$PK
Park Hotels & Resorts Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022021839 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $665.0M $662.0M
YoY Change 47.45% 56.5%
Cost Of Revenue $238.0M $230.0M
YoY Change 43.37% 65.47%
Gross Profit $427.0M $432.0M
YoY Change 49.82% 52.11%
Gross Profit Margin 64.21% 65.26%
Selling, General & Admin $256.0M $266.0M
YoY Change 29.29% 31.03%
% of Gross Profit 59.95% 61.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00M $67.00M
YoY Change -4.41% -1.47%
% of Gross Profit 15.22% 15.51%
Operating Expenses $341.0M $351.0M
YoY Change 21.35% 23.16%
Operating Profit $86.00M $92.00M
YoY Change 2050.0% -757.14%
Interest Expense -$45.00M $61.00M
YoY Change -28.57% -7.58%
% of Operating Profit -52.33% 66.3%
Other Income/Expense, Net -$2.000M $18.00M
YoY Change 28.57%
Pretax Income $37.00M $37.00M
YoY Change -160.66% -143.53%
Income Tax $2.000M -$3.000M
% Of Pretax Income 5.41% -8.11%
Net Earnings $34.00M $35.00M
YoY Change -150.75% -140.7%
Net Earnings / Revenue 5.11% 5.29%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share $0.15 $0.15
COMMON SHARES
Basic Shares Outstanding 224.8M 224.8M
Diluted Shares Outstanding 224.0M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $906.0M $971.0M
YoY Change 31.69% 25.78%
Cash & Equivalents $906.0M $971.0M
Short-Term Investments
Other Short-Term Assets $58.00M $40.00M
YoY Change 65.71% 17.65%
Inventory
Prepaid Expenses
Receivables $129.0M $144.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.093B $1.155B
YoY Change 33.46% 33.06%
LONG-TERM ASSETS
Property, Plant & Equipment $8.301B $8.292B
YoY Change -2.47% -3.01%
Goodwill
YoY Change
Intangibles $43.00M $43.00M
YoY Change -2.27% -2.27%
Long-Term Investments $1.000M $4.000M
YoY Change -93.33% -71.43%
Other Assets $33.00M $29.00M
YoY Change -56.0% -58.57%
Total Long-Term Assets $8.638B $8.631B
YoY Change -3.2% -3.3%
TOTAL ASSETS
Total Short-Term Assets $1.093B $1.155B
Total Long-Term Assets $8.638B $8.631B
Total Assets $9.731B $9.786B
YoY Change -0.12% -0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $220.0M $254.0M
YoY Change 41.03% 24.51%
Accrued Expenses $234.0M $243.0M
YoY Change 3.08% 4.74%
Deferred Revenue $103.0M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $595.0M $620.0M
YoY Change 20.45% 16.54%
LONG-TERM LIABILITIES
Long-Term Debt $4.617B $4.670B
YoY Change -1.18% 0.0%
Other Long-Term Liabilities $228.0M $177.0M
YoY Change 38.18% 53.91%
Total Long-Term Liabilities $4.845B $4.847B
YoY Change 0.17% 1.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $595.0M $620.0M
Total Long-Term Liabilities $4.845B $4.847B
Total Liabilities $5.440B $5.467B
YoY Change 1.87% 2.65%
SHAREHOLDERS EQUITY
Retained Earnings $16.00M $38.00M
YoY Change -119.28% -337.5%
Common Stock $4.323B $4.327B
YoY Change -4.67% -4.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.339B $4.365B
YoY Change
Total Liabilities & Shareholders Equity $9.731B $9.786B
YoY Change -0.12% -0.08%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $34.00M $35.00M
YoY Change -150.75% -140.7%
Depreciation, Depletion And Amortization $65.00M $67.00M
YoY Change -4.41% -1.47%
Cash From Operating Activities $70.00M $148.0M
YoY Change -266.67% 124.24%
INVESTING ACTIVITIES
Capital Expenditures $64.00M -$52.00M
YoY Change -346.15% 246.67%
Acquisitions
YoY Change
Other Investing Activities $11.00M $45.00M
YoY Change -320.0% -84.27%
Cash From Investing Activities -$53.00M -$7.000M
YoY Change 70.97% -102.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -78.00M -8.000M
YoY Change 1200.0% -98.18%
NET CHANGE
Cash From Operating Activities 70.00M 148.0M
Cash From Investing Activities -53.00M -7.000M
Cash From Financing Activities -78.00M -8.000M
Net Change In Cash -61.00M 133.0M
YoY Change -22.78% -230.39%
FREE CASH FLOW
Cash From Operating Activities $70.00M $148.0M
Capital Expenditures $64.00M -$52.00M
Free Cash Flow $6.000M $200.0M
YoY Change -137.5% 146.91%

Facts In Submission

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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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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
GainLossOnDispositionOfAssets1
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us-gaap Income Loss From Equity Method Investments
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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
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Increase Decrease In Other Operating Capital Net
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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
339000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
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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
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us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
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us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
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pk Contributions To Equity Method Investment
ContributionsToEquityMethodInvestment
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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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1193000000
us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Of Debt
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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
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
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us-gaap Payments To Minority Shareholders
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us-gaap Payments To Minority Shareholders
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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
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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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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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Dividends Payable Current
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CY2021Q3 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
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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
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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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CY2022Q3 us-gaap Profit Loss
ProfitLoss
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CY2022Q3 us-gaap Dividends
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CY2022Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4319000000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021Q1 us-gaap Profit Loss
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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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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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Profit Loss
ProfitLoss
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CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2000000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4468000000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2022Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
988000000
CY2021Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
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CY2022Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
140000000
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
82000000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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us-gaap Use Of Estimates
UseOfEstimates
<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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2022Q3 pk Number Of Consolidated Hotel Portfolio Properties Sold
NumberOfConsolidatedHotelPortfolioPropertiesSold
5
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
149000000
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15000000
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
92000000
CY2021Q3 pk Number Of Consolidated Hotel Portfolio Properties Sold
NumberOfConsolidatedHotelPortfolioPropertiesSold
5
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
477000000
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-5000000
pk Other Items
OtherItems
1000000
CY2022Q3 us-gaap Land
Land
3317000000
CY2021Q4 us-gaap Land
Land
3333000000
CY2022Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6509000000
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6606000000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2662000000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2515000000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8292000000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8511000000
CY2022Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
67000000
CY2021Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
68000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
203000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
212000000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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CY2022Q3 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2022Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
4000000
CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
15000000
CY2022Q3 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
722000000
CY2021Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
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LongtermDebtAndFinancingLeaseObligationsGross
4700000000
CY2021Q4 pk Longterm Debt And Financing Lease Obligations Gross
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4706000000
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DebtInstrumentUnamortizedPremium
4000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
33000000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000000
CY2022Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4670000000
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.66
us-gaap Number Of Operating Segments
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2
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q3 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
1836000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
911000000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2000000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1563000000
CY2022Q3 pk Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
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CY2022Q3 us-gaap Long Term Debt
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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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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CY2022Q3 us-gaap Profit Loss
ProfitLoss
40000000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2022Q3 us-gaap Depreciation And Amortization
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CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
68000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
204000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
213000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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CY2022Q3 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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CY2021Q3 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
-86000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
128000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
224000000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
229000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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CY2021Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224000000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.66
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2022Q3 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
16000000
CY2021Q3 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
14000000
pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
48000000
pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
48000000
CY2022Q3 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
3000000
CY2021Q3 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
2000000
pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
4000000
pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
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CY2022Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
18000000
CY2021Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
14000000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
52000000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
34000000
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
14000000
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-11000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
13000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-5000000
CY2022Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000000
CY2021Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
us-gaap Investment Income Interest
InvestmentIncomeInterest
5000000
us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2022Q3 us-gaap Interest Expense
InterestExpense
61000000
CY2021Q3 us-gaap Interest Expense
InterestExpense
66000000
us-gaap Interest Expense
InterestExpense
185000000
us-gaap Interest Expense
InterestExpense
195000000
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-6000000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000000
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
98000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000000
CY2022Q3 pk Other Items
OtherItems
-4000000
CY2021Q3 pk Other Items
OtherItems
-4000000
pk Other Items
OtherItems
-11000000
CY2022Q3 pk Adjusted Ebitda
AdjustedEbitda
167000000
CY2021Q3 pk Adjusted Ebitda
AdjustedEbitda
84000000
pk Adjusted Ebitda
AdjustedEbitda
464000000
pk Adjusted Ebitda
AdjustedEbitda
90000000
CY2022Q3 us-gaap Assets
Assets
9786000000
CY2021Q4 us-gaap Assets
Assets
9743000000
CY2022Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
121000000
CY2022Q3 us-gaap Litigation Reserve
LitigationReserve
8000000

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0000950170-22-021839.txt Edgar Link pending
0000950170-22-021839-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pk-20220930.htm Edgar Link pending
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pk-ex31_1.htm Edgar Link pending
pk-ex31_2.htm Edgar Link pending
pk-ex32_1.htm Edgar Link pending
pk-ex32_2.htm Edgar Link pending
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pk-20220930_lab.xml Edgar Link unprocessable
pk-20220930_def.xml Edgar Link unprocessable
pk-20220930_cal.xml Edgar Link unprocessable
pk-20220930_htm.xml Edgar Link completed
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pk-20220930_pre.xml Edgar Link unprocessable