BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The following table below presents revenues for our reportable segment results which include the acquired Grand Islander and Bluegreen operations, within both segments and as of their respective acquisition dates, reconciled to consolidated amounts:

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2024		2023		2024		2023
Revenues:
Real estate sales and financing	$	740	$	604	$	1,427	$	1,154
Resort operations and club management(1)	386		320		746		622
Total segment revenues	1,126		924		2,173		1,776
Cost reimbursements	129		97		251		192
Intersegment eliminations(1)	(20)		(14)		(33)		(27)
Total revenues	$	1,235	$	1,007	$	2,391	$	1,941

(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.

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:

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2024		2023		2024		2023
Adjusted EBITDA:
Real estate sales and financing(1)	$	193	$	189	$	399	$	358
Resort operations and club management(1)	152		123		286		232
Segment Adjusted EBITDA	345		312		685		590
Acquisition and integration-related expense	(48)		(13)		(157)		(30)
General and administrative	(58)		(48)		(103)		(90)
Depreciation and amortization	(68)		(52)		(130)		(103)
License fee expense	(40)		(34)		(75)		(64)
Other (loss) gain, net	(3)		3		(8)		4
Interest expense	(87)		(44)		(166)		(88)
Income tax (expense) benefit	(3)		(35)		8		(52)
Equity in earnings from unconsolidated affiliates	3		2		8		5
Impairment expense	—		(3)		(2)		(3)
Other adjustment items(2)	(37)		(8)		(58)		(16)
Net income	4		80		2		153
Net income attributable to noncontrolling interest	2		—		4		—
Net income (loss) attributable to stockholders	$	2	$	80	$	(2)	$	153

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

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