GOODWILL AND INTANGIBLES

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]


10.			GOODWILL AND INTANGIBLES

Goodwill

The following table details the carrying amount of our goodwill at September 30, 2021 and December 31, 2020, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition.


($ in millions)	Vacation Ownership Reporting Unit		Exchange & Third-Party Management Reporting Unit		Total Consolidated
Balance at December 31, 2020	$	2,445	$	372	$	2,817



Welk Acquisition	299		—		299


Balance at June 30, 2021	2,744		372		3,116

Measurement period adjustments	(30)		—		(30)

Balance at September 30, 2021	$	2,714	$	372	$	3,086

Q1 2021, Q2 2021, and Q3 2021

We periodically monitor for indicators of impairment of our goodwill and none were identified during the third quarter or first three quarters of 2021. While the goodwill of our reporting units was not impaired during the first three quarters of 2021, we cannot assure you that our goodwill will not be impaired in future periods.

Q1 2020

We recognized a non-cash impairment charge of $73 million in the Impairment line on our Income Statement during the first quarter of 2020 related to the Exchange & Third-Party Management reporting unit, which was primarily driven by the change in expected future operating results as a result of the impact of the COVID-19 pandemic.

Intangible Assets

The following table details the composition of our intangible asset balances:


($ in millions)	At September 30, 2021		At December 31, 2020
Definite-lived intangible assets
Member relationships	$	671	$	671
Management contracts	451		351
	1,122		1,022
Accumulated amortization	(179)		(134)
	943		888
Indefinite-lived intangible assets
Trade names	64		64
	$	1,007	$	952

Q1 2020

We recognized a non-cash impairment charge of $18 million in the Impairment line on our Income Statement during the first quarter of 2020 related to the indefinite-lived intangible assets in our Exchange & Third-Party Management segment, which was primarily attributed to the decline in estimated near-term revenues and related recovery of long-term revenues as a result of the impact of the COVID-19 pandemic.