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Business Segments | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS We discuss our operations in the following two operating segments, both of which meet the applicable criteria for separate disclosure as a reportable business segment: (1) U.S. & Canada and (2) International. We evaluate the performance of our operating segments using “segment profit/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, merger-related charges, and other expenses, 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 tables present our revenues disaggregated by segment and major revenue stream for the 2022 third quarter, 2021 third quarter, 2022 first three quarters, and 2021 first three quarters:
| Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
($ in millions) | U.S. & Canada |  | International |  |  |  | Total |  | U.S. & Canada |  | International |  |  |  | Total
Gross fee revenues | $ | 649 |  |  | $ | 241 |  |  |  |  | $ | 890 |  |  | $ | 478 |  |  | $ | 156 |  |  |  |  | $ | 634 |
Contract investment amortization | (16) |  |  | (6) |  |  |  |  | (22) |  |  | (15) |  |  | (6) |  |  |  |  | (21) |
Net fee revenues | 633 |  |  | 235 |  |  |  |  | 868 |  |  | 463 |  |  | 150 |  |  |  |  | 613 |
Owned, leased, and other revenue | 114 |  |  | 205 |  |  |  |  | 319 |  |  | 93 |  |  | 134 |  |  |  |  | 227 |
Cost reimbursement revenue | 3,253 |  |  | 468 |  |  |  |  | 3,721 |  |  | 2,450 |  |  | 337 |  |  |  |  | 2,787 |
Total reportable segment revenue | $ | 4,000 |  |  | $ | 908 |  |  |  |  | $ | 4,908 |  |  | $ | 3,006 |  |  | $ | 621 |  |  |  |  | $ | 3,627 |
Unallocated corporate and other |  |  |  |  |  |  | 405 |  |  |  |  |  |  |  |  | 319 |
Total revenue |  |  |  |  |  |  | $ | 5,313 |  |  |  |  |  |  |  |  | $ | 3,946 |
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
($ in millions) | U.S. & Canada |  | International |  |  |  | Total |  | U.S. & Canada |  | International |  | Total
Gross fee revenues | $ | 1,821 |  |  | $ | 630 |  |  |  |  | $ | 2,451 |  |  | $ | 1,101 |  |  | $ | 375 |  |  | $ | 1,476 |
Contract investment amortization | (45) |  |  | (20) |  |  |  |  | (65) |  |  | (41) |  |  | (15) |  |  | (56) |
Net fee revenues | 1,776 |  |  | 610 |  |  |  |  | 2,386 |  |  | 1,060 |  |  | 360 |  |  | 1,420 |
Owned, leased, and other revenue | 330 |  |  | 575 |  |  |  |  | 905 |  |  | 185 |  |  | 320 |  |  | 505 |
Cost reimbursement revenue | 9,282 |  |  | 1,273 |  |  |  |  | 10,555 |  |  | 5,810 |  |  | 854 |  |  | 6,664 |
Total reportable segment revenue | $ | 11,388 |  |  | $ | 2,458 |  |  |  |  | $ | 13,846 |  |  | $ | 7,055 |  |  | $ | 1,534 |  |  | $ | 8,589 |
Unallocated corporate and other |  |  |  |  |  |  | 1,004 |  |  |  |  |  |  | 822 |
Total revenue |  |  |  |  |  |  | $ | 14,850 |  |  |  |  |  |  | $ | 9,411 |
Segment Profit
| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
U.S. & Canada | $ | 652 |  |  | $ | 485 |  |  | $ | 1,833 |  |  | $ | 972 |
International | 227 |  |  | 86 |  |  | 568 |  |  | 142 |
Unallocated corporate and other | 83 |  |  | (194) |  |  | 92 |  |  | (181) |
Interest expense, net of interest income | (93) |  |  | (99) |  |  | (270) |  |  | (301) |
Provision for income taxes | (239) |  |  | (58) |  |  | (538) |  |  | (1) |
Net income | $ | 630 |  |  | $ | 220 |  |  | $ | 1,685 |  |  | $ | 631 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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