Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated and Combined Statements of Income

v3.20.4
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net revenues      
Net revenues $ 1,300 $ 2,053 $ 1,868
Expenses      
Operating 109 164 182
General and administrative 116 130 119
Depreciation and amortization 98 109 99
Separation-related 2 22 77
Transaction-related, net 12 40 36
Impairments, net 206 45 0
Contract termination 0 42 0
Restructuring 34 8 0
Total expenses 1,346 1,746 1,585
Operating (loss)/income (46) 307 283
Interest expense, net 112 100 60
(Loss)/income before income taxes (158) 207 223
(Benefit from)/provision for income taxes (26) 50 61
Net (loss)/income $ (132) $ 157 $ 162
(Loss)/earnings per share      
Basic (in usd per share) $ (1.42) $ 1.63 $ 1.62
Diluted (in usd per share) $ (1.42) $ 1.62 $ 1.62
Royalties and franchise fees      
Net revenues      
Net revenues $ 328 $ 480 $ 441
Marketing, reservation and loyalty      
Net revenues      
Net revenues 370 562 491
Expenses      
Cost of revenues 419 563 486
Management and other fees      
Net revenues      
Net revenues 64 125 124
License and other fees      
Net revenues      
Net revenues 84 131 111
Cost reimbursements      
Net revenues      
Net revenues 350 623 586
Expenses      
Cost of revenues 350 623 586
Other      
Net revenues      
Net revenues $ 104 $ 132 $ 115