Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Income

v3.10.0.1
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net revenues        
Net revenues $ 604 $ 347 $ 1,341 $ 967
Expenses        
Operating 51 46 139 135
General and administrative 36 20 85 65
Depreciation and amortization 30 19 71 56
Separation-related 17 0 63 0
Transaction-related, net 7 1 37 1
Restructuring 0 0 0 1
Total expenses 499 245 1,140 726
Operating income 105 102 201 241
Interest expense, net 24 2 36 5
Income before income taxes 81 100 165 236
Provision for income taxes 23 42 47 98
Net income $ 58 $ 58 $ 118 $ 138
Earnings per share        
Basic (in usd per share) $ 0.58 $ 0.58 $ 1.19 $ 1.39
Diluted (in usd per share) 0.58 0.58 1.19 1.39
Cash dividends declared per share (in usd per share) $ 0.25 $ 0 $ 0.5 $ 0
Royalties and franchise fees        
Net revenues        
Net revenues $ 138 $ 107 $ 332 $ 277
Marketing, reservation and loyalty        
Net revenues        
Net revenues 151 109 359 282
Expenses        
Cost of revenues 139 95 347 269
Hotel management        
Net revenues        
Net revenues 32 22 90 78
License and other revenues from former Parent        
Net revenues        
Net revenues 36 20 79 56
Cost reimbursements        
Net revenues        
Net revenues 219 64 398 199
Expenses        
Cost of revenues 219 64 398 199
Other        
Net revenues        
Net revenues $ 28 $ 25 $ 83 $ 75