v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 99 $ 126
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 66 76
Amortization of debt discount and issuance costs 11 12
Vacation ownership notes and contracts receivable reserve 122 108
Share-based compensation 22 19
Impairment 0 2
Foreign currency remeasurement loss (gain) 5 (21)
Deferred income taxes (16) (4)
Net change in assets and liabilities:    
Accounts and contracts receivable (3) 8
Vacation ownership notes receivable originations (512) (488)
Vacation ownership notes receivable collections 371 341
Inventory 16 (1)
Other assets (17) (49)
Accounts payable, advance deposits and accrued liabilities (102) (108)
Deferred revenue and other 46 42
Payroll and benefit liabilities (3) (46)
Deferred compensation liability (5) (1)
Other liabilities (20) (7)
Purchase and development of property for future transfer to inventory 0 (49)
Other, net (4) 0
Net cash, cash equivalents and restricted cash provided by (used in) operating activities 76 (40)
INVESTING ACTIVITIES    
Proceeds from disposition of entity 50 0
Capital expenditures for property and equipment (excluding inventory) (22) (34)
Purchase of company owned life insurance 0 (10)
Other dispositions, net 0 1
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 28 (43)
FINANCING ACTIVITIES    
Borrowings from securitization transactions 982 814
Repayment of debt related to securitization transactions (774) (761)
Proceeds from debt 1,410 805
Repayments of debt (1,844) (699)
Finance lease payment (3) (3)
Payment of debt and securitized debt issuance costs (6) (12)
Repurchase of common stock 0 (36)
Payment of dividends (82) (83)
Payment of withholding taxes on vesting of restricted stock units (6) (6)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities (323) 19
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) 4
Change in cash, cash equivalents and restricted cash (220) (60)
Cash, cash equivalents and restricted cash, beginning of period 733 528
Cash, cash equivalents and restricted cash, end of period 513 468
SUPPLEMENTAL DISCLOSURES    
Non-cash issuance of treasury stock for employee stock purchase plan 3 4
Non-cash transfer from inventory to property and equipment 1 1
Non-cash transfer from property and equipment to inventory 0 1
Non-cash transfer from other assets to property and equipment 0 59
Interest paid, net of amounts capitalized 140 121
Income taxes paid, net of refunds $ 60 $ 111