HYATT HOTELS CORP, 10-Q filed on 5/3/2016
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2016
Apr. 29, 2016
Common Class A
Apr. 29, 2016
Common Class B
Document Information
 
 
 
Entity Registrant Name
Hyatt Hotels Corp 
 
 
Entity Central Index Key
0001468174 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-Q 
 
 
Document Period End Date
Mar. 31, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
Q1 
 
 
Amendment Flag
false 
 
 
Trading Symbol
h 
 
 
Entity Common Stock, Shares Outstanding
 
24,742,779 
109,628,962 
Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
REVENUES:
 
 
Owned and leased hotels
$ 516 
$ 509 
Management and franchise fees
107 
105 
Other revenues
9 
7 
Other revenues from managed properties
457 
433 
Total revenues
1,089 
1,054 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
 
 
Owned and leased hotels
389 
384 
Depreciation and amortization
81 
79 
Other direct costs
6 
5 
Selling, general, and administrative
88 
94 
Other costs from managed properties
457 
433 
Direct and selling, general, and administrative expenses
1,021 
995 
Net gains and interest income from marketable securities held to fund operating programs
1 
8 
Equity earnings (losses) from unconsolidated hospitality ventures
2 
(6)
Interest expense
(17)
(17)
Gain on sale of real estate
0 
8 
Other loss, net
(4)
(18)
INCOME BEFORE INCOME TAXES
50 
34 
PROVISION FOR INCOME TAXES
(16)
(12)
NET INCOME
34 
22 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
0 
0 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 34 
$ 22 
EARNINGS PER SHARE - Basic
 
 
Net income - Basic (in dollars per share)
$ 0.25 
$ 0.15 
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)
$ 0.25 
$ 0.15 
EARNINGS PER SHARE - Diluted
 
 
Net income - Diluted (in dollars per share)
$ 0.25 
$ 0.15 
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)
$ 0.25 
$ 0.15 
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
NET INCOME
$ 34 
$ 22 
Other comprehensive income (loss), net of taxes:
 
 
Foreign currency translation adjustments, net of tax expense of $- and $- for the three months ended March 31, 2016 and March 31, 2015, respectively
24 
(55)
Unrealized gains (losses) on available for sale securities, net of tax (benefit) expense of $(3) and $- for the three months ended March 31, 2016 and March 31, 2015, respectively
(4)
2 
Other comprehensive income (loss)
20 
(53)
COMPREHENSIVE INCOME (LOSS)
54 
(31)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
0 
0 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 54 
$ (31)
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
Foreign currency translation adjustments, tax expense
$ 0 
$ 0 
Unrealized gains (losses) on available for sale securities, tax (benefit) expense
$ (3)
$ 0 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
ASSETS
 
 
Cash and cash equivalents
$ 771 
$ 457 
Restricted cash
73 
96 
Short-term Investments
55 
46 
Receivables, net of allowances of $16 and $15 at March 31, 2016 and December 31, 2015, respectively
328 
298 
Inventories
16 
12 
Prepaids and other assets
160 
152 
Prepaid income taxes
59 
63 
Total current assets
1,462 
1,124 
Investments
332 
327 
Property and equipment, net
4,023 
4,031 
Financing receivables, net of allowances
20 
20 
Goodwill
129 
129 
Intangibles, net
546 
547 
Deferred Tax Assets, Net, Noncurrent
305 
301 
Other assets
1,082 
1,112 
TOTAL ASSETS
7,899 
7,591 
LIABILITIES AND EQUITY
 
 
Current maturities of long-term debt
265 
328 
Accounts payable
135 
141 
Accrued expenses and other current liabilities
516 
516 
Accrued compensation and benefits
96 
122 
Total current liabilities
1,012 
1,107 
Long-term debt
1,441 
1,042 
Other long-term liabilities
1,446 
1,447 
Total liabilities
3,899 
3,596 
Commitments and contingencies (see Note 11)
   
   
EQUITY:
 
 
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of March 31, 2016 and December 31, 2015
0 
0 
Common stock
1 
1 
Additional paid-in capital
1,882 
1,931 
Retained earnings
2,323 
2,289 
Accumulated other comprehensive loss
(210)
(230)
Total stockholders' equity
3,996 
3,991 
Noncontrolling interests in consolidated subsidiaries
4 
4 
Total equity
4,000 
3,995 
TOTAL LIABILITIES AND EQUITY
$ 7,899 
$ 7,591 
Condensed Consolidated Balance Sheet Parentheticals (USD $)
In Millions, except Share data, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current
$ 16 
$ 15 
Preferred Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Preferred Stock, Shares Authorized (in shares)
10,000,000 
10,000,000 
Preferred Stock, Shares Outstanding (in shares)
0 
0 
Common Class A
 
 
Common Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized (in shares)
1,000,000,000 
1,000,000,000 
Common Stock, Shares, Outstanding (in shares)
25,157,815 
26,604,687 
Common Stock, Shares, Issued (in shares)
25,157,815 
26,604,687 
Common Class B
 
 
Common Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized (in shares)
441,623,374 
441,623,374 
Common Stock, Shares, Outstanding (in shares)
109,628,962 
109,628,962 
Common Stock, Shares, Issued (in shares)
109,628,962 
109,628,962 
Condensed Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
NET INCOME
$ 34 
$ 22 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
81 
79 
Deferred income taxes
(1)
3 
Equity (earnings) losses from unconsolidated hospitality ventures, net of distributions received
(1)
6 
Foreign currency losses
0 
7 
Gain on sale of real estate
0 
(8)
Working capital changes and other
(62)
(94)
Net cash provided by operating activities
51 
15 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Purchases of marketable securities and short-term investments
(85)
(157)
Proceeds from marketable securities and short-term investments
83 
175 
Contributions to investments
(15)
(12)
Capital expenditures
(38)
(61)
Proceeds from sale of real estate, net of cash disposed
0 
69 
Sales proceeds transferred from escrow to cash and cash equivalents
29 
0 
(Increase) decrease in restricted cash - investing
(12)
18 
Other investing activities
26 
9 
Net cash (used in) provided by investing activities
(12)
41 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Proceeds from long-term debt, net of issuance costs of $4 and $0, respectively
426 
0 
Repayments of long-term debt
(95)
0 
Repurchase of common stock
(63)
(187)
Other financing activities
(4)
(6)
Net cash provided by (used in) financing activities
264 
(193)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
11 
15 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
314 
(122)
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR
457 
685 
CASH AND CASH EQUIVALENTS-END OF PERIOD
771 
563 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
Cash paid during the period for interest
33 
32 
Cash paid during the period for income taxes
16 
18 
Non-cash investing activities are as follows:
 
 
Change in accrued capital expenditures
$ 4 
$ (6)
Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Cash Flows [Abstract]
 
 
Debt Issuance Cost
$ 4 
$ 0 
Organization
Organization
ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality services on a worldwide basis through the development, ownership, operation, management, franchising and licensing of hospitality related businesses. We develop, own, operate, manage, franchise, license or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts and other properties, including timeshare, fractional and other forms of residential or vacation properties. As of March 31, 2016, (i) we operated or franchised 296 full service hotels, comprising 117,998 rooms throughout the world, (ii) we operated or franchised 316 select service hotels, comprising 43,574 rooms, of which 296 hotels are located in the United States, and (iii) our portfolio of properties included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms. Our portfolio of properties operates in 53 countries around the world and we hold ownership interests in certain of these properties.
As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Company," "HHC," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries and (ii) the term "portfolio of properties" refers to hotels and other properties or residential ownership units that we develop, own, operate, manage, franchise, license or provide services to, including under our Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva, Hyatt Zilara and Hyatt Residence Club brands.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the "2015 Form 10-K").
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary
beneficiary.
Management believes that the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
RECENTLY ISSUED ACCOUNTING STANDARDS
Adopted Accounting Standards—In April 2015, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The provisions of ASU 2015-03 are effective for interim periods and fiscal years beginning after December 15, 2015. We adopted the standard on January 1, 2016, and as a result we reclassified $5 million of debt issuance costs previously included in other assets to long-term debt on our condensed consolidated financial statements as of December 31, 2015.
Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date. The Company is currently evaluating the impact of adopting ASU 2014-09.
In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of adopting ASU 2016-01.
In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability. The provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02.
In March 2016, the FASB released Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-09.
Equity And Cost Method Investments
Equity And Cost Method Investments
    EQUITY AND COST METHOD INVESTMENTS
We have investments that are recorded under both the equity and cost methods. These investments are considered to be an integral part of our business and are strategically and operationally important to our overall results. Our equity and cost method investment balances recorded at March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Equity method investments
$
309

 
$
304

Cost method investments
23

 
23

Total investments
$
332

 
$
327


The following table presents summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method:
 
Three Months Ended March 31,
 
2016
 
2015
Total revenues
$
284

 
$
244

Gross operating profit
70

 
60

Income (loss) from continuing operations
20

 
(13
)
Net income (loss)
20

 
(13
)
Marketable Securities
Marketable Securities
MARKETABLE SECURITIES
We hold marketable securities to fund certain operating programs and for investment purposes. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, and U.S. government obligations and obligations of other government agencies for investment purposes.
Marketable Securities Held to Fund Operating Programs—At March 31, 2016 and December 31, 2015, total marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2016
 
December 31, 2015
Marketable securities held by the Hyatt Gold Passport Fund
$
393

 
$
384

Marketable securities held to fund deferred compensation plans (Note 9)
332

 
333

Marketable securities held to fund our captive insurance company
78

 
82

Total marketable securities held to fund operating programs
$
803

 
$
799

Less current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(143
)
 
(121
)
Marketable securities held to fund operating programs included in other assets
$
660

 
$
678


Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income includes realized and unrealized gains (losses) and interest income, net related to the following:
 
Three Months Ended March 31,
2016
 
2015
Hyatt Gold Passport Fund
$
1

 
$
1

Deferred compensation plans
—

 
7

Total net gains and interest income from marketable securities held to fund operating programs
$
1

 
$
8


Our captive insurance company holds marketable securities which have been classified as available for sale ("AFS") and are invested in U.S. government agencies, time deposits and corporate debt securities. We have classified these investments as current or long-term, based on their contractual maturity dates, which range from 2016 through 2021. During the three months ended March 31, 2016, we recorded insignificant unrealized gains (losses), net related to these AFS securities on the condensed consolidated statements of comprehensive income (loss).
Marketable Securities Held for Investment Purposes—At March 31, 2016 and December 31, 2015, our total marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2016
 
December 31, 2015
Interest bearing money market funds
$
49

 
$
5

Time deposits
30

 
30

Preferred shares
328

 
335


Fair Value—As of March 31, 2016 and December 31, 2015, we had the following financial assets measured at fair value on a recurring basis:
 
March 31, 2016
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
58

 
$
58

 
$
—

 
$
—

 
$
—

Mutual funds
332

 
—

 
—

 
—

 
332

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
47

 
—

 
37

 
—

 
10

U.S. government obligations
132

 
—

 
—

 
38

 
94

U.S. government agencies
79

 
—

 
17

 
12

 
50

Corporate debt securities
181

 
—

 
1

 
44

 
136

Mortgage-backed securities
26

 
—

 
—

 
7

 
19

Asset-backed securities
24

 
—

 
—

 
7

 
17

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
328

 
—

 
—

 
—

 
328

Total
$
1,210

 
$
58

 
$
55

 
$
109

 
$
988



 
December 31, 2015
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
18

 
$
18

 
$
—

 
$
—

 
$
—

Mutual funds
333

 
—

 
—

 
—

 
333

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
45

 
—

 
38

 
—

 
7

U.S. government obligations
131

 
—

 
—

 
32

 
99

U.S. government agencies
83

 
—

 
6

 
10

 
67

Corporate debt securities
168

 
—

 
2

 
36

 
130

Mortgage-backed securities
26

 
—

 
—

 
6

 
20

Asset-backed securities
27

 
—

 
—

 
7

 
20

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
335

 
—

 
—

 
—

 
335

Total
$
1,169

 
$
18

 
$
46

 
$
92

 
$
1,013


During the three months ended March 31, 2016 and March 31, 2015, there were no transfers between levels of the fair value hierarchy. Our policy is to recognize transfers in and transfers out as of the end of each quarterly reporting period. We currently do not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis.
We invest a portion of our cash into short-term interest bearing money market funds that have a maturity of less than ninety days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies and the fair value of the funds are classified as Level One as we are able to obtain market available pricing information on an ongoing basis. The fair value of our mutual funds are classified as Level One as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Time deposits are recorded at par value, which approximates fair value and are classified as Level Two. The remaining securities, other than our investment in preferred shares, are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities.
Preferred shares—During the year ended December 31, 2013, we invested $271 million in Playa Hotels & Resorts B.V. ("Playa") for redeemable, convertible preferred shares. Hyatt has the option to convert its preferred shares into shares of common stock at any time through the later of the second anniversary of the closing of our investment or an initial public offering by Playa. The preferred investment is redeemable at Hyatt's option in August 2021. In the event of an initial public offering or other equity issuance by Playa, Hyatt has the option to request that Playa redeem up to $125 million of preferred shares. As a result, we have classified the preferred investment as an AFS debt security, which is remeasured quarterly at fair value on the condensed consolidated balance sheets through other comprehensive income (loss). The fair value of the preferred shares was: 
 
2016
 
2015
Fair value at January 1
$
335

 
$
280

Gross unrealized gains
—

 
2

Gross unrealized losses
(7
)
 
—

Fair value at March 31
$
328

 
$
282


Due to the lack of availability of market data, the preferred shares are classified as Level Three. We estimated the fair value of the Playa preferred shares using an option-pricing model. This model requires that we make certain assumptions regarding the expected volatility, term, risk-free interest rate over the expected term, dividend yield and enterprise value. Financial forecasts were used in the computation of the enterprise value using the income approach, based on assumed revenue growth rates and operating margin levels. The risks associated with achieving these forecasts were assessed in selecting the appropriate weighted-average cost of capital.
A summary of the significant assumptions used to estimate the fair value of our preferred shares as of March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Expected term
0.5 years

 
0.75 years

Risk-free Interest Rate
0.39
%
 
0.57
%
Volatility
48.0
%
 
46.0
%
Dividend Yield
12.0
%
 
12.0
%

There is inherent uncertainty in our assumptions, and fluctuations in these assumptions will result in different estimates of fair value. The significant unobservable assumptions driving the value of the preferred shares are the enterprise value and the expected term. A 10% increase or decrease in the enterprise value primarily driven by the weighted-average cost of capital assumption and financial forecasts may cause the fair value to fluctuate by approximately $20 million. Independent of the enterprise value, a 0.5 year change in the expected term assumption may cause the fair value to fluctuate by approximately $21 million.
Held-to-Maturity Debt Securities—As of March 31, 2016 and December 31, 2015, we have investments in held-to-maturity debt securities of $25 million, which are investments in third-party entities that own certain of our hotels. The amortized cost of our investments approximates fair value. The securities are mandatorily redeemable between 2020 and 2025.
Financing Receivables
Financing Receivables
FINANCING RECEIVABLES
Financing receivables at March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Unsecured financing to hotel owners
$
122

 
$
120

Less allowance for losses
(100
)
 
(98
)
Less current portion included in receivables, net
(2
)
 
(2
)
Total long-term financing receivables, net
$
20

 
$
20


During the year ended December 31, 2015, all of our outstanding secured financing receivables to hotel owners were settled.
Allowance for Losses and Impairments—The following tables summarize the activity in our financing receivables allowance for the three months ended March 31, 2016 and March 31, 2015:
 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2016
$
—

 
$
98

 
$
98

  Provisions
—

 
1

 
1

  Other Adjustments
—

 
1

 
1

Allowance at March 31, 2016
$
—

 
$
100

 
$
100


Secured Financing

Unsecured Financing
 
Total
Allowance at January 1, 2015
$
13


$
87

 
$
100

  Provisions
—


2

 
2

  Other Adjustments
—

 
(1
)
 
(1
)
Allowance at March 31, 2015
$
13

 
$
88

 
$
101


Credit Monitoring—Our unsecured financing receivables are as follows:
 
March 31, 2016
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (1)
60

 
(60
)
 
—

 
60

Total loans
75

 
(60
)
 
15

 
60

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
122

 
$
(100
)
 
$
22

 
$
100

(1) The unpaid principal balance was $43 million and the average recorded loan balance was $59 million as of March 31, 2016.
 
December 31, 2015
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (2)
58

 
(58
)
 
—

 
58

Total loans
73

 
(58
)
 
15

 
58

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
120

 
$
(98
)
 
$
22

 
$
98

(2) The unpaid principal balance was $42 million and the average recorded loan balance was $55 million as of December 31, 2015
Fair Value—We estimated the fair value of financing receivables which are classified as Level Three in the fair value hierarchy to be approximately $22 million as of March 31, 2016 and December 31, 2015. During the three months ended March 31, 2016 and March 31, 2015, there were no transfers between levels of the fair value hierarchy.
Acquisitions and Dispositions
Acquisitions and Dispositions
ACQUISITIONS AND DISPOSITIONS
During the three months ended March 31, 2016 and March 31, 2015, we did not have any acquisitions.
Dispositions—During the three months ended March 31, 2016, we did not have any dispositions.
Hyatt Regency Indianapolis—During the three months ended March 31, 2015, we sold Hyatt Regency Indianapolis for $69 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $8 million, which has been recognized in gain on sale of real estate on our condensed consolidated statements of income during the three months ended March 31, 2015. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
As a result of certain dispositions, we have agreed to provide indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire.
Intangible Assets
Intangible Assets
INTANGIBLE ASSETS
The following is a summary of intangible assets at March 31, 2016 and December 31, 2015:
 
March 31, 2016
 
Weighted-
Average Useful
Lives in Years
 
December 31, 2015
Management and franchise agreement intangibles
$
522

 
25

 
$
535

Lease related intangibles
133

 
111

 
136

Advanced booking intangibles
12

 
5

 
12

Brand intangible
7

 
—

 
7

Other
7

 
12

 
8

 
681

 
 
 
698

Less accumulated amortization
(135
)
 
 
 
(151
)
Intangibles, net
$
546

 
 
 
$
547


Amortization expense relating to intangible assets for the three months ended March 31, 2016 and March 31, 2015 was as follows:
 
Three Months Ended March 31,
 
2016
 
2015
Amortization expense
$
7

 
$
8

Debt
Debt Disclosure
DEBT
Long-term debt, net of current maturities, at March 31, 2016 and December 31, 2015, was $1,441 million and $1,042 million, respectively.
Senior Notes—During the three months ended March 31, 2016, we issued $400 million of 4.850% senior notes due 2026, at an issue price of 99.920% (the "2026 Notes"). We received net proceeds of $396 million from the sale of the 2026 Notes, after deducting discounts and offering expenses of approximately $4 million. We intend to use the net proceeds for general corporate purposes, including to pay for the redemption of the 2016 Notes (as defined below). Interest on the 2026 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2016.
The 2026 Notes, together with our $250 million of 3.875% senior notes due 2016 (the "2016 Notes"), $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), and $350 million of 3.375% senior notes due 2023 (the "2023 Notes"), are collectively referred to as the "Senior Notes."
Senior Secured Term Loan—During the three months ended March 31, 2016, we repaid the senior secured term loan related to Hyatt Regency Lost Pines Resort and Spa of $64 million.
Debt Redemption—During the three months ended March 31, 2016, we gave notice to redeem our outstanding 2016 Notes, of which an aggregate principal amount of $250 million was outstanding as of March 31, 2016. See Note 18.
Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes, bonds and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. During the three months ended March 31, 2016 and March 31, 2015, there were no transfers between levels of the fair value hierarchy.
 
Asset (Liability)
 
March 31, 2016
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,690
)
 
$
(1,791
)
 
$
—

 
$
(1,709
)
 
$
(82
)
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,354
)
 
$
(1,421
)
 
$
—

 
$
(1,277
)
 
$
(144
)
Liabilities
Liabilities
LIABILITIES
Other long-term liabilities at March 31, 2016 and December 31, 2015 consist of the following:
 
March 31, 2016
 
December 31, 2015
Deferred gains on sales of hotel properties
$
362

 
$
367

Deferred compensation plans
332

 
333

Hyatt Gold Passport Fund
275

 
280

Guarantee liabilities (see Note 11)
113

 
120

Other
364

 
347

Total
$
1,446

 
$
1,447


Accrued expenses and other current liabilities includes $174 million and $166 million of liabilities related to the Hyatt Gold Passport Fund at March 31, 2016 and December 31, 2015, respectively.
Income Taxes
Income taxes
INCOME TAXES

The effective income tax rates for the three months ended March 31, 2016 and March 31, 2015, were 31.7% and 35.3%, respectively. Our effective tax rate decreased for the three months ended March 31, 2016 compared to the three months ended March 31, 2015, primarily due to the tax impact of global transfer pricing changes implemented during the fourth quarter of 2015.
Unrecognized tax benefits were $108 million and $110 million at March 31, 2016 and December 31, 2015, respectively, of which $24 million and $21 million, respectively, would impact the effective tax rate if recognized.
Commitments And Contingencies
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below:
Commitments—As of March 31, 2016, we are committed, under certain conditions, to lend or invest up to $166 million, net of any related letters of credit, in various business ventures.
Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels.
Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("the four managed hotels in France"), which has a term of 7 years, with approximately 4.25 years remaining, and does not have an annual cap. The remaining maximum exposure related to our performance guarantees at March 31, 2016 was $419 million, of which €344 million ($392 million using exchange rates as of March 31, 2016) related to the four managed hotels in France.
We had total net guarantee liabilities of $97 million at March 31, 2016 and December 31, 2015, which included $76 million and $81 million recorded in other long-term liabilities, $22 million and $16 million in accrued expenses and other current liabilities and $1 million and $0 in receivables on our condensed consolidated balance sheets, respectively. Our total guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception, net of amortization and any separate contingent liabilities, net of cash payments. Performance guarantee expense or income and income from amortization of the guarantee obligation liabilities are recorded in other loss, net on the condensed consolidated statements of income, see Note 17.
The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments):
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Beginning balance, January 1
 
$
93

 
$
106

 
$
4

 
$
5

 
$
97

 
$
111

Amortization of initial guarantee obligation liability into income
 
(8
)
 
(2
)
 
—

 
—

 
(8
)
 
(2
)
Performance guarantee expense, net
 
19

 
16

 
—

 
—

 
19

 
16

Net (payments) receipts during the period
 
(14
)
 
1

 
(1
)
 
(1
)
 
(15
)
 
—

Foreign currency exchange, net
 
4

 
(13
)
 
—

 
—

 
4

 
(13
)
Ending balance, March 31
 
$
94

 
$
108

 
$
3

 
$
4

 
$
97

 
$
112


Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. As of March 31, 2016 and December 31, 2015, there were no amounts recorded on our condensed consolidated balance sheets related to these performance test clauses.
Debt Repayment Guarantees—We have entered into various debt repayment guarantees primarily related to our unconsolidated hospitality ventures and certain managed hotels. As of March 31, 2016, we had a $37 million liability representing the carrying value of these guarantees, net of amortization within other long-term liabilities on our condensed consolidated balance sheets. Included within debt guarantees are the following:
Property Description
 
Maximum Guarantee Amount
 
Amount Recorded at March 31, 2016
 
Amount Recorded at December 31, 2015
 
Year of Guarantee Expiration
Hotel properties in India
 
$
170

 
$
26

 
$
27

 
2020
Hotel property in Brazil
 
74

 
3

 
4

 
2020
Vacation ownership property
 
34

 
—

 
—

 
2016
Hotel property in Minnesota
 
25

 
2

 
2

 
2021
Hotel property in Arizona
 
23

 
3

 
3

 
2019
Hotel property in Hawaii
 
15

 
3

 
3

 
2017
Hotel property in Colorado
 
15

 
—

 
—

 
2016
Other
 
21

 
—

 
—

 
various, through 2020
Total Debt Repayment Guarantees
 
$
377

 
$
37

 
$
39

 
 

With respect to certain debt repayment guarantees related to unconsolidated hospitality ventures, the Company has agreements with its respective partners that require each partner to pay a pro rata portion of the guarantee amount based on each partner’s ownership percentage. In relation to the vacation ownership property debt repayment guarantee, for which we no longer have an investment in the unconsolidated venture, we have the ability to fully recover from third parties any amounts we may be required to fund. Assuming successful enforcement of these agreements with our respective partners and third parties, our maximum exposure under the various debt repayment guarantees as of March 31, 2016 would be $260 million. Additionally, with respect to the debt repayment guarantee associated with the hotel properties in India, we have the contractual right to recover all amounts funded under the guarantee from the unconsolidated hospitality venture, in which we have a 50% ownership interest. Furthermore, under certain conditions as stated in the hospitality ventures' operating agreements, we have the right to force the sale of the hotel properties in India in order to recover any amounts funded under the guarantee.
Insurance—The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self insurance basis primarily through a U.S. based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within twelve months are $36 million and $35 million as of March 31, 2016 and December 31, 2015, respectively, and are classified within accrued expenses and other current liabilities on our condensed consolidated balance sheets, while losses expected to be payable in later periods are $61 million and $57 million as of March 31, 2016 and December 31, 2015, respectively, and are included in other long-term liabilities on our condensed consolidated balance sheets. At March 31, 2016, standby letters of credit amounting to $7 million have been issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the "—Letters of Credit" section of this footnote.
At March 31, 2016, we have a $3 million liability related to our estimated exposure for a cyber security malware issue that occurred in 2015. We maintain a separate cyber security insurance policy with a deductible of $3 million and expect our exposure to exceed our deductible but be significantly less than our maximum insurance coverage.
Collective Bargaining Agreements—At March 31, 2016, approximately 26% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment and orderly settlement of labor disputes. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe that our employee relations are good.
Surety Bonds—Surety bonds issued on our behalf totaled $23 million as of March 31, 2016 and primarily relate to workers’ compensation, taxes, licenses and utilities related to our lodging operations.
Letters of Credit—Letters of credit outstanding on our behalf as of March 31, 2016 totaled $227 million, which relate to our ongoing operations and securitization of our performance under our debt repayment guarantee associated with the hotel properties in India, which is only called upon if we default on our guarantee. The $227 million letters of credit outstanding do not reduce the available capacity under our revolving credit facility.
Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved.
Other—We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in the assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements.
Equity
Equity
EQUITY
Stockholders’ Equity and Noncontrolling Interests—The following table details the equity activity for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2016
$
3,991

 
$
4

 
$
3,995

Net income
34

 
—

 
34

Other comprehensive income
20

 
—

 
20

Repurchase of common stock
(63
)
 
—

 
(63
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2016
$
3,996

 
$
4

 
$
4,000

 
 
 
 
 
 
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2015
$
4,627

 
$
4

 
$
4,631

Net income
22

 
—

 
22

Other comprehensive loss
(53
)
 
—

 
(53
)
Repurchase of common stock
(187
)
 
—

 
(187
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
12

 
—

 
12

Balance at March 31, 2015
$
4,422

 
$
4

 
$
4,426



Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Balance at
January 1, 2016
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Balance at March 31, 2016
Foreign currency translation adjustments
$
(257
)
 
$
24

 
$
—

 
$
(233
)
Unrealized gains (losses) on AFS securities
39

 
(4
)
 
—

 
35

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(5
)
 
—

 
—

 
(5
)
Accumulated Other Comprehensive Income (Loss)
$
(230
)
 
$
20

 
$
—

 
$
(210
)
 
 
Balance at
January 1, 2015
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Balance at March 31, 2015
Foreign currency translation adjustments
$
(155
)
 
$
(55
)
 
$
—

 
$
(210
)
Unrealized gains on AFS securities
6

 
2

 
—

 
8

Unrecognized pension cost
(5
)
 
—

 
—

 
(5
)
Unrealized losses on derivative instruments
(6
)
 
—

 
—

 
(6
)
Accumulated Other Comprehensive Loss
$
(160
)
 
$
(53
)
 
$
—

 
$
(213
)
Share Repurchase—During 2016, 2015, and 2014, the Company's board of directors authorized the repurchase of up to $250 million, $400 million and $700 million, respectively, of the Company's common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The common stock repurchase program applies to the Company’s Class A common stock and/or the Company’s Class B common stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time.
During the three months ended March 31, 2016 and March 31, 2015, the Company repurchased 1,527,750 and 3,192,629 shares of common stock, respectively. These shares of common stock were repurchased at a weighted-average price of $41.37 and $58.67 per share, respectively, for an aggregate purchase price of $63 million and $187 million, respectively, excluding related expenses that were insignificant in both periods. The shares repurchased during the three months ended March 31, 2016 represented approximately 1% of the Company's total shares of common stock outstanding as of December 31, 2015. The shares repurchased during the three months ended March 31, 2015 represented approximately 2% of the Company's total shares of common stock outstanding as of December 31, 2014. The shares of Class A common stock that were repurchased on the open market were retired and returned to the status of authorized and unissued shares while the shares of Class B common stock that were repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares repurchased. As of March 31, 2016, we had $316 million remaining under the share repurchase authorization.
Stock-Based Compensation
Stock-Based Compensation
STOCK-BASED COMPENSATION
As part of our Long-Term Incentive Plan, we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), Performance Share Units ("PSUs") and Performance Vesting Restricted Stock ("PSSs") to certain employees. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recorded on the lines other revenues from managed properties and other costs from managed properties on our condensed consolidated statements of income. Compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards for the three months ended March 31, 2016 and March 31, 2015 are as follows:
 
Three Months Ended March 31,
 
2016
 
2015
SARs
$
7

 
$
7

RSUs
8

 
8

PSUs and PSSs
1

 
1

Total stock-based compensation recorded within selling, general, and administrative expenses
$
16

 
$
16


SARs—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. Vested SARs can be exercised over their life as determined by the plan. All SARs have a 10-year contractual term, are settled in shares of our Class A common stock and are accounted for as equity instruments.
During the three months ended March 31, 2016, the Company granted 924,424 SARs to employees with a weighted-average grant date fair value of $14.52. The fair value of each SAR was estimated on the grant date using the Black-Scholes-Merton option-pricing model.
RSUs—Each vested RSU will be settled with a single share of our Class A common stock, with the exception of insignificant portions of certain awards which will be settled in cash. The value of the stock-settled RSUs is based on the fair value of our Class A common stock as of the grant date. In certain situations we also grant cash-settled RSUs which are recorded as a liability instrument. During the three months ended March 31, 2016, the Company granted a total of 444,629 RSUs (an insignificant portion of which are cash-settled RSUs) to employees which, with respect to stock-settled RSUs, had a weighted-average grant date fair value of $47.36.
PSUs and PSSs—The Company has granted both PSUs and PSSs to certain executive officers.
The number of PSUs that will ultimately vest and be paid out in Class A common stock depends upon the performance of the Company at the end of the applicable three year performance period relative to the applicable performance target. During the three months ended March 31, 2016, the Company granted to its executive officers a total of 111,620 PSUs, with a weighted-average grant date fair value of $47.36. The performance period is a three year period beginning January 1, 2016 and ending December 31, 2018. The PSUs will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric.
The number of PSSs that will ultimately vest with no further restrictions on transfer depends upon the performance of the Company at the end of the applicable three year performance period relative to the applicable performance target. The PSSs vest in full if the maximum performance metric is achieved. At the end of the performance period, the PSSs that do not vest will be forfeited. The PSSs will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric.
Our total unearned compensation for our stock-based compensation programs as of March 31, 2016 was $8 million for SARs, $24 million for RSUs and $5 million for PSUs and PSSs, which will be recorded to compensation expense over the next three years with respect to SARs and RSUs, with a limited portion of the SAR and RSU awards extending to four years, and over the next two years with respect to PSUs and PSSs.
Related-Party Transactions
Related-Party Transactions
    RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the notes to the condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Leases—Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois, since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future expected sublease income for this space from related parties is $5 million.
Equity Method Investments—We have equity method investments in entities that own properties for which we provide management and/or franchise services and receive fees. We recorded fees of $6 million and $5 million for the three months ended March 31, 2016 and March 31, 2015, respectively. As of March 31, 2016 and December 31, 2015, we had receivables due from these properties of $6 million. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 11) to these entities. Our ownership interest in these unconsolidated hospitality ventures generally varies from 24% to 70%. See Note 3 for further details regarding these investments.
Class B Share Repurchase—During the three months ended March 31, 2016, we repurchased 0 shares of Class B common stock. During the three months ended March 31, 2015, we repurchased 750,000 shares of Class B common stock for a weighted average price of $59.54 per share, for an aggregate purchase price of approximately $45 million. The shares repurchased represented approximately 0.5% of the Company's total shares of common stock outstanding prior to the repurchase. The shares of Class B common stock were repurchased in privately negotiated transactions from trusts for the benefit of certain Pritzker family members and limited partnerships owned indirectly by trusts for the benefit of certain Pritzker family members and were retired, thereby reducing the total number of shares outstanding and reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.
Segment Information
Segment Information
SEGMENT INFORMATION
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management—This segment derives its earnings primarily from hotel management of our portfolio of brands located primarily in Europe, Africa, the Middle East, India and Nepal, as well as countries along the Persian Gulf and the Arabian Sea. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gain on sale of real estate; other loss, net; depreciation and amortization; interest expense; and provision for income taxes.
Effective January 1, 2016, our definition of Adjusted EBITDA has been updated to exclude stock-based compensation expense, to facilitate comparison with our competitors. We have applied this change in the definition of Adjusted EBITDA to 2015 historical results to allow for comparability between the periods presented.

The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, license fees related to Hyatt Residence Club, and our co-branded credit card.
 
Three Months Ended March 31,
 
2016
 
2015
Owned and leased hotels
 
 
 
Owned and leased hotels revenues
$
516

 
$
509

Adjusted EBITDA
131

 
124

Depreciation and amortization
68

 
71

Americas management and franchising
 
 
 
Management and franchise fees revenues
91

 
88

Other revenues from managed properties
421

 
400

Intersegment revenues (a)
20

 
19

Adjusted EBITDA
76

 
73

Depreciation and amortization
5

 
5

ASPAC management and franchising
 
 
 
Management and franchise fees revenues
22

 
21

Other revenues from managed properties
21

 
19

Intersegment revenues (a)
—

 
—

Adjusted EBITDA
12

 
12

Depreciation and amortization
—

 
—

EAME/SW Asia management
 
 
 
Management and franchise fees revenues
16

 
16

Other revenues from managed properties
15

 
14

Intersegment revenues (a)
2

 
3

Adjusted EBITDA
8

 
7

Depreciation and amortization
1

 
1

Corporate and other
 
 
 
Revenues
9

 
9

Adjusted EBITDA
(33
)
 
(31
)
Depreciation and amortization
7

 
2

Eliminations (a)
 
 
 
Revenues
(22
)
 
(22
)
Adjusted EBITDA
—

 
—

Depreciation and amortization
—

 
—

TOTAL
 
 
 
Revenues
$
1,089

 
$
1,054

Adjusted EBITDA
194

 
185

Depreciation and amortization
81

 
79

(a)
Intersegment revenues are included in the management and franchise fees revenues and eliminated in Eliminations.
The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the three months ended March 31, 2016 and March 31, 2015.
 
Three Months Ended March 31,
 
2016
 
2015
Adjusted EBITDA
$
194

 
$
185

Equity earnings (losses) from unconsolidated hospitality ventures
2

 
(6
)
Stock-based compensation expense (see Note 13)
(16
)
 
(16
)
Gain on sale of real estate
—

 
8

Other loss, net (see Note 17)
(4
)
 
(18
)
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
(28
)
 
(23
)
EBITDA
148

 
130

Depreciation and amortization
(81
)
 
(79
)
Interest expense
(17
)
 
(17
)
Provision for income taxes
(16
)
 
(12
)
Net income attributable to Hyatt Hotels Corporation
$
34

 
$
22

Earnings Per Share
Earnings Per Share
EARNINGS PER SHARE
The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
 
Three Months Ended March 31,
 
2016
 
2015
Numerator:
 
 
 
Net income
$
34

 
$
22

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
34

 
$
22

Denominator:
 
 
 
Basic weighted average shares outstanding
135,128,860

 
147,285,258

Share-based compensation
796,029

 
1,354,053

Diluted weighted average shares outstanding
135,924,889

 
148,639,311

Basic Earnings Per Share:
 
 
 
Net income
$
0.25

 
$
0.15

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.25

 
$
0.15

Diluted Earnings Per Share:
 
 
 
Net income
$
0.25

 
$
0.15

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.25

 
$
0.15


The computations of diluted net income per share for the three months ended March 31, 2016 and March 31, 2015 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.
 
Three Months Ended March 31,
 
2016
 
2015
SARs
—

 
2,500

RSUs
12,000

 
—

Other Loss, Net
Other Loss, Net
OTHER LOSS, NET
The table below provides a reconciliation of the components in other loss, net, for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Three Months Ended March 31,
 
2016
 
2015
Performance guarantee expense, net (see Note 11)
$
(19
)
 
$
(16
)
Foreign currency losses, net
—

 
(7
)
Interest income
1

 
2

Depreciation recovery
5

 
1

Guarantee liability amortization (see Note 11)
8

 
2

Other
1

 
—

Other loss, net
$
(4
)
 
$
(18
)
Subsequent Events
Subsequent Events
SUBSEQUENT EVENTS
Pursuant to the notice of redemption on March 15, 2016, all of the Company’s outstanding 2016 Notes, of which an aggregate principal amount of $250 million was outstanding at March 31, 2016, were redeemed on April 11, 2016 for $254 million.
On April 25, 2016, we acquired Thompson Miami Beach for approximately $238 million, from a seller that is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. We have rebranded this hotel as The Confidante, the newest addition to The Unbound Collection by Hyatt.
Significant Accounting Policies (Policies)
New Accounting Pronouncements 
Adopted Accounting Standards—In April 2015, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The provisions of ASU 2015-03 are effective for interim periods and fiscal years beginning after December 15, 2015. We adopted the standard on January 1, 2016, and as a result we reclassified $5 million of debt issuance costs previously included in other assets to long-term debt on our condensed consolidated financial statements as of December 31, 2015.
Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date. The Company is currently evaluating the impact of adopting ASU 2014-09.
In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of adopting ASU 2016-01.
In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability. The provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02.
In March 2016, the FASB released Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-09.
Basis of Accounting 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements.
Organization 
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary
beneficiary.
Marketable Securities 
We invest a portion of our cash into short-term interest bearing money market funds that have a maturity of less than ninety days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies and the fair value of the funds are classified as Level One as we are able to obtain market available pricing information on an ongoing basis. The fair value of our mutual funds are classified as Level One as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Time deposits are recorded at par value, which approximates fair value and are classified as Level Two. The remaining securities, other than our investment in preferred shares, are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities.
Due to the lack of availability of market data, the preferred shares are classified as Level Three. We estimated the fair value of the Playa preferred shares using an option-pricing model. This model requires that we make certain assumptions regarding the expected volatility, term, risk-free interest rate over the expected term, dividend yield and enterprise value. Financial forecasts were used in the computation of the enterprise value using the income approach, based on assumed revenue growth rates and operating margin levels. The risks associated with achieving these forecasts were assessed in selecting the appropriate weighted-average cost of capital.
Performance Guarantee 
With respect to certain debt repayment guarantees related to unconsolidated hospitality ventures, the Company has agreements with its respective partners that require each partner to pay a pro rata portion of the guarantee amount based on each partner’s ownership percentage. In relation to the vacation ownership property debt repayment guarantee, for which we no longer have an investment in the unconsolidated venture, we have the ability to fully recover from third parties any amounts we may be required to fund.
Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract.
Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels.
Self Insurance 
The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self insurance basis primarily through a U.S. based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses.
Commitments and Contingencies Other 
We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in the assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements.

Segment Reporting 
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management—This segment derives its earnings primarily from hotel management of our portfolio of brands located primarily in Europe, Africa, the Middle East, India and Nepal, as well as countries along the Persian Gulf and the Arabian Sea. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gain on sale of real estate; other loss, net; depreciation and amortization; interest expense; and provision for income taxes.
Equity And Cost Method Investments (Tables)
Schedule of Equity and Cost Method Investments 
Our equity and cost method investment balances recorded at March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Equity method investments
$
309

 
$
304

Cost method investments
23

 
23

Total investments
$
332

 
$
327

Summarized Financial Information 
The following table presents summarized financial information for all unconsolidated ventures in which we hold an investment that is accounted for under the equity method:
 
Three Months Ended March 31,
 
2016
 
2015
Total revenues
$
284

 
$
244

Gross operating profit
70

 
60

Income (loss) from continuing operations
20

 
(13
)
Net income (loss)
20

 
(13
)
Marketable Securities (Tables)
Marketable Securities Held to Fund Operating Programs 
At March 31, 2016 and December 31, 2015, total marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2016
 
December 31, 2015
Marketable securities held by the Hyatt Gold Passport Fund
$
393

 
$
384

Marketable securities held to fund deferred compensation plans (Note 9)
332

 
333

Marketable securities held to fund our captive insurance company
78

 
82

Total marketable securities held to fund operating programs
$
803

 
$
799

Less current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(143
)
 
(121
)
Marketable securities held to fund operating programs included in other assets
$
660

 
$
678

Net Gain (Loss) on Investments from Investments Held to Fund Operating Programs 
Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income includes realized and unrealized gains (losses) and interest income, net related to the following:
 
Three Months Ended March 31,
2016
 
2015
Hyatt Gold Passport Fund
$
1

 
$
1

Deferred compensation plans
—

 
7

Total net gains and interest income from marketable securities held to fund operating programs
$
1

 
$
8

Marketable Securities Held for Investment Purposes 
At March 31, 2016 and December 31, 2015, our total marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:
 
March 31, 2016
 
December 31, 2015
Interest bearing money market funds
$
49

 
$
5

Time deposits
30

 
30

Preferred shares
328

 
335

Assets And Liabilities Measured At Fair Value On A Recurring Basis 
As of March 31, 2016 and December 31, 2015, we had the following financial assets measured at fair value on a recurring basis:
 
March 31, 2016
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
58

 
$
58

 
$
—

 
$
—

 
$
—

Mutual funds
332

 
—

 
—

 
—

 
332

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
47

 
—

 
37

 
—

 
10

U.S. government obligations
132

 
—

 
—

 
38

 
94

U.S. government agencies
79

 
—

 
17

 
12

 
50

Corporate debt securities
181

 
—

 
1

 
44

 
136

Mortgage-backed securities
26

 
—

 
—

 
7

 
19

Asset-backed securities
24

 
—

 
—

 
7

 
17

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
328

 
—

 
—

 
—

 
328

Total
$
1,210

 
$
58

 
$
55

 
$
109

 
$
988



 
December 31, 2015
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
18

 
$
18

 
$
—

 
$
—

 
$
—

Mutual funds
333

 
—

 
—

 
—

 
333

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
45

 
—

 
38

 
—

 
7

U.S. government obligations
131

 
—

 
—

 
32

 
99

U.S. government agencies
83

 
—

 
6

 
10

 
67

Corporate debt securities
168

 
—

 
2

 
36

 
130

Mortgage-backed securities
26

 
—

 
—

 
6

 
20

Asset-backed securities
27

 
—

 
—

 
7

 
20

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
335

 
—

 
—

 
—

 
335

Total
$
1,169

 
$
18

 
$
46

 
$
92

 
$
1,013

Investments Classified As Available For Sale 
The fair value of the preferred shares was: 
 
2016
 
2015
Fair value at January 1
$
335

 
$
280

Gross unrealized gains
—

 
2

Gross unrealized losses
(7
)
 
—

Fair value at March 31
$
328

 
$
282

Fair Value Inputs, Assets, Quantitative Information 
A summary of the significant assumptions used to estimate the fair value of our preferred shares as of March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Expected term
0.5 years

 
0.75 years

Risk-free Interest Rate
0.39
%
 
0.57
%
Volatility
48.0
%
 
46.0
%
Dividend Yield
12.0
%
 
12.0
%
Financing Receivables (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
Financing receivables at March 31, 2016 and December 31, 2015 are as follows:
 
March 31, 2016
 
December 31, 2015
Unsecured financing to hotel owners
$
122

 
$
120

Less allowance for losses
(100
)
 
(98
)
Less current portion included in receivables, net
(2
)
 
(2
)
Total long-term financing receivables, net
$
20

 
$
20

Allowance for Credit Losses on Financing Receivables 
The following tables summarize the activity in our financing receivables allowance for the three months ended March 31, 2016 and March 31, 2015:
 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2016
$
—

 
$
98

 
$
98

  Provisions
—

 
1

 
1

  Other Adjustments
—

 
1

 
1

Allowance at March 31, 2016
$
—

 
$
100

 
$
100


Secured Financing

Unsecured Financing
 
Total
Allowance at January 1, 2015
$
13


$
87

 
$
100

  Provisions
—


2

 
2

  Other Adjustments
—

 
(1
)
 
(1
)
Allowance at March 31, 2015
$
13

 
$
88

 
$
101

Unsecured Financing Receivables 
Our unsecured financing receivables are as follows:
 
March 31, 2016
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (1)
60

 
(60
)
 
—

 
60

Total loans
75

 
(60
)
 
15

 
60

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
122

 
$
(100
)
 
$
22

 
$
100

(1) The unpaid principal balance was $43 million and the average recorded loan balance was $59 million as of March 31, 2016.
 
December 31, 2015
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (2)
58

 
(58
)
 
—

 
58

Total loans
73

 
(58
)
 
15

 
58

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
120

 
$
(98
)
 
$
22

 
$
98

(2) The unpaid principal balance was $42 million and the average recorded loan balance was $55 million as of December 31, 2015
Intangible Assets (Tables)
Schedule of Intangible Assets by Major Class 
The following is a summary of intangible assets at March 31, 2016 and December 31, 2015:
 
March 31, 2016
 
Weighted-
Average Useful
Lives in Years
 
December 31, 2015
Management and franchise agreement intangibles
$
522

 
25

 
$
535

Lease related intangibles
133

 
111

 
136

Advanced booking intangibles
12

 
5

 
12

Brand intangible
7

 
—

 
7

Other
7

 
12

 
8

 
681

 
 
 
698

Less accumulated amortization
(135
)
 
 
 
(151
)
Intangibles, net
$
546

 
 
 
$
547

Schedule of Intangible Assets Amortization Expense 
Amortization expense relating to intangible assets for the three months ended March 31, 2016 and March 31, 2015 was as follows:
 
Three Months Ended March 31,
 
2016
 
2015
Amortization expense
$
7

 
$
8

Debt (Tables)
Fair Value, by Balance Sheet Grouping
We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes, bonds and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. During the three months ended March 31, 2016 and March 31, 2015, there were no transfers between levels of the fair value hierarchy.
 
Asset (Liability)
 
March 31, 2016
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,690
)
 
$
(1,791
)
 
$
—

 
$
(1,709
)
 
$
(82
)
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,354
)
 
$
(1,421
)
 
$
—

 
$
(1,277
)
 
$
(144
)
Liabilities (Tables)
Liabilities
Other long-term liabilities at March 31, 2016 and December 31, 2015 consist of the following:
 
March 31, 2016
 
December 31, 2015
Deferred gains on sales of hotel properties
$
362

 
$
367

Deferred compensation plans
332

 
333

Hyatt Gold Passport Fund
275

 
280

Guarantee liabilities (see Note 11)
113

 
120

Other
364

 
347

Total
$
1,446

 
$
1,447

Commitments and Contingencies (Tables)
Schedule of Guarantor Obligations 
The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments):
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Beginning balance, January 1
 
$
93

 
$
106

 
$
4

 
$
5

 
$
97

 
$
111

Amortization of initial guarantee obligation liability into income
 
(8
)
 
(2
)
 
—

 
—

 
(8
)
 
(2
)
Performance guarantee expense, net
 
19

 
16

 
—

 
—

 
19

 
16

Net (payments) receipts during the period
 
(14
)
 
1

 
(1
)
 
(1
)
 
(15
)
 
—

Foreign currency exchange, net
 
4

 
(13
)
 
—

 
—

 
4

 
(13
)
Ending balance, March 31
 
$
94

 
$
108

 
$
3

 
$
4

 
$
97

 
$
112

Debt Repayment Guarantees 
Included within debt guarantees are the following:
Property Description
 
Maximum Guarantee Amount
 
Amount Recorded at March 31, 2016
 
Amount Recorded at December 31, 2015
 
Year of Guarantee Expiration
Hotel properties in India
 
$
170

 
$
26

 
$
27

 
2020
Hotel property in Brazil
 
74

 
3

 
4

 
2020
Vacation ownership property
 
34

 
—

 
—

 
2016
Hotel property in Minnesota
 
25

 
2

 
2

 
2021
Hotel property in Arizona
 
23

 
3

 
3

 
2019
Hotel property in Hawaii
 
15

 
3

 
3

 
2017
Hotel property in Colorado
 
15

 
—

 
—

 
2016
Other
 
21

 
—

 
—

 
various, through 2020
Total Debt Repayment Guarantees
 
$
377

 
$
37

 
$
39

 
 
Equity (Tables)
Stockholders' Equity and Noncontrolling Interests 
Stockholders’ Equity and Noncontrolling Interests—The following table details the equity activity for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2016
$
3,991

 
$
4

 
$
3,995

Net income
34

 
—

 
34

Other comprehensive income
20

 
—

 
20

Repurchase of common stock
(63
)
 
—

 
(63
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
13

 
—

 
13

Balance at March 31, 2016
$
3,996

 
$
4

 
$
4,000

 
 
 
 
 
 
 
Stockholders’
equity
 
Noncontrolling interests
in consolidated
subsidiaries
 
Total equity
Balance at January 1, 2015
$
4,627

 
$
4

 
$
4,631

Net income
22

 
—

 
22

Other comprehensive loss
(53
)
 
—

 
(53
)
Repurchase of common stock
(187
)
 
—

 
(187
)
Employee stock plan issuance
1

 
—

 
1

Share-based payment activity
12

 
—

 
12

Balance at March 31, 2015
$
4,422

 
$
4

 
$
4,426

Accumulated Other Comprehensive Loss 
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Balance at
January 1, 2016
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Balance at March 31, 2016
Foreign currency translation adjustments
$
(257
)
 
$
24

 
$
—

 
$
(233
)
Unrealized gains (losses) on AFS securities
39

 
(4
)
 
—

 
35

Unrecognized pension cost
(7
)
 
—

 
—

 
(7
)
Unrealized losses on derivative instruments
(5
)
 
—

 
—

 
(5
)
Accumulated Other Comprehensive Income (Loss)
$
(230
)
 
$
20

 
$
—

 
$
(210
)
 
 
Balance at
January 1, 2015
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Balance at March 31, 2015
Foreign currency translation adjustments
$
(155
)
 
$
(55
)
 
$
—

 
$
(210
)
Unrealized gains on AFS securities
6

 
2

 
—

 
8

Unrecognized pension cost
(5
)
 
—

 
—

 
(5
)
Unrealized losses on derivative instruments
(6
)
 
—

 
—

 
(6
)
Accumulated Other Comprehensive Loss
$
(160
)
 
$
(53
)
 
$
—

 
$
(213
)
Stock-Based Compensation (Tables)
Compensation Expense Related To Long-Term Incentive Plan
Compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards for the three months ended March 31, 2016 and March 31, 2015 are as follows:
 
Three Months Ended March 31,
 
2016
 
2015
SARs
$
7

 
$
7

RSUs
8

 
8

PSUs and PSSs
1

 
1

Total stock-based compensation recorded within selling, general, and administrative expenses
$
16

 
$
16

Segment Information (Tables)
Summarized Consolidated Financial Information by Segment 
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, license fees related to Hyatt Residence Club, and our co-branded credit card.
 
Three Months Ended March 31,
 
2016
 
2015
Owned and leased hotels
 
 
 
Owned and leased hotels revenues
$
516

 
$
509

Adjusted EBITDA
131

 
124

Depreciation and amortization
68

 
71

Americas management and franchising
 
 
 
Management and franchise fees revenues
91

 
88

Other revenues from managed properties
421

 
400

Intersegment revenues (a)
20

 
19

Adjusted EBITDA
76

 
73

Depreciation and amortization
5

 
5

ASPAC management and franchising
 
 
 
Management and franchise fees revenues
22

 
21

Other revenues from managed properties
21

 
19

Intersegment revenues (a)
—

 
—

Adjusted EBITDA
12

 
12

Depreciation and amortization
—

 
—

EAME/SW Asia management
 
 
 
Management and franchise fees revenues
16

 
16

Other revenues from managed properties
15

 
14

Intersegment revenues (a)
2

 
3

Adjusted EBITDA
8

 
7

Depreciation and amortization
1

 
1

Corporate and other
 
 
 
Revenues
9

 
9

Adjusted EBITDA
(33
)
 
(31
)
Depreciation and amortization
7

 
2

Eliminations (a)
 
 
 
Revenues
(22
)
 
(22
)
Adjusted EBITDA
—

 
—

Depreciation and amortization
—

 
—

TOTAL
 
 
 
Revenues
$
1,089

 
$
1,054

Adjusted EBITDA
194

 
185

Depreciation and amortization
81

 
79

(a)
Intersegment revenues are included in the management and franchise fees revenues and eliminated in Eliminations.
Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation 
The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the three months ended March 31, 2016 and March 31, 2015.
 
Three Months Ended March 31,
 
2016
 
2015
Adjusted EBITDA
$
194

 
$
185

Equity earnings (losses) from unconsolidated hospitality ventures
2

 
(6
)
Stock-based compensation expense (see Note 13)
(16
)
 
(16
)
Gain on sale of real estate
—

 
8

Other loss, net (see Note 17)
(4
)
 
(18
)
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
(28
)
 
(23
)
EBITDA
148

 
130

Depreciation and amortization
(81
)
 
(79
)
Interest expense
(17
)
 
(17
)
Provision for income taxes
(16
)
 
(12
)
Net income attributable to Hyatt Hotels Corporation
$
34

 
$
22

Earnings Per Share (Tables)
Schedule of the Calculation of Basic and Diluted Earnings Per Share 
The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:
 
Three Months Ended March 31,
 
2016
 
2015
Numerator:
 
 
 
Net income
$
34

 
$
22

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
34

 
$
22

Denominator:
 
 
 
Basic weighted average shares outstanding
135,128,860

 
147,285,258

Share-based compensation
796,029

 
1,354,053

Diluted weighted average shares outstanding
135,924,889

 
148,639,311

Basic Earnings Per Share:
 
 
 
Net income
$
0.25

 
$
0.15

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.25

 
$
0.15

Diluted Earnings Per Share:
 
 
 
Net income
$
0.25

 
$
0.15

Net income attributable to noncontrolling interests
—

 
—

Net income attributable to Hyatt Hotels Corporation
$
0.25

 
$
0.15

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 
The computations of diluted net income per share for the three months ended March 31, 2016 and March 31, 2015 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.
 
Three Months Ended March 31,
 
2016
 
2015
SARs
—

 
2,500

RSUs
12,000

 
—

Other Loss, Net (Tables)
Other Loss, Net
The table below provides a reconciliation of the components in other loss, net, for the three months ended March 31, 2016 and March 31, 2015, respectively.
 
Three Months Ended March 31,
 
2016
 
2015
Performance guarantee expense, net (see Note 11)
$
(19
)
 
$
(16
)
Foreign currency losses, net
—

 
(7
)
Interest income
1

 
2

Depreciation recovery
5

 
1

Guarantee liability amortization (see Note 11)
8

 
2

Other
1

 
—

Other loss, net
$
(4
)
 
$
(18
)
Organization (Details)
Mar. 31, 2016
Countries
Organization
 
Number of Countries in which Entity Operates (Number of countries)
53 
Full Service
 
Organization
 
Number of hotels operated or franchised (Number of hotels)
296 
Number of rooms operated or franchised (Number of rooms)
117,998 
Select Service
 
Organization
 
Number of hotels operated or franchised (Number of hotels)
316 
Number of rooms operated or franchised (Number of rooms)
43,574 
Select Service |
United States
 
Organization
 
Number of hotels operated or franchised (Number of hotels)
296 
All inclusive
 
Organization
 
Number of hotels operated or franchised (Number of hotels)
6 
Number of rooms operated or franchised (Number of rooms)
2,401 
Recently Issued Accounting Standards Adopted Accounting Standards (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
 
Prior Period Reclassification Adjustment
$ 5 
Equity And Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Equity And Cost Method Investments [Abstract]
 
 
Equity method investments
$ 309 
$ 304 
Cost method investments
23 
23 
Total investments
$ 332 
$ 327 
Equity Method Investments (Summarized Financial Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Equity Method Investments [Abstract]
 
 
Total revenues
$ 284 
$ 244 
Gross operating profit
70 
60 
Income (loss) from continuing operations
20 
(13)
Net income (loss)
$ 20 
$ (13)
Marketable Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2016
Playa Hotels & Resorts B.V.
Preferred Shares
Dec. 31, 2013
Playa Hotels & Resorts B.V.
Preferred Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
 
 
Available-for-sale Securities, Gross Unrealized Gain (Loss)
$ 0 
 
 
 
Available-for-sale Securities, Amortized Cost Basis
 
 
 
271 
Option to Redeem Investment in Preferred Shares
 
 
125 
 
Sensitivity Analysis of Fair Value, Impact of 10% change in Enterprise Value
 
 
20 
 
Sensitivity Analysis of Fair Value, Impact of 0.5 Year Change in Expected Term
 
 
21 
 
Held-to-maturity Securities
$ 25 
$ 25 
 
 
Marketable Securities Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Schedule of Investments
 
 
Total marketable securities held to fund operating programs
$ 803 
$ 799 
Current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(143)
(121)
Marketable securities held to fund operating programs included in other assets
660 
678 
Gold Passport Fund
 
 
Schedule of Investments
 
 
Total marketable securities held to fund operating programs
393 
384 
Deferred Compensation Plans
 
 
Schedule of Investments
 
 
Total marketable securities held to fund operating programs
332 
333 
Captive Insurance Company
 
 
Schedule of Investments
 
 
Total marketable securities held to fund operating programs
$ 78 
$ 82 
Marketable Securities Marketable Securities (Gain (Loss) on Investments Held to Fund Operating Programs) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 1 
$ 8 
Gold Passport Fund
 
 
Schedule of Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
1 
1 
Deferred Compensation Plans
 
 
Schedule of Investments
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 0 
$ 7 
Marketable Securities Marketable Securities (Marketable Securities Held for Investment Purposes) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
 
 
Interest bearing money market funds
$ 49 
$ 5 
Time Deposits
30 
30 
Preferred Shares
$ 328 
$ 335 
Marketable Securities (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
$ 1,210 
$ 1,169 
Cash and Cash Equivalents
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
58 
18 
Short-term Investments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
55 
46 
Prepaids and Other Assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
109 
92 
Other Assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
988 
1,013 
Level One - Quoted Prices In Active Markets For Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
58 
18 
Level One - Quoted Prices In Active Markets For Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
332 
333 
Level One - Quoted Prices In Active Markets For Identical Assets |
Cash and Cash Equivalents |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
58 
18 
Level One - Quoted Prices In Active Markets For Identical Assets |
Cash and Cash Equivalents |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Short-term Investments |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Short-term Investments |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Prepaids and Other Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Prepaids and Other Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Other Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level One - Quoted Prices In Active Markets For Identical Assets |
Other Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
332 
333 
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
47 
45 
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
132 
131 
Level Two - Significant Other Observable Inputs |
U.S. Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
79 
83 
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
181 
168 
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
26 
26 
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
24 
27 
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
3 
3 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
U.S. Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Cash and Cash Equivalents |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
37 
38 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
U.S. Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
17 
6 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
1 
2 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Short-term Investments |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
38 
32 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
U.S. Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
12 
10 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
44 
36 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
7 
6 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
7 
7 
Level Two - Significant Other Observable Inputs |
Prepaids and Other Assets |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
1 
1 
Level Two - Significant Other Observable Inputs |
Other Assets |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
10 
7 
Level Two - Significant Other Observable Inputs |
Other Assets |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
94 
99 
Level Two - Significant Other Observable Inputs |
Other Assets |
U.S. Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
50 
67 
Level Two - Significant Other Observable Inputs |
Other Assets |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
136 
130 
Level Two - Significant Other Observable Inputs |
Other Assets |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
19 
20 
Level Two - Significant Other Observable Inputs |
Other Assets |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
17 
20 
Level Two - Significant Other Observable Inputs |
Other Assets |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
2 
2 
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
328 
335 
Level Three - Significant Unobservable Inputs |
Cash and Cash Equivalents |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Three - Significant Unobservable Inputs |
Short-term Investments |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Three - Significant Unobservable Inputs |
Prepaids and Other Assets |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
0 
0 
Level Three - Significant Unobservable Inputs |
Other Assets |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
 
 
Investments, Fair Value Disclosure
$ 328 
$ 335 
Marketable Securities (Investments Classified as Available for Sale) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2016
Playa Hotels & Resorts B.V.
Preferred Shares
Mar. 31, 2015
Playa Hotels & Resorts B.V.
Preferred Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Bases [Line Items]
 
 
 
 
Fair value beginning balance, recorded in other assets
$ 328 
$ 335 
$ 335 
$ 280 
Gross unrealized gains, recorded in other comprehensive income (loss)
 
 
0 
2 
Gross unrealized losses, recorded in other comprehensive income (loss)
 
 
(7)
0 
Fair value ending balance, recorded in other assets
$ 328 
$ 335 
$ 328 
$ 282 
Marketable Securities (Inputs, Assets, Quantitative Information) (Details) (Preferred Shares, Playa Hotels & Resorts B.V.)
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Preferred Shares |
Playa Hotels & Resorts B.V.
 
 
Fair Value Inputs, Assets, Quantitative Information
 
 
Expected Term
0 years 6 months 
0 years 9 months 
Risk-free Interest Rate
0.39% 
0.57% 
Volatility
48.00% 
46.00% 
Dividend Yield
12.00% 
12.00% 
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable
 
 
 
 
Less allowance for losses
$ (100)
$ (98)
$ (101)
$ (100)
Less current portion included in receivables, net
(2)
(2)
 
 
Total long-term financing receivables, net
20 
20 
 
 
Secured Financing To Hotel Owners
 
 
 
 
Accounts, Notes, Loans and Financing Receivable
 
 
 
 
Financing Receivable, Gross
0 
 
 
 
Less allowance for losses
0 
0 
(13)
(13)
Unsecured Financing To Hotel Owners
 
 
 
 
Accounts, Notes, Loans and Financing Receivable
 
 
 
 
Financing Receivable, Gross
122 
120 
 
 
Less allowance for losses
$ (100)
$ (98)
$ (88)
$ (87)
Financing Receivables (Allowance For Credit Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Financing Receivable, Allowance for Credit Losses
 
 
Beginning Balance
$ 98 
$ 100 
Provisions
1 
2 
Other Adjustments
1 
(1)
Ending Balance
100 
101 
Secured Financing To Hotel Owners
 
 
Financing Receivable, Allowance for Credit Losses
 
 
Beginning Balance
0 
13 
Provisions
0 
0 
Other Adjustments
0 
0 
Ending Balance
0 
13 
Unsecured Financing To Hotel Owners
 
 
Financing Receivable, Allowance for Credit Losses
 
 
Beginning Balance
98 
87 
Provisions
1 
2 
Other Adjustments
1 
(1)
Ending Balance
$ 100 
$ 88 
Financing Receivables Credit Monitoring Unsecured Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2016
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Unsecured Financing To Hotel Owners
Mar. 31, 2016
Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Loans
Unsecured Financing To Hotel Owners
Mar. 31, 2016
Impaired Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Impaired Loans
Unsecured Financing To Hotel Owners
Mar. 31, 2016
Total Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Total Loans
Unsecured Financing To Hotel Owners
Mar. 31, 2016
Financing Receivable
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Financing Receivable
Unsecured Financing To Hotel Owners
Unsecured Financing Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Loan Balance (Principal and Interest)
 
 
 
 
$ 122 
$ 120 
$ 15 
$ 15 
 
 
$ 75 
$ 73 
$ 47 
$ 47 
Impaired Loans, Gross
 
 
 
 
 
 
 
 
60 
58 
 
 
 
 
Related Allowance
(100)
(98)
(101)
(100)
(100)
(98)
0 
0 
 
 
(60)
(58)
(40)
(40)
Impaired Financing Receivable, Related Allowance
 
 
 
 
 
 
 
 
(60)
(58)
 
 
 
 
Net Financing Receivables
 
 
 
 
22 
22 
15 
15 
0 
0 
15 
15 
7 
7 
Gross Receivables on Non-Accrual Status
 
 
 
 
100 
98 
0 
0 
60 
58 
60 
58 
40 
40 
Impaired Financing Receivable, Unpaid Principal Balance
 
 
 
 
 
 
 
 
43 
42 
 
 
 
 
Impaired Financing Receivable, Average Recorded Investment
 
 
 
 
 
 
 
 
$ 59 
$ 55 
 
 
 
 
Financing Receivables Financing Receivables (Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Receivables [Abstract]
 
 
Notes Receivable, Fair Value Disclosure
$ 22 
$ 22 
Acquisitions and Dispositions (Dispositions Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Significant Acquisitions and Disposals
 
 
Proceeds from sale of real estate, net of cash disposed
$ 0 
$ 69 
Gain on sale of real estate
0 
8 
Hyatt Regency Indianapolis
 
 
Significant Acquisitions and Disposals
 
 
Proceeds from sale of real estate, net of cash disposed
 
69 
Gain on sale of real estate
 
$ 8 
Intangible Assets (Intangible Assets Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Schedule of Intangible Asset by Major Class
 
 
Intangibles, gross
$ 681 
$ 698 
Accumulated amortization
(135)
(151)
Intangibles, net
546 
547 
Management and franchise agreement intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Management and franchise agreement intangibles
522 
535 
Weighted-Average Useful Life
25 years 
 
Lease related intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Lease related intangibles
133 
136 
Weighted-Average Useful Life
111 years 
 
Advanced booking intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Advanced booking intangibles
12 
12 
Weighted-Average Useful Life
5 years 
 
Other
 
 
Schedule of Intangible Asset by Major Class
 
 
Other
7 
8 
Weighted-Average Useful Life
12 years 
 
Brand intangible
 
 
Schedule of Intangible Asset by Major Class
 
 
Brand intangible
$ 7 
$ 7 
Intangible Assets (Amortization Expense Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
Amortization expense
$ 7 
$ 8 
Debt (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Debt Instrument
 
 
 
Long-term Debt and Capital Lease Obligations
$ 1,441 
 
$ 1,042 
Debt Issuance Cost
4 
0 
 
Repayments of long-term debt
(95)
0 
 
Hyatt Regency Lost Pines Resort and Spa
 
 
 
Debt Instrument
 
 
 
Repayments of long-term debt
(64)
 
 
2026 Notes
 
 
 
Debt Instrument
 
 
 
Senior Notes
400 
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.85% 
 
 
Discount Price Percentage
99.92% 
 
 
Proceeds from Debt, Net of Issuance Costs
396 
 
 
Debt Issuance Cost
4 
 
 
2016 Notes
 
 
 
Debt Instrument
 
 
 
Senior Notes
250 
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.875% 
 
 
2019 Notes
 
 
 
Debt Instrument
 
 
 
Senior Notes
196 
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.875% 
 
 
2021 Notes
 
 
 
Debt Instrument
 
 
 
Senior Notes
250 
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.375% 
 
 
2023 Notes
 
 
 
Debt Instrument
 
 
 
Senior Notes
$ 350 
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.375% 
 
 
Debt (Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Debt Instrument
 
 
Long-term Debt, excluding capital lease obligations
$ (1,690)
$ (1,354)
Long-term Debt, excluding capital lease obligations, Fair Value Disclosure
(1,791)
(1,421)
Quoted Prices in Active Markets for Identical Assets (Level One)
 
 
Debt Instrument
 
 
Long-term Debt, excluding capital lease obligations, Fair Value Disclosure
0 
0 
Significant Other Observable Inputs (Level Two)
 
 
Debt Instrument
 
 
Long-term Debt, excluding capital lease obligations, Fair Value Disclosure
(1,709)
(1,277)
Significant Unobservable Inputs (Level Three)
 
 
Debt Instrument
 
 
Long-term Debt, excluding capital lease obligations, Fair Value Disclosure
$ (82)
$ (144)
Liabilities (Liabilities Table) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Other Liabilities [Abstract]
 
 
Deferred gains on sales of hotel properties
$ 362 
$ 367 
Deferred compensation plans
332 
333 
Hyatt Gold Passport Fund
275 
280 
Guarantee liabilities
113 
120 
Other
364 
347 
Total
$ 1,446 
$ 1,447 
Liabilities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Other Liabilities
 
 
Accrued expenses and other current liabilities
$ 516 
$ 516 
Gold Passport Fund
 
 
Other Liabilities
 
 
Accrued expenses and other current liabilities
$ 174 
$ 166 
Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Income Tax Disclosure [Abstract]
 
 
 
Effective income tax rate
31.70% 
35.30% 
 
Total unrecognized tax benefits
$ 108 
 
$ 110 
Amount of unrecognized tax benefits that would affect the tax rate if recognized
$ 24 
 
$ 21 
Commitments And Contingencies (Guarantees And Commitments Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Mar. 31, 2016
Performance Guarantee
USD ($)
Dec. 31, 2015
Performance Guarantee
USD ($)
Mar. 31, 2015
Performance Guarantee
USD ($)
Dec. 31, 2014
Performance Guarantee
USD ($)
Mar. 31, 2016
Performance Test Clause
USD ($)
Dec. 31, 2015
Performance Test Clause
USD ($)
Mar. 31, 2016
Debt Repayment Guarantees
USD ($)
Dec. 31, 2015
Debt Repayment Guarantees
USD ($)
Mar. 31, 2016
Hotel properties in India
Mar. 31, 2016
Hotel properties in India
Debt Repayment Guarantees
USD ($)
Dec. 31, 2015
Hotel properties in India
Debt Repayment Guarantees
USD ($)
Mar. 31, 2016
Four Hotels in France
Performance Guarantee
USD ($)
Mar. 31, 2016
Four Hotels in France
Performance Guarantee
EUR (€)
Dec. 31, 2015
Four Hotels in France
Performance Guarantee
USD ($)
Mar. 31, 2015
Four Hotels in France
Performance Guarantee
USD ($)
Dec. 31, 2014
Four Hotels in France
Performance Guarantee
USD ($)
Loss Contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitment to Loan or Investment
$ 166 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
 
 
419 
 
 
 
 
 
377 
 
 
170 
 
392 
344 
 
 
 
Performance Guarantee Initial Term
 
 
 
 
 
 
 
 
 
 
 
 
 
7 years 
7 years 
 
 
 
Remaining Performance Guarantee Term
 
 
 
 
 
 
 
 
 
 
 
 
 
4 years 3 months 
4 years 3 months 
 
 
 
Guarantor Obligations, Carrying Value, Total
 
 
97 
97 
112 
111 
0 
0 
 
 
 
 
 
94 
 
93 
108 
106 
Guarantor Obligations, Carrying Value, Current
 
 
22 
16 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations, Carrying Value, Noncurrent
113 
120 
76 
81 
 
 
 
 
37 
39 
 
26 
27 
 
 
 
 
 
Guarantor Obligations, Carrying Value, Asset
 
 
1 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Successful Enforcement Of Guarantee Agreements
 
 
 
 
 
 
 
 
$ 260 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
 
 
 
 
 
 
 
 
 
 
50.00% 
 
 
 
 
 
 
 
Commitments And Contingencies Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Guarantor Obligations
 
 
Amortization of initial guarantee obligation liability into income
$ (8)
$ (2)
Performance guarantee expense, net
19 
16 
Foreign currency exchange, net
0 
(7)
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
97 
111 
Amortization of initial guarantee obligation liability into income
(8)
(2)
Performance guarantee expense, net
19 
16 
Net (payments) receipts during the period
(15)
0 
Foreign currency exchange, net
4 
(13)
Ending Balance
97 
112 
Four Hotels in France |
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
93 
106 
Amortization of initial guarantee obligation liability into income
(8)
(2)
Performance guarantee expense, net
19 
16 
Net (payments) receipts during the period
(14)
1 
Foreign currency exchange, net
4 
(13)
Ending Balance
94 
108 
Other Performance Guarantee |
Performance Guarantee
 
 
Guarantor Obligations
 
 
Beginning Balance
4 
5 
Amortization of initial guarantee obligation liability into income
0 
0 
Performance guarantee expense, net
0 
0 
Net (payments) receipts during the period
(1)
(1)
Foreign currency exchange, net
0 
0 
Ending Balance
$ 3 
$ 4 
Commitments and Contingencies (Debt Guarantees Table) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
$ 113 
$ 120 
Debt Repayment Guarantees
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
377 
 
Guarantor Obligations, Carrying Value, Noncurrent
37 
39 
Debt Repayment Guarantees |
Hotel properties in India
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
170 
 
Guarantor Obligations, Carrying Value, Noncurrent
26 
27 
Debt Repayment Guarantees |
Hotel property in Brazil
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
74 
 
Guarantor Obligations, Carrying Value, Noncurrent
3 
4 
Debt Repayment Guarantees |
Vacation ownership property
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
34 
 
Guarantor Obligations, Carrying Value, Noncurrent
0 
0 
Debt Repayment Guarantees |
Hotel property in Minnesota
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
25 
 
Guarantor Obligations, Carrying Value, Noncurrent
2 
2 
Debt Repayment Guarantees |
Hotel property in Arizona
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
23 
 
Guarantor Obligations, Carrying Value, Noncurrent
3 
3 
Debt Repayment Guarantees |
Hotel property in Hawaii
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
15 
 
Guarantor Obligations, Carrying Value, Noncurrent
3 
3 
Debt Repayment Guarantees |
Hotel property in Colorado
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
15 
 
Guarantor Obligations, Carrying Value, Noncurrent
0 
0 
Debt Repayment Guarantees |
Other
 
 
Loss Contingencies
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
21 
 
Guarantor Obligations, Carrying Value, Noncurrent
$ 0 
$ 0 
Commitments And Contingencies (Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters Of Credit Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Loss Contingencies
 
 
Self Insurance Reserve, Current
$ 36 
$ 35 
Self Insurance Reserve, Noncurrent
61 
57 
Letters of Credit Outstanding, Amount
227 
 
Loss Contingency, Estimate of Possible Loss
3 
 
Insurance Deductible
3 
 
Surety bonds
23 
 
Self Insurance Collateral
 
 
Loss Contingencies
 
 
Letters of Credit Outstanding, Amount
7 
 
Borrowing Capacity Reduction
 
 
Loss Contingencies
 
 
Letters of Credit Outstanding, Amount
$ 0 
 
United States
 
 
Loss Contingencies
 
 
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants
26.00% 
 
Equity (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Share Repurchase [Line Items]
 
 
 
 
Stock Repurchase Program, Authorized Amount
$ 250 
 
$ 400 
$ 700 
Stock Repurchased and Retired During Period, Shares
1,527,750 
3,192,629 
 
 
Stock Repurchased and Retired During Period, Value
63 
187 
 
 
Stock repurchase related costs
0 
0 
 
 
Percent of Stock Outstanding Repurchased During Period
1.00% 
2.00% 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
$ 316 
 
 
 
Weighted Average
 
 
 
 
Share Repurchase [Line Items]
 
 
 
 
Stock Repurchased and Retired During Period Per Share Value
$ 41.37 
$ 58.67 
 
 
Equity (Schedule Of Stockholders' Equity And Noncontrolling Interests) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Stockholders' Equity and Noncontrolling Interests [Line Items]
 
 
Beginning balance - Attributable to Parent
$ 3,991 
 
Beginning balance - Attributable to noncontrolling interests
4 
 
Beginning balance - Including noncontrolling interests
3,995 
 
Net Income Attributable to Parent
34 
22 
Net income attributable to noncontrolling interests
0 
0 
Net Income
34 
22 
Other comprehensive income (loss)
20 
(53)
Repurchase of common stock
(63)
(187)
Ending balance - Attributable to Parent
3,996 
 
Ending balance - Attributable to noncontrolling interests
4 
 
Ending balance - Including noncontrolling interests
4,000 
 
Stockholders' equity
 
 
Stockholders' Equity and Noncontrolling Interests [Line Items]
 
 
Beginning balance - Attributable to Parent
3,991 
4,627 
Net Income Attributable to Parent
34 
22 
Other comprehensive income (loss)
20 
(53)
Repurchase of common stock
(63)
(187)
Employee stock plan issuance
1 
1 
Share based payment activity
13 
12 
Ending balance - Attributable to Parent
3,996 
4,422 
Noncontrolling interests in consolidated subsidiaries
 
 
Stockholders' Equity and Noncontrolling Interests [Line Items]
 
 
Beginning balance - Attributable to noncontrolling interests
4 
4 
Net income attributable to noncontrolling interests
0 
0 
Other comprehensive income (loss)
0 
0 
Repurchase of common stock
0 
0 
Employee stock plan issuance
0 
0 
Share based payment activity
0 
0 
Ending balance - Attributable to noncontrolling interests
4 
4 
Total equity
 
 
Stockholders' Equity and Noncontrolling Interests [Line Items]
 
 
Beginning balance - Including noncontrolling interests
3,995 
4,631 
Net Income
34 
22 
Other comprehensive income (loss)
20 
(53)
Repurchase of common stock
(63)
(187)
Employee stock plan issuance
1 
1 
Share based payment activity
13 
12 
Ending balance - Including noncontrolling interests
$ 4,000 
$ 4,426 
Equity (Accumulated Other Comprehensive Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Accumulated Other Comprehensive Loss [Line Items]
 
 
Beginning Balance - Accumulated Other Comprehensive Income (Loss)
$ (230)
$ (160)
Current period other comprehensive income (loss) before reclassification
20 
(53)
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance - Accumulated Other Comprehensive Income (Loss)
(210)
(213)
Foreign currency translation adjustments
 
 
Accumulated Other Comprehensive Loss [Line Items]
 
 
Beginning Balance - Accumulated Other Comprehensive Income (Loss)
(257)
(155)
Current period other comprehensive income (loss) before reclassification
24 
(55)
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance - Accumulated Other Comprehensive Income (Loss)
(233)
(210)
Unrealized gains (losses) on AFS securities
 
 
Accumulated Other Comprehensive Loss [Line Items]
 
 
Beginning Balance - Accumulated Other Comprehensive Income (Loss)
39 
6 
Current period other comprehensive income (loss) before reclassification
(4)
2 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance - Accumulated Other Comprehensive Income (Loss)
35 
8 
Unrecognized pension cost
 
 
Accumulated Other Comprehensive Loss [Line Items]
 
 
Beginning Balance - Accumulated Other Comprehensive Income (Loss)
(7)
(5)
Current period other comprehensive income (loss) before reclassification
0 
0 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance - Accumulated Other Comprehensive Income (Loss)
(7)
(5)
Unrealized losses on derivative instruments
 
 
Accumulated Other Comprehensive Loss [Line Items]
 
 
Beginning Balance - Accumulated Other Comprehensive Income (Loss)
(5)
(6)
Current period other comprehensive income (loss) before reclassification
0 
0 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance - Accumulated Other Comprehensive Income (Loss)
$ (5)
$ (6)
Stock-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Stock Appreciation Rights
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period
10 years 
Grants in period (in shares)
924,424 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 14.52 
Total unearned compensation
$ 8 
Restricted Stock Units
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
444,629 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 47.36 
Total unearned compensation
24 
Performance Shares
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Total unearned compensation
$ 5 
Amortization period, deferred compensation expense (years)
2 years 
Performance Shares |
Performance Share Units (PSUs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
111,620 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 47.36 
Performance period (in years)
3 years 
Performance Shares |
Performance Vested Restricted Stock (PSS)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Performance period (in years)
3 years 
SARs and RSUs
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Amortization period, deferred compensation expense (years)
3 years 
Cash Settled RSUs
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Grants in period (in shares)
0 
Maximum |
SARs and RSUs
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Amortization period, deferred compensation expense (years)
4 years 
Related-Party Transactions (Leases Narrative) (Details) (Related Party, USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Related Party
 
Related Party Transaction
 
Future sublease income
$ 5 
Related-Party Transactions (Equity Method Investments Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Related Party Transaction
 
 
 
Management and franchise fees
$ 107 
$ 105 
 
Equity Method Investee
 
 
 
Related Party Transaction
 
 
 
Management and franchise fees
6 
5 
 
Due from related parties
$ 6 
 
$ 6 
Minimum
 
 
 
Related Party Transaction
 
 
 
Equity Method Investment, Ownership Percentage
24.00% 
 
 
Maximum
 
 
 
Related Party Transaction
 
 
 
Equity Method Investment, Ownership Percentage
70.00% 
 
 
Related Party Transactions (Share Repurchase Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Related Party Transaction
 
 
Stock Repurchased and Retired During Period, Shares
1,527,750 
3,192,629 
Stock Repurchased and Retired During Period, Value
$ 63 
$ 187 
Percent of Stock Outstanding Repurchased During Period
1.00% 
2.00% 
Common Class B
 
 
Related Party Transaction
 
 
Stock Repurchased and Retired During Period, Shares
0 
750,000 
Stock Repurchased and Retired During Period, Value
 
$ 45 
Percent of Stock Outstanding Repurchased During Period
 
0.50% 
Weighted Average
 
 
Related Party Transaction
 
 
Stock Repurchased and Retired During Period Per Share Value
$ 41.37 
$ 58.67 
Weighted Average |
Common Class B
 
 
Related Party Transaction
 
 
Stock Repurchased and Retired During Period Per Share Value
 
$ 59.54 
Segment Information (Summarized Consolidated Financial Information by Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment Reporting Information
 
 
Owned and leased hotels
$ 516 
$ 509 
Management and franchise fees
107 
105 
Other revenues from managed properties
457 
433 
Revenues
1,089 
1,054 
Adjusted EBITDA
194 
185 
Depreciation and amortization
81 
79 
Operating Segments |
Owned and Leased Hotels
 
 
Segment Reporting Information
 
 
Owned and leased hotels
516 
509 
Adjusted EBITDA
131 
124 
Depreciation and amortization
68 
71 
Operating Segments |
Americas Management and Franchising
 
 
Segment Reporting Information
 
 
Management and franchise fees
91 
88 
Other revenues from managed properties
421 
400 
Adjusted EBITDA
76 
73 
Depreciation and amortization
5 
5 
Operating Segments |
ASPAC Management and Franchising
 
 
Segment Reporting Information
 
 
Management and franchise fees
22 
21 
Other revenues from managed properties
21 
19 
Adjusted EBITDA
12 
12 
Depreciation and amortization
0 
0 
Operating Segments |
EAME/SW Asia Management
 
 
Segment Reporting Information
 
 
Management and franchise fees
16 
16 
Other revenues from managed properties
15 
14 
Adjusted EBITDA
8 
7 
Depreciation and amortization
1 
1 
Corporate and Other
 
 
Segment Reporting Information
 
 
Revenues
9 
9 
Adjusted EBITDA
(33)
(31)
Depreciation and amortization
7 
2 
Intersegment Eliminations
 
 
Segment Reporting Information
 
 
Revenues
(22)
(22)
Adjusted EBITDA
0 
0 
Depreciation and amortization
0 
0 
Intersegment Eliminations |
Americas Management and Franchising
 
 
Segment Reporting Information
 
 
Revenues
20 
19 
Intersegment Eliminations |
ASPAC Management and Franchising
 
 
Segment Reporting Information
 
 
Revenues
0 
0 
Intersegment Eliminations |
EAME/SW Asia Management
 
 
Segment Reporting Information
 
 
Revenues
$ 2 
$ 3 
Segment Information (Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income attributable to Hyatt Hotels Corporation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment Reporting [Abstract]
 
 
Adjusted EBITDA
$ 194 
$ 185 
Equity earnings (losses) from unconsolidated hospitality ventures
2 
(6)
Stock-based compensation expense
(16)
(16)
Gain on sale of real estate
0 
8 
Other loss, net
(4)
(18)
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
(28)
(23)
EBITDA
148 
130 
Depreciation and amortization
(81)
(79)
Interest expense
(17)
(17)
Provision for income taxes
(16)
(12)
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 34 
$ 22 
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Earnings Per Share [Abstract]
 
 
NET INCOME
$ 34 
$ 22 
Net income attributable to noncontrolling interests
0 
0 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 34 
$ 22 
Basic weighted average shares outstanding (in shares)
135,128,860 
147,285,258 
Share-based compensation (in shares)
796,029 
1,354,053 
Diluted weighted average shares outstanding (in shares)
135,924,889 
148,639,311 
Net income - Basic (in dollars per share)
$ 0.25 
$ 0.15 
Net income attributable to noncontrolling interests - Basic (in dollars per share)
$ 0 
$ 0 
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)
$ 0.25 
$ 0.15 
Net income - Diluted (in dollars per share)
$ 0.25 
$ 0.15 
Net income attributable to noncontrolling interests - Diluted (in dollars per share)
$ 0 
$ 0 
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)
$ 0.25 
$ 0.15 
Earnings Per Share (Anti-dilutive Shares Issued) (Details)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Stock Appreciation Rights
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
0 
2,500 
Restricted Stock Units
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
12,000 
0 
Other Loss, Net (Reconciliation of Components in Other Loss, Net) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Other Income and Expenses [Abstract]
 
 
Performance guarantee expense, net
$ (19)
$ (16)
Foreign currency losses, net
0 
(7)
Interest income
1 
2 
Depreciation recovery
5 
1 
Guarantee liability amortization
8 
2 
Other
1 
0 
Other loss, net
$ (4)
$ (18)
Subsequent Events (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Apr. 25, 2016
Thompson Miami Beach
Subsequent Event
Mar. 31, 2016
2016 Notes
Apr. 11, 2016
2016 Notes
Subsequent Event
Subsequent Event
 
 
 
 
 
Senior Notes
 
 
 
$ 250 
 
Repayments of long-term debt
(95)
0 
 
 
(254)
Payments to Acquire Businesses, Gross
 
 
$ (238)