Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Summary Of Segment Information
The following tables present the Company’s segment information (in millions):
Three Months Ended Nine Months Ended
September 30, September 30,
Net revenues 2021 2020 2021 2020
Vacation Ownership $ 660  $ 475  $ 1,708  $ 1,116 
Travel and Membership 185  145  573  411 
Total reportable segments 845  620  2,281  1,527 
Corporate and other (a)
(6) (6) (17) (12)
Total Company $ 839  $ 614  $ 2,264  $ 1,515 
Three Months Ended Nine Months Ended
September 30, September 30,
Reconciliation of Net income/(loss) to Adjusted EBITDA 2021 2020 2021 2020
Net income/(loss) attributable to Travel + Leisure Co. shareholders $ 101  $ 40  $ 201  $ (258)
Loss on disposal of discontinued business, net of income taxes —  —  — 
Provision/(benefit) for income taxes 39  (21) 76  (54)
Depreciation and amortization 31  32  93  94 
Interest expense 47  52  147  138 
Interest (income) (1) (2) (1) (5)
Stock-based compensation 24  14 
Legacy items
COVID-19 related costs (b)
13  51 
Asset impairments (c)
—  —  54 
Exchange inventory write-off —  10  —  48 
Restructuring —  (1) 27 
Adjusted EBITDA $ 228  $ 139  $ 550  $ 111 
Three Months Ended Nine Months Ended
September 30, September 30,
Adjusted EBITDA 2021 2020 2021 2020
Vacation Ownership $ 177  $ 93  $ 377  $
Travel and Membership 68  62  218  142 
Total reportable segments 245  155  595  148 
Corporate and other (a)
(17) (16) (45) (37)
Total Company $ 228  $ 139  $ 550  $ 111 
(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 nine months ended September 30, 2020, included in Operating expenses on the Condensed Consolidated Statements of Income/(Loss).

Segment Assets (a)
September 30,
2021
December 31, 2020
Vacation Ownership $ 4,738  $ 5,000 
Travel and Membership 1,456  1,372 
Total reportable segments 6,194  6,372 
Corporate and other 407  1,241 
Total Company $ 6,601  $ 7,613 
(a)Excludes investment in consolidated subsidiaries.