current or long-term, based on their contractual maturity dates, which range from 2018 through 2022. Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on our condensed consolidated balance sheets, were as follows:
During 2013, we invested in the common shares of Playa Hotels & Resorts B.V. ("Playa"), and we accounted for our common share investment as an equity method investment. In March 2017, Playa completed a business combination. Playa Hotels & Resorts N.V. ("Playa N.V.") is now publicly traded on the NASDAQ and our ownership percentage was diluted to 11.57%. As we no longer have the ability to significantly influence Playa N.V., our investment was recharacterized as an equity security with a readily determinable fair value in March 2017. The fair value of the common shares is classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information. The remeasurement of our investment at fair value resulted in unrealized losses of $7 million recognized in other income (loss), net for the period ending March 31, 2018 (see Note 18). We did not sell any shares of common stock during the quarter. Other Investments Preferred shares—During 2013, we also invested $271 million in Playa for convertible redeemable preferred shares which were classified as an AFS debt security. The fair value of the preferred shares was:
HTM Debt Securities—At March 31, 2018 and December 31, 2017, we held investments in HTM debt securities of $47 million, respectively, which are investments in third-party entities that own certain of our hotels and are recorded within other assets in our condensed consolidated balance sheets. The securities are mandatorily redeemable between 2020 and 2025. The amortized cost of our investments approximate fair value. We estimated the fair value of our investments using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. Based upon the lack of available market data, our investments are classified as Level Three within the fair value hierarchy. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. Equity Securities Without a Readily Determinable Fair Value—At March 31, 2018 and December 31, 2017, we had investments of $27 million 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. At December 31, 2017, the securities were included in investments on our condensed consolidated balance sheets. As a result of the adoption of ASU 2016-01 on January 1, 2018, we have reclassified the investments to other assets on our condensed consolidated balance sheet at March 31, 2018. Fair Value—We measured the following financial assets at fair value on a recurring basis:
During the three months ended March 31, 2018 and March 31, 2017, there were no transfers between levels of the fair value hierarchy. We do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis. |
Financing Receivables |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | FINANCING RECEIVABLES
Allowance for Losses and Impairments—The following table summarizes the activity in our unsecured financing receivables allowance:
Credit Monitoring—Our unsecured financing receivables were as follows:
(1) The unpaid principal balance was $44 million and the average recorded loan balance was $59 million at March 31, 2018.
Fair Value—We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be $19 million at March 31, 2018 and $20 million at December 31, 2017. |
Acquisitions and Dispositions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisitions Miraval—During the three months ended March 31, 2017, we acquired Miraval Group ("Miraval") from an unrelated third party. The transaction included the Miraval Life in Balance Spa brand, Miraval Arizona Resort & Spa in Tucson, Arizona, Travaasa Resort in Austin, Texas, and the option to acquire Cranwell Spa & Golf Resort ("Cranwell") in Lenox, Massachusetts. We subsequently exercised our option and acquired approximately 95% of Cranwell during the three months ended March 31, 2017. Total cash consideration for Miraval was $237 million, inclusive of working capital adjustments of $2 million finalized post-acquisition. The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:
(1) Includes an intangible attributable to the Miraval brand. (2) Amortized over a useful life of 20 years. (3) The goodwill, of which $10 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities. (4) Amortized over useful lives ranging from two to seven years. In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing partner (the "Miraval Venture") issued $9 million of redeemable preferred shares to unrelated third-party investors. The preferred shares were non-voting, except as required by applicable law and certain contractual approval rights, and had liquidation preference over all other classes of securities within the Miraval Venture. The redeemable preferred shares earned a return of 12%. The shares were classified as a redeemable noncontrolling interest in preferred shares of a subsidiary, which were presented between liabilities and equity on our condensed consolidated balance sheets and carried at the redemption value. During the three months ended March 31, 2018, the preferred shares were redeemed for $10 million. Dispositions Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort and Spa—During the three months ended March 31, 2018, we sold Grand Hyatt San Francisco, Andaz Maui at Wailea Resort together with adjacent land, and Hyatt Regency Coconut Point Resort and Spa to an unrelated third party as a portfolio for approximately $992 million, net of proration adjustments and closing costs, and entered into a long-term management agreement for each property upon sale. The sale resulted in a pre-tax gain of $529 million, which was recognized in gains on sales of real estate on our condensed consolidated statements of income during the three months ended March 31, 2018. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. Although we concluded the disposal of these properties does not qualify as discontinued operations, the disposal is considered to be material. Pre-tax net income attributable to the three properties during the three months ended March 31, 2018 and March 31, 2017 was $15 million and $10 million, respectively. Like-Kind Exchange Agreements Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain hotels. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary. The proceeds are recognized as restricted cash on our condensed consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period. In conjunction with the sale of Hyatt Regency Coconut Point Resort and Spa during the three months ended March 31, 2018, proceeds of $221 million were held as restricted for use in a potential like-kind exchange. In conjunction with the sale of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch during the year ended December 31, 2017, proceeds of $207 million were initially held as restricted for use in a potential like-kind exchange. However, we were unable to acquire the identified replacement property within the specified 180 day period and the proceeds were released in April 2018. |
Intangibles, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles, Net | INTANGIBLES, NET
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Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | OTHER ASSETS
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Long-term debt, net of current maturities was $1,439 million and $1,440 million at March 31, 2018 and December 31, 2017, respectively. Revolving Credit Facility—During the three months ended March 31, 2018, we refinanced our $1.5 billion senior unsecured revolving credit facility with a syndicate of lenders, extending the maturity of the facility to January 2023. During the three months ended March 31, 2018, we had borrowings of $20 million and repayments of $20 million on our revolving credit facility, resulting in no outstanding balance and an available line of credit of $1.5 billion at March 31, 2018. The weighted-average interest rate on these borrowings was 4.85% at March 31, 2018. At December 31, 2017, we had no outstanding balance. Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), $350 million of 3.375% senior notes due 2023 (the "2023 Notes"), and $400 million of 4.850% senior notes due 2026 (the "2026 Notes"), collectively referred to as the "Senior Notes," bonds, and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of available market data, we have classified our revolving credit facility and other debt instruments as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.
(1) Excludes capital lease obligations of $13 million and unamortized discounts and deferred financing fees of $14 million.
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Other Long-Term Liabilities |
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Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The effective income tax rates for the three months ended March 31, 2018 and 2017 were 26.7% and 37.9%, respectively. Our effective tax rate decreased for the three months ended March 31, 2018, compared to the three months ended March 31, 2017, primarily due to the Tax Cuts and Jobs Act ("Tax Act") enacted on December 22, 2017, which reduced the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. This benefit is partially offset by the impact of certain U.S. disallowed expenses resulting from the Tax Act. Our accounting for the Tax Act is incomplete because we are continuing to review information to more precisely determine the amount of foreign earnings and profits subject to U.S. tax at December 31, 2017 as well as the amount of non-U.S. income taxes paid on such earnings. Additionally, we are continuing to evaluate the impact of the Tax Act on our ability to utilize foreign tax credits in the future. As a result, we have not made any measurement period adjustments during the three months ended March 31, 2018 to our provisional estimates recognized at December 31, 2017 related to our net deferred tax revaluation, deemed repatriation tax, valuation allowance on certain foreign tax credits, or our global intangible low-tax income policy election. We expect to complete our accounting within the prescribed measurement period. As a result of the adoption of ASU 2014-09, our deferred tax asset related to deferred gains on sales of real estate was no longer required. The reversal of this deferred tax asset was recognized through opening equity and resulted in a $52 million reduction in deferred tax expense on our full-year 2017 adjusted financial statements originally recognized as a result of the Tax Act. Unrecognized tax benefits were $94 million at March 31, 2018 and December 31, 2017, of which $34 million and $33 million, respectively, would impact the effective tax rate, if recognized. During the first quarter of 2017, the Internal Revenue Service ("IRS") issued a "Notice of Deficiency" for our 2009 through 2011 tax years. We disagree with the IRS' assessment as it relates to the inclusion of loyalty program contributions as taxable income to the Company. In the second quarter of 2017, we filed a petition with the U.S. Tax Court for redetermination of the tax liability asserted by the IRS related to the loyalty program. If the IRS' position is upheld, it would result in an income tax liability of $127 million (including $31 million of estimated interest, net of federal benefit) for these tax years that would be partially offset by a deferred tax asset. Future tax benefits will be recognized at the reduced U.S. corporate income tax rate, therefore, $63 million of the liability and related interest would have an impact on the effective tax rate, if recognized. We believe we have an adequate liability recognized in connection with this matter. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below: Commitments—At March 31, 2018, we are committed, under certain conditions, to lend or invest up to $445 million, net of any related letters of credit, in various business ventures. Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("the four managed hotels in France"), which has a term of seven years, with approximately two and one-quarter years remaining. This guarantee has a maximum cap, but does not have an annual cap. The remaining maximum exposure related to our performance guarantees at March 31, 2018 was $329 million, of which €224 million ($276 million using exchange rates at March 31, 2018) related to the four managed hotels in France. We had total net performance guarantee liabilities of $72 million and $71 million at March 31, 2018 and December 31, 2017, respectively, which included $41 million and $45 million recognized in other long-term liabilities, $32 million and $26 million in accrued expenses and other current liabilities, and $1 million and $0 in receivables, net on our condensed consolidated balance sheets, respectively.
Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At March 31, 2018 and December 31, 2017, there were no amounts recognized on our condensed consolidated balance sheets related to these performance test clauses. Debt Repayment and Other Guarantees—We enter into various debt repayment and other guarantees in order to assist hotel owners in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt repayment and other guarantees are the following:
(1) We have agreements with our unconsolidated hospitality venture partner, the respective hotel owners, or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security. (2) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at March 31, 2018. We have the contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $92 million, taking into account our partner’s 50% ownership interest in the unconsolidated hospitality venture. (3) Under certain events or conditions, we have the right to force the sale of the property(ies) in order to recover amounts funded. (4) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property. This right only exists for the residential property in Brazil. (5) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to recovery through a HTM debt security. (6) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction and any additional funds paid by us are not recoverable. At March 31, 2018, we are not aware of, nor have we received notification that hotel owners are not current on their debt service obligations, where we have provided a debt repayment guarantee. Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $190 million and $177 million at March 31, 2018 and December 31, 2017, respectively. Due to the lack of readily available market data, we have classified our guarantees as Level Three in the fair value hierarchy. Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are $33 million and $32 million at March 31, 2018 and December 31, 2017, respectively, and are classified within accrued expenses and other current liabilities on our condensed consolidated balance sheets, while losses expected to be payable in future periods are $73 million and $69 million at March 31, 2018 and December 31, 2017, respectively, and are included in other long-term liabilities on our condensed consolidated balance sheets. At March 31, 2018, standby letters of credit of $9 million were issued to provide collateral for the estimated claims, which are guaranteed by us. Collective Bargaining Agreements—At March 31, 2018, approximately 25% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union sponsored multi-employer pension and health plans pursuant to agreements between us and various unions. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good. Surety Bonds—Surety bonds issued on our behalf were $25 million at March 31, 2018 and primarily relate to workers’ compensation, taxes, licenses, and utilities related to our lodging operations. Letters of Credit—Letters of credit outstanding on our behalf at March 31, 2018 were $307 million, which relate to our ongoing operations, hotel properties under development in the U.S., including one unconsolidated hospitality venture, collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantee associated with the hotel properties in India, which is only called upon if we default on our guarantee. The letters of credit outstanding do not reduce the available capacity under our revolving credit facility (see Note 9). Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved. Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures, certain managed hotels, and other properties, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture partners, respective hotel owners, or other third parties. As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire. We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements. On April 18, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We plan to appeal this decision and do not believe a loss is probable, therefore, we have not recognized a liability in connection with this matter. Our maximum exposure is not expected to exceed $17 million. |
Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY
Accumulated Other Comprehensive Loss
Share Repurchase—During 2017 and 2016, our board of directors authorized the repurchase of up to $1,250 million and $500 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A common stock and our Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. During the three months ended March 31, 2018, we repurchased 1,209,987 shares of common stock, including 244,260 shares representing the settlement of an accelerated share repurchase program entered into during the fourth quarter of 2017 ("November 2017 ASR"). The shares of common stock were repurchased at a weighted-average price of $76.89 per share and an aggregate purchase price of $95 million, excluding related insignificant expenses. The aggregate purchase price includes $20 million of shares delivered in the settlement of the November 2017 ASR in 2018, for which payment was made during 2017. Total shares repurchased during the three months ended March 31, 2018 represented approximately 1% of our total shares of common stock outstanding at December 31, 2017. In March 2017, we entered into an accelerated share repurchase program ("March 2017 ASR"). Under the March 2017 ASR, we paid $300 million and received an initial delivery of 4,596,822 shares, which were repurchased at a price of $52.21 per share during the three months ended March 31, 2017. This initial delivery of shares represented the minimum number of shares that we may receive under the agreement and was accounted for as a reduction to stockholders' equity on the condensed consolidated balance sheets. The remaining shares that had yet to be delivered at March 31, 2017, totaling $60 million, were accounted for as an equity-classified forward contract. The initial delivery of shares resulted in a reduction in the weighted-average common shares calculation for basic and diluted earnings per share. See Note 17. The March 2017 ASR was settled in the third quarter of 2017 for 796,847 shares. During the three months ended March 31, 2017, we repurchased 5,480,636 shares of common stock, including shares repurchased pursuant to the March 2017 ASR. The shares of common stock were repurchased at a weighted-average price of $52.48 per share for an aggregate purchase price of $288 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2017 represented approximately 4% of our total shares of common stock outstanding at December 31, 2016. The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares. At March 31, 2018, we had $788 million remaining under the share repurchase authorization. Dividend—On February 14, 2018, our board of directors declared a cash dividend of $0.15 per share for the first quarter of 2018, which was paid on March 29, 2018 to Class A and Class B shareholders of record on March 22, 2018. |
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Stock-Based Compensation | STOCK-BASED COMPENSATION As part of our Long-Term Incentive Plan, we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), and Performance Share Units ("PSUs") to certain employees. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recognized within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income. Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards was as follows:
SARs—During the three months ended March 31, 2018, we granted 465,842 SARs to employees with a weighted-average grant date fair value of $21.13. During the three months ended March 31, 2017, we granted 605,601 SARs to employees with a weighted-average grant date fair value of $16.35. RSUs— During the three months ended March 31, 2018, we granted 258,085 RSUs to employees with a weighted-average grant date fair value of $80.00. During the three months ended March 31, 2017, we granted 416,215 RSUs to employees with a weighted-average grant date fair value of $52.65. PSUs—During the three months ended March 31, 2018, we granted 89,441 PSUs to our executive officers, with a weighted-average grant date fair value of $82.10. The performance period applicable to such PSUs is a three year period beginning January 1, 2018 and ending December 31, 2020. During the three months ended March 31, 2017, we granted 102,115 PSUs to our executive officers, with a weighted-average grant date fair value of $52.65. Our total unearned compensation for our stock-based compensation programs at March 31, 2018 was $5 million for SARs, $21 million for RSUs, and $10 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of three years with respect to SARs and RSUs, and two years with respect to PSUs. |
Related-Party Transactions |
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Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS In addition to those included elsewhere in the Notes to our condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows: Legal Services—A partner in a law firm that provided services to us throughout the three months ended March 31, 2018 and March 31, 2017, is the brother-in-law of our Executive Chairman. We incurred $1 million and insignificant legal fees with this firm during the three months ended March 31, 2018 and March 31, 2017, respectively. At March 31, 2018 and December 31, 2017, we had $1 million and insignificant amounts due to the law firm, respectively. Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recognized fees of $4 million and $6 million for the three months ended March 31, 2018 and March 31, 2017, respectively. At March 31, 2018 and December 31, 2017, we had receivables due from these properties of $11 million, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. During each of the three months ended March 31, 2018 and March 31, 2017, we recognized income related to these guarantees of $1 million. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 72%. See Note 4 for further details regarding these investments. Class B Share Conversion—During the three months ended March 31, 2018 and March 31, 2017, 257,194 shares and 539,370 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. A portion of the shares of Class B common stock that were converted into shares of Class A common stock were retired during the three months ended March 31, 2018 and the remaining will be retired subsequent to March 31, 2018, thereby reducing the shares of Class B common stock authorized and outstanding. |
Segment Information |
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Segment Information | SEGMENT INFORMATION Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; Contra Revenue; revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net. Effective January 1, 2018, we made two modifications to our definition of Adjusted EBITDA with the implementation of ASU 2014-09. Our definition has been updated to exclude Contra Revenue which was previously recognized as amortization expense. As this is strictly a matter of financial presentation, we have excluded Contra Revenue in order to be consistent with our prior treatment and to reflect the way in which we manage our business. We have also excluded revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties. These revenues and costs previously netted to zero within Adjusted EBITDA. Under ASU 2014-09, the recognition of certain revenue differs from the recognition of related costs, creating timing differences that would otherwise impact Adjusted EBITDA. We have not changed our management of these revenues or expenses, nor do we consider these timing differences to be reflective of our core operations. These changes reflect how our CODM evaluates each segment’s performance and also facilitate comparison with our competitors. We have applied this change to 2017 historical results to allow for comparability between the periods presented. The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval, exhale, Hyatt Residence Club license fees, results related to our co-branded credit card, and unallocated corporate expenses.
The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
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Earnings Per Share | EARNINGS PER SHARE The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
The computations of diluted net income per share for the three months ended March 31, 2018 and March 31, 2017 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and an equity-classified forward contract because they are anti-dilutive.
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Other Income (Loss), Net | OTHER INCOME (LOSS), NET
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. |
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Principles of Consolidation | We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. |
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Recently Issued Accounting Pronouncements | Summary of Significant Accounting Policies Our significant accounting policies are detailed in Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 2 to our Consolidated Financial Statements" within the 2017 Form 10-K. Upon adoption of Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606) and Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, our accounting policies have been updated as follows: Revenue Recognition—Our revenues are primarily derived from the following products and services and are generally recognized when control of the product or service has transferred to the customer:
Gains on Sales of Real Estate—Gains on sales of real estate are generally recognized when control of the property transfers to the buyer and recognized through gains on sales of real estate in our condensed consolidated statements of income. Equity Method Investments—We have investments in unconsolidated hospitality ventures recorded under the equity method. These investments are an integral part of our business and are strategically and operationally important to our overall results. When we receive a distribution from an investment, we determine whether it is a return on our investment or a return of our investment based on the underlying nature of the distribution. We assess investments in unconsolidated hospitality ventures for impairment quarterly. Debt and Equity Securities—Debt and equity securities consist of various investments, excluding equity securities classified as equity method investments:
AFS and HTM debt securities are assessed for impairment quarterly. Loyalty Program—We administer the loyalty program for the benefit of the Hyatt portfolio of properties owned, operated, managed, franchised, or licensed by us during the period of their participation in the loyalty program. The loyalty program is primarily funded through contributions from eligible revenues from loyalty program members, and the funds are used for the redemption of member awards associated with the loyalty program and payment of operating expenses. The costs of operating the loyalty program, including the estimated cost of award redemption, are charged to the participating properties based on members' qualified expenditures. The revenues received from the properties are deferred, and revenue is recognized as loyalty points are redeemed, net of redemption expense, through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. Operating costs are expensed as incurred through costs incurred on behalf of managed and franchised properties. We actuarially determine the amount to recognize as revenue when points are redeemed, based on statistical formulas that estimate the timing of future point redemptions based on historical experience, including an estimate of breakage for points that will not be redeemed, and an estimate of the points that will eventually be redeemed. Any revenue in excess of the anticipated future redemptions is used to fund the operational expenses of the program. The loyalty program is financed by payments from the properties and returns on marketable securities. The program invests amounts received from the properties in marketable securities which are included in other current and noncurrent assets (see Note 4). The current and noncurrent liabilities of the loyalty program are classified as contract liabilities (see Note 3). Adopted Accounting Standards Revenue from Contracts with Customers—In May 2014, the Financial Accounting Standards Board ("FASB") released ASU 2014-09. ASU 2014-09 supersedes the requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. Subsequently, the FASB issued several related ASUs which further clarify the application of the standard including ASU 2015-14, which delayed the effective date by one year making it effective for interim and fiscal years beginning after December 14, 2017. We adopted ASU 2014-09, and all related ASUs, utilizing the full retrospective transition method on January 1, 2018, which required us to adjust each prior reporting period presented. The adoption of ASU 2014-09 impacts the timing of the recognition of gains on sales of real estate subject to a long-term management agreement, and the associated impact to deferred tax assets (see Note 11), the classification of Contra Revenue, and the timing of revenue recognition related to incentive fees. However, we do not expect the new standard to have a significant impact on incentive fee revenue on a full-year basis. The adoption of ASU 2014-09 also impacts the timing of revenue recognition related to the loyalty program and as a result of the change, we recorded an increase of $116 million to the contract liability related to the loyalty program as of January 1, 2018. Upon adoption of ASU 2014-09, we recognized a cumulative effect of a change in accounting principle through retained earnings, including a reclassification of $523 million related to deferred gains at January 1, 2018. We also reclassified certain management and franchise agreement assets from intangibles, net to other assets and certain current and long-term liabilities to current and long-term contract liabilities. Financial Instruments - Recognition, Measurement, Presentation, and Disclosure—In January 2016, the FASB released ASU 2016-01. ASU 2016-01 revised the accounting for equity investments, excluding those accounted for under the equity method, and the presentation and disclosure requirements for financial instruments. ASU 2016-01 superseded the guidance to classify equity securities with readily determinable fair values into different categories (i.e., trading versus AFS) and requires all equity securities to be measured at fair value on a recurring basis unless an equity security does not have a readily determinable fair value. Equity securities without a readily determinable fair value are remeasured at fair value only in periods in which an observable price change is available or upon identification of an impairment. All changes in fair value are recognized in net income on our condensed consolidated statements of income. On January 1, 2018, we adopted the provisions of ASU 2016-01 on a modified retrospective basis through a cumulative-effect adjustment to our opening condensed consolidated balance sheet. Upon adoption, unrealized gains of $68 million, net of tax, were reclassified from accumulated other comprehensive loss to opening retained earnings. Changes in fair value are recognized in other income (loss), net on our condensed consolidated statements of income. Accounting for Income Taxes - Intra-Entity Asset Transfers—In October 2016, the FASB released Accounting Standards Update No. 2016-16 ("ASU 2016-16"), Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted ASU 2016-16 on January 1, 2018 on a modified retrospective basis, resulting in a decrease of $4 million to retained earnings. Statement of Cash Flows - Restricted Cash—In November 2016, the FASB released Accounting Standards Update No. 2016-18 ("ASU 2016-18"), Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU 2016-18 requires amounts generally described as restricted cash to be included within cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the condensed consolidated statements of cash flows. We adopted the provisions of ASU 2016-18 on January 1, 2018 on a retrospective basis. Upon adoption of ASU 2016-18, restricted cash of $249 million, including $15 million which is recognized within other assets on our consolidated balance sheet at December 31, 2017, is included within the beginning balance of cash and cash equivalents on our condensed consolidated statement of cash flows for the three months ending March 31, 2018. The table below summarizes the effect on our condensed consolidated statements of cash flows for the three months ended March 31, 2017:
Business Combinations - Definition of a Business—In January 2017, the FASB released Accounting Standards Update No. 2017-01 ("ASU 2017-01"), Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Generally, our acquisitions of individual hotels were previously accounted for as business combinations, however, upon adoption of ASU 2017-01, there is an increased likelihood that certain acquisitions of individual hotels will be accounted for as asset acquisitions. We do not expect ASU 2017-01 to have a significant impact on our accounting for the disposition of assets as we generally account for disposals as sales of assets. We adopted ASU 2017-01 on January 1, 2018 on a prospective basis, and we will evaluate the impact of the standard on future transactions based on the relevant facts and circumstances. The impact of the changes made to our condensed consolidated financial statements as a result of the adoption of ASU 2014-09, ASU 2016-01, and ASU 2016-16 were as follows:
The adoption of ASU 2014-09 resulted in a reclassification of $3 million from investing into operating activities related to cash outflows representing payments to customers. There were no impacts to cash provided by or used in financing activities on our condensed consolidated statements of cash flows. Future Adoption of Accounting Standards Leases—In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability; the accounting for lessors remains largely unchanged. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. The real estate leases for a majority of our owned and leased hotels include contingent lease payments, which will be excluded from the impact of ASU 2016-02. We are currently evaluating the impact of adopting ASU 2016-02 and expect this ASU may have a material effect to our condensed consolidated financial statements. Financial Instruments - Credit Losses—In June 2016, the FASB released Accounting Standards Update No. ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recognized through an allowance for credit losses. The provisions of ASU 2016-13 are to be applied using a modified retrospective approach and are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-13. |
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Revenue Recognition | 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. We did not estimate revenues expected to be recognized related to our unsatisfied performance obligations for the following:
We elected to apply the practical expedient that permits the omission of prior period information about revenue allocated to future performance obligations under ASU 2014-09. Contract Balances Our payments from customers are based on the billing terms established in our contracts. Customer billings are classified as accounts receivable when our right to consideration is unconditional. If our right to consideration is conditional on future performance under the contract, the balance is classified as a contract asset. Under the terms of our management agreements, we earn incentive management fees based on a percentage of hotel profitability. The incentive fee may be contingent on the hotel achieving certain annual profitability targets. We recognize an incentive fee receivable each month to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent period. However, due to the profitability hurdles in the contract, incentive fees are considered contract assets until the risk related to the achievement of the profitability metric no longer exists. Once the annual profitability hurdle has been met, the incentive fee receivable balance will be reflected within accounts receivable. Performance Obligations We provide products and services to our customers, which include third-party hotel owners, guests at owned and leased hotels and spa and fitness centers, and a third-party partner through our co-branded credit card program. The products and services offered by us are comprised of the following performance obligations:
Under the terms of certain management agreements, primarily within the United States, we are the employer of hotel employees. When we are the employer, we are reimbursed for costs incurred related to the employee management services with no added margin, and the reimbursements are recognized over time as services are rendered within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. In jurisdictions in which we are the employer, we have discretion over how employee management services are provided and, therefore, we are the principal and revenues are recognized on a gross basis.
The loyalty program has one performance obligation that consists of marketing and managing the program and arranging for award redemptions by members. The costs of operating the loyalty program are charged to the properties through an assessment fee based on members’ qualified expenditures. The assessment fee is billed and collected monthly, and the revenue received by the program is deferred until a member redeems points. Upon redemption of points at managed and franchised properties, we recognize the previously deferred revenue through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of redemption expense paid to managed and franchised hotels, as we are an agent in the transaction. 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 hotels. When loyalty points are redeemed at owned and leased hotels, we recognize revenue through owned and leased hotels revenues on our condensed consolidated statements of income. The revenue recognized each period includes an estimate of breakage for the loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage third-party actuaries to estimate the ultimate redemption ratios used in the breakage calculations and to estimate the amount of revenue recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected in the current period.
Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. As part of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenue generated through that channel. The determination of whether to recognize revenues gross or net of rebates and commission is made based on the terms of each contract. Due to the nature of our business, our fees are not significantly impacted by refunds or returns. Prepayments are refunded to hotel guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to service are generally recognized as an adjustment to the transaction price at the time the hotel stay occurs or services are rendered.
In exchange for the products and services provided, we receive fixed and variable consideration that is allocated between the performance obligations based upon the relative stand-alone selling prices. Significant judgment is involved in determining the relative stand-alone selling prices, and therefore, we engaged a third-party valuation specialist to assist us. We utilized a relief from royalty method to determine the revenue allocated to the license, which is recognized over time. We utilized observable transaction prices and adjusted market assumptions to determine the stand-alone selling price of a loyalty point and we utilized a cost plus margin approach to determine the stand-alone selling price of the free room nights. The revenues allocated to loyalty program points and free night awards are deferred and recognized upon redemption, net of redemption expenses, as we are deemed to be the agent in the transaction. 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 hotels. When loyalty points and free nights are redeemed at owned and leased hotels, we recognize revenue through owned and leased hotels revenues on our condensed consolidated statements of income. We satisfy the following performance obligations over time: the license of Hyatt’s symbolic IP, hotel management agreement services, administration of the loyalty program, and the license to our brand name through our co-branded credit card agreement. Each of these performance obligations is considered a sales-based royalty or a series of distinct services, and although the activities to fulfill each of these promises may vary from day to day, the nature of each promise is the same and the customer benefits from the services every day. For each performance obligation satisfied over time, we recognize revenue using an output method based on the value transferred to the customer. Revenue is recognized based on the transaction price and the observable outputs related to each performance obligation. We deem the following to be a faithful depiction of our progress in satisfying these performance obligations:
Within our management agreements, we have two performance obligations: providing a license to Hyatt’s IP and providing management agreement services. Although these constitute two separate performance obligations, both obligations represent services that are satisfied over time, and Hyatt recognizes revenue using an output method based on the performance of the hotel. Therefore, we have not allocated the transaction price between these two performance obligations as the allocation would result in the same pattern of revenue recognition. Payments received in advance of performance under the contract are classified as contract liabilities and recognized as revenue as we perform under the contract. |
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Self Insurance | We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. |
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Commitments and Contingencies Other | We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures, certain managed hotels, and other properties, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture partners, respective hotel owners, or other third parties. As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire. We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements. |
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Segment Reporting | Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:
Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; Contra Revenue; revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net. |
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the changes made to our condensed consolidated financial statements as a result of the adoption of ASU 2014-09, ASU 2016-01, and ASU 2016-16 were as follows:
The table below summarizes the effect on our condensed consolidated statements of cash flows for the three months ended March 31, 2017:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenues disaggregated by the nature of the product or service:
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Summary of Contract Liability | Contract liabilities consisted of the following at March 31, 2018 and December 31, 2017:
At March 31, 2018 and December 31, 2017, the contract liabilities balances above include the following:
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Debt and Equity Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Equity Method Investments
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Summarized Financial Information | The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
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Marketable Securities Held to Fund Operating Programs | Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on our condensed consolidated balance sheets, were as follows:
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Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs | Net realized and unrealized gains (losses) and interest income from marketable securities held to fund the loyalty program are recognized in other income (loss), net on our condensed consolidated statements of income:
Net realized and unrealized gains (losses) and interest income from marketable securities held to fund rabbi trusts are recognized in net gains and interest income from marketable securities held to fund rabbi trusts on our condensed consolidated statements of income:
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Marketable Securities Held for Investment Purposes | Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on our condensed consolidated balance sheets, were as follows:
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Investments Classified as Available For Sale | Preferred shares—During 2013, we also invested $271 million in Playa for convertible redeemable preferred shares which were classified as an AFS debt security. The fair value of the preferred shares was:
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Assets and Liabilities Measured at Fair Value on a Recurring Basis | We measured the following financial assets at fair value on a recurring basis:
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Financing Receivables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables |
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Allowance for Losses and Impairments | The following table summarizes the activity in our unsecured financing receivables allowance:
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Credit Monitoring | Our unsecured financing receivables were as follows:
(1) The unpaid principal balance was $44 million and the average recorded loan balance was $59 million at March 31, 2018.
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Acquisitions and Dispositions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:
(1) Includes an intangible attributable to the Miraval brand. (2) Amortized over a useful life of 20 years. (3) The goodwill, of which $10 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities. (4) Amortized over useful lives ranging from two to seven years. |
Intangibles, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets |
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Schedule of Indefinite-Lived Intangible Assets |
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Schedule of Intangible Assets Amortization Expense |
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Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets |
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping |
(1) Excludes capital lease obligations of $13 million and unamortized discounts and deferred financing fees of $14 million.
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Other Long-Term Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities |
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations |
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Debt Repayment and Other Guarantees | Included within debt repayment and other guarantees are the following:
(1) We have agreements with our unconsolidated hospitality venture partner, the respective hotel owners, or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security. (2) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at March 31, 2018. We have the contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $92 million, taking into account our partner’s 50% ownership interest in the unconsolidated hospitality venture. (3) Under certain events or conditions, we have the right to force the sale of the property(ies) in order to recover amounts funded. (4) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property. This right only exists for the residential property in Brazil. (5) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to recovery through a HTM debt security. (6) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction and any additional funds paid by us are not recoverable. |
Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Noncontrolling Interests |
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Accumulated Other Comprehensive Loss |
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Stock-Based Compensation (Tables) |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense Related to Long-Term Incentive Plan | Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards was as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Consolidated Financial Information by Segment | The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval, exhale, Hyatt Residence Club license fees, results related to our co-branded credit card, and unallocated corporate expenses.
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Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation | The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The computations of diluted net income per share for the three months ended March 31, 2018 and March 31, 2017 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and an equity-classified forward contract because they are anti-dilutive.
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Other Income (Loss), Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Loss), Net |
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Organization (Details) |
Mar. 31, 2018
hotel
country
room
|
---|---|
Organization | |
Number of countries in which entity operates (number of countries) | country | 58 |
Full service | |
Organization | |
Number of hotels operated or franchised | 334 |
Number of rooms operated or franchised (number of rooms) | room | 128,893 |
Select service | |
Organization | |
Number of hotels operated or franchised | 394 |
Number of rooms operated or franchised (number of rooms) | room | 55,937 |
Select service | United States | |
Organization | |
Number of hotels operated or franchised | 345 |
All inclusive | |
Organization | |
Number of hotels operated or franchised | 6 |
Number of rooms operated or franchised (number of rooms) | room | 2,401 |
Wellness resorts | |
Organization | |
Number of hotels operated or franchised | 3 |
Number of rooms operated or franchised (number of rooms) | room | 399 |
Recently Issued Accounting Pronouncements - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Contract liabilities | $ (7,000,000) | |||||||
Retained earnings | $ 3,118,000,000 | 3,511,000,000 | $ 3,054,000,000 | |||||
Restricted cash, current | 450,000,000 | [1] | $ 64,000,000 | [1] | 234,000,000 | |||
Restricted cash, noncurrent | [1] | 19,000,000 | 15,000,000 | |||||
Reclassification out of investing activities | (935,000,000) | 96,000,000 | ||||||
Reclassification into operating activities | 54,000,000 | 141,000,000 | ||||||
Reclassification in financing activities | $ (109,000,000) | (166,000,000) | ||||||
Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Deferred gain on sale of property | 523,000,000 | |||||||
Reclassification out of investing activities | 3,000,000 | |||||||
Reclassification into operating activities | 3,000,000 | |||||||
Reclassification in financing activities | 0 | |||||||
Accounting Standards Update 2016-16 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Retained earnings | (4,000,000) | |||||||
Accounting Standards Update 2016-18 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Restricted cash, current | 249,000,000 | |||||||
Restricted cash, noncurrent | $ 15,000,000 | |||||||
Reclassification out of investing activities | 5,000,000 | |||||||
Reclassification into operating activities | (6,000,000) | |||||||
Reclassification in financing activities | $ (1,000,000) | |||||||
Loyalty Program | Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Contract liabilities | 116,000,000 | |||||||
Retained Earnings | Accounting Standards Update 2016-01 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Cumulative effect of adoption | (68,000,000) | |||||||
AOCI | Accounting Standards Update 2016-01 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||
Cumulative effect of adoption | $ 68,000,000 | |||||||
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Recently Issued Accounting Pronouncements - Schedule of Effect of ASU 2016-18 (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle | |||
Operating activities | $ 54 | $ 141 | |
Investing activities | 935 | (96) | |
Financing activities | (109) | (166) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR | 752 | 573 | $ 573 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD | $ 1,629 | 453 | 752 |
Accounting Standards Update 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle | |||
Operating activities | (6) | ||
Investing activities | (5) | ||
Financing activities | (1) | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR | 91 | $ 91 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD | $ 79 |
Recently Issued Accounting Pronouncements - Schedule of Effects of ASU 2014-09, 2016-01, and 2016-16 (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jan. 01, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Income Statement [Abstract] | |||||
Owned and leased hotels | $ 515 | $ 569 | |||
Management, franchise, and other fees | 132 | 114 | |||
Amortization of management and franchise agreement assets constituting payments to customers | (5) | (4) | |||
Net management, franchise, and other fees | 127 | 110 | |||
Other revenues | 11 | 17 | |||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 456 | 430 | |||
Total revenues | 1,109 | 1,126 | |||
Owned and leased hotels | 384 | 424 | |||
Depreciation and amortization | 83 | 87 | |||
Other direct costs | 8 | 16 | |||
Selling, general, and administrative | 95 | 99 | |||
Costs incurred on behalf of managed and franchised properties | 460 | 445 | |||
Direct and selling, general, and administrative expenses | 1,030 | 1,071 | |||
Net gains and interest income from marketable securities held to fund rabbi trusts | 3 | 15 | |||
Equity losses from unconsolidated hospitality ventures | (13) | (3) | |||
Interest expense | (19) | (21) | |||
Other income (loss), net | (18) | 43 | |||
INCOME BEFORE INCOME TAXES | 561 | 89 | |||
PROVISION FOR INCOME TAXES | (150) | (34) | |||
NET INCOME | 411 | 55 | |||
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | |||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ 411 | $ 55 | |||
Net income—Basic (in dollars per share) | $ 3.47 | $ 0.43 | |||
Net income attributable to Hyatt Hotels Corporation—Basic (in dollars per share) | 3.47 | 0.43 | |||
Net income—Diluted (in dollars per share) | 3.40 | 0.42 | |||
Net income attributable to Hyatt Hotels Corporation—Diluted (in dollars per share) | $ 3.40 | $ 0.42 | |||
Statement of Financial Position [Abstract] | |||||
Investments | $ 174 | $ 185 | $ 212 | ||
Intangibles, net | 305 | 305 | 305 | ||
Deferred tax assets | 149 | 142 | 141 | ||
Other assets | 1,419 | 1,406 | 1,384 | ||
TOTAL ASSETS | 7,987 | 7,568 | 7,572 | ||
Accounts payable | 131 | 136 | 136 | ||
Accrued expenses and other current liabilities | 466 | 352 | 352 | ||
Current contract liabilities | 334 | 348 | 348 | ||
Long-term contract liabilities | 431 | 424 | 424 | ||
Other long-term liabilities | 872 | 863 | 863 | ||
Total liabilities | 3,793 | 3,719 | 3,719 | ||
Retained earnings | 3,511 | 3,118 | 3,054 | ||
Accumulated other comprehensive loss | (230) | (253) | (185) | ||
Total equity | 4,194 | $ 3,877 | 3,839 | 3,843 | $ 4,080 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | $ 7,987 | 7,568 | 7,572 | ||
Previously Reported | |||||
Income Statement [Abstract] | |||||
Owned and leased hotels | 572 | ||||
Management, franchise, and other fees | 122 | ||||
Amortization of management and franchise agreement assets constituting payments to customers | 0 | ||||
Net management, franchise, and other fees | 122 | ||||
Other revenues | 22 | ||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 471 | ||||
Total revenues | 1,187 | ||||
Owned and leased hotels | 427 | ||||
Depreciation and amortization | 91 | ||||
Other direct costs | 19 | ||||
Selling, general, and administrative | 99 | ||||
Costs incurred on behalf of managed and franchised properties | 471 | ||||
Direct and selling, general, and administrative expenses | 1,107 | ||||
Net gains and interest income from marketable securities held to fund rabbi trusts | 15 | ||||
Equity losses from unconsolidated hospitality ventures | (3) | ||||
Interest expense | (21) | ||||
Other income (loss), net | 40 | ||||
INCOME BEFORE INCOME TAXES | 111 | ||||
PROVISION FOR INCOME TAXES | (41) | ||||
NET INCOME | 70 | ||||
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | ||||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ 70 | ||||
Net income—Basic (in dollars per share) | $ 0.54 | ||||
Net income attributable to Hyatt Hotels Corporation—Basic (in dollars per share) | 0.54 | ||||
Net income—Diluted (in dollars per share) | 0.54 | ||||
Net income attributable to Hyatt Hotels Corporation—Diluted (in dollars per share) | $ 0.54 | ||||
Statement of Financial Position [Abstract] | |||||
Investments | 211 | ||||
Intangibles, net | 683 | ||||
Deferred tax assets | 242 | ||||
Other assets | 1,006 | ||||
TOTAL ASSETS | 7,672 | ||||
Accounts payable | 175 | ||||
Accrued expenses and other current liabilities | 635 | ||||
Current contract liabilities | 0 | ||||
Long-term contract liabilities | 0 | ||||
Other long-term liabilities | 1,725 | ||||
Total liabilities | 4,131 | ||||
Retained earnings | 2,742 | ||||
Accumulated other comprehensive loss | (185) | ||||
Total equity | 3,531 | ||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | 7,672 | ||||
Restatement Adjustment | Accounting Standards Update 2014-09 | |||||
Income Statement [Abstract] | |||||
Owned and leased hotels | $ (3) | ||||
Management, franchise, and other fees | (8) | ||||
Amortization of management and franchise agreement assets constituting payments to customers | (4) | ||||
Net management, franchise, and other fees | (12) | ||||
Other revenues | (5) | ||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | (41) | ||||
Total revenues | (61) | ||||
Owned and leased hotels | (3) | ||||
Depreciation and amortization | (4) | ||||
Other direct costs | (3) | ||||
Selling, general, and administrative | 0 | ||||
Costs incurred on behalf of managed and franchised properties | (26) | ||||
Direct and selling, general, and administrative expenses | (36) | ||||
Net gains and interest income from marketable securities held to fund rabbi trusts | 0 | ||||
Equity losses from unconsolidated hospitality ventures | 0 | ||||
Interest expense | 0 | ||||
Other income (loss), net | 3 | ||||
INCOME BEFORE INCOME TAXES | (22) | ||||
PROVISION FOR INCOME TAXES | 7 | ||||
NET INCOME | (15) | ||||
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | ||||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (15) | ||||
Net income—Basic (in dollars per share) | $ (0.11) | ||||
Net income attributable to Hyatt Hotels Corporation—Basic (in dollars per share) | (0.11) | ||||
Net income—Diluted (in dollars per share) | (0.12) | ||||
Net income attributable to Hyatt Hotels Corporation—Diluted (in dollars per share) | $ (0.12) | ||||
Statement of Financial Position [Abstract] | |||||
Investments | 1 | ||||
Intangibles, net | (378) | ||||
Deferred tax assets | (101) | ||||
Other assets | 378 | ||||
TOTAL ASSETS | (100) | ||||
Accounts payable | (39) | ||||
Accrued expenses and other current liabilities | (283) | ||||
Current contract liabilities | 348 | ||||
Long-term contract liabilities | 424 | ||||
Other long-term liabilities | (862) | ||||
Total liabilities | (412) | ||||
Retained earnings | 172 | 312 | |||
Accumulated other comprehensive loss | 0 | ||||
Total equity | 312 | ||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | $ (100) | ||||
Restatement Adjustment | Accounting Standards Update 2016-01 And Accounting Standards Update 2016-16 | |||||
Statement of Financial Position [Abstract] | |||||
Investments | (27) | ||||
Intangibles, net | 0 | ||||
Deferred tax assets | 1 | ||||
Other assets | 22 | ||||
TOTAL ASSETS | (4) | ||||
Accounts payable | 0 | ||||
Accrued expenses and other current liabilities | 0 | ||||
Current contract liabilities | 0 | ||||
Long-term contract liabilities | 0 | ||||
Other long-term liabilities | 0 | ||||
Total liabilities | 0 | ||||
Retained earnings | 64 | ||||
Accumulated other comprehensive loss | (68) | ||||
Total equity | (4) | ||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | $ (4) |
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 1,109 | $ 1,126 |
Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 295 | 323 |
Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 174 | 198 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 46 | 48 |
Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 515 | 569 |
Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 53 | 47 |
Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 34 | 30 |
Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 28 | 26 |
Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 12 | 7 |
License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 5 | 4 |
Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 132 | 114 |
Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (5) | (4) |
Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 127 | 110 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 11 | 17 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 456 | 430 |
Operating segments | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 507 | 575 |
Operating segments | Owned and leased hotels | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 297 | 326 |
Operating segments | Owned and leased hotels | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 172 | 195 |
Operating segments | Owned and leased hotels | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 38 | 41 |
Operating segments | Owned and leased hotels | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 507 | 562 |
Operating segments | Owned and leased hotels | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Owned and leased hotels | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 13 |
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] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 515 | 488 |
Operating segments | Americas management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 49 | 48 |
Operating segments | Americas management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 13 | 12 |
Operating segments | Americas management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 28 | 25 |
Operating segments | Americas management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 8 | 5 |
Operating segments | Americas management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | Americas management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 98 | 90 |
Operating segments | Americas management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (3) | (3) |
Operating segments | Americas management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 95 | 87 |
Operating segments | Americas management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
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] | ||
Revenue from contract with customer | 420 | 401 |
Operating segments | ASPAC management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 49 | 42 |
Operating segments | ASPAC management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | ASPAC management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | ASPAC management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | ASPAC management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | ASPAC management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 11 | 9 |
Operating segments | ASPAC management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 17 | 14 |
Operating segments | ASPAC management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 1 |
Operating segments | ASPAC management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2 | 1 |
Operating segments | ASPAC management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | ASPAC management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 30 | 25 |
Operating segments | ASPAC management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (1) | 0 |
Operating segments | ASPAC management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 29 | 25 |
Operating segments | ASPAC management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 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] | ||
Revenue from contract with customer | 20 | 17 |
Operating segments | EAME/SW Asia management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 33 | 27 |
Operating segments | EAME/SW Asia management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 7 | 6 |
Operating segments | EAME/SW Asia management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 10 | 9 |
Operating segments | EAME/SW Asia management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1 | 1 |
Operating segments | EAME/SW Asia management and franchising | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating segments | EAME/SW Asia management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 18 | 16 |
Operating segments | EAME/SW Asia management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (1) | (1) |
Operating segments | EAME/SW Asia management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 17 | 15 |
Operating segments | EAME/SW Asia management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 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] | ||
Revenue from contract with customer | 16 | 12 |
Corporate and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 32 | 22 |
Corporate and other | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 7 | 6 |
Corporate and other | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2 | 3 |
Corporate and other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 8 | 7 |
Corporate and other | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 17 | 16 |
Corporate and other | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate and other | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate and other | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate and other | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1 | 0 |
Corporate and other | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 5 | 4 |
Corporate and other | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6 | 4 |
Corporate and other | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate and other | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6 | 4 |
Corporate and other | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9 | 2 |
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (27) | (28) |
Eliminations | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (9) | (9) |
Eliminations | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (9) | (9) |
Eliminations | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (14) | (16) |
Eliminations | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (6) | (5) |
Eliminations | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | License fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (20) | (21) |
Eliminations | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Eliminations | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (20) | (21) |
Eliminations | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2 | 2 |
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 0 | $ 0 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract assets | $ 21 | $ 0 | |||
Current contract liabilities | 334 | $ 348 | 348 | ||
Contract liabilities - current, dollar change | $ (14) | ||||
Contract liabilities - current, percent change | (4.10%) | ||||
Contract liabilities - noncurrent | $ 431 | $ 424 | 424 | ||
Contract liabilities - noncurrent, dollar change | $ 7 | ||||
Contract liabilities - noncurrent, percent change | 1.90% | ||||
Total contract liabilities | $ 765 | 772 | |||
Contract liabilities, dollar change | $ (7) | ||||
Contract liabilities, percent change | (0.80%) | ||||
Revenue recognized from contract with customer | $ 224 | $ 215 | |||
Advanced deposits | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 51 | 59 | |||
Deferred revenue related to the loyalty program | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 570 | 561 | |||
Deferred revenue related to systemwide services | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 11 | 9 | |||
Initial fees received from franchise owners | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | 29 | 27 | |||
Other deferred revenue | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Total contract liabilities | $ 104 | $ 116 | |||
Scenario, forecast | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract assets | $ 0 |
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 160 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent recognized | 45.00% |
Remaining performance obligation, period | 1 year |
Debt and Equity Securities - Schedule of Equity Method Investment Balances (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Equity method investments | $ 174 | $ 185 |
Debt and Equity Securities - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2013 |
|
Schedule of Debt and Equity Method Investments | |||||
Equity method investment, net sales proceeds | $ 9 | $ 4 | |||
Equity method investment, realized gain on disposal | 8 | 2 | |||
Equity method investment, impairment charges | 16 | 0 | |||
Interest income | 5 | $ 97 | |||
Held-to-maturity securities | 47 | $ 47 | |||
Equity securities without a readily determinable fair value | 27 | $ 27 | |||
Playa Hotels & Resorts N.V. | Common shares | |||||
Schedule of Debt and Equity Method Investments | |||||
Ownership percentage | 11.57% | ||||
Increase in other income (loss) | $ (7) | ||||
Playa Hotels & Resorts N.V. | Preferred shares | |||||
Schedule of Debt and Equity Method Investments | |||||
Available-for-sale securities, amortized cost basis | $ 271 |
Debt and Equity Securities - Summarized Financial Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Total revenues | $ 132 | $ 274 |
Gross operating profit | 39 | 78 |
Loss from continuing operations | (19) | (18) |
Net loss | $ (19) | $ (18) |
Debt and Equity Securities - Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Loyalty program | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | $ 389 | $ 403 |
Deferred compensation plans held in rabbi trusts | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | 409 | 402 |
Captive insurance companies | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | 111 | 111 |
Held for operating programs | ||
Schedule of Investments | ||
Total marketable securities held for investment/operating purposes | 909 | 916 |
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets | (151) | (156) |
Marketable securities held to fund operating programs included in other assets | $ 758 | $ 760 |
Debt and Equity Securities - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Gain (Loss) on Investments [Line Items] | ||
Loyalty program | $ 3 | $ 15 |
Net gains and interest income from marketable securities held to fund rabbi trusts | 3 | 15 |
Loyalty program | ||
Gain (Loss) on Investments [Line Items] | ||
Loyalty program | (4) | 3 |
Net gains and interest income from marketable securities held to fund rabbi trusts | (4) | 3 |
Deferred compensation plans held in rabbi trusts | ||
Gain (Loss) on Investments [Line Items] | ||
Loyalty program | 3 | 15 |
Unrealized gains (losses) | (1) | 11 |
Realized gains | 4 | 4 |
Net gains and interest income from marketable securities held to fund rabbi trusts | $ 3 | $ 15 |
Debt and Equity Securities - Held for Investment Purposes (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Investments | ||
Common shares | $ 124 | $ 131 |
Held for Investment Purposes | ||
Schedule of Investments | ||
Interest bearing money market funds | 9 | 26 |
Time deposits | 37 | 37 |
Common shares | 124 | 131 |
Total marketable securities held for investment/operating purposes | 170 | 194 |
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments | (46) | (63) |
Marketable securities held for investment purposes included in other assets | $ 124 | $ 131 |
Debt and Equity Securities - Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Realized losses (Note 4) | $ (1) | $ (41) |
Interest income | $ 5 | 97 |
Playa Hotels & Resorts B.V. | Preferred shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value beginning balance | 290 | |
Gross unrealized losses | (54) | |
Realized losses (Note 4) | (40) | |
Interest income | 94 | |
Cash redemption | (290) | |
Fair value ending balance | $ 0 | |
Redeemable convertible preferred shares redemption, price per share (in dollars per share) | $ 8.40 |
Debt and Equity Securities - Fair Value of Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | $ 1,079 | $ 1,110 |
Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 60 | 75 |
Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 409 | 402 |
Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 124 | 131 |
Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 50 | 50 |
Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 152 | 158 |
Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 46 | 47 |
Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 170 | 179 |
Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 24 | 25 |
Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 41 | 40 |
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 3 | 3 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 60 | 75 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 60 | 75 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 54 | 49 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 40 | 39 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 2 | 2 |
Short-term investments | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 12 | 8 |
Short-term investments | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 83 | 95 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 33 | 38 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 6 | 7 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 29 | 33 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 5 | 6 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 9 | 10 |
Prepaids and other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 1 | 1 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 882 | 891 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 0 | 0 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 409 | 402 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 124 | 131 |
Other assets | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 10 | 11 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 119 | 120 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 38 | 38 |
Other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 129 | 138 |
Other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 19 | 19 |
Other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 32 | 30 |
Other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | $ 2 | $ 2 |
Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable | ||||
Total long-term financing receivables, net of allowances | $ 18 | $ 19 | ||
Unsecured financing | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Unsecured financing to hotel owners | 128 | 127 | ||
Less allowance for losses | (109) | (108) | $ (103) | $ (100) |
Less current portion included in receivables, net | (1) | 0 | ||
Total long-term financing receivables, net of allowances | $ 18 | $ 19 |
Financing Receivables - Allowance for Losses and Impairments (Details) - Unsecured financing - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Allowance for Losses and Impairments | ||
Allowance beginning Balance | $ 108 | $ 100 |
Provisions | 2 | 2 |
Other adjustments | (1) | 1 |
Allowance ending Balance | $ 109 | $ 103 |
Financing Receivables - Credit Monitoring (Details) - Unsecured financing - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | $ 128 | $ 127 | ||
Related allowance | (109) | (108) | $ (103) | $ (100) |
Net financing receivables | 19 | 19 | ||
Gross receivables on non-accrual status | 109 | 108 | ||
Loans | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 14 | 13 | ||
Related allowance | 0 | 0 | ||
Net financing receivables | 14 | 13 | ||
Gross receivables on non-accrual status | 0 | 0 | ||
Impaired loans | ||||
Unsecured Financing Receivables | ||||
Impaired Loans | 59 | 59 | ||
Impaired loans, allowance | (59) | (59) | ||
Net financing receivables | 0 | 0 | ||
Gross receivables on non-accrual status | 59 | 59 | ||
Impaired financing receivable, unpaid principal balance | 44 | 44 | ||
Impaired financing receivable, average recorded investment | 59 | 58 | ||
Total loans | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 73 | 72 | ||
Related allowance | (59) | (59) | ||
Net financing receivables | 14 | 13 | ||
Gross receivables on non-accrual status | 59 | 59 | ||
Other financing arrangements | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 55 | 55 | ||
Related allowance | (50) | (49) | ||
Net financing receivables | 5 | 6 | ||
Gross receivables on non-accrual status | $ 50 | $ 49 |
Financing Receivables - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Significant unobservable inputs (level three) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Level three financing receivables | $ 19 | $ 20 |
Acquisitions and Dispositions - Acquisitions Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Business Acquisition | ||
Cash consideration transferred | $ 0 | $ 245 |
Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary | 0 | 9 |
Payments for repurchase of redeemable preferred stock | 10 | 0 |
Miraval Group | ||
Business Acquisition | ||
Cash consideration transferred | 237 | |
Working capital adjustments | 2 | |
Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary | $ 9 | |
Redeemable preferred shares, preferred return | 12.00% | |
Payments for repurchase of redeemable preferred stock | $ 10 | |
Cranwell Spa and Golf Resort | ||
Business Acquisition | ||
Business acquisition, percentage acquired | 95.00% |
Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Business Acquisition | |||
Goodwill | $ 154 | $ 150 | |
Other definite-lived intangibles | |||
Business Acquisition | |||
Weighted-average useful life | 11 years | ||
Miraval Group | |||
Business Acquisition | |||
Current assets, net of cash acquired | $ 1 | ||
Property and equipment | 172 | ||
Indefinite-lived intangibles | 37 | ||
Goodwill | 21 | ||
Total assets | 252 | ||
Current liabilities | 13 | ||
Deferred tax liabilities | 3 | ||
Total liabilities | 16 | ||
Total net assets acquired attributable to Hyatt Hotels Corporation | 236 | ||
Total net assets acquired attributable to noncontrolling interests | 1 | ||
Total net assets acquired | 237 | ||
Goodwill expected tax deductible amount | 10 | ||
Miraval Group | Management Agreement | |||
Business Acquisition | |||
Definite-lived intangibles | $ 14 | ||
Weighted-average useful life | 20 years | ||
Miraval Group | Other definite-lived intangibles | |||
Business Acquisition | |||
Definite-lived intangibles | $ 7 | ||
Miraval Group | Other definite-lived intangibles | Minimum | |||
Business Acquisition | |||
Weighted-average useful life | 2 years | ||
Miraval Group | Other definite-lived intangibles | Maximum | |||
Business Acquisition | |||
Weighted-average useful life | 7 years |
Acquisitions and Dispositions - Dispositions Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sales of real estate, net of cash disposed | $ 992 | $ 0 | |
Gains (losses) on sales of real estate | $ 529 | 0 | |
Like-kind exchange period for replacement property identified | 45 days | ||
Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort & Spa | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sales of real estate, net of cash disposed | $ 992 | ||
Gains (losses) on sales of real estate | 529 | ||
Pre-tax net income | 15 | $ 10 | |
Hyatt Regency Coconut Point Resort & Spa | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds held as restricted for use | $ 221 | ||
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch | Disposal group, disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Real Estate Sale Proceeds Held As Restricted Cash In Investing Activities | $ 207 |
Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | $ 381 | $ 376 | |
Accumulated amortization | (76) | (71) | |
Intangibles, net | 305 | $ 305 | 305 |
Brand and other indefinite-lived intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | 53 | 53 | |
Management and franchise agreement intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | $ 179 | 178 | |
Weighted- average useful lives in years | 23 years | ||
Lease related intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | $ 131 | 127 | |
Weighted- average useful lives in years | 110 years | ||
Advanced bookings intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | $ 9 | 9 | |
Weighted- average useful lives in years | 6 years | ||
Other definite-lived intangibles | |||
Schedule of Intangible Asset by Major Class | |||
Intangible assets, gross | $ 9 | $ 9 | |
Weighted- average useful lives in years | 11 years |
Intangibles, Net - Amortization Expense Table (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 3 | $ 3 |
Other Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Other Assets, Noncurrent [Abstract] | |||
Marketable securities held to fund rabbi trusts | $ 409 | $ 402 | |
Management and franchise agreement assets constituting payments to customers | 390 | 378 | |
Loyalty program marketable securities | 297 | 298 | |
Common shares of Playa N.V. | 124 | 131 | |
Long-term investments | 129 | 109 | |
Other | 70 | 66 | |
Total other assets | $ 1,419 | $ 1,406 | $ 1,384 |
Debt - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument | ||
Long-term debt, net of current maturities | $ 1,439,000,000 | $ 1,440,000,000 |
Revolving credit facility | ||
Debt Instrument | ||
Proceeds from revolving credit facility during period | 20,000,000 | |
Repayments of revolving credit facility | $ 20,000,000 | |
Revolving credit facility, weighted average interest rate | 4.85% | |
Line of credit outstanding | $ 0 | $ 0 |
Revolving credit facility, remaining borrowing capacity | 1,500,000,000 | |
Line of Credit | Revolving credit facility | ||
Debt Instrument | ||
Line of credit facility | $ 1,500,000,000 |
Debt - Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument | ||
Capital lease obligations | $ 13 | $ 13 |
Unamortized discount and deferred financing fees | 14 | 14 |
Quoted prices in active markets for identical assets (level one) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 0 | 0 |
Significant other observable inputs (level two) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 1,426 | 1,459 |
Significant unobservable inputs (level three) | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 84 | 87 |
Carrying value | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 1,451 | 1,452 |
Fair value | ||
Debt Instrument | ||
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value | 1,510 | $ 1,546 |
2019 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 196 | |
Debt instrument, stated percent | 6.875% | |
2021 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 250 | |
Debt instrument, stated percent | 5.375% | |
2023 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 350 | |
Debt instrument, stated percent | 3.375% | |
2026 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, fair value | $ 400 | |
Debt instrument, stated percent | 4.85% |
Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Other Liabilities [Abstract] | |||
Deferred compensation plans held to fund rabbi trusts (Note 4) | $ 409 | $ 402 | |
Guarantee liabilities (Note 12) | 99 | 104 | |
Self-insurance liabilities (Note 12) | 73 | 69 | |
Deferred income taxes | 64 | 62 | |
Other | 227 | 226 | |
Total other long-term liabilities | $ 872 | $ 863 | $ 863 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Tax Credit Carryforward [Line Items] | |||
Effective income tax rate | 26.70% | 37.90% | |
Reversal of deferred tax expense | $ 10 | $ 16 | |
Total unrecognized tax benefits | 94 | $ 94 | |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | 34 | 33 | |
Settlement with Taxing Authority | |||
Tax Credit Carryforward [Line Items] | |||
Amount of unrecognized tax benefits that would affect the tax rate if recognized | 63 | ||
Estimated income tax liability based on taxing authority’s assessment | 127 | ||
Estimated interest, net of federal tax benefit, included in taxing authority assessment | $ 31 | ||
Restatement Adjustment | Accounting Standards Update 2014-09 | |||
Tax Credit Carryforward [Line Items] | |||
Reversal of deferred tax expense | $ 52 |
Commitments and Contingencies - Commitments and Performance Guarantees Narrative (Details) € in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
hotel
|
Mar. 31, 2018
EUR (€)
hotel
|
Dec. 31, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Loss Contingencies | |||||
Commitment to loan or investment | $ 445,000,000 | ||||
Performance guarantee | |||||
Loss Contingencies | |||||
Remaining maximum exposure | 329,000,000 | ||||
Guarantor obligations, liability (asset), current carrying value | 72,000,000 | $ 71,000,000 | $ 77,000,000 | $ 79,000,000 | |
Performance guarantee | Other long-term liabilities | |||||
Loss Contingencies | |||||
Guarantor obligations, liability (asset), current carrying value | 41,000,000 | 45,000,000 | |||
Performance guarantee | Accrued expenses and other current liabilitiess | |||||
Loss Contingencies | |||||
Guarantor obligations, liability (asset), current carrying value | 32,000,000 | 26,000,000 | |||
Performance guarantee | Receivables | |||||
Loss Contingencies | |||||
Guarantor obligations, liability (asset), current carrying value | 1,000,000 | 0 | |||
Performance test clause guarantee | |||||
Loss Contingencies | |||||
Guarantor obligations, liability (asset), current carrying value | $ 0 | 0 | |||
The four managed hotels in France | Performance guarantee | |||||
Loss Contingencies | |||||
Hotels managed In France | hotel | 4 | 4 | |||
Performance guarantee term | 7 years | ||||
Remaining performance guarantee term | 2 years 3 months | ||||
Remaining maximum exposure | $ 276,000,000 | € 224 | |||
Guarantor obligations, liability (asset), current carrying value | $ 60,000,000 | $ 58,000,000 | $ 69,000,000 | $ 66,000,000 |
Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Guarantor Obligations | ||
Amortization of initial guarantee obligation liability into income | $ (5) | $ (4) |
Performance guarantee expense, net | 28 | 26 |
Performance guarantee | ||
Guarantor Obligations | ||
Beginning balance | 71 | 79 |
Amortization of initial guarantee obligation liability into income | (5) | (4) |
Performance guarantee expense, net | 28 | 26 |
Net (payments) receipts during the period | (24) | (26) |
Foreign currency exchange, net | 2 | 2 |
Ending balance | 72 | 77 |
Performance guarantee | The four managed hotels in France | ||
Guarantor Obligations | ||
Beginning balance | 58 | 66 |
Amortization of initial guarantee obligation liability into income | (4) | (3) |
Performance guarantee expense, net | 27 | 26 |
Net (payments) receipts during the period | (23) | (22) |
Foreign currency exchange, net | 2 | 2 |
Ending balance | 60 | 69 |
Performance guarantee | Other performance guarantees | ||
Guarantor Obligations | ||
Beginning balance | 13 | 13 |
Amortization of initial guarantee obligation liability into income | (1) | (1) |
Performance guarantee expense, net | 1 | 0 |
Net (payments) receipts during the period | (1) | (4) |
Foreign currency exchange, net | 0 | 0 |
Ending balance | $ 12 | $ 8 |
Commitments and Contingencies - Schedule of Debt Guarantees (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Loss Contingencies | ||
Debt repayment and other guarantees, other long-term liabilities | $ 99 | $ 104 |
Debt repayment and other guarantees | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 715 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 388 | |
Debt repayment and other guarantees, other long-term liabilities | 58 | 59 |
Debt repayment and other guarantees | Hotel property in Washington State | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 215 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 0 | |
Debt repayment and other guarantees, other long-term liabilities | 24 | 26 |
Debt repayment and other guarantees | Hotel properties in India | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 184 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 184 | |
Debt repayment and other guarantees, other long-term liabilities | 15 | 17 |
Debt repayment and other guarantees | Hotel property in Massachusetts | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 107 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 107 | |
Debt repayment and other guarantees, other long-term liabilities | 1 | 1 |
Debt repayment and other guarantees | Hotel and residential properties in Brazil | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 98 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 40 | |
Debt repayment and other guarantees, other long-term liabilities | 4 | 4 |
Debt repayment and other guarantees | Hotel properties in California | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 31 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 13 | |
Debt repayment and other guarantees, other long-term liabilities | 5 | 6 |
Debt repayment and other guarantees | Hotel property in Minnesota | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 25 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 25 | |
Debt repayment and other guarantees, other long-term liabilities | 2 | 2 |
Debt repayment and other guarantees | Hotel property in Arizona | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 25 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 0 | |
Debt repayment and other guarantees, other long-term liabilities | 1 | 1 |
Debt repayment and other guarantees | Other | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum potential future payments | 30 | |
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | 19 | |
Debt repayment and other guarantees, other long-term liabilities | 6 | $ 2 |
Debt repayment and other guarantees | Joint venture | Hotel properties in India | ||
Loss Contingencies | ||
Debt repayment and other guarantees, maximum exposure net of recoverability from third parties | $ 92 | |
Debt repayment and other guarantees, equity method investment, ownership percentage | 50.00% |
Commitments and Contingencies - Guarantee Liabilities Fair Value Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantees, fair value disclosure | $ 190 | $ 177 |
Commitments and Contingencies - Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other Narrative (Details) - USD ($) $ in Millions |
Apr. 18, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Loss Contingencies | |||
Self insurance reserve, current | $ 33 | $ 32 | |
Self-insurance liabilities (Note 12) | 73 | $ 69 | |
Surety bonds | $ 25 | ||
Maximum | Subsequent event | |||
Loss Contingencies | |||
Maximum exposure of possible loss | $ 17 | ||
United States | |||
Loss Contingencies | |||
Multiemployer plans, collective-bargaining arrangement, percentage of participants | 25.00% | ||
Letter of credit | |||
Loss Contingencies | |||
Letters of credit outstanding, amount | $ 307 | ||
Letter of credit | Self insurance collateral | |||
Loss Contingencies | |||
Letters of credit outstanding, amount | $ 9 |
Equity - Schedule of Stockholders' Equity and Noncontrolling Interests (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Equity Roll Forward | ||||
Beginning balance, adjusted | $ 3,839 | |||
Beginning balance | $ 3,843 | $ 4,080 | ||
Net income attributable to Hyatt Hotels Corporation | 411 | 55 | ||
Other comprehensive income | 23 | 75 | ||
Contributions from noncontrolling interests | 1 | |||
Repurchase of common stock | (75) | (348) | ||
Dividends | (18) | |||
Employee stock plan issuance | 1 | 1 | ||
Share-based payment activity | 13 | 13 | ||
Ending balance | 4,194 | 3,877 | ||
Retained earnings | 3,511 | $ 3,118 | 3,054 | |
Accounting Standards Update 2014-09 | Restatement Adjustment | ||||
Equity Roll Forward | ||||
Beginning balance | 312 | |||
Net income attributable to Hyatt Hotels Corporation | (15) | |||
Retained earnings | $ 172 | 312 | ||
Stockholders' equity | ||||
Equity Roll Forward | ||||
Beginning balance, adjusted | 3,833 | |||
Beginning balance | 4,075 | |||
Net income attributable to Hyatt Hotels Corporation | 411 | 55 | ||
Other comprehensive income | 23 | 75 | ||
Contributions from noncontrolling interests | 0 | |||
Repurchase of common stock | (75) | (348) | ||
Dividends | (18) | |||
Employee stock plan issuance | 1 | 1 | ||
Share-based payment activity | 13 | 13 | ||
Ending balance | 4,188 | 3,871 | ||
Noncontrolling interests in consolidated subsidiaries | ||||
Equity Roll Forward | ||||
Beginning balance, adjusted | $ 6 | |||
Beginning balance | 5 | |||
Net income attributable to Hyatt Hotels Corporation | 0 | 0 | ||
Other comprehensive income | 0 | 0 | ||
Contributions from noncontrolling interests | 1 | |||
Repurchase of common stock | 0 | 0 | ||
Dividends | 0 | |||
Employee stock plan issuance | 0 | 0 | ||
Share-based payment activity | 0 | 0 | ||
Ending balance | $ 6 | $ 6 |
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Total Equity | |||
Beginning balance | $ 3,843 | $ 4,080 | |
Beginning balance, adjusted | $ 3,839 | ||
Ending balance | 4,194 | 3,877 | |
Foreign currency translation adjustments | |||
Total Equity | |||
Beginning balance | (299) | ||
Beginning balance, adjusted | (243) | ||
Current period other comprehensive income (loss) before reclassification | 23 | 41 | |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 | |
Ending balance | (220) | (258) | |
Unrealized gains on AFS securities | |||
Total Equity | |||
Beginning balance | 33 | ||
Current period other comprehensive income (loss) before reclassification | 34 | ||
Amount reclassified from accumulated other comprehensive loss | 0 | ||
Ending balance | 67 | ||
Unrecognized pension cost | |||
Total Equity | |||
Beginning balance | (7) | ||
Beginning balance, adjusted | (7) | ||
Current period other comprehensive income (loss) before reclassification | 0 | 0 | |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 | |
Ending balance | (7) | (7) | |
Unrealized losses on derivative instruments | |||
Total Equity | |||
Beginning balance | (4) | ||
Beginning balance, adjusted | (3) | ||
Current period other comprehensive income (loss) before reclassification | 0 | 0 | |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 | |
Ending balance | (3) | (4) | |
Accumulated other comprehensive income (loss) | |||
Total Equity | |||
Beginning balance | (277) | ||
Beginning balance, adjusted | $ (253) | ||
Current period other comprehensive income (loss) before reclassification | 23 | 75 | |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 | |
Ending balance | $ (230) | $ (202) |
Equity - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Feb. 14, 2018 |
Nov. 30, 2017 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share Repurchase | ||||||||
Stock repurchase program, authorized amount | $ 1,250,000,000 | $ 500,000,000 | ||||||
Stock repurchased and retired during period (in shares) | 1,209,987 | 5,480,636 | ||||||
Stock repurchased and retired during period | $ 95,000,000 | $ 288,000,000 | ||||||
Percent of stock outstanding repurchased during period | 1.00% | 4.00% | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 788,000,000 | |||||||
Stock repurchased and retired during period | $ 75,000,000 | $ 348,000,000 | ||||||
Cash dividend declared (in dollars per share) | $ 0.15 | $ 0 | ||||||
Cash dividend paid (in dollars per share) | $ 0.15 | |||||||
Weighted Average | ||||||||
Share Repurchase | ||||||||
Stock repurchased and retired during period (in dollars per share) | $ 76.89 | $ 52.48 | ||||||
March 2017 ASR | ||||||||
Share Repurchase | ||||||||
Stock repurchased and retired during period (in shares) | 4,596,822 | 796,847 | ||||||
Payment for shares repurchased under ASR agreement | $ (300,000,000) | $ (300,000,000) | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 60,000,000 | $ 60,000,000 | ||||||
March 2017 ASR | Weighted Average | ||||||||
Share Repurchase | ||||||||
Stock repurchased and retired during period (in dollars per share) | $ 52.21 | |||||||
November 2017 ASR | ||||||||
Share Repurchase | ||||||||
Stock repurchased and retired during period (in shares) | 244,260 | |||||||
Stock repurchased and retired during period | $ 20,000,000 |
Stock-Based Compensation - Compensation Expense Related to Long-Term Incentive Plan (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ 18 | $ 16 |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 8 | 8 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 9 | 8 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ 1 | $ 0 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
SARs and RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Amortization period, deferred compensation expense | 3 years | |
Stock Appreciation Rights (SARS) | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 465,842 | 605,601 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 21.13 | $ 16.35 |
Total unearned compensation | $ 5 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 258,085 | 416,215 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 80.00 | $ 52.65 |
Total unearned compensation | $ 21 | |
Performance Shares (PSUs and PSSs) | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Total unearned compensation | $ 10 | |
Amortization period, deferred compensation expense | 2 years | |
Performance Shares (PSUs and PSSs) | Performance Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 89,441 | 102,115 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 82.10 | $ 52.65 |
Performance period | 3 years |
Related-Party Transactions - Legal Services (Details) - Family member of management - Related party legal services - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Related Party Transaction | |||
Legal services | $ 1 | $ 0 | |
Due (to) from related parties | $ (1) | $ 0 |
Related-Party Transactions - Equity Method Investments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Related Party Transaction | |||
Management, franchise, and other fees | $ 132 | $ 114 | |
Minimum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 24.00% | ||
Maximum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 72.00% | ||
Equity method investee | |||
Related Party Transaction | |||
Management, franchise, and other fees | $ 4 | 6 | |
Due (to) from related parties | 11 | $ 11 | |
Guarantee fees | $ 1 | $ 1 |
Related-Party Transactions - Share Conversion (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Common Class B | |||
Related Party Transaction | |||
Conversion of stock, shares converted (in shares) | 257,194 | 539,370 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Common Class A | |||
Related Party Transaction | |||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Segment Information - Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Segment Reporting Information | ||
Owned and leased hotels revenues | $ 515 | $ 569 |
Other revenues | 11 | 17 |
Revenues | 1,109 | 1,126 |
Adjusted EBITDA | 202 | 218 |
Depreciation and amortization | 83 | 87 |
Management, franchise, and other fee revenues | 132 | 114 |
Contra revenue | (5) | (4) |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 456 | 430 |
Operating segments | Owned and leased hotels | ||
Segment Reporting Information | ||
Owned and leased hotels revenues | 507 | 562 |
Other revenues | 0 | 13 |
Adjusted EBITDA | 113 | 142 |
Depreciation and amortization | 68 | 74 |
Operating segments | Americas management and franchising | ||
Segment Reporting Information | ||
Adjusted EBITDA | 87 | 76 |
Depreciation and amortization | 4 | 2 |
Management, franchise, and other fee revenues | 98 | 90 |
Contra revenue | (3) | (3) |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 420 | 401 |
Operating segments | ASPAC management and franchising | ||
Segment Reporting Information | ||
Adjusted EBITDA | 18 | 15 |
Depreciation and amortization | 0 | 0 |
Management, franchise, and other fee revenues | 30 | 25 |
Contra revenue | (1) | 0 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 20 | 17 |
Operating segments | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Adjusted EBITDA | 10 | 8 |
Depreciation and amortization | 0 | 0 |
Management, franchise, and other fee revenues | 18 | 16 |
Contra revenue | (1) | (1) |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | 16 | 12 |
Eliminations | ||
Segment Reporting Information | ||
Revenues | (27) | (28) |
Adjusted EBITDA | 3 | 5 |
Eliminations | Owned and leased hotels | ||
Segment Reporting Information | ||
Revenues | 9 | 9 |
Eliminations | Americas management and franchising | ||
Segment Reporting Information | ||
Revenues | 18 | 19 |
Eliminations | ASPAC management and franchising | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Eliminations | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Revenues | 2 | 2 |
Eliminations | Corporate and other | ||
Segment Reporting Information | ||
Revenues | (2) | (2) |
Corporate and other | ||
Segment Reporting Information | ||
Adjusted EBITDA | (29) | (28) |
Depreciation and amortization | 11 | 11 |
Corporate and other segment revenues | $ 32 | $ 22 |
Segment Information - Reconciliation of Net Income attributable to Hyatt Hotels Corporation to EBITDA and a Reconciliation of EBITDA to Consolidated Adjusted EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Segment Reporting [Abstract] | ||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ 411 | $ 55 |
Interest expense | 19 | 21 |
Provision for income taxes | 150 | 34 |
Depreciation and amortization | 83 | 87 |
EBITDA | 663 | 197 |
Contra revenue | 5 | 4 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | (456) | (430) |
Costs incurred on behalf of managed and franchised properties | 460 | 445 |
Equity losses from unconsolidated hospitality ventures | 13 | 3 |
Stock-based compensation expense | 18 | 16 |
Gains on sales of real estate | (529) | 0 |
Other (income) loss, net | 18 | (43) |
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | 10 | 26 |
Adjusted EBITDA | $ 202 | $ 218 |
Earnings Per Share - Schedule of the Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Numerator: | ||
Net income | $ 411 | $ 55 |
Net income and accretion attributable to noncontrolling interests | 0 | 0 |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ 411 | $ 55 |
Denominator: | ||
Basic weighted average shares outstanding (in shares) | 118,652,054 | 129,746,644 |
Share-based compensation (in shares) | 2,126,296 | 1,250,891 |
Diluted weighted average shares outstanding (in shares) | 120,778,350 | 130,997,535 |
Basic Earnings Per Share: | ||
Net income—Basic (in dollars per share) | $ 3.47 | $ 0.43 |
Net income and accretion attributable to noncontrolling interests - Basic (in dollars per share) | (0.00) | (0.00) |
Net income attributable to Hyatt Hotels Corporation—Basic (in dollars per share) | 3.47 | 0.43 |
Diluted Earnings Per Share: | ||
Net income—Diluted (in dollars per share) | 3.40 | 0.42 |
Net income and accretion attributable to noncontrolling interests - Diluted (in dollars per share) | (0.00) | (0.00) |
Net income attributable to Hyatt Hotels Corporation—Diluted (in dollars per share) | $ 3.40 | $ 0.42 |
Earnings Per Share - Anti-dilutive Shares Issued (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Stock Appreciation Rights (SARS) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 39,200 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 200 | 0 |
Equity-classified forward contract under the March 2017 ASR | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 26,800 |
Other Income (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Other Income and Expenses [Abstract] | ||
Interest income | $ 5 | $ 97 |
Depreciation recovery | 5 | 6 |
Performance guarantee liability amortization (Note 12) | 5 | 4 |
Debt repayment guarantee liability amortization (Note 12) | 3 | 3 |
Pre-condemnation income | 2 | 0 |
Realized losses (Note 4) | (1) | (41) |
Unrealized (losses) gains (Note 4) | 12 | |
Unrealized (losses) gains (Note 4) | 1 | |
Performance guarantee expense, net (Note 12) | (28) | (26) |
Other, net | 3 | (1) |
Other income (loss), net | $ (18) | $ 43 |