BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Revenues:
Real estate sales and financing	$	814	$	612	$	2,241	$	1,766
Resort operations and club management(1)	383		322		1,129		944
Total segment revenues	1,197		934		3,370		2,710
Cost reimbursements	130		97		381		289
Intersegment eliminations(1)	(21)		(13)		(54)		(40)
Total revenues	$	1,306	$	1,018	$	3,697	$	2,959

(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 September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Adjusted EBITDA:
Real estate sales and financing(1)	$	233	$	205	$	632	$	563
Resort operations and club management(1)	156		126		442		358
Segment Adjusted EBITDA	389		331		1,074		921
Acquisition and integration-related expense	(36)		(12)		(193)		(42)
General and administrative	(44)		(40)		(147)		(130)
Depreciation and amortization	(68)		(53)		(198)		(156)
License fee expense	(49)		(37)		(124)		(101)
Other gain (loss), net	9		(1)		1		3
Interest expense	(84)		(45)		(250)		(133)
Income tax expense	(61)		(44)		(53)		(96)
Equity in earnings from unconsolidated affiliates	4		2		12		7
Impairment expense	—		—		(2)		(3)
Other adjustment items(2)	(28)		(9)		(86)		(25)
Net income	32		92		34		245
Net income attributable to noncontrolling interest	3		—		7		—
Net income attributable to stockholders	$	29	$	92	$	27	$	245

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

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