Quarterly report pursuant to Section 13 or 15(d)

Other Expenses and Charges

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Other Expenses and Charges
 6 Months Ended
Jun. 30, 2022
Other Expenses [Abstract]  
Other Expenses and Charges
15. 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.
Separation-Related
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.