Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated and Combined Statements of Income

v3.10.0.1
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net revenues      
Net revenues $ 1,868 $ 1,280 $ 1,269
Expenses      
Operating 182 183 168
General and administrative 119 88 83
Depreciation and amortization 99 75 73
Separation-related 77 3 0
Transaction-related, net 36 3 1
Impairment 0 41 0
Restructuring 0 1 2
Total expenses 1,585 1,031 974
Operating income 283 249 295
Interest expense, net 60 6 1
Income before income taxes 223 243 294
Provision for income taxes 61 13 118
Net income $ 162 $ 230 $ 176
Earnings per share      
Basic (in usd per share) $ 1.62 $ 2.31 $ 1.76
Diluted (in usd per share) $ 1.62 $ 2.31 $ 1.76
Royalties and franchise fees      
Net revenues      
Net revenues $ 441 $ 364 $ 354
Marketing, reservation and loyalty      
Net revenues      
Net revenues 491 371 375
Expenses      
Cost of revenues 486 373 376
Hotel management      
Net revenues      
Net revenues 124 108 107
License and other revenues from former Parent      
Net revenues      
Net revenues 111 75 65
Cost reimbursements      
Net revenues      
Net revenues 586 264 271
Expenses      
Cost of revenues 586 264 271
Other      
Net revenues      
Net revenues $ 115 $ 98 $ 97