BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 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:

	Year Ended December 31,
($ in millions)	2023		2022		2021
Revenues:
Real estate sales and financing	$	2,357	$	2,378	$	1,451
Resort operations and club management(1)	1,291		1,197		700
Total segment revenues	3,648		3,575		2,151
Cost reimbursements	386		297		202
Intersegment eliminations(1)	(56)		(37)		(18)
Total revenues	$	3,978	$	3,835	$	2,335

(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 $56 million, $37 million and $18 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income

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

	Year Ended December 31,
($ in millions)	2023		2022		2021
Adjusted EBITDA:
Real estate sales and financing(1)	$	754	$	865	$	537
Resort operations and club management(1)	504		463		353
Segment Adjusted EBITDA	1,258		1,328		890
Acquisition and integration-related expense	(68)		(67)		(106)
General and administrative	(194)		(212)		(151)
Depreciation and amortization	(213)		(244)		(126)
License fee expense	(138)		(124)		(80)
Other gain (loss), net	2		(1)		(26)
Interest expense	(178)		(142)		(105)
Income tax expense	(136)		(129)		(93)
Equity in earnings from unconsolidated affiliates	12		13		10
Impairment expense	(3)		(17)		(2)
Other adjustment items(2)	(29)		(53)		(35)
Net income	$	313	$	352	$	176

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

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

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)	2023		2022
Real estate sales and financing	$	6,559	$	5,755
Resort operations and club management	1,735		1,986
Total segment assets	8,294		7,741
Corporate	391		263
Total assets	$	8,685	$	8,004

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

The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:

	Year Ended December 31,
($ in millions)	2023		2022		2021
Real estate sales and financing	$	61	$	26	$	60
Resort operations and club management	2		2		—
Total segment capital expenditures	63		28		60
Corporate	34		65		12
Total capital expenditures	$	97	$	93	$	72