v3.21.2
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income/(loss) $ 100 $ (298)
Loss on disposal of discontinued business, net of income taxes 2 0
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Depreciation and amortization 63 62
Provision for loan losses 71 345
Deferred income taxes (19) (83)
Stock-based compensation 16 8
Asset impairments 0 44
Other Noncash Expense 8 14
Non-cash interest 12 11
Other, net 3 (4)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables 4 11
Vacation ownership contract receivables 90 154
Inventory (40) (87)
Deferred income (34) (6)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities 14 (41)
Net cash provided by operating activities 290 130
Investing activities    
Property and equipment additions (25) (39)
Acquisitions (37) 0
Other, net 0 3
Net cash used in investing activities (62) (36)
Financing activities    
Proceeds from non-recourse vacation ownership debt 709 836
Principal payments on non-recourse vacation ownership debt (922) (869)
Proceeds from debt 10 1,065
Principal payments on debt (560) (169)
Repayment of notes (252) (42)
Repayments of vacation ownership inventory arrangement 0 (5)
Payment of deferred acquisition consideration (20) 0
Dividends to shareholders (53) (86)
Proceeds from issuance of common stock 7 4
Repurchase of common stock 0 (128)
Debt issuance/modification costs (8) (5)
Net share settlement of incentive equity awards (9) (2)
Other, net 0 (1)
Net cash (used in)/provided by financing activities (1,098) 598
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) (8)
Net change in cash, cash equivalents and restricted cash (871) 684
Cash, cash equivalents and restricted cash, beginning of period 1,317 502
Cash, cash equivalents and restricted cash, end of period 446 1,186
Less: Restricted cash 118 134
Cash and cash equivalents $ 328 $ 1,052

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