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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income $ 46 $ 34
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 193 198
Amortization of deferred financing costs, acquisition premiums and other 57 96
Provision for financing receivables losses 311 274
Impairment expense 2 2
Other (gain) loss, net (7) (1)
Share-based compensation 54 38
Deferred income tax expense 6 0
Equity in earnings from unconsolidated affiliates (17) (12)
Return on investment in unconsolidated affiliates 10 10
Net changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (117) 140
Timeshare financing receivables, net (471) (401)
Inventory (85) (38)
Purchases and development of real estate for future conversion to inventory (73) (61)
Other assets (102) (10)
Accounts payable, accrued expenses and other (61) (47)
Advanced deposits 3 4
Deferred revenue 384 (22)
Net cash provided by operating activities 133 204
Investing Activities    
Acquisitions, net of cash, cash equivalents and restricted cash acquired 0 (1,444)
Capital expenditures for property and equipment (excluding inventory) (50) (27)
Software capitalization costs (54) (42)
Other 0 (1)
Net cash used in investing activities (104) (1,514)
Financing Activities    
Proceeds from debt 2,237 2,240
Proceeds from non-recourse debt 2,755 905
Repayment of debt (2,181) (406)
Repayment of non-recourse debt (2,598) (1,393)
Payment of debt issuance costs (21) (52)
Repurchase and retirement of common stock (450) (307)
Payment of withholding taxes on vesting of restricted stock units (9) (21)
Proceeds from employee stock plan purchases 8 5
Proceeds from stock option exercises 11 7
Distributions to noncontrolling interest holder 0 (5)
Other (4) (2)
Net cash (used in) provided by financing activities (252) 971
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 (5)
Net decrease in cash, cash equivalents and restricted cash (223) (344)
Cash, cash equivalents and restricted cash, beginning of period 766 885
Cash, cash equivalents and restricted cash, end of period 543 541
Less: Restricted cash 328 244
Cash and cash equivalents $ 215 $ 297