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INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Revenue from contracts with customers $ 1,098 $ 1,092 $ 2,189 $ 2,073
Financing 80 72 158 143
TOTAL REVENUES 1,178 1,164 2,347 2,216
EXPENSES        
Marketing and sales 206 214 416 396
Financing 25 23 51 44
General and administrative 64 64 132 125
Depreciation and amortization 34 32 66 65
Litigation charges 2 2 5 5
Royalty fee 29 29 58 56
Impairment 0 0 4 0
Cost reimbursements 355 324 720 640
TOTAL EXPENSES 1,003 957 2,018 1,868
Gains and other income, net 10 37 31 41
Interest expense, net (36) (30) (70) (57)
Transaction and integration costs (10) (37) (23) (65)
Other 1 1 1 1
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS 140 178 268 268
Provision for income taxes (50) (43) (91) (75)
NET INCOME 90 135 177 193
Net loss attributable to noncontrolling interests 0 1 0 1
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 90 $ 136 $ 177 $ 194
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS        
Basic (in usd per share) $ 2.46 $ 3.30 $ 4.78 $ 4.64
Diluted (in usd per share) 2.17 2.97 4.23 4.18
CASH DIVIDENDS DECLARED PER SHARE (in usd per share) $ 0.72 $ 0.62 $ 1.44 $ 1.24
Sale of vacation ownership products        
REVENUES        
Revenue from contracts with customers $ 391 $ 425 $ 766 $ 735
EXPENSES        
Expenses 66 80 124 140
Management and exchange        
REVENUES        
Revenue from contracts with customers 206 203 406 425
EXPENSES        
Expenses 110 102 217 229
Rental        
REVENUES        
Revenue from contracts with customers 146 140 297 273
EXPENSES        
Expenses 112 87 225 168
Cost Reimbursement        
REVENUES        
Revenue from contracts with customers $ 355 $ 324 $ 720 $ 640