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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
NET INCOME $ 571 $ 747 $ 325
Discontinued operations:      
Gain (loss) on dispositions     (97)
Depreciation     10
Depreciation and amortization 716 701 697
Amortization of finance costs, discounts and premiums, net 21 24 25
Non-cash loss on extinguishment of debt [1] 11 2 13
Stock compensation expense 11 22 18
Deferred income taxes 5 (1) 6
Gain on sale of assets (95) (236) (33)
(Gain) loss on foreign currency transactions and derivatives 5 1 (3)
Gain on property insurance settlement (2) (1)  
Equity in (earnings) losses of affiliates (70) (26) 17
Change in due from managers 17 (17) 21
Distributions from equity investments 17    
Change in restricted cash for operating activities   25  
Changes in other assets 20 (34) 39
Changes in other liabilities (56) (57) (19)
Cash provided by operating activities 1,171 1,150 1,019
INVESTING ACTIVITIES      
Proceeds from sales of assets, net 277 497 643
Return of investment in affiliates 106 42  
Acquisitions (438) (138) (166)
Advances to and investments in affiliates (4) (65) (74)
Capital expenditures:      
Renewals and replacements (388) (324) (303)
Redevelopment and acquisition-related investments (275) (112) (133)
New development   (13) (19)
Change in furniture, fixtures and equipment ("FF&E") replacement fund (9) 18 (23)
Property insurance proceeds 11 2  
Change in restricted cash for investing activities (16)    
Cash used in investing activities (736) (93) (75)
FINANCING ACTIVITIES      
Financing costs (11) (4) (4)
Issuances of debt 898 4 550
Draws on credit facility 845 4 393
Term loan issuance 500    
Repayment of credit facility (725) (225) (207)
Repurchase/redemption of senior notes (1,001) (150) (801)
Mortgage debt and other prepayments and scheduled maturities (35) (384) (411)
Common stock repurchase (675)    
Issuance of common stock 2 4 303
Dividends on common stock (646) (469) (313)
Other financing activities (17) (6) (3)
Cash used in financing activities (865) (1,226) (493)
Effects of exchange rate changes on cash held (15) (8) (7)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (445) (177) 444
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 684 861 417
CASH AND CASH EQUIVALENTS, END OF PERIOD 239 684 861
HOST HOTELS & RESORTS L.P.      
OPERATING ACTIVITIES      
NET INCOME 571 747 325
Discontinued operations:      
Gain (loss) on dispositions     (97)
Depreciation     10
Depreciation and amortization 716 701 697
Amortization of finance costs, discounts and premiums, net 21 24 25
Non-cash loss on extinguishment of debt 11 2 13
Stock compensation expense 11 22 18
Deferred income taxes 5 (1) 6
Gain on sale of assets (95) (236) (33)
(Gain) loss on foreign currency transactions and derivatives 5 1 (3)
Gain on property insurance settlement (2) (1)  
Equity in (earnings) losses of affiliates (70) (26) 17
Change in due from managers 17 (17) 21
Distributions from equity investments 17    
Change in restricted cash for operating activities   25  
Changes in other assets 20 (34) 39
Changes in other liabilities (56) (57) (19)
Cash provided by operating activities 1,171 1,150 1,019
INVESTING ACTIVITIES      
Proceeds from sales of assets, net 277 497 643
Return of investment in affiliates 106 42  
Acquisitions (438) (138) (166)
Advances to and investments in affiliates (4) (65) (74)
Capital expenditures:      
Renewals and replacements (388) (324) (303)
Redevelopment and acquisition-related investments (275) (112) (133)
New development   (13) (19)
Change in furniture, fixtures and equipment ("FF&E") replacement fund (9) 18 (23)
Property insurance proceeds 11 2  
Change in restricted cash for investing activities (16)    
Cash used in investing activities (736) (93) (75)
FINANCING ACTIVITIES      
Financing costs (11) (4) (4)
Issuances of debt 898 4 550
Draws on credit facility 845 4 393
Term loan issuance 500    
Repayment of credit facility (725) (225) (207)
Repurchase/redemption of senior notes (1,001) (150) (801)
Mortgage debt and other prepayments and scheduled maturities (35) (384) (411)
Common stock repurchase (675)    
Issuance of common OP units 2 4 303
Distributions on common OP units (654) (475) (317)
Other financing activities (9)   1
Cash used in financing activities (865) (1,226) (493)
Effects of exchange rate changes on cash held (15) (8) (7)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (445) (177) 444
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 684 861 417
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 239 $ 684 $ 861
[1] Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively.