Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | |
Common Class A | Common Class B | ||
Entity 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-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Trading Symbol | 'h | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 42,370,187 | 112,527,463 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUES: | ' | ' | |
Owned and leased hotels | $548 | $492 | |
Management and franchise fees | 89 | 75 | |
Other revenues | 21 | 20 | |
Other revenues from managed properties | 416 | 388 | |
Total revenues | 1,074 | 975 | |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ' | ' | |
Owned and leased hotels | 415 | 391 | |
Depreciation and amortization | 95 | 88 | |
Other direct costs | 8 | 7 | |
Selling, general, and administrative | 87 | 84 | |
Other costs from managed properties | 416 | 388 | |
Direct and selling, general, and administrative expenses | 1,021 | 958 | |
Net gains and interest income from marketable securities held to fund operating programs | 4 | 10 | |
Equity losses from unconsolidated hospitality ventures | -7 | -1 | |
Interest expense | -19 | -17 | |
Asset Impairments | 0 | -8 | [1] |
Gains on sales of real estate | 61 | 0 | |
Other income (loss), net | -12 | 2 | |
INCOME BEFORE INCOME TAXES | 80 | 3 | |
(PROVISION) BENEFIT FOR INCOME TAXES | -24 | 5 | |
NET INCOME | 56 | 8 | |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $56 | $8 | |
EARNINGS PER SHARE - Basic | ' | ' | |
Net income - Basic (in dollars per share) | $0.36 | $0.05 | |
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share) | $0.36 | $0.05 | |
EARNINGS PER SHARE - Diluted | ' | ' | |
Net income - Diluted (in dollars per share) | $0.36 | $0.05 | |
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share) | $0.36 | $0.05 | |
[1] | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET INCOME | $56 | $8 |
Foreign currency translation adjustments, net of tax (benefit) expense of $1 and $- in 2014 and 2013, respectively | 1 | -2 |
Unrealized loss on available for sale securities, net of tax (benefit) expense of $1 and $- in 2014 and 2013, respectively | -3 | 0 |
Other comprehensive loss | -2 | -2 |
Comprehensive income | 54 | 6 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to Hyatt Hotels Corporation | $54 | $6 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income Parentheticals (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Foreign currency translation adjustments, Tax | $1 | $0 |
Unrealized gains on Available for Sale Securities, Tax | $1 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $765 | $454 |
Restricted cash | 100 | 184 |
Short-term investments | 30 | 30 |
Receivables, net of allowances of $12 and $11 at March 31, 2014 and December 31, 2013, respectively | 323 | 273 |
Inventories | 75 | 77 |
Prepaids and other assets | 122 | 122 |
Prepaid income taxes | 27 | 12 |
Deferred tax assets | 20 | 11 |
Total current assets | 1,462 | 1,163 |
Investments | 322 | 329 |
Property and equipment, net | 4,378 | 4,671 |
Financing receivables, net of allowances | 119 | 119 |
Goodwill | 147 | 147 |
Intangibles, net | 595 | 591 |
Deferred tax assets | 181 | 198 |
Other assets | 972 | 959 |
TOTAL ASSETS | 8,176 | 8,177 |
LIABILITIES AND EQUITY | ' | ' |
Current maturities of long-term debt | 194 | 194 |
Accounts payable | 131 | 133 |
Accrued expenses and other current liabilities | 419 | 411 |
Accrued compensation and benefits | 113 | 133 |
Total current liabilities | 857 | 871 |
Long-term debt | 1,293 | 1,289 |
Other long-term liabilities | 1,251 | 1,240 |
Total liabilities | 3,401 | 3,400 |
Commitments and contingencies (see Note 9) | ' | ' |
EQUITY: | ' | ' |
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of March 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock | 2 | 2 |
Additional paid-in capital | 2,959 | 3,015 |
Retained earnings | 1,877 | 1,821 |
Treasury stock at cost, 36,273 shares at March 31, 2014 and December 31, 2013 | -1 | -1 |
Accumulated other comprehensive loss | -70 | -68 |
Total stockholders' equity | 4,767 | 4,769 |
Noncontrolling interests in consolidated subsidiaries | 8 | 8 |
Total equity | 4,775 | 4,777 |
TOTAL LIABILITIES AND EQUITY | $8,176 | $8,177 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet Parentheticals (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $12 | $11 |
Preferred Stock, Par or Stated Value Per Share (per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Class A | ' | ' |
Common Stock, Par or Stated Value Per Share (per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Outstanding (in shares) | 42,844,803 | 43,584,144 |
Common Stock, Shares, Issued (in shares) | 42,881,076 | 43,620,417 |
Treasury Stock, Shares (in shares) | 36,273 | 36,273 |
Common Class B | ' | ' |
Common Stock, Par or Stated Value Per Share (per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 444,521,875 | 444,521,875 |
Common Stock, Shares, Outstanding (in shares) | 112,527,463 | 112,527,463 |
Common Stock, Shares, Issued (in shares) | 112,527,463 | 112,527,463 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | |
NET INCOME | $56 | $8 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 95 | 88 | |
Deferred income taxes | 5 | -2 | |
Asset Impairments | 0 | 8 | [1] |
Equity losses from unconsolidated hospitality ventures, net of distributions received | 14 | 7 | |
Gains on sales of real estate | -61 | 0 | |
Working capital changes and other | -60 | -82 | |
Net cash provided by operating activities | 49 | 27 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | |
Purchases of marketable securities and short-term investments | -112 | -31 | |
Proceeds from marketable securities and short-term investments | 102 | 77 | |
Contributions to investments | -14 | -36 | |
Acquisitions, net of cash acquired | 0 | -85 | |
Capital expenditures | -41 | -43 | |
Proceeds from sales of real estate and assets held for sale, net of cash disposed | 316 | 36 | |
Sales proceeds transferred to escrow as restricted cash | -232 | -23 | |
Sale proceeds transferred from escrow to cash and cash equivalents | 306 | 0 | |
Decrease (increase) in restricted cash - investing | 11 | -8 | |
Other investing activities | -7 | 10 | |
Net cash provided by (used in) investing activities | 329 | -103 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | |
Proceeds from long-term debt | 0 | 11 | |
Repurchase of common stock | -59 | -27 | |
Other financing activities | -7 | -2 | |
Net cash used in financing activities | -66 | -18 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -1 | 11 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 311 | -83 | |
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR | 454 | 413 | |
CASH AND CASH EQUIVALENTS-END OF PERIOD | 765 | 330 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | |
Cash paid during the period for interest | 36 | 30 | |
Cash paid during the period for income taxes | 38 | 18 | |
Non-cash operating activities are as follows: | ' | ' | |
Non-cash performance guarantee | 0 | 115 | |
Non-cash investing activities are as follows: | ' | ' | |
Non-cash contract acquisition costs | 0 | 115 | |
Change in accrued capital expenditures | 1 | 2 | |
Capital leases | $3 | $0 | |
[1] | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, we operated or franchised 272 full service hotels under the Hyatt portfolio of brands, consisting of 110,685 rooms throughout the world. As of March 31, 2014, we operated or franchised 255 select service hotels under the Hyatt portfolio of brands with 34,565 rooms, of which 249 hotels are located in the United States. As of March 31, 2014, our Hyatt portfolio of brands included 2 franchised all inclusive Hyatt-branded resorts, consisting of 925 rooms. We operate these hotels in 47 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 and throughout this Quarterly Report on Form 10-Q, the terms "Company," "HHC," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the "2013 Form 10-K"). | |
We have eliminated all intercompany transactions in our condensed consolidated financial statements. We consolidate entities for which we either have a controlling financial interest or are considered to be the primary beneficiary. | |
Management believes that the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
Adopted Accounting Standards | |
In February 2013, the Financial Accounting Standards Board ("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. The adoption of ASU 2013-04 did not materially impact our condensed 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. The adoption of ASU 2013-05 did not materially impact our condensed 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. The adoption of ASU 2013-11 did not materially impact our condensed consolidated financial statements. |
Equity_And_Cost_Method_Investm
Equity And Cost Method Investments | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, 2014 and December 31, 2013 are as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Equity method investments | $ | 315 | $ | 320 | ||||
Cost method investments | 7 | 9 | ||||||
Total investments | $ | 322 | $ | 329 | ||||
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, certain of which will be Hyatt-branded. 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 condensed consolidated balance sheets. See Note 4 for further discussion of our investment in preferred shares. | ||||||||
Income from cost method investments included in other income (loss), net in our condensed consolidated statements of income for the three months ended March 31, 2014 and 2013 was $1 million and insignificant, respectively. | ||||||||
During the three months ended March 31, 2014, we recorded $1 million in impairment charges in equity losses from unconsolidated hospitality ventures related to two equity method investments. | ||||||||
The following table presents summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total revenues | $ | 283 | $ | 226 | ||||
Gross operating profit | 56 | 74 | ||||||
Income (loss) from continuing operations | (15 | ) | 3 | |||||
Net income (loss) | (15 | ) | 3 | |||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||||||
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). GAAP establishes a valuation hierarchy for prioritizing the inputs that 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 have various financial instruments that are measured at fair value including certain marketable securities. 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. | ||||||||||||||||||||
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. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, we had the following financial assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
March 31, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
Marketable securities recorded in | ||||||||||||||||||||
cash and cash equivalents | ||||||||||||||||||||
Interest bearing money market funds | $ | 89 | $ | 89 | $ | — | $ | — | ||||||||||||
Marketable securities included in | ||||||||||||||||||||
short-term investments, prepaids and | ||||||||||||||||||||
other assets and other assets | ||||||||||||||||||||
Mutual funds | 337 | 337 | — | — | ||||||||||||||||
Preferred shares | 276 | — | — | 276 | ||||||||||||||||
U.S. government obligations | 120 | — | 120 | — | ||||||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||||||
Corporate debt securities | 122 | — | 122 | — | ||||||||||||||||
Mortgage-backed securities | 22 | — | 22 | — | ||||||||||||||||
Asset-backed securities | 19 | — | 19 | — | ||||||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||||||
December 31, 2013 | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
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 | — | ||||||||||||||||
During the three months ended March 31, 2014 and 2013, 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 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 notes and bonds. The fair value of our mutual funds was 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. | ||||||||||||||||||||
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 is classified as Level One as we are able to obtain market available pricing information on an ongoing basis. | ||||||||||||||||||||
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 was insignificant for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||
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 included in other assets on our condensed consolidated balance sheets. The investment is remeasured quarterly to fair value and the changes are recorded through other comprehensive loss. | ||||||||||||||||||||
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 its 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 as of March 31, 2014 and December 31, 2013, is as follows: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Expected term | 1.75 years | 2 years | ||||||||||||||||||
Risk-free Interest Rate | 0.37 | % | 0.38 | % | ||||||||||||||||
Volatility | 44.2 | % | 47.7 | % | ||||||||||||||||
Dividend Yield | 10 | % | 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 March 31, 2014, 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 of market data, the preferred shares are classified as Level Three. Based on the assumptions used for the three months ended March 31, 2014, the fair value of our preferred shares was $276 million and is recorded in other assets on our condensed consolidated balance sheets, resulting in a $2 million gross unrealized loss recorded in other comprehensive loss as of March 31, 2014. | ||||||||||||||||||||
Included in our portfolio of marketable securities are investments in debt securities classified as available for sale. At March 31, 2014 and December 31, 2013 these were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||
Cost | Gain | Loss | ||||||||||||||||||
Total preferred shares | $ | 271 | $ | 5 | $ | — | $ | 276 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||
Cost | Gain | Loss | ||||||||||||||||||
Total preferred shares | $ | 271 | $ | 7 | $ | — | $ | 278 | ||||||||||||
Gross realized gains and losses on available for sale securities were insignificant for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||
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. For further information on financing receivables, see Note 5. | ||||||||||||||||||||
We estimated the fair value of debt, excluding capital leases, which, as of March 31, 2014 and December 31, 2013, consisted primarily of $250 million of 3.875% senior notes due 2016 (the "2016 Notes"), $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), and $350 million of 3.375% senior notes due 2023 (the "2023 Notes" which, together with the 2016 Notes, the 2019 Notes, and the 2021 Notes are collectively referred to as the "Senior Notes"), bonds and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. 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. | ||||||||||||||||||||
The carrying amounts and fair values of our other financial instruments are as follows: | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 37 | — | — | 37 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Debt, excluding capital lease obligations | (1,277 | ) | (1,338 | ) | — | (1,297 | ) | (41 | ) | |||||||||||
Asset (Liability) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
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 | |||||||||||||||
Debt, excluding capital lease obligations | (1,275 | ) | (1,296 | ) | — | (1,263 | ) | (33 | ) | |||||||||||
Financing_Receivables
Financing Receivables | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 hotel properties currently in operation. These loans at March 31, 2014 and December 31, 2013 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%. | |||||||||||||||
• | Vacation Ownership Mortgage Receivables—These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. As of March 31, 2014, the weighted-average interest rate on vacation ownership mortgage receivables 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. Our other financing arrangements have stated maturities and interest rates. However, the expected repayment terms may be dependent on the future cash flows of the hotels and these financing receivable instruments, therefore, are not considered loans as the repayment dates are not fixed or determinable. Because the other types of financing 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 March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | ||||||||||||
Vacation ownership mortgage receivables at various interest rates with varying payments through 2031 (see below) | 43 | 44 | ||||||||||||||
Unsecured financing to hotel owners | 150 | 147 | ||||||||||||||
232 | 230 | |||||||||||||||
Less allowance for losses | (105 | ) | (103 | ) | ||||||||||||
Less current portion included in receivables, net | (8 | ) | (8 | ) | ||||||||||||
Total long-term financing receivables, net | $ | 119 | $ | 119 | ||||||||||||
Financing receivables held by us as of March 31, 2014 are scheduled to mature as follows: | ||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | Vacation Ownership Mortgage Receivables | ||||||||||||||
2014 | $ | 1 | $ | 6 | ||||||||||||
2015 | 38 | 7 | ||||||||||||||
2016 | — | 7 | ||||||||||||||
2017 | — | 5 | ||||||||||||||
2018 | — | 4 | ||||||||||||||
Thereafter | — | 14 | ||||||||||||||
Total | 39 | 43 | ||||||||||||||
Less allowance | (13 | ) | (6 | ) | ||||||||||||
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 three months ended March 31, 2014 and 2013: | ||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||
Allowance at January 1, 2014 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||
Provisions | — | — | 2 | 2 | ||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||
Other Adjustments | — | — | 1 | 1 | ||||||||||||
Allowance at March 31, 2014 | $ | 13 | $ | 6 | $ | 86 | $ | 105 | ||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||
Provisions | — | — | 2 | 2 | ||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||
Allowance at March 31, 2013 | $ | 7 | $ | 8 | $ | 85 | $ | 100 | ||||||||
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 recognize interest income for impaired loans unless cash is received, in which case the payment is recorded to other income (loss), net in the accompanying condensed consolidated statements of income. During the three months ended March 31, 2014 and 2013, we did not record any impairment charges for loans to hotel owners. 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 March 31, 2014 and December 31, 2013, all of which had a related allowance recorded against them: | ||||||||||||||||
Impaired Loans | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid | Related | Average | |||||||||||||
Principal | Allowance | Recorded | ||||||||||||||
Balance | Loan Balance | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 39 | |||||||
Unsecured financing to hotel owners | 53 | 37 | (53 | ) | 52 | |||||||||||
Impaired Loans | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid | Related | Average | |||||||||||||
Principal | Allowance | Recorded | ||||||||||||||
Balance | Loan Balance | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||
Interest income recognized on these impaired loans within other income (loss), net on our condensed consolidated statements of income for the three months ended March 31, 2014 and 2013 was insignificant. | ||||||||||||||||
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 three months ended March 31, 2014 and 2013, 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 three months ended March 31, 2014 and 2013, 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 cash is 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 March 31, 2014 and December 31, 2013: | ||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Receivables | Greater than 90 Days Past Due | Receivables on | ||||||||||||||
Past Due | Non-Accrual | |||||||||||||||
Status | ||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 84 | |||||||||||||
Total | $ | 5 | $ | 3 | $ | 123 | ||||||||||
Analysis of Financing Receivables | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Receivables | Greater than 90 Days Past Due | Receivables on | ||||||||||||||
Past Due | 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 | ||||||||||
* 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. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2014 | |
Acqusitions and Dispositions [Abstract] | ' |
Acquisitions and Dispositions | ' |
ACQUISITIONS AND DISPOSITIONS | |
We continually assess strategic acquisitions and dispositions to complement our current business. | |
Acquisitions | |
The Driskill—During the three months ended March 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 hotel segment. | |
Dispositions | |
Hyatt, Hyatt Place, Hyatt House 2014—During the three months ended March 31, 2014, we sold nine select service properties and one full service property for a combined $311 million, net of closing costs, to an unrelated third party. As part of the sale, we transferred cash and cash equivalents of $3 million upon disposition, resulting in a net sales price of $308 million. This transaction resulted in a pre-tax gain of approximately $61 million. The properties will remain Hyatt-branded hotels for a minimum of 25 years under long-term agreements. The gain has been recognized in gains on sales of real estate on our condensed consolidated statements of income during the three months ended March 31, 2014. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | |
Hyatt Place 2013—During the three months ended March 31, 2013, we sold three Hyatt Place properties for a combined $36 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of approximately $2 million. 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 sale of two of the three properties was held as restricted for use in a potential like-kind exchange. | |
Like-Kind Exchange Agreements | |
In conjunction with the sale of nine select service properties and one full service property during the three months ended March 31, 2014, we entered into a like-kind exchange agreement with an intermediary for seven of the select service hotels sold. Pursuant to the like-kind exchange agreement, the proceeds from the sale of these hotels were placed into an escrow account administered by an intermediary. Accordingly, during the three months ended March 31, 2014, we recorded and released net proceeds of $232 million related to seven of the properties from restricted cash as they were utilized as part of the like-kind exchange agreement to acquire the Hyatt Regency Orlando. | |
In conjunction with the 2013 sale of Hyatt Key West during the year ended December 31, 2013, 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 condensed consolidated balance sheets as of December 31, 2013. During the three months ended March 31, 2014, the proceeds were released from restricted cash as they were utilized as part of the like-kind exchange agreement to acquire the Hyatt Regency Orlando. | |
In conjunction with the sale of the three select service properties in 2013, we entered into a like-kind exchange agreement with an intermediary for two of the three hotels. Pursuant to the like-kind exchange agreement, the net proceeds of $23 million from the sales of these two hotels were placed into an escrow account administered by an intermediary. During the year ended December 31, 2013, we released the net proceeds from restricted cash on our condensed consolidated balance sheets, as like-kind exchange agreements were not consummated within allowable time periods. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill And Intangible Assets | ' | ||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||
We review the carrying value of our goodwill and indefinite lived brand intangible during our annual impairment test during the fourth quarter or at an interim date if indications of impairment exist by performing either a qualitative or quantitative assessment. We define a reporting unit at the individual property or business level. When determining fair value in step one, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. We then compare the estimated fair value to our carrying value. If the carrying value of our indefinite lived brand intangible is in excess of the fair value, an impairment charge is recognized in an amount equal to the excess. If the carrying value of our goodwill is in excess of the fair value, we must determine our implied fair value of goodwill to evaluate if any impairment charge is necessary. During the three months ended March 31, 2014 and 2013, no impairment charges were recorded related to goodwill or our indefinite lived intangible asset. Goodwill was $147 million at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014 and December 31, 2013, our indefinite lived brand intangible acquired as part of the 2013 acquisition of The Driskill was $7 million, see Note 6. | |||||||||||
Definite lived intangible assets primarily include contract acquisition costs, acquired franchise and management intangibles, lease related intangibles and advanced bookings 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. Definite lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. There were no impairment charges related to definite lived intangible assets during the three months ended March 31, 2014 and 2013, respectively. | |||||||||||
The following is a summary of intangible assets at March 31, 2014 and December 31, 2013: | |||||||||||
March 31, 2014 | Weighted | December 31, 2013 | |||||||||
Average Useful | |||||||||||
Lives in Years | |||||||||||
Contract acquisition costs | $ | 359 | 26 | $ | 348 | ||||||
Franchise and management intangibles | 171 | 23 | 170 | ||||||||
Lease related intangibles | 155 | 110 | 155 | ||||||||
Advanced booking intangibles | 8 | 7 | 8 | ||||||||
Brand Intangible | 7 | — | 7 | ||||||||
Other | 8 | 12 | 8 | ||||||||
708 | 696 | ||||||||||
Accumulated amortization | (113 | ) | (105 | ) | |||||||
Intangibles, net | $ | 595 | $ | 591 | |||||||
Amortization expense relating to intangible assets was as follows: | |||||||||||
Three Months Ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
Amortization expense | $ | 8 | $ | 6 | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
An income tax expense of $24 million, resulting in 30.1% effective income tax rate was recorded for the three months ended March 31, 2014. An income tax benefit of $5 million, resulting in a (214.8)% effective tax rate, was recorded for the three months ended March 31, 2013. | |
For the three months ended March 31, 2014, the effective tax rate differs from the U.S. statutory federal income tax rate of 35% primarily due to a $4 million benefit for the release of a valuation allowance of a foreign subsidiary and a benefit of $2 million related to a state legislative change enacted in the first quarter of 2014. In addition, a benefit of $2 million (including interest) was recognized as a result of settling federal and state income tax audits. | |
For the three months ended March 31, 2013, the effective tax rate differed from the U.S. statutory federal income tax rate of 35% primarily due to a $4 million benefit for an adjustment to certain deferred tax assets and a benefit of $2 million (including interest) related to the settlement of our tax audits. | |
The unrecognized tax benefits were $51 million and $53 million at March 31, 2014 and December 31, 2013, respectively, of which $26 million and $27 million, respectively, would impact the effective tax rate if recognized. It is reasonably possible that a reduction of up to $4 million of unrecognized tax benefits could occur within twelve months resulting from the resolution of audit examinations and the expiration of certain statutes of limitations. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014, we are committed, under certain conditions, to lend or invest up to $441 million, net of any related letters of credit, in various business ventures. | |||||||||||||||||
Included in the $441 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 $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 have agreed to fund a $50 million letter of credit as security towards this future purchase obligation. The agreement stipulates that 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 March 31, 2014, and therefore netted against our future commitments amount disclosed above. For further discussion, see the "Letters of Credit" section of this footnote. | |||||||||||||||||
We have executed a purchase and sale agreement to exercise our option to acquire the Hyatt Regency Grand Cypress hotel for $190 million. As of March 31, 2014, we have recorded a capital lease obligation in current maturities of long-term debt on our condensed consolidated balance sheets. | |||||||||||||||||
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 the three months ended March 31, 2014, we recorded a $17 million charge related to these agreements. Under these agreements, we recorded a guarantee liability of $122 million, net of amortization and using exchange rates as of March 31, 2014. As of March 31, 2014, we recorded a separate contingent liability for expected funding under these guarantee agreements of $15 million. The remaining maximum potential payments related to these agreements are $546 million, which primarily includes the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount (local currency) | Maximum Guarantee Amount (USD at March 31, 2014) | Initial Liability Recorded (local currency) | Liability Recorded at March 31, 2014 | Contingent Liability recorded (USD at March, 31, 2014 | ||||||||||||
Four hotels in France* | € 377 | $ | 518 | € 90 | $ | 117 | $ | 15 | |||||||||
*Our performance guarantee for the four hotels in France has a 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 condensed 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 the three months ended March 31, 2014, we amortized $2 million of these liabilities as income to other income (loss), net on the condensed 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 March 31, 2014, 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 March 31, 2014 was $288 million. As of March 31, 2014, we had a $9 million liability representing the carrying value of these guarantees. Included within the $288 million in debt guarantees are the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at March 31, 2014 | |||||||||||||||
Vacation ownership development | $ | 110 | $ | 1 | |||||||||||||
Hotel property in Brazil | 75 | 2 | |||||||||||||||
Hawaii hotel development | 30 | 1 | |||||||||||||||
Hotel property in Minnesota | 25 | 4 | |||||||||||||||
Hotel property in Colorado | 15 | 1 | |||||||||||||||
Other | 33 | — | |||||||||||||||
Total Debt Repayment Guarantees | $ | 288 | $ | 9 | |||||||||||||
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 March 31, 2014 would be $162 million. | |||||||||||||||||
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 the Company 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 $28 million as of March 31, 2014, and are classified within accrued expenses and other current liabilities on the condensed consolidated balance sheets, while losses expected to be payable in later periods are $56 million as of March 31, 2014, and are included in other long-term liabilities on the condensed consolidated balance sheets. At March 31, 2014, 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 or guaranteed by us totaled $100 million at March 31, 2014 and primarily relate to workers’ compensation, taxes, construction, licenses, and utilities related to our lodging operations. | |||||||||||||||||
Letters of Credit—Letters of credit outstanding on our behalf as of March 31, 2014 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. | |||||||||||||||||
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 that own hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in the assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. | |||||||||||||||||
In conjunction with financing obtained for our unconsolidated hospitality ventures, 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 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 condensed consolidated financial statements. |
Equity
Equity | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
EQUITY | ||||||||||||||||
Stockholders’ Equity and Noncontrolling Interests—The following table details the equity activity for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Stockholders’ | Noncontrolling interests | Total equity | ||||||||||||||
equity | in consolidated | |||||||||||||||
subsidiaries | ||||||||||||||||
Balance at January 1, 2014 | $ | 4,769 | $ | 8 | $ | 4,777 | ||||||||||
Net income | 56 | — | 56 | |||||||||||||
Other comprehensive loss | (2 | ) | — | (2 | ) | |||||||||||
Repurchase of common stock | (61 | ) | — | (61 | ) | |||||||||||
Employee stock plan issuance | 1 | — | 1 | |||||||||||||
Share based payment activity | 4 | — | 4 | |||||||||||||
Balance at March 31, 2014 | $ | 4,767 | $ | 8 | $ | 4,775 | ||||||||||
Balance at January 1, 2013 | $ | 4,811 | $ | 10 | $ | 4,821 | ||||||||||
Net income | 8 | — | 8 | |||||||||||||
Other comprehensive loss | (2 | ) | — | (2 | ) | |||||||||||
Repurchase of common stock | (27 | ) | — | (27 | ) | |||||||||||
Share based payment activity | 4 | — | 4 | |||||||||||||
Balance at March 31, 2013 | $ | 4,794 | $ | 10 | $ | 4,804 | ||||||||||
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Balance at January 1, 2014 | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss | Balance at March 31, 2014 | |||||||||||||
Foreign currency translation adjustments | $ | (62 | ) | $ | 1 | $ | — | $ | (61 | ) | ||||||
Unrealized gain (loss) on AFS securities | 6 | (3 | ) | — | 3 | |||||||||||
Unrecognized pension cost | (5 | ) | — | — | (5 | ) | ||||||||||
Unrealized loss on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (68 | ) | $ | (2 | ) | $ | — | $ | (70 | ) | |||||
Balance at January 1, 2013 | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at March 31, 2013 | |||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (4 | ) | $ | 2 | $ | (56 | ) | |||||
Unrecognized pension cost | (6 | ) | — | — | (6 | ) | ||||||||||
Unrealized loss on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (4 | ) | $ | 2 | $ | (69 | ) | |||||
(a) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity losses from unconsolidated hospitality ventures on the condensed consolidated statements of income. | ||||||||||||||||
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 the three months ended March 31, 2014 and 2013, the Company repurchased 1,172,645 and 664,951 shares of common stock, respectively. These shares were repurchased at a weighted average price of $51.71 and $41.32 per share, respectively, for an aggregate purchase price of $61 million and $27 million, respectively, excluding related expenses that were insignificant in both periods. Of the $61 million aggregate purchase price during the three months ended March 31, 2014, $59 million was settled in cash during the period. The shares repurchased represented less than 1% of the Company's total shares of common stock outstanding prior to the repurchase in both periods. The shares of Class A common stock that were repurchased on the open market were retired and returned to authorized and unissued status. As of March 31, 2014 we had $128 million remaining under the current share repurchase authorization. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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") 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 in our condensed consolidated statements of income. Compensation expense related to these awards for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock appreciation rights | $ | 2 | $ | 2 | ||||
Restricted stock units | 5 | 4 | ||||||
Performance vested restricted stock | 1 | 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 and are settled in shares of our Class A common stock. The Company is accounting for these SARs as equity instruments. | ||||||||
During the three months ended March 31, 2014, the Company granted 327,307 SARs to employees with a weighted average grant date fair value of $22.57. The fair value of each SAR was estimated on the date of grant using the Black-Scholes-Merton option-valuation model. | ||||||||
Restricted Stock Units—The Company grants both RSUs that may be settled in stock and RSUs that may be settled in cash. Each vested stock-settled RSU will be settled with a single share of our Class A common stock. The value of the stock-settled RSUs was based on the closing stock price of our Class A common stock as of the grant date. We record compensation expense earned for RSUs on a straight-line basis from the date of grant. In certain situations we also grant cash-settled RSUs which are recorded as a liability instrument. The liability and related expense for cash-settled RSUs are insignificant as of, and for the three months ended March 31, 2014. During the three months ended March 31, 2014, the Company granted a total of 376,328 RSUs (an insignificant portion of which are cash-settled RSUs) to employees which, with respect to stock-settled RSUs, had a weighted average grant date fair value of $49.39. | ||||||||
Performance Vested Restricted Stock—The Company has granted to certain executive officers PSSs. 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 three months ended March 31, 2014, the Company granted to its executive officers a total of 162,906 PSSs, 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 $49.39. The performance period is three years beginning January 1, 2014 and ending December 31, 2016. The PSSs will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric. | ||||||||
Our total unearned compensation for our stock-based compensation programs as of March 31, 2014 was $19 million for SARs, $43 million for RSUs and $7 million for PSSs, 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 six years, and over the next two years with respect to PSSs. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
RELATED-PARTY TRANSACTIONS | |
In addition to those included elsewhere in the notes to the condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows: | |
Leases—Our corporate headquarters has been located at the Hyatt Center in Chicago, Illinois, since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future sublease income from sublease agreements with related parties under our master lease is $9 million. | |
Legal Services—A partner in a law firm that provided services to us throughout the three months ended March 31, 2014 and 2013 is the brother-in-law of our Executive Chairman. We incurred $1 million in legal fees with this firm for the three months ended March 31, 2014 and 2013, respectively. Legal fees, when expensed, are included in selling, general and administrative expenses. As of March 31, 2014 and December 31, 2013, we had $1 million and insignificant amounts due to the law firm, respectively. | |
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 $2 million during the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, 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 $7 million and $8 million for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, we had receivables due from these properties of $10 million and $7 million, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 9) to these entities. Our ownership interest in these equity method investments generally varies from 8% to 70%. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
SEGMENT 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. We define our reportable segments as follows: | ||||||||
• | Owned and Leased Hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. | |||||||
• | 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 losses from unconsolidated hospitality ventures; asset impairments; gains on sales of real estate; other income (loss), net; 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. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Owned and Leased Hotels (a) (b) | ||||||||
Revenues | $ | 548 | $ | 492 | ||||
Adjusted EBITDA | 125 | 95 | ||||||
Depreciation and Amortization | 86 | 81 | ||||||
Americas Management and Franchising | ||||||||
Revenues | 454 | 422 | ||||||
Intersegment Revenues (c) | 21 | 19 | ||||||
Adjusted EBITDA | 56 | 48 | ||||||
Depreciation and Amortization | 5 | 5 | ||||||
ASPAC Management and Franchising | ||||||||
Revenues | 37 | 35 | ||||||
Intersegment Revenues (c) | 1 | 1 | ||||||
Adjusted EBITDA | 11 | 9 | ||||||
Depreciation and Amortization | — | — | ||||||
EAME/SW Asia Management | ||||||||
Revenues | 30 | 25 | ||||||
Intersegment Revenues (c) | 3 | 3 | ||||||
Adjusted EBITDA | 11 | 8 | ||||||
Depreciation and Amortization | 2 | — | ||||||
Corporate and other | ||||||||
Revenues | 30 | 24 | ||||||
Adjusted EBITDA | (31 | ) | (29 | ) | ||||
Depreciation and Amortization | 2 | 2 | ||||||
Eliminations (c) | ||||||||
Revenues | (25 | ) | (23 | ) | ||||
Adjusted EBITDA | — | — | ||||||
Depreciation and Amortization | — | — | ||||||
TOTAL | ||||||||
Revenues | $ | 1,074 | $ | 975 | ||||
Adjusted EBITDA | 172 | 131 | ||||||
Depreciation and Amortization | 95 | 88 | ||||||
(a) | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. | |||||||
(b) | Assets within the Owned and Leased Hotels segment at March 31, 2014 equaled $5,542 million compared to $5,895 million at December 31, 2013. The decrease in assets is primarily due to the disposition of nine select service properties and one full service property during the three months ended March 31, 2014. | |||||||
(c) | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. | |||||||
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 three months ended March 31, 2014 and 2013. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Adjusted EBITDA | $ | 172 | $ | 131 | ||||
Equity losses from unconsolidated hospitality ventures | (7 | ) | (1 | ) | ||||
Asset impairments | — | (8 | ) | |||||
Gains on sales of real estate | 61 | — | ||||||
Other income (loss), net (see Note 15) | (12 | ) | 2 | |||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (20 | ) | (16 | ) | ||||
EBITDA | 194 | 108 | ||||||
Depreciation and amortization | (95 | ) | (88 | ) | ||||
Interest expense | (19 | ) | (17 | ) | ||||
(Provision) benefit for income taxes | (24 | ) | 5 | |||||
Net income attributable to Hyatt Hotels Corporation | $ | 56 | $ | 8 | ||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 56 | $ | 8 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 56 | $ | 8 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding: | 155,449,102 | 161,931,525 | ||||||
Share-based compensation | 1,041,764 | 606,352 | ||||||
Diluted weighted average shares outstanding | 156,490,866 | 162,537,877 | ||||||
Basic Earnings Per Share: | ||||||||
Net income | $ | 0.36 | $ | 0.05 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 0.36 | $ | 0.05 | ||||
Diluted Earnings Per Share: | ||||||||
Net income | $ | 0.36 | $ | 0.05 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 0.36 | $ | 0.05 | ||||
The computations of diluted net income per share for the three months ended March 31, 2014 and 2013 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. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock-settled SARs | 135,000 | 47,000 | ||||||
RSUs | — | 4,000 | ||||||
Other_Income_Loss_Net
Other Income (Loss), Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Income (Loss), Net [Abstract] | ' | |||||||
Other Income (Loss), Net | ' | |||||||
OTHER INCOME (LOSS), NET | ||||||||
Other income (loss), net includes performance guarantee expense (see Note 9), interest income, guarantee liability amortization (see Note 9), and foreign currency losses on foreign currency exchange rate instruments. The table below provides a reconciliation of the components in other income (loss), net, for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Performance guarantee expense | $ | (17 | ) | $ | — | |||
Interest income | 2 | 5 | ||||||
Guarantee liability amortization | 2 | — | ||||||
Foreign currency losses | — | (2 | ) | |||||
Other | 1 | (1 | ) | |||||
Other income (loss), net | $ | (12 | ) | $ | 2 | |||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
In April 2014, a joint venture in which we held an interest and which was classified as an equity method investment, sold the Hyatt Place Austin Downtown to a third party, for which we received proceeds of $25 million. This transaction resulted in an approximate gain of $18 million, which will be recognized in the second quarter of 2014. The company will continue to franchise the hotel. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Fair Value [Policy Text Block] | ' | |
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. For further information on financing receivables, see Note 5. | ||
We estimated the fair value of debt, excluding capital leases, which, as of March 31, 2014 and December 31, 2013, consisted primarily of $250 million of 3.875% senior notes due 2016 (the "2016 Notes"), $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), and $350 million of 3.375% senior notes due 2023 (the "2023 Notes" which, together with the 2016 Notes, the 2019 Notes, and the 2021 Notes are collectively referred to as the "Senior Notes"), bonds and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. 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. | ||
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). GAAP establishes a valuation hierarchy for prioritizing the inputs that 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 have various financial instruments that are measured at fair value including certain marketable securities. 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. | ||
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. | ||
Our portfolio of marketable securities consists of various types of mutual funds, preferred shares 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 notes and bonds. The fair value of our mutual funds was 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. | ||
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 is classified as Level One as we are able to obtain market available pricing information on an ongoing basis. | ||
Financing Receivables [Policy Text Block] | ' | |
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 hotel properties currently in operation. These loans at March 31, 2014 and December 31, 2013 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%. | |
• | Vacation Ownership Mortgage Receivables—These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. As of March 31, 2014, the weighted-average interest rate on vacation ownership mortgage receivables 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. Our other financing arrangements have stated maturities and interest rates. However, the expected repayment terms may be dependent on the future cash flows of the hotels and these financing receivable instruments, therefore, are not considered loans as the repayment dates are not fixed or determinable. Because the other types of financing 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. | |
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 | ||
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 three months ended March 31, 2014 and 2013, 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 three months ended March 31, 2014 and 2013, 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 cash is 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. | ||
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 recognize interest income for impaired loans unless cash is received, in which case the payment is recorded to other income (loss), net in the accompanying condensed consolidated statements of income. | ||
Goodwill and Intangibles [Policy Text Block] | ' | |
Definite lived intangible assets primarily include contract acquisition costs, acquired franchise and management intangibles, lease related intangibles and advanced bookings 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. Definite lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. | ||
We review the carrying value of our goodwill and indefinite lived brand intangible during our annual impairment test during the fourth quarter or at an interim date if indications of impairment exist by performing either a qualitative or quantitative assessment. We define a reporting unit at the individual property or business level. When determining fair value in step one, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. We then compare the estimated fair value to our carrying value. If the carrying value of our indefinite lived brand intangible is in excess of the fair value, an impairment charge is recognized in an amount equal to the excess. If the carrying value of our goodwill is in excess of the fair value, we must determine our implied fair value of goodwill to evaluate if any impairment charge is necessary. | ||
Commitments and Contingencies [Policy Text Block] | ' | |
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 condensed 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. | ||
We act as general partner of various partnerships that own hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in the assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof. | ||
In conjunction with financing obtained for our unconsolidated hospitality ventures, 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 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 condensed consolidated financial statements. | ||
Segment Reporting [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. We define our reportable segments as follows: | ||
• | Owned and Leased Hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. | |
• | 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 losses from unconsolidated hospitality ventures; asset impairments; gains on sales of real estate; other income (loss), net; depreciation and amortization; interest expense; and (provision) benefit for income taxes. | ||
ASU 2013-04 Liabilities [Policy Text Block] | ' | |
In February 2013, the Financial Accounting Standards Board ("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. The adoption of ASU 2013-04 did not materially impact our condensed 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. The adoption of ASU 2013-05 did not materially impact our condensed 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. The adoption of ASU 2013-11 did not materially impact our condensed consolidated financial statements. |
Equity_And_Cost_Method_Investm1
Equity And Cost Method Investments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity And Cost Method Investments [Abstract] | ' | |||||||
Equity And Cost Method Investment Balances | ' | |||||||
Our equity and cost method investment balances recorded at March 31, 2014 and December 31, 2013 are as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Equity method investments | $ | 315 | $ | 320 | ||||
Cost method investments | 7 | 9 | ||||||
Total investments | $ | 322 | $ | 329 | ||||
Summarized Financial Information | ' | |||||||
The following table presents summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total revenues | $ | 283 | $ | 226 | ||||
Gross operating profit | 56 | 74 | ||||||
Income (loss) from continuing operations | (15 | ) | 3 | |||||
Net income (loss) | (15 | ) | 3 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||||
As of March 31, 2014 and December 31, 2013, we had the following financial assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
March 31, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
Marketable securities recorded in | ||||||||||||||||||||
cash and cash equivalents | ||||||||||||||||||||
Interest bearing money market funds | $ | 89 | $ | 89 | $ | — | $ | — | ||||||||||||
Marketable securities included in | ||||||||||||||||||||
short-term investments, prepaids and | ||||||||||||||||||||
other assets and other assets | ||||||||||||||||||||
Mutual funds | 337 | 337 | — | — | ||||||||||||||||
Preferred shares | 276 | — | — | 276 | ||||||||||||||||
U.S. government obligations | 120 | — | 120 | — | ||||||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||||||
Corporate debt securities | 122 | — | 122 | — | ||||||||||||||||
Mortgage-backed securities | 22 | — | 22 | — | ||||||||||||||||
Asset-backed securities | 19 | — | 19 | — | ||||||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||||||
December 31, 2013 | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
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 | — | ||||||||||||||||
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 as of March 31, 2014 and December 31, 2013, is as follows: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Expected term | 1.75 years | 2 years | ||||||||||||||||||
Risk-free Interest Rate | 0.37 | % | 0.38 | % | ||||||||||||||||
Volatility | 44.2 | % | 47.7 | % | ||||||||||||||||
Dividend Yield | 10 | % | 10 | % | ||||||||||||||||
Investments Classified As Available For Sale | ' | |||||||||||||||||||
Included in our portfolio of marketable securities are investments in debt securities classified as available for sale. At March 31, 2014 and December 31, 2013 these were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||
Cost | Gain | Loss | ||||||||||||||||||
Total preferred shares | $ | 271 | $ | 5 | $ | — | $ | 276 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Cost or Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||
Cost | Gain | Loss | ||||||||||||||||||
Total preferred shares | $ | 271 | $ | 7 | $ | — | $ | 278 | ||||||||||||
Carrying Amounts And Fair Values Of Other Financial Instruments | ' | |||||||||||||||||||
The carrying amounts and fair values of our other financial instruments are as follows: | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 37 | — | — | 37 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Debt, excluding capital lease obligations | (1,277 | ) | (1,338 | ) | — | (1,297 | ) | (41 | ) | |||||||||||
Asset (Liability) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
Identical Assets | (Level Two) | (Level Three) | ||||||||||||||||||
(Level One) | ||||||||||||||||||||
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 | |||||||||||||||
Debt, excluding capital lease obligations | (1,275 | ) | (1,296 | ) | — | (1,263 | ) | (33 | ) | |||||||||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||
Schedule Of Financing Receivables [Table Text Block] | ' | |||||||||||||||
The three portfolio segments of financing receivables and their balances at March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | ||||||||||||
Vacation ownership mortgage receivables at various interest rates with varying payments through 2031 (see below) | 43 | 44 | ||||||||||||||
Unsecured financing to hotel owners | 150 | 147 | ||||||||||||||
232 | 230 | |||||||||||||||
Less allowance for losses | (105 | ) | (103 | ) | ||||||||||||
Less current portion included in receivables, net | (8 | ) | (8 | ) | ||||||||||||
Total long-term financing receivables, net | $ | 119 | $ | 119 | ||||||||||||
Schedule of Future Maturities of Financing Receivables [Table Text Block] | ' | |||||||||||||||
Financing receivables held by us as of March 31, 2014 are scheduled to mature as follows: | ||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | Vacation Ownership Mortgage Receivables | ||||||||||||||
2014 | $ | 1 | $ | 6 | ||||||||||||
2015 | 38 | 7 | ||||||||||||||
2016 | — | 7 | ||||||||||||||
2017 | — | 5 | ||||||||||||||
2018 | — | 4 | ||||||||||||||
Thereafter | — | 14 | ||||||||||||||
Total | 39 | 43 | ||||||||||||||
Less allowance | (13 | ) | (6 | ) | ||||||||||||
Net financing receivables | $ | 26 | $ | 37 | ||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||
The following tables summarize the activity in our financing receivables allowance for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||
Allowance at January 1, 2014 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||
Provisions | — | — | 2 | 2 | ||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||
Other Adjustments | — | — | 1 | 1 | ||||||||||||
Allowance at March 31, 2014 | $ | 13 | $ | 6 | $ | 86 | $ | 105 | ||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||
Provisions | — | — | 2 | 2 | ||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||
Allowance at March 31, 2013 | $ | 7 | $ | 8 | $ | 85 | $ | 100 | ||||||||
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 March 31, 2014 and December 31, 2013, all of which had a related allowance recorded against them: | ||||||||||||||||
Impaired Loans | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid | Related | Average | |||||||||||||
Principal | Allowance | Recorded | ||||||||||||||
Balance | Loan Balance | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 39 | |||||||
Unsecured financing to hotel owners | 53 | 37 | (53 | ) | 52 | |||||||||||
Impaired Loans | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid | Related | Average | |||||||||||||
Principal | Allowance | Recorded | ||||||||||||||
Balance | Loan Balance | |||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||
Analysis Of Financing Receivables [Table Text Block] | ' | |||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Receivables | Greater than 90 Days Past Due | Receivables on | ||||||||||||||
Past Due | Non-Accrual | |||||||||||||||
Status | ||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 84 | |||||||||||||
Total | $ | 5 | $ | 3 | $ | 123 | ||||||||||
Analysis of Financing Receivables | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Receivables | Greater than 90 Days Past Due | Receivables on | ||||||||||||||
Past Due | 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 | ||||||||||
* 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. | ||||||||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Summary Of Intangible Assets | ' | ||||||||||
The following is a summary of intangible assets at March 31, 2014 and December 31, 2013: | |||||||||||
March 31, 2014 | Weighted | December 31, 2013 | |||||||||
Average Useful | |||||||||||
Lives in Years | |||||||||||
Contract acquisition costs | $ | 359 | 26 | $ | 348 | ||||||
Franchise and management intangibles | 171 | 23 | 170 | ||||||||
Lease related intangibles | 155 | 110 | 155 | ||||||||
Advanced booking intangibles | 8 | 7 | 8 | ||||||||
Brand Intangible | 7 | — | 7 | ||||||||
Other | 8 | 12 | 8 | ||||||||
708 | 696 | ||||||||||
Accumulated amortization | (113 | ) | (105 | ) | |||||||
Intangibles, net | $ | 595 | $ | 591 | |||||||
Amortization Expense | ' | ||||||||||
Amortization expense relating to intangible assets was as follows: | |||||||||||
Three Months Ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
Amortization expense | $ | 8 | $ | 6 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||||||||||||||
The remaining maximum potential payments related to these agreements are $546 million, which primarily includes the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount (local currency) | Maximum Guarantee Amount (USD at March 31, 2014) | Initial Liability Recorded (local currency) | Liability Recorded at March 31, 2014 | Contingent Liability recorded (USD at March, 31, 2014 | ||||||||||||
Four hotels in France* | € 377 | $ | 518 | € 90 | $ | 117 | $ | 15 | |||||||||
*Our performance guarantee for the four hotels in France has a term of 7 years and does not have an annual cap. | |||||||||||||||||
Debt Repayment Guarantees [Table Text Block] | ' | ||||||||||||||||
Included within the $288 million in debt guarantees are the following: | |||||||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at March 31, 2014 | |||||||||||||||
Vacation ownership development | $ | 110 | $ | 1 | |||||||||||||
Hotel property in Brazil | 75 | 2 | |||||||||||||||
Hawaii hotel development | 30 | 1 | |||||||||||||||
Hotel property in Minnesota | 25 | 4 | |||||||||||||||
Hotel property in Colorado | 15 | 1 | |||||||||||||||
Other | 33 | — | |||||||||||||||
Total Debt Repayment Guarantees | $ | 288 | $ | 9 | |||||||||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule Of Stockholders' Equity And Noncontrolling Interest | ' | |||||||||||||||
Stockholders’ Equity and Noncontrolling Interests—The following table details the equity activity for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Stockholders’ | Noncontrolling interests | Total equity | ||||||||||||||
equity | in consolidated | |||||||||||||||
subsidiaries | ||||||||||||||||
Balance at January 1, 2014 | $ | 4,769 | $ | 8 | $ | 4,777 | ||||||||||
Net income | 56 | — | 56 | |||||||||||||
Other comprehensive loss | (2 | ) | — | (2 | ) | |||||||||||
Repurchase of common stock | (61 | ) | — | (61 | ) | |||||||||||
Employee stock plan issuance | 1 | — | 1 | |||||||||||||
Share based payment activity | 4 | — | 4 | |||||||||||||
Balance at March 31, 2014 | $ | 4,767 | $ | 8 | $ | 4,775 | ||||||||||
Balance at January 1, 2013 | $ | 4,811 | $ | 10 | $ | 4,821 | ||||||||||
Net income | 8 | — | 8 | |||||||||||||
Other comprehensive loss | (2 | ) | — | (2 | ) | |||||||||||
Repurchase of common stock | (27 | ) | — | (27 | ) | |||||||||||
Share based payment activity | 4 | — | 4 | |||||||||||||
Balance at March 31, 2013 | $ | 4,794 | $ | 10 | $ | 4,804 | ||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Balance at January 1, 2014 | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss | Balance at March 31, 2014 | |||||||||||||
Foreign currency translation adjustments | $ | (62 | ) | $ | 1 | $ | — | $ | (61 | ) | ||||||
Unrealized gain (loss) on AFS securities | 6 | (3 | ) | — | 3 | |||||||||||
Unrecognized pension cost | (5 | ) | — | — | (5 | ) | ||||||||||
Unrealized loss on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (68 | ) | $ | (2 | ) | $ | — | $ | (70 | ) | |||||
Balance at January 1, 2013 | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at March 31, 2013 | |||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (4 | ) | $ | 2 | $ | (56 | ) | |||||
Unrecognized pension cost | (6 | ) | — | — | (6 | ) | ||||||||||
Unrealized loss on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (4 | ) | $ | 2 | $ | (69 | ) | |||||
(a) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity losses from unconsolidated hospitality ventures on the condensed consolidated statements of income. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Compensation Expense Related To Long-Term Incentive Plan | ' | |||||||
Compensation expense related to these awards for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock appreciation rights | $ | 2 | $ | 2 | ||||
Restricted stock units | 5 | 4 | ||||||
Performance vested restricted stock | 1 | 1 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Owned and Leased Hotels (a) (b) | ||||||||
Revenues | $ | 548 | $ | 492 | ||||
Adjusted EBITDA | 125 | 95 | ||||||
Depreciation and Amortization | 86 | 81 | ||||||
Americas Management and Franchising | ||||||||
Revenues | 454 | 422 | ||||||
Intersegment Revenues (c) | 21 | 19 | ||||||
Adjusted EBITDA | 56 | 48 | ||||||
Depreciation and Amortization | 5 | 5 | ||||||
ASPAC Management and Franchising | ||||||||
Revenues | 37 | 35 | ||||||
Intersegment Revenues (c) | 1 | 1 | ||||||
Adjusted EBITDA | 11 | 9 | ||||||
Depreciation and Amortization | — | — | ||||||
EAME/SW Asia Management | ||||||||
Revenues | 30 | 25 | ||||||
Intersegment Revenues (c) | 3 | 3 | ||||||
Adjusted EBITDA | 11 | 8 | ||||||
Depreciation and Amortization | 2 | — | ||||||
Corporate and other | ||||||||
Revenues | 30 | 24 | ||||||
Adjusted EBITDA | (31 | ) | (29 | ) | ||||
Depreciation and Amortization | 2 | 2 | ||||||
Eliminations (c) | ||||||||
Revenues | (25 | ) | (23 | ) | ||||
Adjusted EBITDA | — | — | ||||||
Depreciation and Amortization | — | — | ||||||
TOTAL | ||||||||
Revenues | $ | 1,074 | $ | 975 | ||||
Adjusted EBITDA | 172 | 131 | ||||||
Depreciation and Amortization | 95 | 88 | ||||||
(a) | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. | |||||||
(b) | Assets within the Owned and Leased Hotels segment at March 31, 2014 equaled $5,542 million compared to $5,895 million at December 31, 2013. The decrease in assets is primarily due to the disposition of nine select service properties and one full service property during the three months ended March 31, 2014. | |||||||
(c) | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. | |||||||
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 three months ended March 31, 2014 and 2013. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Adjusted EBITDA | $ | 172 | $ | 131 | ||||
Equity losses from unconsolidated hospitality ventures | (7 | ) | (1 | ) | ||||
Asset impairments | — | (8 | ) | |||||
Gains on sales of real estate | 61 | — | ||||||
Other income (loss), net (see Note 15) | (12 | ) | 2 | |||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (20 | ) | (16 | ) | ||||
EBITDA | 194 | 108 | ||||||
Depreciation and amortization | (95 | ) | (88 | ) | ||||
Interest expense | (19 | ) | (17 | ) | ||||
(Provision) benefit for income taxes | (24 | ) | 5 | |||||
Net income attributable to Hyatt Hotels Corporation | $ | 56 | $ | 8 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 56 | $ | 8 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 56 | $ | 8 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding: | 155,449,102 | 161,931,525 | ||||||
Share-based compensation | 1,041,764 | 606,352 | ||||||
Diluted weighted average shares outstanding | 156,490,866 | 162,537,877 | ||||||
Basic Earnings Per Share: | ||||||||
Net income | $ | 0.36 | $ | 0.05 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 0.36 | $ | 0.05 | ||||
Diluted Earnings Per Share: | ||||||||
Net income | $ | 0.36 | $ | 0.05 | ||||
Net loss attributable to noncontrolling interests | — | — | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 0.36 | $ | 0.05 | ||||
Anti-dilutive Shares Issued | ' | |||||||
The computations of diluted net income per share for the three months ended March 31, 2014 and 2013 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. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock-settled SARs | 135,000 | 47,000 | ||||||
RSUs | — | 4,000 | ||||||
Other_Income_Loss_Net_Tables
Other Income (Loss), Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 three months ended March 31, 2014 and 2013, respectively. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Performance guarantee expense | $ | (17 | ) | $ | — | |||
Interest income | 2 | 5 | ||||||
Guarantee liability amortization | 2 | — | ||||||
Foreign currency losses | — | (2 | ) | |||||
Other | 1 | (1 | ) | |||||
Other income (loss), net | $ | (12 | ) | $ | 2 | |||
Organization_Details
Organization (Details) | Mar. 31, 2014 |
Countries | |
Number of Countries in which Entity Operates (Number of countries) | 47 |
Full Service [Member] | ' |
Number of hotels operated or franchised (Number of hotels) | 272 |
Number of rooms operated or franchised (Number of rooms) | 110,685 |
Select Service [Member] | ' |
Number of hotels operated or franchised (Number of hotels) | 255 |
Number of rooms operated or franchised (Number of rooms) | 34,565 |
All inclusive [Domain] | ' |
Number of hotels operated or franchised (Number of hotels) | 2 |
Number of rooms operated or franchised (Number of rooms) | 925 |
UNITED STATES | Select Service [Member] | ' |
Number of hotels operated or franchised (Number of hotels) | 249 |
Recovered_Sheet1
Equity and Cost Method Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Playa Hotels & Resorts B.V. [Member] | |||
Equity Method Investment, Ownership Percentage | ' | ' | 21.80% |
Contributions to investments | $14 | $36 | $325 |
Cost method investment income | 1 | 0 | ' |
Equity Method Investment, Other than Temporary Impairment | $1 | ' | ' |
Equity_And_Cost_Method_Investm2
Equity And Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity Method Investments | $315 | $320 |
Cost method investments | 7 | 9 |
Total investments | $322 | $329 |
Equity_Method_Investments_Summ
Equity Method Investments (Summarized Financial Information) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total revenues | $283 | $226 |
Gross operating profit | 56 | 74 |
Income (loss) from continuing operations | -15 | 3 |
Net income (loss) | ($15) | $3 |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
2016 Notes [Member] | 2019 Notes [Member] | 2021 Notes [Member] | 2023 Notes [Member] | Preferred Shares [Member] | Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | Playa Hotels & Resorts B.V. [Member] | Playa Hotels & Resorts B.V. [Member] | Playa Hotels & Resorts B.V. [Member] | |||
Preferred Shares [Member] | Preferred Shares [Member] | 10% Expected Dividend Rate Year 1 [Member] | 12% Expected Dividend Rate Year 2 [Member] | |||||||||
Preferred Shares [Member] | Preferred Shares [Member] | |||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value transfers between levels | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost Basis | ' | ' | ' | ' | ' | ' | 271 | 271 | 271 | ' | ' | ' |
Option to Redeem Investment in Preferred Shares | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' |
Dividend Yield | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% | 12.00% |
Available-for-sale Securities, Fair Value | ' | ' | ' | ' | ' | ' | 276 | 278 | 276 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' |
Senior Notes | ' | ' | $250 | $196 | $250 | $350 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage (percent) | ' | ' | 3.88% | 6.88% | 5.38% | 3.38% | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Bearing Money Market Funds [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities recorded in cash and cash equivalents | $89 | $71 |
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 | 89 | 71 |
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 |
Mutual Funds [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets, and other assets | 337 | 334 |
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 | 337 | 334 |
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 | 276 | 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 | 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 | 0 |
Preferred Shares [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets, and other assets | 276 | 278 |
U.S. Government Obligations [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets, and other assets | 120 | 121 |
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 | 120 | 121 |
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 |
U.S. Government Agencies [Member] | Total Fair Value [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets, and other assets | 46 | 46 |
U.S. Government Agencies [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 Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Marketable securities included in short-term investments, prepaids and other assets, and other assets | 46 | 46 |
U.S. Government Agencies [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 | 122 | 112 |
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 | 122 | 112 |
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 | 22 | 20 |
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 | 22 | 20 |
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 | 19 | 18 |
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 | 19 | 18 |
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 | 4 |
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 | 4 |
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 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement Fair Value Inputs, Assets, Quantitative Information (Details) (Preferred Shares [Member], Playa Hotels & Resorts B.V. [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | ' | ' |
Expected Term | '1 year 9 months | '2 years |
Risk Free Interest Rate | 0.37% | 0.38% |
Volatility | 44.20% | 47.70% |
Dividend Yield | 10.00% | 10.00% |
Fair_Value_Measurement_Investm
Fair Value Measurement (Investments Classified As Available For Sale) (Details) (Preferred Shares [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred Shares [Member] | ' | ' |
Amortized Cost Basis | $271 | $271 |
Gross Unrealized Gain | 5 | 7 |
Gross unrealized loss | 0 | 0 |
Fair Value | $276 | $278 |
Fair_Value_Measurement_Carryin
Fair Value Measurement (Carrying Amounts And Fair Values Of Other Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt, excluding capital lease obligations, Carrying Amount | ($1,277) | ($1,275) |
Secured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Carrying Amount | 26 | 26 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Financing receivables, Carrying Amount | 37 | 37 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Carrying Amount | 64 | 64 |
Total Fair Value [Member] | ' | ' |
Debt, excluding capital lease obligations, Fair Value | -1,338 | -1,296 |
Total Fair Value [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 28 | 28 |
Total Fair Value [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Financing receivables, Fair Value | 37 | 38 |
Total Fair Value [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 64 | 64 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Debt, excluding capital lease obligations, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Debt, excluding capital lease obligations, Fair Value | -1,297 | -1,263 |
Fair Value, Inputs, Level 2 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Debt, excluding capital lease obligations, Fair Value | -41 | -33 |
Fair Value, Inputs, Level 3 [Member] | Secured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | 28 | 28 |
Fair Value, Inputs, Level 3 [Member] | Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Financing receivables, Fair Value | 37 | 38 |
Fair Value, Inputs, Level 3 [Member] | Unsecured Financing To Hotel Owners [Member] | ' | ' |
Financing receivables, Fair Value | $64 | $64 |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
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 |
Financing Receivables Impairment Charges | 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% | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' |
Weighted average interest rate on vacation ownership mortgages receivable | 13.90% | ' |
Interest Income Accrued from Vacation Ownership Mortgage Receivables Greater than 90 Days but Less than 120 Days | 0 | 0 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 |
Secured Financing To Hotel Owners [Member] | ' | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $0 |
Financing_Receivables_Schedule
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Financing Receivable, Gross | $232 | $230 | ' | ' |
Less allowance for losses | -105 | -103 | -100 | -99 |
Less current portion included in receivables, net | -8 | -8 | ' | ' |
Total long-term financing receivables, net | 119 | 119 | ' | ' |
Secured Financing To Hotel Owners [Member] | ' | ' | ' | ' |
Financing Receivable, Gross | 39 | 39 | ' | ' |
Less allowance for losses | -13 | -13 | -7 | -7 |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' | ' |
Financing Receivable, Gross | 43 | 44 | ' | ' |
Less allowance for losses | -6 | -7 | -8 | -9 |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' | ' |
Financing Receivable, Gross | 150 | 147 | ' | ' |
Less allowance for losses | ($86) | ($83) | ($85) | ($83) |
Financing_Receivables_Schedule1
Financing Receivables (Schedule of Future Maturities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Total | $232 | $230 | ' | ' |
Less allowance | -105 | -103 | -100 | -99 |
Secured Financing To Hotel Owners [Member] | ' | ' | ' | ' |
2014 | 1 | ' | ' | ' |
2015 | 38 | ' | ' | ' |
2016 | 0 | ' | ' | ' |
2017 | 0 | ' | ' | ' |
2018 | 0 | ' | ' | ' |
Thereafter | 0 | ' | ' | ' |
Total | 39 | 39 | ' | ' |
Less allowance | -13 | -13 | -7 | -7 |
Net financing receivables | 26 | 26 | ' | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' | ' |
2014 | 6 | ' | ' | ' |
2015 | 7 | ' | ' | ' |
2016 | 7 | ' | ' | ' |
2017 | 5 | ' | ' | ' |
2018 | 4 | ' | ' | ' |
Thereafter | 14 | ' | ' | ' |
Total | 43 | 44 | ' | ' |
Less allowance | -6 | -7 | -8 | -9 |
Net financing receivables | $37 | $37 | ' | ' |
Financing_Receivables_Allowanc
Financing Receivables (Allowance Rollforward) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Credit Losses | $105 | $100 | $103 | $99 |
Provisions | 2 | 2 | ' | ' |
Write-offs | -1 | -1 | ' | ' |
Other Adjustments | 1 | ' | ' | ' |
Secured Financing To Hotel Owners [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Credit Losses | 13 | 7 | 13 | 7 |
Provisions | 0 | 0 | ' | ' |
Write-offs | 0 | 0 | ' | ' |
Other Adjustments | 0 | ' | ' | ' |
Vacation Ownership Mortgage Receivables [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Credit Losses | 6 | 8 | 7 | 9 |
Provisions | 0 | 0 | ' | ' |
Write-offs | -1 | -1 | ' | ' |
Other Adjustments | 0 | ' | ' | ' |
Unsecured Financing To Hotel Owners [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Credit Losses | 86 | 85 | 83 | 83 |
Provisions | 2 | 2 | ' | ' |
Write-offs | 0 | 0 | ' | ' |
Other Adjustments | $1 | ' | ' | ' |
Financing_Receivables_Impaired
Financing Receivables (Impaired Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Secured Financing To Hotel Owners [Member] | ' | ' |
Gross Loan Balance (Principal and Interest) | $39 | $39 |
Unpaid Principal Balance | 39 | 39 |
Related Allowance | -13 | -13 |
Average Recorded Loan Balance | 39 | 40 |
Unsecured Financing To Hotel Owners [Member] | ' | ' |
Gross Loan Balance (Principal and Interest) | 53 | 51 |
Unpaid Principal Balance | 37 | 37 |
Related Allowance | -53 | -51 |
Average Recorded Loan Balance | $52 | $52 |
Financing_Receivables_Analysis
Financing Receivables (Analysis Of Financing Receivables) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Receivables Past Due | $5 | $5 | ||
Greater than 90 Days Past Due | 3 | 3 | ||
Receivables on Non-Accrual Status | 123 | 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 | 39 | ||
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 | [1] | 3 | [1] |
Greater than 90 Days Past Due | 3 | [1] | 3 | [1] |
Receivables on Non-Accrual Status | $84 | [1] | $82 | [1] |
[1] | * 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. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Driskill [Member] | Driskill [Member] | Driskill [Member] | |||
Acquisitions, net of cash acquired | $0 | $85 | $85 | ' | ' |
Property and Equipment | ' | ' | ' | ' | 72 |
Indefinite-Lived Intangible Assets | ' | ' | ' | 7 | 7 |
Finite-Lived Intangibles | ' | ' | ' | ' | 5 |
Other Current Assets | ' | ' | ' | ' | $1 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions Dispositions (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Proceeds from sales of real estate and assets held for sale, net of cash disposed | $316 | $36 |
Gains on sales of real estate | 61 | 0 |
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | ' | ' |
Proceeds from sales of real estate and assets held for sale | 311 | ' |
Cash disposed from sale of assets | -3 | ' |
Proceeds from sales of real estate and assets held for sale, net of cash disposed | 308 | ' |
Gains on sales of real estate | 61 | ' |
Combined Management and Franchise Agreement Minimum Term (in years) | '25 years | ' |
Hyatt Place 2013 [Member] | ' | ' |
Number of hotels operated or franchised (Number of hotels) | ' | 3 |
Proceeds from sales of real estate and assets held for sale, net of cash disposed | ' | 36 |
Deferred Gain on Sale of Property | ' | $2 |
Select Service [Member] | ' | ' |
Number of hotels operated or franchised (Number of hotels) | 255 | ' |
Select Service [Member] | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | ' | ' |
Number of hotels operated or franchised (Number of hotels) | 9 | ' |
Full Service [Member] | ' | ' |
Number of hotels operated or franchised (Number of hotels) | 272 | ' |
Full Service [Member] | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | ' | ' |
Number of hotels operated or franchised (Number of hotels) | 1 | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions Like-Kind Exchange Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | Hyatt Key West [Member] | Hyatt Key West [Member] | Hyatt Place 2013 [Member] | Hyatt Place 2013 [Member] | Select Service [Member] | Select Service [Member] | Full Service [Member] | Full Service [Member] | |||
Hotels | Hotels | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | Hotels | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||||||
Hotels | Hotels | ||||||||||
Sale proceeds transferred from escrow to cash and cash equivalents | $306 | $0 | $232 | $74 | ' | ' | $23 | ' | ' | ' | ' |
Number of hotels operated or franchised (Number of hotels) | ' | ' | ' | ' | ' | 3 | ' | 255 | 9 | 272 | 1 |
Sales proceeds transferred to escrow as restricted cash | ($232) | ($23) | ($232) | ' | ($74) | ($23) | ' | ' | ' | ' | ' |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Goodwill | $147 | ' | $147 |
Goodwill, Impairment Loss | 0 | 0 | ' |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | ' |
Driskill [Member] | ' | ' | ' |
Indefinite-Lived Intangible Assets | $7 | ' | $7 |
Contract Acquisition Costs [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life [in years] | '5 years | ' | ' |
Contract Acquisition Costs [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life [in years] | '40 years | ' | ' |
Franchise and Management Intangibles [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life [in years] | '15 years | ' | ' |
Franchise and Management Intangibles [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life [in years] | '30 years | ' | ' |
Recovered_Sheet2
Goodwill and Intangible Assets (Summary of Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Gross intangibles, total | $708 | $696 |
Accumulated amortization | -113 | -105 |
Intangibles, net | 595 | 591 |
Contract Acquisition Costs [Member] | ' | ' |
Contract acquisition costs | 359 | 348 |
Weighted Average Useful Lives [in years] | '26 years | ' |
Franchise and Management Intangibles [Member] | ' | ' |
Franchise and management intangibles | 171 | 170 |
Weighted Average Useful Lives [in years] | '23 years | ' |
Lease Related Intangibles [Member] | ' | ' |
Lease related intangibles | 155 | 155 |
Weighted Average Useful Lives [in years] | '110 years | ' |
Advance Booking Intangible [Member] | ' | ' |
Advance booking intangible | 8 | 8 |
Weighted Average Useful Lives [in years] | '7 years | ' |
Other Intangibles [Member] | ' | ' |
Other | 8 | 8 |
Weighted Average Useful Lives [in years] | '12 years | ' |
Brand Intangibles [Member] | ' | ' |
Brand Intangible | $7 | $7 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Amortization Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Amortization expense | $8 | $6 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Expense (Benefit) | $24 | ($5) | ' |
Effective tax rate | 30.10% | -214.80% | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | ' |
Change in Deferred Tax Assets Valuation Allowance | -4 | ' | ' |
Tax Settlement | -2 | -2 | ' |
Change in Enacted Tax Rate | -2 | ' | ' |
Total unrecognized tax benefits | -51 | ' | -53 |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | -26 | ' | -27 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statue of Limitations and Settlements with Taxing Authorities | 4 | ' | ' |
Adjustment to deferred tax assets [Member] | ' | ' | ' |
Deferred Tax Assets, Other | ' | ($4) | ' |
Recovered_Sheet3
Commitments And Contingencies (Guarantees And Commitments Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments | $441 | ' |
Letters of Credit Outstanding | 125 | ' |
Performance guarantee expense | 17 | 0 |
Guarantee liability amortization | 2 | 0 |
Joint Venture New York [Member] | ' | ' |
Commitments | 380 | ' |
Purchase Price Commitment To Loan Or Investment | 253 | ' |
Purchase price commitment, percentage | 66.67% | ' |
Letters of Credit Outstanding | 50 | ' |
Hyatt Regency Grand Cypress [Member] | ' | ' |
Capital Lease Obligations, Current | 190 | ' |
Performance Guarantee [Member] | ' | ' |
Performance guarantee expense | 17 | ' |
Accrual for guarantee | 122 | ' |
Maximum exposure | 546 | ' |
Guarantee liability amortization | 2 | ' |
Guaranty Liabilities | 15 | ' |
Debt Repayment Guarantees [Member] | ' | ' |
Accrual for guarantee | 9 | ' |
Maximum exposure | 288 | ' |
Successful Enforcement Of Guarantee Agreements | 162 | ' |
Performance Test Clause Guarantee [Member] | ' | ' |
Accrual for guarantee | $0 | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Surety Bonds Self Insurance and Letters Of Credit Narrative) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Self Insurance Reserve, Current | $28 |
Self Insurance Reserve, Noncurrent | 56 |
Surety bonds | 100 |
Letters of Credit Outstanding, Amount | 125 |
Self Insurance Collateral [Member] | ' |
Letters of Credit Outstanding, Amount | 7 |
Borrowing Capacity Reduction [Member] | ' |
Letters of Credit Outstanding, Amount | $104 |
Commitments_And_Contingencies_2
Commitments And Contingencies Commitments and Contingency (Performance Guarantee Table) (Details) (Performance Guarantee [Member]) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | Four Hotels in France [Member] | Four Hotels in France [Member] |
USD ($) | EUR (€) | ||
Maximum exposure | $546 | $518 | € 377 |
Guarantor Obligations, Current Carrying Value | 122 | 117 | 90 |
Guaranty Liabilities | $15 | $15 | ' |
Performance Guarantee Term [in years] | ' | '7 years | '7 years |
Recovered_Sheet4
Commitments and Contingencies (Debt Guarantees Table) (Details) (Debt Repayment Guarantees [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Maximum exposure | $288 |
Accrual for guarantee | 9 |
Vacation ownership development [Member] | ' |
Maximum exposure | 110 |
Accrual for guarantee | 1 |
Hotel property in Brazil [Member] | ' |
Maximum exposure | 75 |
Accrual for guarantee | 2 |
Hawaii hotel development [Member] | ' |
Maximum exposure | 30 |
Accrual for guarantee | 1 |
Hotel property in Minnesota [Member] | ' |
Maximum exposure | 25 |
Accrual for guarantee | 4 |
Hotel Property in Colorado [Member] | ' |
Maximum exposure | 15 |
Accrual for guarantee | 1 |
Other Debt Repayment Guarantee [Member] | ' |
Maximum exposure | 33 |
Accrual for guarantee | $0 |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Repurchase Program, Authorized Amount | ' | ' | $400 | $200 |
Stock Repurchased and Retired During Period, Shares (in shares) | 1,172,645 | 664,951 | ' | ' |
Repurchase of common stock | 61 | 27 | ' | ' |
Stock repurchase related costs | 0 | 0 | ' | ' |
Payments for Repurchase of Common Stock | 59 | 27 | ' | ' |
Percent of Stock Outstanding Repurchased During Period (in percent) | 1.00% | 1.00% | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $128 | ' | ' | ' |
Weighted Average [Member] | ' | ' | ' | ' |
Stock Repurchased and Retired During Period Per Share Value (in dollars per share) | $51.71 | $41.32 | ' | ' |
Equity_Schedule_Of_Stockholder
Equity (Schedule Of Stockholders' Equity And Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Beginning balance - Attributable to Parent | $4,769 | ' |
Beginning balance - Attributable to noncontrolling interests | 8 | ' |
Beginning balance - Including noncontrolling interests | 4,777 | ' |
Net Income Attributable to Parent | 56 | 8 |
Net loss attributable to noncontrolling interests | 0 | 0 |
NET INCOME | 56 | 8 |
Other comprehensive loss | -2 | -2 |
Repurchase of common stock | -61 | -27 |
Ending balance - Attributable to Parent | 4,767 | ' |
Ending balance - Attributable to noncontrolling interests | 8 | ' |
Ending balance - Including noncontrolling interests | 4,775 | ' |
Stockholders' Equity [Member] | ' | ' |
Beginning balance - Attributable to Parent | 4,769 | 4,811 |
Net Income Attributable to Parent | 56 | 8 |
Other comprehensive loss | -2 | -2 |
Repurchase of common stock | -61 | -27 |
Employee stock plan issuance | 1 | ' |
Share based payment activity | 4 | 4 |
Ending balance - Attributable to Parent | 4,767 | 4,794 |
Noncontrolling Interests In Consolidated Subsidiaries [Member] | ' | ' |
Beginning balance - Attributable to noncontrolling interests | 8 | 10 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Other comprehensive loss | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Employee stock plan issuance | 0 | ' |
Share based payment activity | 0 | 0 |
Ending balance - Attributable to noncontrolling interests | 8 | 10 |
Total Equity [Domain] | ' | ' |
Beginning balance - Including noncontrolling interests | 4,777 | 4,821 |
NET INCOME | 56 | 8 |
Other comprehensive loss | -2 | -2 |
Repurchase of common stock | -61 | -27 |
Employee stock plan issuance | 1 | ' |
Share based payment activity | 4 | 4 |
Ending balance - Including noncontrolling interests | $4,775 | $4,804 |
Equity_Schedule_of_Accumulated
Equity (Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Beginning Balance - Accumulated Other Comprehensive Loss | ($68) | ($67) | |
Current period other comprehensive income (loss) before reclassification | -2 | -4 | |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 2 | [1] |
Ending Balance - Accumulated Other Comprehensive Loss | -70 | -69 | |
Foreign Currency Translation Reclassification Adjustment Realized upon Sale, Tax | ' | 0 | [1] |
Foreign currency translation adjustments [Member] | ' | ' | |
Beginning Balance - Accumulated Other Comprehensive Loss | -62 | -54 | |
Current period other comprehensive income (loss) before reclassification | 1 | -4 | |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 2 | |
Ending Balance - Accumulated Other Comprehensive Loss | -61 | -56 | |
Unrealized gain (loss) on AFS securities [Member] | ' | ' | |
Beginning Balance - Accumulated Other Comprehensive Loss | 6 | ' | |
Current period other comprehensive income (loss) before reclassification | -3 | ' | |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | ' | |
Ending Balance - Accumulated Other Comprehensive Loss | 3 | ' | |
Unrecognized pension cost [Member] | ' | ' | |
Beginning Balance - Accumulated Other Comprehensive Loss | -5 | -6 | |
Current period other comprehensive income (loss) before reclassification | 0 | 0 | |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |
Ending Balance - Accumulated Other Comprehensive Loss | -5 | -6 | |
Unrealized loss on derivative instruments [Member] | ' | ' | |
Beginning Balance - Accumulated Other Comprehensive Loss | -7 | -7 | |
Current period other comprehensive income (loss) before reclassification | 0 | 0 | |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |
Ending Balance - Accumulated Other Comprehensive Loss | ($7) | ($7) | |
[1] | Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity losses from unconsolidated hospitality ventures on the condensed consolidated statements of income. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stock Appreciation Rights [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years |
Grants in period (in shares) | 327,307 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $22.57 |
Total unearned compensation | $19 |
Restricted Stock Units [Member] | ' |
Grants in period (in shares) | 376,328 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $49.39 |
Total unearned compensation | 43 |
Restricted Stock Units [Member] | Unearned compensation maximum recognition period [Member] | ' |
Amortization period, deferred compensation expense (years) | '6 years |
Performance Vested Restricted Stock (PSS) [Member] | ' |
Grants in period (in shares) | 162,906 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $49.39 |
Performance period (in years) | '3 years |
Total unearned compensation | 7 |
Performance Vested Restricted Stock (PSS) [Member] | Unearned compensation average recognition period [Member] | ' |
Amortization period, deferred compensation expense (years) | '2 years |
SARs and RSUs [Member] | Unearned compensation average recognition period [Member] | ' |
Amortization period, deferred compensation expense (years) | '4 years |
Cash Settled RSUs [Member] | ' |
Cash-settled liability | 0 |
Cash-settled expense | $0 |
Cash-settled, grants in period | 0 |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expense Related To Long-Term Incentive Plan) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Appreciation Rights [Member] | ' | ' |
Compensation expense | $2 | $2 |
Restricted Stock Units [Member] | ' | ' |
Compensation expense | 5 | 4 |
Performance Vested Restricted Stock (PSS) [Member] | ' | ' |
Compensation expense | $1 | $1 |
RelatedParty_Transactions_Leas
Related-Party Transactions (Leases Narrative) (Details) (Related Party [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Related Party [Member] | ' |
Future sublease income | $9 |
RelatedParty_Transactions_Lega
Related-Party Transactions (Legal Services Narrative) (Details) (Related Party Legal Services [Member], USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Related Party Legal Services [Member] | ' | ' | ' |
Legal fees | $1 | $1 | ' |
Due (to) from related parties | ($1) | ' | $0 |
RelatedParty_Transactions_Othe
Related-Party Transactions (Other Services Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Management and franchise fees | $89 | $75 | ' |
Related Party Other Services [Member] | ' | ' | ' |
Management and franchise fees | 2 | 2 | ' |
Due (to) from related parties | $1 | ' | $1 |
RelatedParty_Transactions_Equi
Related-Party Transactions (Equity Method Investments Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Management and franchise fees | $89 | $75 | ' |
Equity Method Investments [Member] | ' | ' | ' |
Management and franchise fees | 7 | 8 | ' |
Due (to) from related parties | $10 | ' | $7 |
Maximum [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 70.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 8.00% | ' | ' |
Segment_Information_Summarized
Segment Information (Summarized Consolidated Financial Information by Segment) (Details) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Asset Impairments | $0 | ($8) | [1] | ' | ||
Revenues | 1,074 | 975 | ' | |||
Adjusted EBITDA | 172 | 131 | ' | |||
Depreciation and amortization | 95 | 88 | ' | |||
Assets | 8,176 | ' | 8,177 | |||
Corporate and Other [Member] | ' | ' | ' | |||
Revenues | 30 | 24 | ' | |||
Adjusted EBITDA | -31 | -29 | ' | |||
Depreciation and amortization | 2 | 2 | ' | |||
Property and equipment, net [Member] | Owned and Leased Hotels [Member] | ' | ' | ' | |||
Asset Impairments | ' | -8 | [1] | ' | ||
Operating Segments [Member] | Owned and Leased Hotels [Member] | ' | ' | ' | |||
Revenues | 548 | 492 | ' | |||
Adjusted EBITDA | 125 | 95 | ' | |||
Depreciation and amortization | 86 | 81 | ' | |||
Assets | 5,542 | [2] | ' | 5,895 | [2] | |
Operating Segments [Member] | Americas Management and Franchising [Member] | ' | ' | ' | |||
Revenues | 454 | 422 | ' | |||
Adjusted EBITDA | 56 | 48 | ' | |||
Depreciation and amortization | 5 | 5 | ' | |||
Operating Segments [Member] | ASPAC Management and Franchising [Member] | ' | ' | ' | |||
Revenues | 37 | 35 | ' | |||
Adjusted EBITDA | 11 | 9 | ' | |||
Depreciation and amortization | 0 | 0 | ' | |||
Operating Segments [Member] | EAME/SW Asia Management [Member] | ' | ' | ' | |||
Revenues | 30 | 25 | ' | |||
Adjusted EBITDA | 11 | 8 | ' | |||
Depreciation and amortization | 2 | 0 | ' | |||
Intersegment Eliminations [Member] | ' | ' | ' | |||
Revenues | -25 | [3] | -23 | [3] | ' | |
Adjusted EBITDA | 0 | [3] | 0 | [3] | ' | |
Depreciation and amortization | 0 | [3] | 0 | [3] | ' | |
Intersegment Eliminations [Member] | Americas Management and Franchising [Member] | ' | ' | ' | |||
Revenues | 21 | [3] | 19 | [3] | ' | |
Intersegment Eliminations [Member] | ASPAC Management and Franchising [Member] | ' | ' | ' | |||
Revenues | 1 | [3] | 1 | [3] | ' | |
Intersegment Eliminations [Member] | EAME/SW Asia Management [Member] | ' | ' | ' | |||
Revenues | $3 | [3] | $3 | [3] | ' | |
[1] | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. | |||||
[2] | Assets within the Owned and Leased Hotels segment at March 31, 2014 equaled $5,542 million compared to $5,895 million at December 31, 2013. The decrease in assets is primarily due to the disposition of nine select service properties and one full service property during the three months ended March 31, 2014. | |||||
[3] | Intersegment revenues are included in the segment revenue totals and eliminated in Eliminations. |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income attributable to Hyatt Hotels Corporation) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Adjusted EBITDA | $172 | $131 | |
Equity losses from unconsolidated hospitality ventures | -7 | -1 | |
Asset Impairments | 0 | -8 | [1] |
Gains on sales of real estate | 61 | 0 | |
Other income (loss), net | -12 | 2 | |
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | -20 | -16 | |
EBITDA | 194 | 108 | |
Depreciation and amortization | -95 | -88 | |
Interest expense | -19 | -17 | |
(Provision) benefit for income taxes | -24 | 5 | |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | 56 | 8 | |
Property and equipment, net [Member] | Owned and Leased Hotels [Member] | ' | ' | |
Asset Impairments | ' | ($8) | [1] |
[1] | In conjunction with our regular assessment of impairment indicators in the first quarter of 2013, we identified property and equipment whose carrying value exceeded its fair value and as a result recorded an $8 million impairment charge to asset impairments in the condensed consolidated statements of income in the three months ended March 31, 2013. |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET INCOME | $56 | $8 |
Net loss attributable to noncontrolling interests | 0 | 0 |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $56 | $8 |
Basic weighted average shares outstanding (in shares) | 155,449,102 | 161,931,525 |
Share-based compensation (in shares) | 1,041,764 | 606,352 |
Diluted weighted average shares outstanding (in shares) | 156,490,866 | 162,537,877 |
Net income - Basic (in dollars per share) | $0.36 | $0.05 |
Net loss attributable to noncontrolling interests - Basic (in dollars per share) | $0 | $0 |
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share) | $0.36 | $0.05 |
Net income - Diluted (in dollars per share) | $0.36 | $0.05 |
Net loss attributable to noncontrolling interests - Diluted (in dollars per share) | $0 | $0 |
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share) | $0.36 | $0.05 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Shares Issued) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 135,000 | 47,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 0 | 4,000 |
Other_Income_Loss_Net_Reconcil
Other Income (Loss), Net (Reconciliation of Components in Other Income, Net) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Performance guarantee expense | ($17) | $0 |
Interest income | 2 | 5 |
Guarantee liability amortization | 2 | 0 |
Foreign currency losses | 0 | -2 |
Other | 1 | -1 |
Other income (loss), net | ($12) | $2 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 |
Subsequent Event [Member] | |||
Hyatt Place Austin Downtown [Member] | |||
Proceeds from Sale of Equity Method Investments | ' | ' | $25 |
Gains on sales of real estate | $61 | $0 | $18 |