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HLT Hilton Worldwide

Document and Entity Information

Document and Entity Information Document - shares3 Months Ended
Mar. 31, 2021Apr. 28, 2021
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateMar. 31,
2021
Entity File Number001-36243
Entity Registrant NameHilton Worldwide Holdings Inc.
Entity incorporation, sate or country codeDE
Entity Tax Identification Number27-4384691
Entity Address, Address Line One7930 Jones Branch Drive
Entity Address, Address Line TwoSuite 1100
Entity Address, City or TownMcLean
Entity Address, State or ProvinceVA
Entity Address, Postal Zip Code22102
City Area Code703
Local Phone Number883-1000
Title of 12(b) SecurityCommon Stock, $0.01 par value per share
Trading SymbolHLT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Small Businessfalse
Entity Filer CategoryLarge Accelerated Filer
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity common stock shares outstanding278,533,722
Entity Central Index Key0001585689
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Shell Companyfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current Assets:
Cash and cash equivalents $ 2,402 $ 3,218
Restricted cash and cash equivalents45 45
Accounts receivable, net of allowance for credit losses797 771
Prepaid expenses104 70
Other120 98
Total current assets3,468 4,202
Intangibles and Other Assets:
Goodwill5,084 5,095
Brands4,895 4,904
Operating lease right-of-use assets763 772
Property and equipment, net327 346
Deferred income tax assets194 194
Other311 323
Total intangibles and other assets12,506 12,553
Total assets15,974 16,755
Current Liabilities:
Accounts payable, accrued expenses and other1,271 1,302
Current maturities of long-term debt[1]48 56
Current portion of deferred revenues364 370
Total current liabilities2,476 2,431
Long-term debt9,908 10,431
Operating lease liabilities970 971
Deferred revenues930 1,004
Deferred income tax liabilities616 649
Other961 989
Total liabilities17,594 18,241
Commitments and contingencies
Equity (Deficit):
Preferred stock0 0
Common stock3 3
Treasury stock, at cost(4,453)(4,453)
Additional paid-in capital10,547 10,552
Accumulated Deficit(6,840)(6,732)
Accumulated other comprehensive loss(880)(860)
Total Hilton stockholders' deficit(1,623)(1,490)
Noncontrolling interests3 4
Total deficit(1,620)(1,486)
Total liabilities and equity (deficit)15,974 16,755
Management and franchise [member]
Intangibles and Other Assets:
Management and franchise contracts, net691 653
Other intangible assets, net691 653
Other intangible assets, net [member]
Intangibles and Other Assets:
Management and franchise contracts, net241 266
Other intangible assets, net241 266
Variable Interest Entity, Primary Beneficiary [member]
Current Assets:
Cash and cash equivalents26 40
Total current assets38 53
Intangibles and Other Assets:
Property and equipment, net69 76
Deferred income tax assets56 57
Other61 66
Total intangibles and other assets186 199
Current Liabilities:
Accounts payable, accrued expenses and other26 27
Total current liabilities50 57
Other17 17
Total liabilities225 248
Guest Loyalty Program [member]
Current Liabilities:
Liabilities from contracts with customers, current793 703
Liabilities from contracts with customers $ 1,733 $ 1,766
[1]Represents current maturities of finance lease liabilities.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Allowance for credit losses $ 138 $ 132
Preferred stock, par value (per share) $ 0.01 $ 0.01
Preferred stock, authorized shares3,000,000,000 3,000,000,000
Preferred stock, issued shares0 0
Preferred stock, outstanding shares0 0
Common stock, par value (per share) $ 0.01 $ 0.01
Common stock, authorized shares10,000,000,000 10,000,000,000
Common stock, issued shares331,448,235 330,511,254
Common stock, outstanding shares278,527,885 277,590,904
Treasury stock, shares52,920,350 52,920,350

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations Statement - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues $ 874 $ 1,920
Depreciation and amortization51 91
General and administrative97 60
Impairment losses0 112
Other expenses10 14
Total expenses excluding reimbursable expenses268 516
Total expenses853 1,852
Operating income21 68
Interest expense(103)(94)
Gain on foreign currency transactions2 9
Loss on debt extinguishment(69)0
Other non-operating income, net5 0
Loss before income taxes(144)(17)
Income tax benefit35 35
Net income (loss)(109)18
Net loss attributable to noncontrolling interests1 0
Net income (loss) attributable to Hilton stockholders $ (108) $ 18
Earnings (Loss) Per Share, Basic [Abstract]
Basic EPS $ (0.39) $ 0.06
Earnings (Loss) Per Share, Diluted [Abstract]
Diluted EPS(0.39)0.06
Cash dividends declared per share $ 0 $ 0.15
Franchise and licensing fees [member]
Revenues $ 242 $ 339
Base and other management fees [member]
Revenues25 60
Incentive management fees [member]
Revenues13 23
Owned and leased hotels [member]
Revenues56 210
Expenses110 239
Other revenues
Revenues17 23
Total revenues excluding reimbursable revenues [member]
Revenues353 655
Other revenues from managed and franchised properties [member]
Revenues521 1,265
Other expenses from managed and franchised properties [member]
Expenses $ 585 $ 1,336

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) $ (109) $ 18
Other comprehensive income (loss), net of tax benefit (expense)
Currency translation adjustment(29)(24)
Pension liability adjustment(2)(1)
Cash flow hedge adjustment7 (36)
Total other comprehensive loss(20)(59)
Comprehensive loss(129)(41)
Comprehensive loss attributable to noncontrolling interests1 0
Comprehensive loss attributable to Hilton stockholders $ (128) $ (41)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Currency translation adjustment, tax benefit (expense) $ (3) $ 8
Pension liability adjustment, tax expense[1]less than $1 millionless than $1 million
Cash flow hedge adjustment, tax benefit (expense) $ (2) $ 13
[1]Amounts were less than $1 million for both periods.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating Activities:
Net income (loss) $ (109) $ 18
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of contract acquisition costs7 8
Depreciation and amortization51 91
Impairment losses0 112
Gain on foreign currency transactions(2)(9)
Share-based compensation expense (benefit)39 (12)
Deferred income taxes(39)(37)
Contract acquisition costs(43)(11)
Change in deferred revenues(80)12
Change in liabilities from contracts with customers23
Working capital changes and other(52)(98)
Net cash provided by (used in) operating activities(171)129
Investing Activities:
Capital expenditures for property and equipment(3)(12)
Capitalized software costs(8)(17)
Other(5)(18)
Net cash used in investing activities(16)(47)
Financing Activities:
Borrowings1,500 1,690
Repayment of debt(2,016)(205)
Payments of debt issuance costs and redemption premium74 0
Dividends paid0 (42)
Repurchases of common stock0 (296)
Share-based compensation tax withholdings and other(34)(47)
Net cash provided by (used in) financing activities(624)1,100
Effect of exchange rate changes on cash, restricted cash and cash equivalents(5)(7)
Net increase (decrease) in cash, restricted cash and cash equivalents(816)1,175
Cash, restricted cash and cash equivalents, beginning of period3,263 630
Cash, restricted cash and cash equivalents, end of period2,447 1,805
Supplemental Disclosures:
Interest72 94
Income taxes, net of refunds25 50
Guest Loyalty Program [member]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in liabilities from contracts with customers $ 57 $ 55

Organization and Basis of Prese

Organization and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of PresentationOrganization and Basis of Presentation Organization Hilton Worldwide Holdings Inc. (the "Parent," or together with its subsidiaries, "Hilton," "we," "us," "our" or the "Company"), a Delaware corporation, is one of the largest hospitality companies in the world and is engaged in managing, franchising, owning and leasing hotels and resorts, and licensing its brands and intellectual property ("IP"). As of March 31, 2021, we managed, franchised, owned or leased 6,567 hotels and resorts, including timeshare properties, totaling 1,032,412 rooms in 119 countries and territories. Basis of Presentation The accompanying condensed consolidated financial statements for the three months ended March 31, 2021 and 2020 have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") and are unaudited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Revenues from Contracts with Cu

Revenues from Contracts with Customers3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with CustomersRevenues from Contracts with Customers Contract Liabilities The following table summarizes the activity of our contract liabilities, which are classified as a component of current and long-term deferred revenues, during the three months ended March 31, 2021: (in millions) Balance as of December 31, 2020 $ 1,312 Cash received in advance and not recognized as revenue 23 Revenue recognized (1) (60) Other (2) (31) Balance as of March 31, 2021 $ 1,244 ____________ (1) Revenue recognized during the three months ended March 31, 2021 included $46 million related to Hilton Honors, our guest loyalty program. Revenue recognized during the three months ended March 31, 2020 was $54 million, which included $40 million related to Hilton Honors. (2) Primarily represents changes in estimated transaction prices for our performance obligations related to points issued under Hilton Honors, which had no effect on revenues. Hilton Honors Points Pre-Sale In April 2020, we pre-sold Hilton Honors points to American Express for $1.0 billion in cash (the "Honors Points Pre-Sale"). American Express and their respective designees may use the points in connection with Hilton Honors co-branded credit cards and for promotions, rewards and incentive programs or certain other activities as they may establish or engage in from time to time. Upon receipt of the cash, we recognized $636 million in deferred revenues and the remainder in liability for guest loyalty program; see below for additional information on the revenue recognition of the related deferred revenues. Performance Obligations As of March 31, 2021, we had deferred revenues for unsatisfied performance obligations consisting of: (i) $241 million related to Hilton Honors that will be recognized as revenue when the points are redeemed, which we estimate will occur over approximately the next two years; (ii) $407 million related to co-branded credit card arrangements, primarily consisting of deferred revenues for the Honors Points Pre-Sale of which a portion will be recognized as revenue when points are awarded, with the remaining portion recognized as revenue when the points are redeemed; and (iii) $596 million related to application, initiation and other fees that is expected to be recognized as revenue over the terms of the related contracts.

Consolidated Variable Interest

Consolidated Variable Interest Entities3 Months Ended
Mar. 31, 2021
Consolidated Variable Interest Entities Disclosure [Abstract]
Consolidated Variable Interest EntitiesConsolidated Variable Interest Entities As of March 31, 2021 and December 31, 2020, we consolidated two variable interest entities ("VIEs") that each lease a hotel property. We consolidated these VIEs since we are the primary beneficiary, having the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our consolidated VIEs are only available to settle the obligations of the respective entities. Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised the following: March 31, December 31, 2021 2020 (in millions) Cash and cash equivalents $ 26 $ 40 Property and equipment, net 69 76 Deferred income tax assets 56 57 Other non-current assets 61 66 Accounts payable, accrued expenses and other 26 27 Long-term debt (1) 181 203 Other long-term liabilities 17 17 ____________ (1) Includes finance lease liabilities of $164 million and $184 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, there were no amounts drawn under the VIEs' revolving credit facilities that had borrowing capacities totaling 4.75 billion Japanese yen (equivalent to $43 million as of March 31, 2021). We did not provide any financial or other support to any consolidated VIEs that we were not previously contractually required to provide during the three months ended March 31, 2021 and 2020.

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible AssetsFinite-Lived Intangible Assets Finite-lived intangible assets were as follows: March 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value (in millions) Management and franchise contracts: Management contracts recorded at Merger (1) $ 314 $ (264) $ 50 Contract acquisition costs 681 (149) 532 Development commissions and other 133 (24) 109 $ 1,128 $ (437) $ 691 Other intangible assets: Leases (1) $ 141 $ (81) $ 60 Capitalized software costs 529 (403) 126 Hilton Honors (1) 341 (286) 55 $ 1,011 $ (770) $ 241 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value (in millions) Management and franchise contracts: Management contracts recorded at Merger (1) $ 317 $ (261) $ 56 Contract acquisition costs 632 (144) 488 Development commissions and other 132 (23) 109 $ 1,081 $ (428) $ 653 Other intangible assets: Leases (1)(2) $ 157 $ (95) $ 62 Capitalized software costs 522 (378) 144 Hilton Honors (1) 342 (282) 60 $ 1,021 $ (755) $ 266 ____________ (1) Represents intangible assets that were initially recorded at their fair value as part of the October 2007 transaction whereby we became a wholly owned subsidiary of affiliates of The Blackstone Group Inc. (the "Merger"). (2) During the three months ended March 31, 2020, we recognized $46 million of impairment losses included in our condensed consolidated statement of operations. Amortization of our finite-lived intangible assets was as follows: Three Months Ended March 31, 2021 2020 (in millions) Recognized in depreciation and amortization expense (1) $ 38 $ 77 Recognized as a reduction of franchise and licensing fees and base and other management fees 7 8 ____________ (1) Includes amortization expense of $12 million and $49 million for the three months ended March 31, 2021 and 2020, respectively, associated with assets that were initially recorded at their fair value at the time of the Merger, some of which became fully amortized during 2020. We estimate future amortization of our finite-lived intangible assets as of March 31, 2021 to be as follows: Recognized in Depreciation and Amortization Expense Recognized as a Reduction of Franchise and Licensing Fees and Base and Other Management Fees Year (in millions) 2021 (remaining) $ 94 $ 23 2022 98 30 2023 62 29 2024 14 29 2025 8 28 Thereafter 124 393 $ 400 $ 532

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of March 31, 2021, were as follows: March 31, December 31, 2021 2020 (in millions) Senior secured revolving credit facility with a rate of 1.11%, due 2024 $ 1,190 $ 1,690 Senior secured term loan facility with a rate of 1.86%, due 2026 2,619 2,619 Senior notes with a rate of 5.375%, due 2025 500 500 Senior notes with a rate of 5.125%, due 2026 — 1,500 Senior notes with a rate of 4.875%, due 2027 600 600 Senior notes with a rate of 5.750%, due 2028 500 500 Senior notes with a rate of 3.750%, due 2029 800 800 Senior notes with a rate of 4.875%, due 2030 1,000 1,000 Senior notes with a rate of 4.000%, due 2031 1,100 1,100 Senior notes with a rate of 3.625%, due 2032 1,500 — Finance lease liabilities with a weighted average rate of 5.85%, due 2021 to 2030 227 252 Other debt with a rate of 3.08%, due 2026 17 19 10,053 10,580 Less: unamortized deferred financing costs and discount (97) (93) Less: current maturities of long-term debt (1) (48) (56) $ 9,908 $ 10,431 ____________ (1) Represents current maturities of finance lease liabilities. Our senior secured credit facilities consist of a $1.75 billion senior secured revolving credit facility (the "Revolving Credit Facility") and a senior secured term loan facility (the "Term Loan"). The obligations of our senior secured credit facilities are unconditionally and irrevocably guaranteed by the Parent and substantially all of its direct and indirect wholly owned domestic subsidiaries. During the three months ended March 31, 2021, we repaid $500 million of the outstanding debt balance on the Revolving Credit Facility. As of March 31, 2021, in addition to the outstanding debt balance, we had $60 million of letters of credit outstanding on our Revolving Credit Facility, resulting in an available borrowing capacity of $500 million. In February 2021, we issued $1.5 billion aggregate principal amount of 3.625% Senior Notes due 2032 (the "2032 Senior Notes") and incurred $21 million of debt issuance costs. Interest on the 2032 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2021. We used the net proceeds from the issuance, together with available cash, to redeem all $1.5 billion in aggregate principal amount of our outstanding 5.125% Senior Notes due 2026 (the "2026 Senior Notes"), plus accrued and unpaid interest. In connection with the redemption, we paid a redemption premium of $55 million and accelerated the recognition of the unamortized deferred financing costs on the 2026 Senior Notes of $14 million, which were both included in loss on debt extinguishment in our condensed consolidated statement of operations for the three months ended March 31, 2021. The 5.375% Senior Notes due 2025 (the "2025 Senior Notes"), the 4.875% Senior Notes due 2027, the 5.750% Senior Notes due 2028 (the "2028 Senior Notes"), the 3.750% Senior Notes due 2029, the 4.875% Senior Notes due 2030, the 4.000% Senior Notes due 2031 and the 2032 Senior Notes are collectively referred to as the Senior Notes and are jointly and severally guaranteed on a senior unsecured basis by the Parent and substantially all of its direct and indirect wholly owned domestic subsidiaries, other than Hilton Domestic Operating Company Inc. ("HOC"), an indirect wholly owned subsidiary of the Parent and the issuer of all of the series of Senior Notes. The contractual maturities of our long-term debt as of March 31, 2021 were as follows: Year (in millions) 2021 (remaining) $ 40 2022 29 2023 22 2024 1,212 2025 523 Thereafter 8,227 $ 10,053

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFair Value Measurements Estimates of the fair values of our financial instruments and nonfinancial assets were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values. The fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below: March 31, 2021 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Cash equivalents $ 1,415 $ — $ 1,415 $ — Restricted cash equivalents 9 — 9 — Liabilities: Long-term debt (1) 9,712 6,114 — 3,788 Interest rate swaps 73 — 73 — December 31, 2020 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Cash equivalents $ 2,270 $ — $ 2,270 $ — Restricted cash equivalents 9 — 9 — Liabilities: Long-term debt (1) 10,216 6,366 — 4,293 Interest rate swaps 82 — 82 — ____________ (1) The carrying values include unamortized deferred financing costs and discount. The carrying values and fair values exclude finance lease liabilities and other debt. We measure our interest rate swaps at fair value, which was determined using a discounted cash flow analysis that reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs of similar instruments, including interest rate curves, as applicable. Our interest rate swaps are included in other long-term liabilities in our condensed consolidated balance sheets. The fair values of financial instruments not included in these tables are estimated to be equal to their carrying values as of March 31, 2021 and December 31, 2020.

Leases

Leases3 Months Ended
Mar. 31, 2021
Lessee Disclosure [Abstract]
LeasesLeases We lease hotel properties, land, corporate office space and equipment used at hotels and corporate offices, with our most significant lease liabilities related to hotel properties. As of March 31, 2021, we leased 48 hotels under operating leases and six hotels under finance leases, two of which were the liabilities of consolidated VIEs and were non-recourse to us. Our hotel leases expire at various dates, with varying renewal and termination options. During the three months ended March 31, 2020, we recognized impairment losses in our condensed consolidated statement of operations related to certain hotel properties in our ownership segment under operating and finance leases, including $45 million of operating lease right-of-use ("ROU") assets and $21 million of property and equipment, net, of which $2 million related to finance lease ROU assets. Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 (in millions) ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating leases $ 28 $ 6 Finance leases 3 11 Our future minimum lease payments as of March 31, 2021 were as follows: Operating Finance Year (in millions) 2021 (remaining) $ 158 $ 49 2022 158 40 2023 144 32 2024 122 30 2025 120 30 Thereafter 746 104 Total minimum lease payments 1,448 285 Less: imputed interest (321) (58) Total lease liabilities $ 1,127 $ 227

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company's income tax provision for interim reporting periods has historically been calculated by applying an estimate of the annual effective income tax rate for the full year to "ordinary" income (loss) for the interim reporting period, which is calculated as pre-tax income (loss) excluding unusual and infrequently occurring discrete items. For the three months ended March 31, 2021, we calculated the income tax provision using a discrete effective income tax rate method as if the interim year to date period was an annual period. We determined that since normal changes in estimated "ordinary" income (loss) would result in disproportionate changes in the estimated annual effective income tax rate, the Company's historic method of calculating its income tax provision for interim reporting periods would not provide a reliable estimate for the three months ended March 31, 2021. We file income tax returns, including returns for our subsidiaries, with federal, state, local and foreign tax jurisdictions. We are under regular and recurring audit by the Internal Revenue Service ("IRS") and other taxing authorities on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in federal, state, local and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. As of March 31, 2021, we remain subject to federal and state examinations of our income tax returns for tax years from 2005 through 2019 and foreign examinations of our income tax returns for tax years from 1996 through 2020. Our total unrecognized tax benefits as of March 31, 2021 and December 31, 2020 were $444 million and $451 million, respectively. As of March 31, 2021 and December 31, 2020, we had accrued approximately $67 million and $65 million, respectively, for interest and penalties related to these unrecognized tax benefits. Included in the balances of unrecognized tax benefits as of March 31, 2021 and December 31, 2020 were $399 million and $400 million, respectively, associated with positions that, if favorably resolved, would provide a benefit to our effective income tax rate. In prior periods, we received 30-day Letters from the IRS and the Revenue Agents Reports ("RARs") for the 2006 through the 2013 tax years. We disagreed with several of the proposed adjustments in the RARs and filed formal appeals protests with the IRS. The unsettled proposed adjustments sought by the IRS for the tax years with open audits would result in additional U.S. federal taxes owed of approximately $817 million, excluding interest and penalties and potential state income taxes. We disagree with the IRS's position on each of their assertions and intend to vigorously contest them. However, based on continuing appeals process discussions with the IRS, we believe that it is more likely than not that we will not recognize the full benefit related to certain of the issues being appealed. Accordingly, as of March 31, 2021, we had recorded $93 million of unrecognized tax benefits related to these issues.

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based CompensationShare-Based Compensation As part of the Hilton 2017 Omnibus Incentive Plan (the "2017 Plan"), we award time-vesting restricted stock units and restricted stock (collectively, "RSUs"), nonqualified stock options ("options") and performance-vesting RSUs ("performance shares") to our eligible employees. We recognized an expense of $39 million and a benefit of $12 million related to share-based compensation during the three months ended March 31, 2021 and 2020, respectively, which included amounts reimbursed by hotel owners. The benefit recognized during the three months ended March 31, 2020 was primarily due to the reversal of expense recognized in prior periods, as a result of the determination that the performance conditions of certain of the then-outstanding performance shares were no longer probable of achievement. As of March 31, 2021, unrecognized compensation costs for unvested awards under the 2017 Plan were approximately $229 million, which are expected to be recognized over a weighted-average period of 1.9 years on a straight-line basis. As of March 31, 2021, there were 12.1 million shares of common stock available for future issuance under the 2017 Plan, plus any shares subject to awards outstanding under the 2013 Omnibus Incentive Plan, which will become available for issuance under the 2017 Plan, if such outstanding awards expire or are terminated, canceled, forfeited or withheld for taxes. RSUs During the three months ended March 31, 2021, we granted 573,000 RSUs with a weighted average grant date fair value per share of $123.02, which vest in equal annual installments over two three Options During the three months ended March 31, 2021, we granted 361,000 options with an exercise price per share of $123.13, which vest in equal annual installments over three years from the date of grant and terminate 10 years from the date of grant or earlier if the individual’s service terminates under certain circumstances. The grant date fair value per share of the options granted during the three months ended March 31, 2021 was $41.15, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility (1) 33.13 % Dividend yield (2) — % Risk-free rate (3) 0.92 % Expected term (in years) (4) 6.0 ____________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected life of the option. (2) We have historically paid regular quarterly cash dividends. However, in March 2020, we suspended the declaration and payment of dividends as part of certain proactive measures we took to secure our liquidity position in response to the COVID-19 pandemic, and, at the time of the grant, we could not estimate when the payment of dividends would resume. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Estimated using the average of the vesting periods and the contractual term of the options. Performance Shares In December 2020, we modified our then-outstanding performance shares in response to the COVID-19 pandemic and its negative impact on the hospitality industry and, ultimately, the Company's performance. The modifications were structured to reward for results achieved prior to the COVID-19 pandemic, retain senior business leaders and incentivize for the recovery efforts by utilizing metrics most meaningful in assessing our performance during our recovery from the negative impact of the pandemic. Under the terms of the modified awards, a portion of the outstanding performance shares granted in 2019 were modified to vest based on performance prior to the pandemic and continued service, and the remaining portion of those performance shares and the performance shares granted in 2020 were converted to performance shares that will vest based on different performance measures from those under the original agreements. The modified terms did not change the vesting schedules of the original awards. During the three months ended March 31, 2021, we granted 241,000 performance shares with a grant date fair value per share of $123.13. We recognize compensation expense based on the total number of performance shares that are expected to vest as determined by the related performance measure's achievement factor, which is estimated each reporting period and ranges from zero percent to 200 percent, with 100 percent being the target. As of March 31, 2021, we determined that the performance measures for all of the outstanding performance shares were probable of achievement, with the estimated applicable achievement factors at approximately target.

Earnings (Loss) Per Share

Earnings (Loss) Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per ShareEarnings (Loss) Per Share The following table presents the calculation of basic and diluted earnings (loss) per share ("EPS"): Three Months Ended March 31, 2021 2020 (in millions, except per share amounts) Basic EPS: Numerator: Net income (loss) attributable to Hilton stockholders $ (108) $ 18 Denominator: Weighted average shares outstanding 278 277 Basic EPS $ (0.39) $ 0.06 Diluted EPS: Numerator: Net income (loss) attributable to Hilton stockholders $ (108) $ 18 Denominator: Weighted average shares outstanding (1) 278 280 Diluted EPS $ (0.39) $ 0.06 ____________ (1) Approximately 3 million and 1 million share-based compensation awards were excluded from the computation of diluted EPS for the three months ended March 31, 2021 and 2020, respectively, because their effect would have been anti-dilutive under the treasury stock method.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity (Deficit) and Accumulated Other Comprehensive LossStockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss The following tables present the changes in the components of stockholders' equity (deficit): Three Months Ended March 31, 2021 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2020 278 $ 3 $ (4,453) $ 10,552 $ (6,732) $ (860) $ 4 $ (1,486) Net loss — — — — (108) — (1) (109) Other comprehensive loss — — — — — (20) — (20) Share-based compensation 1 — — (5) — — — (5) Balance as of March 31, 2021 279 $ 3 $ (4,453) $ 10,547 $ (6,840) $ (880) $ 3 $ (1,620) Three Months Ended March 31, 2020 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2019 279 $ 3 $ (4,169) $ 10,489 $ (5,965) $ (840) $ 10 $ (472) Net income — — — — 18 — — 18 Other comprehensive loss — — — — — (59) — (59) Dividends (1) — — — — (42) — — (42) Repurchases of common stock (1) (3) — (279) — — — — (279) Share-based compensation 1 — (14) (46) — — — (60) Cumulative effect of the adoption of ASU 2016-13 (2) — — — — (10) — — (10) Balance as of March 31, 2020 277 $ 3 $ (4,462) $ 10,443 $ (5,999) $ (899) $ 10 $ (904) ____________ (1) In March 2020, we suspended share repurchases and the declaration of dividends. (2) Relates to Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that was adopted on January 1, 2020. The changes in the components of accumulated other comprehensive loss, net of taxes, were as follows: Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2020 $ (511) $ (289) $ (60) $ (860) Other comprehensive income (loss) before reclassifications (29) (1) 2 (28) Amounts reclassified from accumulated other comprehensive loss — 3 5 8 Net current period other comprehensive income (loss) (29) 2 7 (20) Balance as of March 31, 2021 $ (540) $ (287) $ (53) $ (880) Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2019 $ (549) $ (269) $ (22) $ (840) Other comprehensive loss before reclassifications (25) (1) (34) (60) Amounts reclassified from accumulated other comprehensive loss 1 2 (2) 1 Net current period other comprehensive income (loss) (24) 1 (36) (59) Balance as of March 31, 2020 $ (573) $ (268) $ (58) $ (899) ____________ (1) Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature. The amount reclassified during the three months ended March 31, 2020 related to the liquidation of an investment in a foreign entity and was recognized in gain on foreign currency transactions in our condensed consolidated statement of operations. (2) Amounts reclassified related to the amortization of prior service cost (credit) and amortization of net loss and were recognized in other non-operating income, net in our condensed consolidated statements of operations. (3) Amounts reclassified related to interest rate swaps, including interest rate swaps that were dedesignated and subsequently settled, and forward contracts that hedge our foreign currency denominated fees and were recognized in interest expense and franchise and licensing fees, base and other management fees and other revenues from managed and franchised properties, respectively, in our condensed consolidated statements of operations.

Business Segments

Business Segments3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Business SegmentsBusiness Segments We are a hospitality company with operations organized in two distinct operating segments: (i) management and franchise and (ii) ownership. These segments are managed and reported separately because of their distinct economic characteristics. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels that license our brands and where we provide other prescribed services, but where the day-to-day services of the hotels are operated or managed by someone other than us. This segment also earns licensing fees from Hilton Grand Vacations Inc. ("HGV") and strategic partnerships, including co-branded credit card arrangements, for the right to use certain Hilton marks and IP, as well as fees for managing properties in our ownership segment. As of March 31, 2021, this segment included 717 managed hotels and 5,733 franchised hotels consisting of 1,003,961 total rooms. As a result of the COVID-19 pandemic, during the three months ended March 31, 2021 and 2020, the operations of certain hotels in our management and franchise segment were suspended for some period of time. As of March 31, 2021, all but approximately 200 of these hotels were open. As of March 31, 2021, our ownership segment included 61 properties totaling 19,400 rooms. The segment comprised 53 hotels that we wholly owned or leased, one hotel owned by a consolidated non-wholly owned entity, two hotels that were each leased by a consolidated VIE and five hotels owned or leased by unconsolidated affiliates. As a result of the COVID-19 pandemic, the operations of approximately 15 hotels in our ownership segment were suspended for some period of time during the three months ended March 31, 2021 and approximately five remained suspended as of March 31, 2021. Although the operations of certain hotels in our ownership segment were suspended for some period of time during the three months ended March 31, 2020, the suspensions began in late March 2020. The performance of our operating segments is evaluated primarily on operating income (loss), without allocating other revenues and expenses or general and administrative expenses. The following table presents revenues for our reportable segments, reconciled to consolidated amounts: Three Months Ended March 31, 2021 2020 (in millions) Franchise and licensing fees $ 245 $ 342 Base and other management fees (1) 30 66 Incentive management fees 13 23 Management and franchise 288 431 Ownership 56 210 Segment revenues 344 641 Amortization of contract acquisition costs (7) (8) Other revenues 17 23 Direct reimbursements from managed and franchised properties (2) 223 745 Indirect reimbursements from managed and franchised properties (2) 298 520 Intersegment fees elimination (1) (1) (1) Total revenues $ 874 $ 1,920 ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. (2) Included in other revenues from managed and franchised properties in our condensed consolidated statements of operations. The following table presents operating income (loss) for our reportable segments, reconciled to consolidated loss before income taxes: Three Months Ended March 31, 2021 2020 (in millions) Management and franchise (1) $ 288 $ 431 Ownership (1) (55) (30) Segment operating income 233 401 Amortization of contract acquisition costs (7) (8) Other revenues, less other expenses 7 9 Net other expenses from managed and franchised properties (64) (71) Depreciation and amortization expenses (51) (91) General and administrative expenses (97) (60) Impairment losses — (112) Operating income 21 68 Interest expense (103) (94) Gain on foreign currency transactions 2 9 Loss on debt extinguishment (69) — Other non-operating income, net 5 — Loss before income taxes $ (144) $ (17) ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. The following table presents total assets of our reportable segments, reconciled to consolidated amounts: March 31, December 31, 2021 2020 (in millions) Management and franchise $ 11,097 $ 11,065 Ownership 1,189 1,242 Corporate and other 3,688 4,448 $ 15,974 $ 16,755

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies We provide performance guarantees to certain owners of hotels that we operate under management contracts. Most of these guarantees do not require us to fund shortfalls, but allow for termination of the contract, if specified operating performance levels are not achieved. However, in limited cases, we are obligated to fund performance shortfalls, creating variable interests in the ownership entities of the hotels, of which we are not the primary beneficiary. As of March 31, 2021, we had five performance guarantees, with expirations ranging from 2023 to 2039, and possible cash outlays totaling approximately $20 million. Our obligations under these guarantees in future periods are dependent on the operating performance level of the related hotel over the remaining term of the performance guarantee. We have included the impact of the COVID-19 pandemic on these hotels in our expectations of their future operating performance and, as of March 31, 2021 and December 31, 2020, we accrued current liabilities of $5 million and $7 million, respectively, for our performance guarantees. We may enter into new contracts containing performance guarantees in the future, which could increase our possible cash outlays. As of March 31, 2021, we guaranteed a $10 million loan, which matures in 2023, for two hotels that we will franchise. Additionally, we have an agreement with the owner of a hotel that we manage to finance capital expenditures at the hotel. As of March 31, 2021, we had remaining possible cash outlays related to this agreement of approximately $10 million; however, we cannot currently estimate the timing of the payments or if they will be made at all. We receive fees from managed and franchised properties to operate our marketing, sales and brand programs on behalf of hotel owners, which are based on the underlying hotel's sales or usage. As a result of the adverse impact of the COVID-19 pandemic on our hotels' sales and, ultimately, the program fees we earn, our costs to operate these programs have outpaced the fees received, which, as of March 31, 2021, resulted in $52 million of amounts expended on behalf of these programs exceeding the amounts collected. As of December 31, 2020, we had collected an aggregate of $5 million in excess of amounts expended, across all programs. We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include claims for substantial sums. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of March 31, 2021 will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract LiabilitiesThe following table summarizes the activity of our contract liabilities, which are classified as a component of current and long-term deferred revenues, during the three months ended March 31, 2021: (in millions) Balance as of December 31, 2020 $ 1,312 Cash received in advance and not recognized as revenue 23 Revenue recognized (1) (60) Other (2) (31) Balance as of March 31, 2021 $ 1,244 ____________ (1) Revenue recognized during the three months ended March 31, 2021 included $46 million related to Hilton Honors, our guest loyalty program. Revenue recognized during the three months ended March 31, 2020 was $54 million, which included $40 million related to Hilton Honors. (2) Primarily represents changes in estimated transaction prices for our performance obligations related to points issued under Hilton Honors, which had no effect on revenues.

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)3 Months Ended
Mar. 31, 2021
Consolidated Variable Interest Entities Disclosure [Abstract]
Schedule of Variable Interest EntitiesOur condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised the following: March 31, December 31, 2021 2020 (in millions) Cash and cash equivalents $ 26 $ 40 Property and equipment, net 69 76 Deferred income tax assets 56 57 Other non-current assets 61 66 Accounts payable, accrued expenses and other 26 27 Long-term debt (1) 181 203 Other long-term liabilities 17 17 ____________ (1) Includes finance lease liabilities of $164 million and $184 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, there were no amounts drawn under the VIEs' revolving credit facilities that had borrowing capacities totaling 4.75 billion Japanese yen (equivalent to $43 million as of March 31, 2021).

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible AssetsFinite-lived intangible assets were as follows: March 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value (in millions) Management and franchise contracts: Management contracts recorded at Merger (1) $ 314 $ (264) $ 50 Contract acquisition costs 681 (149) 532 Development commissions and other 133 (24) 109 $ 1,128 $ (437) $ 691 Other intangible assets: Leases (1) $ 141 $ (81) $ 60 Capitalized software costs 529 (403) 126 Hilton Honors (1) 341 (286) 55 $ 1,011 $ (770) $ 241 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value (in millions) Management and franchise contracts: Management contracts recorded at Merger (1) $ 317 $ (261) $ 56 Contract acquisition costs 632 (144) 488 Development commissions and other 132 (23) 109 $ 1,081 $ (428) $ 653 Other intangible assets: Leases (1)(2) $ 157 $ (95) $ 62 Capitalized software costs 522 (378) 144 Hilton Honors (1) 342 (282) 60 $ 1,021 $ (755) $ 266 ____________ (1) Represents intangible assets that were initially recorded at their fair value as part of the October 2007 transaction whereby we became a wholly owned subsidiary of affiliates of The Blackstone Group Inc. (the "Merger"). (2) During the three months ended March 31, 2020, we recognized $46 million of impairment losses included in our condensed consolidated statement of operations.
Amortization of Finite-Lived Intangible AssetsAmortization of our finite-lived intangible assets was as follows: Three Months Ended March 31, 2021 2020 (in millions) Recognized in depreciation and amortization expense (1) $ 38 $ 77 Recognized as a reduction of franchise and licensing fees and base and other management fees 7 8 ____________ (1) Includes amortization expense of $12 million and $49 million for the three months ended March 31, 2021 and 2020, respectively, associated with assets that were initially recorded at their fair value at the time of the Merger, some of which became fully amortized during 2020.
Schedule of Future Amortization Expense of Finite-Lived Intangible AssetsWe estimate future amortization of our finite-lived intangible assets as of March 31, 2021 to be as follows: Recognized in Depreciation and Amortization Expense Recognized as a Reduction of Franchise and Licensing Fees and Base and Other Management Fees Year (in millions) 2021 (remaining) $ 94 $ 23 2022 98 30 2023 62 29 2024 14 29 2025 8 28 Thereafter 124 393 $ 400 $ 532

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Long-term DebtLong-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of March 31, 2021, were as follows: March 31, December 31, 2021 2020 (in millions) Senior secured revolving credit facility with a rate of 1.11%, due 2024 $ 1,190 $ 1,690 Senior secured term loan facility with a rate of 1.86%, due 2026 2,619 2,619 Senior notes with a rate of 5.375%, due 2025 500 500 Senior notes with a rate of 5.125%, due 2026 — 1,500 Senior notes with a rate of 4.875%, due 2027 600 600 Senior notes with a rate of 5.750%, due 2028 500 500 Senior notes with a rate of 3.750%, due 2029 800 800 Senior notes with a rate of 4.875%, due 2030 1,000 1,000 Senior notes with a rate of 4.000%, due 2031 1,100 1,100 Senior notes with a rate of 3.625%, due 2032 1,500 — Finance lease liabilities with a weighted average rate of 5.85%, due 2021 to 2030 227 252 Other debt with a rate of 3.08%, due 2026 17 19 10,053 10,580 Less: unamortized deferred financing costs and discount (97) (93) Less: current maturities of long-term debt (1) (48) (56) $ 9,908 $ 10,431 ____________ (1) Represents current maturities of finance lease liabilities.
Debt MaturitiesThe contractual maturities of our long-term debt as of March 31, 2021 were as follows: Year (in millions) 2021 (remaining) $ 40 2022 29 2023 22 2024 1,212 2025 523 Thereafter 8,227 $ 10,053

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements - Recurring & DisclosureThe fair values of certain financial instruments and the hierarchy level we used to estimate the fair values are shown below: March 31, 2021 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Cash equivalents $ 1,415 $ — $ 1,415 $ — Restricted cash equivalents 9 — 9 — Liabilities: Long-term debt (1) 9,712 6,114 — 3,788 Interest rate swaps 73 — 73 — December 31, 2020 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Cash equivalents $ 2,270 $ — $ 2,270 $ — Restricted cash equivalents 9 — 9 — Liabilities: Long-term debt (1) 10,216 6,366 — 4,293 Interest rate swaps 82 — 82 — ____________ (1) The carrying values include unamortized deferred financing costs and discount. The carrying values and fair values exclude finance lease liabilities and other debt.

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Lessee Disclosure [Abstract]
Supplemental cash flow information related to leasesSupplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 (in millions) ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating leases $ 28 $ 6 Finance leases 3 11
Schedule of Future Minimum Lease PaymentsOur future minimum lease payments as of March 31, 2021 were as follows: Operating Finance Year (in millions) 2021 (remaining) $ 158 $ 49 2022 158 40 2023 144 32 2024 122 30 2025 120 30 Thereafter 746 104 Total minimum lease payments 1,448 285 Less: imputed interest (321) (58) Total lease liabilities $ 1,127 $ 227

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Options Valuation AssumptionsThe grant date fair value per share of the options granted during the three months ended March 31, 2021 was $41.15, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility (1) 33.13 % Dividend yield (2) — % Risk-free rate (3) 0.92 % Expected term (in years) (4) 6.0 ____________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected life of the option. (2) We have historically paid regular quarterly cash dividends. However, in March 2020, we suspended the declaration and payment of dividends as part of certain proactive measures we took to secure our liquidity position in response to the COVID-19 pandemic, and, at the time of the grant, we could not estimate when the payment of dividends would resume. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Estimated using the average of the vesting periods and the contractual term of the options.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings (Loss) Per ShareThe following table presents the calculation of basic and diluted earnings (loss) per share ("EPS"): Three Months Ended March 31, 2021 2020 (in millions, except per share amounts) Basic EPS: Numerator: Net income (loss) attributable to Hilton stockholders $ (108) $ 18 Denominator: Weighted average shares outstanding 278 277 Basic EPS $ (0.39) $ 0.06 Diluted EPS: Numerator: Net income (loss) attributable to Hilton stockholders $ (108) $ 18 Denominator: Weighted average shares outstanding (1) 278 280 Diluted EPS $ (0.39) $ 0.06 ____________ (1) Approximately 3 million and 1 million share-based compensation awards were excluded from the computation of diluted EPS for the three months ended March 31, 2021 and 2020, respectively, because their effect would have been anti-dilutive under the treasury stock method.

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity (Deficit)The following tables present the changes in the components of stockholders' equity (deficit): Three Months Ended March 31, 2021 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2020 278 $ 3 $ (4,453) $ 10,552 $ (6,732) $ (860) $ 4 $ (1,486) Net loss — — — — (108) — (1) (109) Other comprehensive loss — — — — — (20) — (20) Share-based compensation 1 — — (5) — — — (5) Balance as of March 31, 2021 279 $ 3 $ (4,453) $ 10,547 $ (6,840) $ (880) $ 3 $ (1,620) Three Months Ended March 31, 2020 Equity (Deficit) Attributable to Hilton Stockholders Treasury Stock Additional Accumulated Deficit Accumulated Common Stock Noncontrolling Shares Amount Total (in millions) Balance as of December 31, 2019 279 $ 3 $ (4,169) $ 10,489 $ (5,965) $ (840) $ 10 $ (472) Net income — — — — 18 — — 18 Other comprehensive loss — — — — — (59) — (59) Dividends (1) — — — — (42) — — (42) Repurchases of common stock (1) (3) — (279) — — — — (279) Share-based compensation 1 — (14) (46) — — — (60) Cumulative effect of the adoption of ASU 2016-13 (2) — — — — (10) — — (10) Balance as of March 31, 2020 277 $ 3 $ (4,462) $ 10,443 $ (5,999) $ (899) $ 10 $ (904) ____________ (1) In March 2020, we suspended share repurchases and the declaration of dividends. (2) Relates to Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that was adopted on January 1, 2020.
Schedule of Accumulated Other Comprehensive LossThe changes in the components of accumulated other comprehensive loss, net of taxes, were as follows: Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2020 $ (511) $ (289) $ (60) $ (860) Other comprehensive income (loss) before reclassifications (29) (1) 2 (28) Amounts reclassified from accumulated other comprehensive loss — 3 5 8 Net current period other comprehensive income (loss) (29) 2 7 (20) Balance as of March 31, 2021 $ (540) $ (287) $ (53) $ (880) Currency Translation Adjustment (1) Pension Liability Adjustment (2) Cash Flow Hedge Adjustment (3) Total (in millions) Balance as of December 31, 2019 $ (549) $ (269) $ (22) $ (840) Other comprehensive loss before reclassifications (25) (1) (34) (60) Amounts reclassified from accumulated other comprehensive loss 1 2 (2) 1 Net current period other comprehensive income (loss) (24) 1 (36) (59) Balance as of March 31, 2020 $ (573) $ (268) $ (58) $ (899) ____________ (1) Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature. The amount reclassified during the three months ended March 31, 2020 related to the liquidation of an investment in a foreign entity and was recognized in gain on foreign currency transactions in our condensed consolidated statement of operations. (2) Amounts reclassified related to the amortization of prior service cost (credit) and amortization of net loss and were recognized in other non-operating income, net in our condensed consolidated statements of operations. (3) Amounts reclassified related to interest rate swaps, including interest rate swaps that were dedesignated and subsequently settled, and forward contracts that hedge our foreign currency denominated fees and were recognized in interest expense and franchise and licensing fees, base and other management fees and other revenues from managed and franchised properties, respectively, in our condensed consolidated statements of operations.

Business Segments (Tables)

Business Segments (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenue from Segment Amounts to Consolidated AmountsThe following table presents revenues for our reportable segments, reconciled to consolidated amounts: Three Months Ended March 31, 2021 2020 (in millions) Franchise and licensing fees $ 245 $ 342 Base and other management fees (1) 30 66 Incentive management fees 13 23 Management and franchise 288 431 Ownership 56 210 Segment revenues 344 641 Amortization of contract acquisition costs (7) (8) Other revenues 17 23 Direct reimbursements from managed and franchised properties (2) 223 745 Indirect reimbursements from managed and franchised properties (2) 298 520 Intersegment fees elimination (1) (1) (1) Total revenues $ 874 $ 1,920 ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations. (2) Included in other revenues from managed and franchised properties in our condensed consolidated statements of operations.
Reconciliation of Segment Operating Income to Income (Loss) Before Income TaxesThe following table presents operating income (loss) for our reportable segments, reconciled to consolidated loss before income taxes: Three Months Ended March 31, 2021 2020 (in millions) Management and franchise (1) $ 288 $ 431 Ownership (1) (55) (30) Segment operating income 233 401 Amortization of contract acquisition costs (7) (8) Other revenues, less other expenses 7 9 Net other expenses from managed and franchised properties (64) (71) Depreciation and amortization expenses (51) (91) General and administrative expenses (97) (60) Impairment losses — (112) Operating income 21 68 Interest expense (103) (94) Gain on foreign currency transactions 2 9 Loss on debt extinguishment (69) — Other non-operating income, net 5 — Loss before income taxes $ (144) $ (17) ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.
Schedule of Assets by SegmentThe following table presents total assets of our reportable segments, reconciled to consolidated amounts: March 31, December 31, 2021 2020 (in millions) Management and franchise $ 11,097 $ 11,065 Ownership 1,189 1,242 Corporate and other 3,688 4,448 $ 15,974 $ 16,755

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)Mar. 31, 2021RoomHotelCountry
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels and resorts | Hotel6,567
Number of hotel and resort rooms | Room1,032,412
Number of countries and territories | Country119

Revenues from Contracts with _3

Revenues from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities balance $ 1,244 $ 1,312
Cash received in advance and not recognized as revenue23
Revenue recognized[1]60 $ 54
Other[2]31
Guest loyalty program, contract liability revenue recognized46 40
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Guest loyalty program, contract liability revenue recognized $ 46 $ 40
[1]Revenue recognized during the three months ended March 31, 2021 included $46 million related to Hilton Honors, our guest loyalty program. Revenue recognized during the three months ended March 31, 2020 was $54 million, which included $40 million related to Hilton Honors.
[2]Primarily represents changes in estimated transaction prices for our performance obligations related to points issued under Hilton Honors, which had no effect on revenues.

Revenues from Contracts with _4

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Apr. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized[1] $ 60 $ 54
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Proceeds from guest loyalty program points pre-sale $ 1,000
Portion of proceeds from guest loyalty program points pre sale recorded as deferred revenues $ 636
Loyalty Program Revenues [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations $ 241
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanationtwo years
Guest loyalty program co-branded credit card arrangement performance obligations [member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations $ 407
Application, initiation and other fees [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations $ 596
[1]Revenue recognized during the three months ended March 31, 2021 included $46 million related to Hilton Honors, our guest loyalty program. Revenue recognized during the three months ended March 31, 2020 was $54 million, which included $40 million related to Hilton Honors.

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) ¥ in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021JPY (¥)Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Cash and cash equivalents $ 2,402 $ 3,218
Property and equipment, net327 346
Deferred income tax assets194 194
Other non-current assets311 323
Accounts payable, accrued expenses and other1,271 1,302
Other long-term liabilities961 989
Finance lease liabilities227
Long-term debt, gross10,053 10,580
VIE revolving credit facility [Member]
Variable Interest Entity [Line Items]
Long-term debt, gross0 0
Revolving credit facility, maximum borrowing capacity43 ¥ 4,750
Variable Interest Entity, Primary Beneficiary [member]
Variable Interest Entity [Line Items]
Cash and cash equivalents26 40
Property and equipment, net69 76
Deferred income tax assets56 57
Other non-current assets61 66
Accounts payable, accrued expenses and other26 27
Long-term debt[1]181 203
Other long-term liabilities17 17
Finance lease liabilities[1] $ 164 $ 184
[1]Includes finance lease liabilities of $164 million and $184 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, there were no amounts drawn under the VIEs' revolving credit facilities that had borrowing capacities totaling 4.75 billion Japanese yen (equivalent to $43 million as of March 31, 2021).

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Additional Information (Details) - HotelMar. 31, 2021Dec. 31, 2020
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities2 2

Finite-Lived Intangible Asset_2

Finite-Lived Intangible Assets - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Impairment losses $ 0 $ 112
Leases [member]
Finite-Lived Intangible Assets [Line Items]
Impairment losses $ 46
Management contracts recorded at merger [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross[1]314 $ 317
Management and franchise contracts, accumulated amortization[1](264)(261)
Management and franchise contracts, net[1]50 56
Contract acquisition costs [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross681 632
Management and franchise contracts, accumulated amortization(149)(144)
Management and franchise contracts, net532 488
Development commissions and other [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross133 132
Management and franchise contracts, accumulated amortization(24)(23)
Management and franchise contracts, net109 109
Leases [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross[1]141 157 [2]
Management and franchise contracts, accumulated amortization[1](81)(95)[2]
Management and franchise contracts, net[1]60 62 [2]
Capitalized software costs [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross529 522
Management and franchise contracts, accumulated amortization(403)(378)
Management and franchise contracts, net126 144
Hilton Honors [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross[1]341 342
Management and franchise contracts, accumulated amortization[1](286)(282)
Management and franchise contracts, net[1]55 60
Management and franchise [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross1,128 1,081
Management and franchise contracts, accumulated amortization(437)(428)
Management and franchise contracts, net691 653
Other intangible assets, net [member]
Finite-Lived Intangible Assets [Line Items]
Management and franchise contracts, gross1,011 1,021
Management and franchise contracts, accumulated amortization(770)(755)
Management and franchise contracts, net $ 241 $ 266
[1]Represents intangible assets that were initially recorded at their fair value as part of the October 2007 transaction whereby we became a wholly owned subsidiary of affiliates of The Blackstone Group Inc. (the "Merger").
[2]During the three months ended March 31, 2020, we recognized $46 million of impairment losses included in our condensed consolidated statement of operations.

Finite-Lived Intangible Asset_3

Finite-Lived Intangible Assets - Amortization of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Recognized in depreciation and amortization expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets[1] $ 38 $ 77
Recognized in depreciation and amortization expense | Intangible assets recorded at fair value at the time of the Merger [member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets[1]12 49
Recognized as a reduction of franchise and licensing fees and base and other management fees
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets $ 7 $ 8
[1]Includes amortization expense of $12 million and $49 million for the three months ended March 31, 2021 and 2020, respectively, associated with assets that were initially recorded at their fair value at the time of the Merger, some of which became fully amortized during 2020.

Finite-Lived Intangible Asset_4

Finite-Lived Intangible Assets - Schedule of Future Amortization (Details) $ in MillionsMar. 31, 2021USD ($)
Recognized in depreciation and amortization expense
Finite-Lived Intangible Assets [Line Items]
2021 (remaining) $ 94
202298
202362
202414
20258
Thereafter124
Finite-lived intangible assets, excluding contract acquisition costs, net400
Recognized as a reduction of franchise and licensing fees and base and other management fees
Finite-Lived Intangible Assets [Line Items]
2021 (remaining)23
202230
202329
202429
202528
Thereafter393
Contract acquisition costs, net $ 532

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross $ 10,053 $ 10,580
Unamortized deferred financing costs and discount(97)(93)
Current maturities of long-term debt[1](48)(56)
Long-term debt9,908 10,431
Senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross $ 1,190 1,690
Debt instrument, interest rate, stated percentage1.11%
Senior secured term loan facility [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 2,619 2,619
Debt instrument, interest rate, stated percentage1.86%
Senior notes due 2025 [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 500 500
Debt instrument, interest rate, stated percentage5.375%
Senior notes due 2026 [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 0 1,500
Debt instrument, interest rate, stated percentage5.125%
Senior notes due 2027 [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 600 600
Debt instrument, interest rate, stated percentage4.875%
Senior Notes due 2028 [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 500 500
Debt instrument, interest rate, stated percentage5.75%
Senior notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross $ 800 800
Debt instrument, interest rate, stated percentage3.75%
Senior notes due 2030 [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 1,000 1,000
Debt instrument, interest rate, stated percentage4.875%
Senior Notes due 2031
Debt Instrument [Line Items]
Long-term debt, gross $ 1,100 1,100
Debt instrument, interest rate, stated percentage4.00%
Senior Notes due 2032
Debt Instrument [Line Items]
Long-term debt, gross $ 1,500 0
Debt instrument, interest rate, stated percentage3.625%
Finance lease liabilities [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 227 252
Debt, weighted average interest rate5.85%
Other debt [member]
Debt Instrument [Line Items]
Long-term debt, gross $ 17 $ 19
Debt instrument, interest rate, stated percentage3.08%
[1]Represents current maturities of finance lease liabilities.

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
2021 (remaining) $ 40
202229
202322
20241,212
2025523
Thereafter8,227
Long-term debt, gross $ 10,053 $ 10,580

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions1 Months Ended3 Months Ended
Dec. 31, 2020Mar. 31, 2021Feb. 28, 2021
Senior secured revolving credit facility
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage1.11%
Revolving credit facility, maximum borrowing capacity $ 1,750
Repayments of long-term debt500
Revolving credit facility, remaining borrowing capacity $ 500
Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage3.625%
Debt instrument, face amount $ 1,500
Debt issuance costs $ 21
Senior notes due 2026 [member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage5.125%
Debt instrument, face amount $ 1,500
Premium paid to redeem debt instrument $ 55
Write off of deferred debt issuance cost $ 14
Senior notes due 2025 [member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage5.375%
Senior notes due 2027 [member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage4.875%
Senior Notes due 2028 [member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage5.75%
Senior notes due 2029
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage3.75%
Senior notes due 2030 [member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage4.875%
Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage4.00%
Letter of Credit [Member] | Senior secured revolving credit facility
Debt Instrument [Line Items]
Letters of credit outstanding $ 60

Fair Value Measurements - Recur

Fair Value Measurements - Recurring & Disclosure (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Carrying value [member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents $ 1,415 $ 2,270
Restricted cash equivalents9 9
Interest rate swaps, liabilities73 82
Carrying value [member] | Long-term debt excluding finance lease liabilities and other debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[1]9,712 10,216
Level 1 [member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[1]6,114 6,366
Level 2 [member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents1,415 2,270
Restricted cash equivalents9 9
Interest rate swaps, liabilities73 82
Level 3 [member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[1] $ 3,788 $ 4,293
[1]The carrying values include unamortized deferred financing costs and discount. The carrying values and fair values exclude finance lease liabilities and other debt.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lessee Disclosure [Abstract]
ROU assets obtained in exchange for lease liabilities in non-cash transactions: operating leases $ 28 $ 6
ROU assets obtained in exchange for lease liabilities in non-cash transactions: finance leases $ 3 $ 11

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in MillionsMar. 31, 2021USD ($)
Lessee Disclosure [Abstract]
Operating leases, 2021 (remaining) $ 158
Operating leases, 2022158
Operating leases, 2023144
Operating leases, 2024122
Operating leases, 2025120
Operating leases, thereafter746
Operating leases, total minimum lease payments1,448
Less: imputed interest, operating leases(321)
Operating lease liabilities1,127
Finance leases, 2021 (remaining)49
Finance leases, 202240
Finance leases, 202332
Finance leases, 202430
Finance leases, 202530
Finance leases, thereafter104
Finance leases, total minimum lease payments285
Less: imputed interest, finance leases(58)
Finance lease liabilities $ 227

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)HotelMar. 31, 2020USD ($)
Lessee Disclosure [Abstract]
Hotels under operating leases | Hotel48
Hotels under finance leases | Hotel6
Number of finance leases that were the liabilities of VIEs | Hotel2
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses $ 0 $ 112
Operating lease right-of-use assets [member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses45
Property and equipment, net [member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses21
Finance lease right-of-use assets [member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses $ 2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits $ 444 $ 451
Accrual for interest and penalties67 65
Unrecognized tax benefits that would provide benefit to effective tax rate399 $ 400
Income tax examination, estimate of possible loss817
Accrual related to IRS proposed additional tax owed $ 93

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee stock option [member]3 Months Ended
Mar. 31, 2021$ / sharesRate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, grants in period, grant date fair value | $ / shares $ 41.15
Expected volatility33.13%[1]
Dividend yield0.00%[2]
Risk-free rate0.92%[3]
Expected term (in years)6 years[4]
[1]Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Hilton's stock price for a period that corresponds to the expected life of the option.
[2]We have historically paid regular quarterly cash dividends. However, in March 2020, we suspended the declaration and payment of dividends as part of certain proactive measures we took to secure our liquidity position in response to the COVID-19 pandemic, and, at the time of the grant, we could not estimate when the payment of dividends would resume.
[3]Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
[4]Estimated using the average of the vesting periods and the contractual term of the options.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense (benefit) $ 39 $ (12)
Unrecognized compensation costs related to unvested awards $ 229
Unrecognized compensation costs related to unvested awards, weighted-average period1 year 10 months 24 days
Shares of common stock reserved for future issuance12,100,000
Restricted stock units (RSUs) [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted573,000
Weighted average grant date fair value, granted $ 123.02
Employee stock option [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
Options granted in period361,000
Options granted in period, weighted average exercise price $ 123.13
Options, expiration period10 years
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted241,000
Weighted average grant date fair value, granted $ 123.13
Minimum achievement percentage [Member] | Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage0.00%
Maximum achievement percentage [Member] | Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage200.00%
Target achievement percentage [Member] | Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage100.00%
Minimum [Member] | Restricted stock units (RSUs) [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period2 years
Maximum [Member] | Restricted stock units (RSUs) [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic EPS:
Net income (loss) attributable to Hilton stockholders $ (108) $ 18
Weighted average shares outstanding278 277
Basic EPS $ (0.39) $ 0.06
Diluted EPS:
Net income (loss) attributable to Hilton stockholders $ (108) $ 18
Weighted average shares outstanding[1]278 280
Diluted EPS $ (0.39) $ 0.06
Antidilutive securities excluded from the computation of diluted EPS3 million3 million
[1]3 million and 1 million share-based compensation awards were excluded from the computation of diluted EPS for the three months ended March 31, 2021 and 2020, respectively, because their effect would have been anti-dilutive under the treasury stock method.

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Class of Stock [Line Items]
Beginning balance, shares277,590,904
Beginning balance, equity attributable to Hilton stockholders $ (1,490)
Beginning balance, equity attributable to noncontrolling interest(4)
Beginning balance, equity(1,486) $ (472)
Net income (loss) attributable to Hilton stockholders(108)18
Net income (loss) attributable to noncontrolling interests(1)0
Net income (loss)(109)18
Other comprehensive loss, net of tax(20)(59)
Dividends[1](42)
Repurchases of common stock[1](279)
Decrease in stockholders’ equity from share-based compensation $ (5)(60)
Ending balance, shares278,527,885
Ending balance, equity attributable to Hilton stockholders $ (1,623)
Ending balance, equity attributable to noncontrolling interest(3)
Ending balance, equity $ (1,620) $ (904)
Common stock
Class of Stock [Line Items]
Beginning balance, shares278,000,000 279,000,000
Beginning balance, equity attributable to Hilton stockholders $ 3 $ 3
Repurchases of common stock, shares[1](3,000,000)
Share-based compensation, shares1,000,000 1,000,000
Ending balance, shares279,000,000 277,000,000
Ending balance, equity attributable to Hilton stockholders $ 3 $ 3
Treasury stock
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders(4,453)(4,169)
Repurchases of common stock[1](279)
Decrease in stockholders’ equity from share-based compensation(14)
Ending balance, equity attributable to Hilton stockholders(4,453)(4,462)
Additional paid-in capital
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders10,552 10,489
Decrease in stockholders’ equity from share-based compensation(5)(46)
Ending balance, equity attributable to Hilton stockholders10,547 10,443
Accumulated deficit
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders(6,732)(5,965)
Net income (loss) attributable to Hilton stockholders(108)18
Dividends[1](42)
Ending balance, equity attributable to Hilton stockholders(6,840)(5,999)
Accumulated deficit | Accounting Standards Update 2016-13 [Member] | Cumulative effect of the adoption of an ASU
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders[2](10)
Beginning balance, equity[2](10)
Accumulated other comprehensive loss
Class of Stock [Line Items]
Beginning balance, equity attributable to Hilton stockholders(860)(840)
Other comprehensive loss(20)(59)
Ending balance, equity attributable to Hilton stockholders(880)(899)
Noncontrolling interests
Class of Stock [Line Items]
Beginning balance, equity attributable to noncontrolling interest4 10
Net income (loss) attributable to noncontrolling interests(1)0
Ending balance, equity attributable to noncontrolling interest $ 3 $ 10
[1]In March 2020, we suspended share repurchases and the declaration of dividends.
[2]Relates to Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that was adopted on January 1, 2020.

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) and Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance $ (860)
Ending balance(880)
Currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance[1](511) $ (549)
Other comprehensive income (loss) before reclassifications[1](29)(25)
Amounts reclassified from accumulated other comprehensive loss[1]0 1
Net current period other comprehensive income (loss)[1](29)(24)
Ending balance[1](540)(573)
Pension liability adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance[2](289)(269)
Other comprehensive income (loss) before reclassifications[2](1)(1)
Amounts reclassified from accumulated other comprehensive loss[2]3 2
Net current period other comprehensive income (loss)[2]2 1
Ending balance[2](287)(268)
Cash flow hedge adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance[3](60)(22)
Other comprehensive income (loss) before reclassifications[3]2 (34)
Amounts reclassified from accumulated other comprehensive loss[3]5 (2)
Net current period other comprehensive income (loss)[3]7 (36)
Ending balance[3](53)(58)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(860)(840)
Other comprehensive income (loss) before reclassifications(28)(60)
Amounts reclassified from accumulated other comprehensive loss8 1
Net current period other comprehensive income (loss)(20)(59)
Ending balance $ (880) $ (899)
[1]Includes net investment hedges and intra-entity foreign currency transactions that are of a long-term investment nature. The amount reclassified during the three months ended March 31, 2020 related to the liquidation of an investment in a foreign entity and was recognized in gain on foreign currency transactions in our condensed consolidated statement of operations.
[2]Amounts reclassified related to the amortization of prior service cost (credit) and amortization of net loss and were recognized in other non-operating income, net in our condensed consolidated statements of operations.
[3]Amounts reclassified related to interest rate swaps, including interest rate swaps that were dedesignated and subsequently settled, and forward contracts that hedge our foreign currency denominated fees and were recognized in interest expense and franchise and licensing fees, base and other management fees and other revenues from managed and franchised properties, respectively, in our condensed consolidated statements of operations.

Business Segments - Hotel Prope

Business Segments - Hotel Properties by Segment (Details)3 Months Ended
Mar. 31, 2021HotelRoomSegment
Segment Reporting Information [Line Items]
Number of operating segments | Segment2
Management and franchise [member]
Segment Reporting Information [Line Items]
Number of managed hotels717
Number of franchised hotels5,733
Number of managed and franchised hotel rooms | Room1,003,961
Number of hotels with suspended operations200
Ownership
Segment Reporting Information [Line Items]
Number of hotels with suspended operations5
Number of owned and leased hotel properties61
Number of owned and leased hotel rooms | Room19,400
Number of wholly owned and leased hotels53
Number of non-wholly owned hotels1
Number of hotels leased by consolidated VIEs2
Number of hotels owned or leased by unconsolidated affiliates5
Number of hotels with suspended operations at some time during the period15

Business Segments - Reconciliat

Business Segments - Reconciliation of Revenue from Segment Amounts to Consolidated Amounts (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues $ 874 $ 1,920
Amortization of contract acquisition costs(7)(8)
Franchise and licensing fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues245 342
Base and other management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues[1]30 66
Incentive management fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues13 23
Management and franchise [member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues288 431
Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues56 210
Segment revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues344 641
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues[1](1)(1)
Other revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues17 23
Direct reimbursements from managed and franchised properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues[2]223 745
Indirect reimbursements from managed and franchised properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues[2] $ 298 $ 520
[1]Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.
[2]Included in other revenues from managed and franchised properties in our condensed consolidated statements of operations.

Business Segments - Reconcili_2

Business Segments - Reconciliation of Segment Operating Income to Loss Before Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of contract acquisition costs $ (7) $ (8)
Other revenues, less other expenses7 9
Net other expenses from managed and franchised properties(64)(71)
Depreciation and amortization expenses(51)(91)
General and administrative expenses(97)(60)
Impairment losses0 (112)
Operating income21 68
Interest expense(103)(94)
Gain on foreign currency transactions2 9
Loss on debt extinguishment(69)0
Other non-operating income, net5 0
Loss before income taxes(144)(17)
Management and franchise [member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income[1]288 431
Ownership
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income[1](55)(30)
Segment operating income
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income $ 233 $ 401
[1]Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our condensed consolidated statements of operations.

Business Segments - Schedule of

Business Segments - Schedule of Assets by Segment (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets $ 15,974 $ 16,755
Management and franchise [member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets11,097 11,065
Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets1,189 1,242
Corporate and other [member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets $ 3,688 $ 4,448

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)HotelContractDec. 31, 2020USD ($)
Commitments and Contingencies [Line Items]
Current liabilities $ 2,476 $ 2,431
Marketing, sales and brand programs - amount collected in excess of amounts expended (amounts expended in excess of amounts collected)(52)5
Commitments to fund loans
Commitments and Contingencies [Line Items]
Commitment to fund loan $ 10
Performance guarantees
Commitments and Contingencies [Line Items]
Number of contracts with guarantees | Contract5
Guarantees, expiration2023 to 2039
Guarantees, possible cash outlays $ 20
Current liabilities5 $ 7
Debt guarantee
Commitments and Contingencies [Line Items]
Guarantees, possible cash outlays $ 10
Number of hotels with debt guarantees | Hotel2