Hilton Worldwide (HLT) 10-Q 23 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		243,779,806
Entity Central Index Key	0001585689
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents		$ 1,580	$ 800
Restricted cash and cash equivalents		75	75
Accounts Receivable, after Allowance for Credit Loss, Current		1,597	1,487
Prepaid expenses		191	131
Other		130	121
Assets, Current, Total		3,573	2,614
Intangibles and Other Assets:
Goodwill		5,065	5,052
Brands		5,015	4,846
Operating lease right-of-use assets		620	618
Property and equipment, net		395	382
Deferred income tax assets		140	140
Other		483	512
Assets, Noncurrent, Total		13,116	12,787
Total assets		16,689	15,401
Current Liabilities:
Accounts payable, accrued expenses and other		2,074	1,979
Current maturities of long-term debt	[1]	538	39
Current portion of deferred revenues		543	502
Liabilities, Current, Total		4,491	3,722
Long-term debt		10,626	9,157
Operating lease liabilities		798	808
Deferred revenues		1,241	1,132
Deferred income tax liabilities		357	401
Other		989	998
Liabilities, Total		20,119	17,748
Commitments and contingencies – see Note 13
Redeemable Noncontrolling Interests		20	0
Equity (Deficit):
Common stock, $0.01 par value; 10,000,000,000 authorized shares, 244,611,310 outstanding as of September 30, 2024 and 253,488,288 outstanding as of December 31, 2023		3	3
Treasury stock, at cost; 91,048,652 shares as of September 30, 2024 and 80,807,049 shares as of December 31, 2023		(10,514)	(8,393)
Additional paid-in capital		11,072	10,968
Accumulated deficit		(3,290)	(4,207)
Accumulated other comprehensive loss		(741)	(731)
Total Hilton stockholders' deficit		(3,470)	(2,360)
Noncontrolling interests		20	13
Total deficit		(3,450)	(2,347)
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (DEFICIT)		16,689	15,401
Management and franchise
Intangibles and Other Assets:
Management and franchise contracts, net		1,211	1,064
Other
Intangibles and Other Assets:
Management and franchise contracts, net		187	173
Guest Loyalty Program
Current Liabilities:
Current portion of liability for guest loyalty program		1,336	1,202
Liability for guest loyalty program		$ 1,617	$ 1,530
[1] Represents current maturities of finance lease liabilities, borrowings of consolidated VIEs and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes"). We believe that we have sufficient sources of liquidity and access to debt financing to address the current maturities of long-term debt at or prior to the respective maturity dates.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 144	$ 131
Total current assets of variable interest entities	81	65
Total intangibles and other assets of variable interest entities	104	112
Total current liabilities of variable interest entities	56	50
Total liabilities of variable interest entities	$ 128	$ 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	244,611,310	253,488,288
Treasury stock, shares	91,048,652	80,807,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 2,867	$ 2,673	$ 8,391	$ 7,626
Owned and leased hotels	288	301	833	849
Depreciation and amortization	37	40	107	114
General and administrative	101	96	318	298
Other expenses	26	26	93	80
Total expenses excluding reimbursable expenses	452	463	1,351	1,341
Other expenses from managed and franchised properties	1,790	1,557	5,164	4,460
Total expenses	2,242	2,020	6,515	5,801
Gain (Loss) on Disposition of Assets	(2)	0	5	0
Operating income (loss)	623	653	1,881	1,825
Interest expense	(140)	(113)	(412)	(340)
Loss on foreign currency transactions	(3)	(7)	(5)	(13)
Loss on investments in unconsolidated affiliate	0	0	0	(92)
Other non-operating income (loss), net	11	15	(17)	38
Income before income taxes	491	548	1,447	1,418
Income tax expense	(147)	(169)	(413)	(417)
Net income	344	379	1,034	1,001
Net loss (income) attributable to redeemable and nonredeemable noncontrolling interests	0	(2)	(4)	(7)
Net income attributable to Hilton stockholders	$ 344	$ 377	$ 1,030	$ 994
Basic EPS:
Earnings (loss) per share, basic (USD per share)	$ 1.40	$ 1.45	$ 4.13	$ 3.77
Diluted EPS:
Earnings (loss) per share, diluted (USD per share)	1.38	1.44	4.09	3.74
Cash dividends declared per share	$ 0.15	$ 0.15	$ 0.45	$ 0.45
Total revenues excluding reimbursable revenues
Revenues	$ 1,240	$ 1,167	$ 3,550	$ 3,263
Franchise and licensing fees
Revenues	698	643	1,958	1,769
Base and other management fees
Revenues	88	81	287	247
Incentive management fees
Revenues	66	63	204	197
Owned and leased hotels
Revenues	330	335	922	924
Other revenues
Revenues	58	45	179	126
Other revenues from managed and franchised properties
Revenues	$ 1,627	$ 1,506	$ 4,841	$ 4,363

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 344	$ 379	$ 1,034	$ 1,001
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Currency translation adjustment, net of tax	54	(31)	15	(33)
Pension liability adjustment, net of tax	2	2	6	6
Cash flow hedge adjustment, net of tax	(32)	4	(30)	4
Total other comprehensive income (loss)	24	(25)	(9)	(23)
Comprehensive income	368	354	1,025	978
Comprehensive loss (income) attributable to redeemable and nonredeemable noncontrolling interests	(2)	(2)	(5)	(6)
Comprehensive income attributable to Hilton stockholders	$ 366	$ 352	$ 1,020	$ 972

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustment, tax benefit (expense)	[1]	$ 0	$ (2)	$ 3	$ (3)
Pension liability adjustment, tax expense		(1)	(1)	(2)	(2)
Cash flow hedge adjustment, tax benefit (expense)		$ 11	$ (1)	$ 10	$ (1)
[1] Amount was less than $1 million.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income (loss)	$ 1,034	$ 1,001
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of contract acquisition costs	37	32
Depreciation and amortization	107	114
Gain on sales of assets, net	(5)	0
Loss on foreign currency transactions	5	13
Loss on investments in unconsolidated affiliate	0	92
Share-based compensation expense	140	133
Deferred income taxes	(31)	(38)
Contract acquisition costs, net of refunds	(87)	(164)
Increase (Decrease) in Deferred Revenue	150	140
Working capital changes and other	(140)	(46)
Net cash provided by operating activities	1,431	1,481
Investing Activities:
Capital expenditures for property and equipment	(48)	(109)
Cash paid for acquisitions, net of cash acquired	(236)	0
Issuance of financing receivables	(15)	(8)
Proceeds from asset dispositions	8	0
Settlements of undesignated derivative financial instruments	0	(28)
Capitalized software costs	(71)	(68)
Investments in unconsolidated affiliates	(5)	(15)
Net cash used in investing activities	(367)	(228)
Financing Activities:
Borrowings	2,283	3
Repayment of debt	(315)	(40)
Debt issuance costs	(30)	(9)
Dividends paid	(113)	(120)
Repurchases of common stock	(2,127)	(1,595)
Share-based compensation tax withholdings	(72)	(53)
Proceeds from share-based compensation	57	32
Settlements of interest rate swap with financing component	43	38
Net cash used in financing activities	(274)	(1,744)
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(10)	(16)
Net increase (decrease) in cash, restricted cash and cash equivalents	780	(507)
Cash, restricted cash and cash equivalents, beginning of period	875	1,286
Cash, restricted cash and cash equivalents, end of period	1,655	779
Guest Loyalty Program
Financing Activities:
Increase (Decrease) in Contract with Customer, Liability	$ 221	$ 204

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization, Basis of Presentation and Summary of Significant Accounting Policies 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 and nine months ended September 30, 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. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Additionally, interim results are not necessarily indicative of full year performance. In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions have been eliminated in consolidation. Summary of Significant Accounting Policies Other than the policies listed below, there have been no material changes to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Acquisitions We make certain judgments to determine whether a transaction should be accounted for as a business combination or an asset acquisition. These judgments include the assessment of the inputs, processes and outputs associated with an acquired set of activities and whether the fair value of total assets acquired is concentrated to a single identifiable asset or group of similar assets. We account for a transaction as a business combination when the assets acquired include inputs and one or more substantive processes that, together, significantly contribute to the ability to create outputs and the total fair value of the assets acquired are not concentrated to a single identifiable asset or group of similar assets. Otherwise, we account for the transaction as an asset acquisition. We account for acquisitions that meet the definition of a business combination using the acquisition method of accounting whereby the identifiable assets acquired and liabilities assumed, as well as any noncontrolling interests in the acquired business, are recorded at their estimated fair values at the acquisition date, with any excess purchase price over the fair value of the net assets acquired recorded as goodwill. We expense transaction costs related to business combinations as incurred. We record the net assets and results of operations of an acquired entity in our condensed consolidated financial statements from the acquisition date. In determining the fair values of assets acquired and liabilities assumed in a business combination, we use various recognized valuation methods including present value modeling and referenced market values, where available. Further, we make assumptions within certain valuation methods including discount rates and timing of future cash flows. Valuations are performed by external valuation professionals with skills and qualifications under management's supervision. We believe the estimated fair values assigned to the assets acquired and liabilities assumed are based on assumptions that market participants would use. However, such assumptions are inherently uncertain and actual results may differ from those estimates. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed based on their relative fair values. We do not recognize any goodwill in an asset acquisition. Redeemable Noncontrolling Interests Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The redeemable noncontrolling interests are a component of temporary equity and are reported between liabilities and equity (deficit) in our condensed consolidated balance sheet. At each reporting period, the redeemable noncontrolling interests are recognized at the higher of (i) the initial carrying amount, adjusted for accumulated earnings (losses) and distributions, or (ii) the redemption value as of the balance sheet date. We include both the earnings (losses) for the period attributable to redeemable noncontrolling interests and any adjustment to the carrying value of redeemable noncontrolling interests as a result of a change in the redemption value in net income attributable to redeemable and nonredeemable noncontrolling interests in our condensed consolidated statement of operations.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Graduate by Hilton In May 2024, we completed the acquisition of the Graduate brand for a total purchase price of $210 million, $200 million of which we paid in cash upon closing. The remaining $10 million was not reflected in the amount of cash consideration paid in our condensed consolidated statement of cash flows for the nine months ended September 30, 2024 and was included in accounts payable, accrued expenses and other in our condensed consolidated balance sheet as of September 30, 2024. The remaining amount will be paid upon the satisfaction of certain conditions by the seller which are expected to occur within the next 12 months. We accounted for the transaction as an asset acquisition. On the date of the acquisition, we added 32 existing properties located in the U.S. and United Kingdom ("U.K.") to our franchise portfolio. We allocated the cost of the acquisition, including transaction costs, to the assets acquired on a relative fair value basis. As a result, we recorded an indefinite-lived brand intangible asset of approximately $122 million and franchise contract intangible assets of approximately $91 million. The franchise contract intangible assets will be amortized over an estimated useful life of 15 years to depreciation and amortization expenses in our condensed consolidated statements of operations over their respective terms. The results of operations related to the Graduate brand, which did not have a material impact on our operating results for the three and nine months ended September 30, 2024, were included in the condensed consolidated financial statements for the period from the date of acquisition to September 30, 2024. NoMad In April 2024, we acquired a controlling financial interest in Sydell Hotels & Resorts, LLC and Sydell Holding Company UK Ltd (collectively, the "Sydell Group"), which owns the NoMad brand. We accounted for the transaction as a business combination and recognized the fair value of an indefinite-lived brand intangible asset of approximately $45 million and management contract intangible assets, with an aggregate fair value of approximately $11 million. The management contract intangible assets will be amortized over a weighted average estimated useful life of approximately 14 years to depreciation and amortization expenses in our condensed consolidated statements of operations over their respective terms. We measured the net assets acquired at fair value as of the date of acquisition. The fair values of the respective net assets acquired were determined by management with assistance from external valuation specialists. We developed our estimate of the fair value of the brand intangible asset and contract intangible assets by applying the multi-period excess earnings method. The multi-period excess earnings method uses unobservable inputs for projected cash flows, including projected financial results and a discount rate, which are considered Level 3 inputs within the fair value measurement valuation hierarchy. Our redeemable noncontrolling interests relate to our interest in the Sydell Group. The Sydell Group's governing documents contain put options that give the noncontrolling interest holders the right to sell their equity interests to us beginning in the second quarter of 2030, as well as call options that give us the right to purchase the remaining equity interests beginning in the second quarter of 2032. The exercise price of the put and call options is based on a multiple of the Sydell Group's earnings as of the date that such option would be exercised. The redeemable noncontrolling interests were recorded at a fair value of $22 million as of the acquisition date.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024: (in millions) Balance as of December 31, 2023 $ 1,521 Cash received in advance and not recognized as revenue 585 Revenue recognized (1) (310) Other (2) (95) Balance as of September 30, 2024 $ 1,701 ____________ (1) Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2) Primarily 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 September 30, 2024, deferred revenues for unsatisfied performance obligations consisted of: (i) $916 million related to Hilton Honors that will be recognized as revenue over approximately the next two years; (ii) $768 million related to advance consideration received from hotel owners for application, initiation and other fees and system implementation fees; and (iii) $17 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	9 Months Ended
	Sep. 30, 2024
Consolidated Variable Interest Entities Disclosure [Abstract]
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities As of September 30, 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, and for which the assets are only available to settle the obligations of the respective entities and the liabilities of the respective entities are non-recourse to us. 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. 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: September 30, December 31, 2024 2023 (in millions) Cash and cash equivalents $ 65 $ 46 Accounts receivable, net 12 17 Property and equipment, net 35 37 Deferred income tax assets 26 32 Other non-current assets 43 43 Accounts payable, accrued expenses and other 38 29 Long-term debt (1)(2) 80 95 ____________ (1) Includes finance lease liabilities of $74 million and $86 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes current maturities of $17 million and $19 million as of September 30, 2024 and December 31, 2023, respectively.

Loss on Investments in Unconsol

Loss on Investments in Unconsolidated Affiliate	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2023.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of September 30, 2024, were as follows: September 30, December 31, 2024 2023 (in millions) Senior secured term loan facility due 2028 $ — $ 1,000 Senior secured term loan facility with a rate of 6.60%, due 2030 3,119 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 — Senior notes with a rate of 5.875%, due 2033 (1) 1,000 — Finance lease liabilities with a weighted average rate of 6.04%, due 2024 to 2030 (2) 129 139 Other debt of consolidated VIEs with a weighted average rate of 1.58%, due 2024 to 2026 (2) 6 9 11,254 9,267 Less: unamortized deferred financing costs and discounts (90) (71) Less: current maturities of long-term debt (3) (538) (39) $ 10,626 $ 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, borrowings of consolidated VIEs and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes"). We believe that we have sufficient sources of liquidity and access to debt financing to address the current maturities of long-term debt at or prior to the respective maturity dates. Our senior secured credit facilities consist of a senior secured revolving credit facility (the "Revolving Credit Facility") and a senior secured term loan facility (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 under the senior secured credit facilities. In June 2024, we amended the credit agreement governing our Term Loans pursuant to which $1.0 billion of outstanding Term Loans due June 2028 were replaced with $1.0 billion of incremental Term Loans due November 2030, aligning their maturity with the outstanding $2.1 billion tranche of Term Loans due November 2030. Additionally, the entire balance of the Term Loans was repriced with an interest rate of the Secured Overnight Financing Rate ("SOFR") plus 1.75% (collectively, the "June 2024 Amendment"). In connection with the June 2024 Amendment, we incurred $3 million of debt issuance costs, which were recognized in other non-operating income (loss), net in our condensed consolidated statements of operations for the nine months ended September 30, 2024. In March 2024, we borrowed and subsequently repaid $200 million under the Revolving Credit Facility. No borrowings were outstanding under the Revolving Credit Facility as of September 30, 2024, which had an available borrowing capacity of $1,913 million after considering $87 million of outstanding letters of credit. In September 2024, we issued $1 billion aggregate principal amount of 5.875% Senior Notes due 2033 (the "2033 Senior Notes" or "September Senior Notes issuance") 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 maturity date of the 2033 Senior Notes. Interest on the 2033 Senior Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2025. 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") (collectively, the "March Senior Notes issuance") 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 March Senior Notes issuance to repay $200 million borrowed under our Revolving Credit Facility earlier in March 2024.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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: September 30, 2024 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 41 $ — $ 41 $ — Liabilities: Long-term debt (2) 11,119 7,787 — 3,111 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. During the nine months ended September 30, 2024, we measured the net assets acquired in the acquisition of the Sydell Group at fair value on a non-recurring basis; see Note 2: "Acquisitions" for additional information.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 $44 million and $48 million during the three months ended September 30, 2024 and 2023, respectively, and $140 million and $133 million during the nine months ended September 30, 2024 and 2023, respectively, which included amounts reimbursed by hotel owners. RSUs During the nine months ended September 30, 2024, we granted 473,000 RSUs with a weighted average grant date fair value per share of $203.98, which vest in equal annual installments over two Options During the nine months ended September 30, 2024, we granted 264,000 options with a weighted average exercise price per share of $203.95, 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 weighted average grant date fair value per share of the options granted during the nine months ended September 30, 2024 was $71.25, which was determined using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: Expected volatility (1) 27.94 % 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 terms of the options. (2) Estimated based on our quarterly dividend and the three-month average stock price at the date of each grant. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the options at the date of each grant. (4) Estimated using the midpoint of the vesting periods and the contractual terms of the options as we do not have sufficient historical share option exercise data to estimate the terms of our option grants. Performance Shares During the nine months ended September 30, 2024, we granted 185,000 performance shares with a weighted average grant date fair value per share of $203.95, which vest three years from the date of grant based on the projected achievement of various performance measures. As of September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions, except per share amounts) Basic EPS: Numerator: Net income attributable to Hilton stockholders $ 344 $ 377 $ 1,030 $ 994 Denominator: Weighted average shares outstanding 246 260 249 264 Basic EPS $ 1.40 $ 1.45 $ 4.13 $ 3.77 Diluted EPS: Numerator: Net income attributable to Hilton stockholders $ 344 $ 377 $ 1,030 $ 994 Denominator: Weighted average shares outstanding (1) 249 262 252 266 Diluted EPS $ 1.38 $ 1.44 $ 4.09 $ 3.74 ____________ (1) Amounts for all periods include less than 1 million shares related to share-based compensation that were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method.

Noncontrolling Interests, Stock

Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss	Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss The following tables present the changes in the redeemable and nonredeemable noncontrolling interests and the components of stockholders' equity (deficit) attributable to Hilton stockholders: Three months ended September 30, 2024 Redeemable Noncontrolling Interests Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of June 30, 2024 $ 21 247.8 $ 3 $ (9,781) $ 11,022 $ (3,597) $ (763) $ 17 $ (3,099) Net income (loss) (1) — — — — 344 — 1 345 Other comprehensive income — — — — — — 22 2 24 Dividends — — — — — (37) — — (37) Repurchases of common stock — (3.3) — (733) — — — — (733) Share-based compensation — 0.1 — — 50 — — — 50 Balance as of September 30, 2024 $ 20 244.6 $ 3 $ (10,514) $ 11,072 $ (3,290) $ (741) $ 20 $ (3,450) Three months ended September 30, 2023 Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of June 30, 2023 262.3 $ 3 $ (6,956) $ 10,879 $ (4,654) $ (703) $ 8 $ (1,423) Net income — — — — 377 — 2 379 Other comprehensive loss — — — — — (25) — (25) Dividends — — — — (39) — — (39) Repurchases of common stock (4.5) — (691) — — — — (691) Share-based compensation 0.1 — — 46 — — — 46 Balance as of September 30, 2023 257.9 $ 3 $ (7,647) $ 10,925 $ (4,316) $ (728) $ 10 $ (1,753) Nine Months Ended September 30, 2024 Redeemable Noncontrolling Interests Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of December 31, 2023 $ — 253.5 $ 3 $ (8,393) $ 10,968 $ (4,207) $ (731) $ 13 $ (2,347) Acquisition date fair value of redeemable noncontrolling interests 22 — — — — — — — — Net income (loss) (2) — — — — 1,030 — 6 1,036 Other comprehensive income (loss) — — — — — — (10) 1 (9) Dividends — — — — — (113) — — (113) Repurchases of common stock — (10.2) — (2,131) — — — — (2,131) Share-based compensation — 1.3 — 10 104 — — — 114 Balance as of September 30, 2024 $ 20 244.6 $ 3 $ (10,514) $ 11,072 $ (3,290) $ (741) $ 20 $ (3,450) Nine Months Ended September 30, 2023 Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of December 31, 2022 267.9 $ 3 $ (6,040) $ 10,831 $ (5,190) $ (706) $ 4 $ (1,098) Net income — — — — 994 — 7 1,001 Other comprehensive loss — — — — — (22) (1) (23) Dividends — — — — (120) — — (120) Repurchases of common stock (11.0) — (1,615) — — — — (1,615) Share-based compensation 1.0 — 8 94 — — — 102 Balance as of September 30, 2023 257.9 $ 3 $ (7,647) $ 10,925 $ (4,316) $ (728) $ 10 $ (1,753) 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 13 (1) 8 20 Amounts reclassified from accumulated other comprehensive loss 1 7 (38) (30) Net other comprehensive income (loss) 14 6 (30) (10) Balance as of September 30, 2024 $ (525) $ (256) $ 40 $ (741) 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 income (loss) before reclassifications (32) — 31 (1) Amounts reclassified from accumulated other comprehensive loss — 6 (27) (21) Net other comprehensive income (loss) (32) 6 4 (22) Balance as of September 30, 2023 $ (580) $ (253) $ 105 $ (728) ____________ (1) Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amount reclassified during the nine months ended September 30, 2024 relates to the liquidation of an investment in a foreign entity and was recognized in loss on foreign currency transactions in our condensed consolidated statement of operations. (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, primarily comprising 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. Amounts reclassified also related to foreign currency 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	9 Months Ended
	Sep. 30, 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 third-party hotels that are not managed or franchised that use our booking channels and related programs ("strategic partner hotels"), 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, general and administrative expenses, other operating income (loss) items, which may include impairment losses and gains (losses) on sales of assets, or 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions) Franchise and licensing fees $ 704 $ 647 $ 1,974 $ 1,782 Base and other management fees (1) 103 94 330 283 Incentive management fees 66 63 204 197 Management and franchise 873 804 2,508 2,262 Ownership 330 335 922 924 Segment revenues 1,203 1,139 3,430 3,186 Amortization of contract acquisition costs (12) (11) (37) (32) Other revenues 58 45 179 126 Other revenues from managed and franchised properties 1,627 1,506 4,841 4,363 Intersegment fees elimination (1) (9) (6) (22) (17) Total revenues $ 2,867 $ 2,673 $ 8,391 $ 7,626 ____________ (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 for each of our reportable segments, reconciled to consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions) Management and franchise (1) $ 873 $ 804 $ 2,508 $ 2,262 Ownership (1) 33 28 67 58 Segment operating income 906 832 2,575 2,320 Amortization of contract acquisition costs (12) (11) (37) (32) Other revenues, less other expenses 32 19 86 46 Net other expenses from managed and franchised properties (163) (51) (323) (97) Depreciation and amortization expenses (37) (40) (107) (114) General and administrative expenses (101) (96) (318) (298) Gain (loss) on sales of assets, net (2) — 5 — Operating income 623 653 1,881 1,825 Interest expense (140) (113) (412) (340) Loss on foreign currency transactions (3) (7) (5) (13) Loss on investments in unconsolidated affiliate — — — (92) Other non-operating income (loss), net 11 15 (17) 38 Income before income taxes $ 491 $ 548 $ 1,447 $ 1,418 ____________ (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	9 Months Ended
	Sep. 30, 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 September 30, 2024, we had performance guarantees with expirations ranging from 2025 to 2043 and possible cash outlays totaling $14 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 nine months ended September 30, 2024, we recognized losses of $50 million in other non-operating loss, net in our condensed consolidated statement of operations for debt guarantees extended to certain hotels that we manage that have failed to comply with the requirements of their respective debt agreements. We paid $77 million during the nine months ended September 30, 2024 related to debt guarantees. Our debt guarantees and letters of credit as of September 30, 2024 had expirations ranging from 2025 to 2033 and remaining possible cash outlays totaling $49 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 other 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 September 30, 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	9 Months Ended
	Sep. 30, 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 $388 million and $345 million during the nine months ended September 30, 2024 and 2023, respectively. These amounts exclude $43 million and $38 million of cash receipts for the nine months ended September 30, 2024 and 2023, 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, were $399 million and $349 million for the nine months ended September 30, 2024 and 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 344	$ 377	$ 1,030	$ 994

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Combinations Policy	Acquisitions We make certain judgments to determine whether a transaction should be accounted for as a business combination or an asset acquisition. These judgments include the assessment of the inputs, processes and outputs associated with an acquired set of activities and whether the fair value of total assets acquired is concentrated to a single identifiable asset or group of similar assets. We account for a transaction as a business combination when the assets acquired include inputs and one or more substantive processes that, together, significantly contribute to the ability to create outputs and the total fair value of the assets acquired are not concentrated to a single identifiable asset or group of similar assets. Otherwise, we account for the transaction as an asset acquisition. We account for acquisitions that meet the definition of a business combination using the acquisition method of accounting whereby the identifiable assets acquired and liabilities assumed, as well as any noncontrolling interests in the acquired business, are recorded at their estimated fair values at the acquisition date, with any excess purchase price over the fair value of the net assets acquired recorded as goodwill. We expense transaction costs related to business combinations as incurred. We record the net assets and results of operations of an acquired entity in our condensed consolidated financial statements from the acquisition date. In determining the fair values of assets acquired and liabilities assumed in a business combination, we use various recognized valuation methods including present value modeling and referenced market values, where available. Further, we make assumptions within certain valuation methods including discount rates and timing of future cash flows. Valuations are performed by external valuation professionals with skills and qualifications under management's supervision. We believe the estimated fair values assigned to the assets acquired and liabilities assumed are based on assumptions that market participants would use. However, such assumptions are inherently uncertain and actual results may differ from those estimates. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed based on their relative fair values. We do not recognize any goodwill in an asset acquisition.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The redeemable noncontrolling interests are a component of temporary equity and are reported between liabilities and equity (deficit) in our condensed consolidated balance sheet. At each reporting period, the redeemable noncontrolling interests are recognized at the higher of (i) the initial carrying amount, adjusted for accumulated earnings (losses) and distributions, or (ii) the redemption value as of the balance sheet date. We include both the earnings (losses) for the period attributable to redeemable noncontrolling interests and any adjustment to the carrying value of redeemable noncontrolling interests as a result of a change in the redemption value in net income attributable to redeemable and nonredeemable noncontrolling interests in our condensed consolidated statement of operations.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024: (in millions) Balance as of December 31, 2023 $ 1,521 Cash received in advance and not recognized as revenue 585 Revenue recognized (1) (310) Other (2) (95) Balance as of September 30, 2024 $ 1,701 ____________ (1) Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. (2) Primarily 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)	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2024 2023 (in millions) Cash and cash equivalents $ 65 $ 46 Accounts receivable, net 12 17 Property and equipment, net 35 37 Deferred income tax assets 26 32 Other non-current assets 43 43 Accounts payable, accrued expenses and other 38 29 Long-term debt (1)(2) 80 95 ____________ (1) Includes finance lease liabilities of $74 million and $86 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes current maturities of $17 million and $19 million as of September 30, 2024 and December 31, 2023, respectively.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of September 30, 2024, were as follows: September 30, December 31, 2024 2023 (in millions) Senior secured term loan facility due 2028 $ — $ 1,000 Senior secured term loan facility with a rate of 6.60%, due 2030 3,119 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 — Senior notes with a rate of 5.875%, due 2033 (1) 1,000 — Finance lease liabilities with a weighted average rate of 6.04%, due 2024 to 2030 (2) 129 139 Other debt of consolidated VIEs with a weighted average rate of 1.58%, due 2024 to 2026 (2) 6 9 11,254 9,267 Less: unamortized deferred financing costs and discounts (90) (71) Less: current maturities of long-term debt (3) (538) (39) $ 10,626 $ 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, borrowings of consolidated VIEs and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes"). We believe that we have sufficient sources of liquidity and access to debt financing to address the current maturities of long-term debt at or prior to the respective maturity dates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2024 Hierarchy Level Carrying Value (1) Level 1 Level 2 Level 3 (in millions) Assets: Interest rate swap $ 41 $ — $ 41 $ — Liabilities: Long-term debt (2) 11,119 7,787 — 3,111 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)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options Valuation Assumptions	The weighted average grant date fair value per share of the options granted during the nine months ended September 30, 2024 was $71.25, which was determined using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: Expected volatility (1) 27.94 % 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 terms of the options. (2) Estimated based on our quarterly dividend and the three-month average stock price at the date of each grant. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the options at the date of each grant. (4) Estimated using the midpoint of the vesting periods and the contractual terms of the options as we do not have sufficient historical share option exercise data to estimate the terms of our option grants.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions, except per share amounts) Basic EPS: Numerator: Net income attributable to Hilton stockholders $ 344 $ 377 $ 1,030 $ 994 Denominator: Weighted average shares outstanding 246 260 249 264 Basic EPS $ 1.40 $ 1.45 $ 4.13 $ 3.77 Diluted EPS: Numerator: Net income attributable to Hilton stockholders $ 344 $ 377 $ 1,030 $ 994 Denominator: Weighted average shares outstanding (1) 249 262 252 266 Diluted EPS $ 1.38 $ 1.44 $ 4.09 $ 3.74 ____________ (1) Amounts for all periods include less than 1 million shares related to share-based compensation that were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method.

Noncontrolling Interests, Sto_2

Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Redeemable Noncontrolling Interest and Stockholders' Equity (Deficit)	The following tables present the changes in the redeemable and nonredeemable noncontrolling interests and the components of stockholders' equity (deficit) attributable to Hilton stockholders: Three months ended September 30, 2024 Redeemable Noncontrolling Interests Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of June 30, 2024 $ 21 247.8 $ 3 $ (9,781) $ 11,022 $ (3,597) $ (763) $ 17 $ (3,099) Net income (loss) (1) — — — — 344 — 1 345 Other comprehensive income — — — — — — 22 2 24 Dividends — — — — — (37) — — (37) Repurchases of common stock — (3.3) — (733) — — — — (733) Share-based compensation — 0.1 — — 50 — — — 50 Balance as of September 30, 2024 $ 20 244.6 $ 3 $ (10,514) $ 11,072 $ (3,290) $ (741) $ 20 $ (3,450) Three months ended September 30, 2023 Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of June 30, 2023 262.3 $ 3 $ (6,956) $ 10,879 $ (4,654) $ (703) $ 8 $ (1,423) Net income — — — — 377 — 2 379 Other comprehensive loss — — — — — (25) — (25) Dividends — — — — (39) — — (39) Repurchases of common stock (4.5) — (691) — — — — (691) Share-based compensation 0.1 — — 46 — — — 46 Balance as of September 30, 2023 257.9 $ 3 $ (7,647) $ 10,925 $ (4,316) $ (728) $ 10 $ (1,753) Nine Months Ended September 30, 2024 Redeemable Noncontrolling Interests Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of December 31, 2023 $ — 253.5 $ 3 $ (8,393) $ 10,968 $ (4,207) $ (731) $ 13 $ (2,347) Acquisition date fair value of redeemable noncontrolling interests 22 — — — — — — — — Net income (loss) (2) — — — — 1,030 — 6 1,036 Other comprehensive income (loss) — — — — — — (10) 1 (9) Dividends — — — — — (113) — — (113) Repurchases of common stock — (10.2) — (2,131) — — — — (2,131) Share-based compensation — 1.3 — 10 104 — — — 114 Balance as of September 30, 2024 $ 20 244.6 $ 3 $ (10,514) $ 11,072 $ (3,290) $ (741) $ 20 $ (3,450) Nine Months Ended September 30, 2023 Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Total Deficit Shares Amount (in millions) Balance as of December 31, 2022 267.9 $ 3 $ (6,040) $ 10,831 $ (5,190) $ (706) $ 4 $ (1,098) Net income — — — — 994 — 7 1,001 Other comprehensive loss — — — — — (22) (1) (23) Dividends — — — — (120) — — (120) Repurchases of common stock (11.0) — (1,615) — — — — (1,615) Share-based compensation 1.0 — 8 94 — — — 102 Balance as of September 30, 2023 257.9 $ 3 $ (7,647) $ 10,925 $ (4,316) $ (728) $ 10 $ (1,753)
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 13 (1) 8 20 Amounts reclassified from accumulated other comprehensive loss 1 7 (38) (30) Net other comprehensive income (loss) 14 6 (30) (10) Balance as of September 30, 2024 $ (525) $ (256) $ 40 $ (741) 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 income (loss) before reclassifications (32) — 31 (1) Amounts reclassified from accumulated other comprehensive loss — 6 (27) (21) Net other comprehensive income (loss) (32) 6 4 (22) Balance as of September 30, 2023 $ (580) $ (253) $ 105 $ (728) ____________ (1) Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amount reclassified during the nine months ended September 30, 2024 relates to the liquidation of an investment in a foreign entity and was recognized in loss on foreign currency transactions in our condensed consolidated statement of operations. (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, primarily comprising 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. Amounts reclassified also related to foreign currency 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions) Franchise and licensing fees $ 704 $ 647 $ 1,974 $ 1,782 Base and other management fees (1) 103 94 330 283 Incentive management fees 66 63 204 197 Management and franchise 873 804 2,508 2,262 Ownership 330 335 922 924 Segment revenues 1,203 1,139 3,430 3,186 Amortization of contract acquisition costs (12) (11) (37) (32) Other revenues 58 45 179 126 Other revenues from managed and franchised properties 1,627 1,506 4,841 4,363 Intersegment fees elimination (1) (9) (6) (22) (17) Total revenues $ 2,867 $ 2,673 $ 8,391 $ 7,626 ____________ (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 for each of our reportable segments, reconciled to consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions) Management and franchise (1) $ 873 $ 804 $ 2,508 $ 2,262 Ownership (1) 33 28 67 58 Segment operating income 906 832 2,575 2,320 Amortization of contract acquisition costs (12) (11) (37) (32) Other revenues, less other expenses 32 19 86 46 Net other expenses from managed and franchised properties (163) (51) (323) (97) Depreciation and amortization expenses (37) (40) (107) (114) General and administrative expenses (101) (96) (318) (298) Gain (loss) on sales of assets, net (2) — 5 — Operating income 623 653 1,881 1,825 Interest expense (140) (113) (412) (340) Loss on foreign currency transactions (3) (7) (5) (13) Loss on investments in unconsolidated affiliate — — — (92) Other non-operating income (loss), net 11 15 (17) 38 Income before income taxes $ 491 $ 548 $ 1,447 $ 1,418 ____________ (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) $ in Millions	1 Months Ended
	May 31, 2024 USD ($) Hotel	Apr. 30, 2024 USD ($)
Asset Acquisition [Line Items]
Redeemable Noncontrolling Interest, Equity, Fair Value		$ 22
Sydell Group
Asset Acquisition [Line Items]
Indefinite-Lived Intangible Assets Acquired		45
Finite-Lived Intangible Assets Acquired		$ 11
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		14 years
Redeemable Noncontrolling Interest, Equity, Fair Value		$ 22
Graduate Hotels
Asset Acquisition [Line Items]
Consideration transferred	$ 210
Payment for asset acquisition	200
Asset acquisition, consideration transferred, contingent consideration	$ 10
Asset acquisition, number of hotels added to franchise portfolio | Hotel	32
Indefinite-Lived Intangible Assets Acquired	$ 122
Finite-Lived Intangible Assets Acquired	$ 91
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	15 years

Revenues from Contracts with _3

Revenues from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities balance		$ 1,701	$ 1,521
Cash received in advance not recognized as revenue		585
Revenue recognized	[1]	310
Other	[2]	$ 95
[1] Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements. Primarily 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	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 310	[1]
Guest loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 916
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	$ 768
Co-branded credit card arrangement performance obligations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 17
[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		Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 1,580	$ 800
Accounts receivable, net		1,597	1,487
Property and equipment, net		395	382
Deferred income tax assets		140	140
Other non-current assets		483	512
Accounts payable, accrued expenses and other		2,074	1,979
Current maturities of long-term debt	[1]	538	39
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		65	46
Accounts receivable, net		12	17
Property and equipment, net		35	37
Deferred income tax assets		26	32
Other non-current assets		43	43
Accounts payable, accrued expenses and other		38	29
Long-term debt	[2],[3]	80	95
Finance lease liabilities		74	86
Current maturities of long-term debt		$ 17	$ 19
[1] Represents current maturities of finance lease liabilities, borrowings of consolidated VIEs and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes"). We believe that we have sufficient sources of liquidity and access to debt financing to address the current maturities of long-term debt at or prior to the respective maturity dates. Includes current maturities of $17 million and $19 million as of September 30, 2024 and December 31, 2023, respectively.

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Additional Information (Details) - Hotel	Sep. 30, 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	9 Months Ended
	Sep. 30, 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		Sep. 30, 2024		Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross		$ 11,254		$ 9,267
Unamortized deferred financing costs and discount		(90)		(71)
Current maturities of long-term debt	[1]	(538)		(39)
Long-term debt		10,626		9,157
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Current maturities of long-term debt		(17)		(19)
Senior secured term loan facility due 2028
Debt Instrument [Line Items]
Long-term debt, gross		0		1,000
Senior secured term loan facility due 2030
Debt Instrument [Line Items]
Long-term debt, gross		$ 3,119		2,119
Debt instrument, interest rate, stated percentage		6.60%
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%
5.875% Senior Notes due 2033
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,000	[2]	0
Debt instrument, interest rate, stated percentage		5.875%
Finance lease liabilities
Debt Instrument [Line Items]
Long-term debt, gross	[3]	$ 129		139
Debt, weighted average interest rate		6.04%
Other debt of consolidated VIEs
Debt Instrument [Line Items]
Debt, weighted average interest rate		1.58%
Other debt of consolidated VIEs | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Long-term debt, gross	[3]	$ 6		$ 9
[1] Represents current maturities of finance lease liabilities, borrowings of consolidated VIEs and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes"). We believe that we have sufficient sources of liquidity and access to debt financing to address the current maturities of long-term debt at or prior to the respective maturity dates. 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. 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.

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Senior secured term loan facility due 2028
Debt Instrument [Line Items]
Long-term debt, replacement of senior secured term loan facility due 2028	$ 1,000
Senior secured term loan facility due 2030
Debt Instrument [Line Items]
Long-term debt, replacement of senior secured term loan facility due 2028	$ 1,000
Debt Instrument, Basis Spread on Variable Rate	1.75%
Debt issuance costs	$ 3
Debt instrument, interest rate, stated percentage	6.60%
Outstanding senior secured term loan facility due 2030
Debt Instrument [Line Items]
Long-term debt, repricing of senior secured term loan facility due 2030	$ 2,100
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 2033
Debt Instrument [Line Items]
Debt issuance costs	15
Debt instrument, face amount	$ 1,000
Debt instrument, interest rate, stated percentage	5.875%
5.875% Senior notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount		$ 550
Debt instrument, interest rate, stated percentage	5.875%
6.125% Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, face amount		450
Debt instrument, interest rate, stated percentage	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		Sep. 30, 2024	Dec. 31, 2023
Carrying Value(1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets	[1]	$ 41	$ 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]	11,119	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]	7,787	5,631
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets		41	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]	$ 3,111	$ 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	9 Months Ended
	Sep. 30, 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	27.94%	[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 terms of the options. Estimated based on our quarterly dividend and the three-month average stock price at the date of each grant. Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the options at the date of each grant. Estimated using the midpoint of the vesting periods and the contractual terms of the options as we do not have sufficient historical share option exercise data to estimate the terms of our option grants.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense (benefit)	$ 44	$ 48	$ 140	$ 133
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			473,000
Weighted average grant date fair value, granted (USD per share)			$ 203.98
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Options granted in period (shares)			264,000
Options granted in period, weighted average exercise price (USD per share)			$ 203.95
Options, expiration period			10 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			185,000
Weighted average grant date fair value, granted (USD per share)			$ 203.95
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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS:
Net income attributable to Hilton stockholders		$ 344	$ 377	$ 1,030	$ 994
Weighted average shares outstanding, basic (shares)		246	260	249	264
Earnings (loss) per share, basic (USD per share)		$ 1.40	$ 1.45	$ 4.13	$ 3.77
Diluted EPS:
Net income attributable to Hilton stockholders		$ 344	$ 377	$ 1,030	$ 994
Weighted average shares outstanding, diluted (shares)	[1]	249	262	252	266
Earnings (loss) per share, diluted (USD per share)		$ 1.38	$ 1.44	$ 4.09	$ 3.74
[1] Amounts for all periods include less than 1 million shares related to share-based compensation that were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method.

Noncontrolling Interests, Sto_3

Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Apr. 30, 2024	Dec. 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	$ (3,099)	$ (1,423)	(2,347)	$ (1,098)
Net income (loss)	345	379	1,036	1,001
Other comprehensive income (loss)	24	(25)	(9)	(23)
Repurchases of common stock	(733)	(691)	(2,131)	(1,615)
Increase (decrease) in stockholders’ equity from share-based compensation	$ 50	46	$ 114	102
Ending balance, shares	244,611,310		244,611,310
Ending balance, equity attributable to Hilton stockholders	$ (3,470)		$ (3,470)
Ending balance, equity attributable to noncontrolling interest	20		20
Ending balance, equity	(3,450)	(1,753)	(3,450)	(1,753)
Dividends	(37)	$ (39)	(113)	$ (120)
Redeemable Noncontrolling Interest, Equity, Carrying Amount	20		20		$ 21		$ 0
Redeemable Noncontrolling Interest, Equity, Fair Value						$ 22
Temporary Equity, Net Income	$ (1)		$ (2)
Common Stock
Class of Stock [Line Items]
Beginning balance, shares	247,800,000	262,300,000	253,500,000	267,900,000
Beginning balance, equity attributable to Hilton stockholders	$ 3	$ 3	$ 3	$ 3
Repurchases of common stock (shares)	(3,300,000)	(4,500,000)	(10,200,000)	(11,000,000)
Share-based compensation (shares)	100,000	100,000	1,300,000	1,000,000
Ending balance, shares	244,600,000	257,900,000	244,600,000	257,900,000
Ending balance, equity attributable to Hilton stockholders	$ 3	$ 3	$ 3	$ 3
Treasury Stock, Common
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(9,781)	(6,956)	(8,393)	(6,040)
Repurchases of common stock	(733)	(691)	(2,131)	(1,615)
Increase (decrease) in stockholders’ equity from share-based compensation	0	0	10	8
Ending balance, equity attributable to Hilton stockholders	(10,514)	(7,647)	(10,514)	(7,647)
Additional Paid-in Capital
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	11,022	10,879	10,968	10,831
Increase (decrease) in stockholders’ equity from share-based compensation	50	46	104	94
Ending balance, equity attributable to Hilton stockholders	11,072	10,925	11,072	10,925
Accumulated Deficit
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(3,597)	(4,654)	(4,207)	(5,190)
Net income (loss)	344	377	1,030	994
Ending balance, equity attributable to Hilton stockholders	(3,290)	(4,316)	(3,290)	(4,316)
Dividends	(37)	(39)	(113)	(120)
Accumulated Other Comprehensive Loss
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders	(763)	(703)	(731)	(706)
Ending balance, equity attributable to Hilton stockholders	(741)	(728)	(741)	(728)
Other comprehensive income (loss) attributable to Hilton stockholders	22	(25)	(10)	(22)
Noncontrolling Interests
Class of Stock [Line Items]
Beginning balance, equity attributable to noncontrolling interest	17	8	13	4
Net income (loss)	1	2	6	7
Other comprehensive income (loss)	2	0	1	(1)
Ending balance, equity attributable to noncontrolling interest	$ 20	$ 10	$ 20	$ 10

Noncontrolling Interests, Sto_4

Noncontrolling Interests, Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				$ (731)
Ending balance		$ (741)		(741)
Currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[1]			(539)	$ (548)
Other comprehensive income (loss) before reclassifications	[1]			13	(32)
Amounts reclassified from accumulated other comprehensive loss	[1]			1	0
Net other comprehensive income (loss)	[1]			14	(32)
Ending balance	[1]	(525)	$ (580)	(525)	(580)
Pension liability adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[2]			(262)	(259)
Other comprehensive income (loss) before reclassifications	[2]			(1)	0
Amounts reclassified from accumulated other comprehensive loss	[2]			7	6
Net other comprehensive income (loss)	[2]			6	6
Ending balance	[2]	(256)	(253)	(256)	(253)
Cash flow hedge adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[3]			70	101
Other comprehensive income (loss) before reclassifications	[3]			8	31
Amounts reclassified from accumulated other comprehensive loss	[3]			(38)	(27)
Net other comprehensive income (loss)	[3]			(30)	4
Ending balance	[3]	40	105	40	105
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(731)	(706)
Other comprehensive income (loss) before reclassifications				20	(1)
Amounts reclassified from accumulated other comprehensive loss				(30)	(21)
Net other comprehensive income (loss)		22	(25)	(10)	(22)
Ending balance		$ (741)	$ (728)	$ (741)	$ (728)
[1] Includes net investment hedge gains and intra-entity foreign currency transactions that are of a long-term investment nature. Amount reclassified during the nine months ended September 30, 2024 relates to the liquidation of an investment in a foreign entity and was recognized in loss on foreign currency transactions in our condensed consolidated statement of operations. 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, primarily comprising 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. Amounts reclassified also related to foreign currency 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		$ 2,867	$ 2,673	$ 8,391	$ 7,626
Amortization of contract acquisition costs		(12)	(11)	(37)	(32)
Segment revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		1,203	1,139	3,430	3,186
Segment revenues | Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		330	335	922	924
Segment revenues | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		873	804	2,508	2,262
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Amortization of contract acquisition costs		(12)	(11)	(37)	(32)
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	9	6	22	17
Franchise and licensing fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		698	643	1,958	1,769
Franchise and licensing fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		704	647	1,974	1,782
Base and other management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		88	81	287	247
Base and other management fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	103	94	330	283
Incentive management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		66	63	204	197
Incentive management fees | Management and Franchise
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		66	63	204	197
Other revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		58	45	179	126
Other revenues | Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		58	45	179	126
Other revenues from managed and franchised properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		1,627	1,506	4,841	4,363
Other revenues from managed and franchised properties | Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		$ 1,627	$ 1,506	$ 4,841	$ 4,363
[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 Income Before Income Taxes (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of operating segments | Segment				2
Operating income (loss)		$ 623	$ 653	$ 1,881	$ 1,825
Amortization of contract acquisition costs		(12)	(11)	(37)	(32)
Other revenues, less other expenses		32	19	86	46
Net other revenues (expenses) from managed and franchised properties		(163)	(51)	(323)	(97)
Depreciation and amortization expenses		(37)	(40)	(107)	(114)
General and administrative expenses		(101)	(96)	(318)	(298)
Gain (Loss) on Disposition of Assets		(2)	0	5	0
Interest expense		(140)	(113)	(412)	(340)
Loss on foreign currency transactions		(3)	(7)	(5)	(13)
Loss on investments in unconsolidated affiliate		0	0	0	(92)
Other non-operating income (loss), net		11	15	(17)	38
Income (loss) before income taxes		491	548	1,447	1,418
Ownership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	[1]	33	28	67	58
Management and Franchise
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)	[1]	873	804	2,508	2,262
Segment operating income
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income (loss)		$ 906	$ 832	$ 2,575	$ 2,320
[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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies [Line Items]
Other non-operating income (loss), net	$ 11	$ 15	$ (17)	$ 38
Performance guarantees
Commitments and Contingencies [Line Items]
Guarantees, expiration			18 years
Guarantees, possible cash outlays	14		$ 14
Debt guarantee
Commitments and Contingencies [Line Items]
Guarantees, expiration			8 years
Guarantees, possible cash outlays	$ 49		$ 49
Other non-operating income (loss), net			(50)
Loss Contingency Payment			$ 77

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash interest paid	$ 388	$ 345
Settlements of interest rate swap with financing component	43	38
Income tax payments, net of refunds received	$ 399	$ 349