Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated and Combined Statements of Income

v3.19.3.a.u2
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net revenues      
Net revenues $ 2,053 $ 1,868 $ 1,280
Expenses      
Operating 164 182 183
General and administrative 130 119 88
Depreciation and amortization 109 99 75
Separation-related 22 77 3
Transaction-related, net 40 36 3
Impairment, net 45 0 41
Contract termination 42 0 0
Restructuring 8 0 1
Total expenses 1,746 1,585 1,031
Operating income 307 283 249
Interest expense, net 100 60 6
Income before income taxes 207 223 243
Provision for income taxes 50 61 13
Net income $ 157 $ 162 $ 230
Earnings per share      
Basic (in usd per share) $ 1.63 $ 1.62 $ 2.31
Diluted (in usd per share) $ 1.62 $ 1.62 $ 2.31
Royalties and franchise fees      
Net revenues      
Net revenues $ 480 $ 441 $ 364
Marketing, reservation and loyalty      
Net revenues      
Net revenues 562 491 371
Expenses      
Cost of revenues 563 486 373
Hotel management      
Net revenues      
Net revenues 125 124 108
License and other revenues from former Parent      
Net revenues      
Net revenues 131 111 75
Cost reimbursements      
Net revenues      
Net revenues 623 586 264
Expenses      
Cost of revenues 623 586 264
Other      
Net revenues      
Net revenues $ 132 $ 115 $ 98