Wyndham Hotels & Resorts (WH) 10-Q25 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		80,576,852
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2024	Mar. 31, 2023
Net revenues
Net revenues	$ 305	$ 313
Expenses
Operating	19	20
General and administrative	28	30
Depreciation and amortization	20	19
Transaction-related	41	0
Impairment	12	0
Restructuring	3	0
Separation-related	0	2
Total expenses	255	200
Operating income	50	113
Interest expense, net	28	22
Income before income taxes	22	91
Provision for income taxes	6	24
Net income	$ 16	$ 67
Earnings per share
Basic (in usd per share)	$ 0.20	$ 0.77
Diluted (in usd per share)	$ 0.19	$ 0.77
Fee-related and other revenues
Net revenues
Net revenues	$ 304	$ 308
Royalties and franchise fees
Net revenues
Net revenues	116	121
Marketing, reservation and loyalty
Net revenues
Net revenues	117	120
Expenses
Cost of revenues	131	124
Management and other fees
Net revenues
Net revenues	2	3
License and other fees
Net revenues
Net revenues	26	23
Other
Net revenues
Net revenues	43	41
Cost reimbursements
Net revenues
Net revenues	1	5
Expenses
Cost of revenues	$ 1	$ 5

Condensed Consolidated and Co_2

Condensed Consolidated and Combined Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 16	$ 67
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments	(2)	2
Unrealized gains/(losses) on cash flow hedges	10	(8)
Other comprehensive income/(loss), net of tax	8	(6)
Comprehensive income	$ 24	$ 61

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 50	$ 66
Trade receivables, net	248	241
Prepaid expenses	34	27
Other current assets	35	39
Total current assets	367	373
Property and equipment, net	83	88
Goodwill	1,525	1,525
Other non-current assets	518	468
Total assets	4,064	4,033
Current liabilities:
Current portion of long-term debt	37	37
Accounts payable	63	32
Deferred revenues	117	91
Accrued expenses and other current liabilities	305	299
Total current liabilities	522	459
Long-term debt	2,204	2,164
Deferred income taxes	325	325
Deferred revenues	164	167
Other non-current liabilities	175	172
Total liabilities	3,390	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, 102.4 and 102.1 issued as of March 31, 2024 and December 31, 2023	1	1
Treasury stock, at cost – 21.4 and 20.7 shares as of March 31, 2024 and December 31, 2023	(1,418)	(1,361)
Additional paid-in capital	1,592	1,599
Retained earnings	472	488
Accumulated other comprehensive income	27	19
Total stockholders’ equity	674	746
Total liabilities and stockholders’ equity	4,064	4,033
Trademarks, net
Current assets:
Intangible assets, net	1,232	1,232
Franchise agreements and other intangibles, net
Current assets:
Intangible assets, net	$ 339	$ 347

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 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)	102,400,000	102,100,000

Condensed Consolidated and Co_3

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 16	$ 67
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	20	19
Provision for doubtful accounts	1	0
Impairment	12	0
Deferred income taxes	(3)	(1)
Stock-based compensation	10	9
Net change in assets and liabilities:
Trade receivables	(11)	4
Prepaid expenses	(7)	(17)
Other current assets	3	35
Accounts payable, accrued expenses and other current liabilities	39	(40)
Deferred revenues	24	24
Payments of development advance notes, net	(31)	(13)
Other, net	3	6
Net cash provided by operating activities	76	93
Investing activities
Property and equipment additions	(9)	(9)
Loan advances	(15)	0
Net cash used in investing activities	(24)	(9)
Financing activities
Proceeds from borrowings	48	0
Principal payments on long-term debt	(8)	0
Dividends to stockholders	(32)	(31)
Repurchases of common stock	(55)	(54)
Net share settlement of incentive equity awards	(17)	(9)
Other, net	(3)	(1)
Net cash used in financing activities	(67)	(95)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	0
Net decrease in cash, cash equivalents and restricted cash	(16)	(11)
Cash, cash equivalents and restricted cash, beginning of period	66	161
Cash, cash equivalents and restricted cash, end of period	$ 50	$ 150

Condensed Consolidated and Co_4

Condensed Consolidated and Combined Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings, Appropriated [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common
Balance as of beginning of period, shares at Dec. 31, 2022		86
Balance as of beginning of period, value at Dec. 31, 2022	$ 962	$ 1	$ 1,569	$ 318	$ 38	$ (964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67			67
Period change	(6)				(6)
Dividends	(31)			(31)
Repurchase of common stock	(56)					(56)
Net share settlement of incentive equity awards	(9)		(9)
APIC, Share-Based Payment Arrangement, Other, Increase for Cost Recognition	9		9
Ending balance, shares at Mar. 31, 2023		86
Balance as of end of period, value at Mar. 31, 2023	936	$ 1	1,569	354	32	(1,020)
Balance as of beginning of period, shares at Dec. 31, 2023		81
Balance as of beginning of period, value at Dec. 31, 2023	746	$ 1	1,599	488	19	(1,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16			16
Period change	8				8
Dividends	(32)			(32)
Repurchase of common stock	(57)					(57)
Net share settlement of incentive equity awards	(17)		(17)
APIC, Share-Based Payment Arrangement, Other, Increase for Cost Recognition	10		10
Ending balance, shares at Mar. 31, 2024		81
Balance as of end of period, value at Mar. 31, 2024	$ 674	$ 1	$ 1,592	$ 472	$ 27	$ (1,418)

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 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	3 Months Ended
New Accounting Pronouncements	Mar. 31, 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 our consolidated financial statements and related disclosures. The Company plans to adopt the guidance on January 1, 2025, as required.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 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 March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Deferred initial franchise fee revenues $ 141 $ 145 Deferred loyalty program revenues 93 95 Deferred co-branded credit card program revenues 28 3 Deferred other revenues 19 15 Total $ 281 $ 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: 4/1/2024 - 3/31/2025 4/1/2025 - 3/31/2026 4/1/2026 - 3/31/2027 Thereafter Total Initial franchise fee revenues $ 16 $ 8 $ 7 $ 110 $ 141 Loyalty program revenues 59 23 9 2 93 Co-branded credit card program revenues 28 — — — 28 Other revenues 14 1 1 3 19 Total $ 117 $ 32 $ 17 $ 115 $ 281 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 March 31, 2024 2023 Royalties and franchise fees $ 116 $ 121 Marketing and reservation fees 97 99 Loyalty revenue 20 21 Management and other fees 2 3 License and other fees 26 23 Cost reimbursements 1 5 Other revenue 43 41 Net revenues $ 305 $ 313 Capitalized Contract Costs

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
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 March 31, 2024 2023 Net income $ 16 $ 67 Basic weighted average shares outstanding 81.2 86.5 Stock options and restricted stock units (“RSUs”) (a) 0.6 0.6 Diluted weighted average shares outstanding 81.8 87.1 Earnings per share: Basic $ 0.20 $ 0.77 Diluted 0.19 0.77 Dividends: Cash dividends declared per share $ 0.38 $ 0.35 Aggregate dividends paid to stockholders $ 32 $ 31 ______________________ (a) Diluted shares outstanding excludes shares related to stock options of 0.5 million for the three months ended March 31, 2023. Such stock options were immaterial for the three months ended March 31, 2024. Diluted shares outstanding excludes shares related to RSUs of 0.3 million and 0.5 million related to RSUs for the three months ended March 31, 2024 and 2023, respectively. Such shares are excluded as their effect would have been anti-dilutive under the treasury stock method. 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 three months ended March 31, 2024 0.7 57 78.63 As of March 31, 2024 21.4 $ 1,418 $ 66.12

Accounts Receivable

Accounts Receivable	3 Months Ended
Accounts Receivable	Mar. 31, 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 three months ended: 2024 2023 Balance as of January 1, $ 60 $ 64 Provision for doubtful accounts 3 — Bad debt write-offs (1) (1) Balance as of March 31, $ 62 $ 63

Franchising, Marketing and Rese

Franchising, Marketing and Reservation Activities	3 Months Ended
Franchising, Marketing and Reservation Activities	Mar. 31, 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 $8 million and $4 million for the three months ended March 31, 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: March 31, 2024 December 31, 2023 Other non-current assets $ 246 $ 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 March 31, 2024 2023 Forgiveness of notes (a) $ 5 $ 3 Impairment (b) $ 10 $ — ______________________ (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: Three Months Ended March 31, 2024 2023 Payments of development advance notes $ (32) $ (14) Proceeds from repayment of development advance notes 1 1 Payments of development advance notes, net $ (31) $ (13)

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 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 2016. The Company made cash income tax payments, net of refunds, of $2 million and $4 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s effective tax rates were 27.3% and 26.4% during the three months ended March 31, 2024 and 2023, respectively. 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	3 Months Ended
Long-Term Debt and Borrowing Arrangements	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Borrowing Arrangements	8. LONG-TERM DEBT AND BORROWING ARRANGEMENTS The Company’s indebtedness consisted of: March 31, 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) $ 208 7.18% $ 160 7.30% $400 million term loan A (due April 2027) 379 7.19% 384 6.82% $1.1 billion term loan B (due May 2030) 1,121 4.11% 1,123 4.10% $500 million 4.375% senior unsecured notes (due August 2028) 495 4.38% 495 4.38% Finance leases 38 4.50% 39 4.50% Total long-term debt 2,241 4.95% 2,201 4.77% Less: Current portion of long-term debt 37 37 Long-term debt $ 2,204 $ 2,164 ______________________ (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $15 million and $16 million as of March 31, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $5 million as of both March 31, 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 March 31, 2024 matures as follows: Long-Term Debt Within 1 year $ 37 Between 1 and 2 years 48 Between 2 and 3 years 48 Between 3 and 4 years 526 Between 4 and 5 years 515 Thereafter 1,067 Total $ 2,241 As of March 31, 2024, the available capacity under the Company’s revolving credit facility was as follows: Revolving Credit Facility Total capacity $ 750 Less: Borrowings 208 Less: Letters of credit 9 Available capacity $ 533 Revolving Credit Facility The Company had $208 million and $160 million of outstanding borrowings on its revolving credit facility as of March 31, 2024 and December 31, 2023, respectively. Such borrowings are included within long-term debt on the Condensed Consolidated Balance Sheets. 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 $3 million as of both March 31, 2024 and December 31, 2023, respectively. Cash Flow Hedge In January 2024, we 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). As of March 31, 2024, the Company has pay-fixed/receive-variable interest rate swaps which hedge the interest rate exposure on $1.1 billion, effectively representing more than 97% 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 $600 million of swaps that expire in the second quarter of 2028 and $475 million expiring in the fourth quarter of 2027. For the three months ended March 31, 2024 and 2023, the weighted average fixed rate (plus applicable spreads) for the swaps were 1.69% and 1.86%, respectively. The aggregate fair value of these interest rate swaps was an asset of $26 million and $13 million as of March 31, 2024 and December 31, 2023, respectively, which was included within other non-current assets on the Condensed Consolidated Balance Sheets. The effect of interest rate swaps on interest expense, net on the Condensed Consolidated Statements of Income was $10 million and $7 million of income for the three months ended March 31, 2024 and 2023, respectively. There was no hedging ineffectiveness recognized in the three months ended March 31, 2024 or 2023. The Company expects to reclassify $26 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 $28 million and $22 million for the three months ended March 31, 2024 and 2023, respectively. Cash paid related to such interest was $34 million and $29 million for the three months ended March 31, 2024 and 2023, respectively.

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 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: March 31, 2024 Carrying Amount Estimated Fair Value Debt $ 2,241 $ 2,231 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 gains and $2 million of losses from freestanding foreign currency exchange contracts during the three months ended March 31, 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 gains related to Argentina during the three months ended March 31, 2024 and $1 million of losses during the three months ended March 31, 2023. 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 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 March 31, 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 $4 million and $7 million as of March 31, 2024 and December 31, 2023, respectively. The Company also had receivables of $3 million and $4 million as of March 31, 2024 and December 31, 2023, respectively, for certain matters which are covered by insurance and were included in other current assets on its 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 March 31, 2024, the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to approximately $6 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	3 Months Ended
Stock-Based Compensation	Mar. 31, 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 March 31, 2024, 4.3 million shares remained available. During 2024, the Company granted incentive equity awards totaling $33 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 three months ended March 31, 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) 0.4 76.55 0.2 (b) 76.55 Vested (0.4) 68.59 (0.1) 65.21 Canceled — — — — Balance as of March 31, 2024 1.0 (c) $ 76.04 0.6 (d) $ 78.32 ______________________ (a) Represents awards granted by the Company 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 March 31, 2024 have an aggregate unrecognized compensation expense of $72 million, which is expected to be recognized over a weighted average period of 3.7 years. (d) PSUs outstanding as of March 31, 2024 have an aggregate maximum potential unrecognized compensation expense of $37 million, which may be recognized over a weighted average period of 2.3 years based on attainment of targets. There were no stock options granted in 2024 or 2023. The activity related to stock options for the three months ended March 31, 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 — — Canceled — — Outstanding as of March 31, 2024 1.0 $ 55.87 2.4 $ 22 Unvested as of March 31, 2024 — $ — — $ — Exercisable as of March 31, 2024 1.0 $ 55.68 2.4 $ 22 Stock-Based Compensation Expense Stock-based compensation expense was $10 million and $9 million for the three months ended March 31, 2024 and 2023, respectively.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 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 March 31, 2024 2023 Net Revenues Adjusted EBITDA Net Revenues Adjusted EBITDA Hotel Franchising $ 305 $ 158 $ 313 $ 164 Corporate and Other — (17) — (17) Total Company $ 305 $ 141 $ 313 $ 147 The table below is a reconciliation of net income to adjusted EBITDA. Three Months Ended March 31, 2024 2023 Net income $ 16 $ 67 Provision for income taxes 6 24 Depreciation and amortization 20 19 Interest expense, net 28 22 Stock-based compensation 10 9 Development advance notes amortization 5 3 Transaction-related 41 — Impairment 12 — Restructuring costs 3 — Separation-related — 2 Foreign currency impact of highly inflationary countries — 1 Adjusted EBITDA $ 141 $ 147

Other Expenses and Charges

Other Expenses and Charges	3 Months Ended
Other Expenses and Charges	Dec. 31, 2023
Other Expenses [Abstract]
Other Expenses and Charges	13. OTHER EXPENSES AND CHARGES Transaction-Related The Company recognized transaction-related expenses of $41 million during the three months ended March 31, 2024, related to costs associated with the failed hostile takeover attempt by Choice Hotels International, Inc. Such amounts primarily consisted of legal and advisory costs. During the first quarter of 2024, the Company paid $4 million of transaction-related costs. 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 organization efficiency. As a result, during the three months ended March 31, 2024, the Company incurred $3 million of restructuring expenses, all of which were personnel-related. Such charges were primarily in our Hotel Franchising segment. During the first quarter of 2024, cash payments for restructuring activities were immaterial. Separation-Related Separation-related costs associated with the Company's spin-off from former Parent were $2 million for the three months ended March 31, 2023 and were primarily related to a tax matter.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 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 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

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 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 our 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)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Deferred revenues as of March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Deferred initial franchise fee revenues $ 141 $ 145 Deferred loyalty program revenues 93 95 Deferred co-branded credit card program revenues 28 3 Deferred other revenues 19 15 Total $ 281 $ 258
Schedule of Performance Obligations	The following table summarizes the Company’s remaining performance obligations for the twelve-month periods set forth below: 4/1/2024 - 3/31/2025 4/1/2025 - 3/31/2026 4/1/2026 - 3/31/2027 Thereafter Total Initial franchise fee revenues $ 16 $ 8 $ 7 $ 110 $ 141 Loyalty program revenues 59 23 9 2 93 Co-branded credit card program revenues 28 — — — 28 Other revenues 14 1 1 3 19 Total $ 117 $ 32 $ 17 $ 115 $ 281
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 March 31, 2024 2023 Royalties and franchise fees $ 116 $ 121 Marketing and reservation fees 97 99 Loyalty revenue 20 21 Management and other fees 2 3 License and other fees 26 23 Cost reimbursements 1 5 Other revenue 43 41 Net revenues $ 305 $ 313

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
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 March 31, 2024 2023 Net income $ 16 $ 67 Basic weighted average shares outstanding 81.2 86.5 Stock options and restricted stock units (“RSUs”) (a) 0.6 0.6 Diluted weighted average shares outstanding 81.8 87.1 Earnings per share: Basic $ 0.20 $ 0.77 Diluted 0.19 0.77 Dividends: Cash dividends declared per share $ 0.38 $ 0.35 Aggregate dividends paid to stockholders $ 32 $ 31 ______________________ (a) Diluted shares outstanding excludes shares related to stock options of 0.5 million for the three months ended March 31, 2023. Such stock options were immaterial for the three months ended March 31, 2024. Diluted shares outstanding excludes shares related to RSUs of 0.3 million and 0.5 million related to RSUs for the three months ended March 31, 2024 and 2023, respectively. Such shares are excluded as their effect would have been anti-dilutive under the treasury stock method.
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 three months ended March 31, 2024 0.7 57 78.63 As of March 31, 2024 21.4 $ 1,418 $ 66.12

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
Accounts Receivable (Tables)	Mar. 31, 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 three months ended: 2024 2023 Balance as of January 1, $ 60 $ 64 Provision for doubtful accounts 3 — Bad debt write-offs (1) (1) Balance as of March 31, $ 62 $ 63

Long-Term Debt and Borrowing _2

Long-Term Debt and Borrowing Arrangements (Tables)	3 Months Ended
Long-Term Debt and Borrowing Arrangements (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Company's Indebtedness	The Company’s indebtedness consisted of: March 31, 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) $ 208 7.18% $ 160 7.30% $400 million term loan A (due April 2027) 379 7.19% 384 6.82% $1.1 billion term loan B (due May 2030) 1,121 4.11% 1,123 4.10% $500 million 4.375% senior unsecured notes (due August 2028) 495 4.38% 495 4.38% Finance leases 38 4.50% 39 4.50% Total long-term debt 2,241 4.95% 2,201 4.77% Less: Current portion of long-term debt 37 37 Long-term debt $ 2,204 $ 2,164 ______________________ (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $15 million and $16 million as of March 31, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $5 million as of both March 31, 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 March 31, 2024 matures as follows: Long-Term Debt Within 1 year $ 37 Between 1 and 2 years 48 Between 2 and 3 years 48 Between 3 and 4 years 526 Between 4 and 5 years 515 Thereafter 1,067 Total $ 2,241
Schedule of Available Capacity Under Borrowing Arrangements	As of March 31, 2024, the available capacity under the Company’s revolving credit facility was as follows: Revolving Credit Facility Total capacity $ 750 Less: Borrowings 208 Less: Letters of credit 9 Available capacity $ 533

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 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: March 31, 2024 Carrying Amount Estimated Fair Value Debt $ 2,241 $ 2,231

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Activity Related to Incentive Equity Awards	The activity related to the Company’s incentive equity awards for the three months ended March 31, 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) 0.4 76.55 0.2 (b) 76.55 Vested (0.4) 68.59 (0.1) 65.21 Canceled — — — — Balance as of March 31, 2024 1.0 (c) $ 76.04 0.6 (d) $ 78.32 ______________________ (a) Represents awards granted by the Company 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 March 31, 2024 have an aggregate unrecognized compensation expense of $72 million, which is expected to be recognized over a weighted average period of 3.7 years. (d) PSUs outstanding as of March 31, 2024 have an aggregate maximum potential unrecognized compensation expense of $37 million, which may be recognized over a weighted average period of 2.3 years based on attainment of targets. There were no stock options granted in 2024 or 2023. The activity related to stock options for the three months ended March 31, 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 — — Canceled — — Outstanding as of March 31, 2024 1.0 $ 55.87 2.4 $ 22 Unvested as of March 31, 2024 — $ — — $ — Exercisable as of March 31, 2024 1.0 $ 55.68 2.4 $ 22

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Net Revenues and Adjusted EBITDA by Segment	Three Months Ended March 31, 2024 2023 Net Revenues Adjusted EBITDA Net Revenues Adjusted EBITDA Hotel Franchising $ 305 $ 158 $ 313 $ 164 Corporate and Other — (17) — (17) Total Company $ 305 $ 141 $ 313 $ 147
Reconciliation of Net Income to Adjusted EBITDA	The table below is a reconciliation of net income to adjusted EBITDA. Three Months Ended March 31, 2024 2023 Net income $ 16 $ 67 Provision for income taxes 6 24 Depreciation and amortization 20 19 Interest expense, net 28 22 Stock-based compensation 10 9 Development advance notes amortization 5 3 Transaction-related 41 — Impairment 12 — Restructuring costs 3 — Separation-related — 2 Foreign currency impact of highly inflationary countries — 1 Adjusted EBITDA $ 141 $ 147

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 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 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

Basis of Presentation (Details)

Basis of Presentation (Details)	Mar. 31, 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	3 Months Ended
	Mar. 31, 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	$ 71	$ 68
Other Current Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	4	4
Other Noncurrent Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 67	$ 64

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 281	$ 258
Deferred initial franchise fee revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	141	145
Deferred loyalty program revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	93	95
Deferred co-branded credit card program revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	28	3
Deferred other revenues
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 19	$ 15

Revenue Recognition (Performanc

Revenue Recognition (Performance Obligations) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 281
Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	141
Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	93
Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	19
Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Initial franchise fee revenues
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]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 117
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 16
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 59
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Other revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 28
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 32
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 \| 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]: 2025-04-01 \| Loyalty program revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 23
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 \| 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]: 2025-04-01 \| Co-branded credit cards program [Member]
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]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 17
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| 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]: 2026-04-01 \| 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]: 2026-04-01 \| 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]: 2026-04-01 \| Co-branded credit cards program [Member]
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]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 115
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 \| Initial franchise fee revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 110
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 \| 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]: 2027-04-01 \| 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]: 2027-04-01 \| Co-branded credit cards program [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, period	1 year

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Net Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net Revenues	$ 305	$ 313
Royalties and franchise fees
Disaggregation of Revenue [Line Items]
Net Revenues	116	121
Marketing, reservation and loyalty
Disaggregation of Revenue [Line Items]
Net Revenues	117	120
Cost reimbursements
Disaggregation of Revenue [Line Items]
Net Revenues	1	5
Other
Disaggregation of Revenue [Line Items]
Net Revenues	43	41
License and other fees
Disaggregation of Revenue [Line Items]
Net Revenues	26	23
Reportable Segments \| Royalties and franchise fees
Disaggregation of Revenue [Line Items]
Net Revenues	116	121
Reportable Segments \| Cost reimbursements
Disaggregation of Revenue [Line Items]
Net Revenues	1	5
Reportable Segments \| Other
Disaggregation of Revenue [Line Items]
Net Revenues	43	41
Reportable Segments \| Marketing and reservation fees
Disaggregation of Revenue [Line Items]
Net Revenues	97	99
Reportable Segments \| Deferred loyalty program revenues
Disaggregation of Revenue [Line Items]
Net Revenues	20	21
Reportable Segments \| Management and other fees
Disaggregation of Revenue [Line Items]
Net Revenues	2	3
Reportable Segments \| License and other fees
Disaggregation of Revenue [Line Items]
Net Revenues	26	23
Reportable Segments \| Hotel Franchising
Disaggregation of Revenue [Line Items]
Net Revenues	$ 305	$ 313

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 16	$ 67
Basic weighted average shares outstanding (in shares)	81.2	86.5
Stock Options and restricted stock units (RSUs) (in shares)	0.6	0.6
Diluted weighted average shares outstanding (in shares)	81.8	87.1
Earnings per share
Basic (in usd per share)	$ 0.20	$ 0.77
Diluted (in usd per share)	0.19	0.77
Cash dividends declared per share (in usd per share)	$ 0.38	$ 0.35
Aggregate dividends paid to stockholders	$ 32	$ 31
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)	0.3	0.5
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	0.5

Earnings Per Share (Stock Repur

Earnings Per Share (Stock Repurchase Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Shares
Treasury stock, shares, beginning (in shares) \| shares	20.7
Treasury stock, acquired (in shares) \| shares	0.7
Treasury stock, shares, ending (in shares) \| shares	21.4
Cost
Treasury stock, cost, beginning \| $	$ 1,361
Treasury stock, cost, acquired \| $	57
Treasury stock, cost, ending \| $	$ 1,418
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	78.63
Treasury stock, average price per share, ending (in usd per share) \| $ / shares	$ 66.12

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Earnings Per Share [Abstract]
Share repurchase, remaining availability	$ 387

Accounts Receivable - Allowance

Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of January 1,	$ 60	$ 64
Provision for doubtful accounts	3	0
Bad debt write-offs	(1)	(1)
Balance as of March 31,	$ 62	$ 63

Accounts Receivable - Narrative

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

Franchising, Marketing and Re_2

Franchising, Marketing and Reservation Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net Revenues	$ (305)	$ (313)
Payments of development advance notes, net	(31)	(13)
Proceeds from Loans	1	1
Payments for Loans	(32)	(14)
Non Cash Development Advance Note	3
Impairment	12	0
Development advance notes
Disaggregation of Revenue [Line Items]
Impairment	10
Franchisees and hotel owners
Disaggregation of Revenue [Line Items]
Development advance notes	246		$ 228
Forgiveness of note receivable
Disaggregation of Revenue [Line Items]
Net Revenues	5	3
Deferred initial franchise fee revenues
Disaggregation of Revenue [Line Items]
Net Revenues	$ (8)	$ (4)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes paid, net	$ 2	$ 4
Effective tax rate	27.30%	26.40%

Long-Term Debt and Borrowing _3

Long-Term Debt and Borrowing Arrangements (Schedule of Company's Indebtedness) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.95%	4.77%
Total long-term debt	$ 2,241	$ 2,201
Less: Current portion of long-term debt	37	37
Long-term debt	2,204	2,164
Term Loan due 2030
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 5	$ 5
Finance leases
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.50%	4.50%
Finance lease liabilities, noncurrent	$ 38	$ 39
$750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt issuance costs	3	3
Line of Credit \| $750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt instrument, face amount	750
Long-term debt	$ 208	$ 160
Debt, Weighted Average Interest Rate	7.18%	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	$ 379	$ 384
Debt, Weighted Average Interest Rate	7.19%	6.82%
Long-term Debt \| Term Loan due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,100
Long-term debt	$ 1,121	$ 1,123
Debt, Weighted Average Interest Rate	4.11%	4.10%
Senior Notes \| Senior Unsecured Notes due August 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.375%
Long-term debt	$ 495	$ 495
Debt, Weighted Average Interest Rate	4.38%	4.38%
Term loan and senior unsecured notes
Debt Instrument [Line Items]
Debt issuance costs	$ 15	$ 16

Long-Term Debt and Borrowing _4

Long-Term Debt and Borrowing Arrangements (Schedule of Outstanding Debt Maturities) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Within 1 year	$ 37
Between 1 and 2 years	48
Between 2 and 3 years	48
Between 3 and 4 years	526
Between 4 and 5 years	515
Thereafter	1,067
Total	$ 2,241

Long-Term Debt and Borrowing _5

Long-Term Debt and Borrowing Arrangements (Schedule of Available Capacity Under Borrowing Arrangements) (Details) - $750 million revolving credit facility (due May 2023) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total capacity	$ 750
Amount borrowed	208
Less: Letters of credit	9
Available capacity	$ 533

Long-Term Debt and Borrowing _6

Long-Term Debt and Borrowing Arrangements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
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	26,000,000
Interest expense, net	28,000,000	$ 22,000,000
Interest paid	34,000,000	29,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	26,000,000		$ 13,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Total notional amount	$ 1,100,000,000
Debt instrument, hedged amount, percentage	97%
Interest rate cash flow hedge gain (loss) reclassified to earnings, net	$ 10,000,000	$ 7,000,000
Interest Rate Swap 1
Debt Instrument [Line Items]
Total notional amount	$ 600,000,000
Fixed interest rate on interest rate swap	3.37%
Interest Rate Swap 1 \| Minimum
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap	0.91%
Interest Rate Swap 1 \| Maximum
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap	3.84%
Interest Rate Swap 2
Debt Instrument [Line Items]
Total notional amount	$ 475,000,000
Interest Rate Swap 2 \| Weighted Average
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap	1.69%	1.86%
$750 million revolving credit facility (due May 2023)
Debt Instrument [Line Items]
Debt issuance costs	$ 3,000,000		3,000,000
$750 million revolving credit facility (due May 2023) \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 208,000,000		$ 160,000,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on foreign currency derivatives recorded in earnings	$ 1	$ (2)
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax	0	$ (1)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	2,241
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,231

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) lawsuit	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit	35
Litigation reserves	$ 4	$ 7
Litigation receivable covered by insurance	3	4
Accrued expenses and other current liabilities	305	$ 299
Maximum
Loss Contingencies [Line Items]
Range of possible loss, portion not accrued (up to)	$ 6

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 14, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 10,000,000	$ 9,000,000
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	33,000,000
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)	4.3
Stock-based compensation	$ 10,000,000	$ 9,000,000

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
RSUs
Number of RSUs
Beginning balance (in shares) \| shares	1
Granted (in shares) \| shares	0.4
Vested/exercised (in shares) \| shares	(0.4)
Canceled (in shares) \| shares	0
Ending balance (in shares) \| shares	1
Weighted Average Grant Price
Beginning balance (in dollars per share) \| $ / shares	$ 72.80
Granted (in dollars per share) \| $ / shares	76.55
Vested/exercised (in dollars per share) \| $ / shares	68.59
Canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 76.04
Weighted Average Exercise Price
Aggregate unrecognized compensation expense \| $	$ 72
Compensation expense not yet recognized, weighted average period	3 years 8 months 12 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	$ 78.32
Weighted Average Exercise Price
Aggregate unrecognized compensation expense \| $	$ 37
Compensation expense not yet recognized, weighted average period	2 years 3 months 18 days
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
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	1
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	0
Canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 55.87
Unvested options outstanding \| shares	0
Options exercisable \| shares	1
Unvested options weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Exercisable options weighted average exercise price (in dollars per share) \| $ / shares	$ 55.68
Weighted average remaining contractual term, outstanding	2 years 4 months 24 days
Weighted average remaining contractual term, exercisable	2 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding \| $	$ 22
Aggregate Intrinsic Value, Unvested \| $	0
Aggregate Intrinsic Value, Exercisable \| $	$ 22

Segment Information (Summary of

Segment Information (Summary of Net Revenues and Adjusted EBITDA by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net Revenues	$ 305	$ 313
Adjusted EBITDA	141	147
Reportable Segments \| Hotel Franchising
Segment Reporting Information [Line Items]
Net Revenues	305	313
Adjusted EBITDA	158	164
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Net Revenues	0	0
Adjusted EBITDA	$ (17)	$ (17)

Segment Information (Reconcilia

Segment Information (Reconciliation of Net Income to Adjusted EBITDA) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net income	$ 16	$ 67
Provision for income taxes	6	24
Depreciation and amortization	20	19
Interest expense, net	28	22
Stock-based compensation	10	9
Net Revenues	(305)	(313)
Transaction-related	41	0
Restructuring	3	0
Separation-related	0	2
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax	0	(1)
Adjusted EBITDA	141	147
Forgiveness of note receivable
Segment Reporting Information [Line Items]
Net Revenues	$ 5	$ 3

Other Expenses and Charges - Na

Other Expenses and Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Separation-related	$ 0	$ (2)
Payment of transaction-related costs	4
Transaction-related	41	0
Restructuring	3	0
Impairment	12	$ 0
Development advance notes
Restructuring Cost and Reserve [Line Items]
Impairment	$ 10

Accumulated Other Comprehensi_3

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