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Discontinued Operations
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
During 2018, the Company completed the spin-off of its hotel business (“Spin-off”) and the sale of its European vacation rentals business. Subsequent to these transactions closing, the Company recognized additional gain and losses on disposal associated with these discontinued businesses. During 2021, the Company recognized a loss on disposal of discontinued business, net of income taxes of $5 million as a result of entering into a settlement agreement for post-closing adjustment claims related to the sale of the European vacation rentals business. See Note 29—Transactions with Former Parent and Former Subsidiaries for additional information. During 2020, the Company recognized a $2 million loss on disposal of discontinued business, net of income taxes resulting from a tax audit related to the European vacation rentals business. During 2019, the Company recognized an $18 million gain on disposal of discontinued business, net of income taxes. This gain was related to $12 million of tax benefits associated with additional foreign tax credit utilization and lower than anticipated state income taxes, as well as $6 million in returned escrow deposits associated with expired guarantees related to the sale of the European vacation rentals business. The Company does not expect to incur significant ongoing gains and losses for these discontinued operations.

Prior to their classification as discontinued operations, the hotel business comprised the Hotel Group segment and the European vacation rentals business was part of the Travel and Membership segment.

The following table presents information regarding components of cash flows from discontinued operations for the years ended December 31, (in millions):
202120202019
Cash flows used in operating activities$— $— $(1)
Cash flows used in investing activities— (5)(22)
Held-for-Sale Business
During 2019, the Company closed on the sale of its North American vacation rentals business for $162 million. After customary closing adjustments, the Company received $156 million in cash and $10 million in Vacasa LLC (“Vacasa”) equity, resulting in a gain of $68 million which is included in Gain on sale of business on the Consolidated Statements of Income/(Loss). Prior to sale, this business was reported within the Travel and Membership segment.

During December 2021, Vacasa merged with a publicly traded special purpose acquisition company and began trading on the Nasdaq Global Select market. As of December 31, 2021, the fair value of the Company’s investment in Vacasa was $13 million, as measured using quoted prices in the active market (Level 1); representing an increase of $9 million during the year. This increase is reflected as a $6 million recovery in Asset impairments/(recovery), and $3 million of Other income, net on the Consolidated Statements of Income/(Loss).