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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 (loss) $ 217 $ 252 $ 391
Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash provided by operating activities:      
Depreciation and amortization of intangibles 146 135 132
Amortization of debt discount and issuance costs 26 23 25
Vacation ownership notes receivable reserve 279 230 150
Share-based compensation 33 31 39
Impairment 30 30 0
Gains and other income, net (5) (6) (48)
Deferred income taxes 38 (64) 87
Net change in assets and liabilities:      
Accounts and contracts receivable (16) (105) (45)
Vacation ownership notes receivable originations (1,015) (987) (980)
Vacation ownership notes receivable collections 632 596 642
Inventory (33) 87 104
Other assets (23) (44) (49)
Accounts payable, advance deposits and accrued liabilities 9 1 112
Deferred revenue (27) 34 (9)
Payroll and benefit liabilities 16 (46) 53
Deferred compensation liability 11 15 13
Other liabilities (109) 78 (38)
Deconsolidation of certain Consolidated Property Owners' Associations 0 0 (48)
Purchase of property for future transfer to inventory (10) (27) (12)
Other, net 6 (1) 3
Net cash, cash equivalents, and restricted cash provided by operating activities 205 232 522
INVESTING ACTIVITIES      
Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred 0 0 94
Capital expenditures for property and equipment (excluding inventory) (57) (118) (65)
Issuance of note receivable to VIE 0 0 (47)
Proceeds from collection of note receivable from VIE 0 0 47
Purchase of company owned life insurance (16) (10) (18)
Purchase and development of property for future sale (50) 0 0
Dispositions, net 8 16 3
Other, net 0 0 2
Net cash, cash equivalents, and restricted cash (used in) provided by investing activities (115) (112) 16
FINANCING ACTIVITIES      
Borrowings from securitization transactions 1,324 1,492 1,031
Repayment of debt related to securitization transactions (1,282) (1,331) (945)
Proceeds from debt 2,135 1,070 1,266
Repayments of debt (2,107) (1,221) (935)
Purchase of convertible note hedges 0 0 (107)
Proceeds from issuance of warrants 0 0 43
Finance lease incentive 0 10 3
Finance lease payment (6) (5) (4)
Payment of debt and securitized debt issuance costs (25) (12) (15)
Repurchase of common stock (56) (286) (701)
Payment of dividends (107) (106) (99)
Payment of withholding taxes on vesting of restricted stock units (8) (12) (23)
Net cash, cash equivalents, and restricted cash used in financing activities (132) (401) (486)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash (4) 1 (1)
Change in cash, cash equivalents, and restricted cash (46) (280) 51
Cash, cash equivalents, and restricted cash, beginning of year 574 854 803
Cash, cash equivalents, and restricted cash, end of year 528 574 854
SUPPLEMENTAL DISCLOSURES      
Non-cash issuance of debt in connection with asset acquisition 0 0 11
Non-cash transfer from inventory to property and equipment 21 12 47
Non-cash transfer from property and equipment to inventory 93 57 13
Non-cash transfer from property and equipment to other assets 52 0 0
Non-cash transfer from other assets to property and equipment 0 0 14
Non-cash issuance of treasury stock for employee stock purchase plan 5 5 5
Dividends payable 28 27 27
Interest paid, net of amounts capitalized 247 204 149
Income taxes paid, net of refunds $ 133 $ 141 $ 57