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BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The following table below presents revenues for our reportable segment results which include the acquired Grand Islander and Bluegreen operations, within both segments and as of their respective acquisition dates, reconciled to consolidated amounts:

			Year Ended December 31,
($ in millions)			2024						2023						2022
Revenues:
Real estate sales and financing			$	3,010					$	2,357					$	2,378
Resort operations and club management(1)			1,528						1,291						1,197
Total segment revenues			4,538						3,648						3,575
Cost reimbursements			516						386						297
Intersegment eliminations(1)			(73)						(56)						(37)
Total revenues			$	4,981					$	3,978					$	3,835

(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.

Schedule of Segment Reporting Information, by Segment

The following tables present Adjusted EBITDA for our reportable segments:

For the year ended December 31, 2024						Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers						$	3,010					$	1,455					$	4,465
Intersegment revenues						—						73						73
Total segment revenues						3,010						1,528						4,538			(a)
Less:
Cost of VOI Sales						239						—						239
Selling expense						727						—						727
Marketing expense						914						—						914
Financing expense						188						—						188
Club expense						—						83						83
Property management expense						—						128						128
Rental expense						—						681						681
Other expenses						127						43						170
Total segment expenses						2,195			(b)			935			(c)			3,130
Other:
Share-based compensation expense						12						6						18
Other segment adjustment items						48						5						53			(d)
Intersegment elimination						(73)						—						(73)			(a)
Segment Adjusted EBITDA						$	802					$	604					$	1,406

For the year ended December 31, 2023						Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers						$	2,357					$	1,235					$	3,592
Intersegment revenues						—						56						56
Total segment revenues						2,357						1,291						3,648			(a)
Less:
Cost of VOI Sales						194						—						194
Selling expense						501						—						501
Marketing expense						682						—						682
Financing expense						99						—						99
Club expense						—						60						60
Property management expense						—						117						117
Rental expense						—						573						573
Other expenses						98						39						137
Total segment expenses						1,574			(b)			789			(c)			2,363
Other:
Share-based compensation expense						12						3						15
Other segment adjustment items						15						(1)						14			(d)
Intersegment elimination						(56)						—						(56)			(a)
Segment Adjusted EBITDA						$	754					$	504					$	1,258

For the year ended December 31, 2022						Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers						$	2,378					$	1,160					$	3,538
Intersegment revenues						—						37						37
Total segment revenues						2,378						1,197						3,575			(a)
Less:
Cost of VOI Sales						274						—						274
Selling expense						480						—						480
Marketing expense						551						—						551
Financing expense						103						—						103
Club expense						—						42						42
Property management expense						—						119						119
Rental expense						—						544						544
Other expenses						115						35						150
Total segment expenses						1,523			(b)			740			(c)			2,263
Other:
Share-based compensation expense						11						5						16
Other segment adjustment items						36						1						37			(d)
Intersegment elimination						(37)						—						(37)			(a)
Segment Adjusted EBITDA						$	865					$	463					$	1,328

(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.

(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the statements of income.

(c) Consists of Resort and club management and Rental and ancillary services expense on the statements of income.

(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.

Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income and Net Income Attributable to Stockholders

The following table presents Adjusted EBITDA for our reportable segments reconciled to net income and net income attributable to stockholders:

			Year Ended December 31,
($ in millions)			2024						2023						2022
Adjusted EBITDA:
Real estate sales and financing(1)			$	802					$	754					$	865
Resort operations and club management(1)			604						504						463
Segment Adjusted EBITDA			1,406						1,258						1,328
Acquisition and integration-related expense			(237)						(68)						(67)
General and administrative			(199)						(194)						(212)
Depreciation and amortization			(268)						(213)						(244)
License fee expense			(171)						(138)						(124)
Other (loss) gain, net			(11)						2						(1)
Interest expense			(329)						(178)						(142)
Income tax expense			(76)						(136)						(129)
Equity in earnings from unconsolidated affiliates			18						12						13
Impairment expense			(2)						(3)						(17)
Other adjustment items(2)			(71)						(29)						(53)
Net income			60						313						352
Net income attributable to noncontrolling interest			13						—						—
Net income attributable to stockholders			$	47					$	313					$	352

(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.

(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.

Schedule of Assets Reconciled to Consolidated Amounts

The following table presents total assets for our reportable segments, reconciled to consolidated amounts:

			December 31,
($ in millions)			2024						2023
Real estate sales and financing			$	7,349					$	6,559
Resort operations and club management			3,163						1,735
Total segment assets			10,512						8,294
Corporate			930						391
Total assets			$	11,442					$	8,685

Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts

The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:

			Year Ended December 31,
($ in millions)			2024						2023						2022
Real estate sales and financing			$	152					$	61					$	26
Resort operations and club management			2						2						2
Total segment capital expenditures			154						63						28
Corporate			45						34						65
Total capital expenditures			$	199					$	97					$	93

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