HYATT HOTELS CORP, 10-K filed on 2/18/2016
Annual Report
Document and Entity Information Document (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Jun. 30, 2015
Jan. 31, 2016
Common Class A
Jan. 31, 2016
Common Class B
Document Information
 
 
 
 
Entity Registrant Name
Hyatt Hotels Corp 
 
 
 
Entity Central Index Key
0001468174 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
Document Type
10-K 
 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
 
Document Fiscal Year Focus
2015 
 
 
 
Document Fiscal Period Focus
FY 
 
 
 
Amendment Flag
false 
 
 
 
Trading Symbol
h 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
26,023,355 
109,628,962 
Entity Well-known Seasoned Issuer
Yes 
 
 
 
Entity Voluntary Filers
No 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
Entity Public Float
 
$ 1,863.0 
 
 
Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
REVENUES:
 
 
 
Owned and leased hotels
$ 2,079 
$ 2,246 
$ 2,142 
Management and franchise fees
427 
387 
342 
Other revenues
36 
75 
78 
Other revenues from managed properties
1,786 
1,707 
1,622 
Total revenues
4,328 
4,415 
4,184 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
 
 
 
Owned and leased hotels
1,562 
1,691 
1,629 
Depreciation and amortization
320 
354 
345 
Other direct costs
29 
35 
32 
Selling, general, and administrative
308 
349 
323 
Other costs from managed properties
1,786 
1,707 
1,622 
Direct and selling, general, and administrative expenses
4,005 
4,136 
3,951 
Net gains and interest income from marketable securities held to fund operating programs
4 
15 
34 
Equity earnings (losses) from unconsolidated hospitality ventures
(64)
25 
(1)
Interest expense
(68)
(71)
(65)
Gains on sales of real estate and other
9 
311 
125 
Asset impairments
(5)
(17)
(22)
Other income (loss), net
(5)
(17)
17 
Income before income taxes
194 
525 
321 
PROVISION FOR INCOME TAXES
(70)
(179)
(116)
NET INCOME
124 
346 
205 
Net (income) loss attributable to noncontrolling interests
0 
(2)
2 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 124 
$ 344 
$ 207 
EARNINGS PER SHARE - Basic
 
 
 
Net Income -Basic (in dollars per share)
$ 0.87 
$ 2.26 
$ 1.29 
Net income attributable to Hyatt Hotels Corporation - Basic (per share)
$ 0.87 
$ 2.25 
$ 1.30 
EARNINGS PER SHARE - Diluted
 
 
 
Net Income- Diluted (in dollars per share)
$ 0.86 
$ 2.24 
$ 1.29 
Net income attributable to Hyatt Hotels Corporation - Diluted (per share)
$ 0.86 
$ 2.23 
$ 1.30 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 124 
$ 346 
$ 205 
Foreign currency translation adjustments, net of tax (benefit) expense of $(2), $1, and $1 for the years ended December 31, 2015, 2014, and 2013, respectively
(102)
(93)
(8)
Unrealized gains on available for sale securities, net of tax (benefit) expense of $21, $2, and $1 for the years ended December 31, 2015, 2014, and 2013, respectively
33 
0 
6 
Unrecognized pension cost (benefit), net of tax (benefit) expense of $-, $(1), and $1 for the years ended December 31, 2015, 2014, and 2013, respectively
(2)
0 
1 
Unrealized gains on derivative activity, net of tax (benefit) expense of $1, $1, and $- for the years ended December 31, 2015, 2014, and 2013, respectively
1 
1 
0 
Other comprehensive loss
(70)
(92)
(1)
COMPREHENSIVE INCOME
54 
254 
204 
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
0 
(2)
2 
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 54 
$ 252 
$ 206 
Consolidated Statements of Comprehensive Income Parentheticals (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
Foreign currency translation adjustments, net of tax (benefit) expense
$ (2)
$ 1 
$ 1 
Unrealized gains on available for sale securities, net of tax (benefit) expense
21 
2 
1 
Unrecognized pension cost (benefit), net of tax (benefit) expense
0 
(1)
1 
Unrealized gains on derivative activity, net of tax (benefit) expense
$ 1 
$ 1 
$ 0 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
ASSETS
 
 
Cash and cash equivalents
$ 457 
$ 685 
Restricted cash
96 
359 
Short-term investments
46 
130 
Receivables, net of allowances of $15 and $13 at December 31, 2015 and December 31, 2014, respectively
298 
274 
Inventories
12 
17 
Prepaids and other assets
152 
108 
Prepaid income taxes
63 
47 
Deferred tax assets
0 
26 
Assets held for sale
0 
63 
Total current assets
1,124 
1,709 
Investments
327 
334 
Property and equipment, net
4,031 
4,186 
Financing receivables, net of allowances
20 
40 
Goodwill
129 
133 
Intangibles, net
547 
552 
Deferred tax assets
301 
196 
Other assets
1,117 
993 
TOTAL ASSETS
7,596 
8,143 
LIABILITIES AND EQUITY
 
 
Current maturities of long-term debt
328 
9 
Accounts payable
141 
130 
Accrued expenses and other current liabilities
516 
468 
Accrued compensation and benefits
122 
120 
Liabilities held for sale
0 
3 
Total current liabilities
1,107 
730 
Long-term debt
1,047 
1,381 
Other long-term liabilities
1,447 
1,401 
Total liabilities
3,601 
3,512 
Commitments and Contingencies (see Note 14)
   
   
EQUITY:
 
 
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2015 and December 31, 2014
0 
0 
Common stock
1 
2 
Additional paid-in capital
1,931 
2,621 
Retained earnings
2,289 
2,165 
Treasury stock at cost, 0 shares and 36,273 shares at December 31, 2015 and December 31, 2014, respectively
0 
(1)
Accumulated other comprehensive loss
(230)
(160)
Total stockholders' equity
3,991 
4,627 
Noncontrolling interests in consolidated subsidiaries
4 
4 
Total equity
3,995 
4,631 
TOTAL LIABILITIES AND EQUITY
$ 7,596 
$ 8,143 
Consolidated Balance Sheets Consolidated Balance Sheet Parentheticals (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Allowance for Doubtful Accounts Receivable, Current
$ 15 
$ 13 
Preferred Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Preferred Stock, Shares Authorized (in shares)
10,000,000 
10,000,000 
Preferred Stock, Shares Outstanding (in shares)
0 
0 
Treasury Stock, Shares (in shares)
0 
36,273 
Common Class A
 
 
Common Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized (in shares)
1,000,000,000 
1,000,000,000 
Common Stock, Shares, Outstanding (in shares)
26,604,687 
37,676,490 
Common Stock, Shares, Issued (in shares)
26,604,687 
37,712,763 
Common Class B
 
 
Common Stock, Par or Stated Value Per Share (per share)
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized (in shares)
441,623,374 
443,399,875 
Common Stock, Shares, Outstanding (in shares)
109,628,962 
111,405,463 
Common Stock, Shares, Issued (in shares)
109,628,962 
111,405,463 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$ 124 
$ 346 
$ 205 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
320 
354 
345 
Amortization of share awards
26 
52 
27 
Deferred income taxes
(103)
(28)
(7)
Asset impairments
5 
17 
22 
Provisions (recoveries) on hotel loans
(6)
0 
6 
Equity (earnings) losses from unconsolidated hospitality ventures, net of distributions received
100 
54 
50 
Gains on sales of real estate and other
(9)
(311)
(125)
Foreign currency losses
14 
3 
5 
Other
42 
(38)
(41)
Increase (Decrease) in cash attributable to changes in assets and liabilities:
 
 
 
Restricted cash
78 
(18)
(73)
Receivables, net
29 
(28)
(9)
Inventories
1 
8 
3 
Prepaid income taxes
(16)
(53)
16 
Accounts payable, accrued expenses, and other current liabilities
(7)
186 
71 
Accrued compensation and benefits
5 
(9)
(5)
Other long-term liabilities
1 
(19)
(6)
Other, net
(66)
(43)
(28)
Net cash provided by operating activities
538 
473 
456 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchases of marketable securities and short-term investments
(530)
(421)
(301)
Proceeds from marketable securities and short-term investments
521 
320 
741 
Contributions to investments
(37)
(114)
(428)
Proceeds from sale of investments
3 
0 
0 
Return of investment
19 
57 
86 
Acquisitions, net of cash acquired
(3)
(548)
(814)
Capital expenditures
(269)
(253)
(232)
Proceeds from financing receivables
28 
56 
279 
Proceeds from sales of real estate and other, net of cash disposed
88 
1,467 
601 
Sales proceeds transferred to escrow as restricted cash
0 
(870)
(498)
Sales proceeds transferred from escrow to cash and cash equivalents
143 
714 
466 
(Increase) decrease in restricted cash - investing
19 
(8)
(9)
Other investing activities
(29)
(27)
(38)
Net cash (used in) provided by investing activities
(47)
373 
(147)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from long-term debt, net of issuance costs of $0, $0 and $3, respectively
12 
249 
385 
Repayments of long-term debt
(5)
(208)
(368)
Repurchase of common stock
(715)
(443)
(275)
Repayment of capital lease obligation
0 
(191)
0 
Other financing activities
(7)
(14)
(6)
Net cash used in financing activities
(715)
(607)
(264)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(4)
(8)
(4)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(228)
231 
41 
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR
685 
454 
413 
CASH AND CASH EQUIVALENTS-END OF PERIOD
457 
685 
454 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
Cash paid during the period for interest
69 
71 
66 
Cash paid during the period for income taxes
145 
267 
119 
Non-cash operating activities are as follows:
 
 
 
Non-cash debt repayment guarantee
36 
0 
0 
Non-cash performance guarantee
0 
0 
128 
Non-cash investing activities are as follows:
 
 
 
Non-cash contributions to investments
17 
0 
0 
Non-cash management and franchise agreement intangibles
3 
0 
128 
Change in accrued capital expenditures
$ 6 
$ 4 
$ (7)
Consolidated Statements Of Cash Flows Statement of Cash Flow Parenthetical (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Cash Flows [Abstract]
 
 
 
Debt Issuance Cost
$ 0 
$ 0 
$ 3 
Consolidated Statement of Changes in Stockholders' Equity (USD $)
In Millions
Total
Common Stock Amount
Additional Paid-in Capital
Retained Earnings
Treasury Stock Amount
Accumulated Other Comprehensive Loss
Noncontrolling Interests in Consolidated Subsidiaries
Balance - at Dec. 31, 2012
$ 4,821 
$ 2 
$ 3,263 
$ 1,614 
$ (1)
$ (67)
$ 10 
Total comprehensive income
204 
0 
0 
207 
0 
(1)
(2)
Repurchase of common stock
(275)
0 
(275)
0 
0 
0 
0 
Directors compensation
2 
0 
2 
0 
0 
0 
0 
Employee stock plan issuance
3 
0 
3 
0 
0 
0 
0 
Share based payment activity
22 
0 
22 
0 
0 
0 
0 
Balance - at Dec. 31, 2013
4,777 
2 
3,015 
1,821 
(1)
(68)
8 
Total comprehensive income
254 
0 
0 
344 
0 
(92)
2 
Disposals of shares in noncontrolling interests
(4)
0 
0 
0 
0 
0 
(4)
Repurchase of common stock
(445)
0 
(445)
0 
0 
0 
0 
Directors compensation
2 
0 
2 
0 
0 
0 
0 
Employee stock plan issuance
3 
0 
3 
0 
0 
0 
0 
Share based payment activity
45 
0 
45 
0 
0 
0 
0 
Other
(1)
0 
1 
0 
0 
0 
(2)
Balance - at Dec. 31, 2014
4,631 
2 
2,621 
2,165 
(1)
(160)
4 
Total comprehensive income
54 
0 
0 
124 
0 
(70)
0 
Repurchase of common stock
(715)
(1)
(714)
0 
0 
0 
0 
Directors compensation
2 
0 
2 
0 
0 
0 
0 
Employee stock plan issuance
3 
0 
3 
0 
0 
0 
0 
Share based payment activity
20 
0 
19 
0 
1 
0 
0 
Balance - at Dec. 31, 2015
$ 3,995 
$ 1 
$ 1,931 
$ 2,289 
$ 0 
$ (230)
$ 4 
Organization
Organization
ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality services on a worldwide basis through the development, ownership, management, franchising, and licensing of hospitality related businesses. We develop, own, operate, manage, franchise, license or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts and other properties, including timeshare, fractional and other forms of residential or vacation properties. As of December 31, 2015, (i) we operated or franchised 293 full service hotels, comprising 117,177 rooms throughout the world, (ii) we operated or franchised 306 select service hotels, comprising 42,159 rooms, of which 287 hotels are located in the United States, and (iii) our portfolio of properties included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms. Our portfolio of properties operate in 52 countries around the world and we hold ownership interests in certain of these properties.
As used in these Notes, the terms "Company," "HHC," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries.
As used in these Notes, the term "Pritzker family business interests" means (1) various lineal descendants of Nicholas J. Pritzker (deceased) and spouses and adopted children of such descendants; (2) various trusts for the benefit of the individuals described in clause (1) and trustees thereof; and (3) various entities owned and/or controlled, directly and/or indirectly, by the individuals and trusts described in (1) and (2).
Summary of Significant Accounting Policies (Notes)
Significant Accounting Policies [Text Block]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts.
Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered:
•
Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income.
•
Management and franchise fees earned from hotels managed and franchised worldwide:
–
Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us.
–
Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract.
–
Franchise fees consist of an initial application fee and continuing royalty fees calculated based on a percentage of gross room revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor.
•
Other revenues
–
Other revenues includes revenues from our co-branded credit card. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired.
–
Other revenues also includes revenues from our vacation ownership business, earned through the date of the sale of the business in the fourth quarter of 2014. Prior to the sale, we recognized vacation ownership revenue when a minimum of 10% of the purchase price for the interval had been received, the period of cancellation with refund had expired, and receivables were deemed collectible. For sales that did not qualify for full revenue recognition, as the project had progressed beyond the preliminary stages, but had not yet reached completion, all revenue and associated direct expenses were initially deferred and recognized in earnings through the percentage-of-completion method. As a result of the disposition, we earn license fees that are recorded to management and franchise fees on our consolidated statements of income.
•
Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income.
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents.
Restricted Cash—We had restricted cash of $96 million and $359 million at December 31, 2015 and December 31, 2014, respectively, which includes:
•
sales proceeds of $70 million and $87 million, respectively, related to the 2014 disposition of two Canadian hotels, which remain in restricted cash as the Canadian tax regulations require a portion of the proceeds to be classified as restricted (see Note 7);
•
$13 million and $9 million, respectively, related to debt service on bonds that were acquired in connection with the acquisition of the entity that owned Grand Hyatt San Antonio (see Note 9); in addition, we have $10 million and $9 million, respectively, recorded in other assets; and
•
$7 million and $88 million, respectively, related to our captive insurance subsidiary for minimum capital and surplus requirements in accordance with local insurance regulations (see Note 14).
In addition, as of December 31, 2014, restricted cash includes $143 million of sales proceeds for like-kind exchange agreements that were placed into an escrow account administered by a qualified intermediary (see Note 7), and $27 million drawn on a loan being used for the development of a hotel in Brazil (see Note 9). The remaining restricted cash balances of $6 million and $5 million at December 31, 2015 and December 31, 2014, respectively, relate to secured real estate taxes, property insurance, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts.
Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. Investments in unconsolidated hospitality ventures over which we exercise significant influence, but do not control, are accounted for under the equity method and those over which we are not able to exercise significant influence are accounted for under the cost method.
We assess investments in unconsolidated hospitality ventures for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other than temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. For additional information about investments, see Note 3.
Marketable Securities—Our investments in marketable securities consist of various types of mutual funds, preferred shares, time deposits, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial notes and bonds and are classified as either trading, available-for-sale ("AFS") or held-to-maturity. Realized and unrealized gains and losses on trading securities are reflected in our consolidated statements of income in net gains and interest income from marketable securities held to fund operating programs and are recorded at fair value based on listed market prices or dealer price quotations where available. Unrealized gains and losses on AFS securities are reported as part of accumulated other comprehensive income (loss) on the consolidated balance sheets. Realized gains and losses on AFS securities are recognized in other income (loss), net. Held-to-maturity investments are debt security investments which we have the ability to hold until maturity. Held-to-maturity debt investments are recorded at amortized cost. AFS and held-to-maturity securities are assessed for impairment quarterly. To determine if an impairment is other than temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other than temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). For debt securities that are deemed other than temporarily impaired and there is intent to sell, impairments in their entirety are recorded on our consolidated statements of income. For additional information about marketable securities, see Note 4.
Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive income (loss) on the consolidated balance sheets. Income and expenses are translated at the average exchange rate for the period. Gains and losses from foreign currency transactions are included in earnings. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are included in earnings.
Financing Receivables—We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and are recognized on our consolidated balance sheets at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have segregated our financing receivables into two portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows:
•
Secured Financing to Hotel Owners—These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation.
•
Unsecured Financing to Hotel Owners—These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel.
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We determine our financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due based on the contractual terms of the individual loans, if an impairment charge is recorded for a loan, or if a provision is established for our other financing arrangements. If we consider a financing receivable to be non-performing, we place the financing receivable on non-accrual status.
We individually assess all loans within financing receivables for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement or if estimates of future cash flows available for repayment of unsecured receivables indicate there is a collection risk. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, loan performance, market factors, hotel performance, and financing arrangement. If the loan is secured, the assessment may also include the collateral of the underlying hotel.
We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For secured loans, the estimated fair value of the collateral will be used if that measurement method would be more appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the estimated fair value. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we do not assess individually for impairment. We regularly evaluate our reserves for these other financing arrangements.
We recognize interest income when received for impaired loans and financing receivables on non-accrual status which is recorded to other income (loss), net in the accompanying consolidated statements of income. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted. For additional information about financing receivables, see Note 6.
Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of one year or less, and food and beverage items at our owned and leased hotels which are generally valued at the lower of cost (first-in, first-out) or market.
Property and Equipment and Definite-Lived Intangibles—We evaluate the carrying value of our property and equipment and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our property and equipment and definite-lived intangibles based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset.
Property and equipment and definite-lived intangibles are stated at cost, including interest incurred during development and construction periods, less accumulated depreciation and amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method.
Useful lives assigned to property and equipment are as follows:
Buildings and improvements
10-50 years
Leasehold improvements
The shorter of the lease term or useful life of asset
Furniture and equipment
3-20 years
Computers
3-7 years

Useful lives assigned to definite-lived intangibles are as follows:
Management and franchise agreement intangibles
Initial term of management or franchise agreement
Lease related intangibles
Lease term
Advanced booking intangibles
Period of the advanced bookings

For additional information about property and equipment and definite-lived intangibles, see Notes 5 and 8, respectively.
Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses.
Guarantees—We enter into performance guarantees related to certain hotels that we manage. We also enter into debt repayment guarantees with respect to certain hotels that we manage or franchise, primarily in which we also hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The corresponding offset depends on the circumstances in which the guarantee was issued and is recorded to investments, intangibles or expense. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees and debt repayment guarantees related to our managed hotels are amortized into income in other income (loss), net in the consolidated statements of income and debt repayment guarantees that relate to our unconsolidated hospitality ventures are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures in the period that we determine funding is probable for that period. For additional information about guarantees, see Note 14.
Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value of the reporting unit is less than its carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third-party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. Changes in our allocation approach could result in different measures of implied fair value and impact the final impairment charge, if any. For additional information about goodwill, see Note 8.
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 13.
Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows:
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities;
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; and
Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques.
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy.
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these items and their close proximity to maturity. The fair value of marketable securities is discussed in Note 4; the fair value of financing receivables is discussed in Note 6; and the fair value of long-term debt is discussed in Note 9.
Hyatt Gold Passport —The Hyatt Gold Passport program (the "Program") is our frequent guest loyalty program. We operate the Program through the Hyatt Gold Passport Fund (the "Fund") for the benefit of the Hyatt portfolio of properties owned, operated, managed, licensed or franchised by us during the period of their participation in the Program. The Fund has been established to provide for the payment of operating expenses and redemption of member awards associated with the Program.
The Program allows members to earn points for qualified spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the properties based on members’ qualified expenditures. Due to the requirements under the Program that the properties reimburse us for the Program’s operating costs, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the properties equal to the actuarially determined estimate of our future redemption obligation. Upon the redemption of points, we recognize the previously deferred revenue and recognize the corresponding expense relating to the cost of the awards redeemed. Revenue is recognized by the properties when the points are redeemed, and expenses are recognized when the points are earned by the members.
We actuarially determine the estimate of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the "breakage" for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability.
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities which are included in other noncurrent assets (see Note 4). The noncurrent liabilities of the Fund are included in other long-term liabilities (see Note 12). Assets and liabilities of the Fund recorded at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Current Assets
$
179

 
$
145

Noncurrent Assets
280

 
284

Total Assets
$
459

 
$
429

 
 
 
 
Current Liabilities
$
179

 
$
145

Noncurrent Liabilities
280

 
284

Total Liabilities
$
459

 
$
429


The current liabilities include $166 million and $132 million recorded in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2015 and December 31, 2014, respectively.
Recently Issued Accounting Pronouncements

Adopted Accounting Standards
In February 2015, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance related to management’s evaluation of consolidation for certain legal entities. The provisions of ASU 2015-02 are effective for interim and fiscal years beginning after December 15, 2015, with early adoption permitted. We have elected to early adopt ASU 2015-02 as of December 31, 2015, on a modified retrospective basis. The adoption of ASU 2015-02 did not materially impact our consolidated financial statements.

In November 2015, the FASB released Accounting Standards Update No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires deferred tax assets and liabilities to be presented as noncurrent in a classified balance sheet. The provisions of ASU 2015-17 are effective for interim and fiscal years beginning after December 15, 2016, with early adoption permitted. We have elected to early adopt ASU 2015-17 as of December 31, 2015 on a prospective basis. As a result of adopting the standard, we reclassified our net current deferred tax assets and liabilities to net noncurrent deferred tax assets and liabilities, respectively, on our consolidated financial statements for the year ended December 31, 2015. As we adopted on a prospective basis, the prior periods have not been restated.

Future Adoption of Accounting Standards
In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date. The Company is currently evaluating the impact of adopting ASU 2014-09.
Equity And Cost Method Investments
Equity And Cost Method Investments
EQUITY AND COST METHOD INVESTMENTS
We have investments that are recorded under both the equity and cost methods. These investments are considered to be an integral part of our business and are strategically and operationally important to our overall results. Our equity and cost method investment balances recorded at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Equity method investments
$
304

 
$
311

Cost method investments
23

 
23

Total investments
$
327

 
$
334


Of our total investment balance as of December 31, 2015 and December 31, 2014, $311 million and $318 million, respectively, was recorded in our owned and leased hotels segment.
We recorded insignificant, $1 million, and $50 million of income from our cost method investments for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively. Gains or losses from cost method investments are recorded within other income (loss), net on our consolidated statements of income, see Note 20.
The carrying values and ownership percentages of our unconsolidated investments in hospitality ventures accounted for under the equity method as of December 31, 2015 and December 31, 2014 are as follows:
 
Ownership Interests
 
Investment Balance
December 31, 2015
 
December 31, 2014
Wailea Hotel Holdings, L.L.C.
66.6
%
 
$
125

 
$
136

Juniper Hotels Private Limited
50.0
%
 
44

 
34

Playa Hotels & Resorts B.V.
23.7
%
 
28

 
45

Desarrolladora Hotel Acueducto S. de R.L. de C.V.
50.0
%
 
15

 
8

Hotel Hoyo Uno, S. de R.L. de C.V.
40.0
%
 
14

 
20

San Jose Hotel Partners, L.L.C.
40.0
%
 
12

 
—

Other
 
 
66

 
68

Total
 
 
$
304

 
$
311


The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment that is accounted for under the equity method.
 
Years Ended December 31,
2015
 
2014
 
2013
Total revenues
$
1,079

 
$
1,192

 
$
978

Gross operating profit
312

 
329

 
315

Income from continuing operations
33

 
31

 
17

Net income
33

 
31

 
17

 
 
December 31, 2015
 
December 31, 2014
Current Assets
$
472

 
$
476

Noncurrent Assets
2,877

 
2,728

Total Assets
$
3,349

 
$
3,204

 
 
 
 
Current Liabilities
$
625

 
$
492

Noncurrent Liabilities
1,752

 
1,708

Total Liabilities
$
2,377

 
$
2,200


During 2015, we had the following activity:
•
Joint ventures in which we hold or held an ownership interest, which are classified as equity method investments within our owned and leased hotels segment, sold Hyatt House Miami Airport and Hyatt House Atlanta/Cobb Galleria, for which we received proceeds of $10 million and $6 million, respectively. We recorded a gain of $8 million and $5 million, respectively, in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
•
We sold an entity which held an interest in one of our foreign currency denominated equity method investments within our owned and leased hotels segment, for which we received proceeds of $3 million. In connection with the sale, we released $21 million of accumulated foreign currency translation losses, which has been recorded to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
During 2014, we had the following activity:
•
We purchased Hyatt Regency Lost Pines Resort and Spa and adjacent land from a joint venture in which we held an 8.2% interest, for a net purchase price of approximately $164 million. This transaction was accounted for as a step acquisition and we recorded a gain of $12 million in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income in our owned and leased hotels segment. See Note 7 for further discussion of our acquisition.
•
Joint ventures in which we held an ownership interest and which were classified as equity method investments within our owned and leased hotels segment, sold the following hotels to third parties, resulting in deferred gains that are being amortized over the term of the management agreements in management and franchise fees within the Americas management and franchising segment:
•
Hyatt Place Houston/Sugar Land, for which we received proceeds of $12 million and recorded a deferred gain of $10 million; and
•
Hyatt Regency DFW International Airport and another building, for which we received proceeds of $19 million and recorded a deferred gain of $18 million.
•
Joint ventures in which we held an ownership interest and which were classified as equity method investments within our owned and leased hotels segment, sold the following hotels to third parties, resulting in gains being recorded to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income:
•
Hyatt Place Coconut Point, for which we received proceeds of $5 million and recorded a gain of $2 million; and
•
Hyatt Place Austin Downtown, for which we received proceeds of $28 million and we recorded a gain of $20 million.
During 2013, we had the following activity:
•
We recorded income from cost method investments of $50 million in other income (loss), net on our consolidated statements of income. We received a return of our $63 million investment and a $30 million return on our preferred equity interest in a joint venture that owned Hyatt Regency New Orleans. Additionally, our partner in the joint venture executed its option to purchase our residual common investment interest in the venture resulting in a $20 million distribution (see Note 20). The investment was included in our owned and leased hotels segment. We continue to manage the property under the existing management agreement; and
•
A joint venture in which we held an interest and classified as an equity method investment within our owned and leased hotels segment, sold the hotel it owned and dissolved the venture. As a result of this transaction, we received a $5 million distribution, which was recorded as a deferred gain and is being amortized over the remaining term of our management agreement in management and franchise fees within the Americas management and franchising segment.
During 2015, 2014 and 2013 we recorded $0, $3 million and $3 million in total impairment charges in equity earnings (losses) from unconsolidated hospitality ventures, respectively. The impairment charges in 2014 relate to two hospitality venture properties which are accounted for as equity method investments. The impairment charges in 2013 relate to three equity method investments, two hospitality ventures for which we recorded total impairment charges of $2 million and one that related to a vacation ownership business for which we recorded an impairment charge of $1 million.
Marketable Securities (Notes)
Marketable Securities
MARKETABLE SECURITIES
We hold marketable securities to fund certain operating programs and for investment purposes. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, and U.S. government obligations and obligations of other government agencies for investment purposes.
Marketable Securities Held to Fund Operating Programs—At December 31, 2015 and December 31, 2014, total marketable securities held to fund operating programs, which are recorded at fair value and included on the consolidated balance sheets, were as follows: 
 
December 31, 2015
 
December 31, 2014
Marketable securities held by the Hyatt Gold Passport Fund (Note 2)
$
384

 
$
357

Marketable securities held to fund deferred compensation plans (Note 12)
333

 
341

Marketable securities held to fund our captive insurance company
82

 
—

Total marketable securities held to fund operating programs
$
799

 
$
698

Less current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(121
)
 
(73
)
Marketable securities held to fund operating programs included in other assets
$
678

 
$
625


Net gains and interest income from marketable securities held to fund operating programs on the consolidated statements of income includes realized and unrealized gains (losses) and interest income, net related to the following:
 
Years Ended December 31,
2015
 
2014
 
2013
Hyatt Gold Passport Fund
$
1

 
$
3

 
$
(1
)
Deferred compensation plans
3

 
12

 
35

Total net gains and interest income from marketable securities held to fund operating programs
$
4

 
$
15

 
$
34


During 2015, we invested cash and cash equivalents related to our captive insurance company in marketable securities which have been classified as AFS and are invested in U.S. government agencies, time deposits and corporate debt securities. We have classified these investments as current or long-term, based on their contractual maturity dates, which range from 2016 through 2020. During 2015, we recorded insignificant unrealized gains (losses), net related to these AFS securities on the consolidated statements of comprehensive income (loss).
Marketable Securities Held for Investment Purposes—At December 31, 2015 and December 31, 2014, our total marketable securities held for investment purposes and included on the consolidated balance sheets were as follows: 
 
December 31, 2015
 
December 31, 2014
Interest bearing money market funds
$
5

 
$
51

Time deposits
30

 
130

Preferred shares
335

 
280


Fair Value—As of December 31, 2015 and December 31, 2014, we had the following financial assets measured at fair value on a recurring basis (see Note 2 for definitions of fair value and the three levels of the fair value hierarchy):
 
December 31, 2015
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
18

 
$
18

 
$
—

 
$
—

 
$
—

Mutual funds
333

 
—

 
—

 
—

 
333

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
45

 
—

 
38

 
—

 
7

U.S. government obligations
131

 
—

 
—

 
32

 
99

U.S. government agencies
83

 
—

 
6

 
10

 
67

Corporate debt securities
168

 
—

 
2

 
36

 
130

Mortgage-backed securities
26

 
—

 
—

 
6

 
20

Asset-backed securities
27

 
—

 
—

 
7

 
20

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred Shares
335

 
—

 
—

 
—

 
335

Total
$
1,169

 
$
18

 
$
46

 
$
92

 
$
1,013


 
December 31, 2014
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
70

 
$
70

 
$
—

 
$
—

 
$
—

Mutual funds
341

 
—

 
—

 
—

 
341

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
130

 
—

 
130

 
—

 
—

U.S. government obligations
127

 
—

 
—

 
20

 
107

U.S. government agencies
34

 
—

 
—

 
5

 
29

Corporate debt securities
128

 
—

 
—

 
20

 
108

Mortgage-backed securities
23

 
—

 
—

 
4

 
19

Asset-backed securities
23

 
—

 
—

 
4

 
19

Municipal and provincial notes and bonds
3

 
—

 
—

 
—

 
3

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
280

 
—

 
—

 
—

 
280

Total
$
1,159

 
$
70

 
$
130

 
$
53

 
$
906


During the years ended December 31, 2015 and December 31, 2014, there were no transfers between levels of the fair value hierarchy. Our policy is to recognize transfers in and transfers out as of the end of each quarterly reporting period. We currently do not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis.
We invest a portion of our cash into short-term interest bearing money market funds that have a maturity of less than ninety days. Consequently, the balances are recorded in cash and cash equivalents. The funds are held with open-ended registered investment companies and the fair value of the funds are classified as Level One as we are able to obtain market available pricing information on an ongoing basis. The fair value of our mutual funds are classified as Level One as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Time deposits are recorded at par value, which approximates fair value and are included in short-term investments and other assets and classified as Level Two. The remaining securities, other than our investment in preferred shares, are classified as Level Two due to the use and weighting of multiple market inputs being considered in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities.
Preferred shares—During the year ended December 31, 2013, we invested $271 million in Playa Hotels & Resorts B.V. ("Playa") for redeemable, convertible preferred shares. Hyatt has the option to convert its preferred shares into shares of common stock at any time through the later of the second anniversary of the closing of our investment or an initial public offering by Playa. The preferred investment is redeemable at Hyatt's option in August 2021. In the event of an initial public offering or other equity issuance, Hyatt has the option to request that Playa redeem up to $125 million of preferred shares. As a result, we have classified the preferred investment as an AFS debt security, which is remeasured quarterly at fair value on the consolidated balance sheets through other comprehensive income (loss). The fair value of the preferred shares was: 
 
2015
 
2014
Fair value at January 1, recorded in other assets
$
280

 
$
278

Gross unrealized gains, recorded to other comprehensive income (loss)
55

 
9

Gross unrealized losses, recorded to other comprehensive income (loss)
—

 
(7
)
Fair value at December 31, recorded in other assets
$
335

 
$
280


Due to the lack of availability of market data, the preferred shares are classified as Level Three. We estimated the fair value of the Playa preferred shares using an option-pricing model. This model requires that we make certain assumptions regarding the expected volatility, term, risk-free interest rate over the expected term, dividend yield and enterprise value. Financial forecasts were used in the computation of the enterprise value using the income approach, based on assumed revenue growth rates and operating margin levels. The risks associated with achieving these forecasts were assessed in selecting the appropriate weighted average cost of capital.
Our valuation considers a number of objective and subjective factors that we believe market participants would consider, including: Playa's business and results of operations; related industry trends affecting Playa's operations; Playa's forecasted operating performance and projected future cash flows; liquidation preferences, redemption rights, and other rights and privileges of Playa's preferred stock; and market multiples of comparable peer companies.
A summary of the significant assumptions used to estimate the fair value of our preferred investment as of December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Expected term
0.75 years

 
0.75 years

Risk-free Interest Rate
0.57
%
 
0.19
%
Volatility
46.0
%
 
43.9
%
Dividend Yield
12
%
 
10
%

There is inherent uncertainty in our assumptions, and fluctuations in these assumptions will result in different estimates of fair value. The significant unobservable assumptions driving the value of the preferred shares are the enterprise value and the expected term. A 10% change in the enterprise value primarily driven by weighted average cost of capital assumption and financial forecasts may cause the fair value to fluctuate by approximately $25 million. Independent of the enterprise value, a 0.5 year change in the expected term assumption would cause the fair value to fluctuate by approximately $20 million.
As of December 31, 2015 and December 31, 2014, we have investments in held-to-maturity debt securities of $25 million and $17 million, respectively, which are investments in third-party entities that own certain of our hotels. The amortized cost of our investments approximates fair value. The securities are mandatorily redeemable between 2020 and 2025.
Property and Equipment
Property, Plant and Equipment Disclosure [Text Block]
PROPERTY AND EQUIPMENT
Property and equipment at cost as of December 31, 2015 and December 31, 2014, consists of the following:
 
December 31, 2015
 
December 31, 2014
Land
$
674

 
$
710

Buildings
3,898

 
3,948

Leasehold improvements
220

 
226

Furniture, equipment and computers
1,209

 
1,173

Construction in progress
251

 
151

 
6,252

 
6,208

Less accumulated depreciation
(2,221
)
 
(2,022
)
Total
$
4,031

 
$
4,186


Depreciation expense for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
Depreciation Expense
$
289

 
$
324

 
$
320


The net book value of capital leased assets at December 31, 2015 and December 31, 2014 is $13 million and $14 million, respectively, which is net of accumulated depreciation of $8 million and $7 million, respectively.
Interest capitalized as a cost of property and equipment was $6 million, $7 million and $8 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively, and is recorded net in interest expense. The years ended December 31, 2015, December 31, 2014 and December 31, 2013 include $5 million, $13 million and $11 million, respectively, recorded to asset impairments on the consolidated statements of income in our owned and leased hotels segment.
Financing Receivables
Financing Receivables
FINANCING RECEIVABLES
The two portfolio segments of financing receivables and their balances at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Secured financing to hotel owners
$
—

 
$
39

Unsecured financing to hotel owners
120

 
102

 
120

 
141

Less allowance for losses
(98
)
 
(100
)
Less current portion included in receivables, net
(2
)
 
(1
)
Total long-term financing receivables, net
$
20

 
$
40


During the year ended December 31, 2015, all of our outstanding secured financing receivables to hotel owners were settled. We received net cash proceeds of $26 million, an unsecured financing receivable of $6 million, and preferred equity investments of $7 million. The preferred equity investments include a $6 million held-to-maturity debt security and a $1 million cost method investment, both of which are included within our owned and leased hotels segment. The settlements of the secured financing receivables resulted in a net recovery of $8 million, which has been recognized in other income (loss), net on our consolidated statements of income during the year ended December 31, 2015.
Allowance for Losses and Impairments
The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2015 and December 31, 2014:
 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2015
$
13

 
$
87

 
$
100

   Provisions
3

 
7

 
10

   Write-offs
(1
)
 
—

 
(1
)
   Recoveries
(9
)
 
—

 
(9
)
   Other adjustments
(6
)
 
4

 
(2
)
Allowance at December 31, 2015
$
—

 
$
98

 
$
98

 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2014
$
13

 
$
83

 
$
96

  Provisions
—

 
6

 
6

  Other adjustments
—

 
(2
)
 
(2
)
Allowance at December 31, 2014
$
13

 
$
87

 
$
100


During the year ended December 31, 2013, we recorded provisions of $6 million and $7 million for secured financing to hotel owners and unsecured financing to hotel owners, respectively.
Credit Monitoring
The gross balance of secured financing receivables on non-accrual status was $0 and $39 million as of December 31, 2015 and December 31, 2014, respectively. All secured receivables on non-accrual status as of December 31, 2014 are considered to be impaired loans, of which $13 million has been reserved. As of December 31, 2014, the unpaid principal balance and average loan balance of secured financing receivables was $39 million.
Our unsecured financing receivables are as follows:
 
December 31, 2015
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (1)
58

 
(58
)
 
—

 
58

Total loans
73

 
(58
)
 
15

 
58

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
120

 
$
(98
)
 
$
22

 
$
98

(1) The unpaid principal balance was $42 million and the average recorded loan balance was $55 million as of December 31, 2015.
 
December 31, 2014
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
7

 
$
—

 
$
7

 
$
—

Impaired loans (2)
52

 
(52
)
 
—

 
52

Total loans
59

 
(52
)
 
7

 
52

Other financing arrangements
43

 
(35
)
 
8

 
35

Total unsecured financing receivables
$
102

 
$
(87
)
 
$
15

 
$
87

(2) The unpaid principal balance was $37 million and the average recorded loan balance was $52 million as of December 31, 2014.

Fair Value—We estimated the fair value of financing receivables to approximate $22 million and $43 million as of December 31, 2015 and December 31, 2014, respectively. For further information on fair value, see Note 2.
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Financing receivables
 
 
 
 
 
 
 
 
 
Secured financing to hotel owners
$


 
$


 
$
—

 
$
—

 
$


Unsecured financing to hotel owners
22

 
22

 
—

 
—

 
22

 
Asset (Liability)
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other
Observable Inputs
(Level Two)
 
Significant Unobservable Inputs (Level Three)
Financing receivables
 
 
 
 
 
 
 
 
 
Secured financing to hotel owners
$
26

 
$
29

 
$
—

 
$
—

 
$
29

Unsecured financing to hotel owners
15

 
14

 
—

 
—

 
14

Acquisitions and Dispositions
Acquisitions and Dispositions
    ACQUISITIONS AND DISPOSITIONS
During the year ended December 31, 2015, we did not have any material acquisitions.
Hyatt Regency Lost Pines Resort and Spa—We previously held an 8.2% interest in the entity which owned Hyatt Regency Lost Pines Resort and Spa and adjacent land. Accordingly, we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2014, we purchased the hotel and adjacent land from the joint venture for a net purchase price of approximately $164 million. As part of the acquisition, we assumed debt of $69 million, which includes a $3 million debt premium (see Note 9). This transaction was accounted for as a step acquisition and we recorded a gain of $12 million in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
7

Receivables
4

Inventories
1

Property and equipment
207

Goodwill
17

Intangibles
4

Deferred tax assets
1

Total assets
$
241

 
 
Current portion of long-term debt
$
4

Current liabilities
8

Long-term debt
65

Total liabilities
77

Total net assets acquired
$
164


The purchase price allocation for this acquisition created goodwill of $17 million at the date of acquisition, of which $15 million is deductible for tax purposes. The goodwill is attributable to securing Hyatt's long-term presence in this strategic property. The definite-lived intangibles relate to $4 million of advanced bookings, which were amortized over a useful life of 14 months. See "Like-Kind Exchange Agreements" below, as the purchase of Hyatt Regency Lost Pines Resort and Spa was designated as replacement property in a like-kind exchange.
Park Hyatt New York—During the year ended December 31, 2014, we acquired Park Hyatt New York for a purchase price of approximately $392 million, including $1 million of cash. Of the $391 million net purchase price, significant assets acquired include $386 million of property and equipment, $3 million of inventories, and $2 million of prepaids and other assets, which have been recorded in our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as the purchase of Park Hyatt New York was designated as replacement property in a like-kind exchange.
Grand Hyatt San Antonio—We previously held a 30% interest and had a $7 million investment in the entity which owned Grand Hyatt San Antonio prior to acquisition. Accordingly, we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the year ended December 31, 2013, we purchased the remaining 70% interest in this entity for $16 million and the repayment of $44 million of mezzanine debt that was held at the hospitality venture prior to our acquisition. This transaction has been accounted for as a step acquisition, which resulted in a $1 million loss on our previously held equity investment that was recorded in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. During the year ended December 31, 2014, we recorded revisions to our initial purchase price allocation.
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
1

Restricted cash
10

Property and equipment
226

Goodwill
7

Intangibles
10

Other assets
11

Total assets
$
265

 
 
Current liabilities
$
11

Deferred tax liability
2

Long-term debt, net of bond discount
186

Total liabilities
199

     Total net assets acquired
$
66


The purchase price allocation for this acquisition created goodwill of $7 million at the date of acquisition. Goodwill of $12 million is deductible for tax purposes. The definite-lived intangibles are comprised of $9 million of lease related intangibles and $1 million of advanced bookings. The lease related intangibles are being amortized over a weighted average useful life of 79 years and the advanced booking intangibles are being amortized over a useful life of 4 years. As a result of our completion of this step acquisition, we recorded a $2 million reduction to our existing deferred tax asset related to Grand Hyatt San Antonio, resulting in a net deferred tax asset of $5 million, which relates primarily to property and equipment and intangibles. As part of the acquisition, we assumed outstanding Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B (see Note 9). We also wrote-off $11 million of management and franchise agreement intangibles, which has been recorded on our consolidated statements of income within our Americas management and franchising segment (see Note 8).
Hyatt Regency Orlando —During the year ended December 31, 2013, we acquired The Peabody in Orlando, Florida for a total purchase price of approximately $716 million.
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
2

Prepaids and other current assets
3

Property and equipment
678

Intangibles
39

Total assets
$
722

 
 
Current liabilities
$
6

Total liabilities
6

     Total net assets acquired
$
716


The $716 million purchase price consists of $678 million of property and equipment and $8 million of definite-lived intangibles, which have been included in our owned and leased hotels segment, and $31 million of definite-lived intangibles, which have been included in our Americas management and franchising segment. The definite-lived intangibles are comprised of $31 million of management agreement intangibles and $8 million of advanced bookings that are being amortized over a useful life of 20 years and 7 years, respectively. The fair value asset allocation determined that the purchase price approximated the fair value of the assets acquired and there was no goodwill. We began managing this property in the year ended December, 31, 2013, as Hyatt Regency Orlando. See "Like-Kind Exchange Agreements" below, as the purchase of Hyatt Regency Orlando was designated as a replacement property in a like-kind exchange.
The Driskill—During the year ended December 31, 2013, we acquired The Driskill hotel in Austin, Texas ("The Driskill") for a purchase price of approximately $85 million. The Driskill has a long-standing presence in a market which we view as a key location for our guests. Due to the iconic nature of the hotel and its membership in the Historic Hotels of America and Associated Luxury Hotels International, we chose to retain The Driskill name. Of the total $85 million purchase price, significant assets acquired consist of $72 million of property and equipment, a $7 million indefinite-lived brand intangible, a $5 million management agreement intangible and $1 million of other assets, which have been included primarily in our owned and leased hotels segment.

Dispositions
Hyatt Regency Indianapolis—During the year ended December 31, 2015, we sold Hyatt Regency Indianapolis for $69 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $8 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2015. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. As of December 31, 2014, we had classified the assets and liabilities of this property as held for sale on our consolidated balance sheets.
Land Held for Development—During the year ended December 31, 2015, we sold land and construction in progress for $14 million to an unconsolidated hospitality venture in which Hyatt has a 40% ownership interest.
A Hyatt House Hotel—During the year ended December 31, 2015, we sold a select service property for $5 million, net of closing costs, to an unrelated third party resulting in a $1 million pre-tax gain which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2015. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Place 2014—During the year ended December 31, 2014, we sold five Hyatt Place properties located in Texas and North and South Carolina for a total of $51 million, net of closing costs, to unrelated third parties. These transactions resulted in pre-tax gains of approximately $13 million. The Company entered into long-term franchise agreements with the purchasers of the hotels. The gains have been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2014. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale were held as restricted for use in a potential like-kind exchange.
Park Hyatt Toronto—During the year ended December 31, 2014, we sold Park Hyatt Toronto for $88 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $49 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Due to Canadian tax regulations, $41 million of the proceeds have been classified as restricted cash on our consolidated balance sheets as of December 31, 2014, of which $31 million remains in restricted cash as of December 31, 2015.
Hyatt Regency Vancouver—During the year ended December 31, 2014, we sold Hyatt Regency Vancouver for $116 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $64 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. Due to Canadian tax regulations, $46 million of the proceeds have been classified as restricted cash on our consolidated balance sheets as of December 31, 2014, of which $39 million remains in restricted cash as of December 31, 2015.
Hyatt Place, Hyatt House 2014—During the year ended December 31, 2014, we sold thirty-eight select service properties for a total of $581 million, net of closing costs, to an unrelated third party. This transaction resulted in a pre-tax gain of approximately $153 million. The Company entered into long-term franchise agreements with the purchaser of the hotels. The gain has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2014. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale of twenty-one of the hotels have been used in a like-kind exchange and proceeds from the sale of six of the hotels were held as restricted for use in a potential like-kind exchange.
Park Hyatt Washington—During the year ended December 31, 2014, we sold Park Hyatt Washington for $97 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $57 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Hyatt Residential Group—During the year ended December 31, 2014, we sold our vacation ownership business, which included an interest in a joint venture that owns a vacation ownership property in Maui, Hawaii, as well as a full service hotel, to an unrelated third party for approximately $220 million, net of working capital adjustments, resulting in a pre-tax gain of $80 million. The gain has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2014. We have entered into a master license agreement with the purchaser and receive recurring annual license fees under this agreement, which are recorded in management and franchise fees within our corporate and other segment on our consolidated statements of income. The operating results and financial position of Hyatt Residential Group prior to the sale remain primarily within our corporate and other segment.
Hyatt, Hyatt Place, Hyatt House 2014—During the year ended December 31, 2014, we sold nine select service properties and one full service property for a total of $311 million, net of closing costs, to an unrelated third party. In connection with the sale, we transferred net cash and cash equivalents of $1 million, resulting in a net sales price of $310 million. We recorded a pre-tax gain of approximately $65 million for the year ended December 31, 2014. The properties will remain Hyatt-branded hotels for a minimum of 25 years under long-term agreements. The gain has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2014. The operating results and financial position of these hotels prior to the sales remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sales have been used in a like-kind exchange.
Hyatt Key West—During the year ended December 31, 2013, we sold Hyatt Key West for $74 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $61 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Andaz Napa—During the year ended December 31, 2013, we sold Andaz Napa for $71 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $27 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Andaz Savannah—During the year ended December 31, 2013, we sold Andaz Savannah for $42 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of $4 million. The Company entered into a long-term management agreement with the purchaser of the hotel. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below.
Hyatt Regency Denver Tech—During the year ended December 31, 2013, we sold Hyatt Regency Denver Tech for $59 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the purchaser of the hotel. The sale resulted in a pre-tax gain of $26 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Hyatt Regency Santa Clara—During the year ended December 31, 2013, we sold Hyatt Regency Santa Clara for $91 million, net of closing costs, to an unrelated third party, and entered into a long-term management agreement with the purchaser of the property. At the time of the sale, the transaction resulted in an insignificant loss, which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2013. As part of the sale agreement, we achieved an additional earn-out of $6 million based on the hotel's performance in 2013. This payment was received during the year ended December 31, 2014. The gain is being deferred and recognized in management and franchise fees over the term of the management contract, within our Americas management and franchising segment. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Hyatt Fisherman's Wharf—During the year ended December 31, 2013, we sold Hyatt Fisherman's Wharf for $100 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $55 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income for the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below, as proceeds from the sale have been used in a like-kind exchange.
Hyatt Santa Barbara—During the year ended December 31, 2013, we sold Hyatt Santa Barbara for $60 million, net of closing costs, to an unrelated third party, and entered into a long-term franchise agreement with the owner of the property. The sale resulted in a pre-tax gain of $44 million, which has been recognized in gains on sales of real estate and other on our consolidated statements of income during the year ended December 31, 2013. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Place 2013—During the year ended December 31, 2013, we sold four Hyatt Place properties for a total of $68 million, net of closing costs, to an unrelated third party, resulting in a pre-tax gain of approximately $4 million. The Company entered into a long-term management agreements with the purchaser of the hotels. The gain on sale has been deferred and is being recognized in management and franchise fees over the term of the management contracts, within our Americas management and franchising segment. The operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. See "Like-Kind Exchange Agreements" below.
Artwork—During the year ended December 31, 2013, we sold artwork to an unrelated third party and recognized a pre-tax gain of $29 million which was recognized in other income (loss), net on our consolidated statements of income, see Note 20. See "Like-Kind Exchange Agreements" below.
As a result of certain of the above-mentioned dispositions, we have agreed to provide indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire.
Like-Kind Exchange Agreements
Periodically, we enter into like-kind exchange agreements upon the disposition of certain hotels. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary. The proceeds are recorded to restricted cash on our consolidated balance sheets and released once they are utilized as part of a like-kind exchange agreement or when a like-kind exchange agreement is not completed within the allowable time period.
In conjunction with the sale of five Hyatt Place properties during the year ended December 31, 2014, we entered into like-kind exchange agreements with a qualified intermediary. Pursuant to the like-kind exchange agreements, the combined net proceeds of $51 million from the sales of these hotels were placed into an escrow account administered by a qualified intermediary. Accordingly, we classified net proceeds of $51 million related to the properties as restricted cash on our consolidated balance sheets as of December 31, 2014. During the year ended December 31, 2015, we released the net proceeds since the identified replacement property was not acquired in order to complete the exchange.
In conjunction with the sale of thirty-eight select service properties during the year ended December 31, 2014, we entered into two separate like-kind exchange agreements with a qualified intermediary for twenty-seven of the select service hotels. During the year ended December 31, 2014, we classified net proceeds of $403 million from the sale of these twenty-seven properties as restricted cash. Of this total, we released net proceeds of $311 million related to twenty-one of the select service hotels from restricted cash as they were utilized as part of the like-kind exchange agreement to acquire Park Hyatt New York. Accordingly, we classified net proceeds of $92 million related to the remaining six properties as restricted cash on our consolidated balance sheets as of December 31, 2014. During the year ended December 31, 2015, we released the net proceeds from restricted cash as the intermediary distributed these funds from escrow to complete the reverse like-kind exchange transaction in connection with the acquisition of Hyatt Regency Lost Pines Resort and Spa.
In conjunction with the 2014 sale of Park Hyatt Washington, we entered into a like-kind exchange agreement with an intermediary. Pursuant to the like-kind exchange agreement, the net proceeds of $97 million from the sale of this hotel were placed into an escrow account administered by a qualified intermediary. During the year ended December 31, 2014, these net proceeds were utilized as part of the like-kind exchange agreement to acquire Hyatt Regency Grand Cypress (see Note 10).
In conjunction with the sale of nine select service properties and one full service property during the year ended December 31, 2014, we entered into a like-kind exchange agreement with a qualified intermediary for seven of the select service hotels. During the year ended December 31, 2014, we recorded and released net proceeds of $232 million from restricted cash as they were utilized as part of the like-kind exchange agreement to acquire Hyatt Regency Orlando.
In conjunction with the 2013 sales of Hyatt Key West, Andaz Napa, Hyatt Regency Denver Tech, Hyatt Regency Santa Clara and Hyatt Fisherman's Wharf, we entered into like-kind exchange agreements with a qualified intermediary. Pursuant to the like-kind exchange agreements, the combined net proceeds of $395 million from the sales of these hotels were placed into an escrow account administered by the qualified intermediary. During the year ended December 31, 2013, $321 million of these net proceeds were utilized in a like-kind exchange agreement to acquire Hyatt Regency Orlando and $74 million of the net proceeds were classified as restricted cash on our consolidated balance sheets as of December 31, 2013. During the year-ended December 31, 2014, the net proceeds of $74 million were released from restricted cash as they were also utilized as part of the like-kind exchange agreement to acquire Hyatt Regency Orlando.
In conjunction with the 2013 sale of Andaz Savannah, we entered into a like-kind exchange agreement with a qualified intermediary. Pursuant to the like-kind exchange agreement, the net proceeds of $42 million from the sale of this hotel were placed into an escrow account administered by a qualified intermediary. During 2013, we released the net proceeds as suitable replacement property was not identified in order to complete the exchange.
During the year ended December 31, 2013, we recorded and released the net proceeds of $23 million from the 2013 sales of two of the four Hyatt Place properties discussed above and released the net proceeds from the 2012 sales of four Hyatt Place properties of $44 million from restricted cash on our consolidated balance sheets, as suitable replacement property was not identified in order to complete the exchange.
In conjunction with the 2013 sale of artwork, we placed proceeds received into restricted cash pursuant to a like-kind exchange agreement administered by a qualified intermediary. We used a portion of the proceeds to fund artwork purchases and released the remaining amount from restricted cash.
Goodwill And Intangible Assets
Goodwill And Intangible Assets Disclosure
GOODWILL AND INTANGIBLE ASSETS
The following is a summary of changes in the carrying amount of goodwill:
 
Owned and Leased Hotels
 
Americas Management and Franchising
 
Other
 
Total
Balance as of January 1, 2014
 
 
 
 
 
 
 
Goodwill
$
203

 
$
33

 
$
4

 
$
240

Accumulated impairment losses
(93
)
 
—

 
—

 
(93
)
Goodwill, net
$
110

 
$
33

 
$
4

 
$
147

Activity during the year
 
 
 
 
 
 
 
Additions
10

 
—

 
—

 
10

Disposals or held for sale
(14
)
 
—

 
(4
)
 
(18
)
Foreign exchange*
(4
)
 
—

 
—

 
(4
)
Impairment losses
(2
)
 
—

 
—

 
(2
)
Balance as of December 31, 2014
 
 
 
 
 
 
 
Goodwill
195

 
33

 
—

 
228

Accumulated impairment losses
(95
)
 
—

 
—

 
(95
)
Goodwill, net
$
100

 
$
33

 
$
—

 
$
133

Activity during the year
 
 
 
 
 
 
 
Foreign exchange*
(4
)
 
—

 
—

 
(4
)
Balance as of December 31, 2015
 
 
 
 
 
 
 
Goodwill
191

 
33

 
—

 
224

Accumulated impairment losses
(95
)
 
—

 
—

 
(95
)
Goodwill, net
$
96

 
$
33

 
$
—

 
$
129


* Foreign exchange translation adjustments related to the goodwill associated with Hyatt Regency Mexico City.
During the year ended December 31, 2014, the acquisition of Hyatt Regency Lost Pines Resort and Spa and adjacent land created goodwill of $17 million (see Note 7) and we revised our initial purchase price allocation related to the acquisition of Grand Hyatt San Antonio, resulting in a $7 million decrease in goodwill (see Note 7). Additionally, during the year ended December 31, 2014, we classified $14 million of goodwill related to Hyatt Regency Indianapolis as held for sale, which was sold in 2015 (see Note 7).
The following is a summary of intangible assets, net:
 
December 31, 2015
 
Weighted Average Useful Lives
 
December 31, 2014
Management and franchise agreement intangibles
$
535

 
25

 
$
511

Lease related intangibles
136

 
111

 
143

Advanced booking intangibles
12

 
5

 
12

Brand intangible
7

 
—

 
7

Other
8

 
11

 
8

 
698

 
 
 
681

Accumulated amortization
(151
)
 
 
 
(129
)
Intangibles, net
$
547

 
 
 
$
552


Amortization expense relating to intangible assets for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
 
2015
 
2014
 
2013
Amortization Expense
$
31

 
$
30

 
$
25


We estimate amortization expense for definite-lived intangibles for the years 2016 through 2020 to be:
Years Ending December 31,
 
2016
$
27

2017
26

2018
24

2019
24

2020
23


During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, we did not record any indefinite-lived intangible asset impairment charges. During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, we recorded the following impairment charges, which are included in asset impairments on the consolidated statements of income:
 
Years Ended December 31,
 
2015
 
2014
 
2013
Goodwill
$
—

 
$
2

 
$
—

Definite-lived intangibles
—

 
2

 
11


The goodwill impairment charge recognized in 2014 was recorded within our owned and leased hotels segment. During the year ended December 31, 2014, we recorded a $2 million impairment charge of management and franchise agreement intangibles which was recorded within our Americas management and franchising segment. For the year ended December 31, 2013, we wrote-off $11 million of management and franchise agreement intangibles related to the entity that owned Grand Hyatt San Antonio, in connection with our acquisition of the interests in the entity that owned the hotel. This charge has been recorded within our Americas management and franchising segment.

Debt
Debt Disclosure
DEBT
Debt as of December 31, 2015 and December 31, 2014 consists of the following:
 
December 31, 2015
 
December 31, 2014
$250 million senior unsecured notes maturing in 2016—3.875%
$
250

 
$
250

$196 million senior unsecured notes maturing in 2019—6.875%
196

 
196

$250 million senior unsecured notes maturing in 2021—5.375%
250

 
250

$350 million senior unsecured notes maturing in 2023—3.375%
348

 
348

Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A
125

 
124

Contract Revenue Bonds, Senior Taxable Series 2005B
60

 
63

Floating average rate construction loan
65

 
73

Senior secured term loan
65

 
68

Revolving credit facility
—

 
—

Other
—

 
1

Long-term debt before capital lease obligations
1,359

 
1,373

Capital lease obligations
16

 
17

Total long-term debt
1,375

 
1,390

Less current maturities
(328
)
 
(9
)
Total long-term debt, net of current maturities
$
1,047

 
$
1,381


Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
Years Ending December 31,
 
2016
$
328

2017
14

2018
15

2019
211

2020
16

Thereafter
791

Total
$
1,375


Senior Notes—As of December 31, 2015 and December 31, 2014, we had four series of senior unsecured notes, as further defined below, (the "Senior Notes"). Interest on the Senior Notes is payable semi-annually. We may redeem all or a portion of the Senior Notes at any time at 100% of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of the Senior Notes, by year of issuance, is as follows:
•
In 2009, we issued $250 million of 5.750% senior notes due 2015, at an issue price of 99.460% (the "2015 Notes"), and $250 million of 6.875% senior notes due 2019, at an issue price of 99.864% (the "2019 Notes"). During the year ended December 31, 2013, we redeemed all of our outstanding 2015 Notes, which included principal plus a make-whole premium of $278 million. During the year ended December 31, 2013, we purchased $54 million aggregate principal amount of 2019 Notes in a cash tender offer at a purchase price of $66 million, which included premiums payable in connection with the cash tender offer. Following the cash tender offer, $196 million aggregate principal amount of 2019 Notes remains outstanding.
•
In 2011, we issued $250 million of 3.875% senior notes due 2016, at an issue price of 99.571% (the "2016 Notes"), and $250 million of 5.375% senior notes due 2021, at an issue price of 99.846% (the "2021 Notes").
•
In 2013, we issued and sold $350 million of 3.375% Senior Notes due 2023 at an issue price of 99.498% (the "2023 Notes" and together with the 2015 Notes, the 2016 Notes, the 2019 Notes and the 2021 Notes, the "Senior Notes"). We received net proceeds of $345 million from the sale of the 2023 Notes, after deducting discounts and offering expenses payable by the Company of approximately $3 million. We used the net proceeds to pay the redemption price in connection with the redemption of the 2015 Notes and to repurchase the 2019 Notes tendered in a cash tender offer, with any remaining proceeds intended to be used for general corporate purposes.
Senior Secured Term Loan—During the year ended December 31, 2014, we acquired Hyatt Regency Lost Pines Resort and Spa and adjacent land from an unconsolidated hospitality venture, and as a result we recorded $69 million of debt, including the $3 million premium, which is being amortized over the life of the loan. The construction loan was originally entered into on August 30, 2004 in the amount of $74 million. The interest on the loan is fixed at a rate of 7.27%, and the loan has a maturity date of June 5, 2016.
Capital Lease Obligation—During the year ended December 31, 2014, we acquired Hyatt Regency Grand Cypress for $191 million after exercising our purchase option which reduced our capital lease obligation. The purchase of Hyatt Regency Grand Cypress was used as a replacement property in a like-kind exchange (see Note 7).
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B —During the year ended December 31, 2013, we acquired our partner's interest in the entity that owned Grand Hyatt San Antonio, and as a result, we consolidated $198 million of bonds, net of the $9 million bond discount, which is being amortized over the life of the bonds. The construction was financed in part by The City of San Antonio, Texas Convention Center Hotel Finance Corporation ("Texas Corporation"), a non-profit local government corporation created by the City of San Antonio, Texas for the purpose of providing financing for a portion of the costs of constructing the hotel. On June 8, 2005, the Texas Corporation issued $130 million of original principal amount Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A ("Series 2005A Bonds") and $78 million of original principal amount Contract Revenue Bonds, Senior Taxable Series 2005B ("Series 2005B Bonds"). The Series 2005A Bonds mature between 2034 and 2039, with interest ranging from 4.75% to 5.00% and the remaining Series 2005B Bonds mature between 2020 and 2028, with interest ranging from 5.1% to 5.31%. The loan payments are required to be funded solely from net operating revenues of the Grand Hyatt San Antonio hotel and in the event that net operating revenues are not sufficient to pay debt service, the Texas Corporation under certain circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series bonds. The indenture allows for optional early redemption of the Series 2005B bonds subject to make-whole payments at any time with consent from the Texas Corporation and beginning in 2015 for the Series 2005A Bonds. Interest is payable semiannually.
Floating Average Rate Construction Loan —During the year ended December 31, 2012, we obtained a secured construction loan with Banco Nacional de Desenvolvimento Econômico e Social - BNDES ("BNDES") in order to develop a hotel in Brazil. The loan is split into four separate sub-loans with different interest rates for each such sub-loan. All four sub-loans mature in 2023, with options to extend the maturity up to 2031 for sub-loan (a) and (b), subject to the fulfillment of certain conditions. Borrowings under the four sub-loans bear interest at the following rates, depending on the applicable sub-loan (a) the variable rate published by BNDES plus 2.92%, (b) the Brazilian Long Term Interest Rate - TJLP plus 3.92%, (c) 2.5% and (d) the Brazilian Long Term Interest Rate - TJLP, with the interest rates referred to in sub-loans (a) and (b) subject to reduction upon the delivery of certain certifications. On sub-loans (b) and (d), when the TJLP rate exceeds 6%, the amount corresponding to the TJLP portion above 6% is required to be capitalized daily. As of December 31, 2015, the weighted average interest rates for the subloans that we have drawn upon is 8.98%. The outstanding balance of the subloan subject to the interest rate described in (a) above is subject to adjustment on a daily basis based on BNDES’s calculation of the weighted average of exchange rate variations related to foreign currency funds raised by BNDES in foreign currency. As of December 31, 2015, we had borrowed Brazilian Real ("BRL") 260 million, or $65 million. As of December 31, 2014, we had borrowed BRL 193 million, or $73 million, of which BRL 71 million, or $27 million, had not yet been utilized in construction and was therefore held in restricted cash.
Revolving Credit Facility—As of January 6, 2014, we entered into a Second Amended and Restated Credit Agreement with a syndicate of lenders that amended and restated our prior revolving credit facility and provides for a $1.5 billion senior unsecured revolving credit facility that matures in January 2019. Interest rates on outstanding borrowings are either LIBOR-based or based on an alternate base rate, with margins in each case based on our credit rating or, in certain circumstances, our credit rating and leverage ratio. During the year ended December 31, 2015, we had no proceeds and repayments on the revolving credit facility. As of December 31, 2015, the interest rate for a one month LIBOR borrowing would have been 1.680%, or LIBOR of 0.430%, plus 1.250%. There was no outstanding balance on this revolving credit facility at December 31, 2015 or at December 31, 2014. At December 31, 2015 and December 31, 2014, we had entered into various letter of credit agreements for $0 and $9 million, respectively, which reduced our available capacity under the revolving credit facility. The available line of credit on our revolving credit facility at December 31, 2015 was $1.5 billion.
The Company also has a total of $228 million and $56 million of letters of credit issued through additional banks as of December 31, 2015 and December 31, 2014, respectively.
Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,359
)
 
$
(1,421
)
 
$
—

 
$
(1,277
)
 
$
(144
)
 
Asset (Liability)
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,373
)
 
$
(1,479
)
 
$
—

 
$
(1,319
)
 
$
(160
)
Leases
Leases of Lessee Disclosure
LEASES
We lease hotels and equipment under a combination of capital and operating leases, which generally require us to pay taxes, maintenance, and insurance. Most of the leases contain renewal options, which enable us to retain use of the facilities in desirable operating areas.
The operating leases for the majority of our leased hotels require the calculation of rental payments to be based on a percentage of the operating profit of the hotel, as defined by contract. As a result, future lease payments related to these leases are contingent upon operating results and are not included in the table below.
Corporate Office Space—During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, we recorded $1 million loss, $0 and $6 million loss, respectively, related to sublease agreements based on terms of our existing master leases, which was recognized within other income (loss), net on the accompanying consolidated statements of income. We have sublease agreements with certain related parties at the Hyatt Center, see Note 17 for further discussion on related-party lease agreements.
The leases for our corporate headquarters expire in 2017 and 2020. During the year ended December 31, 2014, in anticipation of the expiration of these leases, we entered into a new lease within an office building currently under construction nearby for a term of 17 years, commencing on January 1, 2018. The future lease payments related to this new lease are included in the future minimum operating lease payments shown below.
The future minimum lease payments due in each of the next five years and thereafter are as follows:
Years Ending December 31,
Operating Leases
 
Capital Leases
2016
$
41

 
$
3

2017
39

 
2

2018
33

 
2

2019
38

 
2

2020
28

 
2

Thereafter
474

 
10

Total minimum lease payments
$
653

 
$
21

Less amount representing interest
 
 
5

Present value of minimum lease payments
 
 
$
16


A summary of rent expense from continuing operations for all operating leases is as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
Minimum rentals
$
34

 
$
35

 
$
32

Contingent rentals
53

 
49

 
47

Total
$
87

 
$
84

 
$
79


During the year ended December 31, 2014, we exercised our option to purchase Hyatt Regency Grand Cypress for $191 million. This purchase reduced our total capital lease obligations (see Note 9).
The Company leases retail space at its owned hotel locations under operating leases. The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows:
Years Ending December 31,
 
2016
$
22

2017
19

2018
15

2019
10

2020
9

Thereafter
61

Total minimum lease receipts
$
136

Employee Benefit Plans
Compensation and Employee Benefit Plans
EMPLOYEE BENEFIT PLANS
Defined Benefit Plans—We sponsor supplemental executive retirement plans consisting of funded and unfunded defined benefit plans for certain former executives. Retirement benefits are based primarily on the former employees’ salary, as defined, and are payable upon satisfaction of certain service and age requirements as defined by the plans.
The following table shows the change in benefit obligation as of December 31, 2015 and December 31, 2014 (the measurement dates), for the unfunded U.S. plan. As of December 31, 2015 and December 31, 2014 we had no plan assets related to the unfunded U.S. plan.
 
December 31, 2015
 
December 31, 2014
Change in benefit obligation:
 
 
 
Benefit obligation—beginning of year
$
20

 
$
19

Interest cost
1

 
1

Actuarial (gain) loss
1

 
1

Benefits paid
(1
)
 
(1
)
Benefit obligation—end of year
$
21

 
$
20

Accumulated benefit obligation
$
21

 
$
20


Amounts recognized in the consolidated balance sheets as of December 31, 2015 and December 31, 2014:
 
December 31, 2015
 
December 31, 2014
Accrued current benefit liability
$
(1
)
 
$
(1
)
Accrued long-term benefit liability
(20
)
 
(19
)
Funded status
$
(21
)
 
$
(20
)

Amounts recognized in accumulated other comprehensive loss of the unfunded U.S. defined benefit plan at December 31, 2015 and December 31, 2014, consist entirely of unrecognized net losses of $9 million and $8 million, respectively.
There are estimated to be insignificant amounts of unrecognized net losses that will be amortized into net periodic benefit cost over the next fiscal year.
The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2015 and December 31, 2014, for the unfunded U.S. plan are as follows:
 
December 31, 2015
 
December 31, 2014
Discount rate
3.90
%
 
3.65
%

The weighted average assumptions used in the measurement of our net cost as of December 31, 2015, December 31, 2014, and December 31, 2013, for the unfunded U.S. plan are as follows:
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
Discount rate
3.65
%
 
4.40
%
 
3.50
%
Rate of compensation increase
—
%
 
—
%
 
—
%

As of December 31, 2015, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows:
Years Ending December 31,
 
2016
$
1

2017
1

2018
1

2019
1

2020
1

2021-2025
6

Total
$
11


Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans.
Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preestablished formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties in the consolidated statements of income. As of December 31, 2015 and December 31, 2014, the DCP is fully funded through a rabbi trust. The assets of the DCP are primarily invested in mutual funds, which are recorded in other assets in the consolidated balance sheets (see Note 4). The related deferred compensation liability is recorded in other long-term liabilities (see Note 12). Refer to the table below for costs related to the DCP.
 
Years Ended December 31,
 
2015
 
2014
 
2013
Defined benefit plan
$
1

 
$
1

 
$
1

Defined contribution plans
35

 
35

 
33

Deferred compensation plans
4

 
5

 
5


Employee Stock Purchase Program—In 2010, the Company’s stockholders approved the Hyatt Hotels Corporation Employee Stock Purchase Program ("ESPP"), which is designed to qualify under Section 423 of the Internal Revenue Code. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s common stock on a quarterly basis through payroll deductions at a price equal to 95% of the fair market value on the last trading day of each quarter. Enrollment occurs prior to the commencement of the quarter with elections being deducted from payroll during the quarter and the actual purchase of stock is completed subsequent to the quarter close. At the inception of the plan there were 1,000,000 shares reserved for issuance under the ESPP which has been deemed to be non-compensatory. Approximately 69,000 shares and 56,000 shares were issued under the ESPP during 2015 and 2014, respectively.
Multi-Employer Pension Plans—Certain employees are covered by union sponsored multi-employer pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined in the table below:
 
 
 
 
Pension Protection Act Zone Status
 
Contributions
Pension Fund
 
EIN/Pension Plan Number
 
2015
 
2014
 
2015
 
2014
 
2013
New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund
 
13-1764242/001
 
Green (1)
 
Green (2)
 
$
4

 
$
4

 
$
4

National Retirement Fund
 
13-6130178/001
 
Red (1)
 
Red (2)
 
3

 
3

 
3

Other Funds
 
Various
 
 
 
 
 
4

 
5

 
4

Total Contributions
 
 
 
 
 
 
 
$
11

 
$
12

 
$
11

(1) As of January 1, 2015
(2) As of January 1, 2014
Eligible employees at our owned hotels in New York City participate in the New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund. Our contributions to this fund are based on a percentage of all union employee wages as dictated by the collective bargaining agreement that expires on June 30, 2026. Our contributions did not exceed 5% of the total contributions to the pension fund in 2015, 2014, or 2013. The pension fund has implemented a funding improvement plan and we have not paid a surcharge.
Eligible employees at our owned hotels in Atlanta and Chicago participate in the National Retirement Plan. Our contributions to this plan are based on a percentage of all union employee wages as dictated by collective bargaining agreements that expire at various dates through August 31, 2018. Our contributions did not exceed 5% of the total contributions to the pension fund in 2014 or 2013. At the date these financial statements were issued, Forms 5500 for the National Retirement Plan were not available for the plan year ending in 2015 and therefore we were not able to confirm that our contributions did not exceed 5% of the total contributions. The pension fund has implemented a funding improvement plan and we have not paid a surcharge.
Multi-Employer Health Plans—Certain employees are covered by union sponsored multi-employer health plans pursuant to agreements between us and various unions. The plan benefits can include medical, dental and life insurance for eligible participants and retirees. Our contributions to these plans, which were expensed during 2015, 2014, and 2013, were approximately $15 million, $12 million, and $12 million, respectively.
Other Long-Term Liabilities
Other Long-Term Liabilities [Text Block]
OTHER LONG-TERM LIABILITIES
Other long-term liabilities consist of the following:
 
December 31, 2015
 
December 31, 2014
Deferred gains on sales of hotel properties
$
367

 
$
383

Deferred compensation plans (see Note 11)
333

 
341

Hyatt Gold Passport Fund (see Note 2)
280

 
284

Guarantee liabilities (see Note 14)
120

 
110

Deferred income taxes (see Note 13)
59

 
66

Other accrued income taxes (see Note 13)
127

 
62

Defined benefit plans (see Note 11)
20

 
19

Other
141

 
136

Total
$
1,447

 
$
1,401

Income Taxes
Income Tax Disclosure
INCOME TAXES
Our tax provision includes federal, state, local, and foreign income taxes. The domestic and foreign components of income before income taxes for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 are as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
U.S. income before tax
$
119

 
$
493

 
$
256

Foreign income before tax
75

 
32

 
65

Income before income taxes
$
194

 
$
525

 
$
321


The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 is comprised of the following:
 
Years Ended December 31,
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
134

 
$
164

 
$
85

State
18

 
7

 
14

Foreign
21

 
36

 
24

Total Current
$
173

 
$
207

 
$
123

Deferred:
 
 
 
 
 
Federal
$
(78
)
 
$
(10
)
 
$
(11
)
State
(20
)
 
(6
)
 
9

Foreign
(5
)
 
(12
)
 
(5
)
Total Deferred
$
(103
)
 
$
(28
)
 
$
(7
)
Total
$
70

 
$
179

 
$
116


The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
 
Years Ended December 31,
2015
 
2014
 
2013
Statutory U.S. federal income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes—net of federal tax benefit
3.5

 
3.4

 
4.8

Impact of foreign operations (excluding unconsolidated hospitality ventures losses)
(13.8
)
 
0.9

 
(1.3
)
Foreign unconsolidated hospitality ventures losses
10.0

 
0.8

 
0.9

Tax contingencies
(1.5
)
 
(2.6
)
 
0.2

Change in valuation allowances
3.1

 
(1.0
)
 
—

Adjustments to deferred tax assets
1.2

 
(1.5
)
 
—

General business credits
(1.9
)
 
(0.4
)
 
(1.3
)
Equity based compensation
(0.5
)
 
0.4

 
1.1

Other
1.1

 
(0.9
)
 
(3.2
)
Effective income tax rate
36.2
 %
 
34.1
 %
 
36.2
 %

The 2015 effective tax rate is higher than the U.S. statutory rate of 35% primarily due to the effect of state taxes on operations of $7 million and the effect of certain foreign unconsolidated hospitality ventures losses that are not fully benefited. These increases in the effective tax rate are partially offset by a benefit related to foreign operations and a net $3 million benefit related to tax contingencies. The tax benefit related to foreign operations is primarily driven by a foreign tax rate differential related to our operations in Switzerland and Hong Kong as a result of the global transfer pricing changes implemented during the year to better align the Company's transfer pricing with the Company's global business operating model. The $3 million benefit related to tax contingencies is derived primarily from a benefit of $10 million (including $5 million of interest and penalties) due to statute expiration on state and foreign tax filing positions and an expense of $7 million due to an uncertain tax position recorded during 2015 related to transfer pricing positions.
The 2014 effective tax rate is lower than the U.S. statutory rate of 35% primarily due to a net $14 million benefit related to tax contingencies, and an $8 million benefit for an adjustment to certain deferred tax assets. These benefits are partially offset by the effect of state taxes on U.S. earnings. The $14 million benefit related to tax contingencies is derived primarily from a benefit of $13 million (including $7 million of interest and penalties) due to statute expiration on state tax filing positions, an expense of $5 million due to an uncertain tax position recorded during 2014 related to an accrual of a position taken on a prior year tax return and a benefit of $4 million related to the expiration of statutes in foreign jurisdictions.
Significant items that affect the 2013 effective tax rate included the impact of state taxes on U.S. earnings, a $4 million benefit for an adjustment to certain deferred tax assets, a benefit of $3 million (including $1 million interest) related to the settlement of tax audits and a benefit of $4 million relating to changes of statutory rates in some of our foreign jurisdictions. Additional benefits arose from foreign earnings taxed at rates lower than the U.S. statutory rate.
The components of the net deferred tax asset from continuing operations at December 31, 2015 and December 31, 2014 are comprised of the following:
 
December 31, 2015
 
December 31, 2014
Deferred tax assets related to:
 
 
 
Employee benefits
$
196

 
$
181

Foreign and state net operating losses and credit carryforwards
34

 
37

Investments
70

 
59

Allowance for uncollectible assets
36

 
36

Intangibles
4

 
8

Deferred gains on sales of hotel properties
142

 
149

Hyatt Gold Passport Fund
81

 
21

Interest and state benefits
2

 
4

Unrealized investment losses
5

 
5

Other
50

 
55

Valuation allowance
(17
)
 
(15
)
Total deferred tax asset
$
603

 
$
540

Deferred tax liabilities related to:
 
 
 
Property and equipment
$
(258
)
 
$
(312
)
Investments
(33
)
 
(33
)
Unrealized gains
(45
)
 
(23
)
Prepaid expenses
(13
)
 
(11
)
Other
(12
)
 
(7
)
Total deferred tax liabilities
$
(361
)
 
$
(386
)
Net deferred tax assets
$
242

 
$
154

Recognized in the balance sheet as:
 
 
 
Deferred tax assets—current
$
—

 
$
26

Deferred tax assets—noncurrent
301

 
196

Deferred tax liabilities—current
—

 
(2
)
Deferred tax liabilities—noncurrent
(59
)
 
(66
)
Total
$
242

 
$
154


Significant changes to our deferred tax assets and liabilities during 2015 includes an increase of $60 million due to a deferred tax asset recorded in conjunction with an uncertain tax position accrual related to the U.S. tax treatment of the Hyatt Gold Passport Fund and book depreciation in excess of tax depreciation related to property and equipment of $54 million. This is partially offset by an increase in unrealized gains related to our preferred investment recorded to other comprehensive income (loss). Additional significant changes relate to the recording of employee benefit costs that are not currently deductible.
Consistent with our early adoption of ASU 2015-17, on a prospective basis, the deferred tax assets and deferred tax liabilities in the table above have been reclassified as noncurrent deferred tax assets and noncurrent deferred tax liabilities, respectively (see Note 2). Since we adopted the ASU on a prospective basis, the 2014 balances above have not been restated.
Significant changes to our deferred tax assets and liabilities during 2014 include an increase of $18 million primarily due to the impact of the implementation of the tangible property regulations, tax deferred gains related to like-kind exchanges in excess of book deferred gains on dispositions of hotel assets, and other fixed asset related items. Additional significant changes relate to recording employee benefit costs that are not currently deductible along with utilization of foreign tax credits and state tax operating loss carryforwards.
As of December 31, 2015, we have determined that undistributed net earnings of $422 million of certain foreign subsidiaries are indefinitely reinvested in jurisdictions outside the United States. These earnings are being used to fund our development pipeline and any recurring capital expenditures related to jurisdictions outside the United States. These earnings could become subject to additional taxes if remitted as dividends, loaned to a U.S. affiliate, or if we sold our interest in the affiliates; the resulting U.S. income tax liabilities could be offset, in whole or in part, by credits allowable for taxes paid to foreign jurisdictions. The actual tax costs would depend on the income tax laws and circumstances at the time of the realization events; determination of the potential net liability is not practicable due to the complexities of the hypothetical calculation. We continue to provide deferred taxes, as required, on the undistributed earnings of foreign subsidiaries and unconsolidated affiliates that are not indefinitely reinvested.
As of December 31, 2015, we have $147 million gross ($30 million deferred tax asset) of future tax benefits related to foreign and state net operating losses and $4 million of benefits related to federal and state credits. A portion of these operating losses will begin to expire in 2016 and continue through 2035. However, $62 million of these gross net operating losses ($14 million deferred tax asset), which are primarily foreign, have no expiration date and may be carried forward indefinitely.
A valuation allowance of $17 million is recorded for certain net operating losses, deferred tax assets and credits, as we do not believe it is more likely than not that we will be able to realize these tax benefits.
Total unrecognized tax benefits as of December 31, 2015 and December 31, 2014 were $110 million and $40 million, respectively, of which $21 million and $20 million, respectively, would impact the effective tax rate if recognized. It is reasonably possible that a reduction of up to $2 million of unrecognized tax benefits could occur within twelve months resulting from the expiration of certain tax statutes of limitations.
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, 2015 and December 31, 2014 is as follows:
 
2015
 
2014
Unrecognized tax benefits—beginning balance
$
40

 
$
53

Total increases—current period tax positions
13

 
2

Total (decreases) increases—prior period tax positions
69

 
(8
)
Settlements
—

 
(2
)
Lapse of statute of limitations
(8
)
 
(3
)
Foreign currency fluctuation
(4
)
 
(2
)
Unrecognized tax benefits—ending balance
$
110

 
$
40


For 2015, the net increase in uncertain tax positions is $70 million. The current period increase of $13 million is primarily driven by a $7 million accrual related to transfer pricing positions taken in the current year. The increase in prior period tax positions of $69 million primarily relates to an accrual of $60 million for the U.S. tax treatment of the Hyatt Gold Passport Program, as well as recording a long-term receivable related to a cross jurisdictional tax contingency. The aforementioned increases are partially offset by a decrease of $8 million due to statute expirations on various state and foreign tax filing positions.
For 2014, the net decrease in prior period positions primarily relates to a decrease of $10 million due to statute expiration on state tax filing positions, partially offset by an increase of $5 million due to an accrual of a position taken on a prior year tax return.
We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total gross accrued interest and penalties were $19 million and $24 million as of December 31, 2015 and December 31, 2014, respectively.
The amount of interest and penalties recognized as a component of income tax expense in 2015 was a benefit of $2 million. This amount is comprised of a benefit of $5 million resulting from the release of interest and penalties due to state and foreign tax statute expirations and an additional interest and penalty accrual of $3 million on federal, state and foreign tax matters.
The amount of interest and penalties recognized as a component of income tax expense in 2014 was a benefit of $9 million. This amount is comprised of a benefit of $8 million resulting from the release of interest due to state tax statute expirations and an additional benefit of $1 million related to certain federal and foreign tax matters.
The statute of limitations expired on December 31, 2015 for tax years ended December 31, 2006 and December 31, 2007 for the Company's U.S. federal income tax returns. Our 2009, 2010, and 2011 federal income tax returns are currently at appeals with the IRS for various items on which we did not reach an agreement. Consents have been signed with the IRS extending these statutes until December 31, 2017. Additionally, for the years ended December 31, 2005 and December 31, 2008, the statute remains open for the net operating losses and general business credits that would be computationally impacted by the items in appeals for 2009-2011. In connection with the 2009-2011 audit, we received a Notice of Proposed Adjustment ("NOPA") during the third quarter of 2015 related to the tax treatment of the Hyatt Gold Passport Fund. The IRS is asserting that the Company should recognize income in the amount of the cash received by the fund and defer the tax deduction relating to the outstanding future rewards redemption liability until cash payments are made from the program. The Company disagrees with the NOPA and filed a formal appeal in the fourth quarter of 2015 after receipt of the 30 day letter from the IRS. The NOPA, if sustained, would result in an additional current tax liability of $129 million (including interest of $30 million) that would be primarily offset by a deferred tax asset and, therefore, only a portion of the related interest would have an impact on the effective tax rate if recognized.
We are under audit by various state and foreign tax authorities. State income tax returns are generally subject to examination for a period of three to five years after filing of the return. However, the state impact of any federal changes remains subject to examination by various states for a period generally up to one year after formal notification to the states of the federal changes. The statute of limitations for the foreign jurisdictions ranges from three to ten years after filing the applicable tax return.
Commitments And Contingencies
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below:
Commitments—As of December 31, 2015, we are committed, under certain conditions, to lend or invest up to $149 million, net of any related letters of credit, in various business ventures.
Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels, see Note 2.
Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("the four managed hotels in France"), which has a term of 7 years, with approximately 4 ½ years remaining, and does not have an annual cap. The remaining maximum exposure related to our performance guarantees at December 31, 2015 was $400 million, of which €344 million ($374 million using exchange rates as of December 31, 2015) related to the four managed hotels in France.
We had total net guarantee liabilities of $97 million and $111 million at December 31, 2015 and December 31, 2014, respectively, which included $81 million and $103 million recorded in other long-term liabilities and $16 million and $8 million in accrued expenses and other current liabilities on our consolidated balance sheets, respectively. Our total guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception, net of amortization and any separate contingent liabilities, net of cash payments. Performance guarantee expense or income and income from amortization of the guarantee obligation liabilities are recorded in other income (loss), net on the consolidated statements of income, see Note 20.
The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments):
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Beginning balance, January 1
 
$
106

 
$
123

 
$
5

 
$
6

 
$
111

 
$
129

Amortization of initial guarantee obligation liability into income
 
(10
)
 
(6
)
 
(2
)
 
(1
)
 
(12
)
 
(7
)
Performance guarantee expense (income), net
 
28

 
19

 
(1
)
 
4

 
27

 
23

Net (payments) receipts during the year
 
(20
)
 
(18
)
 
2

 
(4
)
 
(18
)
 
(22
)
Foreign currency exchange, net
 
(11
)
 
(12
)
 
—

 
—

 
(11
)
 
(12
)
Ending balance, December 31
 
$
93

 
$
106

 
$
4

 
$
5

 
$
97

 
$
111


Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. As of December 31, 2015 and December 31, 2014, there were no amounts recorded in accrued expenses and other current liabilities related to these performance test clauses.
Debt Repayment Guarantees—We have entered into various debt repayment guarantees primarily related to our unconsolidated hospitality venture investments and certain managed hotels. As of December 31, 2015, we had a $39 million liability representing the carrying value of these guarantees, net of amortization recorded within other long-term liabilities on our consolidated balance sheets. During the year ended December 31, 2015, our unconsolidated hospitality venture in India refinanced its outstanding debt and we executed a debt repayment guarantee with the third party lender in order to obtain a more favorable borrowing rate. We recorded a $27 million guarantee liability, with the portion representing our ownership share, capitalized to our investment balance and the remaining $13 million recorded to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. Included within debt guarantees are the following:
Property Description
 
Maximum Guarantee Amount
 
Amount Recorded at December 31, 2015
 
Amount Recorded at December 31, 2014
 
Year of Guarantee Expiration
Hotel properties in India
 
$
170

 
$
27

 
$
—

 
2020
Hotel property in Brazil
 
74

 
4

 
2

 
2020
Vacation ownership property
 
44

 
—

 
—

 
2016
Hotel property in Minnesota
 
25

 
2

 
3

 
2018
Hotel property in Arizona
 
23

 
3

 
—

 
2019
Hotel property in Hawaii
 
18

 
3

 
1

 
2017
Hotel property in Colorado
 
15

 
—

 
1

 
2016
Other
 
22

 
—

 
—

 
various, through 2020
Total Debt Repayment Guarantees
 
$
391

 
$
39

 
$
7

 
 

With respect to debt repayment guarantees related to certain unconsolidated hospitality venture properties, the Company has agreements with its respective partners that require each partner to pay a pro rata portion of the guarantee amount based on each partner’s ownership percentage. In relation to the vacation ownership property debt repayment guarantee, for which we no longer have an investment in the unconsolidated venture, we have the ability to fully recover from third parties any amounts we may be required to fund. Assuming successful enforcement of these agreements with our respective partners and third parties, our maximum exposure under the various debt repayment guarantees as of December 31, 2015 would be $262 million. Additionally, with respect to the debt repayment guarantee associated with the hotel properties in India, we have the ability to recover all amounts funded under the guarantee from the unconsolidated hospitality venture, in which we have a 50% ownership interest. Furthermore, under certain conditions as stated in the agreements, we can force the sale of the hospitality venture's assets in order to recover any amounts funded under the guarantee.
Insurance—The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self insurance basis primarily through a U.S. based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductible and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within twelve months are $35 million and $24 million as of December 31, 2015 and December 31, 2014, respectively, and are classified within accrued expenses and other current liabilities on the consolidated balance sheets, while losses expected to be payable in later periods are $57 million and $63 million as of December 31, 2015 and December 31, 2014, respectively, and are included in other long-term liabilities on the consolidated balance sheets. At December 31, 2015, standby letters of credit amounting to $7 million had been issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the "—Letters of Credit" section of this footnote.
At December 31, 2015, we have recorded a $3 million liability related to our estimated exposure for a cyber security malware issue that occurred in 2015. We maintain a separate cyber security insurance policy with a deductible of $3 million and expect our exposure to be significantly less than our maximum insurance coverage.
Collective Bargaining Agreements—At December 31, 2015, approximately 27% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment and orderly settlement of labor disputes. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe that our employee relations are good.
Surety Bonds—Surety bonds issued on our behalf totaled $23 million at December 31, 2015 and primarily relate to workers’ compensation, taxes, licenses, and utilities related to our lodging operations.
Letters of Credit—Letters of credit outstanding on our behalf as of December 31, 2015 totaled $228 million, which relate to our ongoing operations and securitization of our performance under our debt repayment guarantee associated with the hotel properties in India, which is only called upon if we default on our guarantee. The $228 million letters of credit outstanding do not reduce the available capacity under our revolving credit facility (see Note 9).
Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved.
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements.
Equity
Stockholders' Equity and Comprehensive Loss
STOCKHOLDERS’ EQUITY AND COMPREHENSIVE LOSS
Common Stock—At December 31, 2015, Pritzker family business interests beneficially owned, in the aggregate, approximately 77.1% of our Class B common stock, representing approximately 62.0% of the outstanding shares of our common stock and approximately 75.3% of the total voting power of our outstanding common stock. As a result, consistent with the voting agreements contained in the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, Pritzker family business interests are able to exert a significant degree of influence or actual control over our management and affairs and over matters requiring stockholder approval, including the election of directors and other significant corporate transactions. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval. Because of our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our common stock. Pursuant to the Amended and Restated Global Hyatt Agreement and Amended and Restated Foreign Global Hyatt Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock. In addition, other stockholders, including entities affiliated with Goldman, Sachs & Co. and Madrone GHC, LLC, beneficially own, in the aggregate, approximately 22.9% of our outstanding Class B common stock, representing approximately 18.4% of the outstanding shares of our common stock and approximately 22.4% of the total voting power of our outstanding common stock. Pursuant to the 2007 Stockholders’ Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to the sale of shares of our common stock.
Share Repurchase— During 2015, 2014, and 2013 the Company's board of directors authorized the repurchase of up to $400 million, $700 million, and $400 million respectively, of the Company's common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The common stock repurchase program applies to the Company’s Class A common stock and/or the Company’s Class B common stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. On February 11, 2016, the Company's board of directors authorized the repurchase of up to an additional $250 million of the Company's common stock. See Note 21 for further details regarding the 2016 share repurchase plan.
During 2015 and 2014, the Company repurchased 13,199,811 and 7,693,326 shares of common stock, respectively. These shares of common stock were repurchased at a weighted average price of $54.17 and $57.79 per share, respectively, for an aggregate purchase price of $715 million and $445 million, respectively, excluding related expenses that were insignificant in both periods. Of the $445 million aggregate purchase price during the year ended December 31, 2014, $443 million was settled in cash during the period. The shares repurchased during 2015 represented approximately 9% of the Company's total shares of common stock outstanding as of December 31, 2014. The shares repurchased during 2014 represented approximately 5% of the Company's total shares of common stock outstanding as of December 31, 2013. The shares of Class A common stock that were repurchased on the open market were retired and returned to the status of authorized and unissued while the shares of Class B common stock that were repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares repurchased. As of December 31, 2015, we had $129 million remaining under the current share repurchase authorization.
Treasury Stock Retirement— During 2015, the Company retired 195,423 shares of treasury stock. These shares were retired at a weighted-average price of $43.41 resulting in an $8 million reduction in treasury stock. The retired shares of treasury stock were returned to the status of authorized and unissued.
Accumulated Other Comprehensive Loss—The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2015 and December 31, 2014, respectively.
 
Balance at
January 1, 2015
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss (a)
 
Balance at
December 31, 2015
Foreign currency translation adjustments
$
(155
)
 
$
(123
)
 
$
21

 
$
(257
)
Unrealized gain on AFS securities
6

 
33

 
—

 
39

Unrecognized pension cost
(5
)
 
(2
)
 
—

 
(7
)
Unrealized gain (loss) on derivative instruments
(6
)
 
1

 
—

 
(5
)
Accumulated Other Comprehensive Loss
$
(160
)
 
$
(91
)
 
$
21

 
$
(230
)
(a) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
 
 
 
 
 
 
 
 
 
Balance at
January 1, 2014
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss (b)
 
Balance at
December 31, 2014
Foreign currency translation adjustments
$
(62
)
 
$
(86
)
 
$
(7
)
 
$
(155
)
Unrealized gain (loss) on AFS securities
6

 
—

 
—

 
6

Unrecognized pension cost
(5
)
 
—

 
—

 
(5
)
Unrealized gain (loss) on derivative instruments
(7
)
 
1

 
—

 
(6
)
Accumulated Other Comprehensive Loss
$
(68
)
 
$
(85
)
 
$
(7
)
 
$
(160
)
(b) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized as a deferred gain within other long-term liabilities on the consolidated balance sheets when we sold a hotel and substantially liquidated the entity.
Stock-Based Compensation
Stock-Based Compensation
STOCK-BASED COMPENSATION
As part of our LTIP, we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs") and Performance Vesting Restricted Stock ("PSSs") to certain employees. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other reimbursed employees as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recorded on the lines other revenues from managed properties and other costs from managed properties on our consolidated statements of income. Compensation expense (income) included in selling, general, and administration expense on our consolidated statements of income related to these awards for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
 
2015
 
2014
 
2013
SARs
$
9

 
$
19

 
$
8

RSUs
17

 
31

 
17

PSSs
(3
)
 
4

 
3


The year ended December 31, 2015 includes a reversal of previously recorded compensation expense based on our current assessment of expected achievement relative to the applicable performance target related to certain PSS awards.
The year ended December 31, 2014 includes a nonrecurring expense of $23 million, a portion of which relates to prior periods for grants made to certain individuals. The nonrecurring expense for SARs and RSUs shown in the table above for the year ended December 31, 2014 amounted to $10 million and $13 million, respectively, of which $22 million is recorded in selling, general, and administrative expenses on our consolidated statements of income.
The expected income tax benefit to be realized at the time of vest related to these awards for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows: 
 
Years Ended December 31,
 
2015
 
2014
 
2013
SARs
$
3

 
$
7

 
$
3

RSUs
5

 
8

 
6

PSSs
(1
)
 
2

 
1


Stock Appreciation Rights—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. Vested SARs can be exercised over their life as determined in accordance with the LTIP. All SARs have a 10-year contractual term, are settled in shares of our Class A common stock and are accounted for as equity instruments.
The following table sets forth a summary of the SAR grants in 2015, 2014, and 2013: 
Grant Date
 
SARs Granted
 
Per SAR Value at Date of Grant
 
Vesting Period
 
Vesting Start Month
March 2015
 
380,604

 
$
20.64

 
25
% annually
 
March 2016
March 2015
 
41,373

 
24.17

 
50
% annually
 
March 2018
February 2015
 
39,401

 
25.38

 
100
% at vest
 
March 2018
February 2014
 
327,307

 
22.57

 
25
% annually
 
March 2015
March 2013
 
472,003

 
17.95

 
25
% annually
 
March 2014
March 2013
 
54,914

 
18.21

 
100
% at vest
 
March 2017

The weighted average grant date fair value for the awards granted in 2015, 2014, and 2013 was $21.36, $22.57, and $17.98, respectively.
The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: 
 
2015
 
2014
 
2013
Exercise Price
$
56.57

 
$
49.39

 
$
43.44

Expected Life in Years
6.309

 
6.290

 
6.330

Risk-free Interest Rate
1.63
%
 
1.93
%
 
1.18
%
Expected Volatility
35.39
%
 
44.32
%
 
40.67
%
Annual Dividend Yield
—
%
 
—
%
 
—
%

As of December 31, 2015 we used an estimated forfeiture rate of 0% because only a small group of executives received these grants and we have limited data on which to base these estimates. We record the compensation expense for SARs on a straight-line basis from the date of grant. The exercise price of these SARs was the fair value of our common stock at the grant date, based on a valuation of the Company prior to the IPO, or the closing share price on the date of grant (as applicable). Due to a lack of historical exercise information the expected life was estimated based on the midpoint between the vesting period and the contractual life of each SAR. The risk-free interest rate was based on U.S. Treasury instruments with similar expected life. The Company calculates volatility using a blend of our trading history and an average historical volatility of our peer group over a time period consistent with our expected term assumption.
A summary of employee SAR activity as of December 31, 2015, and changes during 2015, are presented below: 
 
SAR Units
 
Weighted Average Exercise Price (in whole dollars)
 
Weighted Average Contractual Term
Outstanding at December 31, 2014:
3,465,584

 
$
46.37

 
5.42
Granted
461,378

 
56.57

 
9.22
Exercised
(50,025
)
 
42.73

 
1.63
Outstanding at December 31, 2015:
3,876,937

 
$
47.63

 
5.03
Exercisable as of December 31, 2015:
2,812,948

 
$
46.64

 
3.83

The total intrinsic value of SARs outstanding at December 31, 2015 was $16 million and the total intrinsic value for exercisable SARs was $15 million as of December 31, 2015.
Restricted Stock Units—Each vested RSU will be settled with a single share of our Class A common stock with the exception of insignificant portions of the March 2015, February 2014, March 2013, and June 2013 awards which will be settled in cash. The value of the RSUs was based upon the fair value of our common stock at the grant date, based upon a valuation of the Company prior to IPO, or the closing stock price of our Class A common stock for the December 2009 award and all subsequent awards. Awards issued prior to our November 2009 IPO are deferred in nature and will be settled once all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. The following table sets forth a summary of the employee RSU grants in 2015, 2014, and 2013: 
Grant Date
 
RSUs
 
Value
 
Total Value (in millions)
 
Vesting Period
December 2015
 
4,089

 
$
48.90

 
$
—

 
4 years
September 2015
 
3,898

 
51.30

 
—

 
3 years
September 2015
 
8,576

 
51.30

 
—

 
4 years
May 2015
 
23,746

 
58.95

 
1

 
4 years
March 2015
 
380,939

 
56.27

 
21

 
4 years
February 2015
 
29,278

 
59.77

 
2

 
4 years
September 2014
 
2,452

 
61.17

 
—

 
4 years
February 2014
 
376,328

 
49.39

 
19

 
4 years
December 2013
 
2,132

 
46.90

 
—

 
4 years
September 2013
 
13,082

 
45.86

 
1

 
4 years
June 2013
 
2,218

 
40.56

 
—

 
4 years
March 2013
 
453,356

 
43.44

 
20

 
4 years

We record compensation expense for RSUs over the requisite service period of the individual grantee. Our estimated forfeiture rate is 3% for RSUs. In certain situations we also grant cash-settled RSUs which are recorded as a liability instrument. The liability and related expense for granted cash-settled RSUs are insignificant as of and for the year ended December 31, 2015.
A summary of the status of the nonvested employee restricted stock unit awards outstanding under the LTIP as of December 31, 2015 is presented below: 
 
Restricted Stock
Units
 
Weighted Average Grant Date Fair Value (in whole dollars)
Nonvested at December 31, 2014:
1,070,638

 
$
43.60

Granted
450,526

 
56.43

Vested
(462,393
)
 
41.54

Forfeited or canceled
(44,197
)
 
48.61

Nonvested at December 31, 2015:
1,014,574

 
$
50.02


The total intrinsic value of nonvested RSUs as of December 31, 2015 was $48 million.
Performance Vesting Restricted Stock—The Company has granted PSSs to certain executive officers. The number of PSSs that will ultimately vest with no further restrictions on transfer depends upon the performance of the Company at the end of the applicable three year performance period relative to the applicable performance target. The PSSs vest in full if the maximum performance metric is achieved. At the end of the performance period, the PSSs that do not vest will be forfeited. The PSSs will vest at the end of the performance period only if the performance threshold is met; there is no interim performance metric.
The following table sets forth a summary of PSS grants in 2015, 2014, and 2013:
Year Granted
 
PSSs Granted
 
Weighted Average Grant Date Fair Value (in whole dollars)
 
Performance Period
 
Performance Period Start Date
2015
 
146,902

 
$
56.27

 
3 years
 
January 1, 2015
2014
 
162,906

 
$
49.39

 
3 years
 
January 1, 2014
2013
 
218,686

 
$
43.44

 
3 years
 
January 1, 2013

There were $3 million in forfeitures for the year ended December 31, 2015. As of December 31, 2015 the total intrinsic value of nonvested PSSs if target performance is achieved was $3 million.
Unearned Compensation—Our total unearned compensation for our stock-based compensation programs as of December 31, 2015 was $3 million for SARs, $15 million for RSUs and $3 million for PSSs, which is expected to be recorded to compensation expense as follows: 
 
2016
 
2017
 
2018
 
2019
 
Total
SARs
$
2

 
$
1

 
$
—

 
$
—

 
$
3

RSUs
7

 
5

 
2

 
1

 
15

PSSs
2

 
1

 
—

 
—

 
3

Total
$
11

 
$
7

 
$
2

 
$
1

 
$
21

Related-Party Transactions
Related-Party Transactions
RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the notes to the consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Leases —Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future expected sublease income for this space from related parties is $5 million.
Legal Services—A partner in a law firm that provided services to us throughout 2015, 2014, and 2013 is the brother-in-law of our Executive Chairman. We incurred legal fees with this firm of $6 million, $3 million and $2 million for each of the years ended December 31, 2015, December 31, 2014, and December 31, 2013, respectively. Legal fees, when expensed, are included in selling, general, and administrative expenses. As of December 31, 2015 and December 31, 2014, we had insignificant amounts due to the law firm.
Other Services—A member of our board of directors is a partner in a firm whose affiliates previously owned hotels, which were sold during the first quarter of 2015, from which we recorded insignificant management and franchise fees during the year ended December 31, 2015. We recorded management and franchise fees of $4 million and $6 million during the years ended December 31, 2014 and December 31, 2013, respectively. As of December 31, 2015, we had no receivables due from these properties. As of December 31, 2014, we had insignificant receivables due from these properties.
Equity Method Investments—We have equity method investments in entities that own properties for which we provide management and/or franchise services and receive fees. We recorded fees related to these properties of $26 million, $29 million, and $32 million for the years ended December 31, 2015, December 31, 2014, and December 31, 2013, respectively. As of December 31, 2015 and December 31, 2014, we had receivables due from these properties of $6 million and $11 million, respectively. In addition, in some cases we provide loans (see Note 6) or guarantees (see Note 14) to these entities. Our ownership interest in these equity method investments generally varies from 24% to 70%. See Note 3 for further details regarding these investments.
Class B Share Repurchase—During 2015, we repurchased 1,776,501 shares of Class B common stock for a weighted average price of $58.91 per share, for an aggregate purchase price of approximately $105 million. The shares repurchased represented approximately 1% of the Company's total shares of common stock outstanding prior to the repurchase. During 2014, we repurchased 1,122,000 shares of Class B common stock at a weighted average price of $60.20 per share, for an aggregate purchase price of approximately $68 million. The shares repurchased represented less than 1% of the Company's total shares of common stock outstanding prior to the repurchase. In both transactions, the shares of Class B common stock were repurchased from trusts for the benefit of certain Pritzker family members and limited partnerships owned indirectly by trusts for the benefit of certain Pritzker family members, in privately-negotiated transactions and were retired, thereby reducing the total number of shares outstanding and reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.
Segment and Geographic Information
Segment and Geographic Information
SEGMENT AND GEOGRAPHIC INFORMATION
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States, but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as China, Australia, South Korea and Japan. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management—This segment derives its earnings primarily from hotel management of our portfolio of brands located primarily in Europe, Africa, the Middle East, India and Nepal, as well as countries along the Persian Gulf and the Arabian Sea. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture before equity earnings (losses) from unconsolidated hospitality ventures; gains on sales of real estate and other; asset impairments; other income (loss), net; net (income) loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and provision for income taxes.
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, our vacation ownership business prior to the sale in the fourth quarter of 2014, license fees related to Hyatt Residence Club, and our co-branded credit card. 
 
Years Ended December 31,
2015
 
2014
 
2013
Owned and leased hotels
 
 
 
 
 
Owned and leased hotels revenues
$
2,079

 
$
2,246

 
$
2,142

Adjusted EBITDA
493

 
522

 
471

Depreciation and amortization
277

 
322

 
315

Capital expenditures
225

 
208

 
211

Americas management and franchising
 
 
 
 
 
Management and franchise fees revenues
354

 
327

 
292

Other revenues from managed properties
1,641

 
1,550

 
1,482

Intersegment revenues (a)
74

 
88

 
86

Adjusted EBITDA
295

 
253

 
233

Depreciation and amortization
19

 
18

 
17

Capital expenditures
—

 
1

 
1

ASPAC management and franchising
 
 
 
 
 
Management and franchise fees revenues
91

 
88

 
83

Other revenues from managed properties
87

 
74

 
74

Intersegment revenues (a)
2

 
2

 
3

Adjusted EBITDA
52

 
44

 
50

Depreciation and amortization
1

 
1

 
1

Capital expenditures
1

 
1

 
—

EAME/SW Asia management
 
 
 
 
 
Management and franchise fees revenues
67

 
77

 
72

Other revenues from managed properties
58

 
53

 
45

Intersegment revenues (a)
13

 
15

 
16

Adjusted EBITDA
32

 
40

 
40

Depreciation and amortization
5

 
6

 
5

Capital expenditures
—

 
—

 
—

Corporate and other
 
 
 
 
 
Revenues
40

 
75

 
78

Other revenues from managed properties
—

 
30

 
21

Adjusted EBITDA
(145
)
 
(131
)
 
(114
)
Depreciation and amortization
18

 
7

 
7

Capital expenditures
43

 
43

 
20

Eliminations (a)
 
 
 
 
 
Revenues
(89
)
 
(105
)
 
(105
)
Adjusted EBITDA
—

 
—

 
—

Depreciation and amortization
—

 
—

 
—

Capital expenditures
—

 
—

 
—

TOTAL
 
 
 
 
 
Revenues
$
4,328

 
$
4,415

 
$
4,184

Adjusted EBITDA
727

 
728

 
680

Depreciation and amortization
320

 
354

 
345

Capital expenditures
269

 
253

 
232

(a)
Intersegment revenues are included in the management and franchise fees revenues totals and eliminated in Eliminations.
The table below shows summarized consolidated balance sheet information by segment:
Total Assets
 
December 31, 2015
 
December 31, 2014
Owned and leased hotels
$
5,281

 
$
5,622

Americas management and franchising
464

 
482

ASPAC management and franchising
131

 
130

EAME/SW Asia management
234

 
177

Corporate and other
1,486

 
1,732

TOTAL
$
7,596

 
$
8,143


The following table presents revenues and property and equipment, net, intangibles, net and goodwill by geographical region: 
 
Years Ended December 31,
2015
 
2014
 
2013
Revenues:
 
 
 
 
 
United States
$
3,494

 
$
3,476

 
$
3,270

All Foreign
834

 
939

 
914

Total
$
4,328

 
$
4,415

 
$
4,184

 
 
 
 
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Property and Equipment, net, Intangibles, net and Goodwill:
 
 
 
 
 
United States
$
3,562

 
$
3,643

 
 
All Foreign
1,145

 
1,228

 
 
Total
$
4,707

 
$
4,871

 
 

The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2015, December 31, 2014 and December 31, 2013: 
 
Years Ended December 31,
2015
 
2014
 
2013
Adjusted EBITDA
$
727

 
$
728

 
$
680

Equity earnings (losses) from unconsolidated hospitality ventures
(64
)
 
25

 
(1
)
Gains on sales of real estate and other
9

 
311

 
125

Asset impairments
(5
)
 
(17
)
 
(22
)
Other income (loss), net
(5
)
 
(17
)
 
17

Net (income) loss attributable to noncontrolling interests
—

 
(2
)
 
2

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
(80
)
 
(80
)
 
(68
)
EBITDA
582

 
948

 
733

Depreciation and amortization
(320
)
 
(354
)
 
(345
)
Interest expense
(68
)
 
(71
)
 
(65
)
Provision for income taxes
(70
)
 
(179
)
 
(116
)
Net income attributable to Hyatt Hotels Corporation
$
124

 
$
344

 
$
207

Earnings Per Share
Earnings Per Share
EARNINGS PER SHARE
The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows: 
 
Years Ended December 31,
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
Net income
$
124

 
$
346

 
$
205

Net (income) loss attributable to noncontrolling interests
—

 
(2
)
 
2

Net income attributable to Hyatt Hotels Corporation
$
124

 
$
344

 
$
207

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
142,814,868

 
153,136,511

 
158,544,930

Share-based compensation
1,184,455

 
1,213,941

 
644,149

Diluted weighted average shares outstanding
143,999,323

 
154,350,452

 
159,189,079

Basic Earnings Per Share:
 
 
 
 
 
Net income
$
0.87

 
$
2.26

 
$
1.29

Net (income) loss attributable to noncontrolling interests
—

 
(0.01
)
 
0.01

Net income attributable to Hyatt Hotels Corporation
$
0.87

 
$
2.25

 
$
1.30

Diluted Earnings Per Share:
 
 
 
 
 
Net income
$
0.86

 
$
2.24

 
$
1.29

Net (income) loss attributable to noncontrolling interests
—

 
(0.01
)
 
0.01

Net income attributable to Hyatt Hotels Corporation
$
0.86

 
$
2.23

 
$
1.30


The computations of diluted net income per share for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs because they are anti-dilutive.
 
Years Ended December 31,
 
2015
 
2014
 
2013
Stock-settled SARs
1,500

 
5,200

 
148,200

Other Income (Loss), Net
Other income (loss), net
OTHER INCOME (LOSS), NET
The table below provides a reconciliation of the components in other income (loss), net, for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively:
 
For the years ended December 31,
2015
 
2014
 
2013
Performance guarantee expense, net (Note 14)
$
(27
)
 
$
(23
)
 
$
(5
)
Foreign currency losses, net
(14
)
 
(3
)
 
(5
)
Recoveries (provisions) on hotel loans, net (Note 6)
6

 
—

 
(6
)
Interest income
8

 
11

 
17

Depreciation recovery
12

 
2

 
1

Guarantee liability amortization (Note 14)
12

 
7

 
5

Realignment costs
—

 
(7
)
 
—

Transaction costs (Note 7)
—

 
(6
)
 
(10
)
Cost method investment income (Note 3)
—

 
1

 
50

Gain on sale of artwork (Note 7)
—

 
—

 
29

Charitable contribution to Hyatt Hotels Foundation
—

 
—

 
(20
)
Debt settlement costs (Note 9)
—

 
—

 
(35
)
Other
(2
)
 
1

 
(4
)
Other income (loss), net
$
(5
)
 
$
(17
)
 
$
17

Subsequent Event
Subsequent Events [Text Block]
SUBSEQUENT EVENT
On February 11, 2016, the Company's board of directors authorized the repurchase of up to an additional $250 million of the Company's common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The common stock repurchase program applies to the Company’s Class A common stock and/or the Company’s Class B common stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. From January 1, 2016 through February 12, 2016, the Company repurchased 991,009 shares of common stock at a weighted average price of $39.34 per share, for an aggregate purchase price of approximately $39 million. As of February 12, 2016, the Company had approximately $340 million remaining under its repurchase authorization.
Quarterly Financial Information (Unaudited)
Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. 
 
For the three months ended
December 31, 2015
 
September 30, 2015
 
June 30, 2015
 
March 31, 2015
 
December 31, 2014
 
September 30, 2014
 
June 30, 2014
 
March 31, 2014
Consolidated statements of income data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
530

 
$
500

 
$
540

 
$
509

 
$
551

 
$
555

 
$
592

 
$
548

Management and franchise fees
107

 
103

 
112

 
105

 
101

 
94

 
103

 
89

Other revenues
10

 
10

 
9

 
7

 
7

 
24

 
23

 
21

Other revenues from managed properties
462

 
440

 
451

 
433

 
420

 
431

 
440

 
416

Total revenues
1,109

 
1,053

 
1,112

 
1,054

 
1,079

 
1,104

 
1,158

 
1,074

Direct and selling, general, and administrative expenses
1,047

 
965

 
998

 
995

 
1,040

 
1,032

 
1,043

 
1,021

Net Income
37

 
25

 
40

 
22

 
182

 
33

 
75

 
56

Net income attributable to Hyatt Hotels Corporation
37

 
25

 
40

 
22

 
182

 
32

 
74

 
56

Net income per common share, basic
$
0.26

 
$
0.18

 
$
0.28

 
$
0.15

 
$
1.21

 
$
0.22

 
$
0.49

 
$
0.36

Net income per common share, diluted
$
0.26

 
$
0.18

 
$
0.27

 
$
0.15

 
$
1.20

 
$
0.22

 
$
0.49

 
$
0.36

Valuation and Qualifying Accounts
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
HYATT HOTELS CORPORATION AND SUBSIDIARIES
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2015, December 31, 2014, and December 31, 2013
(In millions of dollars)
 
 
Column A
 
Column B
 
Column C
 
Column D
 
Column E
Description
 
Balance at Beginning of Period
 
Additions Charged to Revenues, Costs and Expenses
 
Additions Charged to Other Accounts
 
Deductions
 
Balance at End of Period
Year Ended December 31, 2015:
 
 
 
 
 
 
 
 
 
 
Trade receivables—allowance for doubtful accounts
 
$
13

 
$
5

 
$
—

 
$
(3
)
 
$
15

Financing receivables—allowance for losses
 
100

 
10

 
(2
)
A
(10
)
 
98

Deferred tax assets—valuation allowance
 
15

 
2

 
—

 
—

 
17

Year Ended December 31, 2014:
 
 
 
 
 
 
 
 
 
 
Trade receivables—allowance for doubtful accounts
 
11

 
5

 
—

 
(3
)
 
13

Financing receivables—allowance for losses
 
103

 
7

 
(9
)
A, C
(1
)
 
100

Deferred tax assets—valuation allowance
 
21

 
—

 
—

 
(6
)
B
15

Year Ended December 31, 2013:
 
 
 
 
 
 
 
 
 
 
Trade receivables—allowance for doubtful accounts
 
11

 
4

 
—

 
(4
)
 
11

Financing receivables—allowance for losses
 
99

 
13

 
(3
)
A
(6
)
 
103

Deferred tax assets—valuation allowance
 
22

 
—

 
—

 
(1
)
 
21


A—This amount represents currency translation on foreign currency denominated notes receivable.
B—This amount represents the release of certain foreign net operating losses.
C—This amount includes removal of the allowance recorded in connection with the sale of our vacation ownership business.
Summary of Significant Accounting Policies (Policies)
Principles of Consolidation [Policy Text Block] 
Principles of Consolidation—The consolidated financial statements present the results of operations, financial position, and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates [Policy Text Block] 
Use of Estimates—We are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts.
Revenue Recognition [Policy Text Block] 
Revenue Recognition—Our revenues are primarily derived from the following sources and are generally recognized when services have been rendered:
•
Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased properties and are recorded when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in the consolidated statements of income.
•
Management and franchise fees earned from hotels managed and franchised worldwide:
–
Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us.
–
Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a long-term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract.
–
Franchise fees consist of an initial application fee and continuing royalty fees calculated based on a percentage of gross room revenues and in certain circumstances, food and beverage revenues and are recognized as the fees are earned and become due from the franchisee and when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor.
•
Other revenues
–
Other revenues includes revenues from our co-branded credit card. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner and (2) the fulfillment or expiration of a card member's activation offer. We receive incentive fees from our third-party partner upon activation of each credit card, which we defer until the associated compensated nights awarded on member activation are redeemed or expired.
–
Other revenues also includes revenues from our vacation ownership business, earned through the date of the sale of the business in the fourth quarter of 2014. Prior to the sale, we recognized vacation ownership revenue when a minimum of 10% of the purchase price for the interval had been received, the period of cancellation with refund had expired, and receivables were deemed collectible. For sales that did not qualify for full revenue recognition, as the project had progressed beyond the preliminary stages, but had not yet reached completion, all revenue and associated direct expenses were initially deferred and recognized in earnings through the percentage-of-completion method. As a result of the disposition, we earn license fees that are recorded to management and franchise fees on our consolidated statements of income.
•
Other revenues from managed properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage. These costs relate primarily to payroll costs at managed properties where we are the employer. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income.
Cash Equivalents [Policy Text Block] 
Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents.
Restricted Cash [Policy Text Block] 
Restricted Cash—We had restricted cash of $96 million and $359 million at December 31, 2015 and December 31, 2014, respectively, which includes:
•
sales proceeds of $70 million and $87 million, respectively, related to the 2014 disposition of two Canadian hotels, which remain in restricted cash as the Canadian tax regulations require a portion of the proceeds to be classified as restricted (see Note 7);
•
$13 million and $9 million, respectively, related to debt service on bonds that were acquired in connection with the acquisition of the entity that owned Grand Hyatt San Antonio (see Note 9); in addition, we have $10 million and $9 million, respectively, recorded in other assets; and
•
$7 million and $88 million, respectively, related to our captive insurance subsidiary for minimum capital and surplus requirements in accordance with local insurance regulations (see Note 14).
In addition, as of December 31, 2014, restricted cash includes $143 million of sales proceeds for like-kind exchange agreements that were placed into an escrow account administered by a qualified intermediary (see Note 7), and $27 million drawn on a loan being used for the development of a hotel in Brazil (see Note 9). The remaining restricted cash balances of $6 million and $5 million at December 31, 2015 and December 31, 2014, respectively, relate to secured real estate taxes, property insurance, escrow deposits on construction projects, security deposits, property and equipment reserves, and long-term loans. These amounts are invested in interest-bearing accounts.
Investments [Policy Text Block] 
Investments—We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary. Investments in unconsolidated hospitality ventures over which we exercise significant influence, but do not control, are accounted for under the equity method and those over which we are not able to exercise significant influence are accounted for under the cost method.
We assess investments in unconsolidated hospitality ventures for impairment quarterly. When there is indication that a loss in value has occurred, we evaluate the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other than temporary. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, our intent and ability to recover the lost value and current economic conditions. Impairments that are deemed other than temporary are charged to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
Marketable Securities [Policy Text Block] 
Marketable Securities—Our investments in marketable securities consist of various types of mutual funds, preferred shares, time deposits, common stock and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities and municipal and provincial notes and bonds and are classified as either trading, available-for-sale ("AFS") or held-to-maturity. Realized and unrealized gains and losses on trading securities are reflected in our consolidated statements of income in net gains and interest income from marketable securities held to fund operating programs and are recorded at fair value based on listed market prices or dealer price quotations where available. Unrealized gains and losses on AFS securities are reported as part of accumulated other comprehensive income (loss) on the consolidated balance sheets. Realized gains and losses on AFS securities are recognized in other income (loss), net. Held-to-maturity investments are debt security investments which we have the ability to hold until maturity. Held-to-maturity debt investments are recorded at amortized cost. AFS and held-to-maturity securities are assessed for impairment quarterly. To determine if an impairment is other than temporary, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to maturity, credit rating and our intent to sell. For debt securities that are deemed other than temporarily impaired and there is no intent to sell, impairments are separated into the amount related to the credit loss, which is recorded in our consolidated statements of income and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). For debt securities that are deemed other than temporarily impaired and there is intent to sell, impairments in their entirety are recorded on our consolidated statements of income
Foreign Currency [Policy Text Block] 
Foreign Currency—The functional currency of our consolidated and nonconsolidated entities located outside the United States of America is generally the local currency. The assets and liabilities of these entities are translated into U.S. dollars at year-end exchange rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive income (loss) on the consolidated balance sheets. Income and expenses are translated at the average exchange rate for the period. Gains and losses from foreign currency transactions are included in earnings. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a long-term nature are generally included in other comprehensive income (loss). Gains and losses from foreign exchange rate movement related to intercompany receivables and payables that are not of a long-term nature are included in earnings.
Financing Receivables [Policy Text Block] 
We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates and are recognized on our consolidated balance sheets at amortized cost in current and long-term receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have segregated our financing receivables into two portfolio segments based on the level at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the class of financing receivables to correspond to our identified portfolio segments, which are as follows:
•
Secured Financing to Hotel Owners—These financing receivables are senior, secured mortgage loans and are collateralized by underlying hotel properties currently in operation.
•
Unsecured Financing to Hotel Owners—These financing receivables are primarily made up of individual loans and other types of unsecured financing arrangements provided to hotel owners. These financing receivables have stated maturities and interest rates, however, the repayment terms vary and may be dependent upon future cash flows of the hotel.
We individually assess all loans within financing receivables for collectability and impairment. We determine a loan to be impaired if it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan agreement or if estimates of future cash flows available for repayment of unsecured receivables indicate there is a collection risk. This assessment is based on an analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including capital structure, loan performance, market factors, hotel performance, and financing arrangement. If the loan is secured, the assessment may also include the collateral of the underlying hotel.
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy [Policy Text Block] 
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We determine our financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due based on the contractual terms of the individual loans, if an impairment charge is recorded for a loan, or if a provision is established for our other financing arrangements.
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] 
If we consider a financing receivable to be non-performing, we place the financing receivable on non-accrual status.
Impaired Financing Receivable, Policy [Policy Text Block] 
We recognize interest income when received for impaired loans and financing receivables on non-accrual status which is recorded to other income (loss), net in the accompanying consolidated statements of income. Accrual of interest income is resumed when the receivable becomes contractually current and collection doubts are removed. We write off financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted.
We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For secured loans, the estimated fair value of the collateral will be used if that measurement method would be more appropriate given the nature of the loan, the underlying collateral, and the facts and circumstances of the individual loan. For impaired loans, we establish a specific loan loss reserve for the difference between the recorded investment in the loan and the estimated fair value. The loan loss reserve is maintained at a level deemed adequate by management based on a periodic analysis of the individual loans. In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we do not assess individually for impairment. We regularly evaluate our reserves for these other financing arrangements.
Inventories [Policy Text Block] 
Inventories—Inventories are comprised of operating supplies and equipment that have a period of consumption of one year or less, and food and beverage items at our owned and leased hotels which are generally valued at the lower of cost (first-in, first-out) or market.
Property and Equipment And Definite-Lived Intangibles [Policy Text Block] 
Property and Equipment and Definite-Lived Intangibles—We evaluate the carrying value of our property and equipment and definite-lived intangibles for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers. We evaluate the carrying value of our property and equipment and definite-lived intangibles based on our plans, at the time, for such assets and consider qualitative factors such as future development in the surrounding area and status of expected local competition. Changes to our plans, including a decision to dispose of or change the intended use of an asset, may have a material impact on the carrying value of the asset.
Property and equipment and definite-lived intangibles are stated at cost, including interest incurred during development and construction periods, less accumulated depreciation and amortization. Depreciation and amortization are recognized over the estimated useful lives of the assets, primarily on the straight-line method.
Useful lives assigned to property and equipment are as follows:
Buildings and improvements
10-50 years
Leasehold improvements
The shorter of the lease term or useful life of asset
Furniture and equipment
3-20 years
Computers
3-7 years

Useful lives assigned to definite-lived intangibles are as follows:
Management and franchise agreement intangibles
Initial term of management or franchise agreement
Lease related intangibles
Lease term
Advanced booking intangibles
Period of the advanced bookings
Acquisitions [Policy Text Block] 
Acquisitions—Assets acquired and liabilities assumed in business combinations are recorded on our consolidated balance sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by us have been included in the consolidated statements of income since their respective dates of acquisition. In certain circumstances, the purchase price allocations are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when we receive final information, including appraisals and other analyses.
Guarantees [Policy Text Block] 
Guarantees—We enter into performance guarantees related to certain hotels that we manage. We also enter into debt repayment guarantees with respect to certain hotels that we manage or franchise, primarily in which we also hold an equity investment. We record a liability for the fair value of these performance and debt repayment guarantees at their inception date. The corresponding offset depends on the circumstances in which the guarantee was issued and is recorded to investments, intangibles or expense. We amortize the liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based approach. Performance guarantees and debt repayment guarantees related to our managed hotels are amortized into income in other income (loss), net in the consolidated statements of income and debt repayment guarantees that relate to our unconsolidated hospitality ventures are amortized into income in equity earnings (losses) from unconsolidated hospitality ventures in the consolidated statements of income. On a quarterly basis, we evaluate the likelihood of funding under a guarantee. To the extent we determine an obligation to fund under a guarantee is both probable and estimable, we will record a separate contingent liability. The expense related to the separate contingent liability is recognized in other income (loss), net or equity earnings (losses) from unconsolidated hospitality ventures in the period that we determine funding is probable for that period.
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] 
Goodwill—As required, we evaluate goodwill for impairment on an annual basis, and do so during the fourth quarter of each year using balances as of October 1 and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. This is done either by performing a qualitative assessment or proceeding to the two-step process, with an impairment being recognized only where the fair value of the reporting unit is less than its carrying value. In any given year we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or we elect to bypass the qualitative assessment, we proceed to the two-step process. When determining fair value, we utilize internally developed discounted future cash flow models, third-party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows, discount rates and the terminal value growth rate assumptions. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit’s estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination. We perform the allocation based on our knowledge of the reporting unit, the market in which they operate, and our overall knowledge of the hospitality industry. Changes in our allocation approach could result in different measures of implied fair value and impact the final impairment charge, if any.
Income Taxes [Policy Text Block] 
Income Taxes—We account for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. We recognize the financial statement effect of a tax position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review by taxing authorities. These estimates are based on judgments made with currently available information. We review these estimates and make changes to recorded amounts of uncertain tax positions as facts and circumstances warrant.
Fair Value [Policy Text Block] 
Fair Value—We disclose the fair value of our financial assets and liabilities based on observable market information where available, or on market participant assumptions. These assumptions are subjective in nature, involve matters of judgment, and, therefore, fair values cannot always be determined with precision. When determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the hierarchy are as follows:
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities;
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; and
Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques.
We utilize the market approach and income approach for valuing our financial instruments. The market approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities and the income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). For instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy.
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these items and their close proximity to maturity.
Hyatt Gold Passport Fund [Policy Text Block] 
Hyatt Gold Passport —The Hyatt Gold Passport program (the "Program") is our frequent guest loyalty program. We operate the Program through the Hyatt Gold Passport Fund (the "Fund") for the benefit of the Hyatt portfolio of properties owned, operated, managed, licensed or franchised by us during the period of their participation in the Program. The Fund has been established to provide for the payment of operating expenses and redemption of member awards associated with the Program.
The Program allows members to earn points for qualified spending at the Hyatt portfolio of properties. Points earned by members can be redeemed for goods and services at the Hyatt portfolio of properties, and to a lesser degree, through other redemption opportunities with third parties, such as the conversion to airline miles. Points cannot be redeemed for cash. We charge the cost of operating the Program, including the estimated cost of award redemption, to the properties based on members’ qualified expenditures. Due to the requirements under the Program that the properties reimburse us for the Program’s operating costs, we recognize this revenue from properties at the time such costs are incurred and expensed. We defer revenue received from the properties equal to the actuarially determined estimate of our future redemption obligation. Upon the redemption of points, we recognize the previously deferred revenue and recognize the corresponding expense relating to the cost of the awards redeemed. Revenue is recognized by the properties when the points are redeemed, and expenses are recognized when the points are earned by the members.
We actuarially determine the estimate of the future redemption obligation based on statistical formulas that project the timing of future point redemption based on historical experience, including an estimate of the "breakage" for points that will never be redeemed, and an estimate of the points that will eventually be redeemed. Actual expenditures for the Program may differ from the actuarially determined liability.
The Fund is financed by payments from the properties and returns on marketable securities. The Fund invests amounts received from the properties in marketable securities which are included in other noncurrent assets (see Note 4). The noncurrent liabilities of the Fund are included in other long-term liabilities (see Note 12). Assets and liabilities of the Fund recorded at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Current Assets
$
179

 
$
145

Noncurrent Assets
280

 
284

Total Assets
$
459

 
$
429

 
 
 
 
Current Liabilities
$
179

 
$
145

Noncurrent Liabilities
280

 
284

Total Liabilities
$
459

 
$
429


The current liabilities include $166 million and $132 million recorded in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2015 and December 31, 2014, respectively.
Pension and Other Postretirement Plans, Nonpension Benefits [Policy Text Block] 
Defined Contribution Plans—We provide retirement benefits to certain eligible employees under the Retirement Savings Plan (a qualified plan under Internal Revenue Code Section 401(k)), the Field Retirement Plan (a nonqualified plan), and other similar plans. We record expenses related to the Retirement Savings Plan based on a percentage of eligible employee contributions on stipulated amounts; a substantial portion of these contributions are included in the other revenues from managed properties and other costs from managed properties lines in the consolidated statements of income as the costs of these programs are largely related to employees located at lodging properties managed by us and are therefore paid for by the property owners. Refer to the table below for costs related to these plans.
Deferred Compensation Plans—We provide nonqualified deferred compensation for certain employees through the Amended and Restated Hyatt Corporation Deferred Compensation Plan ("DCP"). Contributions and investment elections are determined by the employees. The Company also provides contributions according to preestablished formulas. A portion of these contributions relate to hotel property level employees, which are reimbursable to us and are included in the other revenues from managed properties and other costs from managed properties in the consolidated statements of income.
Commitments and Contingencies [Policy Text Block] 
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other hospitality venture owners.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We reasonably recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect that the ultimate resolution of such claims and litigation will have a material effect on our consolidated financial statements.
Self Insurance Reserve [Policy Text Block] 
The Company obtains commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self insurance basis primarily through a U.S. based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductible and retentions. Reserve requirements are established based on actuarial projections of ultimate losses.
Segment Reporting, Policy [Policy Text Block] 
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is the Chief Executive Officer. We define our reportable segments as follows:
•
Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States, but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture.
•
Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as China, Australia, South Korea and Japan. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
•
EAME/SW Asia management—This segment derives its earnings primarily from hotel management of our portfolio of brands located primarily in Europe, Africa, the Middle East, India and Nepal, as well as countries along the Persian Gulf and the Arabian Sea. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners with no added margin. These costs relate primarily to reservations, marketing and IT costs. These revenues and costs are recorded on the lines other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees that are collected from the Company’s owned hotels, which are eliminated in consolidation.
Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture before equity earnings (losses) from unconsolidated hospitality ventures; gains on sales of real estate and other; asset impairments; other income (loss), net; net (income) loss attributable to noncontrolling interests; depreciation and amortization; interest expense; and provision for income taxes.
New Accounting Pronouncements, Policy [Policy Text Block] 
Adopted Accounting Standards
In February 2015, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance related to management’s evaluation of consolidation for certain legal entities. The provisions of ASU 2015-02 are effective for interim and fiscal years beginning after December 15, 2015, with early adoption permitted. We have elected to early adopt ASU 2015-02 as of December 31, 2015, on a modified retrospective basis. The adoption of ASU 2015-02 did not materially impact our consolidated financial statements.

In November 2015, the FASB released Accounting Standards Update No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires deferred tax assets and liabilities to be presented as noncurrent in a classified balance sheet. The provisions of ASU 2015-17 are effective for interim and fiscal years beginning after December 15, 2016, with early adoption permitted. We have elected to early adopt ASU 2015-17 as of December 31, 2015 on a prospective basis. As a result of adopting the standard, we reclassified our net current deferred tax assets and liabilities to net noncurrent deferred tax assets and liabilities, respectively, on our consolidated financial statements for the year ended December 31, 2015. As we adopted on a prospective basis, the prior periods have not been restated.

Future Adoption of Accounting Standards
In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date. The Company is currently evaluating the impact of adopting ASU 2014-09.
Summary of Significant Accounting Policies (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
Useful lives assigned to definite-lived intangibles are as follows:
Management and franchise agreement intangibles
Initial term of management or franchise agreement
Lease related intangibles
Lease term
Advanced booking intangibles
Period of the advanced bookings
Property Plant and Equipment Useful Life [Table Text Block] 
Useful lives assigned to property and equipment are as follows:
Buildings and improvements
10-50 years
Leasehold improvements
The shorter of the lease term or useful life of asset
Furniture and equipment
3-20 years
Computers
3-7 years
Condensed Balance Sheet [Table Text Block] 
Assets and liabilities of the Fund recorded at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Current Assets
$
179

 
$
145

Noncurrent Assets
280

 
284

Total Assets
$
459

 
$
429

 
 
 
 
Current Liabilities
$
179

 
$
145

Noncurrent Liabilities
280

 
284

Total Liabilities
$
459

 
$
429

Equity And Cost Method Investments (Tables)
Equity And Cost Method Investment Balances 
Our equity and cost method investment balances recorded at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Equity method investments
$
304

 
$
311

Cost method investments
23

 
23

Total investments
$
327

 
$
334

Schedule of Equity Method Investments 
The carrying values and ownership percentages of our unconsolidated investments in hospitality ventures accounted for under the equity method as of December 31, 2015 and December 31, 2014 are as follows:
 
Ownership Interests
 
Investment Balance
December 31, 2015
 
December 31, 2014
Wailea Hotel Holdings, L.L.C.
66.6
%
 
$
125

 
$
136

Juniper Hotels Private Limited
50.0
%
 
44

 
34

Playa Hotels & Resorts B.V.
23.7
%
 
28

 
45

Desarrolladora Hotel Acueducto S. de R.L. de C.V.
50.0
%
 
15

 
8

Hotel Hoyo Uno, S. de R.L. de C.V.
40.0
%
 
14

 
20

San Jose Hotel Partners, L.L.C.
40.0
%
 
12

 
—

Other
 
 
66

 
68

Total
 
 
$
304

 
$
311

Summarized Financial Information 
The following tables present summarized financial information for all unconsolidated hospitality ventures in which we hold an investment that is accounted for under the equity method.
 
Years Ended December 31,
2015
 
2014
 
2013
Total revenues
$
1,079

 
$
1,192

 
$
978

Gross operating profit
312

 
329

 
315

Income from continuing operations
33

 
31

 
17

Net income
33

 
31

 
17

 
 
December 31, 2015
 
December 31, 2014
Current Assets
$
472

 
$
476

Noncurrent Assets
2,877

 
2,728

Total Assets
$
3,349

 
$
3,204

 
 
 
 
Current Liabilities
$
625

 
$
492

Noncurrent Liabilities
1,752

 
1,708

Total Liabilities
$
2,377

 
$
2,200

Marketable Securities (Tables)
Marketable Securities Held to Fund Operating Programs 
At December 31, 2015 and December 31, 2014, total marketable securities held to fund operating programs, which are recorded at fair value and included on the consolidated balance sheets, were as follows: 
 
December 31, 2015
 
December 31, 2014
Marketable securities held by the Hyatt Gold Passport Fund (Note 2)
$
384

 
$
357

Marketable securities held to fund deferred compensation plans (Note 12)
333

 
341

Marketable securities held to fund our captive insurance company
82

 
—

Total marketable securities held to fund operating programs
$
799

 
$
698

Less current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(121
)
 
(73
)
Marketable securities held to fund operating programs included in other assets
$
678

 
$
625

Net gains and Interest Income on Marketable Securities Held to Fund Operating Programs 
Net gains and interest income from marketable securities held to fund operating programs on the consolidated statements of income includes realized and unrealized gains (losses) and interest income, net related to the following:
 
Years Ended December 31,
2015
 
2014
 
2013
Hyatt Gold Passport Fund
$
1

 
$
3

 
$
(1
)
Deferred compensation plans
3

 
12

 
35

Total net gains and interest income from marketable securities held to fund operating programs
$
4

 
$
15

 
$
34

Marketable Securities Held for Investment Purposes 
At December 31, 2015 and December 31, 2014, our total marketable securities held for investment purposes and included on the consolidated balance sheets were as follows: 
 
December 31, 2015
 
December 31, 2014
Interest bearing money market funds
$
5

 
$
51

Time deposits
30

 
130

Preferred shares
335

 
280

Assets and Liabilities Measured on Recurring Basis 
As of December 31, 2015 and December 31, 2014, we had the following financial assets measured at fair value on a recurring basis (see Note 2 for definitions of fair value and the three levels of the fair value hierarchy):
 
December 31, 2015
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
18

 
$
18

 
$
—

 
$
—

 
$
—

Mutual funds
333

 
—

 
—

 
—

 
333

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
45

 
—

 
38

 
—

 
7

U.S. government obligations
131

 
—

 
—

 
32

 
99

U.S. government agencies
83

 
—

 
6

 
10

 
67

Corporate debt securities
168

 
—

 
2

 
36

 
130

Mortgage-backed securities
26

 
—

 
—

 
6

 
20

Asset-backed securities
27

 
—

 
—

 
7

 
20

Municipal and provincial notes and bonds
3

 
—

 
—

 
1

 
2

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred Shares
335

 
—

 
—

 
—

 
335

Total
$
1,169

 
$
18

 
$
46

 
$
92

 
$
1,013


 
December 31, 2014
 
Cash and Cash Equivalents
 
Short-term Investments
 
Prepaids and Other Assets
 
Other Assets
Level One - Quoted Prices in Active Markets for Identical Assets
 
 
 
 
 
 
 
 
 
Interest bearing money market funds
$
70

 
$
70

 
$
—

 
$
—

 
$
—

Mutual funds
341

 
—

 
—

 
—

 
341

Level Two - Significant Other Observable Inputs
 
 
 
 
 
 
 
 
 
Time deposits
130

 
—

 
130

 
—

 
—

U.S. government obligations
127

 
—

 
—

 
20

 
107

U.S. government agencies
34

 
—

 
—

 
5

 
29

Corporate debt securities
128

 
—

 
—

 
20

 
108

Mortgage-backed securities
23

 
—

 
—

 
4

 
19

Asset-backed securities
23

 
—

 
—

 
4

 
19

Municipal and provincial notes and bonds
3

 
—

 
—

 
—

 
3

Level Three - Significant Unobservable Inputs
 
 
 
 
 
 
 
 
 
Preferred shares
280

 
—

 
—

 
—

 
280

Total
$
1,159

 
$
70

 
$
130

 
$
53

 
$
906

Available-for-sale Securities 
The fair value of the preferred shares was: 
 
2015
 
2014
Fair value at January 1, recorded in other assets
$
280

 
$
278

Gross unrealized gains, recorded to other comprehensive income (loss)
55

 
9

Gross unrealized losses, recorded to other comprehensive income (loss)
—

 
(7
)
Fair value at December 31, recorded in other assets
$
335

 
$
280

Fair Value Inputs, Assets, Quantitative Information 
A summary of the significant assumptions used to estimate the fair value of our preferred investment as of December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Expected term
0.75 years

 
0.75 years

Risk-free Interest Rate
0.57
%
 
0.19
%
Volatility
46.0
%
 
43.9
%
Dividend Yield
12
%
 
10
%
Property and Equipment (Tables)
Property, Plant and Equipment 
Property and equipment at cost as of December 31, 2015 and December 31, 2014, consists of the following:
 
December 31, 2015
 
December 31, 2014
Land
$
674

 
$
710

Buildings
3,898

 
3,948

Leasehold improvements
220

 
226

Furniture, equipment and computers
1,209

 
1,173

Construction in progress
251

 
151

 
6,252

 
6,208

Less accumulated depreciation
(2,221
)
 
(2,022
)
Total
$
4,031

 
$
4,186

Depreciation 
Depreciation expense for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
Depreciation Expense
$
289

 
$
324

 
$
320

Financing Receivables (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
The two portfolio segments of financing receivables and their balances at December 31, 2015 and December 31, 2014 are as follows:
 
December 31, 2015
 
December 31, 2014
Secured financing to hotel owners
$
—

 
$
39

Unsecured financing to hotel owners
120

 
102

 
120

 
141

Less allowance for losses
(98
)
 
(100
)
Less current portion included in receivables, net
(2
)
 
(1
)
Total long-term financing receivables, net
$
20

 
$
40

Allowance For Credit Losses on Financing Receivables 
The following tables summarize the activity in our financing receivables allowance for the years ended December 31, 2015 and December 31, 2014:
 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2015
$
13

 
$
87

 
$
100

   Provisions
3

 
7

 
10

   Write-offs
(1
)
 
—

 
(1
)
   Recoveries
(9
)
 
—

 
(9
)
   Other adjustments
(6
)
 
4

 
(2
)
Allowance at December 31, 2015
$
—

 
$
98

 
$
98

 
Secured Financing
 
Unsecured Financing
 
Total
Allowance at January 1, 2014
$
13

 
$
83

 
$
96

  Provisions
—

 
6

 
6

  Other adjustments
—

 
(2
)
 
(2
)
Allowance at December 31, 2014
$
13

 
$
87

 
$
100

Unsecured Financing Receivables 
Our unsecured financing receivables are as follows:
 
December 31, 2015
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
15

 
$
—

 
$
15

 
$
—

Impaired loans (1)
58

 
(58
)
 
—

 
58

Total loans
73

 
(58
)
 
15

 
58

Other financing arrangements
47

 
(40
)
 
7

 
40

Total unsecured financing receivables
$
120

 
$
(98
)
 
$
22

 
$
98

(1) The unpaid principal balance was $42 million and the average recorded loan balance was $55 million as of December 31, 2015.
 
December 31, 2014
 
Gross Loan Balance (Principal and Interest)
 
Related Allowance
 
Net Financing Receivables
 
Gross Receivables on Non-Accrual Status
Loans
$
7

 
$
—

 
$
7

 
$
—

Impaired loans (2)
52

 
(52
)
 
—

 
52

Total loans
59

 
(52
)
 
7

 
52

Other financing arrangements
43

 
(35
)
 
8

 
35

Total unsecured financing receivables
$
102

 
$
(87
)
 
$
15

 
$
87

(2) The unpaid principal balance was $37 million and the average recorded loan balance was $52 million as of December 31, 2014.
Fair Value, by Balance Sheet Grouping 
Fair Value—We estimated the fair value of financing receivables to approximate $22 million and $43 million as of December 31, 2015 and December 31, 2014, respectively. For further information on fair value, see Note 2.
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Financing receivables
 
 
 
 
 
 
 
 
 
Secured financing to hotel owners
$


 
$


 
$
—

 
$
—

 
$


Unsecured financing to hotel owners
22

 
22

 
—

 
—

 
22

 
Asset (Liability)
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other
Observable Inputs
(Level Two)
 
Significant Unobservable Inputs (Level Three)
Financing receivables
 
 
 
 
 
 
 
 
 
Secured financing to hotel owners
$
26

 
$
29

 
$
—

 
$
—

 
$
29

Unsecured financing to hotel owners
15

 
14

 
—

 
—

 
14

Acquisitions and Dispositions (Tables)
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
7

Receivables
4

Inventories
1

Property and equipment
207

Goodwill
17

Intangibles
4

Deferred tax assets
1

Total assets
$
241

 
 
Current portion of long-term debt
$
4

Current liabilities
8

Long-term debt
65

Total liabilities
77

Total net assets acquired
$
164

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
1

Restricted cash
10

Property and equipment
226

Goodwill
7

Intangibles
10

Other assets
11

Total assets
$
265

 
 
Current liabilities
$
11

Deferred tax liability
2

Long-term debt, net of bond discount
186

Total liabilities
199

     Total net assets acquired
$
66

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are primarily recorded in our owned and leased hotels segment at the date of acquisition:
Cash and cash equivalents
$
2

Prepaids and other current assets
3

Property and equipment
678

Intangibles
39

Total assets
$
722

 
 
Current liabilities
$
6

Total liabilities
6

     Total net assets acquired
$
716

Goodwill And Intangible Assets (Tables)
Schedule of Goodwill 
The following is a summary of changes in the carrying amount of goodwill:
 
Owned and Leased Hotels
 
Americas Management and Franchising
 
Other
 
Total
Balance as of January 1, 2014
 
 
 
 
 
 
 
Goodwill
$
203

 
$
33

 
$
4

 
$
240

Accumulated impairment losses
(93
)
 
—

 
—

 
(93
)
Goodwill, net
$
110

 
$
33

 
$
4

 
$
147

Activity during the year
 
 
 
 
 
 
 
Additions
10

 
—

 
—

 
10

Disposals or held for sale
(14
)
 
—

 
(4
)
 
(18
)
Foreign exchange*
(4
)
 
—

 
—

 
(4
)
Impairment losses
(2
)
 
—

 
—

 
(2
)
Balance as of December 31, 2014
 
 
 
 
 
 
 
Goodwill
195

 
33

 
—

 
228

Accumulated impairment losses
(95
)
 
—

 
—

 
(95
)
Goodwill, net
$
100

 
$
33

 
$
—

 
$
133

Activity during the year
 
 
 
 
 
 
 
Foreign exchange*
(4
)
 
—

 
—

 
(4
)
Balance as of December 31, 2015
 
 
 
 
 
 
 
Goodwill
191

 
33

 
—

 
224

Accumulated impairment losses
(95
)
 
—

 
—

 
(95
)
Goodwill, net
$
96

 
$
33

 
$
—

 
$
129


* Foreign exchange translation adjustments related to the goodwill associated with Hyatt Regency Mexico City.
Schedule of Intangible Assets by Major Class 
The following is a summary of intangible assets, net:
 
December 31, 2015
 
Weighted Average Useful Lives
 
December 31, 2014
Management and franchise agreement intangibles
$
535

 
25

 
$
511

Lease related intangibles
136

 
111

 
143

Advanced booking intangibles
12

 
5

 
12

Brand intangible
7

 
—

 
7

Other
8

 
11

 
8

 
698

 
 
 
681

Accumulated amortization
(151
)
 
 
 
(129
)
Intangibles, net
$
547

 
 
 
$
552

Schedule of Intangible Asset Amortization Expense 
Amortization expense relating to intangible assets for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
 
2015
 
2014
 
2013
Amortization Expense
$
31

 
$
30

 
$
25

Schedule of Definite-Lived Intangible Assets, Future Amortization Expense 
We estimate amortization expense for definite-lived intangibles for the years 2016 through 2020 to be:
Years Ending December 31,
 
2016
$
27

2017
26

2018
24

2019
24

2020
23

Schedule of Impaired Goodwill and Definite-Lived Intangibles 
During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, we recorded the following impairment charges, which are included in asset impairments on the consolidated statements of income:
 
Years Ended December 31,
 
2015
 
2014
 
2013
Goodwill
$
—

 
$
2

 
$
—

Definite-lived intangibles
—

 
2

 
11

Debt (Tables)
Schedule of Debt 
Debt as of December 31, 2015 and December 31, 2014 consists of the following:
 
December 31, 2015
 
December 31, 2014
$250 million senior unsecured notes maturing in 2016—3.875%
$
250

 
$
250

$196 million senior unsecured notes maturing in 2019—6.875%
196

 
196

$250 million senior unsecured notes maturing in 2021—5.375%
250

 
250

$350 million senior unsecured notes maturing in 2023—3.375%
348

 
348

Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A
125

 
124

Contract Revenue Bonds, Senior Taxable Series 2005B
60

 
63

Floating average rate construction loan
65

 
73

Senior secured term loan
65

 
68

Revolving credit facility
—

 
—

Other
—

 
1

Long-term debt before capital lease obligations
1,359

 
1,373

Capital lease obligations
16

 
17

Total long-term debt
1,375

 
1,390

Less current maturities
(328
)
 
(9
)
Total long-term debt, net of current maturities
$
1,047

 
$
1,381

Schedule of Maturities of Long-term Debt 
Under existing agreements, maturities of debt for the next five years and thereafter are as follows:
Years Ending December 31,
 
2016
$
328

2017
14

2018
15

2019
211

2020
16

Thereafter
791

Total
$
1,375

Fair Value, by Balance Sheet Grouping 
We estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. Market inputs include quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive markets, and quoted market prices in active and inactive markets for similar securities. We estimated the fair value of our other long-term debt instruments using discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our other long-term debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.
 
Asset (Liability)
 
December 31, 2015
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,359
)
 
$
(1,421
)
 
$
—

 
$
(1,277
)
 
$
(144
)
 
Asset (Liability)
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level One)
 
Significant Other Observable Inputs (Level Two)
 
Significant Unobservable Inputs (Level Three)
Debt, excluding capital lease obligations
$
(1,373
)
 
$
(1,479
)
 
$
—

 
$
(1,319
)
 
$
(160
)
Leases (Tables)
Schedule of Future Lease Payments 
The future minimum lease payments due in each of the next five years and thereafter are as follows:
Years Ending December 31,
Operating Leases
 
Capital Leases
2016
$
41

 
$
3

2017
39

 
2

2018
33

 
2

2019
38

 
2

2020
28

 
2

Thereafter
474

 
10

Total minimum lease payments
$
653

 
$
21

Less amount representing interest
 
 
5

Present value of minimum lease payments
 
 
$
16

Schedule of Rent Expense 
A summary of rent expense from continuing operations for all operating leases is as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
Minimum rentals
$
34

 
$
35

 
$
32

Contingent rentals
53

 
49

 
47

Total
$
87

 
$
84

 
$
79

Schedule of Future Minimum Rental Payments for Operating Leases 
The future minimum lease receipts scheduled to be received in each of the next five years and thereafter are as follows:
Years Ending December 31,
 
2016
$
22

2017
19

2018
15

2019
10

2020
9

Thereafter
61

Total minimum lease receipts
$
136

Employee Benefit Plans (Tables)
Schedule of Changes in Projected Benefit Obligations 
The following table shows the change in benefit obligation as of December 31, 2015 and December 31, 2014 (the measurement dates), for the unfunded U.S. plan. As of December 31, 2015 and December 31, 2014 we had no plan assets related to the unfunded U.S. plan.
 
December 31, 2015
 
December 31, 2014
Change in benefit obligation:
 
 
 
Benefit obligation—beginning of year
$
20

 
$
19

Interest cost
1

 
1

Actuarial (gain) loss
1

 
1

Benefits paid
(1
)
 
(1
)
Benefit obligation—end of year
$
21

 
$
20

Accumulated benefit obligation
$
21

 
$
20

Schedule of Amounts Recognized in Balance Sheet 
Amounts recognized in the consolidated balance sheets as of December 31, 2015 and December 31, 2014:
 
December 31, 2015
 
December 31, 2014
Accrued current benefit liability
$
(1
)
 
$
(1
)
Accrued long-term benefit liability
(20
)
 
(19
)
Funded status
$
(21
)
 
$
(20
)
Schedule or Description of Weighted Average Discount Rate 
The weighted average assumptions used in the measurement of our benefit obligation as of December 31, 2015 and December 31, 2014, for the unfunded U.S. plan are as follows:
 
December 31, 2015
 
December 31, 2014
Discount rate
3.90
%
 
3.65
%
Schedule of Assumptions Used 
The weighted average assumptions used in the measurement of our net cost as of December 31, 2015, December 31, 2014, and December 31, 2013, for the unfunded U.S. plan are as follows:
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
Discount rate
3.65
%
 
4.40
%
 
3.50
%
Rate of compensation increase
—
%
 
—
%
 
—
%
Schedule of Expected Benefit Payments 
As of December 31, 2015, the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter, are disclosed below. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service as follows:
Years Ending December 31,
 
2016
$
1

2017
1

2018
1

2019
1

2020
1

2021-2025
6

Total
$
11

Schedule Of Costs of Retirement Plans 
Refer to the table below for costs related to the DCP.
 
Years Ended December 31,
 
2015
 
2014
 
2013
Defined benefit plan
$
1

 
$
1

 
$
1

Defined contribution plans
35

 
35

 
33

Deferred compensation plans
4

 
5

 
5

Schedule of Multiemployer Plans 
Multi-Employer Pension Plans—Certain employees are covered by union sponsored multi-employer pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined in the table below:
 
 
 
 
Pension Protection Act Zone Status
 
Contributions
Pension Fund
 
EIN/Pension Plan Number
 
2015
 
2014
 
2015
 
2014
 
2013
New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund
 
13-1764242/001
 
Green (1)
 
Green (2)
 
$
4

 
$
4

 
$
4

National Retirement Fund
 
13-6130178/001
 
Red (1)
 
Red (2)
 
3

 
3

 
3

Other Funds
 
Various
 
 
 
 
 
4

 
5

 
4

Total Contributions
 
 
 
 
 
 
 
$
11

 
$
12

 
$
11

(1) As of January 1, 2015
(2) As of January 1, 2014
Other Long-Term Liabiliites (Tables)
Other Long-Term Liabiltiies [Table Text Block]
Other long-term liabilities consist of the following:
 
December 31, 2015
 
December 31, 2014
Deferred gains on sales of hotel properties
$
367

 
$
383

Deferred compensation plans (see Note 11)
333

 
341

Hyatt Gold Passport Fund (see Note 2)
280

 
284

Guarantee liabilities (see Note 14)
120

 
110

Deferred income taxes (see Note 13)
59

 
66

Other accrued income taxes (see Note 13)
127

 
62

Defined benefit plans (see Note 11)
20

 
19

Other
141

 
136

Total
$
1,447

 
$
1,401

Income Taxes (Tables)
Schedule of Income before Income Tax, Domestic and Foreign 
Our tax provision includes federal, state, local, and foreign income taxes. The domestic and foreign components of income before income taxes for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 are as follows:
 
Years Ended December 31,
2015
 
2014
 
2013
U.S. income before tax
$
119

 
$
493

 
$
256

Foreign income before tax
75

 
32

 
65

Income before income taxes
$
194

 
$
525

 
$
321

Schedule of Components of Income Tax Expense (Benefit) 
The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 is comprised of the following:
 
Years Ended December 31,
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
134

 
$
164

 
$
85

State
18

 
7

 
14

Foreign
21

 
36

 
24

Total Current
$
173

 
$
207

 
$
123

Deferred:
 
 
 
 
 
Federal
$
(78
)
 
$
(10
)
 
$
(11
)
State
(20
)
 
(6
)
 
9

Foreign
(5
)
 
(12
)
 
(5
)
Total Deferred
$
(103
)
 
$
(28
)
 
$
(7
)
Total
$
70

 
$
179

 
$
116

Schedule of Effective Income Tax Rate Reconciliation 
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate from continuing operations:
 
Years Ended December 31,
2015
 
2014
 
2013
Statutory U.S. federal income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes—net of federal tax benefit
3.5

 
3.4

 
4.8

Impact of foreign operations (excluding unconsolidated hospitality ventures losses)
(13.8
)
 
0.9

 
(1.3
)
Foreign unconsolidated hospitality ventures losses
10.0

 
0.8

 
0.9

Tax contingencies
(1.5
)
 
(2.6
)
 
0.2

Change in valuation allowances
3.1

 
(1.0
)
 
—

Adjustments to deferred tax assets
1.2

 
(1.5
)
 
—

General business credits
(1.9
)
 
(0.4
)
 
(1.3
)
Equity based compensation
(0.5
)
 
0.4

 
1.1

Other
1.1

 
(0.9
)
 
(3.2
)
Effective income tax rate
36.2
 %
 
34.1
 %
 
36.2
 %
Schedule of Deferred Tax Assets and Liabilities 
The components of the net deferred tax asset from continuing operations at December 31, 2015 and December 31, 2014 are comprised of the following:
 
December 31, 2015
 
December 31, 2014
Deferred tax assets related to:
 
 
 
Employee benefits
$
196

 
$
181

Foreign and state net operating losses and credit carryforwards
34

 
37

Investments
70

 
59

Allowance for uncollectible assets
36

 
36

Intangibles
4

 
8

Deferred gains on sales of hotel properties
142

 
149

Hyatt Gold Passport Fund
81

 
21

Interest and state benefits
2

 
4

Unrealized investment losses
5

 
5

Other
50

 
55

Valuation allowance
(17
)
 
(15
)
Total deferred tax asset
$
603

 
$
540

Deferred tax liabilities related to:
 
 
 
Property and equipment
$
(258
)
 
$
(312
)
Investments
(33
)
 
(33
)
Unrealized gains
(45
)
 
(23
)
Prepaid expenses
(13
)
 
(11
)
Other
(12
)
 
(7
)
Total deferred tax liabilities
$
(361
)
 
$
(386
)
Net deferred tax assets
$
242

 
$
154

Recognized in the balance sheet as:
 
 
 
Deferred tax assets—current
$
—

 
$
26

Deferred tax assets—noncurrent
301

 
196

Deferred tax liabilities—current
—

 
(2
)
Deferred tax liabilities—noncurrent
(59
)
 
(66
)
Total
$
242

 
$
154

Unrecognized Tax Benefits Reconciliation 
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, 2015 and December 31, 2014 is as follows:
 
2015
 
2014
Unrecognized tax benefits—beginning balance
$
40

 
$
53

Total increases—current period tax positions
13

 
2

Total (decreases) increases—prior period tax positions
69

 
(8
)
Settlements
—

 
(2
)
Lapse of statute of limitations
(8
)
 
(3
)
Foreign currency fluctuation
(4
)
 
(2
)
Unrecognized tax benefits—ending balance
$
110

 
$
40

Commitments And Contingencies (Tables)
Schedule of Guarantor Obligations 
The following table details the total performance guarantee liability (inclusive of the initial guarantee liability, net of amortization and the contingent liability, net of cash payments):
 
 
The Four Managed Hotels in France
 
Other Performance Guarantees
 
All Performance Guarantees
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Beginning balance, January 1
 
$
106

 
$
123

 
$
5

 
$
6

 
$
111

 
$
129

Amortization of initial guarantee obligation liability into income
 
(10
)
 
(6
)
 
(2
)
 
(1
)
 
(12
)
 
(7
)
Performance guarantee expense (income), net
 
28

 
19

 
(1
)
 
4

 
27

 
23

Net (payments) receipts during the year
 
(20
)
 
(18
)
 
2

 
(4
)
 
(18
)
 
(22
)
Foreign currency exchange, net
 
(11
)
 
(12
)
 
—

 
—

 
(11
)
 
(12
)
Ending balance, December 31
 
$
93

 
$
106

 
$
4

 
$
5

 
$
97

 
$
111

Debt Repayment Guarantees 
Included within debt guarantees are the following:
Property Description
 
Maximum Guarantee Amount
 
Amount Recorded at December 31, 2015
 
Amount Recorded at December 31, 2014
 
Year of Guarantee Expiration
Hotel properties in India
 
$
170

 
$
27

 
$
—

 
2020
Hotel property in Brazil
 
74

 
4

 
2

 
2020
Vacation ownership property
 
44

 
—

 
—

 
2016
Hotel property in Minnesota
 
25

 
2

 
3

 
2018
Hotel property in Arizona
 
23

 
3

 
—

 
2019
Hotel property in Hawaii
 
18

 
3

 
1

 
2017
Hotel property in Colorado
 
15

 
—

 
1

 
2016
Other
 
22

 
—

 
—

 
various, through 2020
Total Debt Repayment Guarantees
 
$
391

 
$
39

 
$
7

 
 
Equity (Tables)
Schedule of Accumulated Other Comprehensive Loss
The following table details the accumulated other comprehensive loss activity for the years ended December 31, 2015 and December 31, 2014, respectively.
 
Balance at
January 1, 2015
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss (a)
 
Balance at
December 31, 2015
Foreign currency translation adjustments
$
(155
)
 
$
(123
)
 
$
21

 
$
(257
)
Unrealized gain on AFS securities
6

 
33

 
—

 
39

Unrecognized pension cost
(5
)
 
(2
)
 
—

 
(7
)
Unrealized gain (loss) on derivative instruments
(6
)
 
1

 
—

 
(5
)
Accumulated Other Comprehensive Loss
$
(160
)
 
$
(91
)
 
$
21

 
$
(230
)
(a) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized within equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
 
 
 
 
 
 
 
 
 
Balance at
January 1, 2014
 
Current period other comprehensive income (loss) before reclassification
 
Amount Reclassified from Accumulated Other Comprehensive Loss (b)
 
Balance at
December 31, 2014
Foreign currency translation adjustments
$
(62
)
 
$
(86
)
 
$
(7
)
 
$
(155
)
Unrealized gain (loss) on AFS securities
6

 
—

 
—

 
6

Unrecognized pension cost
(5
)
 
—

 
—

 
(5
)
Unrealized gain (loss) on derivative instruments
(7
)
 
1

 
—

 
(6
)
Accumulated Other Comprehensive Loss
$
(68
)
 
$
(85
)
 
$
(7
)
 
$
(160
)
(b) Foreign currency translation adjustments, net of a tax impact of $0, reclassified from accumulated other comprehensive loss were recognized as a deferred gain within other long-term liabilities on the consolidated balance sheets when we sold a hotel and substantially liquidated the entity.
Stock-Based Compensation (Tables)
Compensation Expense Related To Long-Term Incentive Plan 
Compensation expense (income) included in selling, general, and administration expense on our consolidated statements of income related to these awards for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows:
 
Years Ended December 31,
 
2015
 
2014
 
2013
SARs
$
9

 
$
19

 
$
8

RSUs
17

 
31

 
17

PSSs
(3
)
 
4

 
3

Income Tax Benefit Share Based Compensation 
The expected income tax benefit to be realized at the time of vest related to these awards for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 was as follows: 
 
Years Ended December 31,
 
2015
 
2014
 
2013
SARs
$
3

 
$
7

 
$
3

RSUs
5

 
8

 
6

PSSs
(1
)
 
2

 
1

Stock Appreciation Rights by Grant Date 
The following table sets forth a summary of the SAR grants in 2015, 2014, and 2013: 
Grant Date
 
SARs Granted
 
Per SAR Value at Date of Grant
 
Vesting Period
 
Vesting Start Month
March 2015
 
380,604

 
$
20.64

 
25
% annually
 
March 2016
March 2015
 
41,373

 
24.17

 
50
% annually
 
March 2018
February 2015
 
39,401

 
25.38

 
100
% at vest
 
March 2018
February 2014
 
327,307

 
22.57

 
25
% annually
 
March 2015
March 2013
 
472,003

 
17.95

 
25
% annually
 
March 2014
March 2013
 
54,914

 
18.21

 
100
% at vest
 
March 2017
Schedule of Share-based Payment Award SAR Valuation Assumptions 
The fair value of each SAR was estimated based on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: 
 
2015
 
2014
 
2013
Exercise Price
$
56.57

 
$
49.39

 
$
43.44

Expected Life in Years
6.309

 
6.290

 
6.330

Risk-free Interest Rate
1.63
%
 
1.93
%
 
1.18
%
Expected Volatility
35.39
%
 
44.32
%
 
40.67
%
Annual Dividend Yield
—
%
 
—
%
 
—
%
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity 
A summary of employee SAR activity as of December 31, 2015, and changes during 2015, are presented below: 
 
SAR Units
 
Weighted Average Exercise Price (in whole dollars)
 
Weighted Average Contractual Term
Outstanding at December 31, 2014:
3,465,584

 
$
46.37

 
5.42
Granted
461,378

 
56.57

 
9.22
Exercised
(50,025
)
 
42.73

 
1.63
Outstanding at December 31, 2015:
3,876,937

 
$
47.63

 
5.03
Exercisable as of December 31, 2015:
2,812,948

 
$
46.64

 
3.83
Restricted Stock Units by Grant Date 
The following table sets forth a summary of the employee RSU grants in 2015, 2014, and 2013: 
Grant Date
 
RSUs
 
Value
 
Total Value (in millions)
 
Vesting Period
December 2015
 
4,089

 
$
48.90

 
$
—

 
4 years
September 2015
 
3,898

 
51.30

 
—

 
3 years
September 2015
 
8,576

 
51.30

 
—

 
4 years
May 2015
 
23,746

 
58.95

 
1

 
4 years
March 2015
 
380,939

 
56.27

 
21

 
4 years
February 2015
 
29,278

 
59.77

 
2

 
4 years
September 2014
 
2,452

 
61.17

 
—

 
4 years
February 2014
 
376,328

 
49.39

 
19

 
4 years
December 2013
 
2,132

 
46.90

 
—

 
4 years
September 2013
 
13,082

 
45.86

 
1

 
4 years
June 2013
 
2,218

 
40.56

 
—

 
4 years
March 2013
 
453,356

 
43.44

 
20

 
4 years
Schedule of Nonvested Restricted Stock Units Activity 
A summary of the status of the nonvested employee restricted stock unit awards outstanding under the LTIP as of December 31, 2015 is presented below: 
 
Restricted Stock
Units
 
Weighted Average Grant Date Fair Value (in whole dollars)
Nonvested at December 31, 2014:
1,070,638

 
$
43.60

Granted
450,526

 
56.43

Vested
(462,393
)
 
41.54

Forfeited or canceled
(44,197
)
 
48.61

Nonvested at December 31, 2015:
1,014,574

 
$
50.02

Performance Vesting Restricted Stock 
The following table sets forth a summary of PSS grants in 2015, 2014, and 2013:
Year Granted
 
PSSs Granted
 
Weighted Average Grant Date Fair Value (in whole dollars)
 
Performance Period
 
Performance Period Start Date
2015
 
146,902

 
$
56.27

 
3 years
 
January 1, 2015
2014
 
162,906

 
$
49.39

 
3 years
 
January 1, 2014
2013
 
218,686

 
$
43.44

 
3 years
 
January 1, 2013
Unearned Compensation Future Compensation Expense 
Our total unearned compensation for our stock-based compensation programs as of December 31, 2015 was $3 million for SARs, $15 million for RSUs and $3 million for PSSs, which is expected to be recorded to compensation expense as follows: 
 
2016
 
2017
 
2018
 
2019
 
Total
SARs
$
2

 
$
1

 
$
—

 
$
—

 
$
3

RSUs
7

 
5

 
2

 
1

 
15

PSSs
2

 
1

 
—

 
—

 
3

Total
$
11

 
$
7

 
$
2

 
$
1

 
$
21

Segment and Geographic Information (Tables)
Summarized Consolidated Financial Information by Segment 
The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, our vacation ownership business prior to the sale in the fourth quarter of 2014, license fees related to Hyatt Residence Club, and our co-branded credit card. 
 
Years Ended December 31,
2015
 
2014
 
2013
Owned and leased hotels
 
 
 
 
 
Owned and leased hotels revenues
$
2,079

 
$
2,246

 
$
2,142

Adjusted EBITDA
493

 
522

 
471

Depreciation and amortization
277

 
322

 
315

Capital expenditures
225

 
208

 
211

Americas management and franchising
 
 
 
 
 
Management and franchise fees revenues
354

 
327

 
292

Other revenues from managed properties
1,641

 
1,550

 
1,482

Intersegment revenues (a)
74

 
88

 
86

Adjusted EBITDA
295

 
253

 
233

Depreciation and amortization
19

 
18

 
17

Capital expenditures
—

 
1

 
1

ASPAC management and franchising
 
 
 
 
 
Management and franchise fees revenues
91

 
88

 
83

Other revenues from managed properties
87

 
74

 
74

Intersegment revenues (a)
2

 
2

 
3

Adjusted EBITDA
52

 
44

 
50

Depreciation and amortization
1

 
1

 
1

Capital expenditures
1

 
1

 
—

EAME/SW Asia management
 
 
 
 
 
Management and franchise fees revenues
67

 
77

 
72

Other revenues from managed properties
58

 
53

 
45

Intersegment revenues (a)
13

 
15

 
16

Adjusted EBITDA
32

 
40

 
40

Depreciation and amortization
5

 
6

 
5

Capital expenditures
—

 
—

 
—

Corporate and other
 
 
 
 
 
Revenues
40

 
75

 
78

Other revenues from managed properties
—

 
30

 
21

Adjusted EBITDA
(145
)
 
(131
)
 
(114
)
Depreciation and amortization
18

 
7

 
7

Capital expenditures
43

 
43

 
20

Eliminations (a)
 
 
 
 
 
Revenues
(89
)
 
(105
)
 
(105
)
Adjusted EBITDA
—

 
—

 
—

Depreciation and amortization
—

 
—

 
—

Capital expenditures
—

 
—

 
—

TOTAL
 
 
 
 
 
Revenues
$
4,328

 
$
4,415

 
$
4,184

Adjusted EBITDA
727

 
728

 
680

Depreciation and amortization
320

 
354

 
345

Capital expenditures
269

 
253

 
232

(a)
Intersegment revenues are included in the management and franchise fees revenues totals and eliminated in Eliminations.
Reconciliation of Assets from Segment to Consolidated 
The table below shows summarized consolidated balance sheet information by segment:
Total Assets
 
December 31, 2015
 
December 31, 2014
Owned and leased hotels
$
5,281

 
$
5,622

Americas management and franchising
464

 
482

ASPAC management and franchising
131

 
130

EAME/SW Asia management
234

 
177

Corporate and other
1,486

 
1,732

TOTAL
$
7,596

 
$
8,143


Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas 
The following table presents revenues and property and equipment, net, intangibles, net and goodwill by geographical region: 
 
Years Ended December 31,
2015
 
2014
 
2013
Revenues:
 
 
 
 
 
United States
$
3,494

 
$
3,476

 
$
3,270

All Foreign
834

 
939

 
914

Total
$
4,328

 
$
4,415

 
$
4,184

 
 
 
 
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Property and Equipment, net, Intangibles, net and Goodwill:
 
 
 
 
 
United States
$
3,562

 
$
3,643

 
 
All Foreign
1,145

 
1,228

 
 
Total
$
4,707

 
$
4,871

 
 
Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation 
The table below provides a reconciliation of our consolidated Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to net income attributable to Hyatt Hotels Corporation for the years ended December 31, 2015, December 31, 2014 and December 31, 2013: 
 
Years Ended December 31,
2015
 
2014
 
2013
Adjusted EBITDA
$
727

 
$
728

 
$
680

Equity earnings (losses) from unconsolidated hospitality ventures
(64
)
 
25

 
(1
)
Gains on sales of real estate and other
9

 
311

 
125

Asset impairments
(5
)
 
(17
)
 
(22
)
Other income (loss), net
(5
)
 
(17
)
 
17

Net (income) loss attributable to noncontrolling interests
—

 
(2
)
 
2

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
(80
)
 
(80
)
 
(68
)
EBITDA
582

 
948

 
733

Depreciation and amortization
(320
)
 
(354
)
 
(345
)
Interest expense
(68
)
 
(71
)
 
(65
)
Provision for income taxes
(70
)
 
(179
)
 
(116
)
Net income attributable to Hyatt Hotels Corporation
$
124

 
$
344

 
$
207

Earnings Per Share (Tables)
Schedule of the Calculation of Basic and Diluted Earnings Per Share 
The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows: 
 
Years Ended December 31,
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
Net income
$
124

 
$
346

 
$
205

Net (income) loss attributable to noncontrolling interests
—

 
(2
)
 
2

Net income attributable to Hyatt Hotels Corporation
$
124

 
$
344

 
$
207

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
142,814,868

 
153,136,511

 
158,544,930

Share-based compensation
1,184,455

 
1,213,941

 
644,149

Diluted weighted average shares outstanding
143,999,323

 
154,350,452

 
159,189,079

Basic Earnings Per Share:
 
 
 
 
 
Net income
$
0.87

 
$
2.26

 
$
1.29

Net (income) loss attributable to noncontrolling interests
—

 
(0.01
)
 
0.01

Net income attributable to Hyatt Hotels Corporation
$
0.87

 
$
2.25

 
$
1.30

Diluted Earnings Per Share:
 
 
 
 
 
Net income
$
0.86

 
$
2.24

 
$
1.29

Net (income) loss attributable to noncontrolling interests
—

 
(0.01
)
 
0.01

Net income attributable to Hyatt Hotels Corporation
$
0.86

 
$
2.23

 
$
1.30

Anti-dilutive Shares Issued 
The computations of diluted net income per share for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs because they are anti-dilutive.
 
Years Ended December 31,
 
2015
 
2014
 
2013
Stock-settled SARs
1,500

 
5,200

 
148,200

Other Income (Loss), Net (Tables)
Other income (loss), net
The table below provides a reconciliation of the components in other income (loss), net, for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively:
 
For the years ended December 31,
2015
 
2014
 
2013
Performance guarantee expense, net (Note 14)
$
(27
)
 
$
(23
)
 
$
(5
)
Foreign currency losses, net
(14
)
 
(3
)
 
(5
)
Recoveries (provisions) on hotel loans, net (Note 6)
6

 
—

 
(6
)
Interest income
8

 
11

 
17

Depreciation recovery
12

 
2

 
1

Guarantee liability amortization (Note 14)
12

 
7

 
5

Realignment costs
—

 
(7
)
 
—

Transaction costs (Note 7)
—

 
(6
)
 
(10
)
Cost method investment income (Note 3)
—

 
1

 
50

Gain on sale of artwork (Note 7)
—

 
—

 
29

Charitable contribution to Hyatt Hotels Foundation
—

 
—

 
(20
)
Debt settlement costs (Note 9)
—

 
—

 
(35
)
Other
(2
)
 
1

 
(4
)
Other income (loss), net
$
(5
)
 
$
(17
)
 
$
17

Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) (Tables)
Schedule of Quarterly Financial Information
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. Amounts are in millions, except earnings per share information. 
 
For the three months ended
December 31, 2015
 
September 30, 2015
 
June 30, 2015
 
March 31, 2015
 
December 31, 2014
 
September 30, 2014
 
June 30, 2014
 
March 31, 2014
Consolidated statements of income data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$
530

 
$
500

 
$
540

 
$
509

 
$
551

 
$
555

 
$
592

 
$
548

Management and franchise fees
107

 
103

 
112

 
105

 
101

 
94

 
103

 
89

Other revenues
10

 
10

 
9

 
7

 
7

 
24

 
23

 
21

Other revenues from managed properties
462

 
440

 
451

 
433

 
420

 
431

 
440

 
416

Total revenues
1,109

 
1,053

 
1,112

 
1,054

 
1,079

 
1,104

 
1,158

 
1,074

Direct and selling, general, and administrative expenses
1,047

 
965

 
998

 
995

 
1,040

 
1,032

 
1,043

 
1,021

Net Income
37

 
25

 
40

 
22

 
182

 
33

 
75

 
56

Net income attributable to Hyatt Hotels Corporation
37

 
25

 
40

 
22

 
182

 
32

 
74

 
56

Net income per common share, basic
$
0.26

 
$
0.18

 
$
0.28

 
$
0.15

 
$
1.21

 
$
0.22

 
$
0.49

 
$
0.36

Net income per common share, diluted
$
0.26

 
$
0.18

 
$
0.27

 
$
0.15

 
$
1.20

 
$
0.22

 
$
0.49

 
$
0.36

 

Organization (Details)
Dec. 31, 2015
Countries
Organization
 
Number of Countries in which Entity Operates (number of countries)
52 
All inclusive
 
Organization
 
Number of hotels operated or franchised (number of hotels)
6 
Number of rooms operated or franchised (number of rooms)
2,401 
Full Service
 
Organization
 
Number of hotels operated or franchised (number of hotels)
293 
Number of rooms operated or franchised (number of rooms)
117,177 
Select Service
 
Organization
 
Number of hotels operated or franchised (number of hotels)
306 
Number of rooms operated or franchised (number of rooms)
42,159 
Select Service |
United States
 
Organization
 
Number of hotels operated or franchised (number of hotels)
287 
Summary of Significant Accounting Policies (Narrative) (Details)
In Millions, unless otherwise specified
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2014
Like Kind Exchange Proceeds from Sales in Escrow
USD ($)
Dec. 31, 2015
Proceeds from Sales in Escrow
USD ($)
Dec. 31, 2014
Proceeds from Sales in Escrow
USD ($)
Dec. 31, 2015
Captive insurance subsidiary
USD ($)
Dec. 31, 2014
Captive insurance subsidiary
USD ($)
Dec. 31, 2015
Other Restricted Cash
USD ($)
Dec. 31, 2014
Other Restricted Cash
USD ($)
Dec. 31, 2015
Grand Hyatt San Antonio
USD ($)
Dec. 31, 2014
Grand Hyatt San Antonio
USD ($)
Dec. 31, 2014
Floating average rate construction loan
USD ($)
Dec. 31, 2014
Floating average rate construction loan
BRL
Dec. 31, 2015
Hyatt Gold Passport Fund
USD ($)
Dec. 31, 2014
Hyatt Gold Passport Fund
USD ($)
Accounting Policies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Liabilities, Current
$ 516 
$ 468 
 
 
 
 
 
 
 
 
 
 
 
$ 166 
$ 132 
Restricted cash
96 
359 
143 
70 
87 
7 
88 
6 
5 
13 
9 
27 
71 
 
 
Restricted Cash and Cash Equivalents, Noncurrent
 
 
 
 
 
 
 
 
 
$ 10 
$ 9 
 
 
 
 
Summary of Significant Accounting Policies (Property and Equipment) (Details)
12 Months Ended
Dec. 31, 2015
Leasehold Improvements
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
The shorter of the lease term or useful life of asset 
Minimum |
Building and Improvements
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
10 years 
Minimum |
Furniture and Equipment
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
3 years 
Minimum |
Computers
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
3 years 
Maximum |
Building and Improvements
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
50 years 
Maximum |
Furniture and Equipment
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
20 years 
Maximum |
Computers
 
Property, Plant and Equipment
 
Property, Plant and Equipment, Useful Life
7 years 
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Finite Lived Intangibles) (Details)
12 Months Ended
Dec. 31, 2015
Management and franchise agreements intangibles
 
Finite-Lived Intangible Assets
 
Finite-Lived Intangible Assets, Amortization Method
Initial term of management or franchise agreement 
Lease Related Intangibles
 
Finite-Lived Intangible Assets
 
Finite-Lived Intangible Assets, Amortization Method
Lease term 
Advance Booking Intangibles
 
Finite-Lived Intangible Assets
 
Finite-Lived Intangible Assets, Amortization Method
Period of the advanced bookings 
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Loyalty Program) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Condensed Balance Sheet Statements, Captions
 
 
Current Assets
$ 1,124 
$ 1,709 
Total Assets
7,596 
8,143 
Current Liabilities
1,107 
730 
Total Liabilities
3,601 
3,512 
Hyatt Gold Passport Fund
 
 
Condensed Balance Sheet Statements, Captions
 
 
Current Assets
179 
145 
Noncurrent Assets
280 
284 
Total Assets
459 
429 
Current Liabilities
179 
145 
Noncurrent Liabilities
280 
284 
Total Liabilities
$ 459 
$ 429 
Equity And Cost Method Investments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Schedule of Equity and Cost Method Investments
 
 
 
Investments
$ 327 
$ 334 
 
Cost method investment income
0 
1 
50 
Equity Method Investment, Net Sales Proceeds
3 
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss
21 
(7)
 
Equity Method Investment, Other than Temporary Impairment
0 
3 
3 
Owned and Leased Hotels
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Investments
311 
318 
 
Hyatt Regency Lost Pines Resort and Spa
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Business Acquisition, Percentage of Equity in Acquiree before Acquisition
 
8.20% 
 
Payments to Acquire Businesses, Gross
 
164 
 
Step Acquisition, Remeasurement Gain
 
12 
 
Hyatt House Miami Airport
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
10 
 
 
Equity Method Investment, Realized Gain on Disposal
8 
 
 
Hyatt House Atlanta/Cobb Galleria
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
6 
 
 
Equity Method Investment, Realized Gain on Disposal
5 
 
 
Hyatt Place Houston/Sugar Land
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
 
12 
 
Equity Method Investment, Deferred Gain on Sale
 
10 
 
Hyatt Regency DFW International Airport
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
 
19 
 
Equity Method Investment, Deferred Gain on Sale
 
18 
 
Hyatt Place Coconut Point
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
 
5 
 
Equity Method Investment, Realized Gain on Disposal
 
2 
 
Hyatt Place Austin Downtown
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Net Sales Proceeds
 
28 
 
Equity Method Investment, Realized Gain on Disposal
 
20 
 
Hyatt Regency New Orleans
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Return of investment
 
 
63 
Hyatt Regency New Orleans |
Preferred return on cost method investment
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Cost method investment income
 
 
30 
Hyatt Regency New Orleans |
Purchase of residual common investment
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Cost method investment income
 
 
20 
Equity method joint venture within our owned and leased hotels segment
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Deferred Gain on Sale
 
 
5 
Hospitality Venture Properties
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Other than Temporary Impairment
 
 
2 
Vacation Ownership Equity Method Investment
 
 
 
Schedule of Equity and Cost Method Investments
 
 
 
Equity Method Investment, Other than Temporary Impairment
 
 
$ 1 
Equity And Cost Method Investments (Equity And Cost Method Investment Balances) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Equity And Cost Method Investments [Abstract]
 
 
Equity Method Investments
$ 304 
$ 311 
Cost Method Investments
23 
23 
Total Investments
$ 327 
$ 334 
Equity Method Investments (Carrying Value and Ownership Percentages of Equity Method Investments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Schedule of Equity Method Investments
 
 
Investment Balance
$ 304 
$ 311 
Wailea Hotel Holdings, L.L.C.
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
66.60% 
 
Investment Balance
125 
136 
Juniper Hotels Private Limited
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
50.00% 
 
Investment Balance
44 
34 
Playa Hotels & Resorts B.V.
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
23.70% 
 
Investment Balance
28 
45 
Desarrolladora Hotel Acueducto S. de R.L. de C.V.
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
50.00% 
 
Investment Balance
15 
8 
Hotel Hoyo Uno, S. de R.L. de C.V.
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
40.00% 
 
Investment Balance
14 
20 
San Jose Hotel Partners, L.L.C.
 
 
Schedule of Equity Method Investments
 
 
Ownership Interests
40.00% 
 
Investment Balance
12 
0 
Other
 
 
Schedule of Equity Method Investments
 
 
Investment Balance
$ 66 
$ 68 
Equity Method Investments (Summarized Financial Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Equity Method Investments [Abstract]
 
 
 
Total revenues
$ 1,079 
$ 1,192 
$ 978 
Gross operating profit
312 
329 
315 
Income from continuing operations
33 
31 
17 
Net income
33 
31 
17 
Current Assets
472 
476 
 
Noncurrent Assets
2,877 
2,728 
 
Total Assets
3,349 
3,204 
 
Current Liabilities
625 
492 
 
Noncurrent Liabilities
1,752 
1,708 
 
Total Liabilities
$ 2,377 
$ 2,200 
 
Marketable Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Playa Hotels & Resorts B.V.
Preferred Shares
Dec. 31, 2013
Playa Hotels & Resorts B.V.
Preferred Shares
Dec. 31, 2015
Captive Insurance Company
Schedule of Investments [Line Items]
 
 
 
 
 
Available-for-sale Securities, Gross Unrealized Gain (Loss)
 
 
 
 
$ 0 
Fair value transfers between levels
0 
0 
 
 
 
Available-for-sale Securities, Amortized Cost Basis
 
 
 
271 
 
Option to Redeem Investment in Preferred Shares
 
 
125 
 
 
Sensitivity Analysis of Fair Value, Impact of 10% change in Enterprise Value
 
 
25 
 
 
Sensitivity Analysis of Fair Value, Impact of 0.5 Year Change in Expected Term
 
 
20 
 
 
Held-to-maturity Securities
$ 25 
$ 17 
 
 
 
Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Schedule of Investments [Line Items]
 
 
Total marketable securities held to fund operating programs
$ 799 
$ 698 
Less current portion of marketable securities held for operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
(121)
(73)
Marketable securities held to fund operating programs included in other assets
678 
625 
Hyatt Gold Passport Fund
 
 
Schedule of Investments [Line Items]
 
 
Total marketable securities held to fund operating programs
384 
357 
Deferred Compensation Plans
 
 
Schedule of Investments [Line Items]
 
 
Total marketable securities held to fund operating programs
333 
341 
Captive Insurance Company
 
 
Schedule of Investments [Line Items]
 
 
Total marketable securities held to fund operating programs
$ 82 
$ 0 
Marketable Securities Marketable Securities (Gain (Loss) on Investments Held to Fund Operating Programs) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
 
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 4 
$ 15 
$ 34 
Hyatt Gold Passport Fund
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
Net gains and interest income from marketable securities held to fund operating programs
1 
3 
(1)
Deferred Compensation Plans
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
Net gains and interest income from marketable securities held to fund operating programs
$ 3 
$ 12 
$ 35 
Marketable Securities (Marketable Securities Held for Investment Purposes) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Marketable Securities [Abstract]
 
 
Interest bearing money market funds
$ 5 
$ 51 
Time deposits
30 
130 
Preferred shares
$ 335 
$ 280 
Marketable Securities (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
$ 1,169 
$ 1,159 
Level One - Quoted Prices in Active Markets for Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
18 
70 
Level One - Quoted Prices in Active Markets for Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
333 
341 
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
45 
130 
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
131 
127 
Level Two - Significant Other Observable Inputs |
US Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
83 
34 
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
168 
128 
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
26 
23 
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
27 
23 
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
3 
3 
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
335 
280 
Cash and Cash Equivalents
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
18 
70 
Cash and Cash Equivalents |
Level One - Quoted Prices in Active Markets for Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
18 
70 
Cash and Cash Equivalents |
Level One - Quoted Prices in Active Markets for Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
US Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Cash and Cash Equivalents |
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
46 
130 
Short-term Investments |
Level One - Quoted Prices in Active Markets for Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level One - Quoted Prices in Active Markets for Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
38 
130 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
US Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
6 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
2 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Short-term Investments |
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Prepaids and Other Current Assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
92 
53 
Prepaids and Other Current Assets |
Level One - Quoted Prices in Active Markets for Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Prepaids and Other Current Assets |
Level One - Quoted Prices in Active Markets for Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
32 
20 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
US Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
10 
5 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
36 
20 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
6 
4 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
7 
4 
Prepaids and Other Current Assets |
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
1 
0 
Prepaids and Other Current Assets |
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Other Assets
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
1,013 
906 
Other Assets |
Level One - Quoted Prices in Active Markets for Identical Assets |
Interest Bearing Money Market Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
0 
0 
Other Assets |
Level One - Quoted Prices in Active Markets for Identical Assets |
Mutual Funds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
333 
341 
Other Assets |
Level Two - Significant Other Observable Inputs |
Time Deposits
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
7 
0 
Other Assets |
Level Two - Significant Other Observable Inputs |
U.S. Government Obligations
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
99 
107 
Other Assets |
Level Two - Significant Other Observable Inputs |
US Government Agencies
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
67 
29 
Other Assets |
Level Two - Significant Other Observable Inputs |
Corporate Debt Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
130 
108 
Other Assets |
Level Two - Significant Other Observable Inputs |
Mortgage-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
20 
19 
Other Assets |
Level Two - Significant Other Observable Inputs |
Asset-Backed Securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
20 
19 
Other Assets |
Level Two - Significant Other Observable Inputs |
Municipal and provincial notes and bonds
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
2 
3 
Other Assets |
Level Three - Significant Unobservable Inputs |
Preferred Shares
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Investments, Fair Value Disclosure
$ 335 
$ 280 
Marketable Securities (Investments Classified as Available for Sale) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
Available-for-sale Securities, Ending Balance
$ 335 
$ 280 
Preferred Shares |
Playa Hotels & Resorts B.V.
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
Available-for-sale Securities, Beginning Balance
280 
278 
Gross unrealized gains, recorded to other comprehensive income (loss)
55 
9 
Gross unrealized losses, recorded to other comprehensive income (loss)
0 
(7)
Available-for-sale Securities, Ending Balance
$ 335 
$ 280 
Marketable Securities (Inputs, Assets, and Quantitiative Information) (Details) (Playa Hotels & Resorts B.V., Preferred Shares)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Playa Hotels & Resorts B.V. |
Preferred Shares
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
Expected Term
0 years 9 months 
0 years 9 months 
Risk-free Interest Rate
0.57% 
0.19% 
Volatility
46.00% 
43.90% 
Dividend Yield
12.00% 
10.00% 
Property and Equipment (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
Land
$ 674 
$ 710 
Buildings
3,898 
3,948 
Leasehold improvements
220 
226 
Furniture, equipment, and computers
1,209 
1,173 
Construction in progress
251 
151 
Property and equipment, gross
6,252 
6,208 
Less accumulated depreciation
(2,221)
(2,022)
Property and equipment, net
$ 4,031 
$ 4,186 
Property and Equipment Depreciation Expense (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Abstract]
 
 
 
Depreciation Expense
$ 289 
$ 324 
$ 320 
Property and Equipment (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
 
Capital Leases, Net
$ 13 
$ 14 
 
Capital Leases, Accumulated Depreciation
8 
7 
 
Interest Costs, Capitalized During Period
6 
7 
8 
Asset impairments
5 
17 
22 
Property, Plant and Equipment
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Asset impairments
$ 5 
$ 13 
$ 11 
Financing Receivables (Schedule Of Financing Receivables) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Financing Receivable, Gross
$ 120 
$ 141 
 
Less allowance for losses
(98)
(100)
(96)
Less current portion included in receivables, net
(2)
(1)
 
Total long-term financing receivables, net
20 
40 
 
Secured Financing To Hotel Owners
 
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Financing Receivable, Gross
0 
39 
 
Less allowance for losses
0 
(13)
(13)
Unsecured Financing To Hotel Owners
 
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Financing Receivable, Gross
120 
102 
 
Less allowance for losses
$ (98)
$ (87)
$ (83)
Financing Receivables (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Provisions
$ 10 
$ 6 
 
Financing Receivable, Gross
120 
141 
 
Equity Method Investments
304 
311 
 
Held-to-maturity Securities
25 
17 
 
Cost Method Investments
23 
23 
 
Settlement of Secured Financing to Hotel Owners
 
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Proceeds from (Repayments of) Secured Debt
26 
 
 
Financing Receivable, Gross
6 
 
 
Equity Method Investments
7 
 
 
Held-to-maturity Securities
6 
 
 
Cost Method Investments
1 
 
 
Allowance for Loan and Lease Loss, Recovery of Bad Debts
8 
 
 
Secured Financing To Hotel Owners
 
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Provisions
3 
0 
6 
Financing Receivable, Gross
0 
39 
 
Unsecured Financing To Hotel Owners
 
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
 
Provisions
7 
6 
7 
Financing Receivable, Gross
$ 120 
$ 102 
 
Financing Receivables (Allowance For Credit Losses) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses
 
 
 
Beginning Balance
$ 100 
$ 96 
 
Provisions
10 
6 
 
Write-offs
(1)
 
 
Recoveries
(9)
 
 
Other adjustments
(2)
(2)
 
Ending Balance
98 
100 
 
Unsecured Financing To Hotel Owners
 
 
 
Financing Receivable, Allowance for Credit Losses
 
 
 
Beginning Balance
87 
83 
 
Provisions
7 
6 
7 
Write-offs
0 
 
 
Recoveries
0 
 
 
Other adjustments
4 
(2)
 
Ending Balance
98 
87 
83 
Secured Financing To Hotel Owners
 
 
 
Financing Receivable, Allowance for Credit Losses
 
 
 
Beginning Balance
13 
13 
 
Provisions
3 
0 
6 
Write-offs
(1)
 
 
Recoveries
(9)
 
 
Other adjustments
(6)
0 
 
Ending Balance
$ 0 
$ 13 
$ 13 
Financing Receivables Credit Monitoring Secured Financing (Narrative) (Details) (Secured Financing To Hotel Owners, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Secured Financing To Hotel Owners
 
 
Secured Financing Receivables
 
 
Gross Receivables on Non-Accrual Status
$ 39 
$ 0 
Impaired Financing Receivable, Unpaid Principal Balance
39 
 
Impaired Financing Receivable, Related Allowance
13 
 
Impaired Financing Receivable, Average Recorded Investment
$ 39 
 
Credit Monitoring Unsecured Financing Receivables (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Unsecured Financing To Hotel Owners
Dec. 31, 2014
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2014
Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Impaired Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2014
Impaired Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Total Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2014
Total Loans
Unsecured Financing To Hotel Owners
Dec. 31, 2015
Financing Receivable
Unsecured Financing To Hotel Owners
Dec. 31, 2014
Financing Receivable
Unsecured Financing To Hotel Owners
Unsecured Financing Receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Loan Balance (Principal and Interest)
$ 120 
$ 141 
 
$ 120 
$ 102 
$ 15 
$ 7 
 
 
$ 73 
$ 59 
$ 47 
$ 43 
Impaired Loans, Gross
 
 
 
 
 
 
 
58 
52 
 
 
 
 
Related Allowance
(98)
(100)
(96)
(98)
(87)
0 
0 
 
 
(58)
(52)
(40)
(35)
Impaired Financing Receivable, Related Allowance
 
 
 
 
 
 
 
(58)
(52)
 
 
 
 
Net Financing Receivables
 
 
 
22 
15 
15 
7 
0 
0 
15 
7 
7 
8 
Gross Receivables on Non-Accrual Status
 
 
 
98 
87 
0 
0 
58 
52 
58 
52 
40 
35 
Impaired Financing Receivable, Unpaid Principal Balance
 
 
 
 
 
 
 
42 
37 
 
 
 
 
Impaired Financing Receivable, Average Recorded Investment
 
 
 
 
 
 
 
$ 55 
$ 52 
 
 
 
 
Financing Receivables Financing Receivables (Fair Value) (Details) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
$ 22 
$ 43 
Secured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
29 
Carrying Value
0 
26 
Unsecured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
22 
14 
Carrying Value
22 
15 
Fair Value, Inputs, Level 1 |
Secured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 1 |
Unsecured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 |
Secured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 |
Unsecured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 3 |
Secured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
0 
29 
Fair Value, Inputs, Level 3 |
Unsecured Financing To Hotel Owners
 
 
Accounts, Notes, Loans, and Financing Receivable
 
 
Notes Receivable, Fair Value Disclosure
$ 22 
$ 14 
Acquisitions and Dispositions (Acquisitions Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]
 
 
 
Real Estate Sale Proceeds Transferred To Escrow As Restricted Cash In Investing Activities
$ 0 
$ 870 
$ 498 
Goodwill
129 
133 
147 
Acquisitions, net of cash acquired
(3)
(548)
(814)
Repayments of long-term debt
(5)
(208)
(368)
Deferred Tax Assets, Net
242 
154 
 
Impairment of Intangible Assets, Finite-lived
0 
2 
11 
Advance Booking Intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangible Assets, Weighted Average Useful Life
5 years 
 
 
Lease related intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangible Assets, Weighted Average Useful Life
111 years 
 
 
Management and franchise agreements intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangible Assets, Weighted Average Useful Life
25 years 
 
 
Impairment of Intangible Assets, Finite-lived
 
2 
 
Hyatt Regency Lost Pines Resort and Spa
 
 
 
Business Acquisition [Line Items]
 
 
 
Business Acquisition, Step Acquisition, Equity Intereset in Acquiree, Percentage
 
8.20% 
 
Payments to Acquire Businesses, Gross
 
(164)
 
Long-term Debt
 
69 
 
Debt Premium
 
3 
 
Step Acquisition, Remeasurement Gain
 
12 
 
Goodwill
 
17 
 
Goodwill, Expected Tax Deductible Amount
 
15 
 
Intangibles
 
4 
 
Cash and cash equivalents
 
7 
 
Property and equipment
 
207 
 
Inventories
 
1 
 
Hyatt Regency Lost Pines Resort and Spa |
Advance Booking Intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
4 
 
Intangible Assets, Weighted Average Useful Life
 
14 months 
 
Park Hyatt New York
 
 
 
Business Acquisition [Line Items]
 
 
 
Payments to Acquire Businesses, Gross
 
(392)
 
Cash and cash equivalents
 
1 
 
Acquisitions, net of cash acquired
 
(391)
 
Property and equipment
 
386 
 
Inventories
 
3 
 
Prepaids and other current assets
 
2 
 
Grand Hyatt San Antonio
 
 
 
Business Acquisition [Line Items]
 
 
 
Business Acquisition, Step Acquisition, Equity Intereset in Acquiree, Percentage
 
 
70.00% 
Payments to Acquire Businesses, Gross
 
 
(16)
Goodwill
 
7 
 
Goodwill, Expected Tax Deductible Amount
 
12 
 
Intangibles
 
10 
 
Cash and cash equivalents
 
1 
 
Property and equipment
 
226 
 
Equity Method Investment, Ownership Percentage
 
 
30.00% 
Step Acquisition, Fair Value
 
 
7 
Repayments of long-term debt
 
 
(44)
Step Acquisition, Remeasurement Loss
 
 
1 
Deferred tax liabilities
 
2 
 
Deferred Tax Assets, Net
 
5 
 
Grand Hyatt San Antonio |
Advance Booking Intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
1 
 
Intangible Assets, Weighted Average Useful Life
 
4 years 
 
Grand Hyatt San Antonio |
Lease related intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
9 
 
Intangible Assets, Weighted Average Useful Life
 
79 years 
 
Grand Hyatt San Antonio |
Management and franchise agreements intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Impairment of Intangible Assets, Finite-lived
 
 
11 
Hyatt Regency Orlando
 
 
 
Business Acquisition [Line Items]
 
 
 
Payments to Acquire Businesses, Gross
 
 
(716)
Goodwill
 
 
0 
Intangibles
 
 
39 
Cash and cash equivalents
 
 
2 
Property and equipment
 
 
678 
Prepaids and other current assets
 
 
3 
Hyatt Regency Orlando |
Advance Booking Intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
 
8 
Intangible Assets, Weighted Average Useful Life
 
 
7 years 
Hyatt Regency Orlando |
Management and franchise agreements intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
 
31 
Intangible Assets, Weighted Average Useful Life
 
 
20 years 
The Driskill
 
 
 
Business Acquisition [Line Items]
 
 
 
Acquisitions, net of cash acquired
 
 
(85)
Property and equipment
 
 
72 
Other Assets
 
 
1 
The Driskill |
Brand intangible
 
 
 
Business Acquisition [Line Items]
 
 
 
Indefinite-Lived Intangibles
 
 
7 
The Driskill |
Management and franchise agreements intangibles
 
 
 
Business Acquisition [Line Items]
 
 
 
Intangibles
 
 
$ 5 
Acquisitions and Dispositions (Dispositions Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
$ 88 
$ 1,467 
$ 601 
Gains on sales of real estate and other
9 
311 
125 
Deferred Gain on Sale of Property
367 
383 
 
Restricted cash
96 
359 
 
Gain on sale of artwork
0 
0 
29 
Hyatt Regency Indianapolis
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
69 
 
 
Gains on sales of real estate and other
8 
 
 
Land Held for Development
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
14 
 
 
Equity Method Investment, Ownership Percentage
40.00% 
 
 
A Hyatt House Hotel
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
5 
 
 
Gains on sales of real estate and other
1 
 
 
Hyatt Place 2014
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
51 
 
Gains on sales of real estate and other
 
13 
 
Restricted cash
 
51 
 
Hyatt Place 2014 |
Select Service
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
5 
 
Park Hyatt Toronto
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
88 
 
Deferred Gain on Sale of Property
 
49 
 
Restricted cash
31 
41 
 
Hyatt Regency Vancouver
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
116 
 
Deferred Gain on Sale of Property
 
64 
 
Restricted cash
39 
46 
 
Hyatt Place, Hyatt House 2014
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
581 
 
Gains on sales of real estate and other
 
153 
 
Restricted cash
 
92 
 
Hyatt Place, Hyatt House 2014 |
Select Service
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
38 
 
Hyatt Place, Hyatt House 2014 |
Select Service |
Like-Kind exchange released from restricted cash
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
21 
 
Hyatt Place, Hyatt House 2014 |
Select Service |
Like-Kind Exchange remaining in restricted cash
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
6 
 
Park Hyatt Washington
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
97 
 
Deferred Gain on Sale of Property
 
57 
 
Hyatt Residential Group
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
220 
 
Gains on sales of real estate and other
 
80 
 
Hyatt, Hyatt Place, Hyatt House 2014
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
310 
 
Gains on sales of real estate and other
 
65 
 
Proceeds from sales of real estate and other
 
311 
 
Combined Long Term Agreements, Minimum Term
 
25 years 
 
Cash Disposed From Sale of Assets
 
(1)
 
Hyatt, Hyatt Place, Hyatt House 2014 |
Select Service
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
9 
 
Hyatt, Hyatt Place, Hyatt House 2014 |
Full Service
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
1 
 
Hyatt Key West
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
74 
Deferred Gain on Sale of Property
 
 
61 
Andaz Napa
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
71 
Deferred Gain on Sale of Property
 
 
27 
Andaz Savannah
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
42 
Deferred Gain on Sale of Property
 
 
4 
Hyatt Regency Denver Tech
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
59 
Gains on sales of real estate and other
 
 
26 
Hyatt Regency Santa Clara
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
91 
Gains on sales of real estate and other
 
 
0 
Deferred Gain on Sale of Property
 
6 
 
Hyatt Fisherman's Wharf
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
100 
Gains on sales of real estate and other
 
 
55 
Hyatt Santa Barbara
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
60 
Gains on sales of real estate and other
 
 
44 
Hyatt Place 2013
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Proceeds from sales of real estate and other, net of cash disposed
 
 
68 
Deferred Gain on Sale of Property
 
 
$ 4 
Hyatt Place 2013 |
Select Service
 
 
 
Significant Acquisitions and Disposals [Line Items]
 
 
 
Number of hotels sold
 
 
4 
Acquisitions and Dispositions (Like-Kind Exchanges Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
$ 0 
$ (870)
$ (498)
Restricted cash
96 
359 
 
Sales proceeds transferred from escrow to cash and cash equivalents
143 
714 
466 
Hyatt Place 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
(51)
 
Restricted cash
 
51 
 
Sales proceeds transferred from escrow to cash and cash equivalents
51 
 
 
Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
(403)
 
Restricted cash
 
92 
 
Sales proceeds transferred from escrow to cash and cash equivalents
92 
311 
 
Park Hyatt Washington
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
(97)
 
Sales proceeds transferred from escrow to cash and cash equivalents
 
97 
 
Hyatt, Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
(232)
 
Sales proceeds transferred from escrow to cash and cash equivalents
 
232 
 
2013 Sale of Full Service Real Estate related to 1031 exchange
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
 
(395)
Restricted cash
 
 
74 
Sales proceeds transferred from escrow to cash and cash equivalents
 
74 
321 
Andaz Savannah
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
 
(42)
Sales proceeds transferred from escrow to cash and cash equivalents
 
 
42 
Hyatt Place 2013
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred to escrow as restricted cash
 
 
(23)
Sales proceeds transferred from escrow to cash and cash equivalents
 
 
23 
Hyatt Place and Hyatt House 2012
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Sales proceeds transferred from escrow to cash and cash equivalents
 
 
$ 44 
Full Service |
Hyatt, Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
1 
 
Select Service |
Hyatt Place 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
5 
 
Select Service |
Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
38 
 
Select Service |
Hyatt, Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
9 
 
Select Service |
Hyatt Place 2013
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
 
4 
Like-Kind exchange released from restricted cash |
Select Service |
Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
21 
 
Like-Kind Exchange |
Select Service |
Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
27 
 
Like-Kind Exchange |
Select Service |
Hyatt, Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
7 
 
Like-Kind Exchange |
Select Service |
Hyatt Place 2013
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
 
2 
Like-Kind Exchange remaining in restricted cash |
Select Service |
Hyatt Place, Hyatt House 2014
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
6 
 
Hyatt Place |
Like-Kind Exchange |
Hyatt Place and Hyatt House 2012
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Number of hotels sold
 
 
4 
Acquisitions and Dispositions (Hyatt Regency Lost Pines Assets and Liabilities Table) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]
 
 
 
Goodwill
$ 129 
$ 133 
$ 147 
Hyatt Regency Lost Pines Resort and Spa
 
 
 
Business Acquisition [Line Items]
 
 
 
Cash and cash equivalents
 
7 
 
Receivables
 
4 
 
Inventories
 
1 
 
Property and equipment
 
207 
 
Goodwill
 
17 
 
Intangibles
 
4 
 
Deferred tax assets
 
1 
 
Total assets
 
241 
 
Current portion of long-term debt
 
4 
 
Current liabilities
 
8 
 
Long-term debt
 
65 
 
Total liabilities
 
77 
 
Total net assets acquired
 
$ 164 
 
Acquisitions and Dispositions (Grand Hyatt San Antonio Assets and Liabilities Table) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]
 
 
 
Goodwill
$ 129 
$ 133 
$ 147 
Grand Hyatt San Antonio
 
 
 
Business Acquisition [Line Items]
 
 
 
Cash and cash equivalents
 
1 
 
Restricted cash
 
10 
 
Property and equipment
 
226 
 
Goodwill
 
7 
 
Intangibles
 
10 
 
Other assets
 
11 
 
Total assets
 
265 
 
Current liabilities
 
11 
 
Deferred tax liability
 
2 
 
Long-term debt, net of bond discount
 
186 
 
Total liabilities
 
199 
 
Total net assets acquired
 
$ 66 
 
Acquisitions and Dispositions (Hyatt Regency Orlando Assets and Liabilities Table) (Details) (Hyatt Regency Orlando, USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Hyatt Regency Orlando
 
Business Acquisition [Line Items]
 
Cash and cash equivalents
$ 2 
Prepaids and other current assets
3 
Property and equipment
678 
Intangibles
39 
Total assets
722 
Current liabilities
6 
Total liabilities
6 
Total net assets acquired
$ 716 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Changes Table) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill
 
 
 
Goodwill, Gross
$ 224 
$ 228 
$ 240 
Accumulated impairment losses
(95)
(95)
(93)
Goodwill, net
129 
133 
147 
Additions
 
10 
 
Disposals or held for sale
 
(18)
 
Foreign exchange
(4)
(4)
 
Impairment losses
0 
(2)
0 
Owned and Leased Hotels
 
 
 
Goodwill
 
 
 
Goodwill, Gross
191 
195 
203 
Accumulated impairment losses
(95)
(95)
(93)
Goodwill, net
96 
100 
110 
Additions
 
10 
 
Disposals or held for sale
 
(14)
 
Foreign exchange
(4)
(4)
 
Impairment losses
 
(2)
 
Americas Management and Franchising
 
 
 
Goodwill
 
 
 
Goodwill, Gross
33 
33 
33 
Accumulated impairment losses
0 
0 
0 
Goodwill, net
33 
33 
33 
Additions
 
0 
 
Disposals or held for sale
 
0 
 
Foreign exchange
0 
0 
 
Impairment losses
 
0 
 
Other
 
 
 
Goodwill
 
 
 
Goodwill, Gross
0 
0 
4 
Accumulated impairment losses
0 
0 
0 
Goodwill, net
0 
0 
4 
Additions
 
0 
 
Disposals or held for sale
 
(4)
 
Foreign exchange
0 
0 
 
Impairment losses
 
$ 0 
 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
Hyatt Regency Lost Pines Resort and Spa
Dec. 31, 2014
Grand Hyatt San Antonio
Dec. 31, 2014
Hyatt Regency Indianapolis
Goodwill
 
 
 
 
 
 
Goodwill
$ 129 
$ 133 
$ 147 
$ 17 
$ 7 
 
Goodwill, Purchase Accounting Adjustments
 
 
 
 
7 
 
Disposal Group, Including Discontinued Operation, Goodwill, Current
 
 
 
 
 
$ 14 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Intangible Assets Table) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Schedule of Intangible Asset by Major Class
 
 
Intangibles, gross
$ 698 
$ 681 
Accumulated Amortization
(151)
(129)
Intangibles, net
547 
552 
Management and franchise agreements intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Management and franchise agreement intangibles
535 
511 
Weighted Average Useful Lives
25 years 
 
Lease Related Intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Lease related intangibles
136 
143 
Weighted Average Useful Lives
111 years 
 
Advance Booking Intangibles
 
 
Schedule of Intangible Asset by Major Class
 
 
Advance Booking Intangibles
12 
12 
Weighted Average Useful Lives
5 years 
 
Other Intangible Assets
 
 
Schedule of Intangible Asset by Major Class
 
 
Other intangibles
8 
8 
Weighted Average Useful Lives
11 years 
 
Brand intangible
 
 
Schedule of Intangible Asset by Major Class
 
 
Brand intangible
$ 7 
$ 7 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Amortization Expense Table) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Amortization Expense
$ 31 
$ 30 
$ 25 
Goodwill And Intangible Assets (Future Amortization Table) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
 
2016
$ 27 
2017
26 
2018
24 
2019
24 
2020
$ 23 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Indefinite-Lived Impairments Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)
$ 0 
$ 0 
$ 0 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Goodwill Impairments Table) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Goodwill, Impairment Loss
$ 0 
$ 2 
$ 0 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Definite Lived Impairments Table) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Definite Lived Impairments [Abstract]
 
 
 
Impairment of Intangible Assets, Definite-Lived
$ 0 
$ 2 
$ 11 
Goodwill And Intangible Assets Goodwill and Intangible Assets (Definite-Lived Impairment Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Definite-Lived Intangible Assets
 
 
 
Impairment of Intangible Assets, Definite-Lived
$ 0 
$ 2 
$ 11 
Management and franchise agreements intangibles
 
 
 
Definite-Lived Intangible Assets
 
 
 
Impairment of Intangible Assets, Definite-Lived
 
2 
 
Grand Hyatt San Antonio |
Management and franchise agreements intangibles
 
 
 
Definite-Lived Intangible Assets
 
 
 
Impairment of Intangible Assets, Definite-Lived
 
 
$ 11 
Debt (Schedule of Debt) (Details)
In Millions, unless otherwise specified
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2015
2016 Notes
USD ($)
Dec. 31, 2014
2016 Notes
USD ($)
Dec. 31, 2015
2019 Notes
USD ($)
Dec. 31, 2014
2019 Notes
USD ($)
Dec. 31, 2013
2019 Notes
USD ($)
Dec. 31, 2015
2021 Notes
USD ($)
Dec. 31, 2014
2021 Notes
USD ($)
Dec. 31, 2015
2023 Notes
USD ($)
Dec. 31, 2014
2023 Notes
USD ($)
Dec. 31, 2013
GH San Antonio Bonds
USD ($)
Dec. 31, 2015
GH San Antonio Bonds
Series 2005A
Contract Revenue Bonds
USD ($)
Dec. 31, 2014
GH San Antonio Bonds
Series 2005A
Contract Revenue Bonds
USD ($)
Jun. 8, 2005
GH San Antonio Bonds
Series 2005A
Contract Revenue Bonds
USD ($)
Dec. 31, 2015
GH San Antonio Bonds
Series 2005B
Contract Revenue Bonds
USD ($)
Dec. 31, 2014
GH San Antonio Bonds
Series 2005B
Contract Revenue Bonds
USD ($)
Jun. 8, 2005
GH San Antonio Bonds
Series 2005B
Contract Revenue Bonds
USD ($)
Dec. 31, 2015
Floating average rate construction loan
USD ($)
Dec. 31, 2015
Floating average rate construction loan
BRL
Dec. 31, 2014
Floating average rate construction loan
USD ($)
Dec. 31, 2014
Floating average rate construction loan
BRL
Dec. 31, 2015
Senior Secured Term Loan
USD ($)
Dec. 31, 2014
Senior Secured Term Loan
USD ($)
Aug. 30, 2004
Senior Secured Term Loan
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Notes
 
 
$ 250 
$ 250 
$ 196 
$ 196 
$ 196 
$ 250 
$ 250 
$ 348 
$ 348 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt before capital lease obligations
1,359 
1,373 
 
 
 
 
 
 
 
 
 
198 
125 
124 
130 
60 
63 
78 
 
 
 
 
65 
68 
74 
Long-term Construction Loan, Noncurrent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65 
260 
73 
193 
 
 
 
Revolving credit facility
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
0 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital lease obligations
16 
17 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt and Capital Lease Obligations, Including Current Maturities
1,375 
1,390 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less current maturities
(328)
(9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Excluding Current Maturities
$ 1,047 
$ 1,381 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt (Schedule of Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
2016
$ 328 
 
2017
14 
 
2018
15 
 
2019
211 
 
2020
16 
 
Thereafter
791 
 
Long-term Debt and Capital Lease Obligations, Including Current Maturities
$ 1,375 
$ 1,390 
Debt (Senior Notes Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Senior Loans
sub-loan
Dec. 31, 2014
Senior Loans
sub-loan
Dec. 31, 2013
2015 Notes
Dec. 31, 2009
2015 Notes
Dec. 31, 2013
2019 Notes
Dec. 31, 2015
2019 Notes
Dec. 31, 2014
2019 Notes
Dec. 31, 2009
2019 Notes
Dec. 31, 2015
2016 Notes
Dec. 31, 2014
2016 Notes
Dec. 31, 2011
2016 Notes
Dec. 31, 2015
2021 Notes
Dec. 31, 2014
2021 Notes
Dec. 31, 2011
2021 Notes
Dec. 31, 2013
2023 Notes
Dec. 31, 2015
2023 Notes
Dec. 31, 2014
2023 Notes
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Loans
 
 
 
4 
4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
 
 
 
 
 
$ 250 
 
 
 
$ 250 
 
 
$ 250 
 
 
$ 250 
$ 350 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
5.75% 
 
 
 
6.875% 
 
 
3.875% 
 
 
5.375% 
3.375% 
 
 
Discount Price Percentage
 
 
 
 
 
 
99.46% 
 
 
 
99.864% 
 
 
99.571% 
 
 
99.846% 
99.498% 
 
 
Repayments of Debt
 
 
 
 
 
278 
 
66 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Periodic Payment, Principal
 
 
 
 
 
 
 
54 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Notes
 
 
 
 
 
 
 
196 
196 
196 
 
250 
250 
 
250 
250 
 
 
348 
348 
Proceeds from issuance of long-term debt, net of issuance costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
345 
 
 
Debt Issuance Cost
$ 0 
$ 0 
$ 3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Debt (Senior Secured Term Loan Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Aug. 30, 2004
Debt Instrument [Line Items]
 
 
 
Long-term Debt
$ 1,359 
$ 1,373 
 
Senior Secured Term Loan
 
 
 
Debt Instrument [Line Items]
 
 
 
Long-term Debt
65 
68 
74 
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate
7.27% 
 
 
Hyatt Regency Lost Pines Resort and Spa
 
 
 
Debt Instrument [Line Items]
 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Debt
 
69 
 
Debt Premium
 
$ 3 
 
Debt Debt (Capital Lease Obligation Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
 
Repayments of Long-term Capital Lease Obligations
$ 0 
$ 191 
$ 0 
Debt Debt (Contract Revenue Bonds Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
GH San Antonio Bonds
Dec. 31, 2015
Series 2005A
Contract Revenue Bonds
GH San Antonio Bonds
Dec. 31, 2014
Series 2005A
Contract Revenue Bonds
GH San Antonio Bonds
Jun. 8, 2005
Series 2005A
Contract Revenue Bonds
GH San Antonio Bonds
Dec. 31, 2015
Series 2005B
Contract Revenue Bonds
GH San Antonio Bonds
Dec. 31, 2014
Series 2005B
Contract Revenue Bonds
GH San Antonio Bonds
Jun. 8, 2005
Series 2005B
Contract Revenue Bonds
GH San Antonio Bonds
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
Long-term Debt
$ 1,359 
$ 1,373 
$ 198 
$ 125 
$ 124 
$ 130 
$ 60 
$ 63 
$ 78 
Debt Instrument, Unamortized Discount
 
 
$ 9 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
 
 
 
4.75% 
 
 
5.10% 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
 
 
 
5.00% 
 
 
5.31% 
 
 
Debt Debt (Floating Average Rate Construction Loan Narrative) (Details)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2015
Floating average rate construction loan
USD ($)
sub-loan
Dec. 31, 2015
Floating average rate construction loan
BRL
Dec. 31, 2014
Floating average rate construction loan
USD ($)
Dec. 31, 2014
Floating average rate construction loan
BRL
Dec. 31, 2015
Floating average rate construction loan
Subloan (a)
Dec. 31, 2015
Floating average rate construction loan
Subloan (b)
Dec. 31, 2015
Floating average rate construction loan
Subloan (c)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
Number of Loans
 
 
4 
4 
 
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
2.92% 
3.92% 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
2.50% 
Debt, Weighted Average Interest Rate
 
 
8.98% 
8.98% 
 
 
 
 
 
Long-term Construction Loan, Noncurrent
 
 
$ 65 
 260 
$ 73 
 193 
 
 
 
Restricted cash
$ 96 
$ 359 
 
 
$ 27 
 71 
 
 
 
Debt (Revolving Credit Facility Narrative) (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Additional Non-Revolving Credit Facility Banks
Dec. 31, 2014
Additional Non-Revolving Credit Facility Banks
Dec. 31, 2015
Borrowing Capacity Reduction
Dec. 31, 2014
Borrowing Capacity Reduction
Dec. 31, 2015
one-month Libor
Dec. 31, 2015
Senior Loans
sub-loan
Dec. 31, 2014
Senior Loans
sub-loan
Dec. 31, 2015
Revolving Credit Facility
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
Number of Loans
 
 
 
 
 
 
 
4 
4 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
$ 1,500,000,000 
Proceeds from Issuance of Debt
 
 
 
 
 
 
 
 
 
0 
Repayments of Debt
 
 
 
 
 
 
 
 
 
0 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
 
 
LIBOR 
 
 
 
Line of Credit Facility, Interest Rate at Period End
 
 
 
 
 
 
 
 
 
1.68% 
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate
 
 
 
 
 
 
 
 
 
0.4295% 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
 
1.25% 
Revolving credit facility
0 
0 
 
 
 
 
 
 
 
 
Letters of Credit Outstanding, Amount
228,000,000 
 
228,000,000 
56,000,000 
0 
9,000,000 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
 
 
 
 
 
 
 
 
 
$ 1,500,000,000 
Debt (Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Long-term debt before capital lease obligations
$ (1,359)
$ (1,373)
Long-term debt before capital lease obligations, Fair Value
(1,421)
(1,479)
Fair Value, Inputs, Level 1
 
 
Debt Instrument [Line Items]
 
 
Long-term debt before capital lease obligations, Fair Value
0 
0 
Fair Value, Inputs, Level 2
 
 
Debt Instrument [Line Items]
 
 
Long-term debt before capital lease obligations, Fair Value
(1,277)
(1,319)
Fair Value, Inputs, Level 3
 
 
Debt Instrument [Line Items]
 
 
Long-term debt before capital lease obligations, Fair Value
$ (144)
$ (160)
Leases (Corporate Office Space) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Leased Assets
 
 
 
Gain (loss) on sublease agreement
$ (1)
$ 0 
$ (6)
Corporate Headquarters
 
 
 
Operating Leased Assets
 
 
 
Operating Lease Term
17 years 
 
 
Leases (Future Minimum Operating Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Leases [Abstract]
 
2016
$ 41 
2017
39 
2018
33 
2019
38 
2020
28 
Thereafter
474 
Total minimum lease payments
$ 653 
Leases (Future Minimum Capital Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Leases [Abstract]
 
2016
$ 3 
2017
2 
2018
2 
2019
2 
2020
2 
Thereafter
10 
Total minimum lease payments
21 
Less amount representing interest
5 
Present value of minimum lease payments
$ 16 
Leases (Rent Expense) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Leases [Abstract]
 
 
 
Minimum rentals
$ 34 
$ 35 
$ 32 
Contingent rentals
53 
49 
47 
Total
$ 87 
$ 84 
$ 79 
Leases (Hyatt Regency Grand Cypress) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Capital Leased Assets
 
 
 
Repayments of Long-term Capital Lease Obligations
$ 0 
$ 191 
$ 0 
Hyatt Regency Grand Cypress
 
 
 
Capital Leased Assets
 
 
 
Repayments of Long-term Capital Lease Obligations
 
$ 191 
 
Leases (Retail Lease Receipts) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Leases [Abstract]
 
2016
$ 22 
2017
19 
2018
15 
2019
10 
2020
9 
Thereafter
61 
Total minimum lease receipts
$ 136 
Employee Benefit Plans (Defined Benefit Plans Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 0 
$ 0 
Defined Benefit Plan, Accumulated Other Comprehensive Losses
9 
8 
Defined Benefit Plan, Future Amortization of Losses
$ 0 
 
Employee Benefit Plans (Change in Benefit Obligation) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
 
 
Benefit obligation—beginning of year
$ 20 
$ 19 
Interest cost
1 
1 
Actuarial (gain) loss
1 
1 
Benefits paid
(1)
(1)
Benefit obligation—end of year
21 
20 
Accumulated benefit obligation
$ 21 
$ 20 
Employee Benefit Plans (Amounts Recognized in Balance Sheet) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
 
 
Accrued current benefit liability
$ (1)
$ (1)
Accrued long-term benefit liability
(20)
(19)
Funded status
$ (21)
$ (20)
Employee Benefit Plans (Weighted Average of Benefit Obligation) (Details)
Dec. 31, 2015
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
 
 
Discount rate
3.90% 
3.65% 
Employee Benefit Plans (Weighted Average of Net Benefit Cost) (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
 
 
 
Discount rate
3.65% 
4.40% 
3.50% 
Rate of compensation increase
0.00% 
0.00% 
0.00% 
Employee Benefit Plans (Expected Benefit Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
 
2016
$ 1 
2017
1 
2018
1 
2019
1 
2020
1 
2021-2025
6 
Total
$ 11 
Employee Benefit Plans (Costs Incurred for Employee Benefit Costs) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
 
 
 
Defined benefit plan
$ 1 
$ 1 
$ 1 
Defined contribution plans
35 
35 
33 
Deferred compensation plans
$ 4 
$ 5 
$ 5 
Employee Benefit Plans (Employee Stock Purchase Program Narrative) (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
 
 
Price per share for the ESPP (percentage)
95.00% 
 
Shares for Issuance under ESPP (in shares)
1,000,000 
 
Stock Issued During Period, Shares, ESPP (in shares)
69,000 
56,000 
Employee Benefit Plans Employee Benefit Plans (Multi-Employer Pension Plans) (Details) (Multiemployer Plans, Pension, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Multiemployer Plans
 
 
 
Contributions
$ 11 
$ 12 
$ 11 
New York Hotel Trades Council and Hotel Association of New York City Inc. Pension Fund
 
 
 
Multiemployer Plans
 
 
 
Contributions
4 
4 
4 
Multiemployer Plans, Contributions in excess of 5%
0 
0 
0 
Multiemployer Plans, Surcharge
No 
 
 
National Retirement Fund
 
 
 
Multiemployer Plans
 
 
 
Contributions
3 
3 
3 
Multiemployer Plans, Contributions in excess of 5%
 
0 
0 
Multiemployer Plans, Surcharge
No 
 
 
Other Funds
 
 
 
Multiemployer Plans
 
 
 
Contributions
$ 4 
$ 5 
$ 4 
Employee Benefit Plans Employee Benefit Plans (Multi-Employer Health Plans) (Details) (Multiemployer Plans, Postretirement Benefit, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Multiemployer Plans, Postretirement Benefit
 
 
 
Multiemployer Plans
 
 
 
Contributions
$ 15 
$ 12 
$ 12 
Other Long-Term Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Liabilities, Noncurrent [Abstract]
 
 
Deferred gains on sales of hotel properties
$ 367 
$ 383 
Deferred compensation plans
333 
341 
Hyatt Gold Passport Fund
280 
284 
Guarantee liabilities
120 
110 
Deferred income taxes
59 
66 
Other accrued income taxes
127 
62 
Defined benefit plans
20 
19 
Other
141 
136 
Total
$ 1,447 
$ 1,401 
Income Taxes (Domestic and Foreign Components of Pretax Income) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
U.S. income before tax
$ 119 
$ 493 
$ 256 
Foreign income before tax
75 
32 
65 
Income before income taxes
$ 194 
$ 525 
$ 321 
Income Taxes (Provision (Benefit) for Income Taxes from Continuing Operations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Current Federal
$ 134 
$ 164 
$ 85 
Current State
18 
7 
14 
Current Foreign
21 
36 
24 
Total Current
173 
207 
123 
Deferred Federal
(78)
(10)
(11)
Deferred State
(20)
(6)
9 
Deferred Foreign
(5)
(12)
(5)
Total Deferred
(103)
(28)
(7)
Total
$ 70 
$ 179 
$ 116 
Income Taxes (Effective Tax Rate Reconciliation) (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Statutory U.S. federal income tax rate
35.00% 
35.00% 
35.00% 
State income taxes - net of federal tax benefit
3.50% 
3.40% 
4.80% 
Impact of foreign operations (excluding unconsolidated hospitality ventures losses)
(13.80%)
0.90% 
(1.30%)
Foreign unconsolidated hospitality ventures losses
10.00% 
0.80% 
0.90% 
Tax Contingencies
(1.50%)
(2.60%)
0.20% 
Change in valuation allowances
3.10% 
(1.00%)
0.00% 
Adjustments to deferred tax assets
1.20% 
(1.50%)
0.00% 
General Business Credits
(1.90%)
(0.40%)
(1.30%)
Equity based compensation
(0.50%)
0.40% 
1.10% 
Other
1.10% 
(0.90%)
(3.20%)
Effective income tax rate
36.20% 
34.10% 
36.20% 
Income Taxes Income Taxes (Effective Tax Rate Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Contingency
 
 
 
Statutory U.S. federal income tax rate
35.00% 
35.00% 
35.00% 
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount
$ 7 
 
 
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount
3 
14 
 
Effective Income Tax Rate Reconciliation, Adjustments to Deferred Tax Assets,Amount
 
8 
4 
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount
 
 
3 
Unrecognized Tax Benefits, Interest on Income Taxes Expense
 
 
1 
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount
 
 
4 
New Uncertain Tax Positions
 
 
 
Income Tax Contingency
 
 
 
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount
 
(5)
 
Statute Expiration on State Tax Filing Positions
 
 
 
Income Tax Contingency
 
 
 
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount
10 
13 
 
Expiration of Statutes in Foreign Jurisdictions
 
 
 
Income Tax Contingency
 
 
 
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount
 
4 
 
Statute Expiration on State Tax Filing Positions
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense
5 
7 
 
Transfer pricing positions
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions
$ 7 
 
 
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Employee Benefits
$ 196 
$ 181 
Foreign and State Net Operating Losses and credit carryforwards
34 
37 
Investments
70 
59 
Allowance for Uncollectible Assets
36 
36 
Intangibles
4 
8 
Deferred gains on sales of hotel properties
142 
149 
Hyatt Gold Passport Fund
81 
21 
Interest and State Benefits
2 
4 
Unrealized investment losses
5 
5 
Other
50 
55 
Valuation Allowance
(17)
(15)
Total Deferred Tax Asset
603 
540 
Property and Equipment
(258)
(312)
Investments
(33)
(33)
Unrealized gains
(45)
(23)
Prepaid Expenses
(13)
(11)
Other
(12)
(7)
Total Deferred Tax Liabilities
(361)
(386)
Net Deferred Tax Assets
242 
154 
Deferred tax assets - Current
0 
26 
Deferred tax assets - Noncurrent
301 
196 
Deferred Tax Liabilities - Current
0 
(2)
Deferred Tax Liabilities - Noncurrent
$ (59)
$ (66)
Income Taxes Income Taxes (Deferred Taxes Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency
 
 
Undistributed Earnings of Foreign Subsidiaries
$ 422 
 
Deferred Tax Assets, Operating Loss Carryforwards
34 
37 
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration
14 
 
Operating Loss Carryforwards, Valuation Allowance
17 
 
New Uncertain Tax Positions
 
 
Income Tax Contingency
 
 
Increase (Decrease) in Deferred Income Taxes
60 
 
State and Foreign
 
 
Income Tax Contingency
 
 
Operating Loss Carryforwards
147 
 
Deferred Tax Assets, Operating Loss Carryforwards
30 
 
Federal and State
 
 
Income Tax Contingency
 
 
Deferred Tax Assets, Tax Credit Carryforwards
4 
 
Not subject to expiration [Member]
 
 
Income Tax Contingency
 
 
Operating Loss Carryforwards
62 
 
Fixed asset related items
 
 
Income Tax Contingency
 
 
Increase (Decrease) in Deferred Income Taxes
$ 54 
$ 18 
Income Taxes Income Taxes (Unrecognized Taxes Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Period Increase (Decrease)
$ 70 
 
 
Unrecognized Tax Benefits
110 
40 
53 
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
21 
20 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
(2)
 
 
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions
13 
2 
 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions
69 
(8)
 
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations
8 
3 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
19 
24 
 
Income Tax Examination, Penalties and Interest Expense
2 
9 
 
Estimated income tax liability based on taxing authority’s assessment
129 
 
 
Estimated interest liability based on taxing authority’s assessment
30 
 
 
Accrual of position on prior year return
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions
 
5 
 
State and Local Jurisdiction
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
 
10 
 
New Uncertain Tax Positions
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions
60 
 
 
Transfer pricing positions
 
 
 
Income Tax Contingency
 
 
 
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions
7 
 
 
Federal and Foreign
 
 
 
Income Tax Contingency
 
 
 
Income Tax Examination, Penalties and Interest Expense
 
1 
 
Statute Expiration on State Tax Filing Positions
 
 
 
Income Tax Contingency
 
 
 
Income Tax Examination, Penalties and Interest Expense
 
8 
 
Federal, State and Foreign
 
 
 
Income Tax Contingency
 
 
 
Income Tax Examination, Penalties and Interest Expense
(3)
 
 
Statute Expiration on State and Foreign Tax Filing Positions
 
 
 
Income Tax Contingency
 
 
 
Income Tax Examination, Penalties and Interest Expense
$ 5 
 
 
Income Taxes (Unrecognized Tax Benefits Rollforward) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Unrecognized tax benefits - beginning balance
$ 40 
$ 53 
Total increases - current period tax positions
13 
2 
Total (decreases) increases - prior period tax positions
69 
(8)
Settlements
0 
(2)
Lapse of statute of limitations
(8)
(3)
Foreign currency fluctuation
(4)
(2)
Unrecognized tax benefits - ending balance
$ 110 
$ 40 
Commitments And Contingencies (Commitments, Guarantees, and Debt Repayment Guarantees Narrative) (Details)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2015
Performance Guarantee
USD ($)
Dec. 31, 2014
Performance Guarantee
USD ($)
Dec. 31, 2013
Performance Guarantee
USD ($)
Dec. 31, 2015
Debt Repayment Guarantees
USD ($)
Dec. 31, 2014
Debt Repayment Guarantees
USD ($)
Dec. 31, 2015
Performance Test Clause Guarantee
USD ($)
Dec. 31, 2014
Performance Test Clause Guarantee
USD ($)
Dec. 31, 2015
Four Hotels in France
Performance Guarantee
USD ($)
Dec. 31, 2015
Four Hotels in France
Performance Guarantee
EUR (€)
Dec. 31, 2014
Four Hotels in France
Performance Guarantee
USD ($)
Dec. 31, 2013
Four Hotels in France
Performance Guarantee
USD ($)
Dec. 31, 2015
Hotel properties in India
Dec. 31, 2015
Hotel properties in India
Debt Repayment Guarantees
USD ($)
Dec. 31, 2014
Hotel properties in India
Debt Repayment Guarantees
USD ($)
Loss Contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitment to Loan or Investment
$ 149 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Guarantee Initial Term
 
 
 
 
 
 
 
 
 
 
7 years 
7 years 
 
 
 
 
 
Performance Guarantee Remaining Term
 
 
 
 
 
 
 
 
 
 
4 years 6 months 
4 years 6 months 
 
 
 
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
 
 
 
400 
 
 
391 
 
 
 
374 
344 
 
 
 
170 
 
Guarantor Obligations, Carrying Value, Total
 
 
 
97 
111 
129 
 
 
0 
0 
93 
 
106 
123 
 
 
 
Guarantor Obligations, Carrying Value, Noncurrent
120 
110 
 
81 
103 
 
39 
7 
 
 
 
 
 
 
 
27 
0 
Guarantor Obligations, Carrying Value, Current
 
 
 
16 
8 
 
 
 
 
 
 
 
 
 
 
 
 
Equity earnings (losses) from unconsolidated hospitality ventures
(64)
25 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
(13)
 
Successful Enforcement Of Guarantee Agreements
 
 
 
 
 
 
$ 262 
 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50.00% 
 
 
Commitments And Contingencies Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Guarantor Obligations
 
 
 
Amortization of initial guarantee obligation liability into income
$ (12)
$ (7)
$ (5)
Performance guarantee expense (income), net
27 
23 
5 
Foreign currency exchange, net
(14)
(3)
(5)
Performance Guarantee
 
 
 
Guarantor Obligations
 
 
 
Beginning Balance
111 
129 
 
Amortization of initial guarantee obligation liability into income
(12)
(7)
 
Performance guarantee expense (income), net
27 
23 
 
Net (payments) receipts during the year
(18)
(22)
 
Foreign currency exchange, net
(11)
(12)
 
Ending Balance
97 
111 
 
Four Hotels in France |
Performance Guarantee
 
 
 
Guarantor Obligations
 
 
 
Beginning Balance
106 
123 
 
Amortization of initial guarantee obligation liability into income
(10)
(6)
 
Performance guarantee expense (income), net
28 
19 
 
Net (payments) receipts during the year
(20)
(18)
 
Foreign currency exchange, net
(11)
(12)
 
Ending Balance
93 
106 
 
Other Performance Guarantee |
Performance Guarantee
 
 
 
Guarantor Obligations
 
 
 
Beginning Balance
5 
6 
 
Amortization of initial guarantee obligation liability into income
(2)
(1)
 
Performance guarantee expense (income), net
(1)
4 
 
Net (payments) receipts during the year
2 
(4)
 
Foreign currency exchange, net
0 
0 
 
Ending Balance
$ 4 
$ 5 
 
Commitments And Contingencies Commitments and Contingencies (Debt Repayment Guarantee) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
$ 120 
$ 110 
Debt Repayment Guarantees
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
39 
7 
Guarantor Obligations, Maximum Exposure, Undiscounted
391 
 
Debt Repayment Guarantees |
Hotel properties in India
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
27 
0 
Guarantor Obligations, Maximum Exposure, Undiscounted
170 
 
Debt Repayment Guarantees |
Hotel property in Brazil
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
4 
2 
Guarantor Obligations, Maximum Exposure, Undiscounted
74 
 
Debt Repayment Guarantees |
Vacation ownership property
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
0 
0 
Guarantor Obligations, Maximum Exposure, Undiscounted
44 
 
Debt Repayment Guarantees |
Hotel property in Minnesota
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
2 
3 
Guarantor Obligations, Maximum Exposure, Undiscounted
25 
 
Debt Repayment Guarantees |
Hotel property in Arizona
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
3 
0 
Guarantor Obligations, Maximum Exposure, Undiscounted
23 
 
Debt Repayment Guarantees |
Hotel property in Hawaii
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
3 
1 
Guarantor Obligations, Maximum Exposure, Undiscounted
18 
 
Debt Repayment Guarantees |
Hotel property in Colorado
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
0 
1 
Guarantor Obligations, Maximum Exposure, Undiscounted
15 
 
Debt Repayment Guarantees |
Other
 
 
Loss Contingencies
 
 
Guarantor Obligations, Carrying Value, Noncurrent
0 
0 
Guarantor Obligations, Maximum Exposure, Undiscounted
$ 22 
 
Commitments And Contingencies (Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters Of Credit Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Loss Contingencies
 
 
Self Insurance Reserve, Current
$ 35 
$ 24 
Self Insurance Reserve, Noncurrent
57 
63 
Loss Contingency, Estimate of Possible Loss
3 
 
Insurance Deductible
3 
 
Letters of Credit Outstanding, Amount
228 
 
Surety bonds
23 
 
Borrowing Capacity Reduction
 
 
Loss Contingencies
 
 
Letters of Credit Outstanding, Amount
0 
9 
Self Insurance Collateral
 
 
Loss Contingencies
 
 
Letters of Credit Outstanding, Amount
$ 7 
 
United States
 
 
Loss Contingencies
 
 
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants
27.00% 
 
Equity (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Feb. 12, 2016
Subsequent Event
Feb. 11, 2016
Subsequent Event
Dec. 31, 2015
Weighted Average
Dec. 31, 2014
Weighted Average
Feb. 12, 2016
Weighted Average
Subsequent Event
Dec. 31, 2015
Pritzker Family Business Interests
Dec. 31, 2015
Other Business Interests With Significant Ownership Percentage
Common Stock
 
 
 
 
 
 
 
 
 
 
Percent of Class B Common Stock Owned (percentage)
 
 
 
 
 
 
 
 
77.10% 
22.90% 
Percent of Outstanding Shares of Common Stock (percentage)
 
 
 
 
 
 
 
 
62.00% 
18.40% 
Percent of Total Voting Power, Common Stock (percentage)
 
 
 
 
 
 
 
 
75.30% 
22.40% 
Stock Repurchase Program, Authorized Amount
$ 400 
$ 700 
$ 400 
 
$ 250 
 
 
 
 
 
Stock repurchased (in shares)
13,199,811 
7,693,326 
 
991,009 
 
 
 
 
 
 
Stock Repurchased and Retired During Period Per Share Value (in dollars per share)
 
 
 
 
 
$ 54.17 
$ 57.79 
$ 39.34 
 
 
Share repurchase, value
715 
445 
275 
39 
 
 
 
 
 
 
Stock repurchase related costs
0 
0 
 
 
 
 
 
 
 
 
Payments for Repurchase of Common Stock
715 
443 
275 
 
 
 
 
 
 
 
Percent repurchased (percentage)
9.00% 
5.00% 
 
 
 
 
 
 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
129 
 
 
340 
 
 
 
 
 
 
Treasury Stock, Shares, Retired
195,423 
 
 
 
 
 
 
 
 
 
Treasury Stock Acquired, Average Cost Per Share
$ 43.41 
 
 
 
 
 
 
 
 
 
Treasury Stock, Value, Acquired, Cost Method
$ 8 
 
 
 
 
 
 
 
 
 
Equity (Accumulated Other Comprehensive Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Accumulated Other Comprehensive Loss
 
 
Beginning Balance Accumulated Other Comprehensive Loss
$ (160)
$ (68)
Current Period Other Comprehensive Income (Loss) before Reclassification
(91)
(85)
Amount Reclassified from Accumulated Other Comprehensive Loss
21 
(7)
Ending Balance Accumulated Other Comprehensive Loss
(230)
(160)
Foreign currency translation adjustments, net of tax
0 
0 
Foreign currency translation adjustments
 
 
Accumulated Other Comprehensive Loss
 
 
Beginning Balance Accumulated Other Comprehensive Loss
(155)
(62)
Current Period Other Comprehensive Income (Loss) before Reclassification
(123)
(86)
Amount Reclassified from Accumulated Other Comprehensive Loss
21 
(7)
Ending Balance Accumulated Other Comprehensive Loss
(257)
(155)
Unrealized gain (loss) on AFS securities
 
 
Accumulated Other Comprehensive Loss
 
 
Beginning Balance Accumulated Other Comprehensive Loss
6 
6 
Current Period Other Comprehensive Income (Loss) before Reclassification
33 
0 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance Accumulated Other Comprehensive Loss
39 
6 
Unrecognized pension cost
 
 
Accumulated Other Comprehensive Loss
 
 
Beginning Balance Accumulated Other Comprehensive Loss
(5)
(5)
Current Period Other Comprehensive Income (Loss) before Reclassification
(2)
0 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance Accumulated Other Comprehensive Loss
(7)
(5)
Unrealized gain (loss) on derivative instruments
 
 
Accumulated Other Comprehensive Loss
 
 
Beginning Balance Accumulated Other Comprehensive Loss
(6)
(7)
Current Period Other Comprehensive Income (Loss) before Reclassification
1 
1 
Amount Reclassified from Accumulated Other Comprehensive Loss
0 
0 
Ending Balance Accumulated Other Comprehensive Loss
$ (5)
$ (6)
Stock Based Compensation (Income Tax Benefit Share Based Compensation) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stock Appreciation Rights (SARs)
 
 
 
Income Tax Benefit Share Based Compensation
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
$ 3 
$ 7 
$ 3 
Restricted Stock Units (RSUs)
 
 
 
Income Tax Benefit Share Based Compensation
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
5 
8 
6 
Performance Vesting Restricted Stock (PSSs)
 
 
 
Income Tax Benefit Share Based Compensation
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
$ (1)
$ 2 
$ 1 
Stock-Based Compensation (Stock Appreciation Rights by Grant Date) (Details) (Stock Appreciation Rights (SARs), USD $)
1 Months Ended 12 Months Ended
Mar. 31, 2015
Feb. 28, 2015
Feb. 28, 2014
Mar. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
Deferred Compensation Arrangement with Individual, Maximum Contractual Term
 
 
 
 
10 years 
 
 
Grants in period (in shares)
380,604 
39,401 
327,307 
472,003 
461,378 
 
 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 20.64 
$ 25.38 
$ 22.57 
$ 17.95 
$ 21.36 
$ 22.57 
$ 17.98 
Award Vesting Rights
25.00% 
100.00% 
25.00% 
25.00% 
 
 
 
Vesting Start Month
March 2016 
March 2018 
March 2015 
March 2014 
 
 
 
50% annually
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
Grants in period (in shares)
41,373 
 
 
 
 
 
 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 24.17 
 
 
 
 
 
 
Award Vesting Rights
50.00% 
 
 
 
 
 
 
Vesting Start Month
March 2018 
 
 
 
 
 
 
100% at Vest
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
Grants in period (in shares)
 
 
 
54,914 
 
 
 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
 
 
 
$ 18.21 
 
 
 
Award Vesting Rights
 
 
 
100.00% 
 
 
 
Vesting Start Month
 
 
 
March 2017 
 
 
 
Stock-Based Compensation (SAR Valuation Assumptions) (Details) (Stock Appreciation Rights (SARs), USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stock Appreciation Rights (SARs)
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
Forfeiture Rate
0.00% 
 
 
Exercise Price (in dollars per share)
$ 56.57 
$ 49.39 
$ 43.44 
Expected Life in Years
6 years 3 months 22 days 
6 years 3 months 15 days 
6 years 3 months 29 days 
Risk-free Interest Rate
1.63% 
1.93% 
1.18% 
Expected Volatility
35.39% 
44.32% 
40.67% 
Annual Dividend Yield
0.00% 
0.00% 
0.00% 
Stock-Based Compensation (Summary of SAR Activity) (Details) (Stock Appreciation Rights (SARs), USD $)
In Millions, except Share data, unless otherwise specified
1 Months Ended 12 Months Ended
Mar. 31, 2015
Feb. 28, 2015
Feb. 28, 2014
Mar. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Stock Appreciation Rights (SARs)
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
Beginning Balance (in shares)
 
 
 
 
3,465,584 
 
Grants in period (in shares)
380,604 
39,401 
327,307 
472,003 
461,378 
 
Exercises In Period (in shares)
 
 
 
 
(50,025)
 
Ending Balance (in shares)
 
 
 
 
3,876,937 
3,465,584 
Exercisable (in shares)
 
 
 
 
2,812,948 
 
Outstanding, Weighted Average Exercise Price (in dollars per share)
 
 
 
 
$ 47.63 
$ 46.37 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
 
 
 
 
$ 56.57 
 
Exercises In Period, Weighted Average Exercise Price (in dollars per share)
 
 
 
 
$ 42.73 
 
Exercisable, Weighted Average Exercise Price (in dollars per share)
 
 
 
 
$ 46.64 
 
Outstanding, Weighted Average Remaining Contractual Term
 
 
 
 
5 years 11 days 
5 years 5 months 1 day 
Grants in Period, Weighted Average Contractual Term
 
 
 
 
9 years 2 months 19 days 
 
Exercises in Period, Weighted Average Contractual Term
 
 
 
 
1 year 7 months 17 days 
 
Exercisable, Weighted Average Contractual Term
 
 
 
 
3 years 9 months 29 days 
 
Outstanding Intrinsic Value
 
 
 
 
$ 16 
 
Exercisable Intrinsic Value
 
 
 
 
$ 15 
 
Stock-Based Compensation (RSU Activity by Grant Date) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Restricted Stock Units (RSUs)
May 31, 2015
Restricted Stock Units (RSUs)
Mar. 31, 2015
Restricted Stock Units (RSUs)
Feb. 28, 2015
Restricted Stock Units (RSUs)
Sep. 30, 2014
Restricted Stock Units (RSUs)
Feb. 28, 2014
Restricted Stock Units (RSUs)
Dec. 31, 2013
Restricted Stock Units (RSUs)
Sep. 30, 2013
Restricted Stock Units (RSUs)
Jun. 30, 2013
Restricted Stock Units (RSUs)
Mar. 31, 2013
Restricted Stock Units (RSUs)
Dec. 31, 2015
Restricted Stock Units (RSUs)
Mar. 31, 2015
Cash Settled RSUs
Feb. 28, 2014
Cash Settled RSUs
Jun. 30, 2013
Cash Settled RSUs
Mar. 31, 2013
Cash Settled RSUs
Dec. 31, 2015
Cash Settled RSUs
Sep. 30, 2015
3,898
Restricted Stock Units (RSUs)
Sep. 30, 2015
8,576
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Settled, Grants (in shares)
 
 
 
 
 
 
 
 
 
 
 
0 
0 
0 
0 
 
 
 
Forfeiture Rate
 
 
 
 
 
 
 
 
 
 
3.00% 
 
 
 
 
 
 
 
Grants in period (in shares)
4,089 
23,746 
380,939 
29,278 
2,452 
376,328 
2,132 
13,082 
2,218 
453,356 
450,526 
 
 
 
 
 
3,898 
8,576 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 48.90 
$ 58.95 
$ 56.27 
$ 59.77 
$ 61.17 
$ 49.39 
$ 46.90 
$ 45.86 
$ 40.56 
$ 43.44 
$ 56.43 
 
 
 
 
 
$ 51.30 
$ 51.30 
Total Fair Value, Grants in period
$ 0 
$ 1 
$ 21 
$ 2 
$ 0 
$ 19 
$ 0 
$ 1 
$ 0 
$ 20 
 
 
 
 
 
 
$ 0 
$ 0 
Performance period (in years)
4 years 
4 years 
4 years 
4 years 
4 years 
4 years 
4 years 
4 years 
4 years 
4 years 
 
 
 
 
 
 
3 years 
4 years 
Cash Settled Liability, Nonvested Awards
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
Allocated Cash-settled Share-based Compensation Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
 
 
Stock-Based Compensation (Summary of RSU Activity) (Details) (Restricted Stock Units (RSUs), USD $)
In Millions, except Share data, unless otherwise specified
1 Months Ended 12 Months Ended
Dec. 31, 2015
May 31, 2015
Mar. 31, 2015
Feb. 28, 2015
Sep. 30, 2014
Feb. 28, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2015
Restricted Stock Units (RSUs)
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance (in shares)
 
 
 
 
 
 
 
 
 
 
1,070,638 
Grants in period (in shares)
4,089 
23,746 
380,939 
29,278 
2,452 
376,328 
2,132 
13,082 
2,218 
453,356 
450,526 
Vested in Period (in shares)
 
 
 
 
 
 
 
 
 
 
(462,393)
Forfeited or canceled in Period (in shares)
 
 
 
 
 
 
 
 
 
 
(44,197)
Ending Balance (in shares)
1,014,574 
 
 
 
 
 
 
 
 
 
1,014,574 
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)
 
 
 
 
 
 
 
 
 
 
$ 43.60 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
$ 48.90 
$ 58.95 
$ 56.27 
$ 59.77 
$ 61.17 
$ 49.39 
$ 46.90 
$ 45.86 
$ 40.56 
$ 43.44 
$ 56.43 
Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share)
 
 
 
 
 
 
 
 
 
 
$ 41.54 
Forfeited or Canceled in Period, Weighted Average Grant Date Fair Value (in dollars per share)
 
 
 
 
 
 
 
 
 
 
$ 48.61 
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)
$ 50.02 
 
 
 
 
 
 
 
 
 
$ 50.02 
Intrinsic Value, Nonvested
$ 48 
 
 
 
 
 
 
 
 
 
$ 48 
Stock-Based Compensation Stock-Based Compensation (Summary of PSS Activity) (Details) (Performance Vesting Restricted Stock (PSSs), USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 12 Months Ended
Jan. 1, 2015
Jan. 1, 2014
Jan. 1, 2013
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Performance Vesting Restricted Stock (PSSs)
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
Grants in period (in shares)
 
 
 
146,902 
162,906 
218,686 
Grants in period, Weighted-average fair value at grant date (in dollars per share)
 
 
 
$ 56.27 
$ 49.39 
$ 43.44 
Performance period (in years)
 
 
 
3 years 
3 years 
3 years 
Vesting Start Month
January 1, 2015 
January 1, 2014 
January 1, 2013 
 
 
 
Stock Granted, Value, Share-based Compensation, Forfeited
 
 
 
$ 3 
 
 
Intrinsic Value
 
 
 
$ 3 
 
 
Stock-Based Compensation (Unearned Compensation) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
 
Future compensation expense, 2016
$ 11 
Future compensation expense, 2017
7 
Future compensation expense, 2018
2 
Future compensation expense, 2019
1 
Total unearned compensation
21 
Stock Appreciation Rights (SARs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Future compensation expense, 2016
2 
Future compensation expense, 2017
1 
Future compensation expense, 2018
0 
Future compensation expense, 2019
0 
Total unearned compensation
3 
Restricted Stock Units (RSUs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Future compensation expense, 2016
7 
Future compensation expense, 2017
5 
Future compensation expense, 2018
2 
Future compensation expense, 2019
1 
Total unearned compensation
15 
Performance Vesting Restricted Stock (PSSs)
 
Share-based Compensation Arrangement by Share-based Payment Award
 
Future compensation expense, 2016
2 
Future compensation expense, 2017
1 
Future compensation expense, 2018
0 
Future compensation expense, 2019
0 
Total unearned compensation
$ 3 
Related-Party Transactions (Leases Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Related Party Transaction
 
Future sublease income
$ 136 
Related Party
 
Related Party Transaction
 
Future sublease income
$ 5 
Related-Party Transactions (Other Services Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees revenues
$ 107 
$ 103 
$ 112 
$ 105 
$ 101 
$ 94 
$ 103 
$ 89 
$ 427 
$ 387 
$ 342 
Related Party Other Services
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees revenues
 
 
 
 
 
 
 
 
 
4 
6 
Due (to) from related party
$ 0 
 
 
 
$ 0 
 
 
 
$ 0 
$ 0 
 
Related-Party Transactions (Equity Method Investments Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees revenues
$ 107 
$ 103 
$ 112 
$ 105 
$ 101 
$ 94 
$ 103 
$ 89 
$ 427 
$ 387 
$ 342 
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees revenues
 
 
 
 
 
 
 
 
26 
29 
32 
Due (to) from related party
$ 6 
 
 
 
$ 11 
 
 
 
$ 6 
$ 11 
 
Minimum
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
24.00% 
 
 
 
 
 
 
 
24.00% 
 
 
Maximum
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
70.00% 
 
 
 
 
 
 
 
70.00% 
 
 
Related-Party Transactions (Share Repurchase Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Related Party Transaction
 
 
 
Stock Repurchased and Retired During Period, Shares
13,199,811 
7,693,326 
 
Stock Repurchased and Retired During Period, Value
$ (715)
$ (445)
$ (275)
Percent of Stock Outstanding Repurchased During Period
9.00% 
5.00% 
 
Common Class B
 
 
 
Related Party Transaction
 
 
 
Stock Repurchased and Retired During Period, Shares
1,776,501 
1,122,000 
 
Stock Repurchased and Retired During Period, Value
$ (105)
$ (68)
 
Percent of Stock Outstanding Repurchased During Period
1.00% 
1.00% 
 
Weighted Average
 
 
 
Related Party Transaction
 
 
 
Stock Repurchased and Retired During Period Per Share Value
$ 54.17 
$ 57.79 
 
Weighted Average |
Common Class B
 
 
 
Related Party Transaction
 
 
 
Stock Repurchased and Retired During Period Per Share Value
$ 58.91 
$ 60.20 
 
Segment and Geographic Information (Summarized Consolidated Financial Information by Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels revenues
$ 530 
$ 500 
$ 540 
$ 509 
$ 551 
$ 555 
$ 592 
$ 548 
$ 2,079 
$ 2,246 
$ 2,142 
Management and franchise fees
107 
103 
112 
105 
101 
94 
103 
89 
427 
387 
342 
Other revenues from managed properties
462 
440 
451 
433 
420 
431 
440 
416 
1,786 
1,707 
1,622 
Revenues
1,109 
1,053 
1,112 
1,054 
1,079 
1,104 
1,158 
1,074 
4,328 
4,415 
4,184 
Adjusted EBITDA
 
 
 
 
 
 
 
 
727 
728 
680 
Depreciation and amortization
 
 
 
 
 
 
 
 
320 
354 
345 
Capital expenditures
 
 
 
 
 
 
 
 
269 
253 
232 
Corporate and Other
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Other revenues from managed properties
 
 
 
 
 
 
 
 
0 
30 
21 
Revenues
 
 
 
 
 
 
 
 
40 
75 
78 
Adjusted EBITDA
 
 
 
 
 
 
 
 
(145)
(131)
(114)
Depreciation and amortization
 
 
 
 
 
 
 
 
18 
7 
7 
Capital expenditures
 
 
 
 
 
 
 
 
43 
43 
20 
Operating Segments |
Owned and Leased Hotels
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels revenues
 
 
 
 
 
 
 
 
2,079 
2,246 
2,142 
Adjusted EBITDA
 
 
 
 
 
 
 
 
493 
522 
471 
Depreciation and amortization
 
 
 
 
 
 
 
 
277 
322 
315 
Capital expenditures
 
 
 
 
 
 
 
 
225 
208 
211 
Operating Segments |
Americas Management and Franchising
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees
 
 
 
 
 
 
 
 
354 
327 
292 
Other revenues from managed properties
 
 
 
 
 
 
 
 
1,641 
1,550 
1,482 
Adjusted EBITDA
 
 
 
 
 
 
 
 
295 
253 
233 
Depreciation and amortization
 
 
 
 
 
 
 
 
19 
18 
17 
Capital expenditures
 
 
 
 
 
 
 
 
0 
1 
1 
Operating Segments |
ASPAC Management and Franchising
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees
 
 
 
 
 
 
 
 
91 
88 
83 
Other revenues from managed properties
 
 
 
 
 
 
 
 
87 
74 
74 
Adjusted EBITDA
 
 
 
 
 
 
 
 
52 
44 
50 
Depreciation and amortization
 
 
 
 
 
 
 
 
1 
1 
1 
Capital expenditures
 
 
 
 
 
 
 
 
1 
1 
0 
Operating Segments |
EAME/SW Asia Management
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Management and franchise fees
 
 
 
 
 
 
 
 
67 
77 
72 
Other revenues from managed properties
 
 
 
 
 
 
 
 
58 
53 
45 
Adjusted EBITDA
 
 
 
 
 
 
 
 
32 
40 
40 
Depreciation and amortization
 
 
 
 
 
 
 
 
5 
6 
5 
Capital expenditures
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment Eliminations
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
(89)
(105)
(105)
Adjusted EBITDA
 
 
 
 
 
 
 
 
0 
0 
0 
Depreciation and amortization
 
 
 
 
 
 
 
 
0 
0 
0 
Capital expenditures
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment Eliminations |
Americas Management and Franchising
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
74 
88 
86 
Intersegment Eliminations |
ASPAC Management and Franchising
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
2 
2 
3 
Intersegment Eliminations |
EAME/SW Asia Management
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
$ 13 
$ 15 
$ 16 
Segment and Geographic Information (Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
$ 7,596 
$ 8,143 
Owned and Leased Hotels
 
 
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
5,281 
5,622 
Americas Management and Franchising
 
 
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
464 
482 
ASPAC Management and Franchising
 
 
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
131 
130 
EAME/SW Asia Management
 
 
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
234 
177 
Corporate and Other
 
 
Segment Reporting, Asset Reconciling Item
 
 
Total Assets
$ 1,486 
$ 1,732 
Segment and Geographic Information (Schedule of Revenues from External Customers and Long-Lived Assets) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 1,109 
$ 1,053 
$ 1,112 
$ 1,054 
$ 1,079 
$ 1,104 
$ 1,158 
$ 1,074 
$ 4,328 
$ 4,415 
$ 4,184 
Long Lived Assets
4,707 
 
 
 
4,871 
 
 
 
4,707 
4,871 
 
United States
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
3,494 
3,476 
3,270 
Long Lived Assets
3,562 
 
 
 
3,643 
 
 
 
3,562 
3,643 
 
All Foreign
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
834 
939 
914 
Long Lived Assets
$ 1,145 
 
 
 
$ 1,228 
 
 
 
$ 1,145 
$ 1,228 
 
Segment and Geographic Information (Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income (Loss) attributable to Hyatt Hotels Corporation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
 
$ 727 
$ 728 
$ 680 
Equity earnings (losses) from unconsolidated hospitality ventures
 
 
 
 
 
 
 
 
(64)
25 
(1)
Gains on sales of real estate and other
 
 
 
 
 
 
 
 
9 
311 
125 
Asset impairments
 
 
 
 
 
 
 
 
(5)
(17)
(22)
Other income (loss), net
 
 
 
 
 
 
 
 
(5)
(17)
17 
Net (income) loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
(2)
2 
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
 
 
 
 
 
 
 
 
(80)
(80)
(68)
EBITDA
 
 
 
 
 
 
 
 
582 
948 
733 
Depreciation and amortization
 
 
 
 
 
 
 
 
(320)
(354)
(345)
Interest expense
 
 
 
 
 
 
 
 
(68)
(71)
(65)
Provision for income taxes
 
 
 
 
 
 
 
 
(70)
(179)
(116)
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 37 
$ 25 
$ 40 
$ 22 
$ 182 
$ 32 
$ 74 
$ 56 
$ 124 
$ 344 
$ 207 
Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Earnings Per Share [Abstract]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
$ 124 
$ 346 
$ 205 
Net (income) loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
(2)
2 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 37 
$ 25 
$ 40 
$ 22 
$ 182 
$ 32 
$ 74 
$ 56 
$ 124 
$ 344 
$ 207 
Basic weighted average shares outstanding (in shares)
 
 
 
 
 
 
 
 
142,814,868 
153,136,511 
158,544,930 
Share-based compensation (in shares)
 
 
 
 
 
 
 
 
1,184,455 
1,213,941 
644,149 
Diluted weighted average shares outstanding (in shares)
 
 
 
 
 
 
 
 
143,999,323 
154,350,452 
159,189,079 
Net Income -Basic (in dollars per share)
$ 0.26 
$ 0.18 
$ 0.28 
$ 0.15 
$ 1.21 
$ 0.22 
$ 0.49 
$ 0.36 
$ 0.87 
$ 2.26 
$ 1.29 
Net (income) loss attributable to noncontrolling interests - Basic (in dollars per share)
 
 
 
 
 
 
 
 
$ 0.00 
$ (0.01)
$ 0.01 
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)
 
 
 
 
 
 
 
 
$ 0.87 
$ 2.25 
$ 1.30 
Net Income- Diluted (in dollars per share)
$ 0.26 
$ 0.18 
$ 0.27 
$ 0.15 
$ 1.20 
$ 0.22 
$ 0.49 
$ 0.36 
$ 0.86 
$ 2.24 
$ 1.29 
Net (income) loss attributable to noncontrolling interests - Diluted (in dollars per share)
 
 
 
 
 
 
 
 
$ 0.00 
$ (0.01)
$ 0.01 
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)
 
 
 
 
 
 
 
 
$ 0.86 
$ 2.23 
$ 1.30 
Earnings Per Share (Anti-dilutive Shares Issued) (Details) (Stock-Settled SARs)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stock-Settled SARs
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
 
Antidilutive securities excluded from the computations of diluted net income per share (in shares)
1,500 
5,200 
148,200 
Other Income (Loss), Net (Reconciliation of Components in Other Income (Loss), Net) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Income and Expenses [Abstract]
 
 
 
Performance guarantee expense, net
$ (27)
$ (23)
$ (5)
Foreign currency losses, net
(14)
(3)
(5)
Recoveries (provisions) on hotel loans, net
6 
0 
(6)
Interest income
8 
11 
17 
Depreciation recovery
12 
2 
1 
Guarantee liability amortization
12 
7 
5 
Realignment costs
0 
(7)
0 
Transaction costs
0 
(6)
(10)
Cost method investment income
0 
1 
50 
Gain on sale of artwork
0 
0 
29 
Charitable contribution to Hyatt Hotels Foundation
0 
0 
(20)
Debt settlement costs
0 
0 
(35)
Other
(2)
1 
(4)
Other income (loss), net
$ (5)
$ (17)
$ 17 
Subsequent Event Subsequent Event (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Feb. 12, 2016
Subsequent Event
Feb. 11, 2016
Subsequent Event
Dec. 31, 2015
Weighted Average
Dec. 31, 2014
Weighted Average
Feb. 12, 2016
Weighted Average
Subsequent Event
Subsequent Event
 
 
 
 
 
 
 
 
Stock Repurchase Program, Authorized Amount
$ 400 
$ 700 
$ 400 
 
$ 250 
 
 
 
Stock repurchased (in shares)
13,199,811 
7,693,326 
 
991,009 
 
 
 
 
Stock Repurchased and Retired During Period Per Share Value (in dollars per share)
 
 
 
 
 
$ 54.17 
$ 57.79 
$ 39.34 
Share repurchase, value
715 
445 
275 
39 
 
 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
$ 129 
 
 
$ 340 
 
 
 
 
Quarterly Financial Information (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Owned and leased hotels
$ 530 
$ 500 
$ 540 
$ 509 
$ 551 
$ 555 
$ 592 
$ 548 
$ 2,079 
$ 2,246 
$ 2,142 
Management and franchise fees
107 
103 
112 
105 
101 
94 
103 
89 
427 
387 
342 
Other revenues
10 
10 
9 
7 
7 
24 
23 
21 
36 
75 
78 
Other revenues from managed properties
462 
440 
451 
433 
420 
431 
440 
416 
1,786 
1,707 
1,622 
Total revenues
1,109 
1,053 
1,112 
1,054 
1,079 
1,104 
1,158 
1,074 
4,328 
4,415 
4,184 
Direct and selling, general, and administrative expenses
1,047 
965 
998 
995 
1,040 
1,032 
1,043 
1,021 
4,005 
4,136 
3,951 
Net Income
37 
25 
40 
22 
182 
33 
75 
56 
 
 
 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
$ 37 
$ 25 
$ 40 
$ 22 
$ 182 
$ 32 
$ 74 
$ 56 
$ 124 
$ 344 
$ 207 
Net Income -Basic (in dollars per share)
$ 0.26 
$ 0.18 
$ 0.28 
$ 0.15 
$ 1.21 
$ 0.22 
$ 0.49 
$ 0.36 
$ 0.87 
$ 2.26 
$ 1.29 
Net Income- Diluted (in dollars per share)
$ 0.26 
$ 0.18 
$ 0.27 
$ 0.15 
$ 1.20 
$ 0.22 
$ 0.49 
$ 0.36 
$ 0.86 
$ 2.24 
$ 1.29 
Valuation and Qualifying Accounts (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Trade receivables—allowance for doubtful accounts
 
 
 
Valuation and Qualifying Accounts Disclosure
 
 
 
Balance at Beginning of Period
$ 13 
$ 11 
$ 11 
Additions Charged to Revenues, Costs and Expenses
5 
5 
4 
Additions Charged to Other Accounts
0 
0 
0 
Deductions
(3)
(3)
(4)
Balance at End of Period
15 
13 
11 
Financing Receivables—allowance for losses
 
 
 
Valuation and Qualifying Accounts Disclosure
 
 
 
Balance at Beginning of Period
100 
103 
99 
Additions Charged to Revenues, Costs and Expenses
10 
7 
13 
Additions Charged to Other Accounts
(2)
(9)
(3)
Deductions
(10)
(1)
(6)
Balance at End of Period
98 
100 
103 
Deferred tax asset—valuation allowance
 
 
 
Valuation and Qualifying Accounts Disclosure
 
 
 
Balance at Beginning of Period
15 
21 
22 
Additions Charged to Revenues, Costs and Expenses
2 
0 
0 
Additions Charged to Other Accounts
0 
0 
0 
Deductions
0 
(6)
(1)
Balance at End of Period
$ 17 
$ 15 
$ 21