Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The following table presents revenues for our reportable segments reconciled to consolidated amounts:

	Three Months Ended June 30,					Six Months Ended June 30,
($ in millions)	2021			2020		2021			2020
Revenues:
Real estate sales and financing	$	194		$	56	$	317		$	262
Resort operations and club management(1)(2)		107			44		187			148
Total segment revenues		301			100		504			410
Cost reimbursements		38			23		73			72
Intersegment eliminations(1)(2)		(5	)		—		(8	)		(8	)
Total revenues	$	334		$	123	$	569		$	474

(1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. These charges totaled $5 million for the three months ended June 30, 2021. There were no such charges related to this for three months ended June 30, 2020. For the six months ended June 30, 2021 and 2020, these charges totaled $8 million.  

(2) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for the three and six months ended June 30, 2021 and 2020.

Schedule of Adjusted EBITDA Reconciled to Net (Loss) Income

The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss):

	Three Months Ended June 30,						Six Months Ended June 30,
($ in millions)	2021			2020			2021			2020
Adjusted EBITDA:
Real estate sales and financing(1)	$	45		$	(14	)	$	72		$	1
Resort operations and club management(1)		61			15			103			70
Segment Adjusted EBITDA		106			1			175			71
General and administrative		(44	)		(22	)		(80	)		(43	)
Depreciation and amortization		(12	)		(11	)		(23	)		(23	)
License fee expense		(19	)		(6	)		(33	)		(28	)
Other loss, net		(1	)		(3	)		(2	)		(1	)
Interest expense		(17	)		(12	)		(32	)		(22	)
Income tax (expense) benefit		(3	)		8			3			7
Equity in earnings from unconsolidated affiliates		4			1			6			4
Impairment expense		—			—			(1	)		—
Other adjustment items(2)		(5	)		(4	)		(11	)		(5	)
Net income (loss)	$	9		$	(48	)	$	2		$	(40	)

(1) Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.

(2) For the three and six months ended June 30, 2021 and 2020, this amount includes costs associated with restructuring, one-time charges and other non-cash items included within our reportable segments.