Condensed Consolidating Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2019

Condensed Consolidating Guarantor Financial Information [Abstract]

Schedule of Unaudited Condensed Consolidating Guarantor Balance Sheets

The following schedules present the unaudited condensed consolidating financial information as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.

	March 31, 2019
($ in millions)	Parent		Issuers		Guarantors		Non- Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	13	$	—	$	122	$	23	$	—		$	158
Restricted cash		—		—		38		26		—			64
Accounts receivable, net		25		25		146		18		(68	)		146
Timeshare financing receivables, net		—		—		255		856		—			1,111
Inventory		—		—		497		32		—			529
Property and equipment, net		—		—		637		7		—			644
Operating lease right of use assets, net						66		—		—			66
Investments in unconsolidated affiliates		—		—		40		—		—			40
Intangible assets, net		—		—		80		—		—			80
Other assets		—		6		69		48		—			123
Investments in subsidiaries		543		1,314		276		—		(2,133	)		—
TOTAL ASSETS	$	581	$	1,345	$	2,226	$	1,010	$	(2,201	)	$	2,961
LIABILITIES AND EQUITY
Accounts payable, accrued    expenses and other	$	6	$	25	$	310	$	13	$	(68	)	$	286
Advanced deposits		—		—		106		—					106
Debt, net		—		777		23		—					800
Non-recourse debt, net		—		—		—		720					720
Operating lease liabilities		—		—		78		—					78
Deferred revenues		—		—		135		—					135
Deferred income tax liabilities		—		—		260		1					261
Total equity		575		543		1,314		276		(2,133	)		575
TOTAL LIABILITIES AND EQUITY	$	581	$	1,345	$	2,226	$	1,010	$	(2,201	)	$	2,961

	December 31, 2018
($ in millions)	Parent		Issuers		Guarantors		Non- Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	4	$	—	$	89	$	15	$	—		$	108
Restricted cash		—		—		45		27		—			72
Accounts receivable, net		—		—		157		17		(21	)		153
Timeshare financing receivables, net		—		—		209		911		—			1,120
Inventory		—		—		502		25		—			527
Property and equipment, net		—		—		553		6		—			559
Investments in unconsolidated affiliate		—		—		38		—		—			38
Intangible assets, net		—		—		81		—		—			81
Other assets		—		6		41		48		—			95
Investments in subsidiaries		612		1,210		277		—		(2,099	)		—
TOTAL ASSETS	$	616	$	1,216	$	1,992	$	1,049	$	(2,120	)	$	2,753
LIABILITIES AND EQUITY
Accounts payable, accrued    expenses and other	$	—	$	—	$	332	$	13	$	(21	)	$	324
Advanced deposits		—		—		101		—		—			101
Debt, net		—		604		—		—		—			604
Non-recourse debt, net		—		—		—		759		—			759
Deferred revenues		—		—		95		—		—			95
Deferred income tax liabilities		—		—		254		—		—			254
Total equity		616		612		1,210		277		(2,099	)		616
TOTAL LIABILITIES AND EQUITY	$	616	$	1,216	$	1,992	$	1,049	$	(2,120	)	$	2,753

Schedule of Unaudited Condensed Consolidating Guarantor Statements of Operations

	For the Three Months Ended March 31, 2019
($ in millions)	Parent			Issuers			Guarantors			Non- Guarantors		Eliminations			Total
Revenues
Sales of VOIs, net	$	—		$	—		$	107		$	18	$	—		$	125
Sales, marketing, license and other fees		—			—			151			1		(11	)		141
Financing		—			—			18			25		(2	)		41
Resort and club management		—			—			42			—		—			42
Rental and ancillary service		—			—			58			1		—			59
Cost reimbursements		—			—			41			1		—			42
Total revenues		—			—			417			46		(13	)		450
Expenses
Cost of VOI sales		—			—			33			3		—			36
Sales and marketing		—			—			170			11		(11	)		170
Financing		—			—			4			11		(2	)		13
Resort and club management		—			—			11			—		—			11
Rental and ancillary services		—			—			34			1		—			35
General and administrative		—			—			25			—		—			25
Depreciation and amortization		—			—			10			—		—			10
License fee expense		—			—			22			1		—			23
Cost reimbursements		—			—			41			1		—			42
Total operating expenses		—			—			350			28		(13	)		365
Interest expense		—			(10	)		—			—		—			(10	)
Dividends from subsidiary		125			125			—			—		(250	)		—
Equity in earnings from unconsolidated     affiliates		—			—			1			—		—			1
Other loss, net		—			—			(1	)		—		—			(1	)
Income (loss) before income taxes		125			115			67			18		(250	)		75
Income tax expense		—			—			(20	)		—		—			(20	)
Income (loss) before equity in earnings    (loss) from subsidiaries		125			115			47			18		(250	)		55
Equity in (loss) earnings from subsidiaries		(70	)		65			18			—		(13	)		—
Net income	$	55		$	180		$	65		$	18	$	(263	)	$	55

	For the Three Months Ended March 31, 2018
($ in millions)	Parent		Issuers			Guarantors			Non- Guarantors		Eliminations			Total
Revenues
Sales of VOIs, 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 services		—		—			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 from subsidiaries		30		37			12			—		(79	)		—
Net income	$	30	$	30		$	37		$	12	$	(79	)	$	30

Schedule of Unaudited Condensed Consolidating Guarantor Statements of Cash Flows

	For the Three Months Ended March 31, 2019
($ in millions)	Parent			Issuers			Guarantors			Non- Guarantors			Eliminations			Total
Operating Activities
Net cash provided by (used in) operating    activities	$	—		$	140		$	(2	)	$	66		$	(190	)	$	14
Investing Activities
Capital expenditures for property and    equipment		—			—			(5	)		(1	)		—			(6	)
Software capitalization costs		—			—			(4	)		—			—			(4	)
Dividends from subsidiary		100			100			—			—			(200	)		—
Net cash used in investing activities		100			100			(9	)		(1	)		(200	)		(10	)
Financing Activities
Issuance of debt		—			195			—			—			—			195
Repayment of debt		—			(23	)		—			—			—			(23	)
Repayment of non-recourse debt		—			—			—			(40	)		—			(40	)
Repurchase and retirement of common stock		—			(92	)		—			—			—			(92	)
Payment of withholding taxes on vesting of    restricted stock units		—			(2	)		—			—			—			(2	)
Intercompany transfers		(91	)		(318	)		37			(18	)		390			—
Net cash provided by (used in) financing    activities		(91	)		(240	)		37			(58	)		390			38
Net increase in cash, cash     equivalents and restricted cash		9			—			26			7			—			42
Cash, cash equivalents and restricted cash,    beginning of period		4			—			134			42			—			180
Cash, cash equivalents and restricted cash,    end of period	$	13		$	—		$	160		$	49		$	—		$	222

	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 on investment from unconsolidated affiliates		—		—			9			—			—			9
Investment in unconsolidated affiliates		—		—			(5	)		—			—			(5	)
Net cash used in investing activities		—		—			(12	)		(2	)		—			(14	)
Financing Activities
Repayment of debt		—		(3	)		—			—			—			(3	)
Repayment of non-recourse debt		—		—			—			(39	)		—			(39	)
Debt issuance costs		—		—			—			(2	)		—			(2	)
Repurchase and retirement of common stock		—		(112	)		—			—			—			(112	)
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