Wyndham Hotels & Resorts (WH) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38432
Entity Registrant Name	Wyndham Hotels & Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3356232
Entity Address, Address Line One	22 Sylvan Way
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	753-6000
Title of 12(b) Security	Common Stock
Trading Symbol	WH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,789,308
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001722684
Current Fiscal Year End Date	--12-31

Condensed Consolidated and Comb

Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenues
Net revenues	$ 396	$ 402	$ 1,067	$ 1,076
Expenses
Operating	23	24	59	65
General and administrative	30	31	91	93
Depreciation and amortization	17	19	54	56
Transaction-related	1	1	46	5
Impairment	0	0	12	0
Restructuring	2	0	11	0
Separation-related	1	0	(11)	0
Total expenses	225	239	701	677
Operating income	171	163	366	399
Interest expense, net	34	27	93	73
Early extinguishment of debt	0	0	3	3
Income before income taxes	137	136	270	323
Provision for income taxes	35	33	66	83
Net income	$ 102	$ 103	$ 204	$ 240
Earnings per share
Basic (in usd per share)	$ 1.30	$ 1.22	$ 2.55	$ 2.81
Diluted (in usd per share)	$ 1.29	$ 1.21	$ 2.54	$ 2.79
Fee-related and other revenues
Net revenues
Net revenues	$ 394	$ 400	$ 1,063	$ 1,064
Royalties and franchise fees
Net revenues
Net revenues		152	419	415
Marketing, reservation and loyalty
Net revenues
Net revenues	161	179	429	445
Expenses
Cost of revenues	149	162	435	446
Management and other fees
Net revenues
Net revenues		3	7	11
License and other fees
Net revenues
Net revenues		30	89	83
Other
Net revenues
Net revenues		36	119	110
Cost reimbursements
Net revenues
Net revenues		2	4	12
Expenses
Cost of revenues	$ 2	$ 2	$ 4	$ 12

Condensed Consolidated and Co_2

Condensed Consolidated and Combined Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 102	$ 103	$ 204	$ 240
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments	4	(2)	1	2
Unrealized losses on cash flow hedges	(29)	0	(20)	(6)
Other comprehensive loss, net of tax	(25)	(2)	(19)	(4)
Comprehensive income	$ 77	$ 101	$ 185	$ 236

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 72	$ 66
Trade receivables, net	286	241
Prepaid expenses	40	27
Other current assets	47	39
Total current assets	445	373
Property and equipment, net	78	88
Goodwill	1,525	1,525
Other non-current assets	547	468
Total assets	4,154	4,033
Current liabilities:
Current portion of long-term debt	47	37
Accounts payable	62	32
Deferred revenues	98	91
Accrued expenses and other current liabilities	252	299
Total current liabilities	459	459
Long-term debt	2,440	2,164
Deferred income taxes	314	325
Deferred revenues	165	167
Other non-current liabilities	193	172
Total liabilities	3,571	3,287
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding	0	0
Common stock, $0.01 par value, 102.7 and 102.1 issued as of September 30, 2024 and December 31, 2023	1	1
Treasury stock, at cost – 24.5 and 20.7 shares as of September 30, 2024 and December 31, 2023	(1,646)	(1,361)
Additional paid-in capital	1,628	1,599
Retained earnings	600	488
Accumulated other comprehensive income	0	19
Total stockholders’ equity	583	746
Total liabilities and stockholders’ equity	4,154	4,033
Trademarks, net
Current assets:
Intangible assets, net	1,233	1,232
Franchise agreements and other intangibles, net
Current assets:
Intangible assets, net	$ 326	$ 347

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	6,000,000	6,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	102,700,000	102,100,000

Condensed Consolidated and Co_3

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 204	$ 240
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	54	56
Provision for doubtful accounts	2	2
Impairment	12	0
Deferred income taxes	(5)	(5)
Stock-based compensation	33	28
Net change in assets and liabilities:
Trade receivables	(47)	(40)
Prepaid expenses	(13)	6
Other current assets	2	8
Accounts payable, accrued expenses and other current liabilities	(25)	(15)
Deferred revenues	7	10
Payments of development advance notes, net	(88)	(47)
Other, net	17	7
Net cash provided by operating activities	156	253
Investing activities
Property and equipment additions	(24)	(28)
Loan advances, net	(16)	(22)
Net cash used in investing activities	(40)	(50)
Financing activities
Proceeds from borrowings	1,802	1,308
Principal payments on long-term debt	(1,516)	(1,217)
Debt issuance costs	(1)	(10)
Dividends to stockholders	(92)	(90)
Repurchases of common stock	(283)	(261)
Proceeds from Stock Options Exercised	15	0
Net share settlement of incentive equity awards	(19)	(9)
Other, net	(6)	(4)
Net cash used in financing activities	(100)	(283)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	(2)
Net increase/(decrease) in cash, cash equivalents and restricted cash	16	(82)
Cash, cash equivalents and restricted cash, beginning of period	66	161
Cash, cash equivalents and restricted cash, end of period	$ 82	$ 79

Condensed Consolidated and Co_4

Condensed Consolidated and Combined Statements of Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings	AOCI Attributable to Parent [Member]	Treasury Stock, Common
Balance as of beginning of period, shares at Dec. 31, 2022		86,000,000
Balance as of beginning of period, value at Dec. 31, 2022	$ 962,000,000	$ 1,000,000	$ 1,569,000,000	$ 318,000,000	$ 38,000,000	$ (964,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67,000,000			67,000,000
Period change	(6,000,000)				(6,000,000)
Dividends	(31,000,000)			(31,000,000)
Repurchase of common stock	(56,000,000)					(56,000,000)
Net share settlement of incentive equity awards	(9,000,000)		(9,000,000)
Change in deferred compensation	9,000,000		9,000,000
Ending balance, shares at Mar. 31, 2023		86,000,000
Balance as of end of period, value at Mar. 31, 2023	936,000,000	$ 1,000,000	1,569,000,000	354,000,000	32,000,000	(1,020,000,000)
Balance as of beginning of period, shares at Dec. 31, 2022		86,000,000
Balance as of beginning of period, value at Dec. 31, 2022	962,000,000	$ 1,000,000	1,569,000,000	318,000,000	38,000,000	(964,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	240,000,000
Period change	(4,000,000)
Ending balance, shares at Sep. 30, 2023		83,000,000
Balance as of end of period, value at Sep. 30, 2023	856,000,000	$ 1,000,000	1,588,000,000	467,000,000	34,000,000	(1,234,000,000)
Balance as of beginning of period, shares at Mar. 31, 2023		86,000,000
Balance as of beginning of period, value at Mar. 31, 2023	936,000,000	$ 1,000,000	1,569,000,000	354,000,000	32,000,000	(1,020,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,000,000			70,000,000
Period change	4,000,000				4,000,000
Dividends	$ (30,000,000)			(30,000,000)
Repurchase of common stock (in shares)	(2,000,000)
Repurchase of common stock	$ (109,000,000)					(109,000,000)
Change in deferred compensation	9,000,000		9,000,000
Ending balance, shares at Jun. 30, 2023		84,000,000
Balance as of end of period, value at Jun. 30, 2023	880,000,000	$ 1,000,000	1,578,000,000	394,000,000	36,000,000	(1,129,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	103,000,000			103,000,000
Period change	(2,000,000)				(2,000,000)
Dividends	$ (29,000,000)			(29,000,000)
Repurchase of common stock (in shares)	(1,000,000)
Repurchase of common stock	$ (105,000,000)					(105,000,000)
Change in deferred compensation	10,000,000		10,000,000
Other	(1,000,000)			(1,000,000)
Ending balance, shares at Sep. 30, 2023		83,000,000
Balance as of end of period, value at Sep. 30, 2023	856,000,000	$ 1,000,000	1,588,000,000	467,000,000	34,000,000	(1,234,000,000)
Balance as of beginning of period, shares at Dec. 31, 2023		81,000,000
Balance as of beginning of period, value at Dec. 31, 2023	746,000,000	$ 1,000,000	1,599,000,000	488,000,000	19,000,000	(1,361,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,000,000			16,000,000
Period change	8,000,000				8,000,000
Dividends	(32,000,000)			(32,000,000)
Repurchase of common stock	(57,000,000)					(57,000,000)
Net share settlement of incentive equity awards	(17,000,000)		(17,000,000)
Change in deferred compensation	10,000,000		10,000,000
Ending balance, shares at Mar. 31, 2024		81,000,000
Balance as of end of period, value at Mar. 31, 2024	674,000,000	$ 1,000,000	1,592,000,000	472,000,000	27,000,000	(1,418,000,000)
Balance as of beginning of period, shares at Dec. 31, 2023		81,000,000
Balance as of beginning of period, value at Dec. 31, 2023	746,000,000	$ 1,000,000	1,599,000,000	488,000,000	19,000,000	(1,361,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	204,000,000
Period change	(19,000,000)
Ending balance, shares at Sep. 30, 2024		78,000,000
Balance as of end of period, value at Sep. 30, 2024	583,000,000	$ 1,000,000	1,628,000,000	600,000,000	0	(1,646,000,000)
Balance as of beginning of period, shares at Mar. 31, 2024		81,000,000
Balance as of beginning of period, value at Mar. 31, 2024	674,000,000	$ 1,000,000	1,592,000,000	472,000,000	27,000,000	(1,418,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,000,000			86,000,000
Period change	(2,000,000)				(2,000,000)
Dividends	$ (31,000,000)			(31,000,000)
Repurchase of common stock (in shares)	(2,000,000)
Repurchase of common stock	$ (131,000,000)					(131,000,000)
Net share settlement of incentive equity awards	(1,000,000)		(1,000,000)
Change in deferred compensation	12,000,000		12,000,000
Exercise of stock options	15,000,000		15,000,000
Other	1,000,000			1,000,000
Ending balance, shares at Jun. 30, 2024		79,000,000
Balance as of end of period, value at Jun. 30, 2024	623,000,000	$ 1,000,000	1,618,000,000	528,000,000	25,000,000	(1,549,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,000,000			102,000,000
Period change	(25,000,000)				(25,000,000)
Dividends	$ (30,000,000)			(30,000,000)
Repurchase of common stock (in shares)	(1,000,000)
Repurchase of common stock	$ (97,000,000)					(97,000,000)
Net share settlement of incentive equity awards	(1,000,000)		(1,000,000)
Change in deferred compensation	11,000,000		11,000,000
Ending balance, shares at Sep. 30, 2024		78,000,000
Balance as of end of period, value at Sep. 30, 2024	$ 583,000,000	$ 1,000,000	$ 1,628,000,000	$ 600,000,000	$ 0	$ (1,646,000,000)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION Wyndham Hotels & Resorts, Inc. (collectively with its consolidated subsidiaries, “Wyndham Hotels” or the “Company”) is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in over 95 countries around the world. The Condensed Consolidated Financial Statements have been prepared on a stand-alone basis. The Condensed Consolidated Financial Statements include the Company’s assets, liabilities, revenues, expenses and cash flows and all entities in which it has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2023 Consolidated Financial Statements included in its most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent reports filed with the SEC. Business Description Wyndham Hotels’ primary segment is hotel franchising which principally consists of licensing the Company’s lodging brands and providing related services to third-party hotel owners and others.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	2. NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting update, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted the guidance on January 1, 2024 and will begin disclosing under this new guidance with its Annual Report on Form 10-K for the year ending December 31, 2024. Recently Issued Accounting Pronouncements In December 2023, the FASB issued an accounting update, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This update also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This update should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. The Company plans to adopt the guidance on January 1, 2025, as required.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	3. REVENUE RECOGNITION Deferred Revenues Deferred revenues, or contract liabilities, generally represent payments or consideration received in advance for goods or services that the Company has not yet provided to the customer. Deferred revenues as of September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 December 31, 2023 Deferred initial franchise fee revenues $ 142 $ 145 Deferred loyalty program revenues 99 95 Deferred co-branded credit card program revenues — 3 Deferred other revenues 22 15 Total $ 263 $ 258 Deferred initial franchise fees represent payments received in advance from prospective franchisees upon the signing of a franchise agreement and are generally recognized to revenue within 13 years. Deferred loyalty revenues represent the portion of loyalty program fees charged to franchisees, net of redemption costs, that have been deferred and will be recognized over time based upon loyalty point redemption patterns. Deferred co-branded credit card program revenue represents payments received in advance from the Company’s co-branded credit card partners, primarily for card member activity, which is typically recognized within one year. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the twelve-month periods set forth below: 10/1/2024 - 9/30/2025 10/1/2025 - 9/30/2026 10/1/2026 - 9/30/2027 Thereafter Total Initial franchise fee revenues $ 16 $ 8 $ 7 $ 111 $ 142 Loyalty program revenues 64 24 9 2 99 Other revenues 18 1 — 3 22 Total $ 98 $ 33 $ 16 $ 116 $ 263 Disaggregation of Net Revenues The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Royalties and franchise fees $ 159 $ 152 $ 419 $ 415 Marketing and reservation fees 136 155 356 380 Loyalty revenue 25 24 73 65 65 Management and other fees 3 3 7 11 License and other fees 32 30 89 83 Cost reimbursements 2 2 4 12 Other revenue 39 36 119 110 Net revenues $ 396 $ 402 $ 1,067 $ 1,076 Capitalized Contract Costs

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	4. EARNINGS PER SHARE The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 102 $ 103 $ 204 $ 240 Basic weighted average shares outstanding 78.8 84.0 80.1 85.2 Stock options and restricted stock units (“RSUs”) (a) 0.4 0.5 0.4 0.5 Diluted weighted average shares outstanding 79.2 84.5 80.5 85.7 Earnings per share: Basic $ 1.30 $ 1.22 $ 2.55 $ 2.81 Diluted 1.29 1.21 2.54 2.79 Dividends: Cash dividends declared per share $ 0.38 $ 0.35 $ 1.14 $ 1.05 Aggregate dividends paid to stockholders $ 29 $ 29 $ 92 $ 90 ______________________ (a) Diluted shares outstanding excludes anti-dilutive shares related to stock options of 0.2 million for both the three and nine months ended September 30, 2023. Anti-dilutive shares related to stock options were immaterial for both the three and nine months ended September 30, 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.5 million for both the three and nine months ended September 30, 2024 and 0.4 million for both the three and nine months ended September 30, 2023. Stock Repurchase Program The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data) which includes excise taxes and fees: Shares Cost Average Price Per Share As of December 31, 2023 20.7 $ 1,361 $ 65.69 For the nine months ended September 30, 2024 3.8 285 75.01 As of September 30, 2024 24.5 $ 1,646 $ 67.13

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
Accounts Receivable	5. ACCOUNTS RECEIVABLE Allowance for Doubtful Accounts The following table sets forth the activity in the Company’s allowance for doubtful accounts on trade accounts receivable for the nine months ended: 2024 2023 Balance as of January 1, $ 60 $ 64 Provision for doubtful accounts 4 2 Bad debt write-offs (1) (3) Balance as of September 30, $ 63 $ 63

Franchising, Marketing and Rese

Franchising, Marketing and Reservation Activities	9 Months Ended
	Sep. 30, 2024
Franchisors [Abstract]
Franchising and Marketing and Reservation Activities	6. FRANCHISING, MARKETING AND RESERVATION ACTIVITIES Royalties and franchise fee revenues on the Condensed Consolidated Statements of Income include initial franchise fees of $5 million and $4 million for the three months ended September 30, 2024 and 2023, respectively, and $18 million and $11 million for the nine months ended September 30, 2024 and 2023, respectively. In accordance with its franchise agreements, the Company is generally contractually obligated to expend the marketing and reservation fees it collects from franchisees for the operation of an international, centralized, brand-specific reservation system and for marketing purposes such as advertising, promotional and co-marketing programs, and training for the respective franchisees. Development Advance Notes The Company may, at its discretion, provide development advance notes to certain franchisees/hotel owners in order to assist them in converting to one of its brands, in building a new hotel to be flagged under one of its brands or in assisting in other franchisee expansion efforts. Provided the franchisee/hotel owner is in compliance with the terms of the franchise agreement, all or a portion of the development advance notes may be forgiven by the Company over the period of the franchise agreement. Otherwise, the related principal is due and payable to the Company. In certain instances, the Company may earn interest on unpaid franchisee development advance notes. The Company’s Condensed Consolidated Financial Statements include the following with respect to development advances: Condensed Consolidated Balance Sheets: September 30, 2024 December 31, 2023 Other non-current assets $ 288 $ 228 During 2024, the Company made a non-cash reclass of $3 million from loan receivables to development advance notes, both of which were reported within other non-current assets. As a result of the Company’s evaluation of the recoverability of the carrying value of the development advance notes, the Company recorded an impairment charge of $10 million during the first quarter of 2024. Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Forgiveness of notes (a) $ 6 $ 4 $ 18 $ 11 Impairment (b) — — 10 — Bad debt expense related to notes — — — 1 ______________________ (a) Amounts are recorded as a reduction of both royalties and franchise fees and marketing, reservation and loyalty revenues on the Condensed Consolidated Statements of Income. (b) Amount is recorded within impairment on the Condensed Consolidated Statements of Income. Condensed Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2024 2023 Payments of development advance notes $ (91) $ (48) Proceeds from repayment of development advance notes 3 1 Payments of development advance notes, net $ (88) $ (47) Restricted Cash As of September 30, 2024, the Company had $10 million of restricted cash that is reported within other non-current assets on the Condensed Consolidated Balance Sheet. The Company had no restricted cash on its Condensed Consolidated Balance Sheet as of December 31, 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. With certain exceptions, the Company is no longer subject to federal income tax examinations for years prior to 2020. The Company is no longer subject to state and local, or foreign, income tax examinations for years prior to 2017. The Company made cash income tax payments, net of refunds, of $69 million and $67 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rates were 25.5% and 24.3% during the three months ended September 30, 2024 and 2023, respectively. Such increase was primarily due to the absence of a tax benefit from a state legislative change that resulted in the release of a valuation allowance in 2023. The Company’s effective tax rates were 24.4% and 25.7% during the nine months ended September 30, 2024 and 2023, respectively. Such decrease was primarily a result of a reversal of a non-taxable separation-related reserve. Various jurisdictions in which the Company operates have enacted the Pillar II directive which establishes a global minimum corporate tax rate of 15% initiated by the Organization for Economic Co-operation and Development with an effective date of January 1, 2024. The Company does not expect Pillar II to have a material impact on its financial results, including its annual estimated effective tax rate or liquidity for 2024.

Long-Term Debt and Borrowing Ar

Long-Term Debt and Borrowing Arrangements	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Borrowing Arrangements	8. LONG-TERM DEBT AND BORROWING ARRANGEMENTS The Company’s indebtedness consisted of: September 30, 2024 December 31, 2023 Long-term debt: (a) Amount Weighted Average Rate (b) Amount Weighted Average Rate (b) $750 million revolving credit facility (due April 2027) $ 69 7.17% $ 160 7.30% $400 million term loan A (due April 2027) 369 7.17% 384 6.82% $1.5 billion term loan B (due May 2030) 1,518 4.42% 1,123 4.10% $500 million 4.375% senior unsecured notes (due August 2028) 496 4.38% 495 4.38% Finance leases 35 4.50% 39 4.50% Total long-term debt 2,487 5.02% 2,201 4.77% Less: Current portion of long-term debt 47 37 Long-term debt $ 2,440 $ 2,164 ______________________ (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $16 million as of September 30, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $6 million and $5 million as of September 30, 2024 and December 31, 2023, respectively. (b) Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects of hedging. Maturities and Capacity The Company’s outstanding debt as of September 30, 2024 matures as follows: Long-Term Debt Within 1 year $ 47 Between 1 and 2 years 52 Between 2 and 3 years 406 Between 3 and 4 years 519 Between 4 and 5 years 23 Thereafter 1,440 Total $ 2,487 As of September 30, 2024, the available capacity under the Company’s revolving credit facility was as follows: Revolving Credit Facility Total capacity $ 750 Less: Borrowings 69 Available capacity $ 681 Revolving Credit Facility The Company had $69 million and $160 million of outstanding borrowings on its revolving credit facility as of September 30, 2024 and December 31, 2023, respectively. Such borrowings were included within long-term debt on the Condensed Consolidated Balance Sheets. Fifth Amendment to the Credit Agreement In May 2024, the Company entered into a Fifth Amendment to its credit agreement dated May 30, 2018, in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $1.5 billion as of September 30, 2024. The incremental proceeds of the New Term B were used for general corporate purposes, including the repayment of outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75% or (b) Term SOFR, plus an applicable rate of 1.75%. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility and will be subject to equal quarterly amortization of principal of 0.25% of the initial principal amount, starting with the first full fiscal quarter after the closing date. Deferred Debt Issuance Costs The Company classifies deferred debt issuance costs related to its revolving credit facility within other non-current assets on the Condensed Consolidated Balance Sheets. Such deferred debt issuance costs were $2 million and $3 million as of September 30, 2024 and December 31, 2023, respectively. Cash Flow Hedge In January 2024, the Company entered into new pay-fixed/receive-variable interest rate swaps that hedge the interest rate exposure on $275 million of our variable-rate debt with an effective date in the fourth quarter of 2024 and an expiration date in the fourth quarter of 2027. The weighted average fixed rate associated with the new swaps is 3.37% (plus applicable spreads). In September 2024, the Company entered into new pay-fixed/receive-variable interest rate swaps that hedge the interest rate exposure on $350 million of its variable-rate debt with an effective date in the third quarter of 2024 and an expiration date in the third quarter of 2028. The weighted average fixed rate associated with these new swaps is 3.31% (plus applicable spreads). As of September 30, 2024, the Company has pay-fixed/receive-variable interest rate swaps which hedge the interest rate exposure on $1.5 billion, effectively representing nearly all of the outstanding amount of its term loan B. The interest rate swaps have weighted average fixed rates (plus applicable spreads) ranging from 0.91% to 3.84% based on various effective dates for each of the swap agreements, with $475 million of swaps expiring in the fourth quarter of 2027, $600 million expiring in the second quarter of 2028, and $350 million expiring in the third quarter of 2028. For the nine months ended September 30, 2024 and 2023, the weighted average fixed rate (plus applicable spreads) for the swaps were 1.95% and 1.79%, respectively. The aggregate fair value of these interest rate swaps was a $14 million net liability and $13 million net asset as of September 30, 2024 and December 31, 2023, respectively, which was included within other non-current liabilities and other non-current assets on the Condensed Consolidated Balance Sheets, respectively. The effect of interest rate swaps on interest expense, net on the Condensed Consolidated Statements of Income was $8 million and $10 million of income for the three months ended September 30, 2024 and 2023, respectively, and $28 million and $26 million of income for the nine months ended September 30, 2024 and 2023, respectively. There was no hedging ineffectiveness recognized in the nine months ended September 30, 2024 or 2023. The Company expects to reclassify $7 million of gains from accumulated other comprehensive income (“AOCI”) to interest expense during the next 12 months. Interest Expense, Net The Company incurred net interest expense of $34 million and $27 million for the three months ended September 30, 2024 and 2023, respectively, and $93 million and $73 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid related to such interest was $99 million and $80 million for the nine months ended September 30, 2024 and 2023, respectively. Early Extinguishment of Debt The Company incurred non-cash early extinguishment of debt costs of $3 million during both the nine months ended September 30, 2024 and 2023 relating to the repricing and refinancing of the Company's term loan B, respectively.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	9. FAIR VALUE The Company measures its financial assets and liabilities at fair value on a recurring basis and utilizes the fair value hierarchy to determine such fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable. Level 3: Unobservable inputs used when little or no market data is available. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The carrying amounts of cash and cash equivalents, trade receivables, accounts payable and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The carrying amounts and estimated fair values of all other financial instruments are as follows: September 30, 2024 Carrying Amount Estimated Fair Value Debt $ 2,487 $ 2,484 The Company estimates the fair value of its debt using Level 2 inputs based on indicative bids from investment banks or quoted market prices with the exception of finance leases, which are estimated at carrying value. Financial Instruments Changes in interest rates and foreign exchange rates expose the Company to market risk. The Company uses cash flow hedges as part of its overall strategy to manage its exposure to market risks associated with fluctuations in interest rates and foreign currency exchange rates. As a matter of policy, the Company only enters into transactions that it believes will be highly effective at offsetting the underlying risk, and it does not use derivatives for trading or speculative purposes. The Company estimates the fair value of its derivatives using Level 2 inputs. Interest Rate Risk A portion of debt used to finance the Company’s operations is exposed to interest rate fluctuations. The Company uses various hedging strategies and derivative financial instruments to create a desired mix of fixed and floating rate assets and liabilities. Derivative instruments currently used in these hedging strategies include interest rate swaps. The derivatives used to manage the risk associated with the Company’s floating rate debt are derivatives designated as cash flow hedges. See Note 8 - Long-Term Debt and Borrowing Arrangements for the impact of such cash flow hedges. Foreign Currency Risk The Company has foreign currency rate exposure to exchange rate fluctuations worldwide, particularly with respect to the Canadian Dollar, Chinese Yuan, Euro, Brazilian Real, British Pound and Argentine Peso. The Company uses foreign currency forward contracts at various times to manage and reduce the foreign currency exchange rate risk associated with its foreign currency denominated receivables and payables, forecasted royalties and forecasted earnings and cash flows of foreign subsidiaries and other transactions. The Company recognized $1 million of losses and $1 million of gains from freestanding foreign currency exchange contracts during the three months ended September 30, 2024 and 2023, respectively. The Company recognized immaterial gains and $2 million of losses from freestanding foreign currency exchange contracts during the nine months ended September 30, 2024 and 2023, respectively. Such gains and losses are included in operating expenses in the Condensed Consolidated Statements of Income. The Company accounts for certain countries as a highly inflationary economy, with its exposure primarily related to Argentina. The Company incurred immaterial foreign currency exchange losses related to highly inflationary countries during the three months ended September 30, 2024 and $1 million of losses during the nine months ended September 30, 2024. The Company incurred foreign currency exchange losses related to highly inflationary countries of $3 million and $6 million during the three and nine months ended September 30, 2023, respectively. Such gains and losses are included in operating expenses in the Condensed Consolidated Statements of Income. Credit Risk and Exposure The Company is exposed to counterparty credit risk in the event of nonperformance by counterparties to various agreements and sales transactions. The Company manages such risk by evaluating the financial position and creditworthiness of such counterparties and often by requiring collateral in instances in which financing is provided. The Company mitigates counterparty credit risk associated with its derivative contracts by monitoring the amounts at risk with each counterparty to such contracts, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing its risk among multiple counterparties.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. COMMITMENTS AND CONTINGENCIES Litigation The Company is involved, at times, in claims, legal and regulatory proceedings and governmental inquiries arising in the ordinary course of its business, including but not limited to: breach of contract, fraud and bad faith claims with franchisees in connection with franchise agreements and with owners in connection with management contracts, as well as negligence, breach of contract, fraud, employment, consumer protection and other statutory claims asserted in connection with alleged acts or occurrences at owned, franchised or managed properties or in relation to guest reservations and bookings. The Company may also at times be involved in claims, legal and regulatory proceedings and governmental inquiries relating to bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters, claims of infringement upon third parties’ intellectual property rights, claims relating to information security, privacy and consumer protection, fiduciary duty/trust claims, tax claims, environmental claims and landlord/tenant disputes. Along with many of its competitors, the Company and/or certain of its subsidiaries have been named as defendants in litigation matters filed in state and federal courts, alleging statutory and common law claims related to purported incidents of sex trafficking at certain franchised and managed hotel facilities. Many of these matters are in the pleading or discovery stages at this time. In certain matters, discovery has closed and the parties are engaged in dispositive motion practice. As of September 30, 2024, the Company is aware of approximately 35 pending matters filed naming the Company and/or subsidiaries. Based upon the status of these matters, the Company has not made a determination as to the likelihood of any probable loss of any one of these matters and is unable to estimate a range of losses at this time. The Company records an accrual for legal contingencies when it determines, after consultation with outside counsel, that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome, and when it is probable that a liability has been incurred, its ability to make a reasonable estimate of loss. The Company reviews these accruals each reporting period and makes revisions based on changes in facts and circumstances, including changes to its strategy in dealing with these matters. The Company believes that it has adequately accrued for such matters with reserves of $2 million and $7 million as of September 30, 2024 and December 31, 2023, respectively. The Company also had receivables for certain matters which are covered by insurance. Such receivables were immaterial as of September 30, 2024 and were $4 million as of December 31, 2023 and are included within other current assets on the Company’s Condensed Consolidated Balance Sheets. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable results could occur. As such, an adverse outcome from such proceedings for which claims are awarded in excess of the amounts accrued, if any, could be material to the Company with respect to earnings and/or cash flows in any given reporting period. As of September 30, 2024, the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to approximately $9 million in excess of recorded accruals. However, the Company does not believe that the impact of such litigation will result in a material liability to the Company in relation to its combined financial position or liquidity. Guarantees Separation-related guarantees The Company assumed one-third of certain contingent and other corporate liabilities of former Parent incurred prior to the spin-off, including liabilities of former Parent related to, arising out of or resulting from certain terminated or divested businesses, certain general corporate matters of former Parent and any actions with respect to the separation plan or the distribution made or brought by any third party.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. STOCK-BASED COMPENSATION The Company has a stock-based compensation plan available to grant non-qualified stock options, incentive stock options, stock-settled appreciation rights (“SSARs”), RSUs, performance-vesting restricted stock units (“PSUs”) and/or other stock-based awards to key employees and non-employee directors. Under the Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan (“Stock Plan”), which became effective on May 14, 2018, a maximum of 10.0 million shares of common stock may be awarded. As of September 30, 2024, 4.4 million shares remained available. During 2024, the Company granted incentive equity awards totaling $36 million to key employees and senior officers in the form of RSUs. The RSUs generally vest ratably over a period of four years based on continuous service. Additionally, the Company approved incentive equity awards to key employees and senior officers in the form of PSUs with a maximum grant value of $18 million. The PSUs generally cliff vest on the third anniversary of the grant date based on continuous service with the number of shares earned (0% to 200% of the target award) dependent upon the extent the Company achieves certain performance metrics. Incentive Equity Awards Granted by the Company The activity related to the Company’s incentive equity awards for the nine months ended September 30, 2024 consisted of the following: RSUs PSUs Number of Weighted Number Weighted Balance as of December 31, 2023 1.0 $ 72.80 0.5 $ 76.56 Granted (a) 0.5 76.65 0.2 (b) 76.55 Vested (0.5) 68.79 (0.1) 65.21 Canceled (0.1) 76.72 — — Balance as of September 30, 2024 0.9 (c) $ 76.41 0.6 (d) $ 78.43 ______________________ (a) Represents awards granted by the Company primarily in February 2024. (b) Represents awards granted by the Company at the maximum achievement level of 200% of target payout. Actual shares that may be issued can range from 0% to 200% of target. (c) RSUs outstanding as of September 30, 2024 have an aggregate unrecognized compensation expense of $55 million, which is expected to be recognized over a weighted average period of 2.6 years. (d) PSUs outstanding as of September 30, 2024 have an aggregate maximum potential unrecognized compensation expense of $26 million, which may be recognized over a weighted average period of 2.0 years based on attainment of targets. There were no stock options granted in 2024 or 2023. The activity related to stock options for the nine months ended September 30, 2024 consisted of the following: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2023 1.0 $ 55.89 Granted — — Exercised (0.2) 61.06 Canceled — — Outstanding as of September 30, 2024 0.8 $ 54.28 2.6 $ 19 Unvested as of September 30, 2024 — $ — — $ — Exercisable as of September 30, 2024 0.8 $ 53.99 2.6 $ 19 Stock-Based Compensation Expense Stock-based compensation expense was $10 million for both the three months ended September 30, 2024 and 2023, respectively, and $33 million and $28 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, $2 million and $1 million of stock-based compensation expense was recorded within restructuring costs and transaction-related costs, respectively on the Condensed Consolidated Statements of Income. There were no amounts recorded within restructuring costs and transaction-related costs for the three months ended September 30, 2024 on Condensed Consolidated Statements of Income.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	12. SEGMENT INFORMATION The reportable segment presented below represents the Company’s operating segment for which separate financial information is available and is utilized on a regular basis by its chief operating decision maker to assess performance and allocate resources. In identifying its reportable segment, the Company also considers the nature of services provided by its operating segment. Management evaluates the operating results of its reportable segment based upon net revenues and “adjusted EBITDA”, which is defined as net income/(loss) excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment charges, restructuring and related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales, foreign currency impacts of highly inflationary countries, stock-based compensation expense, income taxes and development advance notes amortization. The Company believes that adjusted EBITDA is a useful measure of performance for its segment which, when considered with U.S. GAAP measures, allows a more complete understanding of its operating performance. The Company uses this measure internally to assess operating performance, both absolutely and in comparison, to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. The Company’s presentation of adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended September 30, 2024 2023 Net Revenues Adjusted EBITDA Net Revenues Adjusted EBITDA Hotel Franchising $ 396 $ 224 $ 402 $ 215 Corporate and Other — (16) — (15) Total Company $ 396 $ 208 $ 402 $ 200 The table below is a reconciliation of net income to adjusted EBITDA. Three Months Ended September 30, 2024 2023 Net income $ 102 $ 103 Provision for income taxes 35 33 Depreciation and amortization 17 19 Interest expense, net 34 27 Stock-based compensation 10 10 Development advance notes amortization 6 4 Restructuring costs 2 — Transaction-related 1 1 Separation-related 1 — Foreign currency impact of highly inflationary countries — 3 Adjusted EBITDA $ 208 $ 200 Nine Months Ended September 30, 2024 2023 Net Revenues Adjusted EBITDA Net Revenues Adjusted EBITDA Hotel Franchising $ 1,067 $ 578 $ 1,076 $ 554 Corporate and Other — (51) — (49) Total Company $ 1,067 $ 527 $ 1,076 $ 505 The table below is a reconciliation of net income to adjusted EBITDA. Nine Months Ended September 30, 2024 2023 Net income $ 204 $ 240 Provision for income taxes 66 83 Depreciation and amortization 54 56 Interest expense, net 93 73 Early extinguishment of debt 3 3 Stock-based compensation 30 28 Development advance notes amortization 18 11 Transaction-related 46 5 Impairment 12 — Restructuring costs 11 — Separation-related (11) — Foreign currency impact of highly inflationary countries 1 6 Adjusted EBITDA $ 527 $ 505

Other Expenses and Charges

Other Expenses and Charges	9 Months Ended
	Sep. 30, 2024
Other Expenses [Abstract]
Other Expenses and Charges	13. OTHER EXPENSES AND CHARGES Transaction-Related The Company recognized transaction-related expenses of $1 million and $46 million during the three and nine months ended September 30, 2024, primarily related to costs associated with the failed hostile takeover defense and costs related to the repricing of the Company’s term loan B. Such amounts primarily consisted of legal and advisory costs. The Company recognized transaction-related expenses of $1 million and $5 million during the three and nine months ended September 30, 2023, respectively, related to corporate transactions, including costs associated with the refinancing of the Company’s term loan B. The following table presents activity for the nine months ended September 30, 2024: 2024 Activity Liability as of December 31, 2023 (a) Costs Recognized Cash Payments Other (b) Liability as of September 30, 2024 (a) Hostile takeover defense $ 7 $ 42 $ (47) $ (2) $ — Debt repricing — 4 (4) — — Total accrued transaction-related expenses $ 7 $ 46 $ (51) $ (2) $ — _____________________ (a) Reported within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. (b) Represents non-cash retention-related payments in Company stock. Impairment As a result of the Company’s evaluation of the recoverability of the carrying value of certain assets, the Company recorded an impairment charge of $12 million, primarily related to development advance notes, during the first quarter of 2024. The impairment charge was reported within the impairment line item on the Condensed Consolidated Statements of Income. Restructuring During the first quarter of 2024, the Company approved a restructuring plan focused on enhancing its organizational efficiency. As a result, during the three and nine months ended September 30, 2024, the Company incurred $2 million and $11 million, respectively, of restructuring expenses, relating to 111 employees primarily in its Hotel Franchising segment. The following table presents activity for the nine months ended September 30, 2024: 2024 Activity Liability as of December 31, 2023 (a) Costs Recognized Cash Payments Other (b) Liability as of September 30, 2024 (a) 2024 Plan Personnel-related $ — $ 11 $ (6) $ (2) $ 3 Total accrued restructuring $ — $ 11 $ (6) $ (2) $ 3 _____________________ (a) Reported within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. (b) Represents non-cash payments in Company stock. Separation-Related

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	14. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The components of AOCI are as follows: Net of Tax Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2023 $ 9 $ 10 $ 19 Period change (2) 10 8 Balance as of March 31, 2024 7 20 27 Period change (1) (1) (2) Balance as of June 30, 2024 6 19 25 Period change 4 (29) (25) Balance as of September 30, 2024 $ 10 $ (10) $ — Net of Tax Balance as of December 31, 2022 $ (3) $ 41 $ 38 Period change 2 (8) (6) Balance as of March 31, 2023 (1) 33 32 Period change 2 2 4 Balance as of June 30, 2023 1 35 36 Period change (2) — (2) Balance as of September 30, 2023 $ (1) $ 35 $ 34

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The Condensed Consolidated Financial Statements have been prepared on a stand-alone basis. The Condensed Consolidated Financial Statements include the Company’s assets, liabilities, revenues, expenses and cash flows and all entities in which it has a controlling financial interest.All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.
Basis of Accounting	The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimate	In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates.
Recently Issued and Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting update, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted the guidance on January 1, 2024 and will begin disclosing under this new guidance with its Annual Report on Form 10-K for the year ending December 31, 2024. Recently Issued Accounting Pronouncements In December 2023, the FASB issued an accounting update, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This update also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This update should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. The Company plans to adopt the guidance on January 1, 2025, as required.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Deferred revenues as of September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 December 31, 2023 Deferred initial franchise fee revenues $ 142 $ 145 Deferred loyalty program revenues 99 95 Deferred co-branded credit card program revenues — 3 Deferred other revenues 22 15 Total $ 263 $ 258
Schedule of Performance Obligations	The following table summarizes the Company’s remaining performance obligations for the twelve-month periods set forth below: 10/1/2024 - 9/30/2025 10/1/2025 - 9/30/2026 10/1/2026 - 9/30/2027 Thereafter Total Initial franchise fee revenues $ 16 $ 8 $ 7 $ 111 $ 142 Loyalty program revenues 64 24 9 2 99 Other revenues 18 1 — 3 22 Total $ 98 $ 33 $ 16 $ 116 $ 263
Schedule of Disaggregation of Net Revenues	The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Royalties and franchise fees $ 159 $ 152 $ 419 $ 415 Marketing and reservation fees 136 155 356 380 Loyalty revenue 25 24 73 65 65 Management and other fees 3 3 7 11 License and other fees 32 30 89 83 Cost reimbursements 2 2 4 12 Other revenue 39 36 119 110 Net revenues $ 396 $ 402 $ 1,067 $ 1,076

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS		The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 102 $ 103 $ 204 $ 240 Basic weighted average shares outstanding 78.8 84.0 80.1 85.2 Stock options and restricted stock units (“RSUs”) (a) 0.4 0.5 0.4 0.5 Diluted weighted average shares outstanding 79.2 84.5 80.5 85.7 Earnings per share: Basic $ 1.30 $ 1.22 $ 2.55 $ 2.81 Diluted 1.29 1.21 2.54 2.79 Dividends: Cash dividends declared per share $ 0.38 $ 0.35 $ 1.14 $ 1.05 Aggregate dividends paid to stockholders $ 29 $ 29 $ 92 $ 90 ______________________ (a) Diluted shares outstanding excludes anti-dilutive shares related to stock options of 0.2 million for both the three and nine months ended September 30, 2023. Anti-dilutive shares related to stock options were immaterial for both the three and nine months ended September 30, 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.5 million for both the three and nine months ended September 30, 2024 and 0.4 million for both the three and nine months ended September 30, 2023.
Schedule of Stock Repurchase Activity	The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data) which includes excise taxes and fees: Shares Cost Average Price Per Share As of December 31, 2023 20.7 $ 1,361 $ 65.69 For the nine months ended September 30, 2024 3.8 285 75.01 As of September 30, 2024 24.5 $ 1,646 $ 67.13

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table sets forth the activity in the Company’s allowance for doubtful accounts on trade accounts receivable for the nine months ended: 2024 2023 Balance as of January 1, $ 60 $ 64 Provision for doubtful accounts 4 2 Bad debt write-offs (1) (3) Balance as of September 30, $ 63 $ 63

Long-Term Debt and Borrowing _2

Long-Term Debt and Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Company's Indebtedness	The Company’s indebtedness consisted of: September 30, 2024 December 31, 2023 Long-term debt: (a) Amount Weighted Average Rate (b) Amount Weighted Average Rate (b) $750 million revolving credit facility (due April 2027) $ 69 7.17% $ 160 7.30% $400 million term loan A (due April 2027) 369 7.17% 384 6.82% $1.5 billion term loan B (due May 2030) 1,518 4.42% 1,123 4.10% $500 million 4.375% senior unsecured notes (due August 2028) 496 4.38% 495 4.38% Finance leases 35 4.50% 39 4.50% Total long-term debt 2,487 5.02% 2,201 4.77% Less: Current portion of long-term debt 47 37 Long-term debt $ 2,440 $ 2,164 ______________________ (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $16 million as of September 30, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $6 million and $5 million as of September 30, 2024 and December 31, 2023, respectively. (b) Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects of hedging.
Schedule of Outstanding Debt Maturities	The Company’s outstanding debt as of September 30, 2024 matures as follows: Long-Term Debt Within 1 year $ 47 Between 1 and 2 years 52 Between 2 and 3 years 406 Between 3 and 4 years 519 Between 4 and 5 years 23 Thereafter 1,440 Total $ 2,487
Schedule of Available Capacity Under Borrowing Arrangements	As of September 30, 2024, the available capacity under the Company’s revolving credit facility was as follows: Revolving Credit Facility Total capacity $ 750 Less: Borrowings 69 Available capacity $ 681

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The carrying amounts and estimated fair values of all other financial instruments are as follows: September 30, 2024 Carrying Amount Estimated Fair Value Debt $ 2,487 $ 2,484

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Activity Related to Incentive Equity Awards	The activity related to the Company’s incentive equity awards for the nine months ended September 30, 2024 consisted of the following: RSUs PSUs Number of Weighted Number Weighted Balance as of December 31, 2023 1.0 $ 72.80 0.5 $ 76.56 Granted (a) 0.5 76.65 0.2 (b) 76.55 Vested (0.5) 68.79 (0.1) 65.21 Canceled (0.1) 76.72 — — Balance as of September 30, 2024 0.9 (c) $ 76.41 0.6 (d) $ 78.43 ______________________ (a) Represents awards granted by the Company primarily in February 2024. (b) Represents awards granted by the Company at the maximum achievement level of 200% of target payout. Actual shares that may be issued can range from 0% to 200% of target. (c) RSUs outstanding as of September 30, 2024 have an aggregate unrecognized compensation expense of $55 million, which is expected to be recognized over a weighted average period of 2.6 years. (d) PSUs outstanding as of September 30, 2024 have an aggregate maximum potential unrecognized compensation expense of $26 million, which may be recognized over a weighted average period of 2.0 years based on attainment of targets. There were no stock options granted in 2024 or 2023. The activity related to stock options for the nine months ended September 30, 2024 consisted of the following: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2023 1.0 $ 55.89 Granted — — Exercised (0.2) 61.06 Canceled — — Outstanding as of September 30, 2024 0.8 $ 54.28 2.6 $ 19 Unvested as of September 30, 2024 — $ — — $ — Exercisable as of September 30, 2024 0.8 $ 53.99 2.6 $ 19

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Net Revenues and Adjusted EBITDA by Segment	Three Months Ended September 30, 2024 2023 Net Revenues Adjusted EBITDA Net Revenues Adjusted EBITDA Hotel Franchising $ 396 $ 224 $ 402 $ 215 Corporate and Other — (16) — (15) Total Company $ 396 $ 208 $ 402 $ 200
Reconciliation of Net Income to Adjusted EBITDA	The table below is a reconciliation of net income to adjusted EBITDA. Three Months Ended September 30, 2024 2023 Net income $ 102 $ 103 Provision for income taxes 35 33 Depreciation and amortization 17 19 Interest expense, net 34 27 Stock-based compensation 10 10 Development advance notes amortization 6 4 Restructuring costs 2 — Transaction-related 1 1 Separation-related 1 — Foreign currency impact of highly inflationary countries — 3 Adjusted EBITDA $ 208 $ 200

Other Expenses and Charges (Tab

Other Expenses and Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Other Expenses [Abstract]
Schedule of Accrued Liabilities	The following table presents activity for the nine months ended September 30, 2024: 2024 Activity Liability as of December 31, 2023 (a) Costs Recognized Cash Payments Other (b) Liability as of September 30, 2024 (a) Hostile takeover defense $ 7 $ 42 $ (47) $ (2) $ — Debt repricing — 4 (4) — — Total accrued transaction-related expenses $ 7 $ 46 $ (51) $ (2) $ — _____________________ (a) Reported within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. (b) Represents non-cash retention-related payments in Company stock.
Schedule of Restructuring Activity	The following table presents activity for the nine months ended September 30, 2024: 2024 Activity Liability as of December 31, 2023 (a) Costs Recognized Cash Payments Other (b) Liability as of September 30, 2024 (a) 2024 Plan Personnel-related $ — $ 11 $ (6) $ (2) $ 3 Total accrued restructuring $ — $ 11 $ (6) $ (2) $ 3 _____________________ (a) Reported within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. (b) Represents non-cash payments in Company stock.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of AOCI are as follows: Net of Tax Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2023 $ 9 $ 10 $ 19 Period change (2) 10 8 Balance as of March 31, 2024 7 20 27 Period change (1) (1) (2) Balance as of June 30, 2024 6 19 25 Period change 4 (29) (25) Balance as of September 30, 2024 $ 10 $ (10) $ — Net of Tax Balance as of December 31, 2022 $ (3) $ 41 $ 38 Period change 2 (8) (6) Balance as of March 31, 2023 (1) 33 32 Period change 2 2 4 Balance as of June 30, 2023 1 35 36 Period change (2) — (2) Balance as of September 30, 2023 $ (1) $ 35 $ 34

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries operating in (approximately)	95

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Franchise agreement, revenue recognition period (within)	13 years
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 84	$ 68
Other Current Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	15	4
Other Noncurrent Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 69	$ 64

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 263	$ 258
Deferred initial franchise fee revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	142	145
Deferred loyalty program revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	99	95
Deferred co-branded credit card program revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	0	3
Deferred other revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 22	$ 15

Revenue Recognition (Performanc

Revenue Recognition (Performance Obligations) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 263
Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	142
Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	99
Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	22
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 98
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 16
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 64
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 18
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 33
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 8
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 16
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 7
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 9
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 116
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 111
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	1 year

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Net Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net Revenues	$ 396	$ 402	$ 1,067	$ 1,076
Royalties and franchise fees
Disaggregation of Revenue [Line Items]
Net Revenues		152	419	415
Marketing, reservation and loyalty
Disaggregation of Revenue [Line Items]
Net Revenues	161	179	429	445
Cost reimbursements
Disaggregation of Revenue [Line Items]
Net Revenues		2	4	12
Other
Disaggregation of Revenue [Line Items]
Net Revenues		36	119	110
License and other fees
Disaggregation of Revenue [Line Items]
Net Revenues		30	89	83
Management and other fees
Disaggregation of Revenue [Line Items]
Net Revenues		3	7	11
Reportable Segments | Royalties and franchise fees
Disaggregation of Revenue [Line Items]
Net Revenues	159	152
Reportable Segments | Cost reimbursements
Disaggregation of Revenue [Line Items]
Net Revenues	2	2
Reportable Segments | Other
Disaggregation of Revenue [Line Items]
Net Revenues	39	36
Reportable Segments | Marketing and reservation fees
Disaggregation of Revenue [Line Items]
Net Revenues	136	155	356	380
Reportable Segments | Deferred loyalty program revenues
Disaggregation of Revenue [Line Items]
Net Revenues	25	24	73	65
Reportable Segments | Management and other fees
Disaggregation of Revenue [Line Items]
Net Revenues	3	3
Reportable Segments | License and other fees
Disaggregation of Revenue [Line Items]
Net Revenues	32	30
Reportable Segments | Hotel Franchising
Disaggregation of Revenue [Line Items]
Net Revenues	$ 396	$ 402	$ 1,067	$ 1,076

Earnings Per Share (Computation

Earnings Per Share (Computation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 102	$ 86	$ 16	$ 103	$ 70	$ 67	$ 204	$ 240
Basic weighted average shares outstanding (in shares)	78.8			84			80.1	85.2
Stock Options and restricted stock units (RSUs) (in shares)	0.4			0.5			0.4	0.5
Diluted weighted average shares outstanding (in shares)	79.2			84.5			80.5	85.7
Earnings per share
Basic (in usd per share)	$ 1.30			$ 1.22			$ 2.55	$ 2.81
Diluted (in usd per share)	1.29			1.21			2.54	2.79
Cash dividends declared per share (in usd per share)	$ 0.38			$ 0.35			$ 1.14	$ 1.05
Aggregate dividends paid to stockholders	$ 29			$ 29			$ 92	$ 90
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.5			0.4			0.5	0.4
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0			0.2			0	0.2

Earnings Per Share (Stock Repur

Earnings Per Share (Stock Repurchase Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Shares
Treasury stock, shares, beginning (in shares) | shares	20.7
Treasury stock, acquired (in shares) | shares	3.8
Treasury stock, shares, ending (in shares) | shares	24.5
Cost
Treasury stock, cost, beginning | $	$ 1,361
Treasury stock, cost, acquired | $	285
Treasury stock, cost, ending | $	$ 1,646
Average Price Per Share
Treasury stock, average price per share, beginning (in usd per share) | $ / shares	$ 65.69
Treasury stock, average price per share, acquired (in usd per share) | $ / shares	75.01
Treasury stock, average price per share, ending (in usd per share) | $ / shares	$ 67.13

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Earnings Per Share [Abstract]
Share repurchase, remaining availability	$ 560

Accounts Receivable - Allowance

Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of January 1,	$ 60	$ 64
Provision for doubtful accounts	4	2
Bad debt write-offs	(1)	(3)
Balance as of September 30,	$ 63	$ 63

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items]
Impairment	$ 0	$ 12	$ 0	$ 12	$ 0

Franchising, Marketing and Re_2

Franchising, Marketing and Reservation Activities (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net Revenues	$ (396)			$ (402)	$ (1,067)	$ (1,076)
Payments of development advance notes, net					(88)	(47)
Proceeds from Loans					3	1
Payments for Loans					(91)	(48)
Non Cash Development Advance Note	3				3
Impairment	0		$ 12	0	12	0
Bad debt expense related to notes	0			0	0	1
Restricted cash, non-current	10				10		$ 0
Development advance notes
Disaggregation of Revenue [Line Items]
Impairment	0	$ 10		0	10	0
Franchisees and hotel owners
Disaggregation of Revenue [Line Items]
Development advance notes	288				288		$ 228
Forgiveness of note receivable
Disaggregation of Revenue [Line Items]
Net Revenues	6			4	18	11
Deferred initial franchise fee revenues
Disaggregation of Revenue [Line Items]
Net Revenues	$ (5)			$ (4)	$ (18)	$ (11)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes paid, net			$ 69	$ 67
Effective tax rate	25.50%	24.30%	24.40%	25.70%

Long-Term Debt and Borrowing _3

Long-Term Debt and Borrowing Arrangements (Schedule of Company's Indebtedness) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	5.02%	4.77%
Total long-term debt	$ 2,487	$ 2,201
Less: Current portion of long-term debt	47	37
Long-term debt	2,440	2,164
$1.5 billion term loan B (due May 2030)
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 6	$ 5
Finance leases
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.50%	4.50%
Finance lease liabilities, noncurrent	$ 35	$ 39
$750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt issuance costs	2	3
Line of Credit | $750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt instrument, face amount	750
Long-term debt	$ 69	$ 160
Debt, Weighted Average Interest Rate	7.17%	7.30%
Long-term Debt | $400 million term loan A (due April 2027)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400
Long-term debt	$ 369	$ 384
Debt, Weighted Average Interest Rate	7.17%	6.82%
Long-term Debt | $1.5 billion term loan B (due May 2030)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500
Long-term debt	$ 1,518	$ 1,123
Debt, Weighted Average Interest Rate	4.42%	4.10%
Senior Notes | $500 million 4.375% senior unsecured notes (due August 2028)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
Debt instrument, interest rate, stated percentage	4.375%
Long-term debt	$ 496	$ 495
Debt, Weighted Average Interest Rate	4.38%	4.38%
Term loan and senior unsecured notes
Debt Instrument [Line Items]
Debt issuance costs	$ 13	$ 16

Long-Term Debt and Borrowing _4

Long-Term Debt and Borrowing Arrangements (Schedule of Outstanding Debt Maturities) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Within 1 year	$ 47
Between 1 and 2 years	52
Between 2 and 3 years	406
Between 3 and 4 years	519
Between 4 and 5 years	23
Thereafter	1,440
Total	$ 2,487

Long-Term Debt and Borrowing _5

Long-Term Debt and Borrowing Arrangements (Schedule of Available Capacity Under Borrowing Arrangements) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 750,000,000
Available capacity	681,000,000
$750 million revolving credit facility (due May 2023) | Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 69,000,000	$ 160,000,000

Long-Term Debt and Borrowing _6

Long-Term Debt and Borrowing Arrangements (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Available capacity		$ 681,000,000		$ 681,000,000
Aggregate fair value of interest rate swaps						$ 13,000,000
Gain (loss) on interest rate cash flow hedge ineffectiveness				0
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net		7,000,000		7,000,000
Interest expense, net		34,000,000	$ 27,000,000	93,000,000	$ 73,000,000
Interest paid				99,000,000	80,000,000
Early extinguishment of debt		0	$ 0	3,000,000	$ 3,000,000
Interest rate cash flow hedge liability at fair value		$ 14,000,000		$ 14,000,000
Weighted Average
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap		1.95%	1.79%	1.95%	1.79%
Interest Rate Swap
Debt Instrument [Line Items]
Total notional amount		$ 1,500,000,000		$ 1,500,000,000
Interest rate cash flow hedge gain (loss) reclassified to earnings, net		8,000,000	$ (10,000,000)	28,000,000	$ (26,000,000)
Interest Rate Swap 1
Debt Instrument [Line Items]
Total notional amount		$ 600,000,000		$ 600,000,000
Interest Rate Swap 1 | Minimum
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap		0.91%		0.91%
Interest Rate Swap 1 | Maximum
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap		3.84%		3.84%
Interest Rate Swap 2
Debt Instrument [Line Items]
Total notional amount		$ 475,000,000		$ 475,000,000
Interest Rate Swap 3
Debt Instrument [Line Items]
Total notional amount		$ 275,000,000		$ 275,000,000
Fixed interest rate on interest rate swap		3.37%		3.37%
Interest Rate Swap 4
Debt Instrument [Line Items]
Total notional amount		$ 350,000,000		$ 350,000,000
Fixed interest rate on interest rate swap		3.31%		3.31%
Interest Rate Swap 5
Debt Instrument [Line Items]
Total notional amount		$ 350,000,000		$ 350,000,000
$1.5 billion term loan B (due May 2030) | Long-term Debt
Debt Instrument [Line Items]
Long-term debt		1,518,000,000		1,518,000,000		1,123,000,000
Debt instrument, face amount		1,500,000,000		1,500,000,000
Quarterly amortization of principal, percentage	0.25%
$1.5 billion term loan B (due May 2030) | Long-term Debt | Base Rate
Debt Instrument [Line Items]
Basis spread	0.75%
$1.5 billion term loan B (due May 2030) | Long-term Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	1.75%
$1.5 billion term loan B (due May 2030), additional tranche | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount		400,000,000		400,000,000
$750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt issuance costs		2,000,000		2,000,000		3,000,000
$750 million revolving credit facility (due May 2023) | Line of Credit
Debt Instrument [Line Items]
Long-term debt		69,000,000		69,000,000		$ 160,000,000
Debt instrument, face amount		$ 750,000,000		$ 750,000,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on foreign currency derivatives recorded in earnings	$ 1	$ (1)	$ 0	$ 2
Foreign currency gain (loss)	0	$ 3	1	$ 6
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	2,487		2,487
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,484		$ 2,484

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) lawsuit	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit	35
Litigation reserves	$ 2	$ 7
Litigation receivable covered by insurance	0	4
Accrued expenses and other current liabilities	252	$ 299
Maximum
Loss Contingencies [Line Items]
Range of possible loss, portion not accrued (up to)	$ 9

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 14, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 10,000,000	$ 10,000,000
Restricted Stock Units (RSUs) [Member] | Key employees and senior officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards granted			$ 36,000,000
Vesting period			4 years
Performance Shares | Key employees and senior officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum value of awards authorized for grant			$ 18,000,000
Performance Shares | Key employees and senior officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			0%
Performance Shares | Key employees and senior officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage			200%
Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares approved (in shares)					10
Remaining shares available (in shares)	4.4		4.4
Stock-based compensation	$ 10,000,000	$ 10,000,000	$ 33,000,000	$ 28,000,000
Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan | Transaction related costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			1,000,000
Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan | Restructuring costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 2,000,000

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
RSUs
Number of RSUs
Beginning balance (in shares) | shares	1
Granted (in shares) | shares	0.5
Vested/exercised (in shares) | shares	(0.5)
Canceled (in shares) | shares	(0.1)
Ending balance (in shares) | shares	0.9
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 72.80
Granted (in dollars per share) | $ / shares	76.65
Vested/exercised (in dollars per share) | $ / shares	68.79
Canceled (in dollars per share) | $ / shares	76.72
Ending balance (in dollars per share) | $ / shares	$ 76.41
Weighted Average Exercise Price
Aggregate unrecognized compensation expense | $	$ 55
Compensation expense not yet recognized, weighted average period	2 years 7 months 6 days
Performance Shares
Number of RSUs
Beginning balance (in shares) | shares	0.5
Granted (in shares) | shares	0.2
Vested/exercised (in shares) | shares	(0.1)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares	0
Ending balance (in shares) | shares	0.6
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 76.56
Granted (in dollars per share) | $ / shares	76.55
Vested/exercised (in dollars per share) | $ / shares	65.21
Canceled (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 78.43
Weighted Average Exercise Price
Aggregate unrecognized compensation expense | $	$ 26
Compensation expense not yet recognized, weighted average period	2 years
Performance Shares | Maximum | Key employees and senior officers
Weighted Average Exercise Price
Target award percentage	200%
Performance Shares | Minimum | Key employees and senior officers
Weighted Average Exercise Price
Target award percentage	0%
Options
Number of Options
Beginning balance (in shares) | shares	1
Granted (in shares) | shares	0
Exercised (in shares) | shares	(0.2)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	0.8
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 55.89
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	61.06
Canceled (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 54.28
Unvested options outstanding | shares	0
Options exercisable | shares	0.8
Unvested options weighted average exercise price (in dollars per share) | $ / shares	$ 0
Exercisable options weighted average exercise price (in dollars per share) | $ / shares	$ 53.99
Weighted average remaining contractual term, outstanding	2 years 7 months 6 days
Weighted average remaining contractual term, exercisable	2 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding | $	$ 19
Aggregate Intrinsic Value, Unvested | $	0
Aggregate Intrinsic Value, Exercisable | $	$ 19

Segment Information (Summary of

Segment Information (Summary of Net Revenues and Adjusted EBITDA by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net Revenues	$ 396	$ 402	$ 1,067	$ 1,076
Adjusted EBITDA	208	200	527	505
Reportable Segments | Hotel Franchising
Segment Reporting Information [Line Items]
Net Revenues	396	402	1,067	1,076
Adjusted EBITDA	224	215	578	554
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Net Revenues	0	0	0	0
Adjusted EBITDA	$ (16)	$ (15)	$ (51)	$ (49)

Segment Information (Reconcilia

Segment Information (Reconciliation of Net Income to Adjusted EBITDA) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net income	$ 102	$ 86	$ 16	$ 103	$ 70	$ 67	$ 204	$ 240
Provision for income taxes	35			33			66	83
Depreciation and amortization	17			19			54	56
Interest expense, net	34			27			93	73
Early extinguishment of debt	0			0			3	3
Stock-based compensation	10			10
Net Revenues	(396)			(402)			(1,067)	(1,076)
Transaction-related	1			1			46	5
Impairment	0		$ 12	0			12	0
Restructuring	2			0			11	0
Separation-related	1			0			(11)	0
Foreign currency impact of highly inflationary countries	0			(3)			(1)	(6)
Adjusted EBITDA	208			200			527	505
Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan
Segment Reporting Information [Line Items]
Stock-based compensation	10			10			33	28
Nonseparation related | Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan
Segment Reporting Information [Line Items]
Stock-based compensation							30	28
Forgiveness of note receivable
Segment Reporting Information [Line Items]
Net Revenues	$ 6			$ 4			$ 18	$ 11

Other Expenses and Charges - Na

Other Expenses and Charges - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Transaction-related	$ 1		$ 1	$ 46	$ 5
Payment of transaction-related costs			1		5
Impairment	0	$ 12	0	12	0
Restructuring	2		0	$ 11	0
Number of employees impacted | employee				111
Separation-related	1		$ 0	$ (11)	$ 0
Accrued transaction-related	0			0		$ 7
Transaction-related payments				(51)
Accrued transaction-related, settled without cash				(2)
Choice hostile takeover cost
Restructuring Cost and Reserve [Line Items]
Transaction-related				42
Accrued transaction-related	0			0		7
Transaction-related payments				(47)
Accrued transaction-related, settled without cash				(2)
Debt refinancing cost
Restructuring Cost and Reserve [Line Items]
Transaction-related				4
Accrued transaction-related	$ 0			0		$ 0
Transaction-related payments				$ (4)

Other Expenses and Charges - Re

Other Expenses and Charges - Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Liability, beginning			$ 0
Costs Recognized	$ 2	$ 0	11	$ 0
Cash Payments			(6)
Other			(2)
Liability, ending	3		3
Personnel-related
Restructuring Reserve [Roll Forward]
Liability, beginning			0
Costs Recognized			11
Cash Payments			(6)
Other			(2)
Liability, ending	$ 3		$ 3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period, value	$ 623	$ 674	$ 746	$ 880	$ 936	$ 962	$ 746	$ 962
Balance as of beginning of period	25	27	19	36	32	38	19	38
Period change	4	(1)	(2)	(2)	2	2	1	2
Period change	(29)	(1)	10	0	2	(8)	(20)	(6)
Period change	(25)	(2)	8	(2)	4	(6)	(19)	(4)
Balance as of end of period	0	25	27	34	36	32	0	34
Balance as of end of period, value	583	623	674	856	880	936	583	856
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period, value	6	7	9	1	(1)	(3)	9	(3)
Balance as of end of period, value	10	6	7	(1)	1	(1)	10	(1)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period, value	19	20	10	35	33	41	10	41
Balance as of end of period, value	$ (10)	$ 19	$ 20	$ 35	$ 35	$ 33	$ (10)	$ 35