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INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Revenue from contracts with customers $ 1,105 $ 1,178 $ 3,294 $ 3,251
Financing 81 74 239 217
TOTAL REVENUES 1,186 1,252 3,533 3,468
EXPENSES        
Marketing and sales 202 207 618 603
Financing 30 5 81 49
General and administrative 57 62 189 187
Depreciation and amortization 33 33 99 98
Litigation charges 2 2 7 7
Royalty fee 30 28 88 84
Impairment 0 1 4 1
Cost reimbursements 443 371 1,163 1,011
TOTAL EXPENSES 1,081 1,012 3,099 2,880
Gains (losses) and other income (expense), net 3 (2) 34 39
Interest expense, net (36) (34) (106) (91)
Transaction and integration costs (5) (34) (28) (99)
Other (1) (1) 0 0
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS 66 169 334 437
Provision for income taxes (24) (59) (115) (134)
NET INCOME 42 110 219 303
Net income attributable to noncontrolling interests 0 (1) 0 0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 42 $ 109 $ 219 $ 303
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS        
Basic (in usd per share) $ 1.16 $ 2.76 $ 5.96 $ 7.39
Diluted (in usd per share) 1.09 2.53 5.33 6.68
CASH DIVIDENDS DECLARED PER SHARE (in usd per share) $ 0.72 $ 0.62 $ 2.16 $ 1.86
Sale of vacation ownership products        
REVENUES        
Revenue from contracts with customers $ 319 $ 444 $ 1,085 $ 1,179
EXPENSES        
Expenses 50 76 174 216
Management and exchange        
REVENUES        
Revenue from contracts with customers 205 198 611 623
EXPENSES        
Expenses 115 101 332 330
Rental        
REVENUES        
Revenue from contracts with customers 138 165 435 438
EXPENSES        
Expenses 119 126 344 294
Cost Reimbursement        
REVENUES        
Revenue from contracts with customers $ 443 $ 371 $ 1,163 $ 1,011