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BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2021


($ in millions)	2021		2020		2019
Vacation Ownership	$	3,539	$	2,530	$	3,761
Exchange & Third-Party Management	320		309		454
Total segment revenues	3,859		2,839		4,215
Corporate and other	31		47		44
	$	3,890	$	2,886	$	4,259

Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders


($ in millions)	2021		2020		2019
Adjusted EBITDA Vacation Ownership	$	699	$	229	$	794
Adjusted EBITDA Exchange & Third-Party Management	144		119		183
Reconciling items:
Corporate and other	(186)		(113)		(219)
Interest expense	(164)		(150)		(132)
Tax (provision) benefit	(74)		84		(83)
Depreciation and amortization	(146)		(123)		(141)
Share-based compensation expense	(51)		(37)		(37)
Certain items	(173)		(284)		(227)
Net income (loss) attributable to common shareholders	$	49	$	(275)	$	138

Depreciation and Amortization


($ in millions)	2021		2020		2019
Vacation Ownership	$	89	$	79	$	68
Exchange & Third-Party Management	48		32		47
Total segment depreciation	137		111		115
Corporate and other	9		12		26
	$	146	$	123	$	141


($ in millions)	At December 31, 2021		At December 31, 2020
Vacation Ownership	$	7,897	$	6,859
Exchange & Third-Party Management	911		951
Total segment assets	8,808		7,810
Corporate and other	805		1,088
	$	9,613	$	8,898

Capital Expenditures (including inventory)


($ in millions)	2021		2020		2019
Vacation Ownership	$	296	$	191	$	266
Exchange & Third-Party Management	3		7		14
Total segment capital expenditures	299		198		280
Corporate and other	(2)		4		13
	$	297	$	202	$	293

Revenues (excluding cost reimbursements)

Fixed Assets