CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income	$ 153	$ 124
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	103	124
Amortization of deferred financing costs, acquisition premiums and other	14	25
Provision for financing receivables losses	71	71
Impairment expense	3	0
Other (gain) loss, net	(4)	2
Share-based compensation	26	26
Equity in earnings from unconsolidated affiliates	(5)	(7)
Return on investments in unconsolidated affiliates	6	0
Net changes in assets and liabilities:
Accounts receivable, net	26	(73)
Timeshare financing receivables, net	(96)	(52)
Inventory	(67)	20
Purchases and development of real estate for future conversion to inventory	(6)	(1)
Other assets	(134)	(159)
Accounts payable, accrued expenses and other	32	290
Advanced deposits	35	17
Deferred revenues	63	123
Net cash provided by operating activities	220	530
Investing Activities
Capital expenditures for property and equipment (excluding inventory)	(9)	(19)
Software capitalization costs	(16)	(16)
Net cash used in investing activities	(25)	(35)
Financing Activities
Proceeds from debt	438	0
Proceeds from non-recourse debt	175	402
Repayment of debt	(157)	(132)
Repayment of non-recourse debt	(397)	(697)
Payment of debt issuance costs	0	(7)
Repurchase and retirement of common stock	(206)	(78)
Payment of withholding taxes on vesting of restricted stock units	(14)	(8)
Proceeds from employee stock plan purchases	4	2
Proceeds from stock option exercises	7	1
Other	(2)	(1)
Net cash used in financing activities	(152)	(518)
Effect of changes in exchange rates on cash, cash equivalents & restricted cash	(10)	(6)
Net increase (decrease) in cash, cash equivalents and restricted cash	33	(29)
Cash, cash equivalents and restricted cash, beginning of period	555	695
Cash, cash equivalents and restricted cash, end of period	588	666
Less: Restricted cash	336	292
Cash and cash equivalents	$ 252	$ 374