Quarterly report pursuant to Section 13 or 15(d)

Other Expenses and Charges

v3.22.2.2
Other Expenses and Charges
 9 Months Ended
Sep. 30, 2022
Other Expenses [Abstract]  
Other Expenses and Charges
16. OTHER EXPENSES AND CHARGES
Gain on Asset Sale, Net
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 nine months ended September 30, 2022 which was attributable to the Company's hotel management business and was reported within gain on asset sale, net 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 as the proceeds approximated adjusted net book value. Additionally, the Company entered into a 20 year franchise agreement with the buyer.
Separation-Related
The Company recognized separation-related charges of $1 million for the three months ended September 30, 2022 primarily associated with a tax-related matter. In the nine months ending September 30, 2022, the charge of $1 million incurred in the third quarter was offset by the reversal of a $1 million reserve in the second quarter of 2022 relating to the settlement of an outstanding matter. For the three and nine months ended September 30, 2021, separation-related charges were not material and $3 million, respectively. Such charges primarily consisted of legal and tax-related costs.