$PK
Park Hotels & Resorts Inc.

2021 Form 10-K Financial Statement

#000095017022001484 Filed on February 18, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $1.362B $113.0M $852.0M
YoY Change 59.86% -86.05% -70.04%
Cost Of Revenue $462.0M $49.00M $366.0M
YoY Change 26.23% -82.5% -62.84%
Gross Profit $900.0M $64.00M $486.0M
YoY Change 85.19% -87.92% -73.86%
Gross Profit Margin 66.08% 56.64% 57.04%
Selling, General & Admin $88.00M $145.0M $78.00M
YoY Change 12.82% -52.46% -32.17%
% of Gross Profit 9.78% 226.56% 16.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $281.0M $73.00M $298.0M
YoY Change -5.7% -8.75% 12.88%
% of Gross Profit 31.22% 114.06% 61.32%
Operating Expenses $88.00M $223.0M $78.00M
YoY Change 12.82% -44.53% -32.17%
Operating Profit -$179.0M -$159.0M -$1.202B
YoY Change -85.11% -207.43% -382.16%
Interest Expense $258.0M -$70.00M $213.0M
YoY Change 21.13% 59.09% 52.14%
% of Operating Profit
Other Income/Expense, Net $49.00M -$9.000M $36.00M
YoY Change 36.11% -120.0% -53.85%
Pretax Income -$450.0M -$238.0M -$1.450B
YoY Change -68.97% -259.73% -513.11%
Income Tax $2.000M -$20.00M -$6.000M
% Of Pretax Income
Net Earnings -$459.0M -$217.0M -$1.440B
YoY Change -68.13% -276.42% -570.59%
Net Earnings / Revenue -33.7% -192.04% -169.01%
Basic Earnings Per Share -$1.95 -$6.11
Diluted Earnings Per Share -$1.95 -$919.5K -$6.11
COMMON SHARES
Basic Shares Outstanding 236.0M 236.0M
Diluted Shares Outstanding 236.0M 236.0M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $688.0M $951.0M $951.0M
YoY Change -27.66% 174.86% 174.86%
Cash & Equivalents $688.0M $951.0M $951.0M
Short-Term Investments
Other Short-Term Assets $35.00M $39.00M $39.00M
YoY Change -10.26% -53.01% -53.01%
Inventory
Prepaid Expenses
Receivables $96.00M $26.00M $26.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $819.0M $1.016B $1.016B
YoY Change -19.39% 66.83% 66.83%
LONG-TERM ASSETS
Property, Plant & Equipment $8.721B $9.193B $9.422B
YoY Change -7.44% -4.18% -4.27%
Goodwill
YoY Change
Intangibles $45.00M
YoY Change -2.17%
Long-Term Investments $15.00M $14.00M $14.00M
YoY Change 7.14% -60.0% -60.0%
Other Assets $75.00M $30.00M $30.00M
YoY Change 150.0% -72.97% -72.97%
Total Long-Term Assets $8.924B $9.571B $9.571B
YoY Change -6.76% -10.39% -10.39%
TOTAL ASSETS
Total Short-Term Assets $819.0M $1.016B $1.016B
Total Long-Term Assets $8.924B $9.571B $9.571B
Total Assets $9.743B $10.59B $10.59B
YoY Change -7.97% -6.23% -6.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.0M $147.0M $147.0M
YoY Change 6.12% -32.26% -32.26%
Accrued Expenses $227.0M $244.0M $244.0M
YoY Change -6.97% -6.15% -6.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $494.0M $479.0M $479.0M
YoY Change 3.13% -24.69% -24.69%
LONG-TERM LIABILITIES
Long-Term Debt $4.672B $5.121B $5.121B
YoY Change -8.77% 32.29% 32.29%
Other Long-Term Liabilities $165.0M $134.0M $134.0M
YoY Change 23.13% -52.48% -52.48%
Total Long-Term Liabilities $4.837B $5.255B $5.255B
YoY Change -7.95% 26.54% 26.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $494.0M $479.0M $479.0M
Total Long-Term Liabilities $4.837B $5.255B $5.255B
Total Liabilities $5.291B $5.744B $5.694B
YoY Change -7.08% 18.7% 18.77%
SHAREHOLDERS EQUITY
Retained Earnings $376.0M
YoY Change -80.44%
Common Stock $4.521B
YoY Change -1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.452B $4.893B $4.893B
YoY Change
Total Liabilities & Shareholders Equity $9.743B $10.59B $10.59B
YoY Change -7.97% -6.23% -6.23%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$459.0M -$217.0M -$1.440B
YoY Change -68.13% -276.42% -570.59%
Depreciation, Depletion And Amortization $281.0M $73.00M $298.0M
YoY Change -5.7% -8.75% 12.88%
Cash From Operating Activities -$137.0M -$164.0M -$438.0M
YoY Change -68.72% -209.33% -187.78%
INVESTING ACTIVITIES
Capital Expenditures $54.00M -$16.00M $86.00M
YoY Change -37.21% -72.41% -64.17%
Acquisitions $0.00
YoY Change
Other Investing Activities $448.0M -$1.000M $205.0M
YoY Change 118.54% -100.36% -151.9%
Cash From Investing Activities $394.0M -$17.00M $119.0M
YoY Change 231.09% -107.73% -118.74%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $241.0M
YoY Change -100.0% -51.21%
Common Stock Issuance & Retirement, Net $0.00 $66.00M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -475.0M -7.000M 914.0M
YoY Change -151.97% -97.99% 842.27%
NET CHANGE
Cash From Operating Activities -137.0M -164.0M -438.0M
Cash From Investing Activities 394.0M -17.00M 119.0M
Cash From Financing Activities -475.0M -7.000M 914.0M
Net Change In Cash -218.0M -188.0M 595.0M
YoY Change -136.64% -954.55% -1625.64%
FREE CASH FLOW
Cash From Operating Activities -$137.0M -$164.0M -$438.0M
Capital Expenditures $54.00M -$16.00M $86.00M
Free Cash Flow -$191.0M -$148.0M -$524.0M
YoY Change -63.55% -171.15% -302.32%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.0925;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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CY2020Q2 pk Debt Instrument Libor Floor
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CY2021Q4 pk Number Of Consolidated Variable Interest Entities
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3
CY2021 us-gaap Debt Instrument Covenant Compliance
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In May 2020, in order to maintain compliance under our credit and term loan facilities in future quarters, we amended our credit and term loan facilities to suspend compliance with all existing financial covenants tested through and including March 31, 2021 and to adjust the levels of particular financial covenants after such period.
CY2021 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
In September 2020, we further amended our Revolver and our unsecured delayed draw term loan facility (“2019 Term Facility”), as discussed in more detail below, to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended March 31, 2022. As part of the amendment process, we (i) increased commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments, (ii) extended the temporary periods for which certain financial covenants are adjusted once quarterly testing of financial covenants resumes, (iii) increased the mandatory repayment carve out for equity issuances from $500 million to $1 billion, so long as proceeds from the issuances are used for capital expenditures and hotel acquisitions that become part of the unencumbered pool, (iv) maintained the existing guarantees by certain Park-affiliated entities until repayment of the Revolver and 2019 Term Facility and existing pledges of equity interests in Park-affiliated entities owning certain unencumbered assets during the extended waiver period and until the ratio of net debt to EBITDA falls below 6.50x for two consecutive quarters, (v) extended the minimum liquidity covenant through December 2022, (vi) obtained the ability to pay a $0.01 per share per fiscal quarter dividend during the extended waiver period and (vii) modified certain restrictions and covenants for the duration of the extended waiver period, including certain mandatory prepayments. The September 2020 amendment also contained limitations on our ability to make dividends and distributions (except to the extent required to maintain REIT status, the ability of the Park Parent to pay a $0.01 per share per fiscal quarter dividend and certain other agreed exceptions).
CY2021 pk Debt To Ebitda Ratio
DebtToEBITDARatio
6.50x
CY2021Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.01
CY2020Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.01
CY2021Q4 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0186
CY2021 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2022-04-21
CY2021Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
225000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
97000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
830000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
85000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
657000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1562000000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1475000000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
4706000000
CY2021 pk Number Of Consolidated Properties Under Ground Leases
NumberOfConsolidatedPropertiesUnderGroundLeases
14
CY2021 pk Leases Ending Expiration Date
LeasesEndingExpirationDate
2083
CY2021 pk Date Majority Of Leases Expire
DateMajorityOfLeasesExpire
2032
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
29000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
24000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
24000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
14000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
327000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
442000000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
215000000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
227000000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y10M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
29000000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
30000000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
30000000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
4000000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
2000000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
13000000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
30000000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
28000000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
36000000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
278000000
CY2019 pk Percentage Of Increase In Business Interest Under Ircas Result Of Cares Act
PercentageOfIncreaseInBusinessInterestUnderIrcasResultOfCaresAct
0.30
CY2020 pk Percentage Of Increase In Business Interest Under Ircas Result Of Cares Act
PercentageOfIncreaseInBusinessInterestUnderIrcasResultOfCaresAct
0.50
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-450000000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-1449000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
350000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
0
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-1000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-450000000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1450000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
351000000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5000000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1000000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
16000000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-2000000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
20000000
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
11000000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3000000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24000000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
30000000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1000000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-29000000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3000000
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1000000
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
2000000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1000000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-30000000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5000000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-94000000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2000000
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
0
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-306000000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
74000000
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
0
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1000000
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
19000000
CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
13000000
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-22000000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
71000000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2000000
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-7000000
CY2021 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
-116000000
CY2020 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
-221000000
CY2019 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
69000000
CY2021 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
-1000000
CY2020 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
-35000000
CY2019 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
13000000
CY2021 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
0
CY2020 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
29000000
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
3000000
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
1000000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000000
CY2021Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
1000000
CY2020Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
1000000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
9000000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10000000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8000000
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
9000000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51000000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
74000000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
5000000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
5000000
CY2021Q4 pk Deferred Tax Assets Accrued Compensation
DeferredTaxAssetsAccruedCompensation
2000000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
9000000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4000000
CY2020Q4 pk Deferred Tax Assets Accrued Compensation
DeferredTaxAssetsAccruedCompensation
1000000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7000000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
6000000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
65000000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
86000000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
55000000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
77000000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
10000000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4000000
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
9000000
CY2020Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
10000000
CY2021Q4 pk Deferred Tax Liabilities Accrued Compensation
DeferredTaxLiabilitiesAccruedCompensation
5000000
CY2020Q4 pk Deferred Tax Liabilities Accrued Compensation
DeferredTaxLiabilitiesAccruedCompensation
4000000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
18000000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
18000000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8000000
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
9000000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51000000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19000000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20000000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16000000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18000000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
18000000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
27000000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
21000000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.600
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.220
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.650
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.195
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.215
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.002
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.003
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.600
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.462
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.205
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-459000000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-1440000000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
306000000
CY2021 pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
0
CY2020 pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.003
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.015
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.018
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.024
CY2019 pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
1000000
CY2021 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
459000000
CY2020 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
-1440000000
CY2019 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
305000000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212000000
CY2021 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
CY2020 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
CY2019 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
213000000
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.95
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.11
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.95
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.11
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
CY2021 pk Description Of Renewal Periods
DescriptionOfRenewalPeriods
allow for one or more renewal periods.
CY2021 pk Number Of Operating Hotels Under Franchise Agreements
NumberOfOperatingHotelsUnderFranchiseAgreements
9
CY2021 us-gaap Marketing Expense
MarketingExpense
26000000
CY2020 us-gaap Marketing Expense
MarketingExpense
15000000
CY2019 us-gaap Marketing Expense
MarketingExpense
53000000
CY2021 pk Employee Cost Reimbursements
EmployeeCostReimbursements
55000000
CY2020 pk Employee Cost Reimbursements
EmployeeCostReimbursements
57000000
CY2019 pk Employee Cost Reimbursements
EmployeeCostReimbursements
133000000
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1362000000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
852000000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2844000000
CY2021 us-gaap Profit Loss
ProfitLoss
-452000000
CY2020 us-gaap Profit Loss
ProfitLoss
-1444000000
CY2019 us-gaap Acquisition Costs
AcquisitionCosts
70000000
CY2021 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
49000000
CY2021 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
9000000
CY2020 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
696000000
CY2019 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
-18000000
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
281000000
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
298000000
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
264000000
CY2021 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
62000000
CY2020 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
61000000
CY2019 pk Corporate General And Administrative Expenses Excluding Severance
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