Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34521 | |
Entity Registrant Name | HYATT HOTELS CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1480589 | |
Entity Address, Address Line One | 150 North Riverside Plaza | |
Entity Address, Address Line Two | 8th Floor | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 750-1234 | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | H | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001468174 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 51,289,439 | |
Common Class B | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 59,017,749 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES: | ||
Total revenues | $ 1,279 | $ 438 |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ||
Depreciation and amortization | 119 | 74 |
Other direct costs | 67 | 23 |
Selling, general, and administrative | 111 | 95 |
Direct and selling, general, and administrative expenses | 1,257 | 593 |
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | (31) | 12 |
Equity earnings (losses) from unconsolidated hospitality ventures | (9) | 54 |
Interest expense | (40) | (41) |
Asset impairments | (3) | 0 |
Other income (loss), net | (10) | 12 |
LOSS BEFORE INCOME TAXES | (71) | (118) |
PROVISION FOR INCOME TAXES | (2) | (186) |
NET LOSS | (73) | (304) |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (73) | $ (304) |
LOSSES PER SHARE—Basic | ||
Net loss (in dollars per share) | $ (0.67) | $ (2.99) |
Net loss attributable to Hyatt Hotels Corporation (in dollars per share) | (0.67) | (2.99) |
LOSSES PER SHARE—Diluted | ||
Net loss (in dollars per share) | (0.67) | (2.99) |
Net loss attributable to Hyatt Hotels Corporation (in dollars per share) | $ (0.67) | $ (2.99) |
Owned and leased hotels | ||
REVENUES: | ||
Total revenues | $ 271 | $ 104 |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ||
Costs of goods and services sold | 210 | 124 |
Net management, franchise, and other fees | ||
REVENUES: | ||
Total revenues | 145 | 55 |
Management, franchise, and other fees | ||
REVENUES: | ||
Total revenues | 154 | 63 |
Contra revenue | ||
REVENUES: | ||
Total revenues | (9) | (8) |
Distribution and destination management | ||
REVENUES: | ||
Total revenues | 246 | 0 |
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ||
Costs of goods and services sold | 194 | 0 |
Other revenues | ||
REVENUES: | ||
Total revenues | 77 | 19 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
REVENUES: | ||
Total revenues | 540 | 260 |
Costs incurred on behalf of managed and franchised properties | ||
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: | ||
Costs of goods and services sold | $ 556 | $ 277 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (73) | $ (304) |
Other comprehensive income (loss), net of taxes: | ||
Foreign currency translation adjustments, net of tax of $— for the three months ended March 31, 2022 and March 31, 2021 | 21 | (46) |
Unrealized gains on derivative activity, net of tax of $— for the three months ended March 31, 2022 and March 31, 2021 | 2 | 2 |
Unrecognized pension cost, net of tax of $— for the three months ended March 31, 2022 and March 31, 2021 | (2) | 0 |
Unrealized losses on available-for-sale debt securities, net of tax of $— for the three months ended March 31, 2022 and March 31, 2021 | (7) | (1) |
Other comprehensive income (loss) | 14 | (45) |
COMPREHENSIVE LOSS | (59) | (349) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (59) | $ (349) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Parentheticals - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Unrealized gains on derivative activity, tax | 0 | 0 |
Unrecognized pension cost, tax | 0 | 0 |
Unrealized losses on available-for-sale debt securities, tax | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 1,023 | $ 960 | |
Restricted cash | 47 | [1] | 57 |
Short-term investments | 282 | 227 | |
Receivables, net of allowances of $56 and $53 at March 31, 2022 and December 31, 2021, respectively | 655 | 633 | |
Inventories | 8 | 10 | |
Prepaids and other assets | 154 | 149 | |
Prepaid income taxes | 53 | 26 | |
Assets held for sale | 375 | 0 | |
Total current assets | 2,597 | 2,062 | |
Equity method investments | 209 | 216 | |
Property and equipment, net | 2,525 | 2,848 | |
Financing receivables, net of allowances of $72 and $69 at March 31, 2022 and December 31, 2021, respectively | 57 | 41 | |
Operating lease right-of-use assets | 411 | 446 | |
Goodwill | 3,006 | 2,965 | |
Intangibles, net | 1,880 | 1,977 | |
Deferred tax assets | 14 | 14 | |
Other assets | 1,990 | 2,034 | |
TOTAL ASSETS | 12,689 | 12,603 | |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 6 | 10 | |
Accounts payable | 546 | 523 | |
Accrued expenses and other current liabilities | 317 | 299 | |
Current contract liabilities | 1,285 | 1,178 | |
Accrued compensation and benefits | 119 | 187 | |
Current operating lease liabilities | 35 | 35 | |
Liabilities held for sale | 212 | 0 | |
Total current liabilities | 2,520 | 2,232 | |
Long-term debt | 3,815 | 3,968 | |
Long-term contract liabilities | 1,407 | 1,349 | |
Long-term operating lease liabilities | 322 | 349 | |
Other long-term liabilities | 1,101 | 1,139 | |
Total liabilities | 9,165 | 9,037 | |
Commitments and contingencies (see Note 12) | |||
EQUITY: | |||
Preferred stock, value, issued | 0 | 0 | |
Common stock, value, issued | 1 | 1 | |
Additional paid-in capital | 657 | 640 | |
Retained earnings | 3,094 | 3,167 | |
Accumulated other comprehensive loss | (231) | (245) | |
Total stockholders' equity | 3,521 | 3,563 | |
Noncontrolling interests in consolidated subsidiaries | 3 | 3 | |
Total equity | 3,524 | 3,566 | |
TOTAL LIABILITIES AND EQUITY | $ 12,689 | $ 12,603 | |
[1] | (1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - Parentheticals - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts receivable, current | $ 56 | $ 53 |
Financing receivable, allowance for credit loss | $ 72 | $ 69 |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value per share (in dollars 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) | 51,273,148 | 50,322,050 |
Common stock, shares, issued (in shares) | 51,273,148 | 50,322,050 |
Common Class B | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 391,012,161 | 391,647,683 |
Common stock, shares, outstanding (in shares) | 59,017,749 | 59,653,271 |
Common stock, shares, issued (in shares) | 59,017,749 | 59,653,271 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (73) | $ (304) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 119 | 74 | ||
Amortization of share awards | 31 | 32 | ||
Amortization of operating lease right-of-use assets | 9 | 8 | ||
Deferred income taxes | 0 | 200 | ||
Equity (earnings) losses from unconsolidated hospitality ventures | 9 | (54) | ||
Contra revenue | 9 | 8 | ||
Unrealized (gains) losses, net | 10 | (8) | ||
Working capital changes and other | 66 | (47) | ||
Net cash provided by (used in) operating activities | 180 | (91) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of marketable securities and short-term investments | (195) | (423) | ||
Proceeds from marketable securities and short-term investments | 163 | 523 | ||
Contributions to equity method and other investments | (3) | (16) | ||
Acquisitions, net of cash acquired | (39) | (84) | ||
Capital expenditures | (43) | (19) | ||
Other investing activities | 7 | (12) | ||
Net cash used in investing activities | (110) | (31) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Other financing activities | (14) | (14) | ||
Net cash used in financing activities | (14) | (14) | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 5 | 5 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE | 61 | (131) | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 54 | (131) | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH RECLASSIFIED TO ASSETS HELD FOR SALE | (7) | 0 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR | 1,065 | 1,237 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD | 1,119 | 1,106 | ||
Supplemental disclosure of cash flow information: | ||||
Cash and cash equivalents | 1,023 | 1,078 | ||
Restricted cash | [1] | 47 | 9 | [2] |
Restricted cash included in other assets | [1],[2] | 49 | 19 | |
Total cash, cash equivalents, and restricted cash | 1,119 | 1,106 | ||
Cash paid during the period for interest | 30 | 42 | ||
Cash paid (received) during the period for income taxes, net | 8 | (2) | ||
Cash paid for amounts included in the measurement of operating lease liabilities | 11 | 9 | ||
Non-cash investing and financing activities are as follows: | ||||
Change in accrued capital expenditures | 13 | 0 | ||
Non-cash right-of-use assets obtained in exchange for operating lease liabilities | $ 1 | $ 2 | ||
[1] | (1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements. | |||
[2] | (1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Subsidiaries | Common Class ACommon Stock Amount | Common Class BCommon Stock Amount |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 39,250,241 | 62,038,918 | |||||
Balance, beginning of period at Dec. 31, 2020 | $ 3,214 | $ 13 | $ 3,389 | $ (192) | $ 3 | $ 1 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive loss | (349) | (304) | (45) | ||||
Employee stock plan issuance (in shares) | 10,992 | ||||||
Employee stock plan issuance | 1 | 1 | |||||
Class share conversions (in shares) | 800,169 | (800,169) | |||||
Share-based payment activity (in shares) | 462,103 | ||||||
Share-based payment activity | 22 | 22 | |||||
Balance, end of period (in shares) at Mar. 31, 2021 | 40,523,505 | 61,238,749 | |||||
Balance, end of period at Mar. 31, 2021 | 2,888 | 36 | 3,085 | (237) | 3 | $ 1 | $ 0 |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 50,322,050 | 59,653,271 | |||||
Balance, beginning of period at Dec. 31, 2021 | 3,566 | 640 | 3,167 | (245) | 3 | $ 1 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive loss | (59) | (73) | 14 | ||||
Employee stock plan issuance (in shares) | 12,221 | ||||||
Employee stock plan issuance | 1 | 1 | |||||
Class share conversions (in shares) | 635,522 | (635,522) | |||||
Share-based payment activity (in shares) | 303,355 | ||||||
Share-based payment activity | 16 | 16 | |||||
Balance, end of period (in shares) at Mar. 31, 2022 | 51,273,148 | 59,017,749 | |||||
Balance, end of period at Mar. 31, 2022 | $ 3,524 | $ 657 | $ 3,094 | $ (231) | $ 3 | $ 1 | $ 0 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") has offerings that consist of full services hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations ("ALG Vacations") and a paid membership program through the Unlimited Vacation Club. At March 31, 2022, (i) we operated or franchised 519 full service hotels, comprising 171,823 rooms throughout the world, (ii) we operated or franchised 542 select service hotels, comprising 78,419 rooms, of which 445 hotels are located in the United States, and (iii) we operated, franchised, or marketed 111 all-inclusive resorts, comprising 36,152 rooms. At March 31, 2022, our portfolio of properties operated in 71 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotels or licensed by third parties. As used in these Notes and throughout this Quarterly Report on Form 10-Q: • "Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries; • "hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts; • "properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential, vacation ownership, and condominium units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the: ◦ Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, UrCove, Hyatt Residences Club brands; and ◦ Secrets Resorts & Spas, Dreams Resorts & Spas, Breathless Resorts & Spas, Zoëtry Wellness & Spa Resorts, Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands (collectively the "AMR Collection"); and • "hospitality ventures" refers to entities in which we own less than a 100% equity interest. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "2021 Form 10-K"). We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Adopted Accounting Standards Government Assistance —In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements. Future Adoption of Accounting Standards Reference Rate Reform —In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Revenues The following tables present our revenues disaggregated by the nature of the product or service: Three Months Ended March 31, 2022 Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Apple Leisure Group Corporate and other Eliminations Total Rooms revenues $ 167 $ — $ — $ — $ — $ — $ (6) $ 161 Food and beverage 69 — — — — — — 69 Other 41 — — — — — — 41 Owned and leased hotels 277 — — — — — (6) 271 Base management fees — 46 8 6 8 — (8) 60 Incentive management fees — 12 4 7 19 — (2) 40 Franchise fees — 34 — 1 — — — 35 Other fees — 3 2 1 3 10 — 19 Management, franchise, and other fees — 95 14 15 30 10 (10) 154 Contra revenue — (6) (1) (2) — — — (9) Net management, franchise, and other fees — 89 13 13 30 10 (10) 145 Distribution and destination management — — — — 246 — — 246 Other revenues — 38 — — 34 4 1 77 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties — 461 29 21 29 — — 540 Total $ 277 $ 588 $ 42 $ 34 $ 339 $ 14 $ (15) $ 1,279 Three Months Ended March 31, 2021 Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total Rooms revenues $ 62 $ — $ — $ — $ — $ (3) $ 59 Food and beverage 20 — — — — — 20 Other 25 — — — — — 25 Owned and leased hotels 107 — — — — (3) 104 Base management fees — 16 8 3 — (3) 24 Incentive management fees — 1 5 2 — — 8 Franchise fees — 17 — — — — 17 Other fees — 4 2 2 6 — 14 Management, franchise, and other fees — 38 15 7 6 (3) 63 Contra revenue — (4) (1) (3) — — (8) Net management, franchise, and other fees — 34 14 4 6 (3) 55 Other revenues — 17 — — 2 — 19 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties — 227 20 13 — — 260 Total $ 107 $ 278 $ 34 $ 17 $ 8 $ (6) $ 438 Contract Balances Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both March 31, 2022 and December 31, 2021. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end. Contract liabilities were comprised of the following: March 31, 2022 December 31, 2021 Deferred revenue related to the paid membership program $ 891 $ 833 Deferred revenue related to the loyalty program 843 814 Deferred revenue related to travel distribution and destination management services 719 629 Advanced deposits 57 61 Initial fees received from franchise owners 43 42 Deferred revenue related to insurance programs 36 52 Other deferred revenue 103 96 Total contract liabilities $ 2,692 $ 2,527 The following table summarizes the activity in our contract liabilities: 2022 2021 Beginning balance, January 1 $ 2,527 $ 941 Cash received and other 1,410 105 Revenue recognized (1,245) (86) Ending balance, March 31 $ 2,692 $ 960 Revenue recognized during the three months ended March 31, 2022 and March 31, 2021 included in the contract liabilities balance at the beginning of each year was $501 million and $69 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the paid membership program. Revenue Allocated to Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $460 million at March 31, 2022, of which we expect to recognize approximately 20% of the revenue over the next 12 months and the remainder thereafter. |
DEBT AND EQUITY SECURITIES
DEBT AND EQUITY SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
DEBT AND EQUITY SECURITIES | DEBT AND EQUITY SECURITIES Equity Method Investments Equity method investments were $209 million and $216 million at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2021, we purchased our hospitality venture partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) (see Note 6). Marketable Securities We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes. Marketable Securities Held to Fund Operating Programs —Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows: March 31, 2022 December 31, 2021 Loyalty program (Note 8) $ 615 $ 601 Deferred compensation plans held in rabbi trusts (Note 8 and Note 10) 498 543 Captive insurance company (Note 8) 119 148 Total marketable securities held to fund operating programs $ 1,232 $ 1,292 Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments (206) (173) Marketable securities held to fund operating programs included in other assets $ 1,026 $ 1,119 Marketable securities held to fund operating programs included $154 million and $141 million of available-for-sale ("AFS") debt securities at March 31, 2022 and December 31, 2021, respectively, with contractual maturity dates ranging from 2022 through 2069. The fair value of our AFS debt securities approximates amortized cost. Additionally, marketable securities held to fund operating programs include $66 million and $89 million of equity securities with a readily determinable fair value at March 31, 2022 and December 31, 2021, respectively. Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows: Three Months Ended March 31, 2022 2021 Unrealized gains (losses), net Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ (32) $ 3 Other income (loss), net (Note 18) (18) (9) Other comprehensive loss (Note 13) (7) (1) Realized gains, net Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ 1 $ 9 Marketable Securities Held for Investment Purposes —Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows: March 31, 2022 December 31, 2021 Time deposits $ 325 $ 255 Common shares in Playa N.V. (Note 8) 105 97 Interest-bearing money market funds 90 231 Total marketable securities held for investment purposes $ 520 $ 583 Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments (415) (486) Marketable securities held for investment purposes included in other assets $ 105 $ 97 We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V."), which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any shares of common stock during three months ended March 31, 2022 or March 31, 2021. Net unrealized gains recognized on our condensed consolidated statements of income (loss) were as follows: Three Months Ended March 31, 2022 2021 Other income (loss), net (Note 18) $ 8 $ 17 Fair Value —We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis: March 31, 2022 Cash and cash equivalents Short-term investments Other assets Level One - Quoted Prices in Active Markets for Identical Assets Interest-bearing money market funds $ 286 $ 286 $ — $ — Mutual funds 564 — — 564 Common shares in Playa N.V. 105 — — 105 Level Two - Significant Other Observable Inputs Time deposits 329 53 273 3 U.S. government obligations 226 — 3 223 U.S. government agencies 58 — — 58 Corporate debt securities 129 — 6 123 Mortgage-backed securities 23 — — 23 Asset-backed securities 25 — — 25 Municipal and provincial notes and bonds 7 — — 7 Total $ 1,752 $ 339 $ 282 $ 1,131 December 31, 2021 Cash and cash equivalents Short-term investments Other assets Level One - Quoted Prices in Active Markets for Identical Assets Interest-bearing money market funds $ 397 $ 397 $ — $ — Mutual funds 632 — — 632 Common shares in Playa N.V. 97 — — 97 Level Two - Significant Other Observable Inputs Time deposits 259 35 221 3 U.S. government obligations 235 — — 235 U.S. government agencies 58 — — 58 Corporate debt securities 137 — 6 131 Mortgage-backed securities 24 — — 24 Asset-backed securities 28 — — 28 Municipal and provincial notes and bonds 8 — — 8 Total $ 1,875 $ 432 $ 227 $ 1,216 During the three months ended March 31, 2022 and March 31, 2021, there were no transfers between levels of the fair value hierarchy. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis. Other Investments HTM Debt Securities —We hold investments in held-to-maturity ("HTM") debt securities, which are investments in third-party entities that own certain of our hotels. The securities are mandatorily redeemable on various dates through 2027. At March 31, 2022 and December 31, 2021, HTM debt securities recorded within other assets on our condensed consolidated balance sheets were as follows: March 31, 2022 December 31, 2021 HTM debt securities $ 93 $ 91 Less: allowance for credit losses (39) (38) Total HTM debt securities, net of allowances $ 54 $ 53 The following table summarizes the activity in our HTM debt securities allowance for credit losses: 2022 2021 Allowance at January 1 $ 38 $ 21 Credit losses (1) 1 1 Allowance at March 31 $ 39 $ 22 (1) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18). We estimated the fair value of HTM debt securities to be approximately $81 million and $77 million at March 31, 2022 and December 31, 2021, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. Equity Securities Without a Readily Determinable Fair Value —At both March 31, 2022 and December 31, 2021, we held $12 million |
RECEIVABLES
RECEIVABLES | 3 Months Ended |
Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables At March 31, 2022 and December 31, 2021, we had $655 million and $633 million of net receivables, respectively, recorded on our condensed consolidated balance sheets. The following table summarizes the activity in our receivables allowance for credit losses: 2022 2021 Allowance at January 1 $ 53 $ 56 Provisions 7 1 Other (4) — Allowance at March 31 $ 56 $ 57 Financing Receivables March 31, 2022 December 31, 2021 Unsecured financing to hotel owners $ 134 $ 133 Less: current portion of financing receivables, included in receivables, net (5) (23) Less: allowance for credit losses (72) (69) Total long-term financing receivables, net of allowances $ 57 $ 41 Allowance for Credit Losses— The following table summarizes the activity in our unsecured financing receivables allowance for credit losses: 2022 2021 Allowance at January 1 $ 69 $ 114 Provisions — 3 Foreign currency exchange, net 3 (2) Allowance at March 31 $ 72 $ 115 Credit Monitoring— Our unsecured financing receivables were as follows: March 31, 2022 Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status Loans $ 132 $ (70) $ 62 $ 51 Other financing arrangements 2 (2) — — Total unsecured financing receivables $ 134 $ (72) $ 62 $ 51 December 31, 2021 Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status Loans $ 130 $ (67) $ 63 $ 47 Other financing arrangements 3 (2) 1 — Total unsecured financing receivables $ 133 $ (69) $ 64 $ 47 Fair Value— We estimated the fair value of financing receivables to be approximately $107 million and $88 million at March 31, 2022 and December 31, 2021, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions Apple Leisure Group —During the year ended December 31, 2021, we acquired 100% of the outstanding limited partnership interests in Casablanca Global Intermediate Holdings L.P., doing business as Apple Leisure Group ("ALG"), and 100% of the outstanding ordinary shares of Casablanca Global GP Limited, its general partner, in a business combination for a purchase price of $2.7 billion (the "ALG Acquisition"). The transaction included $69 million of contingent consideration payable upon achieving certain targets related to ALG's outstanding travel credits; however, we did not record a contingent liability as the achievement was not considered probable as of the acquisition date. We closed on the transaction on November 1, 2021 and paid $2,718 million of cash, inclusive of $39 million of purchase price adjustments for amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet at December 31, 2021 and paid during the three months ended March 31, 2022. Net assets acquired were determined as follows: Cash paid, net of cash acquired $ 2,718 Cash and cash equivalents acquired 460 Restricted cash acquired 16 Net assets acquired $ 3,194 The acquisition includes (i) management and marketing agreements for operating and pipeline hotels, primarily across Mexico, the Caribbean, Central America, and Europe, and brand names affiliated with the AMR Collection resorts; (ii) customer relationships and brand names related to ALG Vacations; and (iii) customer relationships and a brand name associated with the Unlimited Vacation Club paid membership program. Our condensed consolidated balance sheets at both March 31, 2022 and December 31, 2021 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using either discounted future cash flow models or the relief from royalty method, both of which include revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values. During the three months ended March 31, 2022, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of contract terms, renewal periods, useful lives, and other assumptions, which affected the underlying cash flows in the valuation and were based on facts and circumstances that existed at the acquisition date. Measurement period adjustments recorded on our condensed consolidated balance sheet at March 31, 2022 primarily include a $25 million decrease in intangibles, net and a $16 million decrease in property and equipment, net with a corresponding $41 million increase to goodwill. We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the acquisition date. The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment at March 31, 2022: Cash and cash equivalents $ 460 Restricted cash 16 Receivables 168 Prepaids and other assets 74 Property and equipment 6 Financing receivables, net 19 Operating lease right-of-use assets 79 Goodwill (1) 2,718 Indefinite-lived intangibles (2) 514 Management agreement intangibles (3) 486 Customer relationships intangibles (4) 608 Other intangibles 15 Other assets 42 Total assets acquired $ 5,205 Accounts payable $ 255 Accrued expenses and other current liabilities 97 Current contract liabilities (5) 646 Accrued compensation and benefits 49 Current operating lease liabilities 9 Long-term contract liabilities (5) 747 Long-term operating lease liabilities 70 Other long-term liabilities 138 Total liabilities assumed $ 2,011 Total net assets acquired attributable to Hyatt Hotels Corporation $ 3,194 ( 1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible. (2) Includes intangible assets related to various AMR Collection and ALG Vacations brand names. (3) Amortized over useful lives of approximately 1 to 20 years, with a weighted-average useful life of approximately 12 years. (4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years. (5) Contract liabilities assumed were recorded at carrying value at the date of acquisition. Grand Hyatt São Paulo —We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the three months ended March 31, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property and were released from our debt repayment guarantee. The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 13). Net assets acquired were determined as follows: Cash paid $ 6 Repayment of third-party mortgage loan 78 Fair value of our previously-held equity method investment 6 Net assets acquired $ 90 Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet. Held For Sale Hyatt Regency Indian Wells Resort & Spa —During the three months ended March 31, 2022, we signed a purchase and sale agreement to sell Hyatt Regency Indian Wells Resort & Spa for a sales price of $145 million. At March 31, 2022, the related assets and liabilities were classified as held for sale within our owned and leased hotels segment on our condensed consolidated balance sheet. Assets held for sale were $105 million, which primarily consists of $101 million of property and equipment, net, and liabilities held for sale were $8 million, of which $4 million relates to contract liabilities. On April 1, 2022, we completed the sale of the property to an unrelated third party and entered into a long-term management agreement. Grand Hyatt San Antonio River Walk —During the three months ended March 31, 2022, we signed a purchase and sale agreement to sell Grand Hyatt San Antonio River Walk for a sales price of $310 million. At March 31, 2022, the related assets and liabilities were classified as held for sale within our owned and leased hotels segment on our condensed consolidated balance sheet. Assets held for sale were $193 million, which primarily consists of $170 million of property and equipment, net, and liabilities held for sale were $195 million, which primarily consists of $164 million of debt, net of $4 million of unamortized discounts. On April 20, 2022, we completed the sale of the property to an unrelated third party, entered into a long-term management agreement, and repaid the debt. The Driskill —During the three months ended March 31, 2022, we signed a purchase and sale agreement to sell The Driskill for a sales price of $125 million. At March 31, 2022, the related assets and liabilities were classified as held for sale within our owned and leased hotels segment on our condensed consolidated balance sheet. Assets held for sale were $77 million, which primarily consists of $63 million of property and equipment, net, and liabilities held for sale were $9 million, which primarily consists of $6 million of operating lease liabilities. On April 28, 2022, we completed the sale of the property to an unrelated third party and entered into a long-term management agreement. |
INTANGIBLES, NET
INTANGIBLES, NET | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES, NET | INTANGIBLES, NET March 31, 2022 Weighted- December 31, 2021 Management and franchise agreement intangibles $ 822 15 $ 835 Brand and other indefinite-lived intangibles 637 — 646 Customer relationships intangibles 608 9 586 Other intangibles 22 5 58 Intangibles 2,089 2,125 Less: accumulated amortization (209) (148) Intangibles, net $ 1,880 $ 1,977 Three Months Ended March 31, 2022 2021 Amortization expense $ 60 $ 7 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS March 31, 2022 December 31, 2021 Management and franchise agreement assets constituting payments to customers (1) $ 587 $ 571 Marketable securities held to fund rabbi trusts (Note 4) 498 543 Marketable securities held to fund the loyalty program (Note 4) 419 439 Marketable securities held for captive insurance company (Note 4) 109 137 Common shares in Playa N.V. (Note 4) 105 97 Long-term investments (Note 4) 66 65 Other 206 182 Total other assets $ 1,990 $ 2,034 (1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt was $3,815 million and $3,968 million at March 31, 2022 and December 31, 2021, respectively. Revolving Credit Facility —During the three months ended March 31, 2022 and March 31, 2021, we had no borrowings or repayments on our revolving credit facility. At both March 31, 2022 and December 31, 2021, we had no balance outstanding. At March 31, 2022, we had $1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding. Fair Value —We estimate the fair value of debt, excluding finance leases, which consists of the notes below (collectively, the "Senior Notes"), bonds, and other long-term debt. • $300 million of floating rate senior notes due 2023 • $350 million of 3.375% senior notes due 2023 • $700 million of 1.300% senior notes due 2023 • $750 million of 1.800% senior notes due 2024 • $450 million of 5.375% senior notes due 2025 • $400 million of 4.850% senior notes due 2026 • $400 million of 4.375% senior notes due 2028 • $450 million of 5.750% senior notes due 2030 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. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. Based on the lack of available market data, we have classified our revolving credit facility, as applicable, and other debt instruments as Level Three. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in our assumptions will result in different estimates of fair value. March 31, 2022 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 (1) $ 3,836 $ 3,884 $ — $ 3,843 $ 41 (1) Excludes $7 million of finance lease obligations and $22 million of unamortized discounts and deferred financing fees. The carrying value and fair value also exclude $164 million of debt, net of $4 million of unamortized discounts, related to Grand Hyatt San Antonio River Walk, which was classified as held for sale at March 31, 2022 (see Note 6). December 31, 2021 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 (2) $ 4,000 $ 4,230 $ — $ 4,193 $ 37 (2) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees. |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES March 31, 2022 December 31, 2021 Deferred compensation plans funded by rabbi trusts (Note 4) $ 498 $ 543 Income taxes payable 294 281 Deferred income taxes (Note 11) 96 93 Guarantee liabilities (Note 12) 84 92 Self-insurance liabilities (Note 12) 68 66 Other 61 64 Total other long-term liabilities $ 1,101 $ 1,139 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes for the three months ended March 31, 2022 was $2 million compared to the provision for income taxes of $186 million for the three months ended March 31, 2021. The decrease in our provision for income taxes for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, was primarily attributable to the impact of a non-cash expense to record a valuation allowance on U.S. federal and state deferred tax assets in the first quarter of 2021 as a result of entering into a three-year cumulative U.S. pre-tax loss position during the period. We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2009 through 2011 are before the U.S. Tax Court concerning the tax treatment of the loyalty program. The U.S. Tax Court trial proceedings occurred during April 2022, and the trial outcome is pending, subject to the U.S. Tax Court Judge's ruling. During the three months ended March 31, 2021, we received a Notice of Proposed Adjustment for tax years 2015 through 2017 related to the loyalty program issue. As a result, U.S. tax years 2009 through 2017 are pending the outcome of the issue currently in U.S. Tax Court. If the IRS' position to include loyalty program contributions as taxable income to the Company is upheld, it would result in an estimated income tax payment of $225 million (including $67 million of interest, net of federal tax benefit) for all assessed years. We believe we have an adequate uncertain tax liability recorded in connection with this matter. At March 31, 2022 and December 31, 2021, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $213 million and $205 million, respectively, of which $192 million and $186 million, respectively, would impact the effective tax rate if recognized. While it is reasonably possible that the amount of uncertain tax benefits associated with the U.S. treatment of the loyalty program could significantly change within the next 12 months, at this time, we are not able to estimate the range by which the reasonably possible outcomes of the pending litigation could impact our uncertain tax benefits within the next 12 months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we enter into various commitments, guarantees, surety and other bonds, and letter of credit agreements. We continue to review and evaluate the agreements acquired in the ALG Acquisition and the contractual obligations therein. Any identified contractual obligations could be material and may increase our liabilities assumed in the ALG Acquisition (see Note 6). Commitments —At March 31, 2022, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in, various business ventures up to $326 million, net of any related letters of credit. Performance Guarantees —Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. At March 31, 2022, our performance guarantees have $94 million of remaining maximum exposure and expire between 2022 and 2042. At March 31, 2022 and December 31, 2021, we had $49 million and $52 million of total performance guarantee liabilities, respectively, which included $40 million and $41 million recorded in other long-term liabilities and $9 million and $11 million recorded in accrued expenses and other current liabilities, respectively, on our condensed consolidated balance sheets. Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At both March 31, 2022 and December 31, 2021, we had $7 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments. Debt Repayment Guarantees —We enter into various debt repayment guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms. Geographical region Maximum potential future payments Maximum exposure net of recoverability from third parties Other long-term liabilities recorded at March 31, 2022 Other long-term liabilities recorded at December 31, 2021 Year of guarantee expiration United States (1), (2) $ 134 $ 51 $ 7 $ 10 various, through 2024 All foreign (1), (3) 215 205 37 41 various, through 2031 Total $ 349 $ 256 $ 44 $ 51 (1) We have agreements with our unconsolidated hospitality venture partners or the respective hotel owners to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash or HTM debt security. (2) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur. (3) Certain debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at March 31, 2022. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be approximately $97 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded. At March 31, 2022, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures or hotel owners are not current on their debt service obligations where we have provided a debt repayment guarantee. Guarantee Liabilities Fair Value —We estimated the fair value of our guarantees to be approximately $84 million and $87 million at March 31, 2022 and December 31, 2021, respectively. Based on the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy. Insurance —We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the 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 deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance company to be paid within 12 months are $35 million and $34 million at March 31, 2022 and December 31, 2021, respectively, and are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Reserves for losses in our captive insurance company to be paid in future periods are $68 million and $66 million at March 31, 2022 and December 31, 2021, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets. Collective Bargaining Agreements —At March 31, 2022, approximately 22% 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. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good. Surety and Other Bonds —Surety and other bonds issued on our behalf were $48 million at March 31, 2022 and primarily relate to workers' compensation, taxes, licenses, construction liens, and utilities related to our lodging operations. Letters of Credit —Letters of credit outstanding on our behalf at March 31, 2022 were $281 million, which primarily relate to our ongoing operations, collateral for customer deposits associated with ALG Vacations, collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, which are only called on if we default on our guarantees. Of the letters of credit outstanding, $4 million reduces the available capacity under our revolving credit facility (see Note 9). Capital Expenditures —As part of our ongoing business operations, 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(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, 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 unconsolidated hospitality venture partners or respective hotel owners. As a result of certain dispositions, we have agreed to provide customary 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. 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 our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our condensed consolidated financial statements. During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At March 31, 2022, our maximum exposure is not expected to exceed $18 million. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
EQUITY | EQUITY Accumulated Other Comprehensive Loss Balance at Current period other comprehensive income (loss) before reclassification Amount reclassified from accumulated other comprehensive loss Balance at Foreign currency translation adjustments $ (206) $ 21 $ — $ (185) Unrealized losses on AFS debt securities (1) (7) — (8) Unrecognized pension cost (4) (1) (1) (6) Unrealized gains (losses) on derivative instruments (1) (34) — 2 (32) Accumulated other comprehensive loss $ (245) $ 13 $ 1 $ (231) (1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks. We expect to reclassify $6 million of losses over the next 12 months. Balance at Current period other comprehensive income (loss) before reclassification Amount reclassified from accumulated other comprehensive loss Balance at Foreign currency translation adjustments (2) $ (145) $ (24) $ (22) $ (191) Unrealized gains (losses) on AFS debt securities 1 (1) — — Unrecognized pension cost (7) — — (7) Unrealized gains (losses) on derivative instruments (1) (41) — 2 (39) Accumulated other comprehensive loss $ (192) $ (25) $ (20) $ (237) (2) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 6). |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION As part of our Long-Term Incentive Plan ("LTIP"), we award time-vested stock appreciation rights ("SARs"), time-vested restricted stock units ("RSUs"), and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as these expenses have been and will continue to be reimbursed by our third-party hotel owners and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income (loss). Stock-based compensation expense recognized in selling, general, and administrative expenses on our condensed consolidated statements of income (loss) related to these awards was as follows: Three Months Ended March 31, 2022 2021 SARs $ 10 $ 9 RSUs 16 13 PSUs 2 6 Total $ 28 $ 28 SARs —During the three months ended March 31, 2022, we granted 344,202 SARs to employees with a weighted-average grant date fair value of $37.71. During the three months ended March 31, 2021, we granted 396,889 SARs to employees with a weighted-average grant date fair value of $28.68. RSUs —During the three months ended March 31, 2022, we granted 414,466 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $95.00. During the three months ended March 31, 2021, we granted 388,726 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $80.48. PSUs —During the three months ended March 31, 2022, we did not grant any PSUs under our LTIP. During the three months ended March 31, 2021, we granted 153,256 PSUs to employees with a weighted-average grant date fair value of $82.02. Our total unearned compensation for our stock-based compensation programs at March 31, 2022 was $4 million for SARs, $48 million for RSUs, and $13 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of three years. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS In addition to those included elsewhere in the Notes to our condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows: Equity Method Investments —We have equity method investments in entities that own, operate, manage, or franchise properties for which we receive management, franchise, or license fees. We recognized $4 million and $1 million of fees during the three months ended March 31, 2022 and March 31, 2021, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. During the three months ended March 31, 2022 and March 31, 2021, we recognized $2 million and $1 million of income related to these guarantees, respectively. At March 31, 2022 and December 31, 2021, we had $31 million and $29 million of net receivables due from these properties, respectively. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. Class B Share Conversion —During the three months ended March 31, 2022 and March 31, 2021, 635,522 and 800,169 shares of Class B common stock, respectively, were converted on a share-for-share basis into shares of Class A common stock, $0.01 par value per share. The shares of Class B common stock converted into shares of Class A common stock during the three months ended March 31, 2021 have been retired, and those converted into shares of Class A common stock during the three months ended March 31, 2022 will be retired subsequent to March 31, 2022, thereby reducing the shares of Class B common stock authorized and outstanding. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT 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 ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. We define our reportable segments as follows: • Owned and leased hotels —This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations, and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card program and are eliminated in consolidation. • 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 United States, Canada, the Caribbean, Mexico, Central America, and South America, as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, digital and technology, digital media, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and 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, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. • EAME/SW Asia 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 Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation. • Apple Leisure Group —This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive resorts within the AMR Collection located in Mexico, the Caribbean, Central America, and Europe; and through a paid membership program offering benefits exclusively at AMR Collection resorts within Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to marketing services provided on behalf of owners of AMR Collection resorts. Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; distribution and destination management revenues; other revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net. The table below shows summarized consolidated financial information by segment. Included within corporate and other are results related to our co-branded credit card program and unallocated corporate expenses. Three Months Ended March 31, 2022 2021 Owned and leased hotels Owned and leased hotels revenues $ 277 $ 107 Intersegment revenues (1) 6 3 Adjusted EBITDA 54 (29) Depreciation and amortization 52 59 Americas management and franchising Management, franchise, and other fees revenues 95 38 Contra revenue (6) (4) Other revenues 38 17 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 461 227 Intersegment revenues (1) 9 3 Adjusted EBITDA 85 28 Depreciation and amortization 5 5 ASPAC management and franchising Management, franchise, and other fees revenues 14 15 Contra revenue (1) (1) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 29 20 Adjusted EBITDA 5 5 Depreciation and amortization — 1 EAME/SW Asia management and franchising Management, franchise, and other fees revenues 15 7 Contra revenue (2) (3) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 21 13 Intersegment revenues (1) 1 — Adjusted EBITDA 6 — Apple Leisure Group Management, franchise, and other fees revenues 30 — Distribution and destination management revenues 246 — Other revenues 34 — Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 29 — Adjusted EBITDA 56 — Depreciation and amortization 55 — Corporate and other Revenues 14 8 Intersegment revenues (1) (1) — Adjusted EBITDA (38) (24) Depreciation and amortization 7 9 Eliminations Revenues (1) (15) (6) Adjusted EBITDA 1 — TOTAL Revenues $ 1,279 $ 438 Adjusted EBITDA 169 (20) Depreciation and amortization 119 74 (1) Intersegment revenues are included in management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations. The table below provides a reconciliation of our net loss attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: Three Months Ended March 31, 2022 2021 Net loss attributable to Hyatt Hotels Corporation $ (73) $ (304) Interest expense 40 41 Provision for income taxes 2 186 Depreciation and amortization 119 74 EBITDA 88 (3) Contra revenue 9 8 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (540) (260) Costs incurred on behalf of managed and franchised properties 556 277 Equity (earnings) losses from unconsolidated hospitality ventures 9 (54) Stock-based compensation expense (Note 14) 28 28 Asset impairments 3 — Other (income) loss, net (Note 18) 10 (12) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 6 (4) Adjusted EBITDA $ 169 $ (20) |
LOSSES PER SHARE
LOSSES PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
LOSSES PER SHARE | LOSSES PER SHARE The calculation of basic and diluted losses per share, including a reconciliation of the numerator and denominator, is as follows: Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (73) $ (304) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (73) $ (304) Denominator: Basic weighted-average shares outstanding 110,172,487 101,525,935 Share-based compensation — — Diluted weighted-average shares outstanding 110,172,487 101,525,935 Basic Losses Per Share: Net loss $ (0.67) $ (2.99) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (0.67) $ (2.99) Diluted Losses Per Share: Net loss $ (0.67) $ (2.99) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (0.67) $ (2.99) The computations of diluted net losses per share for the three months ended March 31, 2022 and March 31, 2021 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. Three Months Ended March 31, 2022 2021 SARs 1,655,500 1,342,600 RSUs 679,000 658,100 |
OTHER INCOME (LOSS), NET
OTHER INCOME (LOSS), NET | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS), NET | OTHER INCOME (LOSS), NET Three Months Ended March 31, 2022 2021 Unrealized gains (losses), net (Note 4) $ (10) $ 8 Performance guarantee expense (Note 12) (7) (1) Depreciation recovery 4 4 Interest income 6 6 Other, net (3) (5) Other income (loss), net $ (10) $ 12 |
RECENTLY ISSUED ACCOUNTING PR_2
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. |
Principles of Consolidation | We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. |
Adopted Accounting Standards and Future Adoption of Accounting Standards | Adopted Accounting Standards Government Assistance —In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements. Future Adoption of Accounting Standards Reference Rate Reform —In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04. |
Revenue Allocated to Remaining Performance Obligations | Revenue Allocated to Remaining Performance ObligationsRevenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. |
Insurance | Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the 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 deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. |
Commitments and Contingencies Other | 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(s) and/or the general partner(s) thereof. In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, 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 unconsolidated hospitality venture partners or respective hotel owners. As a result of certain dispositions, we have agreed to provide customary 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. 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 our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our condensed consolidated financial statements. |
Segment Information | SEGMENT 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 ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. We define our reportable segments as follows: • Owned and leased hotels —This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations, and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card program and are eliminated in consolidation. • 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 United States, Canada, the Caribbean, Mexico, Central America, and South America, as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, digital and technology, digital media, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and 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, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. • EAME/SW Asia 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 Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation. • Apple Leisure Group —This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive resorts within the AMR Collection located in Mexico, the Caribbean, Central America, and Europe; and through a paid membership program offering benefits exclusively at AMR Collection resorts within Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to marketing services provided on behalf of owners of AMR Collection resorts. Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; distribution and destination management revenues; other revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net. |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our revenues disaggregated by the nature of the product or service: Three Months Ended March 31, 2022 Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Apple Leisure Group Corporate and other Eliminations Total Rooms revenues $ 167 $ — $ — $ — $ — $ — $ (6) $ 161 Food and beverage 69 — — — — — — 69 Other 41 — — — — — — 41 Owned and leased hotels 277 — — — — — (6) 271 Base management fees — 46 8 6 8 — (8) 60 Incentive management fees — 12 4 7 19 — (2) 40 Franchise fees — 34 — 1 — — — 35 Other fees — 3 2 1 3 10 — 19 Management, franchise, and other fees — 95 14 15 30 10 (10) 154 Contra revenue — (6) (1) (2) — — — (9) Net management, franchise, and other fees — 89 13 13 30 10 (10) 145 Distribution and destination management — — — — 246 — — 246 Other revenues — 38 — — 34 4 1 77 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties — 461 29 21 29 — — 540 Total $ 277 $ 588 $ 42 $ 34 $ 339 $ 14 $ (15) $ 1,279 Three Months Ended March 31, 2021 Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total Rooms revenues $ 62 $ — $ — $ — $ — $ (3) $ 59 Food and beverage 20 — — — — — 20 Other 25 — — — — — 25 Owned and leased hotels 107 — — — — (3) 104 Base management fees — 16 8 3 — (3) 24 Incentive management fees — 1 5 2 — — 8 Franchise fees — 17 — — — — 17 Other fees — 4 2 2 6 — 14 Management, franchise, and other fees — 38 15 7 6 (3) 63 Contra revenue — (4) (1) (3) — — (8) Net management, franchise, and other fees — 34 14 4 6 (3) 55 Other revenues — 17 — — 2 — 19 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties — 227 20 13 — — 260 Total $ 107 $ 278 $ 34 $ 17 $ 8 $ (6) $ 438 |
Summary of Contract Liability | Contract liabilities were comprised of the following: March 31, 2022 December 31, 2021 Deferred revenue related to the paid membership program $ 891 $ 833 Deferred revenue related to the loyalty program 843 814 Deferred revenue related to travel distribution and destination management services 719 629 Advanced deposits 57 61 Initial fees received from franchise owners 43 42 Deferred revenue related to insurance programs 36 52 Other deferred revenue 103 96 Total contract liabilities $ 2,692 $ 2,527 The following table summarizes the activity in our contract liabilities: 2022 2021 Beginning balance, January 1 $ 2,527 $ 941 Cash received and other 1,410 105 Revenue recognized (1,245) (86) Ending balance, March 31 $ 2,692 $ 960 |
DEBT AND EQUITY SECURITIES (Tab
DEBT AND EQUITY SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities Held to Fund Operating Programs | Marketable Securities Held to Fund Operating Programs —Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows: March 31, 2022 December 31, 2021 Loyalty program (Note 8) $ 615 $ 601 Deferred compensation plans held in rabbi trusts (Note 8 and Note 10) 498 543 Captive insurance company (Note 8) 119 148 Total marketable securities held to fund operating programs $ 1,232 $ 1,292 Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments (206) (173) Marketable securities held to fund operating programs included in other assets $ 1,026 $ 1,119 |
Schedule of Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs | Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows: Three Months Ended March 31, 2022 2021 Unrealized gains (losses), net Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ (32) $ 3 Other income (loss), net (Note 18) (18) (9) Other comprehensive loss (Note 13) (7) (1) Realized gains, net Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ 1 $ 9 |
Schedule of Marketable Securities Held for Investment Purposes | Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows: March 31, 2022 December 31, 2021 Time deposits $ 325 $ 255 Common shares in Playa N.V. (Note 8) 105 97 Interest-bearing money market funds 90 231 Total marketable securities held for investment purposes $ 520 $ 583 Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments (415) (486) Marketable securities held for investment purposes included in other assets $ 105 $ 97 |
Schedule of Unrealized Gain (Loss) on Investments | Net unrealized gains recognized on our condensed consolidated statements of income (loss) were as follows: Three Months Ended March 31, 2022 2021 Other income (loss), net (Note 18) $ 8 $ 17 |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis: March 31, 2022 Cash and cash equivalents Short-term investments Other assets Level One - Quoted Prices in Active Markets for Identical Assets Interest-bearing money market funds $ 286 $ 286 $ — $ — Mutual funds 564 — — 564 Common shares in Playa N.V. 105 — — 105 Level Two - Significant Other Observable Inputs Time deposits 329 53 273 3 U.S. government obligations 226 — 3 223 U.S. government agencies 58 — — 58 Corporate debt securities 129 — 6 123 Mortgage-backed securities 23 — — 23 Asset-backed securities 25 — — 25 Municipal and provincial notes and bonds 7 — — 7 Total $ 1,752 $ 339 $ 282 $ 1,131 December 31, 2021 Cash and cash equivalents Short-term investments Other assets Level One - Quoted Prices in Active Markets for Identical Assets Interest-bearing money market funds $ 397 $ 397 $ — $ — Mutual funds 632 — — 632 Common shares in Playa N.V. 97 — — 97 Level Two - Significant Other Observable Inputs Time deposits 259 35 221 3 U.S. government obligations 235 — — 235 U.S. government agencies 58 — — 58 Corporate debt securities 137 — 6 131 Mortgage-backed securities 24 — — 24 Asset-backed securities 28 — — 28 Municipal and provincial notes and bonds 8 — — 8 Total $ 1,875 $ 432 $ 227 $ 1,216 |
Schedule of Debt Securities, Held-to-maturity | At March 31, 2022 and December 31, 2021, HTM debt securities recorded within other assets on our condensed consolidated balance sheets were as follows: March 31, 2022 December 31, 2021 HTM debt securities $ 93 $ 91 Less: allowance for credit losses (39) (38) Total HTM debt securities, net of allowances $ 54 $ 53 |
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity in our HTM debt securities allowance for credit losses: 2022 2021 Allowance at January 1 $ 38 $ 21 Credit losses (1) 1 1 Allowance at March 31 $ 39 $ 22 (1) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18). |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Accounts Receivable, Allowance for Credit Loss | The following table summarizes the activity in our receivables allowance for credit losses: 2022 2021 Allowance at January 1 $ 53 $ 56 Provisions 7 1 Other (4) — Allowance at March 31 $ 56 $ 57 |
Schedule of Financing Receivables | March 31, 2022 December 31, 2021 Unsecured financing to hotel owners $ 134 $ 133 Less: current portion of financing receivables, included in receivables, net (5) (23) Less: allowance for credit losses (72) (69) Total long-term financing receivables, net of allowances $ 57 $ 41 |
Schedule of Allowance for Losses and Impairments | The following table summarizes the activity in our unsecured financing receivables allowance for credit losses: 2022 2021 Allowance at January 1 $ 69 $ 114 Provisions — 3 Foreign currency exchange, net 3 (2) Allowance at March 31 $ 72 $ 115 |
Schedule of Credit Monitoring | Our unsecured financing receivables were as follows: March 31, 2022 Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status Loans $ 132 $ (70) $ 62 $ 51 Other financing arrangements 2 (2) — — Total unsecured financing receivables $ 134 $ (72) $ 62 $ 51 December 31, 2021 Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status Loans $ 130 $ (67) $ 63 $ 47 Other financing arrangements 3 (2) 1 — Total unsecured financing receivables $ 133 $ (69) $ 64 $ 47 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Identifiable Net Assets Acquired | Net assets acquired were determined as follows: Cash paid, net of cash acquired $ 2,718 Cash and cash equivalents acquired 460 Restricted cash acquired 16 Net assets acquired $ 3,194 The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment at March 31, 2022: Cash and cash equivalents $ 460 Restricted cash 16 Receivables 168 Prepaids and other assets 74 Property and equipment 6 Financing receivables, net 19 Operating lease right-of-use assets 79 Goodwill (1) 2,718 Indefinite-lived intangibles (2) 514 Management agreement intangibles (3) 486 Customer relationships intangibles (4) 608 Other intangibles 15 Other assets 42 Total assets acquired $ 5,205 Accounts payable $ 255 Accrued expenses and other current liabilities 97 Current contract liabilities (5) 646 Accrued compensation and benefits 49 Current operating lease liabilities 9 Long-term contract liabilities (5) 747 Long-term operating lease liabilities 70 Other long-term liabilities 138 Total liabilities assumed $ 2,011 Total net assets acquired attributable to Hyatt Hotels Corporation $ 3,194 ( 1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible. (2) Includes intangible assets related to various AMR Collection and ALG Vacations brand names. (3) Amortized over useful lives of approximately 1 to 20 years, with a weighted-average useful life of approximately 12 years. (4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years. (5) Contract liabilities assumed were recorded at carrying value at the date of acquisition. |
Schedule Of Asset Acquisition | Net assets acquired were determined as follows: Cash paid $ 6 Repayment of third-party mortgage loan 78 Fair value of our previously-held equity method investment 6 Net assets acquired $ 90 |
INTANGIBLES, NET (Tables)
INTANGIBLES, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | March 31, 2022 Weighted- December 31, 2021 Management and franchise agreement intangibles $ 822 15 $ 835 Brand and other indefinite-lived intangibles 637 — 646 Customer relationships intangibles 608 9 586 Other intangibles 22 5 58 Intangibles 2,089 2,125 Less: accumulated amortization (209) (148) Intangibles, net $ 1,880 $ 1,977 |
Schedule of Indefinite-Lived Intangible Assets | March 31, 2022 Weighted- December 31, 2021 Management and franchise agreement intangibles $ 822 15 $ 835 Brand and other indefinite-lived intangibles 637 — 646 Customer relationships intangibles 608 9 586 Other intangibles 22 5 58 Intangibles 2,089 2,125 Less: accumulated amortization (209) (148) Intangibles, net $ 1,880 $ 1,977 |
Schedule of Intangible Assets Amortization Expense | Three Months Ended March 31, 2022 2021 Amortization expense $ 60 $ 7 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | March 31, 2022 December 31, 2021 Management and franchise agreement assets constituting payments to customers (1) $ 587 $ 571 Marketable securities held to fund rabbi trusts (Note 4) 498 543 Marketable securities held to fund the loyalty program (Note 4) 419 439 Marketable securities held for captive insurance company (Note 4) 109 137 Common shares in Playa N.V. (Note 4) 105 97 Long-term investments (Note 4) 66 65 Other 206 182 Total other assets $ 1,990 $ 2,034 (1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees. |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | March 31, 2022 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 (1) $ 3,836 $ 3,884 $ — $ 3,843 $ 41 (1) Excludes $7 million of finance lease obligations and $22 million of unamortized discounts and deferred financing fees. The carrying value and fair value also exclude $164 million of debt, net of $4 million of unamortized discounts, related to Grand Hyatt San Antonio River Walk, which was classified as held for sale at March 31, 2022 (see Note 6). December 31, 2021 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 (2) $ 4,000 $ 4,230 $ — $ 4,193 $ 37 (2) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees. |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | March 31, 2022 December 31, 2021 Deferred compensation plans funded by rabbi trusts (Note 4) $ 498 $ 543 Income taxes payable 294 281 Deferred income taxes (Note 11) 96 93 Guarantee liabilities (Note 12) 84 92 Self-insurance liabilities (Note 12) 68 66 Other 61 64 Total other long-term liabilities $ 1,101 $ 1,139 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Debt Repayment and Other Guarantees | We enter into various debt repayment guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms. Geographical region Maximum potential future payments Maximum exposure net of recoverability from third parties Other long-term liabilities recorded at March 31, 2022 Other long-term liabilities recorded at December 31, 2021 Year of guarantee expiration United States (1), (2) $ 134 $ 51 $ 7 $ 10 various, through 2024 All foreign (1), (3) 215 205 37 41 various, through 2031 Total $ 349 $ 256 $ 44 $ 51 (1) We have agreements with our unconsolidated hospitality venture partners or the respective hotel owners to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash or HTM debt security. (2) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur. |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Balance at Current period other comprehensive income (loss) before reclassification Amount reclassified from accumulated other comprehensive loss Balance at Foreign currency translation adjustments $ (206) $ 21 $ — $ (185) Unrealized losses on AFS debt securities (1) (7) — (8) Unrecognized pension cost (4) (1) (1) (6) Unrealized gains (losses) on derivative instruments (1) (34) — 2 (32) Accumulated other comprehensive loss $ (245) $ 13 $ 1 $ (231) (1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks. We expect to reclassify $6 million of losses over the next 12 months. Balance at Current period other comprehensive income (loss) before reclassification Amount reclassified from accumulated other comprehensive loss Balance at Foreign currency translation adjustments (2) $ (145) $ (24) $ (22) $ (191) Unrealized gains (losses) on AFS debt securities 1 (1) — — Unrecognized pension cost (7) — — (7) Unrealized gains (losses) on derivative instruments (1) (41) — 2 (39) Accumulated other comprehensive loss $ (192) $ (25) $ (20) $ (237) (2) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 6). |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Compensation Expense Related to Long-Term Incentive Plan | Stock-based compensation expense recognized in selling, general, and administrative expenses on our condensed consolidated statements of income (loss) related to these awards was as follows: Three Months Ended March 31, 2022 2021 SARs $ 10 $ 9 RSUs 16 13 PSUs 2 6 Total $ 28 $ 28 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 results related to our co-branded credit card program and unallocated corporate expenses. Three Months Ended March 31, 2022 2021 Owned and leased hotels Owned and leased hotels revenues $ 277 $ 107 Intersegment revenues (1) 6 3 Adjusted EBITDA 54 (29) Depreciation and amortization 52 59 Americas management and franchising Management, franchise, and other fees revenues 95 38 Contra revenue (6) (4) Other revenues 38 17 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 461 227 Intersegment revenues (1) 9 3 Adjusted EBITDA 85 28 Depreciation and amortization 5 5 ASPAC management and franchising Management, franchise, and other fees revenues 14 15 Contra revenue (1) (1) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 29 20 Adjusted EBITDA 5 5 Depreciation and amortization — 1 EAME/SW Asia management and franchising Management, franchise, and other fees revenues 15 7 Contra revenue (2) (3) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 21 13 Intersegment revenues (1) 1 — Adjusted EBITDA 6 — Apple Leisure Group Management, franchise, and other fees revenues 30 — Distribution and destination management revenues 246 — Other revenues 34 — Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 29 — Adjusted EBITDA 56 — Depreciation and amortization 55 — Corporate and other Revenues 14 8 Intersegment revenues (1) (1) — Adjusted EBITDA (38) (24) Depreciation and amortization 7 9 Eliminations Revenues (1) (15) (6) Adjusted EBITDA 1 — TOTAL Revenues $ 1,279 $ 438 Adjusted EBITDA 169 (20) Depreciation and amortization 119 74 (1) Intersegment revenues are included in management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations. |
Schedule of 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 net loss attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: Three Months Ended March 31, 2022 2021 Net loss attributable to Hyatt Hotels Corporation $ (73) $ (304) Interest expense 40 41 Provision for income taxes 2 186 Depreciation and amortization 119 74 EBITDA 88 (3) Contra revenue 9 8 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (540) (260) Costs incurred on behalf of managed and franchised properties 556 277 Equity (earnings) losses from unconsolidated hospitality ventures 9 (54) Stock-based compensation expense (Note 14) 28 28 Asset impairments 3 — Other (income) loss, net (Note 18) 10 (12) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 6 (4) Adjusted EBITDA $ 169 $ (20) |
LOSSES PER SHARE (Tables)
LOSSES PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of the Calculation of Basic and Diluted Earnings (Losses) Per Share | The calculation of basic and diluted losses per share, including a reconciliation of the numerator and denominator, is as follows: Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (73) $ (304) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (73) $ (304) Denominator: Basic weighted-average shares outstanding 110,172,487 101,525,935 Share-based compensation — — Diluted weighted-average shares outstanding 110,172,487 101,525,935 Basic Losses Per Share: Net loss $ (0.67) $ (2.99) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (0.67) $ (2.99) Diluted Losses Per Share: Net loss $ (0.67) $ (2.99) Net loss attributable to noncontrolling interests — — Net loss attributable to Hyatt Hotels Corporation $ (0.67) $ (2.99) |
Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share | The computations of diluted net losses per share for the three months ended March 31, 2022 and March 31, 2021 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive. Three Months Ended March 31, 2022 2021 SARs 1,655,500 1,342,600 RSUs 679,000 658,100 |
OTHER INCOME (LOSS), NET (Table
OTHER INCOME (LOSS), NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss), Net | Three Months Ended March 31, 2022 2021 Unrealized gains (losses), net (Note 4) $ (10) $ 8 Performance guarantee expense (Note 12) (7) (1) Depreciation recovery 4 4 Interest income 6 6 Other, net (3) (5) Other income (loss), net $ (10) $ 12 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Mar. 31, 2022countryhotelroom |
Organization | |
Number of countries in which entity operates | country | 71 |
Full Service | |
Organization | |
Number of hotels operated or franchised | 519 |
Number of rooms operated or franchised | room | 171,823 |
Number of hotels operated or marketed | 111 |
Number of rooms operated or marketed | room | 36,152 |
Select Service | |
Organization | |
Number of hotels operated or franchised | 542 |
Number of rooms operated or franchised | room | 78,419 |
Select Service | United States | |
Organization | |
Number of hotels operated or franchised | 445 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS- Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,279 | $ 438 |
Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 271 | 104 |
Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 161 | 59 |
Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 69 | 20 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 41 | 25 |
Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 145 | 55 |
Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 154 | 63 |
Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 60 | 24 |
Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 40 | 8 |
Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 35 | 17 |
Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19 | 14 |
Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (9) | (8) |
Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 246 | 0 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 77 | 19 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 540 | 260 |
Operating Segments | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 277 | 107 |
Operating Segments | Owned and leased hotels | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 277 | 107 |
Operating Segments | Owned and leased hotels | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 167 | 62 |
Operating Segments | Owned and leased hotels | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 69 | 20 |
Operating Segments | Owned and leased hotels | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 41 | 25 |
Operating Segments | Owned and leased hotels | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Owned and leased hotels | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Americas management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 588 | 278 |
Operating Segments | Americas management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Americas management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Americas management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Americas management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Americas management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 89 | 34 |
Operating Segments | Americas management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 95 | 38 |
Operating Segments | Americas management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 46 | 16 |
Operating Segments | Americas management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12 | 1 |
Operating Segments | Americas management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 34 | 17 |
Operating Segments | Americas management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | 4 |
Operating Segments | Americas management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6) | (4) |
Operating Segments | Americas management and franchising | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Americas management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 38 | 17 |
Operating Segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 461 | 227 |
Operating Segments | ASPAC management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 42 | 34 |
Operating Segments | ASPAC management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13 | 14 |
Operating Segments | ASPAC management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 14 | 15 |
Operating Segments | ASPAC management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | 8 |
Operating Segments | ASPAC management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4 | 5 |
Operating Segments | ASPAC management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2 | 2 |
Operating Segments | ASPAC management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (1) | (1) |
Operating Segments | ASPAC management and franchising | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | ASPAC management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29 | 20 |
Operating Segments | EAME/SW Asia management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 34 | 17 |
Operating Segments | EAME/SW Asia management and franchising | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13 | 4 |
Operating Segments | EAME/SW Asia management and franchising | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15 | 7 |
Operating Segments | EAME/SW Asia management and franchising | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 3 |
Operating Segments | EAME/SW Asia management and franchising | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7 | 2 |
Operating Segments | EAME/SW Asia management and franchising | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 2 |
Operating Segments | EAME/SW Asia management and franchising | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (2) | (3) |
Operating Segments | EAME/SW Asia management and franchising | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | EAME/SW Asia management and franchising | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 21 | 13 |
Operating Segments | Apple Leisure Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 339 | |
Operating Segments | Apple Leisure Group | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 30 | |
Operating Segments | Apple Leisure Group | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 30 | 0 |
Operating Segments | Apple Leisure Group | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8 | |
Operating Segments | Apple Leisure Group | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19 | |
Operating Segments | Apple Leisure Group | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3 | |
Operating Segments | Apple Leisure Group | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Operating Segments | Apple Leisure Group | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 246 | 0 |
Operating Segments | Apple Leisure Group | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 34 | 0 |
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29 | 0 |
Corporate and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 14 | 8 |
Corporate and other | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10 | 6 |
Corporate and other | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10 | 6 |
Corporate and other | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10 | 6 |
Corporate and other | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate and other | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Corporate and other | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4 | 2 |
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (15) | (6) |
Eliminations | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6) | (3) |
Eliminations | Rooms revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6) | (3) |
Eliminations | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Net management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (10) | (3) |
Eliminations | Management, franchise, and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (10) | (3) |
Eliminations | Base management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (8) | (3) |
Eliminations | Incentive management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (2) | 0 |
Eliminations | Franchise fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Contra revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Distribution and destination management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Eliminations | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1 | 0 |
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Eliminations | Owned and leased hotels | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (6) | (3) |
Eliminations | Americas management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (9) | (3) |
Eliminations | EAME/SW Asia management and franchising | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ (1) | $ 0 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Liability Balances (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | $ 2,692 | $ 2,527 | $ 960 | $ 941 |
Deferred revenue related to the paid membership program | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 891 | 833 | ||
Deferred revenue related to the loyalty program | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 843 | 814 | ||
Deferred revenue related to travel distribution and destination management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 719 | 629 | ||
Advanced deposits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 57 | 61 | ||
Initial fees received from franchise owners | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 43 | 42 | ||
Deferred revenue related to insurance programs | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | 36 | 52 | ||
Other deferred revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract liabilities | $ 103 | $ 96 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS- Activity in Contract Liability Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, beginning balance | $ 2,527 | $ 941 |
Cash received and other | 1,410 | 105 |
Revenue recognized | (1,245) | (86) |
Contract liabilities, ending balance | 2,692 | 960 |
Revenue recognized from opening balance | $ 501 | $ 69 |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS- Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 460 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percent recognized | 20.00% |
Remaining performance obligation, period | 12 months |
DEBT AND EQUITY SECURITIES - Na
DEBT AND EQUITY SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Debt and Equity Method Investments | |||
Equity method investments | $ 209 | $ 216 | |
Held-to-maturity securities, fair value | 81 | 77 | |
Equity securities without a readily determinable fair value | 12 | 12 | |
Loyalty program | |||
Schedule of Debt and Equity Method Investments | |||
Available-for-sale debt securities | 154 | 141 | |
Captive insurance company | |||
Schedule of Debt and Equity Method Investments | |||
Equity securities | 66 | $ 89 | |
Grand Hyatt Sao Paulo | |||
Schedule of Debt and Equity Method Investments | |||
Cash acquired | $ 6 | ||
Repayment of third-party mortgage loan | 78 | ||
Gain on asset acquisition | $ 69 | $ 69 |
DEBT AND EQUITY SECURITIES - He
DEBT AND EQUITY SECURITIES - Held to Fund Operating Programs (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Held for Operating Programs | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | $ 1,232 | $ 1,292 |
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments | (206) | (173) |
Marketable securities held to fund operating programs included in other assets | 1,026 | 1,119 |
Loyalty Program | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | 615 | 601 |
Deferred Compensation Plans | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | 498 | 543 |
Captive Insurance Company | ||
Schedule of Investments | ||
Total marketable securities held to fund operating programs | $ 119 | $ 148 |
DEBT AND EQUITY SECURITIES - Ga
DEBT AND EQUITY SECURITIES - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized gains (losses), net | ||
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | $ (32) | $ 3 |
Other income (loss), net | (18) | (9) |
Other comprehensive loss | (7) | (1) |
Realized gains, net | ||
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | $ 1 | $ 9 |
DEBT AND EQUITY SECURITIES - _2
DEBT AND EQUITY SECURITIES - Held for Investment Purposes (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments | ||
Common shares in Playa N.V | $ 105 | $ 97 |
Held for Investment Purposes | ||
Schedule of Investments | ||
Time deposits | 325 | 255 |
Common shares in Playa N.V | 105 | 97 |
Interest-bearing money market funds | 90 | 231 |
Total marketable securities held to fund operating programs | 520 | 583 |
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments | (415) | (486) |
Marketable securities held for investment purposes included in other assets | $ 105 | $ 97 |
DEBT AND EQUITY SECURITIES - Co
DEBT AND EQUITY SECURITIES - Common Shares of Playa N.V (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Playa Hotels & Resorts N.V. | ||
Schedule of Investments | ||
Other income (loss), net | $ 8 | $ 17 |
DEBT AND EQUITY SECURITIES - Fa
DEBT AND EQUITY SECURITIES - Fair Value of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | $ 1,752 | $ 1,875 |
Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 286 | 397 |
Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 564 | 632 |
Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 105 | 97 |
Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 329 | 259 |
Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 226 | 235 |
Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 58 | 58 |
Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 129 | 137 |
Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 23 | 24 |
Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 25 | 28 |
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 7 | 8 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 339 | 432 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 286 | 397 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 53 | 35 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 282 | 227 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 273 | 221 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 3 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 6 | 6 |
Short-term investments | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Short-term investments | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 0 | 0 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investments, fair value disclosure | 1,131 | 1,216 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Interest-bearing money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 564 | 632 |
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 105 | 97 |
Other assets | Level Two - Significant Other Observable Inputs | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 3 | 3 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 223 | 235 |
Other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 58 | 58 |
Other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 123 | 131 |
Other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 23 | 24 |
Other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | 25 | 28 |
Other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale debt securities | $ 7 | $ 8 |
DEBT AND EQUITY SECURITIES - Sc
DEBT AND EQUITY SECURITIES - Schedule of Debt and Equity Securities HTM (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||||
HTM debt securities | $ 93 | $ 91 | ||
Less: allowance for credit losses | (39) | (38) | $ (22) | $ (21) |
Total HTM debt securities, net of allowances | $ 54 | $ 53 |
DEBT AND EQUITY SECURITIES - Ac
DEBT AND EQUITY SECURITIES - Activity in HTM Debt Security Allowance (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 38 | $ 21 |
Credit losses | 1 | 1 |
Ending balance | $ 39 | $ 22 |
RECEIVABLES - Accounts Receivab
RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Net receivables | $ 655 | $ 633 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance beginning balance | 53 | $ 56 | |
Provisions | 7 | 1 | |
Other | (4) | 0 | |
Allowance ending balance | $ 56 | $ 57 |
RECEIVABLES - Schedule of Finan
RECEIVABLES - Schedule of Financing Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable | ||||
Less: allowance for credit losses | $ (72) | $ (69) | ||
Total long-term financing receivables, net of allowances | 57 | 41 | ||
Unsecured Financing | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Unsecured financing to hotel owners | 134 | 133 | ||
Less: current portion of financing receivables, included in receivables, net | (5) | (23) | ||
Less: allowance for credit losses | (72) | (69) | $ (115) | $ (114) |
Total long-term financing receivables, net of allowances | $ 57 | $ 41 |
RECEIVABLES - Allowance for Los
RECEIVABLES - Allowance for Losses and Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Losses and Impairments | ||
Allowance beginning balance | $ 69 | |
Allowance ending balance | 72 | |
Unsecured Financing | ||
Allowance for Losses and Impairments | ||
Allowance beginning balance | 69 | $ 114 |
Provisions | 0 | 3 |
Foreign currency exchange, net | 3 | (2) |
Allowance ending balance | $ 72 | $ 115 |
RECEIVABLES - Credit Monitoring
RECEIVABLES - Credit Monitoring (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Unsecured Financing Receivables | ||||
Related allowance | $ (72) | $ (69) | ||
Unsecured Financing | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 134 | 133 | ||
Related allowance | (72) | (69) | $ (115) | $ (114) |
Net financing receivables | 62 | 64 | ||
Gross receivables on nonaccrual status | 51 | 47 | ||
Unsecured Financing | Loans | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 132 | 130 | ||
Related allowance | (70) | (67) | ||
Net financing receivables | 62 | 63 | ||
Gross receivables on nonaccrual status | 51 | 47 | ||
Unsecured Financing | Other financing arrangements | ||||
Unsecured Financing Receivables | ||||
Gross loan balance (principal and interest) | 2 | 3 | ||
Related allowance | (2) | (2) | ||
Net financing receivables | 0 | 1 | ||
Gross receivables on nonaccrual status | $ 0 | $ 0 |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Significant unobservable inputs (Level Three) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Financing receivables | $ 107 | $ 88 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Millions | Nov. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Grand Hyatt Sao Paulo | ||||
Business Acquisition [Line Items] | ||||
Asset acquisition, voting rights acquired | 50.00% | |||
Cash paid | $ 6 | |||
Repayment of third-party mortgage loan | 78 | |||
Gain on asset acquisition | $ 69 | $ 69 | ||
Reversal of long term liabilities | 42 | |||
Currency translation loss reclassified | (22) | |||
Property and equipment acquired | 101 | |||
Deferred tax liabilities | $ 11 | |||
Grand Hyatt Sao Paulo | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Apple Leisure Group | ||||
Business Acquisition [Line Items] | ||||
Ownership interest acquired | 100.00% | |||
Casablanca Global GP Limited | ||||
Business Acquisition [Line Items] | ||||
Ownership interest acquired | 100.00% | |||
ALG Acquisition | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 2,700 | |||
Outstanding liability balance | $ 69 | |||
Net assets acquired | $ 2,718 | |||
Purchase price adjustments | $ 39 | |||
Decrease in intangibles | $ 25 | |||
Reduction of property plant and equipment | 16 | |||
Increase in goodwill | $ (41) |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Net Assets Acquired (Details) - USD ($) $ in Millions | Nov. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Cash paid, net of cash acquired | $ 39 | $ 84 | |
ALG Acquisition | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Cash paid, net of cash acquired | $ 2,718 | ||
Cash and cash equivalents acquired | 460 | ||
Restricted cash acquired | 16 | ||
Purchase price adjustments | 39 | ||
Net assets acquired | $ 3,194 |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Nov. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,006 | $ 2,965 | |
Management And Franchise Agreement | Minimum | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 1 year | ||
Management And Franchise Agreement | Maximum | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 20 years | ||
Management And Franchise Agreement | Weighted Average | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 12 years | ||
Customer Relationships | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 9 years | ||
Customer Relationships | Minimum | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 4 years | ||
Customer Relationships | Maximum | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 11 years | ||
Customer Relationships | Weighted Average | |||
Business Acquisition [Line Items] | |||
Weighted- average useful lives in years | 8 years | ||
Apple Leisure Group | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 460 | ||
Restricted cash | 16 | ||
Receivables | 168 | ||
Prepaids and other assets | 74 | ||
Property and equipment | 6 | ||
Financing receivables, net | 19 | ||
Operating lease right-of-use assets | 79 | ||
Goodwill | 2,718 | ||
Indefinite-lived intangibles | 514 | ||
Other assets | 42 | ||
Total assets acquired | 5,205 | ||
Accounts payable | 255 | ||
Accrued expenses and other current liabilities | 97 | ||
Current contract liabilities | 646 | ||
Accrued compensation and benefits | 49 | ||
Current operating lease liabilities | 9 | ||
Long-term contract liabilities | 747 | ||
Long-term operating lease liabilities | 70 | ||
Other long-term liabilities | 138 | ||
Total liabilities assumed | 2,011 | ||
Total net assets acquired attributable to Hyatt Hotels Corporation | 3,194 | ||
Goodwill expected tax deductible amount | 36 | ||
Apple Leisure Group | Management And Franchise Agreement | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 486 | ||
Apple Leisure Group | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 608 | ||
Apple Leisure Group | Other | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 15 |
ACQUISITIONS AND DISPOSITIONS_4
ACQUISITIONS AND DISPOSITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - Grand Hyatt Sao Paulo $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Asset Acquisition [Line Items] | |
Cash paid | $ 6 |
Repayment of third-party mortgage loan | 78 |
Fair value of our previously-held equity method investment | 6 |
Net assets acquired | $ 90 |
ACQUISITIONS AND DISPOSITIONS_5
ACQUISITIONS AND DISPOSITIONS - Held For Sale (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | Apr. 28, 2022 | Apr. 20, 2022 | Apr. 01, 2022 | Mar. 31, 2022 |
Hyatt Regency Indian Wells Resort & Spa | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets held-for-sale | $ 105 | |||
Property plant and equipment held for sale | 101 | |||
Contract liabilities | 4 | |||
Disposal of liabilities | 8 | |||
Grand Hyatt San Antonio River Walk | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets held-for-sale | 193 | |||
Property plant and equipment held for sale | 170 | |||
Disposal of liabilities | 195 | |||
Debt | 164 | |||
Unamortized discount | 4 | |||
The Driskill | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets held-for-sale | 77 | |||
Property plant and equipment held for sale | 63 | |||
Disposal of liabilities | 9 | |||
Long-term operating lease liability | $ 6 | |||
Subsequent Event | Hyatt Regency Indian Wells Resort & Spa | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, consideration | $ 145 | |||
Subsequent Event | Grand Hyatt San Antonio River Walk | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, consideration | $ 310 | |||
Subsequent Event | The Driskill | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, consideration | $ 125 |
INTANGIBLES, NET - Schedule of
INTANGIBLES, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Intangibles | $ 2,089 | $ 2,125 |
Less: accumulated amortization | (209) | (148) |
Intangibles, net | 1,880 | 1,977 |
Brand and other indefinite-lived intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Brand and other indefinite-lived intangibles | 637 | 646 |
Management and franchise agreement intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | $ 822 | 835 |
Weighted- average useful lives in years | 15 years | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | $ 608 | 586 |
Weighted- average useful lives in years | 9 years | |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | $ 22 | $ 58 |
Weighted- average useful lives in years | 5 years |
INTANGIBLES, NET - Amortization
INTANGIBLES, NET - Amortization Expense Table (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 60 | $ 7 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets, Noncurrent [Abstract] | ||
Management and franchise agreement assets constituting payments to customers | $ 587 | $ 571 |
Marketable securities held to fund rabbi trusts | 498 | 543 |
Marketable securities held to fund the loyalty program | 419 | 439 |
Marketable securities held for captive insurance company | 109 | 137 |
Common shares in Playa N.V | 105 | 97 |
Long-term investments | 66 | 65 |
Other | 206 | 182 |
Total other assets | $ 1,990 | $ 2,034 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Long-term debt, net of current maturities | $ 3,815,000,000 | $ 3,968,000,000 |
Revolving credit facility, outstanding balance | 0 | $ 0 |
2023 Floating Rate Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | 300,000,000 | |
2023 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 350,000,000 | |
Debt instrument, stated percent | 3.375% | |
2023 Fixed Rate Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 700,000,000 | |
Debt instrument, stated percent | 1.30% | |
2024 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 750,000,000 | |
Debt instrument, stated percent | 1.80% | |
2025 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 450,000,000 | |
Debt instrument, stated percent | 5.375% | |
2026 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 400,000,000 | |
Debt instrument, stated percent | 4.85% | |
2028 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 400,000,000 | |
Debt instrument, stated percent | 4.375% | |
2030 Notes | Senior Notes | ||
Debt Instrument | ||
Long-term debt, face value | $ 450,000,000 | |
Debt instrument, stated percent | 5.75% | |
Revolving Credit Facility | ||
Debt Instrument | ||
Revolving credit facility, remaining borrowing capacity | $ 1,496,000,000 |
DEBT - Fair Value (Details)
DEBT - Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Finance lease obligations | $ 7 | $ 7 |
Unamortized discount and deferred financing fees | 22 | 29 |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Grand Hyatt San Antonio River Walk | ||
Debt Instrument | ||
Debt | 164 | |
Unamortized discount | 4 | |
Quoted prices in active markets for identical assets (Level One) | ||
Debt Instrument | ||
Debt | 0 | 0 |
Significant other observable inputs (Level Two) | ||
Debt Instrument | ||
Debt | 3,843 | 4,193 |
Significant unobservable inputs (Level Three) | ||
Debt Instrument | ||
Debt | 41 | 37 |
Carrying value | ||
Debt Instrument | ||
Debt | 3,836 | 4,000 |
Fair value | ||
Debt Instrument | ||
Debt | $ 3,884 | $ 4,230 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Deferred compensation plans funded by rabbi trusts (Note 4) | $ 498 | $ 543 |
Income taxes payable | 294 | 281 |
Deferred income taxes (Note 11) | 96 | 93 |
Guarantee liabilities (Note 12) | 84 | 92 |
Self-insurance liabilities (Note 12) | 68 | 66 |
Other | 61 | 64 |
Total other long-term liabilities | $ 1,101 | $ 1,139 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | |||
Provision for income taxes | $ 2 | $ 186 | |
Estimated income tax liability based on taxing authority’s assessment | 18 | ||
Unrecognized tax benefits | 213 | $ 205 | |
Amount of unrecognized tax benefits that would affect the tax rate if recognized | 192 | $ 186 | |
Settlement with Taxing Authority | |||
Tax Credit Carryforward [Line Items] | |||
Estimated income tax liability based on taxing authority’s assessment | 225 | ||
Estimated income tax liability, interest | $ 67 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Commitments and Performance Guarantees Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Performance Guarantee | ||
Loss Contingencies | ||
Remaining maximum exposure | $ 94 | |
Guarantor obligations, liability, current carrying value | 49 | $ 52 |
Performance Guarantee | Other long-term Liabilities | ||
Loss Contingencies | ||
Guarantor obligations, liability, current carrying value | 40 | 41 |
Performance Guarantee | Accrued Expenses and Other Current Liabilities | ||
Loss Contingencies | ||
Guarantor obligations, liability, current carrying value | 9 | $ 11 |
Performance Test Clause Guarantee | ||
Loss Contingencies | ||
Guarantor obligations, liability, current carrying value | 7 | |
Various Business Ventures | ||
Loss Contingencies | ||
Commitment to loan or investment | $ 326 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Debt Guarantees (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies | ||
Other long-term liabilities recorded | $ 84 | $ 92 |
Debt Repayment and Other Guarantees | ||
Loss Contingencies | ||
Maximum potential future payments | 349 | |
Maximum exposure net of recoverability from third parties | 256 | |
Other long-term liabilities recorded | 44 | 51 |
Debt Repayment and Other Guarantees | Hotel Properties in India | Joint Venture | ||
Loss Contingencies | ||
Maximum exposure net of recoverability from third parties | $ 97 | |
Debt repayment and other guarantees, equity method investment, ownership percentage | 50.00% | |
Debt Repayment and Other Guarantees | United States | ||
Loss Contingencies | ||
Maximum potential future payments | $ 134 | |
Maximum exposure net of recoverability from third parties | 51 | |
Other long-term liabilities recorded | 7 | 10 |
Debt Repayment and Other Guarantees | Non-US | ||
Loss Contingencies | ||
Maximum potential future payments | 215 | |
Maximum exposure net of recoverability from third parties | 205 | |
Other long-term liabilities recorded | $ 37 | $ 41 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Guarantee Liabilities Fair Value Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantees, fair value disclosure | $ 84 | $ 87 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies | ||
Self insurance reserve, current | $ 35 | $ 34 |
Self-insurance reserve, noncurrent | 68 | $ 66 |
Surety bonds | 48 | |
Estimated income tax liability based on taxing authority’s assessment | 18 | |
Letter of Credit | ||
Loss Contingencies | ||
Letters of credit outstanding, amount | 281 | |
Reducing capacity under revolving credit facility | $ 4 | |
Various US | ||
Loss Contingencies | ||
Multiemployer plans, collective-bargaining arrangement, percentage of participants | 22.00% |
EQUITY - Accumulated Other Comp
EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ 3,566 | $ 3,214 |
Current period other comprehensive income (loss) before reclassification | 13 | (25) |
Amount reclassified from accumulated other comprehensive loss | 1 | (20) |
Balance, end of period | 3,524 | 2,888 |
Interest Rate Contract | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Amount of loss reclassified from accumulated other comprehensive loss | 6 | |
Foreign currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (206) | (145) |
Current period other comprehensive income (loss) before reclassification | 21 | (24) |
Amount reclassified from accumulated other comprehensive loss | 0 | (22) |
Balance, end of period | (185) | (191) |
Unrealized losses on AFS debt securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (1) | 1 |
Current period other comprehensive income (loss) before reclassification | (7) | (1) |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 |
Balance, end of period | (8) | 0 |
Unrecognized pension cost | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (4) | (7) |
Current period other comprehensive income (loss) before reclassification | (1) | 0 |
Amount reclassified from accumulated other comprehensive loss | (1) | 0 |
Balance, end of period | (6) | (7) |
Unrealized gains (losses) on derivative instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (34) | (41) |
Current period other comprehensive income (loss) before reclassification | 0 | 0 |
Amount reclassified from accumulated other comprehensive loss | 2 | 2 |
Balance, end of period | (32) | (39) |
Accumulated other comprehensive loss | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (245) | (192) |
Balance, end of period | $ (231) | $ (237) |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation Expense Related to Long-Term Incentive Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ 28 | $ 28 |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 10 | 9 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | 16 | 13 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Compensation expense | $ 2 | $ 6 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 344,202 | 396,889 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 37.71 | $ 28.68 |
Total unearned compensation | $ 4 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 414,466 | 388,726 |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 95 | $ 80.48 |
Total unearned compensation | $ 48 | |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Grants in period (in shares) | 153,256 | |
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ 82.02 | |
Total unearned compensation | $ 13 | |
SARs ,RSUs and PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Amortization period, deferred compensation expense | 3 years |
RELATED-PARTY TRANSACTIONS - Eq
RELATED-PARTY TRANSACTIONS - Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Minimum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 24.00% | ||
Maximum | |||
Related Party Transaction | |||
Equity method investment, ownership percentage | 50.00% | ||
Equity Method Investee | |||
Related Party Transaction | |||
Due (to) from related parties | $ 31 | $ 29 | |
Franchise or License Fees | Equity Method Investee | |||
Related Party Transaction | |||
Revenue from related parties | 4 | $ 1 | |
Related Parties Guarantees | Equity Method Investee | |||
Related Party Transaction | |||
Revenue from related parties | $ 2 | $ 1 |
RELATED-PARTY TRANSACTIONS - Sh
RELATED-PARTY TRANSACTIONS - Share Conversion (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Common Class B | |||
Related Party Transaction | |||
Conversion of stock, shares converted (in shares) | 635,522 | 800,169 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Common Class A | |||
Related Party Transaction | |||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
SEGMENT INFORMATION - Summarize
SEGMENT INFORMATION - Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information | ||
Total revenues | $ 1,279 | $ 438 |
Adjusted EBITDA | 169 | (20) |
Depreciation and amortization | 119 | 74 |
Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 271 | 104 |
Other revenues | ||
Segment Reporting Information | ||
Total revenues | 77 | 19 |
Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 154 | 63 |
Contra revenue | ||
Segment Reporting Information | ||
Total revenues | (9) | (8) |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 540 | 260 |
Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 246 | 0 |
Operating Segments | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 277 | 107 |
Adjusted EBITDA | 54 | (29) |
Depreciation and amortization | 52 | 59 |
Operating Segments | Owned and leased hotels | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 277 | 107 |
Operating Segments | Owned and leased hotels | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | Owned and leased hotels | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | Americas management and franchising | ||
Segment Reporting Information | ||
Total revenues | 588 | 278 |
Adjusted EBITDA | 85 | 28 |
Depreciation and amortization | 5 | 5 |
Operating Segments | Americas management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | Americas management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 38 | 17 |
Operating Segments | Americas management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 95 | 38 |
Operating Segments | Americas management and franchising | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | (6) | (4) |
Operating Segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 461 | 227 |
Operating Segments | Americas management and franchising | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | ASPAC management and franchising | ||
Segment Reporting Information | ||
Total revenues | 42 | 34 |
Adjusted EBITDA | 5 | 5 |
Depreciation and amortization | 0 | 1 |
Operating Segments | ASPAC management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | ASPAC management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 14 | 15 |
Operating Segments | ASPAC management and franchising | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | (1) | (1) |
Operating Segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 29 | 20 |
Operating Segments | ASPAC management and franchising | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Total revenues | 34 | 17 |
Adjusted EBITDA | 6 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Operating Segments | EAME/SW Asia management and franchising | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 15 | 7 |
Operating Segments | EAME/SW Asia management and franchising | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | (2) | (3) |
Operating Segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 21 | 13 |
Operating Segments | EAME/SW Asia management and franchising | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | Apple Leisure Group | ||
Segment Reporting Information | ||
Total revenues | 339 | |
Adjusted EBITDA | 56 | 0 |
Depreciation and amortization | 55 | 0 |
Operating Segments | Apple Leisure Group | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | Apple Leisure Group | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 34 | 0 |
Operating Segments | Apple Leisure Group | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | 30 | 0 |
Operating Segments | Apple Leisure Group | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 29 | 0 |
Operating Segments | Apple Leisure Group | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 246 | 0 |
Operating Segments | Corporate and other | ||
Segment Reporting Information | ||
Adjusted EBITDA | (38) | (24) |
Depreciation and amortization | 7 | 9 |
Operating Segments | Corporate and other | Revenues | ||
Segment Reporting Information | ||
Total revenues | 14 | 8 |
Eliminations | ||
Segment Reporting Information | ||
Total revenues | (15) | (6) |
Adjusted EBITDA | 1 | 0 |
Eliminations | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | (6) | (3) |
Eliminations | Other revenues | ||
Segment Reporting Information | ||
Total revenues | 1 | 0 |
Eliminations | Management, franchise, and other fees | ||
Segment Reporting Information | ||
Total revenues | (10) | (3) |
Eliminations | Contra revenue | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | 0 | 0 |
Eliminations | Distribution and destination management | ||
Segment Reporting Information | ||
Total revenues | 0 | |
Eliminations | Owned and leased hotels | ||
Segment Reporting Information | ||
Total revenues | (6) | (3) |
Eliminations | Americas management and franchising | ||
Segment Reporting Information | ||
Total revenues | (9) | (3) |
Eliminations | EAME/SW Asia management and franchising | ||
Segment Reporting Information | ||
Total revenues | (1) | 0 |
Eliminations | Corporate and other | ||
Segment Reporting Information | ||
Total revenues | $ 1 | $ 0 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Net Income attributable to Hyatt Hotels Corporation to EBITDA and a Reconciliation of EBITDA to Consolidated Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information | ||
Net loss attributable to Hyatt Hotels Corporation | $ (73) | $ (304) |
Interest expense | 40 | 41 |
Provision for income taxes | 2 | 186 |
Depreciation and amortization | 119 | 74 |
EBITDA | 88 | (3) |
Total revenues | (1,279) | (438) |
Equity (earnings) losses from unconsolidated hospitality ventures | 9 | (54) |
Stock-based compensation expense (Note 14) | 28 | 28 |
Asset impairments | 3 | 0 |
Other (income) loss, net | 10 | (12) |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | 6 | (4) |
Adjusted EBITDA | 169 | (20) |
Contra revenue | ||
Segment Reporting Information | ||
Total revenues | 9 | 8 |
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Total revenues | (540) | (260) |
Costs incurred on behalf of managed and franchised properties | ||
Segment Reporting Information | ||
Costs incurred on behalf of managed and franchised properties | $ 556 | $ 277 |
LOSSES PER SHARE - Schedule of
LOSSES PER SHARE - Schedule of the Calculation of Basic and Diluted Losses Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss | $ (73) | $ (304) |
Net loss attributable to noncontrolling interests | 0 | 0 |
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION | $ (73) | $ (304) |
Denominator: | ||
Basic weighted-average shares outstanding (in shares) | 110,172,487 | 101,525,935 |
Share-based compensation (in shares) | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 110,172,487 | 101,525,935 |
Basic Losses Per Share: | ||
Net loss (in dollars per share) | $ (0.67) | $ (2.99) |
Net loss attributable to noncontrolling interests (in dollars per share) | 0 | 0 |
Net loss attributable to Hyatt Hotels Corporation (in dollars per share) | (0.67) | (2.99) |
Diluted Losses Per Share: | ||
Net loss (in dollars per share) | (0.67) | (2.99) |
Net loss attributable to noncontrolling interests (in dollars per share) | 0 | 0 |
Net loss attributable to Hyatt Hotels Corporation (in dollars per share) | $ (0.67) | $ (2.99) |
LOSSES PER SHARE - Anti-dilutiv
LOSSES PER SHARE - Anti-dilutive Shares Issued (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SARs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,655,500 | 1,342,600 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 679,000 | 658,100 |
OTHER INCOME (LOSS), NET (Detai
OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Unrealized gains (losses), net (Note 4) | $ (10) | $ 8 |
Performance guarantee expense (Note 12) | (7) | (1) |
Depreciation recovery | 4 | 4 |
Interest income | 6 | 6 |
Other, net | (3) | (5) |
Other income (loss), net | $ (10) | $ 12 |