Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
($ in millions)	2023		2022
Revenues:
Real estate sales and financing	$	550	$	452
Resort operations and club management(1)	302		268
Total segment revenues	852		720
Cost reimbursements	95		66
Intersegment eliminations(1)	(13)		(7)
Total revenues	$	934	$	779

(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 $13 million and $7 million for the three months ended March 31, 2023 and 2022, respectively.

Schedule of Adjusted EBITDA Reconciled to Net (Loss) Income

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

	Three Months Ended March 31,
($ in millions)	2023		2022
Adjusted EBITDA:
Real estate sales and financing(1)	$	169	$	153
Resort operations and club management(1)	109		101
Segment Adjusted EBITDA	278		254
Acquisition and integration-related expense	(17)		(13)
General and administrative	(42)		(42)
Depreciation and amortization	(51)		(60)
License fee expense	(30)		(25)
Other gain, net	1		1
Interest expense	(44)		(33)
Income tax expense	(17)		(20)
Equity in earnings from unconsolidated affiliates	3		3
Impairment expense	—		(3)
Other adjustment items(2)	(8)		(11)
Net income	$	73	$	51

(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, 2023 and 2022, this amount includes costs associated with stock-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.