$PK
Park Hotels & Resorts Inc.

2019 Q4 Form 10-K Financial Statement

#000156459021009414 Filed on February 26, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018
Revenue $810.0M $686.0M $2.737B
YoY Change 18.08% 0.0% -1.93%
Cost Of Revenue $280.0M $239.0M $944.0M
YoY Change 17.15% -0.83% -3.38%
Gross Profit $530.0M $447.0M $1.793B
YoY Change 18.57% 0.45% -1.16%
Gross Profit Margin 65.43% 65.16% 65.51%
Selling, General & Admin $305.0M $260.0M $118.0M
YoY Change 17.31% -6.47% -4.07%
% of Gross Profit 57.55% 58.17% 6.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00M $69.00M $277.0M
YoY Change 15.94% -2.82% -3.82%
% of Gross Profit 15.09% 15.44% 15.45%
Operating Expenses $402.0M $348.0M $118.0M
YoY Change 15.52% -1.97% -4.07%
Operating Profit $148.0M $97.00M $504.0M
YoY Change 52.58% 49.23% 35.85%
Interest Expense -$44.00M -$28.00M $127.0M
YoY Change 57.14% 211.11% 2.42%
% of Operating Profit -29.73% -28.87% 25.2%
Other Income/Expense, Net $45.00M -$4.000M $73.00M
YoY Change -1225.0% -233.33% 15.87%
Pretax Income $149.0M $65.00M $500.0M
YoY Change 129.23% 10.17% 75.44%
Income Tax $23.00M -$3.000M $23.00M
% Of Pretax Income 15.44% -4.62% 4.6%
Net Earnings $123.0M $54.00M $472.0M
YoY Change 127.78% -10.0% -82.02%
Net Earnings / Revenue 15.19% 7.87% 17.25%
Basic Earnings Per Share $0.51 $0.27 $2.32
Diluted Earnings Per Share $0.51 $0.27 $2.31
COMMON SHARES
Basic Shares Outstanding 203.0M
Diluted Shares Outstanding 204.0M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.0M $410.0M $410.0M
YoY Change -15.61% 12.64% 12.64%
Cash & Equivalents $346.0M $410.0M $410.0M
Short-Term Investments
Other Short-Term Assets $83.00M $82.00M $82.00M
YoY Change 1.22% 70.83% 70.83%
Inventory
Prepaid Expenses
Receivables $180.0M $153.0M $153.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $609.0M $645.0M $645.0M
YoY Change -5.58% 20.11% 20.11%
LONG-TERM ASSETS
Property, Plant & Equipment $9.594B $7.975B $7.975B
YoY Change 20.3% -4.04% -4.04%
Goodwill $607.0M $607.0M
YoY Change 0.0% 0.17%
Intangibles $46.00M $27.00M
YoY Change 70.37% -34.15%
Long-Term Investments $35.00M $50.00M $50.00M
YoY Change -30.0% -40.48% -40.48%
Other Assets $111.0M $15.00M $15.00M
YoY Change 640.0% -71.15% -71.15%
Total Long-Term Assets $10.68B $8.718B $8.718B
YoY Change 22.52% -5.0% -5.0%
TOTAL ASSETS
Total Short-Term Assets $609.0M $645.0M $645.0M
Total Long-Term Assets $10.68B $8.718B $8.718B
Total Assets $11.29B $9.363B $9.363B
YoY Change 20.58% -3.61% -3.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $217.0M $183.0M $183.0M
YoY Change 18.58% -14.88% -14.88%
Accrued Expenses $260.0M
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 $636.0M $455.0M $455.0M
YoY Change 39.78% -7.89% -7.89%
LONG-TERM LIABILITIES
Long-Term Debt $3.871B $2.948B $2.948B
YoY Change 31.31% -0.44% -0.44%
Other Long-Term Liabilities $282.0M $332.0M $332.0M
YoY Change -15.06% 43.1% 43.1%
Total Long-Term Liabilities $4.153B $3.280B $3.280B
YoY Change 26.62% 2.72% 2.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $636.0M $455.0M $455.0M
Total Long-Term Liabilities $4.153B $3.280B $3.280B
Total Liabilities $4.839B $3.777B $3.731B
YoY Change 28.12% 0.67% 0.76%
SHAREHOLDERS EQUITY
Retained Earnings $1.922B $2.047B
YoY Change -6.11% -8.17%
Common Stock $4.577B $3.591B
YoY Change 27.46% -6.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.496B $5.632B $5.632B
YoY Change
Total Liabilities & Shareholders Equity $11.29B $9.363B $9.363B
YoY Change 20.58% -3.61% -3.61%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018
OPERATING ACTIVITIES
Net Income $123.0M $54.00M $472.0M
YoY Change 127.78% -10.0% -82.02%
Depreciation, Depletion And Amortization $80.00M $69.00M $277.0M
YoY Change 15.94% -2.82% -3.82%
Cash From Operating Activities $150.0M $149.0M $444.0M
YoY Change 0.67% -23.59% -32.01%
INVESTING ACTIVITIES
Capital Expenditures -$58.00M -$55.00M $178.0M
YoY Change 5.45% -8.33% -3.78%
Acquisitions
YoY Change
Other Investing Activities $278.0M $1.000M $607.0M
YoY Change 27700.0% -95.0% 2935.0%
Cash From Investing Activities $220.0M -$54.00M $419.0M
YoY Change -507.41% 35.0% -353.94%
FINANCING ACTIVITIES
Cash Dividend Paid $464.0M
YoY Change 20.21%
Common Stock Issuance & Retirement, Net $348.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -348.0M -86.00M -816.0M
YoY Change 304.65% -43.05% 77.78%
NET CHANGE
Cash From Operating Activities 150.0M 149.0M 444.0M
Cash From Investing Activities 220.0M -54.00M 419.0M
Cash From Financing Activities -348.0M -86.00M -816.0M
Net Change In Cash 22.00M 9.000M 46.00M
YoY Change 144.44% 125.0% 58.62%
FREE CASH FLOW
Cash From Operating Activities $150.0M $149.0M $444.0M
Capital Expenditures -$58.00M -$55.00M $178.0M
Free Cash Flow $208.0M $204.0M $266.0M
YoY Change 1.96% -20.0% -43.16%

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ProfitLoss
316000000
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000000
CY2019 us-gaap Dividends
Dividends
423000000
CY2019 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9000000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6451000000
CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10000000
CY2020 us-gaap Profit Loss
ProfitLoss
-1444000000
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000000
CY2020 us-gaap Dividends
Dividends
106000000
CY2020 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
66000000
CY2020 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1000000
CY2018 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.99
CY2019 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.90
CY2020 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2018 pk Special Common Stock Dividends Per Share Declared
SpecialCommonStockDividendsPerShareDeclared
0.75
CY2020 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:4.54%;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.  </p>
CY2020 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:4.54%;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 consolidated statements of comprehensive (loss) income and the consolidated statements of cash flows for the years ended December 31, 2019 and 2018 have been reclassified to conform to the current period presentation.</p>
CY2020 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2
CY2020Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
46000000
CY2019Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
98000000
CY2020 pk Income Tax Benefit Recognized In Financial Statements Measured As Largest Amount Of Benefit That Is Greater Than Percentage Value Of Being Realized Upon Settlement
IncomeTaxBenefitRecognizedInFinancialStatementsMeasuredAsLargestAmountOfBenefitThatIsGreaterThanPercentageValueOfBeingRealizedUponSettlement
0.50
CY2020 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
208000000
CY2020 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
63000000
CY2019Q4 pk Number Of Consolidated Hotel Portfolio Properties Sold
NumberOfConsolidatedHotelPortfolioPropertiesSold
7
CY2019 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
436000000
CY2019 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
19000000
CY2018Q4 pk Number Of Consolidated Hotel Portfolio Properties Sold
NumberOfConsolidatedHotelPortfolioPropertiesSold
12
CY2018 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
379000000
CY2018 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
98000000
CY2018 pk Reclassification Of Currency Translation Adjustment From Accumulated Other Comprehensive Loss To Earnings On Disposition Of Unconsolidated Equity Method Investments
ReclassificationOfCurrencyTranslationAdjustmentFromAccumulatedOtherComprehensiveLossToEarningsOnDispositionOfUnconsolidatedEquityMethodInvestments
31000000
CY2020Q4 us-gaap Land
Land
3429000000
CY2019Q4 us-gaap Land
Land
3512000000
CY2020Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6951000000
CY2019Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6978000000
CY2020Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1042000000
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1059000000
CY2020Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
52000000
CY2019Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
134000000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11474000000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11683000000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2281000000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2089000000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9193000000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9594000000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
62000000
CY2020 us-gaap Depreciation Nonproduction
DepreciationNonproduction
297000000
CY2019 us-gaap Depreciation Nonproduction
DepreciationNonproduction
262000000
CY2018 us-gaap Depreciation Nonproduction
DepreciationNonproduction
273000000
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
90000000
CY2020Q4 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2020Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
14000000
CY2019Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
35000000
CY2020Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
CY2019Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
CY2008Q4 us-gaap Goodwill Gross
GoodwillGross
3500000000
CY2008Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2700000000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
607000000
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
2709000000
CY2018Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2102000000
CY2018Q4 us-gaap Goodwill
Goodwill
607000000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
2709000000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2102000000
CY2019Q4 us-gaap Goodwill
Goodwill
607000000
CY2020 pk Goodwill Impaired Accumulated Impairment Loss During Period
GoodwillImpairedAccumulatedImpairmentLossDuringPeriod
607000000
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
607000000
CY2020Q4 us-gaap Goodwill Gross
GoodwillGross
2709000000
CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2709000000
CY2020Q4 pk Finite Lived Intangible Asset Air Rights Contract
FiniteLivedIntangibleAssetAirRightsContract
45000000
CY2019Q4 pk Finite Lived Intangible Asset Air Rights Contract
FiniteLivedIntangibleAssetAirRightsContract
45000000
CY2020Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
8000000
CY2019Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
8000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8000000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45000000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1000000
CY2019Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
40000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45000000
CY2019Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1000000
CY2020Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
5156000000
CY2019Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
3886000000
CY2020Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2020Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1000000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
18000000
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5121000000
CY2019Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
3871000000
CY2020 pk Debt Instrument Description Of Libor Floor
DebtInstrumentDescriptionOfLIBORFloor
LIBOR floor of 25 basis points
CY2020Q2 pk Debt Instrument Libor Floor
DebtInstrumentLIBORFloor
0.25
CY2020Q4 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2020 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
In May 2020, in order to maintain compliance under our credit and term loan facilities in future quarters, we amended our credit and term loan facilities to suspend compliance with all existing financial covenants tested through and including March 31, 2021 and to adjust the levels of particular financial covenants after such period.
CY2020 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
In September 2020, we further amended our Revolver and our unsecured delayed draw term loan facility (“2019 Term Facility”) to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended March 31, 2022. As part of the amendment process, we (i) increased commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments, (ii) extended the temporary periods for which certain financial covenants are adjusted once quarterly testing of financial covenants resumes, (iii) increased the mandatory repayment carve out for equity issuances from $500 million to $1 billion, so long as proceeds from the issuances are used for capital expenditures and hotel acquisitions that become part of the unencumbered pool, (iv) maintained the existing guarantees by certain Park-affiliated entities until repayment of the Revolver and 2019 Term Facility and existing pledges of equity interests in Park-affiliated entities owning certain unencumbered assets during the extended waiver period and until the ratio of net debt to EBITDA falls below 6.50x for two consecutive quarters, (v) extended the minimum liquidity covenant through December 2022 and increased the minimum liquidity required to be maintained through December 24, 2021 from $200 million to $200 million plus 50% of the Revolver commitments that mature in December 2021 (which minimum liquidity covenant amount as of December 31, 2020 was $287 million), (vi) obtained the ability to pay a $0.01 per share per fiscal quarter dividend during the extended waiver period and (vii) modified certain restrictions and covenants for the duration of the extended waiver period, including certain mandatory prepayments. The September 2020 amendment also contained limitations on our ability to make dividends and distributions (except to the extent required to maintain REIT status, the ability of the Park Parent to pay a $0.01 per share per fiscal quarter dividend and certain other agreed exceptions). We incurred $6  million of fees related to these amendments during the year ended December 31, 2020 that were recognized as deferred financing costs.
CY2020 pk Debt To Ebitda Ratio
DebtToEBITDARatio
6.50x
CY2020 pk Earliest Date Of Minimum Liquidity Covenant
EarliestDateOfMinimumLiquidityCovenant
2021-12-24
CY2020Q4 pk Fixed Liquidity Covenant Amount
FixedLiquidityCovenantAmount
200000000
CY2020 pk Variable Liquidity Covenant Amount
VariableLiquidityCovenantAmount
0.50
CY2020Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.01
CY2020Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.01
CY2020Q4 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0186
CY2020 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2022-04-21
CY2020Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
225000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
147000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
69000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1331000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
677000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
657000000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2275000000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
5156000000
CY2020 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
96000000
CY2020 pk Line Of Credit Facility Term Of Extension Options Period
LineOfCreditFacilityTermOfExtensionOptionsPeriod
P2Y
CY2020 pk Number Of Consolidated Properties Under Ground Leases
NumberOfConsolidatedPropertiesUnderGroundLeases
14
CY2020 pk Leases Ending Expiration Date
LeasesEndingExpirationDate
2083
CY2020 pk Date Majorityof Leases Expire
DateMajorityofLeasesExpire
2032
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
30000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
29000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
24000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
24000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
24000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
341000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
472000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
228000000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
244000000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y6M
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P26Y3M18D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
30000000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
30000000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
2000000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
13000000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
28000000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
36000000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
278000000
CY2018 us-gaap Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit
8000000
CY2019 pk Percentage Of Increase In Business Interest Under Irc As Result Of Cares Act
PercentageOfIncreaseInBusinessInterestUnderIRCAsResultOfCARESAct
0.30
CY2020 pk Percentage Of Increase In Business Interest Under Irc As Result Of Cares Act
PercentageOfIncreaseInBusinessInterestUnderIRCAsResultOfCARESAct
0.50
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-1449000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
350000000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
498000000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-1000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1000000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
2000000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1450000000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
351000000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
500000000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
16000000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
34000000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
6000000
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
20000000
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
11000000
CY2018 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
3000000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24000000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
30000000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
43000000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-29000000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3000000
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-18000000
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1000000
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
2000000
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2000000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-30000000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5000000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-20000000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-306000000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
74000000
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
105000000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1000000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2000000
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
3000000
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
19000000
CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
13000000
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
2000000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
71000000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2000000
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-7000000
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-2000000
CY2020 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
-221000000
CY2019 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
69000000
CY2018 pk Income Tax Reconciliation Real Estate Investment Trust Income Not Subject To Tax
IncomeTaxReconciliationRealEstateInvestmentTrustIncomeNotSubjectToTax
92000000
CY2020 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
-35000000
CY2019 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
13000000
CY2018 pk Income Tax Reconciliation Derecognition And Remeasurement Of Deferred Taxes
IncomeTaxReconciliationDerecognitionAndRemeasurementOfDeferredTaxes
7000000
CY2020 pk Income Tax Reconciliation Recognized Built In Gain Tax
IncomeTaxReconciliationRecognizedBuiltInGainTax
29000000
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
1000000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000
CY2020Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
1000000
CY2019Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
8000000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10000000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
50000000
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
9000000
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