$PK
Park Hotels & Resorts Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022014738 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $662.0M $695.0M $479.0M
YoY Change 56.5% 115.17% 190.3%
Cost Of Revenue $230.0M $217.0M $172.0M
YoY Change 65.47% 114.85% 207.14%
Gross Profit $432.0M $478.0M $307.0M
YoY Change 52.11% 115.32% 181.65%
Gross Profit Margin 65.26% 68.78% 64.09%
Selling, General & Admin $266.0M $271.0M $221.0M
YoY Change 31.03% 48.09% 46.36%
% of Gross Profit 61.57% 56.69% 71.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.00M $68.00M $69.00M
YoY Change -1.47% -4.23% -6.76%
% of Gross Profit 15.51% 14.23% 22.48%
Operating Expenses $351.0M $357.0M $306.0M
YoY Change 23.16% 33.71% 31.9%
Operating Profit $92.00M $119.0M $1.000M
YoY Change -757.14% -370.45% -100.81%
Interest Expense $61.00M $62.00M $62.00M
YoY Change -7.58% -6.06% -1.59%
% of Operating Profit 66.3% 52.1% 6200.0%
Other Income/Expense, Net $18.00M $18.00M $16.00M
YoY Change 28.57% 38.46% 128.57%
Pretax Income $37.00M $155.0M -$56.00M
YoY Change -143.53% -235.96% -70.53%
Income Tax -$3.000M $1.000M $0.00
% Of Pretax Income -8.11% 0.65%
Net Earnings $35.00M $150.0M -$57.00M
YoY Change -140.7% -229.31% -70.0%
Net Earnings / Revenue 5.29% 21.58% -11.9%
Basic Earnings Per Share $0.15 $0.66 -$0.24
Diluted Earnings Per Share $0.15 $0.66 -$0.24
COMMON SHARES
Basic Shares Outstanding 224.8M 228.0M 235.0M
Diluted Shares Outstanding 224.0M 228.0M 235.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $971.0M $758.0M $639.0M
YoY Change 25.78% -16.61% -26.38%
Cash & Equivalents $971.0M $758.0M $639.0M
Short-Term Investments
Other Short-Term Assets $40.00M $39.00M $58.00M
YoY Change 17.65% 11.43% 65.71%
Inventory
Prepaid Expenses
Receivables $144.0M $149.0M $106.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.155B $946.0M $803.0M
YoY Change 33.06% -6.06% -14.67%
LONG-TERM ASSETS
Property, Plant & Equipment $8.292B $8.326B $8.465B
YoY Change -3.01% -5.6% -7.23%
Goodwill
YoY Change
Intangibles $43.00M $43.00M $44.00M
YoY Change -2.27% -2.27% 0.0%
Long-Term Investments $4.000M $4.000M $16.00M
YoY Change -71.43% -69.23% 14.29%
Other Assets $29.00M $116.0M $78.00M
YoY Change -58.57% 3.57% 143.75%
Total Long-Term Assets $8.631B $8.755B $8.900B
YoY Change -3.3% -5.44% -6.25%
TOTAL ASSETS
Total Short-Term Assets $1.155B $946.0M $803.0M
Total Long-Term Assets $8.631B $8.755B $8.900B
Total Assets $9.786B $9.701B $9.703B
YoY Change -0.08% -5.5% -7.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $254.0M $211.0M $200.0M
YoY Change 24.51% 18.54% 2.04%
Accrued Expenses $243.0M $247.0M $250.0M
YoY Change 4.74% 4.66% 4.17%
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 $620.0M $582.0M $563.0M
YoY Change 16.54% 15.48% 9.11%
LONG-TERM LIABILITIES
Long-Term Debt $4.670B $4.671B $4.671B
YoY Change 0.0% -8.41% -8.79%
Other Long-Term Liabilities $177.0M $167.0M $184.0M
YoY Change 53.91% 56.07% 37.31%
Total Long-Term Liabilities $4.847B $4.838B $4.855B
YoY Change 1.3% -7.09% -7.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $620.0M $582.0M $563.0M
Total Long-Term Liabilities $4.847B $4.838B $4.855B
Total Liabilities $5.467B $5.420B $5.418B
YoY Change 2.65% -5.26% -6.28%
SHAREHOLDERS EQUITY
Retained Earnings $38.00M $6.000M -$142.0M
YoY Change -337.5% -91.43% -176.76%
Common Stock $4.327B $4.323B $4.475B
YoY Change -4.5% -4.51% -1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.365B $4.329B $4.333B
YoY Change
Total Liabilities & Shareholders Equity $9.786B $9.701B $9.703B
YoY Change -0.08% -5.5% -7.01%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $35.00M $150.0M -$57.00M
YoY Change -140.7% -229.31% -70.0%
Depreciation, Depletion And Amortization $67.00M $68.00M $69.00M
YoY Change -1.47% -4.23% -6.76%
Cash From Operating Activities $148.0M $147.0M $44.00M
YoY Change 124.24% -263.33% -161.97%
INVESTING ACTIVITIES
Capital Expenditures -$52.00M -$31.00M $21.00M
YoY Change 246.67% 287.5% 320.0%
Acquisitions
YoY Change
Other Investing Activities $45.00M $199.0M $0.00
YoY Change -84.27% 20.61% -100.0%
Cash From Investing Activities -$7.000M $168.0M -$21.00M
YoY Change -102.58% 7.01% 600.0%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $61.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.000M -165.0M -69.00M
YoY Change -98.18% 617.39% 885.71%
NET CHANGE
Cash From Operating Activities 148.0M 147.0M 44.00M
Cash From Investing Activities -7.000M 168.0M -21.00M
Cash From Financing Activities -8.000M -165.0M -69.00M
Net Change In Cash 133.0M 150.0M -46.00M
YoY Change -230.39% 240.91% -43.21%
FREE CASH FLOW
Cash From Operating Activities $148.0M $147.0M $44.00M
Capital Expenditures -$52.00M -$31.00M $21.00M
Free Cash Flow $200.0M $178.0M $23.00M
YoY Change 146.91% -317.07% -130.26%

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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
235000000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
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us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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us-gaap Gain Loss On Disposition Of Assets1
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pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
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pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Other Noncash Income Expense
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Other Noncash Income Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
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us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
168000000
us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
101000000
us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
0
pk Contributions To Equity Method Investment
ContributionsToEquityMethodInvestment
0
pk Contributions To Equity Method Investment
ContributionsToEquityMethodInvestment
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
981000000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
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CY2021Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Dividends
Dividends
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CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q2 us-gaap Profit Loss
ProfitLoss
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CY2022Q2 us-gaap Dividends
Dividends
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CY2022Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4843000000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
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OtherComprehensiveIncomeLossNetOfTax
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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4653000000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2021Q2 us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2021Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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us-gaap Use Of Estimates
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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;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;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:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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. Interim results are not necessarily indicative of full year performance.</span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;min-width:fit-content;">Reclassifications</span></p><p style="text-indent:4.533%;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:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Certain line items on the condensed consolidated balance sheets as of December 31, 2021 have been reclassified to conform to the current period presentation.</span></p>
CY2022Q2 pk Number Of Consolidated Hotel Portfolio Properties Sold
NumberOfConsolidatedHotelPortfolioPropertiesSold
3
CY2022Q2 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
92000000
CY2021Q2 pk Number Of Consolidated Hotel Portfolio Properties Sold
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CY2021Q2 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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CY2021Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
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CY2022Q2 us-gaap Land
Land
3329000000
CY2021Q4 us-gaap Land
Land
3333000000
CY2022Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6526000000
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6606000000
CY2022Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1000000000
CY2021Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1005000000
CY2022Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
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CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
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CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10946000000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11026000000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2620000000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8326000000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8511000000
CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
7000000
CY2022Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
68000000
CY2021Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
71000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
136000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
144000000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-5000000
CY2022Q2 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
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CY2022Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
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CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
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CY2022Q2 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
722000000
CY2021Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
CY2022Q2 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
4702000000
CY2021Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
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CY2022Q2 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
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CY2021Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
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DebtInstrumentUnamortizedDiscount
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1563000000
CY2022Q2 pk Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
1504000000
CY2022Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4671000000
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4672000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
60000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
833000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2022Q2 us-gaap Long Term Debt
LongTermDebt
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.575
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2022Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
150000000
CY2021Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
-116000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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CY2021Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228000000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.30
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
488000000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
154000000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
34000000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
695000000
us-gaap Profit Loss
ProfitLoss
98000000
us-gaap Profit Loss
ProfitLoss
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CY2022Q2 us-gaap Depreciation And Amortization
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CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
71000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
137000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
145000000
CY2022Q2 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
16000000
CY2021Q2 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
16000000
pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
32000000
pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
34000000
CY2022Q2 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
1000000
CY2021Q2 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
5000000
pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
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pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
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CY2022Q2 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
20000000
CY2022Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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CY2021Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
6000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-1000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000
us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2022Q2 us-gaap Interest Expense
InterestExpense
62000000
CY2021Q2 us-gaap Interest Expense
InterestExpense
66000000
us-gaap Interest Expense
InterestExpense
124000000
us-gaap Interest Expense
InterestExpense
129000000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5000000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-6000000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
92000000
CY2022Q2 pk Other Items
OtherItems
-4000000
CY2021Q2 pk Other Items
OtherItems
1000000
pk Other Items
OtherItems
-7000000
pk Other Items
OtherItems
5000000
CY2022Q2 pk Adjusted Ebitda
AdjustedEbitda
208000000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
97000000
CY2021Q2 pk Adjusted Ebitda
AdjustedEbitda
42000000
pk Adjusted Ebitda
AdjustedEbitda
297000000
pk Adjusted Ebitda
AdjustedEbitda
6000000
CY2022Q2 us-gaap Assets
Assets
9701000000
CY2021Q4 us-gaap Assets
Assets
9743000000
CY2022Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
125000000
CY2022Q2 us-gaap Litigation Reserve
LitigationReserve
8000000

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