Other Expenses and Charges |
6 Months Ended | ||||||
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Jun. 30, 2023 | |||||||
| Other Expenses [Abstract] | |||||||
| Other Expenses and Charges |
Transaction-Related
The Company recognized transaction-related expenses of $4 million during both the three and six months ended June 30, 2023 primarily related to costs associated with the refinancing of the Company's term loan B.
Separation-Related
During the three months ended June 30, 2023, the Company reversed a $2 million reserve which was offset by $2 million of costs incurred in the first quarter of 2023, both of which were tax-related matters. 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.
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 was 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.
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