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BUSINESS SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Revenues
Revenues
($ in millions)
2019
 
2018
 
2017
Vacation Ownership
$
3,869

 
$
2,803

 
$
2,183

Exchange & Third-Party Management
454

 
161

 
—

Total segment revenues
4,323

 
2,964

 
2,183

Corporate and other
32

 
4

 
—

 
$
4,355

 
$
2,968

 
$
2,183
Adjusted EBITDA, Net Income, Depreciation and Amortization
Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders
($ in millions)
2019
 
2018
 
2017
Adjusted EBITDA Vacation Ownership
$
800

 
$
511

 
$
383

Adjusted EBITDA Exchange & Third-Party Management
230

 
77

 
—

Reconciling items:
 
 
 
 
 
Corporate and other
(272
)
 
(169
)
 
(89
)
Interest expense
(132
)
 
(54
)
 
(10
)
Tax provision
(83
)
 
(51
)
 
(5
)
Depreciation and amortization
(141
)
 
(62
)
 
(21
)
Share-based compensation expense
(37
)
 
(35
)
 
(16
)
Certain items
(227
)
 
(162
)
 
(7
)
Net income attributable to common shareholders
$
138

 
$
55

 
$
235

Depreciation and Amortization
($ in millions)
2019
 
2018
 
2017
Vacation Ownership
$
68

 
$
37

 
$
17

Exchange & Third-Party Management
47

 
16

 
—

Total segment depreciation
115

 
53

 
17

Corporate and other
26

 
9

 
4

 
$
141

 
$
62

 
$
21
Assets
Assets
($ in millions)
At December 31, 2019
 
At December 31, 2018
Vacation Ownership
$
7,345

 
$
7,275

Exchange & Third-Party Management
1,162

 
1,182

Total segment assets
8,507

 
8,457

Corporate and other
707

 
561

 
$
9,214

 
$
9,018
Capital Expenditures (including inventory)
Capital Expenditures (including inventory)
($ in millions)
2019
 
2018
 
2017
Vacation Ownership
$
266

 
$
245

 
$
174

Exchange & Third-Party Management
14

 
5

 
—

Total segment capital expenditures
280

 
250

 
174

Corporate and other
13

 
2

 
7

 
$
293

 
$
252

 
$
181
Revenue by Geographic Areas
Revenues (excluding cost reimbursements)
($ in millions)
2019
 
2018
 
2017
United States
$
2,835

 
$
1,780

 
$
1,247

All other countries
412

 
263

 
186

 
$
3,247

 
$
2,043

 
$
1,433
Fixed Assets by Geographic Areas
Fixed Assets
($ in millions)
At December 31, 2019
 
At December 31, 2018
United States
$
580

 
$
748

All other countries
171

 
203

 
$
751

 
$
951