Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Summary Of Segment Information
The following tables present the Company’s segment information (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
Net revenues 2021 2020 2021 2020
Vacation Ownership $ 599  $ 238  $ 1,048  $ 641 
Travel and Membership 204  106  387  265 
Total reportable segments 803  344  1,435  906 
Corporate and other (a)
(6) (1) (10) (5)
Total Company $ 797  $ 343  $ 1,425  $ 901 
Three Months Ended Six Months Ended
June 30, June 30,
Reconciliation of Net income/(loss) to Adjusted EBITDA 2021 2020 2021 2020
Net income/(loss) attributable to Travel + Leisure shareholders $ 72  $ (164) $ 100  $ (298)
Loss on disposal of discontinued business, net of income taxes —  — 
Provision/(benefit) for income taxes 31  11  37  (33)
Depreciation and amortization 31  31  63  62 
Interest expense 47  46  100  87 
Interest (income) (1) (2) (1) (4)
Stock-based compensation 16 
Legacy items
COVID-19 related costs (b)
26  38 
Asset impairments (c)
—  38  —  48 
Restructuring —  23  (1) 25 
Exchange inventory write-off —  —  —  38 
Adjusted EBITDA $ 193  $ 16  $ 322  $ (28)
Three Months Ended Six Months Ended
June 30, June 30,
Adjusted EBITDA 2021 2020 2021 2020
Vacation Ownership $ 133  $ (12) $ 200  $ (87)
Travel and Membership 75  35  150  79 
Total reportable segments 208  23  350  (8)
Corporate and other (a)
(15) (7) (28) (20)
Total Company $ 193  $ 16  $ 322  $ (28)
(a)Includes the elimination of transactions between segments.
(b)Reflects severance and other employee costs associated with layoffs due to the COVID-19 workforce reduction offset in part by employee retention credits received in connection with the U.S. CARES Act, ARPA, and similar international programs for wages paid to certain employees despite having operations suspended. This amount does not include costs associated with idle pay.
(c)Includes $5 million of bad debt expense related to a note receivable for the three and six months ended June 30, 2020, included in Operating expenses on the Condensed Consolidated Statements of Income/(Loss).

Segment Assets (a)
June 30,
2021
December 31, 2020
Vacation Ownership $ 4,782  $ 5,000 
Travel and Membership 1,472  1,372 
Total reportable segments 6,254  6,372 
Corporate and other 385  1,241 
Total Company $ 6,639  $ 7,613 
(a)Excludes investment in consolidated subsidiaries.