$PK
Park Hotels & Resorts Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023004127 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $648.0M $665.0M $2.501B
YoY Change 35.28% 47.45% 83.63%
Cost Of Revenue $234.0M $238.0M $857.0M
YoY Change 36.05% 43.37% 85.5%
Gross Profit $414.0M $427.0M $1.644B
YoY Change 34.85% 49.82% 82.67%
Gross Profit Margin 63.89% 64.21% 65.73%
Selling, General & Admin $264.0M $256.0M $108.0M
YoY Change 19.46% 29.29% 22.73%
% of Gross Profit 63.77% 59.95% 6.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.00M $65.00M $269.0M
YoY Change -7.25% -4.41% -4.27%
% of Gross Profit 15.46% 15.22% 16.36%
Operating Expenses $348.0M $341.0M $108.0M
YoY Change 13.73% 21.35% 22.73%
Operating Profit $80.00M $86.00M $296.0M
YoY Change 7900.0% 2050.0% -265.36%
Interest Expense $60.00M -$45.00M $247.0M
YoY Change -3.23% -28.57% -4.26%
% of Operating Profit 75.0% -52.33% 83.45%
Other Income/Expense, Net $20.00M -$2.000M $72.00M
YoY Change 25.0% 46.94%
Pretax Income $35.00M $37.00M $173.0M
YoY Change -162.5% -160.66% -138.44%
Income Tax $2.000M $2.000M $0.00
% Of Pretax Income 5.71% 5.41% 0.0%
Net Earnings $33.00M $34.00M $162.0M
YoY Change -157.89% -150.75% -135.29%
Net Earnings / Revenue 5.09% 5.11% 6.48%
Basic Earnings Per Share $0.15 $0.71
Diluted Earnings Per Share $0.15 $0.15 $0.71
COMMON SHARES
Basic Shares Outstanding 222.1M 224.8M 228.0M
Diluted Shares Outstanding 221.0M 228.0M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $842.0M $906.0M $906.0M
YoY Change 31.77% 31.69% 31.69%
Cash & Equivalents $842.0M $906.0M $906.0M
Short-Term Investments
Other Short-Term Assets $55.00M $58.00M $58.00M
YoY Change -5.17% 65.71% 65.71%
Inventory
Prepaid Expenses
Receivables $130.0M $129.0M $129.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.027B $1.093B $1.093B
YoY Change 27.9% 33.46% 33.46%
LONG-TERM ASSETS
Property, Plant & Equipment $8.198B $8.301B $8.515B
YoY Change -3.15% -2.47% -2.36%
Goodwill
YoY Change
Intangibles $43.00M $43.00M
YoY Change -2.27% -2.27%
Long-Term Investments $1.000M $1.000M
YoY Change -93.33% -93.33%
Other Assets $33.00M $33.00M $33.00M
YoY Change -57.69% -56.0% -56.0%
Total Long-Term Assets $8.526B $8.638B $8.638B
YoY Change -4.2% -3.2% -3.2%
TOTAL ASSETS
Total Short-Term Assets $1.027B $1.093B $1.093B
Total Long-Term Assets $8.526B $8.638B $8.638B
Total Assets $9.553B $9.731B $9.731B
YoY Change -1.55% -0.12% -0.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $244.0M $220.0M $220.0M
YoY Change 22.0% 41.03% 41.03%
Accrued Expenses $231.0M $234.0M $234.0M
YoY Change -7.6% 3.08% 3.08%
Deferred Revenue $103.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $592.0M $595.0M $595.0M
YoY Change 5.15% 20.45% 20.45%
LONG-TERM LIABILITIES
Long-Term Debt $4.566B $4.617B $4.617B
YoY Change -2.25% -1.18% -1.18%
Other Long-Term Liabilities $207.0M $228.0M $228.0M
YoY Change 12.5% 38.18% 38.18%
Total Long-Term Liabilities $4.773B $4.845B $4.845B
YoY Change -1.69% 0.17% 0.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $592.0M $595.0M $595.0M
Total Long-Term Liabilities $4.773B $4.845B $4.845B
Total Liabilities $5.365B $5.440B $5.392B
YoY Change -0.98% 1.87% 1.91%
SHAREHOLDERS EQUITY
Retained Earnings $19.00M $16.00M
YoY Change -113.38% -119.28%
Common Stock $4.218B $4.323B
YoY Change -5.74% -4.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.237B $4.339B $4.339B
YoY Change
Total Liabilities & Shareholders Equity $9.553B $9.731B $9.731B
YoY Change -1.55% -0.12% -0.12%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $33.00M $34.00M $162.0M
YoY Change -157.89% -150.75% -135.29%
Depreciation, Depletion And Amortization $64.00M $65.00M $269.0M
YoY Change -7.25% -4.41% -4.27%
Cash From Operating Activities $104.0M $70.00M $409.0M
YoY Change 136.36% -266.67% -398.54%
INVESTING ACTIVITIES
Capital Expenditures $54.00M $64.00M $168.0M
YoY Change 157.14% -346.15% 211.11%
Acquisitions $0.00
YoY Change
Other Investing Activities $103.0M $11.00M $255.0M
YoY Change -320.0% -43.08%
Cash From Investing Activities $49.00M -$53.00M $87.00M
YoY Change -333.33% 70.97% -77.92%
FINANCING ACTIVITIES
Cash Dividend Paid $56.00M $7.000M
YoY Change
Common Stock Issuance & Retirement, Net $227.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -217.0M -78.00M -320.0M
YoY Change 214.49% 1200.0% -32.63%
NET CHANGE
Cash From Operating Activities 104.0M 70.00M 409.0M
Cash From Investing Activities 49.00M -53.00M 87.00M
Cash From Financing Activities -217.0M -78.00M -320.0M
Net Change In Cash -64.00M -61.00M 176.0M
YoY Change 39.13% -22.78% -180.73%
FREE CASH FLOW
Cash From Operating Activities $104.0M $70.00M $409.0M
Capital Expenditures $54.00M $64.00M $168.0M
Free Cash Flow $50.00M $6.000M $241.0M
YoY Change 117.39% -137.5% -226.18%

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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;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:6.0pt;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.</span><span style="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;"> </span></p>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;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;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>
CY2022 us-gaap Number Of Reporting Units
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0.50
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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Land
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Land
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CY2021Q4 us-gaap Furniture And Fixtures Gross
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CY2021Q4 us-gaap Construction In Progress Gross
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Depreciation Nonproduction
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CY2021 us-gaap Depreciation Nonproduction
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CY2020 us-gaap Depreciation Nonproduction
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022Q4 pk Number Of Consolidated Variable Interest Entities
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CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2022Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
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CY2021Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
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CY2020Q1 us-gaap Goodwill Impairment Loss
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CY2021Q4 pk Finitelivedintangibleassetairrightscontract
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CY2022Q4 us-gaap Other Finite Lived Intangible Assets Gross
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CY2021Q4 us-gaap Other Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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1000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
38000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
43000000
CY2022Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
4644000000
CY2021Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
4706000000
CY2022Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2021Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
4000000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
30000000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000000
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4617000000
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4672000000
CY2022Q4 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2022 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
In December 2022, we amended and restated the Original Credit Agreement ("Credit Agreement"). The Credit Agreement provides aggregate commitments of $950 million for the Revolver, which can be increased by up to $500 million with lender approval, and matures on December 1, 2026, with the ability to extend its maturity by one year as (i) a one-year extension or (ii) two six-month extensions. Borrowings under the Revolver bear interest based upon the secured overnight financing rate ("SOFR") plus a credit spread adjustment of 0.1%, plus an applicable margin based on our leverage ratio. We incur an unused facility fee on the Revolver of between 0.2% and 0.3%, based on our level of usage.
CY2022Q4 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0186
CY2022Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
225000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
863000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
657000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1613000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
30000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1474000000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
4644000000
CY2022 pk Number Of Consolidated Properties Under Ground Leases
NumberOfConsolidatedPropertiesUnderGroundLeases
14
CY2022 pk Leases Ending Expiration Date
LeasesEndingExpirationDate
2083
CY2022 pk Date Majority Of Leases Expire
DateMajorityOfLeasesExpire
2032
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
24000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
27000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
18000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
19000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
345000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
457000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
223000000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
234000000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
28000000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
29000000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
30000000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
13000000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
4000000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
2000000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
29000000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
30000000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
28000000
CY2022Q4 pk Operating Lease Right Of Use Asset Reassessment
OperatingLeaseRightOfUseAssetReassessment
-4000000
CY2021Q4 pk Operating Lease Right Of Use Asset Reassessment
OperatingLeaseRightOfUseAssetReassessment
0
CY2020Q4 pk Operating Lease Right Of Use Asset Reassessment
OperatingLeaseRightOfUseAssetReassessment
0
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
173000000
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
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
0
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
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
173000000
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
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1000000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5000000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1000000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1000000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-2000000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
20000000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2000000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3000000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24000000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1000000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-29000000
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2000000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1000000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2000000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1000000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-30000000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
0
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
36000000
CY2022Q4 pk Deferred Tax Assets Accrued Compensation
DeferredTaxAssetsAccruedCompensation
2000000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-94000000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-306000000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1000000
CY2021Q4 pk Deferred Tax Assets Accrued Compensation
DeferredTaxAssetsAccruedCompensation
2000000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7000000
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
0
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
19000000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
4000000
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
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
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
CY2022 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
39000000
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
CY2022 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
-2000000
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
CY2022 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
0
CY2021 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
0
CY2020 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
29000000
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
0
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
3000000
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
1000000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2022Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
1000000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
9000000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
9000000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
9000000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8000000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
53000000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51000000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
4000000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
5000000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7000000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
66000000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
65000000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
59000000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
55000000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
7000000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
10000000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
3000000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4000000
CY2022Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
9000000
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
9000000
CY2022Q4 pk Deferred Tax Liabilities Accrued Compensation
DeferredTaxLiabilitiesAccruedCompensation
4000000
CY2021Q4 pk Deferred Tax Liabilities Accrued Compensation
DeferredTaxLiabilitiesAccruedCompensation
5000000
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
16000000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
18000000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
9000000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8000000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
53000000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17000000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19000000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20000000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17000000
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y4M24D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
7000000
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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.575
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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
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
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
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.575
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
CY2022 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
162000000
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
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228000000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000
CY2022 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
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
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228000000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.95
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.11
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.95
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.11
CY2022 pk Description Of Renewal Periods
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allow for one or more renewal periods.
CY2022 pk Number Of Operating Hotels Under Franchise Agreements
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4
CY2022 us-gaap Marketing Expense
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45000000
CY2021 us-gaap Marketing Expense
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26000000
CY2020 us-gaap Marketing Expense
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15000000
CY2022 pk Employee Cost Reimbursements
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117000000
CY2021 pk Employee Cost Reimbursements
EmployeeCostReimbursements
55000000
CY2020 pk Employee Cost Reimbursements
EmployeeCostReimbursements
57000000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2501000000
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
CY2022 us-gaap Profit Loss
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173000000
CY2021 us-gaap Profit Loss
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-452000000
CY2020 us-gaap Profit Loss
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-1444000000
CY2022 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
6000000
CY2021 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
9000000
CY2020 pk Impairment Loss And Casualty Gain Loss Net
ImpairmentLossAndCasualtyGainLossNet
696000000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
269000000
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
281000000
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
298000000
CY2022 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
63000000
CY2021 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
62000000
CY2020 pk Corporate General And Administrative Expenses Excluding Severance
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CY2022Q4 us-gaap Assets
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CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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RealEstateAccumulatedDepreciation
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CY2022Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
6288000000

Files In Submission

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pk-20221231_lab.xml Edgar Link unprocessable
pk-20221231_def.xml Edgar Link unprocessable
pk-20221231_cal.xml Edgar Link unprocessable
pk-20221231_pre.xml Edgar Link unprocessable
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