Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net revenues      
Fee-related and other revenues $ 1,384 $ 1,354 $ 1,245
Net revenues 1,397 1,498 1,565
Expenses      
Operating 94 106 132
General and administrative 130 123 113
Depreciation and amortization 76 77 95
Gain on asset sale, net 0 (35) 0
Separation-related 1 1 3
Impairments, net 0 0 6
Transaction-related, net 11 0 0
Total expenses 894 940 1,119
Operating income 503 558 446
Interest expense, net 102 80 93
Early extinguishment of debt 3 2 18
Income before income taxes 398 476 335
Provision for income taxes 109 121 91
Net income $ 289 $ 355 $ 244
Earnings per share      
Basic (in usd per share) $ 3.43 $ 3.93 $ 2.61
Diluted (in usd per share) $ 3.41 $ 3.91 $ 2.60
Royalties and franchise fees      
Net revenues      
Fee-related and other revenues $ 532 $ 512 $ 461
Marketing, reservation and loyalty      
Net revenues      
Fee-related and other revenues 578 544 468
Expenses      
Cost of revenues 569 524 450
Management and other fees      
Net revenues      
Fee-related and other revenues 14 57 117
License and other fees      
Net revenues      
Fee-related and other revenues 112 100 79
Cost reimbursements      
Net revenues      
Cost reimbursements 13 144 320
Expenses      
Cost of revenues 13 144 320
Other      
Net revenues      
Fee-related and other revenues $ 148 $ 141 $ 120