Other Expenses and Charges
|6 Months Ended|
Jun. 30, 2022
|Other Expenses [Abstract]|
|Other Expenses and Charges||
(Gain)/Loss on Asset Sales
In March 2022, the Company completed the sale of its Wyndham Grand Bonnet Creek Resort for gross proceeds of $121 million ($118 million, net of transaction costs) and recognized a $35 million gain, net of transaction costs, for the six months ended June 30, 2022, which included a $1 million charge related to post-closing adjustments recorded in the second quarter of 2022. Both amounts were attributable to the Company's hotel management business and were reported within (gain)/loss on asset sales on the Condensed Consolidated Statement of Income. Additionally, the Company entered into a 20 year franchise agreement with the buyer.
In May 2022, the Company completed the sale of its Wyndham Grand Rio Mar Resort for gross proceeds of $62 million ($61 million, net of transaction costs). There was no gain or loss on the sale. Additionally, the Company entered into a 20 year franchise agreement with the buyer.
The Company recognized separation-related income of $1 million for both the three and six months ended June 30, 2022 associated with the reversal of a reserve resulting from the settlement of an outstanding matter. The Company incurred expense of $1 million and $3 million for the three and six months ended June 30, 2021, respectively, which primarily consisted of legal and tax-related costs.
No definition available.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef