Hilton Worldwide (HLT) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36243
Entity Registrant Name	Hilton Worldwide Holdings Inc.
Entity incorporation, sate or country code	DE
Entity Tax Identification Number	27-4384691
Entity Address, Address Line One	7930 Jones Branch Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	883-1000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	HLT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity common stock shares outstanding		250,046,052
Entity Central Index Key	0001585689
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents		$ 1,346	$ 800
Restricted cash and cash equivalents		74	75
Accounts Receivable, after Allowance for Credit Loss, Current		1,467	1,487
Prepaid expenses		193	131
Other		103	121
Assets, Current, Total		3,183	2,614
Intangibles and Other Assets:
Goodwill		5,044	5,052
Brands		4,831	4,846
Operating lease right-of-use assets		594	618
Property and equipment, net		377	382
Deferred income tax assets		140	140
Other		503	512
Assets, Noncurrent, Total		12,749	12,787
Total assets		15,932	15,401
Current Liabilities:
Accounts payable, accrued expenses and other		1,935	1,979
Current maturities of long-term debt	[1]	38	39
Current portion of deferred revenues		513	502
Liabilities, Current, Total		3,774	3,722
Long-term debt		10,135	9,157
Operating lease liabilities		775	808
Deferred revenues		1,152	1,132
Deferred income tax liabilities		373	401
Other		987	998
Liabilities, Total		18,749	17,748
Commitments and contingencies – see Note 13
Equity (Deficit):
Common stock, $0.01 par value; 10,000,000,000 authorized shares, 251,032,237 outstanding as of March 31, 2024 and 253,488,288 outstanding as of December 31, 2023		3	3
Treasury stock, at cost; 84,184,078 shares as of March 31, 2024 and 80,807,049 shares as of December 31, 2023		(9,060)	(8,393)
Additional paid-in capital		10,954	10,968
Accumulated deficit		(3,981)	(4,207)
Accumulated other comprehensive loss		(749)	(731)
Total Hilton stockholders' deficit		(2,833)	(2,360)
Noncontrolling interests		16	13
Total deficit		(2,817)	(2,347)
TOTAL LIABILITIES AND EQUITY (DEFICIT)		15,932	15,401
Management and franchise
Intangibles and Other Assets:
Management and franchise contracts, net		1,087	1,064
Other
Intangibles and Other Assets:
Management and franchise contracts, net		173	173
Variable Interest Entity, Primary Beneficiary
Current Assets:
Cash and cash equivalents		48	46
Accounts Receivable, after Allowance for Credit Loss, Current		15	17
Intangibles and Other Assets:
Property and equipment, net		33	37
Deferred income tax assets		28	32
Other		40	43
Current Liabilities:
Accounts payable, accrued expenses and other		26	29
Current maturities of long-term debt		18	19
Guest Loyalty Program
Current Liabilities:
Current portion of liability for guest loyalty program		1,288	1,202
Liability for guest loyalty program		$ 1,553	$ 1,530
[1] Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 137	$ 131
Total current assets of variable interest entities	66	65
Total intangibles and other assets of variable interest entities	102	112
Total current liabilities of variable interest entities	46	50
Total liabilities of variable interest entities	$ 122	$ 137
Common stock, par value (per share)	$ 0.01	$ 0.01
Common stock, authorized shares	10,000,000,000	10,000,000,000
Common stock, outstanding shares	251,032,237	253,488,288
Treasury stock, shares	84,184,078	80,807,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 2,573	$ 2,293
Owned and leased hotels	247	251
Depreciation and amortization	36	37
General and administrative	104	91
Other expenses	30	21
Total expenses excluding reimbursable expenses	417	400
Other expenses from managed and franchised properties	1,630	1,395
Total expenses	2,047	1,795
Gain (Loss) on Disposition of Assets	7	0
Operating income (loss)	533	498
Interest expense	(131)	(116)
Loss on foreign currency transactions	(1)	0
Loss on investments in unconsolidated affiliate	0	(92)
Other non-operating income (loss), net	(36)	12
Income before income taxes	365	302
Income tax expense	(97)	(93)
Net income	268	209
Net loss (income) attributable to noncontrolling interests	(3)	(3)
Net income attributable to Hilton stockholders	$ 265	$ 206
Basic EPS:
Earnings (loss) per share, basic (USD per share)	$ 1.05	$ 0.77
Diluted EPS:
Earnings (loss) per share, diluted (USD per share)	1.04	0.77
Cash dividends declared per share	$ 0.15	$ 0.15
Total revenues excluding reimbursable revenues
Revenues	$ 1,052	$ 936
Franchise and licensing fees
Revenues	571	508
Base and other management fees
Revenues	106	80
Incentive management fees
Revenues	70	65
Owned and leased hotels
Revenues	255	248
Other revenues
Revenues	50	35
Other revenues from managed and franchised properties
Revenues	$ 1,521	$ 1,357

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 268	$ 209
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Currency translation adjustment, net of tax	(27)	(6)
Pension liability adjustment, net of tax	2	2
Cash flow hedge adjustment, net of tax	7	(14)
Total other comprehensive loss	(18)	(18)
Comprehensive income	250	191
Comprehensive loss (income) attributable to noncontrolling interests	(3)	(3)
Comprehensive income attributable to Hilton stockholders	$ 247	$ 188

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustment, tax benefit (expense)	$ 4	$ (3)
Pension liability adjustment, tax expense (less than)	(1)	(1)
Cash flow hedge adjustment, tax benefit (expense)	$ (2)	$ 4

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income (loss)	$ 268	$ 209
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of contract acquisition costs	12	10
Depreciation and amortization	36	37
Gain (Loss) on Disposition of Assets	(7)	0
Loss on foreign currency transactions	1	0
Loss on investments in unconsolidated affiliate	0	92
Share-based compensation expense	41	33
Deferred income taxes	(30)	(20)
Contract acquisition costs, net of refunds	(37)	(105)
Working capital changes and other	62	74
Net cash provided by operating activities	346	330
Investing Activities:
Capital expenditures for property and equipment	(16)	(44)
Issuance of financing receivables	0	(8)
Proceeds from asset dispositions	8	0
Settlements of undesignated derivative financial instruments	0	(12)
Capitalized software costs	(18)	(19)
Investments in unconsolidated affiliates	(1)	(2)
Net cash used in investing activities	(27)	(85)
Financing Activities:
Borrowings	1,200	0
Repayment of debt	(209)	(12)
Debt issuance costs	(13)	(9)
Dividends paid	(39)	(41)
Repurchases of common stock	(666)	(450)
Share-based compensation tax withholdings	(69)	(51)
Proceeds from share-based compensation	20	5
Settlements of interest rate swap with financing component	14	11
Net cash provided by (used in) financing activities	238	(547)
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(12)	(6)
Net increase (decrease) in cash, restricted cash and cash equivalents	545	(308)
Cash, restricted cash and cash equivalents, beginning of period	875	1,286
Cash, restricted cash and cash equivalents, end of period	$ 1,420	$ 978

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Hilton Worldwide Holdings Inc. (the "Parent," or together with its subsidiaries, "Hilton," "we," "us," "our" or the "Company"), a Delaware corporation, is one of the largest global hospitality companies and is engaged in managing, franchising, owning and leasing hotels and resorts, and licensing its intellectual property ("IP"), including brand names, trademarks and service marks. Basis of Presentation The accompanying condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") and are unaudited. We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with GAAP; however, we believe the disclosures made are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions In March 2024, we signed a purchase agreement to acquire the Graduate Hotels brand and enter into franchise contracts for approximately 35 existing and pipeline Graduate Hotels for $210 million in cash, which is expected to close in the second quarter of 2024. In April 2024, we agreed to and completed an all-cash acquisition of a controlling financial interest in Sydell Hotels & Resorts, LLC and Sydell Holding Company UK Ltd (collectively, the "Sydell Group"), which owns the NoMad brand.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers Contract Liabilities The following table summarizes the activity of our contract liabilities, which are classified as components of current and long-term deferred revenues, during the three months ended March 31, 2024: (in millions) Balance as of December 31, 2023 $ 1,521 Cash received in advance and not recognized as revenue 185 Revenue recognized (1) (66) Other (2) (78) Balance as of March 31, 2024 $ 1,562 ____________ (1) Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2) Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues. Performance Obligations As of March 31, 2024, deferred revenues for unsatisfied performance obligations consisted of: (i) $800 million related to Hilton Honors that will be recognized as revenue over approximately the next two years; (ii) $744 million related to advance consideration received from hotel owners for application, initiation and other fees and system implementation fees; and (iii) $18 million related to other obligations. These performance obligations are recognized as revenue as discussed in Note 2: "Basis of Presentation and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Consolidated Variable Interest

Consolidated Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Consolidated Variable Interest Entities Disclosure [Abstract]
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities As of March 31, 2024 and December 31, 2023, we consolidated two variable interest entities ("VIEs") that each lease one hotel property, both of which are located in Japan. We consolidated these VIEs since we are the primary beneficiary, having the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb losses and the right to receive benefits that could be significant to each of the VIEs individually. The assets of our consolidated VIEs are only available to settle the obligations of the respective entities, and the liabilities of the consolidated VIEs are non-recourse to us. Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following: March 31, December 31, 2024 2023 (in millions) Cash and cash equivalents $ 48 $ 46 Accounts receivable, net 15 17 Property and equipment, net 33 37 Deferred income tax assets 28 32 Other non-current assets 40 43 Accounts payable, accrued expenses and other 26 29 Long-term debt (1)(2) 86 95 ____________ (1) Includes finance lease liabilities of $78 million and $86 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes current maturities of $18 million and $19 million as of March 31, 2024 and December 31, 2023, respectively.

Loss on Investments in Unconsol

Loss on Investments in Unconsolidated Affiliate	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Loss on Investments in Unconsolidated Affiliate	Loss on Investments in Unconsolidated Affiliate We provide equity and debt financing to certain unconsolidated affiliates with an objective of supporting the growth of our network. The assets relating to these investments are classified as other current assets or other non-current assets in our condensed consolidated balance sheets based on the expected maturity of the respective investment, if applicable. In March 2023, as a result of the rise in market-based interest rates, one of our third-party unconsolidated affiliates (the "Fund"), which has underlying investments in certain hotels that we manage or franchise, failed to comply with certain requirements of its debt agreements. As a result, we determined that: (i) our investment in the Fund was fully impaired and (ii) short-term subordinated financing receivables due to us from the Fund were uncollectible. As such, we recognized an other-than-temporary impairment loss on our investment of $44 million and credit losses of $48 million to fully reserve the financing receivables, such that their net carrying values were zero. These losses were recognized in loss on investments in unconsolidated affiliate in our condensed consolidated statement of operations for the three months ended March 31, 2023.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of March 31, 2024, were as follows: March 31, December 31, 2024 2023 (in millions) Senior secured term loan facility with a rate of 7.18%, due 2028 $ 1,000 $ 1,000 Senior secured term loan facility with a rate of 7.43%, due 2030 2,119 2,119 Senior notes with a rate of 5.375%, due 2025 (1) 500 500 Senior notes with a rate of 4.875%, due 2027 (1) 600 600 Senior notes with a rate of 5.750%, due 2028 (1) 500 500 Senior notes with a rate of 5.875%, due 2029 (1) 550 — Senior notes with a rate of 3.750%, due 2029 (1) 800 800 Senior notes with a rate of 4.875%, due 2030 (1) 1,000 1,000 Senior notes with a rate of 4.000%, due 2031 (1) 1,100 1,100 Senior notes with a rate of 3.625%, due 2032 (1) 1,500 1,500 Senior notes with a rate of 6.125%, due 2032 (1) 450 — Finance lease liabilities with a weighted average rate of 6.01%, due 2024 to 2030 (2) 129 139 Other debt of consolidated VIEs with a weighted average rate of 1.32%, due 2024 to 2026 (2) 8 9 10,256 9,267 Less: unamortized deferred financing costs and discounts (83) (71) Less: current maturities of long-term debt (3) (38) (39) $ 10,135 $ 9,157 ____________ (1) These notes are collectively referred to as the Senior Notes and are jointly and severally guaranteed on a senior unsecured basis by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, other than Hilton Domestic Operating Company Inc. ("HOC"), an indirect wholly owned subsidiary of the Parent and the issuer of all of the series of Senior Notes. (2) Long-term debt of our consolidated VIEs is included in finance lease liabilities and other debt of consolidated VIEs, as applicable. Refer to Note 4: "Consolidated Variable Interest Entities" for additional information. (3) Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs. Our senior secured credit facilities consist of a senior secured revolving credit facility (the "Revolving Credit Facility") and senior secured term loan facilities (the "Term Loans"). The obligations under our senior secured credit facilities are unconditionally and irrevocably guaranteed by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, other than HOC, the named borrower of the senior secured credit facilities. During the three months ended March 31, 2024, we borrowed and subsequently repaid $200 million under the Revolving Credit Facility. No debt amounts were outstanding under the Revolving Credit Facility as of March 31, 2024, which had an available borrowing capacity of $1,913 million after considering $87 million of outstanding letters of credit. In March 2024, we issued $550 million aggregate principal amount of 5.875% Senior Notes due 2029 (the "5.875% 2029 Senior Notes") and $450 million aggregate principal amount of 6.125% Senior Notes due 2032 (the "6.125% 2032 Senior Notes") and incurred an aggregate $15 million of debt issuance costs which were recognized as a reduction to the outstanding debt balance in our condensed consolidated balance sheet and will be amortized to interest expense through the respective maturity dates of the 5.875% 2029 Senior Notes and the 6.125% 2032 Senior Notes. Interest on the 5.875% 2029 Senior Notes and the 6.125% 2032 Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2024. We used a portion of the net proceeds from the issuances to repay $200 million borrowed under our Revolving Credit Facility earlier in the period. The remaining proceeds will be used for general corporate purposes, which may include investments and acquisitions.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below: March 31, 2024 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 83 $ — $ 83 $ — Liabilities: Long-term debt (2) 10,119 6,568 — 3,127 December 31, 2023 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 75 $ — $ 75 $ — Liabilities: Long-term debt (2) 9,119 5,631 — 3,129 ____________ (1) The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other financial instruments not included in these tables are estimated to be equal to their carrying values. (2) The carrying values and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 6: "Debt" for additional information. We measured our interest rate swap at fair value, which was determined using a discounted cash flow analysis that reflects the contractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs of similar instruments, including interest rate curves, as applicable.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At the end of each quarter, we estimate the effective income tax rate expected to be applied for the full year. The effective income tax rate is determined by the level and composition of income (loss) before income taxes, which is subject to federal, state, local and foreign income taxes.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Our share-based compensation primarily consists of awards that we grant to eligible employees under the Hilton 2017 Omnibus Incentive Plan (the "2017 Plan") and includes time-vesting restricted stock units ("RSUs"), nonqualified stock options ("options") and performance-vesting RSUs ("performance shares"). We recognized share-based compensation expense of $41 million and $33 million during the three months ended March 31, 2024 and 2023, respectively, which included amounts reimbursed by hotel owners. RSUs During the three months ended March 31, 2024, we granted 466,000 RSUs with a weighted average grant date fair value per share of $203.96, which vest in equal annual installments over two Options During the three months ended March 31, 2024, we granted 262,000 options with an exercise price per share of $203.96, which vest in equal annual installments over three years from the date of grant and terminate 10 years from the date of grant or earlier if the individual’s service terminates under certain circumstances. The grant date fair value per share of the options granted during the three months ended March 31, 2024 was $71.25, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility (1) 27.95 % Dividend yield (2) 0.33 % Risk-free rate (3) 4.17 % Expected term (in years) (4) 6.0 ____________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected term of the options. (2) Estimated based on our quarterly dividend and the three-month average stock price at the date of grant. (3) Based on the yields of U.S. Department of Treasury instruments with a similar expected term of the options at the date of grant. (4) Estimated using the midpoint of the vesting period and the contractual term of the options as we do not have sufficient historical share option exercise data to estimate the term of our option grant. Performance Shares During the three months ended March 31, 2024, we granted 183,000 performance shares with a grant date fair value per share of $203.96, which vest three years from the date of grant based on the projected achievement of various performance measures. As of March 31, 2024, we determined that all of the performance measures for all outstanding performance shares granted in 2022, 2023 and 2024 were probable of achievement, with the average of the applicable achievement factors estimated to be between the target and maximum achievement percentages for the performance shares granted in 2022 and 2023 and at the target achievement percentage for the performance shares granted in 2024.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings Per Share The following table presents the calculation of basic and diluted earnings per share ("EPS"): Three Months Ended March 31, 2024 2023 (in millions, Basic EPS: Numerator: Net income attributable to Hilton stockholders $ 265 $ 206 Denominator: Weighted average shares outstanding 252 266 Basic EPS $ 1.05 $ 0.77 Diluted EPS: Numerator: Net income attributable to Hilton stockholders $ 265 $ 206 Denominator: Weighted average shares outstanding (1) 255 269 Diluted EPS $ 1.04 $ 0.77 ____________ (1) Certain shares related to share-based compensation were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method, including less than 1 million shares for each of the three months ended March 31, 2024 and 2023.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss	Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss The following tables present the changes in the components of stockholders' equity (deficit): Three Months Ended March 31, 2024 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2023 253.5 $ 3 $ (8,393) $ 10,968 $ (4,207) $ (731) $ 13 $ (2,347) Net income — — — — 265 — 3 268 Other comprehensive loss — — — — — (18) — (18) Dividends — — — — (39) — — (39) Repurchases of common stock (3.4) — (667) — — — — (667) Share-based compensation 0.9 — — (14) — — — (14) Balance as of March 31, 2024 251.0 $ 3 $ (9,060) $ 10,954 $ (3,981) $ (749) $ 16 $ (2,817) Three Months Ended March 31, 2023 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2022 267.9 $ 3 $ (6,040) $ 10,831 $ (5,190) $ (706) $ 4 $ (1,098) Net income — — — — 206 — 3 209 Other comprehensive loss — — — — — (18) — (18) Dividends — — — — (41) — — (41) Repurchases of common stock (3.2) — (449) — — — — (449) Share-based compensation 0.7 — — (16) — — — (16) Balance as of March 31, 2023 265.4 $ 3 $ (6,489) $ 10,815 $ (5,025) $ (724) $ 7 $ (1,413) The changes in the components of accumulated other comprehensive loss, net of taxes, were as follows: Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2023 $ (539) $ (262) $ 70 $ (731) Other comprehensive income (loss) before reclassifications (27) — 20 (7) Amounts reclassified from accumulated other comprehensive loss — 2 (13) (11) Net other comprehensive income (loss) (27) 2 7 (18) Balance as of March 31, 2024 $ (566) $ (260) $ 77 $ (749) Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2022 $ (548) $ (259) $ 101 $ (706) Other comprehensive loss before reclassifications (6) — (11) (17) Amounts reclassified from accumulated other comprehensive loss — 2 (3) (1) Net other comprehensive income (loss) (6) 2 (14) (18) Balance as of March 31, 2023 $ (554) $ (257) $ 87 $ (724) ____________ (1) Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts reclassified relate to the amortization of prior service cost and amortization of net loss and were recognized in other non-operating income (loss), net in our condensed consolidated statements of operations. (3) Amounts reclassified were the result of hedging instruments, including: (a) interest rate swaps, inclusive of interest rate swaps that were dedesignated in prior periods, with related amounts recognized in interest expense in our condensed consolidated statements of operations and (b) forward contracts that hedge our foreign currency denominated fees, with related amounts recognized in various revenue line items, as applicable, in our condensed consolidated statements of operations.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments We are a hospitality company with operations organized in two distinct operating segments: (i) management and franchise and (ii) ownership, each of which is reported as a segment based on (a) delivering a similar set of products and services and (b) being managed separately given its distinct economic characteristics. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels that license our IP and where we provide other contracted services, but the day-to-day services of the hotels are operated or managed by someone other than us. Revenues from this segment include: (i) management and franchise fees charged to third-party hotel owners; (ii) licensing fees from our strategic partners, including co-branded credit card providers, and Hilton Grand Vacations Inc. ("HGV"); and (iii) fees for managing the hotels in our ownership segment. The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated owned and leased hotels. The performance of our operating segments is evaluated primarily on operating income (loss), without allocating amortization of contract acquisition costs, other revenues and other expenses, other revenues and other expenses from managed and franchised properties, depreciation and amortization expenses or general and administrative expenses, and does not include equity in earnings (losses) from unconsolidated affiliates. Our chief operating decision maker does not use assets by operating segment when assessing performance or making operating segment resource allocations. The following table presents revenues for our reportable segments, reconciled to consolidated amounts: Three Months Ended March 31, 2024 2023 (in millions) Franchise and licensing fees $ 576 $ 513 Base and other management fees (1) 119 89 Incentive management fees 70 65 Management and franchise 765 667 Ownership 255 248 Segment revenues 1,020 915 Amortization of contract acquisition costs (12) (10) Other revenues 50 35 Other revenues from managed and franchised properties 1,521 1,357 Intersegment fees elimination (1) (6) (4) Total revenues $ 2,573 $ 2,293 ____________ (1) Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. The following table presents operating income (loss) for each of our reportable segments, reconciled to consolidated income before income taxes: Three Months Ended March 31, 2024 2023 (in millions) Management and franchise (1) $ 765 $ 667 Ownership (1) 2 (7) Segment operating income 767 660 Amortization of contract acquisition costs (12) (10) Other revenues, less other expenses 20 14 Net other expenses from managed and franchised properties (109) (38) Depreciation and amortization expenses (36) (37) General and administrative expenses (104) (91) Gain on sales of assets, net 7 — Operating income 533 498 Interest expense (131) (116) Loss on foreign currency transactions (1) — Loss on investments in unconsolidated affiliate — (92) Other non-operating income (loss), net (36) 12 Income before income taxes $ 365 $ 302 ____________ (1) Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We include performance clauses in certain of our management contracts, however, most of these clauses do not require us to fund shortfalls, but instead allow for termination of the contract if specified operating performance levels are not achieved. In limited cases, we are obligated to fund performance shortfalls and our obligations under these guarantees in future periods are dependent on the operating performance level of the related hotel over the remaining term of the performance guarantee for that particular hotel. As of March 31, 2024, we had performance guarantees with expirations ranging from 2025 to 2043 and possible cash outlays totaling $9 million. We also have extended debt guarantees and provided letters of credit to owners of certain hotels that we currently or in the future will manage or franchise. During the three months ended March 31, 2024, we recognized $47 million of losses in other non-operating loss, net in our condensed consolidated statement of operations for debt guarantees extended to certain hotels we manage that have failed or are expected to fail to comply with the requirements of their respective debt agreements. We paid $62 million during the three months ended March 31, 2024 related to debt guarantees. Our debt guarantees and letters of credit as of March 31, 2024 had expirations ranging from 2025 to 2033 and remaining possible cash outlays totaling $78 million. The performance and debt guarantees create variable interests in the ownership entities of the related hotels, of which we are not the primary beneficiary. We receive Hilton Honors and program fees from managed and franchised properties that we are contractually required to use to operate our Hilton Honors program, marketing, sales and brands programs and shared services on behalf of hotel owners. If we collect amounts in excess of amounts expended, we have a commitment to spend these amounts on the related programs. We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include claims for substantial sums. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of March 31, 2024 will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash interest paid included within operating activities in our condensed consolidated statements of cash flows was $120 million and $101 million during the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, these amounts excluded $14 million and $11 million of cash receipts, respectively, related to settlements of our interest rate swap with a financing component, which are separately disclosed within financing activities in our condensed consolidated statements of cash flows. Income tax payments, net of refunds received, and income tax refunds, net of payments, were $18 million and $25 million, respectively, for the three months ended March 31, 2024 and 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Hilton stockholders	$ 265	$ 206

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract Liabilities	The following table summarizes the activity of our contract liabilities, which are classified as components of current and long-term deferred revenues, during the three months ended March 31, 2024: (in millions) Balance as of December 31, 2023 $ 1,521 Cash received in advance and not recognized as revenue 185 Revenue recognized (1) (66) Other (2) (78) Balance as of March 31, 2024 $ 1,562 ____________ (1) Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2) Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues.

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Consolidated Variable Interest Entities Disclosure [Abstract]
Schedule of Variable Interest Entities	Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following: March 31, December 31, 2024 2023 (in millions) Cash and cash equivalents $ 48 $ 46 Accounts receivable, net 15 17 Property and equipment, net 33 37 Deferred income tax assets 28 32 Other non-current assets 40 43 Accounts payable, accrued expenses and other 26 29 Long-term debt (1)(2) 86 95 ____________ (1) Includes finance lease liabilities of $78 million and $86 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes current maturities of $18 million and $19 million as of March 31, 2024 and December 31, 2023, respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of March 31, 2024, were as follows: March 31, December 31, 2024 2023 (in millions) Senior secured term loan facility with a rate of 7.18%, due 2028 $ 1,000 $ 1,000 Senior secured term loan facility with a rate of 7.43%, due 2030 2,119 2,119 Senior notes with a rate of 5.375%, due 2025 (1) 500 500 Senior notes with a rate of 4.875%, due 2027 (1) 600 600 Senior notes with a rate of 5.750%, due 2028 (1) 500 500 Senior notes with a rate of 5.875%, due 2029 (1) 550 — Senior notes with a rate of 3.750%, due 2029 (1) 800 800 Senior notes with a rate of 4.875%, due 2030 (1) 1,000 1,000 Senior notes with a rate of 4.000%, due 2031 (1) 1,100 1,100 Senior notes with a rate of 3.625%, due 2032 (1) 1,500 1,500 Senior notes with a rate of 6.125%, due 2032 (1) 450 — Finance lease liabilities with a weighted average rate of 6.01%, due 2024 to 2030 (2) 129 139 Other debt of consolidated VIEs with a weighted average rate of 1.32%, due 2024 to 2026 (2) 8 9 10,256 9,267 Less: unamortized deferred financing costs and discounts (83) (71) Less: current maturities of long-term debt (3) (38) (39) $ 10,135 $ 9,157 ____________ (1) These notes are collectively referred to as the Senior Notes and are jointly and severally guaranteed on a senior unsecured basis by the Parent and substantially all of its direct and indirect wholly owned domestic restricted subsidiaries, other than Hilton Domestic Operating Company Inc. ("HOC"), an indirect wholly owned subsidiary of the Parent and the issuer of all of the series of Senior Notes. (2) Long-term debt of our consolidated VIEs is included in finance lease liabilities and other debt of consolidated VIEs, as applicable. Refer to Note 4: "Consolidated Variable Interest Entities" for additional information. (3) Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements - Recurring and Disclosure	The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below: March 31, 2024 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 83 $ — $ 83 $ — Liabilities: Long-term debt (2) 10,119 6,568 — 3,127 December 31, 2023 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 75 $ — $ 75 $ — Liabilities: Long-term debt (2) 9,119 5,631 — 3,129 ____________ (1) The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other financial instruments not included in these tables are estimated to be equal to their carrying values. (2) The carrying values and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 6: "Debt" for additional information.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options Valuation Assumptions	The grant date fair value per share of the options granted during the three months ended March 31, 2024 was $71.25, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility (1) 27.95 % Dividend yield (2) 0.33 % Risk-free rate (3) 4.17 % Expected term (in years) (4) 6.0 ____________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected term of the options. (2) Estimated based on our quarterly dividend and the three-month average stock price at the date of grant. (3) Based on the yields of U.S. Department of Treasury instruments with a similar expected term of the options at the date of grant. (4) Estimated using the midpoint of the vesting period and the contractual term of the options as we do not have sufficient historical share option exercise data to estimate the term of our option grant.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings (Loss) Per Share	The following table presents the calculation of basic and diluted earnings per share ("EPS"): Three Months Ended March 31, 2024 2023 (in millions, Basic EPS: Numerator: Net income attributable to Hilton stockholders $ 265 $ 206 Denominator: Weighted average shares outstanding 252 266 Basic EPS $ 1.05 $ 0.77 Diluted EPS: Numerator: Net income attributable to Hilton stockholders $ 265 $ 206 Denominator: Weighted average shares outstanding (1) 255 269 Diluted EPS $ 1.04 $ 0.77 ____________ (1) Certain shares related to share-based compensation were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method, including less than 1 million shares for each of the three months ended March 31, 2024 and 2023.

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity (Deficit)	The following tables present the changes in the components of stockholders' equity (deficit): Three Months Ended March 31, 2024 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2023 253.5 $ 3 $ (8,393) $ 10,968 $ (4,207) $ (731) $ 13 $ (2,347) Net income — — — — 265 — 3 268 Other comprehensive loss — — — — — (18) — (18) Dividends — — — — (39) — — (39) Repurchases of common stock (3.4) — (667) — — — — (667) Share-based compensation 0.9 — — (14) — — — (14) Balance as of March 31, 2024 251.0 $ 3 $ (9,060) $ 10,954 $ (3,981) $ (749) $ 16 $ (2,817) Three Months Ended March 31, 2023 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2022 267.9 $ 3 $ (6,040) $ 10,831 $ (5,190) $ (706) $ 4 $ (1,098) Net income — — — — 206 — 3 209 Other comprehensive loss — — — — — (18) — (18) Dividends — — — — (41) — — (41) Repurchases of common stock (3.2) — (449) — — — — (449) Share-based compensation 0.7 — — (16) — — — (16) Balance as of March 31, 2023 265.4 $ 3 $ (6,489) $ 10,815 $ (5,025) $ (724) $ 7 $ (1,413)
Schedule of Accumulated Other Comprehensive Loss	The changes in the components of accumulated other comprehensive loss, net of taxes, were as follows: Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2023 $ (539) $ (262) $ 70 $ (731) Other comprehensive income (loss) before reclassifications (27) — 20 (7) Amounts reclassified from accumulated other comprehensive loss — 2 (13) (11) Net other comprehensive income (loss) (27) 2 7 (18) Balance as of March 31, 2024 $ (566) $ (260) $ 77 $ (749) Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2022 $ (548) $ (259) $ 101 $ (706) Other comprehensive loss before reclassifications (6) — (11) (17) Amounts reclassified from accumulated other comprehensive loss — 2 (3) (1) Net other comprehensive income (loss) (6) 2 (14) (18) Balance as of March 31, 2023 $ (554) $ (257) $ 87 $ (724) ____________ (1) Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts reclassified relate to the amortization of prior service cost and amortization of net loss and were recognized in other non-operating income (loss), net in our condensed consolidated statements of operations. (3) Amounts reclassified were the result of hedging instruments, including: (a) interest rate swaps, inclusive of interest rate swaps that were dedesignated in prior periods, with related amounts recognized in interest expense in our condensed consolidated statements of operations and (b) forward contracts that hedge our foreign currency denominated fees, with related amounts recognized in various revenue line items, as applicable, in our condensed consolidated statements of operations.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Revenue from Segment Amounts to Consolidated Amounts	The following table presents revenues for our reportable segments, reconciled to consolidated amounts: Three Months Ended March 31, 2024 2023 (in millions) Franchise and licensing fees $ 576 $ 513 Base and other management fees (1) 119 89 Incentive management fees 70 65 Management and franchise 765 667 Ownership 255 248 Segment revenues 1,020 915 Amortization of contract acquisition costs (12) (10) Other revenues 50 35 Other revenues from managed and franchised properties 1,521 1,357 Intersegment fees elimination (1) (6) (4) Total revenues $ 2,573 $ 2,293 ____________ (1) Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.
Reconciliation of Segment Operating Income to Income (Loss) Before Income Taxes	The following table presents operating income (loss) for each of our reportable segments, reconciled to consolidated income before income taxes: Three Months Ended March 31, 2024 2023 (in millions) Management and franchise (1) $ 765 $ 667 Ownership (1) 2 (7) Segment operating income 767 660 Amortization of contract acquisition costs (12) (10) Other revenues, less other expenses 20 14 Net other expenses from managed and franchised properties (109) (38) Depreciation and amortization expenses (36) (37) General and administrative expenses (104) (91) Gain on sales of assets, net 7 — Operating income 533 498 Interest expense (131) (116) Loss on foreign currency transactions (1) — Loss on investments in unconsolidated affiliate — (92) Other non-operating income (loss), net (36) 12 Income before income taxes $ 365 $ 302 ____________ (1) Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.

Acquisitions (Details)

Acquisitions (Details) - Graduate Hotels $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Hotel
Asset Acquisition [Line Items]
Asset acquisition, number of hotels added to franchise portfolio | Hotel	35
Consideration transferred acquisition | $	$ 210

Revenues from Contracts with _3

Revenues from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities balance		$ 1,562	$ 1,521
Cash received in advance not recognized as revenue		185
Revenue recognized	[1]	66
Other	[2]	$ 78
[1] Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues.

Revenues from Contracts with _4

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 66	[1]
Guest loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	two years
Application, initiation and other fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 744
Co-branded credit card arrangement performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 18
[1] Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements.

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 1,346	$ 800
Accounts receivable, net		1,467	1,487
Property and equipment, net		377	382
Deferred income tax assets		140	140
Other non-current assets		503	512
Accounts payable, accrued expenses and other		1,935	1,979
Current maturities of long-term debt	[1]	38	39
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		48	46
Accounts receivable, net		15	17
Property and equipment, net		33	37
Deferred income tax assets		28	32
Other non-current assets		40	43
Accounts payable, accrued expenses and other		26	29
Long-term debt	[2],[3]	86	95
Finance lease liabilities		78	86
Current maturities of long-term debt		$ 18	$ 19
[1] Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs. Includes current maturities of $18 million and $19 million as of March 31, 2024 and December 31, 2023, respectively.

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Additional Information (Details) - Hotel	Mar. 31, 2024	Dec. 31, 2023
Consolidated Variable Interest Entities Disclosure [Abstract]
Number of consolidated variable interest entities	2	2

Loss on Investments in Uncons_2

Loss on Investments in Unconsolidated Affiliate (Details) - Unconsolidated Affiliate $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Other-than-temporary impairment loss	$ 44
Credit losses	$ 48

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross		$ 10,256	$ 9,267
Unamortized deferred financing costs and discount		(83)	(71)
Current maturities of long-term debt	[1]	(38)	(39)
Long-term debt		10,135	9,157
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Current maturities of long-term debt		(18)	(19)
Senior secured term loan facility due 2028
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,000	1,000
Debt instrument, interest rate, stated percentage		7.18%
Senior secured term loan facility due 2030
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,119	2,119
Debt instrument, interest rate, stated percentage		7.43%
Senior notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 500	500
Debt instrument, interest rate, stated percentage		5.375%
Senior notes due 2027
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 600	600
Debt instrument, interest rate, stated percentage		4.875%
Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 500	500
Debt instrument, interest rate, stated percentage		5.75%
5.875% Senior notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 550	0
Debt instrument, interest rate, stated percentage		5.875%
3.750% Senior notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 800	800
Debt instrument, interest rate, stated percentage		3.75%
Senior notes due 2030
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 1,000	1,000
Debt instrument, interest rate, stated percentage		4.875%
Senior Notes due 2031
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 1,100	1,100
Debt instrument, interest rate, stated percentage		4%
3.625% Senior Notes due 2032
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 1,500	1,500
Debt instrument, interest rate, stated percentage		3.625%
6.125% Senior Notes due 2032
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 450	0
Debt instrument, interest rate, stated percentage		6.125%
Finance lease liabilities [member]
Debt Instrument [Line Items]
Long-term debt, gross	[3]	$ 129	139
Debt, weighted average interest rate		6.01%
Other debt of consolidated VIEs
Debt Instrument [Line Items]
Debt, weighted average interest rate		1.32%
Other debt of consolidated VIEs | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Long-term debt, gross	[3]	$ 8	$ 9
[1] Represents current maturities of finance lease liabilities and borrowings of consolidated VIEs.

Debt - Additional Information (

Debt - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Rate
Senior secured revolving credit facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility	$ 200
Repayment of revolving credit facility	200
Revolving credit facility, remaining borrowing capacity	1,913
Letters of credit outstanding	87
5.875% Senior notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 550
Debt instrument, interest rate, stated percentage | Rate	5.875%
6.125% Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450
Debt instrument, interest rate, stated percentage | Rate	6.125%
Senior notes issued in March 2024
Debt Instrument [Line Items]
Debt issuance costs	$ 15

Fair Value Measurements - Recur

Fair Value Measurements - Recurring & Disclosure (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Carrying Value(1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets	[1]	$ 83	$ 75
Carrying Value(1) | Long-term debt excluding finance lease liabilities and other debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1],[2]	10,119	9,119
Level 1 | Long-term debt excluding finance lease liabilities and other debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[2]	6,568	5,631
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets		83	75
Level 3 | Long-term debt excluding finance lease liabilities and other debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[2]	$ 3,127	$ 3,129
[1] The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other financial instruments not included in these tables are estimated to be equal to their carrying values. The carrying values and fair values exclude the deduction for unamortized deferred financing costs and any applicable discounts, as well as all finance lease liabilities and other debt of consolidated VIEs; refer to Note 6: "Debt" for additional information.

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee stock option	3 Months Ended
	Mar. 31, 2024 $ / shares Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, grants in period, grant date fair value | $ / shares	$ 71.25
Expected volatility	27.95%	[1]
Dividend yield	0.33%	[2]
Risk-free rate	4.17%	[3]
Expected term (in years)	6 years	[4]
[1] Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected term of the options. Estimated based on our quarterly dividend and the three-month average stock price at the date of grant. Based on the yields of U.S. Department of Treasury instruments with a similar expected term of the options at the date of grant. Estimated using the midpoint of the vesting period and the contractual term of the options as we do not have sufficient historical share option exercise data to estimate the term of our option grant.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense (benefit)	$ 41	$ 33
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	466,000
Weighted average grant date fair value, granted (USD per share)	$ 203.96
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options granted in period (shares)	262,000
Options granted in period, weighted average exercise price (USD per share)	$ 203.96
Options, expiration period	10 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	183,000
Weighted average grant date fair value, granted (USD per share)	$ 203.96
Vesting period	3 years
Minimum | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Maximum | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Basic EPS:
Net income attributable to Hilton stockholders		$ 265	$ 206
Weighted average shares outstanding, basic (shares)		252	266
Earnings (loss) per share, basic (USD per share)		$ 1.05	$ 0.77
Diluted EPS:
Net income attributable to Hilton stockholders		$ 265	$ 206
Weighted average shares outstanding, diluted (shares)	[1]	255	269
Earnings (loss) per share, diluted (USD per share)		$ 1.04	$ 0.77
Antidilutive shares (less than)		1	1
[1] Certain shares related to share-based compensation were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method, including less than 1 million shares for each of the three months ended March 31, 2024 and 2023.

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Beginning balance, shares	253,488,288
Beginning balance, equity attributable to Hilton stockholders	$ (2,360)
Beginning balance, equity attributable to noncontrolling interest	(13)
Beginning balance, equity	(2,347)	$ (1,098)
Net income (loss) attributable to Hilton stockholders	265	206
Net loss (income) attributable to noncontrolling interests	3	3
Net income (loss)	268	209
Other comprehensive income (loss)	(18)	(18)
Repurchases of common stock	(667)	(449)
Increase (decrease) in stockholders’ equity from share-based compensation	$ (14)	(16)
Ending balance, shares	251,032,237
Ending balance, equity attributable to Hilton stockholders	$ (2,833)
Ending balance, equity attributable to noncontrolling interest	(16)
Ending balance, equity	(2,817)	(1,413)
Dividends	$ (39)	$ (41)
Common Stock
Class of Stock [Line Items]
Beginning balance, shares	253,500,000	267,900,000
Beginning balance, equity attributable to Hilton stockholders	$ 3	$ 3
Repurchases of common stock (shares)	(3,400,000)	(3,200,000)
Share-based compensation (shares)	900,000	700,000
Ending balance, shares	251,000,000	265,400,000
Ending balance, equity attributable to Hilton stockholders	$ 3	$ 3
Treasury Stock, Common
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(8,393)	(6,040)
Repurchases of common stock	(667)	(449)
Increase (decrease) in stockholders’ equity from share-based compensation	0	0
Ending balance, equity attributable to Hilton stockholders	(9,060)	(6,489)
Additional Paid-in Capital
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	10,968	10,831
Increase (decrease) in stockholders’ equity from share-based compensation	(14)	(16)
Ending balance, equity attributable to Hilton stockholders	10,954	10,815
Accumulated Deficit
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(4,207)	(5,190)
Net income (loss) attributable to Hilton stockholders	265	206
Ending balance, equity attributable to Hilton stockholders	(3,981)	(5,025)
Dividends	(39)	(41)
Accumulated Other Comprehensive Loss
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(731)	(706)
Ending balance, equity attributable to Hilton stockholders	(749)	(724)
Other comprehensive income (loss) attributable to Hilton stockholders	(18)	(18)
Noncontrolling Interests
Class of Stock [Line Items]
Beginning balance, equity attributable to noncontrolling interest	13	4
Net loss (income) attributable to noncontrolling interests	(3)	(3)
Other comprehensive income (loss)	0
Ending balance, equity attributable to noncontrolling interest	$ 16	$ 7

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		$ (731)
Ending balance		(749)
Currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[1]	(539)	$ (548)
Other comprehensive income (loss) before reclassifications	[1]	(27)	(6)
Amounts reclassified from accumulated other comprehensive loss	[1]	0	0
Net current period other comprehensive income (loss)	[1]	(27)	(6)
Ending balance	[1]	(566)	(554)
Pension liability adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[2]	(262)	(259)
Other comprehensive income (loss) before reclassifications	[2]	0	0
Amounts reclassified from accumulated other comprehensive loss	[2]	2	2
Net current period other comprehensive income (loss)	[2]	2	2
Ending balance	[2]	(260)	(257)
Cash flow hedge adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[3]	70	101
Other comprehensive income (loss) before reclassifications	[3]	20	(11)
Amounts reclassified from accumulated other comprehensive loss	[3]	(13)	(3)
Net current period other comprehensive income (loss)	[3]	7	(14)
Ending balance	[3]	77	87
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(731)	(706)
Other comprehensive income (loss) before reclassifications		(7)	(17)
Amounts reclassified from accumulated other comprehensive loss		(11)	(1)
Net current period other comprehensive income (loss)		(18)	(18)
Ending balance		$ (749)	$ (724)
[1] Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amounts reclassified relate to the amortization of prior service cost and amortization of net loss and were recognized in other non-operating income (loss), net in our condensed consolidated statements of operations. Amounts reclassified were the result of hedging instruments, including: (a) interest rate swaps, inclusive of interest rate swaps that were dedesignated in prior periods, with related amounts recognized in interest expense in our condensed consolidated statements of operations and (b) forward contracts that hedge our foreign currency denominated fees, with related amounts recognized in various revenue line items, as applicable, in our condensed consolidated statements of operations.

Business Segments - Reconciliat

Business Segments - Reconciliation of Revenue from Segment Amounts to Consolidated Amounts (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		$ 2,573	$ 2,293
Amortization of contract acquisition costs		(12)	(10)
Segment revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		1,020	915
Segment revenues | Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		255	248
Segment revenues | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		765	667
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Amortization of contract acquisition costs		(12)	(10)
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	6	4
Franchise and licensing fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		571	508
Franchise and licensing fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		576	513
Base and other management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		106	80
Base and other management fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	119	89
Incentive management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		70	65
Incentive management fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		70	65
Other revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		50	35
Other revenues | Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		50	35
Other revenues from managed and franchised properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		1,521	1,357
Other revenues from managed and franchised properties | Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		$ 1,521	$ 1,357
[1] Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.

Business Segments - Reconcili_2

Business Segments - Reconciliation of Segment Operating Income to Loss Before Income Taxes (Details) $ in Millions		3 Months Ended
		Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of operating segments | Segment		2
Operating income (loss)		$ 533	$ 498
Amortization of contract acquisition costs		(12)	(10)
Other revenues, less other expenses		20	14
Net other revenues (expenses) from managed and franchised properties		(109)	(38)
Depreciation and amortization expenses		(36)	(37)
General and administrative expenses		(104)	(91)
Gain (Loss) on Disposition of Assets		7	0
Interest expense		(131)	(116)
Loss on foreign currency transactions		(1)	0
Loss on investments in unconsolidated affiliate		0	(92)
Other non-operating income (loss), net		(36)	12
Income (loss) before income taxes		365	302
Ownership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	[1]	2	(7)
Management and Franchise
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	[1]	765	667
Segment operating income
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)		$ 767	$ 660
[1] Includes management, royalty and IP fees charged to consolidated hotels in our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies [Line Items]
Other non-operating income (loss), net	$ (36)	$ 12
Performance guarantees
Commitments and Contingencies [Line Items]
Guarantees, expiration	2025 to 2043
Guarantees, possible cash outlays	$ 9
Debt guarantee
Commitments and Contingencies [Line Items]
Guarantees, expiration	2025 to 2033
Guarantees, possible cash outlays	$ 78
Other non-operating income (loss), net	47
Loss Contingency Payment	$ 62

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash interest paid	$ 120	$ 101
Settlements of interest rate swap with financing component	14	11
Income tax payments, net of refunds received	$ 18	$ (25)