Business Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We discuss our operations in the following two operating segments, both of which meet the applicable criteria for separate disclosure as a reportable business segment: U.S. & Canada and International.

We evaluate the performance of our operating segments using “segment profit/loss” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, merger-related costs, or most above-property restructuring charges. We assign gains and losses, equity in earnings or losses, direct general, administrative, and other expenses, and other restructuring charges to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (including license fees we receive from our credit card programs and fees from vacation ownership licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring, merger-related charges, and other expenses, equity in earnings or losses, and other gains or losses that we do not allocate to our segments.

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.

Segment Revenues

The following table presents our revenues disaggregated by segment and major revenue stream for the 2022 first quarter and 2021 first quarter:

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
($ in millions)	U.S. & Canada		International		Total		U.S. & Canada		International		Total
Gross fee revenues	$	489	$	177	$	666	$	250	$	87	$	337
Contract investment amortization	(14)		(10)		(24)		(13)		(4)		(17)
Net fee revenues	475		167		642		237		83		320
Owned, leased, and other revenue	92		153		245		35		66		101
Cost reimbursement revenue	2,704		355		3,059		1,449		242		1,691
Total reportable segment revenue	$	3,271	$	675	$	3,946	$	1,721	$	391	$	2,112
Unallocated corporate and other					253						204
Total revenue					$	4,199					$	2,316

Segment Profit and Loss

	Three Months Ended
($ in millions)	March 31, 2022		March 31, 2021
U.S. & Canada	$	454	$	143
International	131		(23)
Unallocated corporate and other	(21)		(47)
Interest expense, net of interest income	(88)		(100)
(Provision) benefit for income taxes	(99)		16
Net income (loss)	$	377	$	(11)