v3.26.3
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Operating activities              
Net income $ 108 $ 79 $ 111 $ 73 $ 296 $ 291  
Adjustments to reconcile net income to net cash provided by operating activities:              
Provision for loan losses 148   146   389 [1] 365 [1]  
Depreciation and amortization         99 92  
Stock-based compensation         43 38  
Inventory write-downs and impairments         27 6  
Deferred income taxes         21 41  
Non-cash interest         17 18  
Non-cash lease expense         6 10  
Asset impairments, net         0 2  
Other, net         (8) (2)  
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:              
Trade receivables         (11) (5)  
Vacation ownership contract receivables         (319) (340)  
Inventory         (60) (41)  
Prepaid expenses         (31) (13)  
Other assets         (55) 13  
Accounts payable, accrued expenses, and other liabilities         (7) 14  
Deferred income         (19) 27  
Net cash provided by operating activities         388 516  
Investing activities              
Property and equipment additions         (63) (85)  
Purchase of investments         (21) (10)  
Proceeds from the sale of investments         21 18  
Acquisitions, net of cash acquired         (290) (1)  
Net cash used in investing activities         (353) (78)  
Financing activities              
Proceeds from non-recourse vacation ownership debt         1,241 1,157  
Principal payments on non-recourse vacation ownership debt         (1,345) (1,263)  
Proceeds from debt, notes issued, and term loans         3,189 2,223  
Principal payments on debt, notes, and term loans         (2,662) (2,143)  
Repurchase of common stock         (250) (211)  
Dividends paid to shareholders [2] (36)   (36)   (114) (114)  
Net share settlement of incentive equity awards         (17) (14)  
Debt issuance/modification costs         (19) (22)  
Proceeds from issuance of common stock         11 27  
Other, net         (1) 0  
Net cash provided by/(used in) financing activities         33 (360)  
Effect of changes in exchange rates on cash, cash equivalents and restricted cash         5 7  
Net change in cash, cash equivalents and restricted cash         73 85  
Cash, cash equivalents and restricted cash, beginning of period   $ 426   $ 329 426 329 $ 329
Cash, cash equivalents and restricted cash, end of period 499   414   499 414 426
Less: Restricted cash 193   174   193 174 $ 173
Cash and cash equivalents $ 306   $ 240   $ 306 $ 240  
[1] Recorded as a reduction to Net revenues.
[2] The Company paid cash dividends of $0.60 and $1.80 per share during the three and nine months ended September 30, 2026 and $0.56 and $1.68 per share during the three and nine months ended September 30, 2025.