Financial Information
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PART II
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
BUSINESS SEGMENTS
We are a diversified global lodging company with operations in three reportable business segments: North American Full-Service, North American Limited-Service, and International. See Footnote No. 16, “Business Segments,” to our Financial Statements for other information about each segment, including revenues and a reconciliation of segment profits to net income.
Properties by Segment
At year-end 2015, we operated, franchised, and licensed the following properties by segment and brand:
(1) Represents projects where we manage the related owners' association. We include residential properties once they possess a certificate of occupancy.
(2) We present results for all AC Hotels by Marriott properties and five International Autograph Collection properties in the “Equity in earnings (losses)” caption of our Income Statements.
(3) Timeshare properties licensed by MVW under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences, and Grand Residences by Marriott brand names. Includes products that are in active sales as well as those sold out. MVW reports its property and room counts on a fiscal year basis for the MVW fiscal year ended January 1, 2016.