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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 60 $ 313 $ 352
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 268 213 244
Amortization of deferred financing costs, acquisition premiums and other 83 33 52
Provision for financing receivables losses 377 171 142
Impairment expense 2 3 17
Other loss (gain), net 11 (2) 3
Share-based compensation 47 40 46
Deferred income tax benefit (29) (23) (38)
Equity in earnings from unconsolidated affiliates (18) (12) (13)
Return on investment in unconsolidated affiliates 16 16 0
Net changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net 224 10 (177)
Timeshare financing receivables, net (563) (315) (224)
Inventory (78) (64) 100
Purchases and development of real estate for future conversion to inventory (127) (39) (8)
Other assets (8) (8) (34)
Accounts payable, accrued expenses and other 21 (86) 294
Advanced deposits 6 29 37
Deferred revenues 17 33 (46)
Net cash provided by operating activities 309 312 747
Investing Activities      
Acquisitions, net of cash, cash equivalents and restricted cash acquired (1,444) (74) 0
Capital expenditures for property and equipment (excluding inventory) (42) (31) (58)
Software capitalization costs (84) (44) (39)
Other (1) (9) 0
Net cash used in investing activities (1,571) (158) (97)
Financing Activities      
Proceeds from debt 2,758 758 40
Proceeds from non-recourse debt 1,849 868 769
Repayment of debt (1,353) (373) (313)
Repayment of non-recourse debt (1,590) (694) (990)
Payment of debt issuance costs (62) (7) (13)
Repurchase and retirement of common stock (432) (368) (272)
Payment of withholding taxes on vesting of restricted stock units (21) (14) (8)
Proceeds from employee stock plan purchases 12 8 5
Proceeds from stock option exercises 7 9 2
Distributions to noncontrolling interest holder (10) 0 0
Other (2) (4) (2)
Net cash provided by (used in) financing activities 1,156 183 (782)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (13) (7) (8)
Net (decrease) increase in cash, cash equivalents and restricted cash (119) 330 (140)
Cash, cash equivalents and restricted cash, beginning of period 885 555 695
Cash, cash equivalents and restricted cash, end of period 766 885 555
Less: Restricted cash 438 296 332
Cash and cash equivalents $ 328 $ 589 $ 223