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BUSINESS SEGMENTS | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Beginning in the 2021 first quarter, we modified our segment structure due to a change in the way our chief operating decision maker evaluates results and allocates resources within the Company, resulting in the following two operating segments, both of which meet the applicable accounting criteria for separate disclosure as a reportable business segment: United States and Canada (“U.S. & Canada”) and International. We revised the prior period amounts shown in the tables below to conform to our current presentation. We evaluate the performance of our operating segments using “segment profits/loss” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, merger-related costs, or most above-property restructuring charges. We assign gains and losses, equity in earnings or losses, direct general, administrative, and other expenses, and other restructuring charges to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (including license fees we receive from our credit card programs and fees from vacation ownership licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring and merger-related charges, equity in earnings or losses, and other gains or losses that we do not allocate to our segments. Our chief operating decision maker monitors assets for the consolidated Company but does not use assets by operating segment when assessing performance or making operating segment resource allocations. Segment Revenues The following table presents our revenues disaggregated by segment and major revenue stream for the last three fiscal years:
| 2021 |  | 2020 |  | 2019
($ in millions) | U.S. & Canada | International |  |  | Total |  | U.S. & Canada | International | Total |  | U.S. & Canada | International | Total
Gross fee revenues | $ | 1,580 |  | $ | 568 |  |  |  | $ | 2,148 |  |  | $ | 914 |  | $ | 338 |  | $ | 1,252 |  |  | $ | 2,265 |  | $ | 1,032 |  | $ | 3,297 |
Contract investment amortization | (55) |  | (20) |  |  |  | (75) |  |  | (108) |  | (24) |  | (132) |  |  | (48) |  | (14) |  | (62) |
Net fee revenues | 1,525 |  | 548 |  |  |  | 2,073 |  |  | 806 |  | 314 |  | 1,120 |  |  | 2,217 |  | 1,018 |  | 3,235 |
Owned, leased, and other revenue | 282 |  | 467 |  |  |  | 749 |  |  | 198 |  | 317 |  | 515 |  |  | 715 |  | 841 |  | 1,556 |
Cost reimbursement revenue | 8,549 |  | 1,239 |  |  |  | 9,788 |  |  | 6,901 |  | 966 |  | 7,867 |  |  | 13,901 |  | 1,685 |  | 15,586 |
Total reportable segment revenue | $ | 10,356 |  | $ | 2,254 |  |  |  | $ | 12,610 |  |  | $ | 7,905 |  | $ | 1,597 |  | $ | 9,502 |  |  | $ | 16,833 |  | $ | 3,544 |  | $ | 20,377 |
Unallocated corporate and other |  |  |  |  | 1,247 |  |  |  |  | 1,069 |  |  |  |  | 595 |
Total revenue |  |  |  |  | $ | 13,857 |  |  |  |  | $ | 10,571 |  |  |  |  | $ | 20,972 |
Revenues attributed to operations located outside the U.S. were $2,615 million in 2021, $1,910 million in 2020, and $4,400 million in 2019, including cost reimbursement revenue outside the U.S. of $1,553 million in 2021, $1,247 million in 2020, and $2,394 million in 2019. Segment Profits and Losses
($ in millions) | 2021 |  | 2020 |  | 2019
U.S. & Canada (1) | $ | 1,394 |  |  | $ | 198 |  |  | $ | 2,000 |
International (2) | 258 |  |  | (222) |  |  | 804 |
Unallocated corporate and other | (80) |  |  | (24) |  |  | (837) |
Interest expense, net of interest income | (392) |  |  | (418) |  |  | (368) |
(Provision) benefit for income taxes | (81) |  |  | 199 |  |  | (326) |
Net income (loss) | $ | 1,099 |  |  | $ | (267) |  |  | $ | 1,273 |
(1) Includes cost reimbursements, net of $51 million in 2021, $(80) million in 2020, and $(129) million in 2019. (2) Includes cost reimbursements, net of $14 million in 2021, $(55) million in 2020, and $(18) million in 2019. Segment profits (losses) attributed to operations located outside the U.S. were $297 million in 2021, $(198) million in 2020, and $982 million in 2019, including cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) outside the U.S. of $14 million in 2021, $(62) million in 2020, and $(18) million in 2019. Depreciation, Amortization, and Other
($ in millions) | 2021 |  | 2020 |  | 2019
U.S. & Canada | $ | 92 |  |  | $ | 209 |  |  | $ | 218 |
International | 106 |  |  | 113 |  |  | 96 |
Unallocated corporate and other | 22 |  |  | 24 |  |  | 27 |
| $ | 220 |  |  | $ | 346 |  |  | $ | 341 |
Capital Expenditures
($ in millions) | 2021 |  | 2020 |  | 2019
U.S. & Canada | $ | 13 |  |  | $ | 12 |  |  | $ | 287 |
International | 12 |  |  | 17 |  |  | 166 |
Unallocated corporate and other | 158 |  |  | 106 |  |  | 200 |
| $ | 183 |  |  | $ | 135 |  |  | $ | 653 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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