CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income	$ 2	$ 153
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	130	103
Amortization of deferred financing costs, acquisition premiums and other	63	14
Provision for financing receivables losses	159	71
Impairment expense	2	3
Other loss (gain), net	8	(4)
Share-based compensation	27	26
Equity in earnings from unconsolidated affiliates	(8)	(5)
Return on investment in unconsolidated affiliates	0	6
Net changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	15	26
Timeshare financing receivables, net	(196)	(96)
Inventory	(31)	(67)
Purchases and development of real estate for future conversion to inventory	(50)	(6)
Other assets	(154)	(134)
Accounts payable, accrued expenses and other	55	32
Advanced deposits	5	35
Deferred revenue	86	63
Net cash provided by operating activities	113	220
Investing Activities
Acquisitions, net of cash, cash equivalents and restricted cash acquired	(1,444)	0
Capital expenditures for property and equipment (excluding inventory)	(17)	(9)
Software capitalization costs	(20)	(16)
Other	(1)	0
Net cash used in investing activities	(1,482)	(25)
Financing Activities
Proceeds from debt	2,085	438
Proceeds from non-recourse debt	905	175
Repayment of debt	(397)	(157)
Repayment of non-recourse debt	(1,231)	(397)
Payment of debt issuance costs	(51)	0
Repurchase and retirement of common stock	(199)	(206)
Payment of withholding taxes on vesting of restricted stock units	(21)	(14)
Proceeds from employee stock plan purchases	5	4
Proceeds from stock option exercises	7	7
Other	(2)	(2)
Net cash provided by (used in) financing activities	1,101	(152)
Effect of changes in exchange rates on cash, cash equivalents & restricted cash	(16)	(10)
Net (decrease) increase in cash, cash equivalents and restricted cash	(284)	33
Cash, cash equivalents and restricted cash, beginning of period	885	555
Cash, cash equivalents and restricted cash, end of period	601	588
Less: Restricted cash	273	336
Cash and cash equivalents	$ 328	$ 252