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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
Form 10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-34521
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware   20-1480589
(State or Other Jurisdiction of
Incorporation or Organization)
  (I.R.S. Employer
Identification No.)
     150 North Riverside Plaza
     8th Floor, Chicago, Illinois                     60606
     (Address of Principal Executive Offices)                     (Zip Code)
(312) 750-1234
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Class A Common Stock, $0.01 par value H New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer   Smaller reporting company         
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
At October 29, 2021, there were 50,301,183 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 59,653,271 shares of the registrant's Class B common stock, $0.01 par value, outstanding.


HYATT HOTELS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions of dollars, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
REVENUES:
Owned and leased hotels $ 263  $ 80  $ 558  $ 422 
Management, franchise, and other fees 113  52  269  180 
Contra revenue (9) (7) (26) (20)
Net management, franchise, and other fees 104  45  243  160 
Other revenues 28  69  45 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 456  267  1,082  1,015 
Total revenues 851  399  1,952  1,642 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels 208  131  506  495 
Depreciation and amortization 71  80  219  233 
Other direct costs 31  78  50 
Selling, general, and administrative 69  69  250  217 
Costs incurred on behalf of managed and franchised properties 465  278  1,117  1,068 
Direct and selling, general, and administrative expenses 844  567  2,170  2,063 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1) 22  35  23 
Equity earnings (losses) from unconsolidated hospitality ventures (12) (20) (45)
Interest expense (40) (35) (123) (87)
Gains on sales of real estate and other 307  —  412 
Asset impairments —  —  (2) (52)
Other income (loss), net (3) (19) 34  (114)
INCOME (LOSS) BEFORE INCOME TAXES 258  (220) 146  (688)
BENEFIT (PROVISION) FOR INCOME TAXES (138) 59  (339) 188 
NET INCOME (LOSS) 120  (161) (193) (500)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS —  —  —  — 
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ 120  $ (161) $ (193) $ (500)
EARNINGS (LOSSES) PER SHAREBasic
Net income (loss) $ 1.17  $ (1.59) $ (1.89) $ (4.93)
Net income (loss) attributable to Hyatt Hotels Corporation $ 1.17  $ (1.59) $ (1.89) $ (4.93)
EARNINGS (LOSSES) PER SHAREDiluted
Net income (loss) $ 1.15  $ (1.59) $ (1.89) $ (4.93)
Net income (loss) attributable to Hyatt Hotels Corporation $ 1.15  $ (1.59) $ (1.89) $ (4.93)




See accompanying Notes to condensed consolidated financial statements.
1

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions of dollars)
(Unaudited)

Three Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Net income (loss) $ 120  $ (161) $ (193) $ (500)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax benefit (provision) of $— for the three and nine months ended September 30, 2021 and $(1) for the three and nine months ended September 30,2020, respectively.
(24) 15  (53) (17)
Unrealized gains (losses) on available-for-sale debt securities, net of tax benefit (provision) of $— for the three and nine months ended September 30, 2021 and September 30, 2020
—  —  (1) — 
Unrealized gains (losses) on derivative activity, net of tax benefit (provision) of $— for the three and nine months ended September 30, 2021 and $— and $9 for the three and nine months ended September 30, 2020, respectively.
(24)
Other comprehensive income (loss) (23) 17  (49) (41)
COMPREHENSIVE INCOME (LOSS) 97  (144) (242) (541)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS —  —  —  — 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ 97  $ (144) $ (242) $ (541)




















See accompanying Notes to condensed consolidated financial statements.
2

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars, except share and per share amounts)
(Unaudited)
September 30, 2021 December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,418  $ 1,207 
Restricted cash 15  11 
Short-term investments 357  675 
Receivables, net of allowances of $58 and $56 at September 30, 2021 and December 31, 2020, respectively
373  316 
Inventories
Prepaids and other assets 59  64 
Prepaid income taxes 281 
Total current assets 3,239  2,563 
Equity method investments 249  260 
Property and equipment, net 2,876  3,126 
Financing receivables, net of allowances of $57 and $114 at September 30, 2021 and December 31, 2020, respectively
31  29 
Operating lease right-of-use assets 455  474 
Goodwill 288  288 
Intangibles, net 363  385 
Deferred tax assets 15  207 
Other assets 1,961  1,797 
TOTAL ASSETS $ 9,477  $ 9,129 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 10  $ 260 
Accounts payable 109  102 
Accrued expenses and other current liabilities 305  200 
Current contract liabilities 306  282 
Accrued compensation and benefits 116  111 
Current operating lease liabilities 30  29 
Total current liabilities 876  984 
Long-term debt 2,978  2,984 
Long-term contract liabilities 666  659 
Long-term operating lease liabilities 360  377 
Other long-term liabilities 1,008  911 
Total liabilities 5,888  5,915 
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at September 30, 2021 and December 31, 2020
—  — 
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 50,287,596 issued and outstanding at September 30, 2021, and Class B common stock, $0.01 par value per share, 391,647,683 shares authorized, 59,653,271 shares issued and outstanding at September 30, 2021. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,250,241 issued and outstanding at December 31, 2020, and Class B common stock, $0.01 par value per share, 394,033,330 shares authorized, 62,038,918 shares issued and outstanding at December 31, 2020
Additional paid-in capital 630  13 
Retained earnings 3,196  3,389 
Accumulated other comprehensive loss (241) (192)
Total stockholders' equity 3,586  3,211 
Noncontrolling interests in consolidated subsidiaries
Total equity 3,589  3,214 
TOTAL LIABILITIES AND EQUITY $ 9,477  $ 9,129 

See accompanying Notes to condensed consolidated financial statements.
3

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)

  Nine Months Ended
  September 30, 2021 September 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (193) $ (500)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 219  233 
Gains on sales of real estate and other (412) (8)
Amortization of share awards 49  24 
Amortization of operating lease right-of-use assets 20  23 
Deferred income taxes 210  (59)
Asset impairments 52 
Equity (earnings) losses from unconsolidated hospitality ventures (8) 45 
Contra revenue 26  20 
Unrealized (gains) losses, net (20) 36 
Working capital changes and other 316  (329)
Net cash provided by (used in) operating activities 209  (463)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments (693) (622)
Proceeds from marketable securities and short-term investments 1,002  399 
Contributions to equity method and other investments (28) (57)
Return of equity method and other investments 25 
Acquisitions, net of cash acquired (237) — 
Capital expenditures (65) (104)
Issuance of financing receivables (20) (11)
Proceeds from sales of real estate, net of cash disposed 759  78 
Other investing activities (5) (6)
Net cash provided by (used in) investing activities 738  (318)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt, net of issuance costs of $— and $15, respectively
—  2,035 
Repayments of debt (258) (405)
Repurchases of common stock —  (69)
Proceeds from issuance of Class A common stock, net of offering costs of $25 and $—, respectively
575  — 
Dividends paid —  (20)
Other financing activities (17) (14)
Net cash provided by financing activities 300  1,527 
EFFECT OF EXCHANGE RATE CHANGES ON CASH (3)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,244  747 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR 1,237  1,063 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD $ 2,481  $ 1,810 













See accompanying Notes to condensed consolidated financial statements.
Supplemental disclosure of cash flow information:
September 30, 2021 September 30, 2020
Cash and cash equivalents $ 2,418  $ 1,778 
Restricted cash (1) 15  12 
Restricted cash included in other assets (1) 48  20 
Total cash, cash equivalents, and restricted cash $ 2,481  $ 1,810 
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.
Nine Months Ended
September 30, 2021 September 30, 2020
Cash paid during the period for interest $ 116  $ 73 
Cash paid (received) during the period for income taxes, net $ (244) $ 54 
Cash paid for amounts included in the measurement of operating lease liabilities $ 27  $ 32 
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (see Note 6, Note 12) $ 42  $ 33 
Change in accrued capital expenditures $ $ (7)
Non-cash right-of-use assets obtained in exchange for operating lease liabilities
(see Note 6)
$ 16  $ 14 

































See accompanying Notes to condensed consolidated financial statements.
4

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions except share and per share amounts)
(Unaudited)
Common Shares Outstanding Common Stock Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Noncontrolling Interests in Consolidated Subsidiaries Total
Class Class Class Class
A B A B
BALANCE—January 1, 2020 36,109,179  65,463,274  $ $ —  $ —  $ 4,169  $ (209) $ $ 3,966 
Total comprehensive loss —  —  —  —  —  (103) (76) —  (179)
Noncontrolling interests —  —  —  —  —  —  —  (2) (2)
Repurchase of common stock (827,643) —  —  —  (12) (57) —  —  (69)
Employee stock plan issuance 16,654  —  —  —  —  —  — 
Share-based payment activity 271,863  —  —  —  11  —  —  —  11 
Cash dividends of $0.20 per share (see Note 13)
—  —  —  —  —  (20) —  —  (20)
BALANCE—March 31, 2020 35,570,053  65,463,274  —  —  3,989  (285) 3,708 
Total comprehensive loss —  —  —  —  —  (236) 18  —  (218)
Employee stock plan issuance 35,338  —  —  —  —  —  — 
Class share conversions 2,435,243  (2,435,243) —  —  —  —  —  —  — 
Share-based payment activity 74,047  —  —  —  —  —  — 
BALANCE—June 30, 2020 38,114,681  63,028,031  —  3,753  (267) 3,493 
Total comprehensive loss —  —  —  —  —  (161) 17  —  (144)
Employee stock plan issuance 11,628  —  —  —  —  —  —  —  — 
Class share conversions 331,083  (331,083) —  —  —  —  —  —  — 
Share-based payment activity 9,506  —  —  —  —  —  — 
BALANCE—September 30, 2020 38,466,898  62,696,948  $ $ —  $ $ 3,592  $ (250) $ $ 3,353 
BALANCE—January 1, 2021 39,250,241  62,038,918  $ $ —  $ 13  $ 3,389  $ (192) $ $ 3,214 
Total comprehensive loss —  —  —  —  —  (304) (45) —  (349)
Employee stock plan issuance 10,992  —  —  —  —  —  — 
Class share conversions 800,169  (800,169) —  —  —  —  —  —  — 
Share-based payment activity 462,103  —  —  —  22  —  —  —  22 
BALANCE—March 31, 2021 40,523,505  61,238,749  —  36  3,085  (237) 2,888 
Total comprehensive income —  —  —  —  —  (9) 19  —  10 
Directors compensation —  —  —  —  —  —  — 
Employee stock plan issuance 9,603  —  —  —  —  —  — 
Class share conversions 614,831  (614,831) —  —  —  —  —  —  — 
Share-based payment activity 11,150  —  —  —  —  —  — 
BALANCE—June 30, 2021 41,159,089  60,623,918  —  47  3,076  (218) 2,909 
Total comprehensive income —  —  —  —  —  120  (23) —  97 
Employee stock plan issuance 12,129  —  —  —  —  —  —  —  — 
Class share conversions 970,647  (970,647) —  —  —  —  —  —  — 
Share-based payment activity 95,731  —  —  —  —  —  — 
Issuance of Class A common stock 8,050,000  —  —  —  575  —  —  —  575 
BALANCE—September 30, 2021 50,287,596  59,653,271  $ $ —  $ 630  $ 3,196  $ (241) $ $ 3,589 








See accompanying Notes to condensed consolidated financial statements.
5

HYATT HOTELS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions of dollars, unless otherwise indicated)
(Unaudited)
1.    ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provides hospitality and other services on a worldwide basis through the operation, management, franchising, ownership, development, and licensing of hospitality businesses. We operate, manage, franchise, own, lease, develop, license, or provide services to a portfolio of properties. At September 30, 2021, (i) we operated or franchised 505 full service hotels, comprising 169,567 rooms throughout the world, (ii) we operated or franchised 523 select service hotels, comprising 75,312 rooms, of which 438 hotels are located in the United States, and (iii) our portfolio included 9 franchised all-inclusive Hyatt-branded resorts, comprising 3,591 rooms. At September 30, 2021, our portfolio of properties operated in 69 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotels or licensed by third parties.
As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries, (ii) the term "hotel portfolio" refers to our full service hotels, including our wellness resorts, and our select service hotels, (iii) the terms "properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio; all-inclusive resorts; and residential, vacation, and condominium ownership units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, UrCove, and Hyatt Residences Club brands, and (iv) the term "hospitality ventures" refers to entities in the hospitality industry in which we own less than a 100% equity interest.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "2020 Form 10-K").
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.
Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic and related travel restrictions and containment efforts have had a significant impact on the travel industry and, as a result, on our business. The impact began in the first quarter of 2020 and has continued in 2021. As a result, our financial results for the current interim period, and for the foreseeable future, are not comparable to past performance or indicative of long-term future performance.
The extent, duration, and magnitude of the COVID-19 pandemic's effects will depend on various factors, all of which are highly uncertain and difficult to predict, including, but not limited to, the impact of the pandemic on global and regional economies, travel, and economic activity; actions taken by governments, businesses, and individuals in response to the pandemic, any additional resurgence, or COVID-19 variants; and the distribution, efficacy, and broad acceptance of COVID-19 vaccines.
We are required to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying Notes. Our estimates and assumptions are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from our estimated amounts.
6

2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Future Adoption of Accounting Standards
Reference Rate Reform—In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.
3.    REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
The following tables present our revenues disaggregated by the nature of the product or service:
Three Months Ended September 30, 2021
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 167  $ —  $ —  $ —  $ —  $ (5) $ 162 
Food and beverage 64  —  —  —  —  —  64 
Other 37  —  —  —  —  —  37 
Owned and leased hotels 268  —  —  —  —  (5) 263 
Base management fees —  41  10  —  (8) 50 
Incentive management fees —  —  (3) 10 
Franchise fees —  35  —  —  —  36 
Other fees —  11  —  17 
Management, franchise, and other fees —  85  16  12  11  (11) 113 
Contra revenue —  (5) (1) (3) —  —  (9)
Net management, franchise, and other fees —  80  15  11  (11) 104 
Other revenues —  24  —  —  28 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  412  26  18  —  —  456 
Total $ 268  $ 516  $ 41  $ 27  $ 14  $ (15) $ 851 
7

Nine Months Ended September 30, 2021
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 346  $ —  $ —  $ —  $ —  $ (11) $ 335 
Food and beverage 127  —  —  —  —  —  127 
Other 96  —  —  —  —  —  96 
Owned and leased hotels 569  —  —  —  —  (11) 558 
Base management fees —  87  27  13  —  (17) 110 
Incentive management fees —  11  15  —  (4) 30 
Franchise fees —  80  —  —  82 
Other fees —  11  25  —  47 
Management, franchise, and other fees —  189  51  25  25  (21) 269 
Contra revenue —  (14) (3) (9) —  —  (26)
Net management, franchise, and other fees —  175  48  16  25  (21) 243 
Other revenues —  60  —  —  69 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  966  70  46  —  —  1,082 
Total $ 569  $ 1,201  $ 118  $ 62  $ 33  $ (31) $ 1,952 
Three Months Ended September 30, 2020
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 43  $ —  $ —  $ —  $ —  $ (2) $ 41 
Food and beverage 20  —  —  —  —  —  20 
Other 19  —  —  —  —  —  19 
Owned and leased hotels 82  —  —  —  —  (2) 80 
Base management fees —  12  —  (2) 19 
Incentive management fees —  —  —  (1)
Franchise fees —  15  —  —  —  —  15 
Other fees —  —  12 
Management, franchise, and other fees —  29  17  (3) 52 
Contra revenue —  (5) —  (2) —  —  (7)
Net management, franchise, and other fees —  24  17  (3) 45 
Other revenues —  —  —  — 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  234  18  14  —  267 
Total $ 82  $ 262  $ 35  $ 17  $ $ (5) $ 399 
8

Nine Months Ended September 30, 2020
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 236  $ —  $ —  $ —  $ —  $ (10) $ 226 
Food and beverage 128  —  —  —  —  —  128 
Other 68  —  —  —  —  —  68 
Owned and leased hotels 432  —  —  —  —  (10) 422 
Base management fees —  60  16  10  —  (12) 74 
Incentive management fees —  —  (1) 12 
Franchise fees —  47  —  —  —  48 
Other fees —  13  17  13  —  46 
Management, franchise, and other fees —  121  42  17  13  (13) 180 
Contra revenue —  (13) (2) (5) —  —  (20)
Net management, franchise, and other fees —  108  40  12  13  (13) 160 
Other revenues —  33  —  —  12  —  45 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  904  62  46  —  1,015 
Total $ 432  $ 1,045  $ 102  $ 58  $ 28  $ (23) $ 1,642 

Contract Balances
Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both September 30, 2021 and December 31, 2020. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant through year end.
Contract liabilities were comprised of the following:
September 30, 2021 December 31, 2020
Deferred revenue related to the loyalty program $ 792  $ 733 
Advanced deposits 59  44 
Initial fees received from franchise owners 42  41 
Deferred revenue related to insurance programs 47 
Other deferred revenue 75  76 
Total contract liabilities $ 972  $ 941 

9

The following table summarizes the activity in our contract liabilities:
2021 2020
Beginning balance, January 1 $ 941  $ 920 
Cash received and other 238  311 
Revenue recognized (201) (336)
Ending balance, June 30 $ 978  $ 895 
Cash received and other 152  114 
Revenue recognized (158) (120)
Ending balance, September 30 $ 972  $ 889 
Revenue recognized during the three months ended September 30, 2021 and September 30, 2020 included in the contract liabilities balance at the beginning of each year was $83 million and $57 million, respectively. Revenue recognized during the nine months ended September 30, 2021 and September 30, 2020 included in the contract liabilities balance at the beginning of the year was $230 million and $215 million, respectively. This revenue primarily relates to the loyalty program, which is recognized net of redemption reimbursements paid to third parties.
Revenue Allocated to Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $110 million at September 30, 2021, of which we expect to recognize approximately 15% of the revenue over the next 12 months and the remainder thereafter.
4.    DEBT AND EQUITY SECURITIES
Equity Method Investments
Equity method investments were $249 million and $260 million at September 30, 2021 and December 31, 2020, respectively.
The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:
  Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Total revenues $ 89  $ 27  $ 171  $ 211 
Gross operating profit (loss) 36  (11) 31  34 
Loss from continuing operations (5) (57) (91) (143)
Net loss (5) (57) (91) (143)
During the nine months ended September 30, 2021, we received $17 million of proceeds related to sales activity of certain equity method investments and recognized an insignificant net loss in equity earnings (losses) from unconsolidated hospitality ventures within the owned and leased hotels segment on our condensed consolidated statements of income (loss).
During the nine months ended September 30, 2021, we purchased our partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) (see Note 6).
10

Marketable Securities
We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes.
Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows:
September 30, 2021 December 31, 2020
Loyalty program (Note 8)
$ 584  $ 567 
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)
543  511 
Captive insurance company (Note 8)
184  226 
Total marketable securities held to fund operating programs $ 1,311  $ 1,304 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments (192) (238)
Marketable securities held to fund operating programs included in other assets $ 1,119  $ 1,066 
Marketable securities held to fund operating programs included $128 million and $82 million of available-for-sale ("AFS") debt securities at September 30, 2021 and December 31, 2020, respectively, with contractual maturity dates ranging from 2021 through 2069. The fair value of our AFS debt securities approximates amortized cost. Additionally, marketable securities held to fund operating programs include $88 million and $70 million of equity securities with a readily determinable fair value at September 30, 2021 and December 31, 2020, respectively.
Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ (4) $ 16  $ 19  $ 11 
Other income (loss), net (Note 18) (3) (8) 15 
Other comprehensive loss (Note 13) —  —  (1) — 
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ $ $ 16  $ 12 
Other income (loss), net (Note 18)
11

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:
September 30, 2021 December 31, 2020
Interest-bearing money market funds (1) $ 1,114  $ 107 
Time deposits 495  657 
Common shares in Playa N.V. (Note 8)
100  72 
Total marketable securities held for investment purposes $ 1,709  $ 836 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments (1,609) (764)
Marketable securities held for investment purposes included in other assets $ 100  $ 72 
(1) Proceeds from our common stock issuance and asset dispositions were reinvested in interest-bearing money market funds at September 30, 2021 (see Note 6 and Note 13).
We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V."), which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any shares of common stock during the nine months ended September 30, 2021 or September 30, 2020. Net unrealized gains (losses) recognized on our condensed consolidated statements of income (loss) were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Other income (loss), net (Note 18) $ 10  $ $ 28  $ (51)
Fair Value—We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis:
September 30, 2021 Cash and cash equivalents Short-term investments Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds $ 1,299  $ 1,299  $ —  $ — 
Mutual funds 631  —  —  631 
Common shares in Playa N.V. 100  —  —  100 
Level Two - Significant Other Observable Inputs
Time deposits 500  145  352 
U.S. government obligations 230  —  —  230 
U.S. government agencies 60  —  —  60 
Corporate debt securities 138  —  133 
Mortgage-backed securities 25  —  —  25 
Asset-backed securities 29  —  —  29 
Municipal and provincial notes and bonds —  — 
Total $ 3,020  $ 1,444  $ 357  $ 1,219 
12

December 31, 2020 Cash and cash equivalents Short-term investments Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds $ 327  $ 327  $ —  $ — 
Mutual funds 581  —  —  581 
Common shares in Playa N.V. 72  —  —  72 
Level Two - Significant Other Observable Inputs
Time deposits 662  —  659 
U.S. government obligations 208  —  205 
U.S. government agencies 65  —  —  65 
Corporate debt securities 159  —  13  146 
Mortgage-backed securities 24  —  —  24 
Asset-backed securities 35  —  —  35 
Municipal and provincial notes and bonds —  — 
Total $ 2,140  $ 327  $ 675  $ 1,138 
During the three and nine months ended September 30, 2021 and September 30, 2020, there were no transfers between levels of the fair value hierarchy. We do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis.
Other Investments
HTM Debt Securities—We hold investments in held-to-maturity ("HTM") debt securities, which are investments in third-party entities that own or are developing certain of our hotels. The securities are mandatorily redeemable between 2021 and 2027. At September 30, 2021 and December 31, 2020, HTM debt securities recorded within prepaids and other assets and other assets on our condensed consolidated balance sheets were as follows:
September 30, 2021 December 31, 2020
HTM debt securities $ 100  $ 102 
Less: allowance for credit losses (31) (21)
Total HTM debt securities, net of allowances $ 69  $ 81 
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
2021 2020
Allowance at January 1 $ 21  $ 12 
Credit losses (1)
Allowance at June 30 $ 29  $ 16 
Credit losses (1)
Allowance at September 30 $ 31  $ 20 
(1) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).
We estimated the fair value of HTM debt securities to be approximately $98 million and $100 million at September 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value.
Equity Securities Without a Readily Determinable Fair Value—At both September 30, 2021 and December 31, 2020, we held $12 million of investments in equity securities without a readily determinable fair value, which represent investments in entities where we do not have the ability to significantly influence the operations of the entity.
13

5.    RECEIVABLES        
Receivables
At September 30, 2021 and December 31, 2020, we had $373 million and $316 million of net receivables, respectively, on our condensed consolidated balance sheets.
The following table summarizes the activity in our receivables allowance:
2021 2020
Allowance at January 1 $ 56  $ 34 
Provisions 14 
Other (3) (10)
Allowance at June 30 $ 58  $ 38 
Provisions
Other (1)
Allowance at September 30 $ 58  $ 46 
                                            
Financing Receivables
September 30, 2021 December 31, 2020
Unsecured financing to hotel owners $ 96  $ 145 
Less: current portion of financing receivables, included in receivables, net (8) (2)
Less: allowance for credit losses (57) (114)
Total long-term financing receivables, net of allowances $ 31  $ 29 
Allowance for Credit Losses—The following table summarizes the activity in our unsecured financing receivables allowance:
2021 2020
Allowance at January 1 $ 114  $ 100 
Provisions
Allowance at June 30 $ 120  $ 105 
   Write offs (1) (60) — 
   Provisions — 
   Foreign currency exchange, net (3) — 
Allowance at September 30 $ 57  $ 110 
(1) The amount written off relates to a financing arrangement with a hotel owner, which was legally waived during the three months ended September 30, 2021.
14

Credit Monitoring—Our unsecured financing receivables were as follows:
September 30, 2021
  Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status
Loans $ 92  $ (54) $ 38  $ 46 
Other financing arrangements (3) — 
Total unsecured financing receivables $ 96  $ (57) $ 39  $ 46 
December 31, 2020
  Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status
Loans $ 83  $ (54) $ 29  $ 53 
Other financing arrangements 62  (60) 58 
Total unsecured financing receivables $ 145  $ (114) $ 31  $ 111 
Fair Value—We estimated the fair value of financing receivables to be approximately $62 million and $44 million at September 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.
6.    ACQUISITIONS AND DISPOSITIONS
Acquisitions
Land—During the three months ended September 30, 2021, we acquired $7 million of land through an asset acquisition from an unrelated third party to develop a hotel in Tempe, Arizona.
Alila Ventana Big Sur—During the nine months ended September 30, 2021, we completed an asset acquisition of Alila Ventana Big Sur for $146 million, net of closing costs and proration adjustments, which primarily consisted of $149 million of property and equipment. The seller is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. The acquisition was identified as replacement property in a potential reverse like-kind exchange; however, we sold the property before a suitable replacement property was identified.
During the three months ended September 30, 2021, we sold the property to an unrelated third party for approximately $148 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $2 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the three months ended September 30, 2021. The operating results and financial position of this hotel during our period of ownership remain within our owned and leased hotels segment.
Grand Hyatt São Paulo—We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the nine months ended September 30, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property, and we were released from our debt repayment guarantee (see Note 12). The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 13).
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Net assets acquired were determined as follows:
Cash paid $
Repayment of third-party mortgage loan 78 
Fair value of our previously-held equity method investment
Net assets acquired $ 90 
Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet.
Dispositions
Hyatt Regency Lake Tahoe Resort, Spa and Casino—During the three months ended September 30, 2021, we sold Hyatt Regency Lake Tahoe Resort, Spa and Casino to an unrelated third party for approximately $343 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $305 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the three months ended September 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Lost Pines Resort and Spa—During the nine months ended September 30, 2021, we sold Hyatt Regency Lost Pines Resort and Spa to an unrelated third party for approximately $268 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $104 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Centric Center City Philadelphia—During the nine months ended September 30, 2020, an unrelated third party invested in certain of our subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space in exchange for a 58% ownership interest, resulting in the derecognition of the nonfinancial assets of the subsidiaries. As a result of the transaction, we received $72 million of proceeds, recorded our 42% ownership interest as an equity method investment, and recognized a $4 million pre-tax gain in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2020. Our $22 million equity method investment was recorded at fair value based on the value contributed by our partner to the unconsolidated hospitality venture. As additional consideration, we received a $5 million investment in an equity security without a readily determinable fair value.
Building—During the nine months ended September 30, 2020, we sold a commercial building in Omaha, Nebraska for $6 million, net of closing costs and proration adjustments. In conjunction with the sale, we entered into a lease for a portion of the building and accounted for the transaction as a sale and leaseback and recorded a $4 million operating lease right-of-use asset and related lease liability on our condensed consolidated balance sheet. The sale resulted in a $4 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2020. At September 30, 2020, the operating lease had a weighted-average remaining term of 9 years and a weighted-average discount rate of 3.25%. The lease includes an option to extend the lease term by 5 years.
Like-Kind Exchange Agreements
Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our condensed consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period.
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7.    GOODWILL AND INTANGIBLES, NET
At both September 30, 2021 and December 31, 2020, we had $288 million of goodwill on our condensed consolidated balance sheets. During the nine months ended September 30, 2020, we determined that the carrying values of two reporting units were in excess of the fair values, which were Level Three fair value measurements, and we recognized $38 million of goodwill impairment charges in asset impairments on our condensed consolidated statements of income (loss) within our owned and leased hotels segment.
September 30, 2021 Weighted-
average useful
lives in years
December 31, 2020
Management and franchise agreement intangibles $ 349  18 $ 354 
Brand and other indefinite-lived intangibles 130  —  130 
Advanced booking intangibles 3
Other definite-lived intangibles 6
Intangibles 493  498 
Less: accumulated amortization (130) (113)
Intangibles, net $ 363  $ 385 

  Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Amortization expense $ $ $ 20  $ 21 
8.    OTHER ASSETS
September 30, 2021 December 31, 2020
Marketable securities held to fund rabbi trusts (Note 4) $ 543  $ 511 
Management and franchise agreement assets constituting payments to customers (1) 538  470 
Marketable securities held to fund the loyalty program (Note 4) 436  441 
Marketable securities held for captive insurance company (Note 4) 140  114 
Common shares in Playa N.V. (Note 4) 100  72 
Long-term investments (Note 4) 74  93 
Other 130  96 
Total other assets $ 1,961  $ 1,797 
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.
9.    DEBT
Long-term debt was $2,978 million and $2,984 million at September 30, 2021 and December 31, 2020, respectively.
Senior Notes—During the three months ended September 30, 2020, we issued $750 million of three-month LIBOR plus 3.000% senior notes due 2022 (the "2022 Notes") at par with interest payable quarterly on March 1, June 1, September 1, and December 1 of each year. We received approximately $745 million of net proceeds from the sale, after deducting $5 million of underwriting discounts and other offering expenses, which we used for general corporate purposes. At September 30, 2021, the 2022 Notes were classified as long-term on our condensed consolidated balance sheet as the debt was refinanced in October 2021 (see Note 19).
During the nine months ended September 30, 2020, we issued $450 million of 5.375% senior notes due 2025 (the "2025 Notes") and $450 million of 5.750% senior notes due 2030 (the "2030 Notes") at par. We received approximately $890 million of net proceeds from the sale, after deducting $10 million of underwriting discounts and other offering expenses. We used a portion of the proceeds from these issuances to repay all outstanding borrowings on our revolving credit facility and settle the outstanding interest rate locks, and the remainder was used for general corporate purposes. Interest is payable semi-annually on April 23 and October 23 of each year.
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Debt Repayment—During the three months ended September 30, 2021, we repaid the outstanding $250 million of 5.375% senior notes due 2021 (the "2021 Notes") at maturity for approximately $257 million, inclusive of $7 million of accrued interest.
Revolving Credit Facility—During the three months ended September 30, 2021, we entered into a Fourth Amendment to Second Amended and Restated Credit Agreement (the "Fourth Revolver Amendment"). The Fourth Revolver Amendment, among other things, (i) modified the negative investments covenant to permit the acquisition of Apple Leisure Group ("ALG") (see Note 19), (ii) incorporated certain metrics consistent with ALG's covenants, (iii) amended certain negative covenants to permit certain existing transactions by ALG, and (iv) included a post-closing covenant requiring certain ALG entities to become guarantors under the revolving credit facility, subject to certain conditions. The effectiveness of the Fourth Revolver Amendment, including the amendments described herein, was subject in all respects to the substantially concurrent consummation of the acquisition of ALG.
During the nine months ended September 30, 2021, we entered into a Third Amendment to Second Amended and Restated Credit Agreement (the "Third Revolver Amendment"). The Third Revolver Amendment, among other things, (i) extended the current covenant relief period through January 1, 2022 (the "Covenant Relief Period"), (ii) added a new minimum fixed charge coverage ratio covenant applicable to the first quarter of 2022, and (iii) increased the maintenance level of the leverage ratio covenant for the second, third, fourth, and fifth quarters following the end of the Covenant Relief Period. The Third Revolver Amendment also included an option, at our election, to extend the maturity date of $1.45 billion of revolving credit commitments by one year on the terms specified in the Third Revolver Amendment. The terms of the Third Revolver Amendment restrict, among other things, our ability to repurchase shares and pay dividends until the first quarter of 2022.
The $1.5 billion aggregate commitment amount under our revolving credit facility remains unchanged under the Fourth Revolver Amendment and Third Revolver Amendment.
During the nine months ended September 30, 2021 and September 30, 2020, we had $0 and $400 million, respectively, of borrowings and repayments on our revolving credit facility. The weighted-average interest rate on these borrowings was 1.71% at September 30, 2020. At both September 30, 2021 and December 31, 2020, we had no balance outstanding. At September 30, 2021, we had $1.5 billion of borrowing capacity available under our revolving credit facility.
Fair Value—We estimate the fair value of debt, which consists of the 2022 Notes, 2025 Notes, 2030 Notes, and the notes below (collectively, the "Senior Notes"), bonds, and other long-term debt.
$350 million of 3.375% senior notes due 2023 (the "2023 Notes")
$400 million of 4.850% senior notes due 2026 (the "2026 Notes")
$400 million of 4.375% senior notes due 2028 (the "2028 Notes")
Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. Based on the lack of available market data, we have classified our revolving credit facility and other debt instruments as Level Three. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in our assumptions will result in different estimates of fair value.
September 30, 2021
Carrying value Fair value Quoted prices in active markets for identical assets (Level One) Significant other observable inputs (Level Two) Significant unobservable inputs (Level Three)
Debt (1) $ 3,002  $ 3,252  $ —  $ 3,214  $ 38 
(1) Excludes $7 million of finance lease obligations and $21 million of unamortized discounts and deferred financing fees.
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December 31, 2020
Carrying value Fair value Quoted prices in active markets for identical assets (Level One) Significant other observable inputs (Level Two) Significant unobservable inputs (Level Three)
Debt (2) $ 3,261  $ 3,561  $ —  $ 3,518  $ 43 
(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.
Interest Rate Locks—During the three and nine months ended September 30, 2020, we recognized $0 and $37 million of pre-tax losses, respectively, in unrealized gains (losses) on derivative activity on our condensed consolidated statements of comprehensive income (loss) related to interest rate locks that were settled in April 2020. Upon settlement, we recorded a $61 million loss within accumulated other comprehensive loss. This loss is amortized into interest expense on our condensed consolidated statements of income (loss) over the term of the 2030 Notes. The $61 million settlement is included as a cash outflow from operating activities on our condensed consolidated statements of cash flows for the nine months ended September 30, 2020, as our policy is to classify cash flows from derivative instruments in the same category as the item being hedged.
10.     OTHER LONG-TERM LIABILITIES
September 30, 2021 December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4) $ 543  $ 511 
Income taxes payable 174  166 
Guarantee liabilities (Note 12) 89  31