CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 3 Months Ended |
Mar. 31, 2024 | Mar. 31, 2023 |
OPERATING ACTIVITIES | | |
Net income | $ 272 | $ 291 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 180 | 169 |
Amortization of finance costs, discounts and premiums, net | 2 | 2 |
Loss on extinguishment of debt | 0 | 4 |
Stock compensation expense | 6 | 7 |
Other gains | 0 | (69) |
Gain on property insurance settlement | (21) | 0 |
Equity in earnings of affiliates | (8) | (7) |
Change in due from/to managers | (58) | (88) |
Distributions from investments in affiliates | 3 | 7 |
Property insurance proceeds - remediation costs | 0 | 31 |
Payments for inventory costs | (6) | 0 |
Changes in other assets | 8 | 3 |
Changes in other liabilities | (13) | (42) |
Net cash provided by operating activities | 365 | 308 |
INVESTING ACTIVITIES | | |
Proceeds from sales of assets, net | 0 | 35 |
Advances to and investments in affiliates | (18) | (18) |
Capital expenditures: | | |
Renewals and replacements | (70) | (95) |
Return on investment | (33) | (51) |
Property insurance proceeds | 21 | 24 |
Net cash used in investing activities | (100) | (105) |
FINANCING ACTIVITIES | | |
Financing costs | 0 | (10) |
Draws on credit facility | 300 | 0 |
Debt extinguishment costs | 0 | (3) |
Distributions and payments to non-controlling interests | (5) | (3) |
Other financing activities | (23) | (14) |
Net cash used in financing activities | (44) | (308) |
Effects of exchange rate changes on cash held | (2) | 1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 219 | (104) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,363 | 874 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,582 | 770 |
Supplemental disclosure of cash flow information: | | |
Cash and cash equivalents | 1,349 | 563 |
Restricted cash (included in other assets) | 2 | 4 |
Cash included in furniture, fixtures and equipment replacement fund | 231 | 203 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,582 | 770 |
Total interest paid | 39 | 40 |
Income taxes paid (refunds received) | 2 | (1) |
HOST HOTELS & RESORTS L.P. | | |
OPERATING ACTIVITIES | | |
Net income | 272 | 291 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 180 | 169 |
Amortization of finance costs, discounts and premiums, net | 2 | 2 |
Loss on extinguishment of debt | 0 | 4 |
Stock compensation expense | 6 | 7 |
Other gains | 0 | (69) |
Gain on property insurance settlement | (21) | 0 |
Equity in earnings of affiliates | (8) | (7) |
Change in due from/to managers | (58) | (88) |
Distributions from investments in affiliates | 3 | 7 |
Property insurance proceeds - remediation costs | 0 | 31 |
Payments for inventory costs | (6) | 0 |
Changes in other assets | 8 | 3 |
Changes in other liabilities | (13) | (42) |
Net cash provided by operating activities | 365 | 308 |
INVESTING ACTIVITIES | | |
Proceeds from sales of assets, net | 0 | 35 |
Advances to and investments in affiliates | (18) | (18) |
Capital expenditures: | | |
Renewals and replacements | (70) | (95) |
Return on investment | (33) | (51) |
Property insurance proceeds | 21 | 24 |
Net cash used in investing activities | (100) | (105) |
FINANCING ACTIVITIES | | |
Financing costs | 0 | (10) |
Draws on credit facility | 300 | 0 |
Debt extinguishment costs | 0 | (3) |
Repurchase of common OP units | 0 | (50) |
Distributions on common OP units | (320) | (231) |
Distributions and payments to non-controlling interests | (1) | 0 |
Other financing activities | (23) | (14) |
Net cash used in financing activities | (44) | (308) |
Effects of exchange rate changes on cash held | (2) | 1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 219 | (104) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,363 | 874 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,582 | 770 |
Supplemental disclosure of cash flow information: | | |
Cash and cash equivalents | 1,349 | 563 |
Restricted cash (included in other assets) | 2 | 4 |
Cash included in furniture, fixtures and equipment replacement fund | 231 | 203 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,582 | 770 |
Total interest paid | 39 | 40 |
Income taxes paid (refunds received) | $ 2 | $ (1) |