CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | | |
NET INCOME | $104 | $185 |
Adjustments to reconcile to cash provided by operations: | | |
Depreciation and amortization | 175 | 172 |
Amortization of finance costs, discounts and premiums, net | 6 | 6 |
Non-cash loss on extinguishment of debt | | 1 |
Stock compensation expense | 5 | 4 |
Deferred income taxes | -13 | -11 |
Gain on sale of assets | -4 | -112 |
Loss on foreign currency transactions and derivatives | 1 | |
Equity in losses of affiliates | 2 | 8 |
Change in due from managers | -75 | -58 |
Distributions from equity investments | 4 | |
Changes in other assets | 13 | -6 |
Changes in other liabilities | -45 | -18 |
Cash provided by operating activities | 173 | 171 |
INVESTING ACTIVITIES | | |
Proceeds from sales of assets, net | 33 | 274 |
Return of investment | | 25 |
Acquisitions | | -73 |
Advances to and investments in affiliates | | -14 |
Capital expenditures: | | |
Renewals and replacements | -125 | -76 |
Redevelopment and acquisition-related investments | -45 | -14 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -30 | 12 |
Cash provided by (used in) investing activities | -167 | 134 |
FINANCING ACTIVITIES | | |
Repayment of credit facility | | -225 |
Repurchase/redemption of senior notes | | -150 |
Mortgage debt and other prepayments and scheduled maturities | | -301 |
Issuance of common stock | 1 | 1 |
Dividends on common stock | -197 | -98 |
Distributions to non-controlling interests | -2 | -1 |
Change in restricted cash for financing activities | | -1 |
Cash used in financing activities | -198 | -775 |
Effects of exchange rate changes on cash held | -7 | 1 |
DECREASE IN CASH AND CASH EQUIVALENTS | -199 | -469 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 485 | 392 |
Supplemental disclosure of cash flow information: | | |
Interest paid - periodic interest expense | 44 | 48 |
Interest paid - debt extinguishments | | 2 |
Total interest paid | 44 | 50 |
Income taxes paid | 1 | 8 |
HOST HOTELS & RESORTS L.P. | | |
OPERATING ACTIVITIES | | |
NET INCOME | 104 | 185 |
Adjustments to reconcile to cash provided by operations: | | |
Depreciation and amortization | 175 | 172 |
Amortization of finance costs, discounts and premiums, net | 6 | 6 |
Non-cash loss on extinguishment of debt | | 1 |
Stock compensation expense | 5 | 4 |
Deferred income taxes | -13 | -11 |
Gain on sale of assets | -4 | -112 |
Loss on foreign currency transactions and derivatives | 1 | |
Equity in losses of affiliates | 2 | 8 |
Change in due from managers | -75 | -58 |
Distributions from equity investments | 4 | |
Changes in other assets | 13 | -6 |
Changes in other liabilities | -45 | -18 |
Cash provided by operating activities | 173 | 171 |
INVESTING ACTIVITIES | | |
Proceeds from sales of assets, net | 33 | 274 |
Return of investment | | 25 |
Acquisitions | | -73 |
Advances to and investments in affiliates | | -14 |
Capital expenditures: | | |
Renewals and replacements | -125 | -76 |
Redevelopment and acquisition-related investments | -45 | -14 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -30 | 12 |
Cash provided by (used in) investing activities | -167 | 134 |
FINANCING ACTIVITIES | | |
Repayment of credit facility | | -225 |
Repurchase/redemption of senior notes | | -150 |
Mortgage debt and other prepayments and scheduled maturities | | -301 |
Proceeds from Issuance of Common Limited Partners Units | 1 | 1 |
Distributions on common OP units | -199 | -99 |
Change in restricted cash for financing activities | | -1 |
Cash used in financing activities | -198 | -775 |
Effects of exchange rate changes on cash held | -7 | 1 |
DECREASE IN CASH AND CASH EQUIVALENTS | -199 | -469 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 485 | 392 |
Supplemental disclosure of cash flow information: | | |
Interest paid - periodic interest expense | 44 | 48 |
Interest paid - debt extinguishments | | 2 |
Total interest paid | 44 | 50 |
Income taxes paid | $1 | $8 |