Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

Below is the presentation of our reportable segment results which include the newly acquired Diamond operations within both segments since the Acquisition Date. The following table presents revenues for our reportable segments reconciled to consolidated amounts:

	Year Ended December 31,
($ in millions)	2021			2020			2019
Revenues:
Real estate sales and financing	$	1,451		$	494		$	1,252
Resort operations and club management(1)		700			276			454
Segment revenues		2,151			770			1,706
Cost reimbursements		202			137			168
Intersegment eliminations(1)(2)		(18	)		(13	)		(36	)
Total revenues	$	2,335		$	894		$	1,838

(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 $18 million, $13 million and $35 million for the years ended December 31, 2021, 2020, and 2019, 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 $1 million for the year ended December 31, 2021, less than $1 million for the year ended December 31, 2020 and $1 million for the year ended December 31, 2019.

Schedule of Adjusted EBITDA Reconciled to Net Income

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

	Year Ended December 31,
($ in millions)	2021			2020			2019
Adjusted EBITDA:
Real estate sales and financing(1)	$	537		$	33		$	325
Resort operations and club management(1)		353			136			265
Segment Adjusted EBITDA		890			169			590
Acquisition and integration-related expense		(106	)		—			—
General and administrative		(151	)		(92	)		(118	)
Depreciation and amortization		(126	)		(45	)		(44	)
License fee expense		(80	)		(51	)		(101	)
Other (loss) gain, net		(26	)		3			(3	)
Interest expense		(105	)		(43	)		(43	)
Income tax (expense) benefit		(93	)		79			(57	)
Equity in earnings from unconsolidated affiliates		10			5			4
Impairment expense		(2	)		(209	)		—
Other adjustment items(2)		(35	)		(17	)		(12	)
Net income (loss)	$	176		$	(201	)	$	216

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

(2)This amount includes costs associated with restructuring, one-time charges and other non-cash items.

Schedule of Assets Reconciled to Consolidated Amounts

The following table presents total assets for our reportable segments, reconciled to consolidated amounts:

	December 31,
($ in millions)	2021		2020
Real estate sales and financing	$	5,544	$	2,839
Resort operations and club management		2,145		79
Total segment assets		7,689		2,918
Corporate		278		175
Land and infrastructure held for sale		41		41
Total assets	$	8,008	$	3,134

Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts

The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:

	December 31,
($ in millions)	2021		2020		2019
Real estate sales and financing	$	60	$	18	$	19
Resort operations and club management		—		—		5
Total segment capital expenditures		60		18		24
Corporate		12		8		13
Total capital expenditures	$	72	$	26	$	37