Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2015 |
Document Information [Line Items] | |||
Entity Registrant Name | Hyatt Hotels Corp | ||
Entity Central Index Key | 1468174 | ||
Current Fiscal Year End Date | -19 | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Trading Symbol | h | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,459.10 | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 36,880,550 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 111,405,463 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Owned and leased hotels | $2,246 | $2,142 | $2,021 |
Management and franchise fees | 387 | 342 | 307 |
Other revenues | 75 | 78 | 78 |
Other Revenues From Managed Properties | 1,707 | 1,622 | 1,543 |
Total revenues | 4,415 | 4,184 | 3,949 |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | |||
Owned and leased hotels | 1,691 | 1,629 | 1,549 |
Depreciation and amortization | 354 | 345 | 353 |
Other direct costs | 35 | 32 | 29 |
Selling, general, and administrative | 349 | 323 | 316 |
Other costs from managed properties | 1,707 | 1,622 | 1,543 |
Direct and selling, general, and administrative expenses | 4,136 | 3,951 | 3,790 |
Net gains and interest income from marketable securities held to fund operating programs | 15 | 34 | 21 |
Equity earnings (losses) from unconsolidated hospitality ventures | 25 | -1 | -22 |
Interest expense | -71 | -65 | -70 |
Gains on sales of real estate and other | 311 | 125 | 0 |
Asset impairments | -17 | -22 | 0 |
Other income (loss), net | -17 | 17 | 7 |
Income before income taxes | 525 | 321 | 95 |
PROVISION FOR INCOME TAXES | -179 | -116 | -8 |
NET INCOME | 346 | 205 | 87 |
Net (income) loss attributable to noncontrolling interests | -2 | 2 | 1 |
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $344 | $207 | $88 |
EARNINGS PER SHARE - Basic | |||
Net Income -Basic (in dollars per share) | $2.26 | $1.29 | $0.53 |
Net income attributable to Hyatt Hotels Corporation - Basic (per share) | $2.25 | $1.30 | $0.53 |
EARNINGS PER SHARE - Diluted | |||
Net Income- Diluted (in dollars per share) | $2.24 | $1.29 | $0.53 |
Net income attributable to Hyatt Hotels Corporation - Diluted (per share) | $2.23 | $1.30 | $0.53 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $346 | $205 | $87 |
Foreign currency translation adjustments, net of tax (benefit) expense of $1, $1, and $(3) for the years ended December 31, 2014, 2013, and 2012, respectively. | -93 | -8 | 29 |
Unrealized gains on available for sale securities, net of tax (benefit) expense of $2, $1, and $1 for the years ended December 31, 2014, 2013, and 2012, respectively | 0 | 6 | 2 |
Unrecognized pension cost, net of tax (benefit) expense of $(1), $1, and $- for the years ended December 31, 2014, 2013, and 2012, respectively | 0 | 1 | 0 |
Unrealized gains on derivative activity, net of tax (benefit) expense of $1, $-, and $- for the years ended December 31, 2014, 2013, and 2012, respectively | 1 | 0 | 1 |
Other comprehensive income (loss) | -92 | -1 | 32 |
COMPREHENSIVE INCOME | 254 | 204 | 119 |
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -2 | 2 | 1 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $252 | $206 | $120 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parentheticals (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $1 | $1 | ($3) |
Unrealized gains on available for sale securities, tax | 2 | 1 | 1 |
Unrecognized pension cost, tax | -1 | 1 | 0 |
Unrealized gains on derivative activity, tax | $1 | $0 | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $685 | $454 |
Restricted cash | 359 | 184 |
Short-term investments | 130 | 30 |
Receivables, net of allowances of $13 and $11 at December 31, 2014 and December 31, 2013, respectively | 274 | 273 |
Inventories | 17 | 77 |
Prepaids and other assets | 108 | 122 |
Prepaid income taxes | 47 | 12 |
Deferred tax assets | 26 | 11 |
Assets held for sale | 63 | 0 |
Total current assets | 1,709 | 1,163 |
Investments | 334 | 329 |
Property and equipment, net | 4,186 | 4,671 |
Financing receivables, net of allowances | 40 | 119 |
Goodwill | 133 | 147 |
Intangibles, net | 552 | 591 |
Deferred tax assets | 196 | 198 |
Other assets | 993 | 959 |
TOTAL ASSETS | 8,143 | 8,177 |
LIABILITIES AND EQUITY | ||
Current maturities of long-term debt | 9 | 194 |
Accounts payable | 130 | 133 |
Accrued expenses and other current liabilities | 468 | 411 |
Accrued compensation and benefits | 120 | 133 |
Liabilities held for sale | 3 | 0 |
Total current liabilities | 730 | 871 |
Long-term debt | 1,381 | 1,289 |
Other long-term liabilities | 1,401 | 1,240 |
Total liabilities | 3,512 | 3,400 |
Commitments and Contingencies (see Note 15) | ||
EQUITY: | ||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2014 and 2013 | 0 | 0 |
Common stock | 2 | 2 |
Additional paid-in capital | 2,621 | 3,015 |
Retained earnings | 2,165 | 1,821 |
Treasury stock at cost, 36,273 shares at December 31, 2014 and 2013 | -1 | -1 |
Accumulated other comprehensive loss | -160 | -68 |
Total stockholders' equity | 4,627 | 4,769 |
Noncontrolling interests in consolidated subsidiaries | 4 | 8 |
Total equity | 4,631 | 4,777 |
TOTAL LIABILITIES AND EQUITY | $8,143 | $8,177 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheet Parentheticals (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $13 | $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 |
Treasury Stock, Shares (in shares) | 36,273 | 36,273 |
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) | 37,676,490 | 43,584,144 |
Common Stock, Shares, Issued (in shares) | 37,712,763 | 43,620,417 |
Common Class B | ||
Common Stock, Par or Stated Value Per Share (per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 443,399,875 | 444,521,875 |
Common Stock, Shares, Outstanding (in shares) | 111,405,463 | 112,527,463 |
Common Stock, Shares, Issued (in shares) | 111,405,463 | 112,527,463 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $346 | $205 | $87 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 354 | 345 | 353 |
Amortization of share awards | 52 | 27 | 22 |
Deferred income taxes | -28 | -7 | 65 |
Asset impairments | 17 | 22 | 0 |
Provisions on hotel loans | 0 | 6 | 4 |
Equity (earnings) losses from unconsolidated hospitality ventures, net of distributions received | 54 | 50 | 44 |
Gains on sales of real estate and other | -311 | -125 | 0 |
Foreign currency losses | 3 | 5 | 3 |
Net realized gains from other marketable securities | 0 | -2 | -17 |
Other | -38 | -39 | 5 |
Increase (Decrease) in cash attributable to changes in assets and liabilities: | |||
Restricted cash | -18 | -73 | -1 |
Receivables, net | -28 | -9 | -33 |
Inventories | 8 | 3 | 8 |
Prepaid income taxes | -53 | 16 | 8 |
Accounts payable, accrued expenses, and other current liabilities | 186 | 71 | 81 |
Accrued compensation and benefits | -9 | -5 | 22 |
Other long-term liabilities | -19 | -6 | -118 |
Other, net | -43 | -28 | -34 |
Net cash provided by operating activities | 473 | 456 | 499 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of marketable securities and short-term investments | -421 | -301 | -370 |
Proceeds from marketable securities and short-term investments | 320 | 741 | 467 |
Contributions to investments | -114 | -428 | -90 |
Proceeds from sale of investments | 0 | 0 | 52 |
Return of investment | 57 | 86 | 39 |
Acquisitions, net of cash acquired | -548 | -814 | -233 |
Capital expenditures | -253 | -232 | -301 |
Issuance of financing receivables | -5 | 0 | -67 |
Proceeds from financing receivables | 56 | 279 | 18 |
Proceeds from sales of real estate and other, net of cash disposed | 1,467 | 601 | 87 |
Sales proceeds transferred to escrow as restricted cash | -870 | -498 | -44 |
Sales proceeds transferred from escrow to cash and cash equivalents | 714 | 466 | 0 |
(Increase) decrease in restricted cash - investing | -8 | -9 | 1 |
Other investing activities | -22 | -38 | -48 |
Net cash provided by (used in) investing activities | 373 | -147 | -489 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance costs of $0, $3 and $0, respectively | 249 | 385 | 10 |
Repayments of long-term debt | -208 | -368 | 0 |
Repurchase of common stock | -443 | -275 | -136 |
Repayment of capital lease obligation | -191 | 0 | 0 |
Other financing activities | -14 | -6 | 2 |
Net cash used in financing activities | -607 | -264 | -124 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -8 | -4 | -7 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 231 | 41 | -121 |
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR | 454 | 413 | 534 |
CASH AND CASH EQUIVALENTS-END OF PERIOD | 685 | 454 | 413 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid during the period for interest | 71 | 66 | 68 |
Cash paid during the period for income taxes | 267 | 119 | 50 |
Non-cash operating activities are as follows: | |||
Non-cash performance guarantee | 0 | 128 | 0 |
Non-cash investing activities are as follows: | |||
Non-cash contract acquisition costs | 0 | 128 | 0 |
Change in accrued capital expenditures | $4 | ($7) | ($40) |
Recovered_Sheet1
Consolidated Statements Of Cash Flows Statement of Cash Flow Parenthetical (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Statement of Cash Flows [Abstract] | |||||
Debt Issuance Cost | $0 | $3 | $0 | $4 | $3 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock Amount [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock Amount [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests in Consolidated Subsidiaries [Member] |
In Millions | |||||||
Balance - at Dec. 31, 2011 | $4,818 | $2 | $3,380 | $1,526 | ($1) | ($99) | $10 |
Total comprehensive income | 119 | 0 | 0 | 88 | 0 | 32 | -1 |
Purchase of shares in noncontrolling interests | -2 | 0 | -3 | 0 | 0 | 0 | 1 |
Repurchase of common stock | -136 | 0 | -136 | 0 | 0 | 0 | 0 |
Directors compensation | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
Employee stock plan issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 18 | 0 | 18 | 0 | 0 | 0 | 0 |
Balance - at Dec. 31, 2012 | 4,821 | 2 | 3,263 | 1,614 | -1 | -67 | 10 |
Total comprehensive income | 204 | 0 | 0 | 207 | 0 | -1 | -2 |
Repurchase of common stock | -275 | 0 | -275 | 0 | 0 | 0 | 0 |
Directors compensation | 2 | 0 | 2 | 0 | 0 | 0 | 0 |
Employee stock plan issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 22 | 0 | 22 | 0 | 0 | 0 | 0 |
Balance - at Dec. 31, 2013 | 4,777 | 2 | 3,015 | 1,821 | -1 | -68 | 8 |
Total comprehensive income | 254 | 0 | 0 | 344 | 0 | -92 | 2 |
Disposal of shares in noncontrolling interests | -4 | 0 | 0 | 0 | 0 | 0 | -4 |
Repurchase of common stock | -445 | 0 | -445 | 0 | 0 | 0 | 0 |
Directors compensation | 2 | 0 | 2 | 0 | 0 | 0 | 0 |
Employee stock plan issuance | 3 | 0 | 3 | 0 | 0 | 0 | 0 |
Share based payment activity | 45 | 0 | 45 | 0 | 0 | 0 | 0 |
Other | -1 | 0 | 1 | 0 | 0 | 0 | -2 |
Balance - at Dec. 31, 2014 | $4,631 | $2 | $2,621 | $2,165 | ($1) | ($160) | $4 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION |
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively “Hyatt Hotels Corporation”) provide hospitality services on a worldwide basis through the development, management, franchising, licensing and ownership of hospitality related businesses. We develop, own, operate, manage, franchise, license or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts and other properties, including timeshare, fractional and other forms of residential or vacation properties. As of December 31, 2014, (i) we operated or franchised 280 full service hotels, comprising 113,467 rooms throughout the world, (ii) we operated or franchised 275 select service hotels, comprising 37,638 rooms, of which 263 hotels are located in the United States, and (iii) our portfolio of properties included 5 franchised all inclusive Hyatt-branded resorts, comprising 1,881 rooms. Our portfolio of properties operate in 50 countries around the world and we hold ownership interests in certain of these properties. | |
As used in these Notes, the terms “Company,” “HHC,” “we,” “us,” or “our” mean Hyatt Hotels Corporation and its consolidated subsidiaries. | |
As used in these Notes, the term “Pritzker family business interests” means (1) various lineal descendants of Nicholas J. Pritzker (deceased) and spouses and adopted children of such descendants; (2) various trusts for the benefit of the individuals described in clause (1) and trustees thereof; and (3) various entities owned and/or controlled, directly and/or indirectly, by the individuals and trusts described in (1) and (2). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. | ||
Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered: | ||
• | Owned and leased hotels revenues are derived from room rentals and services provided at our owned, leased, and consolidated hospitality venture properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income. | |
• | Management and franchise fees earned from hotels managed and franchised worldwide: | |
– | Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us. | |
– | Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract. | |
– | Franchise fees consist of an initial application fee and continuing royalty fees calculated based on a percentage of gross rooms’ revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor. | |
• | Other revenues | |
– | Other revenues primarily includes revenues from our vacation ownership business, earned through the date of sale of the business in the fourth quarter of 2014. Prior to the sale, we recognized vacation ownership revenue when a minimum of 10% of the purchase price for the interval had been received, the period of cancellation with refund had expired, and receivables were deemed collectible. For sales that did not qualify for full revenue recognition, as the project had progressed beyond the preliminary stages, but had not yet reached completion, all revenue and associated direct expenses were initially deferred and recognized in earnings through the percentage-of-completion method. As a result of the disposition, we entered into a master license agreement with ILG, through which we will earn license fees that are recorded to management and franchise fees in our consolidated statements of income. | |
– | Other revenues also include revenues from our co-branded credit card launched in 2010. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner; and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired. | |
• | Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income. | |
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | ||
Restricted Cash—We had restricted cash of $359 million and $184 million at December 31, 2014 and 2013, respectively, which includes: | ||
• | sales proceeds for like-kind exchange agreements of $143 million and $74 million, respectively, that were placed into an escrow account administered by an intermediary (see Note 8). | |
• | reserves statutorily required to be held by our captive insurance subsidiary of $88 million and $74 million, respectively (see Note 15). | |
• | proceeds from $27 million and $16 million, respectively, drawn on a loan that are being used for the development of a hotel in Brazil (see Note 10). | |
• | $9 million and $10 million, respectively, related to debt service on bonds that were acquired in connection with the acquisition of the entity that owned the Grand Hyatt San Antonio hotel (see Note 10). In addition, we have $9 million and $11 million, respectively, recorded in other assets. | |
In addition, as of December 31, 2014, restricted cash includes $87 million for the sales of two Canadian hotels, as the Canadian tax regulations require a portion of the proceeds to be classified as restricted (see Note 8). The remaining restricted cash balances of $5 million and $10 million at December 31, 2014 and 2013, respectively, relate to secured real estate taxes, property insurance, escrow deposits on purchases of our vacation ownership intervals, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts. | ||
Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary as a result of qualitative and/or quantitative characteristics. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity ("VIE") that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Investments in unconsolidated affiliates over which we exercise significant influence, but do not control, including joint ventures, are accounted for under the equity method. In addition, our limited partnership investments in which we hold more than a minimal investment are accounted for under the equity method of accounting. Investments in unconsolidated affiliates over which we are not able to exercise significant influence are accounted for under the cost method. | ||
We assess investments in unconsolidated affiliates for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other-than-temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other-than-temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||
Marketable Securities—Our investments in marketable securities are principally included within short-term investments and other assets in the consolidated balance sheets and are classified as either trading or available-for-sale ("AFS") (see Note 4). Marketable securities are recorded at fair value based on listed market prices or dealer price quotations where available. Listed market prices and dealer price quotations are not available to value our preferred investment, therefore, we utilize an option pricing model, which requires that we make certain assumptions regarding the expected volatility, term, risk free interest rate over the expected term, dividend yield and enterprise value (see Note 5). | ||
Our marketable securities consist of various types of mutual funds, preferred shares, time deposits, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial bonds. Realized and unrealized gains and losses on trading securities are reflected in our consolidated statements of income in other income (loss), net. Available-for-sale securities with unrealized gains and losses are reported as part of accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses on available-for-sale securities are recognized in other income (loss), net based on the cost of the securities using specific identification. Available-for-sale securities are assessed for impairment quarterly. To determine if an impairment is other-than-temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other-than-temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. For debt securities that are deemed other-than-temporarily impaired and there is intent to sell, impairments in their entirety are recorded on our consolidated statements of income. | ||
Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in stockholders’ equity. Gains and losses from foreign currency transactions are included in earnings. Income and expense accounts are translated at the average exchange rate for the period. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are included in earnings. | ||
Financing Receivables—We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and that are recognized on our consolidated balance sheets at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have divided our financing receivables into three portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows: | ||
• | Secured Financing to Hotel Owners | |
– | These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation. We determine our secured financing to hotel owners to be non-performing if either interest or principal is greater than 90 days past due based on the contractual terms of the individual mortgage loans. | |
– | We individually assess all loans in this portfolio for impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including loan performance, individual market factors, hotel performance, and the collateral of the underlying hotel. We measure loan impairment based on either the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral. The measurement method used is based on which would be most appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows or the estimated fair value of the collateral. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | |
– | If we consider secured financing to hotel owners to be non-performing or impaired, we place the financing receivable on non-accrual status. We will recognize interest income when received for non-accruing finance receivables. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off secured financing to hotel owners when we determine that the loans are uncollectible and when all commercially reasonable means of recovering the loan balances have been exhausted. | |
• | Vacation Ownership Mortgage Receivables. As of December 31, 2014, we have completed the sale of our vacation ownership business and thus the outstanding balance in vacation ownership mortgage receivables is zero. | |
– | These financing receivables were comprised of various mortgage loans related to our financing of vacation ownership interval sales. We recorded an estimate of uncollectibility as a reduction of sales revenue at the time revenue was recognized on a vacation ownership interval sale. We evaluated this portfolio collectively as we held a large group of homogeneous, smaller-balance, vacation ownership mortgage receivables and used a technique referred to as static pool analysis, which tracked uncollectibles over the entire life of those mortgage receivables. We used static pool analysis as the basis for determining our general reserve requirements on our vacation ownership mortgage receivables. The adequacy of the related allowance was determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including defaults, aging and historical write-offs of these receivables. The allowance was maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. | |
– | We determined our vacation ownership mortgage receivables to be non-performing if either interest or principal was greater than 120 days past due based on the contractual terms of the individual mortgage loans and would not recognize interest income. We wrote-off vacation ownership mortgage receivables that were over 120 days past due, on the date which we determined the mortgage receivables to be uncollectible. | |
• | Unsecured Financing to Hotel Owners | |
– | These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel. We determine our unsecured financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due or if estimates of future cash flows available for repayment of these receivables indicate that there is a collectibility risk. We do not recognize interest income on non-performing financing arrangements and only resume interest recognition if the financing receivable becomes current. | |
– | We individually assess all financing receivables in this portfolio for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due according to the contractual terms of the individual loan agreement based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, individual hotel performance, and individual financing arrangement. We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For impaired loans, we establish a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows. The impairment reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | |
– | We write off unsecured financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. | |
Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of one year or less, and food and beverage items at our owned and leased hotels at December 31, 2014 and 2013, respectively. As of December 31, 2013, inventories principally was comprised of unsold vacation ownership intervals of $64 million. Due to the sale of our vacation ownership business in the fourth quarter of 2014, we no longer hold inventories of unsold vacation ownership intervals. As of December 31, 2013, vacation ownership inventory was carried at the lower of cost or market, based on relative sales value or net realizable value and was classified as a current asset consistent with recognized industry practice. Based on management's assessment, no impairment charges were recorded related to vacation ownership inventory in 2012, 2013 or in 2014 prior to the sale of this business. Food and beverage and operating and supplies equipment inventories are generally valued at the lower of cost (first-in, first-out) or market. | ||
Property and Equipment—Property and equipment are stated at cost, including interest incurred during development and construction periods. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. All repair and maintenance costs are expensed as incurred. | ||
Useful lives assigned to property and equipment are as follows: | ||
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 3-20 years | |
Computers | 3-7 years | |
Long-Lived Assets and Definite-Lived Intangibles—We evaluate the carrying value of our long-lived assets and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset or definite-lived intangible may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our long-lived assets and definite-lived intangibles based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | ||
Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. There were no contingent payments, preliminary estimates, options, or commitments specified except as otherwise disclosed in Note 8. | ||
Guarantees—We enter into performance guarantees related to certain hotels that we manage or debt repayment guarantees with respect to certain hotels primarily in which we also hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The corresponding offset depends on the circumstances in which the guarantee was issued. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees are amortized into income in other income (loss), net in the consolidated income statements and debt repayment guarantees that relate to our equity method investments are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures in the period that we determine funding is probable for that period. For additional information about guarantees, see Note 15. | ||
Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third-party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. See Note 9 for additional information about goodwill. | ||
Indefinite-Lived Intangibles—As required, we evaluate indefinite-lived intangibles for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Indefinite-lived intangibles impairment is determined by comparing the fair value of the asset to its carrying amount. This is done either by performing a qualitative or quantitative assessment, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative analysis. When determining fair value, we primarily utilize the income approach. Under the income approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates and appropriate discount rates based on the weighted average cost of capital. Our estimates of long-term growth are based on historical data, various internal estimates and a variety of external sources. See Note 9 for additional information about indefinite-lived intangibles. | ||
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14. | ||
Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accounting Principles Generally Accepted in the United States of America (“GAAP”) establishes a valuation hierarchy for prioritizing the inputs and the hierarchy places greater emphasis on the use of observable market inputs and less emphasis on unobservable inputs. When determining fair value, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows: | ||
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities; | ||
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; | ||
Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques. | ||
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy. | ||
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these items and their close proximity to maturity. For additional information about fair value, see Note 5. The fair value of marketable securities is discussed in Note 4; the fair value of financing receivables is discussed in Note 7; and the fair value of long-term debt is discussed in Note 10. | ||
Hyatt Gold Passport Fund—The Hyatt Gold Passport Program (the “Program”) is our loyalty program. We operate the Program for the benefit of the Hyatt portfolio of properties, whether owned, operated, managed, licensed or franchised by us. The Program is operated through the Hyatt Gold Passport Fund (the “Fund”), which is owned collectively by the owners of the Hyatt portfolio of properties, whether owned, operated, managed, licensed or franchised by us. The Fund has been established to provide for the payment of operating expenses and redemptions of member awards associated with the Program. The Fund is maintained and managed by us on behalf of and for the benefit of the Hyatt portfolio of hotels. We have evaluated our investment in the Fund and have determined that the Fund qualifies as a VIE and, as a result of the Company being the primary beneficiary, we have consolidated the Fund. | ||
The Program allows members to earn points based on their spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the hotel properties based on members’ qualified expenditures. Due to the requirements under the Program that the hotel properties reimburse us for the Program’s operating costs as incurred, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the hotel properties equal to the fair value of our future redemption obligation. Upon the redemption of points, we recognize as revenue the amounts previously deferred and recognize the corresponding expense relating to the costs of the awards redeemed. Revenue is recognized by the hotel properties when the points are redeemed, and expenses are recognized when the points are earned by the members. | ||
We actuarially determine the expected fair value of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the “breakage” for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability. | ||
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities (see Note 4). As of December 31, 2014 and 2013, total assets of the Fund were $429 million and $368 million, respectively, including $145 million and $106 million of current assets, respectively. Marketable securities held by the Fund and included in other non-current assets were $284 million and $262 million as of December 31, 2014 and 2013, respectively (see Note 4). As of December 31, 2014 and 2013, total liabilities of the Fund were $429 million and $368 million, respectively, including $145 million and $106 million of current liabilities, respectively. The current liabilities include $132 million and $94 million of accrued expenses and other current liabilities as of December 31, 2014 and 2013, respectively. The non-current liabilities of the Fund are included in other long-term liabilities (see Note 13). | ||
Recently Issued Accounting Pronouncements | ||
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 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 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 consolidated financial statements. | ||
In April 2014, the FASB released Accounting Standards Update No. 2014-08 ("ASU 2014-08"), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the requirements for reporting discontinued operations and expands the required disclosures surrounding discontinued operations. The provisions of ASU 2014-08 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in previously issued financial statements. We have elected to early adopt ASU 2014-08 and have no disposals which qualify as discontinued operations. | ||
Future Adoption of Accounting Standards | ||
In May 2014, the FASB released Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact of adopting ASU 2014-09. | ||
In June 2014, the FASB released Accounting Standards Update No. 2014-10 (“ASU 2014-10”), Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU 2014-10 removes the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP and it eliminates an exception provided in the consolidation guidance for development stage enterprises. The provisions of ASU 2014-10 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. When adopted, ASU 2014-10 is not expected to materially impact our consolidated financial statements. | ||
In August 2014, the FASB released Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and the related footnote disclosures. The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. When adopted, ASU 2014-15 is not expected to materially impact our consolidated financial statements. |
Equity_And_Cost_Method_Investm
Equity And Cost Method Investments | 12 Months Ended | |||||||||||
Dec. 31, 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 December 31, 2014 and 2013 are as follows: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Equity method investments | $ | 311 | $ | 320 | ||||||||
Cost method investments | 23 | 9 | ||||||||||
Total investments | $ | 334 | $ | 329 | ||||||||
Of our $334 million total investment balance as of December 31, 2014, $318 million was recorded in our owned and leased hotels segment. Of our $329 million total investment balance as of December 31, 2013, $310 million was recorded in our owned and leased hotels segment. | ||||||||||||
We recorded $1 million, $50 million, and $1 million of income from our cost method investments for the years ended December 31, 2014, 2013 and 2012, respectively. Gains or losses from cost method investments are recorded within other income (loss), net on our consolidated statements of income, see Note 21. | ||||||||||||
The carrying values and ownership percentages of our unconsolidated investments in hotel properties accounted for under the equity method as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Ownership Interests | Our Investment | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Wailea Hotel Holdings, LLC | 65.8 | % | $ | 136 | $ | 132 | ||||||
Playa Hotels & Resorts B.V. | 23.7 | % | 45 | 50 | ||||||||
Juniper Hotels Private Limited | 50 | % | 34 | 33 | ||||||||
Hotel Hoyo Uno (Andaz Mayakoba) | 40 | % | 20 | 12 | ||||||||
Noble I/HY, LLC | 40 | % | 11 | 14 | ||||||||
Denver Downtown Hotel Partners LLC | 50 | % | 9 | 4 | ||||||||
Desarrolladora Hotelera Acueducto (Hyatt Regency Guadalajara) | 50 | % | 8 | — | ||||||||
Renaissance Centro M Street LLC | 33 | % | 6 | — | ||||||||
PCH Beach Resort, LLC | 40 | % | 5 | 4 | ||||||||
Diamante Resort La Paz | 50 | % | 5 | 5 | ||||||||
Other | 32 | 66 | ||||||||||
Total | $ | 311 | $ | 320 | ||||||||
The following tables present summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 1,192 | $ | 978 | $ | 979 | ||||||
Gross operating profit | 329 | 315 | 313 | |||||||||
Income from continuing operations | 31 | 17 | 12 | |||||||||
Net income | $ | 31 | $ | 17 | $ | 12 | ||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Current Assets | $ | 476 | $ | 556 | ||||||||
Noncurrent Assets | 2,728 | 2,877 | ||||||||||
Total Assets | $ | 3,204 | $ | 3,433 | ||||||||
Current Liabilities | 492 | 519 | ||||||||||
Noncurrent Liabilities | 1,708 | 1,962 | ||||||||||
Total Liabilities | $ | 2,200 | $ | 2,481 | ||||||||
During 2014, we purchased the Hyatt Regency Lost Pines Resort and Spa and adjacent land from a joint venture in which we hold 8.2% interest, for a net purchase price of approximately $164 million. This transaction was accounted for as a step acquisition and we recorded a gain of $12 million in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income in our owned and leased hotels segment. See Note 8 for further discussion of our acquisition. | ||||||||||||
During 2014, a joint venture in which we hold an ownership interest and which is classified as an equity method investment within our owned and leased hotels segment, sold the Hyatt Place Houston/Sugar Land to a third party, for which we received proceeds of $12 million. We recorded a deferred gain of $10 million, which is being amortized over the term of the new management agreement for the hotel in management and franchise fees within the Americas management and franchising segment. | ||||||||||||
During 2014, a joint venture in which we hold an ownership interest and which is classified as an equity method investment within our owned and leased hotels segment, sold the Hyatt Regency DFW International Airport and another building to a third party, for which we received proceeds of $19 million. We recorded a deferred gain of $18 million, which is being amortized over the remaining term of the management agreement for the hotel in management and franchise fees within the Americas management and franchising segment. | ||||||||||||
During 2014, a joint venture in which we hold an ownership interest and which is classified as an equity method investment within our owned and leased hotels segment, sold the Hyatt Place Coconut Point to a third party, for which we received proceeds of $5 million. This hotel was sold subject to a new franchise agreement. We recorded a gain of $2 million, which has been recorded to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||||||||||||
During 2014, a joint venture in which we hold an ownership interest and which is classified as an equity method investment within our owned and leased hotels segment, sold the Hyatt Place Austin Downtown to a third party, for which we received proceeds of $28 million. The hotel was sold subject to a franchise agreement. We recorded a gain of $20 million, which has been recorded to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||||||||||||
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 are or will be Hyatt-branded. Playa issued common shares and preferred shares to Hyatt in return for our investment. Our investment in common shares has been classified as an equity method investment. The investment in preferred shares has been classified as an available for sale debt security and recorded in other assets on the consolidated balance sheets. See Note 4 for further discussion of our preferred investment. | ||||||||||||
During 2013, we purchased the remaining 70% interest of the entity that owned the Grand Hyatt San Antonio hotel. We accounted for the transaction as a step acquisition, see Note 8 for further discussion of our acquisition. | ||||||||||||
During 2013, we recorded income from cost method investments of $50 million in other income (loss), net. We received a return of our $63 million investment and a $30 million return on our preferred equity interest in a joint venture that owns the Hyatt Regency New Orleans. Additionally, our partner in the joint venture executed its option to purchase our residual common investment interest in the venture resulting in a $20 million distribution, (see Note 21). The investment was included in our owned and leased hotels segment. We continue to manage the property under the existing management agreement. | ||||||||||||
During 2013, a joint venture in which we held an interest and classified as an equity method investment within our owned and leased hotels segment, sold the hotel it owned and dissolved the venture. As a result of this transaction, we received a $5 million distribution, which was recorded as a deferred gain and is being amortized over the remaining term of our management agreement for the hotel in management and franchise fees within the Americas management and franchising segment. | ||||||||||||
During 2012, we sold our interest in two joint ventures classified as equity method investments, which were included in our owned and leased hotels segment, to a third party for $52 million. Each venture owned a hotel that we managed. At the time of the sale we signed agreements with the third-party purchaser to extend our existing management agreements for the hotels owned by the ventures by ten years. A $28 million gain on the sale was deferred and is being amortized over the life of the extended management agreements in management and franchise fees within the Americas management and franchise segment. | ||||||||||||
During 2014, 2013 and 2012 we recorded $3 million, $3 million and $19 million in total impairment charges in equity earnings (losses) from unconsolidated hospitality ventures, respectively. The impairment charges in 2014 relate to two hospitality venture properties which are accounted for as equity method investments. The impairment charges in 2013 relate to three properties accounted for as equity method investments, two hospitality ventures for which we recorded total impairment charges of $2 million and one that relates to a vacation ownership business for which we recorded an impairment charge of $1 million. The impairment charges in 2012 relate to three properties accounted for as equity method investments, two of which are hospitality ventures, for which we recorded total impairment charges of $18 million and the third relates to a vacation ownership business for which we recorded an impairment charge of $1 million. Impairment charges recognized were the result of our impairment review process, and impairments were recognized when the carrying amount of our assets was determined to exceed the fair value as calculated using discounted operating cash flows and a determination was made that the decline was other than temporary. |
Marketable_Securities_Notes
Marketable Securities (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Marketable Securities [Abstract] | ||||||||
Marketable Securities [Text Block] | MARKETABLE SECURITIES | |||||||
We hold marketable securities to fund certain operating programs and for investment purposes. Marketable securities held to fund operating programs are recorded in prepaids and other assets and other assets. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, and U.S. government obligations and obligations of other government agencies for investment purposes, which are recorded in short-term investments. We also hold investments in preferred stock, which is included within other assets. | ||||||||
Marketable Securities Held to Fund Operating Programs—At December 31, 2014 and 2013, total marketable securities held for the Hyatt Gold Passport Fund (see Note 2) and certain deferred compensation plans (see Note 12), carried at fair value and included in the consolidated balance sheets were as follows: | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Marketable securities held by the Hyatt Gold Passport Fund | $ | 338 | $ | 321 | ||||
Marketable securities held to fund deferred compensation plans | 341 | 334 | ||||||
Total marketable securities | $ | 679 | $ | 655 | ||||
Less current portion of marketable securities held for operating programs included in prepaids and other assets | (54 | ) | (59 | ) | ||||
Marketable securities included in other assets | $ | 625 | $ | 596 | ||||
Included in net gains and interest income from marketable securities held to fund operating programs in the consolidated statements of income are $3 million, $(1) million and $3 million of realized and unrealized gains (losses) and interest income, net related to marketable securities held by the Hyatt Gold Passport Fund for the years ended December 31, 2014, 2013 and 2012, respectively. Also included are $12 million, $35 million, and $18 million of net realized and unrealized gains related to marketable securities held to fund deferred compensation plans for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Marketable Securities Held for Investment Purposes—At December 31, 2014 and 2013, our total marketable securities held for investment purposes and included in the consolidated balance sheets were as follows: | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Time deposits included in short-term investments | $ | 130 | $ | 30 | ||||
Playa preferred shares included in other assets | 280 | 278 | ||||||
There were no gains (losses) on marketable securities held for investment purposes for the year ended December 31, 2014. Gains on marketable securities held for investment purposes of $2 million and $17 million for the years ended December 31, 2013 and 2012, respectively, are included in other income (loss), net (see Note 21). Included in gains on marketable securities held for investment purposes were gross realized gains and losses on available-for-sale securities of $2 million for the year ended December 31, 2013, and an insignificant amount for the year ended December 31, 2012. | ||||||||
During the year ended December 31, 2013, we invested $271 million in Playa for redeemable, convertible preferred shares. Hyatt has the option to convert its preferred shares into shares of common stock at any time through the later of the second anniversary of the closing of our investment or an initial public offering by Playa. The preferred investment is redeemable at Hyatt's option in August 2021. In the event of an initial public offering or other equity issuance, Hyatt has the option to request that Playa redeem up to $125 million of preferred shares. As a result, we have classified the preferred investment as an available for sale debt security, which is remeasured quarterly at fair value in the consolidated balance sheets through other comprehensive income. See Note 5 for further detail on the fair value of this preferred investment. The fair value of this investment was: | ||||||||
2014 | 2013 | |||||||
Fair value at January 1, recorded in other assets | $ | 278 | $ | — | ||||
Cost or amortized cost of initial investment | — | 271 | ||||||
Gross unrealized gains, recorded to other comprehensive income (loss) | 9 | 7 | ||||||
Gross unrealized losses, recorded to other comprehensive income (loss) | (7 | ) | — | |||||
Fair value at December 31, recorded in other assets | $ | 280 | $ | 278 | ||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENT | |||||||||||||||
We have various financial instruments that are measured at fair value including certain marketable securities and derivative instruments. We currently do not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
As of December 31, 2014 and 2013, we had the following financial assets and liabilities measured at fair value on a recurring basis (see Note 2 for definitions of fair value and the three levels of the fair value hierarchy): | ||||||||||||||||
December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 70 | $ | 70 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 341 | 341 | — | — | ||||||||||||
Preferred shares | 280 | — | — | 280 | ||||||||||||
Time deposits | 130 | — | 130 | — | ||||||||||||
U.S. government obligations | 127 | — | 127 | — | ||||||||||||
U.S. government agencies | 34 | — | 34 | — | ||||||||||||
Corporate debt securities | 128 | — | 128 | — | ||||||||||||
Mortgage-backed securities | 23 | — | 23 | — | ||||||||||||
Asset-backed securities | 23 | — | 23 | — | ||||||||||||
Municipal and provincial notes and bonds | 3 | — | 3 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | 1 | — | 1 | — | ||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 71 | $ | 71 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 334 | 334 | — | — | ||||||||||||
Preferred shares | 278 | — | — | 278 | ||||||||||||
Time deposits | 30 | — | 30 | — | ||||||||||||
U.S. government obligations | 121 | — | 121 | — | ||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||
Corporate debt securities | 112 | — | 112 | — | ||||||||||||
Mortgage-backed securities | 20 | — | 20 | — | ||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | (3 | ) | — | (3 | ) | — | ||||||||||
During the years ended December 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 money market funds, mutual funds, preferred shares, time deposits and fixed income securities, including U.S. government obligations, obligations of other U.S. government agencies, corporate debt securities, mortgage-backed securities, asset-backed securities and municipal and provincial notes and bonds. We invest a portion of our cash balance into short-term interest bearing money market funds that have a maturity of less than ninety days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies and the fair value of the funds are classified as Level One as we are able to obtain market available pricing information on an ongoing basis. 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. Time deposits included in short-term investments are recorded at par value, which approximates fair value. These are included within short-term investments as a Level Two measurement. The remaining securities, other than our investment in preferred shares, were classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. See Note 4 for further details on our marketable securities. | ||||||||||||||||
The impact to net income from total gains or losses included in net gains and interest income from marketable securities held to fund operating programs due to the change in unrealized gains or losses relating to assets still held at the reporting date for the years ended December 31, 2014, 2013 and 2012 was insignificant. | ||||||||||||||||
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 December 31, 2014 and 2013 is as follows: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Expected term | 0.75 years | 2 years | ||||||||||||||
Risk-free Interest Rate | 0.19 | % | 0.38 | % | ||||||||||||
Volatility | 43.9 | % | 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 December 31, 2014 and 2013, financial forecasts were used in the computation of the enterprise value using the income approach. The financial forecasts were based on assumed revenue growth rates and operating margin levels. The risks associated with achieving these forecasts were assessed in selecting the appropriate cost of capital. There is inherent uncertainty in our assumptions, and fluctuations in these assumptions will result in different estimates of fair value. Due to the lack of availability in market data, the preferred shares are classified as Level Three. See Note 4 for further details on our marketable securities. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
Our derivative instruments are foreign currency exchange rate instruments and interest rate swaps. The instruments are valued using an income approach with factors such as interest rates and yield curves, which represent market observable inputs and are classified as Level Two. Credit valuation adjustments may be made to ensure that derivatives are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality and our nonperformance risk. During the year ended December 31, 2013, we redeemed all of our 2015 Notes and settled the related outstanding interest rate swaps. See Note 10 for further details on our debt settlement. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT | |||||||
Property and equipment at cost as of December 31, 2014 and 2013, consists of the following: | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 710 | $ | 672 | ||||
Buildings | 3,948 | 4,628 | ||||||
Leasehold improvements | 226 | 254 | ||||||
Furniture, equipment and computers | 1,173 | 1,376 | ||||||
Construction in progress | 151 | 86 | ||||||
6,208 | 7,016 | |||||||
Less accumulated depreciation | (2,022 | ) | (2,345 | ) | ||||
Total | $ | 4,186 | $ | 4,671 | ||||
Depreciation expense was $324 million, $320 million, and $327 million for the years ended December 31, 2014, 2013 and 2012, respectively. The net book value of capital leased assets at December 31, 2014 and 2013, is $14 million and $223 million, respectively, which is net of accumulated depreciation of $7 million and $80 million, respectively. During the year ended December 31, 2014, we exercised our purchase option under the capital lease to acquire the Hyatt Regency Grand Cypress for $191 million. | ||||||||
During 2014, we acquired property and equipment of $386 million in the acquisition of the Park Hyatt New York and property and equipment of $207 million in the acquisition of Hyatt Regency Lost Pines Resort and Spa and adjacent land. During 2014, we sold four full service hotels, fifty-two select service hotels, and Hyatt Residential Group, which included a full service hotel, which in the aggregate had property and equipment of $883 million. Additionally, during the fourth quarter of 2014, we committed to sell Hyatt Regency Indianapolis to a third party and classified the $47 million of property and equipment as assets held for sale at December 31, 2014. See Note 8 for further details on the acquisitions and dispositions in 2014. | ||||||||
Interest capitalized as a cost of property and equipment totaled $7 million, $8 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is recorded net in interest expense. The year ended December 31, 2014 includes a $13 million charge to asset impairments in the consolidated statements of income, related to an impairment of property and equipment recorded in our owned and leased hotels segment. The year ended December 31, 2013 includes an $11 million charge to asset impairments in the consolidated statements of income, related to an impairment of property and equipment recorded in our owned and leased hotels segment. |
Financing_Receivables
Financing Receivables | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 underlying hotel properties currently in operation. These loans at December 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%. | |||||||||||||||||||
• | 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 receivables have stated maturities and interest rates. However, the expected repayment terms may be dependent on the future cash flows of the hotels and these instruments, therefore, are not considered loans as the repayment dates are not fixed or determinable. Because 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. | |||||||||||||||||||
• | Vacation Ownership Mortgages Receivables—These financing receivables are comprised of various mortgage loans related to our financing of vacation ownership interval sales. In the fourth quarter of 2014, we sold our vacation ownership business, therefore the outstanding balance in Vacation Ownership Mortgage Receivables is zero at December 31, 2014. | |||||||||||||||||||
The three portfolio segments of financing receivables and their balances at December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
December 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 | — | 44 | ||||||||||||||||||
Unsecured financing to hotel owners | 102 | 147 | ||||||||||||||||||
141 | 230 | |||||||||||||||||||
Less allowance for losses | (100 | ) | (103 | ) | ||||||||||||||||
Less current portion included in receivables, net | (1 | ) | (8 | ) | ||||||||||||||||
Total long-term financing receivables, net | $ | 40 | $ | 119 | ||||||||||||||||
Financing receivables held by us as of December 31, 2014 are scheduled to mature as follows: | ||||||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | |||||||||||||||||||
2015 | $ | 39 | ||||||||||||||||||
2016 and Thereafter | — | |||||||||||||||||||
Total | 39 | |||||||||||||||||||
Less allowance | (13 | ) | ||||||||||||||||||
Net financing receivables | $ | 26 | ||||||||||||||||||
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. During the years ended December 31, 2014, 2013, and 2012, we assessed 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 regularly evaluate our reserves for these other financing arrangements and record provisions in the financing receivables allowance as necessary. Impairment charges for loans within all three portfolios and reserves related to our other financing arrangements are recorded as provisions in the financing receivables allowance. We consider the provisions on all of our portfolio segments to be adequate based on the economic environment and our assessment of the future collectability of the outstanding loans. | ||||||||||||||||||||
The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2014 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
Provision | — | 1 | 6 | 7 | ||||||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||||||
Other adjustments* | — | (7 | ) | (2 | ) | (9 | ) | |||||||||||||
Allowance December 31, 2014 | $ | 13 | $ | — | $ | 87 | $ | 100 | ||||||||||||
* Other adjustments to vacation ownership receivables includes removal of the allowance recorded in connection with the sale of our vacation ownership business. | ||||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
Provisions | 6 | — | 7 | 13 | ||||||||||||||||
Write-offs | — | (2 | ) | (4 | ) | (6 | ) | |||||||||||||
Other adjustments | — | — | (3 | ) | (3 | ) | ||||||||||||||
Allowance at December 31, 2013 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
During the year ended December 31, 2012, we recorded provisions of $6 million and $13 million for vacation ownership mortgage receivables and unsecured financing to hotel owners, respectively. We recorded no provisions for receivables within our secured financing to hotel owners portfolio segment. | ||||||||||||||||||||
We routinely evaluate loans within financing receivables for impairment. To determine whether an impairment has occurred, we evaluate the collectability of both interest and principal. A loan is considered to be impaired when the Company determines that it is probable that we will not be able to collect all amounts due under the contractual terms. We do not record interest income for impaired loans unless cash is received, in which case the payment is recorded to other income (loss), net in the accompanying consolidated statements of income. We did not record any impairments to financing receivables during the year ended December 31, 2014. During the year ended December 31, 2013, we recorded an allowance of $6 million for loans to hotel owners that we deemed to be impaired, which was recognized within other income (loss), net in the accompanying consolidated statements of income. During the year ended December 31, 2012, we recorded an allowance of $10 million for loans and wrote off a fully impaired loan of $3 million. The gross value of our impaired loans and related reserve increases, outside of impairments recognized, due to the accrual and related reserve of interest income on these loans. | ||||||||||||||||||||
An analysis of our loans included in secured financing to hotel owners and unsecured financing to hotel owners had the following impaired amounts at December 31, 2014 and 2013, all of which had a related allowance recorded against them: | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 39 | |||||||||||
Unsecured financing to hotel owners | 52 | 37 | (52 | ) | 52 | |||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||||||
Interest income recognized on these impaired loans within other income (loss), net on our consolidated statements of income for the years ended December 31, 2014, 2013, and 2012 was as follows: | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Secured financing to hotel owners | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||
Unsecured financing to hotel owners | — | — | 2 | |||||||||||||||||
Credit Monitoring | ||||||||||||||||||||
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. | ||||||||||||||||||||
• | Past-due Receivables—We determine financing receivables to be past-due based on the contractual terms of each individual financing receivable agreement. | |||||||||||||||||||
• | Non-Performing Receivables—Receivables are determined to be non-performing based upon the following criteria: (1) if interest or principal is more than 90 days past due for secured financing to hotel owners and unsecured financing to hotel owners; (2) if interest or principal is more than 120 days past due for vacation ownership mortgage receivables; or (3) if an impairment charge has been recorded for a loan or a provision established for our other financing arrangements. For the years ended December 31, 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. For the year ended December 31, 2013, no interest income was accrued for vacation ownership receivables more than 120 days past due, and insignificant interest income was accrued for vacation ownership receivables past due more than 90 days but less than 120 days. | |||||||||||||||||||
If a financing receivable is non-performing, we place the financing receivable on non-accrual status. We only recognize interest income when received for financing receivables on non-accrual status. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. | ||||||||||||||||||||
The following tables summarize our aged analysis of past-due financing receivables by portfolio segment, the gross balance of financing receivables greater than 90 days past-due and the gross balance of financing receivables on non-accrual status as of December 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 87 | |||||||||||||||||
Total | $ | 3 | $ | 3 | $ | 126 | ||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 82 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
* Certain of these receivables have been placed on non-accrual status and we have recorded allowances for these receivables based on estimates of future cash flows available for payment of these financing receivables. However, a majority of these payments are not past due. | ||||||||||||||||||||
Fair Value—We estimated the fair value of financing receivables to approximate $43 million and $130 million as of December 31, 2014 and December 31, 2013, respectively. We estimated the fair value of financing receivables using discounted cash flow analysis based on current market assumptions for similar types of arrangements. Based upon the availability of market data, we have classified our financing receivables as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||||
Unsecured financing to hotel owners | 15 | 14 | — | — | 14 | |||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Observable Inputs | ||||||||||||||||||||
(Level Two) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 38 | — | — | 38 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Acquisitions_Dispositions_And_
Acquisitions, Dispositions, And Discontinued Operations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions, Dispositions, And Discontinued Operations | ACQUISITIONS, DISPOSITIONS, AND DISCONTINUED OPERATIONS | |||
We continually assess and execute strategic acquisitions and dispositions to complement our current business. | ||||
Acquisitions | ||||
Hyatt Regency Lost Pines Resort and Spa—We hold an 8.2% interest in the entity which owned the Hyatt Regency Lost Pines Resort and Spa and adjacent land prior to acquisition. Accordingly, we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2014, we purchased the hotel and adjacent land from the joint venture for a net purchase price of approximately $164 million. As part of the acquisition, we assumed debt of $69 million, which includes a $3 million debt premium (see Note 10). This transaction has been accounted for as a step acquisition and we recorded a gain of $12 million in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||||
The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are recorded in our owned and leased hotels segment at the date of acquisition (in millions): | ||||
Cash and cash equivalents | $ | 7 | ||
Receivables | 4 | |||
Inventories | 1 | |||
Property and equipment | 207 | |||
Goodwill | 17 | |||
Intangibles | 4 | |||
Deferred tax assets | 1 | |||
Total assets | 241 | |||
Current portion of long-term debt | 4 | |||
Current liabilities | 8 | |||
Long-term debt | 65 | |||
Total liabilities | 77 | |||
Total net assets acquired | $ | 164 | ||
The purchase price allocation for this acquisition created goodwill of $17 million at the date of acquisition, of which $15 million is deductible for tax purposes. The goodwill is attributable to securing Hyatt's long-term presence in this strategic property. The definite-lived intangibles relate to $4 million of advanced bookings, which are being amortized over a useful life of 14 months. The purchase of the Hyatt Regency Lost Pines Resort and Spa has been designated as replacement property in a like-kind exchange. | ||||
Park Hyatt New York—During the year ended December 31, 2014, we acquired the recently constructed Park Hyatt New York for a purchase price of approximately $392 million, including $1 million of cash. Of the $391 million net purchase price, significant assets acquired include $386 million of property and equipment, $3 million of inventories, and $2 million of prepaids and other assets, which have been recorded in our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as the purchase of Park Hyatt New York has been designated as replacement property in a like-kind exchange. | ||||
Grand Hyatt San Antonio—We previously held a 30% interest and had a $7 million investment in the entity which owned the Grand Hyatt San Antonio hotel prior to acquisition. Accordingly, we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2013, we purchased the remaining 70% interest in this entity for $16 million and the repayment of $44 million of mezzanine debt that was held at the hospitality venture prior to our acquisition. This transaction has been accounted for as a step acquisition, which resulted in a $1 million loss on our previously held equity investment that was recorded in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. During the year ended December 31, 2014, we recorded revisions to our initial purchase price allocation. | ||||
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | ||||
Cash and cash equivalents | $ | 1 | ||
Restricted cash | 10 | |||
Property and equipment | 226 | |||
Goodwill | 7 | |||
Intangibles | 10 | |||
Other assets | 11 | |||
Total assets | 265 | |||
Current liabilities | 11 | |||
Deferred tax liability | 2 | |||
Long-term debt, net of bond discount | 186 | |||
Total liabilities | 199 | |||
Total net assets acquired | $ | 66 | ||
The purchase price allocation for this acquisition created goodwill of $7 million at the date of acquisition. Goodwill of $12 million is deductible for tax purposes. The definite-lived intangibles are comprised of $9 million of lease related intangibles and $1 million of advanced bookings. The lease related intangibles are being amortized over a weighted average useful life of 79 years and the advanced bookings are being amortized over a useful life of 4 years. As a result of our completion of this step acquisition, we recorded a $2 million reduction to our existing deferred tax asset related to Grand Hyatt San Antonio, resulting in a net deferred tax asset of $5 million, which relates primarily to property and equipment and intangibles. As part of the acquisition, we assumed outstanding Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B, see Note 10. We also wrote-off $11 million of contract acquisition costs, which has been recorded on our consolidated statements of income within our Americas management and franchising segment, see Note 9. | ||||
Hyatt Regency Orlando —During the year ended December 31, 2013, we acquired The Peabody in Orlando, Florida for a total purchase price of approximately $716 million. | ||||
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | ||||
Cash and cash equivalents | $ | 2 | ||
Prepaids and other current assets | 3 | |||
Property and equipment | 678 | |||
Intangibles | 39 | |||
Total assets | 722 | |||
Current liabilities | 6 | |||
Total liabilities | 6 | |||
Total net assets acquired | $ | 716 | ||
The $716 million purchase price consists of $678 million of property and equipment, which have been included in our owned and leased hotels segment, $8 million of definite-lived intangibles, which have been included in our owned and leased hotels segment, and $31 million of definite-lived intangibles, which have been included in our Americas management and franchising segment. The definite-lived intangibles are comprised of $31 million of management intangibles and $8 million of advanced bookings that are being amortized over a useful life of 20 years and 7 years, respectively. The fair value asset allocation determined that the purchase price approximated the fair value of the assets acquired and there was no goodwill. We began managing this property in the year ended December, 31, 2013, as the Hyatt Regency Orlando. See "Like-Kind Exchange Agreements" below, as the purchase of Hyatt Regency Orlando was designated as a replacement property in a like-kind exchange. | ||||
The Driskill—During the year ended December 31, 2013, we acquired The Driskill hotel in Austin, Texas ("The Driskill") for a purchase price of approximately $85 million. The Driskill has a long-standing presence in a market which we view as a key location for our guests. Due to the iconic nature of the hotel and its membership in the Historic Hotels of America and Associated Luxury Hotels International, we chose to retain The Driskill name. Of the total $85 million purchase price, significant assets acquired consist of $72 million of property and equipment, a $7 million indefinite-lived brand intangible, a $5 million management intangible and $1 million of other assets which have been included primarily in our owned and leased hotels segment. | ||||
Hyatt Regency Birmingham—During the year ended December 31, 2012, we acquired the Hyatt Regency Birmingham in the United Kingdom for a total purchase price of approximately $44 million, including $1 million of cash. Of the total purchase price of $44 million, $38 million was property and equipment and the remaining assets acquired relate to working capital, all of which have been recorded in our owned and leased hotels segment. The fair value asset allocation determined that the purchase price approximated the fair value of the property and equipment acquired and there was no goodwill. | ||||
Hyatt Regency Mexico City—During the year ended December 31, 2012, we acquired all of the outstanding shares of capital stock of a company that owned a full service hotel in Mexico City, Mexico in order to expand our presence in the region. The total purchase price was approximately $202 million. As part of the purchase, we acquired cash and cash equivalents of $12 million, resulting in a net purchase price of $190 million. We began managing this property during the second quarter of 2012 as the Hyatt Regency Mexico City. | ||||
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed for Hyatt Regency Mexico City as of the acquisition date, primarily in our owned and leased hotels segment (in millions): | ||||
Cash and cash equivalents | $ | 12 | ||
Other current assets | 4 | |||
Land, property, and equipment | 190 | |||
Intangibles | 12 | |||
Goodwill | 29 | |||
Total assets | 247 | |||
Current liabilities | 4 | |||
Other long-term liabilities | 41 | |||
Total liabilities | 45 | |||
Total net assets acquired | $ | 202 | ||
The acquisition created goodwill of $29 million at the date of acquisition, which is not deductible for tax purposes and is recorded within our owned and leased hotels segment. The definite-lived intangibles, which are substantially comprised of management intangibles, are being amortized over a weighted average useful life of 17 years. The other long-term liabilities consist of a $41 million deferred tax liability, the majority of which relates to property and equipment. | ||||
Dispositions | ||||
Hyatt Place 2014—During the year ended December 31, 2014, we sold five Hyatt Place properties located in Texas and North and South Carolina for a total of $51 million, net of closing costs, to unrelated third parties. These transactions resulted in pre-tax gains of approximately $13 million. The Company entered into long-term franchise agreements with the purchasers of the hotels. The gains have been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 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 were held as restricted for use in a potential like-kind exchange. | ||||
Park Hyatt Toronto—During the year ended December 31, 2014, we sold Park Hyatt Toronto for $88 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $49 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Due to Canadian tax regulations, $41 million of the proceeds have been classified as restricted cash on our consolidated balance sheets as of December 31, 2014. | ||||
Hyatt Regency Vancouver—During the year ended December 31, 2014, we sold Hyatt Regency Vancouver for $116 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $64 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Due to Canadian tax regulations, $46 million of the proceeds have been classified as restricted cash on our consolidated balance sheets as of December 31, 2014. | ||||
Hyatt Place, Hyatt House 2014—During the year ended December 31, 2014, we sold thirty-eight select service properties for a total of $581 million, net of closing costs, to an unrelated third party. This transaction resulted in a pre-tax gain of approximately $153 million. The Company entered into long-term franchise agreements with the purchaser of the hotels. The gain has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 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 of twenty-one of the hotels have been used in a like-kind exchange and proceeds from the sale of six of the hotels have been held as restricted for use in a potential like-kind exchange. | ||||
Park Hyatt Washington—During the year ended December 31, 2014, we sold Park Hyatt Washington for $97 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $57 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Hyatt Residential Group—During the year ended December 31, 2014, we sold our vacation ownership business, which included an interest in a joint venture that owns and is developing a vacation ownership property in Maui, Hawaii, as well as a full service hotel, to an unrelated third party for approximately $220 million, net of working capital adjustments, resulting in a pre-tax gain of $80 million. The gain has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2014. We have entered into a master license agreement with the purchaser and will receive recurring annual license fees under this agreement, which will be recorded in management and franchise fees within our corporate and other segment on our consolidated statements of income. The Hyatt Residence Club and the vacation ownership resorts will retain the Hyatt Residence Club brand. The operating results and financial position of Hyatt Residential Group prior to the sale remain primarily within our corporate and other segment. | ||||
Hyatt, Hyatt Place, Hyatt House 2014—During the year ended December 31, 2014, we sold nine select service properties and one full service property for a total of $311 million, net of closing costs, to an unrelated third party. In connection with the sale, we transferred net cash and cash equivalents of $1 million, resulting in a net sales price of $310 million. This transaction resulted in a pre-tax gain of approximately $65 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 and other on our consolidated statements of income during the year ended December 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. | ||||
The Hyatt Place 2014 and the Hyatt Place, Hyatt House 2014 dispositions noted above contributed to the significant change in the number of our franchised outlets during the year, which increased from 187 properties as of December 31, 2013 to 253 properties as of December 31, 2014. | ||||
Hyatt Key West—During the year ended December 31, 2013, we sold Hyatt Key West for $74 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $61 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Andaz Napa—During the year ended December 31, 2013, we sold Andaz Napa for $71 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $27 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Andaz Savannah—During the year ended December 31, 2013, we sold Andaz Savannah for $42 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $4 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below. | ||||
Hyatt Regency Denver Tech—During the year ended December 31, 2013, we sold Hyatt Regency Denver Tech for $59 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the purchaser of the hotel. The sale resulted in a pre-tax gain of $26 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Hyatt Regency Santa Clara—During the year ended December 31, 2013, we sold Hyatt Regency Santa Clara for $91 million, net of closing costs, to an unrelated third party, and entered into a long-term management agreement with the purchaser of the property. At the time of the sale, the transaction resulted in an insignificant loss, which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2013. As part of the sale agreement, we achieved an additional earn-out of $6 million based on the hotel's performance in 2013. This payment was received during the year ended December 31, 2014. The gain is being deferred and recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Hyatt Fisherman's Wharf—During the year ended December 31, 2013, we sold Hyatt Fisherman's Wharf for $100 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $55 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange. | ||||
Hyatt Santa Barbara—During the year ended December 31, 2013, we sold Hyatt Santa Barbara for $60 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $44 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. | ||||
Hyatt Place 2013—During the year ended December 31, 2013, we sold four Hyatt Place properties for a combined $68 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of approximately $4 million. The Company retained long-term management agreements 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 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. | ||||
Artwork—During the year ended December 31, 2013, we sold artwork to an unrelated third party and recognized a pre-tax gain of $29 million which was recognized in other income (loss), net on our consolidated statements of income, see Note 21. See "Like-Kind Exchange Agreements" below. | ||||
Hyatt Place and Hyatt House 2012—During 2012, we sold seven Hyatt Place properties and one Hyatt House property for a combined $87 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $14 million. The Company entered into long-term management agreements 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 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 a result of certain of the above-mentioned dispositions, we have agreed to provide indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. | ||||
Like-Kind Exchange Agreements | ||||
Periodically, we enter into like-kind exchange agreements upon the disposition of certain hotels. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by an intermediary. The proceeds are recorded to restricted cash on our consolidated balance sheets and released once they are utilized as part of a like-kind exchange agreement or when a like-kind exchange agreement is not completed within the allowable time period. | ||||
In conjunction with the 2014 sale of five Hyatt Place properties we entered into like-kind exchange agreements with an intermediary. Pursuant to the like-kind exchange agreements, the combined net proceeds of $51 million from the sales of these hotels were placed into an escrow account administered by an intermediary. Accordingly, we classified net proceeds of $51 million related to the properties as restricted cash on our consolidated balance sheets as of December 31, 2014. | ||||
In conjunction with the sale of thirty-eight select service properties during the year ended December 31, 2014, we entered into a like-kind exchange agreements with an intermediary for twenty-seven of the select service hotels. During the year ended December 31, 2014, we classified net proceeds of $403 million from the sale of these twenty-seven properties as restricted cash. Of this total, we released net proceeds of $311 million related to twenty-one of the select service hotels from restricted cash as they were utilized as part of the like-kind exchange agreement to acquire the Park Hyatt New York. Accordingly, we classified net proceeds of $92 million related to the remaining six properties as restricted cash on our consolidated balance sheets as of December 31, 2014. | ||||
In conjunction with the 2014 sale of the Park Hyatt Washington we entered into a like-kind exchange agreement with an intermediary. Pursuant to the like-kind exchange agreement, the net proceeds of $97 million from the sale of this hotel were placed into an escrow account administered by an intermediary. During the year ended December 31, 2014, these net proceeds were utilized as part of the like-kind exchange agreement to acquire the Hyatt Regency Grand Cypress (see Note 11). | ||||
In conjunction with the sale of nine select service properties and one full service property during the year ended December 31, 2014, we entered into a like-kind exchange agreement with an intermediary for seven of the select service hotels. During the year ended December 31, 2014, we recorded and released net proceeds of $232 million 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 sales of Andaz Napa, Hyatt Regency Denver Tech, Hyatt Regency Santa Clara, Hyatt Fisherman's Wharf, and Hyatt Key West, we entered into like-kind exchange agreements with an intermediary. Pursuant to the like-kind exchange agreements, the combined net proceeds of $395 million from the sales of these hotels were placed into an escrow account administered by an intermediary. During the year ended December 31, 2013, $321 million of these net proceeds were utilized in a like-kind exchange agreement to acquire the Hyatt Regency Orlando and $74 million of the net proceeds were classified as restricted cash on our consolidated balance sheets as of December 31, 2013. During the year-ended December 31, 2014, the net proceeds of $74 million were released from restricted cash as they were also utilized as part of the like-kind exchange agreement to acquire the Hyatt Regency Orlando. | ||||
In conjunction with the 2013 sale of Andaz Savannah, we entered into a like-kind exchange agreement with an intermediary. Pursuant to the like-kind exchange agreement, the net proceeds of $42 million from the sale of this hotel were placed into an escrow account administered by an intermediary. During 2013, we released the net proceeds as suitable replacement property was not identified in order to complete the exchange. | ||||
During the year ended December 31, 2013, we recorded and released the net proceeds of $23 million from the first quarter 2013 sales of two of the four Hyatt Place properties discussed above and released the net proceeds from the 2012 sales of four Hyatt Place properties of $44 million from restricted cash on our consolidated balance sheets, as suitable replacement property was not identified in order to complete the exchange. | ||||
In conjunction with the second quarter 2013 sale of artwork, we placed proceeds received into restricted cash pursuant to a like-kind exchange agreement administered by an intermediary. We used a portion of the proceeds to fund artwork purchases and released the remaining amount from restricted cash. | ||||
Assets Held For Sale | ||||
During 2014, we committed to a plan to sell the Hyatt Regency Indianapolis and classified the related assets and liabilities within our owned and leased hotels segment as held for sale at December 31, 2014. Assets held for sale related to this full service hotel were $63 million, of which $47 million related to property and equipment, net and $14 million related to goodwill. Liabilities held for sale were $3 million. The sale was announced in February 2015 (see Note 22). |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Owned and Leased Hotels | Americas Management and Franchising | Other | Total* | |||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||
Goodwill | $ | 189 | $ | 33 | $ | 4 | $ | 226 | ||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | 96 | 33 | 4 | 133 | ||||||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 14 | — | — | 14 | ||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Goodwill | 203 | 33 | 4 | 240 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 110 | $ | 33 | $ | 4 | $ | 147 | ||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 10 | — | — | 10 | ||||||||||||
Goodwill disposed or held for sale | (14 | ) | — | (4 | ) | (18 | ) | |||||||||
Foreign exchange** | (4 | ) | — | — | (4 | ) | ||||||||||
Impairment losses | (2 | ) | — | — | (2 | ) | ||||||||||
Balance as of December 31, 2014 | ||||||||||||||||
Goodwill | 195 | 33 | — | 228 | ||||||||||||
Accumulated impairment losses | (95 | ) | — | — | (95 | ) | ||||||||||
Goodwill, net | $ | 100 | $ | 33 | $ | — | $ | 133 | ||||||||
* | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of December 31, 2014 and 2013, respectively. | |||||||||||||||
** Foreign exchange translation adjustments related to the goodwill associated with Hyatt Regency Mexico City. | ||||||||||||||||
During the year ended December 31, 2014, the acquisition of the Hyatt Regency Lost Pines Resort and Spa and adjacent land created goodwill of $17 million, which was recorded within our owned and leased hotels segment (see Note 8) and we revised our initial purchase price allocation related to the acquisition of Grand Hyatt San Antonio, resulting in a $7 million decrease in goodwill recorded within our owned and leased hotels segment (see Note 8). Additionally, during the year ended December 31, 2014, we classified $14 million of goodwill related to the Hyatt Regency Indianapolis as held for sale (see Note 8). At December 31, 2014, our indefinite-lived brand intangible acquired as part of the 2013 acquisition of The Driskill was $7 million (see Note 8). | ||||||||||||||||
Definite-lived intangible assets primarily include contract acquisition costs, acquired franchise and management intangibles, lease related intangibles, and advanced booking intangibles. Contract acquisition costs and franchise and management intangibles are generally amortized on a straight-line basis over their contract terms, which range from approximately 5 to 40 years and 20 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. | ||||||||||||||||
The following is a summary of intangible assets at December 31, 2014 and 2013: | ||||||||||||||||
December 31, 2014 | Weighted Average Useful Lives | December 31, 2013 | ||||||||||||||
Contract acquisition costs | $ | 355 | 26 | $ | 348 | |||||||||||
Franchise and management intangibles | 156 | 24 | 170 | |||||||||||||
Lease related intangibles | 143 | 111 | 155 | |||||||||||||
Advanced booking intangibles | 12 | 5 | 8 | |||||||||||||
Brand intangible | 7 | — | 7 | |||||||||||||
Other | 8 | 11 | 8 | |||||||||||||
681 | 696 | |||||||||||||||
Accumulated amortization | (129 | ) | (105 | ) | ||||||||||||
Intangibles, net | $ | 552 | $ | 591 | ||||||||||||
Amortization expense relating to intangible assets for the years ended December 31, 2014, 2013, and 2012 was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Amortization Expense | $ | 30 | $ | 25 | $ | 26 | ||||||||||
Amortization expense of $1 million and $7 million was recognized in 2013 and 2012, respectively, related to the accelerated amortization of an intangible asset. | ||||||||||||||||
We estimate amortization expense for definite-lived intangibles for the years 2015 through 2019 to be: | ||||||||||||||||
Years Ending December 31, | ||||||||||||||||
2015 | $ | 29 | ||||||||||||||
2016 | 25 | |||||||||||||||
2017 | 24 | |||||||||||||||
2018 | 24 | |||||||||||||||
2019 | 23 | |||||||||||||||
During the fourth quarters of 2014, 2013 and 2012, we performed our annual impairment review of goodwill and our indefinite-lived brand intangible. Definite-lived intangibles are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. During the years ended December 31, 2014, 2013 and 2012, we recorded no indefinite-lived intangible asset impairment charges. During the years ended December 31, 2014, 2013, and 2012, we recorded the following impairment charges, which are included in asset impairments on the consolidated statements of income: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Goodwill | $ | 2 | $ | — | $ | — | ||||||||||
Definite-lived intangibles | 2 | 11 | — | |||||||||||||
The goodwill impairment charge recognized in 2014 was recorded within our owned and leased hotels segment. During the year ended December 31, 2014, we recorded a $2 million impairment charge of franchise intangibles which was recorded within our Americas management and franchising segment. For the year ended December 31, 2013, we wrote-off $11 million of contract acquisition costs related to the entity that owned the Grand Hyatt San Antonio hotel, in connection with our acquisition of the interests in the entity that owned the hotel. This charge has been recorded within our Americas management and franchising segment. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt Disclosure | DEBT | |||||||||||||||||||
Debt as of December 31, 2014 and 2013 consists of the following: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
$250 million senior unsecured notes maturing in 2016—3.875% | 250 | 249 | ||||||||||||||||||
$196 million senior unsecured notes maturing in 2019—6.875% | 196 | 196 | ||||||||||||||||||
$250 million senior unsecured notes maturing in 2021—5.375% | 250 | 250 | ||||||||||||||||||
$350 million senior unsecured notes maturing in 2023—3.375% | 348 | 347 | ||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | 124 | 130 | ||||||||||||||||||
Contract Revenue Bonds, Senior Taxable Series 2005B | 63 | 70 | ||||||||||||||||||
Floating average rate construction loan | 73 | 32 | ||||||||||||||||||
Senior secured term loan | 68 | — | ||||||||||||||||||
Revolving credit facility | — | — | ||||||||||||||||||
Other (various, maturing through 2015) | 1 | 1 | ||||||||||||||||||
Long-term debt before capital lease obligations | 1,373 | 1,275 | ||||||||||||||||||
Capital lease obligations | 17 | 208 | ||||||||||||||||||
Total long-term debt | 1,390 | 1,483 | ||||||||||||||||||
Less current maturities | (9 | ) | (194 | ) | ||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,381 | $ | 1,289 | ||||||||||||||||
Under existing agreements, maturities of debt for the next five years and thereafter are as follows: | ||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | $ | 9 | ||||||||||||||||||
2016 | 316 | |||||||||||||||||||
2017 | 2 | |||||||||||||||||||
2018 | 2 | |||||||||||||||||||
2019 | 197 | |||||||||||||||||||
Thereafter | 864 | |||||||||||||||||||
Total | $ | 1,390 | ||||||||||||||||||
Senior Notes—As of December 31, 2014 and 2013, we had four series of senior unsecured notes, as further defined below, (the "Senior Notes"). Interest on the Senior Notes is payable semi-annually. We may redeem all or a portion of the Senior Notes at any time at 100% of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of the Senior Notes, by year of issuance, is as follows: | ||||||||||||||||||||
• | In 2009, we issued $250 million of 5.750% senior notes due 2015, at an issue price of 99.460% (the “2015 Notes”), and $250 million of 6.875% senior notes due 2019, at an issue price of 99.864% (the “2019 Notes”). We received net proceeds of approximately $495 million from the sale of the 2015 Notes and the 2019 Notes after deducting discounts and offering expenses payable by the Company of approximately $3 million. The proceeds were used to reduce outstanding hotel loans and for general corporate purposes. | |||||||||||||||||||
• | In 2011, we issued $250 million of 3.875% senior notes due 2016, at an issue price of 99.571% (the “2016 Notes”), and $250 million of 5.375% senior notes due 2021, at an issue price of 99.846% (the “2021 Notes”). We received net proceeds of approximately $494 million from the sale of the 2016 Notes and the 2021 Notes, after deducting discounts and offering expenses payable by the Company of approximately $4 million, with any remaining proceeds intended to be used for general corporate purposes. | |||||||||||||||||||
• | In 2013, we issued and sold $350 million of 3.375% Senior Notes due 2023 at an issue price of 99.498% (the “2023 Notes” and together with the 2015 Notes, the 2016 Notes, the 2019 Notes and the 2021 Notes, the “Senior Notes”). We received net proceeds of $345 million from the sale of the 2023 Notes, after deducting discounts and offering expenses payable by the Company of approximately $3 million. We used the net proceeds to pay the redemption price (as described below) in connection with the redemption of the 2015 Notes and to repurchase the 2019 Notes tendered in the cash tender offer, with any remaining proceeds intended to be used for general corporate purposes. | |||||||||||||||||||
Senior Secured Term Loan—During the year ended December 31, 2014, we acquired the Hyatt Regency Lost Pines Resort and Spa and adjacent land from an unconsolidated hospitality venture, and as a result we recorded $69 million of debt, including the $3 million premium, which is being amortized over the life of the loan. The construction loan was originally entered into on August 30, 2004 in the amount of $74 million. The interest on the loan is fixed at a rate of 7.27%, and the loan has a maturity date of June 5, 2016. | ||||||||||||||||||||
Capital Lease Obligation—During the year ended December 31, 2014, we acquired the Hyatt Regency Grand Cypress for $191 million after exercising our purchase option. This purchase reduced our capital lease obligation, which was recorded in current maturities of long-term debt on our consolidated balance sheets as of December 31, 2013. The purchase of the Hyatt Regency Grand Cypress was used as a replacement property in a like-kind exchange (see Note 8). | ||||||||||||||||||||
Debt Redemption—During the year ended December 31, 2013, we redeemed all of our outstanding 2015 Notes, of which an aggregate principal amount of $250 million was outstanding. The redemption price, which was calculated in accordance with the terms of the 2015 Notes and included principal plus a make-whole premium, was $278 million. | ||||||||||||||||||||
After the issuance of our 2015 Notes, we entered into eight $25 million interest rate swap contracts. During the year ended December 31, 2012, we terminated four of the eight interest rate swap contracts, for which we received cash payments of $8 million to settle the fair value of the swaps. The cash received from the termination of the four swaps was being amortized from the settlement date as a benefit to interest expense over the remaining term of the 2015 Notes. During the year ended December 31, 2013, we settled the remaining four outstanding interest rate swap agreements. At the time the 2015 Notes were redeemed, we recognized a gain of $7 million, which included the remaining unamortized benefit of $5 million from the settlement of the initial four swaps during 2012 and a gain of $2 million on the remaining four swaps that were terminated in 2013 in anticipation of the 2015 Notes redemption. The gain is included within debt settlement costs in other income (loss), net on the consolidated statements of income. | ||||||||||||||||||||
Tender Offer— During the year ended December 31, 2013, we completed a cash tender offer (the "cash tender offer") for any and all of our 2019 Notes, of which an aggregate principal amount of $250 million was outstanding. We purchased $54 million aggregate principal amount of 2019 Notes in the cash tender offer at a purchase price of $66 million, which included premiums payable in connection with the cash tender offer. Following the cash tender offer, $196 million aggregate principal amount of 2019 Notes remains outstanding. | ||||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B —During the year ended December 31, 2013, we acquired our partner's interest in the entity that owned the Grand Hyatt San Antonio hotel, and as a result, we consolidated $198 million of bonds, net of the $9 million bond discount, which is being amortized over the life of the bonds. The construction was financed in part by The City of San Antonio, Texas Convention Center Hotel Finance Corporation ("Texas Corporation"), a non-profit local government corporation created by the City of San Antonio, Texas for the purpose of providing financing for a portion of the costs of constructing the hotel. On June 8, 2005, the Texas Corporation issued $130 million of original principal amount Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A ("Series 2005A Bonds") and $78 million of original principal amount Contract Revenue Bonds, Senior Taxable Series 2005B ("Series 2005B Bonds"). The Series 2005A Bonds mature between 2034 and 2039, with interest ranging from 4.75% to 5.00% and the remaining $66 million of Series 2005B Bonds mature between 2015 and 2028, with interest ranging from 4.9% to 5.31%. The loan payments are required to be funded solely from net operating revenues of the Grand Hyatt San Antonio hotel and in the event that net operating revenues are not sufficient to pay debt service, the Texas Corporation under certain circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series bonds. The indenture allows for optional early redemption of the Series 2005B bonds subject to make-whole payments at any time with consent from the Texas Corporation and beginning in 2015 for the Series 2005A Bonds. Interest is payable semiannually. | ||||||||||||||||||||
Floating Average Rate Construction Loan —During the year ended December 31, 2012, we obtained a secured construction loan with Banco Nacional de Desenvolvimento Econômico e Social - BNDES (“BNDES”) in order to develop a hotel in Brazil. The loan is split into four separate sub-loans with different interest rates for each such sub-loan. All four sub-loans mature in 2023, with options to extend the maturity up to 2031 for sub-loan (a) and (b), subject to the fulfillment of certain conditions. Borrowings under the four sub-loans bear interest at the following rates, depending on the applicable sub-loan (a) the variable rate published by BNDES plus 2.92%, (b) the Brazilian Long Term Interest Rate - TJLP plus 3.92%, (c) 2.5% and (d) the Brazilian Long Term Interest Rate - TJLP, with the interest rates referred to in sub-loans (a) and (b) subject to reduction upon the delivery of certain certifications. As of December 31, 2014, the weighted average interest rates for the subloans that we have drawn upon is 8.34%. The outstanding balance of the subloan subject to the interest rate described in (a) above is subject to adjustment on a daily basis based on BNDES’s calculation of the weighted average of exchange rate variations related to foreign currency funds raised by BNDES in foreign currency. As of December 31, 2014, we had borrowed Brazilian Real ("BRL") 193 million, or $73 million, against this construction loan of which BRL 71 million, or $27 million, has not yet been utilized in construction and is therefore held in restricted cash. As of December 31, 2013, we had borrowed BRL 75 million, or $32 million, against this construction loan of which BRL 37 million, or $16 million, had not yet been utilized in construction and was therefore held in restricted cash. | ||||||||||||||||||||
Revolving Credit Facility—As of January 6, 2014, we entered into a Second Amended and Restated Credit Agreement with a syndicate of lenders that amended and restated our prior revolving credit facility and provides for a $1.5 billion senior unsecured revolving credit facility that matures in January 2019. Interest rates on outstanding borrowings are either LIBOR-based or based on an alternate base rate, with margins in each case based on our credit rating or, in certain circumstances, our credit rating and leverage ratio. During the year ended December 31, 2014, we had proceeds and repayments of $205 million on the revolving credit facility. As of December 31, 2014, the interest rate for a one month LIBOR borrowing would have been 1.421%, or LIBOR of 0.171%, plus 1.250%. There was no outstanding balance on this credit facility at December 31, 2014 or at December 31, 2013. At December 31, 2014 and 2013, we had entered into various letter of credit agreements for $9 million and $104 million, respectively, which reduced our available capacity under the revolving credit facility. The available line of credit on our revolving credit facility at December 31, 2014 was $1.5 billion. | ||||||||||||||||||||
The Company also has a total of $56 million and $21 million of letters of credit issued through additional banks as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Debt Covenants —The revolving credit facility contains financial covenants requiring that certain financial measures be met such as not exceeding a maximum ratio of debt to earnings before interest, tax, depreciation and amortization (EBITDA), or adherence to a maximum secured debt to gross property and equipment ratio. | ||||||||||||||||||||
We issued our Senior Notes under an indenture with covenants that limit our ability and the ability of certain of our subsidiaries to create liens on principal property, enter into sale and leaseback transactions with respect to principal property and enter into mergers or consolidations or transfer all or substantially all our assets. | ||||||||||||||||||||
We are in compliance with all covenants at December 31, 2014. | ||||||||||||||||||||
Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | ||||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Debt, excluding capital lease obligations | $ | (1,373 | ) | $ | (1,479 | ) | $ | — | $ | (1,319 | ) | $ | (160 | ) | ||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Debt, excluding capital lease obligations | $ | (1,275 | ) | $ | (1,296 | ) | $ | — | $ | (1,263 | ) | $ | (33 | ) | ||||||
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Leases of Lessee Disclosure [Text Block] | LEASES | |||||||||||
We lease hotels and equipment under a combination of capital and operating leases, which generally require us to pay taxes, maintenance, and insurance. Most of the leases contain renewal options, which enable us to retain use of the facilities in desirable operating areas. | ||||||||||||
The operating leases for the majority of our leased hotels call for the calculation of rental payments to be based on a percentage of the operating profit of the hotel, as defined by contract. As a result, future lease payments related to these leases are contingent upon operating results and are not included in the table below. | ||||||||||||
Additionally, we lease office space for our corporate headquarters and regional offices. Future lease payments related to these leases are included in the table below. | ||||||||||||
The future minimum lease payments due in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Operating Leases | Capital Leases | ||||||||||
2015 | $ | 39 | $ | 3 | ||||||||
2016 | 36 | 3 | ||||||||||
2017 | 35 | 2 | ||||||||||
2018 | 34 | 2 | ||||||||||
2019 | 39 | 2 | ||||||||||
Thereafter | 503 | 12 | ||||||||||
Total minimum lease payments | $ | 686 | $ | 24 | ||||||||
Less amount representing interest | 7 | |||||||||||
Present value of minimum lease payments | $ | 17 | ||||||||||
Hyatt Regency Grand Cypress—During the twelve months ended December 31, 2014, we exercised our option to purchase the Hyatt Regency Grand Cypress for $191 million. This purchase reduced our capital lease obligation (see Note 10). | ||||||||||||
Corporate Office Space—During the years ended December 31, 2014, 2013 and 2012, we recorded $0, $6 million loss and $2 million gain, respectively, related to sublease agreements based on terms of our existing master leases, which was recognized within other income (loss), net in the accompanying consolidated statements of income. We have sublease agreements with certain related parties at the Hyatt Center and total minimum rentals to be received in the future under these non-cancelable operating subleases as of December 31, 2014 are $8 million through 2020. See Note 18 for further discussion on related-party lease agreements. | ||||||||||||
The leases for our corporate headquarters expire in 2016 and 2020. During the year ended December 31, 2014, in anticipation of the expiration of these leases, we entered into a new lease within a to be constructed office building nearby for a term of 17 years, commencing on January 1, 2018. The future lease payments related to this new lease are included in the future minimum operating lease payments shown above. | ||||||||||||
A summary of rent expense from continuing operations for all operating leases is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Minimum rentals | $ | 35 | $ | 32 | $ | 26 | ||||||
Contingent rentals | 49 | 47 | 36 | |||||||||
Total | $ | 84 | $ | 79 | $ | 62 | ||||||
The Company leases retail space at its owned hotel locations under operating leases. The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows: | ||||||||||||
Years Ending December 31, | Amount | |||||||||||
2015 | $ | 24 | ||||||||||
2016 | 21 | |||||||||||
2017 | 20 | |||||||||||
2018 | 16 | |||||||||||
2019 | 13 | |||||||||||
Thereafter | 68 | |||||||||||
Total minimum lease receipts | $ | 162 | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||
Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees’ salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans. | |||||||||||||||||||
The following table shows the change in benefit obligation and the change in fair value of plan assets as of December 31, 2014 and 2013 (the measurement dates), for the unfunded U.S. plan: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation—beginning of year | $ | 19 | $ | 21 | |||||||||||||||
Interest cost | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 1 | (2 | ) | ||||||||||||||||
Benefits paid | (1 | ) | (1 | ) | |||||||||||||||
Benefit obligation—end of year | $ | 20 | $ | 19 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets—beginning of year | $ | — | $ | — | |||||||||||||||
Actual return on plan assets | — | — | |||||||||||||||||
Benefits paid | — | — | |||||||||||||||||
Employer contributions | — | — | |||||||||||||||||
Fair value of plan assets—end of year | $ | — | $ | — | |||||||||||||||
Funded status at end of year | $ | (20 | ) | $ | (19 | ) | |||||||||||||
Accumulated benefit obligation | $ | 20 | $ | 19 | |||||||||||||||
Amounts recognized in the consolidated balance sheets as of December 31, 2014 and 2013: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Accrued current benefit liability | $ | (1 | ) | $ | (1 | ) | |||||||||||||
Accrued long-term benefit liability | (19 | ) | (18 | ) | |||||||||||||||
Funded status | $ | (20 | ) | $ | (19 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss of the unfunded U.S. defined benefit plan at December 31, 2014 and 2013, consist entirely of unrecognized net losses of $8 million and $7 million, respectively. | |||||||||||||||||||
There are estimated to be insignificant amounts of unrecognized net losses that will be amortized into net periodic benefit cost over the next fiscal year. | |||||||||||||||||||
Refer to the table below for costs related to the unfunded U.S. plan. | |||||||||||||||||||
The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2014 and 2013 (the measurement dates), for the unfunded U.S. plan are as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Discount rate | 3.65 | % | 4.4 | % | |||||||||||||||
The weighted average assumptions used in the measurement of our net cost as of December 31, 2014, 2013, and 2012 (the measurement dates), for the unfunded U.S. plan are as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.4 | % | 3.5 | % | 4.1 | % | |||||||||||||
Rate of compensation increase | — | % | — | % | — | % | |||||||||||||
As of December 31, 2014, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows: | |||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||
2015 | $ | 1 | |||||||||||||||||
2016 | 1 | ||||||||||||||||||
2017 | 1 | ||||||||||||||||||
2018 | 1 | ||||||||||||||||||
2019 | 1 | ||||||||||||||||||
2020-2024 | 6 | ||||||||||||||||||
Total | $ | 11 | |||||||||||||||||
Defined Contribution Plans—We provide retirement benefits to certain qualified employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of qualified employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans. | |||||||||||||||||||
Deferred Compensation Plans—Historically, we provided nonqualified deferred compensation for certain employees through several different plans. In 2010, these plans were consolidated into the one Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preapproved formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income. As of December 31, 2014 and 2013, the DCP is fully funded in a rabbi trust. The assets of the DCP are primarily invested in mutual funds, which are recorded in other assets in the consolidated balance sheets (see Note 4). The related deferred compensation liability is recorded in other long-term liabilities (see Note 13). Refer to the table below for costs related to the DCP. | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Defined benefit plan | $ | 1 | $ | 1 | $ | 1 | |||||||||||||
Defined contribution plans | 35 | 33 | 35 | ||||||||||||||||
Deferred compensation plans | 5 | 5 | 4 | ||||||||||||||||
Employee Stock Purchase Program—In 2010, the Company’s stockholders approved the Hyatt Hotels Corporation Employee Stock Purchase Program (“ESPP”), which is designed to qualify under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair market value on the last trading day of each quarter. Enrollment occurs prior to the commencement of the quarter with elections being deducted from payroll during the quarter and the actual purchase of stock is completed subsequent to the quarter close. At the inception of the plan there were 1,000,000 shares reserved for issuance under the ESPP which has been deemed to be non-compensatory. Approximately 56,000 shares and 71,000 shares were issued under the ESPP during 2014 and 2013, respectively. | |||||||||||||||||||
Multi-Employer Pension Plans—Certain employees are covered by union sponsored multi-employer pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined in the table below: | |||||||||||||||||||
Pension Protection Act Zone Status | Contributions | ||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||
New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund | 13-1764242/001 | Green (1) | Yellow (2) | $ | 4 | $ | 4 | $ | 4 | ||||||||||
National Retirement Fund | 13-6130178/001 | Red (1) | Red (2) | 3 | 3 | 2 | |||||||||||||
Other Funds | Various | 5 | 4 | 4 | |||||||||||||||
Total Contributions | $ | 12 | $ | 11 | $ | 10 | |||||||||||||
(1) As of January 1, 2014 | |||||||||||||||||||
(2) As of January 1, 2013 | |||||||||||||||||||
Eligible employees at our owned hotels in New York City participate in the New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund. Our contributions are based on a percentage of all union employee wages as dictated by the collective bargaining agreement that expires on June 30, 2019. Our contributions did not exceed 5% of the total contributions to the pension fund in 2014, 2013, or 2012. The pension fund has implemented a funding improvement plan and we have not paid a surcharge. | |||||||||||||||||||
Eligible employees at our owned hotels in Atlanta and Chicago participate in the National Retirement Plan. Our contributions are based on a percentage of all union employee wages as dictated by the collective bargaining agreement that expires on January 31, 2015 and August 31, 2018 for Atlanta and Chicago, respectively. Our contributions did not exceed 5% of the total contributions to the pension fund in 2013 or 2012. At the date these financial statements were issued, Forms 5500 for the National Retirement Plan were not available for the plan year ending in 2014 and therefore we were not able to confirm that our contributions did not exceed 5% of the total contributions. The pension fund has implemented a funding improvement plan and we have not paid a surcharge. | |||||||||||||||||||
Multi-Employer Health Plans—Certain employees are covered by union sponsored multi-employer health plans pursuant to agreements between us and various unions. The plan benefits can include medical, dental and life insurance for eligible participants and retirees. Our contributions to these plans, which were expensed during 2014, 2013, and 2012, were approximately $12 million, $12 million and $10 million, respectively. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Long-Term Liabilities [Text Block] | OTHER LONG-TERM LIABILITIES | |||||||
Other long-term liabilities at December 31, 2014 and 2013, consist of the following: | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Deferred gains on sales of hotel properties | $ | 383 | $ | 192 | ||||
Deferred compensation plans (see Note 12) | 341 | 334 | ||||||
Hyatt Gold Passport Fund (see Note 2) | 284 | 262 | ||||||
Guarantee liabilities (see Note 15) | 110 | 133 | ||||||
Deferred income taxes (see Note 14) | 66 | 74 | ||||||
Other accrued income taxes (see Note 14) | 62 | 90 | ||||||
Defined benefit plans (see Note 12) | 19 | 18 | ||||||
Deferred incentive compensation plans | 3 | 4 | ||||||
Other | 133 | 133 | ||||||
Total | $ | 1,401 | $ | 1,240 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Disclosure | INCOME TAXES | |||||||||||
Our tax provision includes federal, state, local, and foreign income taxes. The domestic and foreign components of income before income taxes for the three years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. income before tax | $ | 493 | $ | 256 | $ | 18 | ||||||
Foreign income before tax | 32 | 65 | 77 | |||||||||
Income before income taxes | $ | 525 | $ | 321 | $ | 95 | ||||||
The provision (benefit) for income taxes from continuing operations for the three years ended December 31, 2014, 2013 and 2012 is comprised of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 164 | $ | 85 | $ | (76 | ) | |||||
State | 7 | 14 | (17 | ) | ||||||||
Foreign | 36 | 24 | 36 | |||||||||
Total Current | $ | 207 | $ | 123 | $ | (57 | ) | |||||
Deferred: | ||||||||||||
Federal | $ | (10 | ) | $ | (11 | ) | $ | 52 | ||||
State | (6 | ) | 9 | 15 | ||||||||
Foreign | (12 | ) | (5 | ) | (2 | ) | ||||||
Total Deferred | $ | (28 | ) | $ | (7 | ) | $ | 65 | ||||
Total | $ | 179 | $ | 116 | $ | 8 | ||||||
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations reported in the financial statements: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—net of federal tax benefit | 3.4 | 4.8 | (0.3 | ) | ||||||||
Foreign and U.S. tax effects attributable to foreign operations | 1.7 | (0.4 | ) | (27.4 | ) | |||||||
Tax contingencies | (2.6 | ) | 0.2 | (10.3 | ) | |||||||
Change in valuation allowances | (1.0 | ) | — | (66.3 | ) | |||||||
Adjustments to deferred tax assets | (1.5 | ) | — | 75.4 | ||||||||
General business credits | (0.4 | ) | (1.3 | ) | (2.5 | ) | ||||||
Equity based compensation | 0.4 | 1.1 | 2 | |||||||||
Other | (0.9 | ) | (3.2 | ) | 2.7 | |||||||
Effective income tax rate | 34.1 | % | 36.2 | % | 8.3 | % | ||||||
The 2014 effective tax rate is lower than the U.S. statutory rate of 35% primarily due to a net $14 million benefit related to tax contingencies, and an $8 million benefit for an adjustment to certain deferred tax assets. These benefits are partially offset by the effect of state taxes on U.S. earnings. The $14 million benefit related to tax contingencies is derived primarily from a benefit of $13 million (including $7 million of interest and penalties) due to statute expiration on state tax filing positions, an expense of $5 million due to a new uncertain tax position and a benefit of $4 million related to the expiration of statutes in foreign jurisdictions. | ||||||||||||
Significant items that affect the 2013 effective tax rate included the impact of state taxes on U.S. earnings, a $4 million benefit for an adjustment to certain deferred tax assets, a benefit of $3 million (including $1 million interest) related to the settlement of tax audits and a benefit of $4 million relating to changes of statutory rates in some of our foreign jurisdictions. Additional benefits arose from foreign earnings taxed at rates lower than the U.S. statutory rate. | ||||||||||||
Significant items that affect the 2012 tax rate included a benefit of $26 million related to the recognition of foreign tax credits, a release of $6 million in reserves for interest related to our treatment for expensing certain renovation costs in prior years and a benefit of $3 million from a reduction in statutory tax rates enacted by foreign jurisdictions during the year. Additional benefits include $6 million (including $4 million interest) resulting from the settlement of state tax audits as well a benefit of $6 million (including $3 million interest and penalties) related to the favorable settlement of our U.S. federal tax audit. These benefits are partially offset by a provision of $7 million resulting from a reduction in the deferred tax assets of certain non-consolidated investments and a provision of $8 million (including $3 million interest and penalties) for uncertain tax positions in foreign jurisdictions. In addition a deferred tax asset of $64 million related to foreign net operating losses and a corresponding full valuation allowance was eliminated due to the restructuring of a foreign subsidiary. | ||||||||||||
The components of the net deferred tax asset from continuing operations at December 31, 2014 and 2013 is comprised of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets related to: | ||||||||||||
Employee benefits | $ | 181 | $ | 161 | ||||||||
Foreign and state net operating losses and credit carryforwards | 37 | 54 | ||||||||||
Nonconsolidated investments | 59 | 77 | ||||||||||
Allowance for uncollectible assets | 36 | 38 | ||||||||||
Intangibles | 8 | 10 | ||||||||||
Deferred gain on sale | 149 | 74 | ||||||||||
Loyalty program | 21 | 24 | ||||||||||
Interest and state benefits | 4 | 14 | ||||||||||
Unrealized investment losses | 5 | 6 | ||||||||||
Other | 55 | 60 | ||||||||||
Valuation allowance | (15 | ) | (21 | ) | ||||||||
Total deferred tax asset | $ | 540 | $ | 497 | ||||||||
Deferred tax liabilities related to: | ||||||||||||
Installment sales | $ | — | $ | (6 | ) | |||||||
Property and equipment | (312 | ) | (255 | ) | ||||||||
Nonconsolidated investments | (33 | ) | (59 | ) | ||||||||
Unrealized investment gains | (23 | ) | (18 | ) | ||||||||
Prepaid expenses | (11 | ) | (14 | ) | ||||||||
Other | (7 | ) | (14 | ) | ||||||||
Total deferred tax liability | $ | (386 | ) | $ | (366 | ) | ||||||
Net deferred tax asset | $ | 154 | $ | 131 | ||||||||
Recognized in the balance sheet as: | ||||||||||||
Deferred tax assets—current | $ | 26 | $ | 11 | ||||||||
Deferred tax assets—noncurrent | 196 | 198 | ||||||||||
Deferred tax liabilities—current | (2 | ) | (4 | ) | ||||||||
Deferred tax liabilities—noncurrent | (66 | ) | (74 | ) | ||||||||
Total | $ | 154 | $ | 131 | ||||||||
Significant changes to our deferred tax assets and liabilities during 2014 includes an increase of $18 million primarily due to the impact of the implementation of the tangible property regulations, tax deferred gains related to like-kind exchanges in excess of book deferred gains on dispositions of hotel assets, and other fixed asset related items. Additional significant changes relate to recording employee benefit costs that are not currently deductible along with utilization of foreign tax credits and state tax operating loss carryforwards. | ||||||||||||
As of December 31, 2014, we have determined that undistributed net earnings of $353 million of certain foreign subsidiaries are indefinitely reinvested in operations outside the United States. These earnings could become subject to additional taxes if remitted as dividends, loaned to a U.S. affiliate, or if we sold our interest in the affiliates; the resulting U.S. income tax liabilities could be offset, in whole or in part, by credits allowable for taxes paid to foreign jurisdictions. The actual tax costs would depend on the income tax laws and circumstances at the time of the realization events; determination of the potential net liability is not practicable due to the complexities of the hypothetical calculation. We continue to provide deferred taxes, as required, on the undistributed earnings of foreign subsidiaries and unconsolidated affiliates that are not indefinitely reinvested in operations outside the United States. | ||||||||||||
As of December 31, 2014, we have $27 million (net of tax) of future tax benefits related to foreign and state net operating losses and $10 million of benefits related to federal and state credits. A portion of these operating losses will begin to expire in 2015 and continue through 2034. However, $9 million of these net operating losses, which are primarily foreign, have no expiration date and may be carried forward indefinitely. | ||||||||||||
A valuation allowance of $15 million is recorded for certain net operating losses and credits, as we believe it is more likely than not that we will be unable to realize these tax benefits. | ||||||||||||
Total unrecognized tax benefits as of December 31, 2014 and 2013 were $40 million and $53 million, respectively, of which $20 million and $27 million, respectively, would impact the effective tax rate if recognized. It is reasonably possible that a reduction of up to $8 million of unrecognized tax benefits could occur within twelve months resulting from the expiration of certain tax statutes of limitations. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits—beginning balance | $ | 53 | $ | 75 | ||||||||
Total (decreases) increases—current period tax positions | 2 | 3 | ||||||||||
Total decreases—prior period tax positions | (8 | ) | (14 | ) | ||||||||
Settlements | (2 | ) | (5 | ) | ||||||||
Lapse of statute of limitations | (3 | ) | (4 | ) | ||||||||
Foreign currency fluctuation | (2 | ) | (2 | ) | ||||||||
Unrecognized tax benefits—ending balance | $ | 40 | $ | 53 | ||||||||
For 2014, the net decrease in prior period positions primarily relates to a decrease of $10 million due to statute expiration on state tax filing positions, partially offset by an increase of $5 million due to an accrual of a position taken on a prior year tax return. | ||||||||||||
During 2013, decreases to current and prior period tax positions in the amount of $14 million are primarily due to the conclusion and settlement of the IRS audits related to the 2005 through 2008 tax years. We also received $1 million interest from the settlement of certain federal and state tax issues and related to tax years 2003 through 2009. | ||||||||||||
In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total gross accrued interest and penalties were $24 million, $38 million and $46 million as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The amount of interest and penalties recognized as a component of income tax expense in 2014 was a benefit of $9 million. This amount is comprised of a benefit of $8 million resulting from the release of interest due to state tax statute expirations and an additional benefit of $1 million related to certain federal and foreign tax matters. | ||||||||||||
The amount of interest and penalties recognized as a component of income tax expense in 2013 was $1 million. | ||||||||||||
Our 2009, 2010, and 2011 federal income tax returns are currently under IRS examination. The federal statute of limitations for Hyatt Hotels Corporation remains open until December 31, 2015, for the years ended December 31, 2005 through 2011. | ||||||||||||
We are under audit by various state and foreign tax authorities. State income tax returns are generally subject to examination for a period of three to five years after filing of the return. However, the state impact of any federal changes remains subject to examination by various states for a period generally up to one year after formal notification to the states of the federal changes. The statute of limitations for the foreign jurisdictions ranges from three to ten years after filing the applicable tax return. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 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 December 31, 2014, we are committed, under certain conditions, to lend or invest up to $250 million, net of any related letters of credit, in various business ventures. | |||||||||||||
Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. At inception of a performance guarantee, we recognize a guarantee obligation liability for the fair value of our guarantee obligation which we amortize into income using a systematic and rational risk-based approach over the term of the performance guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we record an expense for the separate contingent liability, see Note 2. | |||||||||||||
Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 (“the four managed hotels in France”), which has a term of 7 years, with approximately 5 ½ years remaining, and does not have an annual cap. The remaining maximum exposure related to our performance guarantees at December 31, 2014 was $464 million, of which €362 million ($437 million using exchange rates as of December 31, 2014) relates to the four managed hotels in France. | |||||||||||||
We had total guarantee liabilities of $111 million and $129 million at December 31, 2014 and 2013, respectively, which included $103 million and $123 million recorded in other long-term liabilities and $8 million and $6 million in accrued expenses and other current liabilities on our consolidated balance sheets, respectively. Our total guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception (net of amortization) and any separate contingent liabilities, net of cash payments. Performance guarantee expense and income from amortization of the guarantee obligation liabilities are recorded in other income (loss), net on the consolidated statements of income, see Note 21. | |||||||||||||
The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments) related to the four managed hotels in France: | |||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance, January 1 | $ | 123 | $ | — | |||||||||
Initial guarantee obligation liability upon inception | — | 115 | |||||||||||
Amortization of initial guarantee obligation liability into income | (6 | ) | (5 | ) | |||||||||
Performance guarantee expense | 19 | — | |||||||||||
Net (payments) receipts during the year | (18 | ) | 5 | ||||||||||
Foreign currency exchange gain (loss) | (12 | ) | 8 | ||||||||||
Ending balance, December 31 | $ | 106 | $ | 123 | |||||||||
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 may have the option to terminate the management contract. As of December 31, 2014 and 2013, there were no amounts recorded in accrued expenses and other current liabilities related to these performance test clauses. | |||||||||||||
Debt Repayment Guarantees—We have entered into various debt repayment guarantees primarily related to our unconsolidated hospitality venture investments in certain properties. The maximum exposure under these agreements as of December 31, 2014 was $243 million. As of December 31, 2014, we had a $7 million liability representing the carrying value of these guarantees recorded within other long-term liabilities on our consolidated balance sheets with an offset to investments. Included within the $243 million in debt guarantees are the following: | |||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at December 31, 2014 | Amount Recorded at December 31, 2013 | ||||||||||
Vacation ownership property | $ | 86 | $ | — | $ | 1 | |||||||
Hotel property in Brazil | 75 | 2 | 3 | ||||||||||
Hotel property in Hawaii | 30 | 1 | 1 | ||||||||||
Hotel property in Minnesota | 25 | 3 | 4 | ||||||||||
Hotel property in Colorado | 15 | 1 | 1 | ||||||||||
Other | 12 | — | — | ||||||||||
Total Debt Repayment Guarantees | $ | 243 | $ | 7 | $ | 10 | |||||||
With respect to debt repayment guarantees related to certain unconsolidated 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. In relation to the vacation ownership property debt repayment guarantee, for which we no longer have an investment in the unconsolidated venture, we have the ability to fully recover from third parties any amounts we may be required to fund. Assuming successful enforcement of these agreements with our respective partners and third parties, our maximum exposure under the various debt repayment guarantees as of December 31, 2014 would be $104 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 Hyatt and generally insures our deductible and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within twelve months are $24 million and $27 million as of December 31, 2014 and 2013, respectively, and are classified within accrued expenses and other current liabilities on the consolidated balance sheets, while losses expected to be payable in later periods are $63 million and $53 million as of December 31, 2014 and 2013, respectively, and are included in other long-term liabilities on the consolidated balance sheets. At December 31, 2014, standby letters of credit amounting to $7 million had been issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the “Letters of Credit” section of this footnote. | |||||||||||||
Collective Bargaining Agreements—At December 31, 2014, approximately 24% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment and orderly settlement of labor disputes. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe that our employee relations are satisfactory. | |||||||||||||
Surety Bonds—Surety bonds issued on our behalf totaled $94 million at December 31, 2014 and primarily relate to workers’ compensation, taxes, licenses, and utilities related to our lodging operations. | |||||||||||||
Letters of Credit—Letters of credit outstanding on our behalf as of December 31, 2014 totaled $65 million, the majority of which relate to our ongoing operations. Of the $65 million letters of credit outstanding, $9 million reduces the available capacity under our revolving credit facility (see Note 10). | |||||||||||||
Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved. | |||||||||||||
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof. | |||||||||||||
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners. | |||||||||||||
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Stockholders' Equity and Comprehensive Loss | STOCKHOLDERS’ EQUITY AND COMPREHENSIVE LOSS | |||||||||||||||
Common Stock—At December 31, 2014, Pritzker family business interests beneficially owned, in the aggregate, approximately 77.5% of our Class B common stock, representing approximately 57.9% of the outstanding shares of our common stock and approximately 74.9% of the total voting power of our outstanding common stock. As a result, consistent with the voting agreements contained in the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, Pritzker family business interests are able to exert a significant degree of influence or actual control over our management and affairs and over matters requiring stockholder approval, including the election of directors and other significant corporate transactions. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval. Because of our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our common stock. Pursuant to the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. In addition, other stockholders, including entities affiliated with Goldman, Sachs & Co. and Madrone GHC, LLC, beneficially own, in the aggregate, approximately 22.5% of our outstanding Class B common stock, representing approximately 16.8% of the outstanding shares of our common stock and approximately 21.8% of the total voting power of our outstanding common stock. Pursuant to the 2007 Stockholders’ Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. | ||||||||||||||||
Share Repurchase— During 2014 and 2013, our board of directors authorized the repurchase of up to $700 million and $400 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 2014 and 2013, the Company repurchased 7,693,326 and 6,604,768 shares of common stock, respectively. These shares of common stock were repurchased at a weighted average price of $57.79 and $41.64 per share, respectively, for an aggregate purchase price of $445 million and $275 million, respectively, excluding related expenses that were insignificant in both periods. Of the $445 million aggregate purchase price during the year ended December 31, 2014, $443 million was settled in cash during the period. The shares repurchased during 2014 represented approximately 5% of the Company's total shares of common stock outstanding as of December 31, 2013. The shares repurchased during 2013 represented approximately 4% of the Company's total shares of common stock outstanding as of December 31, 2012. The shares of Class A common stock that were repurchased on the open market were retired and returned to authorized and unissued status while the shares of Class B common stock that were repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares repurchased. As of December 31, 2014, we had $444 million remaining under the current share repurchase authorization. | ||||||||||||||||
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at | |||||||||||||
1-Jan-14 | 31-Dec-14 | |||||||||||||||
Foreign currency translation adjustments | $ | (62 | ) | $ | (86 | ) | $ | (7 | ) | $ | (155 | ) | ||||
Unrealized gain (loss) on AFS securities | 6 | — | — | 6 | ||||||||||||
Unrecognized pension cost | (5 | ) | — | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | 1 | — | (6 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (68 | ) | $ | (85 | ) | $ | (7 | ) | $ | (160 | ) | ||||
(a) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized as a deferred gain within other long-term liabilities on the consolidated balance sheets when we sold a hotel and substantially liquidated the entity. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (b) | Balance at | |||||||||||||
1-Jan-13 | 31-Dec-13 | |||||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (10 | ) | $ | 2 | $ | (62 | ) | |||||
Unrealized gain (loss) on AFS securities | — | 6 | — | 6 | ||||||||||||
Unrecognized pension cost | (6 | ) | 1 | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (3 | ) | $ | 2 | $ | (68 | ) | |||||
(b) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on the consolidated statements of income. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 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 on our consolidated statements of income. Compensation expense related to these awards for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock appreciation rights | $ | 19 | $ | 8 | $ | 8 | ||||||||||||||||||
Restricted stock units | 31 | 17 | 14 | |||||||||||||||||||||
Performance vested restricted stock | 4 | 3 | 1 | |||||||||||||||||||||
The year ended December 31, 2014 includes a nonrecurring expense of $23 million, a portion of which relates to prior periods for grants made to certain individuals. The nonrecurring expense for stock appreciation rights and restricted stock units shown in the table above for the year ended December 31, 2014 amounted to $10 million and $13 million, respectively, of which $22 million is recorded in selling, general and administrative expenses on our consolidated statements of income. | ||||||||||||||||||||||||
The expected income tax benefit to be realized at the time of vest related to these plans for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock appreciation rights | $ | 7 | $ | 3 | $ | 3 | ||||||||||||||||||
Restricted stock units | 8 | 6 | 5 | |||||||||||||||||||||
Performance vested restricted stock | 2 | 1 | — | |||||||||||||||||||||
Stock Appreciation Rights—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. Vested SARs can be exercised over their life as determined by the plan. All SARs have a 10-year contractual term. The SARs are settled in shares of our Class A common stock and are accounted for as equity instruments. | ||||||||||||||||||||||||
The following table sets forth a summary of the SAR grants in 2014, 2013, and 2012: | ||||||||||||||||||||||||
Grant Date | SARs Granted | Per SAR Value | Vesting Period | Vesting Start Month | ||||||||||||||||||||
Feb-14 | 327,307 | $ | 22.57 | 25 | % annually | Mar-15 | ||||||||||||||||||
Mar-13 | 472,003 | 17.95 | 25 | % annually | Mar-14 | |||||||||||||||||||
Mar-13 | 54,914 | 18.21 | 100 | % at vest | Mar-17 | |||||||||||||||||||
Mar-12 | 405,877 | 17.29 | 25 | % annually | Mar-13 | |||||||||||||||||||
The weighted average grant date fair value for the awards granted in 2014, 2013, and 2012 was $22.57, $17.98, and $17.29, respectively. | ||||||||||||||||||||||||
The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-valuation model with the following weighted average assumptions: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Exercise Price | $ | 49.39 | $ | 43.44 | $ | 41.29 | ||||||||||||||||||
Expected Life in Years | 6.29 | 6.33 | 6.251 | |||||||||||||||||||||
Risk-free Interest Rate | 1.93 | % | 1.18 | % | 1.49 | % | ||||||||||||||||||
Expected Volatility | 44.32 | % | 40.67 | % | 40.84 | % | ||||||||||||||||||
Annual Dividend Yield | — | % | — | % | — | % | ||||||||||||||||||
As of December 31, 2014 we used an estimated forfeiture rate of 0% because only a small group of executives received these grants and we have limited historical data on which to base these estimates. We record the compensation expense earned for SARs on a straight-line basis from the date of grant. The exercise price of these SARs was the fair value of our common stock at the grant date, based on a valuation of the Company prior to the IPO, or the closing share price on the date of grant. Due to a lack of historical exercise information the expected life was estimated based on the midpoint between the vesting period and the contractual life of each SAR, per guidance from the SEC’s Staff Accounting Bulletin Topic 14, Share-Based Payment. The risk-free interest rate was based on U.S. Treasury instruments with similar expected life. The Company calculates volatility using the average historical volatility of our peer group over a time period consistent with our expected term assumption. During 2012, we began incorporating our limited trading history with our peer group's history to obtain the expected volatility of our share price. | ||||||||||||||||||||||||
A summary of employee SAR activity as of December 31, 2014, and changes during 2014, are presented below: | ||||||||||||||||||||||||
SAR Units | Weighted Average Exercise Price (in whole dollars) | Weighted Average Contractual Term | ||||||||||||||||||||||
Outstanding at December 31, 2013: | 3,578,210 | $ | 45.43 | 5.88 | ||||||||||||||||||||
Granted | 327,307 | 49.39 | 9.12 | |||||||||||||||||||||
Exercised | 387,711 | 39.76 | 3.33 | |||||||||||||||||||||
Forfeited or canceled | 52,222 | 50.22 | 7.17 | |||||||||||||||||||||
Outstanding at December 31, 2014: | 3,465,584 | $ | 46.37 | 5.42 | ||||||||||||||||||||
Exercisable as of December 31, 2014: | 2,497,366 | $ | 46.98 | 4.37 | ||||||||||||||||||||
The total intrinsic value of SARs outstanding at December 31, 2014 was $50 million and the total intrinsic value for exercisable SARs was $35 million as of December 31, 2014. | ||||||||||||||||||||||||
Restricted Stock Units—Vested RSUs will be settled with a single share of our Class A common stock with the exception of insignificant portions of the February 2014, March 2013, June 2013, and March 2012 awards which will be settled in cash. The value of the RSUs was based upon the fair value of our common stock at the grant date, based upon a valuation of the Company, or the closing stock price of our Class A common stock for the December 2009 award and all subsequent awards. Awards issued prior to our November 2009 IPO are deferred in nature and will be settled once all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. The following table sets forth a summary of the employee RSU grants in 2014, 2013, and 2012: | ||||||||||||||||||||||||
Grant Date | RSUs | Value | Total Value (in millions) | Vesting Period | ||||||||||||||||||||
Sep-14 | 2,452 | $ | 61.17 | $ | — | 4 years | ||||||||||||||||||
Feb-14 | 376,328 | 49.39 | 19 | 4 years | ||||||||||||||||||||
Dec-13 | 2,132 | 46.9 | — | 4 years | ||||||||||||||||||||
Sep-13 | 13,082 | 45.86 | 1 | 4 years | ||||||||||||||||||||
Jun-13 | 2,218 | 40.56 | — | 4 years | ||||||||||||||||||||
Mar-13 | 453,356 | 43.44 | 20 | 4 years | ||||||||||||||||||||
Dec-12 | 40,694 | 36.86 | 1 | 4 years | ||||||||||||||||||||
Oct-12 | 2,580 | 38.75 | — | 4 years | ||||||||||||||||||||
Jun-12 | 19,787 | 35.87 | 1 | 4 years | ||||||||||||||||||||
Mar-12 | 444,059 | 41.29 | 18 | 4 years | ||||||||||||||||||||
We record compensation expense earned for RSUs over the requisite service period of the individual grantee. Our estimated forfeiture rate is 3% for RSUs. In certain situations we also grant cash-settled RSUs which are recorded as a liability instrument. The liability and related expense for granted cash-settled RSUs are insignificant as of and for the period ended December 31, 2014. | ||||||||||||||||||||||||
A summary of the status of the non-vested employee restricted stock unit awards outstanding under the plan as of December 31, 2014 is presented below: | ||||||||||||||||||||||||
Restricted Stock | Weighted Average Grant Date Fair Value (in whole dollars) | |||||||||||||||||||||||
Units | ||||||||||||||||||||||||
Nonvested at December 31, 2013: | 1,244,471 | $ | 40.71 | |||||||||||||||||||||
Granted | 378,780 | 49.47 | ||||||||||||||||||||||
Vested | 468,845 | 41.05 | ||||||||||||||||||||||
Forfeited or canceled | 83,768 | 41.48 | ||||||||||||||||||||||
Nonvested at December 31, 2014: | 1,070,638 | $ | 43.6 | |||||||||||||||||||||
As of December 31, 2014, the total intrinsic value of deferred RSUs that vested in 2014 but were not paid out is immaterial. The total intrinsic value of nonvested RSUs as of December 31, 2014 was $64 million. | ||||||||||||||||||||||||
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. The PSSs 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 will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric. | ||||||||||||||||||||||||
There were $4 million in forfeitures for the year ended December 31, 2014. As of December 31, 2014 the total intrinsic value of nonvested PSSs if target performance is achieved was $16 million. | ||||||||||||||||||||||||
The following table sets forth a summary of PSS grants in 2014, 2013, and 2012: | ||||||||||||||||||||||||
Year Granted | PSSs Granted | Weighted Average Grant Date Fair Value (in whole dollars) | Performance Period | Performance Period Start Date | ||||||||||||||||||||
2014 | 162,906 | $ | 49.39 | 3 years | 1-Jan-14 | |||||||||||||||||||
2013 | 218,686 | $ | 43.44 | 3 years | 1-Jan-13 | |||||||||||||||||||
2012 | 209,569 | $ | 41.29 | 3 years | 1-Jan-12 | |||||||||||||||||||
Our total unearned compensation for our stock-based compensation programs as of December 31, 2014 was $2 million for SARs, $15 million for RSUs and $3 million for PSSs, which will be recorded to compensation expense primarily over the next two years with respect to SARs, with a limited portion of the SAR awards extending to four years, three years with respect to RSUs, with a limited portion of the RSU awards extending to six years, and over the next two years with respect to PSSs as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019+ | Total | |||||||||||||||||||
SARs | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 2 | ||||||||||||
RSUs | 8 | 5 | 2 | — | — | 15 | ||||||||||||||||||
PSSs | 2 | 1 | — | — | — | 3 | ||||||||||||||||||
Total | $ | 11 | $ | 7 | $ | 2 | $ | — | $ | — | $ | 20 | ||||||||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS |
In addition to those included elsewhere in the notes to the consolidated financial statements, related-party transactions entered into by us are summarized as follows: | |
Leases —Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. During 2012, one of these sublease agreements was amended to reduce the related party's occupied space; as a result, we received a payment of $4 million, representing the discounted future sublease payments, less furniture and fixtures acquired. Future sublease income for this space from related parties is $8 million. | |
Legal Services—A partner in a law firm that provided services to us throughout 2014, 2013, and 2012 is the brother-in-law of our Executive Chairman. We incurred legal fees with this firm of $3 million, $2 million and $2 million for each of the years ended December 31, 2014, 2013, and 2012, respectively. Legal fees when expensed are included in selling, general and administrative expenses. As of December 31, 2014 and 2013, we had insignificant amounts due to the law firm. | |
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 $4 million, $6 million, and $7 million during the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014 and 2013, we had insignificant and $1 million in receivables due from these properties, respectively. | |
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 $29 million, $32 million, and $37 million for the years ended December 31, 2014, 2013, and 2012, respectively, related to these properties. As of December 31, 2014 and 2013, we had receivables due from these properties of $11 million and $7 million, respectively. In addition, in some cases we provide loans (see Note 7) or guarantees (see Note 15) to these entities. Our ownership interest in these equity method investments generally varies from 8% to 70%. See Note 3 for further details regarding these investments. | |
Share Repurchase—During 2014, we repurchased 1,122,000 shares of Class B common stock for a weighted average price of $60.20 per share, for an aggregate purchase price of approximately $68 million. The shares repurchased represented less than 1% of the Company's total shares of common stock outstanding prior to the repurchase. During 2013, we repurchased 2,906,879 shares of Class B common stock at a weighted average price of $41.36 per share, for an aggregate purchase price of approximately $120 million. The shares repurchased represented approximately 2% of the Company's total shares of common stock outstanding prior to the repurchase. In both transactions, the shares of Class B common stock were repurchased from trusts held for the benefit of certain Pritzker family members in privately-negotiated transactions and were retired, thereby reducing the total number of shares outstanding and reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. Our results for the years ended December 31, 2014, 2013, and 2012 reflect the segment structure of our organization following our realignment, which was effective October 1, 2012. Segment results presented here for the year ended December 31, 2012 have been recast to show our results as if our new operating structure had existed in that period. | ||||||||||||
• | 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 portfolio 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 portfolio 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 portfolio of brands located primarily in Europe, Africa, the Middle East and India, as well as countries along the Persian Gulf, the Arabian Sea, and Nepal. 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 revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA before equity earnings (losses) from unconsolidated hospitality ventures; gains on sales of real estate and other; asset impairments; other income (loss), net; net (income) loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and provision 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 (primarily for the periods prior to the sale in the fourth quarter of 2014), and the results of our co-branded credit card. | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Owned and Leased Hotels | ||||||||||||
Owned and leased hotels revenues | $ | 2,246 | $ | 2,142 | $ | 2,021 | ||||||
Adjusted EBITDA | 522 | 471 | 442 | |||||||||
Depreciation and Amortization | 322 | 315 | 323 | |||||||||
Capital Expenditures | 208 | 211 | 283 | |||||||||
Americas Management and Franchising | ||||||||||||
Management and franchise fees revenues | 327 | 292 | 256 | |||||||||
Other revenues from managed properties | 1,550 | 1,482 | 1,456 | |||||||||
Intersegment Revenues (a) | 88 | 86 | 81 | |||||||||
Adjusted EBITDA | 253 | 233 | 199 | |||||||||
Depreciation and Amortization | 18 | 17 | 20 | |||||||||
Capital Expenditures | 1 | 1 | 2 | |||||||||
ASPAC Management and Franchising | ||||||||||||
Management and franchise fees revenues | 88 | 83 | 86 | |||||||||
Other revenues from managed properties | 74 | 74 | 43 | |||||||||
Intersegment Revenues (a) | 2 | 3 | 3 | |||||||||
Adjusted EBITDA | 44 | 50 | 46 | |||||||||
Depreciation and Amortization | 1 | 1 | 1 | |||||||||
Capital Expenditures | 1 | — | 1 | |||||||||
EAME/SW Asia Management | ||||||||||||
Management and franchise fees revenues | 77 | 72 | 63 | |||||||||
Other revenues from managed properties | 53 | 45 | 29 | |||||||||
Intersegment Revenues (a) | 15 | 16 | 14 | |||||||||
Adjusted EBITDA | 40 | 40 | 26 | |||||||||
Depreciation and Amortization | 6 | 5 | 2 | |||||||||
Capital Expenditures | — | — | — | |||||||||
Corporate and other | ||||||||||||
Revenues | 105 | 99 | 93 | |||||||||
Adjusted EBITDA | (131 | ) | (114 | ) | (107 | ) | ||||||
Depreciation and Amortization | 7 | 7 | 7 | |||||||||
Capital Expenditures | 43 | 20 | 15 | |||||||||
Eliminations (a) | ||||||||||||
Revenues | (105 | ) | (105 | ) | (98 | ) | ||||||
Adjusted EBITDA | — | — | — | |||||||||
Depreciation and Amortization | — | — | — | |||||||||
Capital Expenditures | — | — | — | |||||||||
TOTAL | ||||||||||||
Revenues | $ | 4,415 | $ | 4,184 | $ | 3,949 | ||||||
Adjusted EBITDA | 728 | 680 | 606 | |||||||||
Depreciation and Amortization | 354 | 345 | 353 | |||||||||
Capital Expenditures | 253 | 232 | 301 | |||||||||
(a) | Intersegment revenues are included in the management and franchise fees revenues totals and eliminated in Eliminations. | |||||||||||
The table below shows summarized consolidated balance sheet information by segment: | ||||||||||||
Total Assets | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Owned and Leased Hotels | $ | 5,682 | $ | 5,726 | ||||||||
Americas Management and Franchising | 1,165 | 1,027 | ||||||||||
ASPAC Management and Franchising | 106 | 101 | ||||||||||
EAME/SW Asia Management | 184 | 207 | ||||||||||
Corporate and other | 4,030 | 4,797 | ||||||||||
Eliminations (a) | (3,024 | ) | (3,681 | ) | ||||||||
TOTAL | $ | 8,143 | $ | 8,177 | ||||||||
(a) Segment assets include intercompany and investments in subsidiaries which are eliminated in Eliminations. | ||||||||||||
The following table presents revenues and long-lived assets by geographical region: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 3,476 | $ | 3,270 | $ | 3,140 | ||||||
All Foreign | 939 | 914 | 809 | |||||||||
Total | $ | 4,415 | $ | 4,184 | $ | 3,949 | ||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 3,643 | $ | 4,026 | ||||||||
All Foreign | 1,228 | 1,383 | ||||||||||
Total | $ | 4,871 | $ | 5,409 | ||||||||
The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Adjusted EBITDA | $ | 728 | $ | 680 | $ | 606 | ||||||
Equity earnings (losses) from unconsolidated hospitality ventures | 25 | (1 | ) | (22 | ) | |||||||
Gains on sales of real estate and other | 311 | 125 | — | |||||||||
Asset impairments | (17 | ) | (22 | ) | — | |||||||
Other income (loss), net | (17 | ) | 17 | 7 | ||||||||
Net (income) loss attributable to noncontrolling interests | (2 | ) | 2 | 1 | ||||||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (80 | ) | (68 | ) | (73 | ) | ||||||
EBITDA | 948 | 733 | 519 | |||||||||
Depreciation and amortization | (354 | ) | (345 | ) | (353 | ) | ||||||
Interest expense | (71 | ) | (65 | ) | (70 | ) | ||||||
Provision for income taxes | (179 | ) | (116 | ) | (8 | ) | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 344 | $ | 207 | $ | 88 | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 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: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 346 | $ | 205 | $ | 87 | ||||||
Net (income) loss attributable to noncontrolling interests | (2 | ) | 2 | 1 | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 344 | $ | 207 | $ | 88 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares outstanding | 153,136,511 | 158,544,930 | 165,017,485 | |||||||||
Share-based compensation | 1,213,941 | 644,149 | 359,843 | |||||||||
Diluted weighted average shares outstanding | 154,350,452 | 159,189,079 | 165,377,328 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Net income | $ | 2.26 | $ | 1.29 | $ | 0.53 | ||||||
Net (income) loss attributable to noncontrolling interests | (0.01 | ) | 0.01 | — | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 2.25 | $ | 1.3 | $ | 0.53 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income | $ | 2.24 | $ | 1.29 | $ | 0.53 | ||||||
Net (income) loss attributable to noncontrolling interests | (0.01 | ) | 0.01 | — | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 2.23 | $ | 1.3 | $ | 0.53 | ||||||
The computations of diluted net income per share for the years ended December 31, 2014, 2013 and 2012 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock-settled SARs | 5,200 | 148,200 | 13,200 | |||||||||
RSUs | — | — | 3,300 | |||||||||
Other_Income_Loss_Net
Other Income (Loss), Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income (Loss), Net [Abstract] | ||||||||||||
Other income (loss), net [Text Block] | OTHER INCOME (LOSS), NET | |||||||||||
Included in the other income (loss), net balance are cost method investment income from the complete pay-off of our preferred equity interest and returns and residual common investment in the partnership that owns the Hyatt Regency New Orleans (see Note 3) and costs incurred as part of our Company's realignment (which include employee separation costs, consulting fees, and other fees). The table below provides a reconciliation of the components in other income (loss), net, for the years ended December 31, 2014, 2013 and 2012, respectively: | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Performance guarantee expense (Note 15) | $ | (23 | ) | $ | (5 | ) | $ | — | ||||
Realignment costs | (7 | ) | — | (21 | ) | |||||||
Transaction costs (Note 8) | (6 | ) | (10 | ) | (2 | ) | ||||||
Foreign currency losses | (3 | ) | (5 | ) | (3 | ) | ||||||
Interest income | 11 | 17 | 23 | |||||||||
Guarantee liability amortization (Note 15) | 7 | 5 | — | |||||||||
Cost method investment income (Note 3) | 1 | 50 | 1 | |||||||||
Gains on other marketable securities (Note 4) | — | 2 | 17 | |||||||||
Impairment of held-to-maturity investment | — | — | (4 | ) | ||||||||
Gain on sale of artwork (Note 8) | — | 29 | — | |||||||||
Charitable contribution to Hyatt Hotels Foundation | — | (20 | ) | — | ||||||||
Debt settlement costs (Note 10) | — | (35 | ) | — | ||||||||
Provisions on hotel loans (Note 7) | — | (6 | ) | (4 | ) | |||||||
Other | 3 | (5 | ) | — | ||||||||
Other income (loss), net | $ | (17 | ) | $ | 17 | $ | 7 | |||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | In February 2015, we announced that a Hyatt affiliate sold the Hyatt Regency Indianapolis for approximately $71 million and entered into a franchise agreement for the hotel. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||||
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. | ||||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||||||||||||
Consolidated statements of income data: | ||||||||||||||||||||||||||||||||
Owned and leased hotels | $ | 551 | $ | 555 | $ | 592 | $ | 548 | $ | 557 | $ | 521 | $ | 572 | $ | 492 | ||||||||||||||||
Management and franchise fees | 101 | 94 | 103 | 89 | 94 | 77 | 96 | 75 | ||||||||||||||||||||||||
Other revenues | 7 | 24 | 23 | 21 | 15 | 22 | 21 | 20 | ||||||||||||||||||||||||
Other revenues from managed properties (1) | 420 | 431 | 440 | 416 | 425 | 406 | 403 | 388 | ||||||||||||||||||||||||
Total revenues | 1,079 | 1,104 | 1,158 | 1,074 | 1,091 | 1,026 | 1,092 | 975 | ||||||||||||||||||||||||
Direct and selling, general, and administrative expenses (2) | 1,040 | 1,032 | 1,043 | 1,021 | 1,036 | 973 | 984 | 958 | ||||||||||||||||||||||||
Net Income | 182 | 33 | 75 | 56 | 30 | 55 | 112 | 8 | ||||||||||||||||||||||||
Net income attributable to Hyatt Hotels Corporation (3) (4) | 182 | 32 | 74 | 56 | 32 | 55 | 112 | 8 | ||||||||||||||||||||||||
Net income per common share, basic | $ | 1.21 | $ | 0.22 | $ | 0.49 | $ | 0.36 | $ | 0.2 | $ | 0.35 | $ | 0.7 | $ | 0.05 | ||||||||||||||||
Net income per common share, diluted | $ | 1.2 | $ | 0.22 | $ | 0.49 | $ | 0.36 | $ | 0.19 | $ | 0.35 | $ | 0.7 | $ | 0.05 | ||||||||||||||||
-1 | Represents revenues that we receive from third-party property owners who reimburse us for costs that we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal Factors Affecting Our Results of Operations—Revenues.” | |||||||||||||||||||||||||||||||
-2 | Direct and selling, general, and administrative expenses in the fourth quarter of 2014 includes a nonrecurring expense of $22 million, a portion of which relates to prior periods for stock compensation expense for grants made to certain individuals. | |||||||||||||||||||||||||||||||
-3 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2014 includes impairment charges of $10 million, of which $6 million relates to property and equipment, $2 million relates to intangibles, and $2 million relates to goodwill. | |||||||||||||||||||||||||||||||
-4 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | HYATT HOTELS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||
(In millions of dollars) | ||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Revenues, Costs and Expenses | Additions Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
Year Ended December 31, 2014: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | $ | 11 | $ | 5 | $ | — | $ | (3 | ) | $ | 13 | |||||||||
Financing receivables—allowance for losses | 103 | 7 | (9 | ) | A, C | (1 | ) | 100 | ||||||||||||
Deferred tax assets—valuation allowance | 21 | — | — | (6 | ) | B | 15 | |||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 11 | 4 | — | (4 | ) | 11 | ||||||||||||||
Financing receivables—allowance for losses | 99 | 13 | (3 | ) | A | (6 | ) | 103 | ||||||||||||
Deferred tax assets—valuation allowance | 22 | — | — | (1 | ) | 21 | ||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Trade receivables—allowance for doubtful accounts | 10 | 5 | — | (4 | ) | 11 | ||||||||||||||
Financing receivables—allowance for losses | 90 | 19 | — | (10 | ) | 99 | ||||||||||||||
Deferred tax assets—valuation allowance | 83 | 1 | — | (62 | ) | B | 22 | |||||||||||||
A—This amount represents currency translation on foreign currency denominated notes receivable. | ||||||||||||||||||||
B—This amount represents the release of certain foreign net operating losses. | ||||||||||||||||||||
C—This amount includes removal of the allowance recorded in connection with the sale of our vacation ownership business. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates [Policy Text Block] | Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. | |
Revenue Recognition [Policy Text Block] | Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered: | |
• | Owned and leased hotels revenues are derived from room rentals and services provided at our owned, leased, and consolidated hospitality venture properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income. | |
• | Management and franchise fees earned from hotels managed and franchised worldwide: | |
– | Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us. | |
– | Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract. | |
– | Franchise fees consist of an initial application fee and continuing royalty fees calculated based on a percentage of gross rooms’ revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor. | |
• | Other revenues | |
– | Other revenues primarily includes revenues from our vacation ownership business, earned through the date of sale of the business in the fourth quarter of 2014. Prior to the sale, we recognized vacation ownership revenue when a minimum of 10% of the purchase price for the interval had been received, the period of cancellation with refund had expired, and receivables were deemed collectible. For sales that did not qualify for full revenue recognition, as the project had progressed beyond the preliminary stages, but had not yet reached completion, all revenue and associated direct expenses were initially deferred and recognized in earnings through the percentage-of-completion method. As a result of the disposition, we entered into a master license agreement with ILG, through which we will earn license fees that are recorded to management and franchise fees in our consolidated statements of income. | |
– | Other revenues also include revenues from our co-branded credit card launched in 2010. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner; and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired. | |
• | Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income. | |
Cash Equivalents [Policy Text Block] | Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | |
Restricted Cash [Policy Text Block] | Restricted Cash—We had restricted cash of $359 million and $184 million at December 31, 2014 and 2013, respectively, which includes: | |
• | sales proceeds for like-kind exchange agreements of $143 million and $74 million, respectively, that were placed into an escrow account administered by an intermediary (see Note 8). | |
• | reserves statutorily required to be held by our captive insurance subsidiary of $88 million and $74 million, respectively (see Note 15). | |
• | proceeds from $27 million and $16 million, respectively, drawn on a loan that are being used for the development of a hotel in Brazil (see Note 10). | |
• | $9 million and $10 million, respectively, related to debt service on bonds that were acquired in connection with the acquisition of the entity that owned the Grand Hyatt San Antonio hotel (see Note 10). In addition, we have $9 million and $11 million, respectively, recorded in other assets. | |
In addition, as of December 31, 2014, restricted cash includes $87 million for the sales of two Canadian hotels, as the Canadian tax regulations require a portion of the proceeds to be classified as restricted (see Note 8). The remaining restricted cash balances of $5 million and $10 million at December 31, 2014 and 2013, respectively, relate to secured real estate taxes, property insurance, escrow deposits on purchases of our vacation ownership intervals, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts. | ||
Investments [Policy Text Block] | Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary as a result of qualitative and/or quantitative characteristics. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity ("VIE") that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Investments in unconsolidated affiliates over which we exercise significant influence, but do not control, including joint ventures, are accounted for under the equity method. In addition, our limited partnership investments in which we hold more than a minimal investment are accounted for under the equity method of accounting. Investments in unconsolidated affiliates over which we are not able to exercise significant influence are accounted for under the cost method. | |
We assess investments in unconsolidated affiliates for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other-than-temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other-than-temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. | ||
Marketable Securities [Policy Text Block] | Marketable Securities—Our investments in marketable securities are principally included within short-term investments and other assets in the consolidated balance sheets and are classified as either trading or available-for-sale ("AFS") (see Note 4). Marketable securities are recorded at fair value based on listed market prices or dealer price quotations where available. Listed market prices and dealer price quotations are not available to value our preferred investment, therefore, we utilize an option pricing model, which requires that we make certain assumptions regarding the expected volatility, term, risk free interest rate over the expected term, dividend yield and enterprise value (see Note 5). | |
Our marketable securities consist of various types of mutual funds, preferred shares, time deposits, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial bonds. Realized and unrealized gains and losses on trading securities are reflected in our consolidated statements of income in other income (loss), net. Available-for-sale securities with unrealized gains and losses are reported as part of accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses on available-for-sale securities are recognized in other income (loss), net based on the cost of the securities using specific identification. Available-for-sale securities are assessed for impairment quarterly. To determine if an impairment is other-than-temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other-than-temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. For debt securities that are deemed other-than-temporarily impaired and there is intent to sell, impairments in their entirety are recorded on our consolidated statements of income | ||
Foreign Currency [Policy Text Block] | Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in stockholders’ equity. Gains and losses from foreign currency transactions are included in earnings. Income and expense accounts are translated at the average exchange rate for the period. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are included in earnings. | |
Financing Receivables [Policy Text Block] | Financing Receivables—We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and that are recognized on our consolidated balance sheets at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have divided our financing receivables into three portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows: | |
• | Secured Financing to Hotel Owners | |
– | These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation. We determine our secured financing to hotel owners to be non-performing if either interest or principal is greater than 90 days past due based on the contractual terms of the individual mortgage loans. | |
– | We individually assess all loans in this portfolio for impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including loan performance, individual market factors, hotel performance, and the collateral of the underlying hotel. We measure loan impairment based on either the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral. The measurement method used is based on which would be most appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows or the estimated fair value of the collateral. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | |
– | If we consider secured financing to hotel owners to be non-performing or impaired, we place the financing receivable on non-accrual status. We will recognize interest income when received for non-accruing finance receivables. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off secured financing to hotel owners when we determine that the loans are uncollectible and when all commercially reasonable means of recovering the loan balances have been exhausted. | |
• | Vacation Ownership Mortgage Receivables. As of December 31, 2014, we have completed the sale of our vacation ownership business and thus the outstanding balance in vacation ownership mortgage receivables is zero. | |
– | These financing receivables were comprised of various mortgage loans related to our financing of vacation ownership interval sales. We recorded an estimate of uncollectibility as a reduction of sales revenue at the time revenue was recognized on a vacation ownership interval sale. We evaluated this portfolio collectively as we held a large group of homogeneous, smaller-balance, vacation ownership mortgage receivables and used a technique referred to as static pool analysis, which tracked uncollectibles over the entire life of those mortgage receivables. We used static pool analysis as the basis for determining our general reserve requirements on our vacation ownership mortgage receivables. The adequacy of the related allowance was determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including defaults, aging and historical write-offs of these receivables. The allowance was maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. | |
– | We determined our vacation ownership mortgage receivables to be non-performing if either interest or principal was greater than 120 days past due based on the contractual terms of the individual mortgage loans and would not recognize interest income. We wrote-off vacation ownership mortgage receivables that were over 120 days past due, on the date which we determined the mortgage receivables to be uncollectible. | |
• | Unsecured Financing to Hotel Owners | |
– | These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel. We determine our unsecured financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due or if estimates of future cash flows available for repayment of these receivables indicate that there is a collectibility risk. We do not recognize interest income on non-performing financing arrangements and only resume interest recognition if the financing receivable becomes current. | |
– | We individually assess all financing receivables in this portfolio for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due according to the contractual terms of the individual loan agreement based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, individual hotel performance, and individual financing arrangement. We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For impaired loans, we establish a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows. The impairment reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. | |
– | We write off unsecured financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. | |
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. | ||
• | Past-due Receivables—We determine financing receivables to be past-due based on the contractual terms of each individual financing receivable agreement. | |
• | Non-Performing Receivables—Receivables are determined to be non-performing based upon the following criteria: (1) if interest or principal is more than 90 days past due for secured financing to hotel owners and unsecured financing to hotel owners; (2) if interest or principal is more than 120 days past due for vacation ownership mortgage receivables; or (3) if an impairment charge has been recorded for a loan or a provision established for our other financing arrangements. For the years ended December 31, 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. For the year ended December 31, 2013, no interest income was accrued for vacation ownership receivables more than 120 days past due, and insignificant interest income was accrued for vacation ownership receivables past due more than 90 days but less than 120 days. | |
If a financing receivable is non-performing, we place the financing receivable on non-accrual status. We only recognize interest income when received for financing receivables on non-accrual status. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. | ||
Inventories [Policy Text Block] | Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of one year or less, and food and beverage items at our owned and leased hotels at December 31, 2014 and 2013, respectively. As of December 31, 2013, inventories principally was comprised of unsold vacation ownership intervals of $64 million. Due to the sale of our vacation ownership business in the fourth quarter of 2014, we no longer hold inventories of unsold vacation ownership intervals. As of December 31, 2013, vacation ownership inventory was carried at the lower of cost or market, based on relative sales value or net realizable value and was classified as a current asset consistent with recognized industry practice. Based on management's assessment, no impairment charges were recorded related to vacation ownership inventory in 2012, 2013 or in 2014 prior to the sale of this business. Food and beverage and operating and supplies equipment inventories are generally valued at the lower of cost (first-in, first-out) or market. | |
Property and Equipment [Policy Text Block] | Property and Equipment—Property and equipment are stated at cost, including interest incurred during development and construction periods. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method. All repair and maintenance costs are expensed as incurred. | |
Useful lives assigned to property and equipment are as follows: | ||
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 3-20 years | |
Computers | 3-7 years | |
Long-Lived Assets And Definite-Lived Intangibles [Policy Text Block] | Long-Lived Assets and Definite-Lived Intangibles—We evaluate the carrying value of our long-lived assets and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset or definite-lived intangible may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our long-lived assets and definite-lived intangibles based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | |
Acquisitions [Policy Text Block] | Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses. There were no contingent payments, preliminary estimates, options, or commitments specified except as otherwise disclosed in Note 8. | |
Guarantees [Policy Text Block] | Guarantees—We enter into performance guarantees related to certain hotels that we manage or debt repayment guarantees with respect to certain hotels primarily in which we also hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The corresponding offset depends on the circumstances in which the guarantee was issued. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees are amortized into income in other income (loss), net in the consolidated income statements and debt repayment guarantees that relate to our equity method investments are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures in the period that we determine funding is probable for that period. For additional information about guarantees, see Note 15. | |
Goodwill [Policy Text Block] | Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third-party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. See Note 9 for additional information about goodwill. | |
Indefinite Lived Intangibles [Policy Text Block] | Indefinite-Lived Intangibles—As required, we evaluate indefinite-lived intangibles for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Indefinite-lived intangibles impairment is determined by comparing the fair value of the asset to its carrying amount. This is done either by performing a qualitative or quantitative assessment, with an impairment being recognized only where the fair value is less than carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the quantitative analysis. When determining fair value, we primarily utilize the income approach. Under the income approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates and appropriate discount rates based on the weighted average cost of capital. Our estimates of long-term growth are based on historical data, various internal estimates and a variety of external sources. See Note 9 for additional information about indefinite-lived intangibles. | |
Income Taxes [Policy Text Block] | Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14. | |
Fair Value [Policy Text Block] | Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accounting Principles Generally Accepted in the United States of America (“GAAP”) establishes a valuation hierarchy for prioritizing the inputs and the hierarchy places greater emphasis on the use of observable market inputs and less emphasis on unobservable inputs. When determining fair value, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows: | |
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities; | ||
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; | ||
Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques. | ||
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy. | ||
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these items and their close proximity to maturity. For additional information about fair value, see Note 5. The fair value of marketable securities is discussed in Note 4; the fair value of financing receivables is discussed in Note 7; and the fair value of long-term debt is discussed in Note 10. | ||
Hyatt Gold Passport Fund [Policy Text Block] | Hyatt Gold Passport Fund—The Hyatt Gold Passport Program (the “Program”) is our loyalty program. We operate the Program for the benefit of the Hyatt portfolio of properties, whether owned, operated, managed, licensed or franchised by us. The Program is operated through the Hyatt Gold Passport Fund (the “Fund”), which is owned collectively by the owners of the Hyatt portfolio of properties, whether owned, operated, managed, licensed or franchised by us. The Fund has been established to provide for the payment of operating expenses and redemptions of member awards associated with the Program. The Fund is maintained and managed by us on behalf of and for the benefit of the Hyatt portfolio of hotels. We have evaluated our investment in the Fund and have determined that the Fund qualifies as a VIE and, as a result of the Company being the primary beneficiary, we have consolidated the Fund. | |
The Program allows members to earn points based on their spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the hotel properties based on members’ qualified expenditures. Due to the requirements under the Program that the hotel properties reimburse us for the Program’s operating costs as incurred, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the hotel properties equal to the fair value of our future redemption obligation. Upon the redemption of points, we recognize as revenue the amounts previously deferred and recognize the corresponding expense relating to the costs of the awards redeemed. Revenue is recognized by the hotel properties when the points are redeemed, and expenses are recognized when the points are earned by the members. | ||
We actuarially determine the expected fair value of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the “breakage” for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability. | ||
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities (see Note 4). As of December 31, 2014 and 2013, total assets of the Fund were $429 million and $368 million, respectively, including $145 million and $106 million of current assets, respectively. Marketable securities held by the Fund and included in other non-current assets were $284 million and $262 million as of December 31, 2014 and 2013, respectively (see Note 4). As of December 31, 2014 and 2013, total liabilities of the Fund were $429 million and $368 million, respectively, including $145 million and $106 million of current liabilities, respectively. The current liabilities include $132 million and $94 million of accrued expenses and other current liabilities as of December 31, 2014 and 2013, respectively. The non-current liabilities of the Fund are included in other long-term liabilities (see Note 13). | ||
Pension and Other Postretirement Plans, Nonpension Benefits [Policy Text Block] | Defined Contribution Plans—We provide retirement benefits to certain qualified employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of qualified employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans. | |
Deferred Compensation Plans—Historically, we provided nonqualified deferred compensation for certain employees through several different plans. In 2010, these plans were consolidated into the one Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preapproved formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income. As of December 31, 2014 and 2013, the DCP is fully funded in a rabbi trust. The assets of the DCP are primarily invested in mutual funds, which are recorded in other assets in the consolidated balance sheets (see Note 4). The related deferred compensation liability is recorded in other long-term liabilities (see Note 13). Refer to the table below for costs related to the DCP. | ||
Commitments and Contingencies [Policy Text Block] | Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof. | |
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners. | ||
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements. | ||
Segment Reporting, Policy [Policy Text Block] | Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. Our results for the years ended December 31, 2014, 2013, and 2012 reflect the segment structure of our organization following our realignment, which was effective October 1, 2012. Segment results presented here for the year ended December 31, 2012 have been recast to show our results as if our new operating structure had existed in that period. | |
• | 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 portfolio 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 portfolio 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 portfolio of brands located primarily in Europe, Africa, the Middle East and India, as well as countries along the Persian Gulf, the Arabian Sea, and Nepal. 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 revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA before equity earnings (losses) from unconsolidated hospitality ventures; gains on sales of real estate and other; asset impairments; other income (loss), net; net (income) loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and provision for income taxes. | ||
Recently Issued Accounting Pronouncements - Adopted Accounting Standards | ||
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 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 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 consolidated financial statements. | |
ASU 2014-08 Presentation of Financial Statements [Policy Text Block] | In April 2014, the FASB released Accounting Standards Update No. 2014-08 ("ASU 2014-08"), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the requirements for reporting discontinued operations and expands the required disclosures surrounding discontinued operations. The provisions of ASU 2014-08 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in previously issued financial statements. We have elected to early adopt ASU 2014-08 and have no disposals which qualify as discontinued operations. | |
Future Adoption of Accounting Standards | ||
ASU 2014-09 Revenue from Contracts with Customers [Policy Text Block] | In May 2014, the FASB released Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact of adopting ASU 2014-09. | |
ASU 2014-10 Development Stage Entities [Table Text Block] | In June 2014, the FASB released Accounting Standards Update No. 2014-10 (“ASU 2014-10”), Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU 2014-10 removes the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP and it eliminates an exception provided in the consolidation guidance for development stage enterprises. The provisions of ASU 2014-10 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. When adopted, ASU 2014-10 is not expected to materially impact our consolidated financial statements. | |
ASU 2014-15 Presentation of Financial Statements-Going Concern [Table Text Block] | In August 2014, the FASB released Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and the related footnote disclosures. The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. When adopted, ASU 2014-15 is not expected to materially impact our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Useful lives assigned to property and equipment are as follows: | |
Buildings and improvements | 15-50 years | |
Leasehold improvements | The shorter of the lease term or useful life of asset | |
Furniture and equipment | 3-20 years | |
Computers | 3-7 years |
Equity_And_Cost_Method_Investm1
Equity And Cost Method Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity And Cost Method Investments [Abstract] | ||||||||||||
Equity And Cost Method Investment Balances | Our equity and cost method investment balances recorded at December 31, 2014 and 2013 are as follows: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Equity method investments | $ | 311 | $ | 320 | ||||||||
Cost method investments | 23 | 9 | ||||||||||
Total investments | $ | 334 | $ | 329 | ||||||||
Schedule of Equity Method Investments [Table Text Block] | The carrying values and ownership percentages of our unconsolidated investments in hotel properties accounted for under the equity method as of December 31, 2014 and 2013 are as follows: | |||||||||||
Ownership Interests | Our Investment | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Wailea Hotel Holdings, LLC | 65.8 | % | $ | 136 | $ | 132 | ||||||
Playa Hotels & Resorts B.V. | 23.7 | % | 45 | 50 | ||||||||
Juniper Hotels Private Limited | 50 | % | 34 | 33 | ||||||||
Hotel Hoyo Uno (Andaz Mayakoba) | 40 | % | 20 | 12 | ||||||||
Noble I/HY, LLC | 40 | % | 11 | 14 | ||||||||
Denver Downtown Hotel Partners LLC | 50 | % | 9 | 4 | ||||||||
Desarrolladora Hotelera Acueducto (Hyatt Regency Guadalajara) | 50 | % | 8 | — | ||||||||
Renaissance Centro M Street LLC | 33 | % | 6 | — | ||||||||
PCH Beach Resort, LLC | 40 | % | 5 | 4 | ||||||||
Diamante Resort La Paz | 50 | % | 5 | 5 | ||||||||
Other | 32 | 66 | ||||||||||
Total | $ | 311 | $ | 320 | ||||||||
Summarized Financial Information | The following tables present summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 1,192 | $ | 978 | $ | 979 | ||||||
Gross operating profit | 329 | 315 | 313 | |||||||||
Income from continuing operations | 31 | 17 | 12 | |||||||||
Net income | $ | 31 | $ | 17 | $ | 12 | ||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Current Assets | $ | 476 | $ | 556 | ||||||||
Noncurrent Assets | 2,728 | 2,877 | ||||||||||
Total Assets | $ | 3,204 | $ | 3,433 | ||||||||
Current Liabilities | 492 | 519 | ||||||||||
Noncurrent Liabilities | 1,708 | 1,962 | ||||||||||
Total Liabilities | $ | 2,200 | $ | 2,481 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Marketable Securities [Abstract] | ||||||||
Marketable Securities Held to Fund Operating Programs [Table Text Block] | At December 31, 2014 and 2013, total marketable securities held for the Hyatt Gold Passport Fund (see Note 2) and certain deferred compensation plans (see Note 12), carried at fair value and included in the consolidated balance sheets were as follows: | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Marketable securities held by the Hyatt Gold Passport Fund | $ | 338 | $ | 321 | ||||
Marketable securities held to fund deferred compensation plans | 341 | 334 | ||||||
Total marketable securities | $ | 679 | $ | 655 | ||||
Less current portion of marketable securities held for operating programs included in prepaids and other assets | (54 | ) | (59 | ) | ||||
Marketable securities included in other assets | $ | 625 | $ | 596 | ||||
Marketable Securities Held for Investment [Table Text Block] | At December 31, 2014 and 2013, our total marketable securities held for investment purposes and included in the consolidated balance sheets were as follows: | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Time deposits included in short-term investments | $ | 130 | $ | 30 | ||||
Playa preferred shares included in other assets | 280 | 278 | ||||||
Available-for-sale Securities [Table Text Block] | The fair value of this investment was: | |||||||
2014 | 2013 | |||||||
Fair value at January 1, recorded in other assets | $ | 278 | $ | — | ||||
Cost or amortized cost of initial investment | — | 271 | ||||||
Gross unrealized gains, recorded to other comprehensive income (loss) | 9 | 7 | ||||||
Gross unrealized losses, recorded to other comprehensive income (loss) | (7 | ) | — | |||||
Fair value at December 31, recorded in other assets | $ | 280 | $ | 278 | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2014 and 2013, we had the following financial assets and liabilities measured at fair value on a recurring basis (see Note 2 for definitions of fair value and the three levels of the fair value hierarchy): | |||||||||||||||
December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 70 | $ | 70 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 341 | 341 | — | — | ||||||||||||
Preferred shares | 280 | — | — | 280 | ||||||||||||
Time deposits | 130 | — | 130 | — | ||||||||||||
U.S. government obligations | 127 | — | 127 | — | ||||||||||||
U.S. government agencies | 34 | — | 34 | — | ||||||||||||
Corporate debt securities | 128 | — | 128 | — | ||||||||||||
Mortgage-backed securities | 23 | — | 23 | — | ||||||||||||
Asset-backed securities | 23 | — | 23 | — | ||||||||||||
Municipal and provincial notes and bonds | 3 | — | 3 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | 1 | — | 1 | — | ||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | |||||||||||||
Marketable securities recorded in cash and cash equivalents | ||||||||||||||||
Interest bearing money market funds | $ | 71 | $ | 71 | $ | — | $ | — | ||||||||
Marketable securities included in short-term investments, prepaids and other assets and other assets | ||||||||||||||||
Mutual funds | 334 | 334 | — | — | ||||||||||||
Preferred shares | 278 | — | — | 278 | ||||||||||||
Time deposits | 30 | — | 30 | — | ||||||||||||
U.S. government obligations | 121 | — | 121 | — | ||||||||||||
U.S. government agencies | 46 | — | 46 | — | ||||||||||||
Corporate debt securities | 112 | — | 112 | — | ||||||||||||
Mortgage-backed securities | 20 | — | 20 | — | ||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||
Municipal and provincial notes and bonds | 4 | — | 4 | — | ||||||||||||
Derivative instruments | ||||||||||||||||
Foreign currency forward contracts | (3 | ) | — | (3 | ) | — | ||||||||||
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 December 31, 2014 and 2013 is as follows: | |||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Expected term | 0.75 years | 2 years | ||||||||||||||
Risk-free Interest Rate | 0.19 | % | 0.38 | % | ||||||||||||
Volatility | 43.9 | % | 47.7 | % | ||||||||||||
Dividend Yield | 10 | % | 10 | % |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment at cost as of December 31, 2014 and 2013, consists of the following: | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 710 | $ | 672 | ||||
Buildings | 3,948 | 4,628 | ||||||
Leasehold improvements | 226 | 254 | ||||||
Furniture, equipment and computers | 1,173 | 1,376 | ||||||
Construction in progress | 151 | 86 | ||||||
6,208 | 7,016 | |||||||
Less accumulated depreciation | (2,022 | ) | (2,345 | ) | ||||
Total | $ | 4,186 | $ | 4,671 | ||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The three portfolio segments of financing receivables and their balances at December 31, 2014 and 2013 are as follows: | |||||||||||||||||||
December 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 | — | 44 | ||||||||||||||||||
Unsecured financing to hotel owners | 102 | 147 | ||||||||||||||||||
141 | 230 | |||||||||||||||||||
Less allowance for losses | (100 | ) | (103 | ) | ||||||||||||||||
Less current portion included in receivables, net | (1 | ) | (8 | ) | ||||||||||||||||
Total long-term financing receivables, net | $ | 40 | $ | 119 | ||||||||||||||||
Schedule Of Secured Financing To Hotel Owners [Table Text Block] | Financing receivables held by us as of December 31, 2014 are scheduled to mature as follows: | |||||||||||||||||||
Year Ending December 31, | Secured Financing to Hotel Owners | |||||||||||||||||||
2015 | $ | 39 | ||||||||||||||||||
2016 and Thereafter | — | |||||||||||||||||||
Total | 39 | |||||||||||||||||||
Less allowance | (13 | ) | ||||||||||||||||||
Net financing receivables | $ | 26 | ||||||||||||||||||
Allowance For Credit Losses on Financing Receivables [Table Text Block] | The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2014 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
Provision | — | 1 | 6 | 7 | ||||||||||||||||
Write-offs | — | (1 | ) | — | (1 | ) | ||||||||||||||
Other adjustments* | — | (7 | ) | (2 | ) | (9 | ) | |||||||||||||
Allowance December 31, 2014 | $ | 13 | $ | — | $ | 87 | $ | 100 | ||||||||||||
* Other adjustments to vacation ownership receivables includes removal of the allowance recorded in connection with the sale of our vacation ownership business. | ||||||||||||||||||||
Secured Financing | Vacation Ownership | Unsecured Financing | Total | |||||||||||||||||
Allowance at January 1, 2013 | $ | 7 | $ | 9 | $ | 83 | $ | 99 | ||||||||||||
Provisions | 6 | — | 7 | 13 | ||||||||||||||||
Write-offs | — | (2 | ) | (4 | ) | (6 | ) | |||||||||||||
Other adjustments | — | — | (3 | ) | (3 | ) | ||||||||||||||
Allowance at December 31, 2013 | $ | 13 | $ | 7 | $ | 83 | $ | 103 | ||||||||||||
During the year ended December 31, 2012, we recorded provisions of $6 million and $13 million for vacation ownership mortgage receivables and unsecured financing to hotel owners, respectively. We recorded no provisions for receivables within our secured financing to hotel owners portfolio segment. | ||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | An analysis of our loans included in secured financing to hotel owners and unsecured financing to hotel owners had the following impaired amounts at December 31, 2014 and 2013, all of which had a related allowance recorded against them: | |||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 39 | |||||||||||
Unsecured financing to hotel owners | 52 | 37 | (52 | ) | 52 | |||||||||||||||
Impaired Loans | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross Loan Balance (Principal and Interest) | Unpaid Principal Balance | Related Allowance | Average Recorded Loan Balance | |||||||||||||||||
Secured financing to hotel owners | $ | 39 | $ | 39 | $ | (13 | ) | $ | 40 | |||||||||||
Unsecured financing to hotel owners | 51 | 37 | (51 | ) | 52 | |||||||||||||||
ImpairedFinancingReceivablesInterestIncomeAccrualMethod [Table Text Block] | Interest income recognized on these impaired loans within other income (loss), net on our consolidated statements of income for the years ended December 31, 2014, 2013, and 2012 was as follows: | |||||||||||||||||||
Interest Income | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Secured financing to hotel owners | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||
Unsecured financing to hotel owners | — | — | 2 | |||||||||||||||||
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 December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 87 | |||||||||||||||||
Total | $ | 3 | $ | 3 | $ | 126 | ||||||||||||||
Analysis of Financing Receivables | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Receivables Past Due | Greater than 90 Days Past Due | Receivables on Non-Accrual Status | ||||||||||||||||||
Secured financing to hotel owners | $ | — | $ | — | $ | 39 | ||||||||||||||
Vacation ownership mortgage receivables | 2 | — | — | |||||||||||||||||
Unsecured financing to hotel owners* | 3 | 3 | 82 | |||||||||||||||||
Total | $ | 5 | $ | 3 | $ | 121 | ||||||||||||||
* Certain of these receivables have been placed on non-accrual status and we have recorded allowances for these receivables based on estimates of future cash flows available for payment of these financing receivables. However, a majority of these payments are not past due. | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value—We estimated the fair value of financing receivables to approximate $43 million and $130 million as of December 31, 2014 and December 31, 2013, respectively. We estimated the fair value of financing receivables using discounted cash flow analysis based on current market assumptions for similar types of arrangements. Based upon the availability of market data, we have classified our financing receivables as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | |||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||||
Unsecured financing to hotel owners | 15 | 14 | — | — | 14 | |||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Observable Inputs | ||||||||||||||||||||
(Level Two) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 38 | — | — | 38 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Acquisitions_Dispositions_And_1
Acquisitions, Dispositions, And Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Hyatt Regency Lost Pines [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed, which are recorded in our owned and leased hotels segment at the date of acquisition (in millions): | |||||||||||
Cash and cash equivalents | $ | 7 | ||||||||||
Receivables | 4 | |||||||||||
Inventories | 1 | |||||||||||
Property and equipment | 207 | |||||||||||
Goodwill | 17 | |||||||||||
Intangibles | 4 | |||||||||||
Deferred tax assets | 1 | |||||||||||
Total assets | 241 | |||||||||||
Current portion of long-term debt | 4 | |||||||||||
Current liabilities | 8 | |||||||||||
Long-term debt | 65 | |||||||||||
Total liabilities | 77 | |||||||||||
Total net assets acquired | $ | 164 | ||||||||||
Grand Hyatt San Antonio [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | |||||||||||
Cash and cash equivalents | $ | 1 | ||||||||||
Restricted cash | 10 | |||||||||||
Property and equipment | 226 | |||||||||||
Goodwill | 7 | |||||||||||
Intangibles | 10 | |||||||||||
Other assets | 11 | |||||||||||
Total assets | 265 | |||||||||||
Current liabilities | 11 | |||||||||||
Deferred tax liability | 2 | |||||||||||
Long-term debt, net of bond discount | 186 | |||||||||||
Total liabilities | 199 | |||||||||||
Total net assets acquired | $ | 66 | ||||||||||
Hyatt Regency Orlando [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition (in millions): | |||||||||||
Cash and cash equivalents | $ | 2 | ||||||||||
Prepaids and other current assets | 3 | |||||||||||
Property and equipment | 678 | |||||||||||
Intangibles | 39 | |||||||||||
Total assets | 722 | |||||||||||
Current liabilities | 6 | |||||||||||
Total liabilities | 6 | |||||||||||
Total net assets acquired | $ | 716 | ||||||||||
Hyatt Regency Mexico City [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed for Hyatt Regency Mexico City as of the acquisition date, primarily in our owned and leased hotels segment (in millions): | |||||||||||
Cash and cash equivalents | $ | 12 | ||||||||||
Other current assets | 4 | |||||||||||
Land, property, and equipment | 190 | |||||||||||
Intangibles | 12 | |||||||||||
Goodwill | 29 | |||||||||||
Total assets | 247 | |||||||||||
Current liabilities | 4 | |||||||||||
Other long-term liabilities | 41 | |||||||||||
Total liabilities | 45 | |||||||||||
Total net assets acquired | $ | 202 | ||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013: | |||||||||||||||
Owned and Leased Hotels | Americas Management and Franchising | Other | Total* | |||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||
Goodwill | $ | 189 | $ | 33 | $ | 4 | $ | 226 | ||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | 96 | 33 | 4 | 133 | ||||||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 14 | — | — | 14 | ||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Goodwill | 203 | 33 | 4 | 240 | ||||||||||||
Accumulated impairment losses | (93 | ) | — | — | (93 | ) | ||||||||||
Goodwill, net | $ | 110 | $ | 33 | $ | 4 | $ | 147 | ||||||||
Activity during the year | ||||||||||||||||
Goodwill acquired | 10 | — | — | 10 | ||||||||||||
Goodwill disposed or held for sale | (14 | ) | — | (4 | ) | (18 | ) | |||||||||
Foreign exchange** | (4 | ) | — | — | (4 | ) | ||||||||||
Impairment losses | (2 | ) | — | — | (2 | ) | ||||||||||
Balance as of December 31, 2014 | ||||||||||||||||
Goodwill | 195 | 33 | — | 228 | ||||||||||||
Accumulated impairment losses | (95 | ) | — | — | (95 | ) | ||||||||||
Goodwill, net | $ | 100 | $ | 33 | $ | — | $ | 133 | ||||||||
* | The ASPAC management and franchising and EAME/SW Asia management segments contained no goodwill balances as of December 31, 2014 and 2013, respectively. | |||||||||||||||
** Foreign exchange translation adjustments related to the goodwill associated with Hyatt Regency Mexico City. | ||||||||||||||||
Schedule of Intangible Assets by Major Class [Table Text Block] | The following is a summary of intangible assets at December 31, 2014 and 2013: | |||||||||||||||
December 31, 2014 | Weighted Average Useful Lives | December 31, 2013 | ||||||||||||||
Contract acquisition costs | $ | 355 | 26 | $ | 348 | |||||||||||
Franchise and management intangibles | 156 | 24 | 170 | |||||||||||||
Lease related intangibles | 143 | 111 | 155 | |||||||||||||
Advanced booking intangibles | 12 | 5 | 8 | |||||||||||||
Brand intangible | 7 | — | 7 | |||||||||||||
Other | 8 | 11 | 8 | |||||||||||||
681 | 696 | |||||||||||||||
Accumulated amortization | (129 | ) | (105 | ) | ||||||||||||
Intangibles, net | $ | 552 | $ | 591 | ||||||||||||
Schedule of Intangible Asset Amortization Expense [Table Text Block] | Amortization expense relating to intangible assets for the years ended December 31, 2014, 2013, and 2012 was as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Amortization Expense | $ | 30 | $ | 25 | $ | 26 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | We estimate amortization expense for definite-lived intangibles for the years 2015 through 2019 to be: | |||||||||||||||
Years Ending December 31, | ||||||||||||||||
2015 | $ | 29 | ||||||||||||||
2016 | 25 | |||||||||||||||
2017 | 24 | |||||||||||||||
2018 | 24 | |||||||||||||||
2019 | 23 | |||||||||||||||
Schedule of Impaired Goodwill and Definite Lived Intangibles [Table Text Block] | During the years ended December 31, 2014, 2013, and 2012, we recorded the following impairment charges, which are included in asset impairments on the consolidated statements of income: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Goodwill | $ | 2 | $ | — | $ | — | ||||||||||
Definite-lived intangibles | 2 | 11 | — | |||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Debt [Table Text Block] | Debt as of December 31, 2014 and 2013 consists of the following: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
$250 million senior unsecured notes maturing in 2016—3.875% | 250 | 249 | ||||||||||||||||||
$196 million senior unsecured notes maturing in 2019—6.875% | 196 | 196 | ||||||||||||||||||
$250 million senior unsecured notes maturing in 2021—5.375% | 250 | 250 | ||||||||||||||||||
$350 million senior unsecured notes maturing in 2023—3.375% | 348 | 347 | ||||||||||||||||||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A | 124 | 130 | ||||||||||||||||||
Contract Revenue Bonds, Senior Taxable Series 2005B | 63 | 70 | ||||||||||||||||||
Floating average rate construction loan | 73 | 32 | ||||||||||||||||||
Senior secured term loan | 68 | — | ||||||||||||||||||
Revolving credit facility | — | — | ||||||||||||||||||
Other (various, maturing through 2015) | 1 | 1 | ||||||||||||||||||
Long-term debt before capital lease obligations | 1,373 | 1,275 | ||||||||||||||||||
Capital lease obligations | 17 | 208 | ||||||||||||||||||
Total long-term debt | 1,390 | 1,483 | ||||||||||||||||||
Less current maturities | (9 | ) | (194 | ) | ||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,381 | $ | 1,289 | ||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Under existing agreements, maturities of debt for the next five years and thereafter are as follows: | |||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | $ | 9 | ||||||||||||||||||
2016 | 316 | |||||||||||||||||||
2017 | 2 | |||||||||||||||||||
2018 | 2 | |||||||||||||||||||
2019 | 197 | |||||||||||||||||||
Thereafter | 864 | |||||||||||||||||||
Total | $ | 1,390 | ||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value—We estimated the fair value of financing receivables to approximate $43 million and $130 million as of December 31, 2014 and December 31, 2013, respectively. We estimated the fair value of financing receivables using discounted cash flow analysis based on current market assumptions for similar types of arrangements. Based upon the availability of market data, we have classified our financing receivables as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | |||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||||
Unsecured financing to hotel owners | 15 | 14 | — | — | 14 | |||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Observable Inputs | ||||||||||||||||||||
(Level Two) | ||||||||||||||||||||
Financing receivables | ||||||||||||||||||||
Secured financing to hotel owners | $ | 26 | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Vacation ownership mortgage receivable | 37 | 38 | — | — | 38 | |||||||||||||||
Unsecured financing to hotel owners | 64 | 64 | — | — | 64 | |||||||||||||||
Debt [Member] | ||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. | |||||||||||||||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Debt, excluding capital lease obligations | $ | (1,373 | ) | $ | (1,479 | ) | $ | — | $ | (1,319 | ) | $ | (160 | ) | ||||||
Asset (Liability) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level One) | Significant Other Observable Inputs (Level Two) | Significant Unobservable Inputs (Level Three) | ||||||||||||||||
Debt, excluding capital lease obligations | $ | (1,275 | ) | $ | (1,296 | ) | $ | — | $ | (1,263 | ) | $ | (33 | ) | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Schedule of Future Lease Payments [Table Text Block] | The future minimum lease payments due in each of the next five years and thereafter are as follows: | |||||||||||
Years Ending December 31, | Operating Leases | Capital Leases | ||||||||||
2015 | $ | 39 | $ | 3 | ||||||||
2016 | 36 | 3 | ||||||||||
2017 | 35 | 2 | ||||||||||
2018 | 34 | 2 | ||||||||||
2019 | 39 | 2 | ||||||||||
Thereafter | 503 | 12 | ||||||||||
Total minimum lease payments | $ | 686 | $ | 24 | ||||||||
Less amount representing interest | 7 | |||||||||||
Present value of minimum lease payments | $ | 17 | ||||||||||
Schedule of Rent Expense [Table Text Block] | A summary of rent expense from continuing operations for all operating leases is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Minimum rentals | $ | 35 | $ | 32 | $ | 26 | ||||||
Contingent rentals | 49 | 47 | 36 | |||||||||
Total | $ | 84 | $ | 79 | $ | 62 | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows: | |||||||||||
Years Ending December 31, | Amount | |||||||||||
2015 | $ | 24 | ||||||||||
2016 | 21 | |||||||||||
2017 | 20 | |||||||||||
2018 | 16 | |||||||||||
2019 | 13 | |||||||||||
Thereafter | 68 | |||||||||||
Total minimum lease receipts | $ | 162 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table shows the change in benefit obligation and the change in fair value of plan assets as of December 31, 2014 and 2013 (the measurement dates), for the unfunded U.S. plan: | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation—beginning of year | $ | 19 | $ | 21 | |||||||||||||||
Interest cost | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss | 1 | (2 | ) | ||||||||||||||||
Benefits paid | (1 | ) | (1 | ) | |||||||||||||||
Benefit obligation—end of year | $ | 20 | $ | 19 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets—beginning of year | $ | — | $ | — | |||||||||||||||
Actual return on plan assets | — | — | |||||||||||||||||
Benefits paid | — | — | |||||||||||||||||
Employer contributions | — | — | |||||||||||||||||
Fair value of plan assets—end of year | $ | — | $ | — | |||||||||||||||
Funded status at end of year | $ | (20 | ) | $ | (19 | ) | |||||||||||||
Accumulated benefit obligation | $ | 20 | $ | 19 | |||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the consolidated balance sheets as of December 31, 2014 and 2013: | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Accrued current benefit liability | $ | (1 | ) | $ | (1 | ) | |||||||||||||
Accrued long-term benefit liability | (19 | ) | (18 | ) | |||||||||||||||
Funded status | $ | (20 | ) | $ | (19 | ) | |||||||||||||
Schedule or Description of Weighted Average Discount Rate [Table Text Block] | The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2014 and 2013 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Discount rate | 3.65 | % | 4.4 | % | |||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The weighted average assumptions used in the measurement of our net cost as of December 31, 2014, 2013, and 2012 (the measurement dates), for the unfunded U.S. plan are as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.4 | % | 3.5 | % | 4.1 | % | |||||||||||||
Rate of compensation increase | — | % | — | % | — | % | |||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | As of December 31, 2014, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows: | ||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||
2015 | $ | 1 | |||||||||||||||||
2016 | 1 | ||||||||||||||||||
2017 | 1 | ||||||||||||||||||
2018 | 1 | ||||||||||||||||||
2019 | 1 | ||||||||||||||||||
2020-2024 | 6 | ||||||||||||||||||
Total | $ | 11 | |||||||||||||||||
Schedule Of Costs of Retirement Plans [Table Text Block] | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Defined benefit plan | $ | 1 | $ | 1 | $ | 1 | |||||||||||||
Defined contribution plans | 35 | 33 | 35 | ||||||||||||||||
Deferred compensation plans | 5 | 5 | 4 | ||||||||||||||||
Schedule of Multiemployer Plans [Table Text Block] | Multi-Employer Pension Plans—Certain employees are covered by union sponsored multi-employer pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined in the table below: | ||||||||||||||||||
Pension Protection Act Zone Status | Contributions | ||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||
New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund | 13-1764242/001 | Green (1) | Yellow (2) | $ | 4 | $ | 4 | $ | 4 | ||||||||||
National Retirement Fund | 13-6130178/001 | Red (1) | Red (2) | 3 | 3 | 2 | |||||||||||||
Other Funds | Various | 5 | 4 | 4 | |||||||||||||||
Total Contributions | $ | 12 | $ | 11 | $ | 10 | |||||||||||||
(1) As of January 1, 2014 | |||||||||||||||||||
(2) As of January 1, 2013 |
Other_LongTerm_Liabiliites_Tab
Other Long-Term Liabiliites (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Long-Term Liabiltiies [Table Text Block] | Other long-term liabilities at December 31, 2014 and 2013, consist of the following: | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Deferred gains on sales of hotel properties | $ | 383 | $ | 192 | ||||
Deferred compensation plans (see Note 12) | 341 | 334 | ||||||
Hyatt Gold Passport Fund (see Note 2) | 284 | 262 | ||||||
Guarantee liabilities (see Note 15) | 110 | 133 | ||||||
Deferred income taxes (see Note 14) | 66 | 74 | ||||||
Other accrued income taxes (see Note 14) | 62 | 90 | ||||||
Defined benefit plans (see Note 12) | 19 | 18 | ||||||
Deferred incentive compensation plans | 3 | 4 | ||||||
Other | 133 | 133 | ||||||
Total | $ | 1,401 | $ | 1,240 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Our tax provision includes federal, state, local, and foreign income taxes. The domestic and foreign components of income before income taxes for the three years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. income before tax | $ | 493 | $ | 256 | $ | 18 | ||||||
Foreign income before tax | 32 | 65 | 77 | |||||||||
Income before income taxes | $ | 525 | $ | 321 | $ | 95 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from continuing operations for the three years ended December 31, 2014, 2013 and 2012 is comprised of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 164 | $ | 85 | $ | (76 | ) | |||||
State | 7 | 14 | (17 | ) | ||||||||
Foreign | 36 | 24 | 36 | |||||||||
Total Current | $ | 207 | $ | 123 | $ | (57 | ) | |||||
Deferred: | ||||||||||||
Federal | $ | (10 | ) | $ | (11 | ) | $ | 52 | ||||
State | (6 | ) | 9 | 15 | ||||||||
Foreign | (12 | ) | (5 | ) | (2 | ) | ||||||
Total Deferred | $ | (28 | ) | $ | (7 | ) | $ | 65 | ||||
Total | $ | 179 | $ | 116 | $ | 8 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations reported in the financial statements: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—net of federal tax benefit | 3.4 | 4.8 | (0.3 | ) | ||||||||
Foreign and U.S. tax effects attributable to foreign operations | 1.7 | (0.4 | ) | (27.4 | ) | |||||||
Tax contingencies | (2.6 | ) | 0.2 | (10.3 | ) | |||||||
Change in valuation allowances | (1.0 | ) | — | (66.3 | ) | |||||||
Adjustments to deferred tax assets | (1.5 | ) | — | 75.4 | ||||||||
General business credits | (0.4 | ) | (1.3 | ) | (2.5 | ) | ||||||
Equity based compensation | 0.4 | 1.1 | 2 | |||||||||
Other | (0.9 | ) | (3.2 | ) | 2.7 | |||||||
Effective income tax rate | 34.1 | % | 36.2 | % | 8.3 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the net deferred tax asset from continuing operations at December 31, 2014 and 2013 is comprised of the following: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets related to: | ||||||||||||
Employee benefits | $ | 181 | $ | 161 | ||||||||
Foreign and state net operating losses and credit carryforwards | 37 | 54 | ||||||||||
Nonconsolidated investments | 59 | 77 | ||||||||||
Allowance for uncollectible assets | 36 | 38 | ||||||||||
Intangibles | 8 | 10 | ||||||||||
Deferred gain on sale | 149 | 74 | ||||||||||
Loyalty program | 21 | 24 | ||||||||||
Interest and state benefits | 4 | 14 | ||||||||||
Unrealized investment losses | 5 | 6 | ||||||||||
Other | 55 | 60 | ||||||||||
Valuation allowance | (15 | ) | (21 | ) | ||||||||
Total deferred tax asset | $ | 540 | $ | 497 | ||||||||
Deferred tax liabilities related to: | ||||||||||||
Installment sales | $ | — | $ | (6 | ) | |||||||
Property and equipment | (312 | ) | (255 | ) | ||||||||
Nonconsolidated investments | (33 | ) | (59 | ) | ||||||||
Unrealized investment gains | (23 | ) | (18 | ) | ||||||||
Prepaid expenses | (11 | ) | (14 | ) | ||||||||
Other | (7 | ) | (14 | ) | ||||||||
Total deferred tax liability | $ | (386 | ) | $ | (366 | ) | ||||||
Net deferred tax asset | $ | 154 | $ | 131 | ||||||||
Recognized in the balance sheet as: | ||||||||||||
Deferred tax assets—current | $ | 26 | $ | 11 | ||||||||
Deferred tax assets—noncurrent | 196 | 198 | ||||||||||
Deferred tax liabilities—current | (2 | ) | (4 | ) | ||||||||
Deferred tax liabilities—noncurrent | (66 | ) | (74 | ) | ||||||||
Total | $ | 154 | $ | 131 | ||||||||
Unrecognized Tax Benefits Reconciliation [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, is as follows: | |||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits—beginning balance | $ | 53 | $ | 75 | ||||||||
Total (decreases) increases—current period tax positions | 2 | 3 | ||||||||||
Total decreases—prior period tax positions | (8 | ) | (14 | ) | ||||||||
Settlements | (2 | ) | (5 | ) | ||||||||
Lapse of statute of limitations | (3 | ) | (4 | ) | ||||||||
Foreign currency fluctuation | (2 | ) | (2 | ) | ||||||||
Unrecognized tax benefits—ending balance | $ | 40 | $ | 53 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments) related to the four managed hotels in France: | ||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance, January 1 | $ | 123 | $ | — | |||||||||
Initial guarantee obligation liability upon inception | — | 115 | |||||||||||
Amortization of initial guarantee obligation liability into income | (6 | ) | (5 | ) | |||||||||
Performance guarantee expense | 19 | — | |||||||||||
Net (payments) receipts during the year | (18 | ) | 5 | ||||||||||
Foreign currency exchange gain (loss) | (12 | ) | 8 | ||||||||||
Ending balance, December 31 | $ | 106 | $ | 123 | |||||||||
Debt Repayment Guarantees [Table Text Block] | Included within the $243 million in debt guarantees are the following: | ||||||||||||
Property Description | Maximum Guarantee Amount | Amount Recorded at December 31, 2014 | Amount Recorded at December 31, 2013 | ||||||||||
Vacation ownership property | $ | 86 | $ | — | $ | 1 | |||||||
Hotel property in Brazil | 75 | 2 | 3 | ||||||||||
Hotel property in Hawaii | 30 | 1 | 1 | ||||||||||
Hotel property in Minnesota | 25 | 3 | 4 | ||||||||||
Hotel property in Colorado | 15 | 1 | 1 | ||||||||||
Other | 12 | — | — | ||||||||||
Total Debt Repayment Guarantees | $ | 243 | $ | 7 | $ | 10 | |||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||
Balance at | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (a) | Balance at | |||||||||||||
1-Jan-14 | 31-Dec-14 | |||||||||||||||
Foreign currency translation adjustments | $ | (62 | ) | $ | (86 | ) | $ | (7 | ) | $ | (155 | ) | ||||
Unrealized gain (loss) on AFS securities | 6 | — | — | 6 | ||||||||||||
Unrecognized pension cost | (5 | ) | — | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | 1 | — | (6 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (68 | ) | $ | (85 | ) | $ | (7 | ) | $ | (160 | ) | ||||
(a) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized as a deferred gain within other long-term liabilities on the consolidated balance sheets when we sold a hotel and substantially liquidated the entity. | ||||||||||||||||
Balance at | Current period other comprehensive income (loss) before reclassification | Amount Reclassified from Accumulated Other Comprehensive Loss (b) | Balance at | |||||||||||||
1-Jan-13 | 31-Dec-13 | |||||||||||||||
Foreign currency translation adjustments | $ | (54 | ) | $ | (10 | ) | $ | 2 | $ | (62 | ) | |||||
Unrealized gain (loss) on AFS securities | — | 6 | — | 6 | ||||||||||||
Unrecognized pension cost | (6 | ) | 1 | — | (5 | ) | ||||||||||
Unrealized gain (loss) on derivative instruments | (7 | ) | — | — | (7 | ) | ||||||||||
Accumulated Other Comprehensive Loss | $ | (67 | ) | $ | (3 | ) | $ | 2 | $ | (68 | ) | |||||
(b) Foreign currency translation adjustments, net of an insignificant tax impact, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on the consolidated statements of income. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||
Compensation Expense Related To Long-Term Incentive Plan [Table Text Block] | Compensation expense related to these awards for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock appreciation rights | $ | 19 | $ | 8 | $ | 8 | ||||||||||||||||||
Restricted stock units | 31 | 17 | 14 | |||||||||||||||||||||
Performance vested restricted stock | 4 | 3 | 1 | |||||||||||||||||||||
Income Tax Benefit Share Based Compensation [Table Text Block] | The expected income tax benefit to be realized at the time of vest related to these plans for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock appreciation rights | $ | 7 | $ | 3 | $ | 3 | ||||||||||||||||||
Restricted stock units | 8 | 6 | 5 | |||||||||||||||||||||
Performance vested restricted stock | 2 | 1 | — | |||||||||||||||||||||
Stock Appreciation Rights by Grant Date [Table Text Block] | The following table sets forth a summary of the SAR grants in 2014, 2013, and 2012: | |||||||||||||||||||||||
Grant Date | SARs Granted | Per SAR Value | Vesting Period | Vesting Start Month | ||||||||||||||||||||
Feb-14 | 327,307 | $ | 22.57 | 25 | % annually | Mar-15 | ||||||||||||||||||
Mar-13 | 472,003 | 17.95 | 25 | % annually | Mar-14 | |||||||||||||||||||
Mar-13 | 54,914 | 18.21 | 100 | % at vest | Mar-17 | |||||||||||||||||||
Mar-12 | 405,877 | 17.29 | 25 | % annually | Mar-13 | |||||||||||||||||||
Schedule of Share-based Payment Award SAR Valuation Assumptions [Table Text Block] | The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-valuation model with the following weighted average assumptions: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Exercise Price | $ | 49.39 | $ | 43.44 | $ | 41.29 | ||||||||||||||||||
Expected Life in Years | 6.29 | 6.33 | 6.251 | |||||||||||||||||||||
Risk-free Interest Rate | 1.93 | % | 1.18 | % | 1.49 | % | ||||||||||||||||||
Expected Volatility | 44.32 | % | 40.67 | % | 40.84 | % | ||||||||||||||||||
Annual Dividend Yield | — | % | — | % | — | % | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | A summary of employee SAR activity as of December 31, 2014, and changes during 2014, are presented below: | |||||||||||||||||||||||
SAR Units | Weighted Average Exercise Price (in whole dollars) | Weighted Average Contractual Term | ||||||||||||||||||||||
Outstanding at December 31, 2013: | 3,578,210 | $ | 45.43 | 5.88 | ||||||||||||||||||||
Granted | 327,307 | 49.39 | 9.12 | |||||||||||||||||||||
Exercised | 387,711 | 39.76 | 3.33 | |||||||||||||||||||||
Forfeited or canceled | 52,222 | 50.22 | 7.17 | |||||||||||||||||||||
Outstanding at December 31, 2014: | 3,465,584 | $ | 46.37 | 5.42 | ||||||||||||||||||||
Exercisable as of December 31, 2014: | 2,497,366 | $ | 46.98 | 4.37 | ||||||||||||||||||||
Restricted Stock Units by Grant Date [Table Text Block] | The following table sets forth a summary of the employee RSU grants in 2014, 2013, and 2012: | |||||||||||||||||||||||
Grant Date | RSUs | Value | Total Value (in millions) | Vesting Period | ||||||||||||||||||||
Sep-14 | 2,452 | $ | 61.17 | $ | — | 4 years | ||||||||||||||||||
Feb-14 | 376,328 | 49.39 | 19 | 4 years | ||||||||||||||||||||
Dec-13 | 2,132 | 46.9 | — | 4 years | ||||||||||||||||||||
Sep-13 | 13,082 | 45.86 | 1 | 4 years | ||||||||||||||||||||
Jun-13 | 2,218 | 40.56 | — | 4 years | ||||||||||||||||||||
Mar-13 | 453,356 | 43.44 | 20 | 4 years | ||||||||||||||||||||
Dec-12 | 40,694 | 36.86 | 1 | 4 years | ||||||||||||||||||||
Oct-12 | 2,580 | 38.75 | — | 4 years | ||||||||||||||||||||
Jun-12 | 19,787 | 35.87 | 1 | 4 years | ||||||||||||||||||||
Mar-12 | 444,059 | 41.29 | 18 | 4 years | ||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of the status of the non-vested employee restricted stock unit awards outstanding under the plan as of December 31, 2014 is presented below: | |||||||||||||||||||||||
Restricted Stock | Weighted Average Grant Date Fair Value (in whole dollars) | |||||||||||||||||||||||
Units | ||||||||||||||||||||||||
Nonvested at December 31, 2013: | 1,244,471 | $ | 40.71 | |||||||||||||||||||||
Granted | 378,780 | 49.47 | ||||||||||||||||||||||
Vested | 468,845 | 41.05 | ||||||||||||||||||||||
Forfeited or canceled | 83,768 | 41.48 | ||||||||||||||||||||||
Nonvested at December 31, 2014: | 1,070,638 | $ | 43.6 | |||||||||||||||||||||
Performance Vested Restricted Stock [Table Text Block] | The following table sets forth a summary of PSS grants in 2014, 2013, and 2012: | |||||||||||||||||||||||
Year Granted | PSSs Granted | Weighted Average Grant Date Fair Value (in whole dollars) | Performance Period | Performance Period Start Date | ||||||||||||||||||||
2014 | 162,906 | $ | 49.39 | 3 years | 1-Jan-14 | |||||||||||||||||||
2013 | 218,686 | $ | 43.44 | 3 years | 1-Jan-13 | |||||||||||||||||||
2012 | 209,569 | $ | 41.29 | 3 years | 1-Jan-12 | |||||||||||||||||||
Unearned Compensation Future Compensation Expense [Table Text Block] | Our total unearned compensation for our stock-based compensation programs as of December 31, 2014 was $2 million for SARs, $15 million for RSUs and $3 million for PSSs, which will be recorded to compensation expense primarily over the next two years with respect to SARs, with a limited portion of the SAR awards extending to four years, three years with respect to RSUs, with a limited portion of the RSU awards extending to six years, and over the next two years with respect to PSSs as follows: | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019+ | Total | |||||||||||||||||||
SARs | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 2 | ||||||||||||
RSUs | 8 | 5 | 2 | — | — | 15 | ||||||||||||||||||
PSSs | 2 | 1 | — | — | — | 3 | ||||||||||||||||||
Total | $ | 11 | $ | 7 | $ | 2 | $ | — | $ | — | $ | 20 | ||||||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 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 (primarily for the periods prior to the sale in the fourth quarter of 2014), and the results of our co-branded credit card. | |||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Owned and Leased Hotels | ||||||||||||
Owned and leased hotels revenues | $ | 2,246 | $ | 2,142 | $ | 2,021 | ||||||
Adjusted EBITDA | 522 | 471 | 442 | |||||||||
Depreciation and Amortization | 322 | 315 | 323 | |||||||||
Capital Expenditures | 208 | 211 | 283 | |||||||||
Americas Management and Franchising | ||||||||||||
Management and franchise fees revenues | 327 | 292 | 256 | |||||||||
Other revenues from managed properties | 1,550 | 1,482 | 1,456 | |||||||||
Intersegment Revenues (a) | 88 | 86 | 81 | |||||||||
Adjusted EBITDA | 253 | 233 | 199 | |||||||||
Depreciation and Amortization | 18 | 17 | 20 | |||||||||
Capital Expenditures | 1 | 1 | 2 | |||||||||
ASPAC Management and Franchising | ||||||||||||
Management and franchise fees revenues | 88 | 83 | 86 | |||||||||
Other revenues from managed properties | 74 | 74 | 43 | |||||||||
Intersegment Revenues (a) | 2 | 3 | 3 | |||||||||
Adjusted EBITDA | 44 | 50 | 46 | |||||||||
Depreciation and Amortization | 1 | 1 | 1 | |||||||||
Capital Expenditures | 1 | — | 1 | |||||||||
EAME/SW Asia Management | ||||||||||||
Management and franchise fees revenues | 77 | 72 | 63 | |||||||||
Other revenues from managed properties | 53 | 45 | 29 | |||||||||
Intersegment Revenues (a) | 15 | 16 | 14 | |||||||||
Adjusted EBITDA | 40 | 40 | 26 | |||||||||
Depreciation and Amortization | 6 | 5 | 2 | |||||||||
Capital Expenditures | — | — | — | |||||||||
Corporate and other | ||||||||||||
Revenues | 105 | 99 | 93 | |||||||||
Adjusted EBITDA | (131 | ) | (114 | ) | (107 | ) | ||||||
Depreciation and Amortization | 7 | 7 | 7 | |||||||||
Capital Expenditures | 43 | 20 | 15 | |||||||||
Eliminations (a) | ||||||||||||
Revenues | (105 | ) | (105 | ) | (98 | ) | ||||||
Adjusted EBITDA | — | — | — | |||||||||
Depreciation and Amortization | — | — | — | |||||||||
Capital Expenditures | — | — | — | |||||||||
TOTAL | ||||||||||||
Revenues | $ | 4,415 | $ | 4,184 | $ | 3,949 | ||||||
Adjusted EBITDA | 728 | 680 | 606 | |||||||||
Depreciation and Amortization | 354 | 345 | 353 | |||||||||
Capital Expenditures | 253 | 232 | 301 | |||||||||
(a) | Intersegment revenues are included in the management and franchise fees revenues totals and eliminated in Eliminations. | |||||||||||
Reconciliation of Assets from Segment to Consolidated | The table below shows summarized consolidated balance sheet information by segment: | |||||||||||
Total Assets | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Owned and Leased Hotels | $ | 5,682 | $ | 5,726 | ||||||||
Americas Management and Franchising | 1,165 | 1,027 | ||||||||||
ASPAC Management and Franchising | 106 | 101 | ||||||||||
EAME/SW Asia Management | 184 | 207 | ||||||||||
Corporate and other | 4,030 | 4,797 | ||||||||||
Eliminations (a) | (3,024 | ) | (3,681 | ) | ||||||||
TOTAL | $ | 8,143 | $ | 8,177 | ||||||||
(a) Segment assets include intercompany and investments in subsidiaries which are eliminated in Eliminations. | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents revenues and long-lived assets by geographical region: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 3,476 | $ | 3,270 | $ | 3,140 | ||||||
All Foreign | 939 | 914 | 809 | |||||||||
Total | $ | 4,415 | $ | 4,184 | $ | 3,949 | ||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Long-Lived Assets: | ||||||||||||
United States | $ | 3,643 | $ | 4,026 | ||||||||
All Foreign | 1,228 | 1,383 | ||||||||||
Total | $ | 4,871 | $ | 5,409 | ||||||||
Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation | The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2014, 2013 and 2012. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Adjusted EBITDA | $ | 728 | $ | 680 | $ | 606 | ||||||
Equity earnings (losses) from unconsolidated hospitality ventures | 25 | (1 | ) | (22 | ) | |||||||
Gains on sales of real estate and other | 311 | 125 | — | |||||||||
Asset impairments | (17 | ) | (22 | ) | — | |||||||
Other income (loss), net | (17 | ) | 17 | 7 | ||||||||
Net (income) loss attributable to noncontrolling interests | (2 | ) | 2 | 1 | ||||||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | (80 | ) | (68 | ) | (73 | ) | ||||||
EBITDA | 948 | 733 | 519 | |||||||||
Depreciation and amortization | (354 | ) | (345 | ) | (353 | ) | ||||||
Interest expense | (71 | ) | (65 | ) | (70 | ) | ||||||
Provision for income taxes | (179 | ) | (116 | ) | (8 | ) | ||||||
Net income attributable to Hyatt Hotels Corporation | $ | 344 | $ | 207 | $ | 88 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 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: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 346 | $ | 205 | $ | 87 | ||||||
Net (income) loss attributable to noncontrolling interests | (2 | ) | 2 | 1 | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 344 | $ | 207 | $ | 88 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares outstanding | 153,136,511 | 158,544,930 | 165,017,485 | |||||||||
Share-based compensation | 1,213,941 | 644,149 | 359,843 | |||||||||
Diluted weighted average shares outstanding | 154,350,452 | 159,189,079 | 165,377,328 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Net income | $ | 2.26 | $ | 1.29 | $ | 0.53 | ||||||
Net (income) loss attributable to noncontrolling interests | (0.01 | ) | 0.01 | — | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 2.25 | $ | 1.3 | $ | 0.53 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income | $ | 2.24 | $ | 1.29 | $ | 0.53 | ||||||
Net (income) loss attributable to noncontrolling interests | (0.01 | ) | 0.01 | — | ||||||||
Net income attributable to Hyatt Hotels Corporation | $ | 2.23 | $ | 1.3 | $ | 0.53 | ||||||
Anti-dilutive Shares Issued | The computations of diluted net income per share for the years ended December 31, 2014, 2013 and 2012 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock-settled SARs | 5,200 | 148,200 | 13,200 | |||||||||
RSUs | — | — | 3,300 | |||||||||
Other_Income_Loss_Net_Tables
Other Income (Loss), Net (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31, 2014, 2013 and 2012, respectively: | |||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Performance guarantee expense (Note 15) | $ | (23 | ) | $ | (5 | ) | $ | — | ||||
Realignment costs | (7 | ) | — | (21 | ) | |||||||
Transaction costs (Note 8) | (6 | ) | (10 | ) | (2 | ) | ||||||
Foreign currency losses | (3 | ) | (5 | ) | (3 | ) | ||||||
Interest income | 11 | 17 | 23 | |||||||||
Guarantee liability amortization (Note 15) | 7 | 5 | — | |||||||||
Cost method investment income (Note 3) | 1 | 50 | 1 | |||||||||
Gains on other marketable securities (Note 4) | — | 2 | 17 | |||||||||
Impairment of held-to-maturity investment | — | — | (4 | ) | ||||||||
Gain on sale of artwork (Note 8) | — | 29 | — | |||||||||
Charitable contribution to Hyatt Hotels Foundation | — | (20 | ) | — | ||||||||
Debt settlement costs (Note 10) | — | (35 | ) | — | ||||||||
Provisions on hotel loans (Note 7) | — | (6 | ) | (4 | ) | |||||||
Other | 3 | (5 | ) | — | ||||||||
Other income (loss), net | $ | (17 | ) | $ | 17 | $ | 7 | |||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. | |||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||||||||||||
Consolidated statements of income data: | ||||||||||||||||||||||||||||||||
Owned and leased hotels | $ | 551 | $ | 555 | $ | 592 | $ | 548 | $ | 557 | $ | 521 | $ | 572 | $ | 492 | ||||||||||||||||
Management and franchise fees | 101 | 94 | 103 | 89 | 94 | 77 | 96 | 75 | ||||||||||||||||||||||||
Other revenues | 7 | 24 | 23 | 21 | 15 | 22 | 21 | 20 | ||||||||||||||||||||||||
Other revenues from managed properties (1) | 420 | 431 | 440 | 416 | 425 | 406 | 403 | 388 | ||||||||||||||||||||||||
Total revenues | 1,079 | 1,104 | 1,158 | 1,074 | 1,091 | 1,026 | 1,092 | 975 | ||||||||||||||||||||||||
Direct and selling, general, and administrative expenses (2) | 1,040 | 1,032 | 1,043 | 1,021 | 1,036 | 973 | 984 | 958 | ||||||||||||||||||||||||
Net Income | 182 | 33 | 75 | 56 | 30 | 55 | 112 | 8 | ||||||||||||||||||||||||
Net income attributable to Hyatt Hotels Corporation (3) (4) | 182 | 32 | 74 | 56 | 32 | 55 | 112 | 8 | ||||||||||||||||||||||||
Net income per common share, basic | $ | 1.21 | $ | 0.22 | $ | 0.49 | $ | 0.36 | $ | 0.2 | $ | 0.35 | $ | 0.7 | $ | 0.05 | ||||||||||||||||
Net income per common share, diluted | $ | 1.2 | $ | 0.22 | $ | 0.49 | $ | 0.36 | $ | 0.19 | $ | 0.35 | $ | 0.7 | $ | 0.05 | ||||||||||||||||
-1 | Represents revenues that we receive from third-party property owners who reimburse us for costs that we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal Factors Affecting Our Results of Operations—Revenues.” | |||||||||||||||||||||||||||||||
-2 | Direct and selling, general, and administrative expenses in the fourth quarter of 2014 includes a nonrecurring expense of $22 million, a portion of which relates to prior periods for stock compensation expense for grants made to certain individuals. | |||||||||||||||||||||||||||||||
-3 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2014 includes impairment charges of $10 million, of which $6 million relates to property and equipment, $2 million relates to intangibles, and $2 million relates to goodwill. | |||||||||||||||||||||||||||||||
-4 | Net income attributable to Hyatt Hotels Corporation in the fourth quarter of 2013 includes impairment charges of $14 million, of which $11 million is recorded in asset impairments related to the write off of contract acquisition costs in conjunction with the purchase of the remaining portion of a joint venture ownership and $3 million is recorded in equity earnings (losses) from unconsolidated hospitality ventures. |
Organization_Details
Organization (Details) | Dec. 31, 2014 |
Countries | |
Organization [Line Items] | |
Number of Countries in which Entity Operates (number of countries) | 50 |
All inclusive [Domain] | |
Organization [Line Items] | |
Number of hotels operated or franchised (number of hotels) | 5 |
Number of rooms operated or franchised (number of rooms) | 1,881 |
Full Service [Member] | |
Organization [Line Items] | |
Number of hotels operated or franchised (number of hotels) | 280 |
Number of rooms operated or franchised (number of rooms) | 113,467 |
Select Service [Member] | |
Organization [Line Items] | |
Number of hotels operated or franchised (number of hotels) | 275 |
Number of rooms operated or franchised (number of rooms) | 37,638 |
Select Service [Member] | United States [Member] | |
Organization [Line Items] | |
Number of hotels operated or franchised (number of hotels) | 263 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Line Items] | |||||
Restricted cash | $359 | $184 | $359 | $184 | |
Unsold Vacation Ownership Invervals | 0 | 64 | 0 | 64 | |
Asset impairments | 10 | 14 | 17 | 22 | 0 |
Total Assets | 8,143 | 8,177 | 8,143 | 8,177 | |
Total current assets | 1,709 | 1,163 | 1,709 | 1,163 | |
Marketable securities included in other assets | 625 | 596 | 625 | 596 | |
Total liabilities | 3,512 | 3,400 | 3,512 | 3,400 | |
Total current liabilities | 730 | 871 | 730 | 871 | |
Accrued expenses and other current liabilities | 468 | 411 | 468 | 411 | |
Financing Receivable, Gross | 141 | 230 | 141 | 230 | |
Like Kind Exchange Proceeds from Sales in Escrow [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 143 | 74 | 143 | 74 | |
Proceeds from Sales in Escrow [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 87 | 87 | |||
Other Restricted Cash [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 5 | 10 | 5 | 10 | |
Gold Passport Fund [Member] | |||||
Accounting Policies [Line Items] | |||||
Total Assets | 429 | 368 | 429 | 368 | |
Total current assets | 145 | 106 | 145 | 106 | |
Marketable securities included in other assets | 284 | 262 | 284 | 262 | |
Total liabilities | 429 | 368 | 429 | 368 | |
Total current liabilities | 145 | 106 | 145 | 106 | |
Accrued expenses and other current liabilities | 132 | 94 | 132 | 94 | |
Captive insurance subsidiary [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 88 | 74 | 88 | 74 | |
Construction Loans [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 16 | 16 | |||
Grand Hyatt San Antonio [Member] | |||||
Accounting Policies [Line Items] | |||||
Restricted cash | 9 | 10 | 9 | 10 | |
Restricted Cash and Cash Equivalents, Noncurrent | 9 | 11 | 9 | 11 | |
Vacation Ownership Properties [Member] | |||||
Accounting Policies [Line Items] | |||||
Asset impairments | 0 | 0 | 0 | ||
Vacation Ownership Mortgage Receivables [Member] | |||||
Accounting Policies [Line Items] | |||||
Financing Receivable, Gross | $0 | $44 | $0 | $44 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | The shorter of the lease term or useful life of asset |
Minimum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Maximum [Member] | Computers [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Equity_And_Cost_Method_Investm2
Equity And Cost Method Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Investments | $329 | $334 | $329 | |
Cost method investment income | 1 | 50 | 1 | |
Payments to Acquire Interest in Joint Venture | 114 | 428 | 90 | |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 52 | |
Equity Method Investment, Other than Temporary Impairment | 3 | |||
Owned and Leased Hotels [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Investments | 310 | 318 | 310 | |
Hyatt Place Houston/Sugar Land [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 10 | |||
Proceeds from Sale of Equity Method Investments | 12 | |||
Hyatt Regency DFW International Airport [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 18 | |||
Proceeds from Sale of Equity Method Investments | 19 | |||
Hyatt Place Coconut Point [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Proceeds from Sale of Equity Method Investments | 5 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 2 | |||
Hyatt Place Austin Downtown [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Proceeds from Sale of Equity Method Investments | 28 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 20 | |||
Playa Hotels & Resorts B.V. [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | 325 | |||
Grand Hyatt San Antonio [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Business Acquisition, Percentage of Equity in Acquiree before Acquisition | 70.00% | |||
Hyatt Regency New Orleans [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Return of investment | 63 | |||
Equity method joint venture within our owned and leased hotels segment [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 5 | |||
Two equity method investments within our owned and leased hotels segment [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 28 | |||
Total Unconsolidated Hospitality Ventures [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 3 | 3 | 19 | |
Hospitality Venture Properties [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 3 | 2 | 18 | |
Vacation Ownership Equity Method Investment [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 1 | 1 | ||
Preferred return on cost method investment [Member] | Hyatt Regency New Orleans [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Cost method investment income | 30 | |||
Purchase of residual common investment [Member] | Hyatt Regency New Orleans [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Cost method investment income | 20 | |||
Hyatt Regency Lost Pines [Member] | ||||
Schedule of Equity and Cost Method Investments [Line Items] | ||||
Business Acquisition, Percentage of Equity in Acquiree before Acquisition | 8.20% | |||
Payments to Acquire Businesses, Gross | 164 | |||
Step Acquisition, Remeasurement Gain | $12 |
Equity_And_Cost_Method_Investm3
Equity And Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Equity and Cost Method Investments [Line Items] | ||
Equity Method Investments | $311 | $320 |
Cost method investments | 23 | 9 |
Total investments | $334 | $329 |
Equity_Method_Investments_Carr
Equity Method Investments (Carrying Value and Ownership Percentages of Equity Method Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $311 | $320 |
Wailea Hotel Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 65.80% | |
Equity Method Investments | 136 | 132 |
Playa Hotels & Resorts B.V. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 23.70% | |
Equity Method Investments | 45 | 50 |
Juniper Hotels Private Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments | 34 | 33 |
Hotel Hoyo Uno (Andaz Mayakoba) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 40.00% | |
Equity Method Investments | 20 | 12 |
Noble I/HY, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 40.00% | |
Equity Method Investments | 11 | 14 |
Denver Downtown Hotel Partners LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments | 9 | 4 |
Desarrolladora Hotelera Acueducto (Hyatt Regency Guadalajara) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments | 8 | 0 |
Renaissance Centro M Street LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 33.00% | |
Equity Method Investments | 6 | 0 |
PCH Beach Resort, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 40.00% | |
Equity Method Investments | 5 | 4 |
Diamante Resort La Paz [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments | 5 | 5 |
Other Equity Method Investments in Hotel and Vacation Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $32 | $66 |
Equity_Method_Investments_Summ
Equity Method Investments (Summarized Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investments [Abstract] | |||
Total revenues | $1,192 | $978 | $979 |
Gross operating profit | 329 | 315 | 313 |
Income from continuing operations | 31 | 17 | 12 |
Net income | 31 | 17 | 12 |
Current Assets | 476 | 556 | |
Noncurrent Assets | 2,728 | 2,877 | |
Total Assets | 3,204 | 3,433 | |
Current Liabilities | 492 | 519 | |
Noncurrent Liabilities | 1,708 | 1,962 | |
Total Liabilities | $2,200 | $2,481 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | |||
Net gains and interest income from marketable securities held to fund operating programs | $15 | $34 | $21 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 2 | 0 |
Gains (losses) on other marketable securities | 0 | 2 | 17 |
Gold Passport Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Net gains and interest income from marketable securities held to fund operating programs | 3 | -1 | 3 |
Deferred Compensation Plans [Member] | |||
Schedule of Investments [Line Items] | |||
Net gains and interest income from marketable securities held to fund operating programs | 12 | 35 | 18 |
Playa Hotels & Resorts B.V. [Member] | |||
Schedule of Investments [Line Items] | |||
Option to Redeem Investment in Preferred Shares | 125 | ||
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | |||
Schedule of Investments [Line Items] | |||
Cost or Amortized Cost of Initial Investment | $0 | $271 |
Marketable_Securities_Marketab
Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Total marketable securities | $679 | $655 |
Less current portion of marketable securities held for operating programs included in prepaids and other assets | -54 | -59 |
Marketable securities included in other assets | 625 | 596 |
Gold Passport Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Total marketable securities | 338 | 321 |
Deferred Compensation Plans [Member] | ||
Schedule of Investments [Line Items] | ||
Total marketable securities | $341 | $334 |
Marketable_Securities_Investme
Marketable Securities (Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Noncurrent Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Playa Preferred Shares | $280 | $278 |
Short-term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Time Deposits, at Carrying Value | $130 | $30 |
Marketable_Securities_Investme1
Marketable Securities (Investments Classified as Available for Sale) (Details) (Preferred Shares [Member], Playa Hotels & Resorts B.V. [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Available-for-sale Securities, Debt Securities Beginning Balance | $278 | $0 |
Cost or Amortized Cost of Initial Investment | 0 | 271 |
Available-for-sale Debt Securities Gross Unrealized Gain | 9 | 7 |
Available-for-sale Debt Securities, Gross Unrealized Loss | -7 | 0 |
Available-for-sale Securities, Debt Securities Ending Balance | $280 | $278 |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Gain (Loss) on Marketable Securities Held to Fund Operating Programs | $0 | $0 | $0 |
Fair value transfers between levels | $0 | $0 | |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Assumptions, Expected Dividend Rate | 10.00% | 10.00% | |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | 10% Expected Dividend Rate Years 1-2 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Assumptions, Expected Dividend Rate | 10.00% | ||
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | 12% Expected Dividend Rate Year 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Assumptions, Expected Dividend Rate | 12.00% |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Bearing Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded in cash and cash equivalents | $70 | $71 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 341 | 334 |
Preferred Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 280 | 278 |
Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 130 | 30 |
U.S. Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 127 | 121 |
US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 34 | 46 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 128 | 112 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 23 | 20 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 23 | 18 |
Municipal and provincial notes and bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 3 | 4 |
Foreign Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 1 | -3 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Bearing Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded in cash and cash equivalents | 70 | 71 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 341 | 334 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Preferred Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Municipal and provincial notes and bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Bearing Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded in cash and cash equivalents | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 130 | 30 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 127 | 121 |
Significant Other Observable Inputs (Level 2) [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 34 | 46 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 128 | 112 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 23 | 20 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 23 | 18 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal and provincial notes and bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 3 | 4 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 1 | -3 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Bearing Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded in cash and cash equivalents | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 280 | 278 |
Significant Unobservable Inputs (Level 3) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Municipal and provincial notes and bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities included in short-term investments, prepaids and other assets and other assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $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]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Preferred Shares [Member] | Playa Hotels & Resorts B.V. [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected Term | 0 years 9 months | 2 years |
Risk-free Interest Rate | 0.19% | 0.38% |
Volatility | 43.90% | 47.70% |
Dividend Yield | 10.00% | 10.00% |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $710 | $672 |
Buildings | 3,948 | 4,628 |
Leasehold improvements | 226 | 254 |
Furniture, equipment, and computers | 1,173 | 1,376 |
Construction in progress | 151 | 86 |
Property and equipment, gross | 6,208 | 7,016 |
Less accumulated depreciation | -2,022 | -2,345 |
Property and equipment, net | $4,186 | $4,671 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $324 | $320 | $327 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 14 | 223 | 14 | 223 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 7 | 80 | 7 | 80 | |
Repayments of Long-term Capital Lease Obligations | 191 | 0 | 0 | ||
Interest Costs, Capitalized During Period | 7 | 8 | 4 | ||
Asset impairments | 10 | 14 | 17 | 22 | 0 |
Hyatt Regency Grand Cypress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Repayments of Long-term Capital Lease Obligations | 191 | ||||
Park Hyatt New York [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 386 | 386 | |||
Hyatt Regency Lost Pines [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment | 207 | 207 | |||
Four Full Service, 52 Select Service, and HRG [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 883 | 883 | |||
Hyatt Regency Indianapolis [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 47 | 47 | |||
Full Service [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of hotels sold | 4 | ||||
Select Service [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of hotels sold | 52 | ||||
Assets Held-for-sale [Member] | Hyatt Regency Indianapolis [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 47 | 47 | |||
Property, Plant and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset impairments | $13 | $11 |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Financing Receivables Impairment Charges | $0 | ||
Provision | 7 | 13 | |
Financing Receivable, Allowance for Credit Losses | 100 | 103 | 99 |
Financing Receivable, Gross | 141 | 230 | |
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 from Vacation Ownership Mortgage Receivables Greater than 90 Days but Less than 120 Days | 0 | ||
Interest income accrued for vacation ownership receivables greater than 120 days | 0 | ||
Notes Receivable, Fair Value Disclosure | 43 | 130 | |
Unsecured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Provision | 6 | 7 | 13 |
Financing Receivable, Allowance for Credit Losses | 87 | 83 | 83 |
Financing Receivable, Gross | 102 | 147 | |
Allowance for Doubtful Accounts Receivable, Write-offs | 3 | ||
Notes Receivable, Fair Value Disclosure | 14 | 64 | |
Vacation Ownership Mortgage Receivables [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Provision | 1 | 0 | 6 |
Financing Receivable, Allowance for Credit Losses | 0 | 7 | 9 |
Financing Receivable, Gross | 0 | 44 | |
Notes Receivable, Fair Value Disclosure | 38 | ||
Secured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.00% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.50% | ||
Provision | 0 | 6 | 0 |
Financing Receivable, Allowance for Credit Losses | 13 | 13 | 7 |
Financing Receivable, Gross | 39 | 39 | |
Notes Receivable, Fair Value Disclosure | 29 | 28 | |
Provisions on Hotel Loans [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | $6 | $10 |
Financing_Receivables_Schedule
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Total Financing Receivable | $141 | $230 | |
Less allowance | -100 | -103 | -99 |
Less current portion included in receivables | -1 | -8 | |
Total long-term financing receivables, net | 40 | 119 | |
Secured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Total Financing Receivable | 39 | 39 | |
Less allowance | -13 | -13 | -7 |
Vacation Ownership Mortgage Receivables [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Total Financing Receivable | 0 | 44 | |
Less allowance | 0 | -7 | -9 |
Unsecured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Total Financing Receivable | 102 | 147 | |
Less allowance | ($87) | ($83) | ($83) |
Financing_Receivables_Schedule1
Financing Receivables (Schedule Of Future Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Financing receivables | $141 | $230 | |
Less allowance | -100 | -103 | -99 |
Secured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
2015 | 39 | ||
2016 and Thereafter | 0 | ||
Financing receivables | 39 | 39 | |
Less allowance | -13 | -13 | -7 |
Financing Receivable, Net | $26 | $26 |
Financing_Receivables_Allowanc
Financing Receivables (Allowance For Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $103 | $99 | |
Provision | 7 | 13 | |
Write-offs | -1 | -6 | |
Other adjustments | -9 | -3 | |
Ending Balance | 100 | 103 | |
Unsecured Financing To Hotel Owners [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 83 | 83 | |
Provision | 6 | 7 | 13 |
Write-offs | 0 | -4 | |
Other adjustments | -2 | -3 | |
Ending Balance | 87 | 83 | 83 |
Vacation Ownership Mortgage Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 7 | 9 | |
Provision | 1 | 0 | 6 |
Write-offs | -1 | -2 | |
Other adjustments | -7 | 0 | |
Ending Balance | 0 | 7 | 9 |
Secured Financing To Hotel Owners [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 13 | 7 | |
Provision | 0 | 6 | 0 |
Write-offs | 0 | 0 | |
Other adjustments | 0 | 0 | |
Ending Balance | $13 | $13 | $7 |
Financing_Receivables_Impaired
Financing Receivables (Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Unsecured Financing To Hotel Owners [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross Loan Balance (Principal and Interest) | $52 | $51 |
Unpaid Principal Balance | 37 | 37 |
Related Allowance | -52 | -51 |
Average Recorded Loan Balance | 52 | 52 |
Secured Financing To Hotel Owners [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross Loan Balance (Principal and Interest) | 39 | 39 |
Unpaid Principal Balance | 39 | 39 |
Related Allowance | -13 | -13 |
Average Recorded Loan Balance | $39 | $40 |
Financing_Receivables_Interest
Financing Receivables (Interest Income Recognized) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unsecured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $0 | $2 |
Secured Financing To Hotel Owners [Member] | |||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | $2 | $2 | $2 |
Financing_Receivables_Analysis
Financing Receivables (Analysis of Financing Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivables Past Due | $3 | $5 |
Greater than 90 Days Past Due | 3 | 3 |
Receivables on Non-Accrual Status | 126 | 121 |
Secured Financing To Hotel Owners [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
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] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivables Past Due | 2 | |
Greater than 90 Days Past Due | 0 | |
Receivables on Non-Accrual Status | 0 | |
Unsecured Financing To Hotel Owners [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Receivables Past Due | 3 | 3 |
Greater than 90 Days Past Due | 3 | 3 |
Receivables on Non-Accrual Status | $87 | $82 |
Financing_Receivables_Financin
Financing Receivables Financing Receivables (Fair Value) (Details) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | $43 | $130 |
Secured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 29 | 28 |
Carrying Value | 26 | 26 |
Vacation Ownership Mortgage Receivables [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 38 | |
Carrying Value | 37 | |
Unsecured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 14 | 64 |
Carrying Value | 15 | 64 |
Fair Value, Inputs, Level 1 [Member] | Secured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Vacation Ownership Mortgage Receivables [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Unsecured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Secured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Vacation Ownership Mortgage Receivables [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Unsecured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Secured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 29 | 28 |
Fair Value, Inputs, Level 3 [Member] | Vacation Ownership Mortgage Receivables [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 38 | |
Fair Value, Inputs, Level 3 [Member] | Unsecured Financing To Hotel Owners [Member] | ||
Accounts, Notes, Loans, and Financing Receivable [Line Items] | ||
Notes Receivable, Fair Value Disclosure | $14 | $64 |
Acquisitions_Dispositions_And_2
Acquisitions, Dispositions, And Discontinued Operations (Acquisitions Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | ($548) | ($814) | ($233) | ||
Goodwill | 133 | 147 | 133 | 147 | 133 |
Repayments of long-term debt | -208 | -368 | 0 | ||
Deferred Tax Assets, Net | 154 | 131 | 154 | 131 | |
Impairment of Intangible Assets, Finite-lived | 2 | 11 | 2 | 0 | |
Advance Booking Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||
Franchise and management intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years | ||||
Contract Acquisition Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 26 years | ||||
Hyatt Regency Lost Pines [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Step Acquisition, Equity Intereset in Acquiree, Percentage | 8.20% | 8.20% | |||
Payments to Acquire Businesses, Gross | -164 | ||||
Long-term Debt | 69 | 69 | |||
Debt Premium | 3 | 3 | |||
Step Acquisition, Remeasurement Gain | 12 | ||||
Goodwill | 17 | 17 | |||
Goodwill, Expected Tax Deductible Amount | 15 | 15 | |||
Intangibles | 4 | 4 | |||
Cash and cash equivalents | 7 | 7 | |||
Property and Equipment | 207 | 207 | |||
Inventories | 1 | 1 | |||
Total net assets acquired | 164 | 164 | |||
Hyatt Regency Lost Pines [Member] | Advance Booking Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | 4 | 4 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 months | ||||
Park Hyatt New York [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | -392 | ||||
Acquisitions, net of cash acquired | -391 | ||||
Cash and cash equivalents | 1 | 1 | |||
Property and Equipment | 386 | 386 | |||
Inventories | 3 | 3 | |||
Prepaids and other current assets | 2 | 2 | |||
Grand Hyatt San Antonio [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Step Acquisition, Equity Intereset in Acquiree, Percentage | 70.00% | 70.00% | |||
Payments to Acquire Businesses, Gross | -16 | ||||
Goodwill | 7 | 7 | |||
Goodwill, Expected Tax Deductible Amount | 12 | 12 | |||
Intangibles | 10 | 10 | |||
Cash and cash equivalents | 1 | 1 | |||
Property and Equipment | 226 | 226 | |||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |||
Step Acquisition, Fair Value | 7 | ||||
Step Acquisition, Remeasurement Loss | 1 | ||||
Repayments of long-term debt | -44 | ||||
Deferred Tax Liabilities | 2 | 2 | |||
Deferred Tax Assets, Net | 5 | 5 | |||
Total net assets acquired | 66 | 66 | |||
Grand Hyatt San Antonio [Member] | Advance Booking Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | 1 | 1 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | ||||
Grand Hyatt San Antonio [Member] | Contract Acquisition Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Intangible Assets, Finite-lived | 11 | ||||
Grand Hyatt San Antonio [Member] | Lease related intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 79 years | ||||
Lease related intangibles | 9 | 9 | |||
Hyatt Regency Orlando [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | 39 | 39 | |||
Cash and cash equivalents | 2 | 2 | |||
Property and Equipment | 678 | 678 | |||
Prepaids and other current assets | 3 | 3 | |||
Total net assets acquired | 716 | 716 | |||
Hyatt Regency Orlando [Member] | Advance Booking Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles | 8 | 8 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||
Hyatt Regency Orlando [Member] | Franchise and management intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 0 | 0 | |||
Intangibles | 31 | 31 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||
The Driskill [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | -85 | ||||
Intangibles | 5 | 5 | |||
Property and Equipment | 72 | 72 | |||
Indefinite-Lived Intangibles | 7 | 7 | 7 | 7 | |
Other Assets | 1 | 1 | |||
Hyatt Regency Birmingham [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | -44 | ||||
Cash and cash equivalents | 1 | ||||
Property and Equipment | 38 | ||||
Hyatt Regency Mexico City [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | -202 | ||||
Acquisitions, net of cash acquired | -190 | ||||
Goodwill | 29 | ||||
Intangibles | 12 | ||||
Cash and cash equivalents | 12 | ||||
Property and Equipment | 190 | ||||
Deferred Tax Liabilities | 41 | ||||
Total net assets acquired | $202 | ||||
Hyatt Regency Mexico City [Member] | Franchise and management intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years |
Acquisitions_Dispositions_And_3
Acquisitions, Dispositions, And Discontinued Operations (Dispositions Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotels | Hotels | ||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | $1,467 | $601 | $87 |
Gains on sales of real estate and other | 311 | 125 | 0 |
Deferred Gain on Sale of Property | 383 | 192 | |
Restricted cash | 359 | 184 | |
Gain on sale of artwork | 0 | 29 | 0 |
Number of franchise agreements | 253 | 187 | |
Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 52 | ||
Full Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 4 | ||
Hyatt Place 2014 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 51 | ||
Gains on sales of real estate and other | 13 | ||
Restricted cash | 51 | ||
Hyatt Place 2014 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 5 | ||
Park Hyatt Toronto [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 88 | ||
Deferred Gain on Sale of Property | 49 | ||
Restricted cash | 41 | ||
Hyatt Regency Vancouver [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 116 | ||
Deferred Gain on Sale of Property | 64 | ||
Restricted cash | 46 | ||
Hyatt Place, Hyatt House 2014 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 581 | ||
Gains on sales of real estate and other | 153 | ||
Restricted cash | 92 | ||
Hyatt Place, Hyatt House 2014 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 38 | ||
Park Hyatt Washington [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 97 | ||
Deferred Gain on Sale of Property | 57 | ||
Hyatt Residential Group [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other | 220 | ||
Gains on sales of real estate and other | 80 | ||
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 310 | ||
Proceeds from sales of real estate and other | 311 | ||
Gains on sales of real estate and other | 65 | ||
Cash Disposed From Sale of Assets | -1 | ||
Combined Management and Franchise Agreement Minimum Term | 25 years | ||
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 9 | ||
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | Full Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 1 | ||
Hyatt Key West [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 74 | ||
Deferred Gain on Sale of Property | 61 | ||
Andaz Napa [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 71 | ||
Deferred Gain on Sale of Property | 27 | ||
Andaz Savannah [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 42 | ||
Deferred Gain on Sale of Property | 4 | ||
Hyatt Regency Denver Tech [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 59 | ||
Gains on sales of real estate and other | 26 | ||
Hyatt Regency Santa Clara [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 91 | ||
Gains on sales of real estate and other | 0 | ||
Deferred Gain on Sale of Property | 6 | ||
Hyatt Fisherman's Wharf [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 100 | ||
Gains on sales of real estate and other | 55 | ||
Hyatt Santa Barbara [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 60 | ||
Gains on sales of real estate and other | 44 | ||
Hyatt Place 2013 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 68 | ||
Deferred Gain on Sale of Property | 4 | ||
Hyatt Place 2013 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 4 | ||
Hyatt Place and Hyatt House 2012 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sales of real estate and other, net of cash disposed | 87 | ||
Deferred Gain on Sale of Property | $14 | ||
Hyatt Place [Member] | Hyatt Place and Hyatt House 2012 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 7 | ||
Hyatt House [Member] | Hyatt Place and Hyatt House 2012 [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 1 | ||
Like-Kind exchange released from restricted cash [Member] | Hyatt Place, Hyatt House 2014 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 21 | ||
Like-Kind Exchange remaining in restricted cash [Member] | Hyatt Place, Hyatt House 2014 [Member] | Select Service [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of hotels sold | 6 |
Acquisitions_Dispositions_And_4
Acquisitions, Dispositions, And Discontinued Operations (Like-Kind Exchanges Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | $714 | $466 | $0 |
Sales proceeds transferred to escrow as restricted cash | -870 | -498 | -44 |
Restricted cash | 359 | 184 | |
Hyatt Place 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred to escrow as restricted cash | -51 | ||
Restricted cash | 51 | ||
Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 311 | ||
Sales proceeds transferred to escrow as restricted cash | -403 | ||
Restricted cash | 92 | ||
Park Hyatt Washington [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 97 | ||
Sales proceeds transferred to escrow as restricted cash | -97 | ||
Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 232 | ||
Sales proceeds transferred to escrow as restricted cash | -232 | ||
2013 Sale of Full Service Real Estate related to 1031 exchange [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 74 | 321 | |
Sales proceeds transferred to escrow as restricted cash | -395 | ||
Restricted cash | 74 | ||
Andaz Savannah [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 42 | ||
Sales proceeds transferred to escrow as restricted cash | -42 | ||
Hyatt Place 2013 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | 23 | ||
Sales proceeds transferred to escrow as restricted cash | -23 | ||
Hyatt Place 2012 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales proceeds transferred from escrow to cash and cash equivalents | $44 | ||
Select Service [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 52 | ||
Select Service [Member] | Hyatt Place 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 5 | ||
Select Service [Member] | Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 38 | ||
Select Service [Member] | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 9 | ||
Select Service [Member] | Hyatt Place 2013 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 4 | ||
Full Service [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 4 | ||
Full Service [Member] | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 1 | ||
Like-Kind exchange released from restricted cash [Member] | Select Service [Member] | Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 21 | ||
Like-Kind Exchange remaining in restricted cash [Member] | Select Service [Member] | Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 6 | ||
Like-Kind Exchange [Member] | Select Service [Member] | Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 27 | ||
Like-Kind Exchange [Member] | Select Service [Member] | Hyatt, Hyatt Place, Hyatt House 2014 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 7 | ||
Like-Kind Exchange [Member] | Select Service [Member] | Hyatt Place 2013 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 2 | ||
Hyatt Place [Member] | Hyatt Place and Hyatt House 2012 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 7 | ||
Hyatt Place [Member] | Like-Kind Exchange [Member] | Hyatt Place and Hyatt House 2012 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of hotels sold | 4 |
Acquisitions_Dispositions_And_5
Acquisitions, Dispositions, And Discontinued Operations (Assets Held for Sale Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $63 | $0 |
Liabilities held for sale | 3 | 0 |
Hyatt Regency Indianapolis [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 63 | |
Property and equipment, held for sale | 47 | |
Goodwill, held for Sale | 14 | |
Liabilities held for sale | $3 |
Acquisitions_Dispositions_And_6
Acquisitions, Dispositions, And Discontinued Operations (Hyatt Regency Lost Pines Assets and Liabilities Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $133 | $147 | $133 |
Hyatt Regency Lost Pines [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 7 | ||
Receivables | 4 | ||
Inventories | 1 | ||
Property and Equipment | 207 | ||
Goodwill | 17 | ||
Intangibles | 4 | ||
Deferred Tax Assets | 1 | ||
Total assets | 241 | ||
Current portion of long-term debt | 4 | ||
Current liabilities | 8 | ||
Long-term Debt | 65 | ||
Total liabilities | 77 | ||
Total net assets acquired | $164 |
Acquisitions_Dispositions_And_7
Acquisitions, Dispositions, And Discontinued Operations (Grand Hyatt San Antonio Assets and Liabilities Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $133 | $147 | $133 |
Grand Hyatt San Antonio [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 1 | ||
Restricted Cash | 10 | ||
Property and Equipment | 226 | ||
Goodwill | 7 | ||
Intangibles | 10 | ||
Other assets | 11 | ||
Total assets | 265 | ||
Current liabilities | 11 | ||
Deferred Tax Liabilities | 2 | ||
Long-term Debt, net of bond discount | 186 | ||
Total liabilities | 199 | ||
Total net assets acquired | $66 |
Acquisitions_Dispositions_And_8
Acquisitions, Dispositions, And Discontinued Operations (Hyatt Regency Orlando Assets and Liabilities Table) (Details) (Hyatt Regency Orlando [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Hyatt Regency Orlando [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $2 |
Prepaids and other current assets | 3 |
Property and Equipment | 678 |
Intangibles | 39 |
Total assets | 722 |
Current liabilities | 6 |
Total liabilities | 6 |
Total net assets acquired | $716 |
Acquisitions_Dispositions_And_9
Acquisitions, Dispositions, And Discontinued Operations (Hyatt Regency Mexico City Assets and Liabilities Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $133 | $147 | $133 |
Hyatt Regency Mexico City [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 12 | ||
Other current assets | 4 | ||
Land, Property and Equipment | 190 | ||
Intangibles | 12 | ||
Goodwill | 29 | ||
Total assets | 247 | ||
Current liabilities | 4 | ||
Other long-term liabilities | 41 | ||
Total liabilities | 45 | ||
Total net assets acquired | $202 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $133 | $147 | $133 |
Goodwill [Line Items] | |||
Goodwill acquired | 10 | 14 | |
Hyatt Regency Lost Pines [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 17 | ||
Grand Hyatt San Antonio [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 7 | ||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 7 | ||
The Driskill [Member] | |||
Goodwill [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 7 | 7 | |
Hyatt Regency Indianapolis [Member] | |||
Goodwill [Line Items] | |||
Disposal Group, Including Discontinued Operation, Goodwill, Current | $14 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets Goodwill and Intangible Assets (Definite Lived Intangibles Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $30 | $25 | $26 |
Contract Acquisition Costs [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Contract Acquisition Costs [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Franchise and management intangibles [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Franchise and management intangibles [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 30 years | ||
Accelerated Amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $1 | $7 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets Goodwill and Intangible Assets (Indefinite Lived Impairments Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | $0 | $0 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Changes Table) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Goodwill, Gross | $228 | $228 | $240 | $226 |
Accumulated impairment losses | -95 | -95 | -93 | -93 |
Goodwill, Net | 133 | 133 | 147 | 133 |
Goodwill acquired | 10 | 14 | ||
Goodwill disposed or held for sale | -18 | |||
Foreign exchange | -4 | |||
Impairment losses | -2 | -2 | 0 | 0 |
Owned and Leased Hotels [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 195 | 195 | 203 | 189 |
Accumulated impairment losses | -95 | -95 | -93 | -93 |
Goodwill, Net | 100 | 100 | 110 | 96 |
Goodwill acquired | 10 | 14 | ||
Goodwill disposed or held for sale | -14 | |||
Foreign exchange | -4 | |||
Impairment losses | -2 | |||
Americas Management and Franchising [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 33 | 33 | 33 | 33 |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Goodwill, Net | 33 | 33 | 33 | 33 |
Goodwill acquired | 0 | 0 | ||
Goodwill disposed or held for sale | 0 | |||
Foreign exchange | 0 | |||
Impairment losses | 0 | |||
Other [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Gross | 0 | 0 | 4 | 4 |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Goodwill, Net | 0 | 0 | 4 | 4 |
Goodwill acquired | 0 | 0 | ||
Goodwill disposed or held for sale | -4 | |||
Foreign exchange | 0 | |||
Impairment losses | 0 | |||
ASPAC Management and Franchising [Domain] | ||||
Goodwill [Line Items] | ||||
Goodwill, Net | 0 | 0 | 0 | 0 |
EAME/SW Asia Management [Domain] | ||||
Goodwill [Line Items] | ||||
Goodwill, Net | $0 | $0 | $0 | $0 |
Goodwill_And_Intangible_Assets6
Goodwill And Intangible Assets Goodwill and Intangible Assets (Intangible Assets Table) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Intangible Asset by Major Class [Line Items] | ||
Intangibles, gross | $681 | $696 |
Accumulated Amortization | -129 | -105 |
Intangibles, net | 552 | 591 |
Contract Acquisition Costs [Member] | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Contract acquisition costs | 355 | 348 |
Weighted Average Useful Life | 26 years | |
Franchise and management intangibles [Member] | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Franchise and management intangibles | 156 | 170 |
Weighted Average Useful Life | 24 years | |
Lease Related Intangibles | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Lease related intangibles | 143 | 155 |
Weighted Average Useful Life | 111 years | |
Advance Booking Intangibles [Member] | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Advance Booking Intangible | 12 | 8 |
Weighted Average Useful Life | 5 years | |
Other Intangible Assets [Member] | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Other intangibles | 8 | 8 |
Weighted Average Useful Life | 11 years | |
Brand intangible [Member] | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Brand intangible | $7 | $7 |
Goodwill_And_Intangible_Assets7
Goodwill And Intangible Assets Goodwill and Intangible Assets (Amortization Expense Table) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization Expense | $30 | $25 | $26 |
Goodwill_And_Intangible_Assets8
Goodwill And Intangible Assets (Future Amortization Table) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $29 |
2016 | 25 |
2017 | 24 |
2018 | 24 |
2019 | $23 |
Goodwill_And_Intangible_Assets9
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Impairments Table) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Impairment Loss | $2 | $2 | $0 | $0 |
Recovered_Sheet2
Goodwill And Intangible Assets Goodwill and Intangible Assets (Definite Lived Impairments Table) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment of Intangible Assets, Finite-lived | $2 | $11 | $2 | $0 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2004 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 08, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 08, 2005 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2019 Notes [Member] | 2019 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2023 Notes [Member] | 2023 Notes [Member] | GH San Antonio Bonds [Member] | Senior Secured Term Loan [Domain] | Senior Secured Term Loan [Domain] | Senior Secured Term Loan [Domain] | Series 2005A [Member] | Series 2005A [Member] | Series 2005A [Member] | Series 2005B [Member] | Series 2005B [Member] | Series 2005B [Member] |
USD ($) | BRL | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | Contract Revenue Bonds [Member] | |||
GH San Antonio Bonds [Member] | GH San Antonio Bonds [Member] | GH San Antonio Bonds [Member] | GH San Antonio Bonds [Member] | GH San Antonio Bonds [Member] | GH San Antonio Bonds [Member] | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Senior Unsecured Notes | $250 | $249 | $196 | $196 | $250 | $250 | $348 | $347 | ||||||||||||||||
Long-term Construction Loan, Noncurrent | 73 | 193 | 32 | 75 | ||||||||||||||||||||
Revolving credit facility | 0 | 0 | ||||||||||||||||||||||
Other (various, maturing through 2015) | 1 | 1 | ||||||||||||||||||||||
Long-term debt before capital lease obligations | 1,373 | 1,275 | 198 | 68 | 0 | 74 | 124 | 130 | 130 | 63 | 70 | 78 | ||||||||||||
Capital lease obligations | 17 | 208 | ||||||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,390 | 1,483 | ||||||||||||||||||||||
Less current maturities | -9 | -194 | ||||||||||||||||||||||
Long-term Debt, Excluding Current Maturities | $1,381 | $1,289 |
Debt_Schedule_of_Maturities_De
Debt (Schedule of Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $9 | |
2016 | 316 | |
2017 | 2 | |
2018 | 2 | |
2019 | 197 | |
Thereafter | 864 | |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $1,390 | $1,483 |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Debt Instrument [Line Items] | |||||
Debt Issuance Cost | $0 | $3 | $0 | $4 | $3 |
Derivative, Gain (Loss) on Derivative, Net | 7 | ||||
Senior Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of Loans | 4 | 4 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | -205 | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of Interest Rate Derivatives Held | 8 | ||||
Derivative, Notional Amount | 25 | ||||
2023 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 350 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ||||
Discount Price Percentage | 99.50% | ||||
Proceeds from issuance of long-term debt, net of issuance costs | 345 | ||||
Senior Unsecured Notes | 348 | 347 | |||
2015 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 250 | 250 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||
Repayments of Debt | 278 | ||||
Discount Price Percentage | 99.46% | ||||
2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 250 | 250 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||||
Debt Instrument, Periodic Payment, Principal | 54 | ||||
Repayments of Debt | 66 | ||||
Discount Price Percentage | 99.86% | ||||
Senior Unsecured Notes | 196 | 196 | |||
2016 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 250 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | ||||
Discount Price Percentage | 99.57% | ||||
Senior Unsecured Notes | 250 | 249 | |||
2021 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 250 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | ||||
Discount Price Percentage | 99.85% | ||||
Senior Unsecured Notes | 250 | 250 | |||
2016 and 2021 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of long-term debt, net of issuance costs | 494 | ||||
2012 Interest Rate Swap Termination [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Cash Received on Hedge | 8 | ||||
Derivative, Gain (Loss) on Derivative, Net | 5 | ||||
Number of Interest Rate Derivatives Terminated | 4 | 4 | |||
2013 Interest Rate Swap Termination [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 2 | ||||
Number of Interest Rate Derivatives Terminated | 4 | ||||
2019 Notes [Member] | 2015 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of long-term debt, net of issuance costs | $495 |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $0 | $0 | |
Repayments of Long-term Debt | 208,000,000 | 368,000,000 | 0 |
Letters of Credit Outstanding, Amount | 65,000,000 | ||
Additional Non-Revolving Credit Facility Banks [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 56,000,000 | 21,000,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | 205,000,000 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.17% | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | ||
Repayments of Long-term Debt | 205,000,000 | ||
Line of Credit Facility, Interest Rate at Period End | 1.42% | ||
Line of Credit Facility, Remaining Borrowing Capacity | 1,500,000,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Senior Loans [Member] | |||
Debt Instrument [Line Items] | |||
Number of Loans | 4 | 4 | |
Borrowing Capacity Reduction [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $9,000,000 | $104,000,000 | |
one-month Libor [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Debt_Fair_Value_Details
Debt (Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt before capital lease obligations | ($1,373) | ($1,275) |
Long-term debt before capital lease obligations, Fair Value | -1,479 | -1,296 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before capital lease obligations, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before capital lease obligations, Fair Value | -1,319 | -1,263 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before capital lease obligations, Fair Value | ($160) | ($33) |
Debt_Debt_Contract_Revenue_Bon
Debt Debt (Contract Revenue Bonds Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 08, 2005 |
Debt Instrument [Line Items] | |||
Long-term Debt | $1,373 | $1,275 | |
GH San Antonio Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 198 | ||
Debt Instrument, Unamortized Discount | 9 | ||
Series 2005A [Member] | Contract Revenue Bonds [Member] | GH San Antonio Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 124 | 130 | 130 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.75% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.00% | ||
Series 2005B [Member] | Contract Revenue Bonds [Member] | GH San Antonio Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 63 | 70 | 78 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.90% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.31% | ||
Long-term Debt, excluding unamortized discount or premium | $66 |
Debt_Debt_Floating_Average_Rat
Debt Debt (Floating Average Rate Construction Loan Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Subloan (a) [Member] | Subloan (b) [Member] | Subloan (c) [Member] |
USD ($) | BRL | USD ($) | BRL | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | Floating average rate construction loan [Member] | |||
sub-loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Loans | 4 | 4 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.92% | 3.92% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Debt, Weighted Average Interest Rate | 8.34% | 8.34% | |||||||
Restricted cash | $359 | $184 | $27 | 71 | $16 | 37 | |||
Long-term Construction Loan, Noncurrent | $73 | 193 | $32 | 75 |
Debt_Debt_Senior_Secured_Term_
Debt Debt (Senior Secured Term Loan) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2004 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $1,373 | $1,275 | |
Hyatt Regency Lost Pines [Member] | |||
Debt Instrument [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Debt | 69 | ||
Debt Premium | 3 | ||
Senior Secured Term Loan [Domain] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $68 | $0 | $74 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.27% |
Debt_Debt_Capital_Lease_Obliga
Debt Debt (Capital Lease Obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Repayments of Long-term Capital Lease Obligations | $191 | $0 | $0 |
Leases_Future_Minimum_Operatin
Leases (Future Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
2015 | $39 |
2016 | 36 |
2017 | 35 |
2018 | 34 |
2019 | 39 |
Thereafter | 503 |
Total minimum lease payments | $686 |
Leases_Future_Minimum_Capital_
Leases (Future Minimum Capital Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
2015 | $3 |
2016 | 3 |
2017 | 2 |
2018 | 2 |
2019 | 2 |
Thereafter | 12 |
Total minimum lease payments | 24 |
Less amount representing interest | 7 |
Present value of minimum lease payments | $17 |
Leases_Hyatt_Regency_Grand_Cyp
Leases (Hyatt Regency Grand Cypress) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leased Assets [Line Items] | |||
Repayments of Long-term Capital Lease Obligations | $191 | $0 | $0 |
Hyatt Regency Grand Cypress [Member] | |||
Capital Leased Assets [Line Items] | |||
Repayments of Long-term Capital Lease Obligations | $191 |
Leases_Corporate_Office_Space_
Leases (Corporate Office Space) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Gain (loss) on sublease agreement | $0 | ($6) | $2 |
Related Party [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $8 | ||
Corporate Headquarters [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 17 years |
Leases_Rent_Expense_Details
Leases (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Minimum rentals | $35 | $32 | $26 |
Contingent rentals | 49 | 47 | 36 |
Total | $84 | $79 | $62 |
Leases_Retail_Lease_Receipts_D
Leases (Retail Lease Receipts) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
2015 | $24 |
2016 | 21 |
2017 | 20 |
2018 | 16 |
2019 | 13 |
Thereafter | 68 |
Total minimum lease receipts | $162 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Plans Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Losses | $8 | $7 |
Defined Benefit Plan, Future Amortization of Losses | $0 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Benefit obligationbbeginning of year | $19 | $21 |
Interest cost | 1 | 1 |
Actuarial (gain) loss | 1 | -2 |
Benefits Paid | -1 | -1 |
Benefit obligationbend of year | 20 | 19 |
Fair value of plan assetsbbeginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Benefits Paid | 0 | 0 |
Employer contributions | 0 | 0 |
Fair value of plan assetsbend of year | 0 | 0 |
Funded status at end of year | -20 | -19 |
Accumulated benefit obligation | $20 | $19 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Accrued current benefit liability | ($1) | ($1) |
Accrued long-term benefit liability | -19 | -18 |
Funded status | ($20) | ($19) |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted Average of Benefit Obligation) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 3.65% | 4.40% |
Employee_Benefit_Plans_Weighte1
Employee Benefit Plans (Weighted Average of Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 4.40% | 3.50% | 4.10% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $1 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
2020-2024 | 6 |
Total | $11 |
Employee_Benefit_Plans_Costs_I
Employee Benefit Plans (Costs Incurred for Employee Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan | $1 | $1 | $1 |
Defined contribution plans | 35 | 33 | 35 |
Deferred compensation plans | $5 | $5 | $4 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans (Employee Stock Purchase Program Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Price per share for the ESPP (in percent) | 95.00% | |
Shares for Issuance under ESPP (in shares) | 1,000,000 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 56,000 | 71,000 |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit Plans (Multi-Employer Pension Plans) (Details) (Multiemployer Plans, Pension [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $12 | $11 | $10 |
New York Hotel Trades Council and Hotel Association of New York City Inc. Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 4 | 4 | 4 |
National Retirement Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 3 | 3 | 2 |
Other Funds [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $5 | $4 | $4 |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans (Multi-Employer Health Plans) (Details) (Multiemployer Plans, Postretirement Benefit [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Plans, Postretirement Benefit [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $12 | $12 | $10 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Deferred gains on sale of hotel properties | $383 | $192 |
Deferred Compensation Plans | 341 | 334 |
Hyatt Gold Passport Funds | 284 | 262 |
Guarantee Liabilities | 110 | 133 |
Deferred Income Taxes | 66 | 74 |
Other Accrued Income Taxes | 62 | 90 |
Defined Benefit Plans | 19 | 18 |
Deferred Incentive Compensation Plans | 3 | 4 |
Other | 133 | 133 |
Other long-term liabilities | $1,401 | $1,240 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | $14 | ||
Effective Income Tax Rate Reconciliation, Adjustments to Deferred Tax Assets,Amount | 8 | 4 | -7 |
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 3 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 1 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 26 | ||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | 4 | 3 | |
Income Tax Examination, Penalties and Interest Expense | 9 | -1 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 64 | ||
Foreign Undistributed Earnings Indefinitely Reinvested | 353 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 37 | 54 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 9 | ||
Deferred Tax Assets, Valuation Allowance | -15 | ||
Total unrecognized tax benefits | 40 | 53 | 75 |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | 20 | 27 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 8 | ||
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 8 | 14 | |
Gross accrued interest and penalties | -24 | -38 | -46 |
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 3 | ||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 6 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | -8 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -3 | ||
State and Foreign [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | 27 | ||
Federal and State [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards | 10 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 6 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 4 | ||
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 10 | ||
Federal and Foreign [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Tax Examination, Penalties and Interest Expense | 1 | ||
Statute Expiration on State Tax Filing Positions [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 7 | ||
Income Tax Examination, Penalties and Interest Expense | 8 | ||
Accrual of position on prior year return [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | -5 | ||
Federal and State 2003-2009 [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Tax Examination, Interest Expense | 1 | ||
2005 - 2008 [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 14 | ||
Treatment for expensing certain renovation costs [Member] | |||
Income Tax Contingency [Line Items] | |||
Interest on Uncertain Tax Positions | 6 | ||
Expiration of Statutes in Foreign Jurisdictions [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 4 | ||
New Uncertain Tax Positions [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | -5 | ||
Statute Expiration on State Tax Filing Positions [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 13 | ||
Fixed asset related items [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Property, Plant and Equipment | $18 |
Income_Taxes_Domestic_and_Fore
Income Taxes (Domestic and Foreign Components of Pretax Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. income before tax | $493 | $256 | $18 |
Foreign income before tax | 32 | 65 | 77 |
Income before income taxes | $525 | $321 | $95 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current Federal | $164 | $85 | ($76) |
Current State | 7 | 14 | -17 |
Current Foreign | 36 | 24 | 36 |
Total Current | 207 | 123 | -57 |
Deferred Federal | -10 | -11 | 52 |
Deferred State | -6 | 9 | 15 |
Deferred Foreign | -12 | -5 | -2 |
Total Deferred | -28 | -7 | 65 |
Total | $179 | $116 | $8 |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes - net of federal tax benefit | 3.40% | 4.80% | -0.30% |
Foreign and U.S. tax effects attributable to foreign operations | 1.70% | -0.40% | -27.40% |
Tax Contingencies | -2.60% | 0.20% | -10.30% |
Change in valuation allowances | -1.00% | 0.00% | -66.30% |
Adjustments to deferred tax assets | -1.50% | 0.00% | 75.40% |
General Business Credits | -0.40% | -1.30% | -2.50% |
Equity based compensation | 0.40% | 1.10% | 2.00% |
Other | -0.90% | -3.20% | 2.70% |
Effective income tax rate | 34.10% | 36.20% | 8.30% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Employee Benefits | $181 | $161 |
Foreign and State Net Operating Losses and credit carryforwards | 37 | 54 |
Nonconsolidated Investments | 59 | 77 |
Allowance for Uncollectible Assets | 36 | 38 |
Intangibles | 8 | 10 |
Deferred gain on sale | 149 | 74 |
Loyalty program | 21 | 24 |
Interest and State Benefits | 4 | 14 |
Unrealized investment losses | 5 | 6 |
Other | 55 | 60 |
Valuation Allowance | -15 | -21 |
Total Deferred Tax Asset | 540 | 497 |
Installment Sales | 0 | -6 |
Property and Equipment | -312 | -255 |
Nonconsolidated Investments | -33 | -59 |
Unrealized investment gains | -23 | -18 |
Prepaid Expenses | -11 | -14 |
Other | -7 | -14 |
Total Deferred Tax Liability | -386 | -366 |
Net Deferred Tax Asset | 154 | 131 |
Deferred tax assets - Current | 26 | 11 |
Deferred tax assets - Noncurrent | 196 | 198 |
Deferred Tax Liabilities - Current | -2 | -4 |
Deferred Tax Liabilities - Noncurrent | ($66) | ($74) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits Rollforward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits - Beginning Balance | $53 | $75 |
Total (decreases) increases - Current Period Tax Positions | 2 | 3 |
Total decreases - Prior Period Tax Positions | -8 | -14 |
Settlements | -2 | -5 |
Lapse of Statute of Limitations | -3 | -4 |
Foreign currency fluctuation | -2 | -2 |
Unrecognized Tax Benefits - Ending Balance | $40 | $53 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Guarantees And Commitments Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Performance Guarantee [Member] | Performance Guarantee [Member] | Loan, Lease Completion And Repayment Guarantees [Member] | Loan, Lease Completion And Repayment Guarantees [Member] | Performance Test Clause Guarantee [Member] | Performance Test Clause Guarantee [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] | Four Hotels in France [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] | ||||
USD ($) | EUR (€) | USD ($) | USD ($) | ||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Commitment to Loan or Investment | $250 | ||||||||||||
Performance Guarantee Initial Term | 7 years | ||||||||||||
Performance Guarantee Remaining Term | 5 years 6 months | ||||||||||||
Guarantor Obligations, Carrying Value, Total | 111 | 129 | 0 | 0 | 106 | 123 | 0 | ||||||
Guarantor Obligations, Carrying Value, Current | 8 | 6 | |||||||||||
Guarantor Obligations, Carrying Value, Noncurrent | 110 | 133 | 103 | 123 | 7 | 10 | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 464 | 243 | 437 | 362 | |||||||||
Successful Enforcement Of Guarantee Agreements | $104 |
Commitments_And_Contingencies_2
Commitments And Contingencies Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantor Obligations [Line Items] | |||
Amortization of initial guarantee obligation liability into income | ($7) | ($5) | $0 |
Performance guarantee expense | 23 | 5 | 0 |
Foreign currency exchange gain (loss) | -3 | -5 | -3 |
Performance Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Ending Balance, December 31 | 111 | 129 | |
Four Hotels in France [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Beginning Balance, Jaunary 1 | 123 | 0 | |
Initial guarantee obligation liability upon inception | 0 | 115 | |
Amortization of initial guarantee obligation liability into income | -6 | -5 | |
Performance guarantee expense | 19 | 0 | |
Net (payments) receipts during the year | -18 | 5 | |
Foreign currency exchange gain (loss) | -12 | 8 | |
Ending Balance, December 31 | $106 | $123 |
Commitments_And_Contingencies_3
Commitments And Contingencies Commitments and Contingencies (Debt Repayment Guarantee) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Carrying Value, Noncurrent | $110 | $133 |
Loan, Lease Completion And Repayment Guarantees [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 243 | |
Guarantor Obligations, Carrying Value, Noncurrent | 7 | 10 |
Loan, Lease Completion And Repayment Guarantees [Member] | Vacation ownership property [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 86 | |
Guarantor Obligations, Carrying Value, Noncurrent | 0 | 1 |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Brazil [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 75 | |
Guarantor Obligations, Carrying Value, Noncurrent | 2 | 3 |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Hawaii [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 30 | |
Guarantor Obligations, Carrying Value, Noncurrent | 1 | 1 |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Minnesota [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 25 | |
Guarantor Obligations, Carrying Value, Noncurrent | 3 | 4 |
Loan, Lease Completion And Repayment Guarantees [Member] | Hotel property in Colorado [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 15 | |
Guarantor Obligations, Carrying Value, Noncurrent | 1 | 1 |
Loan, Lease Completion And Repayment Guarantees [Member] | Other Debt Repayment Guarantee [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 12 | |
Guarantor Obligations, Carrying Value, Noncurrent | $0 | $0 |
Commitments_And_Contingencies_4
Commitments And Contingencies (Self Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters Of Credit Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Self Insurance Reserve, Current | $24 | $27 |
Self Insurance Reserve, Noncurrent | 63 | 53 |
Letters of Credit Outstanding, Amount | 65 | |
Surety bonds | 94 | |
Self Insurance Collateral [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 7 | |
Borrowing Capacity Reduction [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $9 | $104 |
United States [Member] | ||
Loss Contingencies [Line Items] | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 24.00% |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $700 | $400 | |
Share repurchase, value | 445 | 275 | |
Stock repurchased (in shares) | 7,693,326 | 6,604,768 | |
Payments for Repurchase of Common Stock | 443 | 275 | 136 |
Stock repurchase related costs | 0 | 0 | |
Percent repurchased (in percent) | 5.00% | 4.00% | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $444 | ||
Pritzker Family Business Interests [Member] | |||
Common Stock [Line Items] | |||
Percent of Class B Common Stock Owned (in percent) | 77.50% | ||
Percent of Outstanding Shares of Common Stock (in percent) | 57.90% | ||
Percent of Total Voting Power, Common Stock (in percent) | 74.90% | ||
Other Business Interests With Significant Ownership Percentage [Member] | |||
Common Stock [Line Items] | |||
Percent of Class B Common Stock Owned (in percent) | 22.50% | ||
Percent of Outstanding Shares of Common Stock (in percent) | 16.80% | ||
Percent of Total Voting Power, Common Stock (in percent) | 21.80% | ||
Weighted Average [Member] | |||
Common Stock [Line Items] | |||
Stock Repurchased and Retired During Period Per Share Value (in dollars per share) | $57.79 | $41.64 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance Accumulated Other Comprehensive Loss | ($68) | ($67) |
Current Period Other Comprehensive Income (Loss) before Reclassification | -85 | -3 |
Amount Reclassified from Accumulated Other Comprehensive Loss | -7 | 2 |
Ending Balance Accumulated Other Comprehensive Loss | -160 | -68 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 |
Foreign currency translation adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance Accumulated Other Comprehensive Loss | -62 | -54 |
Current Period Other Comprehensive Income (Loss) before Reclassification | -86 | -10 |
Amount Reclassified from Accumulated Other Comprehensive Loss | -7 | 2 |
Ending Balance Accumulated Other Comprehensive Loss | -155 | -62 |
Unrealized gain (loss) on AFS securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance Accumulated Other Comprehensive Loss | 6 | 0 |
Current Period Other Comprehensive Income (Loss) before Reclassification | 0 | 6 |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 |
Ending Balance Accumulated Other Comprehensive Loss | 6 | 6 |
Unrecognized pension cost [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance Accumulated Other Comprehensive Loss | -5 | -6 |
Current Period Other Comprehensive Income (Loss) before Reclassification | 0 | 1 |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 |
Ending Balance Accumulated Other Comprehensive Loss | -5 | -5 |
Unrealized gain (loss) on derivative instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance Accumulated Other Comprehensive Loss | -7 | -7 |
Current Period Other Comprehensive Income (Loss) before Reclassification | 1 | 0 |
Amount Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 |
Ending Balance Accumulated Other Comprehensive Loss | ($6) | ($7) |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expense Related To Long-Term Incentive Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $19 | $8 | $8 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 31 | 17 | 14 |
Performance Vested Restricted Stock (PSS) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 4 | 3 | 1 |
Nonrecurring Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 23 | ||
Nonrecurring Expense [Member] | Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 22 | ||
Nonrecurring Expense [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 10 | ||
Nonrecurring Expense [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $13 |
Stock_Based_Compensation_Incom
Stock Based Compensation (Income Tax Benefit Share Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Appreciation Rights (SARs) [Member] | |||
Income Tax Benefit Share Based Compensation | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $7 | $3 | $3 |
Restricted Stock Units (RSUs) [Member] | |||
Income Tax Benefit Share Based Compensation | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 8 | 6 | 5 |
Performance Vested Restricted Stock (PSS) [Member] | |||
Income Tax Benefit Share Based Compensation | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $2 | $1 | $0 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Appreciation Rights by Grant Date) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |||||
Grants in period (in shares) | 327,307 | 472,003 | 405,877 | 327,307 | ||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $22.57 | $17.95 | $17.29 | $22.57 | $17.98 | $17.29 |
Award Vesting Rights | 25.00% | 25.00% | 25.00% | |||
Vesting Start Month | Mar-15 | Mar-14 | Mar-13 | |||
100% at Vest [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 54,914 | |||||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $18.21 | |||||
Award Vesting Rights | 100.00% | |||||
Vesting Start Month | Mar-17 |
StockBased_Compensation_SAR_Va
Stock-Based Compensation (SAR Valuation Assumptions) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeiture Rate | 0.00% | ||
Exercise Price (in dollars per share) | $49.39 | $43.44 | $41.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months 15 days | 6 years 3 months 29 days | 6 years 3 months |
Risk-free Interest Rate | 1.93% | 1.18% | 1.49% |
Expected Volatility | 44.32% | 40.67% | 40.84% |
Annual Dividend Yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of SAR Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance | 3,578,210 | ||||
Grants in period (in shares) | 327,307 | 472,003 | 405,877 | 327,307 | |
Exercises In Period (in shares) | 387,711 | ||||
Forfeited or canceled in Period (in shares) | 52,222 | ||||
Ending Balance | 3,465,584 | 3,578,210 | |||
Exercisable | 2,497,366 | ||||
Outstanding, Weighted Average Exercise Price | $46.37 | $45.43 | |||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $49.39 | ||||
Exercises In Period, Weighted Average Exercise Price | $39.76 | ||||
Forfeited or Cancelled in Period, Weighted Average Grant Date Fair Value | $50.22 | ||||
Exercisable, Weighted Average Exercise Price | $46.98 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 5 years 5 months 1 day | 5 years 10 months 17 days | |||
Grants in Period, Weighted Average Contractual Term | 9 years 1 month 13 days | ||||
Exercises in Period, Weighted Average Contractual Term | 3 years 3 months 29 days | ||||
Forfeited or Cancelled in Period, Weighted Average Contractual Term | 7 years 2 months 1 day | ||||
Exercisable, Weighted Average Contractual Term | 4 years 4 months 13 days | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Intrinsic Value | $50 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Intrinsic Value | $35 |
StockBased_Compensation_RSU_Ac
Stock-Based Compensation (RSU Activity by Grant Date) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Forfeiture Rate | 3.00% | ||||||||||
Grants in period (in shares) | 2,452 | 376,328 | 2,132 | 13,082 | 2,218 | 453,356 | 40,694 | 2,580 | 19,787 | 444,059 | 378,780 |
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $61.17 | $49.39 | $46.90 | $45.86 | $40.56 | $43.44 | $36.86 | $38.75 | $35.87 | $41.29 | $49.47 |
Total Fair Value, Grants in period | $0 | $19 | $0 | $1 | $0 | $20 | $1 | $0 | $1 | $18 | |
Performance period (in years) | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | 4 years | |
Cash Settled RSUs [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award. Cash Settled, Grants | 0 | 0 | 0 | 0 | |||||||
Employee Service Cash Settled Share-based Compensation Liability, Nonvested Awards | 0 | ||||||||||
Allocated Cash-settled Share-based Compensation Expense | $0 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 1 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $64 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Intrinsic Value | $0 | ||||||||||
Beginning Balance | 1,244,471 | ||||||||||
Grants in period (in shares) | 2,452 | 376,328 | 2,132 | 13,082 | 2,218 | 453,356 | 40,694 | 2,580 | 19,787 | 444,059 | 378,780 |
Vested in Period (in shares) | 468,845 | ||||||||||
Forfeited or canceled in Period (in shares) | 83,768 | ||||||||||
Ending Balance | 1,244,471 | 1,070,638 | |||||||||
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $40.71 | ||||||||||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $61.17 | $49.39 | $46.90 | $45.86 | $40.56 | $43.44 | $36.86 | $38.75 | $35.87 | $41.29 | $49.47 |
Vested in Period, Weighted Average Grant Date Fair Value | $41.05 | ||||||||||
Forfeited or Cancelled in Period, Weighted Average Grant Date Fair Value | $41.48 | ||||||||||
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $40.71 | $43.60 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation (Summary of PSS Activity) (Details) (Performance Vested Restricted Stock (PSS) [Member], USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jan. 01, 2014 | Jan. 01, 2013 | Jan. 01, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period (in years) | 3 years | 3 years | 3 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Vesting Start Month | 1-Jan-14 | 1-Jan-13 | 1-Jan-12 | |||
Stock Granted, Value, Share-based Compensation, Forfeited | $4 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Total Intrinsic Value | $16 | |||||
2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 162,906 | |||||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | $49.39 | |||||
2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 218,686 | |||||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | 43.44 | |||||
2012 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 209,569 | |||||
Grants in period, Weighted-average fair value at grant date (in dollars per share) | 41.29 |
StockBased_Compensation_Unearn
Stock-Based Compensation (Unearned Compensation) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Future compensation expense, 2015 | $11 |
Future compensation expense, 2016 | 7 |
Future compensation expense, 2017 | 2 |
Future compensation expense, 2018 | 0 |
Future compensation expense, 2019 and thereafter | 0 |
Total unearned compensation | 20 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Future compensation expense, 2015 | 1 |
Future compensation expense, 2016 | 1 |
Future compensation expense, 2017 | 0 |
Future compensation expense, 2018 | 0 |
Future compensation expense, 2019 and thereafter | 0 |
Total unearned compensation | 2 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Future compensation expense, 2015 | 8 |
Future compensation expense, 2016 | 5 |
Future compensation expense, 2017 | 2 |
Future compensation expense, 2018 | 0 |
Future compensation expense, 2019 and thereafter | 0 |
Total unearned compensation | 15 |
Performance Vested Restricted Stock (PSS) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amortization period, deferred compensation expense | 2 years |
Future compensation expense, 2015 | 2 |
Future compensation expense, 2016 | 1 |
Future compensation expense, 2017 | 0 |
Future compensation expense, 2018 | 0 |
Future compensation expense, 2019 and thereafter | 0 |
Total unearned compensation | $3 |
Minimum [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amortization period, deferred compensation expense | 2 years |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amortization period, deferred compensation expense | 3 years |
Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amortization period, deferred compensation expense | 4 years |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amortization period, deferred compensation expense | 6 years |
RelatedParty_Transactions_Leas
Related-Party Transactions (Leases Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Future sublease income | $162 | |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from the Amendment of Sublease Agreement | 4 | |
Future sublease income | $8 |
RelatedParty_Transactions_Lega
Related-Party Transactions (Legal Services Narrative) (Details) (Related Party Legal Services [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Legal Services [Member] | |||
Related Party Transaction [Line Items] | |||
Legal fees | $3 | $2 | $2 |
Due (to) from related party | $0 | $0 |
RelatedParty_Transactions_Othe
Related-Party Transactions (Other Services Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||||||||
Management and franchise fees | $101 | $94 | $103 | $89 | $94 | $77 | $96 | $75 | $387 | $342 | $307 |
Related Party Other Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Management and franchise fees | 4 | 6 | 7 | ||||||||
Due (to) from related party | $0 | $1 | $0 | $1 |
RelatedParty_Transactions_Equi
Related-Party Transactions (Equity Method Investments Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||||||||
Management and franchise fees | $101 | $94 | $103 | $89 | $94 | $77 | $96 | $75 | $387 | $342 | $307 |
Equity Method Investments [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Management and franchise fees | 29 | 32 | 37 | ||||||||
Due (to) from related party | $11 | $7 | $11 | $7 | |||||||
Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | 70.00% | |||||||||
Minimum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 8.00% | 8.00% |
RelatedParty_Transactions_Shar
Related-Party Transactions (Share Repurchase Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Stock Repurchased and Retired During Period, Shares | 7,693,326 | 6,604,768 |
Stock Repurchased and Retired During Period, Value | $445 | $275 |
Percent of Stock Outstanding Repurchased During Period | 5.00% | 4.00% |
Common Class B | ||
Related Party Transaction [Line Items] | ||
Stock Repurchased and Retired During Period, Shares | 1,122,000 | 2,906,879 |
Stock Repurchased and Retired During Period, Value | $68 | $120 |
Percent of Stock Outstanding Repurchased During Period | 1.00% | 2.00% |
Weighted Average [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Repurchased and Retired During Period Per Share Value | $57.79 | $41.64 |
Weighted Average [Member] | Common Class B | ||
Related Party Transaction [Line Items] | ||
Stock Repurchased and Retired During Period Per Share Value | $60.20 | $41.36 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Summarized Consolidated Financial Information by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $1,079 | $1,104 | $1,158 | $1,074 | $1,091 | $1,026 | $1,092 | $975 | $4,415 | $4,184 | $3,949 | |||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 728 | 680 | 606 | |||||||||||
Management and franchise fees | 101 | 94 | 103 | 89 | 94 | 77 | 96 | 75 | 387 | 342 | 307 | |||
Other Revenues From Managed Properties | 420 | 431 | 440 | 416 | 425 | 406 | 403 | 388 | 1,707 | 1,622 | 1,543 | |||
Depreciation and amortization | 354 | 345 | 353 | |||||||||||
Capital expenditures | 253 | 232 | 301 | |||||||||||
Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 105 | 99 | 93 | |||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | -131 | -114 | -107 | |||||||||||
Depreciation and amortization | 7 | 7 | 7 | |||||||||||
Capital expenditures | 43 | 20 | 15 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | -105 | [1] | -105 | [1] | -98 | [1] | ||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Capital expenditures | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Operating Segments [Member] | Owned and Leased Hotels [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2,246 | 2,142 | 2,021 | |||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 522 | 471 | 442 | |||||||||||
Depreciation and amortization | 322 | 315 | 323 | |||||||||||
Capital expenditures | 208 | 211 | 283 | |||||||||||
Operating Segments [Member] | Americas Management and Franchising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 253 | 233 | 199 | |||||||||||
Management and franchise fees | 327 | 292 | 256 | |||||||||||
Other Revenues From Managed Properties | 1,550 | 1,482 | 1,456 | |||||||||||
Depreciation and amortization | 18 | 17 | 20 | |||||||||||
Capital expenditures | 1 | 1 | 2 | |||||||||||
Operating Segments [Member] | ASPAC Management and Franchising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 44 | 50 | 46 | |||||||||||
Management and franchise fees | 88 | 83 | 86 | |||||||||||
Other Revenues From Managed Properties | 74 | 74 | 43 | |||||||||||
Depreciation and amortization | 1 | 1 | 1 | |||||||||||
Capital expenditures | 1 | 0 | 1 | |||||||||||
Operating Segments [Member] | EAME/SW Asia Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | 40 | 40 | 26 | |||||||||||
Management and franchise fees | 77 | 72 | 63 | |||||||||||
Other Revenues From Managed Properties | 53 | 45 | 29 | |||||||||||
Depreciation and amortization | 6 | 5 | 2 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Intersegment Eliminations [Member] | Americas Management and Franchising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 88 | [1] | 86 | [1] | 81 | [1] | ||||||||
Intersegment Eliminations [Member] | ASPAC Management and Franchising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2 | [1] | 3 | [1] | 3 | [1] | ||||||||
Intersegment Eliminations [Member] | EAME/SW Asia Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $15 | [1] | $16 | [1] | $14 | [1] | ||||||||
[1] | Intersegment revenues are included in the management and franchise fees revenues totals and eliminated in Eliminations. |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $8,143 | $8,177 |
Owned and Leased Hotels [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 5,682 | 5,726 |
Americas Management and Franchising [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 1,165 | 1,027 |
ASPAC Management and Franchising [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 106 | 101 |
EAME/SW Asia Management [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 184 | 207 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 4,030 | 4,797 |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | ($3,024) | ($3,681) |
Segment_and_Geographic_Informa4
Segment and Geographic Information (Schedule of Revenues from External Customers and Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $1,079 | $1,104 | $1,158 | $1,074 | $1,091 | $1,026 | $1,092 | $975 | $4,415 | $4,184 | $3,949 |
Long Lived Assets | 4,871 | 5,409 | 4,871 | 5,409 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 3,476 | 3,270 | 3,140 | ||||||||
Long Lived Assets | 3,643 | 4,026 | 3,643 | 4,026 | |||||||
All Foreign [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 939 | 914 | 809 | ||||||||
Long Lived Assets | $1,228 | $1,383 | $1,228 | $1,383 |
Segment_and_Geographic_Informa5
Segment and Geographic Information (Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income (Loss) attributable to Hyatt Hotels Corporation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||||||||||
Segment Reporting Information Adjusted Earnings Before Interest Taxes Depreciation Amortization | $728 | $680 | $606 | ||||||||
Equity earnings (losses) from unconsolidated hospitality ventures | 25 | -1 | -22 | ||||||||
Gains on sales of real estate and other | 311 | 125 | 0 | ||||||||
Asset impairments | -10 | -14 | -17 | -22 | 0 | ||||||
Other income (loss), net | -17 | 17 | 7 | ||||||||
Net (income) loss attributable to noncontrolling interests | -2 | 2 | 1 | ||||||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA | -80 | -68 | -73 | ||||||||
EBITDA | 948 | 733 | 519 | ||||||||
Depreciation and amortization | -354 | -345 | -353 | ||||||||
Interest expense | -71 | -65 | -70 | ||||||||
(Provision) benefit for income taxes | -179 | -116 | -8 | ||||||||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $182 | $32 | $74 | $56 | $32 | $55 | $112 | $8 | $344 | $207 | $88 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
NET INCOME | $346 | $205 | $87 | ||||||||
Net (income) loss attributable to noncontrolling interests | -2 | 2 | 1 | ||||||||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $182 | $32 | $74 | $56 | $32 | $55 | $112 | $8 | $344 | $207 | $88 |
Basic weighted average shares outstanding (in shares) | 153,136,511 | 158,544,930 | 165,017,485 | ||||||||
Share-based compensation (in shares) | 1,213,941 | 644,149 | 359,843 | ||||||||
Diluted weighted average shares outstanding (in shares) | 154,350,452 | 159,189,079 | 165,377,328 | ||||||||
Net Income -Basic (in dollars per share) | $1.21 | $0.22 | $0.49 | $0.36 | $0.20 | $0.35 | $0.70 | $0.05 | $2.26 | $1.29 | $0.53 |
Net (income) loss attributable to noncontrolling interests - Basic (per share) | ($0.01) | $0.01 | $0 | ||||||||
Net income attributable to Hyatt Hotels Corporation - Basic (per share) | $2.25 | $1.30 | $0.53 | ||||||||
Net Income- Diluted (in dollars per share) | $1.20 | $0.22 | $0.49 | $0.36 | $0.19 | $0.35 | $0.70 | $0.05 | $2.24 | $1.29 | $0.53 |
Net (income) loss attributable to noncontrolling interests - Diluted (per share) | ($0.01) | $0.01 | $0 | ||||||||
Net income attributable to Hyatt Hotels Corporation - Diluted (per share) | $2.23 | $1.30 | $0.53 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Shares Issued) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-Settled SARs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 5,200 | 148,200 | 13,200 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the computations of diluted net income per share (in shares) | 0 | 0 | 3,300 |
Other_Income_Loss_Net_Reconcil
Other Income (Loss), Net (Reconciliation of Components in Other Income (Loss), Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income (Loss), Net [Abstract] | |||
Performance guarantee expense | ($23) | ($5) | $0 |
Realignment costs | -7 | 0 | -21 |
Transaction costs | -6 | -10 | -2 |
Foreign currency losses | -3 | -5 | -3 |
Interest income | 11 | 17 | 23 |
Guarantee liability amortization | 7 | 5 | 0 |
Cost method investment income | 1 | 50 | 1 |
Gains on other marketable securities | 0 | 2 | 17 |
Impairment of held-to-maturity investment | 0 | 0 | -4 |
Gain on sale of artwork | 0 | 29 | 0 |
Charitable contribution to Hyatt Hotels Foundation | 0 | -20 | 0 |
Debt settlement costs | 0 | -35 | 0 |
Provision on hotel loans | 0 | -6 | -4 |
Other | 3 | -5 | 0 |
Other income (loss), net | ($17) | $17 | $7 |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Details) (Hyatt Regency Indianapolis [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2015 |
Hyatt Regency Indianapolis [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceeds from sales of real estate and other | $71 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information (Unaudited) [Line Items] | |||||||||||
Owned and leased hotels | $551 | $555 | $592 | $548 | $557 | $521 | $572 | $492 | $2,246 | $2,142 | $2,021 |
Management and franchise fees | 101 | 94 | 103 | 89 | 94 | 77 | 96 | 75 | 387 | 342 | 307 |
Other revenues | 7 | 24 | 23 | 21 | 15 | 22 | 21 | 20 | 75 | 78 | 78 |
Other Revenues From Managed Properties | 420 | 431 | 440 | 416 | 425 | 406 | 403 | 388 | 1,707 | 1,622 | 1,543 |
Total revenues | 1,079 | 1,104 | 1,158 | 1,074 | 1,091 | 1,026 | 1,092 | 975 | 4,415 | 4,184 | 3,949 |
Direct And Selling, General, And Administrative Expenses | 1,040 | 1,032 | 1,043 | 1,021 | 1,036 | 973 | 984 | 958 | 4,136 | 3,951 | 3,790 |
Net Income | 182 | 33 | 75 | 56 | 30 | 55 | 112 | 8 | |||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION | 182 | 32 | 74 | 56 | 32 | 55 | 112 | 8 | 344 | 207 | 88 |
Net Income -Basic (in dollars per share) | $1.21 | $0.22 | $0.49 | $0.36 | $0.20 | $0.35 | $0.70 | $0.05 | $2.26 | $1.29 | $0.53 |
Net Income- Diluted (in dollars per share) | $1.20 | $0.22 | $0.49 | $0.36 | $0.19 | $0.35 | $0.70 | $0.05 | $2.24 | $1.29 | $0.53 |
Asset impairments | 10 | 14 | 17 | 22 | 0 | ||||||
Tangible Asset Impairment Charges | 6 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 2 | 11 | 2 | 0 | |||||||
Goodwill, Impairment Loss | 2 | 2 | 0 | 0 | |||||||
Equity Method Investment, Other than Temporary Impairment | 3 | ||||||||||
Nonrecurring Expense [Member] | |||||||||||
Quarterly Financial Information (Unaudited) [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | 23 | ||||||||||
Nonrecurring Expense [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Quarterly Financial Information (Unaudited) [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | $22 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trade receivablesballowance for doubtful accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $11 | $11 | $10 |
Additions Charged to Revenues, Costs and Expenses | 5 | 4 | 5 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | -3 | -4 | -4 |
Balance at End of Period | 13 | 11 | 11 |
Financing Receivablesballowance for losses | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 103 | 99 | 90 |
Additions Charged to Revenues, Costs and Expenses | 7 | 13 | 19 |
Additions Charged to Other Accounts | -9 | -3 | 0 |
Deductions | -1 | -6 | -10 |
Balance at End of Period | 100 | 103 | 99 |
Deferred tax assetbvaluation allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 21 | 22 | 83 |
Additions Charged to Revenues, Costs and Expenses | 0 | 0 | 1 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | -6 | -1 | -62 |
Balance at End of Period | $15 | $21 | $22 |