v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net income $ 22 $ 57
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:    
Depreciation and amortization of intangibles 34 38
Amortization of debt discount and issuance costs 5 5
Vacation ownership notes and contracts receivable reserve 50 50
Share-based compensation 10 7
Impairment 0 2
Foreign currency remeasurement loss (gain) 3 (3)
Deferred income taxes (1) (15)
Net change in assets and liabilities:    
Accounts and contracts receivable 15 0
Vacation ownership notes receivable originations (241) (233)
Vacation ownership notes receivable collections 185 176
Inventory 11 1
Other assets (122) (129)
Accounts payable, advance deposits and accrued liabilities (47) (13)
Deferred revenue and other 95 88
Payroll and benefit liabilities 4 (13)
Deferred compensation liability (8) (5)
Other liabilities (15) (5)
Purchase and development of property for future transfer to inventory 0 (2)
Other, net (4) 2
Net cash, cash equivalents and restricted cash (used in) provided by operating activities (4) 8
INVESTING ACTIVITIES    
Proceeds from disposition of entity 50 0
Capital expenditures for property and equipment (excluding inventory) (8) (14)
Purchase of company owned life insurance 0 (4)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 42 (18)
FINANCING ACTIVITIES    
Borrowings from securitization transactions 354 206
Repayment of debt related to securitization transactions (198) (197)
Proceeds from debt 885 340
Repayments of debt (1,152) (277)
Finance lease payment (2) (2)
Payment of debt and securitized debt issuance costs 0 (5)
Repurchase of common stock 0 (36)
Payment of dividends (55) (55)
Payment of withholding taxes on vesting of restricted stock units (6) (6)
Net cash, cash equivalents and restricted cash used in financing activities (174) (32)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) 1
Change in cash, cash equivalents and restricted cash (137) (41)
Cash, cash equivalents and restricted cash, beginning of period 733 528
Cash, cash equivalents and restricted cash, end of period 596 487
SUPPLEMENTAL DISCLOSURES    
Non-cash issuance of treasury stock for employee stock purchase plan 1 1
Interest paid, net of amounts capitalized 53 54
Income taxes paid, net of refunds $ 4 $ 4