|9 Months Ended|
Sep. 30, 2021
|Asset Impairment Charges [Abstract]|
|Asset Impairment Charges [Text Block]||Impairments
During the three and nine months ended September 30, 2020, the Company recorded $6 million and $50 million of asset impairments, of which $6 million and $49 million were COVID-19 related. In the first quarter of 2020, there were $6 million of impairments at the Vacation Ownership segment related to prepaid development costs and undeveloped land and $4 million at the Travel and Membership segment related to the Love Home Swap trade name. In the second quarter of 2020, the Company recorded a $24 million impairment at the Travel and Membership segment related to the New Jersey lease and related fixed assets discussed in Note 22—Restructuring, a $6 million impairment for equity investments held at the Travel and Membership segment, and a $3 million impairment at the Vacation Ownership segment related to lease assets and furniture, fixtures and equipment. During the third quarter of 2020, $6 million of impairments were driven by leases and related fixed assets within the Vacation Ownership segment due to sales center closures. These impairments are included within the Asset impairments on the Condensed Consolidated Statements of Income/(Loss). The Company also recorded additional impairments of less than $1 million at the Vacation Ownership segment that were unrelated to COVID-19.
There were no impairment charges for the three and nine months ended September 30, 2021.
The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
No definition available.