$PK
Park Hotels & Resorts Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041763 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $672.0M $652.0M $731.0M
YoY Change 3.07% -5.23% -0.27%
Cost Of Revenue $231.0M $224.0M $243.0M
YoY Change 3.13% -7.05% -2.8%
Gross Profit $441.0M $428.0M $488.0M
YoY Change 3.04% -4.25% 1.04%
Gross Profit Margin 65.63% 65.64% 66.76%
Selling, General & Admin $253.0M $259.0M $259.0M
YoY Change -2.32% -1.89% -3.36%
% of Gross Profit 57.37% 60.51% 53.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.00M $69.00M $69.00M
YoY Change -11.59% -6.76% -5.48%
% of Gross Profit 13.83% 16.12% 14.14%
Operating Expenses $337.0M $347.0M $346.0M
YoY Change -2.88% -3.07% -3.89%
Operating Profit $38.00M $84.00M $149.0M
YoY Change -54.76% -5.62% 21.14%
Interest Expense $33.00M $32.00M $31.00M
YoY Change 3.13% 0.0% 0.0%
% of Operating Profit 86.84% 38.1% 20.81%
Other Income/Expense, Net $23.00M $19.00M $18.00M
YoY Change 21.05% 5.56% 20.0%
Pretax Income $9.000M $55.00M $231.0M
YoY Change -83.64% -9.84% 140.63%
Income Tax $0.00 $0.00 $13.00M
% Of Pretax Income 0.0% 0.0% 5.63%
Net Earnings $5.000M $52.00M $216.0M
YoY Change -90.38% -49.51% 92.86%
Net Earnings / Revenue 0.74% 7.98% 29.55%
Basic Earnings Per Share $0.02 $0.26 $1.07
Diluted Earnings Per Share $0.02 $0.26 $1.07
COMMON SHARES
Basic Shares Outstanding 206.0M 200.0M 200.0M
Diluted Shares Outstanding 207.0M 201.0M 201.0M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.0M $399.0M $421.0M
YoY Change -19.55% 11.76% 37.58%
Cash & Equivalents $321.0M $415.0M $438.0M
Short-Term Investments
Other Short-Term Assets $76.00M $62.00M $46.00M
YoY Change 22.58% 29.17% -13.21%
Inventory
Prepaid Expenses
Receivables $193.0M $176.0M $180.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $590.0M $637.0M $647.0M
YoY Change -7.38% 13.14% 18.28%
LONG-TERM ASSETS
Property, Plant & Equipment $9.986B $7.974B $7.999B
YoY Change 25.23% -5.79% -5.84%
Goodwill $607.0M
YoY Change
Intangibles $46.00M
YoY Change
Long-Term Investments $52.00M $53.00M $56.00M
YoY Change -1.89% -37.65% -35.63%
Other Assets $43.00M $16.00M $17.00M
YoY Change 168.75% -20.0% -5.56%
Total Long-Term Assets $11.03B $8.718B $8.804B
YoY Change 26.52% -5.65% -5.03%
TOTAL ASSETS
Total Short-Term Assets $590.0M $637.0M $647.0M
Total Long-Term Assets $11.03B $8.718B $8.804B
Total Assets $11.62B $9.355B $9.451B
YoY Change 24.21% -4.57% -3.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.0M $198.0M $181.0M
YoY Change 19.7% 11.24% 1.69%
Accrued Expenses $284.0M
YoY Change
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 $784.0M $449.0M $426.0M
YoY Change 74.61% -6.65% -12.16%
LONG-TERM LIABILITIES
Long-Term Debt $4.100B $2.948B $2.947B
YoY Change 39.08% -2.22% -2.22%
Other Long-Term Liabilities $241.0M $198.0M $285.0M
YoY Change 21.72% -5.71% 46.91%
Total Long-Term Liabilities $4.341B $3.146B $3.232B
YoY Change 37.98% -2.45% 0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $784.0M $449.0M $426.0M
Total Long-Term Liabilities $4.341B $3.146B $3.232B
Total Liabilities $5.167B $3.627B $3.645B
YoY Change 42.46% -2.84% -3.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.931B
YoY Change
Common Stock $4.574B $3.587B
YoY Change 27.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.497B $5.774B $5.806B
YoY Change
Total Liabilities & Shareholders Equity $11.62B $9.355B $9.451B
YoY Change 24.21% -4.57% -3.73%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $5.000M $52.00M $216.0M
YoY Change -90.38% -49.51% 92.86%
Depreciation, Depletion And Amortization $61.00M $69.00M $69.00M
YoY Change -11.59% -6.76% -5.48%
Cash From Operating Activities $105.0M $147.0M $105.0M
YoY Change -28.57% -20.11% -21.05%
INVESTING ACTIVITIES
Capital Expenditures -$62.00M -$47.00M -$33.00M
YoY Change 31.91% 20.51% -32.65%
Acquisitions
YoY Change
Other Investing Activities -$904.0M $53.00M $175.0M
YoY Change -1805.66%
Cash From Investing Activities -$966.0M $6.000M $142.0M
YoY Change -16200.0% -115.38% -389.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 745.0M -175.0M -87.00M
YoY Change -525.71% 88.17% -9.38%
NET CHANGE
Cash From Operating Activities 105.0M 147.0M 105.0M
Cash From Investing Activities -966.0M 6.000M 142.0M
Cash From Financing Activities 745.0M -175.0M -87.00M
Net Change In Cash -116.0M -22.00M 160.0M
YoY Change 427.27% -142.31% -1433.33%
FREE CASH FLOW
Cash From Operating Activities $105.0M $147.0M $105.0M
Capital Expenditures -$62.00M -$47.00M -$33.00M
Free Cash Flow $167.0M $194.0M $138.0M
YoY Change -13.92% -13.0% -24.18%

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CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
52000000
us-gaap Net Income Loss
NetIncomeLoss
183000000
us-gaap Net Income Loss
NetIncomeLoss
418000000
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
1000000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
36000000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36000000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
188000000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
458000000
CY2019Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
4000000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
3000000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
51000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
181000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
454000000
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.04
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.04
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
204000000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
204000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
205000000
us-gaap Profit Loss
ProfitLoss
190000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
184000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
20000000
pk Casualty Gain Loss And Impairment Loss Net Operating Activities
CasualtyGainLossAndImpairmentLossNetOperatingActivities
8000000
pk Casualty Gain Loss And Impairment Loss Net Operating Activities
CasualtyGainLossAndImpairmentLossNetOperatingActivities
-1000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
18000000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-2000000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-4000000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
106000000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
12000000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3000000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3000000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
16000000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
12000000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3000000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
142000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
295000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Payments Of Dividends
PaymentsOfDividends
382000000
us-gaap Payments Of Dividends
PaymentsOfDividends
379000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
348000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
445000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-730000000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-61000000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
36000000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
379000000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
364000000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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us-gaap Stock Issued1
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us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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CY2019Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
107000000
CY2018Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
86000000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5586000000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
-1000000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
97000000
CY2019Q1 us-gaap Dividends
Dividends
91000000
CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2019Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Operating Results
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnOperatingResults
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5580000000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5728000000
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.43
CY2019Q2 us-gaap Profit Loss
ProfitLoss
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CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2019Q2 us-gaap Dividends
Dividends
92000000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5576000000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
978000000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3000000
CY2019Q3 us-gaap Dividends
Dividends
108000000
CY2019Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2000000
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6453000000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5962000000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3000000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
149000000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
37000000
CY2018Q1 us-gaap Dividends
Dividends
88000000
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
348000000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5715000000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3000000
CY2018Q2 us-gaap Profit Loss
ProfitLoss
218000000
CY2018Q2 us-gaap Dividends
Dividends
178000000
CY2018Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1000000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5757000000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4000000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
55000000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2018Q3 us-gaap Dividends
Dividends
87000000
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.43
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.43
CY2018Q2 pk Special Common Stock Dividends Per Share Declared
SpecialCommonStockDividendsPerShareDeclared
0.45
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain line items on the condensed consolidated statements of comprehensive income for the nine months ended September 30, 2018 have been reclassified to conform to the current period presentation.</p>
CY2018Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5616000000
CY2019Q3 pk Number Of Hotel Portfolio Properties Sold
NumberOfHotelPortfolioPropertiesSold
5
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
236000000
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
20000000
CY2018Q3 pk Number Of Hotel Portfolio Properties Sold
NumberOfHotelPortfolioPropertiesSold
12
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
379000000
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
98000000
pk Reclassification Of Currency Translation Adjustment From Accumulated Other Comprehensive Loss To Earnings On Disposition Of Unconsolidated Equity Method Investments
ReclassificationOfCurrencyTranslationAdjustmentFromAccumulatedOtherComprehensiveLossToEarningsOnDispositionOfUnconsolidatedEquityMethodInvestments
31000000
CY2019Q3 us-gaap Land
Land
3594000000
CY2018Q4 us-gaap Land
Land
3344000000
CY2019Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
7300000000
CY2018Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
66000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
182000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
205000000
CY2019Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1133000000
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
949000000
CY2019Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
106000000
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
124000000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12133000000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10033000000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2147000000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2058000000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9986000000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7975000000
CY2019Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
60000000
CY2019Q3 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2019Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
52000000
CY2018Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
50000000
CY2019Q3 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
961000000
CY2018Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
955000000
CY2019Q3 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
4118000000
CY2018Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
2958000000
CY2019Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2019Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
21000000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10000000
CY2019Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4100000000
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2948000000
CY2019Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0186
us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2022-04-21
CY2019Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
225000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
20000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
759000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
97000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
827000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2413000000
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
4118000000
pk Number Of Consolidated Properties Under Ground Leases
NumberOfConsolidatedPropertiesUnderGroundLeases
16
pk Number Of Properties Acquired As Part Of Merger
NumberOfPropertiesAcquiredAsPartOfMerger
3
pk Leases Ending Expiration Date
LeasesEndingExpirationDate
2083
pk Date Majorityof Leases Expire
DateMajorityofLeasesExpire
2034
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
32000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
32000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
32000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
26000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
414000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
544000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
260000000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
284000000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P25Y8M12D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
7000000
us-gaap Operating Lease Cost
OperatingLeaseCost
21000000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
4000000
us-gaap Variable Lease Cost
VariableLeaseCost
11000000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
7000000
us-gaap Operating Lease Payments
OperatingLeasePayments
20000000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
65000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
278000000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207000000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
204000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
205000000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.205
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
5000000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
52000000
us-gaap Net Income Loss
NetIncomeLoss
183000000
us-gaap Net Income Loss
NetIncomeLoss
418000000
pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
1000000
pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
1000000
CY2019Q3 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
5000000
CY2018Q3 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
52000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
182000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
417000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
204000000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.04
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.04
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
672000000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
652000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2034000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2051000000
pk Adjusted Ebitda
AdjustedEbitda
573000000
pk Adjusted Ebitda
AdjustedEbitda
573000000
CY2019Q3 pk Casualty Gain Loss And Impairment Loss Net
CasualtyGainLossAndImpairmentLossNet
8000000
CY2018Q3 pk Casualty Gain Loss And Impairment Loss Net
CasualtyGainLossAndImpairmentLossNet
-1000000
pk Casualty Gain Loss And Impairment Loss Net
CasualtyGainLossAndImpairmentLossNet
8000000
pk Casualty Gain Loss And Impairment Loss Net
CasualtyGainLossAndImpairmentLossNet
-1000000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
61000000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
69000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
184000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
208000000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14000000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16000000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47000000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47000000
CY2019Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
59000000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
65000000
CY2019Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
23000000
CY2018Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
19000000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
61000000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
54000000
CY2019Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1000000
CY2018Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
20000000
CY2018Q3 us-gaap Interest Expense
InterestExpense
32000000
us-gaap Interest Expense
InterestExpense
98000000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
98000000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000000
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000000
us-gaap Investment Income Interest
InvestmentIncomeInterest
5000000
us-gaap Investment Income Interest
InvestmentIncomeInterest
4000000
CY2019Q3 us-gaap Interest Expense
InterestExpense
33000000
us-gaap Interest Expense
InterestExpense
94000000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3000000
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
18000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
16000000
CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2000000
CY2018Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1000000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2000000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-4000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13000000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
106000000
CY2019Q3 pk Other Items
OtherItems
3000000
CY2018Q3 pk Other Items
OtherItems
5000000
pk Other Items
OtherItems
9000000
pk Other Items
OtherItems
9000000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
9000000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
55000000
us-gaap Profit Loss
ProfitLoss
190000000
us-gaap Profit Loss
ProfitLoss
422000000
CY2019Q3 us-gaap Assets
Assets
11620000000
CY2018Q4 us-gaap Assets
Assets
9363000000
CY2019Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
68000000
CY2019Q2 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
2

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