XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.2
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 126 $ 84
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:    
Depreciation and amortization of intangibles 76 73
Amortization of debt discount and issuance costs 12 15
Vacation ownership notes and contracts receivable reserve 108 168
Share-based compensation 19 16
Impairment charges 0 2
Foreign currency remeasurement (gain) loss (17) 5
Deferred income taxes (4) 79
Net change in assets and liabilities:    
Accounts and contracts receivable 8 7
Vacation ownership notes receivable originations (488) (446)
Vacation ownership notes receivable collections 341 311
Inventory (1) 4
Other assets (49) (60)
Accounts payable, advance deposits and accrued liabilities (108) (113)
Deferred revenue 42 36
Payroll and benefit liabilities (46) (42)
Deferred compensation liability (1) 2
Other liabilities (7) (108)
Purchase and development of property for future transfer to inventory (49) 0
Other, net (2) 0
Net cash, cash equivalents and restricted cash (used in) provided by operating activities (40) 33
INVESTING ACTIVITIES    
Capital expenditures for property and equipment (excluding inventory) (34) (29)
Purchase of company owned life insurance (10) (10)
Purchase and development of property for future sale 0 (49)
Other dispositions, net 1 0
Net cash, cash equivalents and restricted cash used in investing activities (43) (88)
FINANCING ACTIVITIES    
Borrowings from securitization transactions 814 633
Repayment of debt related to securitization transactions (761) (629)
Proceeds from debt 805 1,460
Repayments of debt (699) (1,378)
Finance lease payment (3) (3)
Payment of debt and securitized debt issuance costs (12) (19)
Repurchase of common stock (36) (36)
Payment of dividends (83) (81)
Payment of withholding taxes on vesting of restricted stock units (6) (6)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities 19 (59)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 4 (3)
Change in cash, cash equivalents and restricted cash (60) (117)
Cash, cash equivalents and restricted cash, beginning of period 528 574
Cash, cash equivalents and restricted cash, end of period 468 457
SUPPLEMENTAL DISCLOSURES    
Non-cash issuance of treasury stock for employee stock purchase plan 4 4
Non-cash transfer from inventory to property and equipment 1 15
Non-cash transfer from property and equipment to inventory 1 23
Non-cash transfer from other assets to property and equipment 59 0
Right-of-use asset obtained in exchange for finance lease obligation 4 12
Non-cash issuance of debt in connection with finance lease 3 12
Interest paid, net of amounts capitalized 121 123
Income taxes paid, net of refunds $ 111 $ 114