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17. SUBSEQUENT EVENT
    In April 2022, the Company amended its $750 million revolving credit facility, extending the maturity from May 2023 to April 2027 on similar terms as the previous facility, and issued a new $400 million senior secured term loan A facility, which matures in April 2027. The proceeds from the term loan A were used to repay a portion of the Company's existing $1.5 billion term loan facility, which is scheduled to mature in May 2025. There was no increase in rates from the existing $1.5 billion term loan facility to the new term loan A.
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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 Number: 001-38432
wh-20220630_g1.jpg
Wyndham Hotels & Resorts, Inc.
(Exact name of registrant as specified in its charter)
Delaware
82-3356232
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
22 Sylvan Way
07054
Parsippany,
New Jersey
(Zip Code)
(Address of principal executive offices)
(973753-6000
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
WHNew 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 þ      No o
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 þ     No o
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date:
90,325,607 shares of common stock outstanding as of June 30, 2022.


Table of Contents
TABLE OF CONTENTS
Page
PART I
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Wyndham Hotels & Resorts, Inc.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Wyndham Hotels & Resorts, Inc. and subsidiaries (the “Company”) as of June 30, 2022, the related condensed consolidated statements of income, comprehensive income, and equity for the three-month and six-month periods ended June 30, 2022 and 2021, and of cash flows for the six-month periods ended June 30, 2022 and 2021, and the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, and the related consolidated statements of income, comprehensive income, cash flows, and equity for the year then ended (not presented herein); and in our report dated February 16, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

The interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



/s/ Deloitte & Touche LLP
New York, New York
July 27, 2022



Table of Contents
WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net revenues
Royalties and franchise fees$133 $122 $242 $200 
Marketing, reservation and loyalty145 119 257 204 
Management and other fees16 30 51 50 
License and other fees27 20 46 40 
Other
33 30 73 60 
Fee-related and other revenues354 321 669 554 
Cost reimbursements32 85 88 155 
Net revenues
386 406 757 709 
Expenses
Marketing, reservation and loyalty133 105 237 198 
Operating28 31 64 58 
General and administrative31 27 59 51 
Cost reimbursements32 85 88 155 
Depreciation and amortization17 24 40 47 
Loss/(gain) on asset sales1  (35)— 
Separation-related (income)/expenses(1)1 (1)3 
Total expenses
241 273 452 512 
Operating income145 133 305 197 
Interest expense, net
20 22 39 51 
Early extinguishment of debt2 18 2 18 
Income before income taxes123 93 264 128 
Provision for income taxes
31 25 66 35 
Net income
$92 $68 $198 $93 
Earnings per share
Basic$1.00 $0.73 $2.15 $0.99 
Diluted1.00 0.73 2.13 0.99 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$92 $68 $198 $93 
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments
(2)1 (2)2 
Unrealized gains on cash flow hedges
9 4 40 17 
Other comprehensive income, net of tax
7 5 38 19 
Comprehensive income
$99 $73 $236 $112 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(Unaudited)
June 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$400 $171 
Trade receivables, net
255 246 
Prepaid expenses
56 51 
Other current assets
43 98 
Assets held for sale 154 
Total current assets
754 720 
Property and equipment, net
103 106 
Goodwill
1,525 1,525 
Trademarks, net
1,202 1,202 
Franchise agreements and other intangibles, net
370 473 
Other non-current assets
296 243 
Total assets
$4,250 $4,269 
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt
$10 $21 
Accounts payable
33 31 
Deferred revenues
83 70 
Accrued expenses and other current liabilities
261 258 
Liabilities held for sale 17 
Total current liabilities387 397 
Long-term debt2,068 2,063 
Deferred income taxes
346 366 
Deferred revenues
169 165 
Other non-current liabilities
184 189 
Total liabilities
3,154 3,180 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding
  
Common stock, $0.01 par value, 101.6 and 101.3 issued at June 30, 2022 and December 31, 2021
1 1 
Treasury stock, at cost – 11.3 and 9.0 shares at June 30, 2022 and December 31, 2021
(699)(519)
Additional paid-in capital
1,553 1,543 
Retained earnings218 79 
Accumulated other comprehensive income/(loss)
23 (15)
Total stockholders’ equity
1,096 1,089 
Total liabilities and stockholders’ equity
$4,250 $4,269 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30,
20222021
Operating activities
Net income$198 $93 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization40 47 
(Recovery of)/provision for doubtful accounts(1)14 
Deferred income taxes
(32)3 
Stock-based compensation
17 13 
(Gain)/loss on asset sales(35) 
Loss on early extinguishment of debt2 18 
Net change in assets and liabilities:
Trade receivables
(5)(16)
Prepaid expenses
(3)(7)
Other current assets
56 4 
Accounts payable, accrued expenses and other current liabilities
(5)6 
Deferred revenues16 11 
Payments of development advance notes, net(13)(16)
Other, net
7 10 
Net cash provided by operating activities
242 180 
Investing activities
Property and equipment additions
(18)(17)
Proceeds from asset sales, net263  
Other, net
(1)(1)
Net cash provided by/(used in) investing activities
244 (18)
Financing activities
Proceeds from borrowings 400 45 
Principal payments on long-term debt
(404)(566)
Dividends to stockholders
(59)(30)
Repurchases of common stock
(179) 
Net share settlement of incentive equity awards
(11)(6)
Other, net
(3)5 
Net cash used in financing activities
(256)(552)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
(1) 
Net increase/(decrease) in cash, cash equivalents and restricted cash229 (390)
Cash, cash equivalents and restricted cash, beginning of period
171 493 
Cash, cash equivalents and restricted cash, end of period
$400 $103 
See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)
Common Shares Outstanding
Common Stock
Treasury
Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income/(Loss)
Total Equity
Balance as of December 31, 202192 $1 $(519)$1,543 $79 $(15)$1,089 
Net income— — — — 106 — 106 
Other comprehensive income
— — — — — 31 31 
Dividends— — — — (30)— (30)
Repurchase of common stock— — (38)— — — (38)
Net share settlement of incentive equity awards
— — — (9)— — (9)
Change in deferred compensation
— — — 8 — — 8 
Exercise of stock options— — — 2 — — 2 
Balance as of March 31, 2022
92 1 (557)1,544 155 16 1,159 
Net income— — — — 92 — 92 
Other comprehensive income
— — — — — 7 7 
Dividends— — — — (29)— (29)
Repurchase of common stock(2)— (142)— — — (142)
Net share settlement of incentive equity awards
— — — (2)— — (2)
Change in deferred compensation
— — — 9 — — 9 
Exercise of stock options— — — 2 — — 2 
Balance as of June 30, 2022
90 $1 $(699)$1,553 $218 $23 $1,096 
Common Shares Outstanding
Common Stock
Treasury
Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Equity
Balance as of December 31, 202093 $1 $(408)$1,504 $(82)$(52)$963 
Net income— — — — 24 — 24 
Other comprehensive income
— — — — — 14 14 
Dividends— — — — (15)— (15)
Net share settlement of incentive equity awards
— — — (5)— — (5)
Change in deferred compensation
— — — 5 — — 5 
Exercise of stock options— — — 4 — — 4 
Other— — — — 1 — 1 
Balance as of March 31, 2021
93 1 (408)1,508 (72)(38)991 
Net income— — — — 68 — 68 
Other comprehensive income
— — — — — 5 5 
Dividends— — — — (15)— (15)
Net share settlement of incentive equity awards
— — — (1)— — (1)
Change in deferred compensation
— — — 8 — — 8 
Exercise of stock options— — — 4 — — 4 
Issuance of shares for restricted stock units vesting1 — — — — —  
Balance as of June 30, 2021
94 $1 (408)$1,519 $(19)$(33)$1,060 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions, except share and per share amounts)
(Unaudited)

1. BASIS OF PRESENTATION
Wyndham Hotels & Resorts, Inc. (collectively with its consolidated subsidiaries, “Wyndham Hotels” or the “Company”) is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in over 95 countries around the world.
The Condensed Consolidated Financial Statements have been prepared on a stand-alone basis. The Condensed Consolidated Financial Statements include the Company’s assets, liabilities, revenues, expenses and cash flows and all entities in which it has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.
In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2021 Consolidated Financial Statements included in its most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent reports filed with the SEC.
Business Description
Wyndham Hotels operates in the following segments:
•    Hotel Franchising — licenses the Company’s lodging brands and provides related services to third-party hotel owners and others.
•    Hotel Management — provides hotel management services for full-service hotels.

2. NEW ACCOUNTING PRONOUNCEMENTS
There were no recently issued accounting pronouncements applicable to the Company during the six months ended June 30, 2022.

3. REVENUE RECOGNITION
Deferred Revenues
Deferred revenues, or contract liabilities, generally represent payments or consideration received in advance for goods or services that the Company has not yet provided to the customer. Deferred revenues as of June 30, 2022 and December 31, 2021 are as follows:
June 30, 2022December 31, 2021
Deferred initial franchise fee revenues
$149 $145 
Deferred loyalty program revenues
82 76 
Deferred other revenues
21 14 
Total
$252 $235 

Deferred initial franchise fees represent payments received in advance from prospective franchisees upon the signing of a franchise agreement and are generally recognized to revenue within 13 years. Deferred loyalty revenues represent the portion of

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loyalty program fees charged to franchisees, net of redemption costs, that have been deferred and will be recognized over time based upon loyalty point redemption patterns.
Performance Obligations
A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the twelve-month periods set forth below:
7/1/2022 - 6/30/20237/1/2023 - 6/30/20247/1/2024 - 6/30/2025

Thereafter

Total
Initial franchise fee revenues
$16 $8 $7 $118 $149 
Loyalty program revenues
52 20 8 2 82 
Other revenues
15 1  5 21 
Total
$83 $29 $15 $125 $252 
Disaggregation of Net Revenues
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Hotel Franchising
Royalties and franchise fees
$131 $115 $232 $190 
Marketing, reservation and loyalty
145 119 257 204 
License and other fees
27 20 46 40 
Other
32 29 71 58 
Total Hotel Franchising
335 283 606 492 
Hotel Management
Royalties and franchise fees
2 7 10 10 
Owned hotel revenues
13 21 42 34 
Management fees
3 9 9 16 
Cost reimbursements
32 85 88 155 
Other
1 1 2 2 
Total Hotel Management
51 123 151 217 
Net revenues
$386 $406 $757 $709 
Capitalized Contract Costs
The Company incurs certain direct and incremental sales commissions costs in order to obtain hotel franchise and management contracts. Such costs are capitalized and subsequently amortized, beginning upon hotel opening, over the first non-cancellable period of the agreement. In the event an agreement is terminated prior to the end of the first non-cancellable period, any unamortized cost is immediately expensed. In addition, the Company also capitalizes costs associated with the sale and installation of property management systems to its franchisees, which are amortized over the remaining non-cancellable period of the franchise agreement. As of June 30, 2022 and December 31, 2021, capitalized contract costs were $34 million and $33 million, respectively, of which $5 million for both periods was included in other current assets and $29 million and $28 million, respectively, was included in other non-current assets on its Condensed Consolidated Balance Sheets.

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4. EARNINGS PER SHARE
The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively.
The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$92 $68 $198 $93 
Basic weighted average shares outstanding91.693.692.093.5
Stock options and restricted stock units (“RSUs”)0.50.50.70.4
Diluted weighted average shares outstanding
92.194.192.793.9
Earnings per share:
Basic
$1.00 $0.73 $2.15 $0.99 
Diluted
1.00 0.73 2.13 0.99 
Dividends:
Cash dividends declared per share
$0.32 $0.16 $0.64 $0.32 
Aggregate dividends paid to stockholders
$29 $15 $59 $30 

Stock Repurchase Program
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):
SharesCostAverage Price Per Share
As of December 31, 2021
9.0 $519 $57.55 
For the six months ended June 30, 2022
2.3 180 76.94 
As of June 30, 202211.3 $699 $61.53 

The Company had $302 million of remaining availability under its program as of June 30, 2022.

5. ACCOUNTS RECEIVABLE
Allowance for Doubtful Accounts
The following table sets forth the activity in the Company’s allowance for doubtful accounts on trade accounts receivables for the six months ended:
20222021
Balance as of January 1,$81$72
(Recovery of)/provision for doubtful accounts(1)14
Bad debt write-offs(4)(8)
Balance as of June 30,$76$78

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6. ASSETS AND LIABILITIES HELD FOR SALE
During the fourth quarter of 2021, the Company’s Board approved a plan to sell its two owned hotels. In March and May 2022, the Company completed the sales of its Wyndham Grand Bonnet Creek Resort and Wyndham Grand Rio Mar Resort, respectively. As of June 30, 2022, both sales have been completed, resulting in no assets left held for sale. See Note 15 - Other Expenses and Charges for more information on the sales.
The Company’s Condensed Consolidated Balance Sheets include the following with respect to assets and liabilities held for sale:
June 30, 2022December 31, 2021
Assets:
Trade receivables, net
$ $4 
Other current assets 4 
Property and equipment, net 146 
Total assets held for sale$ $154 
Liabilities:
Accrued expenses and other current liabilities$ $8 
Deferred revenues 6 
Other liabilities 3 
Total liabilities held for sale$ $17 

7. INTANGIBLE ASSETS
Intangible assets as of June 30, 2022 and December 31, 2021 consisted of the following:
June 30, 2022December 31, 2021
Gross
Carrying
Amount
(a)
Gross
Carrying
Amount
Accumulated
Impairment
Net
Carrying
Amount
Goodwill
$1,525 $1,539 $14 $1,525 
June 30, 2022December 31, 2021
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Unamortized intangible assets:
Trademarks$1,201 $1,201 
Amortized intangible assets:
Franchise agreements$895 $526 $369 $895 $513 $382 
Management agreements16 15 1 135 44 91 
Trademarks2 1 1 2 1 1 
Other
   1 1  
$913 $542 $371 $1,033 $559 $474 
______________________
(a)    Due to the sale of its two owned hotels in 2022, the Company derecognized $14 million from its gross carrying value and accumulated impairment goodwill balances.
In March 2022, the Company completed the exit of its select-service hotel management business and received an $84 million termination fee, under the terms of the agreement with CorePoint Lodging (“CPLG”) which effectively resulted in the sale of the rights to the management contracts which were acquired as part of the La Quinta Holdings purchase in 2018. The termination fee proceeds were completely offset by the write-off of the remaining balance resulting in a full recovery of the
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related hotel management contract intangible asset. Such proceeds were reported in proceeds from asset sales, net on the Condensed Consolidated Statement of Cash Flows. The franchise agreements for these hotels remained in place at their stated fee structure.

8. FRANCHISING, MARKETING AND RESERVATION ACTIVITIES
Royalties and franchise fee revenues on the Condensed Consolidated Statements of Income include initial franchise fees of $3 million and $4 million for the three months ended June 30, 2022 and 2021, respectively, and $7 million for both the six months ended June 30, 2022 and 2021.
In accordance with its franchise agreements, the Company is generally contractually obligated to expend the marketing and reservation fees it collects from franchisees for the operation of an international, centralized, brand-specific reservation system and for marketing purposes such as advertising, promotional and co-marketing programs, and training for the respective franchisees.
Development Advance Notes
The Company may, at its discretion, provide development advance notes to certain franchisees or hotel owners in order to assist them in converting to one of its brands, in building a new hotel to be flagged under one of its brands or in assisting in other franchisee expansion efforts. Provided the franchisee/hotel owner is in compliance with the terms of the franchise/management agreement, all or a portion of the development advance notes may be forgiven by the Company over the period of the franchise/management agreement, which typically ranges from 10 to 20 years. Otherwise, the related principal is due and payable to the Company. In certain instances, the Company may earn interest on unpaid franchisee development advance notes.
The Company’s Condensed Consolidated Financial Statements include the following with respect to development advances:
Condensed Consolidated Balance Sheets:
June 30, 2022December 31, 2021
Other non-current assets
$112 $108 
Condensed Consolidated Statements of Income:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Forgiveness of notes (a)
$3 $2 $6 $4 
Bad debt expense related to notes
  1  
______________________
(a)    Amounts are recorded as a reduction of both royalties and franchise fees and marketing, reservation and loyalty revenues on the Condensed Consolidated Statement of Income.

Condensed Consolidated Statements of Cash Flows:
Six Months Ended June 30,
20222021
Payments of development advance notes$(14)$(17)
Proceeds from development advance notes1 1 
Payments of development advance notes, net
$(13)$(16)

9. INCOME TAXES
The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. Through May 31, 2018, the Company was part of a consolidated U.S. federal income tax return and consolidated and combined state returns with Wyndham Worldwide (“former Parent”), now known as Travel + Leisure Co. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2015. The Company is no longer subject to state and local, or foreign, income tax examinations for years prior to 2014.
The Company made cash income tax payments, net of refunds, of $45 million and $13 million for the six months ended June 30, 2022 and 2021, respectively. Additionally, the Company had $4 million and $48 million of income tax receivables as of June 30, 2022 and December 31, 2021, respectively, which was reported on other current assets on the Condensed Consolidated Balance Sheets.
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The Company’s effective tax rates were 25.2% and 26.9% during the three months ended June 30, 2022 and 2021, respectively. The change was primarily due to the mix of earnings and losses between the U.S. and foreign jurisdictions in which the Company operates that have different tax rates from the U.S. statutory rate.
The Company’s effective tax rates were 25.0% and 27.3% during the six months ended June 30, 2022 and 2021, respectively. The change was primarily due to the mix of earnings and losses between the U.S. and foreign jurisdictions in which the Company operates that have different tax rates from the U.S. statutory rate, as well as the remeasurement of net deferred tax liabilities as a result of changes in certain state tax rates.

10. LONG-TERM DEBT AND BORROWING ARRANGEMENTS
The Company’s indebtedness consisted of:
June 30, 2022December 31, 2021
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)$ $ 
Term loan A (due April 2027)399 3.38%— 
Term loan B (due May 2025) 1,138 3.56%1,541 3.07%
4.375% senior unsecured notes (due August 2028)494 4.38%493 4.38%
Finance leases47 4.50%50 4.50%
Total long-term debt2,078 2,084 
Less: Current portion of long-term debt10 21 
Long-term debt$2,068 $2,063 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $15 million as of June 30, 2022 and December 31, 2021, respectively.
(b)    Weighted average interest rates are based on period-end balances, including the effects from hedging.

Maturities and Capacity
The Company’s outstanding debt as of June 30, 2022 matures as follows:
Long-Term Debt
Within 1 year$