Business Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

We do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment operating performance.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)	2019			2018			2019			2018
Revenues:
Real estate sales and financing	$	324		$	291		$	939		$	967
Resort operations and club management(1)(2)		108			108			332			304
Total segment revenues		432			399			1,271			1,271
Cost reimbursements		43			36			128			110
Intersegment eliminations(1)(2)		(9	)		(8	)		(29	)		(24	)
Total revenues	$	466		$	427		$	1,370		$	1,357

⁽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 $9 million and $8 million for the three months ended September 30, 2019 and 2018, respectively, and $29 million and $24 million for the nine months ended September 30, 2019 and 2018, 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 each of the three and nine months ended September 30, 2019 and 2018.  

Schedule of Adjusted EBITDA Reconciled to Net Income

The following table presents Segment Adjusted EBITDA for our reportable segments reconciled to net income:

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)	2019			2018			2019			2018
Adjusted EBITDA:
Real estate sales and financing(1)	$	94		$	67		$	243		$	274
Resort operations and club management(1)		62			62			193			179
Segment Adjusted EBITDA		156			129			436			453
General and administrative		(28	)		(31	)		(82	)		(84	)
Depreciation and amortization		(14	)		(9	)		(37	)		(25	)
License fee expense		(26	)		(25	)		(75	)		(73	)
Other loss, net		(1	)		(1	)		(3	)		(1	)
Interest expense		(12	)		(7	)		(33	)		(22	)
Income tax expense		(20	)		(15	)		(55	)		(64	)
Equity in earnings from unconsolidated affiliates		1			1			4			—
Other adjustment items		(6	)		(1	)		(11	)		(6	)
Net income	$	50		$	41		$	144		$	178

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