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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Total revenues $ 1,007 $ 948 $ 1,941 $ 1,727
Expenses        
General and administrative 48 66 90 108
Depreciation and amortization 52 64 103 124
Impairment expense (reversal) 3 (3) 3 0
Total operating expenses 853 801 1,657 1,480
Interest expense (44) (35) (88) (68)
Equity in earnings from unconsolidated affiliates 2 4 5 7
Other gain (loss), net 3 (2) 4 (1)
Income before income taxes 115 114 205 185
Income tax expense (35) (41) (52) (61)
Net income $ 80 $ 73 $ 153 $ 124
Earnings per share:        
Basic (in dollars per share) $ 0.72 $ 0.60 $ 1.37 $ 1.03
Diluted (in dollars per share) $ 0.71 $ 0.60 $ 1.35 $ 1.01
Sales of VOIs, net        
Revenues        
Total revenues $ 355 $ 361 $ 673 $ 630
Sales, marketing, brand and other fees        
Revenues        
Total revenues 173 161 331 280
Financing        
Revenues        
Total revenues 76 64 150 128
Expenses        
Expenses 24 22 48 41
Resort and club management        
Revenues        
Total revenues 133 124 264 249
Expenses        
Expenses 44 37 86 73
Rental and ancillary services        
Revenues        
Total revenues 173 171 331 307
Expenses        
Expenses 154 150 306 282
Cost reimbursements        
Revenues        
Total revenues 97 67 192 133
Expenses        
Expenses 97 67 192 133
Cost of VOI sales        
Expenses        
Expenses 48 65 98 105
Sales and marketing        
Expenses        
Expenses 336 284 637 527
Acquisition and integration-related expense        
Expenses        
Expenses 13 17 30 30
License fee expense        
Expenses        
Expenses $ 34 $ 32 $ 64 $ 57