INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net (loss) income	$ 66	$ 11
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	106	29
Amortization of debt discount and issuance costs	14	12
Accretion of acquired vacation ownership notes receivable	0	(1)
Vacation ownership notes receivable reserve	81	42
Share-based compensation	25	19
Impairment	99	0
Deferred income taxes	24	10
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	16	(9)
Vacation ownership notes receivable originations	(681)	(395)
Vacation ownership notes receivable collections	462	244
Inventory	10	68
Other assets	13	53
Accounts payable, advance deposits and accrued liabilities	(122)	(42)
Deferred revenue	41	37
Payroll and benefit liabilities	(21)	(29)
Deferred compensation liability	13	11
Other liabilities	26	1
Other, net	8	6
Net cash, cash equivalents and restricted cash provided by operating activities	180	67
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	0	(1,393)
Capital expenditures for property and equipment (excluding inventory)	(32)	(17)
Proceeds from collection of notes receivable	38	0
Purchase of company owned life insurance	(5)	(13)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	1	(1,423)
FINANCING ACTIVITIES
Borrowings from securitization transactions	631	423
Repayment of debt related to securitization transactions	(673)	(264)
Proceeds from debt	495	1,650
Repayments of debt	(308)	(53)
Finance lease payment	(11)	0
Debt issuance costs	(11)	(34)
Repurchase of common stock	(342)	(2)
Payment of dividends	(61)	(32)
Payment of withholding taxes on vesting of restricted stock units	(11)	(17)
Other, net	1	0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(290)	1,671
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0
Change in cash, cash equivalents and restricted cash	(109)	315
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	505	806
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of stock	2	1
Non-cash transfer from property and equipment to inventory	71	0
Dividends payable	19	19
Interest paid, net of amounts capitalized	135	28
Income taxes paid, net of refunds	47	18
ILG
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of stock	$ 0	$ 2,505