Business Segments (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30
($ in millions)	2021			2020			2021			2020
Revenues:
Real estate sales and financing	$	659		$	116		$	976		$	378
Resort operations and club    management		216			61			403			209
Segment revenues		875			177			1,379			587
Cost reimbursements		58			33			131			105
Intersegment eliminations(1)(2)		(5	)		(2	)		(13	)		(10	)
Total revenues	$	928		$	208		$	1,497		$	682

(1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted

marking package stays at resorts. These charges totaled $5 million and $2 million for the three months ended September 30, 2021 and 2020. For the

nine months ended September 30, 2021 and 2020, these charges totaled $13 million and $10 million, respectively.

(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 nine months ended September 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 September 30,						Nine Months Ended September 30,
($ in millions)	2021			2020			2021			2020
Adjusted EBITDA:
Real estate sales and financing(1)	$	280		$	15		$	352		$	16
Resort operations and club management(1)		109			30			212			100
Segment Adjusted EBITDA		389			45			564			116
Acquisition and integration-related expense		(54	)		—			(83	)		—
General and administrative		(41	)		(22	)		(92	)		(65	)
Depreciation and amortization		(48	)		(11	)		(71	)		(34	)
License fee expense		(24	)		(11	)		(57	)		(39	)
Other (loss) gain, net		(20	)		1			(22	)		—
Interest expense		(42	)		(10	)		(74	)		(32	)
Income tax (expense) benefit		(49	)		5			(46	)		12
Equity in earnings (losses) from unconsolidated affiliates		1			(1	)		7			3
Impairment expense		(1	)		—			(2	)		—
Other adjustment items(2)		(12	)		(3	)		(23	)		(8	)
Net income (loss)	$	99		$	(7	)	$	101		$	(47	)

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

(2) For the three and nine months ended September 30, 2021 and 2020, this amount includes costs associated with restructuring, one-time charges and other

non-cash items included within our reportable segments. For the three months ended September 30, 2021, this also includes amortization of

premiums resulting from purchase accounting.