Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 |
Common Class B | Common Class A | |||
Document Information [Line Items] | ' | ' | ' | ' |
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-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Trading Symbol | 'h | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 112,527,463 | 43,387,819 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $1,761 | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES: | ' | ' | ' |
Owned and leased hotels | $2,142 | $2,021 | $1,879 |
Management and franchise fees | 342 | 307 | 288 |
Other revenues | 78 | 78 | 66 |
Other revenues from managed properties | 1,622 | 1,543 | 1,465 |
Total revenues | 4,184 | 3,949 | 3,698 |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ' | ' | ' |
Owned and leased hotels | 1,629 | 1,549 | 1,468 |
Depreciation and amortization | 345 | 353 | 305 |
Other direct costs | 32 | 29 | 24 |
Selling, general, and administrative | 323 | 316 | 283 |
Other costs from managed properties | 1,622 | 1,543 | 1,465 |
Direct and selling, general, and administrative expenses | 3,951 | 3,790 | 3,545 |
Net gains and interest income from marketable securities held to fund operating programs | 34 | 21 | 2 |
Equity earnings (losses) from unconsolidated hospitality ventures | -1 | -22 | 4 |
Interest expense | -65 | -70 | -57 |
Gains (losses) on sales of real estate | 125 | 0 | -2 |
Asset impairments | -22 | 0 | -6 |
Other income (loss), net | 17 | 7 | -11 |
INCOME BEFORE INCOME TAXES | 321 | 95 | 83 |
(PROVISION) BENEFIT FOR INCOME TAXES | -116 | -8 | 28 |
NET INCOME | 205 | 87 | 111 |
Net loss attributable to noncontrolling interests | 2 | 1 | 2 |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $207 | $88 | $113 |
EARNINGS PER SHARE - Basic | ' | ' | ' |
Net Income -Basic (in dollars per share) | $1.29 | $0.53 | $0.66 |
Net income attributable to Hyatt Hotels Corporation (in dollars per share) | $1.30 | $0.53 | $0.67 |
EARNINGS PER SHARE - Diluted | ' | ' | ' |
Net Income- Diluted (in dollars per share) | $1.29 | $0.53 | $0.66 |
Net income attributable to Hyatt Hotels Corporation (in dollars per share) | $1.30 | $0.53 | $0.67 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $205 | $87 | $111 |
Foreign Currency Translation Adjustments, Net of Tax (benefit) expense of $1, $(3), and $(1) for the years ended December 31, 2013, 2012, and 2011, respectively. | -8 | 29 | -31 |
Unrealized gains (losses) on available-for-sale securities, net of tax (benefit) expense of $1, $1, and $(1) for the years ended December 31, 2013, 2012, and 2011, respectively | 6 | 2 | -2 |
Unrecognized pension cost, net of tax (benefit) expense of $1, $-, and $(1) for the years ended December 31, 2013, 2012, and 2011, respectively | 1 | 0 | -1 |
Unrealized gains (losses) on derivative activity, net of tax (benefit) expense of $-, $-, and $(5) for the years ended December 31, 2013, 2012, and 2011, respectively | 0 | 1 | -8 |
Other Comprehensive Income (Loss) | -1 | 32 | -42 |
Comprehensive Income | 204 | 119 | 69 |
Comprehensive loss attributable to noncontrolling interests | 2 | 1 | 2 |
Comprehensive Income Attributable to Hyatt Hotels Corporation | $206 | $120 | $71 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign Currency Translation Adjustments, Tax | $1 | ($3) | ($1) |
Unrealized Gains (Losses) on Available-for-sale Securities, Tax | 1 | 1 | -1 |
Unrecognized Pension Cost, Tax | 1 | 0 | -1 |
Unrealized Gains (Losses) on Derivatives Activity, Tax | $0 | $0 | ($5) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $454 | $413 | ||
Restricted cash | 184 | 72 | ||
Short-term investments | 30 | 514 | ||
Receivables, net of allowances of $11 and $11 at December 31, 2013 and December 31, 2012, respectively | 273 | 531 | ||
Inventories | 77 | 80 | ||
Prepaids and other assets | 122 | 83 | ||
Prepaid income taxes | 12 | 12 | ||
Deferred tax assets | 11 | 19 | ||
Assets held for sale | 0 | 34 | ||
Total current assets | 1,163 | 1,758 | ||
Investments | 329 | 283 | ||
Property and equipment, net | 4,671 | 4,139 | ||
Financing receivables, net of allowances | 119 | 126 | ||
Goodwill | 147 | [1] | 133 | [1] |
Intangibles, net | 591 | 388 | ||
Deferred tax assets | 198 | 183 | ||
Other assets | 959 | 620 | ||
TOTAL ASSETS | 8,177 | 7,630 | ||
LIABILITIES AND EQUITY | ' | ' | ||
Current maturities of long-term debt | 194 | 4 | ||
Accounts payable | 133 | 138 | ||
Accrued expenses and other current liabilities | 411 | 338 | ||
Accrued compensation and benefits | 133 | 137 | ||
Liabilities held for sale | 0 | 1 | ||
Total current liabilities | 871 | 618 | ||
Long-term Debt, Excluding Current Maturities | 1,289 | 1,229 | ||
Other long-term liabilities | 1,240 | 962 | ||
Total liabilities | 3,400 | 2,809 | ||
Commitments and Contingencies (see Note 16) | ' | ' | ||
EQUITY: | ' | ' | ||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2013 and 2012 | 0 | 0 | ||
Common stock | 2 | 2 | ||
Additional paid-in capital | 3,015 | 3,263 | ||
Retained earnings | 1,821 | 1,614 | ||
Treasury stock at cost, 36,273 shares at December 31, 2013 and 2012 | -1 | -1 | ||
Accumulated other comprehensive loss | -68 | -67 | ||
Total stockholders' equity | 4,769 | 4,811 | ||
Noncontrolling interests in consolidated subsidiaries | 8 | 10 | ||
Total equity | 4,777 | 4,821 | ||
TOTAL LIABILITIES AND EQUITY | $8,177 | $7,630 | ||
[1] | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of DecemberB 31, 2013 and 2012, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $11 | $11 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 36,273 | 36,273 |
Common Class A | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Outstanding | 43,584,144 | 46,631,778 |
Common Stock, Shares, Issued | 43,620,417 | 46,668,051 |
Common Class B | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 444,521,875 | 448,985,467 |
Common Stock, Shares, Outstanding | 112,527,463 | 115,434,342 |
Common Stock, Shares, Issued | 112,527,463 | 115,434,342 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $205 | $87 | $111 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 345 | 353 | 305 |
Deferred income taxes | -7 | 65 | -137 |
Asset impairments | 22 | 0 | 6 |
Provision on hotel loans | 6 | 4 | 4 |
Equity losses from unconsolidated hospitality ventures, net of distributions received | 50 | 44 | 17 |
(Gain) loss on sales of real estate | -125 | 0 | 2 |
Foreign currency losses | 5 | 3 | 5 |
Net realized gains from other marketable securities | -2 | -17 | 0 |
Net unrealized losses from other marketable securities | 0 | 0 | 13 |
Other | -12 | 27 | 32 |
Increase (Decrease) in cash attributable to changes in assets and liabilities | ' | ' | ' |
Restricted Cash | -73 | -1 | -2 |
Receivables, net | -9 | -33 | -17 |
Inventories | 3 | 8 | 7 |
Prepaid Income Taxes | 16 | 8 | -6 |
Accounts Payable, Accrued Expenses, and Other Current Liabilities | 71 | 81 | 10 |
Accrued Compensation and Benefits | -5 | 22 | 5 |
Other long-term liabilities | -6 | -118 | 62 |
Other, Net | -28 | -34 | -24 |
Net cash provided by operating activities | 456 | 499 | 393 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of marketable securities and short-term investments | -301 | -370 | -503 |
Proceeds from marketable securities and short-term investments | 741 | 467 | 417 |
Contributions to investments | -428 | -90 | -44 |
Proceeds from Sale of Investments | 0 | 52 | 0 |
Return of investment | 86 | 39 | 3 |
Acquisitions, net of cash acquired | -814 | -233 | -716 |
Capital expenditures | -232 | -301 | -331 |
Issuance of financing receivable | 0 | 67 | 3 |
Proceeds from Financing Receivables | 279 | 18 | 11 |
Proceeds from sales of real estate and assets held for sale | 601 | 87 | 108 |
Sales proceeds transferred to escrow as restricted cash | -498 | -44 | -35 |
Sales proceeds transferred from escrow to cash and cash equivalents | 466 | 0 | 132 |
(Increase) decrease in restricted cash - investing | -9 | 1 | -25 |
Other investing activities | -38 | -48 | -29 |
Net cash used in investing activities | -147 | -489 | -1,015 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of issuance costs of $3, $0, and $4, respectively | 385 | 10 | 519 |
Repayments of long-term debt | -368 | 0 | -54 |
Repurchase of common stock | -275 | -136 | -396 |
Other financing activities | -6 | 2 | -13 |
Net cash provided by (used in) financing activities | -264 | -124 | 56 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -4 | -7 | -10 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41 | -121 | -576 |
Cash and cash equivalents, beginning of year | 413 | 534 | 1,110 |
Cash and Cash Equivalents, end of period | 454 | 413 | 534 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the period for interest | 66 | 68 | 49 |
Cash paid during the period for income taxes | 119 | 50 | 60 |
Non-cash operating activities are as follows: | ' | ' | ' |
Non-cash performance guarantee (see Note 16) | 128 | 0 | 0 |
Non-cash investing activities are as follows: | ' | ' | ' |
Equity contribution of property and equipment, net | 0 | 0 | 10 |
Equity contribution of long-term debt (see Note 8) | 0 | 0 | 25 |
Contribution to investment (see Note 3) | 0 | 0 | 20 |
Non-cash Contract Acquisition Costs (see Note 9) | 128 | 0 | 0 |
Change in Accrued Capital Expenditures | -7 | -40 | 19 |
Acquired capital leases | $0 | $0 | $7 |
Recovered_Sheet1
Consolidated Statements Of Cash Flows Statement of Cash Flow Parenthetical (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Debt Issuance Cost | $3 | $0 | $4 | $3 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | |||||||
Balance - at Dec. 31, 2010 | $5,121 | $2 | $3,751 | $1,413 | ($1) | ($57) | $13 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 69 | 0 | 0 | 113 | 0 | -42 | -2 |
Distributions to noncontrolling interests | -1 | 0 | 0 | 0 | 0 | 0 | -1 |
Repurchase of common stock | -396 | 0 | -396 | 0 | 0 | 0 | 0 |
Directors compensation | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
Employee Stock Plan Issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 21 | 0 | 21 | 0 | 0 | 0 | 0 |
Balance - at Dec. 31, 2011 | 4,818 | 2 | 3,380 | 1,526 | -1 | -99 | 10 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 119 | 0 | 0 | 88 | 0 | 32 | -1 |
Purchase of shares in noncontrolling interests | -2 | 0 | -3 | 0 | 0 | 0 | 1 |
Repurchase of common stock | -136 | 0 | -136 | 0 | 0 | 0 | 0 |
Directors compensation | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
Employee Stock Plan Issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 18 | 0 | 18 | 0 | 0 | 0 | 0 |
Balance - at Dec. 31, 2012 | 4,821 | 2 | 3,263 | 1,614 | -1 | -67 | 10 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 204 | 0 | 0 | 207 | 0 | -1 | -2 |
Repurchase of common stock | -275 | 0 | -275 | 0 | 0 | 0 | 0 |
Directors compensation | 2 | 0 | 2 | 0 | 0 | 0 | 0 |
Employee Stock Plan Issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 22 | 0 | 22 | 0 | 0 | 0 | 0 |
Balance - at Dec. 31, 2013 | $4,777 | $2 | $3,015 | $1,821 | ($1) | ($68) | $8 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
ORGANIZATION | |
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (“Hyatt Hotels Corporation”), provide hospitality services on a worldwide basis through the management, franchising and ownership of hospitality related businesses. As of December 31, 2013, we operated or franchised 271 full service hotels under the Hyatt portfolio of brands, consisting of 110,670 rooms throughout the world. As of December 31, 2013, we operated or franchised 250 select service hotels under the Hyatt portfolio of brands with 33,729 rooms, of which 246 hotels are located in the United States. As of December 31, 2013, our Hyatt portfolio of brands included 2 franchised all inclusive Hyatt-branded resorts, consisting of 925 rooms. We operated these hotels in 48 countries around the world. We hold ownership interests in certain of these hotels. We develop, operate, manage, license or provide services to the Hyatt portfolio of brands including timeshare, fractional and other forms of residential or vacation properties. | |
As used in these Notes, the terms “Company,” “HHC,” “we,” “us,” or “our” mean Hyatt Hotels Corporation and its consolidated subsidiaries. | |
As used in these Notes, the term “Pritzker family business interests” means (1) various lineal descendants of Nicholas J. Pritzker (deceased) and spouses and adopted children of such descendants; (2) various trusts for the benefit of the individuals described in clause (1) and trustees thereof; and (3) various entities owned and/or controlled, directly and/or indirectly, by the individuals and trusts described in (1) and (2). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. | ||
Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered: | ||
• | Owned and leased hotel revenues are derived from room rentals and services provided at our owned, leased, and consolidated hospitality venture properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income. | |
• | Management and franchise fees earned from hotels managed and franchised worldwide: | |
– | Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us. | |
– | Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract. | |
– | Franchise fees are generally based on a percentage of hotel rooms’ revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor. | |
• | Other revenues | |
– | Other revenues primarily include revenues from our vacation ownership business. We recognize vacation ownership revenue when a minimum of 10% of the purchase price for the interval has been received, the period of cancellation with refund has expired, and receivables are deemed collectible. For sales that do not qualify for full revenue recognition, as the project has progressed beyond the preliminary stages, but has not yet reached completion, all revenue and associated direct expenses are initially deferred and recognized in earnings through the percentage-of-completion method. | |
– | Other revenues also include revenues from our co-branded credit card launched in 2010. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner; and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired. | |
• | Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income. | |
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | ||
Restricted Cash—We had restricted cash of $184 million and $72 million at December 31, 2013 and 2012, respectively. The 2013 balance relates primarily to a like-kind exchange agreement under which $74 million in proceeds from sales were placed into an escrow account administered by an intermediary (see Note 8), reserves statutorily required to be held by our captive insurance subsidiary of $74 million (see Note 16), proceeds from $16 million drawn on a loan which will be used for the development of a hotel in Brazil (see Note 10), and $21 million of debt service related to the bonds acquired in connection with the acquisition of the entity that owns the Grand Hyatt San Antonio hotel (see Note 10), of which $10 million is recorded to restricted cash and $11 million is recorded in other assets. The 2012 balance relates primarily to a like-kind exchange agreement under which $44 million in proceeds from sales were placed into an escrow account administered by an intermediary (see Note 8), a holdback escrow agreement of $10 million entered into in conjunction with the acquisition of a full service hotel in Mexico City, Mexico (see Note 8), and proceeds from $10 million drawn on a loan which was used for completion of a property improvement plan and conversion of a non-Hyatt branded property to a Hyatt Place (see Note 10). The remaining $10 million and $8 million at December 31, 2013 and 2012, respectively, relates to secured real estate taxes, property insurance, escrow deposits on purchases of our vacation ownership intervals, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts. | ||
Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary as a result of qualitative and/or quantitative characteristics. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity ("VIE") that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Investments in unconsolidated affiliates over which we exercise significant influence, but do not control, including joint ventures, are accounted for by the equity method. In addition, our limited partnership investments in which we hold more than a minimal investment are accounted for under the equity method of accounting. Investments in unconsolidated affiliates over which we are not able to exercise significant influence are accounted for under the cost method. | ||
We assess investments in unconsolidated affiliates for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other-than-temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other-than-temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||
Marketable Securities—Our investments in marketable securities are principally included within short-term investments and other assets in the consolidated balance sheets and are classified as either trading or available-for-sale (see Note 4). Marketable securities are recorded at fair value based on listed market prices or dealer price quotations where available. Listed market prices and dealer price quotations are not available to value our preferred investment, therefore, we utilize an option pricing model, which requires that we make certain assumptions regarding the expected volatility, term, risk free interest rate over the expected term, dividend yield and enterprise value (see Note 5). | ||
Our marketable securities consist of various types of mutual funds, preferred shares, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial bonds. Realized and unrealized gains and losses on trading securities are reflected in the consolidated statements of income in other income (loss), net. Available-for-sale securities with unrealized gains and losses are reported as part of accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses on available-for-sale securities are recognized in other income (loss), net based on the cost of the securities using specific identification. Available-for-sale securities are assessed for impairment quarterly. To determine if an impairment is other-than-temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other-than-temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. For debt securities that are deemed other-than-temporarily impaired and there is intent to sell, impairments in their entirety are recorded in our consolidated statements of income. | ||
Derivative Instruments—Derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. As a result of the use of derivative instruments, we are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit rating and other factors. Our derivative instruments do not contain credit-risk related contingent features. | ||
All derivatives are recognized on the balance sheet at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (cash flow hedge), a hedge of the fair value of a recognized asset or liability (fair value hedge), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in accumulated other comprehensive loss on the consolidated balance sheets until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk are recorded in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged on the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included in the investing category on the consolidated statements of cash flows. We do not offset any derivative assets or liabilities in the balance sheet and none of our derivatives are subject to master netting arrangements. | ||
At the designation date, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities on the consolidated balance sheets. | ||
We also formally assess both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flow of hedged items. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated, or exercised. | ||
Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in stockholders’ equity. Gains and losses from foreign currency transactions are included in earnings. Income and expense accounts are translated at the average exchange rate for the period. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are reported currently in income. | ||
Financing Receivables—We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and that are recognized as an asset on our consolidated balance sheets. We record all financing receivables at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have divided our financing receivables into three portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows: | ||
• | Secured Financing to Hotel Owners | |
– | These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation. We determine our secured financing to hotel owners to be non-performing if either interest or principal is greater than 90 days past due based on the contractual terms of the individual mortgage loans. | |
– We individually assess all loans in this portfolio for impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including loan performance, individual market factors, hotel performance, and the collateral of the underlying hotel. We measure loan impairment based on either the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral. The measurement method used is based on which would be most appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows or the estimated fair value of the collateral. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | ||
– If we consider secured financing to hotel owners to be non-performing or impaired, we place the financing receivable on non-accrual status. We will recognize interest income when received for non-accruing finance receivables. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off secured financing to hotel owners when we determine that the loans are uncollectible and when all commercially reasonable means of recovering the loan balances have been exhausted. | ||
• | Vacation Ownership Mortgage Receivables | |
– | These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. We record an estimate of uncollectibility as a reduction of sales revenue at the time revenue is recognized on a vacation ownership interval sale. We evaluate this portfolio collectively as we hold a large group of homogeneous, smaller-balance, vacation ownership mortgage receivables and use a technique referred to as static pool analysis, which tracks uncollectibles over the entire life of those mortgage receivables. We use static pool analysis as the basis for determining our general reserve requirements on our vacation ownership mortgage receivables. The adequacy of the related allowance is determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including defaults, aging and historical write-offs of these receivables. The allowance is maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. | |
– | We determine our vacation ownership mortgage receivables to be non-performing if either interest or principal is greater than 120 days past due based on the contractual terms of the individual mortgage loans. We do not recognize interest income and write-off vacation ownership mortgage receivables that are over 120 days past due, the date on which we determine the mortgage receivables to be uncollectible. | |
• | Unsecured Financing to Hotel Owners | |
– | These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel. We determine our unsecured financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due or if estimates of future cash flows available for repayment of these receivables indicate that there is a collectibility risk. We do not recognize interest income on non-performing financing arrangements and only resume interest recognition if the financing receivable becomes current. | |
– We individually assess all financing receivables in this portfolio for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due according to the contractual terms of the individual loan agreement based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, individual hotel performance, and individual financing arrangement. We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For impaired loans, we establish a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows. The impairment reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | ||
– | We write off unsecured financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. | |
Inventories—Inventories are comprised principally of unsold vacation ownership intervals of $64 million and $66 million at December 31, 2013 and 2012, respectively, and food and beverage inventories at our owned and leased hotels. Vacation ownership inventory is carried at the lower of cost or market, based on relative sales value or net realizable value. Food and beverage inventories are generally valued at the lower of cost (first-in, first-out) or market. Vacation ownership interval inventory, which has an operating cycle that exceeds 12 months, is classified as a current asset consistent with recognized industry practice. Based on management's assessment, no impairment charges were recorded in 2013 or 2012 related to vacation ownership inventory. During 2011, management changed its plans for future development of multi-phase vacation ownership properties. These changes resulted in an impairment charge of $5 million during 2011, recorded to asset impairments. In certain of these vacation ownership properties, our ownership interest is less than 100%. As a result, $1 million of this impairment charge during 2011 is attributable to our partners and is reflected in net loss attributable to noncontrolling interests. As a result, the net impairment charge attributable to Hyatt Hotels Corporation is $4 million during 2011. | ||
Property and Equipment—Property and equipment are stated at cost, including interest incurred during development and construction periods. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. All repair and maintenance costs are expensed as incurred. | ||
Useful lives assigned to property and equipment are as follows: | ||
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 2-21 years | |
Computers | 3-6 years | |
Long-Lived Assets and Definite-Lived Intangibles—We evaluate the carrying value of our long-lived assets and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset or definite-lived intangible may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our long-lived assets and definite-lived intangibles based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | ||
Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. There were no contingent payments, preliminary estimates, options, or commitments specified except as otherwise disclosed in Note 8. | ||
Guarantees—We enter into performance guarantees related to certain hotels that we manage or debt repayment guarantees with respect to certain hotels in which we hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The offset depends on the circumstances in which the guarantee was issued. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees are amortized into income in other income (loss), net in the consolidated income statements and debt guarantees that relate to our equity method investments are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated income statements. On a quarterly basis, we evaluate the likelihood of funding a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net in the period that we determine funding is probable. For additional information about guarantees, see Note 16. | ||
Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value is less than carrying value. We define a reporting unit at the individual property or business level. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flow, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. See Note 9 for additional information about goodwill. | ||
Indefinite Lived Intangibles—As required, we evaluate indefinite lived intangibles for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Indefinite lived intangibles impairment is determined by comparing the fair value of the asset to its carrying amount. This is done either by performing a qualitative or quantitative assessment, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative analysis. When determining fair value, we primarily utilize the income approach. Under the income approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates and appropriate discount rates based on the weighted average cost of capital. Our estimates of long-term growth are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. See Note 9 for additional information about indefinite lived intangibles. | ||
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 15. | ||
Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accounting Principles Generally Accepted in the United States of America (“GAAP”) establishes a valuation hierarchy for prioritizing the inputs and the hierarchy places greater emphasis on the use of observable market inputs and less emphasis on unobservable inputs. When determining fair value, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows: | ||
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities; | ||
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; | ||
Level Three— Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques. | ||
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy. | ||
The carrying values of cash equivalents, accounts receivable, financing receivable – current, accounts payable and current maturities of long-term debt approximate fair value due to the short-term nature of these items and their close proximity to maturity. For additional information about fair value, see Note 5. The fair value of marketable securities is discussed in Note 4; the fair value of financing receivable is discussed in Note 7; and the fair value of long-term debt is discussed in Note 10. | ||
Hyatt Gold Passport Fund—The Hyatt Gold Passport Program (the “Program”) is our loyalty program. We operate the Program for the benefit of the Hyatt portfolio of properties, whether owned, operated, managed, or franchised by us. The Program is operated through the Hyatt Gold Passport Fund, which is an entity that is owned collectively by the owners of the Hyatt portfolio of hotels, whether owned, operated, managed or franchised by us. The Hyatt Gold Passport Fund (the “Fund”) has been established to provide for the payment of operating expenses and redemptions of member awards associated with the Program. The Fund is maintained and managed by us on behalf of and for the benefit of the Hyatt portfolio of hotels. We have evaluated our investment in the Fund and have determined that the Fund qualifies as a VIE and, as a result of the Company being the primary beneficiary, we have consolidated the Fund. | ||
The Program allows members to earn points based on their spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the hotel properties based on members’ qualified expenditures. Due to the requirements under the Program that the hotel properties reimburse us for the Program’s operating costs as incurred, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the hotel properties equal to the fair value of our future redemption obligation. Upon the redemption of points, we recognize as revenue the amounts previously deferred and recognize the corresponding expense relating to the costs of the awards redeemed. Revenue is recognized by the hotel properties when the points are redeemed, and expenses are recognized when the points are earned by the members. | ||
We actuarially determine the expected fair value of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the “breakage” for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability. | ||
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities (see Note 4). As of December 31, 2013 and 2012, total assets of the Fund were $368 million and $345 million, respectively, including $106 million and $78 million of current assets, respectively. Marketable securities held by the Fund and included in other noncurrent assets were $262 million and $267 million as of December 31, 2013 and 2012, respectively (see Note 4). As of December 31, 2013 and 2012, total liabilities of the Fund were $368 million and $345 million, respectively, including $106 million and $78 million of current liabilities, respectively. The current liabilities include $94 million and $68 million of accrued expenses and other current liabilities as of December 31, 2013 and 2012, respectively. The non-current liabilities of the Fund are included in other long-term liabilities (see Note 14). | ||
Recently Issued Accounting Pronouncements | ||
Adopted Accounting Standards | ||
In December 2011, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2011-10 (“ASU 2011-10”), Property, Plant and Equipment (Topic 360): Derecognition of in Substance Real Estate-a Scope Clarification (a consensus of the FASB Emerging Issues Task Force). ASU 2011-10 clarifies when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt, the reporting entity should apply the guidance for Real Estate Sales (Subtopic 360-20). The provisions of ASU 2011-10 are effective for public companies for fiscal years and interim periods within those years, beginning on or after June 15, 2012. The adoption of ASU 2011-10 did not materially impact our consolidated financial statements. | ||
In December 2011, the FASB released Accounting Standards Update No. 2011-11 (“ASU 2011-11”), Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities and in January 2013 the FASB released Accounting Standards Update No. 2013-01 (“ASU 2013-01”), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. ASU 2013-01 clarified the scope of ASU 2011-11. The provisions of ASU 2011-11 and ASU-2013-01 are effective for annual reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 and ASU 2013-01 did not materially impact our consolidated financial statements. | ||
In July 2012, the FASB released Accounting Standards Update No. 2012-02 ("ASU 2012-02"), Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 gives companies the option to perform a qualitative assessment before calculating the fair value of the indefinite-lived intangible asset. Under the guidance in ASU 2012-02, if this option is selected, a company is not required to calculate the fair value of the indefinite-lived intangible unless the entity determines it is more likely than not that its fair value is less than its carrying amount. The provisions of ASU 2012-02 are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, but early adoption was permitted. The adoption of ASU 2012-02 did not materially impact our consolidated financial statements. | ||
In February 2013, the FASB released Accounting Standards Update No. 2013-02 ("ASU 2013-02"), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The provisions of ASU 2013-02 are effective for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 resulted in additional disclosure within our equity footnote. | ||
Future Adoption of Accounting Standards | ||
In February 2013, the FASB released Accounting Standards Update No. 2013-04 ("ASU 2013-04"), Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The provisions of ASU 2013-04 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-04 is not expected to materially impact our consolidated financial statements. | ||
In March 2013, the FASB released Accounting Standards Update No. 2013-05 ("ASU 2013-05"), Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force). ASU 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income. The provisions of ASU 2013-05 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-05 is not expected to materially impact our consolidated financial statements. | ||
In July 2013, the FASB released Accounting Standards Update No. 2013-11 ("ASU 2013-11"), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The provisions of ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-11 is not expected to materially impact our consolidated financial statements. |
Equity_And_Cost_Method_Investm
Equity And Cost Method Investments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity And Cost Method Investments [Abstract] | ' | |||||||||||
Equity And Cost Method Investments | ' | |||||||||||
EQUITY AND COST METHOD INVESTMENTS | ||||||||||||
We have investments that are recorded under both the equity and cost methods. These investments are considered to be an integral part of our business and are strategically and operationally important to our overall results. Our equity and cost method investment balances recorded at December 31, 2013 and 2012 are as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Equity method investments | $ | 320 | $ | 212 | ||||||||
Cost method investments | 9 | 71 | ||||||||||
Total investments | $ | 329 | $ | 283 | ||||||||
Of our $329 million total investment balance as of December 31, 2013, $310 million was recorded in our owned and leased hotels segment. Of our $283 million total investment balance as of December 31, 2012, $262 million was recorded in our owned and leased hotels segment. | ||||||||||||
We recorded $50 million, $1 million, and insignificant income (loss) from our cost method investments for the years ended December 31, 2013, December 31, 2012 and December 31, 2011, respectively. Gains or losses from cost method investments are recorded within other income (loss), net in our consolidated statements of income, see Note 22. | ||||||||||||
The carrying values and ownership percentages of our unconsolidated investments in hotel, vacation and all inclusive properties accounted for under the equity method as of December 31, 2013 and 2012 are as follows: | ||||||||||||
Ownership Interests | Our Investment | |||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Wailea Hotel and Beach Resort, LLC | 64.10% | $ | 132 | $ | 83 | |||||||
Playa Hotels & Resorts B.V. | 21.80% | 50 | — | |||||||||
Juniper Hotels Private Limited | 50.00% | 33 | 40 | |||||||||
Maui Timeshare Ventures, LLC | 33.00% | 17 | 16 | |||||||||
Noble Select JV | 40.00% | 14 | 17 | |||||||||
Andaz Mayakoba BV | 40.00% | 12 | — | |||||||||
ADHP LLC | 50.00% | 7 | 6 | |||||||||
Hi Holdings HP Cabo B.V. | 50.00% | 5 | — | |||||||||
Hi Holdings La Paz B.V. | 50.00% | 5 | — | |||||||||
Coast Beach, LLC | 40.00% | 4 | 5 | |||||||||
Other | 41 | 45 | ||||||||||
Total | $ | 320 | $ | 212 | ||||||||
The following tables present summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total revenues | $ | 978 | $ | 979 | $ | 986 | ||||||
Gross operating profit | 315 | 313 | 317 | |||||||||
Income from continuing operations | 17 | 12 | 22 | |||||||||
Net income | $ | 17 | $ | 12 | $ | 22 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current Assets | $ | 556 | $ | 419 | ||||||||
Noncurrent Assets | 2,877 | 2,151 | ||||||||||
Total Assets | $ | 3,433 | $ | 2,570 | ||||||||
Current Liabilities | $ | 519 | $ | 700 | ||||||||
Noncurrent Liabilities | 1,962 | 1,434 | ||||||||||
Total Liabilities | $ | 2,481 | $ | 2,134 | ||||||||
During 2013, a wholly owned Hyatt subsidiary invested $325 million in Playa Hotels & Resorts B.V. ("Playa"), a company that was formed to own, operate and develop all inclusive resorts. Playa's current portfolio consists of 13 all inclusive resorts totaling approximately 5,800 rooms across the Dominican Republic, Mexico and Jamaica. In connection with our investment, Hyatt has entered into franchise agreements for six of the 13 all inclusive resorts, or approximately 2,800 rooms, which will operate as Hyatt-branded resorts. Under an agreement with Hyatt, Playa will have certain exclusive rights to operate Hyatt-branded all inclusive resorts in five Latin American and Caribbean countries through 2018. Playa issued Hyatt common shares and preferred shares in return for our investment. Our investment in common shares gives us a common ownership interest of 21.8%, which has been classified as an equity method investment. The investment in preferred shares has been classified as an available for sale debt security and recorded in other assets on the consolidated balance sheets. Subsequent to our initial valuation, we revised the allocation of our total investment to reflect fair value of $271 million and $54 million for the preferred and common shares, respectively, as of the closing date of the transaction. See Note 4 for further discussion of our preferred investment. | ||||||||||||
During 2013 and 2012, we invested $68 million and $63 million, respectively, in Wailea Hotel and Beach Resort, LLC, an equity method hospitality venture that was established to develop, own and operate a hotel property in the State of Hawaii. The hotel opened during the third quarter of 2013. | ||||||||||||
During 2013, we purchased the remaining 70% interest of the entity that owns the Grand Hyatt San Antonio hotel. As a result of this transaction, we ceased to report our interest as an equity method investment and now we consolidate the investment into the consolidated statements of income and the consolidated balance sheets. See Note 8 for further discussion of our acquisition. | ||||||||||||
During 2013, we recorded income from cost method investments of $50 million in other income (loss), net. We received a complete pay off of our $63 million investment and a $30 million return on our preferred equity interest in a joint venture that owns the Hyatt Regency New Orleans. Additionally, our partner in the joint venture executed its option to purchase our residual common investment interest in the venture resulting in a $20 million distribution, (see Note 22). The investment was included in our owned and leased hotels segment. We will continue to manage the property under the existing management agreement. | ||||||||||||
During 2013, a joint venture in which we held an interest and which we classified as an equity method investment, sold the hotel it owned and dissolved the venture. The venture was included in our owned and leased hotels segment. As a result of this transaction, we received a $5 million distribution, which was recorded as a deferred gain and will be amortized over the remaining life of our management agreement for the hotel. | ||||||||||||
During 2012, we sold our interest in two joint ventures classified as equity method investments, which were included in our owned and leased segment, to a third party for $52 million. Each venture owns a hotel that we currently manage. At the time of the sale we signed agreements with the third party purchaser to extend our existing management agreements for the hotels owned by the ventures by ten years. A $28 million pre-tax gain on the sale was deferred and is being amortized over the life of the extended management agreements into management and franchise fees within the Americas management and franchise segment. The operations of the hotel prior to the sale are included in Adjusted EBITDA within our owned and leased segment. | ||||||||||||
During 2011, we contributed $20 million to a newly formed joint venture with Noble Investment Group (“Noble”) in return for a 40% ownership interest in the venture (see Note 8). In addition, the Company and Noble agreed to invest in the strategic new development of select service hotels in the United States. Under that agreement, we are required to contribute up to a maximum of 40% of the equity necessary to fund up to $80 million (i.e. $32 million) of such new development. | ||||||||||||
During 2013, 2012 and 2011 we recorded $3 million, $19 million and $1 million in total impairment charges in equity earnings (losses) from unconsolidated hospitality ventures, respectively. The impairment charges in 2013 relate to three properties, two hospitality ventures for which we recorded total impairment charges of $2 million and one that relates to a vacation ownership business for which we recorded an impairment charge of $1 million. The three investments impaired in 2013 are accounted for as equity method investments. The impairment charges in 2012 relate to three properties, two of which are hospitality ventures, for which we recorded total impairment charges of $18 million and the third relates to a vacation ownership business for which we recorded an impairment charge of $1 million. The three investments impaired in 2012 are accounted for as equity method investments. The impairment charge in 2011 relates to one property in our vacation ownership business that is accounted for as an equity method investment. Impairment charges recognized were the result of our impairment review process, and impairments were recognized when the carrying amount of our assets was determined to exceed the fair value as calculated using discounted operating cash flows and a determination was made that the decline was other than temporary. | ||||||||||||
During 2013, the Company identified and corrected an error in the underlying accounting for foreign currency translation for a joint venture in which the Company has an ownership interest. The error impacts the Company's share of equity in earnings of this equity method investment. As of December 31, 2012, the cumulative impact to equity and investments from this error was a decrease of $10 million, respectively. |
Marketable_Securities_Notes
Marketable Securities (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Marketable Securities [Text Block] | ' | |||||||||||||||
MARKETABLE SECURITIES | ||||||||||||||||
We hold marketable securities to fund certain operating programs and for investment purposes. Marketable securities held to fund operating programs are recorded in prepaids and other assets and other assets. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, and U.S. government obligations and obligations of other government agencies for investment purposes, which are recorded in short-term investments. Additionally in 2013, we invested in preferred shares of Playa valued at $271 million as of the closing date of the transaction, which is included within other assets. See Note 3 for further detail regarding the Playa transaction. | ||||||||||||||||
Marketable Securities Held to Fund Operating Programs—At December 31, 2013 and 2012, total marketable securities held for the Hyatt Gold Passport Fund (see Note 2) and certain deferred compensation plans (see Note 13), carried at fair value and included in the consolidated balance sheets were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Marketable securities held by the Hyatt Gold Passport Fund | $ | 321 | $ | 292 | ||||||||||||
Marketable securities held to fund deferred compensation plans | 334 | 275 | ||||||||||||||
Total marketable securities | $ | 655 | $ | 567 | ||||||||||||
Less current portion of marketable securities held for operating programs included in prepaids and other assets | (59 | ) | (25 | ) | ||||||||||||
Marketable securities included in other assets | $ | 596 | $ | 542 | ||||||||||||
Included in net gains and interest income from marketable securities held to fund operating programs in the consolidated statements of income are $(1) million, $3 million and $4 million of realized and unrealized gains (losses) and interest income, net related to marketable securities held by the Hyatt Gold Passport Fund for the years ended December 31, 2013, 2012 and 2011, respectively. Also included are $35 million, $18 million, and $(2) million of net realized and unrealized gains (losses) related to marketable securities held to fund deferred compensation plans for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Marketable Securities Held for Investment Purposes—At December 31, 2013 and 2012, our total marketable securities held for investment purposes, carried at fair value and included in the consolidated balance sheets were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Available-for-sale investments | $ | — | $ | 484 | ||||||||||||
Time deposits | 30 | 30 | ||||||||||||||
Total short-term investments | $ | 30 | $ | 514 | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Available-for-sale investments included in other assets | $ | 278 | $ | — | ||||||||||||
Gains (losses) on marketable securities held for investment purposes of $2 million, $17 million and $(13) million for the years ended December 31, 2013, 2012 and 2011, respectively are included in other income (loss), net (see Note 2). Included in gains (losses) on marketable securities held for investment purposes were gross realized gains and losses on available-for-sale securities of $2 million for the year ended December 31, 2013, and insignificant amounts for the years ended December 31, 2012 and 2011. | ||||||||||||||||
During the year ended December 31, 2013, we invested $271 million in Playa as of the closing date of the transaction for redeemable, convertible preferred shares. Hyatt has the option to convert its preferred shares into shares of common stock at any time through the later of the second anniversary of the closing of our investment or an initial public offering by Playa. The preferred investment is redeemable at Hyatt's option in August 2021. In the event of an initial public offering or other equity issuance, Hyatt has the option to request that Playa redeem up to $125 million of preferred shares. As a result, we have classified the preferred investment as an available for sale debt security, which is remeasured quarterly at fair value in the consolidated balance sheets through other comprehensive income. See Note 5 for further detail on the fair value of this preferred investment. | ||||||||||||||||
Included in our portfolio of marketable securities held for investment purposes are investments in debt and equity securities classified as available for sale. At December 31, 2013 and 2012, these were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Cost | Gain | Loss | ||||||||||||||
Total preferred shares | $ | 271 | $ | 7 | $ | — | $ | 278 | ||||||||
December 31, 2012 | ||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Cost | Gain | Loss | ||||||||||||||
Corporate debt securities | $ | 443 | $ | 8 | $ | (8 | ) | $ | 443 | |||||||
U.S. government agencies and municipalities | 31 | — | — | 31 | ||||||||||||
Equity securities | 9 | 1 | — | 10 | ||||||||||||
Total | $ | 483 | $ | 9 | $ | (8 | ) | $ | 484 | |||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||
We have various financial instruments that are measured at fair value including certain marketable securities and derivative instruments. We currently do not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
As of December 31, 2013 and 2012, we had the following financial assets and liabilities measured at fair value on a recurring basis (refer to Note 2 for definitions of fair value and the three levels of the fair value hierarchy): | ||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 71 | $ | 71 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 334 | 334 | — | — | ||||||||||||
Preferred shares | 278 | — | — | 278 | ||||||||||||
U.S. government obligations | 121 | — | 121 | — | ||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||
Corporate debt securities | 112 | — | 112 | — | ||||||||||||
Mortgage-backed securities | 20 | — | 20 | — | ||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | (3 | ) | — | (3 | ) | — | ||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 117 | $ | 117 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 275 | 275 | — | — | ||||||||||||
Common stock | 10 | 10 | — | — | ||||||||||||
U.S. government obligations | 111 | — | 111 | — | ||||||||||||
U.S. government agencies | 68 | — | 68 | — | ||||||||||||
Corporate debt securities | 540 | — | 540 | — | ||||||||||||
Mortgage-backed securities | 22 | — | 22 | — | ||||||||||||
Asset-backed securities | 10 | — | 10 | — | ||||||||||||
Municipal and provincial notes and bonds | 15 | — | 15 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Interest rate swaps | 1 | — | 1 | — | ||||||||||||
Foreign currency forward contracts | (1 | ) | — | (1 | ) | — | ||||||||||
During the years ended December 31, 2013 and 2012, there were no transfers between levels of the fair value hierarchy. Our policy is to recognize transfers in and transfers out as of the end of each quarterly reporting period. | ||||||||||||||||
Marketable Securities | ||||||||||||||||
Our portfolio of marketable securities consists of various types of mutual funds, preferred shares, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial bonds. The fair value of our mutual funds and common stock were classified as Level One as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. The remaining securities, other than our investment in preferred shares, were classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. See Note 4 for further details on our marketable securities. | ||||||||||||||||
We invest a portion of our cash balance into short-term interest bearing money market funds that have a maturity of less than ninety days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies and the fair value of the funds are classified as Level One as we are able to obtain market available pricing information on an ongoing basis. | ||||||||||||||||
We estimated the fair value of the Playa preferred shares using an option pricing model. This model requires that we make certain assumptions regarding the expected volatility, term, risk free interest rate over the expected term, dividend yield and enterprise value. As Playa is not publicly traded, there is no market value for its stock. Therefore, we utilized observable data for a group of comparable peer companies to assist in developing our volatility assumptions. The expected volatility of Playa’s stock price was developed using weighted average measures of implied volatility and historic volatility for their peer group for a period equal to our expected term of the option. The weighted-average risk-free interest rate was based on a zero coupon U.S. Treasury instrument whose term was consistent with the expected term. We anticipate receiving cumulative preferred dividends on our preferred shares; therefore, the expected dividend yield was assumed to be 10% per annum compounding quarterly for two years and increasing to 12% after the second year, with such dividends to be paid-in-kind. | ||||||||||||||||
A summary of the significant assumptions used to estimate the fair value of our preferred investment during the year ended December 31, 2013 is as follows: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Expected term | 2 years | |||||||||||||||
Risk-free Interest Rate | 0.38 | % | ||||||||||||||
Volatility | 47.7 | % | ||||||||||||||
Dividend Yield | 10 | % | ||||||||||||||
Our valuation considers a number of objective and subjective factors that we believe market participants would consider, including: Playa's business and results of operations, including related industry trends affecting Playa's operations; Playa's forecasted operating performance and projected future cash flows; liquidation preferences, redemption rights, and other rights and privileges of Playa's preferred stock; and market multiples of comparable peer companies. | ||||||||||||||||
As of December 31, 2013, financial forecasts were used in the computation of the enterprise value using the income approach. The financial forecasts were based on assumed revenue growth rates and operating margin levels. The risks associated with achieving these forecasts were assessed in selecting the appropriate cost of capital. There is inherent uncertainty in our assumptions, and fluctuations in these assumptions will result in different estimates of fair value. Due to the lack of availability in market data, the preferred shares are classified as Level Three. Based on the assumptions used for the year ended December 31, 2013, the fair value of our preferred shares was $278 million and is recorded in other assets on the consolidated balance sheets, resulting in a $7 million increase in other comprehensive income as of December 31, 2013. See Note 4 for further details on our marketable securities. | ||||||||||||||||
The impact to net income from total gains or losses included in net gains and interest income from marketable securities held to fund operating programs due to the change in unrealized gains or losses relating to assets still held at the reporting date for the years ended December 31, 2013, 2012 and 2011 was insignificant. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
Our derivative instruments are foreign currency exchange rate instruments and interest rate swaps. The instruments are valued using an income approach with factors such as interest rates and yield curves, which represent market observable inputs and are generally classified as Level Two. Credit valuation adjustments may be made to ensure that derivatives are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality and our nonperformance risk. During the year ended December 31, 2013, we redeemed all of our 2015 Notes and settled the related outstanding interest rate swaps. See Note 10 for further details on our debt settlement. As of December 31, 2012, the credit valuation adjustments were insignificant. See Note 12 for further details on our derivative instruments. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
PROPERTY AND EQUIPMENT | ||||||||
Property and equipment at cost as of December 31, 2013 and 2012, consists of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 672 | $ | 688 | ||||
Buildings | 4,628 | 4,062 | ||||||
Leasehold improvements | 254 | 248 | ||||||
Furniture, equipment and computers | 1,376 | 1,288 | ||||||
Construction in progress | 86 | 65 | ||||||
7,016 | 6,351 | |||||||
Less accumulated depreciation | (2,345 | ) | (2,212 | ) | ||||
Total | $ | 4,671 | $ | 4,139 | ||||
Depreciation expense was $320 million, $327 million, and $288 million for the years ended December 31, 2013, 2012 and 2011, respectively. The net book value of capital leased assets at December 31, 2013 and 2012, is $223 million and $185 million, respectively, which is net of accumulated depreciation of $80 million and $46 million, respectively. | ||||||||
During 2013, we acquired property and equipment of $678 million in the acquisition of the hotel formerly known as The Peabody in Orlando, Florida, property and equipment of $210 million in the acquisition of Grand Hyatt San Antonio, and property and equipment of $72 million in the acquisition of The Driskill hotel in Austin, Texas. During 2013, we sold eleven properties which had property and equipment of $315 million. Refer to Note 8 for further details on the acquisitions and dispositions in 2013. | ||||||||
Interest capitalized as a cost of property and equipment totaled $8 million, $4 million and $4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is recorded net in interest expense. The year ended December 31, 2013 includes an $11 million charge to asset impairments in the consolidated statements of income, related to an impairment of property and equipment recorded in our owned and leased hotels segment. |
Financing_Receivables
Financing Receivables | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||
Financing Receivables | ' | |||||||||||||||||||
FINANCING RECEIVABLES | ||||||||||||||||||||
We have divided our financing receivables, which include loans and other financing arrangements, into three portfolio segments based on their initial measurement, risk characteristics and our method for monitoring or assessing credit risk. These portfolio segments correspond directly with our assessed class of receivables and are as follows: | ||||||||||||||||||||
• | Secured Financing to Hotel Owners—These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation. These loans at December 31, 2013 and December 31, 2012 include financing provided to certain franchisees for the renovation and conversion of certain franchised hotels. These franchisee loans accrue interest at fixed rates ranging between 5.0% and 5.5%. Secured financing to hotel owners at December 31, 2012 consisted primarily of a $277 million mortgage loan receivable to an unconsolidated hospitality venture which was formed to acquire ownership of a hotel property in Waikiki, Hawaii. This mortgage receivable had interest set at 30-day LIBOR +3.75% due monthly. This receivable was repaid in full, including payment of all accrued, but unpaid interest in 2013. | |||||||||||||||||||
• | Vacation Ownership Mortgages Receivables—These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. As of December 31, 2013, the weighted-average interest rate on vacation ownership mortgages receivable was 13.9%. | |||||||||||||||||||
• | Unsecured Financing to Hotel Owners—These financing receivables are primarily made up of individual unsecured loans and other types of financing arrangements provided to hotel owners. During 2012, we entered into a loan agreement to provide a $50 million mezzanine loan for the construction of a hotel that we will manage. Under the loan agreement, interest accrues at the greater of one-month LIBOR plus 5.0%, or 6.5%. Our other financing receivables have stated maturities and interest rates. However, the expected repayment terms may be dependent on the future cash flows of the hotels and these instruments, therefore, are not considered loans as the repayment dates are not fixed or determinable. Because these arrangements are not considered loans, we do not include them in our impaired loans analysis. Since these receivables may come due earlier than the stated maturity date, the expected maturity dates have been excluded from the maturities table below. | |||||||||||||||||||
The three portfolio segments of financing receivables and their balances at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 317 | ||||||||||||||||
Vacation ownership mortgage receivables at various interest rates with varying payments through 2031 (see below) | 44 | 48 | ||||||||||||||||||
Unsecured financing to hotel owners | 147 | 147 | ||||||||||||||||||
230 | 512 | |||||||||||||||||||
Less allowance for losses | (103 | ) | (99 | ) | ||||||||||||||||
Less current portion included in receivables, net | (8 | ) | (287 | ) | ||||||||||||||||
Total long-term financing receivables, net | $ | 119 | $ | 126 | ||||||||||||||||
Financing receivables held by us as of December 31, 2013 are scheduled to mature as follows: | ||||||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | Vacation Ownership Mortgage Receivables | ||||||||||||||||||
2014 | $ | 1 | $ | 7 | ||||||||||||||||
2015 | 38 | 7 | ||||||||||||||||||
2016 | — | 7 | ||||||||||||||||||
2017 | — | 5 | ||||||||||||||||||
2018 | — | 4 | ||||||||||||||||||
Thereafter | — | 14 | ||||||||||||||||||
Total | 39 | 44 | ||||||||||||||||||
Less allowance | (13 | ) | (7 | ) | ||||||||||||||||
Net financing receivables | $ | 26 | $ | 37 | ||||||||||||||||
Allowance for Losses and Impairments | ||||||||||||||||||||
We individually assess all loans in the secured financing to hotel owners portfolio and the unsecured financing to hotel owners portfolio for impairment. We assess the vacation ownership mortgage receivables portfolio, which consists entirely of loans, for impairment on an aggregate basis. In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we do not assess individually for impairment. However, we do regularly evaluate our reserves for these other financing arrangements and record provisions in the financing receivables allowance as necessary. Impairment charges for loans within all three portfolios and reserves related to our other financing arrangements are recorded as provisions in the financing receivables allowance. We consider the provisions on all of our portfolio segments to be adequate based on the economic environment and our assessment of the future collectability of the outstanding loans. | ||||||||||||||||||||
The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
Provision | 6 | — | 7 | 13 | ||||||||||||||||
Write-offs | — | (2 | ) | (4 | ) | (6 | ) | |||||||||||||
Other Adjustments | — | — | (3 | ) | (3 | ) | ||||||||||||||
Allowance December 31, 2013 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2012 | $ | 7 | $ | 8 | $ | 75 | $ | 90 | ||||||||||||
Provisions | — | 6 | 13 | 19 | ||||||||||||||||
Write-offs | — | (5 | ) | (3 | ) | (8 | ) | |||||||||||||
Recoveries | — | — | (2 | ) | (2 | ) | ||||||||||||||
Allowance at December 31, 2012 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
During the year ended December 31, 2011, we recorded provisions of $4 million, $4 million and $8 million for receivables within our secured financing to hotel owners, vacation ownership mortgage receivables and unsecured financing to hotel owners portfolio segments, respectively. | ||||||||||||||||||||
We routinely evaluate loans within financing receivables for impairment. To determine whether an impairment has occurred, we evaluate the collectability of both interest and principal. A loan is considered to be impaired when the Company determines that it is probable that we will not be able to collect all amounts due under the contractual terms. We do not record interest income for impaired loans unless cash is received, in which case the payment is recorded to other income (loss), net in the accompanying consolidated statements of income. During the year ended December 31, 2013, we recorded an allowance of $6 million for loans to hotel owners that we deemed to be impaired, which was recognized within other income (loss), net in the accompanying consolidated statements of income. During the year ended December 31, 2012, we recorded an allowance of $10 million for loans and wrote off a fully impaired loan of $3 million. During the year ended December 31, 2011, we established an allowance of $4 million for loans to hotel owners that we deemed to be impaired, which was recognized within other income (loss), net in the accompanying consolidated statements of income. The gross value of our impaired loans and related reserve does increase, outside of impairments recognized, due to the accrual and related reserve of interest income on these loans. | ||||||||||||||||||||
An analysis of our loans included in secured financing to hotel owners and unsecured financing to hotel owners had the following impaired amounts at December 31, 2013 and 2012, all of which had a related allowance recorded against them: | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 40 | $ | 39 | $ | (7 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 53 | 40 | (53 | ) | 51 | |||||||||||||||
Interest income recognized on these impaired loans within other income (loss), net on our consolidated statements of income for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Secured financing to hotel owners | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||
Unsecured financing to hotel owners | — | 2 | 1 | |||||||||||||||||
Credit Monitoring | ||||||||||||||||||||
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. | ||||||||||||||||||||
• | Past-due Receivables—We determine financing receivables to be past-due based on the contractual terms of each individual financing receivable agreement. | |||||||||||||||||||
• | Non-Performing Receivables—Receivables are determined to be non-performing based upon the following criteria: (1) if interest or principal is more than 90 days past due for secured financing to hotel owners and unsecured financing to hotel owners; (2) if interest or principal is more than 120 days past due for vacation ownership mortgage receivables; or (3) if an impairment charge has been recorded for a loan or a provision established for our other financing arrangements. For the years ended December 31, 2013 and 2012, no interest income was accrued for secured financing to hotel owners and unsecured financing to hotel owners more than 90 days past due or for vacation ownership receivables more than 120 days past due. For the years ended December 31, 2013 and 2012, insignificant interest income was accrued for vacation ownership receivables past due more than 90 days but less than 120 days. | |||||||||||||||||||
If a financing receivable is non-performing, we place the financing receivable on non-accrual status. We only recognize interest income when received for financing receivables on non-accrual status. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. | ||||||||||||||||||||
The following tables summarize our aged analysis of past-due financing receivables by portfolio segment, the gross balance of financing receivables greater than 90 days past-due and the gross balance of financing receivables on non-accrual status as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 82 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 40 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 81 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
* Certain of these receivables have been placed on non-accrual status and we have recorded allowances for these receivables based on estimates of future cash flows available for payment of these financing receivables. However, a majority of these payments are not past due. | ||||||||||||||||||||
Fair Value—We estimated the fair value of financing receivables to approximate $130 million and $417 million as of December 31, 2013 and December 31, 2012, respectively. We estimated the fair value of financing receivables using discounted cash flow analysis based on current market assumptions for similar types of arrangements. Based upon the availability of market data, we have classified our financing receivables as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
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) | ||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 38 | — | — | 38 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Observable Inputs | ||||||||||||||||||||
(Level Two) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 310 | $ | 314 | $ | — | $ | — | $ | 314 | ||||||||||
Vacation ownership mortgage receivable | 39 | 39 | — | — | 39 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Acquisitions_Dispositions_And_
Acquisitions, Dispositions, And Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions, Dispositions, And Discontinued Operations | ' | ||||||||
ACQUISITIONS, DISPOSITIONS, AND DISCONTINUED OPERATIONS | |||||||||
We continually assess and execute strategic acquisitions and dispositions to complement our current business. | |||||||||
Acquisitions | |||||||||
Hyatt Regency Orlando —During the year ended December 31, 2013, we acquired The Peabody in Orlando, Florida for a total purchase price of approximately $716 million. As part of the purchase, we acquired cash and cash equivalents of $2 million, resulting in a net purchase price of $714 million. | |||||||||
The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | |||||||||
Cash and cash equivalents | $ | 2 | |||||||
Prepaids and other current assets | 3 | ||||||||
Property and equipment | 678 | ||||||||
Intangibles | 39 | ||||||||
Total assets | 722 | ||||||||
Current liabilities | 6 | ||||||||
Total liabilities | 6 | ||||||||
Total net assets acquired | $ | 716 | |||||||
The $716 million purchase price consists of $678 million of property and equipment, which have been included in our owned and leased hotels segment, $8 million of definite lived intangibles, which have been included in our owned and leased hotels segment, and $31 million of definite lived intangibles, which have been included in our Americas management and franchising segment. The definite lived intangibles are comprised of $31 million of management intangibles and $8 million of advanced bookings and will be amortized over a useful life of 20 years and 7 years, respectively. The preliminary estimated fair value asset allocation indicates that the purchase price approximates the fair value of the assets acquired and there will be no goodwill. We began managing this property in the year ended December, 31, 2013, as the Hyatt Regency Orlando. | |||||||||
The results of the Hyatt Regency Orlando since the acquisition date have been included in our consolidated financial statements. The following table presents the results of this property since the acquisition date on a stand-alone basis (in millions): | |||||||||
Hyatt Regency Orlando operations included in 2013 results | Year Ended | ||||||||
December 31, 2013 | |||||||||
Revenues | $ | 30 | |||||||
Income | (3 | ) | |||||||
The following table presents our revenues and income on a pro forma basis as if we had completed the acquisition and rebranding of the Hyatt Regency Orlando as of January 1, 2012 (in millions): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Pro forma revenues | $ | 4,295 | $ | 4,077 | |||||
Pro forma income | 218 | 78 | |||||||
The pro forma income for the year ended December 31, 2013 excludes $4 million of transaction costs that were recorded to other income (loss), net on our consolidated statements of income. The year ended December 31, 2012 pro forma income was adjusted to include these charges. See "Like-Kind Exchange Agreements" below, as the purchase of Hyatt Regency Orlando has been designated as a like-kind exchange. | |||||||||
Grand Hyatt San Antonio—We previously held a 30% interest in the entity which owns the Grand Hyatt San Antonio hotel. Accordingly, we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2013, we purchased the remaining 70% interest in this entity. | |||||||||
Total value of net assets acquired | $ | 67 | |||||||
Previous investment in Grand Hyatt San Antonio | (7 | ) | |||||||
Purchase price to acquire our joint venture partner's interest | (16 | ) | |||||||
$ | 44 | ||||||||
As part of the acquisition of our partner's interest in the hospitality venture, we repaid $44 million of mezzanine debt that was held at the hospitality venture. This transaction has been accounted for as a step acquisition, which resulted in an insignificant gain on our previously held investment. | |||||||||
The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | |||||||||
Cash and cash equivalents | $ | 1 | |||||||
Restricted cash | 10 | ||||||||
Deferred tax assets | 5 | ||||||||
Property and equipment | 210 | ||||||||
Intangibles | 24 | ||||||||
Goodwill | 14 | ||||||||
Other assets | 11 | ||||||||
Total assets | 275 | ||||||||
Current liabilities | 11 | ||||||||
Long-term debt | 197 | ||||||||
Total liabilities | 208 | ||||||||
Total net assets acquired | $ | 67 | |||||||
The preliminary purchase price allocation for this acquisition created goodwill of $14 million at the date of acquisition, of which $3 million is deductible for tax purposes. The goodwill is recorded within our owned and leased hotels segment. The definite lived intangibles are comprised of $12 million of management intangibles and $12 million of lease related intangibles and will be amortized over a useful life of 15 years and 75 years, respectively. The deferred tax asset of $5 million relates primarily to property and equipment. As part of the acquisition, we acquired $200 million of outstanding Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B. See Note 10 for details of these bonds. In connection with recording the acquisition, we wrote-off $11 million of contract acquisition costs, which has been recorded to asset impairments on our consolidated statements of income within our Americas management and franchising segment, see Note 9. | |||||||||
The Driskill—During the year ended December 31, 2013, we acquired The Driskill hotel in Austin, Texas ("The Driskill") for a purchase price of approximately $85 million. The Driskill has a long-standing presence in a market which we view as a key location for our guests. Due to the iconic nature of the hotel and its membership in the Historic Hotels of America and Associated Luxury Hotels International, we have chosen to retain The Driskill name. Of the total $85 million purchase price, significant assets acquired consist of $72 million of property and equipment, a $7 million indefinite-lived brand intangible, a $5 million management intangible and $1 million of other assets which have been included primarily in our owned and leased hotels segment. | |||||||||
Hyatt Regency Birmingham—During the year ended December 31, 2012, we acquired the Hyatt Regency Birmingham in the United Kingdom for a total purchase price of approximately $44 million. As part of the purchase, we acquired cash and cash equivalents of $1 million, resulting in a net purchase price of $43 million. Of the total purchase price of $44 million, $38 million was property and equipment and the remaining assets acquired relate to working capital. The fair value asset allocation determined that the purchase price approximated the fair value of the property and equipment acquired and there was no goodwill. | |||||||||
Hyatt Regency Mexico City—During the year ended December 31, 2012, we acquired all of the outstanding shares of capital stock of a company that owned a full service hotel in Mexico City, Mexico in order to expand our presence in the region. The total purchase price was approximately $202 million. As part of the purchase, we acquired cash and cash equivalents of $12 million, resulting in a net purchase price of $190 million. We began managing this property during the second quarter of 2012 as the Hyatt Regency Mexico City. | |||||||||
In conjunction with the acquisition, we entered into a holdback escrow agreement. Pursuant to the holdback escrow agreement, we withheld $11 million from the purchase price and placed it into an escrow account, which was classified as restricted cash on our consolidated balance sheet. During the year ended December 31, 2012, we released $1 million from escrow to the seller. As of December 31, 2013, the remaining funds in the escrow account had been released to the seller. | |||||||||
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed for Hyatt Regency Mexico City as of the acquisition date, primarily in our owned and leased hotels segment (in millions): | |||||||||
Cash and cash equivalents | $ | 12 | |||||||
Other current assets | 4 | ||||||||
Land, property, and equipment | 190 | ||||||||
Intangibles | 12 | ||||||||
Goodwill | 29 | ||||||||
Total assets | 247 | ||||||||
Current liabilities | 4 | ||||||||
Other long-term liabilities | 41 | ||||||||
Total liabilities | 45 | ||||||||
Total net assets acquired | $ | 202 | |||||||
The acquisition created goodwill of $29 million at the date of acquisition, which is not deductible for tax purposes and is recorded within our owned and leased segment. The definite lived intangibles, which are substantially comprised of management intangibles, are being amortized over a weighted average useful life of 17 years. The other long-term liabilities consist of a $41 million deferred tax liability, the majority of which relates to property and equipment. | |||||||||
LodgeWorks—During 2011, we acquired 20 hotels from LodgeWorks, branding, management and franchising rights to an additional four hotels, and other assets for a purchase price of approximately $661 million. Of the four hotels for which we acquired management rights, three joined our portfolio in 2011 and one joined our portfolio in the first half of 2012. The number of assets within our owned and leased hotels segment increased as a result of this acquisition. | |||||||||
In conjunction with the acquisition, we entered into a holdback escrow agreement with LodgeWorks. Pursuant to the holdback escrow agreement, we withheld approximately $20 million from the purchase price and placed it into an escrow account. During 2012, the funds in the escrow account were released to LodgeWorks. | |||||||||
Woodfin Suites—During 2011, we acquired three Woodfin Suites properties in California for a total purchase price of approximately $77 million and rebranded them as Hyatt Summerfield Suites and, subsequently, as Hyatt House hotels. | |||||||||
Dispositions | |||||||||
Hyatt Key West—During the year ended December 31, 2013, we sold Hyatt Key West for $74 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $61 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of Hyatt Key West are being held as restricted for use in a potential like-kind exchange. | |||||||||
Andaz Napa—During the year ended December 31, 2013, we sold Andaz Napa for $71 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $27 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of Andaz Napa had been held as restricted for use in a potential like-kind exchange. As a closing condition of the Andaz Napa transaction, an affiliate of the purchaser and Hyatt entered into a purchase and sale agreement for the Andaz Savannah. | |||||||||
Andaz Savannah—During the year ended December 31, 2013, we sold Andaz Savannah for $42 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $4 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. | |||||||||
Hyatt Regency Denver Tech—During the year ended December 31, 2013, we sold Hyatt Regency Denver Tech for $59 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the purchaser of the hotel. The sale resulted in a pre-tax gain of $26 million, which has been recognized in gains on sales of real estate on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of Hyatt Regency Denver Tech had been held as restricted for use in a potential like-kind exchange. | |||||||||
Hyatt Regency Santa Clara—During the year ended December 31, 2013, we sold Hyatt Regency Santa Clara for $91 million, net of closing costs, to an unrelated third party, and entered into a long-term management agreement with the purchaser of the property. As part of the sale agreement, we have the potential for an additional earn-out of up to $7 million based on the hotel's performance in 2013. If achieved, this contingent payment will be received in 2014. At that time, the gain will be deferred and recognized in management and franchise fees over the term of the management contract. The sale resulted in an insignificant loss, which has been recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of Hyatt Regency Santa Clara had been held as restricted for use in a potential like-kind exchange. | |||||||||
Hyatt Fisherman's Wharf—During the year ended December 31, 2013, we sold Hyatt Fisherman's Wharf for $100 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $55 million, which has been recognized in gains on sales of real estate on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of Hyatt Fisherman's Wharf had been held as restricted for use in a potential like-kind exchange. | |||||||||
Hyatt Santa Barbara—During the year ended December 31, 2013, we sold Hyatt Santa Barbara for $60 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $44 million, which has been recognized in gains on sales of real estate on our consolidated statements of income during the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. | |||||||||
Hyatt Place 2013—During the year ended December 31, 2013, we sold four Hyatt Place properties for a combined $68 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of approximately $4 million. Three of these properties had been classified as assets and liabilities held for sale as of December 31, 2012. The Company retained long-term management agreements for each hotel with the purchaser of the hotels. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contracts, within our Americas management and franchising segment. The operations of the hotels prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sales of two of the hotels had been held as restricted for use in a potential like-kind exchange. | |||||||||
Artwork—During the year ended December 31, 2013, we sold artwork to an unrelated third party and recognized a pre-tax gain of $29 million which was recognized in other income (loss), net on our consolidated statements of income. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of artwork had been held as restricted for use in a potential like-kind exchange. | |||||||||
Hyatt Place and Hyatt House 2012—During 2012, we sold seven Hyatt Place properties and one Hyatt House property for a combined $87 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $14 million. The Company entered into long-term management agreements for each hotel with the purchaser of the hotels. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contracts, within our Americas management and franchising segment. The operations of the hotels prior to the sale remain within our owned and leased hotels segment. The proceeds from the sales of four of these hotels were classified into cash and cash equivalents as we did not enter into a like-kind exchange agreement related to these four hotels. In conjunction with the sale of the other four properties we entered into a like-kind exchange agreement. See “Like-Kind Exchange Agreements,” below, for further detail. | |||||||||
Hyatt Place and Hyatt Summerfield Suites 2011—During 2011, we sold six Hyatt Place and two Hyatt Summerfield Suites properties to a newly formed joint venture with Noble, in which the Company holds a 40% ownership interest. The properties were sold for a combined sale price of $110 million or $90 million, net of our $20 million contribution to the new joint venture (see Note 3). The sale resulted in a pre-tax loss of $2 million, which has been recognized in gains (losses) on sales of real estate on our consolidated statements of income. In conjunction with the sale, we entered into a long-term franchise agreement with the joint venture for each property. The six Hyatt Place and two Hyatt Summerfield Suites hotels continue to be operated as Hyatt-branded hotels and the two Hyatt Summerfield Suites hotels were subsequently rebranded as Hyatt House properties. The operating results and financial positions of these hotels prior to the sale remain within our owned and leased hotels segment. In conjunction with the sale of four of the properties we entered into a like-kind exchange agreement. See “Like-Kind Exchange Agreements,” below, for further detail. | |||||||||
Hyatt Regency Minneapolis—During 2011, we entered into an agreement with third parties to form a new joint venture to own and operate the Hyatt Regency Minneapolis. We contributed a fee simple interest in the Hyatt Regency Minneapolis to the joint venture as part of our equity interest subject to a $25 million loan to the newly formed joint venture. HHC has guaranteed the repayment of the loan (see Note 16). In conjunction with our contribution, we entered into a long-term management contract with the joint venture. The terms of the joint venture provided for capital contributions by the non-HHC partners that were used to complete a full renovation of the Hyatt Regency Minneapolis. | |||||||||
Like-Kind Exchange Agreements | |||||||||
In conjunction with the fourth quarter 2013 sale of Hyatt Key West, we entered into a like-kind exchange agreement with an intermediary. Pursuant to the like-kind exchange agreement, the proceeds from the sale of this hotel were placed into an escrow account administered by an intermediary. Accordingly, we classified net proceeds of $74 million related to this property as restricted cash on our consolidated balance sheets as of December 31, 2013. Pursuant to the like-kind exchange agreement, the cash remains restricted for a maximum of 180 days from the date of execution pending consummation of the exchange transaction. | |||||||||
In conjunction with the 2013 sales of Andaz Napa, Hyatt Regency Denver Tech, Hyatt Regency Santa Clara and Hyatt Fisherman's Wharf we entered into like-kind exchange agreements with an intermediary. Pursuant to the like-kind exchange agreements, the combined net proceeds of $321 million from the sales of these hotels were placed into an escrow account administered by an intermediary. During the year ended December 31, 2013, these net proceeds were utilized in a like-kind exchange agreement to acquire The Peabody Orlando. | |||||||||
During the year ended December 31, 2013, we released the net proceeds from the first quarter 2013 sales of two of the four Hyatt Place properties discussed above of $23 million and the 2012 sales of four Hyatt Place properties of $44 million from restricted cash on our consolidated balance sheets, as like-kind exchange agreements were not consummated within allowable time periods. | |||||||||
In conjunction with the second quarter 2013 sale of artwork, we placed proceeds received into restricted cash pursuant to a like-kind exchange agreement administered by an intermediary. We used a portion of the proceeds to fund artwork purchases and released the remaining amount from restricted cash. | |||||||||
In conjunction with the sale of four of the Hyatt Place properties in 2011, we entered into a like-kind exchange agreement with an intermediary. Pursuant to the like-kind exchange agreement, the net proceeds of $35 million from the sales of these four hotels were placed into an escrow account administered by the intermediary. During the second half of 2011, these net proceeds were utilized in a like-kind exchange agreement to acquire one of the LodgeWorks properties. | |||||||||
In conjunction with the 2010 sales of the Hyatt Deerfield, Grand Hyatt Tampa Bay and Hyatt Regency Greenville, we entered into like-kind exchange agreements with an intermediary. Pursuant to the like-kind exchange agreements, the proceeds from the sale of each hotel were placed into an escrow account administered by the intermediary. During the year ended December 31, 2011, we released the net proceeds from the sales of Grand Hyatt Tampa Bay and Hyatt Regency Greenville of $56 million and $15 million, respectively, from restricted cash on our consolidated balance sheet, as a like-kind exchange agreement was not consummated within applicable time periods. The net proceeds of $26 million from the sale of Hyatt Deerfield were utilized in a like-kind exchange agreement to acquire one of the Woodfin Suites properties. | |||||||||
Assets Held For Sale | |||||||||
During 2012, we committed to a plan to sell three Hyatt Place properties to a third party and classified the value of this portfolio as assets held for sale in the amount of $34 million, of which $33 million related to property and equipment, net, and liabilities held for sale in the amount of $1 million at December 31, 2012, which is included in our owned and leased hotels segment. The sale transaction was completed in 2013. | |||||||||
During 2011, we closed on the sale of a Company owned airplane to a third party for net proceeds of $18 million. The transaction resulted in a small pre-tax gain upon sale. | |||||||||
As a result of certain of the above-mentioned dispositions, we have agreed to provide indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Owned and Leased Hotels | Americas Management and Franchising | Other | Total* | |||||||||||||
Balance as of January 1, 2012 | ||||||||||||||||
Goodwill | $ | 158 | $ | 33 | $ | 4 | $ | 195 | ||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | 65 | 33 | 4 | 102 | ||||||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 29 | — | — | 29 | ||||||||||||
Foreign exchange** | 2 | — | — | 2 | ||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Goodwill | 189 | 33 | 4 | 226 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 96 | $ | 33 | $ | 4 | $ | 133 | ||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 14 | — | — | 14 | ||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Goodwill | 203 | 33 | 4 | 240 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 110 | $ | 33 | $ | 4 | $ | 147 | ||||||||
* | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of December 31, 2013 and 2012, respectively. | |||||||||||||||
** | Foreign exchange translation adjustments related to the acquisition of Hyatt Regency Mexico City (see Note 8). | |||||||||||||||
During the year ended December 31, 2013, we recognized $14 million of goodwill in conjunction with the acquisition of the interests in the entity that owns the Grand Hyatt San Antonio hotel (see Note 8). At December 31, 2013, our indefinite-lived brand intangible acquired as part of the 2013 acquisition of The Driskill was $7 million (see Note 8). | ||||||||||||||||
Definite lived intangible assets primarily include contract acquisition costs, acquired franchise and management intangibles, lease related intangibles, and advanced booking intangibles. Contract acquisition costs and franchise and management intangibles are generally amortized on a straight-line basis over their contract terms, which range from approximately 5 to 40 years and 15 to 30 years, respectively. Lease related intangibles are amortized on a straight-line basis over the lease term. Advanced bookings are generally amortized on a straight-line basis over the period of the advanced bookings. | ||||||||||||||||
During the year ended December 31, 2013, we entered into a master agreement with a hotel owner for 30 year management agreements for four hotels in France. Using exchange rates at December 31, 2013, the value of the contract acquisition cost at inception was $123 million. The intangible is being amortized into expense on a straight-line basis over the 30 year term of the management agreements, which began in the second quarter of 2013 in conjunction with the conversion of the hotels to Hyatt management. | ||||||||||||||||
The following is a summary of intangible assets at December 31, 2013 and 2012: | ||||||||||||||||
December 31, 2013 | Weighted Average Useful Lives | December 31, 2012 | ||||||||||||||
Contract acquisition costs | $ | 348 | 26 | $ | 203 | |||||||||||
Franchise and management intangibles | 170 | 23 | 122 | |||||||||||||
Lease related intangibles | 155 | 109 | 139 | |||||||||||||
Advanced booking intangibles | 8 | 7 | 2 | |||||||||||||
Brand intangible | 7 | — | — | |||||||||||||
Other | 8 | 13 | 8 | |||||||||||||
696 | 474 | |||||||||||||||
Accumulated amortization | (105 | ) | (86 | ) | ||||||||||||
Intangibles, net | $ | 591 | $ | 388 | ||||||||||||
Amortization expense relating to intangible assets for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Amortization Expense | $ | 25 | $ | 26 | $ | 17 | ||||||||||
Amortization expense of $1 million and $7 million was recognized in 2013 and 2012, respectively, related to the accelerated amortization of an intangible asset. | ||||||||||||||||
We estimate amortization expense for definite lived intangibles for the years 2014 through 2018 to be: | ||||||||||||||||
Years Ending December 31, | ||||||||||||||||
2014 | $ | 27 | ||||||||||||||
2015 | 25 | |||||||||||||||
2016 | 24 | |||||||||||||||
2017 | 24 | |||||||||||||||
2018 | 24 | |||||||||||||||
During the fourth quarters of 2013, 2012 and 2011, we performed our annual impairment review of goodwill and our indefinite-lived brand intangible. Definite lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. During the years ended December 31, 2013, 2012 and 2011, we recorded no goodwill or indefinite lived intangible asset impairment charges. For the year ended December 31, 2013, we wrote-off $11 million of contract acquisition costs related to the entity that owns the Grand Hyatt San Antonio hotel, in connection with our acquisition of the interests in the entity that owns the hotel. This charge has been recorded to asset impairments on our consolidated statements of income within our Americas management and franchising segment (see Note 20). During the years ended December 31, 2012 and 2011, we recorded no definite lived intangible asset impairment charges within the consolidated statements of income. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt Disclosure | ' | |||||||||||||||||||
DEBT | ||||||||||||||||||||
Debt as of December 31, 2013 and 2012 consists of the following: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
$250 million senior unsecured notes maturing in 2015—5.750% | $ | — | $ | 257 | ||||||||||||||||
$250 million senior unsecured notes maturing in 2016—3.875% | 249 | 249 | ||||||||||||||||||
$196 million senior unsecured notes maturing in 2019—6.875% | 196 | 250 | ||||||||||||||||||
$250 million senior unsecured notes maturing in 2021—5.375% | 250 | 250 | ||||||||||||||||||
$350 million senior unsecured notes maturing in 2023—3.375% | 347 | — | ||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | 130 | — | ||||||||||||||||||
Contract Revenue Bonds, Senior Taxable Series 2005B | 70 | — | ||||||||||||||||||
Floating Average Rate construction loan | 32 | — | ||||||||||||||||||
6.0% construction loan | — | 10 | ||||||||||||||||||
Revolving credit facility | — | — | ||||||||||||||||||
Other (various, maturing through 2015) | 1 | 1 | ||||||||||||||||||
Long-term debt before capital lease obligations | 1,275 | 1,017 | ||||||||||||||||||
Capital lease obligations | 208 | 216 | ||||||||||||||||||
Total long-term debt | 1,483 | 1,233 | ||||||||||||||||||
Less current maturities | (194 | ) | (4 | ) | ||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,289 | $ | 1,229 | ||||||||||||||||
Under existing agreements, maturities of debt for the next five years and thereafter are as follows: | ||||||||||||||||||||
2014 | $ | 194 | ||||||||||||||||||
2015 | 5 | |||||||||||||||||||
2016 | 251 | |||||||||||||||||||
2017 | 1 | |||||||||||||||||||
2018 | 1 | |||||||||||||||||||
Thereafter | 1,031 | |||||||||||||||||||
Total | $ | 1,483 | ||||||||||||||||||
Senior Notes—As of December 31, 2013, we had four series of senior unsecured notes, as further defined below, (the "Senior Notes"). Interest on the Senior Notes is payable semi-annually. We may redeem all or a portion of the Senior Notes at any time at 100% of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of the Senior Notes, by year of issuance, is as follows: | ||||||||||||||||||||
• | In 2009, we issued $250 million of 5.750% senior notes due 2015, at an issue price of 99.460% (the “2015 Notes”), and $250 million of 6.875% senior notes due 2019, at an issue price of 99.864% (the “2019 Notes”). We received net proceeds of approximately $495 million from the sale of the 2015 Notes and the 2019 Notes after deducting discounts and offering expenses payable by the Company of approximately $3 million. The proceeds were used to reduce outstanding hotel loans and for general corporate purposes. | |||||||||||||||||||
• | In 2011, we issued $250 million of 3.875% senior notes due 2016, at an issue price of 99.571% (the “2016 Notes”), and $250 million of 5.375% senior notes due 2021, at an issue price of 99.846% (the “2021 Notes” and together with the 2015 Notes, the 2016 Notes, and the 2019 Notes, the "Senior Notes"). We received net proceeds of approximately $494 million from the sale of the 2016 Notes and the 2021 Notes, after deducting discounts and offering expenses payable by the Company of approximately $4 million, which we intend to use for general corporate purposes. | |||||||||||||||||||
• | In 2013, we issued and sold $350 million of 3.375% Senior Notes due 2023 at an issue price of 99.498% (the “2023 Notes”). We received net proceeds of $345 million from the sale of the 2023 Notes, after deducting discounts and offering expenses payable by the Company of approximately $3 million. We used the net proceeds to pay the redemption price (as described below) in connection with the redemption of the 2015 Notes and to repurchase the 2019 Notes tendered in the cash tender offer, with any remaining proceeds intended to be used for general corporate purposes. See Note 12 for the interest rate lock associated with the 2023 Notes. | |||||||||||||||||||
Debt Redemption—During the year ended December 31, 2013, we redeemed all of our outstanding 2015 Notes, of which an aggregate principal amount of $250 million was outstanding. The redemption price, which was calculated in accordance with the terms of the 2015 Notes and included principal plus a make-whole premium, was $278 million. See Note 12 for the settlement of the interest rate swaps associated with the 2015 Notes. | ||||||||||||||||||||
After the issuance of our 2015 Notes, we entered into eight $25 million interest rate swap contracts. During the year ended December 31, 2012, we terminated four of the eight interest rate swap contracts, for which we received cash payments of $8 million to settle the fair value of the swaps. The cash received from the termination of the four swaps was being amortized from the settlement date as a benefit to interest expense over the remaining term of the 2015 Notes. During the year ended December 31, 2013, we settled the remaining four outstanding interest rate swap agreements. At the time the 2015 Notes were redeemed, we recognized a gain of $7 million, which included the remaining unamortized benefit of $5 million from the settlement of the initial four swaps during 2012 and a gain of $2 million on the remaining four swaps that were terminated in 2013 in anticipation of the 2015 Note redemption. The gain is included within debt settlement costs in other income (loss), net on the consolidated statements of income. See Note 12 for the settlement of the interest rate swaps associated with the 2015 Notes. | ||||||||||||||||||||
Tender Offer— During the year ended December 31, 2013, we completed a cash tender offer (the "cash tender offer") for any and all of our 2019 Notes, of which an aggregate principal amount of $250 million was outstanding. We purchased $54 million aggregate principal amount of 2019 Notes in the cash tender offer at a purchase price of $66 million, which included premiums payable in connection with the cash tender offer. Following the cash tender offer, $196 million aggregate principal amount of 2019 Notes remains outstanding. | ||||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B —During the year ended December 31, 2013, we acquired our partner's interest in the entity that owns the Grand Hyatt San Antonio hotel, and as a result, we consolidated their $200 million of bonds. The construction was financed in part by the The City of San Antonio, Texas Convention Center Hotel Finance Corporation ("Texas Corporation"), a non-profit local government corporation created by the City of San Antonio, Texas for the purpose of providing financing for a portion of the costs of constructing the hotel. On June 8, 2005, the Texas Corporation issued $130 million of original principal amount Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A ("Series 2005A Bonds") and $78 million of original principal amount Contract Revenue Bonds, Senior Taxable Series 2005B ("Series 2005B Bonds"). The Series 2005A Bonds mature between 2034 and 2039, with interest ranging from 4.75% to 5.00% and the remaining $70 million of Series 2005B Bonds mature between 2014 and 2028, with interest ranging from 4.87% to 5.31%. The loan payments are required to be funded solely from net operating revenues of the Grand Hyatt San Antonio hotel and in the event that net operating revenues are not sufficient to pay debt service, the Texas Corporation under certain circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series bonds. The indenture allows for optional early redemption of the Series 2005B bonds subject to make-whole payments at any time with consent from the Texas Corporation and beginning in 2015 for the Series 2005A Bonds. Interest is payable semiannually. | ||||||||||||||||||||
Floating Average Rate Construction Loan —During the year ended December 31, 2012, we obtained a secured construction loan with Banco Nacional de Desenvolvimento Econômico e Social - BNDES (“BNDES”) in order to develop a hotel in Brazil. The loan is split into four separate sub-loans with different interest rates for each such sub-loan. All four subloans mature in 2023, with options to extend the maturity to 2031. Borrowings under the four sub-loans bear interest at the following rates, depending on the applicable sub-loan (a) 2.5%, (b) the variable rate published by BNDES plus 2.92%, (c) the Brazilian Long Term Interest Rate - TJLP plus 3.92% or (d) the Brazilian Long Term Interest Rate - TJLP, with the interest rates referred to in clauses (b) and (c) subject to reduction upon the delivery of certain certifications. As of December 31, 2013, the weighted-average interest rates for the subloans that we have drawn upon is 8.39%. The balance of the subloan subject to the interest rate described in clause (b) above is subject to adjustment on a daily basis based on BNDES’s calculation of the weighted average of exchange rate variations related to foreign currency funds raised by BNDES that are not linked to transfer under specific conditions. As of December 31, 2013, we had borrowed Brazilian Real ("BRL") 75 million, or $32 million, against this construction loan of which BRL 37 million, or $16 million, has not yet been utilized in construction and is therefore held in restricted cash. As of December 31, 2012 no borrowings had been made against this loan. | ||||||||||||||||||||
6.0% Construction Loan—During the year ended December 31, 2012, we entered into a $20 million loan agreement with a third party. At December 31, 2012, we had drawn $10 million on the loan. The proceeds from the loan were used for completion of a property improvement plan and conversion of a non-Hyatt branded property to a Hyatt Place and as a result were recorded in restricted cash on our consolidated balance sheet at December 31, 2012. The debt had a stated interest rate of 6.0% and a maturity date of 2014. At December 31, 2013, the loan was fully repaid. | ||||||||||||||||||||
Revolving Credit Facility—During 2011, we entered into an Amended and Restated Credit Agreement with a syndicate of lenders that amended and restated our prior revolving credit facility to increase the borrowing availability under the facility from $1.1 billion to $1.5 billion and extend the facility's expiration from June 29, 2012 to September 9, 2016. Interest rates on outstanding borrowings are either LIBOR-based or based on an alternate base rate, with margins in each case based on our credit rating or, in certain circumstances, our credit rating and leverage ratio. As of December 31, 2013, the interest rate for a one month LIBOR borrowing would have been 1.543%, or LIBOR of 0.168%, plus 1.375%. There was no outstanding balance on this credit facility at December 31, 2013 or at December 31, 2012. At December 31, 2013 and 2012, we had entered into various letter of credit agreements for $104 million and $105 million, respectively, which reduced our available capacity under the revolving credit facility. The available line of credit on our revolving credit facility at December 31, 2013 was $1.4 billion. As of January 6, 2014, we entered into a Second Amended and Restated Credit Agreement with a syndicate of lenders that amended and restated this revolving credit facility and provides for a $1.5 billion senior unsecured revolving credit facility that matures in January 2019. | ||||||||||||||||||||
The Company also has a total of $21 million and $15 million of letters of credit issued through additional banks as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Debt Covenants —The revolving credit facility contains financial covenants requiring that certain financial measures be met such as not exceeding a maximum ratio of debt to earnings before interest, tax, depreciation and amortization (EBITDA), or adherence to a maximum secured debt to gross property and equipment ratio. We are in compliance with all covenants at December 31, 2013. | ||||||||||||||||||||
Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of our 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. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the availability of market data, we have classified our other long-term 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. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
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, excluding capital lease obligations | $ | (1,275 | ) | $ | (1,296 | ) | $ | — | $ | (1,263 | ) | $ | (33 | ) | ||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
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, excluding capital lease obligations | $ | (1,017 | ) | $ | (1,137 | ) | $ | — | $ | (1,126 | ) | $ | (11 | ) | ||||||
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases of Lessee Disclosure [Text Block] | ' | |||||||||||
LEASES | ||||||||||||
We lease hotels and equipment under a combination of capital and operating leases, which generally require us to pay taxes, maintenance, and insurance. Most of the leases contain renewal options, which enable us to retain use of the facilities in desirable operating areas. | ||||||||||||
The operating leases for the majority of our leased hotels call for the calculation of rental payments to be based on a percentage of the operating profit of the hotel, as defined by contract. As a result, future lease payments related to these leases are contingent upon operating results and are not included in the table below. | ||||||||||||
The future minimum lease payments due in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Operating Leases | Capital Leases | ||||||||||
2014 | $ | 39 | $ | 197 | ||||||||
2015 | 33 | 2 | ||||||||||
2016 | 32 | 2 | ||||||||||
2017 | 30 | 2 | ||||||||||
2018 | 29 | 2 | ||||||||||
Thereafter | 324 | 16 | ||||||||||
Total minimum lease payments | $ | 487 | $ | 221 | ||||||||
Less amount representing interest | 13 | |||||||||||
Present value of minimum lease payments | $ | 208 | ||||||||||
Hyatt Regency Grand Cypress—On April 9, 2007, we signed a 30-year lease agreement with the owners of the Hyatt Regency Grand Cypress to lease the hotel, including the land, as well as a parcel of land adjacent to the hotel. This lease agreement includes options, at our discretion, to purchase the hotel, including the land, and the adjacent parcel of land. We exercised our option to purchase the adjacent piece of land on August 28, 2007 and the option remains to purchase the hotel, including land, for $190 million in the eighth lease year or in the tenth lease year for $210 million or in the fifteenth lease year for $245 million. Total minimum lease payments were calculated over the seven years of the lease term assuming that we will exercise the option to purchase the hotel and land in the eighth year. As we intend to exercise our option to purchase the hotel in 2014, we have classified the capital lease obligation in current maturities of long-term debt on the consolidated balance sheets. This lease qualifies as a capital lease and we have consolidated the operating results of the hotel as of April 9, 2007. The leased assets are included in property and equipment, net, in the amount of $207 million. We are responsible for all operating costs related to the property, including insurance, maintenance, and taxes. | ||||||||||||
Corporate Office Space—During the years ended December 31, 2013, 2012 and 2011, we recorded a $6 million loss, a $2 million gain, and $7 million loss, respectively, related to sublease agreements based on terms of our existing master leases, which was recognized within other income (loss), net in the accompanying consolidated statements of income. Of the $7 million loss in 2011, $5 million is attributable to leased space at the Hyatt Center which is sublet to a related party. We continue to have sublease agreements with certain related parties at the Hyatt Center and total minimum rentals to be received in the future under these non-cancelable operating subleases as of December 31, 2013 are $9 million through 2020. See Note 19 for further discussion on related party lease agreements. | ||||||||||||
A summary of rent expense from continuing operations for all operating leases is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Minimum rentals | $ | 32 | $ | 26 | $ | 26 | ||||||
Contingent rentals | 47 | 36 | 33 | |||||||||
Total | $ | 79 | $ | 62 | $ | 59 | ||||||
The Company leases retail space at its owned hotel locations under operating leases. The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Amount | |||||||||||
2014 | $ | 24 | ||||||||||
2015 | 22 | |||||||||||
2016 | 20 | |||||||||||
2017 | 19 | |||||||||||
2018 | 16 | |||||||||||
Thereafter | 70 | |||||||||||
Total minimum lease receipts | $ | 171 | ||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Instruments | ' | |||||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||||
Interest Rate Swap Agreements—In the normal course of business, we are exposed to the impact of interest rate changes due to our borrowing activities. Our objective is to manage the risk of interest rate changes on the results of operations, cash flows, and the market value of our debt by creating an appropriate balance between our fixed and floating-rate debt. Interest rate derivative transactions, including interest rate swaps, are entered into to maintain a level of exposure to interest rates which the Company deems acceptable. | ||||||||||||||
As of December 31, 2012, we held a total of four $25 million interest rate swap contracts, each of which was set to expire on August 15, 2015. Taken together, these swap contracts effectively converted a total of $100 million of the $250 million of our 2015 Notes to floating rate debt based on three-month LIBOR plus a fixed rate component. The fixed rate component of the four swaps varied by contract, ranging from 4.5675% to 4.77%. The interest rate swaps were designated as fair value hedges, as their objective was to protect the 2015 Notes against changes in fair value due to changes in the three-month LIBOR interest rate. The swaps were designated as fair value hedges at inception and at December 31, 2012 were highly effective in offsetting fluctuations in the fair value of the 2015 Notes prior to their redemption during the year ended December 31, 2013. The swaps were settled in anticipation of the redemption of the 2015 Notes. We received $2 million of cash payments to settle the fair value of the swaps during the year ended December 31, 2013, which included an insignificant amount of accrued interest. The cash received offset premiums paid at the time of the settlement of the 2015 Notes. See Note 10 for a discussion of the settlement of our 2015 Notes. | ||||||||||||||
At December 31, 2012, the fixed to floating interest rate swaps were recorded within other assets at a value of $1 million offset by a fair value adjustment to long-term debt of $1 million. At December 31, 2012, the difference between the other asset value and fair market value adjustment to long-term debt includes the ineffective portion of the swap life-to-date which was insignificant. | ||||||||||||||
Interest Rate Lock—During the year ended December 31, 2013, we entered into treasury-lock derivative instruments with $175 million of notional value to hedge a portion of the risk of changes in the benchmark interest rate associated with the 2023 Notes issued during the year ended December 31, 2013 as changes in the benchmark interest rate would result in variability in cash flows related to such debt. These derivative instruments were designated as cash flow hedges at inception and were highly effective in offsetting fluctuations in the benchmark interest rate. See Note 10 for a discussion of our 2023 Notes. | ||||||||||||||
During the year ended December 31, 2013, we settled the aforementioned treasury-lock derivative instruments at the date of issuance of the 2023 Notes. The $1 million loss on the settlement was recorded to accumulated other comprehensive loss and will be amortized to interest expense over the life of the 2023 Notes. For the year ended December 31, 2013 the amount of incremental interest expense was insignificant. | ||||||||||||||
During 2011, we entered into treasury-lock derivative instruments with $250 million of notional value to hedge a portion of the risk of changes in the benchmark interest rate associated with the 2021 Notes we issued in August 2011. We settled the treasury-lock derivative instruments at the date of issuance of the 2021 Notes in August 2011. The $14 million loss on the settlement was recorded to accumulated other comprehensive loss and will be amortized over the remaining life of the 2021 Notes. As a result, we recorded $1 million in incremental interest expense in each of the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Foreign Currency Exchange Rate Instruments—We transact business in various foreign currencies and utilize foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. Our strategy is to have increases or decreases in our foreign currency exposures offset by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses. These foreign currency exposures typically arise from intercompany loans and other intercompany transactions. Our foreign currency forward contracts generally settle within 12 months. We do not use these forward contracts for trading purposes. We do not designate these forward contracts as hedging instruments. Accordingly, we record the fair value of these contracts as of the end of our reporting period to our consolidated balance sheets with changes in fair value recorded in our consolidated statements of income within other income (loss), net for both realized and unrealized gains and losses. The balance sheet classification for the fair values of these forward contracts is to prepaids and other assets for unrealized gains and to accrued expenses and other current liabilities for unrealized losses. At December 31, 2013 and December 31, 2012, the foreign currency forward contracts were recorded within accrued expenses and other current liabilities at a value of $3 million and $1 million, respectively, while contracts recorded within prepaids and other assets were insignificant for both periods. | ||||||||||||||
The U.S. dollar equivalent of the notional amount of the outstanding forward contracts, the majority of which relate to intercompany loans, with terms of less than one year, is as follows (in U.S. dollars): | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Pound Sterling | $ | 168 | $ | 161 | ||||||||||
Swiss Franc | 27 | 32 | ||||||||||||
Korean Won | 31 | 31 | ||||||||||||
Canadian Dollar | 3 | 30 | ||||||||||||
Total Notional Amount of Forward Contracts | $ | 229 | $ | 254 | ||||||||||
Certain energy contracts at our hotel facilities include derivatives. However, we qualify for and have elected the normal purchases or sales exemption for these derivatives. | ||||||||||||||
The effects of derivative instruments on our consolidated financial statements were as follows as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Effect of Derivative Instruments on Income and Other Comprehensive Loss | ||||||||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | ||||||||||||||
Gains on derivatives | Other income (loss), net | $ | — | $ | 1 | $ | 3 | |||||||
Losses on borrowings | Other income (loss), net | — | (1 | ) | (3 | ) | ||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Cash flow hedges: | ||||||||||||||
Interest rate locks | ||||||||||||||
Amount of loss recognized in accumulated other comprehensive loss on derivative (effective portion) | Accumulated other | $ | (1 | ) | $ | — | $ | (14 | ) | |||||
comprehensive loss | ||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion) | Interest expense | (1 | ) | (1 | ) | (1 | ) | |||||||
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | Other income (loss), net | — | — | — | ||||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Foreign currency forward contracts | Other income (loss), net | $ | (6 | ) | $ | (12 | ) | $ | 6 | |||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | |||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||
Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees’ salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans. | ||||||||||||
The following tables show the change in benefit obligation and the change in fair value of plan assets as of December 31, 2013 and 2012 (the measurement dates), for the unfunded U.S. plan: | ||||||||||||
2013 | 2012 | |||||||||||
Change in benefit obligation: | ||||||||||||
Benefit obligation—beginning of year | $ | 21 | $ | 21 | ||||||||
Interest cost | 1 | 1 | ||||||||||
Actuarial gain | (2 | ) | — | |||||||||
Benefits paid | (1 | ) | (1 | ) | ||||||||
Benefit obligation—end of year | $ | 19 | $ | 21 | ||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets—beginning of year | $ | — | $ | — | ||||||||
Actual return on plan assets | — | — | ||||||||||
Benefits paid | — | — | ||||||||||
Employer contributions | — | — | ||||||||||
Fair value of plan assets—end of year | $ | — | $ | — | ||||||||
Funded status at end of year | $ | (19 | ) | $ | (21 | ) | ||||||
Accumulated benefit obligation | $ | 19 | $ | 21 | ||||||||
Amounts recognized in the consolidated balance sheets as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Accrued current benefit liability | $ | (1 | ) | $ | (1 | ) | ||||||
Accrued long-term benefit liability | (18 | ) | (20 | ) | ||||||||
Funded status | $ | (19 | ) | $ | (21 | ) | ||||||
Amounts recognized in accumulated other comprehensive loss of the unfunded U.S. defined benefit plan at December 31, 2013 and 2012, consist entirely of unrecognized net losses of $7 million and $9 million, respectively. | ||||||||||||
There are estimated to be insignificant amounts of unrecognized net losses that will be amortized into net periodic benefit cost over the next fiscal year. | ||||||||||||
Refer to the table below for costs related to the unfunded U.S. plan. | ||||||||||||
The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2013 and 2012 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Discount rate | 4.4 | % | 3.5 | % | ||||||||
The weighted average assumptions used in the measurement of our net cost as of December 31, 2013, 2012, and 2011 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rate | 3.5 | % | 4.1 | % | 5.1 | % | ||||||
Rate of compensation increase | — | % | — | % | — | % | ||||||
As of December 31, 2013, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows: | ||||||||||||
Year Ending December 31, | ||||||||||||
2014 | $ | 1 | ||||||||||
2015 | 1 | |||||||||||
2016 | 1 | |||||||||||
2017 | 1 | |||||||||||
2018 | 1 | |||||||||||
2019-2023 | 6 | |||||||||||
Total | $ | 11 | ||||||||||
Defined Contribution Plans—We provide retirement benefits to certain qualified employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of qualified employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans. | ||||||||||||
Deferred Compensation Plans—Historically, we provided nonqualified deferred compensation for certain employees through several different plans. In 2010, these plans were consolidated into the one Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preapproved formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income. As of December 31, 2013 and 2012, the DCP is fully funded in a rabbi trust. The assets of the DCP are primarily invested in mutual funds, which are recorded in other assets in the consolidated balance sheets (see Note 4). The related deferred compensation liability is recorded in other long-term liabilities (see Note 14). Refer to the table below for costs related to the DCP. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Defined benefit plan | $ | 1 | $ | 1 | $ | 1 | ||||||
Defined contribution plans | 32 | 34 | 35 | |||||||||
Deferred compensation plans | 7 | 7 | 7 | |||||||||
Employee Stock Purchase Program—In 2010, the Company’s stockholders approved the Hyatt Hotels Corporation Employee Stock Purchase Program (“ESPP”), which is designed to qualify under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair market value on the last trading day of each quarter. Enrollment occurs prior to the commencement of the quarter with elections being deducted from payroll during the quarter and the actual purchase of stock is completed subsequent to the quarter close. At the inception of the plan there were 1,000,000 shares reserved for issuance under the ESPP which has been deemed to be non-compensatory. Approximately 71,000 shares and 73,000 shares were issued under the ESPP during 2013 and 2012, respectively. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Long-Term Liabilities [Text Block] | ' | |||||||
OTHER LONG-TERM LIABILITIES | ||||||||
Other long-term liabilities at December 31, 2013 and 2012, consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Deferred compensation plans (see Note 13) | $ | 334 | $ | 275 | ||||
Hyatt Gold Passport Fund (see Note 2) | 262 | 267 | ||||||
Deferred gains on sale of hotel properties | 192 | 93 | ||||||
Guarantee liabilities (see Note 16) | 133 | 6 | ||||||
Other accrued income taxes (see Note 15) | 90 | 91 | ||||||
Deferred income taxes (see Note 15) | 74 | 80 | ||||||
Defined benefit plans (see Note 13) | 18 | 20 | ||||||
Deferred incentive compensation plans | 4 | 5 | ||||||
Other | 133 | 125 | ||||||
Total | $ | 1,240 | $ | 962 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure | ' | |||||||||||
INCOME TAXES | ||||||||||||
Our tax provision includes federal, state, local, and foreign income taxes payable. The domestic and foreign components of income (loss) before income taxes for the three years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. income (loss) before tax | $ | 256 | $ | 18 | $ | (33 | ) | |||||
Foreign income before tax | 65 | 77 | 116 | |||||||||
Income (loss) before income taxes | $ | 321 | $ | 95 | $ | 83 | ||||||
The provision (benefit) for income taxes for the three years ended December 31, 2013, 2012 and 2011 is comprised of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 85 | $ | (76 | ) | $ | 73 | |||||
State | 14 | (17 | ) | 26 | ||||||||
Foreign | 24 | 36 | 10 | |||||||||
Total Current | $ | 123 | $ | (57 | ) | $ | 109 | |||||
Deferred: | ||||||||||||
Federal | $ | (11 | ) | $ | 52 | $ | (98 | ) | ||||
State | 9 | 15 | (30 | ) | ||||||||
Foreign | (5 | ) | (2 | ) | (9 | ) | ||||||
Total Deferred | $ | (7 | ) | $ | 65 | $ | (137 | ) | ||||
Total | $ | 116 | $ | 8 | $ | (28 | ) | |||||
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate reported in the financial statements: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—net of federal tax benefit | 4.8 | (0.3 | ) | (2.1 | ) | |||||||
Foreign and U.S. tax effects attributable to foreign operations | (0.4 | ) | (27.4 | ) | (46.7 | ) | ||||||
Tax contingencies | 0.2 | (10.3 | ) | (5.1 | ) | |||||||
Change in valuation allowances | — | (66.3 | ) | (15.8 | ) | |||||||
Write-off of deferred tax assets | — | 75.4 | — | |||||||||
General business credits | (1.3 | ) | (2.5 | ) | (0.9 | ) | ||||||
Equity based compensation | 1.1 | 2 | 1.4 | |||||||||
Other | (3.2 | ) | 2.7 | 0.3 | ||||||||
Effective income tax rate | 36.2 | % | 8.3 | % | (33.9 | )% | ||||||
The 2013 effective tax rate is higher than the U.S. statutory rate of 35% primarily due to the effect of state taxes on U.S. earnings. This is offset by a $4 million benefit for an adjustment to certain deferred tax assets, a benefit of $3 million (including $1 million interest) related to the settlement of tax audits and a benefit of $4 million relating to changes of statutory rates in some of our foreign jurisdictions. Additional benefits arise from foreign earnings taxed at lower than the U.S. statutory rate. | ||||||||||||
Significant items that affect the 2012 tax rate included a benefit of $26 million related to the recognition of foreign tax credits, a release of $6 million in reserves for interest related to our treatment for expensing certain renovation costs in prior years and a benefit of $3 million from a reduction in statutory tax rates enacted by foreign jurisdictions during the year. Additional benefits include $6 million (including $4 million interest) resulting from the settlement of state tax audits as well a benefit of $6 million (including $3 million interest and penalties) related to the favorable settlement of our U.S. federal tax audit. These benefits are partially offset by a provision of $7 million resulting from a reduction in the deferred tax assets of certain non-consolidated investments and a provision of $8 million (including $3 million interest and penalties) for uncertain tax positions in foreign jurisdictions. In addition a deferred tax asset of $64 million related to foreign net operating losses and a corresponding full valuation allowance was eliminated due to the restructuring of a foreign subsidiary. | ||||||||||||
For 2011, significant items affecting the tax rate include a benefit of $30 million related to foreign tax credits generated by a deemed distribution from foreign subsidiaries, a benefit of $17 million related to the settlement of a tax issue in a foreign jurisdiction, which is offset by $13 million of net increases to our uncertain tax positions (inclusive of interest and penalties). Additional benefits include the impact of foreign operations taxed at rates below the U.S. rate and the release of a valuation allowance of $13 million against certain foreign net operating losses. | ||||||||||||
The components of net deferred tax asset from continuing operations at December 31, 2013 and 2012 is comprised of the following: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets related to: | ||||||||||||
Employee benefits | $ | 161 | $ | 171 | ||||||||
Foreign and state net operating losses and credit carryforwards | 54 | 100 | ||||||||||
Nonconsolidated investments | 77 | 53 | ||||||||||
Allowance for uncollectible assets | 38 | 37 | ||||||||||
Intangibles | 34 | 28 | ||||||||||
Deferred gain on sale | 74 | 37 | ||||||||||
Interest and state benefits | 14 | 18 | ||||||||||
Unrealized investment losses | 6 | 7 | ||||||||||
Other | 60 | 53 | ||||||||||
Valuation allowance | (21 | ) | (22 | ) | ||||||||
Total deferred tax asset | $ | 497 | $ | 482 | ||||||||
Deferred tax liabilities related to: | ||||||||||||
Installment sales | $ | (6 | ) | $ | (10 | ) | ||||||
Property and equipment | (255 | ) | (269 | ) | ||||||||
Nonconsolidated investments | (59 | ) | (57 | ) | ||||||||
Unrealized investment gains | (18 | ) | (3 | ) | ||||||||
Prepaid expenses | (14 | ) | (12 | ) | ||||||||
Other | (14 | ) | (12 | ) | ||||||||
Total deferred tax liability | $ | (366 | ) | $ | (363 | ) | ||||||
Net deferred tax asset | $ | 131 | $ | 119 | ||||||||
Recognized in the balance sheet as: | ||||||||||||
Deferred tax assets—current | $ | 11 | $ | 19 | ||||||||
Deferred tax assets—noncurrent | 198 | 183 | ||||||||||
Deferred tax liabilities—current | (4 | ) | (3 | ) | ||||||||
Deferred tax liabilities—noncurrent | (74 | ) | (80 | ) | ||||||||
Total | $ | 131 | $ | 119 | ||||||||
Significant changes to our deferred tax assets and liabilities during 2013 include an increase of $51 million related to book in excess of tax depreciation expense and to a lesser extent the impact of acquisitions and dispositions of assets. This is offset by the utilization of our foreign tax credits of $35 million, as well as a reduction of $18 million attributable to the funding of our newly formed captive insurance company. | ||||||||||||
As of December 31, 2013, we have determined that undistributed net earnings of $329 million of certain foreign subsidiaries are indefinitely reinvested in operations outside the United States. These earnings could become subject to additional taxes if remitted as dividends, loaned to a U.S. affiliate, or if we sold our interest in the affiliates; the resulting U.S. income tax liabilities could be offset, in whole or in part, by credits allowable for taxes paid to foreign jurisdictions. The actual tax costs would depend on the income tax laws and circumstances at the time of the realization events; determination of the potential net liability is not practicable due to the complexities of the hypothetical calculation. We continue to provide deferred taxes, as required, on the undistributed earnings of foreign subsidiaries and unconsolidated affiliates that are not indefinitely reinvested in operations outside the United States. | ||||||||||||
As of December 31, 2013, we have $32 million of future tax benefits related to state and foreign net operating losses and $22 million of benefits related to federal and state credits. Some of these operating losses will begin to expire in 2014 and continue through 2033; however, a number of these operating losses, and some state credits, have no expiration date and may be carried forward indefinitely. | ||||||||||||
A valuation allowance of $17 million is recorded for certain net operating loss benefits and credits, as we believe it is more likely than not that we will be unable to utilize these tax carry forwards. A valuation allowance of $4 million is also recorded against other state and foreign assets that are not expected to be realized. | ||||||||||||
Total unrecognized tax benefits as of December 31, 2013 and 2012 were $53 million and $75 million, respectively, of which $27 million and $42 million, respectively, would impact the effective tax rate if recognized. It is reasonably possible that a reduction of up to $10 million of unrecognized tax benefits could occur within twelve months resulting from the resolution of audit examinations and the expiration of certain tax statutes of limitations. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits—beginning balance | $ | 75 | $ | 175 | ||||||||
Total increases—current period tax positions | 3 | 4 | ||||||||||
Total increases/(decreases)—prior period tax positions | (14 | ) | (97 | ) | ||||||||
Settlements | (5 | ) | (4 | ) | ||||||||
Lapse of statute of limitations | (4 | ) | (4 | ) | ||||||||
Foreign currency fluctuation | $ | (2 | ) | $ | 1 | |||||||
Unrecognized tax benefits—ending balance | $ | 53 | $ | 75 | ||||||||
For 2013, decreases to current and prior period tax positions in the amount of $14 million are primarily due to the conclusion and settlement of the IRS audits related to the 2005 through 2008 tax years. We also received $1 million interest due to the settlement of certain federal and state tax issues and related to tax years 2003 through 2009. | ||||||||||||
During 2012, we paid $2 million tax and penalties to settle certain tax issues with foreign taxing authorities, as well as $2 million tax and interest to settle certain federal and state tax issues related to tax years 2003 through 2009 | ||||||||||||
In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total gross accrued interest and penalties were $38 million, $46 million and $60 million as of December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The amount of interest and penalties recognized as a component of income tax expense in 2013 was $1 million. | ||||||||||||
The amount of interest and penalties recognized as a component of income tax expense in 2012 was a benefit of $4 million. This amount is comprised of the following: a benefit of $6 million as a result of release of interest as a response to the change in transitional guidance related to temporary regulations issued by the IRS; the release of $3 million resulting from the settlement of state tax matters. These benefits are offset by a provision of $5 million interest expense related to reserves recorded by our foreign subsidiaries. | ||||||||||||
Our 2009, 2010, and 2011 federal income tax returns are currently under IRS examination. The federal statute of limitations for Hyatt Hotels Corporation remains open, until December 31, 2014, for the years ended December 31, 2005 through 2010. | ||||||||||||
We are under audit by various state and foreign tax authorities. State income tax returns are generally subject to examination for a period of three to five years after filing of the return. However, the state impact of any federal changes remains subject to examination by various states for a period generally of up to one year after formal notification to the states. The statute of limitations for the foreign jurisdictions ranges from three to ten years after filing the applicable tax return. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments And Contingencies | ' | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||||
In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below: | |||||||||||||||||
Commitments—As of December 31, 2013, we are committed, under certain conditions, to lend or invest up to $458 million, net of any related letters of credit, in various business ventures. | |||||||||||||||||
Included in the $458 million in commitments is our share of a hospitality venture’s commitment to purchase a hotel within a to-be completed building in New York City for a total purchase price of approximately $380 million. The hospitality venture will be funded upon the purchase of the hotel, and our share of the purchase price commitment is 66.67% (or approximately $253 million). In accordance with the purchase agreement, we agreed to fund a $50 million letter of credit as security towards this future purchase obligation. The agreement stipulates the purchase of the completed property is contingent upon the completion of certain contractual milestones. The $50 million funded letter of credit is included as part of our total letters of credit outstanding at December 31, 2013 and therefore netted against our future commitments amount disclosed above. For further discussion see the “Letters of Credit” section of this footnote. | |||||||||||||||||
Performance Guarantees—Certain of our contractual arrangements with third party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. | |||||||||||||||||
During 2013, we recorded a $5 million charge related to these agreements. Under these agreements, we had recorded a guarantee liability of $123 million, net of amortization and using exchange rates as of December 31, 2013. As of December 31, 2013, we had recorded a separate contingent liability to fund these guarantee agreements of $6 million. The remaining maximum potential payments related to these agreements are $548 million, as shown below. | |||||||||||||||||
Property Description | Maximum Guarantee Amount (local currency) | Maximum Guarantee Amount (USD at December 31, 2013) | Initial Liability Recorded (local currency) | Guarantee Liability Recorded (USD at December 31, 2013) | Contingent Liability recorded (USD at December, 31,2013) | ||||||||||||
Four hotels in France* | Euro 377 | $ | 519 | Euro 90 | $ | 118 | $ | 5 | |||||||||
A hotel in Thailand | Thai baht 360 | 11 | Thai baht 157 | 5 | — | ||||||||||||
Select service hotels in the U.S. | 14 | — | 1 | ||||||||||||||
Other | 4 | — | — | ||||||||||||||
Total | $ | 548 | $ | 123 | $ | 6 | |||||||||||
*Our performance guarantee for the four hotels in France has an initial term of 7 years and does not have an annual cap. | |||||||||||||||||
In connection with the inception of a performance guarantee, we recognize a liability for the fair value of our guarantee obligation within other long-term liabilities on our consolidated balance sheets with an offset to contract acquisition cost intangible assets. Upon commencement of the guarantee period, we amortize the guarantee liability using a systematic and rational risk-based approach over the term of the respective performance guarantee. During 2013, we amortized $5 million of these liabilities as income to other income (loss), net on the consolidated statements of income. | |||||||||||||||||
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. As of December 31, 2013, there were no amounts recorded in accrued expenses and other current liabilities related to these performance test clauses. | |||||||||||||||||
Debt Repayment Guarantees—We have entered into various debt repayment guarantees related to our hospitality venture investments in certain properties. The maximum exposure under these agreements as of December 31, 2013 was $287 million. As of December 31, 2013, we had a $10 million liability representing the carrying value of these guarantees. Included within the $287 million in debt guarantees are the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at December 31, 2013 | |||||||||||||||
Vacation ownership development | $ | 110 | $ | 1 | |||||||||||||
Hotel property in Brazil | 75 | 3 | |||||||||||||||
Hawaii hotel development | 30 | 1 | |||||||||||||||
Hotel property in Minnesota | 25 | 4 | |||||||||||||||
Hotel property in Colorado | 15 | 1 | |||||||||||||||
Other | 32 | — | |||||||||||||||
Total Debt Repayment Guarantees | $ | 287 | $ | 10 | |||||||||||||
With respect to repayment guarantees related to certain hospitality venture properties, the Company has agreements with its respective partners that require each partner to pay a pro-rata portion of the guarantee amount based on each partner’s ownership percentage. Assuming successful enforcement of these agreements our maximum exposure under the various debt repayment guarantees as of December 31, 2013 would be $161 million payment. | |||||||||||||||||
Self Insurance—The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A reasonable amount of risk is retained on a self insurance basis primarily through a U.S. based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductible and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are $27 million as of December 31, 2013, and are classified within accrued expenses and other current liabilities on the consolidated balance sheets, while losses expected to be payable in later periods are $53 million as of December 31, 2013, and are included in other long-term liabilities on the consolidated balance sheets. At December 31, 2013, standby letters of credit amounting to $7 million had been issued to provide collateral for the estimated claims. We guarantee the letters of credit. For further discussion, see the “Letters of Credit” section of this footnote. | |||||||||||||||||
Surety Bonds—Surety bonds issued on our behalf totaled $23 million at December 31, 2013 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 as of December 31, 2013 totaled $125 million, the majority of which relate to our ongoing operations. Of the $125 million letters of credit outstanding, $104 million reduces the available capacity under our revolving credit facility (see Note 10). | |||||||||||||||||
Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved. | |||||||||||||||||
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof. | |||||||||||||||||
In conjunction with financing obtained for our unconsolidated hospitality ventures, 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 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 reasonably 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 that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity and Comprehensive Loss | ' | |||||||||||||||
STOCKHOLDERS’ EQUITY AND COMPREHENSIVE LOSS | ||||||||||||||||
Common Stock—At December 31, 2013, Pritzker family business interests beneficially owned, in the aggregate, approximately 77.7% of our Class B common stock, representing approximately 56.0% of the outstanding shares of our common stock and approximately 74.8% of the total voting power of our outstanding common stock. As a result, consistent with the voting agreements contained in the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, Pritzker family business interests are able to exert a significant degree of influence or actual control over our management and affairs and over matters requiring stockholder approval, including the election of directors and other significant corporate transactions. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval. Because of our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our common stock. Pursuant to the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. In addition, other stockholders, including entities affiliated with Goldman, Sachs & Co. and Madrone GHC, LLC, beneficially own, in the aggregate, approximately 22.3% of our outstanding Class B common stock, representing approximately 16.1% of the outstanding shares of our common stock and approximately 21.5% of the total voting power of our outstanding common stock. Pursuant to the 2007 Stockholders’ Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. | ||||||||||||||||
Share Repurchase— During 2013 and 2012, our Board of Directors authorized the repurchase of up to $400 million and $200 million, respectively, of the Company's 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 that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. | ||||||||||||||||
During 2013 and 2012, the Company repurchased 6,604,768 and 3,690,282 shares of common stock, respectively. These shares of common stock were repurchased at a weighted-average price of $41.64 and $36.94 per share, respectively, for an aggregate purchase price of $275 million and $136 million, respectively, excluding related expenses that were insignificant in both periods. The shares repurchased represented approximately 4% and 2% of the Company's total shares of common stock outstanding prior to the repurchase, respectively. The shares of Class A common stock that were repurchased on the open market were retired and returned to authorized and unissued status while the shares of Class B common stock that were repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares repurchased. As of December 31, 2013 we had $189 million remaining under the current share repurchase authorization. | ||||||||||||||||
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at | |||||||||||||
1-Jan-13 | 31-Dec-13 | |||||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (10 | ) | $ | 2 | $ | (62 | ) | |||||
Unrealized gain (loss) on AFS securities | — | 6 | — | 6 | ||||||||||||
Unrecognized pension cost | (6 | ) | 1 | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (3 | ) | $ | 2 | $ | (68 | ) | |||||
(a) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on the consolidated statements of income. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) | Balance at | ||||||||||||||
1-Jan-12 | 31-Dec-12 | |||||||||||||||
Foreign currency translation adjustments | $ | (83 | ) | $ | 29 | $ | (54 | ) | ||||||||
Unrealized gain (loss) on AFS securities | (2 | ) | 2 | — | ||||||||||||
Unrecognized pension cost | (6 | ) | — | (6 | ) | |||||||||||
Unrealized gain (loss) on derivative instruments | (8 | ) | 1 | (7 | ) | |||||||||||
Accumulated Other Comprehensive Loss | $ | (99 | ) | $ | 32 | $ | (67 | ) | ||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||||||||||
As part of our Long-Term Incentive Plan, we award Stock Appreciation Rights (“SARs”), Restricted Stock Units (“RSUs”), Performance Share Units ("PSUs"), and Performance Vested Restricted Stock ("PSSs") to certain employees. Compensation expense and unearned compensation figures within this note exclude amounts related to employees of our managed hotels as this expense has been and will continue to be reimbursed by our third party hotel owners and is recorded on the lines other revenues from managed properties and other costs from managed properties. Compensation expense related to these awards for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Stock appreciation rights | $ | 8 | $ | 8 | $ | 9 | ||||||||||||||||||
Restricted stock units | 17 | 14 | 12 | |||||||||||||||||||||
Performance share units and Performance vested restricted stock | 3 | 1 | 1 | |||||||||||||||||||||
The expected income tax benefit to be realized at the time of vest related to these plans for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Stock appreciation rights | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||||||
Restricted stock units | 6 | 5 | 4 | |||||||||||||||||||||
Performance share units and Performance vested restricted stock | 1 | — | — | |||||||||||||||||||||
Stock Appreciation Rights—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. Vested SARs can be exercised over their life as determined by the plan. All SARs have a 10-year contractual term. The SARs are settled in shares of our Class A common stock and are accounted for as equity instruments. | ||||||||||||||||||||||||
The following table sets forth a summary of the SAR grants in 2013, 2012, and 2011: | ||||||||||||||||||||||||
Grant Date | SARs Granted | Per SAR Value | Vesting Period | Vesting Start Month | ||||||||||||||||||||
Mar-13 | 472,003 | $ | 17.95 | 25 | % annually | Mar-14 | ||||||||||||||||||
Mar-13 | 54,914 | 18.21 | 100 | % at vest | Mar-17 | |||||||||||||||||||
Mar-12 | 405,877 | 17.29 | 25 | % annually | Mar-13 | |||||||||||||||||||
Mar-11 | 359,062 | 19.08 | 25 | % annually | Mar-12 | |||||||||||||||||||
The weighted average grant date fair value for the awards granted in 2013, 2012, and 2011 was $17.98, $17.29, and $19.08, respectively. | ||||||||||||||||||||||||
The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-valuation model with the following weighted-average assumptions: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Exercise Price | $ | 43.44 | $ | 41.29 | $ | 41.74 | ||||||||||||||||||
Expected Life in Years | 6.33 | 6.251 | 6.251 | |||||||||||||||||||||
Risk-free Interest Rate | 1.18 | % | 1.49 | % | 2.43 | % | ||||||||||||||||||
Expected Volatility | 40.67 | % | 40.84 | % | 43.39 | % | ||||||||||||||||||
Annual Dividend Yield | — | % | — | % | — | % | ||||||||||||||||||
As of December 31, 2013 we used an estimated forfeiture rate of 0% because only a small group of executives received these grants and we have limited historical data on which to base these estimates. We record the compensation expense earned for SARs on a straight-line basis from the date of grant. The exercise price of these SARs was the fair value of our common stock at the grant date, based on a valuation of the Company prior to the IPO, or the closing share price on the date of grant for all grants issued after the IPO. Due to a lack of historical exercise information the expected life was estimated based on the midpoint between the vesting period and the contractual life of each SAR, per guidance from the SEC’s Staff Accounting Bulletin Topic 14, Share-Based Payment. The risk-free interest rate was based on U.S. Treasury instruments with similar expected life. The Company calculates volatility using the average historical volatility of our peer group over a time period consistent with our expected term assumption. During 2012, we began incorporating our limited trading history with our peer group's history to obtain the expected volatility of our share price. | ||||||||||||||||||||||||
A summary of employee SAR activity as of December 31, 2013, and changes during 2013, are presented below: | ||||||||||||||||||||||||
SAR Units | Weighted Average Exercise Price (in whole dollars) | Weighted Average Contractual Term | ||||||||||||||||||||||
Outstanding at December 31, 2012: | 3,166,862 | $ | 45.2 | 6.31 | ||||||||||||||||||||
Granted | 526,917 | 43.44 | 9.2 | |||||||||||||||||||||
Exercised | 96,414 | 27.75 | 5.62 | |||||||||||||||||||||
Forfeited or canceled | 19,155 | 41.23 | 6.65 | |||||||||||||||||||||
Outstanding at December 31, 2013: | 3,578,210 | $ | 45.43 | 5.88 | ||||||||||||||||||||
Exercisable as of December 31, 2013: | 2,435,759 | $ | 47.18 | 4.77 | ||||||||||||||||||||
The total intrinsic value of SARs outstanding at December 31, 2013 was $26 million and the total intrinsic value for exercisable SARs was $17 million as of December 31, 2013. | ||||||||||||||||||||||||
Restricted Stock Units—Vested RSUs will be settled with a single share of our Class A common stock with the exception of insignificant portions of the March 2013, June 2013, March 2012, March 2011, June 2011, and May 2010 awards which will be settled in cash. The value of the RSUs was based upon the fair value of our common stock at the grant date, based upon a valuation of the Company, or the closing stock price of our Class A common stock for the December 2009 award and all 2010, 2011, 2012, and 2013 awards. Awards issued prior to our November 2009 IPO are deferred in nature and will be settled once all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. The following table sets forth a summary of the employee RSU grants in 2013, 2012, and 2011: | ||||||||||||||||||||||||
Grant Date | RSUs | Value | Total Value (in millions) | Vesting Period | ||||||||||||||||||||
Dec-13 | 2,132 | $ | 46.9 | $ | — | 4 years | ||||||||||||||||||
Sep-13 | 13,082 | 45.86 | $ | 1 | 4 years | |||||||||||||||||||
Jun-13 | 2,218 | 40.56 | $ | — | 4 years | |||||||||||||||||||
Mar-13 | 453,356 | 43.44 | $ | 20 | 4 years | |||||||||||||||||||
Dec-12 | 40,694 | 36.86 | $ | 1 | 4 years | |||||||||||||||||||
Oct-12 | 2,580 | 38.75 | $ | — | 4 years | |||||||||||||||||||
Jun-12 | 19,787 | 35.87 | $ | 1 | 4 years | |||||||||||||||||||
Mar-12 | 444,059 | 41.29 | $ | 18 | 4 years | |||||||||||||||||||
Sep-11 | 10,493 | 33.35 | $ | — | 4 years | |||||||||||||||||||
Jun-11 | 14,124 | 38.92 | $ | 1 | 2 to 4 years | |||||||||||||||||||
Mar-11 | 484,685 | 41.74 | $ | 20 | 4 years | |||||||||||||||||||
We record compensation expense earned for RSUs on a straight-line basis from the date of grant using an expected forfeiture rate of 3%. In certain situations we also grant cash-settled RSUs which are recorded as a liability instrument. The liability and related expense for granted cash-settled RSUs are insignificant as of and for the period ended December 31, 2013. | ||||||||||||||||||||||||
A summary of the status of the non-vested employee restricted stock unit awards outstanding under the plan as of December 31, 2013 is presented below: | ||||||||||||||||||||||||
Restricted Stock | Weighted Average Grant Date Fair Value (in whole dollars) | |||||||||||||||||||||||
Units | ||||||||||||||||||||||||
Nonvested at December 31, 2012: | 1,204,182 | $ | 39.1 | |||||||||||||||||||||
Granted | 471,019 | 43.51 | ||||||||||||||||||||||
Vested | 402,466 | 39.07 | ||||||||||||||||||||||
Forfeited or canceled | 28,264 | 41.49 | ||||||||||||||||||||||
Nonvested at December 31, 2013: | 1,244,471 | $ | 40.71 | |||||||||||||||||||||
As of December 31, 2013, the total intrinsic value of deferred RSUs that vested in 2013 but were not paid out is immaterial. The total intrinsic value of nonvested RSUs as of December 31, 2013 was $62 million. | ||||||||||||||||||||||||
Performance Share Units and Performance Vested Restricted Stock—The Company has granted to certain executive officers both PSUs, which are restricted stock units, and PSSs, which are performance vested restricted stock. The number of PSUs that will ultimately vest and be paid out in Class A common stock and the number of PSSs that will ultimately vest with no further restrictions on transfer depends upon the performance of the Company at the end of the applicable three year performance period relative to the applicable performance target. During the years ended December 31, 2013 and 2012, the Company granted to its executive officers a total of 218,686 and 209,569 PSSs, respectively, which vest in full if the maximum performance metric is achieved. At the end of the performance period, the PSSs that do not vest will be forfeited. The PSSs had a weighted average grant date fair value of $43.44 and $41.29 for the years ending December 31, 2013 and 2012, respectively. For the 2013 PSSs, the performance period is three years beginning January 1, 2013 and ending December 31, 2015. For the 2012 PSSs, the performance period is three years beginning January 1, 2012 and ending December 31, 2014. During the year ended December 31, 2011, the Company granted to its executive officers a target number of PSUs of 99,660 with a weighted average grant date fair value of $41.74. The performance period is a three year period beginning January 1, 2011 and ending December 31, 2013. The PSUs and PSSs will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric. | ||||||||||||||||||||||||
There were no forfeitures for the year ended December 31, 2013. As of December 31, 2013 the total intrinsic value of nonvested PSUs and PSSs if target performance is achieved was $14 million. | ||||||||||||||||||||||||
Our total unearned compensation for our stock-based compensation programs as of December 31, 2013 was $14 million for SARs, $31 million for RSUs and $4 million for PSUs and PSSs combined, which will be recorded to compensation expense primarily over the next four years with respect to SARs and RSUs, with a limited portion of the RSU awards extending to seven years, and over the next two years with respect to PSUs and PSSs as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018+ | Total | |||||||||||||||||||
SARs | $ | 6 | $ | 4 | $ | 3 | $ | 1 | $ | — | $ | 14 | ||||||||||||
RSUs | 14 | 10 | 6 | 1 | — | 31 | ||||||||||||||||||
PSUs and PSSs | 3 | 1 | — | — | — | 4 | ||||||||||||||||||
Total | $ | 23 | $ | 15 | $ | 9 | $ | 2 | $ | — | $ | 49 | ||||||||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
RELATED-PARTY TRANSACTIONS | |
In addition to those included elsewhere in the notes to the 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. During 2012, one of these sublease agreements was amended to reduce the related party's occupied space; as a result, we received a payment of $4 million, representing the discounted future sublease payments, less furniture and fixtures acquired. During 2011, we agreed to a new sublease agreement with a related party. The new sublease agreement includes sublease income paid to Hyatt that represents market rates, and is less than the rental payments that we are required to make under the master lease, resulting in a $5 million loss on the transaction, which is recorded in other income (loss), net on the consolidated statements of income. Future sublease income for this space from related parties is $9 million. | |
Legal Services—A partner in a law firm that provided services to us throughout 2013, 2012, and 2011 is the brother-in-law of our Executive Chairman. We incurred legal fees with this firm of $2 million for each of the years ended December 31, 2013, 2012, and 2011, respectively. Legal fees when expensed are included in selling, general and administrative expenses. As of December 31, 2013 and 2012, we had insignificant amounts due to the law firm. | |
Gaming—We had a Gaming Space Lease Agreement with HCC Corporation ("HCC"), a related party, whereby it leased approximately 20,990 square feet of space at the Hyatt Regency Lake Tahoe Resort, Spa and Casino, where it operated a casino. In connection with the Gaming Space Lease Agreement, we also provided certain sales, marketing and other general and administrative services to HCC under a Casino Facilities Agreement. In exchange for such services, HCC paid us fees based on the type of services being provided and for complimentary goods and services provided to casino customers. During 2011, the relevant related party agreements terminated. The new agreements for the casino are with an unrelated third party. We received $2 million for the year ended December 31, 2011 under the related party agreement. | |
Other Services—A member of our board of directors is a partner in a firm whose affiliates own hotels from which we recorded management and franchise fees of $7 million, $7 million, and $6 million during the years ended December 31, 2013, 2012, and 2011, respectively. As of December 31, 2013 and 2012, we had $1 million in receivables due from these properties. | |
Equity Method Investments—We have equity method investments in entities that own properties for which we provide management and/or franchise services and receive fees. We recorded fees of $32 million, $37 million, and $36 million for the years ended December 31, 2013, 2012, and 2011, respectively, related to these properties. As of December 31, 2013 and 2012, we had receivables due from these properties of $7 million. In addition, in some cases we provide loans (see Note 7) or guarantees (see Note 16) to these entities. Our ownership interest in these equity method investments generally varies from 8% to 70%. See Note 3 for further details regarding these investments. | |
Share Repurchase—During 2013, we repurchased 2,906,879 shares of Class B common stock at a weighted average price of $41.36 per share, for an aggregate purchase price of approximately $120 million. During 2011 we repurchased 8,987,695 shares of Class B common stock for $44.03 per share, the closing price of the Company's Class A common stock on May 13, 2011, for an aggregate purchase price of approximately $396 million. The shares repurchased for the years ended December 31, 2013 and 2011 represented approximately 2% and 5.2% of the Company's total shares of common stock outstanding prior to the repurchase, respectively. The shares of Class B common stock were repurchased from trusts held for the benefit of certain Pritzker family members in privately-negotiated transactions and were retired, thereby reducing the total number of shares outstanding and reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment and Geographic Information | ' | |||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ||||||||||||
Our operating 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 the Chief Executive Officer. Our results for the years ended December 31, 2013, 2012, and 2011 reflect the segment structure of our organization following our realignment, which was effective October 1, 2012. Segment results presented here for the years ended December 31, 2012 and 2011 have been recast to show our results as if our new operating structure had existed in those periods. | ||||||||||||
• | 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. | |||||||||||
• | Americas Management and Franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our family of brands to franchisees located in the U.S., 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 on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected 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 family of brands to franchisees located in Southeast Asia, as well as China, Australia, South Korea and Japan. 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 IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation. | |||||||||||
• | EAME/SW Asia Management—This segment derives its earnings primarily from hotel management of our family of brands located primarily in Europe, Africa, and the Middle East as well as countries along the Persian Gulf, the Arabian Sea, and India. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation. | |||||||||||
Our chief operating decision maker evaluates performance based on each segment’s Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA before equity earnings (losses) from unconsolidated hospitality ventures; gains (losses) on sales of real estate; asset impairments; other income (loss), net; net loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and (provision) benefit for income taxes. | ||||||||||||
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, revenues and expenses on our vacation ownership properties, and the results of our co-branded credit card. | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Owned and Leased Hotels | ||||||||||||
Revenues | $ | 2,142 | $ | 2,021 | $ | 1,879 | ||||||
Adjusted EBITDA | 471 | 442 | 400 | |||||||||
Depreciation and Amortization | 315 | 323 | 282 | |||||||||
Capital Expenditures | 211 | 283 | 321 | |||||||||
Americas Management and Franchising | ||||||||||||
Revenues | 1,774 | 1,712 | 1,615 | |||||||||
Intersegment Revenues (a) | 86 | 81 | 64 | |||||||||
Adjusted EBITDA | 233 | 199 | 167 | |||||||||
Depreciation and Amortization | 17 | 20 | 13 | |||||||||
Capital Expenditures | 1 | 2 | — | |||||||||
ASPAC Management and Franchising | ||||||||||||
Revenues | 157 | 129 | 113 | |||||||||
Intersegment Revenues (a) | 3 | 3 | 4 | |||||||||
Adjusted EBITDA | 50 | 46 | 40 | |||||||||
Depreciation and Amortization | 1 | 1 | 1 | |||||||||
Capital Expenditures | — | 1 | 1 | |||||||||
EAME/SW Asia Management | ||||||||||||
Revenues | 117 | 92 | 92 | |||||||||
Intersegment Revenues (a) | 16 | 14 | 15 | |||||||||
Adjusted EBITDA | 40 | 26 | 34 | |||||||||
Depreciation and Amortization | 5 | 2 | 2 | |||||||||
Capital Expenditures | — | — | 2 | |||||||||
Corporate and other | ||||||||||||
Revenues | 99 | 93 | 82 | |||||||||
Adjusted EBITDA | (114 | ) | (107 | ) | (103 | ) | ||||||
Depreciation and Amortization | 7 | 7 | 7 | |||||||||
Capital Expenditures | 20 | 15 | 7 | |||||||||
Eliminations (a) | ||||||||||||
Revenues | (105 | ) | (98 | ) | (83 | ) | ||||||
Adjusted EBITDA | — | — | — | |||||||||
Depreciation and Amortization | — | — | — | |||||||||
Capital Expenditures | — | — | — | |||||||||
TOTAL | ||||||||||||
Revenues | $ | 4,184 | $ | 3,949 | $ | 3,698 | ||||||
Adjusted EBITDA | 680 | 606 | 538 | |||||||||
Depreciation and Amortization | 345 | 353 | 305 | |||||||||
Capital Expenditures | 232 | 301 | 331 | |||||||||
(a) | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. | |||||||||||
The table below shows summarized consolidated balance sheet information by segment: | ||||||||||||
Total Assets | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Owned and Leased Hotels | $ | 5,895 | $ | 4,942 | ||||||||
Americas Management and Franchising | 527 | 470 | ||||||||||
ASPAC Management and Franchising | 116 | 95 | ||||||||||
EAME/SW Asia Management | 201 | 63 | ||||||||||
Corporate and other | 1,438 | 2,060 | ||||||||||
TOTAL | $ | 8,177 | $ | 7,630 | ||||||||
The following table presents revenues and long-lived assets by geographical region: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 3,270 | $ | 3,140 | $ | 2,911 | ||||||
All Foreign | 914 | 809 | 787 | |||||||||
Total | $ | 4,184 | $ | 3,949 | $ | 3,698 | ||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 4,026 | $ | 3,395 | ||||||||
All Foreign | 1,383 | 1,265 | ||||||||||
Total | $ | 5,409 | $ | 4,660 | ||||||||
The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjusted EBITDA | $ | 680 | $ | 606 | $ | 538 | ||||||
Equity earnings (losses) from unconsolidated hospitality ventures | (1 | ) | (22 | ) | 4 | |||||||
Gains (losses) on sales of real estate | 125 | — | (2 | ) | ||||||||
Asset impairments | (22 | ) | — | (6 | ) | |||||||
Other income (loss), net | 17 | 7 | (11 | ) | ||||||||
Net loss attributable to noncontrolling interests | 2 | 1 | 2 | |||||||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (68 | ) | (73 | ) | (78 | ) | ||||||
EBITDA | 733 | 519 | 447 | |||||||||
Depreciation and amortization | (345 | ) | (353 | ) | (305 | ) | ||||||
Interest expense | (65 | ) | (70 | ) | (57 | ) | ||||||
(Provision) benefit for income taxes | (116 | ) | (8 | ) | 28 | |||||||
Net income attributable to Hyatt Hotels Corporation | $ | 207 | $ | 88 | $ | 113 | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
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: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 205 | $ | 87 | $ | 111 | ||||||
Net loss attributable to noncontrolling interests | 2 | 1 | 2 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 207 | $ | 88 | $ | 113 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares outstanding: | 158,544,930 | 165,017,485 | 168,761,751 | |||||||||
Share-based compensation | 644,149 | 359,843 | 478,696 | |||||||||
Diluted weighted average shares outstanding | 159,189,079 | 165,377,328 | 169,240,447 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Net income | $ | 1.29 | $ | 0.53 | $ | 0.66 | ||||||
Net loss attributable to noncontrolling interests | 0.01 | — | 0.01 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 1.3 | $ | 0.53 | $ | 0.67 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income | $ | 1.29 | $ | 0.53 | $ | 0.66 | ||||||
Net loss attributable to noncontrolling interests | 0.01 | — | 0.01 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 1.3 | $ | 0.53 | $ | 0.67 | ||||||
The computations of diluted net income per share for the years ended December 31, 2013, 2012 and 2011 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock-settled SARs | 148,200 | 13,200 | 48,900 | |||||||||
RSUs | — | 3,300 | 1,400 | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. | ||||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
Consolidated statements of income data: | ||||||||||||||||||||||||||||||||
Owned and leased hotel revenues | $ | 557 | $ | 521 | $ | 572 | $ | 492 | $ | 517 | $ | 503 | $ | 528 | $ | 473 | ||||||||||||||||
Management and franchise fee revenues | 94 | 77 | 96 | 75 | 80 | 68 | 80 | 79 | ||||||||||||||||||||||||
Other revenues | 15 | 22 | 21 | 20 | 19 | 22 | 20 | 17 | ||||||||||||||||||||||||
Other revenues from managed properties (1) | 425 | 406 | 403 | 388 | 384 | 384 | 386 | 389 | ||||||||||||||||||||||||
Total revenues | 1,091 | 1,026 | 1,092 | 975 | 1,000 | 977 | 1,014 | 958 | ||||||||||||||||||||||||
Direct and selling, general, and administrative expenses | 1,036 | 973 | 984 | 958 | 961 | 937 | 941 | 951 | ||||||||||||||||||||||||
Net Income | 30 | 55 | 112 | 8 | 15 | 23 | 39 | 10 | ||||||||||||||||||||||||
Net income attributable to Hyatt Hotels Corporation (2) (3) | 32 | 55 | 112 | 8 | 16 | 23 | 39 | 10 | ||||||||||||||||||||||||
Net income per common share, basic | $ | 0.2 | $ | 0.35 | $ | 0.7 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | 0.24 | $ | 0.06 | ||||||||||||||||
Net income per common share, diluted | $ | 0.19 | $ | 0.35 | $ | 0.7 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | 0.24 | $ | 0.06 | ||||||||||||||||
-1 | Represents revenues that we receive from third-party property owners who reimburse us for costs that we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal Factors Affecting Our Results of Operations—Revenues.” | |||||||||||||||||||||||||||||||
-2 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | |||||||||||||||||||||||||||||||
-3 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Other_Income
Other Income | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income (Loss), Net [Abstract] | ' | |||||||||||
Other income (loss), net [Text Block] | ' | |||||||||||
OTHER INCOME (LOSS), NET | ||||||||||||
Other income (loss), net includes interest income, cost method investment income from the pay off of our preferred equity interest and returns and residual common investment in the partnership that owns the Hyatt Regency New Orleans (see Note 3), gains (losses) on other marketable securities (see Note 4), impairment of held-to-maturity investment, gain on sale of artwork (see Note 8), charitable contribution to Hyatt Thrive Foundation, debt settlement costs (see Note 10), foreign currency losses on foreign currency exchange rate instruments (see Note 12), provisions on hotel loans (see Note 7), costs incurred as part of our Company's realignment (which include employee separation costs, consulting fees, and legal fees), and transaction costs incurred to acquire hotels and other assets (see Note 8). The impairment of our held-to-maturity investment represents the entire balance related to a credit loss, as we do not expect to recover any amount based on cash flow projections. The table below provides a reconciliation of the components in other income (loss), net, for the years ended December 31, 2013, 2012 and 2011, respectively: | ||||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 17 | $ | 23 | $ | 23 | ||||||
Cost method investment income | 50 | 1 | — | |||||||||
Gains (losses) on other marketable securities | 2 | 17 | (13 | ) | ||||||||
Impairment of held-to-maturity investment | — | (4 | ) | — | ||||||||
Gain on sale of artwork | 29 | — | — | |||||||||
Charitable contribution to Hyatt Thrive Foundation | (20 | ) | — | — | ||||||||
Debt settlement costs | (35 | ) | — | — | ||||||||
Foreign currency losses | (5 | ) | (3 | ) | (5 | ) | ||||||
Provisions on hotel loans | (6 | ) | (4 | ) | (4 | ) | ||||||
Realignment costs | — | (21 | ) | — | ||||||||
Transaction costs | (10 | ) | (2 | ) | (5 | ) | ||||||
Other | (5 | ) | — | (7 | ) | |||||||
Other income (loss), net | $ | 17 | $ | 7 | $ | (11 | ) | |||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
In February 2014, we announced that a Hyatt affiliate entered into a definitive purchase and sale agreement with RLJ Lodging Trust to sell 9 select service hotels and 1 full service hotel for a total sales price of approximately $313 million. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||||
HYATT HOTELS CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Revenues, Costs and Expenses | Additions Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | $ | 11 | $ | 4 | $ | — | $ | (4 | ) | $ | 11 | |||||||||
Notes receivable—allowance for losses | 99 | 13 | (3 | ) | A | (6 | ) | 103 | ||||||||||||
Deferred tax asset—valuation allowance | 22 | — | — | (1 | ) | 21 | ||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 10 | 5 | — | (4 | ) | 11 | ||||||||||||||
Notes receivable—allowance for losses | 90 | 19 | — | (10 | ) | 99 | ||||||||||||||
Deferred tax asset—valuation allowance | 83 | 1 | — | (62 | ) | B | 22 | |||||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 15 | 4 | — | (9 | ) | 10 | ||||||||||||||
Notes receivable—allowance for losses | 82 | 16 | — | (8 | ) | 90 | ||||||||||||||
Deferred tax asset—valuation allowance | 96 | — | — | (13 | ) | B | 83 | |||||||||||||
A—This amount represents currency translation on foreign currency denominated notes receivable. | ||||||||||||||||||||
B—This amount represents the release of certain foreign net operating losses. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation [Policy Text Block] | ' | |
Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Use of Estimates [Policy Text Block] | ' | |
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. | ||
Revenue Recognition [Policy Text Block] | ' | |
Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered: | ||
• | Owned and leased hotel revenues are derived from room rentals and services provided at our owned, leased, and consolidated hospitality venture properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income. | |
• | Management and franchise fees earned from hotels managed and franchised worldwide: | |
– | Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us. | |
– | Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract. | |
– | Franchise fees are generally based on a percentage of hotel rooms’ revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor. | |
• | Other revenues | |
– | Other revenues primarily include revenues from our vacation ownership business. We recognize vacation ownership revenue when a minimum of 10% of the purchase price for the interval has been received, the period of cancellation with refund has expired, and receivables are deemed collectible. For sales that do not qualify for full revenue recognition, as the project has progressed beyond the preliminary stages, but has not yet reached completion, all revenue and associated direct expenses are initially deferred and recognized in earnings through the percentage-of-completion method. | |
– | Other revenues also include revenues from our co-branded credit card launched in 2010. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner; and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired. | |
• | Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income. | |
Cash Equivalents [Policy Text Block] | ' | |
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | ||
Restricted Cash [Policy Text Block] | ' | |
Restricted Cash—We had restricted cash of $184 million and $72 million at December 31, 2013 and 2012, respectively. The 2013 balance relates primarily to a like-kind exchange agreement under which $74 million in proceeds from sales were placed into an escrow account administered by an intermediary (see Note 8), reserves statutorily required to be held by our captive insurance subsidiary of $74 million (see Note 16), proceeds from $16 million drawn on a loan which will be used for the development of a hotel in Brazil (see Note 10), and $21 million of debt service related to the bonds acquired in connection with the acquisition of the entity that owns the Grand Hyatt San Antonio hotel (see Note 10), of which $10 million is recorded to restricted cash and $11 million is recorded in other assets. The 2012 balance relates primarily to a like-kind exchange agreement under which $44 million in proceeds from sales were placed into an escrow account administered by an intermediary (see Note 8), a holdback escrow agreement of $10 million entered into in conjunction with the acquisition of a full service hotel in Mexico City, Mexico (see Note 8), and proceeds from $10 million drawn on a loan which was used for completion of a property improvement plan and conversion of a non-Hyatt branded property to a Hyatt Place (see Note 10). The remaining $10 million and $8 million at December 31, 2013 and 2012, respectively, relates to secured real estate taxes, property insurance, escrow deposits on purchases of our vacation ownership intervals, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts. | ||
Investments [Policy Text Block] | ' | |
Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary as a result of qualitative and/or quantitative characteristics. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity ("VIE") that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Investments in unconsolidated affiliates over which we exercise significant influence, but do not control, including joint ventures, are accounted for by the equity method. In addition, our limited partnership investments in which we hold more than a minimal investment are accounted for under the equity method of accounting. Investments in unconsolidated affiliates over which we are not able to exercise significant influence are accounted for under the cost method. | ||
We assess investments in unconsolidated affiliates for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other-than-temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other-than-temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||
Marketable Securities [Policy Text Block] | ' | |
Marketable Securities—Our investments in marketable securities are principally included within short-term investments and other assets in the consolidated balance sheets and are classified as either trading or available-for-sale (see Note 4). Marketable securities are recorded at fair value based on listed market prices or dealer price quotations where available. Listed market prices and dealer price quotations are not available to value our preferred investment, therefore, we utilize an option pricing model, which requires that we make certain assumptions regarding the expected volatility, term, risk free interest rate over the expected term, dividend yield and enterprise value (see Note 5). | ||
Our marketable securities consist of various types of mutual funds, preferred shares, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial bonds. Realized and unrealized gains and losses on trading securities are reflected in the consolidated statements of income in other income (loss), net. Available-for-sale securities with unrealized gains and losses are reported as part of accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses on available-for-sale securities are recognized in other income (loss), net based on the cost of the securities using specific identification. Available-for-sale securities are assessed for impairment quarterly. To determine if an impairment is other-than-temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other-than-temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. For debt securities that are deemed other-than-temporarily impaired and there is intent to sell, impairments in their entirety are recorded in our consolidated statements of income | ||
Derivatives Instruments [Policy Text Block] | ' | |
Derivative Instruments—Derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. As a result of the use of derivative instruments, we are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit rating and other factors. Our derivative instruments do not contain credit-risk related contingent features. | ||
All derivatives are recognized on the balance sheet at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (cash flow hedge), a hedge of the fair value of a recognized asset or liability (fair value hedge), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in accumulated other comprehensive loss on the consolidated balance sheets until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk are recorded in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged on the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included in the investing category on the consolidated statements of cash flows. We do not offset any derivative assets or liabilities in the balance sheet and none of our derivatives are subject to master netting arrangements. | ||
At the designation date, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities on the consolidated balance sheets. | ||
We also formally assess both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flow of hedged items. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated, or exercised. | ||
Foreign Currency [Policy Text Block] | ' | |
Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in stockholders’ equity. Gains and losses from foreign currency transactions are included in earnings. Income and expense accounts are translated at the average exchange rate for the period. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are reported currently in income. | ||
Financing Receivables [Policy Text Block] | ' | |
Financing Receivables—We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and that are recognized as an asset on our consolidated balance sheets. We record all financing receivables at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have divided our financing receivables into three portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows: | ||
• | Secured Financing to Hotel Owners | |
– | These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation. We determine our secured financing to hotel owners to be non-performing if either interest or principal is greater than 90 days past due based on the contractual terms of the individual mortgage loans. | |
– We individually assess all loans in this portfolio for impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including loan performance, individual market factors, hotel performance, and the collateral of the underlying hotel. We measure loan impairment based on either the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral. The measurement method used is based on which would be most appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows or the estimated fair value of the collateral. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | ||
– If we consider secured financing to hotel owners to be non-performing or impaired, we place the financing receivable on non-accrual status. We will recognize interest income when received for non-accruing finance receivables. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off secured financing to hotel owners when we determine that the loans are uncollectible and when all commercially reasonable means of recovering the loan balances have been exhausted. | ||
• | Vacation Ownership Mortgage Receivables | |
– | These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. We record an estimate of uncollectibility as a reduction of sales revenue at the time revenue is recognized on a vacation ownership interval sale. We evaluate this portfolio collectively as we hold a large group of homogeneous, smaller-balance, vacation ownership mortgage receivables and use a technique referred to as static pool analysis, which tracks uncollectibles over the entire life of those mortgage receivables. We use static pool analysis as the basis for determining our general reserve requirements on our vacation ownership mortgage receivables. The adequacy of the related allowance is determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including defaults, aging and historical write-offs of these receivables. The allowance is maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. | |
– | We determine our vacation ownership mortgage receivables to be non-performing if either interest or principal is greater than 120 days past due based on the contractual terms of the individual mortgage loans. We do not recognize interest income and write-off vacation ownership mortgage receivables that are over 120 days past due, the date on which we determine the mortgage receivables to be uncollectible. | |
• | Unsecured Financing to Hotel Owners | |
– | These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel. We determine our unsecured financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due or if estimates of future cash flows available for repayment of these receivables indicate that there is a collectibility risk. We do not recognize interest income on non-performing financing arrangements and only resume interest recognition if the financing receivable becomes current. | |
– We individually assess all financing receivables in this portfolio for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due according to the contractual terms of the individual loan agreement based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, individual hotel performance, and individual financing arrangement. We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For impaired loans, we establish a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows. The impairment reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | ||
– | We write off unsecured financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. | |
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. | ||
• | Past-due Receivables—We determine financing receivables to be past-due based on the contractual terms of each individual financing receivable agreement. | |
• | Non-Performing Receivables—Receivables are determined to be non-performing based upon the following criteria: (1) if interest or principal is more than 90 days past due for secured financing to hotel owners and unsecured financing to hotel owners; (2) if interest or principal is more than 120 days past due for vacation ownership mortgage receivables; or (3) if an impairment charge has been recorded for a loan or a provision established for our other financing arrangements. For the years ended December 31, 2013 and 2012, no interest income was accrued for secured financing to hotel owners and unsecured financing to hotel owners more than 90 days past due or for vacation ownership receivables more than 120 days past due. For the years ended December 31, 2013 and 2012, insignificant interest income was accrued for vacation ownership receivables past due more than 90 days but less than 120 days. | |
If a financing receivable is non-performing, we place the financing receivable on non-accrual status. We only recognize interest income when received for financing receivables on non-accrual status. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. | ||
Inventories [Policy Text Block] | ' | |
Inventories—Inventories are comprised principally of unsold vacation ownership intervals of $64 million and $66 million at December 31, 2013 and 2012, respectively, and food and beverage inventories at our owned and leased hotels. Vacation ownership inventory is carried at the lower of cost or market, based on relative sales value or net realizable value. Food and beverage inventories are generally valued at the lower of cost (first-in, first-out) or market. Vacation ownership interval inventory, which has an operating cycle that exceeds 12 months, is classified as a current asset consistent with recognized industry practice. Based on management's assessment, no impairment charges were recorded in 2013 or 2012 related to vacation ownership inventory. During 2011, management changed its plans for future development of multi-phase vacation ownership properties. These changes resulted in an impairment charge of $5 million during 2011, recorded to asset impairments. In certain of these vacation ownership properties, our ownership interest is less than 100%. As a result, $1 million of this impairment charge during 2011 is attributable to our partners and is reflected in net loss attributable to noncontrolling interests. As a result, the net impairment charge attributable to Hyatt Hotels Corporation is $4 million during 2011. | ||
Property and Equipment [Policy Text Block] | ' | |
Property and Equipment—Property and equipment are stated at cost, including interest incurred during development and construction periods. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. All repair and maintenance costs are expensed as incurred. | ||
Useful lives assigned to property and equipment are as follows: | ||
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 2-21 years | |
Computers | 3-6 years | |
Long-Lived Assets And Definite-Lived Intangibles [Policy Text Block] | ' | |
Long-Lived Assets and Definite-Lived Intangibles—We evaluate the carrying value of our long-lived assets and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset or definite-lived intangible may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our long-lived assets and definite-lived intangibles based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | ||
Acquisitions [Policy Text Block] | ' | |
Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. There were no contingent payments, preliminary estimates, options, or commitments specified except as otherwise disclosed in Note 8. | ||
Guarantees [Policy Text Block] | ' | |
Guarantees—We enter into performance guarantees related to certain hotels that we manage or debt repayment guarantees with respect to certain hotels in which we hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The offset depends on the circumstances in which the guarantee was issued. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees are amortized into income in other income (loss), net in the consolidated income statements and debt guarantees that relate to our equity method investments are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated income statements. On a quarterly basis, we evaluate the likelihood of funding a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net in the period that we determine funding is probable. For additional information about guarantees, see Note 16. | ||
Goodwill [Policy Text Block] | ' | |
Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value is less than carrying value. We define a reporting unit at the individual property or business level. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flow, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. See Note 9 for additional information about goodwill. | ||
Indefinite Lived Intangibles [Policy Text Block] | ' | |
Indefinite Lived Intangibles—As required, we evaluate indefinite lived intangibles for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Indefinite lived intangibles impairment is determined by comparing the fair value of the asset to its carrying amount. This is done either by performing a qualitative or quantitative assessment, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative analysis. When determining fair value, we primarily utilize the income approach. Under the income approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates and appropriate discount rates based on the weighted average cost of capital. Our estimates of long-term growth are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. See Note 9 for additional information about indefinite lived intangibles. | ||
Income Taxes [Policy Text Block] | ' | |
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 15. | ||
Fair Value [Policy Text Block] | ' | |
Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accounting Principles Generally Accepted in the United States of America (“GAAP”) establishes a valuation hierarchy for prioritizing the inputs and the hierarchy places greater emphasis on the use of observable market inputs and less emphasis on unobservable inputs. When determining fair value, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows: | ||
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities; | ||
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; | ||
Level Three— Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques. | ||
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy. | ||
The carrying values of cash equivalents, accounts receivable, financing receivable – current, accounts payable and current maturities of long-term debt approximate fair value due to the short-term nature of these items and their close proximity to maturity. For additional information about fair value, see Note 5. The fair value of marketable securities is discussed in Note 4; the fair value of financing receivable is discussed in Note 7; and the fair value of long-term debt is discussed in Note 10. | ||
Hyatt Gold Passport Fund [Policy Text Block] | ' | |
Hyatt Gold Passport Fund—The Hyatt Gold Passport Program (the “Program”) is our loyalty program. We operate the Program for the benefit of the Hyatt portfolio of properties, whether owned, operated, managed, or franchised by us. The Program is operated through the Hyatt Gold Passport Fund, which is an entity that is owned collectively by the owners of the Hyatt portfolio of hotels, whether owned, operated, managed or franchised by us. The Hyatt Gold Passport Fund (the “Fund”) has been established to provide for the payment of operating expenses and redemptions of member awards associated with the Program. The Fund is maintained and managed by us on behalf of and for the benefit of the Hyatt portfolio of hotels. We have evaluated our investment in the Fund and have determined that the Fund qualifies as a VIE and, as a result of the Company being the primary beneficiary, we have consolidated the Fund. | ||
The Program allows members to earn points based on their spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the hotel properties based on members’ qualified expenditures. Due to the requirements under the Program that the hotel properties reimburse us for the Program’s operating costs as incurred, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the hotel properties equal to the fair value of our future redemption obligation. Upon the redemption of points, we recognize as revenue the amounts previously deferred and recognize the corresponding expense relating to the costs of the awards redeemed. Revenue is recognized by the hotel properties when the points are redeemed, and expenses are recognized when the points are earned by the members. | ||
We actuarially determine the expected fair value of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the “breakage” for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability. | ||
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities (see Note 4). As of December 31, 2013 and 2012, total assets of the Fund were $368 million and $345 million, respectively, including $106 million and $78 million of current assets, respectively. Marketable securities held by the Fund and included in other noncurrent assets were $262 million and $267 million as of December 31, 2013 and 2012, respectively (see Note 4). As of December 31, 2013 and 2012, total liabilities of the Fund were $368 million and $345 million, respectively, including $106 million and $78 million of current liabilities, respectively. The current liabilities include $94 million and $68 million of accrued expenses and other current liabilities as of December 31, 2013 and 2012, respectively. The non-current liabilities of the Fund are included in other long-term liabilities (see Note 14). | ||
Pension and Other Postretirement Plans, Nonpension Benefits [Policy Text Block] | ' | |
Defined Contribution Plans—We provide retirement benefits to certain qualified employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of qualified employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans. | ||
Deferred Compensation Plans—Historically, we provided nonqualified deferred compensation for certain employees through several different plans. In 2010, these plans were consolidated into the one Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preapproved formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income. As of December 31, 2013 and 2012, the DCP is fully funded in a rabbi trust. The assets of the DCP are primarily invested in mutual funds, which are recorded in other assets in the consolidated balance sheets (see Note 4). The related deferred compensation liability is recorded in other long-term liabilities (see Note 14). Refer to the table below for costs related to the DCP. | ||
Commitments and Contingencies [Policy Text Block] | ' | |
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof. | ||
In conjunction with financing obtained for our unconsolidated hospitality ventures, 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 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 reasonably 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 that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements. | ||
Segment Reporting, Policy [Policy Text Block] | ' | |
Our operating 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 the Chief Executive Officer. Our results for the years ended December 31, 2013, 2012, and 2011 reflect the segment structure of our organization following our realignment, which was effective October 1, 2012. Segment results presented here for the years ended December 31, 2012 and 2011 have been recast to show our results as if our new operating structure had existed in those periods. | ||
• | 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. | |
• | Americas Management and Franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our family of brands to franchisees located in the U.S., 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 on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected 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 family of brands to franchisees located in Southeast Asia, as well as China, Australia, South Korea and Japan. 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 IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation. | |
• | EAME/SW Asia Management—This segment derives its earnings primarily from hotel management of our family of brands located primarily in Europe, Africa, and the Middle East as well as countries along the Persian Gulf, the Arabian Sea, and India. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation. | |
Our chief operating decision maker evaluates performance based on each segment’s Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA before equity earnings (losses) from unconsolidated hospitality ventures; gains (losses) on sales of real estate; asset impairments; other income (loss), net; net loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and (provision) benefit for income taxes. | ||
Recently Issued Accounting Pronouncements - Adopted Accounting Standards | ' | |
ASU 2011-10 Property, Plant and Equipment [Policy Text Block] | ' | |
In December 2011, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2011-10 (“ASU 2011-10”), Property, Plant and Equipment (Topic 360): Derecognition of in Substance Real Estate-a Scope Clarification (a consensus of the FASB Emerging Issues Task Force). ASU 2011-10 clarifies when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt, the reporting entity should apply the guidance for Real Estate Sales (Subtopic 360-20). The provisions of ASU 2011-10 are effective for public companies for fiscal years and interim periods within those years, beginning on or after June 15, 2012. The adoption of ASU 2011-10 did not materially impact our consolidated financial statements. | ||
ASU 2011-11 Balance Sheet and ASU 2013-01 Balance Sheet [Policy Text Block] | ' | |
In December 2011, the FASB released Accounting Standards Update No. 2011-11 (“ASU 2011-11”), Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities and in January 2013 the FASB released Accounting Standards Update No. 2013-01 (“ASU 2013-01”), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. ASU 2013-01 clarified the scope of ASU 2011-11. The provisions of ASU 2011-11 and ASU-2013-01 are effective for annual reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 and ASU 2013-01 did not materially impact our consolidated financial statements. | ||
ASU 2012-02 Intangibles-Goodwill and Other [Policy Text Block] | ' | |
In July 2012, the FASB released Accounting Standards Update No. 2012-02 ("ASU 2012-02"), Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 gives companies the option to perform a qualitative assessment before calculating the fair value of the indefinite-lived intangible asset. Under the guidance in ASU 2012-02, if this option is selected, a company is not required to calculate the fair value of the indefinite-lived intangible unless the entity determines it is more likely than not that its fair value is less than its carrying amount. The provisions of ASU 2012-02 are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, but early adoption was permitted. The adoption of ASU 2012-02 did not materially impact our consolidated financial statements. | ||
ASU 2013-02 Comprehensive Income | ' | |
In February 2013, the FASB released Accounting Standards Update No. 2013-02 ("ASU 2013-02"), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The provisions of ASU 2013-02 are effective for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 resulted in additional disclosure within our equity footnote. | ||
Future Adoption of Accounting Standards | ' | |
ASU 2013-04 Liabilities [Policy Text Block] | ' | |
In February 2013, the FASB released Accounting Standards Update No. 2013-04 ("ASU 2013-04"), Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The provisions of ASU 2013-04 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-04 is not expected to materially impact our consolidated financial statements. | ||
ASU 2013-05 Foreign Currency Matters [Policy Text Block] | ' | |
In March 2013, the FASB released Accounting Standards Update No. 2013-05 ("ASU 2013-05"), Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force). ASU 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income. The provisions of ASU 2013-05 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-05 is not expected to materially impact our consolidated financial statements. | ||
ASU 2013-11 Income Taxes [Policy Text Block] | ' | |
In July 2013, the FASB released Accounting Standards Update No. 2013-11 ("ASU 2013-11"), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The provisions of ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. When adopted, ASU 2013-11 is not expected to materially impact our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Property, Plant and Equipment [Table Text Block] | ' | |
Useful lives assigned to property and equipment are as follows: | ||
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 2-21 years | |
Computers | 3-6 years |
Equity_And_Cost_Method_Investm1
Equity And Cost Method Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity And Cost Method Investments [Abstract] | ' | |||||||||||
Equity And Cost Method Investment Balances | ' | |||||||||||
Our equity and cost method investment balances recorded at December 31, 2013 and 2012 are as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Equity method investments | $ | 320 | $ | 212 | ||||||||
Cost method investments | 9 | 71 | ||||||||||
Total investments | $ | 329 | $ | 283 | ||||||||
Schedule of Equity Method Investments [Table Text Block] | ' | |||||||||||
The carrying values and ownership percentages of our unconsolidated investments in hotel, vacation and all inclusive properties accounted for under the equity method as of December 31, 2013 and 2012 are as follows: | ||||||||||||
Ownership Interests | Our Investment | |||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Wailea Hotel and Beach Resort, LLC | 64.10% | $ | 132 | $ | 83 | |||||||
Playa Hotels & Resorts B.V. | 21.80% | 50 | — | |||||||||
Juniper Hotels Private Limited | 50.00% | 33 | 40 | |||||||||
Maui Timeshare Ventures, LLC | 33.00% | 17 | 16 | |||||||||
Noble Select JV | 40.00% | 14 | 17 | |||||||||
Andaz Mayakoba BV | 40.00% | 12 | — | |||||||||
ADHP LLC | 50.00% | 7 | 6 | |||||||||
Hi Holdings HP Cabo B.V. | 50.00% | 5 | — | |||||||||
Hi Holdings La Paz B.V. | 50.00% | 5 | — | |||||||||
Coast Beach, LLC | 40.00% | 4 | 5 | |||||||||
Other | 41 | 45 | ||||||||||
Total | $ | 320 | $ | 212 | ||||||||
Summarized Financial Information | ' | |||||||||||
The following tables present summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total revenues | $ | 978 | $ | 979 | $ | 986 | ||||||
Gross operating profit | 315 | 313 | 317 | |||||||||
Income from continuing operations | 17 | 12 | 22 | |||||||||
Net income | $ | 17 | $ | 12 | $ | 22 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current Assets | $ | 556 | $ | 419 | ||||||||
Noncurrent Assets | 2,877 | 2,151 | ||||||||||
Total Assets | $ | 3,433 | $ | 2,570 | ||||||||
Current Liabilities | $ | 519 | $ | 700 | ||||||||
Noncurrent Liabilities | 1,962 | 1,434 | ||||||||||
Total Liabilities | $ | 2,481 | $ | 2,134 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Marketable Securities Held to Fund Operating Programs [Table Text Block] | ' | |||||||||||||||
At December 31, 2013 and 2012, total marketable securities held for the Hyatt Gold Passport Fund (see Note 2) and certain deferred compensation plans (see Note 13), carried at fair value and included in the consolidated balance sheets were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Marketable securities held by the Hyatt Gold Passport Fund | $ | 321 | $ | 292 | ||||||||||||
Marketable securities held to fund deferred compensation plans | 334 | 275 | ||||||||||||||
Total marketable securities | $ | 655 | $ | 567 | ||||||||||||
Less current portion of marketable securities held for operating programs included in prepaids and other assets | (59 | ) | (25 | ) | ||||||||||||
Marketable securities included in other assets | $ | 596 | $ | 542 | ||||||||||||
Securities held for investment [Table Text Block] | ' | |||||||||||||||
At December 31, 2013 and 2012, our total marketable securities held for investment purposes, carried at fair value and included in the consolidated balance sheets were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Available-for-sale investments | $ | — | $ | 484 | ||||||||||||
Time deposits | 30 | 30 | ||||||||||||||
Total short-term investments | $ | 30 | $ | 514 | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Available-for-sale investments included in other assets | $ | 278 | $ | — | ||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||
Included in our portfolio of marketable securities held for investment purposes are investments in debt and equity securities classified as available for sale. At December 31, 2013 and 2012, these were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Cost | Gain | Loss | ||||||||||||||
Total preferred shares | $ | 271 | $ | 7 | $ | — | $ | 278 | ||||||||
December 31, 2012 | ||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Cost | Gain | Loss | ||||||||||||||
Corporate debt securities | $ | 443 | $ | 8 | $ | (8 | ) | $ | 443 | |||||||
U.S. government agencies and municipalities | 31 | — | — | 31 | ||||||||||||
Equity securities | 9 | 1 | — | 10 | ||||||||||||
Total | $ | 483 | $ | 9 | $ | (8 | ) | $ | 484 | |||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | |||||||||||||||
A summary of the significant assumptions used to estimate the fair value of our preferred investment during the year ended December 31, 2013 is as follows: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Expected term | 2 years | |||||||||||||||
Risk-free Interest Rate | 0.38 | % | ||||||||||||||
Volatility | 47.7 | % | ||||||||||||||
Dividend Yield | 10 | % | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
As of December 31, 2013 and 2012, we had the following financial assets and liabilities measured at fair value on a recurring basis (refer to Note 2 for definitions of fair value and the three levels of the fair value hierarchy): | ||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 71 | $ | 71 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 334 | 334 | — | — | ||||||||||||
Preferred shares | 278 | — | — | 278 | ||||||||||||
U.S. government obligations | 121 | — | 121 | — | ||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||
Corporate debt securities | 112 | — | 112 | — | ||||||||||||
Mortgage-backed securities | 20 | — | 20 | — | ||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | (3 | ) | — | (3 | ) | — | ||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 117 | $ | 117 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 275 | 275 | — | — | ||||||||||||
Common stock | 10 | 10 | — | — | ||||||||||||
U.S. government obligations | 111 | — | 111 | — | ||||||||||||
U.S. government agencies | 68 | — | 68 | — | ||||||||||||
Corporate debt securities | 540 | — | 540 | — | ||||||||||||
Mortgage-backed securities | 22 | — | 22 | — | ||||||||||||
Asset-backed securities | 10 | — | 10 | — | ||||||||||||
Municipal and provincial notes and bonds | 15 | — | 15 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Interest rate swaps | 1 | — | 1 | — | ||||||||||||
Foreign currency forward contracts | (1 | ) | — | (1 | ) | — | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment at cost as of December 31, 2013 and 2012, consists of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 672 | $ | 688 | ||||
Buildings | 4,628 | 4,062 | ||||||
Leasehold improvements | 254 | 248 | ||||||
Furniture, equipment and computers | 1,376 | 1,288 | ||||||
Construction in progress | 86 | 65 | ||||||
7,016 | 6,351 | |||||||
Less accumulated depreciation | (2,345 | ) | (2,212 | ) | ||||
Total | $ | 4,671 | $ | 4,139 | ||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||||||||
The three portfolio segments of financing receivables and their balances at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 317 | ||||||||||||||||
Vacation ownership mortgage receivables at various interest rates with varying payments through 2031 (see below) | 44 | 48 | ||||||||||||||||||
Unsecured financing to hotel owners | 147 | 147 | ||||||||||||||||||
230 | 512 | |||||||||||||||||||
Less allowance for losses | (103 | ) | (99 | ) | ||||||||||||||||
Less current portion included in receivables, net | (8 | ) | (287 | ) | ||||||||||||||||
Total long-term financing receivables, net | $ | 119 | $ | 126 | ||||||||||||||||
Schedule Of Secured Financing To Hotel Owners | ' | |||||||||||||||||||
Financing receivables held by us as of December 31, 2013 are scheduled to mature as follows: | ||||||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | Vacation Ownership Mortgage Receivables | ||||||||||||||||||
2014 | $ | 1 | $ | 7 | ||||||||||||||||
2015 | 38 | 7 | ||||||||||||||||||
2016 | — | 7 | ||||||||||||||||||
2017 | — | 5 | ||||||||||||||||||
2018 | — | 4 | ||||||||||||||||||
Thereafter | — | 14 | ||||||||||||||||||
Total | 39 | 44 | ||||||||||||||||||
Less allowance | (13 | ) | (7 | ) | ||||||||||||||||
Net financing receivables | $ | 26 | $ | 37 | ||||||||||||||||
Allowance For Credit Losses | ' | |||||||||||||||||||
The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
Provision | 6 | — | 7 | 13 | ||||||||||||||||
Write-offs | — | (2 | ) | (4 | ) | (6 | ) | |||||||||||||
Other Adjustments | — | — | (3 | ) | (3 | ) | ||||||||||||||
Allowance December 31, 2013 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2012 | $ | 7 | $ | 8 | $ | 75 | $ | 90 | ||||||||||||
Provisions | — | 6 | 13 | 19 | ||||||||||||||||
Write-offs | — | (5 | ) | (3 | ) | (8 | ) | |||||||||||||
Recoveries | — | — | (2 | ) | (2 | ) | ||||||||||||||
Allowance at December 31, 2012 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
During the year ended December 31, 2011, we recorded provisions of $4 million, $4 million and $8 million for receivables within our secured financing to hotel owners, vacation ownership mortgage receivables and unsecured financing to hotel owners portfolio segments, respectively. | ||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||
An analysis of our loans included in secured financing to hotel owners and unsecured financing to hotel owners had the following impaired amounts at December 31, 2013 and 2012, all of which had a related allowance recorded against them: | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 40 | $ | 39 | $ | (7 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 53 | 40 | (53 | ) | 51 | |||||||||||||||
ImpairedFinancingReceivablesInterestIncomeAccrualMethod [Table Text Block] | ' | |||||||||||||||||||
Interest income recognized on these impaired loans within other income (loss), net on our consolidated statements of income for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Secured financing to hotel owners | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||
Unsecured financing to hotel owners | — | 2 | 1 | |||||||||||||||||
Analysis Of Financing Receivables | ' | |||||||||||||||||||
The following tables summarize our aged analysis of past-due financing receivables by portfolio segment, the gross balance of financing receivables greater than 90 days past-due and the gross balance of financing receivables on non-accrual status as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 82 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 40 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 81 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
* Certain of these receivables have been placed on non-accrual status and we have recorded allowances for these receivables based on estimates of future cash flows available for payment of these financing receivables. However, a majority of these payments are not past due. | ||||||||||||||||||||
Notes Receivable [Member] | ' | |||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||
Fair Value—We estimated the fair value of financing receivables to approximate $130 million and $417 million as of December 31, 2013 and December 31, 2012, respectively. We estimated the fair value of financing receivables using discounted cash flow analysis based on current market assumptions for similar types of arrangements. Based upon the availability of market data, we have classified our financing receivables as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
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) | ||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 38 | — | — | 38 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Observable Inputs | ||||||||||||||||||||
(Level Two) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 310 | $ | 314 | $ | — | $ | — | $ | 314 | ||||||||||
Vacation ownership mortgage receivable | 39 | 39 | — | — | 39 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Acquisitions_Dispositions_And_1
Acquisitions, Dispositions, And Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||
Hyatt Regency Orlando [Member] | Grand Hyatt San Antonio [Member] | Hyatt Regency Mexico City [Member] | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ' | ' | ||||||||||||||
The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed for Hyatt Regency Mexico City as of the acquisition date, primarily in our owned and leased hotels segment (in millions): | |||||||||||||||
Cash and cash equivalents | $ | 2 | Cash and cash equivalents | $ | 1 | Cash and cash equivalents | $ | 12 | |||||||||
Prepaids and other current assets | 3 | Restricted cash | 10 | Other current assets | 4 | ||||||||||||
Property and equipment | 678 | Deferred tax assets | 5 | Land, property, and equipment | 190 | ||||||||||||
Intangibles | 39 | Property and equipment | 210 | Intangibles | 12 | ||||||||||||
Total assets | 722 | Intangibles | 24 | Goodwill | 29 | ||||||||||||
Current liabilities | 6 | Goodwill | 14 | Total assets | 247 | ||||||||||||
Total liabilities | 6 | Other assets | 11 | Current liabilities | 4 | ||||||||||||
Total net assets acquired | $ | 716 | Total assets | 275 | Other long-term liabilities | 41 | |||||||||||
Current liabilities | 11 | Total liabilities | 45 | ||||||||||||||
Long-term debt | 197 | Total net assets acquired | $ | 202 | |||||||||||||
Total liabilities | 208 | ||||||||||||||||
Total net assets acquired | $ | 67 | |||||||||||||||
Business Combination Results of Operation [Table Text Block] | ' | ' | ' | ||||||||||||||
The results of the Hyatt Regency Orlando since the acquisition date have been included in our consolidated financial statements. The following table presents the results of this property since the acquisition date on a stand-alone basis (in millions): | |||||||||||||||||
Hyatt Regency Orlando operations included in 2013 results | Year Ended | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Revenues | $ | 30 | |||||||||||||||
Income | (3 | ) | |||||||||||||||
Pro Forma Consolidated Results Of Operations | ' | ' | ' | ||||||||||||||
The following table presents our revenues and income on a pro forma basis as if we had completed the acquisition and rebranding of the Hyatt Regency Orlando as of January 1, 2012 (in millions): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Pro forma revenues | $ | 4,295 | $ | 4,077 | |||||||||||||
Pro forma income | 218 | 78 | |||||||||||||||
Purchase of remaining interest of investment [Table Text Block] | ' | ' | ' | ||||||||||||||
During the year ended December 31, 2013, we purchased the remaining 70% interest in this entity. | |||||||||||||||||
Total value of net assets acquired | $ | 67 | |||||||||||||||
Previous investment in Grand Hyatt San Antonio | (7 | ) | |||||||||||||||
Purchase price to acquire our joint venture partner's interest | (16 | ) | |||||||||||||||
$ | 44 | ||||||||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Owned and Leased Hotels | Americas Management and Franchising | Other | Total* | |||||||||||||
Balance as of January 1, 2012 | ||||||||||||||||
Goodwill | $ | 158 | $ | 33 | $ | 4 | $ | 195 | ||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | 65 | 33 | 4 | 102 | ||||||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 29 | — | — | 29 | ||||||||||||
Foreign exchange** | 2 | — | — | 2 | ||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Goodwill | 189 | 33 | 4 | 226 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 96 | $ | 33 | $ | 4 | $ | 133 | ||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 14 | — | — | 14 | ||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Goodwill | 203 | 33 | 4 | 240 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 110 | $ | 33 | $ | 4 | $ | 147 | ||||||||
* | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of December 31, 2013 and 2012, respectively. | |||||||||||||||
** | Foreign exchange translation adjustments related to the acquisition of Hyatt Regency Mexico City (see Note 8). | |||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||
The following is a summary of intangible assets at December 31, 2013 and 2012: | ||||||||||||||||
December 31, 2013 | Weighted Average Useful Lives | December 31, 2012 | ||||||||||||||
Contract acquisition costs | $ | 348 | 26 | $ | 203 | |||||||||||
Franchise and management intangibles | 170 | 23 | 122 | |||||||||||||
Lease related intangibles | 155 | 109 | 139 | |||||||||||||
Advanced booking intangibles | 8 | 7 | 2 | |||||||||||||
Brand intangible | 7 | — | — | |||||||||||||
Other | 8 | 13 | 8 | |||||||||||||
696 | 474 | |||||||||||||||
Accumulated amortization | (105 | ) | (86 | ) | ||||||||||||
Intangibles, net | $ | 591 | $ | 388 | ||||||||||||
Schedule of Intangible Asset Amortization Expense [Table Text Block] | ' | |||||||||||||||
Amortization expense relating to intangible assets for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Amortization Expense | $ | 25 | $ | 26 | $ | 17 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||
We estimate amortization expense for definite lived intangibles for the years 2014 through 2018 to be: | ||||||||||||||||
Years Ending December 31, | ||||||||||||||||
2014 | $ | 27 | ||||||||||||||
2015 | 25 | |||||||||||||||
2016 | 24 | |||||||||||||||
2017 | 24 | |||||||||||||||
2018 | 24 | |||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||||||
Debt as of December 31, 2013 and 2012 consists of the following: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
$250 million senior unsecured notes maturing in 2015—5.750% | $ | — | $ | 257 | ||||||||||||||||
$250 million senior unsecured notes maturing in 2016—3.875% | 249 | 249 | ||||||||||||||||||
$196 million senior unsecured notes maturing in 2019—6.875% | 196 | 250 | ||||||||||||||||||
$250 million senior unsecured notes maturing in 2021—5.375% | 250 | 250 | ||||||||||||||||||
$350 million senior unsecured notes maturing in 2023—3.375% | 347 | — | ||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | 130 | — | ||||||||||||||||||
Contract Revenue Bonds, Senior Taxable Series 2005B | 70 | — | ||||||||||||||||||
Floating Average Rate construction loan | 32 | — | ||||||||||||||||||
6.0% construction loan | — | 10 | ||||||||||||||||||
Revolving credit facility | — | — | ||||||||||||||||||
Other (various, maturing through 2015) | 1 | 1 | ||||||||||||||||||
Long-term debt before capital lease obligations | 1,275 | 1,017 | ||||||||||||||||||
Capital lease obligations | 208 | 216 | ||||||||||||||||||
Total long-term debt | 1,483 | 1,233 | ||||||||||||||||||
Less current maturities | (194 | ) | (4 | ) | ||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,289 | $ | 1,229 | ||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||||||||
Under existing agreements, maturities of debt for the next five years and thereafter are as follows: | ||||||||||||||||||||
2014 | $ | 194 | ||||||||||||||||||
2015 | 5 | |||||||||||||||||||
2016 | 251 | |||||||||||||||||||
2017 | 1 | |||||||||||||||||||
2018 | 1 | |||||||||||||||||||
Thereafter | 1,031 | |||||||||||||||||||
Total | $ | 1,483 | ||||||||||||||||||
Debt [Member] | ' | |||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||
We estimated the fair value of debt, excluding capital leases, which consists of our 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. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the availability of market data, we have classified our other long-term 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. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
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, excluding capital lease obligations | $ | (1,275 | ) | $ | (1,296 | ) | $ | — | $ | (1,263 | ) | $ | (33 | ) | ||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
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, excluding capital lease obligations | $ | (1,017 | ) | $ | (1,137 | ) | $ | — | $ | (1,126 | ) | $ | (11 | ) | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule of Future Lease Payments [Table Text Block] | ' | |||||||||||
The future minimum lease payments due in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Operating Leases | Capital Leases | ||||||||||
2014 | $ | 39 | $ | 197 | ||||||||
2015 | 33 | 2 | ||||||||||
2016 | 32 | 2 | ||||||||||
2017 | 30 | 2 | ||||||||||
2018 | 29 | 2 | ||||||||||
Thereafter | 324 | 16 | ||||||||||
Total minimum lease payments | $ | 487 | $ | 221 | ||||||||
Less amount representing interest | 13 | |||||||||||
Present value of minimum lease payments | $ | 208 | ||||||||||
Schedule of Rent Expense [Table Text Block] | ' | |||||||||||
A summary of rent expense from continuing operations for all operating leases is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Minimum rentals | $ | 32 | $ | 26 | $ | 26 | ||||||
Contingent rentals | 47 | 36 | 33 | |||||||||
Total | $ | 79 | $ | 62 | $ | 59 | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||
The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Amount | |||||||||||
2014 | $ | 24 | ||||||||||
2015 | 22 | |||||||||||
2016 | 20 | |||||||||||
2017 | 19 | |||||||||||
2018 | 16 | |||||||||||
Thereafter | 70 | |||||||||||
Total minimum lease receipts | $ | 171 | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
US Dollar Equivalent Of The Notional Amount Of Forward Contracts | ' | |||||||||||||
The U.S. dollar equivalent of the notional amount of the outstanding forward contracts, the majority of which relate to intercompany loans, with terms of less than one year, is as follows (in U.S. dollars): | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Pound Sterling | $ | 168 | $ | 161 | ||||||||||
Swiss Franc | 27 | 32 | ||||||||||||
Korean Won | 31 | 31 | ||||||||||||
Canadian Dollar | 3 | 30 | ||||||||||||
Total Notional Amount of Forward Contracts | $ | 229 | $ | 254 | ||||||||||
Effect Of Derivative Instruments On Income | ' | |||||||||||||
The effects of derivative instruments on our consolidated financial statements were as follows as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Effect of Derivative Instruments on Income and Other Comprehensive Loss | ||||||||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | ||||||||||||||
Gains on derivatives | Other income (loss), net | $ | — | $ | 1 | $ | 3 | |||||||
Losses on borrowings | Other income (loss), net | — | (1 | ) | (3 | ) | ||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Cash flow hedges: | ||||||||||||||
Interest rate locks | ||||||||||||||
Amount of loss recognized in accumulated other comprehensive loss on derivative (effective portion) | Accumulated other | $ | (1 | ) | $ | — | $ | (14 | ) | |||||
comprehensive loss | ||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion) | Interest expense | (1 | ) | (1 | ) | (1 | ) | |||||||
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | Other income (loss), net | — | — | — | ||||||||||
Years Ended December 31, | ||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Foreign currency forward contracts | Other income (loss), net | $ | (6 | ) | $ | (12 | ) | $ | 6 | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||
The following tables show the change in benefit obligation and the change in fair value of plan assets as of December 31, 2013 and 2012 (the measurement dates), for the unfunded U.S. plan: | ||||||||||||
2013 | 2012 | |||||||||||
Change in benefit obligation: | ||||||||||||
Benefit obligation—beginning of year | $ | 21 | $ | 21 | ||||||||
Interest cost | 1 | 1 | ||||||||||
Actuarial gain | (2 | ) | — | |||||||||
Benefits paid | (1 | ) | (1 | ) | ||||||||
Benefit obligation—end of year | $ | 19 | $ | 21 | ||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets—beginning of year | $ | — | $ | — | ||||||||
Actual return on plan assets | — | — | ||||||||||
Benefits paid | — | — | ||||||||||
Employer contributions | — | — | ||||||||||
Fair value of plan assets—end of year | $ | — | $ | — | ||||||||
Funded status at end of year | $ | (19 | ) | $ | (21 | ) | ||||||
Accumulated benefit obligation | $ | 19 | $ | 21 | ||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | |||||||||||
Amounts recognized in the consolidated balance sheets as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Accrued current benefit liability | $ | (1 | ) | $ | (1 | ) | ||||||
Accrued long-term benefit liability | (18 | ) | (20 | ) | ||||||||
Funded status | $ | (19 | ) | $ | (21 | ) | ||||||
Schedule or Description of Weighted Average Discount Rate [Table Text Block] | ' | |||||||||||
The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2013 and 2012 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Discount rate | 4.4 | % | 3.5 | % | ||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||
The weighted average assumptions used in the measurement of our net cost as of December 31, 2013, 2012, and 2011 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rate | 3.5 | % | 4.1 | % | 5.1 | % | ||||||
Rate of compensation increase | — | % | — | % | — | % | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||
As of December 31, 2013, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows: | ||||||||||||
Year Ending December 31, | ||||||||||||
2014 | $ | 1 | ||||||||||
2015 | 1 | |||||||||||
2016 | 1 | |||||||||||
2017 | 1 | |||||||||||
2018 | 1 | |||||||||||
2019-2023 | 6 | |||||||||||
Total | $ | 11 | ||||||||||
Schedule Of Costs Incurred For Employee Benefit Plans [Text Block] | ' | |||||||||||
Refer to the table below for costs related to the DCP. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Defined benefit plan | $ | 1 | $ | 1 | $ | 1 | ||||||
Defined contribution plans | 32 | 34 | 35 | |||||||||
Deferred compensation plans | 7 | 7 | 7 | |||||||||
Other_LongTerm_Liabiliites_Tab
Other Long-Term Liabiliites (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Long-Term Liabiltiies [Table Text Block] | ' | |||||||
Other long-term liabilities at December 31, 2013 and 2012, consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Deferred compensation plans (see Note 13) | $ | 334 | $ | 275 | ||||
Hyatt Gold Passport Fund (see Note 2) | 262 | 267 | ||||||
Deferred gains on sale of hotel properties | 192 | 93 | ||||||
Guarantee liabilities (see Note 16) | 133 | 6 | ||||||
Other accrued income taxes (see Note 15) | 90 | 91 | ||||||
Deferred income taxes (see Note 15) | 74 | 80 | ||||||
Defined benefit plans (see Note 13) | 18 | 20 | ||||||
Deferred incentive compensation plans | 4 | 5 | ||||||
Other | 133 | 125 | ||||||
Total | $ | 1,240 | $ | 962 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
Our tax provision includes federal, state, local, and foreign income taxes payable. The domestic and foreign components of income (loss) before income taxes for the three years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. income (loss) before tax | $ | 256 | $ | 18 | $ | (33 | ) | |||||
Foreign income before tax | 65 | 77 | 116 | |||||||||
Income (loss) before income taxes | $ | 321 | $ | 95 | $ | 83 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The provision (benefit) for income taxes for the three years ended December 31, 2013, 2012 and 2011 is comprised of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 85 | $ | (76 | ) | $ | 73 | |||||
State | 14 | (17 | ) | 26 | ||||||||
Foreign | 24 | 36 | 10 | |||||||||
Total Current | $ | 123 | $ | (57 | ) | $ | 109 | |||||
Deferred: | ||||||||||||
Federal | $ | (11 | ) | $ | 52 | $ | (98 | ) | ||||
State | 9 | 15 | (30 | ) | ||||||||
Foreign | (5 | ) | (2 | ) | (9 | ) | ||||||
Total Deferred | $ | (7 | ) | $ | 65 | $ | (137 | ) | ||||
Total | $ | 116 | $ | 8 | $ | (28 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate reported in the financial statements: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—net of federal tax benefit | 4.8 | (0.3 | ) | (2.1 | ) | |||||||
Foreign and U.S. tax effects attributable to foreign operations | (0.4 | ) | (27.4 | ) | (46.7 | ) | ||||||
Tax contingencies | 0.2 | (10.3 | ) | (5.1 | ) | |||||||
Change in valuation allowances | — | (66.3 | ) | (15.8 | ) | |||||||
Write-off of deferred tax assets | — | 75.4 | — | |||||||||
General business credits | (1.3 | ) | (2.5 | ) | (0.9 | ) | ||||||
Equity based compensation | 1.1 | 2 | 1.4 | |||||||||
Other | (3.2 | ) | 2.7 | 0.3 | ||||||||
Effective income tax rate | 36.2 | % | 8.3 | % | (33.9 | )% | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
The components of net deferred tax asset from continuing operations at December 31, 2013 and 2012 is comprised of the following: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets related to: | ||||||||||||
Employee benefits | $ | 161 | $ | 171 | ||||||||
Foreign and state net operating losses and credit carryforwards | 54 | 100 | ||||||||||
Nonconsolidated investments | 77 | 53 | ||||||||||
Allowance for uncollectible assets | 38 | 37 | ||||||||||
Intangibles | 34 | 28 | ||||||||||
Deferred gain on sale | 74 | 37 | ||||||||||
Interest and state benefits | 14 | 18 | ||||||||||
Unrealized investment losses | 6 | 7 | ||||||||||
Other | 60 | 53 | ||||||||||
Valuation allowance | (21 | ) | (22 | ) | ||||||||
Total deferred tax asset | $ | 497 | $ | 482 | ||||||||
Deferred tax liabilities related to: | ||||||||||||
Installment sales | $ | (6 | ) | $ | (10 | ) | ||||||
Property and equipment | (255 | ) | (269 | ) | ||||||||
Nonconsolidated investments | (59 | ) | (57 | ) | ||||||||
Unrealized investment gains | (18 | ) | (3 | ) | ||||||||
Prepaid expenses | (14 | ) | (12 | ) | ||||||||
Other | (14 | ) | (12 | ) | ||||||||
Total deferred tax liability | $ | (366 | ) | $ | (363 | ) | ||||||
Net deferred tax asset | $ | 131 | $ | 119 | ||||||||
Recognized in the balance sheet as: | ||||||||||||
Deferred tax assets—current | $ | 11 | $ | 19 | ||||||||
Deferred tax assets—noncurrent | 198 | 183 | ||||||||||
Deferred tax liabilities—current | (4 | ) | (3 | ) | ||||||||
Deferred tax liabilities—noncurrent | (74 | ) | (80 | ) | ||||||||
Total | $ | 131 | $ | 119 | ||||||||
Unrecognized Tax Benefits Reconciliation [Table Text Block] | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits—beginning balance | $ | 75 | $ | 175 | ||||||||
Total increases—current period tax positions | 3 | 4 | ||||||||||
Total increases/(decreases)—prior period tax positions | (14 | ) | (97 | ) | ||||||||
Settlements | (5 | ) | (4 | ) | ||||||||
Lapse of statute of limitations | (4 | ) | (4 | ) | ||||||||
Foreign currency fluctuation | $ | (2 | ) | $ | 1 | |||||||
Unrecognized tax benefits—ending balance | $ | 53 | $ | 75 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||||||||||||||
The remaining maximum potential payments related to these agreements are $548 million, as shown below. | |||||||||||||||||
Property Description | Maximum Guarantee Amount (local currency) | Maximum Guarantee Amount (USD at December 31, 2013) | Initial Liability Recorded (local currency) | Guarantee Liability Recorded (USD at December 31, 2013) | Contingent Liability recorded (USD at December, 31,2013) | ||||||||||||
Four hotels in France* | Euro 377 | $ | 519 | Euro 90 | $ | 118 | $ | 5 | |||||||||
A hotel in Thailand | Thai baht 360 | 11 | Thai baht 157 | 5 | — | ||||||||||||
Select service hotels in the U.S. | 14 | — | 1 | ||||||||||||||
Other | 4 | — | — | ||||||||||||||
Total | $ | 548 | $ | 123 | $ | 6 | |||||||||||
*Our performance guarantee for the four hotels in France has an initial term of 7 years and does not have an annual cap. | |||||||||||||||||
Debt Repayment Guarantees [Table Text Block] | ' | ||||||||||||||||
Included within the $287 million in debt guarantees are the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at December 31, 2013 | |||||||||||||||
Vacation ownership development | $ | 110 | $ | 1 | |||||||||||||
Hotel property in Brazil | 75 | 3 | |||||||||||||||
Hawaii hotel development | 30 | 1 | |||||||||||||||
Hotel property in Minnesota | 25 | 4 | |||||||||||||||
Hotel property in Colorado | 15 | 1 | |||||||||||||||
Other | 32 | — | |||||||||||||||
Total Debt Repayment Guarantees | $ | 287 | $ | 10 | |||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at | |||||||||||||
1-Jan-13 | 31-Dec-13 | |||||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (10 | ) | $ | 2 | $ | (62 | ) | |||||
Unrealized gain (loss) on AFS securities | — | 6 | — | 6 | ||||||||||||
Unrecognized pension cost | (6 | ) | 1 | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (3 | ) | $ | 2 | $ | (68 | ) | |||||
(a) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on the consolidated statements of income. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) | Balance at | ||||||||||||||
1-Jan-12 | 31-Dec-12 | |||||||||||||||
Foreign currency translation adjustments | $ | (83 | ) | $ | 29 | $ | (54 | ) | ||||||||
Unrealized gain (loss) on AFS securities | (2 | ) | 2 | — | ||||||||||||
Unrecognized pension cost | (6 | ) | — | (6 | ) | |||||||||||
Unrealized gain (loss) on derivative instruments | (8 | ) | 1 | (7 | ) | |||||||||||
Accumulated Other Comprehensive Loss | $ | (99 | ) | $ | 32 | $ | (67 | ) | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||||
Compensation Expense Related To Long-Term Incentive Plan [Table Text Block] | ' | |||||||||||||||||||||||
Compensation expense related to these awards for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Stock appreciation rights | $ | 8 | $ | 8 | $ | 9 | ||||||||||||||||||
Restricted stock units | 17 | 14 | 12 | |||||||||||||||||||||
Performance share units and Performance vested restricted stock | 3 | 1 | 1 | |||||||||||||||||||||
Income Tax Benefit Share Based Compensation [Table Text Block] | ' | |||||||||||||||||||||||
The expected income tax benefit to be realized at the time of vest related to these plans for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Stock appreciation rights | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||||||
Restricted stock units | 6 | 5 | 4 | |||||||||||||||||||||
Performance share units and Performance vested restricted stock | 1 | — | — | |||||||||||||||||||||
Stock Appreciation Rights by Grant Date [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth a summary of the SAR grants in 2013, 2012, and 2011: | ||||||||||||||||||||||||
Grant Date | SARs Granted | Per SAR Value | Vesting Period | Vesting Start Month | ||||||||||||||||||||
Mar-13 | 472,003 | $ | 17.95 | 25 | % annually | Mar-14 | ||||||||||||||||||
Mar-13 | 54,914 | 18.21 | 100 | % at vest | Mar-17 | |||||||||||||||||||
Mar-12 | 405,877 | 17.29 | 25 | % annually | Mar-13 | |||||||||||||||||||
Mar-11 | 359,062 | 19.08 | 25 | % annually | Mar-12 | |||||||||||||||||||
Schedule of Share-based Payment Award SAR Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||
The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-valuation model with the following weighted-average assumptions: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Exercise Price | $ | 43.44 | $ | 41.29 | $ | 41.74 | ||||||||||||||||||
Expected Life in Years | 6.33 | 6.251 | 6.251 | |||||||||||||||||||||
Risk-free Interest Rate | 1.18 | % | 1.49 | % | 2.43 | % | ||||||||||||||||||
Expected Volatility | 40.67 | % | 40.84 | % | 43.39 | % | ||||||||||||||||||
Annual Dividend Yield | — | % | — | % | — | % | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | ' | |||||||||||||||||||||||
A summary of employee SAR activity as of December 31, 2013, and changes during 2013, are presented below: | ||||||||||||||||||||||||
SAR Units | Weighted Average Exercise Price (in whole dollars) | Weighted Average Contractual Term | ||||||||||||||||||||||
Outstanding at December 31, 2012: | 3,166,862 | $ | 45.2 | 6.31 | ||||||||||||||||||||
Granted | 526,917 | 43.44 | 9.2 | |||||||||||||||||||||
Exercised | 96,414 | 27.75 | 5.62 | |||||||||||||||||||||
Forfeited or canceled | 19,155 | 41.23 | 6.65 | |||||||||||||||||||||
Outstanding at December 31, 2013: | 3,578,210 | $ | 45.43 | 5.88 | ||||||||||||||||||||
Exercisable as of December 31, 2013: | 2,435,759 | $ | 47.18 | 4.77 | ||||||||||||||||||||
Restricted Stock Units by Grant Date [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth a summary of the employee RSU grants in 2013, 2012, and 2011: | ||||||||||||||||||||||||
Grant Date | RSUs | Value | Total Value (in millions) | Vesting Period | ||||||||||||||||||||
Dec-13 | 2,132 | $ | 46.9 | $ | — | 4 years | ||||||||||||||||||
Sep-13 | 13,082 | 45.86 | $ | 1 | 4 years | |||||||||||||||||||
Jun-13 | 2,218 | 40.56 | $ | — | 4 years | |||||||||||||||||||
Mar-13 | 453,356 | 43.44 | $ | 20 | 4 years | |||||||||||||||||||
Dec-12 | 40,694 | 36.86 | $ | 1 | 4 years | |||||||||||||||||||
Oct-12 | 2,580 | 38.75 | $ | — | 4 years | |||||||||||||||||||
Jun-12 | 19,787 | 35.87 | $ | 1 | 4 years | |||||||||||||||||||
Mar-12 | 444,059 | 41.29 | $ | 18 | 4 years | |||||||||||||||||||
Sep-11 | 10,493 | 33.35 | $ | — | 4 years | |||||||||||||||||||
Jun-11 | 14,124 | 38.92 | $ | 1 | 2 to 4 years | |||||||||||||||||||
Mar-11 | 484,685 | 41.74 | $ | 20 | 4 years | |||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||||||
A summary of the status of the non-vested employee restricted stock unit awards outstanding under the plan as of December 31, 2013 is presented below: | ||||||||||||||||||||||||
Restricted Stock | Weighted Average Grant Date Fair Value (in whole dollars) | |||||||||||||||||||||||
Units | ||||||||||||||||||||||||
Nonvested at December 31, 2012: | 1,204,182 | $ | 39.1 | |||||||||||||||||||||
Granted | 471,019 | 43.51 | ||||||||||||||||||||||
Vested | 402,466 | 39.07 | ||||||||||||||||||||||
Forfeited or canceled | 28,264 | 41.49 | ||||||||||||||||||||||
Nonvested at December 31, 2013: | 1,244,471 | $ | 40.71 | |||||||||||||||||||||
Unearned Compensation Future Compensation Expense [Table Text Block] | ' | |||||||||||||||||||||||
Our total unearned compensation for our stock-based compensation programs as of December 31, 2013 was $14 million for SARs, $31 million for RSUs and $4 million for PSUs and PSSs combined, which will be recorded to compensation expense primarily over the next four years with respect to SARs and RSUs, with a limited portion of the RSU awards extending to seven years, and over the next two years with respect to PSUs and PSSs as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018+ | Total | |||||||||||||||||||
SARs | $ | 6 | $ | 4 | $ | 3 | $ | 1 | $ | — | $ | 14 | ||||||||||||
RSUs | 14 | 10 | 6 | 1 | — | 31 | ||||||||||||||||||
PSUs and PSSs | 3 | 1 | — | — | — | 4 | ||||||||||||||||||
Total | $ | 23 | $ | 15 | $ | 9 | $ | 2 | $ | — | $ | 49 | ||||||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summarized Consolidated Financial Information by Segment | ' | |||||||||||
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, revenues and expenses on our vacation ownership properties, and the results of our co-branded credit card. | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Owned and Leased Hotels | ||||||||||||
Revenues | $ | 2,142 | $ | 2,021 | $ | 1,879 | ||||||
Adjusted EBITDA | 471 | 442 | 400 | |||||||||
Depreciation and Amortization | 315 | 323 | 282 | |||||||||
Capital Expenditures | 211 | 283 | 321 | |||||||||
Americas Management and Franchising | ||||||||||||
Revenues | 1,774 | 1,712 | 1,615 | |||||||||
Intersegment Revenues (a) | 86 | 81 | 64 | |||||||||
Adjusted EBITDA | 233 | 199 | 167 | |||||||||
Depreciation and Amortization | 17 | 20 | 13 | |||||||||
Capital Expenditures | 1 | 2 | — | |||||||||
ASPAC Management and Franchising | ||||||||||||
Revenues | 157 | 129 | 113 | |||||||||
Intersegment Revenues (a) | 3 | 3 | 4 | |||||||||
Adjusted EBITDA | 50 | 46 | 40 | |||||||||
Depreciation and Amortization | 1 | 1 | 1 | |||||||||
Capital Expenditures | — | 1 | 1 | |||||||||
EAME/SW Asia Management | ||||||||||||
Revenues | 117 | 92 | 92 | |||||||||
Intersegment Revenues (a) | 16 | 14 | 15 | |||||||||
Adjusted EBITDA | 40 | 26 | 34 | |||||||||
Depreciation and Amortization | 5 | 2 | 2 | |||||||||
Capital Expenditures | — | — | 2 | |||||||||
Corporate and other | ||||||||||||
Revenues | 99 | 93 | 82 | |||||||||
Adjusted EBITDA | (114 | ) | (107 | ) | (103 | ) | ||||||
Depreciation and Amortization | 7 | 7 | 7 | |||||||||
Capital Expenditures | 20 | 15 | 7 | |||||||||
Eliminations (a) | ||||||||||||
Revenues | (105 | ) | (98 | ) | (83 | ) | ||||||
Adjusted EBITDA | — | — | — | |||||||||
Depreciation and Amortization | — | — | — | |||||||||
Capital Expenditures | — | — | — | |||||||||
TOTAL | ||||||||||||
Revenues | $ | 4,184 | $ | 3,949 | $ | 3,698 | ||||||
Adjusted EBITDA | 680 | 606 | 538 | |||||||||
Depreciation and Amortization | 345 | 353 | 305 | |||||||||
Capital Expenditures | 232 | 301 | 331 | |||||||||
(a) | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. | |||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||||||
The table below shows summarized consolidated balance sheet information by segment: | ||||||||||||
Total Assets | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Owned and Leased Hotels | $ | 5,895 | $ | 4,942 | ||||||||
Americas Management and Franchising | 527 | 470 | ||||||||||
ASPAC Management and Franchising | 116 | 95 | ||||||||||
EAME/SW Asia Management | 201 | 63 | ||||||||||
Corporate and other | 1,438 | 2,060 | ||||||||||
TOTAL | $ | 8,177 | $ | 7,630 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||
The following table presents revenues and long-lived assets by geographical region: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 3,270 | $ | 3,140 | $ | 2,911 | ||||||
All Foreign | 914 | 809 | 787 | |||||||||
Total | $ | 4,184 | $ | 3,949 | $ | 3,698 | ||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 4,026 | $ | 3,395 | ||||||||
All Foreign | 1,383 | 1,265 | ||||||||||
Total | $ | 5,409 | $ | 4,660 | ||||||||
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 consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjusted EBITDA | $ | 680 | $ | 606 | $ | 538 | ||||||
Equity earnings (losses) from unconsolidated hospitality ventures | (1 | ) | (22 | ) | 4 | |||||||
Gains (losses) on sales of real estate | 125 | — | (2 | ) | ||||||||
Asset impairments | (22 | ) | — | (6 | ) | |||||||
Other income (loss), net | 17 | 7 | (11 | ) | ||||||||
Net loss attributable to noncontrolling interests | 2 | 1 | 2 | |||||||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (68 | ) | (73 | ) | (78 | ) | ||||||
EBITDA | 733 | 519 | 447 | |||||||||
Depreciation and amortization | (345 | ) | (353 | ) | (305 | ) | ||||||
Interest expense | (65 | ) | (70 | ) | (57 | ) | ||||||
(Provision) benefit for income taxes | (116 | ) | (8 | ) | 28 | |||||||
Net income attributable to Hyatt Hotels Corporation | $ | 207 | $ | 88 | $ | 113 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of the Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The calculation of basic and diluted earnings per share including a reconciliation of the numerator and denominator are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 205 | $ | 87 | $ | 111 | ||||||
Net loss attributable to noncontrolling interests | 2 | 1 | 2 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 207 | $ | 88 | $ | 113 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares outstanding: | 158,544,930 | 165,017,485 | 168,761,751 | |||||||||
Share-based compensation | 644,149 | 359,843 | 478,696 | |||||||||
Diluted weighted average shares outstanding | 159,189,079 | 165,377,328 | 169,240,447 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Net income | $ | 1.29 | $ | 0.53 | $ | 0.66 | ||||||
Net loss attributable to noncontrolling interests | 0.01 | — | 0.01 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 1.3 | $ | 0.53 | $ | 0.67 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income | $ | 1.29 | $ | 0.53 | $ | 0.66 | ||||||
Net loss attributable to noncontrolling interests | 0.01 | — | 0.01 | |||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 1.3 | $ | 0.53 | $ | 0.67 | ||||||
Anti-dilutive Shares Issued | ' | |||||||||||
The computations of diluted net income per share for the years ended December 31, 2013, 2012 and 2011 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock-settled SARs | 148,200 | 13,200 | 48,900 | |||||||||
RSUs | — | 3,300 | 1,400 | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. | ||||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
Consolidated statements of income data: | ||||||||||||||||||||||||||||||||
Owned and leased hotel revenues | $ | 557 | $ | 521 | $ | 572 | $ | 492 | $ | 517 | $ | 503 | $ | 528 | $ | 473 | ||||||||||||||||
Management and franchise fee revenues | 94 | 77 | 96 | 75 | 80 | 68 | 80 | 79 | ||||||||||||||||||||||||
Other revenues | 15 | 22 | 21 | 20 | 19 | 22 | 20 | 17 | ||||||||||||||||||||||||
Other revenues from managed properties (1) | 425 | 406 | 403 | 388 | 384 | 384 | 386 | 389 | ||||||||||||||||||||||||
Total revenues | 1,091 | 1,026 | 1,092 | 975 | 1,000 | 977 | 1,014 | 958 | ||||||||||||||||||||||||
Direct and selling, general, and administrative expenses | 1,036 | 973 | 984 | 958 | 961 | 937 | 941 | 951 | ||||||||||||||||||||||||
Net Income | 30 | 55 | 112 | 8 | 15 | 23 | 39 | 10 | ||||||||||||||||||||||||
Net income attributable to Hyatt Hotels Corporation (2) (3) | 32 | 55 | 112 | 8 | 16 | 23 | 39 | 10 | ||||||||||||||||||||||||
Net income per common share, basic | $ | 0.2 | $ | 0.35 | $ | 0.7 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | 0.24 | $ | 0.06 | ||||||||||||||||
Net income per common share, diluted | $ | 0.19 | $ | 0.35 | $ | 0.7 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | 0.24 | $ | 0.06 | ||||||||||||||||
-1 | Represents revenues that we receive from third-party property owners who reimburse us for costs that we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal Factors Affecting Our Results of Operations—Revenues.” | |||||||||||||||||||||||||||||||
-2 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | |||||||||||||||||||||||||||||||
-3 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Other_Income_Tables
Other Income (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income (Loss), Net [Abstract] | ' | |||||||||||
Other income (loss), net [Table Text Block] | ' | |||||||||||
The table below provides a reconciliation of the components in other income (loss), net, for the years ended December 31, 2013, 2012 and 2011, respectively: | ||||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 17 | $ | 23 | $ | 23 | ||||||
Cost method investment income | 50 | 1 | — | |||||||||
Gains (losses) on other marketable securities | 2 | 17 | (13 | ) | ||||||||
Impairment of held-to-maturity investment | — | (4 | ) | — | ||||||||
Gain on sale of artwork | 29 | — | — | |||||||||
Charitable contribution to Hyatt Thrive Foundation | (20 | ) | — | — | ||||||||
Debt settlement costs | (35 | ) | — | — | ||||||||
Foreign currency losses | (5 | ) | (3 | ) | (5 | ) | ||||||
Provisions on hotel loans | (6 | ) | (4 | ) | (4 | ) | ||||||
Realignment costs | — | (21 | ) | — | ||||||||
Transaction costs | (10 | ) | (2 | ) | (5 | ) | ||||||
Other | (5 | ) | — | (7 | ) | |||||||
Other income (loss), net | $ | 17 | $ | 7 | $ | (11 | ) | |||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Valuation and Qualifying Accounts [Table Text Block] | ' | |||||||||||||||||||
HYATT HOTELS CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Revenues, Costs and Expenses | Additions Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | $ | 11 | $ | 4 | $ | — | $ | (4 | ) | $ | 11 | |||||||||
Notes receivable—allowance for losses | 99 | 13 | (3 | ) | A | (6 | ) | 103 | ||||||||||||
Deferred tax asset—valuation allowance | 22 | — | — | (1 | ) | 21 | ||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 10 | 5 | — | (4 | ) | 11 | ||||||||||||||
Notes receivable—allowance for losses | 90 | 19 | — | (10 | ) | 99 | ||||||||||||||
Deferred tax asset—valuation allowance | 83 | 1 | — | (62 | ) | B | 22 | |||||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 15 | 4 | — | (9 | ) | 10 | ||||||||||||||
Notes receivable—allowance for losses | 82 | 16 | — | (8 | ) | 90 | ||||||||||||||
Deferred tax asset—valuation allowance | 96 | — | — | (13 | ) | B | 83 | |||||||||||||
A—This amount represents currency translation on foreign currency denominated notes receivable. | ||||||||||||||||||||
B—This amount represents the release of certain foreign net operating losses. |
Organization_Details
Organization (Details) | Dec. 31, 2013 |
Countries | |
Number of Countries in which Entity Operates | 48 |
All inclusive [Domain] | ' |
Number of hotels operated or franchised | 2 |
Number of rooms operated or franchised | 925 |
Full Service [Member] | ' |
Number of hotels operated or franchised | 271 |
Number of rooms operated or franchised | 110,670 |
Select Service [Member] | ' |
Number of hotels operated or franchised | 250 |
Number of rooms operated or franchised | 33,729 |
United States [Member] | Select Service [Member] | ' |
Number of hotels operated or franchised | 246 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Like Kind Exchange Proceeds from Sales in Escrow [Member] | Like Kind Exchange Proceeds from Sales in Escrow [Member] | Holdback Escrow Agreement [Member] | Proceeds from loan [Member] | Other Restricted Cash [Member] | Other Restricted Cash [Member] | Gold Passport Fund [Member] | Gold Passport Fund [Member] | Captive insurance subsidiary [Member] | Construction Loans [Member] | Construction Loans [Member] | Grand Hyatt San Antonio [Member] | Vacation Ownership Properties [Member] | Vacation Ownership Properties [Member] | Vacation Ownership Properties [Member] | Vacation Ownership Properties [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | Parent [Member] | ||||
USD ($) | |||||||||||||||||||
Restricted cash | $184 | $72 | ' | $74 | $44 | $10 | $10 | $10 | $8 | ' | ' | $74 | $16 | 37 | $10 | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' |
Unsold Vacation Ownership Invervals | 64 | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | 22 | 0 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5 | 4 |
Asset Impairment Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Total Assets | 8,177 | 7,630 | ' | ' | ' | ' | ' | ' | ' | 368 | 345 | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 1,163 | 1,758 | ' | ' | ' | ' | ' | ' | ' | 106 | 78 | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities included in other assets | 596 | 542 | ' | ' | ' | ' | ' | ' | ' | 262 | 267 | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 3,400 | 2,809 | ' | ' | ' | ' | ' | ' | ' | 368 | 345 | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 871 | 618 | ' | ' | ' | ' | ' | ' | ' | 106 | 78 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | $411 | $338 | ' | ' | ' | ' | ' | ' | ' | $94 | $68 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | 'The shorter of the lease term or useful life of asset |
Minimum [Member] | Building and Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Minimum [Member] | Furniture and Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Minimum [Member] | Computers [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Building and Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '50 years |
Maximum [Member] | Furniture and Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '21 years |
Maximum [Member] | Computers [Member] | ' |
Property, Plant and Equipment, Useful Life | '6 years |
Equity_And_Cost_Method_Investm2
Equity And Cost Method Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Owned and Leased Hotels [Member] | Owned and Leased Hotels [Member] | Playa Hotels & Resorts B.V. [Member] | Playa Hotels & Resorts B.V. [Member] | Joint Venture Hawaii [Member] | Joint Venture Hawaii [Member] | Grand Hyatt San Antonio [Member] | Hyatt Regency New Orleans [Member] | Hyatt Regency Waikiki [Member] | Noble Select JV [Member] | Noble Select JV [Member] | Noble Select JV [Member] | Total Unconsolidated Hospitality Ventures [Member] | Total Unconsolidated Hospitality Ventures [Member] | Total Unconsolidated Hospitality Ventures [Member] | Hospitality Venture Properties [Member] | Hospitality Venture Properties [Member] | Hospitality Venture Properties [Member] | Vacation Ownership Equity Method Investment [Member] | Vacation Ownership Equity Method Investment [Member] | Grand Hyatt Seattle and Hyatt at Olive 8 [Member] | Restatement Adjustment [Member] | Preferred Shares [Member] | Preferred Shares [Member] | Preferred return on cost method investment [Member] | Purchase of residual common investment [Member] | ||||||||
agreements | Playa Hotels & Resorts B.V. [Member] | ||||||||||||||||||||||||||||||||
Rooms | |||||||||||||||||||||||||||||||||
Investments | $329 | $329 | $283 | ' | $310 | $262 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($10) | ' | ' | ' | ' | |||
Cost method investment income | ' | 50 | 1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 20 | |||
Return of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | ' | ' | 325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of franchise agreements | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of rooms under franchise agreement | ' | ' | ' | ' | ' | ' | 2,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership percentage in the joint venture | ' | ' | ' | ' | ' | ' | 21.80% | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Available-for-sale Securities, Amortized Cost Basis | ' | ' | 483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 271 | 271 | ' | ' | |||
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Required Amount Of Funding By Reporting Entity To Maintain Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum Funding By Reporting Entity To Maintain Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investments | 320 | 320 | 212 | ' | ' | ' | 50 | 0 | ' | ' | ' | ' | ' | ' | 14 | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Deferred Gain on Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from Sale of Equity Method Investments | ' | 0 | 52 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gains (losses) on sales of real estate | ' | 125 | 0 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | |||
Contributions to investments | ' | 428 | 90 | 44 | ' | ' | ' | ' | 68 | 63 | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity Method Investment, Other than Temporary Impairment | 3 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 19 | 1 | 18 | [2] | 2 | [1] | 18 | 1 | 1 | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | $4,769 | $4,769 | $4,811 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($10) | ' | ' | ' | ' | |||
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | ||||||||||||||||||||||||||||||||
[2] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Equity_And_Cost_Method_Investm3
Equity And Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Equity Method Investments | $320 | $212 |
Cost method investments | 9 | 71 |
Total investments | $329 | $283 |
Recovered_Sheet2
Equity and Cost Method Investments (Carrying Value and Ownership Percentages of Equity Method Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Equity Method Investments | $320 | $212 | ' |
Wailea Hotel and Beach Resort, LLC [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 64.10% | ' | ' |
Equity Method Investments | 132 | 83 | ' |
Playa Hotels & Resorts B.V. [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 21.80% | ' | ' |
Equity Method Investments | 50 | 0 | ' |
Juniper Hotels Private Ltd [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Equity Method Investments | 33 | 40 | ' |
Maui Timeshare Venture LLC [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 33.00% | ' | ' |
Equity Method Investments | 17 | 16 | ' |
Noble Select JV [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | 40.00% |
Equity Method Investments | 14 | 17 | ' |
Andaz Mayakoba BV [Domain] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' |
Equity Method Investments | 12 | 0 | ' |
ADHP LLC [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Equity Method Investments | 7 | 6 | ' |
Hi Holdings HP Cabo B.V. [Domain] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Equity Method Investments | 5 | 0 | ' |
Hi Holdings La Paz B.V. [Domain] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Equity Method Investments | 5 | 0 | ' |
Coast Beach LLC [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' |
Equity Method Investments | 4 | 5 | ' |
Other Equity Method Investments in Hotel and Vacation Properties [Member] | ' | ' | ' |
Equity Method Investments | $41 | $45 | ' |
Equity_And_Cost_Method_Investm4
Equity And Cost Method Investments (Summarized Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenues | $978 | $979 | $986 |
Gross operating profit | 315 | 313 | 317 |
Income from continuing operations | 17 | 12 | 22 |
Net income | 17 | 12 | 22 |
Current Assets | 556 | 419 | ' |
Noncurrent Assets | 2,877 | 2,151 | ' |
Total Assets | 3,433 | 2,570 | ' |
Current Liabilities | 519 | 700 | ' |
Noncurrent Liabilities | 1,962 | 1,434 | ' |
Total Liabilities | $2,481 | $2,134 | ' |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net gains and interest income from marketable securities held to fund operating programs | $34 | $21 | $2 |
Gains (losses) on other marketable securities | 2 | 17 | -13 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 2 | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | ' | 483 | ' |
Gold Passport Fund [Member] | ' | ' | ' |
Net gains and interest income from marketable securities held to fund operating programs | -1 | 3 | 4 |
Deferred Compensation Plans [Member] | ' | ' | ' |
Net gains and interest income from marketable securities held to fund operating programs | 35 | 18 | -2 |
Playa Hotels & Resorts B.V. [Member] | ' | ' | ' |
Option to Redeem Investment in Preferred Shares | 125 | ' | ' |
Preferred Shares [Member] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 271 | ' | ' |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $271 | ' | ' |
Marketable_Securities_Marketab
Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Total marketable securities | $655 | $567 |
Less current portion of marketable securities held for operating programs included in prepaids and other assets | -59 | -25 |
Marketable securities included in other assets | 596 | 542 |
Gold Passport Fund [Member] | ' | ' |
Total marketable securities | 321 | 292 |
Deferred Compensation Plans [Member] | ' | ' |
Total marketable securities | $334 | $275 |
Marketable_Securities_Investme
Marketable Securities (Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Available-for-sale investments | ' | $484 |
Time Deposits | 30 | 30 |
Total short-term investments | 30 | 514 |
Other Noncurrent Assets [Member] | ' | ' |
Available-for-sale investments | 278 | 0 |
Short-term Investments [Member] | ' | ' |
Available-for-sale investments | $0 | $484 |
Marketable_Securities_Investme1
Marketable Securities (Investments Classified as Available for Sale) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Corporate Debt Securities [Member] | Preferred Shares [Member] | Equity Securities [Member] | US Government Agencies and municipalities [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | $483 | $443 | $271 | $9 | $31 |
Gross unrealized gain | 9 | 8 | 7 | 1 | 0 |
Gross unrealized loss | -8 | -8 | 0 | 0 | 0 |
Available-for-sale investments | $484 | $443 | $278 | $10 | $31 |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assumptions, Expected Dividend Rate | 10.00% | ' | ' |
Available-for-sale investments | ' | $484 | ' |
Fair value transfers between levels | 0 | 0 | ' |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | 0 | 0 |
Fair Value, Concentration of Risk, Foreign Currency Contracts | ' | 0 | ' |
Available-for-sale Securities, Gross Unrealized Gain | ' | 9 | ' |
Preferred Shares [Member] | ' | ' | ' |
Available-for-sale investments | 278 | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain | $7 | ' | ' |
12% Expected Dividend Rate Year 2 [Member] | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Rate | 12.00% | ' | ' |
10% Expected Dividend Rate Year 1 [Member] | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Rate | 10.00% | ' | ' |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Mutual Funds [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | $334 | $275 |
Mutual Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 334 | 275 |
Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Preferred Shares [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 278 | ' |
Preferred Shares [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | ' |
Preferred Shares [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | ' |
Preferred Shares [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 278 | ' |
Equity Securities [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | ' | 10 |
Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | ' | 10 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | ' | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | ' | 0 |
U.S. Government Obligations [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 121 | 111 |
U.S. Government Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
U.S. Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 121 | 111 |
U.S. Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
US Government Agencies and municipalities [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 46 | 68 |
US Government Agencies and municipalities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
US Government Agencies and municipalities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 46 | 68 |
US Government Agencies and municipalities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Corporate Debt Securities [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 112 | 540 |
Corporate Debt Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 112 | 540 |
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Mortgage-Backed Securities [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 20 | 22 |
Mortgage-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 20 | 22 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Asset-Backed Securities [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 18 | 10 |
Asset-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Asset-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 18 | 10 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Municipal and provincial notes and bonds [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 4 | 15 |
Municipal and provincial notes and bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Municipal and provincial notes and bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 4 | 15 |
Municipal and provincial notes and bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Interest Bearing Money Market Funds [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities recorded in cash and cash equivalents | 71 | 117 |
Interest Bearing Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Marketable securities recorded in cash and cash equivalents | 71 | 117 |
Interest Bearing Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities recorded in cash and cash equivalents | 0 | 0 |
Interest Bearing Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities recorded in cash and cash equivalents | 0 | 0 |
Interest Rate Swap [Member] | Total Fair Value [Member] | ' | ' |
Derivative instruments | ' | 1 |
Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Derivative instruments | ' | 0 |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Derivative instruments | ' | 1 |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivative instruments | ' | 0 |
Foreign Currency Forward Contracts [Member] | Total Fair Value [Member] | ' | ' |
Derivative instruments | -3 | -1 |
Foreign Currency Forward Contracts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Derivative instruments | 0 | 0 |
Foreign Currency Forward Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Derivative instruments | -3 | -1 |
Foreign Currency Forward Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivative instruments | $0 | $0 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement Fair Value Inputs, Assets, Quantitative Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Abstract] | ' |
Fair Value Assumptions, Expected Term | '2 years |
Fair Value Assumptions, Risk Free Interest Rate | 0.38% |
Fair Value Assumptions, Expected Volatility Rate | 47.70% |
Fair Value Assumptions, Expected Dividend Rate | 10.00% |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Land | $672 | $688 |
Buildings | 4,628 | 4,062 |
Leasehold improvements | 254 | 248 |
Furniture, equipment, and computers | 1,376 | 1,288 |
Construction in progress | 86 | 65 |
Property and equipment, gross | 7,016 | 6,351 |
Less accumulated depreciation | -2,345 | -2,212 |
Property and equipment, net | $4,671 | $4,139 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation | $320 | $327 | $288 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 223 | 185 | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 80 | 46 | ' |
Interest Costs, Capitalized During Period | 8 | 4 | 4 |
Asset impairments | 22 | 0 | 6 |
Hyatt Regency Orlando [Member] | ' | ' | ' |
Property and Equipment | 678 | ' | ' |
Hyatt Regency Mexico City [Member] | ' | ' | ' |
Property and Equipment | ' | 190 | ' |
Hyatt Regency Birmingham [Member] | ' | ' | ' |
Property and Equipment | ' | 38 | ' |
Grand Hyatt San Antonio [Member] | ' | ' | ' |
Property and Equipment | 210 | ' | ' |
Driskill [Member] | ' | ' | ' |
Property and Equipment | 72 | ' | ' |
Eleven Properties [Member] | Owned and Leased Hotels [Member] | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 315 | ' | ' |
Property and equipment, net [Member] | ' | ' | ' |
Asset impairments | $11 | ' | ' |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables, Fair Value Disclosure | $130 | $417 | ' |
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | 13 | 19 | ' |
Financing Receivable, Allowance for Credit Losses | 103 | 99 | 90 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -6 | -8 | ' |
Financing Receivable, Gross | 230 | 512 | ' |
Interest income accrued for secured financing receivables greater than 90 days | 0 | 0 | ' |
Interest income accrued for unsecured financing receivables greater than 90 days | 0 | 0 | ' |
Interest income accrued for vacation ownership receivables greater than 120 days | 0 | 0 | ' |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.00% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.50% | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | ' | 277 | ' |
Loans Receivable, Basis Spread on Variable Rate | ' | 3.75% | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' |
Interest Income Accrued from Vacation Ownership Mortgage Receivables Greater than 90 Days but Less than 120 Days | 0 | 0 | ' |
Weighted average interest rate on vacation ownership mortgages receivable | 13.90% | ' | ' |
Mezzanine Loan [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Loans Receivable, Basis Spread on Variable Rate | 5.00% | ' | ' |
Financing Receivable, Gross | 50 | ' | ' |
Unsecured Financing Receivable Interest Rate | 6.50% | ' | ' |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | 7 | 13 | 8 |
Financing Receivable, Allowance for Credit Losses | 83 | 83 | 75 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -4 | -3 | ' |
Financing Receivable, Gross | 147 | 147 | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | 0 | 6 | 4 |
Financing Receivable, Allowance for Credit Losses | 7 | 9 | 8 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -2 | -5 | ' |
Financing Receivable, Gross | 44 | 48 | ' |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | 6 | 0 | 4 |
Financing Receivable, Allowance for Credit Losses | 13 | 7 | 7 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ' |
Financing Receivable, Gross | 39 | 317 | ' |
Provisions on Hotel Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | $6 | $10 | $4 |
30-day Libor [Member] | ' | ' | ' |
Loans Receivable, Description of Variable Rate Basis | ' | 'LIBOR | ' |
one-month Libor [Member] | ' | ' | ' |
Loans Receivable, Description of Variable Rate Basis | 'LIBOR | ' | ' |
Financing_Receivables_Schedule
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Total Financing Receivable | $230 | $512 | ' |
Less allowance | -103 | -99 | -90 |
Less current portion included in receivables | -8 | -287 | ' |
Total long-term financing receivables | 119 | 126 | ' |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
Total Financing Receivable | 39 | 317 | ' |
Less allowance | -13 | -7 | -7 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' |
Total Financing Receivable | 44 | 48 | ' |
Less allowance | -7 | -9 | -8 |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Total Financing Receivable | 147 | 147 | ' |
Less allowance | ($83) | ($83) | ($75) |
Financing_Receivables_Schedule1
Financing Receivables (Schedule Of Future Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Financing receivables | $230 | $512 | ' |
Less allowance | -103 | -99 | -90 |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
2014 | 1 | ' | ' |
2015 | 38 | ' | ' |
2016 | 0 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Financing receivables | 39 | 317 | ' |
Less allowance | -13 | -7 | -7 |
Financing Receivable, Net | 26 | 310 | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' |
2014 | 7 | ' | ' |
2015 | 7 | ' | ' |
2016 | 7 | ' | ' |
2017 | 5 | ' | ' |
2018 | 4 | ' | ' |
Thereafter | 14 | ' | ' |
Financing receivables | 44 | 48 | ' |
Less allowance | -7 | -9 | -8 |
Financing Receivable, Net | $37 | $39 | ' |
Financing_Receivables_Allowanc
Financing Receivables (Allowance For Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Beginning Balance | $99 | $90 | ' |
Provision | 13 | 19 | ' |
Write-offs | -6 | -8 | ' |
Recoveries | ' | -2 | ' |
Other Adjustments | -3 | ' | ' |
Ending Balance | 103 | 99 | ' |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Other Adjustments | -3 | ' | ' |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Beginning Balance | 83 | 75 | ' |
Provision | 7 | 13 | 8 |
Write-offs | -4 | -3 | ' |
Recoveries | ' | -2 | ' |
Ending Balance | 83 | 83 | 75 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' |
Beginning Balance | 9 | 8 | ' |
Provision | 0 | 6 | 4 |
Write-offs | -2 | -5 | ' |
Recoveries | ' | 0 | ' |
Other Adjustments | 0 | ' | ' |
Ending Balance | 7 | 9 | 8 |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
Beginning Balance | 7 | 7 | ' |
Provision | 6 | 0 | 4 |
Write-offs | 0 | 0 | ' |
Recoveries | ' | 0 | ' |
Other Adjustments | 0 | ' | ' |
Ending Balance | $13 | $7 | $7 |
Financing_Receivables_Impaired
Financing Receivables (Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Secured Financing To Hotel Owners [Member] | ' | ' |
Gross Loan Balance (Principal and Interest) | $39 | $40 |
Unpaid Principal Balance | 39 | 39 |
Related Allowance | -13 | -7 |
Average Recorded Investment | 40 | 40 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Gross Loan Balance (Principal and Interest) | 51 | 53 |
Unpaid Principal Balance | 37 | 40 |
Related Allowance | -51 | -53 |
Average Recorded Investment | $52 | $51 |
Financing_Receivables_Interest
Financing Receivables (Interest Income Recognized) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Secured Financing To Hotel Owners [Member] | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | $2 | $2 | $2 |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $2 | $1 |
Financing_Receivables_Analysis
Financing Receivables (Analysis of Financing Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables Past Due | $5 | $5 |
Greater than 90 Days Past Due | 3 | 3 |
Receivables on Non-Accrual Status | 121 | 121 |
Secured Financing To Hotel Owners [Member] | ' | ' |
Receivables Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Receivables on Non-Accrual Status | 39 | 40 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Receivables Past Due | 2 | 2 |
Greater than 90 Days Past Due | 0 | 0 |
Receivables on Non-Accrual Status | 0 | 0 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Receivables Past Due | 3 | 3 |
Greater than 90 Days Past Due | 3 | 3 |
Receivables on Non-Accrual Status | $82 | $81 |
Financing_Receivables_Financin
Financing Receivables Financing Receivables (Fair Value) (Details) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Secured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financing Receivable, Net | $26 | $310 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financing Receivable, Net | 37 | 39 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financing Receivable, Net | 64 | 64 |
Total Fair Value [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 28 | 314 |
Total Fair Value [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 38 | 39 |
Total Fair Value [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 64 | 64 |
Fair Value, Inputs, Level 1 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 28 | 314 |
Fair Value, Inputs, Level 3 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | 38 | 39 |
Fair Value, Inputs, Level 3 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | $64 | $64 |
Acquisitions_Dispositions_And_2
Acquisitions, Dispositions, And Discontinued Operations Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Acquisitions, net of cash acquired | ' | $814 | $233 | $716 | ||||
Repayments of Long-term Debt | ' | 368 | 0 | 54 | ||||
Goodwill | 147 | [1] | 147 | [1] | 133 | [1] | 102 | [1] |
Impairment of Intangible Assets, Finite-lived | 11 | [2] | 11 | 0 | 0 | |||
Hyatt Regency Orlando [Member] | ' | ' | ' | ' | ||||
Total net assets acquired | 716 | 716 | ' | ' | ||||
Acquisitions, net of cash acquired | ' | 714 | ' | ' | ||||
Property and Equipment | 678 | 678 | ' | ' | ||||
Definite Lived Intangibles | 39 | 39 | ' | ' | ||||
Business Acquisition, Transaction Costs | 4 | 4 | ' | ' | ||||
Cash and cash equivalents | 2 | 2 | ' | ' | ||||
Grand Hyatt San Antonio [Member] | ' | ' | ' | ' | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | 0 | ' | ' | ||||
Total net assets acquired | 67 | 67 | ' | ' | ||||
Property and Equipment | 210 | 210 | ' | ' | ||||
Definite Lived Intangibles | 24 | 24 | ' | ' | ||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ' | ' | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | 70.00% | ' | ' | ||||
Repayments of Long-term Debt | ' | 44 | ' | ' | ||||
Goodwill | 14 | 14 | ' | ' | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 3 | 3 | ' | ' | ||||
Deferred Tax Assets | 5 | 5 | ' | ' | ||||
Total debt acquired | 200 | 200 | ' | ' | ||||
Cash and cash equivalents | 1 | 1 | ' | ' | ||||
Impairment of Intangible Assets, Finite-lived | ' | 11 | ' | ' | ||||
Payments to Acquire Businesses, Gross | ' | -16 | ' | ' | ||||
Driskill [Member] | ' | ' | ' | ' | ||||
Acquisitions, net of cash acquired | ' | 85 | ' | ' | ||||
Property and Equipment | 72 | 72 | ' | ' | ||||
Definite Lived Intangibles | 5 | 5 | ' | ' | ||||
Indefinite-Lived Intangibles | 7 | 7 | ' | ' | ||||
Other Assets | 1 | 1 | ' | ' | ||||
Hyatt Regency Birmingham [Member] | ' | ' | ' | ' | ||||
Acquisitions, net of cash acquired | ' | ' | 43 | ' | ||||
Property and Equipment | ' | ' | 38 | ' | ||||
Goodwill | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | ' | 1 | ' | ||||
Payments to Acquire Businesses, Gross | ' | ' | -44 | ' | ||||
Hyatt Regency Mexico City [Member] | ' | ' | ' | ' | ||||
Total net assets acquired | ' | ' | 202 | ' | ||||
Acquisitions, net of cash acquired | ' | ' | 190 | ' | ||||
Property and Equipment | ' | ' | 190 | ' | ||||
Definite Lived Intangibles | ' | ' | 12 | ' | ||||
Goodwill | ' | ' | 29 | ' | ||||
Purchase Price Holdback Escrow | ' | ' | 11 | ' | ||||
Release of Purchase Price Holdback Escrow | ' | ' | 1 | ' | ||||
Deferred Tax Liabilities | ' | ' | 41 | ' | ||||
Cash and cash equivalents | ' | ' | 12 | ' | ||||
Payments to Acquire Businesses, Gross | ' | ' | -202 | ' | ||||
LodgeWorks [Member] | ' | ' | ' | ' | ||||
Acquisitions, net of cash acquired | ' | ' | ' | 661 | ||||
Purchase Price Holdback Escrow | ' | ' | 20 | ' | ||||
Woodfin Suites [Member] | ' | ' | ' | ' | ||||
Acquisitions, net of cash acquired | ' | ' | ' | 77 | ||||
Number of hotels operated or franchised | ' | ' | ' | 3 | ||||
Advance Booking Intangible [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '7 years | ' | ' | ||||
Advance Booking Intangible [Member] | Hyatt Regency Orlando [Member] | ' | ' | ' | ' | ||||
Definite Lived Intangibles | 8 | 8 | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '7 years | ' | ' | ||||
Franchise and management intangibles [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '23 years | ' | ' | ||||
Franchise and management intangibles [Member] | Hyatt Regency Orlando [Member] | ' | ' | ' | ' | ||||
Definite Lived Intangibles | 31 | 31 | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '20 years | ' | ' | ||||
Goodwill | 0 | 0 | ' | ' | ||||
Franchise and management intangibles [Member] | Grand Hyatt San Antonio [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '15 years | ' | ' | ||||
Acquired lease rights | 12 | 12 | ' | ' | ||||
Franchise and management intangibles [Member] | Hyatt Regency Mexico City [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '17 years | ' | ||||
Acquired Lease Rights [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '109 years | ' | ' | ||||
Acquired lease rights | 155 | 155 | 139 | ' | ||||
Acquired Lease Rights [Member] | Grand Hyatt San Antonio [Member] | ' | ' | ' | ' | ||||
Acquired lease rights | 12 | 12 | ' | ' | ||||
Leases, Acquired-in-Place [Member] | Grand Hyatt San Antonio [Member] | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '75 years | ' | ' | ||||
Owned and Leased Hotels [Member] | ' | ' | ' | ' | ||||
Goodwill | 110 | 110 | 96 | 65 | ||||
Owned and Leased Hotels [Member] | LodgeWorks [Member] | ' | ' | ' | ' | ||||
Number of hotels operated or franchised | ' | ' | ' | 20 | ||||
Americas Management and Franchising [Member] | ' | ' | ' | ' | ||||
Goodwill | $33 | $33 | $33 | $33 | ||||
Americas Management and Franchising [Member] | LodgeWorks [Member] | ' | ' | ' | ' | ||||
Number of hotels operated or franchised | ' | ' | ' | 4 | ||||
2011 [Member] | Americas Management and Franchising [Member] | LodgeWorks [Member] | ' | ' | ' | ' | ||||
Number of hotels operated or franchised | ' | ' | ' | 3 | ||||
2012 [Member] | Americas Management and Franchising [Member] | LodgeWorks [Member] | ' | ' | ' | ' | ||||
Number of hotels operated or franchised | ' | ' | ' | 1 | ||||
[1] | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of DecemberB 31, 2013 and 2012, respectively. | |||||||
[2] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. |
Acquisitions_Dispositions_And_3
Acquisitions, Dispositions, And Discontinued Operations Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Proceeds from sales of real estate and assets held for sale | $601 | $87 | $108 |
Gain on sale of artwork | 29 | 0 | 0 |
Deferred Gain on Sale of Property | 192 | 93 | ' |
Contribution To Investment | 0 | 0 | 20 |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | 498 | 44 | 35 |
Gains (losses) on sales of real estate | 125 | 0 | -2 |
Hyatt Key West [Member] | ' | ' | ' |
Deferred Gain on Sale of Property | 61 | ' | ' |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | 74 | ' | ' |
Andaz Napa [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 71 | ' | ' |
Deferred Gain on Sale of Property | 27 | ' | ' |
Andaz Savannah [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 42 | ' | ' |
Deferred Gain on Sale of Property | 4 | ' | ' |
Hyatt Regency Denver Tech [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 59 | ' | ' |
Gains (losses) on sales of real estate | 26 | ' | ' |
Hyatt Regency Santa Clara [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 91 | ' | ' |
Gain Contingency, Unrecorded Amount | 7 | ' | ' |
Gains (losses) on sales of real estate | 0 | ' | ' |
Hyatt Fisherman's Wharf [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 100 | ' | ' |
Gains (losses) on sales of real estate | 55 | ' | ' |
Hyatt Santa Barbara [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 60 | ' | ' |
Gains (losses) on sales of real estate | 44 | ' | ' |
Hyatt Place 2013 [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | 68 | ' | ' |
Deferred Gain on Sale of Property | 4 | ' | ' |
Number of hotels operated or franchised | 4 | ' | ' |
Hyatt Place and Hyatt House 2012 [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | ' | 87 | ' |
Deferred Gain on Sale of Property | ' | 14 | ' |
Hyatt Place And Hyatt Summerfield Suites 2011 [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | ' | ' | 90 |
Sale Price For Disposition | ' | ' | 110 |
Contribution To Investment | ' | ' | 20 |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | ' | ' | 35 |
Gains (losses) on sales of real estate | ' | ' | -2 |
Noble Select JV [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 40.00% |
Hyatt Regency Minneapolis [Member] | ' | ' | ' |
Debt Of Joint Venture | ' | ' | $25 |
Hyatt House [Member] | Hyatt Place and Hyatt House 2012 [Member] | ' | ' | ' |
Number of hotels operated or franchised | ' | 1 | ' |
Hyatt Summerfield Suites [Member] | Hyatt Place And Hyatt Summerfield Suites 2011 [Member] | ' | ' | ' |
Number of hotels operated or franchised | ' | ' | 2 |
Hyatt Place [Member] | Hyatt Place and Hyatt House 2012 [Member] | ' | ' | ' |
Number of hotels operated or franchised | ' | 7 | ' |
Hyatt Place [Member] | Hyatt Place And Hyatt Summerfield Suites 2011 [Member] | ' | ' | ' |
Number of hotels operated or franchised | ' | ' | 6 |
Acquisitions_Dispositions_And_4
Acquisitions, Dispositions, And Discontinued Operations Like-Kind Exchanges (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | $498 | $44 | $35 |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | 466 | 0 | 132 |
Hyatt Key West [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | 74 | ' | ' |
2013 Sale of Full Service Real Estate Related to 1031 Exchange [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | 321 | ' | ' |
Hyatt Place 2013 [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | 23 | ' | ' |
Hyatt Place 2012 [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | ' | 44 | ' |
Hyatt Place And Hyatt Summerfield Suites 2011 [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities | ' | ' | 35 |
Hyatt Tampa Bay [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | ' | ' | 56 |
Hyatt Regency Greenville [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | ' | ' | 15 |
Hyatt Deerfield [Member] | ' | ' | ' |
Real Estate Sale Proceeds Transferred From Escrow To Cash And Cash Equivalent In Investing Activities | ' | ' | $26 |
Acquisitions_Dispositions_And_5
Acquisitions, Dispositions, And Discontinued Operations Assets Held for Sale (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets held for sale | $0 | $34 | ' |
Liabilities held for sale | 0 | 1 | ' |
Proceeds from sales of real estate and assets held for sale | 601 | 87 | 108 |
Hyatt Place Held for Sale [Member] | ' | ' | ' |
Assets held for sale | ' | 34 | ' |
Assets Held-for-sale, Property, Plant and Equipment | ' | 33 | ' |
Liabilities held for sale | ' | 1 | ' |
Corporate and Other - Airplane [Member] | ' | ' | ' |
Proceeds from sales of real estate and assets held for sale | ' | ' | $18 |
Acquisitions_Dispositions_And_6
Acquisitions, Dispositions, And Discontinued Operations Hyatt Regency Orlando Assets and Liabilities (Details) (Hyatt Regency Orlando [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Cash and cash equivalents | $2 |
Prepaids and other assets | 3 |
Property and Equipment | 678 |
Definite Lived Intangibles | 39 |
Total assets | 722 |
Current liabilities | 6 |
Total liabilities | 6 |
Total net assets acquired | 716 |
Advance Booking Intangible [Member] | ' |
Definite Lived Intangibles | 8 |
Franchise and management intangibles [Member] | ' |
Definite Lived Intangibles | $31 |
Acquisitions_Dispositions_And_7
Acquisitions, Dispositions, And Discontinued Operations Hyatt Regency Orlando Pro Forma Consolidated Results Of Operations (Details) (Hyatt Regency Orlando [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Hyatt Regency Orlando [Member] | ' |
Revenues | $30 |
Income | ($3) |
Acquisitions_Dispositions_And_8
Acquisitions, Dispositions, And Discontinued Operations Hyatt Regency Orlando Pro Forma Results (Details) (Hyatt Regency Orlando [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Hyatt Regency Orlando [Member] | ' | ' |
Pro Forma Revenues | $4,295 | $4,077 |
Pro Forma Income | $218 | $78 |
Acquisitions_Dispositions_And_9
Acquisitions, Dispositions, And Discontinued Operations Grand Hyatt San Antonio Acquisition Summary (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Repayments of Long-term Debt | $368 | $0 | $54 |
Grand Hyatt San Antonio [Member] | ' | ' | ' |
Total net assets acquired | 67 | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | -7 | ' | ' |
Payments to Acquire Businesses, Gross | -16 | ' | ' |
Repayments of Long-term Debt | $44 | ' | ' |
Recovered_Sheet3
Acquisitions, Dispositions, And Discontinued Operations Grand Hyatt San Antonio Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Goodwill | $147 | [1] | $133 | [1] | $102 | [1] |
Grand Hyatt San Antonio [Member] | ' | ' | ' | |||
Cash and cash equivalents | 1 | ' | ' | |||
Restricted Cash | 10 | ' | ' | |||
Deferred Tax Assets | 5 | ' | ' | |||
Property and Equipment | 210 | ' | ' | |||
Definite Lived Intangibles | 24 | ' | ' | |||
Goodwill | 14 | ' | ' | |||
Other assets | 11 | ' | ' | |||
Total assets | 275 | ' | ' | |||
Current liabilities | 11 | ' | ' | |||
Long-term Debt | 197 | ' | ' | |||
Total liabilities | 208 | ' | ' | |||
Total net assets acquired | $67 | ' | ' | |||
[1] | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of DecemberB 31, 2013 and 2012, respectively. |
Recovered_Sheet4
Acquisitions, Dispositions, And Discontinued Operations Hyatt Regency Mexico City Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Goodwill | $147 | [1] | $133 | [1] | $102 | [1] |
Hyatt Regency Mexico City [Member] | ' | ' | ' | |||
Cash and cash equivalents | ' | 12 | ' | |||
Other current assets | ' | 4 | ' | |||
Land, Property and Equipment | ' | 190 | ' | |||
Definite Lived Intangibles | ' | 12 | ' | |||
Goodwill | ' | 29 | ' | |||
Total assets | ' | 247 | ' | |||
Current liabilities | ' | 4 | ' | |||
Other long-term liabilities | ' | 41 | ' | |||
Total liabilities | ' | 45 | ' | |||
Total net assets acquired | ' | $202 | ' | |||
[1] | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of DecemberB 31, 2013 and 2012, respectively. |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill, Acquired | ' | $14 | $29 | ' | |
Goodwill, Impairment Loss | ' | 0 | 0 | 0 | |
Amortization expense | ' | 25 | 26 | 17 | |
Impairment of Intangible Assets, Finite-lived | 11 | [1] | 11 | 0 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | 0 | 0 | 0 | |
Owned and Leased Hotels [Member] | ' | ' | ' | ' | |
Goodwill, Acquired | ' | 14 | 29 | ' | |
Contract Acquisition Costs [Member] | ' | ' | ' | ' | |
Contract acquisition costs | 348 | 348 | 203 | ' | |
Accelerated Amortization [Member] | ' | ' | ' | ' | |
Amortization expense | ' | 1 | 7 | ' | |
Minimum [Member] | Contract Acquisition Costs [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | '5 years | ' | ' | |
Minimum [Member] | Franchise and management intangibles [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | '15 years | ' | ' | |
Maximum [Member] | Contract Acquisition Costs [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | '40 years | ' | ' | |
Maximum [Member] | Franchise and management intangibles [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | '30 years | ' | ' | |
Grand Hyatt San Antonio [Member] | ' | ' | ' | ' | |
Impairment of Intangible Assets, Finite-lived | ' | 11 | ' | ' | |
Four Hotels in France [Member] | ' | ' | ' | ' | |
Contract acquisition costs | 123 | 123 | ' | ' | |
Four Hotels in France [Member] | Contract Acquisition Costs [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | '30 years | ' | ' | |
Driskill [Member] | ' | ' | ' | ' | |
Intangibles | $7 | $7 | ' | ' | |
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. |
Goodwill_Summary_of_Changes_in
Goodwill (Summary of Changes in Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
ASPAC Management and Franchising [Domain] | ASPAC Management and Franchising [Domain] | ASPAC Management and Franchising [Domain] | EAME/SW Asia Management [Domain] | EAME/SW Asia Management [Domain] | EAME/SW Asia Management [Domain] | Owned and Leased Hotels [Member] | Owned and Leased Hotels [Member] | Americas Management and Franchising [Member] | Americas Management and Franchising [Member] | Corporate and Other [Member] | Corporate and Other [Member] | |||||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Goodwill, Gross Beginning Balance | $226 | [1] | $195 | [1] | ' | ' | ' | ' | ' | ' | $189 | $158 | $33 | $33 | $4 | $4 | ||||||
Accumulated impairment losses, Beginning Balance | -93 | [1] | -93 | [1] | ' | ' | ' | ' | ' | ' | -93 | -93 | 0 | 0 | 0 | 0 | ||||||
Goodwil, Net, Beginning Balance | 133 | [1] | 102 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 96 | 65 | 33 | 33 | 4 | 4 |
Goodwill, Acquired | 14 | 29 | ' | ' | ' | ' | ' | ' | 14 | 29 | 0 | 0 | 0 | 0 | ||||||||
Foreign exchange | ' | 2 | [2] | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 0 | ' | 0 | |||||||
Accumulated impairment losses, Ending Balance | -93 | [1] | -93 | [1] | ' | ' | ' | ' | ' | ' | -93 | -93 | 0 | 0 | 0 | 0 | ||||||
Goodwill, Gross Ending Balance | 240 | [1] | 226 | [1] | ' | ' | ' | ' | ' | ' | 203 | 189 | 33 | 33 | 4 | 4 | ||||||
Goodwill, Net, Ending Balance | $147 | [1] | $133 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $110 | $96 | $33 | $33 | $4 | $4 |
[1] | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of DecemberB 31, 2013 and 2012, respectively. | |||||||||||||||||||||
[2] | Foreign exchange translation adjustments related to the acquisition of Hyatt Regency Mexico City (see Note 8). |
Intangible_Assets_Summary_of_I
Intangible Assets (Summary of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gross intangibles, total | $696 | $474 |
Accumulated amortization | -105 | -86 |
Intangibles, net | 591 | 388 |
Contract Acquisition Costs [Member] | ' | ' |
Contract acquisition costs | 348 | 203 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '26 years | ' |
Acquired Lease Rights [Member] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '109 years | ' |
Acquired lease rights | 155 | 139 |
Advance Booking Intangible [Member] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years | ' |
Advance Booking Intangible | 8 | 2 |
Franchise and management intangibles [Member] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '23 years | ' |
Franchise and management intangibles | 170 | 122 |
Other Intangible Assets [Member] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '13 years | ' |
Other | 8 | 8 |
Trade Names [Member] | ' | ' |
Indefinite-Lived Trade Names | $7 | $0 |
Intangible_Assets_Amortization
Intangible Assets (Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization expense | $25 | $26 | $17 |
Intangible_Assets_Definite_Liv
Intangible Assets (Definite Lived Intangibles Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $27 |
2015 | 25 |
2016 | 24 |
2017 | 24 |
2018 | $24 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | 2015 Notes [Member] | 2015 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2019 Notes [Member] | 2019 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2023 Notes [Member] | 2023 Notes [Member] | Tax Exempt Contract Revenue Bonds [Member] | Tax Exempt Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | 6.0% loan [Member] | 6.0% loan [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | USD ($) | |||
Senior Unsecured Notes | ' | ' | $0 | $257 | $249 | $249 | $196 | $250 | $250 | $250 | $347 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan, Amount Outstanding | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130 | 0 | 70 | 0 | 32 | 75 | 0 | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10 |
Revolving credit facility | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (various, maturing through 2015) | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt before capital lease obligations | 1,275 | 1,017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | 208 | 216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt and Capital Lease Obligations, Including Current | 1,483 | 1,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | -194 | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | $1,289 | $1,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Maturities_De
Debt (Schedule of Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | sub-loan | 2013 Interest Rate Swap Termination [Member] | |
Derivatives | |||
Number of Interest Rate Derivatives Terminated | ' | ' | 4 |
Number of Loans | 4 | ' | ' |
2014 | $194 | ' | ' |
2015 | 5 | ' | ' |
2016 | 251 | ' | ' |
2017 | 1 | ' | ' |
2018 | 1 | ' | ' |
Thereafter | 1,031 | ' | ' |
Long Term Debt and Capital Lease Obligations, Including Current | $1,483 | $1,233 | ' |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2012 |
sub-loan | Derivatives | Interest Rate Swap [Member] | Interest Rate Swap [Member] | 2019 Notes [Domain] | 2023 Notes [Member] | 2023 Notes [Member] | 2015 Notes [Member] | 2015 Notes [Member] | 2019 Notes [Member] | 2019 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2016 and 2021 Notes [Member] | 2015 Notes [Domain] | Accrued Interest [Member] | 2012 Interest Rate Swap Termination [Member] | 2012 Interest Rate Swap Termination [Member] | 2013 Interest Rate Swap Termination [Member] | 2019 Notes [Member] | three-month Libor [Member] | |||
Derivatives | Derivatives | Derivatives | Derivatives | 2015 Notes [Member] | |||||||||||||||||||||
Number of Loans | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | $350 | ' | ' | $250 | $250 | $250 | $250 | ' | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 3.38% | ' | 5.75% | ' | 6.88% | ' | 3.88% | ' | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278 | ' | ' | ' | ' | ' | ' |
Discount Price Percentage | ' | ' | ' | ' | ' | ' | ' | 99.50% | ' | 99.46% | ' | 99.86% | ' | 99.57% | ' | 99.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt, net of issuance costs | 385 | 10 | 519 | ' | ' | ' | ' | 345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 494 | ' | ' | ' | ' | ' | 495 | ' |
Debt Issuance Cost | 3 | 0 | 4 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | ' | 4 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Cash Received on Hedge | 2 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 2 | ' | ' |
Number of Interest Rate Derivatives Terminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Unsecured Notes | ' | ' | ' | ' | ' | ' | ' | $347 | $0 | $0 | $257 | $196 | $250 | $249 | $249 | $250 | $250 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
Additional Non-Revolving Credit Facility Banks [Member] | Additional Non-Revolving Credit Facility Banks [Member] | Revolving Credit Facility [Member] | Borrowing Capacity Reduction [Member] | Expiration June 2012 [Member] | Expiration January 2019 [Member] [Member] | three-month Libor [Member] | |||
Long-term Line of Credit | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | ' | ' | ' | ' | ' | 1,100,000,000 | 1,500,000,000 | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Line of Credit Facility, Interest Rate at Period End | 1.54% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 1.38% | ' | ' | ' | ' |
LIBOR Reference Rate | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 125,000,000 | ' | 21,000,000 | 15,000,000 | ' | 104,000,000 | ' | ' | ' |
Letters of credit that reduce the available capacity under the revolving credit facility | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Fair_Value_Details
Debt (Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Loans Payable | ($1,275) | ($1,017) |
Loans Payable, Fair Value Disclosure | -1,296 | -1,137 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Loans Payable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Loans Payable, Fair Value Disclosure | -1,263 | -1,126 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Loans Payable, Fair Value Disclosure | ($33) | ($11) |
Debt_Debt_Contract_Revenue_Bon
Debt Debt (Contract Revenue Bonds Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Bonds, Total Amount Outstanding | $200 | ' |
Construction Loan, Amount Outstanding | ' | 0 |
Tax Exempt Contract Revenue Bonds [Member] | ' | ' |
Bonds, Total Loan Agreement | 130 | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 4.75% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.00% | ' |
Construction Loan, Amount Outstanding | 130 | 0 |
Contract Revenue Bonds [Member] | ' | ' |
Bonds, Total Loan Agreement | 78 | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 4.87% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.31% | ' |
Construction Loan, Amount Outstanding | $70 | $0 |
Debt_Debt_Floating_Average_Rat
Debt Debt (Floating Average Rate Construction Loan Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | BNDES 2.5% [Member] | BNDES variable rate plus 2.92% [Member] | Brazilian Long Term Interest Rate - TJLP plus 3.92% [Member] |
sub-loan | USD ($) | BRL | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Loans | 4 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 2.50% | 2.92% | 3.92% |
Debt, Weighted Average Interest Rate | ' | ' | 8.39% | 8.39% | ' | ' | ' | ' |
Construction Loan, Amount Outstanding | ' | $0 | $32 | 75 | $0 | ' | ' | ' |
Restricted cash | $184 | $72 | $16 | 37 | ' | ' | ' | ' |
Debt_6_Construction_Loan_Detai
Debt 6% Construction Loan (Details) (6.0% loan [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
6.0% loan [Member] | ' | ' |
Construction Loan, Total Loan Agreement | $20 | ' |
Secured Debt | $0 | $10 |
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ' |
Leases_Future_Minimum_Operatin
Leases (Future Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $39 |
2015 | 33 |
2016 | 32 |
2017 | 30 |
2018 | 29 |
Thereafter | 324 |
Total minimum lease payments | $487 |
Leases_Future_Minimum_Capital_
Leases (Future Minimum Capital Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $197 |
2015 | 2 |
2016 | 2 |
2017 | 2 |
2018 | 2 |
Thereafter | 16 |
Total minimum lease payments | 221 |
Less amount representing interest | 13 |
Present value of minimum lease payments | $208 |
Leases_Hyatt_Regency_Grand_Cyp
Leases (Hyatt Regency Grand Cypress) (Details) (Hyatt Regency Grand Cypress [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Capital Lease Term | '30 years |
Capital Leases, Assets by Major Class, Other Property, Plant, and Equipment, Net | $207 |
Eighth Lease Year [Member] | ' |
Lease Option to Purchase Assets | 190 |
Tenth Lease Year [Member] | ' |
Lease Option to Purchase Assets | 210 |
Fifteenth Lease Year [Member] | ' |
Lease Option to Purchase Assets | $245 |
Leases_Hyatt_Center_Details
Leases (Hyatt Center) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (loss) on sublease agreement | ($6) | $2 | ($7) |
Related Party [Member] | ' | ' | ' |
Gain (loss) on sublease agreement | ' | ' | -5 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $9 | ' | ' |
Leases_Rent_Expense_Details
Leases (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Minimum rentals | $32 | $26 | $26 |
Contingent rentals | 47 | 36 | 33 |
Total | $79 | $62 | $59 |
Leases_Retail_Lease_Receipts_D
Leases (Retail Lease Receipts) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $24 |
2015 | 22 |
2016 | 20 |
2017 | 19 |
2018 | 16 |
Thereafter | 70 |
Total minimum lease receipts | $171 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Derivatives | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | 2015 Notes [Member] | Accrued Interest [Member] | Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | 2013 Interest Rate Lock [Member] | 2011 Interest Rate Lock [Member] | 2011 Interest Rate Lock [Member] | 2011 Interest Rate Lock [Member] | Designated as Hedging Instrument [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | three-month Libor [Member] | ||
Derivatives | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Prepaids and Other Assets [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Prepaids and Other Assets [Member] | Prepaids and Other Assets [Member] | |||||||||
Interest Rate Swap [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | ||||||||||||||||
Number of Interest Rate Derivatives Held | ' | 4 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Lower Fixed Interest Rate Range | ' | 4.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Amount of Hedged Item | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Derivative, Higher Fixed Interest Rate Range | ' | 4.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Adjustment To Long-Term Debt | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | 229 | 254 | 25 | ' | ' | ' | 175 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of Treasury Lock Derivative Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 14 | ' | ' | ' | ' | ' | ' |
Cumulative Ineffectiveness | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Cash Received on Hedge | 2 | 8 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total derivative assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 0 | 0 | ' |
Amortization of Deferred Hedge Gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' |
Total derivative liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $1 | ' | ' | ' |
Derivative_Instruments_US_Doll
Derivative Instruments (US Dollar Equivalent Of The Notional Amount Of Forward Contracts) (Details) (Foreign Currency Forward Contracts [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative, Notional Amount | $229 | $254 |
Pound Sterling [Member] | ' | ' |
Derivative, Notional Amount | 168 | 161 |
Swiss Franc [Member] | ' | ' |
Derivative, Notional Amount | 27 | 32 |
Korean Won [Member] | ' | ' |
Derivative, Notional Amount | 31 | 31 |
Canadian Dollars [Member] | ' | ' |
Derivative, Notional Amount | $3 | $30 |
Derivative_Instruments_Effect_
Derivative Instruments (Effect Of Derivative Instruments On Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative, Gain (Loss) on Derivative, Net | $7 | ' | ' |
Fair Value Hedges [Member] | Interest Rate Swap [Member] | Other Income (Loss) Net [Member] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0 | 1 | 3 |
Losses on borrowings | 0 | -1 | -3 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | Other Income (Loss) Net [Member] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -6 | -12 | 6 |
Interest Rate Lock Commitments [Member] | Cash Flow Hedges [Member] | Other Income (Loss) Net [Member] | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
Interest Rate Lock Commitments [Member] | Cash Flow Hedges [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Amount of loss recognized in accumulated other comprehensive loss on derivative (effective portion) | -1 | 0 | -14 |
Interest Rate Lock Commitments [Member] | Cash Flow Hedges [Member] | Interest Expense [Member] | ' | ' | ' |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion) | ($1) | ($1) | ($1) |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Plans Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | ($7) | ($9) |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $0 | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Benefit obligationbbeginning of year | $21 | $21 |
Interest cost | 1 | 1 |
Actuarial gain | -2 | 0 |
Benefits paid | -1 | -1 |
Benefit obligationbend of year | 19 | 21 |
Fair value of plan assetsbbeginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Benefits paid | 0 | 0 |
Employer contributions | 0 | 0 |
Fair value of plan assetsbend of year | 0 | 0 |
Funded status at end of year | -19 | -21 |
Accumulated benefit obligation | $19 | $21 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued current benefit liability | ($1) | ($1) |
Accrued long-term benefit liability | -18 | -20 |
Funded status | ($19) | ($21) |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted Average of Benefit Obligation) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Discount rate | 4.40% | 3.50% |
Employee_Benefit_Plans_Weighte1
Employee Benefit Plans (Weighted Average of Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discount rate | 3.50% | 4.10% | 5.10% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $1 |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019-2023 | 6 |
Total | $11 |
Employee_Benefit_Plans_Costs_I
Employee Benefit Plans (Costs Incurred for Employee Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit plan | $1 | $1 | $1 |
Defined contribution plans | 32 | 34 | 35 |
Deferred compensation plans | $7 | $7 | $7 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans (Employee Stock Purchase Program Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Price per share for the ESPP (in percent) | 95.00% | ' |
Shares for Issuance under ESPP (in shares) | 1,000,000 | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 71,000 | 73,000 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Compensation Plans | $334 | $275 |
Hyatt Gold Passport Fund | 262 | 267 |
Deferred gains on sale of hotel properties | 192 | 93 |
Guarantee Liabilities | 133 | 6 |
Other Accrued Income Taxes | 90 | 91 |
Deferred Income Taxes | 74 | 80 |
Defined Benefit Plans | 18 | 20 |
Deferred Incentive Compensation Plans | 4 | 5 |
Other | 133 | 125 |
Other long-term liabilities | $1,240 | $962 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Deferred Tax Asset, Adjustments | $4 | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 3 | 6 | ' |
Foreign Tax Credits | ' | 26 | 30 |
Reserves for Interest Related to Expensing Certain Renovation Costs | ' | 6 | ' |
Income Tax Reconciliation, Foreign Income Tax Rate Differential | 4 | 3 | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | 6 | ' |
Interest expense recognized on other uncertain tax positions | ' | 4 | ' |
Income Tax Examination, Penalties and Interest Expense | -1 | 4 | ' |
Provisions from Reduction of Deferred Tax Assets from Unconsolidated Investments. | ' | 7 | ' |
Change in uncertain tax positions | ' | ' | -13 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | ' | 64 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | 13 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 35 | ' | ' |
Deferred Tax Assets, Property, Plant and Equipment | 51 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 18 | ' | ' |
Foreign Undistributed Earnings Indefinitely Reinvested | 329 | ' | ' |
Operating Loss Carryforwards | 32 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 21 | 22 | ' |
Total unrecognized tax benefits | 53 | 75 | 175 |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | 27 | 42 | ' |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statue of Limitations and Settlements with Taxing Authorities | 10 | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 14 | 97 | ' |
Gross accrued interest and penalties | -38 | -46 | -60 |
Income Tax Examination, Interest Expense | -1 | ' | ' |
Operating Loss Carryforwards [Member] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 17 | ' | ' |
Foreign Assets [Member] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 4 | ' | ' |
Foreign Country [Member] | ' | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | -2 | 17 |
Income Tax Examination, Penalties and Interest Expense | ' | 3 | ' |
Change in uncertain tax positions | ' | 8 | ' |
Income Tax Examination, Interest Expense | ' | 5 | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Tax Examination, Penalties and Interest Expense | ' | 3 | ' |
Federal and State [Member] | ' | ' | ' |
Income Tax Credits and Adjustments | 22 | ' | ' |
State and Foreign 2003-2009 [Member] | ' | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | -1 | -2 | ' |
IRS transitional guidance [Member] | ' | ' | ' |
Income Tax Examination, Penalties and Interest Expense | ' | 6 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Examination, Penalties and Interest Expense | ' | $3 | ' |
Income_Taxes_Domestic_and_Fore
Income Taxes (Domestic and Foreign Components of Pretax Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INCOME BEFORE INCOME TAXES | $321 | $95 | $83 |
Domestic Tax Authority [Member] | ' | ' | ' |
U.S. income (loss) before tax | 256 | 18 | -33 |
Foreign Tax Authority [Member] | ' | ' | ' |
Foreign income before tax | $65 | $77 | $116 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit) | $123 | ($57) | $109 |
Deferred Income Tax Expense (Benefit) | -7 | 65 | -137 |
Income Tax Expense (Benefit) | 116 | 8 | -28 |
Domestic Tax Authority [Member] | ' | ' | ' |
Current Income Tax Expense (Benefit) | 85 | -76 | 73 |
Deferred Income Tax Expense (Benefit) | -11 | 52 | -98 |
State and Local Jurisdiction [Member] | ' | ' | ' |
Current Income Tax Expense (Benefit) | 14 | -17 | 26 |
Deferred Income Tax Expense (Benefit) | 9 | 15 | -30 |
Foreign Tax Authority [Member] | ' | ' | ' |
Current Income Tax Expense (Benefit) | 24 | 36 | 10 |
Deferred Income Tax Expense (Benefit) | ($5) | ($2) | ($9) |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes - net of federal tax benefit | 4.80% | -0.30% | -2.10% |
Foreign and U.S. tax effects attributable to foreign operations | -0.40% | -27.40% | -46.70% |
Tax Contingencies | 0.20% | -10.30% | -5.10% |
Change in valuation allowances | 0.00% | -66.30% | -15.80% |
Write-off of Deferred Tax Assets | 0.00% | 75.40% | 0.00% |
General Business Credits | -1.30% | -2.50% | -0.90% |
Equity based compensation | 1.10% | 2.00% | 1.40% |
Other | -3.20% | 2.70% | 0.30% |
Effective income tax rate | 36.20% | 8.30% | -33.90% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Employee Benefits | $161 | $171 |
Foreign and State Net Operating Losses and credit carryforwards | 54 | 100 |
Nonconsolidated Investments | 77 | 53 |
Allowance for Uncollectible Assets | 38 | 37 |
Intangibles | 34 | 28 |
Deferred gain on sale | 74 | 37 |
Interest and State Benefits | 14 | 18 |
Unrealized Investment Losses | 6 | 7 |
Other | 60 | 53 |
Valuation Allowance | -21 | -22 |
Total Deferred Tax Asset | 497 | 482 |
Installment Sales | -6 | -10 |
Property and Equipment | -255 | -269 |
Nonconsolidated Investments | -59 | -57 |
Unrealized Investment Gains | -18 | -3 |
Prepaid Expenses | 14 | 12 |
Other | -14 | -12 |
Total Deferred Tax Liability | -366 | -363 |
Net Deferred Tax Asset | 131 | 119 |
Deferred tax assets - Current | 11 | 19 |
Deferred tax assets - Noncurrent | 198 | 183 |
Deferred Tax Liabilities - Current | -4 | -3 |
Deferred Tax Liabilities - Noncurrent | ($74) | ($80) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits Rollforward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits - Beginning Balance | $75 | $175 |
Total Increases - Current Period Tax Positions | 3 | 4 |
Total increases/(decreases) - Prior Period Tax Positions | -14 | -97 |
Settlements | -5 | -4 |
Lapse of Statute of Limitations | -4 | -4 |
Foreign currency fluctuation | -2 | ' |
Foreign Currency fluctuation | ' | 1 |
Unrecognized Tax Benefits - Ending Balance | $53 | $75 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Guarantees And Commitments Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Joint Venture New York [Member] | Performance Guarantee [Member] | Loan, Lease Completion And Repayment Guarantees [Member] | Performance Test Clause Guarantee [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Hotel in Thailand [Member] | Hotel in Thailand [Member] | Self Insurance Collateral [Member] | Borrowing Capacity Reduction [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | USD ($) | USD ($) | |||
USD ($) | EUR (€) | USD ($) | THB | |||||||||
Commitment to Loan or Investment | $458 | ' | $380 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of liability | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranty Liabilities | ' | ' | ' | 6 | ' | ' | 5 | ' | 0 | ' | ' | ' |
Guarantor Obligations, Current Carrying Value | 133 | 6 | ' | 123 | 10 | 0 | 118 | 90 | 5 | 157 | ' | ' |
Charge in period | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | 548 | 287 | ' | 519 | 377 | 11 | 360 | ' | ' |
Purchase Price Commitment To Loan Or Investment | ' | ' | 253 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 125 | ' | 50 | ' | ' | ' | ' | ' | ' | ' | 7 | 104 |
Purchase price commitment, percentage | ' | ' | 66.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Successful Enforcement Of Guarantee Agreements | ' | ' | ' | ' | $161 | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Surety Bonds, Letters Of Credit and Insurance Captive Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Self Insurance Reserve, Current | $27 |
Self Insurance Reserve, Noncurrent | 53 |
Letters of Credit Outstanding, Amount | 125 |
Surety bonds | 23 |
Self Insurance Collateral [Member] | ' |
Commitments and Contingencies Disclosure [Abstract] | ' |
Letters of Credit Outstanding, Amount | $7 |
Commitments_And_Contingencies_3
Commitments And Contingencies Schedule of Guarantor Obligations (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Performance Guarantee [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Hotel in Thailand [Member] | Hotel in Thailand [Member] | Select Service hotels in the United States [Member] | Other Performance Guarantee [Member] |
USD ($) | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | ||||
USD ($) | EUR (€) | USD ($) | THB | USD ($) | USD ($) | |||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | $548 | ' | $519 | € 377 | $11 | 360 | $14 | $4 |
Guarantor Obligations, Current Carrying Value | 133 | 6 | 123 | ' | 118 | 90 | 5 | 157 | 0 | 0 |
Guaranty Liabilities | ' | ' | $6 | ' | $5 | ' | $0 | ' | $1 | $0 |
Performance Guarantee Term | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_4
Commitments And Contingencies Debt Repayment Guarantee (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantor Obligations, Current Carrying Value | $133 | $6 |
Loan, Lease Completion And Repayment Guarantees [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 287 | ' |
Guarantor Obligations, Current Carrying Value | 10 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | Vacation ownership development [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 110 | ' |
Guarantor Obligations, Current Carrying Value | 1 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Brazil [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 75 | ' |
Guarantor Obligations, Current Carrying Value | 3 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | Joint Venture Hawaii [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 30 | ' |
Guarantor Obligations, Current Carrying Value | 1 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Minnesota [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 25 | ' |
Guarantor Obligations, Current Carrying Value | 4 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | HotelPropertyinColorado [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 15 | ' |
Guarantor Obligations, Current Carrying Value | 1 | ' |
Loan, Lease Completion And Repayment Guarantees [Member] | Other Debt Repayment Guarantee [Member] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 32 | ' |
Guarantor Obligations, Current Carrying Value | $0 | ' |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Repurchase Program, Authorized Amount | $400 | $200 |
Stock repurchased (in shares) | 6,604,768 | 3,690,282 |
Share repurchase, value | 275 | 136 |
Stock repurchase related costs | 0 | 0 |
Percent repurchased (in percent) | 4.00% | 2.00% |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $189 | ' |
Pritzker Family Business Interests [Member] | ' | ' |
Percent of Class B Common Stock Owned (in percent) | 77.70% | ' |
Percent of Outstanding Shares of Common Stock (in percent) | 56.00% | ' |
Percent of Total Voting Power, Common Stock (in percent) | 74.80% | ' |
Other Business Interests With Significant Ownership Percentage [Member] | ' | ' |
Percent of Class B Common Stock Owned (in percent) | 22.30% | ' |
Percent of Outstanding Shares of Common Stock (in percent) | 16.10% | ' |
Percent of Total Voting Power, Common Stock (in percent) | 21.50% | ' |
Weighted Average [Member] | ' | ' |
Stock Repurchased and Retired During Period Per Share Value (in dollars per share) | $41.64 | $36.94 |
Schedule_of_Accumulated_Other_
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $0 | [1] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -67 | -99 | ' | |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax, Total | -3 | ' | ' | |
Other Comprehensive Income, including reclassifications net of tax | 2 | ' | ' | |
Other Comprehensive Income (Loss) | -1 | 32 | -42 | |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -68 | -67 | -99 | |
Accumulated Translation Adjustment [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -54 | -83 | ' | |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax, Total | -10 | ' | ' | |
Other Comprehensive Income, including reclassifications net of tax | 2 | [1] | ' | ' |
Other Comprehensive Income (Loss) | ' | 29 | ' | |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -62 | -54 | ' | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | -2 | ' | |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax, Total | 6 | ' | ' | |
Other Comprehensive Income, including reclassifications net of tax | 0 | ' | ' | |
Other Comprehensive Income (Loss) | ' | 2 | ' | |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 6 | 0 | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -6 | -6 | ' | |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax, Total | 1 | ' | ' | |
Other Comprehensive Income, including reclassifications net of tax | 0 | ' | ' | |
Other Comprehensive Income (Loss) | ' | 0 | ' | |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -5 | -6 | ' | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | -7 | -8 | ' | |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax, Total | 0 | ' | ' | |
Other Comprehensive Income, including reclassifications net of tax | 0 | ' | ' | |
Other Comprehensive Income (Loss) | ' | 1 | ' | |
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | ($7) | ($7) | ' | |
[1] | (a) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on the condensed consolidated statements of income. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2011 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance share units (PSUs) [Member] | Performance share units (PSUs) [Member] | Performance share units (PSUs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | PSUs and PSSs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Cash Settled RSUs [Member] | Unearned compensation average recognition period [Member] | Unearned compensation average recognition period [Member] | Unearned compensation maximum recognition period [Member] | |
March 2013 [Member] | March 2012 [Member] | March 2011 [Member] | Restricted Stock Units (RSUs) [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||
Contractual life, stock appreciation rights (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P10Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or cancelled in Period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,264 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 19,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | ' | $46.90 | $45.86 | $40.56 | $43.44 | $36.86 | $38.75 | $35.87 | $41.29 | $33.35 | $38.92 | $41.74 | $43.51 | ' | ' | $43.44 | $41.29 | ' | ' | $41.74 | $17.29 | $19.08 | $17.98 | $17.29 | $19.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Total Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Total Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested, Total Intrinsic Value | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Total Intrinsic Value | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period (in shares) | ' | 2,132 | 13,082 | 2,218 | 453,356 | 40,694 | 2,580 | 19,787 | 444,059 | 10,493 | 14,124 | 484,685 | 471,019 | ' | ' | 218,686 | 209,569 | ' | ' | 99,660 | 405,877 | 359,062 | 526,917 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance period (in years) | ' | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | ' | '4 years | ' | '3 years | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unearned compensation | 49 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period, deferred compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | '7 years |
Share-based Compensation Arrangement by Share-based Payment Award. Cash Settled, Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Employee Service Cash Settled Share-based Compensation Liability, Nonvested Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Allocated Cash-settled Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expense Related To Long-Term Incentive Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Compensation expense | $8 | $8 | $9 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Compensation expense | 17 | 14 | 12 |
PSUs and PSSs [Member] | ' | ' | ' |
Compensation expense | $3 | $1 | $1 |
Stock_Based_Compensation_Incom
Stock Based Compensation (Income Tax Benefit Share Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $3 | $3 | $3 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 6 | 5 | 4 |
PSUs and PSSs [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $1 | $0 | $0 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Appreciation Rights by Grant Date) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2013 | |
25% annually [Member] | 100% at Vest [Member] | ||||||
Grants in period (in shares) | 405,877 | 359,062 | 526,917 | ' | ' | 472,003 | 54,914 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $17.29 | $19.08 | $17.98 | $17.29 | $19.08 | $17.95 | $18.21 |
Award Vesting Rights | 25.00% | 25.00% | ' | ' | ' | 25.00% | 100.00% |
Vesting Start Period | 'March 2013 | 'March 2012 | ' | ' | ' | 'March 2014 | 'March 2017 |
StockBased_Compensation_SAR_Va
Stock-Based Compensation (SAR Valuation Assumptions) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Exercise Price (in dollars per share) | $43.44 | $41.29 | $41.74 |
Expected Life in Years | '6 years 3 months 29 days | '6 years 3 months 9 hours | '6 years 3 months 9 hours |
Risk-free Interest Rate | 1.18% | 1.49% | 2.43% |
Expected Volatility | 40.67% | 40.84% | 43.39% |
Annual Dividend Yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of SAR Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Nonvested, Beginning Balance | ' | ' | 3,166,862 | ' |
Grants in period (in shares) | 405,877 | 359,062 | 526,917 | ' |
Exercises In Period | ' | ' | 96,414 | ' |
Forfeited or cancelled in Period (in shares) | ' | ' | 19,155 | ' |
Nonvested, Ending Balance | ' | ' | 3,578,210 | ' |
Exercisable | ' | ' | 2,435,759 | ' |
Outstanding, Weighted Average Exercise Price, Beginning Balance | ' | ' | $45.20 | ' |
Grants In Period, Weighted Average Exercise Price | ' | ' | $43.44 | ' |
Exercises In Period, Weighted Average Exercise Price | ' | ' | $27.75 | ' |
Fofeited or Cancelled in Period, Weighted Average Exercise Price | ' | ' | $41.23 | ' |
Outstanding, Weighted Average Exercise Price, Ending Balance | ' | ' | $45.43 | ' |
Exercisable, Weighted Average Exercise Price | ' | ' | $47.18 | ' |
Outstanding at December Weighted Average Contractual Terms | ' | ' | '5 years 10 months 17 days | '6 years 3 months 23 days |
Grants in Period, Weighted Average Contractual Term | ' | ' | '9 years 2 months 12 days | ' |
Exercises in Period, Weighted Average Contractual Term | ' | ' | '5 years 7 months 13 days | ' |
Forfeited or Cancelled in Period, Weighted Average Contractual Term | ' | ' | '6 years 7 months 24 days | ' |
Exercisable, Weighted Average Contractual Term | ' | ' | '4 years 9 months 7 days | ' |
StockBased_Compensation_RSU_Ac
Stock-Based Compensation (RSU Activity by Grant Date) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance Vested Restricted Stock (PSS) [Member] | Performance share units (PSUs) [Member] | Performance share units (PSUs) [Member] | Performance share units (PSUs) [Member] | Minimum [Member] | Maximum [Member] | |
March 2012 [Member] | March 2011 [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||
June 2011 [Member] | June 2011 [Member] | ||||||||||||||||||||||||
Grants in period (in shares) | 2,132 | 13,082 | 2,218 | 453,356 | 40,694 | 2,580 | 19,787 | 444,059 | 10,493 | 14,124 | 484,685 | 471,019 | 405,877 | 359,062 | 526,917 | ' | ' | ' | ' | 209,569 | ' | ' | 99,660 | ' | ' |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $46.90 | $45.86 | $40.56 | $43.44 | $36.86 | $38.75 | $35.87 | $41.29 | $33.35 | $38.92 | $41.74 | $43.51 | $17.29 | $19.08 | $17.98 | $17.29 | $19.08 | ' | ' | $41.29 | ' | ' | $41.74 | ' | ' |
Total Fair Value, Grants in period | $0 | $1 | $0 | $20 | $1 | $0 | $1 | $18 | $0 | $1 | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance period (in years) | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | '3 years | ' | '2 years | '4 years |
Expected Life in Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 3 months 29 days | '6 years 3 months 9 hours | '6 years 3 months 9 hours | ' | ' | ' | ' | ' | ' | ' | ' |
Vested, Total Intrinsic Value | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or cancelled in Period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,264 | ' | ' | 19,155 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,204,182 |
Grants in period (in shares) | 2,132 | 13,082 | 2,218 | 453,356 | 40,694 | 2,580 | 19,787 | 444,059 | 10,493 | 14,124 | 484,685 | 471,019 |
Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402,466 |
Forfeited or cancelled in Period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,264 |
Nonvested, Ending Balance | 1,244,471 | ' | ' | ' | 1,204,182 | ' | ' | ' | ' | ' | ' | 1,244,471 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.10 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $46.90 | $45.86 | $40.56 | $43.44 | $36.86 | $38.75 | $35.87 | $41.29 | $33.35 | $38.92 | $41.74 | $43.51 |
Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.07 |
Forfeited or Cancelled in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41.49 |
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $40.71 | ' | ' | ' | $39.10 | ' | ' | ' | ' | ' | ' | $40.71 |
StockBased_Compensation_Unearn
Stock-Based Compensation (Unearned Compensation) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future compensation expense, 2014 | $23 |
Future compensation expense, 2015 | 15 |
Future compensation expense, 2016 | 9 |
Future compensation expense, 2017 | 2 |
Future compensation expense, 2018 and thereafter | 0 |
Total unearned compensation | 49 |
Stock Appreciation Rights (SARs) [Member] | ' |
Future compensation expense, 2014 | 6 |
Future compensation expense, 2015 | 4 |
Future compensation expense, 2016 | 3 |
Future compensation expense, 2017 | 1 |
Future compensation expense, 2018 and thereafter | 0 |
Total unearned compensation | 14 |
Restricted Stock Units (RSUs) [Member] | ' |
Future compensation expense, 2014 | 14 |
Future compensation expense, 2015 | 10 |
Future compensation expense, 2016 | 6 |
Future compensation expense, 2017 | 1 |
Future compensation expense, 2018 and thereafter | 0 |
Total unearned compensation | 31 |
PSUs and PSSs [Member] | ' |
Future compensation expense, 2014 | 3 |
Future compensation expense, 2015 | 1 |
Future compensation expense, 2016 | 0 |
Future compensation expense, 2017 | 0 |
Future compensation expense, 2018 and thereafter | 0 |
Total unearned compensation | $4 |
RelatedParty_Transactions_Leas
Related-Party Transactions Leases Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (loss) on sublease agreement | ($6) | $2 | ($7) |
Future sublease income | 171 | ' | ' |
Related Party [Member] | ' | ' | ' |
Proceeds from Amendment of Sublease Agreement | ' | 4 | ' |
Future sublease income | 9 | ' | ' |
Related Party [Member] | ' | ' | ' |
Gain (loss) on sublease agreement | ' | ' | ($5) |
RelatedParty_Transactions_Lega
Related-Party Transactions Legal Services Narrative (Details) (Related Party Legal Services [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Legal Services [Member] | ' | ' | ' |
Legal fees | $2 | $2 | $2 |
Due from (to) related party | $0 | $0 | ' |
RelatedParty_Transactions_Gami
Related-Party Transactions Gaming Narrative (Details) (Related Party Gaming Fees [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Related Party Gaming Fees [Member] | ' |
Casino Revenue | $2 |
RelatedParty_Transactions_Othe
Related-Party Transactions Other Services Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Management and franchise fees | $94 | $77 | $96 | $75 | $80 | $68 | $80 | $79 | $342 | $307 | $288 |
Related Party Other Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and franchise fees | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 | 6 |
Due from (to) related party | $1 | ' | ' | ' | $1 | ' | ' | ' | $1 | $1 | ' |
RelatedParty_Transactions_Equi
Related-Party Transactions Equity Method Investments Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Management and franchise fees | $94 | $77 | $96 | $75 | $80 | $68 | $80 | $79 | $342 | $307 | $288 |
Related Party Equity Method Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and franchise fees | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 37 | 36 |
Due from (to) related party | $7 | ' | ' | ' | $7 | ' | ' | ' | $7 | $7 | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in the joint venture | 70.00% | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in the joint venture | 8.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' |
RelatedParty_Transactions_Shar
Related-Party Transactions Share Repurchase Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
Common Class B | Common Class B | |||
Stock repurchased (in shares) | 6,604,768 | 3,690,282 | 2,906,879 | 8,987,695 |
Cost per share | ' | ' | $41.36 | $44.03 |
Share repurchase, value | $275 | $136 | $120 | $396 |
Percent repurchased (in percent) | 4.00% | 2.00% | 2.00% | 5.20% |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Summarized Consolidated Financial Information by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Total revenues | $1,091 | $1,026 | $1,092 | $975 | $1,000 | $977 | $1,014 | $958 | $4,184 | $3,949 | $3,698 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 680 | 606 | 538 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 345 | 353 | 305 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 301 | 331 | |||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 93 | 82 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -114 | -107 | -103 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 | 7 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 15 | 7 | |||
Eliminations (a) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -105 | [1] | -98 | [1] | -83 | [1] |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Operating Segments [Member] | Owned and Leased Hotels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,142 | 2,021 | 1,879 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 471 | 442 | 400 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 315 | 323 | 282 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 211 | 283 | 321 | |||
Operating Segments [Member] | Americas Management and Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,774 | 1,712 | 1,615 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 233 | 199 | 167 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 20 | 13 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 0 | |||
Operating Segments [Member] | ASPAC Management and Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 129 | 113 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 46 | 40 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 1 | |||
Operating Segments [Member] | EAME/SW Asia Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 117 | 92 | 92 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 26 | 34 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | 2 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2 | |||
Intersegment Eliminations [Member] | Americas Management and Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 86 | [1] | 81 | [1] | 64 | [1] |
Intersegment Eliminations [Member] | ASPAC Management and Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [1] | 3 | [1] | 4 | [1] |
Intersegment Eliminations [Member] | EAME/SW Asia Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $16 | [1] | $14 | [1] | $15 | [1] |
[1] | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Total Assets | $8,177 | $7,630 |
Owned and Leased Hotels [Member] | ' | ' |
Total Assets | 5,895 | 4,942 |
Americas Management and Franchising [Member] | ' | ' |
Total Assets | 527 | 470 |
ASPAC Management and Franchising [Member] | ' | ' |
Total Assets | 116 | 95 |
EAME/SW Asia Management [Member] | ' | ' |
Total Assets | 201 | 63 |
Corporate and Other [Member] | ' | ' |
Total Assets | $1,438 | $2,060 |
Segment_and_Geographic_Informa4
Segment and Geographic Information (Schedule of Revenues from External Customers and Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $1,091 | $1,026 | $1,092 | $975 | $1,000 | $977 | $1,014 | $958 | $4,184 | $3,949 | $3,698 |
Long Lived Assets | 5,409 | ' | ' | ' | 4,660 | ' | ' | ' | 5,409 | 4,660 | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,270 | 3,140 | 2,911 |
Long Lived Assets | 4,026 | ' | ' | ' | 3,395 | ' | ' | ' | 4,026 | 3,395 | ' |
All Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 914 | 809 | 787 |
Long Lived Assets | $1,383 | ' | ' | ' | $1,265 | ' | ' | ' | $1,383 | $1,265 | ' |
Segment_and_Geographic_Informa5
Segment and Geographic Information (Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income (Loss) attributable to Hyatt Hotels Corporation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $680 | $606 | $538 | ||
Equity earnings (losses) from unconsolidated hospitality ventures | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -22 | 4 | ||
Gains (losses) on sales of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 0 | -2 | ||
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -22 | 0 | -6 | ||
Other income (loss), net | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 7 | -11 | ||
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 2 | ||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -68 | -73 | -78 | ||
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 733 | 519 | 447 | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -345 | -353 | -305 | ||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -65 | -70 | -57 | ||
(Provision) benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -116 | -8 | 28 | ||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $32 | [1] | $55 | $112 | $8 | $16 | [2] | $23 | $39 | $10 | $207 | $88 | $113 |
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | ||||||||||||
[2] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $205 | $87 | $111 | ||
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 2 | ||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $32 | [1] | $55 | $112 | $8 | $16 | [2] | $23 | $39 | $10 | $207 | $88 | $113 |
Basic weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 158,544,930 | 165,017,485 | 168,761,751 | ||
Share-based compensation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 644,149 | 359,843 | 478,696 | ||
Diluted weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 159,189,079 | 165,377,328 | 169,240,447 | ||
Net income -Basic (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.29 | $0.53 | $0.66 | ||
Net loss attributable to noncontrolling interests - Basic (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0 | $0.01 | ||
Net income attributable to Hyatt Hotels Corporation - Basic (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $0.53 | $0.67 | ||
Net income -diluted per share | ' | ' | ' | ' | ' | ' | ' | ' | $1.29 | $0.53 | $0.66 | ||
Net loss attributable to noncontrolling interests - Diluted (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0 | $0.01 | ||
Net income attributable to Hyatt Hotels Corporation - Diluted (per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $0.53 | $0.67 | ||
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | ||||||||||||
[2] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Shares Issued) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Settled SARs [Member] | ' | ' | ' |
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 148,200 | 13,200 | 48,900 |
RSUs [Member] | ' | ' | ' |
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 0 | 3,300 | 1,400 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Other Asset Impairment Charges | $14 | [1] | ' | ' | ' | $22 | [2] | ' | ' | ' | ' | ' | ' | ||||||||
Equity Method Investment, Other than Temporary Impairment | 3 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Owned and leased hotel revenues | 557 | 521 | 572 | 492 | 517 | 503 | 528 | 473 | 2,142 | 2,021 | 1,879 | ||||||||||
Management and franchise fee revenues | 94 | 77 | 96 | 75 | 80 | 68 | 80 | 79 | 342 | 307 | 288 | ||||||||||
Other revenues | 15 | 22 | 21 | 20 | 19 | 22 | 20 | 17 | 78 | 78 | 66 | ||||||||||
Other revenues from managed properties | 425 | [3] | 406 | [3] | 403 | [3] | 388 | [3] | 384 | [3] | 384 | [3] | 386 | [3] | 389 | [3] | 1,622 | 1,543 | 1,465 | ||
Total revenues | 1,091 | 1,026 | 1,092 | 975 | 1,000 | 977 | 1,014 | 958 | 4,184 | 3,949 | 3,698 | ||||||||||
Direct And Selling, General, And Administrative Expenses | 1,036 | 973 | 984 | 958 | 961 | 937 | 941 | 951 | 3,951 | 3,790 | 3,545 | ||||||||||
Income from continuing operations | 30 | 55 | 112 | 8 | 15 | 23 | 39 | 10 | ' | ' | ' | ||||||||||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | 32 | [1] | 55 | 112 | 8 | 16 | [2] | 23 | 39 | 10 | 207 | 88 | 113 | ||||||||
Net Income -Basic (in dollars per share) | $0.20 | $0.35 | $0.70 | $0.05 | $0.09 | $0.14 | $0.24 | $0.06 | $1.29 | $0.53 | $0.66 | ||||||||||
Net Income- Diluted (in dollars per share) | $0.19 | $0.35 | $0.70 | $0.05 | $0.09 | $0.14 | $0.24 | $0.06 | $1.29 | $0.53 | $0.66 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 11 | [1] | ' | ' | ' | ' | ' | ' | ' | 11 | 0 | 0 | |||||||||
Impairment of held-to-maturity investment | ' | ' | ' | ' | 4 | [2] | ' | ' | ' | 0 | 4 | [2] | 0 | ||||||||
Hospitality Venture Properties [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Equity Method Investment, Other than Temporary Impairment | ' | ' | ' | ' | $18 | [2] | ' | ' | ' | $2 | [1] | $18 | ' | ||||||||
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated joint ventures. | ||||||||||||||||||||
[2] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. | ||||||||||||||||||||
[3] | Represents revenues that we receive from third-party property owners who reimburse us for costs that we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses. See Part II, ItemB 7 bManagementbs Discussion and Analysis of Financial Condition and Results of OperationsbPrincipal Factors Affecting Our Results of OperationsbRevenues.b |
Other_Income_Other_Income_Deta
Other Income Other Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Other Income (Loss), Net [Abstract] | ' | ' | ' | ' | ||
Interest Income | ' | $17 | $23 | $23 | ||
Cost method investment income | ' | 50 | 1 | 0 | ||
Gains (losses) on other marketable securities | ' | 2 | 17 | -13 | ||
Impairment of held-to-maturity investment | -4 | [1] | 0 | -4 | [1] | 0 |
Gain on sale of artwork | ' | 29 | 0 | 0 | ||
Charitable contribution to Hyatt Thrive Foundation | ' | -20 | 0 | 0 | ||
Debt Settlement Costs | ' | -35 | 0 | 0 | ||
Foreign currency losses | ' | -5 | -3 | -5 | ||
Provision on hotel loans | ' | 6 | 4 | 4 | ||
Realignment costs | ' | 0 | -21 | 0 | ||
Transaction costs | ' | -10 | -2 | -5 | ||
Other | ' | -5 | 0 | -7 | ||
Other income (loss), net | ' | $17 | $7 | ($11) | ||
[1] | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2012 includes impairment charges of $22 million, of which $18 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures and relates to our interest in two hospitality ventures, and $4 million is recorded in other income (loss), net and relates to a held-to-maturity investment. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 06, 2014 | Feb. 06, 2014 |
Select Service [Member] | Full Service [Member] | RLJ Lodging Trust [Member] | RLJ Lodging Trust [Member] | RLJ Lodging Trust [Member] | ||||
Hotels | Hotels | Subsequent Event [Member] | Select Service [Member] | Full Service [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Hotels | Hotels | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels operated or franchised | ' | ' | ' | 250 | 271 | ' | 9 | 1 |
Proceeds from sales of real estate and assets held for sale | $601 | $87 | $108 | ' | ' | $313 | ' | ' |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Trade receivablesballowance for doubtful accounts | ' | ' | ' | |||
Balance at Beginning of Period | $11 | $10 | $15 | |||
Additions Charged to Revenues, Costs and Expenses | 4 | 5 | 4 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | -4 | -4 | -9 | |||
Balance at End of Period | 11 | 11 | 10 | |||
Notes receivableballowance for losses | ' | ' | ' | |||
Balance at Beginning of Period | 99 | 90 | 82 | |||
Additions Charged to Revenues, Costs and Expenses | 13 | 19 | 16 | |||
Additions Charged to Other Accounts | -3 | [1] | 0 | 0 | ||
Deductions | -6 | -10 | -8 | |||
Balance at End of Period | 103 | 99 | 90 | |||
Deferred tax assetbvaluation allowance | ' | ' | ' | |||
Balance at Beginning of Period | 22 | 83 | 96 | |||
Additions Charged to Revenues, Costs and Expenses | 0 | 1 | 0 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | -1 | -62 | [2] | -13 | [2] | |
Balance at End of Period | $21 | $22 | $83 | |||
[1] | This amount represents currency translation on foreign currency denominated notes receivable. | |||||
[2] | This amount represents the release of certain foreign net operating losses. |