INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (225)	$ 66
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	93	106
Amortization of debt discount and issuance costs	16	14
Vacation ownership notes receivable reserve	97	81
Share-based compensation	23	25
Impairment charges	98	99
Deferred income taxes	1	24
Net change in assets and liabilities:
Accounts receivable	24	16
Vacation ownership notes receivable originations	(265)	(681)
Vacation ownership notes receivable collections	487	462
Inventory	(4)	10
Purchase of vacation ownership units for future transfer to inventory	(61)	0
Other assets	57	11
Accounts payable, advance deposits and accrued liabilities	(231)	(122)
Deferred revenue	57	41
Payroll and benefit liabilities	0	(21)
Deferred compensation liability	8	13
Other liabilities	(11)	26
Other, net	(6)	10
Net cash, cash equivalents and restricted cash provided by operating activities	158	180
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(36)	(32)
Proceeds from collection of notes receivable	0	38
Purchase of company owned life insurance	(3)	(5)
Dispositions, net	15	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(24)	1
FINANCING ACTIVITIES
Borrowings from securitization transactions	690	631
Repayment of debt related to securitization transactions	(793)	(673)
Proceeds from debt	1,166	495
Repayments of debt	(703)	(308)
Finance lease payment	(10)	(11)
Debt issuance costs	(14)	(11)
Repurchase of common stock	(82)	(342)
Payment of dividends	(45)	(61)
Payment of withholding taxes on vesting of restricted stock units	(14)	(11)
Other, net	0	1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	195	(290)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(2)	0
Change in cash, cash equivalents and restricted cash	327	(109)
Cash, cash equivalents and restricted cash, beginning of period	701	614
Cash, cash equivalents and restricted cash, end of period	1,028	505
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory	0	71
Non-cash transfer from inventory to property and equipment	90	0
Non-cash issuance of treasury stock for employee stock purchase plan	1	2
Dividends payable	0	19
Interest paid, net of amounts capitalized	140	135
Income taxes paid, net of refunds	$ (48)	$ 47