Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows (Statement)

v3.21.2
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income/(loss) $ 201 $ (258)
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 93 94
Provision for loan losses 120 391
Deferred income taxes (27) (134)
Stock-based compensation 24 14
Asset impairments 0 50
Other Noncash Expense 13 19
Non-cash interest 17 16
Other, net 5 (2)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (9) 24
Vacation ownership contract receivables 60 205
Inventory (14) (107)
Deferred income (58) (60)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities 8 (28)
Net cash provided by operating activities 435 224
Investing activities    
Property and equipment additions (40) (56)
Acquisitions (37) 0
Purchase of investments 0 (50)
Other, net 0 8
Net cash used in investing activities (77) (98)
Financing activities    
Proceeds from non-recourse vacation ownership debt 930 1,462
Principal payments on non-recourse vacation ownership debt (1,202) (1,556)
Proceeds from debt 10 1,065
Principal payments on debt (561) (521)
Proceeds from notes issued 0 643
Repayment of notes (252) (42)
Repayments of vacation ownership inventory arrangement 0 (10)
Payment of deferred acquisition consideration (30) (11)
Dividends to shareholders (79) (112)
Proceeds from issuance of common stock 7 4
Repurchase of common stock 0 (128)
Debt issuance/modification costs (9) (17)
Net share settlement of incentive equity awards (9) (2)
Net cash (used in)/provided by financing activities (1,195) 775
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (6) (5)
Net change in cash, cash equivalents and restricted cash (843) 896
Cash, cash equivalents and restricted cash, beginning of period 1,317 502
Cash, cash equivalents and restricted cash, end of period 474 1,398
Less: Restricted cash 128 122
Cash and cash equivalents $ 346 $ 1,276