v3.26.3
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net income $ 181 $ 124
Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash provided by operating activities:    
Depreciation and amortization of intangibles 99 114
Amortization of debt discount and issuance costs 16 18
Vacation ownership notes and contracts receivable reserve 205 165
Share-based compensation 34 28
Impairment 0 33
Foreign currency remeasurement loss (gain) 2 (23)
Deferred income taxes (16) 15
Net change in assets and liabilities:    
Accounts and contracts receivable (1) (13)
Vacation ownership notes receivable originations (887) (766)
Vacation ownership notes receivable collections 581 519
Inventory 22 22
Other assets 68 27
Accounts payable, advance deposits and accrued liabilities (85) (72)
Deferred revenue and other (13) (12)
Payroll and benefit liabilities 15 (19)
Deferred compensation liability (1) 3
Other liabilities (14) (6)
Purchase and development of property for future transfer to inventory 0 (134)
Other, net (2) (1)
Net cash, cash equivalents, and restricted cash provided by operating activities 204 22
INVESTING ACTIVITIES    
Proceeds from disposition of entity 50 0
Capital expenditures for property and equipment (excluding inventory) (34) (45)
Purchase of company owned life insurance (3) (13)
Other, net 0 1
Net cash, cash equivalents, and restricted cash provided by (used in) investing activities 13 (57)
FINANCING ACTIVITIES    
Borrowings from securitization transactions 1,287 927
Repayment of debt related to securitization transactions (1,010) (958)
Proceeds from debt 1,780 1,740
Repayments of debt (2,341) (1,296)
Finance lease payment (5) (5)
Payment of debt and securitized debt issuance costs (9) (20)
Repurchase of common stock 0 (36)
Payment of dividends (110) (110)
Payment of withholding taxes on vesting of restricted stock units (8) (6)
Other, net 0 0
Net cash, cash equivalents, and restricted cash (used in) provided by financing activities (416) 236
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash (1) 4
Change in cash, cash equivalents, and restricted cash (200) 205
Cash, cash equivalents, and restricted cash, beginning of period 733 528
Cash, cash equivalents, and restricted cash, end of period 533 733
SUPPLEMENTAL DISCLOSURES    
Non-cash issuance of treasury stock for employee stock purchase plan 4 5
Non-cash transfer from inventory to property and equipment 0 8
Non-cash transfer from property and equipment to inventory 1 10
Non-cash transfer from other assets to property and equipment 0 59
Interest paid, net of amounts capitalized 194 176
Income taxes paid, net of refunds $ 83 $ 117