HYATT HOTELS CORP, 10-Q filed on 5/4/2017
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2017
Apr. 28, 2017
Common Class A
Apr. 28, 2017
Common Class B
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, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
Q1 
 
 
Amendment Flag
false 
 
 
Trading Symbol
h 
 
 
Entity Common Stock, Shares Outstanding
 
35,162,851 
90,323,839 
Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
REVENUES:
 
 
Owned and leased hotels
$ 572 
$ 516 
Management and franchise fees
122 
107 
Other revenues
22 
9 
Other revenues from managed properties
471 
457 
Total revenues
1,187 
1,089 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
 
 
Owned and leased hotels
427 
389 
Depreciation and amortization
91 
81 
Other direct costs
19 
6 
Selling, general, and administrative
99 
88 
Other costs from managed properties
471 
457 
Direct and selling, general, and administrative expenses
1,107 
1,021 
Net gains and interest income from marketable securities held to fund operating programs
15 
1 
Equity earnings (losses) from unconsolidated hospitality ventures
(3)
2 
Interest expense
(21)
(17)
Other income (loss), net
40 
(4)
INCOME BEFORE INCOME TAXES
111 
50 
PROVISION FOR INCOME TAXES
(41)
(16)
NET INCOME
70 
34 
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS
0 
0 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 70 
$ 34 
EARNINGS PER SHARE—Basic
 
 
Net income - Basic (in dollars per share)
$ 0.54 
$ 0.25 
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)
$ 0.54 
$ 0.25 
EARNINGS PER SHARE—Diluted
 
 
Net income - Diluted (in dollars per share)
$ 0.54 
$ 0.25 
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)
$ 0.54 
$ 0.25 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
 
 
Net income
$ 70 
$ 34 
Other comprehensive income (loss), net of taxes:
 
 
Foreign currency translation adjustments, net of tax expense of $- for the three months ended March 31, 2017 and March 31, 2016
41 
24 
Unrealized gains (losses) on available-for-sale securities, net of tax expense (benefit) of $21 and $(3) for the three months ended March 31, 2017 and March 31, 2016, respectively
34 
(4)
Other comprehensive income
75 
20 
COMPREHENSIVE INCOME
145 
54 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
0 
0 
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 145 
$ 54 
Condensed Consolidated Statements of Comprehensive Income Parentheticals (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
 
 
Foreign currency translation adjustments, tax (benefit) expense
$ 0 
$ 0 
Unrealized gains (losses) on available-for-sale securities, tax (benefit) expense
$ 21 
$ (3)
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:
 
 
Cash and cash equivalents
$ 374 
$ 482 
Restricted cash
64 
76 
Short-term investments
52 
56 
Receivables, net of allowances of $18 at March 31, 2017 and December 31, 2016
367 
304 
Inventories
16 
28 
Prepaids and other assets
157 
153 
Prepaid income taxes
18 
40 
Total current assets
1,048 
1,139 
Investments
169 
186 
Property and equipment, net
4,472 
4,270 
Financing receivables, net of allowances
19 
19 
Goodwill
147 
125 
Intangibles, net
658 
599 
Deferred tax assets
303 
313 
Other assets
947 
1,098 
TOTAL ASSETS
7,763 
7,749 
CURRENT LIABILITIES:
 
 
Current maturities of long-term debt
299 
119 
Accounts payable
155 
162 
Accrued expenses and other current liabilities
552 
514 
Accrued compensation and benefits
103 
129 
Total current liabilities
1,109 
924 
Long-term debt
1,445 
1,445 
Other long-term liabilities
1,480 
1,472 
Total liabilities
4,034 
3,841 
Commitments and contingencies
   
   
Redeemable noncontrolling interest in preferred shares of a subsidiary
9 
0 
EQUITY:
 
 
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at March 31, 2017 and December 31, 2016
0 
0 
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 35,137,361 issued and outstanding at March 31, 2017, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,323,839 shares issued and outstanding at March 31, 2017. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,952,061 issued and outstanding at December 31, 2016, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,863,20
1 
1 
Additional paid-in capital
1,352 
1,686 
Retained earnings
2,563 
2,493 
Accumulated other comprehensive loss
(202)
(277)
Total stockholders’ equity
3,714 
3,903 
Noncontrolling interests in consolidated subsidiaries
6 
5 
Total equity
3,720 
3,908 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
$ 7,763 
$ 7,749 
Condensed Consolidated Balance Sheet Parentheticals (USD $)
In Millions, except Share data, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Allowance for doubtful accounts receivable, current
$ 18 
$ 18 
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)
35,137,361 
39,952,061 
Common stock, shares, issued (in shares)
35,137,361 
39,952,061 
Common Class B
 
 
Common stock, par value per share (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
422,857,621 
442,857,621 
Common stock, shares, outstanding (in shares)
90,323,839 
90,863,209 
Common stock, shares, issued (in shares)
90,323,839 
90,863,209 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net income
$ 70 
$ 34 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
91 
81 
Deferred income taxes
(16)
(1)
Realized losses from marketable securities
40 
0 
Working capital changes and other
(35)
(63)
Net cash provided by operating activities
150 
51 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Purchases of marketable securities and short-term investments
(111)
(85)
Proceeds from marketable securities and short-term investments
119 
83 
Contributions to investments
(8)
(15)
Return of investments
200 
23 
Acquisitions, net of cash acquired
(245)
0 
Capital expenditures
(50)
(38)
Sales proceeds transferred from escrow to cash and cash equivalents
0 
29 
Other investing activities
1 
(9)
Net cash used in investing activities
(94)
(12)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Proceeds from long-term debt, net of issuance costs of $- and $4, respectively
180 
426 
Repayments of long-term debt
(3)
(95)
Repurchase of common stock
(348)
(63)
Proceeds from redeemable noncontrolling interest in preferred shares of a subsidiary
9 
0 
Other financing activities
(3)
(4)
Net cash (used in) provided by financing activities
(165)
264 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
1 
11 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(108)
314 
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR
482 
457 
CASH AND CASH EQUIVALENTS—END OF PERIOD
374 
771 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
Cash paid during the period for interest
37 
33 
Cash paid during the period for income taxes
10 
16 
Non-cash investing and financing activities are as follows:
 
 
Change in accrued capital expenditures
$ 17 
$ 4 
Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Cash Flows [Abstract]
 
 
Debt Issuance Cost
$ 0 
$ 4 
Organization
Organization
ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality services on a worldwide basis through the development, ownership, operation, management, franchising and licensing of hospitality 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 timeshare, fractional and other forms of residential or vacation properties. At March 31, 2017, (i) we operated or franchised 318 full service hotels, comprising 123,684 rooms throughout the world, (ii) we operated or franchised 346 select service hotels, comprising 48,577 rooms, of which 316 hotels are located in the United States, and (iii) our portfolio of properties included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms, and 3 owned destination wellness resorts, comprising 386 rooms. At March 31, 2017, our portfolio of properties operated in 56 countries around the world.
As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "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 or residential 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 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, 2016 (the "2016 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
Recently Issued Accounting Pronouncements
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Adopted Accounting Standards—In March 2016, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017, which resulted in recognition of excess tax benefits from share-based payment transactions on the condensed consolidated statements of income and within operating activities on the condensed consolidated statements of cash flows, on a prospective basis. ASU 2016-09 did not materially impact our condensed consolidated financial statements and prior periods have not been adjusted.
Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date under ASU 2014-09.
The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. We currently expect to adopt ASU 2014-09 utilizing the full retrospective transition method on January 1, 2018.
While we continue to evaluate possible impacts on our condensed consolidated financial statements, ASU 2014-09 is expected to impact either the amount or timing of revenue recognition as follows:
•Under existing guidance, gains on sales of real estate when we maintain substantial continuing involvement are deferred and amortized into management and franchise fees revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer. We expect any remaining unamortized deferred gains as of our date of adoption will be included as an adjustment to retained earnings. For the three months ended March 31, 2017 and March 31, 2016, Hyatt recognized $5 million of management fee revenues related to the amortization of these deferred gains.
•Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our condensed consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles may meet the definition of consideration paid to a customer and therefore, would be recorded as contra-revenue within management and franchise fee revenues in our condensed consolidated statements of income.
•Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fees on a full year basis.
•Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, initial franchise application fees will be recognized over time.
We do not expect the standard to materially affect the amount or timing of revenue recognition for royalty fees from our franchised properties or base management fees from our managed properties. We are continuing to evaluate other possible impacts to our condensed consolidated financial statements, including the impact related to our loyalty program.
In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. Upon adoption, the unrealized gains (losses) on available-for-sale ("AFS") equity securities reported in accumulated other comprehensive loss at December 31, 2017 will be reclassified to retained earnings, and any subsequent changes in fair value will be recognized in net income on our condensed consolidated statements of income. We are currently evaluating the impacts of adopting ASU 2016-01. 
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 provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-02.
In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize 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 recorded through an allowance for credit losses. The provisions of ASU 2016-13 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.
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. The provisions of ASU 2016-16 are effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-16 requires an entity to adopt the amendments on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. Upon adoption, we do not expect ASU 2016-16 to have a material impact on our condensed consolidated financial statements.
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. The provisions of ASU 2017-01 are effective for interim periods and fiscal years beginning after December 15, 2017. We are currently evaluating the impact of adopting ASU 2017-01.
In January 2017, the FASB released Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment charge is necessary. Instead, entities will record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU 2017-04 are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2017-04.
Equity and Cost Method Investments
Equity And Cost Method Investments
    EQUITY AND COST METHOD INVESTMENTS
 
March 31, 2017
 
December 31, 2016
Equity method investments
$
163

 
$
180

Cost method investments
6

 
6

Total investments
$
169

 
$
186


During the three months ended March 31, 2017, an unconsolidated hospitality venture, which is classified as an equity method investment within our owned and leased hotels segment, sold a Hyatt Place hotel. We received proceeds of $4 million and recorded a gain of $2 million in equity earnings (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:
 
Three Months Ended March 31,
 
2017
 
2016
Total revenues
$
274

 
$
284

Gross operating profit
78

 
70

Income (loss) from continuing operations
(18
)
 
20

Net income (loss)
(18
)
 
20

Marketable Securities
Marketable Securities
MARKETABLE SECURITIES
We hold marketable securities to fund certain operating programs and for investment purposes. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, U.S. government obligations and obligations of other government agencies 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 the condensed consolidated balance sheets, were as follows:
 
March 31, 2017
 
December 31, 2016
Marketable securities held to fund our loyalty program
$
397

 
$
394

Marketable securities held to fund deferred compensation plans held in rabbi trusts (Note 9)
364

 
352

Marketable securities held to fund our captive insurance companies
72

 
65

Total marketable securities held to fund operating programs
$
833

 
$
811

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
(123
)
 
(109
)
Marketable securities held to fund operating programs included in other assets
$
710

 
$
702


Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income included realized and unrealized gains and losses and interest income related to the following:
 
Three Months Ended March 31,
2017
 
2016
Loyalty program
$
—

 
$
1

Deferred compensation plans held in rabbi trusts
15

 
—

Total net gains and interest income from marketable securities held to fund operating programs
$
15

 
$
1


Our captive insurance companies hold marketable securities which are classified as AFS 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 2017 through 2021.
Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2017
 
December 31, 2016
Interest bearing money market funds
$
56

 
$
106

Time deposits
45

 
45

Preferred shares
—

 
290

Common shares
126

 
—

Total marketable securities held for investment purposes
$
227

 
$
441

Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments
(101
)
 
(151
)
Marketable securities held for investment purposes included in other assets
$
126

 
$
290


Fair Value—We measured the following financial assets at fair value on a recurring basis:
 
March 31, 2017
 
Cash and cash equivalents
 
Short-term investments
 
Prepaids and other assets
 
Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
72

 
$
72

 
$
—

 
$
—

 
$
—

Mutual funds
364

 
—

 
—

 
—

 
364

Common shares
126

 
—

 
—

 
—

 
126

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
58

 
—

 
46

 
—

 
12

U.S. government obligations
148

 
—

 
—

 
38

 
110

U.S. government agencies
48

 
—

 
4

 
8

 
36

Corporate debt securities
182

 
—

 
2

 
38

 
142

Mortgage-backed securities
19

 
—

 
—

 
5

 
14

Asset-backed securities
40

 
—

 
—

 
10

 
30

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Total
$
1,060

 
$
72

 
$
52

 
$
100

 
$
836



 
December 31, 2016
 
Cash and cash equivalents
 
Short-term investments
 
Prepaids and other assets
 
Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
114

 
$
114

 
$
—

 
$
—

 
$
—

Mutual funds
352

 
—

 
—

 
—

 
352

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
59

 
—

 
46

 
—

 
13

U.S. government obligations
142

 
—

 
—

 
33

 
109

U.S. government agencies
53

 
—

 
9

 
8

 
36

Corporate debt securities
181

 
—

 
1

 
35

 
145

Mortgage-backed securities
22

 
—

 
—

 
5

 
17

Asset-backed securities
34

 
—

 
—

 
8

 
26

Municipal and provincial notes and bonds
5

 
—

 
—

 
1

 
4

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
290

 
—

 
—

 
—

 
290

Total
$
1,252

 
$
114

 
$
56

 
$
90

 
$
992


During the three months ended March 31, 2017 and March 31, 2016, there were no transfers between levels of the fair value hierarchy. We currently do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis.
Preferred shares—During the year ended December 31, 2013, we invested $271 million in Playa Hotels & Resorts B.V. ("Playa") for convertible redeemable preferred shares which were classified as an AFS debt security. The fair value of the preferred shares was: 
 
2017
 
2016
Fair value at January 1
$
290

 
$
335

Gross unrealized losses
(54
)
 
(7
)
Realized losses
(40
)
 
—

Interest income
94

 
—

Cash redemption
(290
)
 
—

Fair value at March 31
$
—

 
$
328


In March 2017, Playa completed a business combination with Pace Holdings Corporation ("Pace"), and our preferred shares plus accrued and unpaid paid in kind ("PIK") dividends were redeemed in full for $290 million. Upon redemption, we recorded $94 million of interest income and $40 million of realized losses in other income (loss), net on our condensed consolidated statements of income. The realized losses were the result of a difference between the fair value of the initial investment and the contractual redemption price of $8.40 per share.
Common shares—Prior to the Playa business combination, we accounted for our common share investment in Playa as an equity method investment. As a result of the Playa business combination, Playa Hotels & Resorts 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, our investment was recharacterized as an AFS equity security in March 2017. The remeasurement of our investment at fair value resulted in unrealized gains recorded in other comprehensive income of $109 million at March 31, 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. Our investment is re-measured quarterly at fair value through accumulated other comprehensive loss on the condensed consolidated balance sheets. In conjunction with the Playa business combination, we also received 1,738,806 of founders’ warrants to purchase 579,602 additional shares of Playa’s common stock and 237,110 of earn-out warrants. The warrants were recorded at a fair value of $5 million within other assets on the condensed consolidated balance sheets at March 31, 2017.
Held-to-Maturity Debt Securities—At March 31, 2017 and December 31, 2016, we had investments in held-to-maturity ("HTM") debt securities of $27 million, which are investments in third-party entities that own certain of our hotels. The amortized costs of our investments approximate fair value and are classified as Level Three in the fair value hierarchy. The securities are mandatorily redeemable between 2020 and 2025.
Financing Receivables
Financing Receivables
FINANCING RECEIVABLES

 
March 31, 2017
 
December 31, 2016
Unsecured financing to hotel owners
$
122

 
$
119

Less allowance for losses
(103
)
 
(100
)
Total long-term financing receivables, net
$
19

 
$
19


Allowance for Losses and Impairments—The following table summarizes the activity in our financing receivables allowance:
 
2017
 
2016
Allowance at January 1
$
100

 
$
98

  Provisions
2

 
1

  Other Adjustments
1

 
1

Allowance at March 31
$
103

 
$
100


Credit Monitoring—Our unsecured financing receivables were as follows:
 
March 31, 2017
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
13

 
$
—

 
$
13

 
$
—

Impaired loans (1)
58

 
(58
)
 
—

 
58

Total loans
71

 
(58
)
 
13

 
58

Other financing arrangements
51

 
(45
)
 
6

 
45

Total unsecured financing receivables
$
122

 
$
(103
)
 
$
19

 
$
103

(1) The unpaid principal balance was $44 million and the average recorded loan balance was $57 million at March 31, 2017.
 
December 31, 2016
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
13

 
$
—

 
$
13

 
$
—

Impaired loans (2)
56

 
(56
)
 
—

 
56

Total loans
69

 
(56
)
 
13

 
56

Other financing arrangements
50

 
(44
)
 
6

 
44

Total unsecured financing receivables
$
119

 
$
(100
)
 
$
19

 
$
100

(2) The unpaid principal balance was $43 million and the average recorded loan balance was $57 million at December 31, 2016.
Fair Value—We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be approximately $19 million at March 31, 2017 and December 31, 2016.
Acquisitions
Acquisitions
ACQUISITIONS
Miraval—During the three months ended March 31, 2017, we acquired Miraval Group 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. These transactions are collectively referred to as "Miraval." Total cash consideration for Miraval was $239 million, subject to working capital adjustments.
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:
 
 
Current assets, net of cash acquired
$
4

Property and equipment
173

Indefinite-lived intangibles (1)
37

Management agreement intangibles (2)
14

Goodwill (3)
20

Other definite-lived intangibles (4)
7

Total assets
$
255

 
 
Current liabilities
$
11

Deferred income tax liability
6

Total liabilities
17

Total net assets acquired attributable to Hyatt Hotels Corporation
238

Total net assets acquired attributable to noncontrolling interests
1

Total net assets acquired
$
239

 
 
(1) Includes an intangible attributable to the Miraval brand.
(2) Amortized over a useful life of 20 years.
(3) The goodwill, of which $8 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.
Redeemable noncontrolling interest in preferred shares of a subsidiary—In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing member (the "Miraval Venture") issued $9 million of redeemable preferred shares to unrelated third-party investors. The preferred shares are non-voting, except as required by applicable law and certain contractual approval rights, and have liquidation preference over all other classes of securities within the Miraval Venture. The redeemable preferred shares earn a return of 12% and a redemption premium that increases over time depending on the length of time the redeemable preferred shares are outstanding. The preferred shares are redeemable at various time periods at the option of the Miraval Venture starting 12 months from the date of issuance. If not redeemed by the Miraval Venture prior to the two-year anniversary, the preferred shareholders have the option to require redemption of all preferred shares outstanding. The preferred shares are also redeemable upon the occurrence of certain change-in-control events. Under the current terms, the shares are classified as a redeemable noncontrolling interest in preferred shares of a subsidiary, which are presented between liabilities and equity on our condensed consolidated balance sheets and carried at the current redemption value.
Intangibles, Net
Intangibles, Net
INTANGIBLES, NET
 
March 31, 2017
 
Weighted-
Average Useful
Lives in Years
 
December 31, 2016
Management and franchise agreement intangibles
$
611

 
25

 
$
589

Lease related intangibles
117

 
111

 
115

Brand and other indefinite-lived intangibles
53

 
—

 
16

Advanced bookings intangibles
12

 
6

 
11

Other definite-lived intangibles
12

 
11

 
6

 
805

 
 
 
737

Accumulated amortization
(147
)
 
 
 
(138
)
Intangibles, net
$
658

 
 
 
$
599


Amortization expense relating to intangible assets was as follows:
 
Three Months Ended March 31,
 
2017
 
2016
Amortization expense
$
7

 
$
7

Debt
Debt
DEBT
Long-term debt, net of current maturities was $1,445 million at March 31, 2017 and December 31, 2016.
Revolving Credit Facility—During the three months ended March 31, 2017, we borrowed $180 million on our revolving credit facility at a weighted-average interest rate of 1.89%. At March 31, 2017 and December 31, 2016, we had $280 million and $100 million outstanding, respectively. At March 31, 2017, we had $1.2 billion available on our revolving credit facility.
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, 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 availability of market data, we have classified our revolving credit facility and other debt 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.
We had the following debt balances, excluding capital lease obligations:
 
March 31, 2017
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt (1)
$
1,745

 
$
1,834

 
$
—

 
$
1,462

 
$
372

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.
 
December 31, 2016
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt (2)
$
1,565

 
$
1,642

 
$
—

 
$
1,450

 
$
192

(2) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.
Liabilities
Liabilities
LIABILITIES
 
March 31, 2017
 
December 31, 2016
Deferred compensation plans
$
364

 
$
352

Deferred gains on sales of hotel properties
357

 
363

Loyalty program liability
288

 
296

Guarantee liabilities (Note 11)
118

 
124

Other
353

 
337

Total other long-term liabilities
$
1,480

 
$
1,472


Accrued expenses and other current liabilities included $143 million and $139 million of liabilities related to our loyalty program at March 31, 2017 and December 31, 2016, respectively.
Income Taxes
Income Taxes
INCOME TAXES
The effective income tax rates for the three months ended March 31, 2017 and March 31, 2016, were 36.8% and 31.7%, respectively. Our effective tax rates increased for the three months ended March 31, 2017 compared to the three months ended March 31, 2016, primarily due to the impact of certain foreign unconsolidated hospitality venture losses not benefited in 2017.
Unrecognized tax benefits were $89 million and $86 million at March 31, 2017 and December 31, 2016, respectively, of which $9 million and $5 million, respectively, would impact the effective tax rates 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’s assessment as it relates to the inclusion of loyalty program contributions as taxable income to the Company. In the second quarter of 2017, we intend to file a petition with the United States Tax Court for redetermination of the tax liability asserted by the IRS related to our loyalty program. If the IRS’s position is upheld, it would result in an income tax liability of $118 million (including $25 million of estimated interest, net of federal tax benefit) for the years under audit that would be primarily offset by a deferred tax asset, and therefore, only the related interest would have an impact on the effective tax rate if recognized. We believe we have adequate tax reserves in connection with this matter.
Commitments and Contingencies
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, 2017, we are committed, under certain conditions, to lend or invest up to $433 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 three 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, 2017 was $349 million, of which €293 million ($312 million using exchange rates at March 31, 2017) related to the four managed hotels in France.
We had total net performance guarantee liabilities of $77 million and $79 million at March 31, 2017 and December 31, 2016, which included $52 million and $55 million recorded in other long-term liabilities, $26 million and $24 million in accrued expenses and other current liabilities, and $1 million and $0 in receivables on our condensed consolidated balance sheets, respectively. Our total performance guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception, net of amortization and any separate contingent liabilities, net of cash payments. Performance guarantee expense or income and income from amortization of the guarantee obligation liabilities are recorded in other income (loss), net on the condensed consolidated statements of income, see Note 17.
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Beginning balance, January 1
 
$
66

 
$
93

 
$
13

 
$
4

 
$
79

 
$
97

Amortization of initial guarantee obligation liability into income
 
(3
)
 
(8
)
 
(1
)
 
—

 
(4
)
 
(8
)
Performance guarantee expense, net
 
26

 
19

 
—

 
—

 
26

 
19

Net payments during the period
 
(22
)
 
(14
)
 
(4
)
 
(1
)
 
(26
)
 
(15
)
Foreign currency exchange, net
 
2

 
4

 
—

 
—

 
2

 
4

Ending balance, March 31
 
$
69

 
$
94

 
$
8

 
$
3

 
$
77

 
$
97


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, 2017 and December 31, 2016, there were no amounts recorded on our condensed consolidated balance sheets related to these performance test clauses.
Debt Repayment Guarantees—We enter into various debt repayment guarantees related to our unconsolidated hospitality ventures and certain managed or franchised hotels. Typically, we enter into debt repayment guarantees in order to assist hotel owners in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt repayment guarantees are the following:
Property Description
 
Maximum Potential Future Payments
 
Maximum Exposure Net of Recoverability from Third Parties
 
Other Long-term Liabilities recorded at March 31, 2017
 
Other Long-term Liabilities recorded at December 31, 2016
 
Year of Guarantee Expiration
Hotel property in Washington State (1), (3), (4), (5)
 
$
215

 
$
—

 
$
33

 
$
35

 
2020
Hotel properties in India (2), (3)
 
185

 
185

 
21

 
21

 
2020
Hotel property in Brazil (1)
 
80

 
40

 
3

 
3

 
2020
Hotel property in Minnesota
 
25

 
25

 
2

 
2

 
2021
Hotel property in Arizona (1), (4)
 
25

 
—

 
2

 
2

 
2019
Hotel properties in California (1)
 
21

 
8

 
5

 
6

 
2020
Other (1)
 
24

 
8

 
—

 
—

 
2017
Total
 
$
575

 
$
266

 
$
66

 
$
69

 
 

(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, 2017. 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 $93 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.
(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.
At March 31, 2017, the hotel owners are current on their debt service obligations.
Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $229 million and $231 million at March 31, 2017 and December 31, 2016, 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 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 $32 million and $30 million at March 31, 2017 and December 31, 2016, 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 $63 million and $62 million at March 31, 2017 and December 31, 2016, respectively, and are included in other long-term liabilities on our condensed consolidated balance sheets. At March 31, 2017, standby letters of credit of $7 million were issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the "—Letters of Credit" section of this Note.
Collective Bargaining Agreements—At March 31, 2017, 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, 2017 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, 2017 were $236 million, which relate to our ongoing operations 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.
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 subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture owners.
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 the current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. 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.
Equity
Equity
EQUITY
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2017
$
3,903

 
$
5

 
$
3,908

Net income
70

 
—

 
70

Other comprehensive income
75

 
—

 
75

Contributions from noncontrolling interests
—

 
1

 
1

Repurchase of common stock
(348
)
 
—

 
(348
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2017
$
3,714

 
$
6

 
$
3,720

 
 
 
 
 
 
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2016
$
3,991

 
$
4

 
$
3,995

Net income
34

 
—

 
34

Other comprehensive income
20

 
—

 
20

Repurchase of common stock
(63
)
 
—

 
(63
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2016
$
3,996

 
$
4

 
$
4,000


Accumulated Other Comprehensive Loss—
 
Balance at
January 1, 2017
 
Current period other comprehensive income before reclassification
 
Amount reclassified from accumulated other comprehensive loss
 
Balance at March 31, 2017
Foreign currency translation adjustments
$
(299
)
 
$
41

 
$
—

 
$
(258
)
Unrealized gains on AFS securities
33

 
34

 
—

 
67

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(4
)
 
—

 
—

 
(4
)
Accumulated other comprehensive income (loss)
$
(277
)
 
$
75

 
$
—

 
$
(202
)
 
 
 
 
 
 
 
 
 
Balance at
January 1, 2016
 
Current period other comprehensive income (loss) before reclassification
 
Amount reclassified from accumulated other comprehensive loss
 
Balance at
March 31, 2016
Foreign currency translation adjustments
$
(257
)
 
$
24

 
$
—

 
$
(233
)
Unrealized gains (losses) on AFS securities
39

 
(4
)
 
—

 
35

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(5
)
 
—

 
—

 
(5
)
Accumulated other comprehensive income (loss)
$
(230
)
 
$
20

 
$
—

 
$
(210
)
 
 
 
 
 
 
 
 

Share Repurchases—During 2016 and 2015, our board of directors authorized the repurchase of up to $500 million and $400 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. On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. See Note 18 for further details regarding the 2017 share repurchase plan.
In March 2017, we entered into an accelerated share repurchase program ("2017 ASR") with a third-party financial institution. Under the 2017 ASR agreement, 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. This initial delivery of shares represents 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. Upon settlement of the 2017 ASR in a future period, the total number of shares ultimately delivered is determined based on the volume-weighted-average price of our common stock during that period. The remaining shares yet to be delivered, totaling $60 million, are 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 16.
During the three months ended March 31, 2017, we repurchased 5,480,636 shares, including shares repurchased pursuant to the 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. Total 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.
During the three months ended March 31, 2016, we repurchased 1,527,750 shares. The shares of common stock were repurchased at a weighted-average price of $41.37 per share for an aggregate purchase price of $63 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2016 represented approximately 1% of our total shares of common stock outstanding at December 31, 2015.
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, 2017, we had $9 million remaining under the share repurchase authorization.
Stock-Based Compensation
Stock-Based Compensation
STOCK-BASED COMPENSATION
As part of our Long-Term Incentive Plan ("LTIP"), we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), Performance Share Units ("PSUs") and Performance Vesting Restricted Stock ("PSs") 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 recorded in other revenues from managed properties and other costs from managed 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:
 
Three Months Ended March 31,
 
2017
 
2016
SARs
$
8

 
$
7

RSUs
8

 
8

PSUs and PSs
—

 
1

Total stock-based compensation recorded within selling, general, and administrative expenses
$
16

 
$
16


SARs—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, 2017, we granted 416,215 RSUs to employees with a weighted-average grant date fair value of $52.65.
PSUs and PSs—During the three months ended March 31, 2017, we granted a total of 102,115 PSUs to our executive officers, with a weighted-average grant date fair value of $52.65. The performance period applicable to such PSUs is a three year period beginning January 1, 2017 and ending December 31, 2019. During the three months ended March 31, 2017, we did not grant any PSs under our LTIP.
Our total unearned compensation for our stock-based compensation programs at March 31, 2017 was $8 million for SARs, $24 million for RSUs and $8 million for PSUs and PSs, which will primarily be recorded to compensation expense over the next three years with respect to SARs and RSUs, and over the next two years with respect to PSUs and PSs.
Related-Party Transactions
Related-Party Transactions
    RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the Notes to the condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Leases—Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois, since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future expected sublease income for this space from related parties is $3 million.
Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recorded fees of $6 million for the three months ended March 31, 2017 and March 31, 2016. At March 31, 2017 and December 31, 2016, we had receivables due from these properties of $7 million. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 11) to these entities. During the three months ended March 31, 2017 and March 31, 2016, we recorded fees related to these guarantees of $1 million. Our ownership interest in these unconsolidated hospitality ventures generally varies from 24% to 70%.
Class B Share Conversion—During the three months ended March 31, 2017, 539,370 shares of Class B common stock were converted on a share-for-share basis into shares of our Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock were retired subsequent to March 31, 2017, thereby reducing the shares of Class B common stock authorized and outstanding.
Segment Information
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 to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is our President and Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions at our owned and leased hotels related to our co-branded credit card, which are eliminated in consolidation.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue 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; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense and other income (loss), net.

The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, results related to Miraval, license fees related to Hyatt Residence Club and results related to our co-branded credit card.
 
Three Months Ended March 31,
 
2017
 
2016
Owned and leased hotels
 
 
 
Owned and leased hotels revenues
$
558

 
$
516

Other revenues
13

 
—

Intersegment revenues (a)
2

 
—

Adjusted EBITDA
143


131

Depreciation and amortization
74

 
68

Americas management and franchising
 
 
 
Management and franchise fees revenues
104

 
91

Other revenues from managed properties
428

 
421

Intersegment revenues (a)
22

 
20

Adjusted EBITDA
90

 
76

Depreciation and amortization
5

 
5

ASPAC management and franchising
 
 
 
Management and franchise fees revenues
25

 
22

Other revenues from managed properties
26

 
21

Intersegment revenues (a)
—

 
—

Adjusted EBITDA
15

 
12

Depreciation and amortization
—

 
—

EAME/SW Asia management and franchising
 
 
 
Management and franchise fees revenues
16

 
16

Other revenues from managed properties
17

 
15

Intersegment revenues (a)
2

 
2

Adjusted EBITDA
8

 
8

Depreciation and amortization
1

 
1

Corporate and other
 
 
 
Revenues
26

 
9

Adjusted EBITDA
(29
)
 
(33
)
Depreciation and amortization
11

 
7

Eliminations
 
 
 
Revenues (a)
(26
)
 
(22
)
Adjusted EBITDA (b)
1

 
—

Depreciation and amortization
—

 
—

TOTAL
 
 
 
Revenues
$
1,187

 
$
1,089

Adjusted EBITDA
228

 
194

Depreciation and amortization
91

 
81

(a)
Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and are eliminated in Eliminations.
(b)
Adjusted EBITDA elimination includes expenses recorded by our owned and leased hotels related to billings for depreciation on technology-related capital assets.
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: 
 
Three Months Ended March 31,
 
2017
 
2016
Net income attributable to Hyatt Hotels Corporation
$
70

 
$
34

Interest expense
21

 
17

Provision for income taxes
41

 
16

Depreciation and amortization
91

 
81

EBITDA
223

 
148

Equity (earnings) losses from unconsolidated hospitality ventures
3

 
(2
)
Stock-based compensation expense (see Note 13)
16

 
16

Other (income) loss, net (see Note 17)
(40
)
 
4

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
26

 
28

Adjusted EBITDA
$
228

 
$
194

Earnings Per Share
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:
 
Three Months Ended March 31,
 
2017
 
2016
Numerator:
 
 
 
Net income
$
70

 
$
34

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
70

 
$
34

Denominator:
 
 
 
Basic weighted average shares outstanding
129,746,644

 
135,128,860

Share-based compensation
1,250,891

 
796,029

Diluted weighted average shares outstanding
130,997,535

 
135,924,889

Basic Earnings Per Share:
 
 
 
Net income
$
0.54

 
$
0.25

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.54

 
$
0.25

Diluted Earnings Per Share:
 
 
 
Net income
$
0.54

 
$
0.25

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.54

 
$
0.25


The computations of diluted net income per share for the three months ended March 31, 2017 and March 31, 2016 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.
 
Three Months Ended March 31,
 
2017
 
2016
SARs
39,200

 
—

RSUs
—

 
12,000

Equity-classified forward contract under the 2017 ASR
26,800

 
—

Other Income (Loss), Net
Other Income (Loss), Net
OTHER INCOME (LOSS), NET
 
Three Months Ended March 31,
 
2017
 
2016
Interest income (Note 4)
$
95

 
$
1

Depreciation recovery
6

 
5

Performance guarantee liability amortization (Note 11)
4

 
8

Performance guarantee expense, net (Note 11)
(26
)
 
(19
)
Realized losses (Note 4)
(40
)
 
—

Other
1

 
1

Other income (loss), net
$
40

 
$
(4
)
Subsequent Event
Subsequent Event
SUBSEQUENT EVENT
On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, 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. At May 4, 2017, we had approximately $509 million remaining under our current share repurchase authorization.
Recently Issued Accounting Pronouncements (Policies)
Basis of Accounting 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements.
Principles of Consolidation 
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.
Recently Issued Account Pronouncements 
Adopted Accounting Standards—In March 2016, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017, which resulted in recognition of excess tax benefits from share-based payment transactions on the condensed consolidated statements of income and within operating activities on the condensed consolidated statements of cash flows, on a prospective basis. ASU 2016-09 did not materially impact our condensed consolidated financial statements and prior periods have not been adjusted.
Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date under ASU 2014-09.
The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. We currently expect to adopt ASU 2014-09 utilizing the full retrospective transition method on January 1, 2018.
While we continue to evaluate possible impacts on our condensed consolidated financial statements, ASU 2014-09 is expected to impact either the amount or timing of revenue recognition as follows:
•Under existing guidance, gains on sales of real estate when we maintain substantial continuing involvement are deferred and amortized into management and franchise fees revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer. We expect any remaining unamortized deferred gains as of our date of adoption will be included as an adjustment to retained earnings. For the three months ended March 31, 2017 and March 31, 2016, Hyatt recognized $5 million of management fee revenues related to the amortization of these deferred gains.
•Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our condensed consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles may meet the definition of consideration paid to a customer and therefore, would be recorded as contra-revenue within management and franchise fee revenues in our condensed consolidated statements of income.
•Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fees on a full year basis.
•Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, initial franchise application fees will be recognized over time.
We do not expect the standard to materially affect the amount or timing of revenue recognition for royalty fees from our franchised properties or base management fees from our managed properties. We are continuing to evaluate other possible impacts to our condensed consolidated financial statements, including the impact related to our loyalty program.
In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. Upon adoption, the unrealized gains (losses) on available-for-sale ("AFS") equity securities reported in accumulated other comprehensive loss at December 31, 2017 will be reclassified to retained earnings, and any subsequent changes in fair value will be recognized in net income on our condensed consolidated statements of income. We are currently evaluating the impacts of adopting ASU 2016-01. 
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 provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-02.
In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize 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 recorded through an allowance for credit losses. The provisions of ASU 2016-13 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.
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. The provisions of ASU 2016-16 are effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-16 requires an entity to adopt the amendments on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. Upon adoption, we do not expect ASU 2016-16 to have a material impact on our condensed consolidated financial statements.
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. The provisions of ASU 2017-01 are effective for interim periods and fiscal years beginning after December 15, 2017. We are currently evaluating the impact of adopting ASU 2017-01.
In January 2017, the FASB released Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment charge is necessary. Instead, entities will record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU 2017-04 are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2017-04.
Self Insurance 
We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses.
Commitments and Contingencies Other 
We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture owners.
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 the current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. 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.

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 to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is our President and Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions at our owned and leased hotels related to our co-branded credit card, which are eliminated in consolidation.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue 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; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense and other income (loss), net.
Equity and Cost Method Investments (Tables)
Equity and Cost Method Investment Balances 
 
March 31, 2017
 
December 31, 2016
Equity method investments
$
163

 
$
180

Cost method investments
6

 
6

Total investments
$
169

 
$
186

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:
 
Three Months Ended March 31,
 
2017
 
2016
Total revenues
$
274

 
$
284

Gross operating profit
78

 
70

Income (loss) from continuing operations
(18
)
 
20

Net income (loss)
(18
)
 
20

Marketable Securities (Tables)
Marketable Securities Held to Fund Operating Programs 
Marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2017
 
December 31, 2016
Marketable securities held to fund our loyalty program
$
397

 
$
394

Marketable securities held to fund deferred compensation plans held in rabbi trusts (Note 9)
364

 
352

Marketable securities held to fund our captive insurance companies
72

 
65

Total marketable securities held to fund operating programs
$
833

 
$
811

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
(123
)
 
(109
)
Marketable securities held to fund operating programs included in other assets
$
710

 
$
702

Net Gains (Losses) and Interest Income from Marketable Securities Held to Fund Operating Programs 
Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income included realized and unrealized gains and losses and interest income related to the following:
 
Three Months Ended March 31,
2017
 
2016
Loyalty program
$
—

 
$
1

Deferred compensation plans held in rabbi trusts
15

 
—

Total net gains and interest income from marketable securities held to fund operating programs
$
15

 
$
1

Marketable Securities Held for Investment Purposes 
Marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2017
 
December 31, 2016
Interest bearing money market funds
$
56

 
$
106

Time deposits
45

 
45

Preferred shares
—

 
290

Common shares
126

 
—

Total marketable securities held for investment purposes
$
227

 
$
441

Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments
(101
)
 
(151
)
Marketable securities held for investment purposes included in other assets
$
126

 
$
290

Assets and Liabilities Measured at Fair Value on a Recurring Basis 
We measured the following financial assets at fair value on a recurring basis:
 
March 31, 2017
 
Cash and cash equivalents
 
Short-term investments
 
Prepaids and other assets
 
Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
72

 
$
72

 
$
—

 
$
—

 
$
—

Mutual funds
364

 
—

 
—

 
—

 
364

Common shares
126

 
—

 
—

 
—

 
126

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
58

 
—

 
46

 
—

 
12

U.S. government obligations
148

 
—

 
—

 
38

 
110

U.S. government agencies
48

 
—

 
4

 
8

 
36

Corporate debt securities
182

 
—

 
2

 
38

 
142

Mortgage-backed securities
19

 
—

 
—

 
5

 
14

Asset-backed securities
40

 
—

 
—

 
10

 
30

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Total
$
1,060

 
$
72

 
$
52

 
$
100

 
$
836



 
December 31, 2016
 
Cash and cash equivalents
 
Short-term investments
 
Prepaids and other assets
 
Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
114

 
$
114

 
$
—

 
$
—

 
$
—

Mutual funds
352

 
—

 
—

 
—

 
352

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
59

 
—

 
46

 
—

 
13

U.S. government obligations
142

 
—

 
—

 
33

 
109

U.S. government agencies
53

 
—

 
9

 
8

 
36

Corporate debt securities
181

 
—

 
1

 
35

 
145

Mortgage-backed securities
22

 
—

 
—

 
5

 
17

Asset-backed securities
34

 
—

 
—

 
8

 
26

Municipal and provincial notes and bonds
5

 
—

 
—

 
1

 
4

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
290

 
—

 
—

 
—

 
290

Total
$
1,252

 
$
114

 
$
56

 
$
90

 
$
992

Investments Classified as Available For Sale 
The fair value of the preferred shares was: 
 
2017
 
2016
Fair value at January 1
$
290

 
$
335

Gross unrealized losses
(54
)
 
(7
)
Realized losses
(40
)
 
—

Interest income
94

 
—

Cash redemption
(290
)
 
—

Fair value at March 31
$
—

 
$
328

Financing Receivables (Tables)
Financing Receivables 

 
March 31, 2017
 
December 31, 2016
Unsecured financing to hotel owners
$
122

 
$
119

Less allowance for losses
(103
)
 
(100
)
Total long-term financing receivables, net
$
19

 
$
19

Allowance for Losses and Impairments 
The following table summarizes the activity in our financing receivables allowance:
 
2017
 
2016
Allowance at January 1
$
100

 
$
98

  Provisions
2

 
1

  Other Adjustments
1

 
1

Allowance at March 31
$
103

 
$
100


Credit Monitoring 
Our unsecured financing receivables were as follows:
 
March 31, 2017
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
13

 
$
—

 
$
13

 
$
—

Impaired loans (1)
58

 
(58
)
 
—

 
58

Total loans
71

 
(58
)
 
13

 
58

Other financing arrangements
51

 
(45
)
 
6

 
45

Total unsecured financing receivables
$
122

 
$
(103
)
 
$
19

 
$
103

(1) The unpaid principal balance was $44 million and the average recorded loan balance was $57 million at March 31, 2017.
 
December 31, 2016
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
13

 
$
—

 
$
13

 
$
—

Impaired loans (2)
56

 
(56
)
 
—

 
56

Total loans
69

 
(56
)
 
13

 
56

Other financing arrangements
50

 
(44
)
 
6

 
44

Total unsecured financing receivables
$
119

 
$
(100
)
 
$
19

 
$
100

(2) The unpaid principal balance was $43 million and the average recorded loan balance was $57 million at December 31, 2016
Acquisitions Acquisitions (Tables)
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:
 
 
Current assets, net of cash acquired
$
4

Property and equipment
173

Indefinite-lived intangibles (1)
37

Management agreement intangibles (2)
14

Goodwill (3)
20

Other definite-lived intangibles (4)
7

Total assets
$
255

 
 
Current liabilities
$
11

Deferred income tax liability
6

Total liabilities
17

Total net assets acquired attributable to Hyatt Hotels Corporation
238

Total net assets acquired attributable to noncontrolling interests
1

Total net assets acquired
$
239

 
 
(1) Includes an intangible attributable to the Miraval brand.
(2) Amortized over a useful life of 20 years.
(3) The goodwill, of which $8 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)
Schedule of Finite-Lived Intangible Assets 
 
March 31, 2017
 
Weighted-
Average Useful
Lives in Years
 
December 31, 2016
Management and franchise agreement intangibles
$
611

 
25

 
$
589

Lease related intangibles
117

 
111

 
115

Brand and other indefinite-lived intangibles
53

 
—

 
16

Advanced bookings intangibles
12

 
6

 
11

Other definite-lived intangibles
12

 
11

 
6

 
805

 
 
 
737

Accumulated amortization
(147
)
 
 
 
(138
)
Intangibles, net
$
658

 
 
 
$
599

Schedule of Indefinite-Lived Intangible Assets 
 
March 31, 2017
 
Weighted-
Average Useful
Lives in Years
 
December 31, 2016
Management and franchise agreement intangibles
$
611

 
25

 
$
589

Lease related intangibles
117

 
111

 
115

Brand and other indefinite-lived intangibles
53

 
—

 
16

Advanced bookings intangibles
12

 
6

 
11

Other definite-lived intangibles
12

 
11

 
6

 
805

 
 
 
737

Accumulated amortization
(147
)
 
 
 
(138
)
Intangibles, net
$
658

 
 
 
$
599

Schedule of Intangible Assets Amortization Expense 
Amortization expense relating to intangible assets was as follows:
 
Three Months Ended March 31,
 
2017
 
2016
Amortization expense
$
7

 
$
7

Debt (Tables)
Fair Value, by Balance Sheet Grouping
We had the following debt balances, excluding capital lease obligations:
 
March 31, 2017
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt (1)
$
1,745

 
$
1,834

 
$
—

 
$
1,462

 
$
372

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.
 
December 31, 2016
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt (2)
$
1,565

 
$
1,642

 
$
—

 
$
1,450

 
$
192

(2) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.
Liabilities (Tables)
Liabilities
 
March 31, 2017
 
December 31, 2016
Deferred compensation plans
$
364

 
$
352

Deferred gains on sales of hotel properties
357

 
363

Loyalty program liability
288

 
296

Guarantee liabilities (Note 11)
118

 
124

Other
353

 
337

Total other long-term liabilities
$
1,480

 
$
1,472

Commitments and Contingencies (Tables)
Schedule of Guarantor Obligations 
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Beginning balance, January 1
 
$
66

 
$
93

 
$
13

 
$
4

 
$
79

 
$
97

Amortization of initial guarantee obligation liability into income
 
(3
)
 
(8
)
 
(1
)
 
—

 
(4
)
 
(8
)
Performance guarantee expense, net
 
26

 
19

 
—

 
—

 
26

 
19

Net payments during the period
 
(22
)
 
(14
)
 
(4
)
 
(1
)
 
(26
)
 
(15
)
Foreign currency exchange, net
 
2

 
4

 
—

 
—

 
2

 
4

Ending balance, March 31
 
$
69

 
$
94

 
$
8

 
$
3

 
$
77

 
$
97

Debt Repayment Guarantees 
Included within debt repayment guarantees are the following:
Property Description
 
Maximum Potential Future Payments
 
Maximum Exposure Net of Recoverability from Third Parties
 
Other Long-term Liabilities recorded at March 31, 2017
 
Other Long-term Liabilities recorded at December 31, 2016
 
Year of Guarantee Expiration
Hotel property in Washington State (1), (3), (4), (5)
 
$
215

 
$
—

 
$
33

 
$
35

 
2020
Hotel properties in India (2), (3)
 
185

 
185

 
21

 
21

 
2020
Hotel property in Brazil (1)
 
80

 
40

 
3

 
3

 
2020
Hotel property in Minnesota
 
25

 
25

 
2

 
2

 
2021
Hotel property in Arizona (1), (4)
 
25

 
—

 
2

 
2

 
2019
Hotel properties in California (1)
 
21

 
8

 
5

 
6

 
2020
Other (1)
 
24

 
8

 
—

 
—

 
2017
Total
 
$
575

 
$
266

 
$
66

 
$
69

 
 

(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, 2017. 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 $93 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.
(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.
Equity (Tables)
Stockholders' Equity and Noncontrolling Interests 
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2017
$
3,903

 
$
5

 
$
3,908

Net income
70

 
—

 
70

Other comprehensive income
75

 
—

 
75

Contributions from noncontrolling interests
—

 
1

 
1

Repurchase of common stock
(348
)
 
—

 
(348
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2017
$
3,714

 
$
6

 
$
3,720

 
 
 
 
 
 
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2016
$
3,991

 
$
4

 
$
3,995

Net income
34

 
—

 
34

Other comprehensive income
20

 
—

 
20

Repurchase of common stock
(63
)
 
—

 
(63
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2016
$
3,996

 
$
4

 
$
4,000

Accumulated Other Comprehensive Loss 
 
Balance at
January 1, 2017
 
Current period other comprehensive income before reclassification
 
Amount reclassified from accumulated other comprehensive loss
 
Balance at March 31, 2017
Foreign currency translation adjustments
$
(299
)
 
$
41

 
$
—

 
$
(258
)
Unrealized gains on AFS securities
33

 
34

 
—

 
67

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(4
)
 
—

 
—

 
(4
)
Accumulated other comprehensive income (loss)
$
(277
)
 
$
75

 
$
—

 
$
(202
)
 
 
 
 
 
 
 
 
 
Balance at
January 1, 2016
 
Current period other comprehensive income (loss) before reclassification
 
Amount reclassified from accumulated other comprehensive loss
 
Balance at
March 31, 2016
Foreign currency translation adjustments
$
(257
)
 
$
24

 
$
—

 
$
(233
)
Unrealized gains (losses) on AFS securities
39

 
(4
)
 
—

 
35

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(5
)
 
—

 
—

 
(5
)
Accumulated other comprehensive income (loss)
$
(230
)
 
$
20

 
$
—

 
$
(210
)
 
 
 
 
 
 
 
 
Stock-Based Compensation (Tables)
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:
 
Three Months Ended March 31,
 
2017
 
2016
SARs
$
8

 
$
7

RSUs
8

 
8

PSUs and PSs
—

 
1

Total stock-based compensation recorded within selling, general, and administrative expenses
$
16

 
$
16

Segment Information (Tables)
Summarized Consolidated Financial Information by Segment 
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, results related to Miraval, license fees related to Hyatt Residence Club and results related to our co-branded credit card.
 
Three Months Ended March 31,
 
2017
 
2016
Owned and leased hotels
 
 
 
Owned and leased hotels revenues
$
558

 
$
516

Other revenues
13

 
—

Intersegment revenues (a)
2

 
—

Adjusted EBITDA
143


131

Depreciation and amortization
74

 
68

Americas management and franchising
 
 
 
Management and franchise fees revenues
104

 
91

Other revenues from managed properties
428

 
421

Intersegment revenues (a)
22

 
20

Adjusted EBITDA
90

 
76

Depreciation and amortization
5

 
5

ASPAC management and franchising
 
 
 
Management and franchise fees revenues
25

 
22

Other revenues from managed properties
26

 
21

Intersegment revenues (a)
—

 
—

Adjusted EBITDA
15

 
12

Depreciation and amortization
—

 
—

EAME/SW Asia management and franchising
 
 
 
Management and franchise fees revenues
16

 
16

Other revenues from managed properties
17

 
15

Intersegment revenues (a)
2

 
2

Adjusted EBITDA
8

 
8

Depreciation and amortization
1

 
1

Corporate and other
 
 
 
Revenues
26

 
9

Adjusted EBITDA
(29
)
 
(33
)
Depreciation and amortization
11

 
7

Eliminations
 
 
 
Revenues (a)
(26
)
 
(22
)
Adjusted EBITDA (b)
1

 
—

Depreciation and amortization
—

 
—

TOTAL
 
 
 
Revenues
$
1,187

 
$
1,089

Adjusted EBITDA
228

 
194

Depreciation and amortization
91

 
81

(a)
Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and are eliminated in Eliminations.
(b)
Adjusted EBITDA elimination includes expenses recorded by our owned and leased hotels related to billings for depreciation on technology-related capital assets.
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: 
 
Three Months Ended March 31,
 
2017
 
2016
Net income attributable to Hyatt Hotels Corporation
$
70

 
$
34

Interest expense
21

 
17

Provision for income taxes
41

 
16

Depreciation and amortization
91

 
81

EBITDA
223

 
148

Equity (earnings) losses from unconsolidated hospitality ventures
3

 
(2
)
Stock-based compensation expense (see Note 13)
16

 
16

Other (income) loss, net (see Note 17)
(40
)
 
4

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
26

 
28

Adjusted EBITDA
$
228

 
$
194

Earnings Per Share (Tables)
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:
 
Three Months Ended March 31,
 
2017
 
2016
Numerator:
 
 
 
Net income
$
70

 
$
34

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
70

 
$
34

Denominator:
 
 
 
Basic weighted average shares outstanding
129,746,644

 
135,128,860

Share-based compensation
1,250,891

 
796,029

Diluted weighted average shares outstanding
130,997,535

 
135,924,889

Basic Earnings Per Share:
 
 
 
Net income
$
0.54

 
$
0.25

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.54

 
$
0.25

Diluted Earnings Per Share:
 
 
 
Net income
$
0.54

 
$
0.25

Net income and accretion attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.54

 
$
0.25

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, 2017 and March 31, 2016 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.
 
Three Months Ended March 31,
 
2017
 
2016
SARs
39,200

 
—

RSUs
—

 
12,000

Equity-classified forward contract under the 2017 ASR
26,800

 
—

Other Income (Loss), Net (Tables)
Other Income (Loss), Net
 
Three Months Ended March 31,
 
2017
 
2016
Interest income (Note 4)
$
95

 
$
1

Depreciation recovery
6

 
5

Performance guarantee liability amortization (Note 11)
4

 
8

Performance guarantee expense, net (Note 11)
(26
)
 
(19
)
Realized losses (Note 4)
(40
)
 
—

Other
1

 
1

Other income (loss), net
$
40

 
$
(4
)
Organization (Details)
Mar. 31, 2017
Countries
Organization
 
Number of countries in which entity operates (number of countries)
56 
Full Service
 
Organization
 
Number of hotels operated or franchised (number of hotels)
318 
Number of rooms operated or franchised (number of rooms)
123,684 
Select Service
 
Organization
 
Number of hotels operated or franchised (number of hotels)
346 
Number of rooms operated or franchised (number of rooms)
48,577 
Select Service |
United States
 
Organization
 
Number of hotels operated or franchised (number of hotels)
316 
All inclusive
 
Organization
 
Number of hotels operated or franchised (number of hotels)
6 
Number of rooms operated or franchised (number of rooms)
2,401 
Wellness Resorts
 
Organization
 
Number of hotels operated or franchised (number of hotels)
3 
Number of rooms operated or franchised (number of rooms)
386 
Recently Issued Accounting Pronouncements (Narrative) (Details) (Accounting Standards Update 2014-09, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Accounting Standards Update 2014-09
 
 
New Accounting Pronouncements or Change in Accounting Principle
 
 
Management fee revenues
$ 5 
$ 5 
Equity and Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Equity And Cost Method Investments [Abstract]
 
 
Equity method investments
$ 163 
$ 180 
Cost method investments
6 
6 
Total investments
$ 169 
$ 186 
Equity and Cost Method Investments (Narrative) (Details) (Hyatt Place Hotel, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Hyatt Place Hotel
 
Schedule of Equity Method Investments [Line Items]
 
Equity method investment, net sales proceeds
$ 4 
Equity method investment, realized gain on sale
$ 2 
Equity and Cost Method Investments (Summarized Financial Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Equity And Cost Method Investments [Abstract]
 
 
Total revenues
$ 274 
$ 284 
Gross operating profit
78 
70 
Income (loss) from continuing operations
(18)
20 
Net income (loss)
$ (18)
$ 20 
Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) (Held for operating programs, USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Schedule of Investments
 
 
Total marketable securities
$ 833 
$ 811 
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
(123)
(109)
Marketable securities held to fund operating programs included in other assets
710 
702 
Loyalty Program
 
 
Schedule of Investments
 
 
Total marketable securities
397 
394 
Deferred compensation plans held in rabbi trusts
 
 
Schedule of Investments
 
 
Total marketable securities
364 
352 
Captive insurance companies
 
 
Schedule of Investments
 
 
Total marketable securities
$ 72 
$ 65 
Marketable Securities (Gain on Investments Held to Fund Operating Programs) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Gain on Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 15 
$ 1 
Loyalty Program
 
 
Gain on Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
0 
1 
Deferred compensation plans held in rabbi trusts
 
 
Gain on Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 15 
$ 0 
Marketable Securities (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Mar. 31, 2017
Playa Hotels & Resorts B.V.
Preferred shares
Mar. 31, 2017
Playa Hotels & Resorts B.V.
Preferred shares
Mar. 31, 2016
Playa Hotels & Resorts B.V.
Preferred shares
Dec. 31, 2013
Playa Hotels & Resorts B.V.
Preferred shares
Mar. 31, 2017
Playa Hotels & Resorts B.V.
Common shares
Mar. 31, 2017
Pace Holdings Corporation
Playa Hotels & Resorts B.V.
Mar. 31, 2017
Warrants
Pace Holdings Corporation
Other assets
Playa Hotels & Resorts B.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities, amortized cost basis
 
 
 
 
 
 
$ 271 
 
 
 
Proceeds from redemption of preferred shares
 
 
 
290 
290 
0 
 
 
 
 
Redeemable convertible preferred shares redemption, interest income
95 
1 
 
94 
94 
0 
 
 
 
 
Realized losses
40 
0 
 
40 
40 
0 
 
 
 
 
Redeemable convertible preferred shares redemption, price per share (in dollars per share)
 
 
 
$ 8.40 
$ 8.40 
 
 
 
 
 
Common shares
 
 
 
 
 
 
 
11.57% 
 
 
Increase in AOCI
 
 
 
 
 
 
 
109 
 
 
Number of warrants received (in shares)
 
 
 
 
 
 
 
 
1,738,806 
 
Warrants received, common share conversion (in shares)
 
 
 
 
 
 
 
 
579,602 
 
Warrants received, warrant earn-out conversion (in shares)
 
 
 
 
 
 
 
 
237,110 
 
Founders' warrants
 
 
 
 
 
 
 
 
 
5 
Held-to-maturity securities
$ 27 
 
$ 27 
 
 
 
 
 
 
 
Marketable Securities (Marketable Securities Held for Investment Purposes) (Details) (Held for Investment Purposes, USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Held for Investment Purposes
 
 
Schedule of Investments
 
 
Interest bearing money market funds
$ 56 
$ 106 
Time deposits
45 
45 
Preferred shares
0 
290 
Common shares
126 
0 
Total marketable securities
227 
441 
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments
(101)
(151)
Marketable securities held for investment purposes included in other assets
$ 126 
$ 290 
Marketable Securities (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
$ 1,060 
$ 1,252 
Cash and cash equivalents
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
72 
114 
Short-term investments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
52 
56 
Prepaids and other assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
100 
90 
Other assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
836 
992 
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
72 
114 
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
364 
352 
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
126 
 
Level One - Quoted Prices in Active Markets for Identical Assets |
Cash and cash equivalents |
Interest bearing money market funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
72 
114 
Level One - Quoted Prices in Active Markets for Identical Assets |
Cash and cash equivalents |
Mutual funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Cash and cash equivalents |
Common shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
 
Level One - Quoted Prices in Active Markets for Identical Assets |
Short-term investments |
Interest bearing money market funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Short-term investments |
Mutual funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Short-term investments |
Common shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
 
Level One - Quoted Prices in Active Markets for Identical Assets |
Prepaids and other assets |
Interest bearing money market funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Prepaids and other assets |
Mutual funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Prepaids and other assets |
Common shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
 
Level One - Quoted Prices in Active Markets for Identical Assets |
Other assets |
Interest bearing money market funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level One - Quoted Prices in Active Markets for Identical Assets |
Other assets |
Mutual funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
364 
352 
Level One - Quoted Prices in Active Markets for Identical Assets |
Other assets |
Common shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
126 
 
Level Two - Significant Other Observable Inputs |
Time deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
58 
59 
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
148 
142 
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
48 
53 
Level Two - Significant Other Observable Inputs |
Corporate debt securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
182 
181 
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 
22 
Level Two - Significant Other Observable Inputs |
Asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
40 
34 
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 
5 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
Time deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
U.S. government obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
U.S. government agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
Corporate debt securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
Mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
Asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and cash equivalents |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term investments |
Time deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
46 
46 
Level Two - Significant Other Observable Inputs |
Short-term investments |
U.S. government obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term investments |
U.S. government agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
4 
9 
Level Two - Significant Other Observable Inputs |
Short-term investments |
Corporate debt securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
2 
1 
Level Two - Significant Other Observable Inputs |
Short-term investments |
Mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term investments |
Asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term investments |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
Time deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
U.S. government obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
38 
33 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
U.S. government agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
8 
8 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
Corporate debt securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
38 
35 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
Mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
5 
5 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
Asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
10 
8 
Level Two - Significant Other Observable Inputs |
Prepaids and other assets |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
1 
1 
Level Two - Significant Other Observable Inputs |
Other assets |
Time deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
12 
13 
Level Two - Significant Other Observable Inputs |
Other assets |
U.S. government obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
110 
109 
Level Two - Significant Other Observable Inputs |
Other assets |
U.S. government agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
36 
36 
Level Two - Significant Other Observable Inputs |
Other assets |
Corporate debt securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
142 
145 
Level Two - Significant Other Observable Inputs |
Other assets |
Mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
14 
17 
Level Two - Significant Other Observable Inputs |
Other assets |
Asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
30 
26 
Level Two - Significant Other Observable Inputs |
Other assets |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
2 
4 
Level Three - Significant Unobservable Inputs |
Preferred shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
 
290 
Level Three - Significant Unobservable Inputs |
Cash and cash equivalents |
Preferred shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
 
0 
Level Three - Significant Unobservable Inputs |
Short-term investments |
Preferred shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
 
0 
Level Three - Significant Unobservable Inputs |
Prepaids and other assets |
Preferred shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
 
0 
Level Three - Significant Unobservable Inputs |
Other assets |
Preferred shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, fair value disclosure
 
$ 290 
Marketable Securities (Investments Classified as Available for Sale) (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended
Mar. 31, 2017
Mar. 31, 2017
Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
 
Realized losses
 
$ (40)
$ 0 
Interest income
 
95 
1 
Playa Hotels & Resorts B.V. |
Preferred shares
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
 
Fair value beginning balance
 
290 
335 
Gross unrealized losses
 
(54)
(7)
Realized losses
(40)
(40)
0 
Interest income
94 
94 
0 
Cash redemption
(290)
(290)
0 
Fair value ending balance
$ 0 
$ 0 
$ 328 
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
 
 
 
 
Total long-term financing receivables, net
$ 19 
$ 19 
 
 
Unsecured Financing
 
 
 
 
Accounts, Notes, Loans and Financing Receivable
 
 
 
 
Unsecured financing to hotel owners
122 
119 
 
 
Less allowance for losses
(103)
(100)
(100)
(98)
Total long-term financing receivables, net
$ 19 
$ 19 
 
 
Financing Receivables (Allowance for Losses and Impairments) (Details) (Unsecured Financing, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Unsecured Financing
 
 
Allowance for Losses and Impairments
 
 
Allowance beginning Balance
$ 100 
$ 98 
Provisions
2 
1 
Other Adjustments
1 
1 
Allowance ending Balance
$ 103 
$ 100 
Financing Receivables (Credit Monitoring) (Details) (Unsecured Financing, USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2017
Loans
Dec. 31, 2016
Loans
Mar. 31, 2017
Impaired loans
Dec. 31, 2016
Impaired loans
Mar. 31, 2017
Total loans
Dec. 31, 2016
Total loans
Mar. 31, 2017
Other financing arrangements
Dec. 31, 2016
Other financing arrangements
Unsecured Financing Receivables
 
 
 
 
 
 
 
 
 
 
 
 
Gross Loan Balance (Principal and Interest)
$ 122 
$ 119 
 
 
$ 13 
$ 13 
 
 
$ 71 
$ 69 
$ 51 
$ 50 
Impaired Loans
 
 
 
 
 
 
58 
56 
 
 
 
 
Related Allowance
(103)
(100)
(100)
(98)
0 
0 
 
 
(58)
(56)
(45)
(44)
Impaired loans, allowance
 
 
 
 
 
 
(58)
(56)
 
 
 
 
Net Financing Receivables
19 
19 
 
 
13 
13 
0 
0 
13 
13 
6 
6 
Gross Receivables on Non-Accrual Status
103 
100 
 
 
0 
0 
58 
56 
58 
56 
45 
44 
Impaired financing receivable, unpaid principal balance
 
 
 
 
 
 
44 
43 
 
 
 
 
Impaired financing receivable, average recorded investment
 
 
 
 
 
 
$ 57 
$ 57 
 
 
 
 
Financing Receivables (Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
 
 
Level three financing receivables
$ 19 
$ 19 
Acquisitions (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Business Acquisition
 
 
 
Payments to acquire business, net of cash acquired
$ 245 
$ 0 
 
Redeemable preferred shares issued during period
9 
 
0 
Miraval Group
 
 
 
Business Acquisition
 
 
 
Payments to acquire business, net of cash acquired
239 
 
 
Redeemable preferred shares issued during period
$ 9 
 
 
Redeemable preferred shares, preferred return
12.00% 
 
 
Redeemable preferred shares, option to require redemption, term
2 years 
 
 
Cranwell Spa and Golf Resort
 
 
 
Business Acquisition
 
 
 
Business combination, percent acquired
95.00% 
 
 
Minimum |
Miraval Group
 
 
 
Business Acquisition
 
 
 
Redeemable preferred shares, redemption term
12 months 
 
 
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2017
Miraval Group
Mar. 31, 2017
Management Agreement
Miraval Group
Mar. 31, 2017
Other definite-lived intangibles
Mar. 31, 2017
Other definite-lived intangibles
Miraval Group
Mar. 31, 2017
Minimum
Other definite-lived intangibles
Miraval Group
Mar. 31, 2017
Maximum
Other definite-lived intangibles
Miraval Group
Business Acquisition
 
 
 
 
 
 
 
 
Current assets, net of cash acquired
 
 
$ 4 
 
 
 
 
 
Property and equipment
 
 
173 
 
 
 
 
 
Indefinite-lived intangible
 
 
37 
 
 
 
 
 
Definite-lived intangibles
 
 
 
14 
 
7 
 
 
Goodwill
147 
125 
20 
 
 
 
 
 
Total assets
 
 
255 
 
 
 
 
 
Current liabilities
 
 
11 
 
 
 
 
 
Deferred income tax liability
 
 
6 
 
 
 
 
 
Total liabilities
 
 
17 
 
 
 
 
 
Total net assets acquired attributable to Hyatt Hotels Corporation
 
 
238 
 
 
 
 
 
Total net assets acquired attributable to noncontrolling interests
 
 
1 
 
 
 
 
 
Total net assets acquired
 
 
239 
 
 
 
 
 
Weighted-average useful life
 
 
 
20 years 
11 years 
 
2 years 
7 years 
Goodwill expected tax deductible amount
 
 
$ 8 
 
 
 
 
 
Intangibles, Net (Intangible Assets Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Schedule of Intangible Asset by Major Class
 
 
Intangible assets, gross
$ 805 
$ 737 
Accumulated amortization
(147)
(138)
Intangibles, net
658 
599 
Management and franchise agreement intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Management and franchise agreement intangibles
611 
589 
Weighted- Average Useful Lives in Years
25 years 
 
Lease related intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Lease related intangibles
117 
115 
Weighted- Average Useful Lives in Years
111 years 
 
Advanced bookings intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Advanced bookings intangibles
12 
11 
Weighted- Average Useful Lives in Years
6 years 
 
Other definite-lived intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Other definite-lived intangibles
12 
6 
Weighted- Average Useful Lives in Years
11 years 
 
Brand and other indefinite-lived intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Brand and other indefinite-lived intangibles
$ 53 
$ 16 
Intangibles, Net (Amortization Expense Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
Amortization expense
$ 7 
$ 7 
Debt (Narrative) (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument
 
 
Long-term debt, net of current maturities
$ 1,445,000,000 
$ 1,445,000,000 
Revolving Credit Facility
 
 
Debt Instrument
 
 
Proceeds from revolving credit facility during period
180,000,000 
 
Revolving credit facility, weighted average interest rate
1.89% 
 
Line of credit outstanding
280,000,000 
100,000,000 
Revolving credit facility, remaining borrowing capacity
1,200,000,000 
 
2019 Notes
 
 
Debt Instrument
 
 
Senior notes
196,000,000 
 
Debt instrument, interest rate, stated percentage
6.875% 
 
2021 Notes
 
 
Debt Instrument
 
 
Senior notes
250,000,000 
 
Debt instrument, interest rate, stated percentage
5.375% 
 
2023 Notes
 
 
Debt Instrument
 
 
Senior notes
350,000,000 
 
Debt instrument, interest rate, stated percentage
3.375% 
 
2026 Notes
 
 
Debt Instrument
 
 
Senior notes
$ 400,000,000 
 
Debt instrument, interest rate, stated percentage
4.85% 
 
Debt (Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument
 
 
Debt, excluding capital lease obligations, carrying value
$ 1,745 
$ 1,565 
Debt, excluding capital lease obligations, fair value
1,834 
1,642 
Capital lease obligations
15 
15 
Unamortized discount and deferred financing fees
(16)
(16)
Quoted Prices in Active Markets for Identical Assets (Level One)
 
 
Debt Instrument
 
 
Debt, excluding capital lease obligations, fair value
0 
0 
Significant Other Observable Inputs (Level Two)
 
 
Debt Instrument
 
 
Debt, excluding capital lease obligations, fair value
1,462 
1,450 
Significant Unobservable Inputs (Level Three)
 
 
Debt Instrument
 
 
Debt, excluding capital lease obligations, fair value
$ 372 
$ 192 
Liabilities (Liabilities Table) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Other Liabilities [Abstract]
 
 
Deferred compensation plans
$ 364 
$ 352 
Deferred gains on sales of hotel properties
357 
363 
Loyalty program liability
288 
296 
Guarantee liabilities
118 
124 
Other
353 
337 
Total other long-term liabilities
$ 1,480 
$ 1,472 
Liabilities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Other Liabilities
 
 
Accrued expenses and other current liabilities
$ 552 
$ 514 
Loyalty Program
 
 
Other Liabilities
 
 
Accrued expenses and other current liabilities
$ 143 
$ 139 
Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Income Tax Disclosure [Abstract]
 
 
 
Effective income tax rate
36.80% 
31.70% 
 
Total unrecognized tax benefits
$ 89 
 
$ 86 
Amount of unrecognized tax benefits that would affect the tax rate if recognized
9 
 
5 
Estimated income tax liability based on taxing authority’s assessment
118 
 
 
Possible income tax liability increase
$ 25 
 
 
Commitments and Contingencies (Guarantees And Commitments Narrative) (Details)
3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2017
Performance Guarantee
USD ($)
Dec. 31, 2016
Performance Guarantee
USD ($)
Mar. 31, 2016
Performance Guarantee
USD ($)
Dec. 31, 2015
Performance Guarantee
USD ($)
Mar. 31, 2017
Performance Test Clause Guarantee
USD ($)
Dec. 31, 2016
Performance Test Clause Guarantee
USD ($)
Mar. 31, 2017
Debt Repayment Guarantees
USD ($)
Mar. 31, 2017
Hotel properties in India
Debt Repayment Guarantees
USD ($)
Mar. 31, 2017
The Four Managed Hotels in France
Performance Guarantee
USD ($)
Mar. 31, 2017
The Four Managed Hotels in France
Performance Guarantee
EUR (€)
Dec. 31, 2016
The Four Managed Hotels in France
Performance Guarantee
USD ($)
Mar. 31, 2016
The Four Managed Hotels in France
Performance Guarantee
USD ($)
Dec. 31, 2015
The Four Managed Hotels in France
Performance Guarantee
USD ($)
Mar. 31, 2017
Other long-term liabilities
Performance Guarantee
USD ($)
Dec. 31, 2016
Other long-term liabilities
Performance Guarantee
USD ($)
Mar. 31, 2017
Accrued expenses and other current liabilitiess
Performance Guarantee
USD ($)
Dec. 31, 2016
Accrued expenses and other current liabilitiess
Performance Guarantee
USD ($)
Mar. 31, 2017
Receivables
Performance Guarantee
USD ($)
Dec. 31, 2016
Receivables
Performance Guarantee
USD ($)
Loss Contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitment to loan or investment
$ 433,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance guarantee term
 
 
 
 
 
 
 
 
 
7 years 
7 years 
 
 
 
 
 
 
 
 
 
Remaining performance guarantee term
 
 
 
 
 
 
 
 
 
3 years 3 months 
3 years 3 months 
 
 
 
 
 
 
 
 
 
Remaining maximum exposure
 
349,000,000 
 
 
 
 
 
575,000,000 
185,000,000 
312,000,000 
293,000,000 
 
 
 
 
 
 
 
 
 
Guarantor obligations, liability (asset), current carrying value
 
$ 77,000,000 
$ 79,000,000 
$ 97,000,000 
$ 97,000,000 
$ 0 
$ 0 
 
 
$ 69,000,000 
 
$ 66,000,000 
$ 94,000,000 
$ 93,000,000 
$ 52,000,000 
$ 55,000,000 
$ 26,000,000 
$ 24,000,000 
$ (1,000,000)
$ 0 
Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Guarantor Obligations
 
 
Amortization of initial guarantee obligation liability into income
$ (4,000,000)
$ (8,000,000)
Performance guarantee expense, net
26,000,000 
19,000,000 
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
79,000,000 
97,000,000 
Amortization of initial guarantee obligation liability into income
(4,000,000)
(8,000,000)
Performance guarantee expense, net
26,000,000 
19,000,000 
Net payments during the period
(26,000,000)
(15,000,000)
Foreign currency exchange, net
2,000,000 
4,000,000 
Ending Balance
77,000,000 
97,000,000 
The Four Managed Hotels in France |
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
66,000,000 
93,000,000 
Amortization of initial guarantee obligation liability into income
(3,000,000)
(8,000,000)
Performance guarantee expense, net
26,000,000 
19,000,000 
Net payments during the period
(22,000,000)
(14,000,000)
Foreign currency exchange, net
2,000,000 
4,000,000 
Ending Balance
69,000,000 
94,000,000 
Other Performance Guarantees |
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
13,000,000 
4,000,000 
Amortization of initial guarantee obligation liability into income
(1,000,000)
0 
Performance guarantee expense, net
0 
0 
Net payments during the period
(4,000,000)
(1,000,000)
Foreign currency exchange, net
0 
0 
Ending Balance
$ 8,000,000 
$ 3,000,000 
Commitments and Contingencies (Debt Guarantees Table) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Loss Contingencies
 
 
Guarantor obligations, carrying value, noncurrent
$ 118 
$ 124 
Debt Repayment Guarantees
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
575 
 
Maximum Exposure Net of Recoverability from Third Parties
266 
 
Guarantor obligations, carrying value, noncurrent
66 
69 
Debt Repayment Guarantees |
Hotel property in Washington State
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
215 
 
Maximum Exposure Net of Recoverability from Third Parties
0 
 
Guarantor obligations, carrying value, noncurrent
33 
35 
Debt Repayment Guarantees |
Hotel properties in India
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
185 
 
Maximum Exposure Net of Recoverability from Third Parties
185 
 
Guarantor obligations, carrying value, noncurrent
21 
21 
Debt Repayment Guarantees |
Hotel property in Brazil
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
80 
 
Maximum Exposure Net of Recoverability from Third Parties
40 
 
Guarantor obligations, carrying value, noncurrent
3 
3 
Debt Repayment Guarantees |
Hotel property in Minnesota
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
25 
 
Maximum Exposure Net of Recoverability from Third Parties
25 
 
Guarantor obligations, carrying value, noncurrent
2 
2 
Debt Repayment Guarantees |
Hotel property in Arizona
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
25 
 
Maximum Exposure Net of Recoverability from Third Parties
0 
 
Guarantor obligations, carrying value, noncurrent
2 
2 
Debt Repayment Guarantees |
Hotel Properties in California
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
21 
 
Maximum Exposure Net of Recoverability from Third Parties
8 
 
Guarantor obligations, carrying value, noncurrent
5 
6 
Debt Repayment Guarantees |
Other
 
 
Loss Contingencies
 
 
Maximum Potential Future Payments
24 
 
Maximum Exposure Net of Recoverability from Third Parties
8 
 
Guarantor obligations, carrying value, noncurrent
0 
0 
Joint Venture |
Debt Repayment Guarantees |
Hotel properties in India
 
 
Loss Contingencies
 
 
Maximum Exposure Net of Recoverability from Third Parties
$ 93 
 
Equity method investment, ownership percentage
50.00% 
 
Commitments and Contingencies (Guarantee Liabilities Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Guarantor Obligations
 
 
Guarantees, fair value disclosure
$ 229 
$ 231 
Commitments and Contingencies (Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Loss Contingencies
 
 
Self insurance reserve, current
$ 32 
$ 30 
Self insurance reserve, noncurrent
63 
62 
Surety bonds
25 
 
United States
 
 
Loss Contingencies
 
 
Multiemployer plans, collective-bargaining arrangement, percentage of participants
25.00% 
 
Letter of Credit
 
 
Loss Contingencies
 
 
Letters of credit outstanding, amount
236 
 
Letter of Credit |
Self Insurance Collateral
 
 
Loss Contingencies
 
 
Letters of credit outstanding, amount
$ 7 
 
Equity (Schedule of Stockholders' Equity and Noncontrolling Interests) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Equity Roll Forward
 
 
Beginning balance
$ 3,908 
$ 3,995 
Net income
70 
34 
Other comprehensive income
75 
20 
Contributions from noncontrolling interests
1 
 
Repurchase of common stock
(348)
(63)
Employee stock plan issuance
1 
1 
Share-based payment activity
13 
13 
Ending balance
3,720 
4,000 
Stockholders’ equity
 
 
Equity Roll Forward
 
 
Beginning balance
3,903 
3,991 
Net income
70 
34 
Other comprehensive income
75 
20 
Contributions from noncontrolling interests
0 
 
Repurchase of common stock
(348)
(63)
Employee stock plan issuance
1 
1 
Share-based payment activity
13 
13 
Ending balance
3,714 
3,996 
Noncontrolling interests in consolidated subsidiaries
 
 
Equity Roll Forward
 
 
Beginning balance
5 
4 
Net income
0 
0 
Other comprehensive income
0 
0 
Contributions from noncontrolling interests
1 
 
Repurchase of common stock
0 
0 
Employee stock plan issuance
0 
0 
Share-based payment activity
0 
0 
Ending balance
$ 6 
$ 4 
Equity (Accumulated Other Comprehensive Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2017
Foreign currency translation adjustments
Mar. 31, 2016
Foreign currency translation adjustments
Mar. 31, 2017
Unrealized gains on AFS securities
Mar. 31, 2016
Unrealized gains on AFS securities
Mar. 31, 2017
Unrecognized pension cost
Mar. 31, 2016
Unrecognized pension cost
Mar. 31, 2017
Unrealized losses on derivative instruments
Mar. 31, 2016
Unrealized losses on derivative instruments
Mar. 31, 2017
Accumulated other comprehensive income (loss)
Mar. 31, 2016
Accumulated other comprehensive income (loss)
Increase (Decrease) in AOCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$ 3,720 
$ 3,908 
$ 4,000 
$ 3,995 
$ (299)
$ (257)
$ 33 
$ 39 
$ (7)
$ (7)
$ (4)
$ (5)
$ (277)
$ (230)
Current period other comprehensive income before reclassification
 
 
 
 
41 
24 
34 
(4)
0 
0 
0 
0 
75 
20 
Amount reclassified from accumulated other comprehensive loss
 
 
 
 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Ending balance
$ 3,720 
$ 3,908 
$ 4,000 
$ 3,995 
$ (258)
$ (233)
$ 67 
$ 35 
$ (7)
$ (7)
$ (4)
$ (5)
$ (202)
$ (210)
Equity (Narrative) (Details) (USD $)
3 Months Ended 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Dec. 31, 2015
Mar. 31, 2017
Weighted Average
Mar. 31, 2016
Weighted Average
Mar. 31, 2017
Accelerated Share Repurchase Program
May 4, 2017
Subsequent Event
May 3, 2017
Subsequent Event
Share Repurchase
 
 
 
 
 
 
 
 
 
Stock repurchase program, authorized amount
 
 
$ 500,000,000 
$ 400,000,000 
 
 
 
 
$ 500,000,000 
Payment for shares repurchased under ASR agreement
 
 
 
 
 
 
300,000,000 
 
 
Stock repurchased and retired during period (in shares)
5,480,636 
1,527,750 
 
 
 
 
4,596,822 
 
 
Shares repurchased under ASR agreement (in dollars per share)
 
 
 
 
 
 
$ 52.21 
 
 
Stock repurchase program, remaining authorized repurchase amount
9,000,000 
 
 
 
 
 
60,000,000 
509,000,000 
 
Stock repurchased and retired during period
348,000,000 
63,000,000 
 
 
 
 
 
 
 
Stock repurchased and retired during period (in dollars per share)
 
 
 
 
$ 52.48 
$ 41.37 
 
 
 
Stock repurchased and retired during period
$ 288,000,000 
 
 
 
 
 
 
 
 
Percent of stock outstanding repurchased during period
4.00% 
1.00% 
 
 
 
 
 
 
 
Stock-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Stock Appreciation Rights (SARS)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
605,601 
Grants in period, weighted-average fair value at grant date (in dollars per share)
$ 16.35 
Total unearned compensation
$ 8 
Restricted Stock Units (RSUs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
416,215 
Grants in period, weighted-average fair value at grant date (in dollars per share)
$ 52.65 
Total unearned compensation
24 
Performance Shares (PSUs and PSSs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Total unearned compensation
$ 8 
Amortization period, deferred compensation expense (years)
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)
102,115 
Grants in period, weighted-average fair value at grant date (in dollars per share)
$ 52.65 
Performance period (in years)
3 years 
Performance Shares (PSUs and PSSs) |
Performance Share (PSs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
0 
SARs and RSUs
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Amortization period, deferred compensation expense (years)
3 years 
Related-Party Transactions (Leases Narrative) (Details) (Related Party, USD $)
In Millions, unless otherwise specified
Mar. 31, 2017
Related Party
 
Related Party Transaction
 
Future sublease income
$ 3 
Related-Party Transactions (Equity Method Investments Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Related Party Transaction
 
 
 
Management and franchise fees
$ 122 
$ 107 
 
Equity Method Investee
 
 
 
Related Party Transaction
 
 
 
Management and franchise fees
6 
6 
 
Due (to) from related parties
7 
 
7 
Guarantee fees
$ 1 
$ 1 
 
Minimum
 
 
 
Related Party Transaction
 
 
 
Equity method investment, ownership percentage
24.00% 
 
 
Maximum
 
 
 
Related Party Transaction
 
 
 
Equity method investment, ownership percentage
70.00% 
 
 
Related-Party Transactions (Share Conversion Narrative) (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Common Class B
 
 
Related Party Transaction
 
 
Conversion of stock, shares converted (in shares)
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, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Segment Reporting Information
 
 
Owned and leased hotels revenues
$ 572 
$ 516 
Management and franchise fees revenues
122 
107 
Other revenues from managed properties
471 
457 
Other revenues
22 
9 
Revenues
1,187 
1,089 
Adjusted EBITDA
228 
194 
Depreciation and amortization
91 
81 
Operating Segments |
Owned and leased hotels
 
 
Segment Reporting Information
 
 
Owned and leased hotels revenues
558 
516 
Other revenues
13 
0 
Adjusted EBITDA
143 
131 
Depreciation and amortization
74 
68 
Operating Segments |
Americas management and franchising
 
 
Segment Reporting Information
 
 
Management and franchise fees revenues
104 
91 
Other revenues from managed properties
428 
421 
Adjusted EBITDA
90 
76 
Depreciation and amortization
5 
5 
Operating Segments |
ASPAC management and franchising
 
 
Segment Reporting Information
 
 
Management and franchise fees revenues
25 
22 
Other revenues from managed properties
26 
21 
Adjusted EBITDA
15 
12 
Depreciation and amortization
0 
0 
Operating Segments |
EAME/SW Asia management and franchising
 
 
Segment Reporting Information
 
 
Management and franchise fees revenues
16 
16 
Other revenues from managed properties
17 
15 
Adjusted EBITDA
8 
8 
Depreciation and amortization
1 
1 
Intersegment eliminations
 
 
Segment Reporting Information
 
 
Revenues
(26)
(22)
Adjusted EBITDA
1 
0 
Depreciation and amortization
0 
0 
Intersegment eliminations |
Owned and leased hotels
 
 
Segment Reporting Information
 
 
Revenues
2 
0 
Intersegment eliminations |
Americas management and franchising
 
 
Segment Reporting Information
 
 
Revenues
22 
20 
Intersegment eliminations |
ASPAC management and franchising
 
 
Segment Reporting Information
 
 
Revenues
0 
0 
Intersegment eliminations |
EAME/SW Asia management and franchising
 
 
Segment Reporting Information
 
 
Revenues
2 
2 
Corporate and other
 
 
Segment Reporting Information
 
 
Revenues
26 
9 
Adjusted EBITDA
(29)
(33)
Depreciation and amortization
$ 11 
$ 7 
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, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Segment Reporting [Abstract]
 
 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 70 
$ 34 
Interest expense
21 
17 
Provision for income taxes
41 
16 
Depreciation and amortization
91 
81 
EBITDA
223 
148 
Equity (earnings) losses from unconsolidated hospitality ventures
3 
(2)
Stock-based compensation expense
16 
16 
Other (income) loss, net
(40)
4 
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
26 
28 
Adjusted EBITDA
$ 228 
$ 194 
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Numerator:
 
 
Net income
$ 70 
$ 34 
Net income and accretion attributable to noncontrolling interests
0 
0 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 70 
$ 34 
Denominator:
 
 
Basic weighted average shares outstanding (in shares)
129,746,644 
135,128,860 
Share-based compensation (in shares)
1,250,891 
796,029 
Diluted weighted average shares outstanding (in shares)
130,997,535 
135,924,889 
Basic Earnings Per Share:
 
 
Net income - Basic (in dollars per share)
$ 0.54 
$ 0.25 
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)
$ 0.54 
$ 0.25 
Diluted Earnings Per Share:
 
 
Net income - Diluted (in dollars per share)
$ 0.54 
$ 0.25 
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)
$ 0.54 
$ 0.25 
Earnings Per Share (Anti-dilutive Shares Issued) (Details)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Stock Appreciation Rights (SARS)
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
Antidilutive securities excluded from computation of earnings per share (in shares)
39,200 
0 
Restricted Stock Units (RSUs)
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
Antidilutive securities excluded from computation of earnings per share (in shares)
0 
12,000 
Equity-classified Forward Contract
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
Antidilutive securities excluded from computation of earnings per share (in shares)
26,800 
0 
Other Income (Loss), Net (Reconciliation of Components in Other Income (Loss), Net) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Other Income and Expenses [Abstract]
 
 
Interest income
$ 95 
$ 1 
Depreciation recovery
6 
5 
Performance guarantee liability amortization
4 
8 
Performance guarantee expense, net
(26)
(19)
Realized losses
(40)
0 
Other
1 
1 
Other income (loss), net
$ 40 
$ (4)
Subsequent Event (Details) (USD $)
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
May 4, 2017
Subsequent Event
May 3, 2017
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
 
Stock repurchase program, authorized amount
 
$ 500,000,000 
$ 400,000,000 
 
$ 500,000,000 
Stock repurchase program, remaining authorized repurchase amount
$ 9,000,000 
 
 
$ 509,000,000