The following operating segments do not meet the applicable accounting criteria for separate disclosure as reportable business segments: Caribbean and Latin America, Europe, and Middle East and Africa. We present these operating segments together as “Other International” in the tables below.

We evaluate the performance of our operating segments using “segment profits” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or merger-related costs and charges. We assign gains and losses, equity in earnings or losses from our joint ventures, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate” represents a portion of our revenues, including license fees we receive from our credit card programs and

fees from vacation ownership licensing agreements, general, administrative, and other expenses, merger-related costs and charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments.

Our President and Chief Executive Officer, who is our chief operating decision maker, monitors assets for the consolidated company but does not use assets by operating segment when assessing performance or making operating segment resource allocations.

The following tables present our revenues disaggregated by segment and major revenue stream for the 2019 second quarter, 2018 second quarter, 2019 first half, and 2018 first half:



	Three Months Ended June 30, 2019
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	349		$	264		$	112		$	142		$	867
Contract investment amortization	(8		)	(3		)	(1		)	(3		)	(15		)
Net fee revenues	341			261			111			139			852
Owned, leased, and other revenue	147			38			50			168			403
Cost reimbursement revenue	2,915			602			149			306			3,972
Total segment revenue	$	3,403		$	901		$	310		$	613		$	5,227
Unallocated corporate													78
Total revenue													$	5,305



	Three Months Ended June 30, 2018
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	345		$	250		$	110		$	128		$	833
Contract investment amortization	(7		)	(3		)	(1		)	(2		)	(13		)
Net fee revenues	338			247			109			126			820
Owned, leased, and other revenue	140			37			48			178			403
Cost reimbursement revenue	2,878			576			111			303			3,868
Total segment revenue	$	3,356		$	860		$	268		$	607		$	5,091
Unallocated corporate													318
Total revenue													$	5,409



	Six Months Ended June 30, 2019
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	665		$	476		$	230		$	271		$	1,642
Contract investment amortization	(16		)	(6		)	(1		)	(6		)	(29		)
Net fee revenues	649			470			229			265			1,613
Owned, leased, and other revenue	294			69			91			312			766
Cost reimbursement revenue	5,765			1,131			260			565			7,721
Total segment revenue	$	6,708		$	1,670		$	580		$	1,142		$	10,100
Unallocated corporate													217
Total revenue													$	10,317



	Six Months Ended June 30, 2018
($ in millions)	North American Full-Service			North American Limited-Service			Asia Pacific			Other International			Total
Gross fee revenues	$	644		$	446		$	227		$	250		$	1,567
Contract investment amortization	(18		)	(6		)	(1		)	(6		)	(31		)
Net fee revenues	626			440			226			244			1,536
Owned, leased, and other revenue	295			70			95			336			796
Cost reimbursement revenue	5,734			1,090			222			554			7,600
Total segment revenue	$	6,655		$	1,600		$	543		$	1,134		$	9,932
Unallocated corporate													486
Total revenue													$	10,418



	Three Months Ended						Six Months Ended
($ in millions)	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
North American Full-Service	$	338		$	394		$	627		$	671
North American Limited-Service	253			252			455			434
Asia Pacific	92			140			195			252
Other International	118			160			213			319
Unallocated corporate	(391		)	7			(557		)	(121		)
Interest expense, net of interest income	(96		)	(79		)	(187		)	(149		)
Income taxes	(82		)	(207		)	(139		)	(319		)
Net Income	$	232		$	667		$	607		$	1,087