CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 34	$ 245
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	198	156
Amortization of deferred financing costs, acquisition premiums and other	96	22
Provision for financing receivables losses	274	117
Impairment expense	2	3
Other (gain) loss, net	(1)	(3)
Share-based compensation	38	38
Equity in earnings from unconsolidated affiliates	(12)	(7)
Return on investment in unconsolidated affiliates	10	6
Net changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	140	70
Timeshare financing receivables, net	(401)	(210)
Inventory	(38)	(37)
Purchases and development of real estate for future conversion to inventory	(61)	(28)
Other assets	(10)	(67)
Accounts payable, accrued expenses and other	(47)	(75)
Advanced deposits	4	35
Deferred revenue	(22)	47
Net cash provided by operating activities	204	312
Investing Activities
Acquisitions, net of cash, cash equivalents and restricted cash acquired	(1,444)	0
Capital expenditures for property and equipment (excluding inventory)	(27)	(18)
Software capitalization costs	(42)	(29)
Other	(1)	0
Net cash used in investing activities	(1,514)	(47)
Financing Activities
Proceeds from debt	2,240	438
Proceeds from non-recourse debt	905	468
Repayment of debt	(406)	(370)
Repayment of non-recourse debt	(1,393)	(528)
Payment of debt issuance costs	(52)	(6)
Repurchase and retirement of common stock	(307)	(268)
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	9
Distributions to noncontrolling interest holders	(5)	0
Other	(2)	(3)
Net cash provided by (used in) financing activities	971	(270)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(5)	(15)
Net decrease in cash, cash equivalents and restricted cash	(344)	(20)
Cash, cash equivalents and restricted cash, beginning of period	885	555
Cash, cash equivalents and restricted cash, end of period	541	535
Less: Restricted cash	244	308
Cash and cash equivalents	$ 297	$ 227