Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

v3.22.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Of Intangible Assets And Goodwill
Intangible assets consisted of (in millions):
As of December 31, 2022 As of December 31, 2021
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Unamortized Intangible Assets:
Goodwill $ 955  $ 961 
Trademarks (a)
$ 144  $ 146 
Amortized Intangible Assets:
 Customer lists (b)
$ 75  $ 37  $ 38  $ 75  $ 31  $ 44 
 Management agreements (c)
50  35  15  52  34  18 
 Trademarks (d)
9  6  3  8  5  3 
Other (e)
8  1  7  8  —  8 
$ 142  $ 79  $ 63  $ 143  $ 70  $ 73 
(a)Comprised of trademarks and trade names the Company has acquired that are expected to generate future cash flows for an indefinite period of time. During 2022, the Company recorded a $2 million trade name impairment at the Travel and Membership segment.
(b)Amortized between 4 to 15 years with a weighted average life of 12 years.
(c)Amortized between 5 to 25 years with a weighted average life of 17 years.
(d)Amortized between 7 to 8 years with a weighted average life of 8 years.
(e)Includes business contracts, which are amortized between 10 to 69 years with a weighted average life of 58 years.
Changes In Carrying Amount Of Goodwill By Segnent The changes in the carrying amount of goodwill are as follows (in millions):
Balance as of December 31, 2021 Goodwill Acquired During 2022 Foreign Exchange Balance as of December 31, 2022
Travel and Membership $ 934  $ 1  $ (7) $ 928 
Vacation Ownership 27  —  —  27 
Total Company $ 961  $ 1  $ (7) $ 955 
Finite-Lived Intangible Assets Amortization Expense Amortization expense relating to amortizable intangible assets is included as a component of Depreciation and amortization on the Consolidated Statements of Income/(Loss) and was as follows (in millions):
Year Ended December 31,
2022 2021 2020
Customer lists $ 6  $ 6  $ 6 
Management agreements 1  3  3 
Other 2  —  1 
Total $ 9  $ 9  $ 10 
Future Amortization Expenses Of Intangible Assets Based on the Company’s amortizable intangible assets as of December 31, 2022, the Company expects related amortization expense for the next five years as follows (in millions):
Amount
2023 $ 9 
2024 8 
2025 8 
2026 8 
2027 7