Condensed Consolidating Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Guarantor Balance Sheets

The following schedules present the condensed consolidating financial information as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.

	March 31, 2018
($ in millions)	Parent		Issuers		Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	—	$	74	$	11		$	—		$	85
Restricted cash		—		—		45		24			—			69
Accounts receivable, net		—		—		115		8			(6	)		117
Timeshare financing receivables, net		—		—		393		681			—			1,074
Inventory		—		—		554		10			—			564
Property and equipment, net		—		—		231		4			—			235
Investment in unconsolidated affiliates		—		—		37		—			—			37
Intangible assets, net		—		—		73		—			—			73
Other assets		—		2		98		12			(1	)		111
Investments in subsidiaries		400		877		197		—			(1,474	)		—
TOTAL ASSETS	$	400	$	879	$	1,817	$	750		$	(1,481	)	$	2,365
LIABILITIES AND EQUITY
Accounts payable, accrued    expenses and other	$	—	$	—	$	293	$	10		$	(7	)	$	296
Advanced deposits		—		—		92		—			—			92
Debt, net		—		479		—		—			—			479
Non-recourse debt, net		—		—		—		544			—			544
Deferred revenues		—		—		326		—			—			326
Deferred income tax liabilities		—		—		229		(1	)		—			228
Total equity		400		400		877		197			(1,474	)		400
TOTAL LIABILITIES AND EQUITY	$	400	$	879	$	1,817	$	750		$	(1,481	)	$	2,365

	December 31, 2017
($ in millions)	Parent		Issuers		Guarantors		Non- Guarantors			Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	—	$	230	$	16		$	—		$	246
Restricted cash		—		—		29		22			—			51
Accounts receivable, net		—		—		113		5			(6	)		112
Timeshare financing receivables, net		—		—		457		614			—			1,071
Inventory		—		—		509		—			—			509
Property and equipment, net		—		—		232		6			—			238
Investment in unconsolidated affiliate		—		—		41		—			—			41
Intangible assets, net		—		—		72		—			—			72
Other assets		—		2		36		7			(1	)		44
Investments in subsidiaries		518		999		81		—			(1,598	)		—
TOTAL ASSETS	$	518	$	1,001	$	1,800	$	670		$	(1,605	)	$	2,384
LIABILITIES AND EQUITY
Accounts payable, accrued    expenses and other	$	—	$	1	$	338	$	7		$	(7	)	$	339
Advanced deposits		—		—		104		—			—			104
Debt, net		—		482		—		—			—			482
Non-recourse debt, net		—		—		—		583			—			583
Deferred revenues		—		—		109		—			—			109
Deferred income tax liabilities		—		—		250		(1	)		—			249
Total equity		518		518		999		81			(1,598	)		518
TOTAL LIABILITIES AND EQUITY	$	518	$	1,001	$	1,800	$	670		$	(1,605	)	$	2,384

Schedule of Condensed Consolidating Guarantor Statements of Operations

	For the Three Months Ended March 31, 2018
($ in millions)	Parent		Issuers			Guarantors			Non- Guarantors		Eliminations			Total
Revenues
Sales of VOI’s, net	$	—	$	—		$	77		$	1	$	—		$	78
Sales, marketing, license and other fees		—		—			126			1		(2	)		125
Financing		—		—			20			19		(1	)		38
Resort and club management		—		—			39			—		—			39
Rental and ancillary service		—		—			50			1		—			51
Cost reimbursements		—		—			35			1		—			36
Total revenues		—		—			347			23		(3	)		367
Expenses
Cost of VOI sales		—		—			19			—		—			19
Sales and marketing		—		—			161			2		(2	)		161
Financing		—		—			5			7		(1	)		11
Resort and club management		—		—			11			—		—			11
Rental and ancillary service		—		—			27			1		—			28
General and administrative		—		—			23			—		—			23
Depreciation and amortization		—		—			8			—		—			8
License fee expense		—		—			23			—		—			23
Cost reimbursements		—		—			35			1		—			36
Total operating expenses		—		—			312			11		(3	)		320
Interest expense		—		(7	)		—			—		—			(7	)
Equity in earnings from    unconsolidated affiliates		—		—			1			—		—			1
Other loss, net		—		—			(1	)		—		—			(1	)
Income (loss) before income taxes		—		(7	)		35			12		—			40
Income tax expense		—		—			(10	)		—		—			(10	)
Income (loss) before equity in earnings    (loss) from subsidiaries		—		(7	)		25			12		—			30
Equity in earnings (loss) from subsidiaries		30		37			12			—		(79	)		—
Net income	$	30	$	30		$	37		$	12	$	(79	)	$	30

	For the Three Months Ended March 31, 2017
($ in millions)	Parent		Issuers			Guarantors			Non- Guarantors			Eliminations			Total
Revenues
Sales of VOI’s, net	$	—	$	—		$	103		$	15		$	—		$	118
Sales, marketing, license and other fees		—		—			134			—			(4	)		130
Financing		—		—			15			22			(2	)		35
Resort and club management		—		—			34			2			—			36
Rental and ancillary service		—		—			46			—			—			46
Cost reimbursements		—		—			33			1			—			34
Total revenues		—		—			365			40			(6	)		399
Expenses
Cost of VOI sales		—		—			32			1			—			33
Sales and marketing		—		—			151			5			(4	)		152
Financing		—		—			5			7			(2	)		10
Resort and club management		—		—			9			1						10
Rental and ancillary service		—		—			27			—			—			27
General and administrative		—		—			23			—			—			23
Depreciation and amortization		—		—			7			—			—			7
License fee expense		—		—			20			—			—			20
Cost reimbursements		—		—			33			1			—			34
Total operating expenses		—		—			307			15			(6	)		316
Interest expense		—		(7	)		—			—			—			(7	)
Income (loss) before income taxes		—		(7	)		58			25			—			76
Income tax expense		—		—			(22	)		(4	)		—			(26	)
Income (loss) before equity in earnings    (loss) from subsidiaries		—		(7	)		36			21			—			50
Equity in earnings (loss) from subsidiaries		50		57			21			—			(128	)		—
Net income	$	50	$	50		$	57		$	21		$	(128	)	$	50

Schedule of Condensed Consolidating Guarantor Statements of Cash Flows

	For the Three Months Ended March 31, 2018
($ in millions)	Parent		Issuers			Guarantors			Non- Guarantors			Eliminations			Total
Operating Activities
Net cash provided by (used in) operating    activities	$	—	$	(8	)	$	103		$	(67	)	$	(3	)	$	25
Investing Activities
Capital expenditures for property and    equipment		—		—			(12	)		(2	)		—			(14	)
Software capitalization costs		—		—			(4	)		—			—			(4	)
Return of investment from unconsolidated affiliates		—		—			9			—			—			9
Investment in unconsolidated affiliate		—		—			(5	)		—			—			(5	)
Net cash used in investing activities		—		—			(12	)		(2	)		—			(14	)
Financing Activities
Repurchase and retirement of common stock		—		(112	)		—			—			—			(112	)
Repayment of non-recourse debt		—		—			—			(39	)		—			(39	)
Repayment of  debt		—		(3	)		—			—			—			(3	)
Debt issuance costs		—		—			—			(2	)		—			(2	)
Payment of withholding taxes on vesting of restricted stock units		—		(1	)		—			—			—			(1	)
Capital contribution		—		3			—			—			—			3
Intercompany transfers		—		121			(231	)		107			3			—
Net cash provided by (used in) financing    activities		—		8			(231	)		66			3			(154	)
Net decrease in cash, cash equivalents and    restricted cash		—		—			(140	)		(3	)		—			(143	)
Cash, cash equivalents and restricted cash,    beginning of period		—		—			259			38			—			297
Cash, cash equivalents and restricted cash,    end of period	$	—	$	—		$	119		$	35		$	—		$	154

	For the Three Months Ended March 31, 2017
($ in millions)	Parent		Issuers			Guarantors			Non- Guarantors			Eliminations			Total
Operating Activities
Net cash provided by (used in) operating    activities	$	—	$	(2	)	$	64		$	83		$	(10	)	$	135
Investing Activities
Capital expenditures for property and    equipment		—		—			(6	)		(2	)		—			(8	)
Software capitalization costs		—		—			(2	)		—			—			(2	)
Net cash used in investing activities		—		—			(8	)		(2	)		—			(10	)
Financing Activities
Issuance of non-recourse debt		—		—			—			350			—			350
Repayment of non-recourse debt		—		—			—			(344	)		—			(344	)
Repayment of  debt		—		(2	)		—			—			(1	)		(3	)
Debt issuance costs		—		—			—			(5	)		—			(5	)
Intercompany transfers		5		4			40			(60	)		11			—
Net cash provided by (used in) financing    activities		5		2			40			(59	)		10			(2	)
Net increase in cash, cash equivalents and    restricted cash		5		—			96			22			—			123
Cash, cash equivalents and restricted cash,    beginning of period		—		—			128			23			—			151
Cash, cash equivalents and restricted cash,    end of period	$	5	$	—		$	224		$	45		$	—		$	274