{
 "company": "Travel + Leisure Co.",
 "ticker": "TNL",
 "sector": "Travel Services",
 "fiscalYearEnd": null,
 "revenueUsdM": 4021.0,
 "normalizedSga": {
  "pctRevenue": 12.38,
  "peerCount": 7,
  "peerMedianPctRevenue": 17.1,
  "peerLeanQuartilePctRevenue": 9.9,
  "peers": [
   {
    "ticker": "WH",
    "name": "Wyndham Hotels & Resorts, Inc.",
    "normalizedSgaPctRevenue": 8.75
   },
   {
    "ticker": "HGV",
    "name": "Hilton Grand Vacations Inc.",
    "normalizedSgaPctRevenue": 17.4
   },
   {
    "ticker": "RRR",
    "name": "Red Rock Resorts, Inc.",
    "normalizedSgaPctRevenue": 21.32
   },
   {
    "ticker": "CZR",
    "name": "Caesars Entertainment, Inc.",
    "normalizedSgaPctRevenue": 16.77
   },
   {
    "ticker": "BYD",
    "name": "Boyd Gaming Corporation",
    "normalizedSgaPctRevenue": 9.91
   },
   {
    "ticker": "VAC",
    "name": "Marriott Vacations Worldwide Corporation",
    "normalizedSgaPctRevenue": 23.55
   }
  ],
  "definition": "Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A."
 },
 "disclosedLines": [
  {
   "key": "advertising",
   "label": "Advertising",
   "pctRevenue": 14.55,
   "companiesDisclosing": 5,
   "peersDisclosing": [
    {
     "ticker": "WH",
     "pctRevenue": 5.46
    },
    {
     "ticker": "RRR",
     "pctRevenue": 0.62
    },
    {
     "ticker": "CZR",
     "pctRevenue": 2.06
    },
    {
     "ticker": "BYD",
     "pctRevenue": 0.67
    }
   ],
   "note": "A brand-investment choice; advertising sits outside the normalized SG&A line, so it does not explain the Exhibit 2 gap."
  },
  {
   "key": "stock_comp",
   "label": "Stock-based comp",
   "pctRevenue": 1.42,
   "companiesDisclosing": 6,
   "peersDisclosing": [
    {
     "ticker": "WH",
     "pctRevenue": 3.01
    },
    {
     "ticker": "HGV",
     "pctRevenue": 1.27
    },
    {
     "ticker": "RRR",
     "pctRevenue": 1.6
    },
    {
     "ticker": "BYD",
     "pctRevenue": 0.78
    },
    {
     "ticker": "VAC",
     "pctRevenue": 0.76
    }
   ],
   "note": "Right at the peer median. Not distorting the overhead picture."
  }
 ],
 "gapToPeers": null,
 "tsrBridge": [
  {
   "label": "1 year",
   "span": "FY2024 to FY2025",
   "companyTsrPct": 45,
   "peerTsrPct": 4,
   "driverPp": {
    "Combined drivers": 41
   }
  },
  {
   "label": "3 years",
   "span": "FY2022 to FY2025",
   "companyTsrPct": 121,
   "peerTsrPct": 23,
   "driverPp": {
    "Combined drivers": 98
   }
  },
  {
   "label": "10 years",
   "span": "FY2016 to FY2025",
   "companyTsrPct": 187,
   "peerTsrPct": 176,
   "driverPp": {
    "Combined drivers": 11
   }
  }
 ],
 "recentQuarter": null,
 "sources": [
  "10-K and 10-Q filings (US GAAP)",
  "XBRL company facts",
  "earnings releases"
 ],
 "urls": {
  "briefing": "https://sgabenchmarking.com/r/TNL",
  "json": "https://sgabenchmarking.com/r/TNL.json",
  "industryBenchmarks": "https://sgabenchmarking.com/catalog.json"
 },
 "publisher": "SG&A Benchmarking, https://sgabenchmarking.com"
}