Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

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 presents revenues for our reportable segments reconciled to consolidated amounts:

	Year Ended December 31,
($ in millions)	2020			2019			2018
Revenues:
Real estate sales and financing	$	494		$	1,252		$	1,462
Resort operations and club management⁽¹⁾		276			454			422
Total segment revenues		770			1,706			1,884
Cost reimbursements		137			168			147
Intersegment eliminations⁽¹⁾⁽²⁾		(13	)		(36	)		(32	)
Total revenues	$	894		$	1,838		$	1,999

⁽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 $13 million, $35 million and $31 million for the years ended December 31, 2020, 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 the year ended December 31, 2020 and $1 million for the years ended December 31, 2019 and 2018.

Schedule of Adjusted EBITDA Reconciled to Net Income

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

	Year Ended December 31,
($ in millions)	2020			2019			2018
Adjusted EBITDA:
Real estate sales and financing⁽¹⁾	$	33		$	325		$	447
Resort operations and club management⁽¹⁾		136			265			245
Segment Adjusted EBITDA		169			590			692
General and administrative		(92	)		(118	)		(120	)
Depreciation and amortization		(45	)		(44	)		(33	)
License fee expense		(51	)		(101	)		(98	)
Other gain (loss), net		3			(3	)		(1	)
Interest expense		(43	)		(43	)		(30	)
Income tax benefit (expense)		79			(57	)		(105	)
Equity in earnings from unconsolidated affiliates		5			4			—
Impairment expense		(209	)		—			—
Other adjustment items⁽²⁾		(17	)		(12	)		(7	)
Net income	$	(201	)	$	216		$	298

₍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)	2020		2019
Real estate sales and financing	$	2,839	$	2,753
Resort operations and club management		79		196
Total segment assets		2,918		2,949
Corporate		175		130
Land and infrastructure held for sale		41		—
Total assets	$	3,134	$	3,079

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)	2020		2019		2018
Real estate sales and financing	$	18	$	19	$	36
Resort operations and club management		—		5		—
Total segment capital expenditures for property and equipment		18		24		36
Corporate		8		13		8
Total capital expenditures for property and equipment	$	26	$	37	$	44