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Business Segments (Tables)
 3 Months Ended
Mar. 31, 2021
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 presents revenues for our reportable segments reconciled to consolidated amounts:

 

 

 

Three Months Ended March 31,

 

($ in millions)

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Real estate sales and financing

 

$

123

 

 

$

206

 

Resort operations and club management(1)(2)

 

 

80

 

 

 

104

 

Total segment revenues

 

 

203

 

 

 

310

 

Cost reimbursements

 

 

35

 

 

 

49

 

Intersegment eliminations(1)(2)

 

 

(3

)

 

 

(8

)

Total revenues

 

$

235

 

 

$

351

 

 

(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 $3 million and $8 million for the three months ended March 31, 2021 and 2020, 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 months ended March 31, 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 (loss) income:

 

 

 

Three Months Ended March 31,

 

($ in millions)

 

2021

 

 

2020

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

Real estate sales and financing(1)

 

$

27

 

 

$

15

 

Resort operations and club management(1)

 

 

42

 

 

 

55

 

Segment Adjusted EBITDA

 

 

69

 

 

 

70

 

General and administrative

 

 

(36

)

 

 

(21

)

Depreciation and amortization

 

 

(11

)

 

 

(12

)

License fee expense

 

 

(14

)

 

 

(22

)

Other (loss) gain, net

 

 

(1

)

 

 

2

 

Interest expense

 

 

(15

)

 

 

(10

)

Income tax benefit (expense)

 

 

6

 

 

 

(1

)

Equity in earnings from unconsolidated affiliates

 

 

2

 

 

 

3

 

Impairment expense

 

 

(1

)

 

 

—

 

Other adjustment items(2)

 

 

(6

)

 

 

(1

)

Net (loss) income

 

$

(7

)

 

$

8

 

 

(1)

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

(2)

For the three months ended March 31, 2021 and 2020, this amount includes costs associated with restructuring, one-time charges and other non-cash items.