Annual report pursuant to Section 13 and 15(d)

Segment Information (Tables)

v3.22.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Summary Of Segment Information
The following tables present the Company’s segment information (in millions):
Year Ended December 31,
Net revenues 2022 2021 2020
Vacation Ownership $ 2,835  $ 2,423  $ 1,637 
Travel and Membership 735  714  528 
Total reportable segments 3,570  3,137  2,165 
Corporate and other (a)
(3) (3) (5)
Total Company $ 3,567  $ 3,134  $ 2,160 
Year Ended December 31,
Reconciliation of Net income to Adjusted EBITDA 2022 2021 2020
Net income/(loss) attributable to Travel + Leisure Co. shareholders $ 357  $ 308  $ (255)
(Gain)/loss on disposal of discontinued business, net of income taxes (1) 5  2 
Provision/(benefit) for income taxes 130  116  (23)
Depreciation and amortization 119  124  126 
Interest expense 195  198  192 
Interest (income) (6) (3) (7)
Stock-based compensation 42  32  20 
Restructuring (b)
14  (1) 39 
Asset impairments/(recoveries), net (c)
11  (5) 57 
Loss/(gain) on equity investment 5  (3) — 
COVID-19 related costs (d)
2  3  56 
Legacy items 1  4  4 
Exchange inventory write-off —  —  48 
Fair value change in contingent consideration (10) —  — 
Adjusted EBITDA $ 859  $ 778  $ 259 
Year Ended December 31,
Adjusted EBITDA 2022 2021 2020
Vacation Ownership $ 665  $ 569  $ 121 
Travel and Membership 268  271  191 
Total reportable segments 933  840  312 
Corporate and other (a)
(74) (62) (53)
Total Company $ 859  $ 778  $ 259 
(a)Includes the elimination of transactions between segments.
(b)Includes $3 million of stock-based compensation expense for the year ended December 31, 2022 associated with the 2022 restructuring plans.
(c)Includes $1 million of inventory impairments for the year ended December 31, 2022, included in Cost of vacation ownership interests on the Consolidated Statements of Income/(Loss). Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating expenses on the Consolidated Statements of Income/(Loss).
(d)Includes expenses related to COVID-19 testing and other expenses associated with the Company’s return-to-work program in 2022. In 2021 and 2020, this includes severance and other employee costs associated with layoffs due to the COVID-19 workforce reduction offset in part by U.S. and international government employee retention credits.
As of December 31,
Segment Assets (a)
2022 2021
Vacation Ownership $ 4,826  $ 4,760 
Travel and Membership 1,335  1,397 
Total reportable segments 6,161  6,157 
Corporate and other 596  431 
Total Company $ 6,757  $ 6,588 
(a)Excludes investment in consolidated subsidiaries.
Year Ended December 31,
Capital Expenditures 2022 2021 2020
Vacation Ownership $ 32  $ 34  $ 41 
Travel and Membership 17  17  21 
Total reportable segments 49  51  62 
Corporate and other 3  6  7 
Total Company $ 52  $ 57  $ 69 
Schedule Of Geographic Segment Information The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries (in millions):
Net Revenues Net Long-lived Assets
Year Ended December 31, As of December 31,
2022 2021 2020 2022 2021
United States $ 3,166  $ 2,753  $ 1,904  $ 1,572  $ 1,574 
All other countries 401  381  256  248  295 
Total $ 3,567  $ 3,134  $ 2,160  $ 1,820  $ 1,869