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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net income $ 672 $ 855 $ 612
Loss/(income) from operations of discontinued businesses, net of income taxes 50 (209) (260)
Income on disposal of discontinued business, net of income taxes (456) 0 0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 138 136 127
Provision for loan losses 456 420 342
Deferred income taxes 122 (397) 72
Stock-based compensation 129 59 57
Excess tax benefits from stock-based compensation 0 0 (9)
Impairment charges related to abandonment of new product initiative 5 205 0
Loss on early extinguishment of debt 0 0 11
Non-cash interest 20 22 23
Net change in assets and liabilities, excluding impact of acquisitions and dispositions:      
Trade receivables (27) 7 1
Vacation ownership contract receivables (615) (526) (405)
Inventory (27) (71) (26)
Prepaid expenses (26) (7) 5
Other assets (17) (16) (10)
Accounts payable, accrued expenses, and other liabilities (146) (6) (70)
Deferred income 7 11 (5)
Other, net 7 17 (24)
Net cash provided by operating activities - continuing operations 292 500 441
Net cash provided by operating activities - discontinued operations 150 486 522
Net cash provided by operating activities 442 986 963
Investing Activities      
Property and equipment additions (99) (107) (117)
Net assets acquired, net of cash acquired, and acquisition related payments (5) (48) (21)
Proceeds from asset sales 12 6 16
Other, net (7) (2) (18)
Cash used in investing activities - continuing operations (99) (151) (140)
Cash used in investing activities - discontinued operations (626) (211) (206)
Net cash used in investing activities (725) (362) (346)
Financing Activities      
Proceeds from non-recourse vacation ownership debt 2,977 2,002 2,079
Principal payments on non-recourse vacation ownership debt (2,713) (2,053) (2,044)
Proceeds from debt 3,203 1,629 112
Principal payments on debt (3,520) (1,293) (141)
Repayments of commercial paper, net (147) (280) 318
Proceeds from notes issued and term loan 300 694 325
Repayment of notes (790) (300) (327)
Proceeds from vacation ownership inventory arrangements 0 0 20
Repayments of vacation ownership inventory arrangements (12) (41) (26)
Dividends to shareholders (194) (242) (223)
Cash transferred to Wyndham Hotels at spin-off (476) 0 0
Repurchase of common stock (330) (599) (619)
Excess tax benefits from stock-based compensation 0 0 9
Debt issuance costs (20) (10) (20)
Net share settlement of incentive equity awards (60) (39) (36)
Other, net (4) (4) (1)
Cash used in financing activities - continuing operations (1,786) (536) (574)
Cash provided by/(used in) financing activities - discontinued operations 2,066 (22) (12)
Net cash provided by/(used in) financing activities 280 (558) (586)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (9) 17 (20)
Net change in cash, cash equivalents and restricted cash (12) 83 11
Cash, cash equivalents and restricted cash, beginning of period 416 333 322
Cash, cash equivalents and restricted cash, end of period $ 404 $ 416 $ 333