Segment Information The Company has two operating segments: WVC and Panorama. The WVC segment develops, markets and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Panorama segment provides leisure travelers with flexibility and access to a wide variety of global travel options through its membership platforms, including timeshare exchange, closed user group, and home exchange networks. During 2018, the Company decided to explore strategic alternatives for its North American vacation rentals business, which was part of its Panorama segment, and completed the sale of this business on October 22, 2019. The assets and liabilities of this business were classified as held-for-sale until the sale was completed. This business did not meet the criteria to be classified as a discontinued operation; therefore, the results of operations through the date of sale are included in the 2019 results presented in the tables below. The reportable segments presented below represent the Companys operating segments for which discrete financial information is available and which are utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management uses net revenues and Adjusted EBITDA to assess the performance of the reportable segments. Adjusted EBITDA is defined by the Company as Net (loss)/income before Depreciation and amortization, Interest expense (excluding Consumer financing interest), early extinguishment of debt, Interest income (excluding Consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, transaction costs, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. The Company believes that Adjusted EBITDA is a useful measure of performance for its segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Companys presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. The following tables present the Companys segment information (in millions): Three Months Ended Six Months Ended June 30, June 30, Net revenues 2020 2019 2020 2019 Wyndham Vacation Clubs $ 239 $ 810 $ 647 $ 1,493 Panorama 105 230 256 466 Total reportable segments 344 1,040 903 1,959 Corporate and other (a) (1 ) (1 ) (2 ) (2 ) Total Company $ 343 $ 1,039 $ 901 $ 1,957 Three Months Ended Six Months Ended June 30, June 30, Reconciliation of Net (loss)/income to Adjusted EBITDA 2020 2019 2020 2019 Net (loss)/income attributable to Wyndham Destinations shareholders $ (164 ) $ 124 $ (298 ) $ 204 Gain on disposal of discontinued businesses, net of income taxes  (6 )  (5 ) Provision/(benefit) for income taxes 11 44 (33 ) 74 Depreciation and amortization 31 28 62 59 Interest expense 46 40 87 82 Interest (income) (2 ) (2 ) (4 ) (4 ) Asset impairments (b) 38  48  COVID-19 related costs (c) 26  38  Exchange inventory write-off   38  Restructuring 23 1 25 4 Stock-based compensation 6 5 7 8 Legacy items (d) 1 (1 ) 2 1 Separation and related costs (e)  22  36 Adjusted EBITDA $ 16 $ 255 $ (28 ) $ 459 Three Months Ended Six Months Ended June 30, June 30, Adjusted EBITDA 2020 2019 2020 2019 Wyndham Vacation Clubs $ (17 ) $ 193 $ (90 ) $ 331 Panorama 40 72 82 151 Total reportable segments 23 265 (8 ) 482 Corporate and other (a) (7 ) (10 ) (20 ) (23 ) Total Company $ 16 $ 255 $ (28 ) $ 459 (a) Includes the elimination of transactions between segments. (b) Includes $5 million of bad debt expense related to a note receivable for the three and six months ended June 30, 2020 , included in Operating expenses on the Condensed Consolidated Statements of (Loss)/Income. (c) Includes severance and other costs associated with layoffs due to the COVID-19 workforce reduction offset in part by employee retention credits received in connection with the U.S. CARES Act and similar international programs for wages paid to certain employees despite having operations suspended. (d) Represents the resolution of and adjustment to certain contingent liabilities resulting from the Spin-off, the sale of the European vacation rentals business, and the Companys separation from Cendant. (e) Includes $2 million and $4 million of stock based compensation expense for the three and six months ended June 30, 2019 . Segment Assets (a) June 30, 2020 December 31, 2019 Wyndham Vacation Clubs $ 5,141 $ 5,582 Panorama 1,387 1,482 Total reportable segments 6,528 7,064 Corporate and other 1,069 389 Total Company $ 7,597 $ 7,453 (a) Excludes investment in consolidated subsidiaries.