HILTON WORLDWIDE HOLDINGS INC., 10-Q filed on 10/28/2015
Quarterly Report
Document and Entity Information Document
9 Months Ended
Sep. 30, 2015
Oct. 26, 2015
Entity Information [Line Items]
 
 
Entity Registrant Name
Hilton Worldwide Holdings Inc. 
 
Entity Central Index Key
0001585689 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2015 
 
Document Fiscal Period Focus
2015 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Trading Symbol
hlt 
 
Entity Common Stock, Shares Outstanding
 
987,451,862 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Current Assets:
 
 
Cash and cash equivalents
$ 628 
$ 566 
Restricted cash and cash equivalents
276 
202 
Accounts receivable, net of allowance for doubtful accounts
929 
844 
Inventories
430 
404 
Deferred income tax assets
20 
20 
Current portion of financing receivables, net
68 
66 
Current portion of securitized financing receivables, net
56 
62 
Prepaid expenses
182 
133 
Income taxes receivable
19 
132 
Other
38 
70 
Total current assets
2,646 
2,499 
Property, Intangibles and Other Assets:
 
 
Property and equipment, net
9,132 
7,483 
Property and equipment, net held for sale
0 
1,543 
Financing receivables, net
544 
416 
Securitized financing receivables, net
321 
406 
Investments in affiliates
154 
170 
Goodwill
5,902 
6,154 
Brands
4,929 
4,963 
Management and franchise contracts, net
1,176 
1,306 
Other intangible assets, net
603 
674 
Deferred income tax assets
157 
155 
Other
368 
356 
Total property, intangibles and other assets
23,286 
23,626 
Total assets
25,932 
26,125 
Current Liabilities:
 
 
Accounts payable, accrued expenses and other
2,261 
2,099 
Current maturities of long-term debt
116 
10 
Current maturities of non-recourse debt
132 
127 
Income taxes payable
49 
21 
Total current liabilities
2,558 
2,257 
Long-term debt
9,945 
10,803 
Non-recourse debt
623 
752 
Deferred revenues
341 
495 
Deferred income tax liabilities
5,293 
5,216 
Liability for guest loyalty program
754 
720 
Other
1,238 
1,168 
Total liabilities
20,752 
21,411 
Commitments and contingencies - see Note 18
   
   
Equity:
 
 
Preferred stock
0 
0 
Common stock
10 
10 
Additional paid-in capital
10,134 
10,028 
Accumulated deficit
(4,137)
(4,658)
Accumulated other comprehensive loss
(793)
(628)
Total Hilton stockholders' equity
5,214 
4,752 
Noncontrolling interests
(34)
(38)
Total equity
5,180 
4,714 
Total liabilities and equity
$ 25,932 
$ 26,125 
Condensed Consolidated Balance Sheets (Parentheticals) (USD $)
In Millions, except Share data, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts receivable
$ 30 
$ 29 
Variable interest entities - current assets
136 
136 
Variable interest entities - property, intangibles and other assets
519 
613 
Variable interest entities - current liabilities
183 
162 
Variable interest entities - liabilities
$ 667 
$ 788 
Preferred stock, par value (per share)
$ 0.01 
$ 0.01 
Preferred stock, authorized shares
3,000,000,000 
3,000,000,000 
Preferred stock, issued shares
0 
0 
Preferred stock, outstanding shares
0 
0 
Common stock, par value (per share)
$ 0.01 
$ 0.01 
Common stock, authorized shares
30,000,000,000 
30,000,000,000 
Common stock, issued shares
987,480,629 
984,623,863 
Common stock, outstanding shares
987,451,862 
984,623,863 
Condensed Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Revenues
 
 
Owned and leased hotels
$ 1,082 
$ 3,174 
Management and franchise fees and other
416 
1,194 
Timeshare
334 
974 
Total revenues excluding reimbursement revenue
1,832 
5,342 
Other revenues from managed and franchised properties
1,063 
3,074 
Total revenues
2,895 
8,416 
Expenses
 
 
Owned and leased hotels
798 
2,383 
Timeshare
219 
673 
Depreciation and amortization
171 
519 
General, administrative and other
145 
493 
Total expenses excluding cost of reimbursable expense
1,333 
4,068 
Other expenses from managed and franchised properties
1,063 
3,074 
Total expenses
2,396 
7,142 
Gain on sales of assets, net
164 
306 
Operating income
663 
1,580 
Interest income
3 
11 
Interest expense
(138)
(431)
Equity in earnings from unconsolidated affiliates
9 
22 
Gain (loss) on foreign currency transactions
(8)
(21)
Other gain (loss), net
1 
(6)
Income before income taxes
530 
1,155 
Income tax benefit (expense)
(247)
(555)
Net income (loss)
283 
600 
Net loss (income) attributable to noncontrolling interests
(4)
(10)
Net income (loss) attributable to Hilton Stockholders
$ 279 
$ 590 
Earnings per share, basic
 
 
Earnings per share, basic
$ 0.28 
$ 0.60 
Earnings per share, diluted
 
 
Earnings per share, diluted
$ 0.28 
$ 0.60 
Cash dividends declared per share
$ 0.07 
$ 0.07 
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income (loss)
$ 283 
$ 187 
$ 600 
$ 523 
Other comprehensive income (loss), net of tax:
 
 
 
 
Currency translation adjustment
(115)
(212)
(157)
(131)
Pension liability adjustment
1 
(1)
3 
3 
Cash flow hedge adjustment
(6)
5 
(11)
(4)
Total other comprehensive income (loss)
(120)
(208)
(165)
(132)
Comprehensive income (loss)
163 
(21)
435 
391 
Comprehensive loss (income) attributable to noncontrolling interests
(4)
(8)
(10)
(10)
Comprehensive income (loss) attributable to Hilton stockholders
$ 159 
$ (29)
$ 425 
$ 381 
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Foreign currency translation adjustment, tax
$ (79)
$ (95)
$ (49)
$ 7 
Pension liability adjustment, tax
(1)
(2)
(2)
(3)
Cash flow hedge adjustment, tax
$ 4 
$ (3)
$ 7 
$ 2 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities:
 
 
Net income
$ 600 
$ 523 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
519 
470 
Gain on sales of assets, net
(306)
0 
Equity in earnings from unconsolidated affiliates
(22)
(16)
Loss (gain) on foreign currency transactions
21 
(41)
Other loss (gain), net
6 
(38)
Share-based compensation
114 
57 
Distributions from unconsolidated affiliates
22 
20 
Deferred income taxes
34 
(62)
Change in restricted cash and cash equivalents
(13)
(3)
Working capital changes and other
16 
(11)
Net cash provided by operating activities
991 
899 
Investing Activities:
 
 
Capital expenditures for property and equipment
(214)
(184)
Acquisitions, net of cash acquired
(1,410)
0 
Payments received on other financing receivables
3 
18 
Issuance of other financing receivables
(9)
(1)
Investments in affiliates
(5)
(6)
Distributions from unconsolidated affiliates
18 
32 
Proceeds from asset dispositions
2,197 
40 
Contract acquisition costs
(27)
(54)
Software capitalization costs
(38)
(45)
Net cash provided by (used in) investing activities
515 
(200)
Financing Activities:
 
 
Borrowings
35 
350 
Repayment of debt
(1,342)
(1,075)
Debt issuance costs
0 
(9)
Change in restricted cash and cash equivalents
(53)
(19)
Capital Contribution
0 
13 
Dividends paid
(69)
0 
Distributions to noncontrolling interests
(6)
(3)
Excess tax benefits from share-based compensation
8 
0 
Net cash used in financing activities
(1,427)
(743)
Effect of exchange rate changes on cash and cash equivalents
(17)
(7)
Net increase (decrease) in cash and cash equivalents
62 
(51)
Cash and cash equivalents, beginning of period
566 
594 
Cash and cash equivalents, end of period
628 
543 
Supplemental Disclosures:
 
 
Interest
329 
353 
Income taxes, net of refunds
359 
284 
Non-cash acquisition of property and equipment
0 
144 
Non-cash acquisition of other intangible assets
0 
1 
Non-cash disposition of equity investments
0 
(59)
Long-term debt assumed (investing activity)
(450)
0 
Non-cash capital lease asset increase
0 
11 
Assumption of long-term debt
450 
64 
Non-cash capital lease obligation reduction
(24)
 
Non-cash capital lease obligation increase
 
$ 11 
Condensed Consolidated Statements of Stockholders' Equity (USD $)
In Millions, except Share data, unless otherwise specified
Total
Common Stock [member]
Additional Paid-in Capital [member]
Accumulated Deficit [member]
Accumulated Other Comprehensive Income (Loss) [member]
Noncontrolling Interest [member]
Balance at Dec. 31, 2013
$ 4,276 
$ 10 
$ 9,948 
$ (5,331)
$ (264)
$ (87)
Balance (shares) at Dec. 31, 2013
 
985,000,000 
 
 
 
 
Net income (loss)
523 
 
 
515 
 
8 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
Currency translation adjustment
(131)
 
 
 
(133)
2 
Pension liability adjustment
3 
 
 
 
3 
 
Cash flow hedge adjustment
(4)
 
 
 
(4)
 
Total other comprehensive income (loss)
(132)
 
 
 
(134)
2 
Share-based compensation
73 
 
73 
 
 
 
Capital contribution
13 
 
13 
 
 
 
Distributions
(3)
 
 
 
 
(3)
Equity contributions to consolidated variable interest entities
0 
 
(34)
 
(6)
40 
Balance at Sep. 30, 2014
4,750 
10 
10,000 
(4,816)
(404)
(40)
Balance (shares) at Sep. 30, 2014
 
985,000,000 
 
 
 
 
Balance at Dec. 31, 2014
4,714 
10 
10,028 
(4,658)
(628)
(38)
Balance (shares) at Dec. 31, 2014
984,623,863 
985,000,000 
 
 
 
 
Net income (loss)
600 
 
 
590 
 
10 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
Currency translation adjustment
(157)
 
 
 
(157)
0 
Pension liability adjustment
3 
 
 
 
3 
 
Cash flow hedge adjustment
(11)
 
 
 
(11)
 
Total other comprehensive income (loss)
(165)
 
 
 
(165)
 
Dividends
(69)
 
 
(69)
 
 
Issuance of common stock (shares)
 
2,000,000 
 
 
 
 
Share-based compensation
98 
 
98 
 
 
 
Excess tax benefits on equity awards
8 
 
8 
 
 
 
Distributions
(6)
 
 
 
 
(6)
Balance at Sep. 30, 2015
$ 5,180 
$ 10 
$ 10,134 
$ (4,137)
$ (793)
$ (34)
Balance (shares) at Sep. 30, 2015
987,451,862 
987,000,000 
 
 
 
 
Organization and Basis of Presentation
Organization and Basis of Presentation
Organization and Basis of Presentation

Organization

Hilton Worldwide Holdings Inc. (the "Parent," or together with its subsidiaries, "Hilton," "we," "us," "our" or the "Company"), a Delaware corporation, is one of the largest hospitality companies in the world based upon the number of hotel rooms and timeshare units under our 12 distinct brands. We are engaged in owning, leasing, managing, developing and franchising hotels, resorts and timeshare properties. As of September 30, 2015, we owned, leased, managed or franchised 4,480 hotel and resort properties, totaling 737,922 rooms in 97 countries and territories, as well as 45 timeshare properties comprising 7,152 units.

As of September 30, 2015, affiliates of The Blackstone Group L.P. ("Blackstone" or "our Sponsor") beneficially owned approximately 45.9 percent of our common stock.

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 have been prepared in accordance with United States of America ("U.S.") generally accepted accounting principles ("GAAP") and are unaudited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.

In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

Accounting Standards Not Yet Adopted

In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires adjustments to provisional amounts that are identified during the measurement period of a business combination to be recognized in the reporting period in which the adjustment amounts are determined. Acquirers are no longer required to revise comparative information for prior periods as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU 2015-16 are effective for reporting periods beginning after December 15, 2015. We have elected, as permitted by the standard, to early adopt ASU 2015-16 on a prospective basis as of October 1, 2015. The adoption is not expected to have a material effect on our consolidated financial position or results of operations.

In May 2015, the FASB issued ASU No. 2015-07 ("ASU 2015-07"), Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). This ASU removes the requirement to categorize the investments for which fair value is measured using net asset value per share within the fair value hierarchy. The provisions of ASU 2015-07 are effective for reporting periods beginning after December 15, 2015 and are to be applied retrospectively; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-05 ("ASU 2015-05"), Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU provides a basis for evaluating whether a cloud computing arrangement includes a software license, whereby if an arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, and if it does not, the customer should account for the arrangement as a service contract. The provisions of ASU 2015-05 are effective for reporting periods beginning after December 15, 2015; early adoption is permitted. The adoption is not expected to have a material effect on our consolidated financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset, which is consistent with the presentation of debt discounts and premiums. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the Securities and Exchange Commission would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The provisions of ASU 2015-03 are effective for reporting periods beginning after December 15, 2015 and are to be applied retrospectively; early adoption is permitted. The adoption of this ASU is not expected to have a material effect on our consolidated financial position or results of operations.

In February 2015, the FASB issued ASU No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This ASU modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The provisions of ASU 2015-02 are effective for reporting periods beginning after December 15, 2015; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 for reporting periods beginning after December 15, 2016 to reporting periods beginning after December 15, 2017. The provisions of this ASU are to be applied retrospectively; early adoption is not permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.
Acquisitions
Acquisitions
Acquisitions

Tax Deferred Exchange

In February 2015, we used proceeds from the sale of the Waldorf Astoria New York (see Note 4: "Disposals") to acquire, as part of a tax deferred exchange of real property, the following properties from sellers affiliated with Blackstone for a total purchase price of $1.76 billion:

•
the resort complex consisting of the Waldorf Astoria Orlando and the Hilton Orlando Bonnet Creek in Orlando, Florida (the "Bonnet Creek Resort");
•
the Casa Marina Resort in Key West, Florida;
•
the Reach Resort in Key West, Florida; and
•
the Parc 55 in San Francisco, California.

In June 2015, we acquired the Juniper Hotel Cupertino in Cupertino, California to complete the tax deferred exchange of real property, discussed above, for a total purchase price of $112 million.

We incurred transaction costs of $26 million recognized in other gain (loss), net in our condensed consolidated statement of operations for the nine months ended September 30, 2015.

As of the acquisition dates, the fair values of the assets acquired and liabilities assumed were as follows:

(in millions)
Cash and cash equivalents
$
16

Restricted cash and cash equivalents
8

Inventories
1

Prepaid expenses
3

Other current assets
1

Property and equipment
1,868

Other intangible assets
4

Accounts payable, accrued expenses and other
(25
)
Long-term debt
(450
)
Net assets acquired
$
1,426



These fair values are subject to adjustments as additional information relative to the fair values at the acquisition date becomes available through the measurement period, which can extend for up to one year after the acquisition date. See Note 11: "Fair Value Measurements" for additional details on the fair value techniques and inputs used for the measurement of the assets and liabilities.

The results of operations from these properties included in the condensed consolidated statements of operations were as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2015
 
(in millions)
Total revenues
$
84

 
$
228

Income before income taxes
10

 
44



Equity Investments Exchange

In July 2014, we entered into an agreement to exchange our ownership interest in six hotels for the remaining interest in five other hotels that were part of an equity investment portfolio we owned with one other partner. As a result of this exchange, we have a 100 percent ownership interest in five hotels and no longer have any ownership interest in the remaining six hotels. This transaction was accounted for as a business combination achieved in stages, resulting in a remeasurement gain based upon the fair values of the equity investments. The carrying values of these equity investments immediately before the exchange totaled $59 million and the fair values of these equity investments immediately before the exchange totaled $83 million, resulting in a pre-tax gain of $23 million, net of transaction costs, recognized in other gain (loss), net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2014.
Disposals
Disposals
Disposals

Hilton Sydney

In July 2015, we completed the sale of the Hilton Sydney for a purchase price of 442 million Australian Dollars ("AUD") (equivalent to $340 million as of the closing date). As a result of the sale, we recognized a pre-tax gain of $163 million included in gain on sales of assets, net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2015. The pre-tax gain was net of transaction costs, a goodwill reduction of $36 million and reclassification of a currency translation adjustment of $25 million from accumulated other comprehensive loss into earnings concurrent with the disposition. The goodwill reduction was due to our consideration of the Hilton Sydney property as a business within our ownership segment; therefore, we reduced the carrying amount of our goodwill by the amount representing the fair value of the business disposed relative to the fair value of the portion of our ownership reporting unit goodwill that was retained.

Waldorf Astoria New York

In February 2015, we completed the sale of the Waldorf Astoria New York for a purchase price of $1.95 billion and we repaid in full the existing mortgage loan secured by our Waldorf Astoria New York property (the "Waldorf Astoria Loan") of approximately $525 million. As a result of the sale, we recognized a gain of $143 million included in gain on sales of assets, net in our condensed consolidated statement of operations for the nine months ended September 30, 2015. The gain was net of transaction costs and a goodwill reduction of $185 million. The goodwill reduction was due to our consideration of the Waldorf Astoria New York property as a business within our ownership segment; therefore, we reduced the carrying amount of our goodwill by the amount representing the fair value of the business disposed relative to the fair value of the portion of our ownership reporting unit goodwill that was retained. Additionally, we recognized a loss of $6 million in other gain (loss), net in our condensed consolidated statement of operations for the nine months ended September 30, 2015 related to the reduction of the Waldorf Astoria Loan's remaining carrying amount of debt issuance costs.

Sale of Other Property and Equipment

During the nine months ended September 30, 2014, we completed the sales of two hotels and a vacant parcel of land for approximately $15 million. As a result of these sales, we recognized a pre-tax gain of $13 million, including the reclassification of a currency translation adjustment of $3 million, from accumulated other comprehensive loss concurrent with the disposition. The gain was included in other gain (loss), net in our condensed consolidated statement of operations for the nine months ended September 30, 2014. Additionally, during the nine months ended September 30, 2014, we completed the sale of certain land and easement rights to an affiliate of Blackstone in connection with a timeshare project. As a result, the affiliate of Blackstone acquired the rights to the name, plans, designs, contracts and other documents related to the timeshare project. The total consideration received for this transaction was approximately $37 million. We recognized $13 million, net of tax, as a capital contribution within additional paid-in capital, representing the excess of the fair value of the consideration received over the carrying value of the assets sold.
Property and Equipment
Property and Equipment
Property and Equipment

Property and equipment were as follows:    
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Land
$
3,484

 
$
3,009

Buildings and leasehold improvements
6,349

 
5,150

Furniture and equipment
1,258

 
1,140

Construction-in-progress
102

 
53

 
11,193

 
9,352

Accumulated depreciation and amortization
(2,061
)
 
(1,869
)
 
$
9,132

 
$
7,483



Depreciation and amortization expense on property and equipment, including amortization of assets recorded under capital leases, was $88 million and $79 million during the three months ended September 30, 2015 and 2014, respectively, and $260 million and $235 million during the nine months ended September 30, 2015 and 2014, respectively.

As of September 30, 2015 and December 31, 2014, property and equipment included approximately $143 million and $149 million, respectively, of capital lease assets primarily consisting of buildings and leasehold improvements, net of $69 million and $64 million, respectively, of accumulated depreciation and amortization.
Financing Receivables
Financing Receivables
Financing Receivables

Financing receivables were as follows:
 
September 30, 2015
 
Securitized Timeshare
 
Unsecuritized Timeshare(1)
 
Other
 
Total
 
(in millions)
Financing receivables
$
337

 
$
582

 
$
36

 
$
955

Less: allowance
(16
)
 
(74
)
 
—

 
(90
)
 
321

 
508

 
36

 
865

 
 
 
 
 
 
 
 
Current portion of financing receivables
59

 
75

 
2

 
136

Less: allowance
(3
)
 
(9
)
 
—

 
(12
)
 
56

 
66

 
2

 
124

 
 
 
 
 
 
 
 
Total financing receivables
$
377

 
$
574

 
$
38

 
$
989


 
December 31, 2014
 
Securitized Timeshare
 
Unsecuritized Timeshare(1)
 
Other
 
Total
 
(in millions)
Financing receivables
$
430

 
$
454

 
$
22

 
$
906

Less: allowance
(24
)
 
(58
)
 
(2
)
 
(84
)
 
406

 
396

 
20

 
822

 
 
 
 
 
 
 
 
Current portion of financing receivables
66

 
74

 
2

 
142

Less: allowance
(4
)
 
(10
)
 
—

 
(14
)
 
62

 
64

 
2

 
128

 
 
 
 
 
 
 
 
Total financing receivables
$
468

 
$
460

 
$
22

 
$
950


____________
(1) 
Included in this balance, we had $164 million of gross timeshare financing receivables secured under our revolving non-recourse timeshare financing receivables credit facility (the "Timeshare Facility"), as of September 30, 2015 and December 31, 2014, respectively.

Timeshare Financing Receivables

As of September 30, 2015, we had 52,840 timeshare financing receivables with interest rates ranging from zero percent to 20.50 percent, a weighted average interest rate of 11.92 percent, a weighted average remaining term of 7.6 years and maturities through 2026.

Our timeshare financing receivables as of September 30, 2015 mature as follows:
 
Securitized Timeshare
 
Unsecuritized Timeshare
Year
(in millions)
2015 (remaining)
$
15

 
$
29

2016
60

 
62

2017
62

 
66

2018
61

 
68

2019
57

 
69

Thereafter
141

 
363

 
396

 
657

Less: allowance
(19
)
 
(83
)
 
$
377

 
$
574



As of September 30, 2015 and December 31, 2014, we had ceased accruing interest on timeshare financing receivables with an aggregate principal balance of $30 million and $31 million, respectively. The following table details an aged analysis of our gross timeshare financing receivables balance:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Current
$
1,011

 
$
980

30 - 89 days past due
12

 
13

90 - 119 days past due
3

 
2

120 days and greater past due
27

 
29

 
$
1,053

 
$
1,024



The changes in our allowance for uncollectible timeshare financing receivables were as follows:
 
Nine Months Ended
 
September 30,
 
2015
 
2014
 
(in millions)
Beginning balance
$
96

 
$
92

Write-offs
(23
)
 
(24
)
Provision for uncollectibles on sales
29

 
25

Ending balance
$
102

 
$
93

Investments in Affiliates
Investments in Affiliates
Investments in Affiliates

Investments in affiliates were as follows:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Equity investments
$
145

 
$
153

Other investments
9

 
17

 
$
154

 
$
170



We maintain investments in affiliates accounted for under the equity method, which are primarily investments in entities that owned or leased 16 hotels as of September 30, 2015 and December 31, 2014. These entities had total debt of approximately $949 million and $929 million as of September 30, 2015 and December 31, 2014, respectively. Substantially all of the debt is secured solely by the affiliates' assets or is guaranteed by other partners without recourse to us.
Consolidated Variable Interest Entities
Consolidated Variable Interest Entities
Consolidated Variable Interest Entities

As of September 30, 2015 and December 31, 2014, we consolidated five variable interest entities ("VIEs"); two lease hotels from unconsolidated affiliates in Japan, two are associated with our timeshare financing receivables securitization transactions that both issued debt (collectively, "Securitized Timeshare Debt") and one owns a hotel in the U.S. We are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised the following:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Cash and cash equivalents
$
38

 
$
27

Restricted cash and cash equivalents
17

 
22

Property and equipment, net
73

 
77

Securitized financing receivables, net
377

 
468

Other non-current assets
53

 
56

Non-recourse debt
605

 
729



During the nine months ended September 30, 2015 and 2014, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future.

In June 2015, one of our consolidated VIEs in Japan modified the terms of its capital lease, resulting in a reduction in non-recourse debt of $24 million. This amount was recognized as a gain in other gain (loss), net in our condensed consolidated statement of operations during the nine months ended September 30, 2015, as the leased asset had previously been fully impaired.

In September 2014, we acquired an additional ownership interest in one of our consolidated VIEs in Japan. The effect of this acquisition was recognized during the nine months ended September 30, 2014, resulting in a decrease in additional paid-in capital of $6 million, a decrease in accumulated other comprehensive loss of $1 million and an increase in noncontrolling interests of $5 million.
Debt
Debt
Debt

Long-term Debt

Long-term debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2015 were as follows:

September 30,
 
December 31,

2015
 
2014

(in millions)
Senior secured term loan facility with a rate of 3.50%, due 2020
$
4,325

 
$
5,000

Senior notes with a rate of 5.625%, due 2021
1,500

 
1,500

Commercial mortgage-backed securities loan with an average rate of 4.07%, due 2018(1)
3,487

 
3,487

Mortgage loans with an average rate of 4.00%, due 2016 to 2020(2)
648

 
721

Other unsecured notes with a rate of 7.50%, due 2017
54

 
54

Capital lease obligations with an average rate of 6.12%, due 2015 to 2097
66

 
72


10,080


10,834

Less: current maturities of long-term debt
(116
)

(10
)
Less: unamortized discount on senior secured term loan facility
(19
)
 
(21
)

$
9,945


$
10,803

____________
(1) 
The initial maturity date of the variable-rate component of this borrowing is November 1, 2015. We assumed all extensions, which are solely at our option, were exercised.
(2) 
For mortgage loans with maturity date extensions that are solely at our option, we assumed they were exercised.

During the nine months ended September 30, 2015, we made prepayments of $675 million on our senior secured term loan facility (the "Term Loans"), including a contractually required prepayment using the net proceeds from the sale of the Hilton Sydney. See Note 4: "Disposals" for further information on the transaction.

As of September 30, 2015, we had $45 million of letters of credit outstanding under our $1.0 billion senior secured revolving credit facility (the "Revolving Credit Facility"), and a borrowing capacity of $955 million.

In February 2015, we repaid the $525 million Waldorf Astoria Loan concurrent with the sale of the Waldorf Astoria New York. See Note 4: "Disposals" for further information on the transaction.

In February 2015, we assumed a $450 million mortgage loan secured by the Bonnet Creek Resort (the "Bonnet Creek Loan") as a result of an acquisition. See Note 3: "Acquisitions" for further information on the transaction. Principal payments, commencing in April 2016, are payable monthly over a 25-year amortization period with the unamortized portion due in full upon maturity. The Bonnet Creek Loan, maturing on April 29, 2018, with an option to extend for one year, bears interest at a variable rate based on one-month LIBOR plus 350 basis points, which is payable monthly.

Our commercial mortgage-backed securities loan secured by 23 of our U.S. owned real estate assets (the "CMBS Loan") and the Bonnet Creek Loan require us to deposit with the lenders certain cash reserves for restricted uses. As of September 30, 2015 and December 31, 2014, our condensed consolidated balance sheets included $91 million and $19 million, respectively, of restricted cash and cash equivalents related to these loans.

Non-recourse Debt

Non-recourse debt, including obligations for capital leases, and associated interest rates as of September 30, 2015 were as follows:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026
$
189

 
$
216

Non-recourse debt of consolidated VIEs with an average rate of 3.74%, due 2015 to 2018(1)
32

 
32

Timeshare Facility with a rate of 1.20%, due 2017
150

 
150

Securitized Timeshare Debt with an average rate of 1.97%, due 2026
384

 
481

 
755

 
879

Less: current maturities of non-recourse debt
(132
)
 
(127
)
 
$
623

 
$
752

____________
(1) 
Excludes the non-recourse debt of our VIEs that issued the Securitized Timeshare Debt, as it is presented separately.

We are required to deposit payments received from customers on the pledged timeshare financing receivables and securitized timeshare financing receivables related to the Timeshare Facility and Securitized Timeshare Debt, respectively, into a depository account maintained by a third party. On a monthly basis, the depository account will be utilized to make any required principal, interest and other payments due with respect to the Timeshare Facility and Securitized Timeshare Debt. The balance in the depository account, totaling $19 million and $25 million as of September 30, 2015 and December 31, 2014, respectively, was included in restricted cash and cash equivalents in our condensed consolidated balance sheets.

Debt Maturities

The contractual maturities of our long-term debt and non-recourse debt as of September 30, 2015 were as follows:
Year
(in millions)
2015 (remaining)
$
48

2016
229

2017
348

2018(1)
3,562

2019(1)
481

Thereafter
6,167

 
$
10,835

____________
(1) 
We assumed all extensions that are solely at our option for purposes of calculating maturity dates.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities

During the nine months ended September 30, 2015 and 2014, derivatives were used to hedge the interest rate risk associated with variable-rate debt. Certain of our loan agreements require us to hedge interest rate risk using derivative instruments.

During the nine months ended September 30, 2015, derivatives were also used to hedge foreign exchange risk associated with certain foreign currency denominated cash balances.

Cash Flow Hedges

As of September 30, 2015, we held four interest rate swaps with an aggregate notional amount of $1.45 billion, which swap three-month LIBOR on the Term Loans to a fixed rate of 1.87 percent and expire in October 2018. We elected to designate these interest rate swaps as cash flow hedges for accounting purposes.

Non-designated Hedges

As of September 30, 2015, we held 29 short-term foreign exchange forward contracts with an aggregate notional amount of $92 million to offset exposure to fluctuations in our foreign currency denominated cash balances. We elected not to designate these foreign exchange forward contracts as hedging instruments.

As of September 30, 2015, we also held the following interest rate caps:

•
one interest rate cap in the notional amount of $875 million, for the variable-rate component of the CMBS Loan, that expires in November 2015 and caps one-month LIBOR at 6.0 percent;
•
one interest rate cap in the notional amount of $525 million that expires in November 2015 and caps one-month LIBOR at 4.0 percent; and
•
one interest rate cap in the notional amount of $338 million that expires in May 2016 and caps one-month LIBOR at 3.0 percent on the Bonnet Creek Loan.

We did not elect to designate any of these interest rate caps as hedging instruments.

Fair Value of Derivative Instruments

The effects of our derivative instruments on our condensed consolidated balance sheets were as follows:
 
September 30, 2015
 
December 31, 2014
 
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
 
 
 
(in millions)
 
 
 
(in millions)
Cash Flow Hedges:
 
 
 
 
 
 
 
Interest rate swaps
Other liabilities
 
$
22

 
Other liabilities
 
$
4

 
 
 
 
 
 
 
 
Non-designated Hedges:
 
 
 
 
 
 
 
Interest rate caps(1)
Other assets
 
—

 
Other assets
 
—

Forward contracts(2)
Other assets
 
1

 
Other assets
 
—

Forward contracts(1)
Accounts payable, accrued expenses and other
 
—

 
Accounts payable, accrued expenses and other
 
—


____________
(1) 
The fair values of our interest rate caps and forward contracts were less than $1 million as of September 30, 2015 and December 31, 2014.
(2) The fair values of our forward contracts were less than $1 million as of December 31, 2014.

Earnings Effect of Derivative Instruments

The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss), before any effect for income taxes, were as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
Classification of Gain (Loss) Recognized
 
2015
 
2014
 
2015

2014
 
 
 
(in millions)
Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
Interest rate swaps(1)
Other comprehensive income (loss)
 
$
(10
)
 
$
8

 
$
(18
)
 
$
(6
)
 
 
 
 
 
 
 
 
 
 
Non-designated Hedges:
 
 
 
 
 
 
 
 
 
Interest rate caps
Other gain (loss), net
 
—

 
—

 
—

 
—

Forward contracts
Gain (loss) on foreign currency transactions
 
6

 
N/A

 
12

 
N/A

____________
(1) 
There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three and nine months ended September 30, 2015 and 2014.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements

The carrying amounts and estimated fair values of our financial assets and liabilities, which included related current portions, were as follows:
 
September 30, 2015
 
 
 
Hierarchy Level
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
(in millions)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
355

 
$
—

 
$
355

 
$
—

Restricted cash equivalents
25

 
—

 
25

 
—

Timeshare financing receivables
1,053

 
—

 
—

 
1,053

Liabilities:
 
 
 
 
 
 
 
Long-term debt(1)
9,995

 
1,616

 
—

 
8,525

Non-recourse debt(2)
534

 
—

 
—

 
534

Interest rate swaps
22

 
—

 
22

 
—


 
December 31, 2014
 
 
 
Hierarchy Level
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
(in millions)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
326

 
$
—

 
$
326

 
$
—

Restricted cash equivalents
38

 
—

 
38

 
—

Timeshare financing receivables
1,024

 
—

 
—

 
1,021

Liabilities:
 
 
 
 
 
 
 
Long-term debt(1)
10,741

 
1,630

 
—

 
9,207

Non-recourse debt(2)
631

 
—

 
—

 
626

Interest rate swaps
4

 
—

 
4

 
—

____________
(1)
Excludes capital lease obligations with a carrying value of $66 million and $72 million as of September 30, 2015 and December 31, 2014, respectively.
(2) 
Excludes capital lease obligations of consolidated VIEs with a carrying value of $189 million and $216 million as of September 30, 2015 and December 31, 2014, respectively, and non-recourse debt of consolidated VIEs with a carrying value of $32 million as of September 30, 2015 and December 31, 2014.

We believe the carrying amounts of our other financial assets and liabilities approximated fair value as of September 30, 2015 and December 31, 2014. Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values.

Cash equivalents and restricted cash equivalents primarily consisted of short-term interest-bearing money market funds with maturities of less than 90 days, time deposits and commercial paper. The estimated fair values were based on available market pricing information of similar financial instruments.

The estimated fair values of our timeshare financing receivables were based on the expected future cash flows discounted at weighted-average interest rates of the current portfolio, which reflect the risk of the underlying notes, primarily determined by the credit worthiness of the borrowers.

The estimated fair values of our Level 1 long-term debt were based on prices in active debt markets. The estimated fair values of our Level 3 long-term debt were based on indicative quotes received for similar issuances, the expected future cash flows discounted at risk-adjusted rates or the carrying value as the interest rates under the loan agreements approximated current market rates.

The estimated fair values of our Level 3 non-recourse debt approximated carrying values as the interest rates under the loan agreements either approximated current market rates or there were not significant fluctuations in current market rates to change the fair values of the underlying instruments.

We measure our interest rate swaps at fair value, which were estimated using an income approach. The primary inputs into our fair value estimate include interest rates and yield curves based on observable market inputs of similar instruments.

As a result of our acquisition of certain properties during the nine months ended September 30, 2015, we measured financial and nonfinancial assets and liabilities at fair value on a nonrecurring basis (see Note 3: "Acquisitions") as follows:
 
(in millions)
 
 
Property and equipment
$
1,868

Long-term debt
450



We estimated the fair values of these financial and nonfinancial assets and liabilities using discounted cash flow analyses with the following significant unobservable inputs (Level 3):
Property and equipment:
 
Estimated stabilized growth rate
3 to 4 percent
Term
10 to 11 years
Terminal capitalization rate(1)
7 to 8 percent
Discount rate(1)
9 to 10 percent
 
 
Long-term debt:
 
Risk adjusted rate
One-month LIBOR plus 275 basis points
____________
(1) 
Reflects the risk profile of the individual markets where the assets are located and are not necessarily indicative of our hotel portfolio as a whole.
Income Taxes
Income Taxes
Income Taxes

At the end of each quarter we estimate the effective tax rate expected to be applied for the full year. The effective income tax rate is determined by the level and composition of pre-tax income or loss, which is subject to federal, foreign, state and local income taxes. The annual effective tax rate expected to be applied for the full year is higher than our statutory tax rate primarily because no tax benefit was recognized for compensation costs incurred for the executive compensation plan that certain members of our senior management team participated in prior to December 2013 (the "Promote Plan") or for the reduction of goodwill in connection with the sales of the Waldorf Astoria New York and the Hilton Sydney (see Note 4: "Disposals" for further information). The higher effective tax rate, as compared to our statutory tax rate, for the three and nine months ended September 30, 2015, was largely attributable to the reduction of goodwill in connection with the sales of the Waldorf Astoria New York and the Hilton Sydney as well as compensation costs under the Promote Plan for which no tax benefits were recognized. In addition, a foreign jurisdiction where we had deferred tax assets reduced its statutory tax rate, resulting in a reduction to the deferred tax asset and a corresponding recognition of income tax expense of $6 million during the nine months ended September 30, 2015.

Our total unrecognized tax benefits as of September 30, 2015 and December 31, 2014 were $407 million and $401 million, respectively. We had accrued approximately $26 million and $22 million for the payment of interest and penalties as of September 30, 2015 and December 31, 2014, respectively. We recognize interest and penalties accrued related to unrecognized tax benefits in income tax expense.

As a result of the expected resolution of examination issues with federal, state and foreign tax authorities, we believe it is reasonably possible that during the next 12 months the amount of unrecognized tax benefits will decrease up to $21 million. Included in the balance of unrecognized tax benefits as of September 30, 2015 and December 31, 2014 were $377 million and $367 million, respectively, associated with positions that, if favorably resolved, would provide a benefit to our effective tax rate.

We file income tax returns, including returns for our subsidiaries, with federal, state and foreign jurisdictions. We are under regular and recurring audit by the Internal Revenue Service ("IRS") and other taxing authorities on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, federal and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. We are no longer subject to U.S. federal income tax examination for years through 2004. As of September 30, 2015, we remain subject to federal examinations from 2005-2014, state examinations from 1999-2014 and foreign examinations of our income tax returns for the years 1996 through 2014.

In April 2014, we received 30-day Letters from the IRS and the Revenue Agents Report ("RAR") for the 2006 and October 2007 tax years. We disagreed with several of the proposed adjustments in the RAR, filed a formal appeals protest with the IRS and did not make any tax payments related to this audit. The issues being protested in appeals relate to assertions by the IRS that: (1) certain foreign currency-denominated, intercompany loans from our foreign subsidiaries to certain U.S. subsidiaries should be recharacterized as equity for U.S. federal income tax purposes and constitute deemed dividends from such foreign subsidiaries to our U.S. subsidiaries; (2) in calculating the amount of U.S. taxable income resulting from our Hilton HHonors guest loyalty program, we should not reduce gross income by the estimated costs of future redemptions, but rather such costs would be deductible at the time the points are redeemed; and (3) certain foreign-currency denominated loans issued by one of our Luxembourg subsidiaries whose functional currency is U.S. Dollar ("USD"), should instead be treated as issued by one of our Belgian subsidiaries whose functional currency is the Euro, and thus foreign currency gains and losses with respect to such loans should have been measured in Euros, instead of USD. In total, the proposed adjustments sought by the IRS would result in additional U.S. federal tax owed of approximately $696 million, excluding interest and penalties and potential state income taxes. The portion of this amount related to our Hilton HHonors guest loyalty program would result in a decrease to our future tax liability when the points are redeemed. We disagree with the IRS's position on each of these assertions and intend to vigorously contest them. We plan to pursue all available administrative remedies, and if we are not able to resolve these matters administratively, we plan to pursue judicial remedies. Accordingly, as of September 30, 2015, no accrual has been made for these amounts.

State income tax returns are generally subject to examination for a period of three to five years after filing the respective return; however, the state effect of any federal tax return changes remains subject to examination by various states for a period generally of up to one year after formal notification to the states. The statute of limitations for the foreign jurisdictions generally ranges from three to ten years after filing the respective tax return.
Employee Benefit Plans
Employee Benefit Plans
Employee Benefit Plans

We sponsor multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation.

We have a noncontributory retirement plan in the U.S. (the "Domestic Plan"), which covers certain employees not earning union benefits. This plan was frozen for participant benefit accruals in 1996. We also have multiple employee benefit plans that cover many of our international employees. These include a plan that covers workers in the United Kingdom (the "U.K. Plan"), which was frozen to further accruals in November 2013, and a number of smaller plans that cover workers in various other countries around the world (the "International Plans").

The components of net periodic pension cost (credit) for the Domestic Plan, U.K. Plan and International Plans were as follows:
 
Three Months Ended September 30,
 
2015
 
2014
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
(in millions)
Service cost
$
2

 
$
1

 
$
1

 
$
1

 
$
1

 
$
—

Interest cost
4

 
3

 
1

 
5

 
4

 
1

Expected return on plan assets
(4
)
 
(7
)
 
(1
)
 
(5
)
 
(7
)
 
(1
)
Amortization of prior service cost
1

 
—

 
—

 
1

 
—

 
—

Amortization of net loss
—

 
—

 
—

 
—

 
1

 
—

Settlement losses
—

 
—

 
1

 
1

 
—

 
—

Net periodic pension cost (credit)
$
3

 
$
(3
)
 
$
2

 
$
3

 
$
(1
)
 
$
—

 
Nine Months Ended September 30,
 
2015
 
2014
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
(in millions)
Service cost
$
5

 
$
1

 
$
2

 
$
5

 
$
1

 
$
2

Interest cost
12

 
11

 
3

 
13

 
13

 
3

Expected return on plan assets
(14
)
 
(19
)
 
(3
)
 
(14
)
 
(19
)
 
(3
)
Amortization of prior service cost
3

 
—

 
—

 
3

 
—

 
—

Amortization of net loss
2

 
1

 
1

 
1

 
1

 
—

Settlement losses
—

 
—

 
3

 
2

 
—

 
—

Net periodic pension cost (credit)
$
8

 
$
(6
)
 
$
6

 
$
10

 
$
(4
)
 
$
2

Share-Based Compensation
Share-Based Compensation
Share-Based Compensation

Stock Plan

Under the Hilton Worldwide Holdings Inc. 2013 Omnibus Incentive Plan (the "Stock Plan"), we issue time-vesting restricted stock units ("RSUs"), nonqualified stock options ("options"), performance-vesting restricted stock units and restricted stock (collectively, "performance shares") and deferred share units ("DSUs").

We recognized share-based compensation expense for awards granted under the Stock Plan of $22 million and $25 million during the three months ended September 30, 2015 and 2014, respectively, and $77 million and $60 million during the nine months ended September 30, 2015 and 2014, respectively, which included amounts reimbursed by hotel owners. As of September 30, 2015, unrecognized compensation costs for unvested awards was approximately $119 million, which is expected to be recognized over a weighted-average period of 1.8 years on a straight-line basis.

As of September 30, 2015, there were 68,524,469 shares of common stock available for future issuance under the Stock Plan.

Restricted Stock Units

During the nine months ended September 30, 2015, we issued 2,052,145 RSUs with a weighted average grant date fair value of $27.47, which generally vest in annual installments over two or three years from the date of grant. Vested RSUs generally are settled for our common stock, with the exception of certain awards that are settled in cash.

Stock Options

During the nine months ended September 30, 2015, we issued 928,585 options with an exercise price of $27.46, which vest over three years from the date of grant, and terminate 10 years from the date of grant or earlier if the individual’s service terminates.

The grant date fair value of these options was $8.39, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:
Expected volatility(1)
28.00
%
Dividend yield(2)
—
%
Risk-free rate(3)
1.67
%
Expected term (in years)(4)
6.0


____________
(1) 
Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.
(2) 
At the date of grant we had no plans to pay dividends during the expected term of these options.
(3) 
Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
(4) 
Estimated using the average of the vesting periods and the contractual term of the options.

As of September 30, 2015, 299,615 options were exercisable.

Performance Shares

During the nine months ended September 30, 2015, we issued 1,227,140 performance shares. The performance shares are settled at the end of the three-year performance period with 50 percent of the shares subject to achievement based on a measure of the Company’s total shareholder return relative to the total shareholder returns of members of a peer company group ("relative shareholder return") and the other 50 percent of the shares subject to achievement based on the Company’s earnings before interest expense, taxes and depreciation and amortization ("EBITDA") compound annual growth rate ("EBITDA CAGR").

The grant date fair value of these performance shares based on relative shareholder return was $32.98, which was determined using a Monte Carlo simulation valuation model with the following assumptions:
Expected volatility(1)
24.00
%
Dividend yield(2)
—
%
Risk-free rate(3)
1.04
%
Expected term (in years)(4)
2.8

____________
(1) 
Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.
(2) 
At the date of grant we had no plans to pay dividends during the expected term of these performance shares.
(3) 
Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
(4) 
Midpoint of the 30-calendar day period preceding the end of the performance period.

The grant date fair value of these performance shares based on our EBITDA CAGR was $27.46. For performance shares based on our EBITDA CAGR, we determined that the performance condition is probable of achievement and as of September 30, 2015, we recognized compensation expense based on the anticipated achievement percentage as follows:
 
Achievement Percentage
Performance shares granted in 2014
150%
Performance shares granted in 2015
125%


Deferred Share Units

During the nine months ended September 30, 2015, we issued to our independent directors 18,538 DSUs with a weighted average grant date fair value of $28.32, which are fully vested and non-forfeitable on the grant date. DSUs are settled for shares of our common stock and deliverable upon the earlier of termination of the individual's service on our Board of Directors or a change in control.

Promote Plan

Equity awards under the Promote Plan were exchanged for restricted shares of common stock in connection with our initial public offering and 80 percent vested as of December 11, 2014. In May 2015, our Sponsor ceased to own 50 percent or more of the shares of the Company, at which point the remaining 20 percent of restricted shares of common stock vested, resulting in the recognition of compensation expense of $64 million upon occurrence of that event.

Total compensation expense recognized for the Promote Plan was $6 million during the three months ended September 30, 2014, and was $66 million and $25 million during the nine months ended September 30, 2015 and 2014, respectively.
Earnings Per Share
Earnings Per Share
Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share ("EPS"):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions, except per share amounts)
Basic EPS:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
987

 
985

 
986

 
985

Basic EPS
$
0.28

 
$
0.19

 
$
0.60

 
$
0.52

 
 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
989

 
987

 
989

 
986

Diluted EPS
$
0.28

 
$
0.19

 
$
0.60

 
$
0.52



Approximately 1 million share-based compensation awards were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2015 and 2014 because their effect would have been anti-dilutive under the treasury stock method.
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of taxes, were as follows:
 
Currency Translation Adjustment(1)
 
Pension Liability Adjustment
 
Cash Flow Hedge Adjustment
 
Total
 
(in millions)
Balance as of December 31, 2014
$
(446
)
 
$
(179
)
 
$
(3
)
 
$
(628
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(173
)
 
(1
)
 
(11
)
 
(185
)
Amounts reclassified from accumulated other comprehensive loss
16

 
4

 
—

 
20

Net current period other comprehensive income (loss)
(157
)
 
3

 
(11
)
 
(165
)
 
 
 
 
 
 
 
 
Balance as of September 30, 2015
$
(603
)
 
$
(176
)
 
$
(14
)
 
$
(793
)
 
Currency Translation Adjustment(1)
 
Pension Liability Adjustment
 
Cash Flow Hedge Adjustment
 
Total
 
(in millions)
Balance as of December 31, 2013
$
(136
)
 
$
(134
)
 
$
6

 
$
(264
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(129
)
 
—

 
(4
)
 
(133
)
Amounts reclassified from accumulated other comprehensive loss
(4
)
 
3

 
—

 
(1
)
Net current period other comprehensive income (loss)
(133
)
 
3

 
(4
)
 
(134
)
 
 
 
 
 
 
 
 
Equity contribution to consolidated variable interest entities
(6
)
 
—

 
—

 
(6
)
 
 
 
 
 
 
 
 
Balance as of September 30, 2014
$
(275
)
 
$
(131
)
 
$
2

 
$
(404
)

____________
(1) 
Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature.

The following table presents additional information about reclassifications out of accumulated other comprehensive loss; amounts in parentheses indicate a loss in our condensed consolidated statements of operations:
 
Nine Months Ended
 
September 30,
 
2015
 
2014
 
(in millions)
Currency translation adjustment:
 
 
 
Sale and liquidation of foreign assets(1)
$
(25
)
 
$
3

Gains on net investment hedges(2)
—

 
1

Tax benefit(3)(4)
9

 
—

Total currency translation adjustment reclassifications for the period, net of taxes
(16
)
 
4

 
 
 
 
Pension liability adjustment:
 
 
 
Amortization of prior service cost(5)
$
(3
)
 
$
(3
)
Amortization of net loss(5)
(4
)
 
(2
)
Tax benefit(3)
3

 
2

Total pension liability adjustment reclassifications for the period, net of taxes
(4
)
 
(3
)
 
 
 
 
Total reclassifications for the period, net of tax
$
(20
)
 
$
1

____________
(1) 
Reclassified out of accumulated other comprehensive loss to gain on sales of assets, net for the nine months ended September 30, 2015 and other gain (loss), net for the nine months ended September 30, 2014 in our condensed consolidated statements of operations. See Note 4: "Disposals" for additional information.
(2) 
Reclassified out of accumulated other comprehensive loss to gain (loss) on foreign currency transactions in our condensed consolidated statements of operations.
(3) 
Reclassified out of accumulated other comprehensive loss to income tax expense in our condensed consolidated statements of operations.
(4) 
The tax benefit was less than $1 million for the nine months ended September 30, 2014.
(5) 
Reclassified out of accumulated other comprehensive loss to general, administrative and other in our condensed consolidated statements of operations. These amounts were included in the computation of net periodic pension cost (credit). See Note 13: "Employee Benefit Plans" for additional information.
Business Segments
Business Segments
Business Segments

We are a diversified hospitality company with operations organized in three distinct operating segments: ownership, management and franchise and timeshare. Each segment is managed separately because of its distinct economic characteristics.

The ownership segment included 147 properties totaling 59,962 rooms, comprising 124 hotels that we wholly owned or leased, three consolidated non-wholly owned entities, three consolidated VIEs and unconsolidated investments in affiliates that owned or operated 17 hotels, as of September 30, 2015. While we do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment revenues, we manage these investments in our ownership segment.

The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels operated or managed by someone other than us under one of our proprietary brand names in our brand portfolio. As of September 30, 2015, this segment included 522 managed hotels and 3,811 franchised hotels totaling 4,333 hotels consisting of 677,960 rooms. This segment also earns fees for managing properties in our ownership and timeshare segments.

The timeshare segment includes the development of vacation ownership clubs and resorts, marketing and selling of timeshare intervals, providing timeshare customer financing and resort operations. This segment also provides assistance to third-party developers in selling their timeshare inventory. As of September 30, 2015, this segment included 45 timeshare properties totaling 7,152 units.

Corporate and other represents revenues and related operating expenses generated by the incidental support of hotel operations for owned, leased, managed and franchised hotels and other rental income, as well as corporate assets and related expenditures.

The performance of our operating segments is evaluated primarily based on Adjusted EBITDA. We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) furniture, fixtures and equipment ("FF&E") replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based and certain other compensation expenses; (viii) severance, relocation and other expenses; and (ix) other items. To align with management's view of allocating resources and assessing the performance of our segments and to facilitate comparisons with our competitors, beginning in the first quarter of 2015, Adjusted EBITDA excluded all share-based compensation expense, not just share-based compensation recognized in connection with equity issued prior to and in connection with our initial public offering. We have applied this change in the definition to 2014 historical results presented to allow for comparability.

The following table presents revenues and Adjusted EBITDA for our reportable segments, reconciled to consolidated amounts:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Revenues
 
 
 
 
 
 
 
Ownership(1)(2)
$
1,089


$
1,087

 
$
3,194

 
$
3,165

Management and franchise(3)
438


383

 
1,263

 
1,085

Timeshare
334


295

 
974

 
850

Segment revenues
1,861


1,765

 
5,431

 
5,100

Other revenues from managed and franchised properties
1,063


906

 
3,074

 
2,653

Other revenues(4)
25


24

 
67

 
70

Intersegment fees elimination(1)(2)(3)(4)
(54
)

(51
)
 
(156
)
 
(149
)
Total revenues
$
2,895


$
2,644

 
$
8,416

 
$
7,674

 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
Ownership(1)(2)(3)(4)(5)
$
281


$
262

 
$
789

 
$
729

Management and franchise(3)
438


383

 
1,263

 
1,085

Timeshare(1)(3)
99


80

 
259

 
233

Corporate and other(2)(4)
(60
)

(56
)
 
(177
)
 
(196
)
Adjusted EBITDA
$
758


$
669

 
$
2,134

 
$
1,851

____________
(1)
Includes charges to timeshare operations for rental fees and fees for other amenities, which were eliminated in our condensed consolidated financial statements. These charges totaled $6 million and $7 million for the three months ended September 30, 2015 and 2014, respectively, and $17 million and $21 million for the nine months ended September 30, 2015 and 2014, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and an expense to timeshare Adjusted EBITDA.
(2)
Includes other intercompany charges of $1 million for the three months ended September 30, 2015 and 2014, and $3 million for the nine months ended September 30, 2015 and 2014, which were eliminated in our condensed consolidated financial statements.
(3)
Includes management, royalty and intellectual property fees of $33 million and $30 million for the three months ended September 30, 2015 and 2014, respectively, and $99 million and $86 million for the nine months ended September 30, 2015 and 2014, respectively. These fees are charged to consolidated owned and leased properties and were eliminated in our condensed consolidated financial statements. Also includes a licensing fee of $11 million for the three months ended September 30, 2015 and 2014, and $31 million and $33 million for the nine months ended September 30, 2015 and 2014, respectively, which is charged to our timeshare segment by our management and franchise segment and was eliminated in our condensed consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and an expense to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.
(4) 
Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $3 million and $2 million for the three months ended September 30, 2015 and 2014, respectively, and $6 million for the nine months ended September 30, 2015 and 2014. These charges were eliminated in our condensed consolidated financial statements.
(5) 
Includes unconsolidated affiliate Adjusted EBITDA.

The following table provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income attributable to Hilton stockholders:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Adjusted EBITDA
$
758

 
$
669

 
$
2,134

 
$
1,851

Net income attributable to noncontrolling interests
(4
)
 
(4
)
 
(10
)
 
(8
)
Gain on sales of assets, net
164

 
—

 
306

 
—

Gain (loss) on foreign currency transactions
(8
)
 
(5
)
 
(21
)
 
41

FF&E replacement reserve
(9
)
 
(9
)
 
(36
)
 
(32
)
Share-based and other compensation expense
(21
)
 
(30
)
 
(143
)
 
(36
)
Other gain (loss), net
1

 
24

 
(6
)
 
38

Other adjustment items
(40
)
 
(11
)
 
(109
)
 
(41
)
EBITDA
841

 
634

 
2,115

 
1,813

Interest expense
(138
)
 
(156
)
 
(431
)
 
(467
)
Interest expense included in equity in earnings from unconsolidated affiliates
(1
)
 
(2
)
 
(5
)
 
(8
)
Income tax expense
(247
)
 
(127
)
 
(555
)
 
(331
)
Depreciation and amortization
(171
)
 
(159
)
 
(519
)
 
(470
)
Depreciation and amortization included in equity in earnings from unconsolidated affiliates
(5
)
 
(7
)
 
(15
)
 
(22
)
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515



The following table presents assets for our reportable segments, reconciled to consolidated amounts:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Assets:
 
 
 
Ownership
$
11,506

 
$
11,595

Management and franchise
10,463

 
10,530

Timeshare
1,922

 
1,840

Corporate and other
2,041

 
2,160

 
$
25,932

 
$
26,125



The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:
 
Nine Months Ended
 
September 30,
 
2015

2014
 
(in millions)
Capital expenditures for property and equipment:
 
 
 
Ownership
$
200

 
$
173

Timeshare
7

 
5

Corporate and other
7

 
6

 
$
214

 
$
184

Commitments and Contingencies
Commitments and Contingencies Disclosure
Commitments and Contingencies

As of September 30, 2015, we had outstanding guarantees of $25 million, with remaining terms ranging from five years to eight years, for debt and other obligations of third parties. We have one letter of credit for $25 million that has been pledged as collateral for one of these guarantees. Although we believe it is unlikely that material payments will be required under these guarantees or letters of credit, there can be no assurance that this will be the case.

We have also provided performance guarantees to certain owners of hotels that we operate under management contracts. Most of these guarantees allow us to terminate the contract, rather than fund shortfalls, if specified performance levels are not achieved. However, in limited cases, we are obligated to fund performance shortfalls. As of September 30, 2015, we had six contracts containing performance guarantees, with expirations ranging from 2019 to 2030, and possible cash outlays totaling approximately $102 million. Our obligations under these guarantees in future periods are dependent on the operating performance levels of these hotels over the remaining terms of the performance guarantees. We do not have any letters of credit pledged as collateral against these guarantees. As of September 30, 2015 and December 31, 2014, we recorded current liabilities of approximately $8 million and non-current liabilities of approximately $28 million and $37 million, respectively, in our condensed consolidated balance sheets for obligations under our outstanding performance guarantees that are related to certain VIEs for which we are not the primary beneficiary.

As of September 30, 2015, we had outstanding commitments under third-party contracts of approximately $88 million for capital expenditures at certain owned and leased properties. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract.

We have entered into an agreement with an affiliate of the owner of a hotel whereby we have agreed to provide a $60 million junior mezzanine loan to finance the construction of a new hotel. The junior mezzanine loan will be subordinated to a senior mortgage loan and senior mezzanine loan provided by third parties unaffiliated with us and will be funded on a pro rata basis with these loans as the construction costs are incurred. During the nine months ended September 30, 2015, we funded $11 million of this commitment, and we currently expect to fund the remainder of our commitment as follows: $6 million in the remainder of 2015, $39 million in 2016 and $4 million in 2017.

We have entered into an agreement with a developer in Las Vegas, Nevada, whereby we have agreed to purchase residential units from the developer that we will convert to timeshare units to be marketed and sold under our Hilton Grand Vacations brand. Subject to certain conditions, we are required to purchase approximately $92 million of inventory ratably over a maximum period of four years. During the nine months ended September 30, 2015 and 2014, we purchased $17 million and $23 million, respectively, of inventory under this agreement. As of September 30, 2015, our remaining contractual obligations pursuant to this agreement were $11 million, all of which we expect to incur in 2016.

During 2010, an affiliate of our Sponsor settled a $75 million liability on our behalf in conjunction with a lawsuit settlement by entering into service contracts with the plaintiff. We recorded the portion settled by this affiliate as a capital contribution. Additionally, as part of the settlement, we entered into a guarantee with the plaintiff to pay any shortfall that this affiliate does not fund related to those service contracts up to the value of the settlement amount made by the affiliate. The remaining potential exposure under this guarantee as of September 30, 2015 was approximately $25 million. We have not accrued a liability for this guarantee as we believe the likelihood of any material funding to be remote.

We are involved in other litigation arising from the normal course of business, some of which includes claims for substantial sums. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of September 30, 2015 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows.
Condensed Consolidating Guarantor Financial Information
Condensed Consolidating Guarantor Financial Information
Condensed Consolidating Guarantor Financial Information

In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (the "Subsidiary Issuers"), entities formed in August 2013 which are 100 percent owned by the Parent, issued $1.5 billion of 5.625% senior notes due in 2021 (the "Senior Notes"). The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent and certain of the Parent's 100 percent owned domestic restricted subsidiaries (the "Guarantors"). The indenture that governs the Senior Notes provides that any subsidiary of the Company that provides a guarantee of a senior secured credit facility consisting of the Revolving Credit Facility and the Term Loans (the "Senior Secured Credit Facility") will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations; our non-wholly owned subsidiaries; our subsidiaries that secure the CMBS Loan and $544 million in mortgage loans; or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the "Non-Guarantors").

The guarantees are full and unconditional, subject to certain customary release provisions. The indenture that governs the Senior Notes provides that any Guarantor may be released from its guarantee so long as: (a) the subsidiary is sold or sells all of its assets; (b) the subsidiary is released from its guaranty under the Senior Secured Credit Facility; (c) the subsidiary is declared "unrestricted" for covenant purposes; or (d) the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied.

The following schedules present the condensed consolidating financial information as of September 30, 2015 and December 31, 2014, and for the three and nine months ended September 30, 2015 and 2014, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.


 
September 30, 2015
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
—

 
$
270

 
$
358

 
$
—

 
$
628

Restricted cash and cash equivalents
—

 
—

 
145

 
131

 
—

 
276

Accounts receivable, net
—

 
—

 
523

 
406

 
—

 
929

Intercompany receivables
—

 
—

 
27

 
—

 
(27
)
 
—

Inventories
—

 
—

 
407

 
23

 
—

 
430

Deferred income tax assets
—

 
—

 
9

 
11

 
—

 
20

Current portion of financing receivables, net
—

 
—

 
48

 
20

 
—

 
68

Current portion of securitized financing receivables, net
—

 
—

 
—

 
56

 
—

 
56

Prepaid expenses
—

 
—

 
68

 
117

 
(3
)
 
182

Income taxes receivable
—

 
—

 
21

 
—

 
(2
)
 
19

Other
—

 
—

 
7

 
31

 
—

 
38

Total current assets
—

 
—

 
1,525

 
1,153

 
(32
)
 
2,646

Property, Intangibles and Other Assets:
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
—

 
292

 
8,840

 
—

 
9,132

Financing receivables, net
—

 
—

 
399

 
145

 
—

 
544

Securitized financing receivables, net
—

 
—

 
—

 
321

 
—

 
321

Investments in affiliates
—

 
—

 
113

 
41

 
—

 
154

Investments in subsidiaries
5,394

 
11,202

 
4,849

 
—

 
(21,445
)
 
—

Goodwill
—

 
—

 
3,851

 
2,051

 
—

 
5,902

Brands
—

 
—

 
4,405

 
524

 
—

 
4,929

Management and franchise contracts, net
—

 
—

 
904

 
272

 
—

 
1,176

Other intangible assets, net
—

 
—

 
410

 
193

 
—

 
603

Deferred income tax assets
24

 
7

 
—

 
157

 
(31
)
 
157

Other
—

 
74

 
151

 
143

 
—

 
368

Total property, intangibles and other assets
5,418

 
11,283

 
15,374

 
12,687

 
(21,476
)
 
23,286

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
$
5,418

 
$
11,283

 
$
16,899

 
$
13,840

 
$
(21,508
)
 
$
25,932

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other
$
—

 
$
60

 
$
1,484

 
$
720

 
$
(3
)
 
$
2,261

Intercompany payables
—

 
—

 
—

 
27

 
(27
)
 
—

Current maturities of long-term debt
—

 
—

 
—

 
116

 
—

 
116

Current maturities of non-recourse debt
—

 
—

 
—

 
132

 
—

 
132

Income taxes payable
—

 
—

 
—

 
51

 
(2
)
 
49

Total current liabilities
—

 
60

 
1,484

 
1,046

 
(32
)
 
2,558

Long-term debt
—

 
5,807

 
54

 
4,084

 
—

 
9,945

Non-recourse debt
—

 
—

 
—

 
623

 
—

 
623

Deferred revenues
—

 
—

 
340

 
1

 
—

 
341

Deferred income tax liabilities
—

 
—

 
2,301

 
3,023

 
(31
)
 
5,293

Liability for guest loyalty program
—

 
—

 
754

 
—

 
—

 
754

Other
204

 
22

 
764

 
248

 
—

 
1,238

Total liabilities
204

 
5,889

 
5,697

 
9,025

 
(63
)
 
20,752

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Total Hilton stockholders' equity
5,214

 
5,394

 
11,202

 
4,849

 
(21,445
)
 
5,214

Noncontrolling interests
—

 
—

 
—

 
(34
)
 
—

 
(34
)
Total equity
5,214

 
5,394

 
11,202

 
4,815

 
(21,445
)
 
5,180

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
5,418

 
$
11,283

 
$
16,899

 
$
13,840

 
$
(21,508
)
 
$
25,932


 
December 31, 2014
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
—

 
$
270

 
$
296

 
$
—

 
$
566

Restricted cash and cash equivalents
—

 
—

 
135

 
67

 
—

 
202

Accounts receivable, net
—

 
—

 
478

 
366

 
—

 
844

Intercompany receivables
—

 
—

 
46

 
—

 
(46
)
 
—

Inventories
—

 
—

 
380

 
24

 
—

 
404

Deferred income tax assets
—

 
—

 
10

 
10

 
—

 
20

Current portion of financing receivables, net
—

 
—

 
47

 
19

 
—

 
66

Current portion of securitized financing receivables, net
—

 
—

 
—

 
62

 
—

 
62

Prepaid expenses
—

 
—

 
29

 
124

 
(20
)
 
133

Income taxes receivable
—

 
—

 
154

 
—

 
(22
)
 
132

Other
—

 
—

 
5

 
65

 
—

 
70

Total current assets
—

 
—

 
1,554

 
1,033

 
(88
)
 
2,499

Property, Intangibles and Other Assets:
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
—

 
305

 
7,178

 
—

 
7,483

Property and equipment, net held for sale
—

 
—

 
—

 
1,543

 
—

 
1,543

Financing receivables, net
—

 
—

 
272

 
144

 
—

 
416

Securitized financing receivables, net
—

 
—

 
—

 
406

 
—

 
406

Investments in affiliates
—

 
—

 
123

 
47

 
—

 
170

Investments in subsidiaries
4,924

 
11,361

 
4,935

 
—

 
(21,220
)
 
—

Goodwill
—

 
—

 
3,847

 
2,307

 
—

 
6,154

Brands
—

 
—

 
4,405

 
558

 
—

 
4,963

Management and franchise contracts, net
—

 
—

 
1,007

 
299

 
—

 
1,306

Other intangible assets, net
—

 
—

 
466

 
208

 
—

 
674

Deferred income tax assets
22

 
1

 
—

 
155

 
(23
)
 
155

Other
—

 
85

 
119

 
152

 
—

 
356

Total property, intangibles and other assets
4,946

 
11,447

 
15,479

 
12,997

 
(21,243
)
 
23,626

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
$
4,946

 
$
11,447

 
$
17,033

 
$
14,030

 
$
(21,331
)
 
$
26,125

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other
$
—

 
$
40

 
$
1,384

 
$
695

 
$
(20
)
 
$
2,099

Intercompany payables
—

 
—

 
—

 
46

 
(46
)
 
—

Current maturities of long-term debt
—

 
—

 
—

 
10

 
—

 
10

Current maturities of non-recourse debt
—

 
—

 
—

 
127

 
—

 
127

Income taxes payable
—

 
—

 
5

 
38

 
(22
)
 
21

Total current liabilities
—

 
40

 
1,389

 
916

 
(88
)
 
2,257

Long-term debt
—

 
6,479

 
54

 
4,270

 
—

 
10,803

Non-recourse debt
—

 
—

 
—

 
752

 
—

 
752

Deferred revenues
—

 
—

 
493

 
2

 
—

 
495

Deferred income tax liabilities
—

 
—

 
2,306

 
2,933

 
(23
)
 
5,216

Liability for guest loyalty program
—

 
—

 
720

 
—

 
—

 
720

Other
194

 
4

 
710

 
260

 
—

 
1,168

Total liabilities
194

 
6,523

 
5,672

 
9,133

 
(111
)
 
21,411

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Total Hilton stockholders' equity
4,752

 
4,924

 
11,361

 
4,935

 
(21,220
)
 
4,752

Noncontrolling interests
—

 
—

 
—

 
(38
)
 
—

 
(38
)
Total equity
4,752

 
4,924

 
11,361

 
4,897

 
(21,220
)
 
4,714

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
4,946

 
$
11,447

 
$
17,033

 
$
14,030

 
$
(21,331
)
 
$
26,125





 
Three Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
64

 
$
1,025

 
$
(7
)
 
$
1,082

Management and franchise fees and other
—

 
—

 
355

 
86

 
(25
)
 
416

Timeshare
—

 
—

 
314

 
20

 
—

 
334

 
—

 
—

 
733

 
1,131

 
(32
)
 
1,832

Other revenues from managed and franchised properties
—

 
—

 
1,199

 
116

 
(252
)
 
1,063

Total revenues
—

 
—

 
1,932

 
1,247

 
(284
)
 
2,895

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
46

 
773

 
(21
)
 
798

Timeshare
—

 
—

 
221

 
4

 
(6
)
 
219

Depreciation and amortization
—

 
—

 
82

 
89

 
—

 
171

General, administrative and other
—

 
—

 
117

 
33

 
(5
)
 
145

 
—

 
—

 
466

 
899

 
(32
)
 
1,333

Other expenses from managed and franchised properties
—

 
—

 
1,199

 
116

 
(252
)
 
1,063

Total expenses
—

 
—

 
1,665

 
1,015

 
(284
)
 
2,396

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sales of assets, net
—

 
—

 
—

 
164

 
—

 
164

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
267

 
396

 
—

 
663

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
2

 
1

 
—

 
3

Interest expense
—

 
(69
)
 
(9
)
 
(60
)
 
—

 
(138
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
7

 
2

 
—

 
9

Gain (loss) on foreign currency transactions
—

 
—

 
213

 
(221
)
 
—

 
(8
)
Other gain, net
—

 
—

 
—

 
1

 
—

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(69
)
 
480

 
119

 
—

 
530

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(1
)
 
27

 
(200
)
 
(73
)
 
—

 
(247
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(1
)
 
(42
)
 
280

 
46

 
—

 
283

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
280

 
322

 
42

 
—

 
(644
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
279

 
280

 
322

 
46

 
(644
)
 
283

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Net income attributable to Hilton stockholders
$
279

 
$
280

 
$
322

 
$
42

 
$
(644
)
 
$
279

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
159

 
$
274

 
$
301

 
$
(47
)
 
$
(524
)
 
$
163

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Comprehensive income attributable to Hilton stockholders
$
159

 
$
274

 
$
301

 
$
(51
)
 
$
(524
)
 
$
159

 
Three Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
60

 
$
1,026

 
$
(7
)
 
$
1,079

Management and franchise fees and other
—

 
—

 
299

 
84

 
(19
)
 
364

Timeshare
—

 
—

 
271

 
24

 
—

 
295

 
—

 
—

 
630

 
1,134

 
(26
)
 
1,738

Other revenues from managed and franchised properties
—

 
—

 
1,019

 
107

 
(220
)
 
906

Total revenues
—

 
—

 
1,649

 
1,241

 
(246
)
 
2,644

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
41

 
793

 
(18
)
 
816

Timeshare
—

 
—

 
200

 
5

 
(6
)
 
199

Depreciation and amortization
—

 
—

 
78

 
81

 
—

 
159

General, administrative and other
—

 
—

 
94

 
27

 
(2
)
 
119

 
—

 
—

 
413

 
906

 
(26
)
 
1,293

Other expenses from managed and franchised properties
—

 
—

 
1,019

 
107

 
(220
)
 
906

Total expenses
—

 
—

 
1,432

 
1,013

 
(246
)
 
2,199

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
217

 
228

 
—

 
445

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
2

 
—

 
—

 
2

Interest expense
—

 
(83
)
 
(15
)
 
(58
)
 
—

 
(156
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
3

 
1

 
—

 
4

Gain (loss) on foreign currency transactions
—

 
—

 
205

 
(210
)
 
—

 
(5
)
Other gain, net
—

 
—

 
—

 
24

 
—

 
24

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(83
)
 
412

 
(15
)
 
—

 
314

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(1
)
 
32

 
(160
)
 
2

 
—

 
(127
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(1
)
 
(51
)
 
252

 
(13
)
 
—

 
187

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
184

 
235

 
(17
)
 
—

 
(402
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
183

 
184

 
235

 
(13
)
 
(402
)
 
187

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Net income attributable to Hilton stockholders
$
183

 
$
184

 
$
235

 
$
(17
)
 
$
(402
)
 
$
183

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
(29
)
 
$
189

 
$
282

 
$
(273
)
 
$
(190
)
 
$
(21
)
Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(8
)
 
—

 
(8
)
Comprehensive income attributable to Hilton stockholders
$
(29
)
 
$
189

 
$
282

 
$
(281
)
 
$
(190
)
 
$
(29
)
 
Nine Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
177

 
$
3,016

 
$
(19
)
 
$
3,174

Management and franchise fees and other
—

 
—

 
1,026

 
243

 
(75
)
 
1,194

Timeshare
—

 
—

 
911

 
63

 
—

 
974

 
—

 
—

 
2,114

 
3,322

 
(94
)
 
5,342

Other revenues from managed and franchised properties
—

 
—

 
3,449

 
345

 
(720
)
 
3,074

Total revenues
—

 
—

 
5,563

 
3,667

 
(814
)
 
8,416

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
128

 
2,321

 
(66
)
 
2,383

Timeshare
—

 
—

 
678

 
12

 
(17
)
 
673

Depreciation and amortization
—

 
—

 
255

 
264

 
—

 
519

General, administrative and other
—

 
—

 
405

 
99

 
(11
)
 
493

 
—

 
—

 
1,466

 
2,696

 
(94
)
 
4,068

Other expenses from managed and franchised properties
—

 
—

 
3,449

 
345

 
(720
)
 
3,074

Total expenses
—

 
—

 
4,915

 
3,041

 
(814
)
 
7,142

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sales of assets, net
—

 
—

 
—

 
306

 
—

 
306

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
648

 
932

 
—

 
1,580

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
9

 
2

 
—

 
11

Interest expense
—

 
(213
)
 
(37
)
 
(181
)
 
—

 
(431
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
18

 
4

 
—

 
22

Gain (loss) on foreign currency transactions
—

 
—

 
73

 
(94
)
 
—

 
(21
)
Other loss, net
—

 
—

 
—

 
(6
)
 
—

 
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(213
)
 
711

 
657

 
—

 
1,155

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(6
)
 
82

 
(299
)
 
(332
)
 
—

 
(555
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(6
)
 
(131
)
 
412

 
325

 
—

 
600

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
596

 
727

 
315

 
—

 
(1,638
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
590

 
596

 
727

 
325

 
(1,638
)
 
600

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Net income attributable to Hilton stockholders
$
590

 
$
596

 
$
727

 
$
315

 
$
(1,638
)
 
$
590

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
425

 
$
585

 
$
709

 
$
189

 
$
(1,473
)
 
$
435

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Comprehensive income attributable to Hilton stockholders
$
425

 
$
585

 
$
709

 
$
179

 
$
(1,473
)
 
$
425


 
Nine Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
163

 
$
2,999

 
$
(21
)
 
$
3,141

Management and franchise fees and other
—

 
—

 
873

 
239

 
(82
)
 
1,030

Timeshare
—

 
—

 
777

 
73

 
—

 
850

 
—

 
—

 
1,813

 
3,311

 
(103
)
 
5,021

Other revenues from managed and franchised properties
—

 
—

 
2,996

 
300

 
(643
)
 
2,653

Total revenues
—

 
—

 
4,809

 
3,611

 
(746
)
 
7,674

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
116

 
2,360

 
(56
)
 
2,420

Timeshare
—

 
—

 
590

 
14

 
(40
)
 
564

Depreciation and amortization
—

 
—

 
228

 
242

 
—

 
470

General, administrative and other
—

 
—

 
275

 
81

 
(7
)
 
349

 
—

 
—

 
1,209

 
2,697

 
(103
)
 
3,803

Other expenses from managed and franchised properties
—

 
—

 
2,996

 
300

 
(643
)
 
2,653

Total expenses
—

 
—

 
4,205

 
2,997

 
(746
)
 
6,456

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
604

 
614

 
—

 
1,218

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
6

 
2

 
—

 
8

Interest expense
—

 
(255
)
 
(42
)
 
(170
)
 
—

 
(467
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
13

 
3

 
—

 
16

Gain (loss) on foreign currency transactions
—

 
—

 
248

 
(207
)
 
—

 
41

Other gain, net
—

 
—

 
6

 
32

 
—

 
38

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(255
)
 
835

 
274

 
—

 
854

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(5
)
 
98

 
(327
)
 
(97
)
 
—

 
(331
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(5
)
 
(157
)
 
508

 
177

 
—

 
523

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
520

 
677

 
169

 
—

 
(1,366
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
515

 
520

 
677

 
177

 
(1,366
)
 
523

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(8
)
 
—

 
(8
)
Net income attributable to Hilton stockholders
$
515

 
$
520

 
$
677

 
$
169

 
$
(1,366
)
 
$
515

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
381

 
$
516

 
$
697

 
$
29

 
$
(1,232
)
 
$
391

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Comprehensive income attributable to Hilton stockholders
$
381

 
$
516

 
$
697

 
$
19

 
$
(1,232
)
 
$
381





 
Nine Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
—

 
$
—

 
$
722

 
$
456

 
$
(187
)
 
$
991

 
 
 
 
 
 
 
 
 
 
 
 
Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures for property and equipment
—

 
—

 
(19
)
 
(195
)
 
—

 
(214
)
Acquisitions, net of cash acquired
—

 
—

 
—

 
(1,410
)
 
—

 
(1,410
)
Payments received on other financing receivables
—

 
—

 
1

 
2

 
—

 
3

Issuance of other financing receivables
—

 
—

 
(7
)
 
(2
)
 
—

 
(9
)
Investments in affiliates
—

 
—

 
(5
)
 
—

 
—

 
(5
)
Distributions from unconsolidated affiliates
—

 
—

 
18

 
—

 
—

 
18

Issuance of intercompany receivables
—

 
—

 
(184
)
 
—

 
184

 
—

Payments received on intercompany receivables
—

 
—

 
184

 
—

 
(184
)
 
—

Proceeds from asset dispositions
—

 
—

 
—

 
2,197

 
—

 
2,197

Contract acquisition costs
—

 
—

 
(14
)
 
(13
)
 
—

 
(27
)
Software capitalization costs
—

 
—

 
(38
)
 
—

 
—

 
(38
)
Net cash provided by (used in) investing activities
—

 
—

 
(64
)
 
579

 
—

 
515

 
 
 
 
 
 
 
 
 
 
 
 
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Borrowings
—

 
—

 
—

 
35

 
—

 
35

Repayment of debt
—

 
(675
)
 
—

 
(667
)
 
—

 
(1,342
)
Intercompany borrowings
—

 
—

 
—

 
184

 
(184
)
 
—

Repayment of intercompany borrowings
—

 
—

 
—

 
(184
)
 
184

 
—

Change in restricted cash and cash equivalents
—

 
—

 
—

 
(53
)
 
—

 
(53
)
Intercompany transfers
69

 
675

 
(666
)
 
(78
)
 
—

 
—

Dividends paid
(69
)
 
—

 
—

 
—

 
—

 
(69
)
Dividends paid to Guarantors
—

 
—

 
—

 
(187
)
 
187

 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
(6
)
 
—

 
(6
)
Excess tax benefits from share-based compensation
—

 
—

 
8

 
—

 
—

 
8

Net cash used in financing activities
—

 
—

 
(658
)
 
(956
)
 
187

 
(1,427
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(17
)
 
—

 
(17
)
Net increase in cash and cash equivalents
—

 
—

 
—

 
62

 
—

 
62

Cash and cash equivalents, beginning of period
—

 
—

 
270

 
296

 
—

 
566

 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
$
—

 
$
—

 
$
270

 
$
358

 
$
—

 
$
628


 
Nine Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
—

 
$
—

 
$
761

 
$
345

 
$
(207
)
 
$
899

 
 
 
 
 
 
 
 
 
 
 
 
Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures for property and equipment
—

 
—

 
(13
)
 
(171
)
 
—

 
(184
)
Payments received on other financing receivables
—

 
—

 
16

 
2

 
—

 
18

Issuance of other financing receivables
—

 
—

 
—

 
(1
)
 
—

 
(1
)
Investments in affiliates
—

 
—

 
(6
)
 
—

 
—

 
(6
)
Distributions from unconsolidated affiliates
—

 
—

 
30

 
2

 
—

 
32

Proceeds from asset dispositions
—

 
—

 
6

 
34

 
—

 
40

Contract acquisition costs
—

 
—

 
(13
)
 
(41
)
 
—

 
(54
)
Software capitalization costs
—

 
—

 
(45
)
 
—

 
—

 
(45
)
Net cash used in investing activities
—

 
—

 
(25
)
 
(175
)
 
—

 
(200
)
 
 
 
 
 
 
 
 
 
 
 
 
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Borrowings
—

 
—

 
—

 
350

 
—

 
350

Repayment of debt
—

 
(700
)
 
—

 
(375
)
 
—

 
(1,075
)
Debt issuance costs
—

 
(6
)
 
—

 
(3
)
 
—

 
(9
)
Change in restricted cash and cash equivalents
—

 
—

 
—

 
(19
)
 
—

 
(19
)
Intercompany transfers
—

 
706

 
(830
)
 
124

 
—

 
—

Dividends paid to Guarantors
—

 
—

 
—

 
(207
)
 
207

 
—

Capital contribution
—

 
—

 
—

 
13

 
—

 
13

Distributions to noncontrolling interests
—

 
—

 
—

 
(3
)
 
—

 
(3
)
Net cash used in financing activities
—

 
—

 
(830
)
 
(120
)
 
207

 
(743
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(7
)
 
—

 
(7
)
Net increase (decrease) in cash and cash equivalents
—

 
—

 
(94
)
 
43

 
—

 
(51
)
Cash and cash equivalents, beginning of period
—

 
—

 
329

 
265

 
—

 
594

 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
$
—

 
$
—

 
$
235

 
$
308

 
$
—

 
$
543

Subsequent Events
Subsequent Events
Subsequent Events

In October 2015, we made a voluntary prepayment of $100 million on our Term Loans.
Recently Issued Accounting Pronouncements (Policies)
ASU 2015-16 Simplifying Measurement Period Adjustments 
In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires adjustments to provisional amounts that are identified during the measurement period of a business combination to be recognized in the reporting period in which the adjustment amounts are determined. Acquirers are no longer required to revise comparative information for prior periods as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU 2015-16 are effective for reporting periods beginning after December 15, 2015. We have elected, as permitted by the standard, to early adopt ASU 2015-16 on a prospective basis as of October 1, 2015. The adoption is not expected to have a material effect on our consolidated financial position or results of operations.
ASU 2015-07 Fair Value Measurements 
In May 2015, the FASB issued ASU No. 2015-07 ("ASU 2015-07"), Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). This ASU removes the requirement to categorize the investments for which fair value is measured using net asset value per share within the fair value hierarchy. The provisions of ASU 2015-07 are effective for reporting periods beginning after December 15, 2015 and are to be applied retrospectively; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.
ASU 2015-05 Internal Use Software 
In April 2015, the FASB issued ASU No. 2015-05 ("ASU 2015-05"), Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU provides a basis for evaluating whether a cloud computing arrangement includes a software license, whereby if an arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, and if it does not, the customer should account for the arrangement as a service contract. The provisions of ASU 2015-05 are effective for reporting periods beginning after December 15, 2015; early adoption is permitted. The adoption is not expected to have a material effect on our consolidated financial position or results of operations.
ASU 2015-03, ASU 2015-15 Presentation of Debt Issuance Costs 
In April 2015, the FASB issued ASU No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset, which is consistent with the presentation of debt discounts and premiums. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the Securities and Exchange Commission would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The provisions of ASU 2015-03 are effective for reporting periods beginning after December 15, 2015 and are to be applied retrospectively; early adoption is permitted. The adoption of this ASU is not expected to have a material effect on our consolidated financial position or results of operations.
ASU 2015-02 Consolidation 
In February 2015, the FASB issued ASU No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This ASU modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The provisions of ASU 2015-02 are effective for reporting periods beginning after December 15, 2015; early adoption is permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.
ASU 2014-09, ASU 2015-14 Revenue Recognition 
In May 2014, the FASB issued ASU No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 for reporting periods beginning after December 15, 2016 to reporting periods beginning after December 15, 2017. The provisions of this ASU are to be applied retrospectively; early adoption is not permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.
Acquisitions (Tables)
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
As of the acquisition dates, the fair values of the assets acquired and liabilities assumed were as follows:

(in millions)
Cash and cash equivalents
$
16

Restricted cash and cash equivalents
8

Inventories
1

Prepaid expenses
3

Other current assets
1

Property and equipment
1,868

Other intangible assets
4

Accounts payable, accrued expenses and other
(25
)
Long-term debt
(450
)
Net assets acquired
$
1,426

Earnings from Acquired Businesses 
The results of operations from these properties included in the condensed consolidated statements of operations were as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2015
 
(in millions)
Total revenues
$
84

 
$
228

Income before income taxes
10

 
44

Property and Equipment (Tables)
Schedule of Property and Equipment
Property and equipment were as follows:    
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Land
$
3,484

 
$
3,009

Buildings and leasehold improvements
6,349

 
5,150

Furniture and equipment
1,258

 
1,140

Construction-in-progress
102

 
53

 
11,193

 
9,352

Accumulated depreciation and amortization
(2,061
)
 
(1,869
)
 
$
9,132

 
$
7,483

Financing Receivables (Tables)
Schedule of Financing Receivables 
Financing receivables were as follows:
 
September 30, 2015
 
Securitized Timeshare
 
Unsecuritized Timeshare(1)
 
Other
 
Total
 
(in millions)
Financing receivables
$
337

 
$
582

 
$
36

 
$
955

Less: allowance
(16
)
 
(74
)
 
—

 
(90
)
 
321

 
508

 
36

 
865

 
 
 
 
 
 
 
 
Current portion of financing receivables
59

 
75

 
2

 
136

Less: allowance
(3
)
 
(9
)
 
—

 
(12
)
 
56

 
66

 
2

 
124

 
 
 
 
 
 
 
 
Total financing receivables
$
377

 
$
574

 
$
38

 
$
989


 
December 31, 2014
 
Securitized Timeshare
 
Unsecuritized Timeshare(1)
 
Other
 
Total
 
(in millions)
Financing receivables
$
430

 
$
454

 
$
22

 
$
906

Less: allowance
(24
)
 
(58
)
 
(2
)
 
(84
)
 
406

 
396

 
20

 
822

 
 
 
 
 
 
 
 
Current portion of financing receivables
66

 
74

 
2

 
142

Less: allowance
(4
)
 
(10
)
 
—

 
(14
)
 
62

 
64

 
2

 
128

 
 
 
 
 
 
 
 
Total financing receivables
$
468

 
$
460

 
$
22

 
$
950


____________
(1) 
Included in this balance, we had $164 million of gross timeshare financing receivables secured under our revolving non-recourse timeshare financing receivables credit facility (the "Timeshare Facility"), as of September 30, 2015 and December 31, 2014, respectively.

Schedule of Maturities of Timeshare Financing Receivables 
Our timeshare financing receivables as of September 30, 2015 mature as follows:
 
Securitized Timeshare
 
Unsecuritized Timeshare
Year
(in millions)
2015 (remaining)
$
15

 
$
29

2016
60

 
62

2017
62

 
66

2018
61

 
68

2019
57

 
69

Thereafter
141

 
363

 
396

 
657

Less: allowance
(19
)
 
(83
)
 
$
377

 
$
574

Aged Analysis of Gross TImeshare Financing Receivables 
The following table details an aged analysis of our gross timeshare financing receivables balance:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Current
$
1,011

 
$
980

30 - 89 days past due
12

 
13

90 - 119 days past due
3

 
2

120 days and greater past due
27

 
29

 
$
1,053

 
$
1,024

Allowance for Uncollectible Timeshare Financing Receivables 
The changes in our allowance for uncollectible timeshare financing receivables were as follows:
 
Nine Months Ended
 
September 30,
 
2015
 
2014
 
(in millions)
Beginning balance
$
96

 
$
92

Write-offs
(23
)
 
(24
)
Provision for uncollectibles on sales
29

 
25

Ending balance
$
102

 
$
93

Investments in Affiliates (Tables)
Schedule of Investments in Affiliates
Investments in affiliates were as follows:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Equity investments
$
145

 
$
153

Other investments
9

 
17

 
$
154

 
$
170

Consolidated Variable Interest Entities (Tables)
Schedule of Variable Interest Entities
Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised the following:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Cash and cash equivalents
$
38

 
$
27

Restricted cash and cash equivalents
17

 
22

Property and equipment, net
73

 
77

Securitized financing receivables, net
377

 
468

Other non-current assets
53

 
56

Non-recourse debt
605

 
729

Debt (Tables)
Long-term Debt 
Long-term debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2015 were as follows:

September 30,
 
December 31,

2015
 
2014

(in millions)
Senior secured term loan facility with a rate of 3.50%, due 2020
$
4,325

 
$
5,000

Senior notes with a rate of 5.625%, due 2021
1,500

 
1,500

Commercial mortgage-backed securities loan with an average rate of 4.07%, due 2018(1)
3,487

 
3,487

Mortgage loans with an average rate of 4.00%, due 2016 to 2020(2)
648

 
721

Other unsecured notes with a rate of 7.50%, due 2017
54

 
54

Capital lease obligations with an average rate of 6.12%, due 2015 to 2097
66

 
72


10,080


10,834

Less: current maturities of long-term debt
(116
)

(10
)
Less: unamortized discount on senior secured term loan facility
(19
)
 
(21
)

$
9,945


$
10,803

____________
(1) 
The initial maturity date of the variable-rate component of this borrowing is November 1, 2015. We assumed all extensions, which are solely at our option, were exercised.
(2) 
For mortgage loans with maturity date extensions that are solely at our option, we assumed they were exercised.
Non-recourse Debt 
Non-recourse debt, including obligations for capital leases, and associated interest rates as of September 30, 2015 were as follows:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026
$
189

 
$
216

Non-recourse debt of consolidated VIEs with an average rate of 3.74%, due 2015 to 2018(1)
32

 
32

Timeshare Facility with a rate of 1.20%, due 2017
150

 
150

Securitized Timeshare Debt with an average rate of 1.97%, due 2026
384

 
481

 
755

 
879

Less: current maturities of non-recourse debt
(132
)
 
(127
)
 
$
623

 
$
752

____________
(1) 
Excludes the non-recourse debt of our VIEs that issued the Securitized Timeshare Debt, as it is presented separately.
Debt Maturities 
The contractual maturities of our long-term debt and non-recourse debt as of September 30, 2015 were as follows:
Year
(in millions)
2015 (remaining)
$
48

2016
229

2017
348

2018(1)
3,562

2019(1)
481

Thereafter
6,167

 
$
10,835

____________
(1) 
We assumed all extensions that are solely at our option for purposes of calculating maturity dates.
Derivative Instruments and Hedging Activities (Tables)
Fair Value of Derivative Instruments 
The effects of our derivative instruments on our condensed consolidated balance sheets were as follows:
 
September 30, 2015
 
December 31, 2014
 
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
 
 
 
(in millions)
 
 
 
(in millions)
Cash Flow Hedges:
 
 
 
 
 
 
 
Interest rate swaps
Other liabilities
 
$
22

 
Other liabilities
 
$
4

 
 
 
 
 
 
 
 
Non-designated Hedges:
 
 
 
 
 
 
 
Interest rate caps(1)
Other assets
 
—

 
Other assets
 
—

Forward contracts(2)
Other assets
 
1

 
Other assets
 
—

Forward contracts(1)
Accounts payable, accrued expenses and other
 
—

 
Accounts payable, accrued expenses and other
 
—


____________
(1) 
The fair values of our interest rate caps and forward contracts were less than $1 million as of September 30, 2015 and December 31, 2014.
(2) The fair values of our forward contracts were less than $1 million as of December 31, 2014.
Earnings Effect of Derivative Instruments 

The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss), before any effect for income taxes, were as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
Classification of Gain (Loss) Recognized
 
2015
 
2014
 
2015

2014
 
 
 
(in millions)
Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
Interest rate swaps(1)
Other comprehensive income (loss)
 
$
(10
)
 
$
8

 
$
(18
)
 
$
(6
)
 
 
 
 
 
 
 
 
 
 
Non-designated Hedges:
 
 
 
 
 
 
 
 
 
Interest rate caps
Other gain (loss), net
 
—

 
—

 
—

 
—

Forward contracts
Gain (loss) on foreign currency transactions
 
6

 
N/A

 
12

 
N/A

____________
(1) 
There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three and nine months ended September 30, 2015 and 2014.
Fair Value Measurements (Tables)
Fair Value of Financial Assets and Liabilities 
The carrying amounts and estimated fair values of our financial assets and liabilities, which included related current portions, were as follows:
 
September 30, 2015
 
 
 
Hierarchy Level
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
(in millions)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
355

 
$
—

 
$
355

 
$
—

Restricted cash equivalents
25

 
—

 
25

 
—

Timeshare financing receivables
1,053

 
—

 
—

 
1,053

Liabilities:
 
 
 
 
 
 
 
Long-term debt(1)
9,995

 
1,616

 
—

 
8,525

Non-recourse debt(2)
534

 
—

 
—

 
534

Interest rate swaps
22

 
—

 
22

 
—


 
December 31, 2014
 
 
 
Hierarchy Level
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
(in millions)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
326

 
$
—

 
$
326

 
$
—

Restricted cash equivalents
38

 
—

 
38

 
—

Timeshare financing receivables
1,024

 
—

 
—

 
1,021

Liabilities:
 
 
 
 
 
 
 
Long-term debt(1)
10,741

 
1,630

 
—

 
9,207

Non-recourse debt(2)
631

 
—

 
—

 
626

Interest rate swaps
4

 
—

 
4

 
—

____________
(1)
Excludes capital lease obligations with a carrying value of $66 million and $72 million as of September 30, 2015 and December 31, 2014, respectively.
(2) 
Excludes capital lease obligations of consolidated VIEs with a carrying value of $189 million and $216 million as of September 30, 2015 and December 31, 2014, respectively, and non-recourse debt of consolidated VIEs with a carrying value of $32 million as of September 30, 2015 and December 31, 2014.
Fair Value Measurements, Nonrecurring 
As a result of our acquisition of certain properties during the nine months ended September 30, 2015, we measured financial and nonfinancial assets and liabilities at fair value on a nonrecurring basis (see Note 3: "Acquisitions") as follows:
 
(in millions)
 
 
Property and equipment
$
1,868

Long-term debt
450

Employee Benefit Plans (Tables)
Schedule of Net Periodic Pension Cost (Credit)
The components of net periodic pension cost (credit) for the Domestic Plan, U.K. Plan and International Plans were as follows:
 
Three Months Ended September 30,
 
2015
 
2014
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
(in millions)
Service cost
$
2

 
$
1

 
$
1

 
$
1

 
$
1

 
$
—

Interest cost
4

 
3

 
1

 
5

 
4

 
1

Expected return on plan assets
(4
)
 
(7
)
 
(1
)
 
(5
)
 
(7
)
 
(1
)
Amortization of prior service cost
1

 
—

 
—

 
1

 
—

 
—

Amortization of net loss
—

 
—

 
—

 
—

 
1

 
—

Settlement losses
—

 
—

 
1

 
1

 
—

 
—

Net periodic pension cost (credit)
$
3

 
$
(3
)
 
$
2

 
$
3

 
$
(1
)
 
$
—

 
Nine Months Ended September 30,
 
2015
 
2014
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
Domestic Plan
 
U.K. Plan
 
International Plans
 
(in millions)
Service cost
$
5

 
$
1

 
$
2

 
$
5

 
$
1

 
$
2

Interest cost
12

 
11

 
3

 
13

 
13

 
3

Expected return on plan assets
(14
)
 
(19
)
 
(3
)
 
(14
)
 
(19
)
 
(3
)
Amortization of prior service cost
3

 
—

 
—

 
3

 
—

 
—

Amortization of net loss
2

 
1

 
1

 
1

 
1

 
—

Settlement losses
—

 
—

 
3

 
2

 
—

 
—

Net periodic pension cost (credit)
$
8

 
$
(6
)
 
$
6

 
$
10

 
$
(4
)
 
$
2

Share-Based Compensation (Tables)
Schedule of Share Based Payment Award, Performance Shares, Performance Conditions [Table Text Block] 
The grant date fair value of these performance shares based on our EBITDA CAGR was $27.46. For performance shares based on our EBITDA CAGR, we determined that the performance condition is probable of achievement and as of September 30, 2015, we recognized compensation expense based on the anticipated achievement percentage as follows:
 
Achievement Percentage
Performance shares granted in 2014
150%
Performance shares granted in 2015
125%
Schedule of Share Based Payment Award, Performance Shares, Valuation Assumptions [Table Text Block] 
The grant date fair value of these performance shares based on relative shareholder return was $32.98, which was determined using a Monte Carlo simulation valuation model with the following assumptions:
Expected volatility(1)
24.00
%
Dividend yield(2)
—
%
Risk-free rate(3)
1.04
%
Expected term (in years)(4)
2.8

____________
(1) 
Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.
(2) 
At the date of grant we had no plans to pay dividends during the expected term of these performance shares.
(3) 
Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
(4) 
Midpoint of the 30-calendar day period preceding the end of the performance period.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] 
The grant date fair value of these options was $8.39, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:
Expected volatility(1)
28.00
%
Dividend yield(2)
—
%
Risk-free rate(3)
1.67
%
Expected term (in years)(4)
6.0


____________
(1) 
Due to limited trading history of our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption in addition to our historical volatility. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.
(2) 
At the date of grant we had no plans to pay dividends during the expected term of these options.
(3) 
Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
(4) 
Estimated using the average of the vesting periods and the contractual term of the options.

Earnings Per Share (Tables)
Basic and Diluted Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share ("EPS"):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions, except per share amounts)
Basic EPS:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
987

 
985

 
986

 
985

Basic EPS
$
0.28

 
$
0.19

 
$
0.60

 
$
0.52

 
 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
989

 
987

 
989

 
986

Diluted EPS
$
0.28

 
$
0.19

 
$
0.60

 
$
0.52

Accumulated Other Comprehensive Loss (Tables)
Schedule of Accumulated Other Comprehensive Loss 
The components of accumulated other comprehensive loss, net of taxes, were as follows:
 
Currency Translation Adjustment(1)
 
Pension Liability Adjustment
 
Cash Flow Hedge Adjustment
 
Total
 
(in millions)
Balance as of December 31, 2014
$
(446
)
 
$
(179
)
 
$
(3
)
 
$
(628
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(173
)
 
(1
)
 
(11
)
 
(185
)
Amounts reclassified from accumulated other comprehensive loss
16

 
4

 
—

 
20

Net current period other comprehensive income (loss)
(157
)
 
3

 
(11
)
 
(165
)
 
 
 
 
 
 
 
 
Balance as of September 30, 2015
$
(603
)
 
$
(176
)
 
$
(14
)
 
$
(793
)
 
Currency Translation Adjustment(1)
 
Pension Liability Adjustment
 
Cash Flow Hedge Adjustment
 
Total
 
(in millions)
Balance as of December 31, 2013
$
(136
)
 
$
(134
)
 
$
6

 
$
(264
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(129
)
 
—

 
(4
)
 
(133
)
Amounts reclassified from accumulated other comprehensive loss
(4
)
 
3

 
—

 
(1
)
Net current period other comprehensive income (loss)
(133
)
 
3

 
(4
)
 
(134
)
 
 
 
 
 
 
 
 
Equity contribution to consolidated variable interest entities
(6
)
 
—

 
—

 
(6
)
 
 
 
 
 
 
 
 
Balance as of September 30, 2014
$
(275
)
 
$
(131
)
 
$
2

 
$
(404
)

____________
(1) 
Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature.

Reclassification Out of Accumulated Other Comprehensive Loss 
The following table presents additional information about reclassifications out of accumulated other comprehensive loss; amounts in parentheses indicate a loss in our condensed consolidated statements of operations:
 
Nine Months Ended
 
September 30,
 
2015
 
2014
 
(in millions)
Currency translation adjustment:
 
 
 
Sale and liquidation of foreign assets(1)
$
(25
)
 
$
3

Gains on net investment hedges(2)
—

 
1

Tax benefit(3)(4)
9

 
—

Total currency translation adjustment reclassifications for the period, net of taxes
(16
)
 
4

 
 
 
 
Pension liability adjustment:
 
 
 
Amortization of prior service cost(5)
$
(3
)
 
$
(3
)
Amortization of net loss(5)
(4
)
 
(2
)
Tax benefit(3)
3

 
2

Total pension liability adjustment reclassifications for the period, net of taxes
(4
)
 
(3
)
 
 
 
 
Total reclassifications for the period, net of tax
$
(20
)
 
$
1

____________
(1) 
Reclassified out of accumulated other comprehensive loss to gain on sales of assets, net for the nine months ended September 30, 2015 and other gain (loss), net for the nine months ended September 30, 2014 in our condensed consolidated statements of operations. See Note 4: "Disposals" for additional information.
(2) 
Reclassified out of accumulated other comprehensive loss to gain (loss) on foreign currency transactions in our condensed consolidated statements of operations.
(3) 
Reclassified out of accumulated other comprehensive loss to income tax expense in our condensed consolidated statements of operations.
(4) 
The tax benefit was less than $1 million for the nine months ended September 30, 2014.
(5) 
Reclassified out of accumulated other comprehensive loss to general, administrative and other in our condensed consolidated statements of operations. These amounts were included in the computation of net periodic pension cost (credit). See Note 13: "Employee Benefit Plans" for additional information.
Business Segments (Tables)
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts 
The following table presents revenues and Adjusted EBITDA for our reportable segments, reconciled to consolidated amounts:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Revenues
 
 
 
 
 
 
 
Ownership(1)(2)
$
1,089


$
1,087

 
$
3,194

 
$
3,165

Management and franchise(3)
438


383

 
1,263

 
1,085

Timeshare
334


295

 
974

 
850

Segment revenues
1,861


1,765

 
5,431

 
5,100

Other revenues from managed and franchised properties
1,063


906

 
3,074

 
2,653

Other revenues(4)
25


24

 
67

 
70

Intersegment fees elimination(1)(2)(3)(4)
(54
)

(51
)
 
(156
)
 
(149
)
Total revenues
$
2,895


$
2,644

 
$
8,416

 
$
7,674

 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
Ownership(1)(2)(3)(4)(5)
$
281


$
262

 
$
789

 
$
729

Management and franchise(3)
438


383

 
1,263

 
1,085

Timeshare(1)(3)
99


80

 
259

 
233

Corporate and other(2)(4)
(60
)

(56
)
 
(177
)
 
(196
)
Adjusted EBITDA
$
758


$
669

 
$
2,134

 
$
1,851

____________
(1)
Includes charges to timeshare operations for rental fees and fees for other amenities, which were eliminated in our condensed consolidated financial statements. These charges totaled $6 million and $7 million for the three months ended September 30, 2015 and 2014, respectively, and $17 million and $21 million for the nine months ended September 30, 2015 and 2014, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and an expense to timeshare Adjusted EBITDA.
(2)
Includes other intercompany charges of $1 million for the three months ended September 30, 2015 and 2014, and $3 million for the nine months ended September 30, 2015 and 2014, which were eliminated in our condensed consolidated financial statements.
(3)
Includes management, royalty and intellectual property fees of $33 million and $30 million for the three months ended September 30, 2015 and 2014, respectively, and $99 million and $86 million for the nine months ended September 30, 2015 and 2014, respectively. These fees are charged to consolidated owned and leased properties and were eliminated in our condensed consolidated financial statements. Also includes a licensing fee of $11 million for the three months ended September 30, 2015 and 2014, and $31 million and $33 million for the nine months ended September 30, 2015 and 2014, respectively, which is charged to our timeshare segment by our management and franchise segment and was eliminated in our condensed consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and an expense to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.
(4) 
Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $3 million and $2 million for the three months ended September 30, 2015 and 2014, respectively, and $6 million for the nine months ended September 30, 2015 and 2014. These charges were eliminated in our condensed consolidated financial statements.
(5) 
Includes unconsolidated affiliate Adjusted EBITDA.

Reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Hilton Stockholders 
The following table provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income attributable to Hilton stockholders:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Adjusted EBITDA
$
758

 
$
669

 
$
2,134

 
$
1,851

Net income attributable to noncontrolling interests
(4
)
 
(4
)
 
(10
)
 
(8
)
Gain on sales of assets, net
164

 
—

 
306

 
—

Gain (loss) on foreign currency transactions
(8
)
 
(5
)
 
(21
)
 
41

FF&E replacement reserve
(9
)
 
(9
)
 
(36
)
 
(32
)
Share-based and other compensation expense
(21
)
 
(30
)
 
(143
)
 
(36
)
Other gain (loss), net
1

 
24

 
(6
)
 
38

Other adjustment items
(40
)
 
(11
)
 
(109
)
 
(41
)
EBITDA
841

 
634

 
2,115

 
1,813

Interest expense
(138
)
 
(156
)
 
(431
)
 
(467
)
Interest expense included in equity in earnings from unconsolidated affiliates
(1
)
 
(2
)
 
(5
)
 
(8
)
Income tax expense
(247
)
 
(127
)
 
(555
)
 
(331
)
Depreciation and amortization
(171
)
 
(159
)
 
(519
)
 
(470
)
Depreciation and amortization included in equity in earnings from unconsolidated affiliates
(5
)
 
(7
)
 
(15
)
 
(22
)
Net income attributable to Hilton stockholders
$
279

 
$
183

 
$
590

 
$
515



Schedule of Assets by Segment 
The following table presents assets for our reportable segments, reconciled to consolidated amounts:
 
September 30,
 
December 31,
 
2015
 
2014
 
(in millions)
Assets:
 
 
 
Ownership
$
11,506

 
$
11,595

Management and franchise
10,463

 
10,530

Timeshare
1,922

 
1,840

Corporate and other
2,041

 
2,160

 
$
25,932

 
$
26,125

Schedule of Capital Expenditures by Segment 
The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:
 
Nine Months Ended
 
September 30,
 
2015

2014
 
(in millions)
Capital expenditures for property and equipment:
 
 
 
Ownership
$
200

 
$
173

Timeshare
7

 
5

Corporate and other
7

 
6

 
$
214

 
$
184

Condensed Consolidating Guarantor Financial Information (Tables)
Condensed Balance Sheet 
 
September 30, 2015
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
—

 
$
270

 
$
358

 
$
—

 
$
628

Restricted cash and cash equivalents
—

 
—

 
145

 
131

 
—

 
276

Accounts receivable, net
—

 
—

 
523

 
406

 
—

 
929

Intercompany receivables
—

 
—

 
27

 
—

 
(27
)
 
—

Inventories
—

 
—

 
407

 
23

 
—

 
430

Deferred income tax assets
—

 
—

 
9

 
11

 
—

 
20

Current portion of financing receivables, net
—

 
—

 
48

 
20

 
—

 
68

Current portion of securitized financing receivables, net
—

 
—

 
—

 
56

 
—

 
56

Prepaid expenses
—

 
—

 
68

 
117

 
(3
)
 
182

Income taxes receivable
—

 
—

 
21

 
—

 
(2
)
 
19

Other
—

 
—

 
7

 
31

 
—

 
38

Total current assets
—

 
—

 
1,525

 
1,153

 
(32
)
 
2,646

Property, Intangibles and Other Assets:
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
—

 
292

 
8,840

 
—

 
9,132

Financing receivables, net
—

 
—

 
399

 
145

 
—

 
544

Securitized financing receivables, net
—

 
—

 
—

 
321

 
—

 
321

Investments in affiliates
—

 
—

 
113

 
41

 
—

 
154

Investments in subsidiaries
5,394

 
11,202

 
4,849

 
—

 
(21,445
)
 
—

Goodwill
—

 
—

 
3,851

 
2,051

 
—

 
5,902

Brands
—

 
—

 
4,405

 
524

 
—

 
4,929

Management and franchise contracts, net
—

 
—

 
904

 
272

 
—

 
1,176

Other intangible assets, net
—

 
—

 
410

 
193

 
—

 
603

Deferred income tax assets
24

 
7

 
—

 
157

 
(31
)
 
157

Other
—

 
74

 
151

 
143

 
—

 
368

Total property, intangibles and other assets
5,418

 
11,283

 
15,374

 
12,687

 
(21,476
)
 
23,286

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
$
5,418

 
$
11,283

 
$
16,899

 
$
13,840

 
$
(21,508
)
 
$
25,932

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other
$
—

 
$
60

 
$
1,484

 
$
720

 
$
(3
)
 
$
2,261

Intercompany payables
—

 
—

 
—

 
27

 
(27
)
 
—

Current maturities of long-term debt
—

 
—

 
—

 
116

 
—

 
116

Current maturities of non-recourse debt
—

 
—

 
—

 
132

 
—

 
132

Income taxes payable
—

 
—

 
—

 
51

 
(2
)
 
49

Total current liabilities
—

 
60

 
1,484

 
1,046

 
(32
)
 
2,558

Long-term debt
—

 
5,807

 
54

 
4,084

 
—

 
9,945

Non-recourse debt
—

 
—

 
—

 
623

 
—

 
623

Deferred revenues
—

 
—

 
340

 
1

 
—

 
341

Deferred income tax liabilities
—

 
—

 
2,301

 
3,023

 
(31
)
 
5,293

Liability for guest loyalty program
—

 
—

 
754

 
—

 
—

 
754

Other
204

 
22

 
764

 
248

 
—

 
1,238

Total liabilities
204

 
5,889

 
5,697

 
9,025

 
(63
)
 
20,752

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Total Hilton stockholders' equity
5,214

 
5,394

 
11,202

 
4,849

 
(21,445
)
 
5,214

Noncontrolling interests
—

 
—

 
—

 
(34
)
 
—

 
(34
)
Total equity
5,214

 
5,394

 
11,202

 
4,815

 
(21,445
)
 
5,180

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
5,418

 
$
11,283

 
$
16,899

 
$
13,840

 
$
(21,508
)
 
$
25,932


 
December 31, 2014
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
—

 
$
270

 
$
296

 
$
—

 
$
566

Restricted cash and cash equivalents
—

 
—

 
135

 
67

 
—

 
202

Accounts receivable, net
—

 
—

 
478

 
366

 
—

 
844

Intercompany receivables
—

 
—

 
46

 
—

 
(46
)
 
—

Inventories
—

 
—

 
380

 
24

 
—

 
404

Deferred income tax assets
—

 
—

 
10

 
10

 
—

 
20

Current portion of financing receivables, net
—

 
—

 
47

 
19

 
—

 
66

Current portion of securitized financing receivables, net
—

 
—

 
—

 
62

 
—

 
62

Prepaid expenses
—

 
—

 
29

 
124

 
(20
)
 
133

Income taxes receivable
—

 
—

 
154

 
—

 
(22
)
 
132

Other
—

 
—

 
5

 
65

 
—

 
70

Total current assets
—

 
—

 
1,554

 
1,033

 
(88
)
 
2,499

Property, Intangibles and Other Assets:
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
—

 
305

 
7,178

 
—

 
7,483

Property and equipment, net held for sale
—

 
—

 
—

 
1,543

 
—

 
1,543

Financing receivables, net
—

 
—

 
272

 
144

 
—

 
416

Securitized financing receivables, net
—

 
—

 
—

 
406

 
—

 
406

Investments in affiliates
—

 
—

 
123

 
47

 
—

 
170

Investments in subsidiaries
4,924

 
11,361

 
4,935

 
—

 
(21,220
)
 
—

Goodwill
—

 
—

 
3,847

 
2,307

 
—

 
6,154

Brands
—

 
—

 
4,405

 
558

 
—

 
4,963

Management and franchise contracts, net
—

 
—

 
1,007

 
299

 
—

 
1,306

Other intangible assets, net
—

 
—

 
466

 
208

 
—

 
674

Deferred income tax assets
22

 
1

 
—

 
155

 
(23
)
 
155

Other
—

 
85

 
119

 
152

 
—

 
356

Total property, intangibles and other assets
4,946

 
11,447

 
15,479

 
12,997

 
(21,243
)
 
23,626

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
$
4,946

 
$
11,447

 
$
17,033

 
$
14,030

 
$
(21,331
)
 
$
26,125

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other
$
—

 
$
40

 
$
1,384

 
$
695

 
$
(20
)
 
$
2,099

Intercompany payables
—

 
—

 
—

 
46

 
(46
)
 
—

Current maturities of long-term debt
—

 
—

 
—

 
10

 
—

 
10

Current maturities of non-recourse debt
—

 
—

 
—

 
127

 
—

 
127

Income taxes payable
—

 
—

 
5

 
38

 
(22
)
 
21

Total current liabilities
—

 
40

 
1,389

 
916

 
(88
)
 
2,257

Long-term debt
—

 
6,479

 
54

 
4,270

 
—

 
10,803

Non-recourse debt
—

 
—

 
—

 
752

 
—

 
752

Deferred revenues
—

 
—

 
493

 
2

 
—

 
495

Deferred income tax liabilities
—

 
—

 
2,306

 
2,933

 
(23
)
 
5,216

Liability for guest loyalty program
—

 
—

 
720

 
—

 
—

 
720

Other
194

 
4

 
710

 
260

 
—

 
1,168

Total liabilities
194

 
6,523

 
5,672

 
9,133

 
(111
)
 
21,411

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Total Hilton stockholders' equity
4,752

 
4,924

 
11,361

 
4,935

 
(21,220
)
 
4,752

Noncontrolling interests
—

 
—

 
—

 
(38
)
 
—

 
(38
)
Total equity
4,752

 
4,924

 
11,361

 
4,897

 
(21,220
)
 
4,714

 
 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
4,946

 
$
11,447

 
$
17,033

 
$
14,030

 
$
(21,331
)
 
$
26,125


Condensed Statement of Income and Comprehensive Income 
 
Three Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
64

 
$
1,025

 
$
(7
)
 
$
1,082

Management and franchise fees and other
—

 
—

 
355

 
86

 
(25
)
 
416

Timeshare
—

 
—

 
314

 
20

 
—

 
334

 
—

 
—

 
733

 
1,131

 
(32
)
 
1,832

Other revenues from managed and franchised properties
—

 
—

 
1,199

 
116

 
(252
)
 
1,063

Total revenues
—

 
—

 
1,932

 
1,247

 
(284
)
 
2,895

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
46

 
773

 
(21
)
 
798

Timeshare
—

 
—

 
221

 
4

 
(6
)
 
219

Depreciation and amortization
—

 
—

 
82

 
89

 
—

 
171

General, administrative and other
—

 
—

 
117

 
33

 
(5
)
 
145

 
—

 
—

 
466

 
899

 
(32
)
 
1,333

Other expenses from managed and franchised properties
—

 
—

 
1,199

 
116

 
(252
)
 
1,063

Total expenses
—

 
—

 
1,665

 
1,015

 
(284
)
 
2,396

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sales of assets, net
—

 
—

 
—

 
164

 
—

 
164

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
267

 
396

 
—

 
663

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
2

 
1

 
—

 
3

Interest expense
—

 
(69
)
 
(9
)
 
(60
)
 
—

 
(138
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
7

 
2

 
—

 
9

Gain (loss) on foreign currency transactions
—

 
—

 
213

 
(221
)
 
—

 
(8
)
Other gain, net
—

 
—

 
—

 
1

 
—

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(69
)
 
480

 
119

 
—

 
530

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(1
)
 
27

 
(200
)
 
(73
)
 
—

 
(247
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(1
)
 
(42
)
 
280

 
46

 
—

 
283

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
280

 
322

 
42

 
—

 
(644
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
279

 
280

 
322

 
46

 
(644
)
 
283

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Net income attributable to Hilton stockholders
$
279

 
$
280

 
$
322

 
$
42

 
$
(644
)
 
$
279

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
159

 
$
274

 
$
301

 
$
(47
)
 
$
(524
)
 
$
163

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Comprehensive income attributable to Hilton stockholders
$
159

 
$
274

 
$
301

 
$
(51
)
 
$
(524
)
 
$
159

 
Three Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
60

 
$
1,026

 
$
(7
)
 
$
1,079

Management and franchise fees and other
—

 
—

 
299

 
84

 
(19
)
 
364

Timeshare
—

 
—

 
271

 
24

 
—

 
295

 
—

 
—

 
630

 
1,134

 
(26
)
 
1,738

Other revenues from managed and franchised properties
—

 
—

 
1,019

 
107

 
(220
)
 
906

Total revenues
—

 
—

 
1,649

 
1,241

 
(246
)
 
2,644

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
41

 
793

 
(18
)
 
816

Timeshare
—

 
—

 
200

 
5

 
(6
)
 
199

Depreciation and amortization
—

 
—

 
78

 
81

 
—

 
159

General, administrative and other
—

 
—

 
94

 
27

 
(2
)
 
119

 
—

 
—

 
413

 
906

 
(26
)
 
1,293

Other expenses from managed and franchised properties
—

 
—

 
1,019

 
107

 
(220
)
 
906

Total expenses
—

 
—

 
1,432

 
1,013

 
(246
)
 
2,199

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
217

 
228

 
—

 
445

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
2

 
—

 
—

 
2

Interest expense
—

 
(83
)
 
(15
)
 
(58
)
 
—

 
(156
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
3

 
1

 
—

 
4

Gain (loss) on foreign currency transactions
—

 
—

 
205

 
(210
)
 
—

 
(5
)
Other gain, net
—

 
—

 
—

 
24

 
—

 
24

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(83
)
 
412

 
(15
)
 
—

 
314

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(1
)
 
32

 
(160
)
 
2

 
—

 
(127
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(1
)
 
(51
)
 
252

 
(13
)
 
—

 
187

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
184

 
235

 
(17
)
 
—

 
(402
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
183

 
184

 
235

 
(13
)
 
(402
)
 
187

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Net income attributable to Hilton stockholders
$
183

 
$
184

 
$
235

 
$
(17
)
 
$
(402
)
 
$
183

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
(29
)
 
$
189

 
$
282

 
$
(273
)
 
$
(190
)
 
$
(21
)
Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(8
)
 
—

 
(8
)
Comprehensive income attributable to Hilton stockholders
$
(29
)
 
$
189

 
$
282

 
$
(281
)
 
$
(190
)
 
$
(29
)
 
Nine Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
177

 
$
3,016

 
$
(19
)
 
$
3,174

Management and franchise fees and other
—

 
—

 
1,026

 
243

 
(75
)
 
1,194

Timeshare
—

 
—

 
911

 
63

 
—

 
974

 
—

 
—

 
2,114

 
3,322

 
(94
)
 
5,342

Other revenues from managed and franchised properties
—

 
—

 
3,449

 
345

 
(720
)
 
3,074

Total revenues
—

 
—

 
5,563

 
3,667

 
(814
)
 
8,416

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
128

 
2,321

 
(66
)
 
2,383

Timeshare
—

 
—

 
678

 
12

 
(17
)
 
673

Depreciation and amortization
—

 
—

 
255

 
264

 
—

 
519

General, administrative and other
—

 
—

 
405

 
99

 
(11
)
 
493

 
—

 
—

 
1,466

 
2,696

 
(94
)
 
4,068

Other expenses from managed and franchised properties
—

 
—

 
3,449

 
345

 
(720
)
 
3,074

Total expenses
—

 
—

 
4,915

 
3,041

 
(814
)
 
7,142

 
 
 
 
 
 
 
 
 
 
 
 
Gain on sales of assets, net
—

 
—

 
—

 
306

 
—

 
306

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
648

 
932

 
—

 
1,580

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
9

 
2

 
—

 
11

Interest expense
—

 
(213
)
 
(37
)
 
(181
)
 
—

 
(431
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
18

 
4

 
—

 
22

Gain (loss) on foreign currency transactions
—

 
—

 
73

 
(94
)
 
—

 
(21
)
Other loss, net
—

 
—

 
—

 
(6
)
 
—

 
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(213
)
 
711

 
657

 
—

 
1,155

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(6
)
 
82

 
(299
)
 
(332
)
 
—

 
(555
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(6
)
 
(131
)
 
412

 
325

 
—

 
600

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
596

 
727

 
315

 
—

 
(1,638
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
590

 
596

 
727

 
325

 
(1,638
)
 
600

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Net income attributable to Hilton stockholders
$
590

 
$
596

 
$
727

 
$
315

 
$
(1,638
)
 
$
590

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
425

 
$
585

 
$
709

 
$
189

 
$
(1,473
)
 
$
435

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Comprehensive income attributable to Hilton stockholders
$
425

 
$
585

 
$
709

 
$
179

 
$
(1,473
)
 
$
425


 
Nine Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
—

 
$
—

 
$
163

 
$
2,999

 
$
(21
)
 
$
3,141

Management and franchise fees and other
—

 
—

 
873

 
239

 
(82
)
 
1,030

Timeshare
—

 
—

 
777

 
73

 
—

 
850

 
—

 
—

 
1,813

 
3,311

 
(103
)
 
5,021

Other revenues from managed and franchised properties
—

 
—

 
2,996

 
300

 
(643
)
 
2,653

Total revenues
—

 
—

 
4,809

 
3,611

 
(746
)
 
7,674

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
—

 
—

 
116

 
2,360

 
(56
)
 
2,420

Timeshare
—

 
—

 
590

 
14

 
(40
)
 
564

Depreciation and amortization
—

 
—

 
228

 
242

 
—

 
470

General, administrative and other
—

 
—

 
275

 
81

 
(7
)
 
349

 
—

 
—

 
1,209

 
2,697

 
(103
)
 
3,803

Other expenses from managed and franchised properties
—

 
—

 
2,996

 
300

 
(643
)
 
2,653

Total expenses
—

 
—

 
4,205

 
2,997

 
(746
)
 
6,456

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
—

 
—

 
604

 
614

 
—

 
1,218

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
6

 
2

 
—

 
8

Interest expense
—

 
(255
)
 
(42
)
 
(170
)
 
—

 
(467
)
Equity in earnings from unconsolidated affiliates
—

 
—

 
13

 
3

 
—

 
16

Gain (loss) on foreign currency transactions
—

 
—

 
248

 
(207
)
 
—

 
41

Other gain, net
—

 
—

 
6

 
32

 
—

 
38

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings from subsidiaries
—

 
(255
)
 
835

 
274

 
—

 
854

 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
(5
)
 
98

 
(327
)
 
(97
)
 
—

 
(331
)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings from subsidiaries
(5
)
 
(157
)
 
508

 
177

 
—

 
523

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings from subsidiaries
520

 
677

 
169

 
—

 
(1,366
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net income
515

 
520

 
677

 
177

 
(1,366
)
 
523

Net income attributable to noncontrolling interests
—

 
—

 
—

 
(8
)
 
—

 
(8
)
Net income attributable to Hilton stockholders
$
515

 
$
520

 
$
677

 
$
169

 
$
(1,366
)
 
$
515

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
381

 
$
516

 
$
697

 
$
29

 
$
(1,232
)
 
$
391

Comprehensive income attributable to noncontrolling interests
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Comprehensive income attributable to Hilton stockholders
$
381

 
$
516

 
$
697

 
$
19

 
$
(1,232
)
 
$
381

Condensed Cash Flow Statement 
 
Nine Months Ended September 30, 2015
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
—

 
$
—

 
$
722

 
$
456

 
$
(187
)
 
$
991

 
 
 
 
 
 
 
 
 
 
 
 
Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures for property and equipment
—

 
—

 
(19
)
 
(195
)
 
—

 
(214
)
Acquisitions, net of cash acquired
—

 
—

 
—

 
(1,410
)
 
—

 
(1,410
)
Payments received on other financing receivables
—

 
—

 
1

 
2

 
—

 
3

Issuance of other financing receivables
—

 
—

 
(7
)
 
(2
)
 
—

 
(9
)
Investments in affiliates
—

 
—

 
(5
)
 
—

 
—

 
(5
)
Distributions from unconsolidated affiliates
—

 
—

 
18

 
—

 
—

 
18

Issuance of intercompany receivables
—

 
—

 
(184
)
 
—

 
184

 
—

Payments received on intercompany receivables
—

 
—

 
184

 
—

 
(184
)
 
—

Proceeds from asset dispositions
—

 
—

 
—

 
2,197

 
—

 
2,197

Contract acquisition costs
—

 
—

 
(14
)
 
(13
)
 
—

 
(27
)
Software capitalization costs
—

 
—

 
(38
)
 
—

 
—

 
(38
)
Net cash provided by (used in) investing activities
—

 
—

 
(64
)
 
579

 
—

 
515

 
 
 
 
 
 
 
 
 
 
 
 
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Borrowings
—

 
—

 
—

 
35

 
—

 
35

Repayment of debt
—

 
(675
)
 
—

 
(667
)
 
—

 
(1,342
)
Intercompany borrowings
—

 
—

 
—

 
184

 
(184
)
 
—

Repayment of intercompany borrowings
—

 
—

 
—

 
(184
)
 
184

 
—

Change in restricted cash and cash equivalents
—

 
—

 
—

 
(53
)
 
—

 
(53
)
Intercompany transfers
69

 
675

 
(666
)
 
(78
)
 
—

 
—

Dividends paid
(69
)
 
—

 
—

 
—

 
—

 
(69
)
Dividends paid to Guarantors
—

 
—

 
—

 
(187
)
 
187

 
—

Distributions to noncontrolling interests
—

 
—

 
—

 
(6
)
 
—

 
(6
)
Excess tax benefits from share-based compensation
—

 
—

 
8

 
—

 
—

 
8

Net cash used in financing activities
—

 
—

 
(658
)
 
(956
)
 
187

 
(1,427
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(17
)
 
—

 
(17
)
Net increase in cash and cash equivalents
—

 
—

 
—

 
62

 
—

 
62

Cash and cash equivalents, beginning of period
—

 
—

 
270

 
296

 
—

 
566

 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
$
—

 
$
—

 
$
270

 
$
358

 
$
—

 
$
628


 
Nine Months Ended September 30, 2014
 
Parent
 
Subsidiary Issuers
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Total
 
(in millions)
Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
—

 
$
—

 
$
761

 
$
345

 
$
(207
)
 
$
899

 
 
 
 
 
 
 
 
 
 
 
 
Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures for property and equipment
—

 
—

 
(13
)
 
(171
)
 
—

 
(184
)
Payments received on other financing receivables
—

 
—

 
16

 
2

 
—

 
18

Issuance of other financing receivables
—

 
—

 
—

 
(1
)
 
—

 
(1
)
Investments in affiliates
—

 
—

 
(6
)
 
—

 
—

 
(6
)
Distributions from unconsolidated affiliates
—

 
—

 
30

 
2

 
—

 
32

Proceeds from asset dispositions
—

 
—

 
6

 
34

 
—

 
40

Contract acquisition costs
—

 
—

 
(13
)
 
(41
)
 
—

 
(54
)
Software capitalization costs
—

 
—

 
(45
)
 
—

 
—

 
(45
)
Net cash used in investing activities
—

 
—

 
(25
)
 
(175
)
 
—

 
(200
)
 
 
 
 
 
 
 
 
 
 
 
 
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Borrowings
—

 
—

 
—

 
350

 
—

 
350

Repayment of debt
—

 
(700
)
 
—

 
(375
)
 
—

 
(1,075
)
Debt issuance costs
—

 
(6
)
 
—

 
(3
)
 
—

 
(9
)
Change in restricted cash and cash equivalents
—

 
—

 
—

 
(19
)
 
—

 
(19
)
Intercompany transfers
—

 
706

 
(830
)
 
124

 
—

 
—

Dividends paid to Guarantors
—

 
—

 
—

 
(207
)
 
207

 
—

Capital contribution
—

 
—

 
—

 
13

 
—

 
13

Distributions to noncontrolling interests
—

 
—

 
—

 
(3
)
 
—

 
(3
)
Net cash used in financing activities
—

 
—

 
(830
)
 
(120
)
 
207

 
(743
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(7
)
 
—

 
(7
)
Net increase (decrease) in cash and cash equivalents
—

 
—

 
(94
)
 
43

 
—

 
(51
)
Cash and cash equivalents, beginning of period
—

 
—

 
329

 
265

 
—

 
594

 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
$
—

 
$
—

 
$
235

 
$
308

 
$
—

 
$
543

Organization and Basis of Presentation - Additional Information (Details)
Sep. 30, 2015
Timeshare
Interval
Rate
Country
Brand
Hotel
Room
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
Number of brands
12 
Number of hotel properties
4,480 
Number of hotel rooms
737,922 
Number of countries
97 
Number of timeshare properties
45 
Number of timeshare units
7,152 
Common stock ownership percentage
45.90% 
Acquisitions - Schedule of Net Assets Acquired (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Feb. 28, 2015
Acquisitions Disclosure [Abstract]
 
 
Cash and cash equivalents
 
$ 16 
Restricted cash and cash equivalents
 
8 
Inventories
 
1 
Prepaid expenses
 
3 
Other current assets
 
1 
Property and equipment
1,868 
1,868 
Other intangible assets, net
 
4 
Accounts payable, accrued expenses and other
 
(25)
Long-term debt
(450)
(450)
Net assets acquired
 
$ 1,426 
Acquisitions - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 9 Months Ended 1 Months Ended 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Jun. 30, 2015
Tax deferred exchange [member]
Feb. 28, 2015
Tax deferred exchange [member]
Sep. 30, 2015
Tax deferred exchange [member]
Jul. 31, 2014
Equity investments exchange [member]
Hotel
Rate
Sep. 30, 2014
Equity investments exchange [member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
Acquisitions
 
 
$ 112 
$ 1,760 
 
 
 
Transaction-related costs
 
 
 
 
26 
 
 
Number of hotels to be removed from JV portfolio
 
 
 
 
 
6 
 
Number of hotels to be retained and wholly owned
 
 
 
 
 
5 
 
Ownership percentage of retained hotels
 
 
 
 
 
100.00% 
 
Equity investments
145 
153 
 
 
 
59 
 
Fair value of equity investments before exchange
 
 
 
 
 
 
83 
Remeasurement gain of equity investments before exchange
 
 
 
 
 
 
$ 23 
Acquisitions - Earnings from Acquired Businesses (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Business Acquisition [Line Items]
 
 
 
 
Total revenues
$ 2,895 
$ 2,644 
$ 8,416 
$ 7,674 
Income before income taxes
530 
314 
1,155 
854 
Tax deferred exchange [member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Total revenues
84 
 
228 
 
Income before income taxes
$ 10 
 
$ 44 
 
Disposals - Additional Information (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
Hilton Sydney [member]
USD ($)
Sep. 30, 2015
Hilton Sydney [member]
AUD ($)
Sep. 30, 2015
Waldorf Astoria New York [member]
USD ($)
Sep. 30, 2014
Hotels and Vacant Land [Member]
USD ($)
Hotel
Sep. 30, 2014
HGV Grand Islander [member]
USD ($)
Disclosures by Disposal Group [Line Items]
 
 
 
 
 
 
 
 
 
Proceeds from asset dispositions
 
 
$ 2,197 
$ 40 
$ 340 
$ 442 
$ 1,950 
$ 15 
 
Gain on sales of assets, net
164 
0 
306 
0 
163 
 
143 
 
 
Reduction of goodwill
 
 
 
 
36 
 
185 
 
 
Reclassification of currency translation adjustment
 
 
 
 
25 
 
 
3 
 
Repayments of debt
 
 
 
 
 
 
525 
 
 
Reduction of debt issuance costs
 
 
 
 
 
 
6 
 
 
Number of hotels sold
 
 
 
 
 
 
 
2 
 
Other gain (loss), net
1 
24 
(6)
38 
 
 
 
13 
 
Proceeds from asset dispositions and easement rights
 
 
 
 
 
 
 
 
37 
Capital contribution
 
 
 
$ 13 
 
 
 
 
$ 13 
Property and Equipment - Schedule of Property and Equipment (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
Land
$ 3,484 
$ 3,009 
Buildings And Leasehold Improvements
6,349 
5,150 
Furniture And Equipment
1,258 
1,140 
Construction in Progress, Gross
102 
53 
Property and equipment, gross
11,193 
9,352 
Accumulated depreciation and amortization
(2,061)
(1,869)
Property and equipment, net
$ 9,132 
$ 7,483 
Property and Equipment - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
 
 
 
Depreciation
$ 88 
$ 79 
$ 260 
$ 235 
 
Net capital lease assets included in property and equipment
143 
 
143 
 
149 
Accumulated depreciation and amortization of capital lease assets included in property and equipment
$ 69 
 
$ 69 
 
$ 64 
Financing Receivables - Schedule of Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Financing receivables, net, non-current
$ 544 
$ 416 
Current portion of financing receivables, net
68 
66 
Securitized Timeshare Financing Receivables [member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Financing receivables, gross, non-current
337 
430 
Allowance for financing receivables, non-current
(16)
(24)
Financing receivables, net, non-current
321 
406 
Financing receivables, gross, current
59 
66 
Allowance for financing receivables, current
(3)
(4)
Current portion of financing receivables, net
56 
62 
Financing receivables, net
377 
468 
Unsecuritized timeshare financing receivables [member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Financing receivables, gross, non-current
582 1
454 1
Allowance for financing receivables, non-current
(74)
(58)
Financing receivables, net, non-current
508 
396 
Financing receivables, gross, current
75 
74 
Allowance for financing receivables, current
(9)
(10)
Current portion of financing receivables, net
66 
64 
Financing receivables, net
574 
460 
Other financing receivables [member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Financing receivables, gross, non-current
36 
22 
Allowance for financing receivables, non-current
0 
(2)
Financing receivables, net, non-current
36 
20 
Financing receivables, gross, current
2 
2 
Allowance for financing receivables, current
0 
0 
Current portion of financing receivables, net
2 
2 
Financing receivables, net
38 
22 
Financing Receivable [member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Financing receivables, gross, non-current
955 
906 
Allowance for financing receivables, non-current
(90)
(84)
Financing receivables, net, non-current
865 
822 
Financing receivables, gross, current
136 
142 
Allowance for financing receivables, current
(12)
(14)
Current portion of financing receivables, net
124 
128 
Financing receivables, net
$ 989 
$ 950 
Financing Receivables - Schedule of Maturities of Timeshare Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Schedule of Maturities of Timeshare Financing Receivables [Line Items]
 
 
 
 
Allowance for uncollectible timeshare financing receivables
$ (102)
$ (96)
$ (93)
$ (92)
Securitized Timeshare Financing Receivables [member]
 
 
 
 
Schedule of Maturities of Timeshare Financing Receivables [Line Items]
 
 
 
 
2015 (remaining)
15 
 
 
 
2016
60 
 
 
 
2017
62 
 
 
 
2018
61 
 
 
 
2019
57 
 
 
 
Thereafter
141 
 
 
 
Timeshare financing receivables, gross
396 
 
 
 
Allowance for uncollectible timeshare financing receivables
(19)
 
 
 
Timeshare financing receivables, net
377 
 
 
 
Unsecuritized timeshare financing receivables [member]
 
 
 
 
Schedule of Maturities of Timeshare Financing Receivables [Line Items]
 
 
 
 
2015 (remaining)
29 
 
 
 
2016
62 
 
 
 
2017
66 
 
 
 
2018
68 
 
 
 
2019
69 
 
 
 
Thereafter
363 
 
 
 
Timeshare financing receivables, gross
657 
 
 
 
Allowance for uncollectible timeshare financing receivables
(83)
 
 
 
Timeshare financing receivables, net
$ 574 
 
 
 
Financing Receivables - Aged Analysis of Gross Timeshare Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Receivables [Abstract]
 
 
Current
$ 1,011 
$ 980 
30 - 89 days past due
12 
13 
90 - 119 days past due
3 
2 
120 days and greater past due
27 
29 
Financing Receivable, Gross
$ 1,053 
$ 1,024 
Financing Receivables - Schedule of Allowance Uncollectible Timeshare Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Timeshare Allowance for Uncollectible Accounts [Roll Forward]
 
 
Beginning balance
$ 96 
$ 92 
Write-offs
(23)
(24)
Provision for uncollectibles on sales
29 
25 
Ending balance
$ 102 
$ 93 
Financing Receivables - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Rate
Note
Y
Dec. 31, 2014
Timeshare Financing Receivable, Additional Disclosures [Line Items]
 
 
Number of timeshare financing receivables outstanding
52,840 
 
Timeshare financing receivables range of stated interest rates, minimum
0.00% 
 
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Maximum
20.50% 
 
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable
11.92% 
 
Timeshare financing receivables weighted average remaining term
7.6 
 
Nonaccrual timeshare financing receivables
$ 30 
$ 31 
Timeshare Facility [member]
 
 
Timeshare Financing Receivable, Additional Disclosures [Line Items]
 
 
Gross timeshare financing receivables secured under securitized timeshare debt
$ 164 
$ 164 
Investments in Affiliates - Schedule of Investments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
 
 
Equity investments
$ 145 
$ 153 
Other investments
9 
17 
Investments in affiliates
$ 154 
$ 170 
Investments in Affiliates - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Hotel
Dec. 31, 2014
Hotel
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
 
 
Number of hotels owned or leased by unconsolidated joint ventures
16 
16 
Debt of unconsolidated joint ventures
$ 949 
$ 929 
Consolidated Variable Interest Entities - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended 1 Months Ended
Sep. 30, 2015
Entity
Sep. 30, 2014
Sep. 30, 2015
Entity
Sep. 30, 2014
Dec. 31, 2014
Entity
Sep. 30, 2014
Additional Paid-in Capital [member]
Sep. 30, 2014
Noncontrolling Interest [member]
Jun. 30, 2015
Japan VIEs [member]
Sep. 30, 2015
Japan VIEs [member]
Entity
Dec. 31, 2014
Japan VIEs [member]
Entity
Sep. 30, 2014
Japan VIEs [member]
Additional Paid-in Capital [member]
Sep. 30, 2014
Japan VIEs [member]
Other Comprehensive Income (Loss) [member]
Sep. 30, 2014
Japan VIEs [member]
Noncontrolling Interest [member]
Sep. 30, 2015
Securitized Timeshare Debt VIEs [member]
Entity
Dec. 31, 2014
Securitized Timeshare Debt VIEs [member]
Entity
Sep. 30, 2015
Other VIE [member]
Entity
Dec. 31, 2014
Other VIE [member]
Entity
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of consolidated variable interest entities
5 
 
5 
 
5 
 
 
 
2 
2 
 
 
 
2 
2 
1 
1 
Non-cash capital lease obligation reduction
 
 
$ 24 
 
 
 
 
$ 24 
 
 
 
 
 
 
 
 
 
Other gain (loss), net
1 
24 
(6)
38 
 
 
 
24 
 
 
 
 
 
 
 
 
 
Equity contributions to consolidated variable interest entities
 
 
 
$ 0 
 
$ 34 
$ (40)
 
 
 
$ 6 
$ 1 
$ 5 
 
 
 
 
Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Variable Interest Entity [Line Items]
 
 
 
 
Cash and cash equivalents
$ 628 
$ 566 
$ 543 
$ 594 
Restricted cash and cash equivalents
276 
202 
 
 
Property and equipment, net
9,132 
7,483 
 
 
Other non-current assets
368 
356 
 
 
Consolidated VIEs [member]
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Cash and cash equivalents
38 
27 
 
 
Restricted cash and cash equivalents
17 
22 
 
 
Property and equipment, net
73 
77 
 
 
Other non-current assets
53 
56 
 
 
Non-recourse debt, including current maturities
605 
729 
 
 
Securitized Timeshare Financing Receivables [member]
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Financing receivables, net
377 
468 
 
 
Securitized Timeshare Financing Receivables [member] |
Consolidated VIEs [member]
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Financing receivables, net
$ 377 
$ 468 
 
 
Debt - Long-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Long-term debt and capital lease obligations, gross, including current maturities
$ 10,080 
$ 10,834 
Current maturities of long-term debt
(116)
(10)
Unamortized discount on senior secured term loan facility
(19)
(21)
Long-term debt
9,945 
10,803 
Senior secured term loan facility [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, interest rate, stated percentage
3.50% 
 
Long-term debt, gross
4,325 
5,000 
Senior notes [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, interest rate, stated percentage
5.625% 
 
Long-term debt, gross
1,500 
1,500 
Commercial mortgage-backed securities loan [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, weighted average interest rate
4.07% 
 
Long-term debt, gross
3,487 1
3,487 1
Mortgage loans [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, weighted average interest rate
4.00% 
 
Long-term debt, gross
648 2
721 2
Other unsecured notes [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, interest rate, stated percentage
7.50% 
 
Long-term debt, gross
54 
54 
Capital lease obligations [member]
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, weighted average interest rate
6.12% 
 
Long-term debt, gross
$ 66 
$ 72 
Debt - Additional Information (Details) (USD $)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
 
Line of credit facility, maximum borrowing capacity
$ 1,000,000,000 
 
 
Restricted cash and cash equivalents
276,000,000 
 
202,000,000 
Assumption of long-term debt
450,000,000 
64,000,000 
 
Letters of credit outstanding under revolving credit facility
45,000,000 
 
 
Line of credit facility, remaining borrowing capacity
955,000,000 
 
 
Commercial mortgage-backed securities loan [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Number of hotels securing CMBS loan
23 
 
 
Timeshare debt agreements [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Restricted cash and cash equivalents
19,000,000 
 
25,000,000 
Senior secured term loan facility [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Voluntary repayments of long-term debt
675,000,000 
 
 
Mortgage loan agreements [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Restricted cash and cash equivalents
91,000,000 
 
19,000,000 
Mortgage loan [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Voluntary repayments of long-term debt
525,000,000 
 
 
Assumed mortgage loan [member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Assumption of long-term debt
$ 450,000,000 
 
 
Payment terms
payable monthly over a 25-year amortization period with the unamortized portion due in full upon maturity 
 
 
Extension period
1 year 
 
 
Basis spread on variable-rate debt
3.50% 
 
 
Debt - Non-recourse Debt (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Non-recourse Debt [Line Items]
 
 
Non-recourse debt and capital lease obligations, including current maturities
$ 755 
$ 879 
Current maturities of non-recourse debt
(132)
(127)
Non-recourse debt
623 
752 
Capital lease obligations of consolidated VIEs [member]
 
 
Non-recourse Debt [Line Items]
 
 
Debt instrument, interest rate, stated percentage
6.34% 
 
Non-recourse debt, including current maturities
189 
216 
Non-recourse debt of consolidated VIEs [member]
 
 
Non-recourse Debt [Line Items]
 
 
Debt instrument, weighted average interest rate
3.74% 
 
Non-recourse debt, including current maturities
32 1
32 1
Timeshare Facility [member]
 
 
Non-recourse Debt [Line Items]
 
 
Debt instrument, interest rate, stated percentage
1.20% 
 
Non-recourse debt, including current maturities
150 
150 
Securitized Timeshare Debt [member]
 
 
Non-recourse Debt [Line Items]
 
 
Debt instrument, weighted average interest rate
1.97% 
 
Non-recourse debt, including current maturities
$ 384 
$ 481 
Debt - Debt Maturities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Debt Disclosure [Abstract]
 
2015 (remaining)
$ 48 
2016
229 
2017
348 
2018
3,562 1
2019
481 1
Thereafter
6,167 
Long-term debt and capital lease obligations, gross
$ 10,835 
Derivative Instruments and Hedging Activities - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Derivative
Designated as hedging instrument [member] |
Term loan interest rate swaps [member]
 
Derivative [Line Items]
 
Derivative, notional amount
$ 1,450 
Derivative, swaption interest rate
1.87% 
Number of interest rate derivatives held
4 
Not designated as hedging instrument [member] |
CMBS loan interest rate cap [member]
 
Derivative [Line Items]
 
Derivative, notional amount
875 
Derivative, cap interest rate
6.00% 
Number of interest rate derivatives held
1 
Not designated as hedging instrument [member] |
Interest rate cap [member]
 
Derivative [Line Items]
 
Derivative, notional amount
525 
Derivative, cap interest rate
4.00% 
Number of interest rate derivatives held
1 
Not designated as hedging instrument [member] |
Foreign exchange forward contracts [member]
 
Derivative [Line Items]
 
Derivative, notional amount
92 
Number of foreign exchange forward contracts held
29 
Not designated as hedging instrument [member] |
Assumed mortgage loan interest rate cap [member]
 
Derivative [Line Items]
 
Derivative, notional amount
$ 338 
Derivative, cap interest rate
3.00% 
Number of interest rate derivatives held
1 
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Designated as hedging instrument [member] |
Term loan interest rate swaps [member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest rate swaps, liability
$ 22 
$ 4 
Not designated as hedging instrument [member] |
Interest rate caps [member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest rate swaps, asset
0 1
0 1
Not designated as hedging instrument [member] |
Foreign exchange forward contracts [member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest rate swaps, liability
0 1
0 1
Interest rate swaps, asset
$ 1 
$ 0 2
Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Designated as hedging instrument [member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion, net
$ (10)1
$ 8 1
$ (18)1
$ (6)1
Not designated as hedging instrument [member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain (loss) on interest rate derivative instruments not designated as hedging instruments
0 
0 
0 
0 
Derivative instruments, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing, net
0 1
0 1
0 1
0 1
Gain (loss) on foreign exchange forward contracts not designated as hedging instruments
$ 6 
 
$ 12 
 
Fair Value Measurements Schedule by Balance Sheet Grouping (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Timeshare financing receivables
$ 1,053 
$ 1,024 
Carrying amount
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
355 
326 
Restricted cash equivalents
25 
38 
Timeshare financing receivables
1,053 
1,024 
Interest rate swaps, liability
22 
4 
Long-term debt
9,995 1
10,741 1
Non-recourse debt, including current maturities
534 2
631 2
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt
1,616 
1,630 
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
355 
326 
Restricted cash equivalents
25 
38 
Interest rate swaps, liability
22 
4 
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Timeshare financing receivables
1,053 
1,021 
Long-term debt
8,525 
9,207 
Non-recourse debt
534 
626 
Capital lease obligations [member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt, gross
66 
72 
Capital lease obligations of consolidated VIEs [member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Non-recourse debt, including current maturities
189 
216 
Non-recourse debt of consolidated VIEs [member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Non-recourse debt, including current maturities
$ 32 3
$ 32 3
Fair Value Measurements Schedule of Fair Value Measured on a Nonrecurring Basis (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Feb. 28, 2015
Fair Value Disclosures [Abstract]
 
 
Property and equipment
$ 1,868 
$ 1,868 
Long-term debt
$ 450 
$ 450 
Fair Value Measurements Additional Information (Details)
9 Months Ended
Sep. 30, 2015
Growth rate [member] |
Property and equipment [member]
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
Fair value measurements, valuation techniques
3 to 4 percent 
Cash flow term [member] |
Property and equipment [member]
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
Fair value measurements, valuation techniques
10 to 11 years 
Capitalization rates [member] |
Property and equipment [member]
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
Fair value measurements, valuation techniques
7 to 8 percent 1
Discount rates [member] |
Property and equipment [member]
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
Fair value measurements, valuation techniques
9 to 10 percent 1
Basis spread on variable rate debt [Member] |
Long-term Debt [Member]
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
Fair value measurements, valuation techniques
2.75 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Other Tax Expense (Benefit)
$ 0 
 
Current Foreign Tax Expense (Benefit)
6 
 
Unrecognized Tax Benefits
407 
401 
Unrecognized tax benefits, income tax penalties and interest accrued
26 
22 
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit
21 
 
Unrecognized tax benefits that would impact effective tax rate
377 
367 
Taxing Authority Proposed Tax Owed Adjustment
 
696 
Accrual for Taxing Authority Proposed Tax Owed Adjustment
$ 0 
 
Employee Benefit Plans - Net Periodic Pension Cost (Credit) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Domestic plan [member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Service cost
$ 2 
$ 1 
$ 5 
$ 5 
Interest cost
4 
5 
12 
13 
Expected return on plan assets
(4)
(5)
(14)
(14)
Amortization of prior service cost (credit)
1 
1 
3 
3 
Amortization of net loss
0 
0 
2 
1 
Defined Benefit Plan, Settlements, Benefit Obligation
0 
1 
0 
2 
Net periodic pension cost (credit)
3 
3 
8 
10 
U.K. plan [member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Service cost
1 
1 
1 
1 
Interest cost
3 
4 
11 
13 
Expected return on plan assets
(7)
(7)
(19)
(19)
Amortization of prior service cost (credit)
0 
0 
0 
0 
Amortization of net loss
0 
1 
1 
1 
Defined Benefit Plan, Settlements, Benefit Obligation
0 
0 
0 
0 
Net periodic pension cost (credit)
(3)
(1)
(6)
(4)
International plans [member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Service cost
1 
0 
2 
2 
Interest cost
1 
1 
3 
3 
Expected return on plan assets
(1)
(1)
(3)
(3)
Amortization of prior service cost (credit)
0 
0 
0 
0 
Amortization of net loss
0 
0 
1 
0 
Defined Benefit Plan, Settlements, Benefit Obligation
1 
0 
3 
0 
Net periodic pension cost (credit)
$ 2 
$ 0 
$ 6 
$ 2 
Share-Based Compensation - Additional Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Sep. 30, 2014
2013 Omnibus Incentive Plan [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Sep. 30, 2014
2013 Omnibus Incentive Plan [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Restricted stock units (RSUs) [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Restricted stock units (RSUs) [member]
Minimum [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Restricted stock units (RSUs) [member]
Maximum [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Employee Stock Option [Member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Performance shares [member]
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Relative shareholder return [member]
Rate
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
EBITDA CAGR [member]
Rate
Sep. 30, 2015
2013 Omnibus Incentive Plan [member]
Deferred Share Units [Member]
Sep. 30, 2014
Promote Plan [member]
Sep. 30, 2015
Promote Plan [member]
Rate
Sep. 30, 2014
Promote Plan [member]
Dec. 31, 2014
Promote Plan [member]
Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation expense
$ 21 
$ 30 
$ 143 
$ 36 
$ 22 
$ 25 
$ 77 
$ 60 
 
 
 
 
 
 
 
 
$ 6 
$ 66 
$ 25 
 
Unrecognized compensation costs related to unvested awards
 
 
 
 
119 
 
119 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized compensation costs related to unvested awards, weighted-average period
 
 
 
 
 
 
1 year 9 months 0 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of common stock reserved for future issuance
 
 
 
 
68,524,469 
 
68,524,469 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares granted during the period
 
 
 
 
 
 
 
 
2,052,145 
 
 
 
1,227,140 
 
 
18,538 
 
 
 
 
Vesting rights, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
50.00% 
50.00% 
 
 
20.00% 
 
80.00% 
Weighted average grant-date fair value
 
 
 
 
 
 
 
 
$ 27.47 
 
 
 
 
$ 32.98 
$ 27.46 
$ 28.32 
 
 
 
 
Options granted during the period
 
 
 
 
 
 
 
 
 
 
 
928,585 
 
 
 
 
 
 
 
 
Options, grants in period, weighted-average exercise price
 
 
 
 
 
 
 
 
 
 
 
$ 27.46 
 
 
 
 
 
 
 
 
Options, exercisable, number
 
 
 
 
 
 
 
 
 
 
 
299,615 
 
 
 
 
 
 
 
 
Vesting period
 
 
 
 
 
 
 
 
 
2 years 
3 years 
3 years 
3 years 
 
 
 
 
 
 
 
Vesting rights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50 percent or more of the shares 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 64 
 
 
Options, grants in period, weighted-average grant-date fair value
 
 
 
 
 
 
 
 
 
 
 
$ 8.39 
 
 
 
 
 
 
 
 
Expiration period
 
 
 
 
 
 
 
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) (Employee Stock Option [Member])
9 Months Ended
Sep. 30, 2015
Rate
Employee Stock Option [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
28.00% 1
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
0.00% 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
1.67% 3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
6 years 0 months 0 days 4
Share-Based Compensation - Schedule of Performance Shares Valuation Assumptions (Details) (Relative shareholder return [member])
9 Months Ended
Sep. 30, 2015
Rate
Relative shareholder return [member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
24.00% 1
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
0.00% 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
1.04% 3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
2 years 9 months 0 days 4
Share-Based Compensation - Stock Plan Achievement Percentage (Details) (2013 Omnibus Incentive Plan [member], EBITDA CAGR [member])
9 Months Ended
Sep. 30, 2015
Awards granted in 2015 [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award
125% 
Awards granted in 2014 [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award
150% 
Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Earnings Per Share [Abstract]
 
 
 
 
Net income (loss) attributable to Hilton Stockholders
$ 279 
$ 183 
$ 590 
$ 515 
Basic EPS:
 
 
 
 
Weighted average shares outstanding
987 
985 
986 
985 
Basic EPS
$ 0.28 
$ 0.19 
$ 0.60 
$ 0.52 
Diluted EPS:
 
 
 
 
Weighted average shares outstanding
989 
987 
989 
986 
Diluted EPS
$ 0.28 
$ 0.19 
$ 0.60 
$ 0.52 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
1 
1 
1 
1 
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
$ (628)
$ (264)
Other comprehensive income (loss) before reclassifications
(185)
(133)
Amounts reclassified from accumulated other comprehensive loss
20 
(1)
Net current period other comprehensive income (loss)
(165)
(134)
Equity contributions to consolidated variable interest entities
 
0 
Ending balance
(793)
(404)
Currency translation adjustment [member]
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
(446)1
(136)1
Other comprehensive income (loss) before reclassifications
(173)1
(129)1
Amounts reclassified from accumulated other comprehensive loss
16 1
(4)1
Net current period other comprehensive income (loss)
(157)1
(133)1
Equity contributions to consolidated variable interest entities
 
(6)
Ending balance
(603)1
(275)1
Pension liability adjustment [member]
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
(179)
(134)
Other comprehensive income (loss) before reclassifications
(1)
0 
Amounts reclassified from accumulated other comprehensive loss
4 
3 
Net current period other comprehensive income (loss)
3 
3 
Equity contributions to consolidated variable interest entities
 
0 
Ending balance
(176)
(131)
Cash flow hedge adjustment [member]
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
(3)
6 
Other comprehensive income (loss) before reclassifications
(11)
(4)
Amounts reclassified from accumulated other comprehensive loss
0 
0 
Net current period other comprehensive income (loss)
(11)
(4)
Equity contributions to consolidated variable interest entities
 
0 
Ending balance
(14)
2 
Accumulated Other Comprehensive Income (Loss) [member]
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Equity contributions to consolidated variable interest entities
 
$ (6)
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Amounts reclassified from accumulated other comprehensive loss
$ (20)
$ 1 
Currency translation adjustment [member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Sale and liquidation of foreign assets
(25)1
3 1
Gains on net investment hedges
0 2
1 2
Tax benefit
9 3 4
0 3 4
Total currency translation adjustment reclassifications for the period, net of taxes
(16)
4 
Pension liability adjustment [member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Amortization of prior service credit (cost)
(3)5
(3)5
Amortization of net gain (loss)
(4)5
(2)5
Tax benefit
3 3
2 3
Total pension liability adjustment reclassifications for the period, net of taxes
$ (4)
$ (3)
Business Segments - Hotel Properties by Segment (Detail)
9 Months Ended
Sep. 30, 2015
Entity
Hotel
Timeshare
Interval
Dec. 31, 2014
Hotel
Segment Reporting Information [Line Items]
 
 
Number of operating business segments
3 
 
Number of hotels owned or leased by unconsolidated joint ventures
16 
16 
Number of timeshare properties
45 
 
Number of timeshare units
7,152 
 
Ownership [member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of owned and leased hotel properties
147 
 
Number of owned and leased hotel rooms
59,962 
 
Number of wholly owned and leased hotels and resorts
124 
 
Number of non-wholly owned hotel properties
3 
 
Number of hotels of consolidated VIEs
3 
 
Number of hotels owned or leased by unconsolidated joint ventures
17 
 
Management and franchise [member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of managed hotels
522 
 
Number of franchised hotels
3,811 
 
Number of managed and franchised hotel properties
4,333 
 
Number of managed and franchised hotel rooms
677,960 
 
Timeshare [member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of timeshare properties
45 
 
Number of timeshare units
7,152 
 
Business Segments - Reconciliation of Revenue and Adjusted EBITDA from Segment Amounts to Consolidated Amounts (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
$ 2,895 
$ 2,644 
$ 8,416 
$ 7,674 
Other revenues from managed and franchised properties
1,063 
906 
3,074 
2,653 
Adjusted EBITDA
758 
669 
2,134 
1,851 
Charges to timeshare operations for rental and other fees
6 
7 
17 
21 
Other charges from consolidated owned and leased properties
1 
1 
3 
3 
Charges to consolidated owned and leased properties for management, royalty and IP fees
33 
30 
99 
86 
Charges to timeshare operations for licensing fees
11 
11 
31 
33 
Charges to consolidated owned and leased properties for laundry services
3 
2 
6 
6 
Ownership [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
1,089 1 2
1,087 1 2
3,194 1 2
3,165 1 2
Adjusted EBITDA
281 1 2 3 4 5
262 1 2 3 4 5
789 1 2 3 4 5
729 1 2 3 4 5
Management and franchise [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
438 3
383 3
1,263 3
1,085 3
Adjusted EBITDA
438 3
383 3
1,263 3
1,085 3
Timeshare [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
334 
295 
974 
850 
Adjusted EBITDA
99 1 3
80 1 3
259 1 3
233 1 3
Operating segments [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
1,861 
1,765 
5,431 
5,100 
Other revenues from managed and franchised properties for segment reporting [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
1,063 
906 
 
2,653 
Other revenues for segment reporting [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
25 4
24 4
67 4
70 4
Intersegment eliminations [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Total revenues
(54)1 2 3 4
(51)1 2 3 4
(156)1 2 3 4
(149)1 2 3 4
Corporate and other [member]
 
 
 
 
Reconciliation of Revenues and Adjusted EBITDA from Segment Amounts to Consolidated Amounts [Line Items]
 
 
 
 
Adjusted EBITDA
$ (60)2 4
$ (56)2 4
$ (177)2 4
$ (196)2 4
[3] Includes management, royalty and intellectual property fees of $33 million and $30 million for the three months ended September 30, 2015 and 2014, respectively, and $99 million and $86 million for the nine months ended September 30, 2015 and 2014, respectively. These fees are charged to consolidated owned and leased properties and were eliminated in our condensed consolidated financial statements. Also includes a licensing fee of $11 million for the three months ended September 30, 2015 and 2014, and $31 million and $33 million for the nine months ended September 30, 2015 and 2014, respectively, which is charged to our timeshare segment by our management and franchise segment and was eliminated in our condensed consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and an expense to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.
Business Segments - Reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Hilton Stockholders (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Segment Reporting [Abstract]
 
 
 
 
Adjusted EBITDA
$ 758 
$ 669 
$ 2,134 
$ 1,851 
Net loss (income) attributable to noncontrolling interests
(4)
(4)
(10)
(8)
Gain on sales of assets, net
164 
0 
306 
0 
Gain (loss) on foreign currency transactions
(8)
(5)
(21)
41 
FF&E replacement reserve
(9)
(9)
(36)
(32)
Allocated Share-based Compensation Expense
(21)
(30)
(143)
(36)
Other gain (loss), net
1 
24 
(6)
38 
Other adjustment items
(40)
(11)
(109)
(41)
EBITDA
841 
634 
2,115 
1,813 
Interest expense
(138)
(156)
(431)
(467)
Interest expense included in equity in earnings (losses) from unconsolidated affiliates
(1)
(2)
(5)
(8)
Income tax benefit (expense)
(247)
(127)
(555)
(331)
Depreciation and amortization
(171)
(159)
(519)
(470)
Depreciation and amortization included in equity in earnings (losses) from unconsolidated affiliates
(5)
(7)
(15)
(22)
Net income (loss) attributable to Hilton Stockholders
$ 279 
$ 183 
$ 590 
$ 515 
Business Segments - Schedule of Assets by Segment (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
 
 
Total assets
$ 25,932 
$ 26,125 
Ownership [member]
 
 
Segment Reporting, Asset Reconciling Item [Line Items]
 
 
Total assets
11,506 
11,595 
Management and franchise [member]
 
 
Segment Reporting, Asset Reconciling Item [Line Items]
 
 
Total assets
10,463 
10,530 
Timeshare [member]
 
 
Segment Reporting, Asset Reconciling Item [Line Items]
 
 
Total assets
1,922 
1,840 
Corporate and other [member]
 
 
Segment Reporting, Asset Reconciling Item [Line Items]
 
 
Total assets
$ 2,041 
$ 2,160 
Business Segments - Schedule of Capital Expenditures by Segment (Detail) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Segment Reporting, Capital Expenditure Reconciling Item [Line Items]
 
 
Capital expenditures for property and equipment
$ 214 
$ 184 
Ownership [member]
 
 
Segment Reporting, Capital Expenditure Reconciling Item [Line Items]
 
 
Capital expenditures for property and equipment
200 
173 
Timeshare [member]
 
 
Segment Reporting, Capital Expenditure Reconciling Item [Line Items]
 
 
Capital expenditures for property and equipment
7 
5 
Corporate and other [member]
 
 
Segment Reporting, Capital Expenditure Reconciling Item [Line Items]
 
 
Capital expenditures for property and equipment
$ 7 
$ 6 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
Guarantees for debt and other obligations of third parties [member]
Agreement
Sep. 30, 2015
Management contract performance guarantees [member]
Contract
Dec. 31, 2014
Management contract performance guarantees [member]
Sep. 30, 2015
Commitments for capital expenditures [member]
Sep. 30, 2015
Timeshare inventory purchase commitment [member]
Sep. 30, 2014
Timeshare inventory purchase commitment [member]
Sep. 30, 2015
Loan Commitment [Member]
Dec. 31, 2010
Settlement guarantee [member]
Sep. 30, 2015
Settlement guarantee [member]
Commitments and Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Guarantor obligations, maximum exposure, undiscounted
 
 
$ 25 
$ 102 
 
 
 
 
 
 
$ 25 
Guarantor Obligations, Term
 
 
five years to eight years 
2019 to 2030 
 
 
 
 
 
 
 
Number of letters of credit pledged as collateral
 
 
1 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
 
 
25 
 
 
 
 
 
 
 
 
Number of guarantees with pledged collateral
 
 
1 
 
 
 
 
 
 
 
 
Number of contracts with performance guarantees
 
 
 
6 
 
 
 
 
 
 
 
Current liabilities
2,558 
2,257 
 
8 
8 
 
 
 
 
 
 
Non-current liabilities
 
 
 
28 
37 
 
 
 
 
 
 
Purchase commitment, remaining minimum amount committed
 
 
 
 
 
88 
 
 
 
 
 
Long-term purchase commitment, amount
 
 
 
 
 
 
92 
 
60 
 
 
Commitment Payments Year to Date
 
 
 
 
 
 
17 
23 
11 
 
 
Other Commitments, Future Minimum Payments, Remainder of Fiscal Year
 
 
 
 
 
 
 
 
6 
 
 
Other Commitment, Due in Second Year
 
 
 
 
 
 
 
 
39 
 
 
Other Commitment, Due in Third Year
 
 
 
 
 
 
 
 
4 
 
 
Long-term purchase commitment, time period
 
 
 
 
 
 
4 years 0 months 0 days 
 
 
 
 
2016 contractual obligation
 
 
 
 
 
 
11 
 
 
 
 
Litigation settlement, amount
 
 
 
 
 
 
 
 
 
$ 75 
 
Condensed Consolidating Guarantor Financial Information - Condensed Balance Sheet (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Current Assets:
 
 
 
 
Cash and cash equivalents
$ 628 
$ 566 
$ 543 
$ 594 
Restricted cash and cash equivalents
276 
202 
 
 
Accounts receivable, net of allowance for doubtful accounts
929 
844 
 
 
Intercompany receivables
0 
0 
 
 
Inventories
430 
404 
 
 
Deferred income tax assets
20 
20 
 
 
Current portion of financing receivables, net
68 
66 
 
 
Current portion of securitized financing receivables, net
56 
62 
 
 
Prepaid expenses
182 
133 
 
 
Income taxes receivable
19 
132 
 
 
Other
38 
70 
 
 
Total current assets
2,646 
2,499 
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
9,132 
7,483 
 
 
Property and equipment, net held for sale
0 
1,543 
 
 
Financing receivables, net
544 
416 
 
 
Securitized financing receivables, net
321 
406 
 
 
Investments in affiliates
154 
170 
 
 
Investments in subsidiaries
0 
0 
 
 
Goodwill
5,902 
6,154 
 
 
Brands
4,929 
4,963 
 
 
Management and franchise contracts, net
1,176 
1,306 
 
 
Other intangible assets, net
603 
674 
 
 
Deferred income tax assets
157 
155 
 
 
Other
368 
356 
 
 
Total property, intangibles and other assets
23,286 
23,626 
 
 
Total assets
25,932 
26,125 
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
2,261 
2,099 
 
 
Intercompany payables
0 
0 
 
 
Current maturities of long-term debt
116 
10 
 
 
Current maturities of non-recourse debt
132 
127 
 
 
Income taxes payable
49 
21 
 
 
Total current liabilities
2,558 
2,257 
 
 
Long-term debt
9,945 
10,803 
 
 
Non-recourse debt
623 
752 
 
 
Deferred revenues
341 
495 
 
 
Deferred income tax liabilities
5,293 
5,216 
 
 
Liability for guest loyalty program
754 
720 
 
 
Other
1,238 
1,168 
 
 
Total liabilities
20,752 
21,411 
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
5,214 
4,752 
 
 
Noncontrolling interests
(34)
(38)
 
 
Total equity
5,180 
4,714 
4,750 
4,276 
Total liabilities and equity
25,932 
26,125 
 
 
Eliminations [Member]
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Restricted cash and cash equivalents
0 
0 
 
 
Accounts receivable, net of allowance for doubtful accounts
0 
0 
 
 
Intercompany receivables
(27)
(46)
 
 
Inventories
0 
0 
 
 
Deferred income tax assets
0 
0 
 
 
Current portion of financing receivables, net
0 
0 
 
 
Current portion of securitized financing receivables, net
0 
0 
 
 
Prepaid expenses
(3)
(20)
 
 
Income taxes receivable
(2)
(22)
 
 
Other
0 
0 
 
 
Total current assets
(32)
(88)
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
0 
0 
 
 
Property and equipment, net held for sale
 
0 
 
 
Financing receivables, net
0 
0 
 
 
Securitized financing receivables, net
0 
0 
 
 
Investments in affiliates
0 
0 
 
 
Investments in subsidiaries
(21,445)
(21,220)
 
 
Goodwill
0 
0 
 
 
Brands
0 
0 
 
 
Management and franchise contracts, net
0 
0 
 
 
Other intangible assets, net
0 
0 
 
 
Deferred income tax assets
(31)
(23)
 
 
Other
0 
0 
 
 
Total property, intangibles and other assets
(21,476)
(21,243)
 
 
Total assets
(21,508)
(21,331)
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
(3)
(20)
 
 
Intercompany payables
(27)
(46)
 
 
Current maturities of long-term debt
0 
0 
 
 
Current maturities of non-recourse debt
0 
0 
 
 
Income taxes payable
(2)
(22)
 
 
Total current liabilities
(32)
(88)
 
 
Long-term debt
0 
0 
 
 
Non-recourse debt
0 
0 
 
 
Deferred revenues
0 
0 
 
 
Deferred income tax liabilities
(31)
(23)
 
 
Liability for guest loyalty program
0 
0 
 
 
Other
0 
0 
 
 
Total liabilities
(63)
(111)
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
(21,445)
(21,220)
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
(21,445)
(21,220)
 
 
Total liabilities and equity
(21,508)
(21,331)
 
 
Parent [Member]
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Restricted cash and cash equivalents
0 
0 
 
 
Accounts receivable, net of allowance for doubtful accounts
0 
0 
 
 
Intercompany receivables
0 
0 
 
 
Inventories
0 
0 
 
 
Deferred income tax assets
0 
0 
 
 
Current portion of financing receivables, net
0 
0 
 
 
Current portion of securitized financing receivables, net
0 
0 
 
 
Prepaid expenses
0 
0 
 
 
Income taxes receivable
0 
0 
 
 
Other
0 
0 
 
 
Total current assets
0 
0 
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
0 
0 
 
 
Property and equipment, net held for sale
 
0 
 
 
Financing receivables, net
0 
0 
 
 
Securitized financing receivables, net
0 
0 
 
 
Investments in affiliates
0 
0 
 
 
Investments in subsidiaries
5,394 
4,924 
 
 
Goodwill
0 
0 
 
 
Brands
0 
0 
 
 
Management and franchise contracts, net
0 
0 
 
 
Other intangible assets, net
0 
0 
 
 
Deferred income tax assets
24 
22 
 
 
Other
0 
0 
 
 
Total property, intangibles and other assets
5,418 
4,946 
 
 
Total assets
5,418 
4,946 
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
0 
0 
 
 
Intercompany payables
0 
0 
 
 
Current maturities of long-term debt
0 
0 
 
 
Current maturities of non-recourse debt
0 
0 
 
 
Income taxes payable
0 
0 
 
 
Total current liabilities
0 
0 
 
 
Long-term debt
0 
0 
 
 
Non-recourse debt
0 
0 
 
 
Deferred revenues
0 
0 
 
 
Deferred income tax liabilities
0 
0 
 
 
Liability for guest loyalty program
0 
0 
 
 
Other
204 
194 
 
 
Total liabilities
204 
194 
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
5,214 
4,752 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
5,214 
4,752 
 
 
Total liabilities and equity
5,418 
4,946 
 
 
Subsidiary Issuer [Member]
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Restricted cash and cash equivalents
0 
0 
 
 
Accounts receivable, net of allowance for doubtful accounts
0 
0 
 
 
Intercompany receivables
0 
0 
 
 
Inventories
0 
0 
 
 
Deferred income tax assets
0 
0 
 
 
Current portion of financing receivables, net
0 
0 
 
 
Current portion of securitized financing receivables, net
0 
0 
 
 
Prepaid expenses
0 
0 
 
 
Income taxes receivable
0 
0 
 
 
Other
0 
0 
 
 
Total current assets
0 
0 
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
0 
0 
 
 
Property and equipment, net held for sale
 
0 
 
 
Financing receivables, net
0 
0 
 
 
Securitized financing receivables, net
0 
0 
 
 
Investments in affiliates
0 
0 
 
 
Investments in subsidiaries
11,202 
11,361 
 
 
Goodwill
0 
0 
 
 
Brands
0 
0 
 
 
Management and franchise contracts, net
0 
0 
 
 
Other intangible assets, net
0 
0 
 
 
Deferred income tax assets
7 
1 
 
 
Other
74 
85 
 
 
Total property, intangibles and other assets
11,283 
11,447 
 
 
Total assets
11,283 
11,447 
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
60 
40 
 
 
Intercompany payables
0 
0 
 
 
Current maturities of long-term debt
0 
0 
 
 
Current maturities of non-recourse debt
0 
0 
 
 
Income taxes payable
0 
0 
 
 
Total current liabilities
60 
40 
 
 
Long-term debt
5,807 
6,479 
 
 
Non-recourse debt
0 
0 
 
 
Deferred revenues
0 
0 
 
 
Deferred income tax liabilities
0 
0 
 
 
Liability for guest loyalty program
0 
0 
 
 
Other
22 
4 
 
 
Total liabilities
5,889 
6,523 
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
5,394 
4,924 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
5,394 
4,924 
 
 
Total liabilities and equity
11,283 
11,447 
 
 
Guarantor Subsidiaries [Member]
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
270 
270 
235 
329 
Restricted cash and cash equivalents
145 
135 
 
 
Accounts receivable, net of allowance for doubtful accounts
523 
478 
 
 
Intercompany receivables
27 
46 
 
 
Inventories
407 
380 
 
 
Deferred income tax assets
9 
10 
 
 
Current portion of financing receivables, net
48 
47 
 
 
Current portion of securitized financing receivables, net
0 
0 
 
 
Prepaid expenses
68 
29 
 
 
Income taxes receivable
21 
154 
 
 
Other
7 
5 
 
 
Total current assets
1,525 
1,554 
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
292 
305 
 
 
Property and equipment, net held for sale
 
0 
 
 
Financing receivables, net
399 
272 
 
 
Securitized financing receivables, net
0 
0 
 
 
Investments in affiliates
113 
123 
 
 
Investments in subsidiaries
4,849 
4,935 
 
 
Goodwill
3,851 
3,847 
 
 
Brands
4,405 
4,405 
 
 
Management and franchise contracts, net
904 
1,007 
 
 
Other intangible assets, net
410 
466 
 
 
Deferred income tax assets
0 
0 
 
 
Other
151 
119 
 
 
Total property, intangibles and other assets
15,374 
15,479 
 
 
Total assets
16,899 
17,033 
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
1,484 
1,384 
 
 
Intercompany payables
0 
0 
 
 
Current maturities of long-term debt
0 
0 
 
 
Current maturities of non-recourse debt
0 
0 
 
 
Income taxes payable
0 
5 
 
 
Total current liabilities
1,484 
1,389 
 
 
Long-term debt
54 
54 
 
 
Non-recourse debt
0 
0 
 
 
Deferred revenues
340 
493 
 
 
Deferred income tax liabilities
2,301 
2,306 
 
 
Liability for guest loyalty program
754 
720 
 
 
Other
764 
710 
 
 
Total liabilities
5,697 
5,672 
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
11,202 
11,361 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
11,202 
11,361 
 
 
Total liabilities and equity
16,899 
17,033 
 
 
Non-Guarantor Subsidiaries [Member]
 
 
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
358 
296 
308 
265 
Restricted cash and cash equivalents
131 
67 
 
 
Accounts receivable, net of allowance for doubtful accounts
406 
366 
 
 
Intercompany receivables
0 
0 
 
 
Inventories
23 
24 
 
 
Deferred income tax assets
11 
10 
 
 
Current portion of financing receivables, net
20 
19 
 
 
Current portion of securitized financing receivables, net
56 
62 
 
 
Prepaid expenses
117 
124 
 
 
Income taxes receivable
0 
0 
 
 
Other
31 
65 
 
 
Total current assets
1,153 
1,033 
 
 
Property, Intangibles and Other Assets:
 
 
 
 
Property and equipment, net
8,840 
7,178 
 
 
Property and equipment, net held for sale
 
1,543 
 
 
Financing receivables, net
145 
144 
 
 
Securitized financing receivables, net
321 
406 
 
 
Investments in affiliates
41 
47 
 
 
Investments in subsidiaries
0 
0 
 
 
Goodwill
2,051 
2,307 
 
 
Brands
524 
558 
 
 
Management and franchise contracts, net
272 
299 
 
 
Other intangible assets, net
193 
208 
 
 
Deferred income tax assets
157 
155 
 
 
Other
143 
152 
 
 
Total property, intangibles and other assets
12,687 
12,997 
 
 
Total assets
13,840 
14,030 
 
 
Current Liabilities:
 
 
 
 
Accounts payable, accrued expenses and other
720 
695 
 
 
Intercompany payables
27 
46 
 
 
Current maturities of long-term debt
116 
10 
 
 
Current maturities of non-recourse debt
132 
127 
 
 
Income taxes payable
51 
38 
 
 
Total current liabilities
1,046 
916 
 
 
Long-term debt
4,084 
4,270 
 
 
Non-recourse debt
623 
752 
 
 
Deferred revenues
1 
2 
 
 
Deferred income tax liabilities
3,023 
2,933 
 
 
Liability for guest loyalty program
0 
0 
 
 
Other
248 
260 
 
 
Total liabilities
9,025 
9,133 
 
 
Equity:
 
 
 
 
Total Hilton stockholders' equity
4,849 
4,935 
 
 
Noncontrolling interests
(34)
(38)
 
 
Total equity
4,815 
4,897 
 
 
Total liabilities and equity
$ 13,840 
$ 14,030 
 
 
Condensed Consolidating Guarantor Financial Information - Condensed Income Statement (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues
 
 
 
 
Owned and leased hotels
$ 1,082 
$ 1,079 
$ 3,174 
$ 3,141 
Management and franchise fees and other
416 
364 
1,194 
1,030 
Timeshare
334 
295 
974 
850 
Total revenues excluding reimbursement revenue
1,832 
1,738 
5,342 
5,021 
Other revenues from managed and franchised properties
1,063 
906 
3,074 
2,653 
Total revenues
2,895 
2,644 
8,416 
7,674 
Expenses
 
 
 
 
Owned and leased hotels
798 
816 
2,383 
2,420 
Timeshare
219 
199 
673 
564 
Depreciation and amortization
171 
159 
519 
470 
General, administrative and other
145 
119 
493 
349 
Total expenses excluding cost of reimbursable expense
1,333 
1,293 
4,068 
3,803 
Other expenses from managed and franchised properties
1,063 
906 
3,074 
2,653 
Total expenses
2,396 
2,199 
7,142 
6,456 
Gain on sales of assets, net
164 
0 
306 
0 
Operating income
663 
445 
1,580 
1,218 
Interest income
3 
2 
11 
8 
Interest expense
(138)
(156)
(431)
(467)
Equity in earnings from unconsolidated affiliates
9 
4 
22 
16 
Gain (loss) on foreign currency transactions
(8)
(5)
(21)
41 
Other gain (loss), net
1 
24 
(6)
38 
Income before income taxes
530 
314 
1,155 
854 
Income tax benefit (expense)
(247)
(127)
(555)
(331)
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
283 
187 
600 
523 
Income (Loss) from Subsidiaries, Net of Tax
0 
0 
0 
0 
Net income (loss)
283 
187 
600 
523 
Net loss (income) attributable to noncontrolling interests
(4)
(4)
(10)
(8)
Net income (loss) attributable to Hilton Stockholders
279 
183 
590 
515 
Comprehensive income (loss)
163 
(21)
435 
391 
Comprehensive loss (income) attributable to noncontrolling interests
(4)
(8)
(10)
(10)
Comprehensive income (loss) attributable to Hilton stockholders
159 
(29)
425 
381 
Eliminations [Member]
 
 
 
 
Revenues
 
 
 
 
Owned and leased hotels
(7)
(7)
(19)
(21)
Management and franchise fees and other
(25)
(19)
(75)
(82)
Timeshare
0 
0 
0 
0 
Total revenues excluding reimbursement revenue
(32)
(26)
(94)
(103)
Other revenues from managed and franchised properties
(252)
(220)
(720)
(643)
Total revenues
(284)
(246)
(814)
(746)
Expenses
 
 
 
 
Owned and leased hotels
(21)
(18)
(66)
(56)
Timeshare
(6)
(6)
(17)
(40)
Depreciation and amortization
0 
0 
0 
0 
General, administrative and other
(5)
(2)
(11)
(7)
Total expenses excluding cost of reimbursable expense
(32)
(26)
(94)
(103)
Other expenses from managed and franchised properties
(252)
(220)
(720)
(643)
Total expenses
(284)
(246)
(814)
(746)
Gain on sales of assets, net
0 
 
0 
 
Operating income
0 
0 
0 
0 
Interest income
0 
0 
0 
0 
Interest expense
0 
0 
0 
0 
Equity in earnings from unconsolidated affiliates
0 
0 
0 
0 
Gain (loss) on foreign currency transactions
0 
0 
0 
0 
Other gain (loss), net
0 
0 
0 
0 
Income before income taxes
0 
0 
0 
0 
Income tax benefit (expense)
0 
0 
0 
0 
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
0 
0 
0 
0 
Income (Loss) from Subsidiaries, Net of Tax
(644)
(402)
(1,638)
(1,366)
Net income (loss)
(644)
(402)
(1,638)
(1,366)
Net loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Hilton Stockholders
(644)
(402)
(1,638)
(1,366)
Comprehensive income (loss)
(524)
(190)
(1,473)
(1,232)
Comprehensive loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Comprehensive income (loss) attributable to Hilton stockholders
(524)
(190)
(1,473)
(1,232)
Parent [Member]
 
 
 
 
Revenues
 
 
 
 
Owned and leased hotels
0 
0 
0 
0 
Management and franchise fees and other
0 
0 
0 
0 
Timeshare
0 
0 
0 
0 
Total revenues excluding reimbursement revenue
0 
0 
0 
0 
Other revenues from managed and franchised properties
0 
0 
0 
0 
Total revenues
0 
0 
0 
0 
Expenses
 
 
 
 
Owned and leased hotels
0 
0 
0 
0 
Timeshare
0 
0 
0 
0 
Depreciation and amortization
0 
0 
0 
0 
General, administrative and other
0 
0 
0 
0 
Total expenses excluding cost of reimbursable expense
0 
0 
0 
0 
Other expenses from managed and franchised properties
0 
0 
0 
0 
Total expenses
0 
0 
0 
0 
Gain on sales of assets, net
0 
 
0 
 
Operating income
0 
0 
0 
0 
Interest income
0 
0 
0 
0 
Interest expense
0 
0 
0 
0 
Equity in earnings from unconsolidated affiliates
0 
0 
0 
0 
Gain (loss) on foreign currency transactions
0 
0 
0 
0 
Other gain (loss), net
0 
0 
0 
0 
Income before income taxes
0 
0 
0 
0 
Income tax benefit (expense)
(1)
(1)
(6)
(5)
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
(1)
(1)
(6)
(5)
Income (Loss) from Subsidiaries, Net of Tax
280 
184 
596 
520 
Net income (loss)
279 
183 
590 
515 
Net loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Hilton Stockholders
279 
183 
590 
515 
Comprehensive income (loss)
159 
(29)
425 
381 
Comprehensive loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Comprehensive income (loss) attributable to Hilton stockholders
159 
(29)
425 
381 
Subsidiary Issuer [Member]
 
 
 
 
Revenues
 
 
 
 
Owned and leased hotels
0 
0 
0 
0 
Management and franchise fees and other
0 
0 
0 
0 
Timeshare
0 
0 
0 
0 
Total revenues excluding reimbursement revenue
0 
0 
0 
0 
Other revenues from managed and franchised properties
0 
0 
0 
0 
Total revenues
0 
0 
0 
0 
Expenses
 
 
 
 
Owned and leased hotels
0 
0 
0 
0 
Timeshare
0 
0 
0 
0 
Depreciation and amortization
0 
0 
0 
0 
General, administrative and other
0 
0 
0 
0 
Total expenses excluding cost of reimbursable expense
0 
0 
0 
0 
Other expenses from managed and franchised properties
0 
0 
0 
0 
Total expenses
0 
0 
0 
0 
Gain on sales of assets, net
0 
 
0 
 
Operating income
0 
0 
0 
0 
Interest income
0 
0 
0 
0 
Interest expense
(69)
(83)
(213)
(255)
Equity in earnings from unconsolidated affiliates
0 
0 
0 
0 
Gain (loss) on foreign currency transactions
0 
0 
0 
0 
Other gain (loss), net
0 
0 
0 
0 
Income before income taxes
(69)
(83)
(213)
(255)
Income tax benefit (expense)
27 
32 
82 
98 
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
(42)
(51)
(131)
(157)
Income (Loss) from Subsidiaries, Net of Tax
322 
235 
727 
677 
Net income (loss)
280 
184 
596 
520 
Net loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Hilton Stockholders
280 
184 
596 
520 
Comprehensive income (loss)
274 
189 
585 
516 
Comprehensive loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Comprehensive income (loss) attributable to Hilton stockholders
274 
189 
585 
516 
Guarantor Subsidiaries [Member]
 
 
 
 
Revenues
 
 
 
 
Owned and leased hotels
64 
60 
177 
163 
Management and franchise fees and other
355 
299 
1,026 
873 
Timeshare
314 
271 
911 
777 
Total revenues excluding reimbursement revenue
733 
630 
2,114 
1,813 
Other revenues from managed and franchised properties
1,199 
1,019 
3,449 
2,996 
Total revenues
1,932 
1,649 
5,563 
4,809 
Expenses
 
 
 
 
Owned and leased hotels
46 
41 
128 
116 
Timeshare
221 
200 
678 
590 
Depreciation and amortization
82 
78 
255 
228 
General, administrative and other
117 
94 
405 
275 
Total expenses excluding cost of reimbursable expense
466 
413 
1,466 
1,209 
Other expenses from managed and franchised properties
1,199 
1,019 
3,449 
2,996 
Total expenses
1,665 
1,432 
4,915 
4,205 
Gain on sales of assets, net
0 
 
0 
 
Operating income
267 
217 
648 
604 
Interest income
2 
2 
9 
6 
Interest expense
(9)
(15)
(37)
(42)
Equity in earnings from unconsolidated affiliates
7 
3 
18 
13 
Gain (loss) on foreign currency transactions
213 
205 
73 
248 
Other gain (loss), net
0 
0 
0 
6 
Income before income taxes
480 
412 
711 
835 
Income tax benefit (expense)
(200)
(160)
(299)
(327)
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
280 
252 
412 
508 
Income (Loss) from Subsidiaries, Net of Tax
42 
(17)
315 
169 
Net income (loss)
322 
235 
727 
677 
Net loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Hilton Stockholders
322 
235 
727 
677 
Comprehensive income (loss)
301 
282 
709 
697 
Comprehensive loss (income) attributable to noncontrolling interests
0 
0 
0 
0 
Comprehensive income (loss) attributable to Hilton stockholders
301 
282 
709 
697 
Non-Guarantor Subsidiaries [Member]
 
 
 
 
Revenues
 
 
 
 
Owned and leased hotels
1,025 
1,026 
3,016 
2,999 
Management and franchise fees and other
86 
84 
243 
239 
Timeshare
20 
24 
63 
73 
Total revenues excluding reimbursement revenue
1,131 
1,134 
3,322 
3,311 
Other revenues from managed and franchised properties
116 
107 
345 
300 
Total revenues
1,247 
1,241 
3,667 
3,611 
Expenses
 
 
 
 
Owned and leased hotels
773 
793 
2,321 
2,360 
Timeshare
4 
5 
12 
14 
Depreciation and amortization
89 
81 
264 
242 
General, administrative and other
33 
27 
99 
81 
Total expenses excluding cost of reimbursable expense
899 
906 
2,696 
2,697 
Other expenses from managed and franchised properties
116 
107 
345 
300 
Total expenses
1,015 
1,013 
3,041 
2,997 
Gain on sales of assets, net
164 
 
306 
 
Operating income
396 
228 
932 
614 
Interest income
1 
0 
2 
2 
Interest expense
(60)
(58)
(181)
(170)
Equity in earnings from unconsolidated affiliates
2 
1 
4 
3 
Gain (loss) on foreign currency transactions
(221)
(210)
(94)
(207)
Other gain (loss), net
1 
24 
(6)
32 
Income before income taxes
119 
(15)
657 
274 
Income tax benefit (expense)
(73)
2 
(332)
(97)
Income (Loss) After Taxes Before Income from Subsidiaries Net of Taxes
46 
(13)
325 
177 
Income (Loss) from Subsidiaries, Net of Tax
0 
0 
0 
0 
Net income (loss)
46 
(13)
325 
177 
Net loss (income) attributable to noncontrolling interests
(4)
(4)
(10)
(8)
Net income (loss) attributable to Hilton Stockholders
42 
(17)
315 
169 
Comprehensive income (loss)
(47)
(273)
189 
29 
Comprehensive loss (income) attributable to noncontrolling interests
(4)
(8)
(10)
(10)
Comprehensive income (loss) attributable to Hilton stockholders
$ (51)
$ (281)
$ 179 
$ 19 
Condensed Consolidating Guarantor Financial Information - Condensed Cash Flow Statement (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities:
 
 
Net cash provided by operating activities
$ 991 
$ 899 
Investing Activities:
 
 
Capital expenditures for property and equipment
(214)
(184)
Acquisitions, net of cash acquired
(1,410)
0 
Payments received on other financing receivables
3 
18 
Issuance of other financing receivables
(9)
(1)
Investments in affiliates
(5)
(6)
Distributions from unconsolidated affiliates
18 
32 
Issuance of intercompany receivables
0 
 
Payments received on intercompany receivables
0 
 
Proceeds from asset dispositions
2,197 
40 
Contract acquisition costs
(27)
(54)
Software capitalization costs
(38)
(45)
Net cash provided by (used in) investing activities
515 
(200)
Financing Activities:
 
 
Borrowings
35 
350 
Repayment of debt
(1,342)
(1,075)
Intercompany borrowings
0 
 
Repayment of intercompany borrowings
0 
 
Debt issuance costs
0 
(9)
Change in restricted cash and cash equivalents
(53)
(19)
Intercompany transfers
0 
0 
Dividends paid
(69)
0 
Dividends paid to Guarantors
0 
0 
Capital contribution
0 
13 
Distributions to noncontrolling interests
(6)
(3)
Excess tax benefit from share-based compensation
8 
0 
Net cash used in financing activities
(1,427)
(743)
Effect of exchange rate changes on cash and cash equivalents
(17)
(7)
Net increase (decrease) in cash and cash equivalents
62 
(51)
Cash and cash equivalents, beginning of period
566 
594 
Cash and cash equivalents, end of period
628 
543 
Eliminations [Member]
 
 
Operating Activities:
 
 
Net cash provided by operating activities
(187)
(207)
Investing Activities:
 
 
Capital expenditures for property and equipment
0 
0 
Acquisitions, net of cash acquired
0 
 
Payments received on other financing receivables
0 
0 
Issuance of other financing receivables
0 
0 
Investments in affiliates
0 
0 
Distributions from unconsolidated affiliates
0 
0 
Issuance of intercompany receivables
184 
 
Payments received on intercompany receivables
(184)
 
Proceeds from asset dispositions
0 
0 
Contract acquisition costs
0 
0 
Software capitalization costs
0 
0 
Net cash provided by (used in) investing activities
0 
0 
Financing Activities:
 
 
Borrowings
0 
0 
Repayment of debt
0 
0 
Intercompany borrowings
(184)
 
Repayment of intercompany borrowings
184 
 
Debt issuance costs
 
0 
Change in restricted cash and cash equivalents
0 
0 
Intercompany transfers
0 
0 
Dividends paid
0 
 
Dividends paid to Guarantors
187 
207 
Capital contribution
 
0 
Distributions to noncontrolling interests
0 
0 
Excess tax benefit from share-based compensation
0 
 
Net cash used in financing activities
187 
207 
Effect of exchange rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash and cash equivalents
0 
0 
Cash and cash equivalents, beginning of period
0 
0 
Cash and cash equivalents, end of period
0 
0 
Parent [Member]
 
 
Operating Activities:
 
 
Net cash provided by operating activities
0 
0 
Investing Activities:
 
 
Capital expenditures for property and equipment
0 
0 
Acquisitions, net of cash acquired
0 
 
Payments received on other financing receivables
0 
0 
Issuance of other financing receivables
0 
0 
Investments in affiliates
0 
0 
Distributions from unconsolidated affiliates
0 
0 
Issuance of intercompany receivables
0 
 
Payments received on intercompany receivables
0 
 
Proceeds from asset dispositions
0 
0 
Contract acquisition costs
0 
0 
Software capitalization costs
0 
0 
Net cash provided by (used in) investing activities
0 
0 
Financing Activities:
 
 
Borrowings
0 
0 
Repayment of debt
0 
0 
Intercompany borrowings
0 
 
Repayment of intercompany borrowings
0 
 
Debt issuance costs
 
0 
Change in restricted cash and cash equivalents
0 
0 
Intercompany transfers
69 
0 
Dividends paid
(69)
 
Dividends paid to Guarantors
0 
0 
Capital contribution
 
0 
Distributions to noncontrolling interests
0 
0 
Excess tax benefit from share-based compensation
0 
 
Net cash used in financing activities
0 
0 
Effect of exchange rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash and cash equivalents
0 
0 
Cash and cash equivalents, beginning of period
0 
0 
Cash and cash equivalents, end of period
0 
0 
Subsidiary Issuer [Member]
 
 
Operating Activities:
 
 
Net cash provided by operating activities
0 
0 
Investing Activities:
 
 
Capital expenditures for property and equipment
0 
0 
Acquisitions, net of cash acquired
0 
 
Payments received on other financing receivables
0 
0 
Issuance of other financing receivables
0 
0 
Investments in affiliates
0 
0 
Distributions from unconsolidated affiliates
0 
0 
Issuance of intercompany receivables
0 
 
Payments received on intercompany receivables
0 
 
Proceeds from asset dispositions
0 
0 
Contract acquisition costs
0 
0 
Software capitalization costs
0 
0 
Net cash provided by (used in) investing activities
0 
0 
Financing Activities:
 
 
Borrowings
0 
0 
Repayment of debt
(675)
(700)
Intercompany borrowings
0 
 
Repayment of intercompany borrowings
0 
 
Debt issuance costs
 
(6)
Change in restricted cash and cash equivalents
0 
0 
Intercompany transfers
675 
706 
Dividends paid
0 
 
Dividends paid to Guarantors
0 
0 
Capital contribution
 
0 
Distributions to noncontrolling interests
0 
0 
Excess tax benefit from share-based compensation
0 
 
Net cash used in financing activities
0 
0 
Effect of exchange rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash and cash equivalents
0 
0 
Cash and cash equivalents, beginning of period
0 
0 
Cash and cash equivalents, end of period
0 
0 
Guarantor Subsidiaries [Member]
 
 
Operating Activities:
 
 
Net cash provided by operating activities
722 
761 
Investing Activities:
 
 
Capital expenditures for property and equipment
(19)
(13)
Acquisitions, net of cash acquired
0 
 
Payments received on other financing receivables
1 
16 
Issuance of other financing receivables
(7)
0 
Investments in affiliates
(5)
(6)
Distributions from unconsolidated affiliates
18 
30 
Issuance of intercompany receivables
(184)
 
Payments received on intercompany receivables
184 
 
Proceeds from asset dispositions
0 
6 
Contract acquisition costs
(14)
(13)
Software capitalization costs
(38)
(45)
Net cash provided by (used in) investing activities
(64)
(25)
Financing Activities:
 
 
Borrowings
0 
0 
Repayment of debt
0 
0 
Intercompany borrowings
0 
 
Repayment of intercompany borrowings
0 
 
Debt issuance costs
 
0 
Change in restricted cash and cash equivalents
0 
0 
Intercompany transfers
(666)
(830)
Dividends paid
0 
 
Dividends paid to Guarantors
0 
0 
Capital contribution
 
0 
Distributions to noncontrolling interests
0 
0 
Excess tax benefit from share-based compensation
8 
 
Net cash used in financing activities
(658)
(830)
Effect of exchange rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash and cash equivalents
0 
(94)
Cash and cash equivalents, beginning of period
270 
329 
Cash and cash equivalents, end of period
270 
235 
Non-Guarantor Subsidiaries [Member]
 
 
Operating Activities:
 
 
Net cash provided by operating activities
456 
345 
Investing Activities:
 
 
Capital expenditures for property and equipment
(195)
(171)
Acquisitions, net of cash acquired
(1,410)
 
Payments received on other financing receivables
2 
2 
Issuance of other financing receivables
(2)
(1)
Investments in affiliates
0 
0 
Distributions from unconsolidated affiliates
0 
2 
Issuance of intercompany receivables
0 
 
Payments received on intercompany receivables
0 
 
Proceeds from asset dispositions
2,197 
34 
Contract acquisition costs
(13)
(41)
Software capitalization costs
0 
0 
Net cash provided by (used in) investing activities
579 
(175)
Financing Activities:
 
 
Borrowings
35 
350 
Repayment of debt
(667)
(375)
Intercompany borrowings
184 
 
Repayment of intercompany borrowings
(184)
 
Debt issuance costs
 
(3)
Change in restricted cash and cash equivalents
(53)
(19)
Intercompany transfers
(78)
124 
Dividends paid
0 
 
Dividends paid to Guarantors
(187)
(207)
Capital contribution
 
13 
Distributions to noncontrolling interests
(6)
(3)
Excess tax benefit from share-based compensation
0 
 
Net cash used in financing activities
(956)
(120)
Effect of exchange rate changes on cash and cash equivalents
(17)
(7)
Net increase (decrease) in cash and cash equivalents
62 
43 
Cash and cash equivalents, beginning of period
296 
265 
Cash and cash equivalents, end of period
$ 358 
$ 308 
Condensed Consolidating Guarantor Financial Information - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Rate
Dec. 31, 2014
Rate
Subsidiary Issuer [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Ownership percentage
100.00% 
100.00% 
Guarantor Subsidiaries [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Ownership percentage
100.00% 
100.00% 
Senior notes [member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Long-term debt, gross
$ 1,500 
$ 1,500 
Debt instrument, interest rate, stated percentage
5.625% 
 
Mortgage loan [member] |
Non-Guarantor Subsidiaries [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Long-term debt, gross
$ 544 
 
Subsequent Events (Details) (Senior secured term loan facility [member], USD $)
In Millions, unless otherwise specified
9 Months Ended 1 Months Ended
Sep. 30, 2015
Oct. 31, 2015
Subsequent event [Member]
Subsequent Event [Line Items]
 
 
Voluntary repayments of long-term debt
$ 675 
$ 100