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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Total revenues $ 1,018 $ 1,116 $ 2,959 $ 2,843
Expenses        
General and administrative 40 50 130 158
Depreciation and amortization 53 57 156 181
Impairment expense 0 0 3 0
Total operating expenses 838 879 2,495 2,359
Interest expense (45) (37) (133) (105)
Equity in earnings from unconsolidated affiliates 2 2 7 9
Other (loss) gain, net (1) 2 3 1
Income before income taxes 136 204 341 389
Income tax expense (44) (54) (96) (115)
Net income $ 92 $ 150 $ 245 $ 274
Earnings per share:        
Basic (in dollars per share) $ 0.84 $ 1.25 $ 2.21 $ 2.26
Diluted (in dollars per share) $ 0.83 $ 1.24 $ 2.18 $ 2.23
Sales of VOIs, net        
Revenues        
Total revenues $ 367 $ 500 $ 1,040 $ 1,130
Sales, marketing, brand and other fees        
Revenues        
Total revenues 170 177 501 457
Financing        
Revenues        
Total revenues 75 68 225 196
Expenses        
Expenses 25 25 73 66
Resort and club management        
Revenues        
Total revenues 138 130 402 379
Expenses        
Expenses 43 45 129 118
Rental and ancillary services        
Revenues        
Total revenues 171 159 502 466
Expenses        
Expenses 154 144 460 426
Cost reimbursements        
Revenues        
Total revenues 97 82 289 215
Expenses        
Expenses 97 82 289 215
Cost of VOI sales        
Expenses        
Expenses 43 102 141 207
Sales and marketing        
Expenses        
Expenses 334 322 971 849
Acquisition and integration-related expense        
Expenses        
Expenses 12 19 42 49
License fee expense        
Expenses        
Expenses $ 37 $ 33 $ 101 $ 90