INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (105)	$ 24
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	32	37
Amortization of debt discount and issuance costs	5	5
Vacation ownership notes receivable reserve	71	20
Share-based compensation	3	7
Impairment	95	26
Deferred income taxes	(10)	5
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	45	2
Vacation ownership notes receivable originations	(174)	(194)
Vacation ownership notes receivable collections	174	154
Inventory	(8)	39
Purchase of vacation ownership units for future transfer to inventory	(61)	0
Other assets	(83)	(102)
Accounts payable, advance deposits and accrued liabilities	(184)	(83)
Deferred revenue	107	117
Payroll and benefit liabilities	(20)	(41)
Deferred compensation liability	(7)	6
Other liabilities	(7)	2
Other, net	5	4
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(122)	28
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(17)	(10)
Proceeds from collection of notes receivable	0	38
Purchase of company owned life insurance	(4)	(1)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(21)	27
FINANCING ACTIVITIES
Borrowings from securitization transactions	202	124
Repayment of debt related to securitization transactions	(148)	(133)
Proceeds from debt	666	125
Repayments of debt	(102)	(52)
Finance lease payment	(9)	0
Repurchase of common stock	(82)	(106)
Payment of dividends	(45)	(41)
Payment of withholding taxes on vesting of restricted stock units	(14)	(9)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	468	(92)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(6)	1
Change in cash, cash equivalents and restricted cash	319	(36)
Cash, cash equivalents and restricted cash, beginning of period	701	614
Cash, cash equivalents and restricted cash, end of period	1,020	578
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory	0	64
Non-cash transfer from inventory to property and equipment	65	0
Non-cash issuance of treasury stock for employee stock purchase plan	1	1
Interest paid, net of amounts capitalized	58	54
Income taxes paid, net of refunds	$ 4	$ 12