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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities      
Net income $ 489 $ 633 $ 635
Discontinued operations:      
(Gain) loss on dispositions, net   10 (71)
Stock-based compensation expense 56 52 54
Excess stock-based compensation tax benefit (13) (9) (26)
Depreciation and amortization 280 283 267
Amortization of deferred loan costs 4 4 5
(Gain) loss on debt extinguishment, net   1 (4)
Non-cash portion of restructuring and other special charges (credits), net 13 (1) 1
Non-cash foreign currency (gains) losses, net (12) (4) 14
Amortization of deferred gains (91) (86) (91)
Provision for doubtful accounts 37 25 22
Distributions in (deficit) excess of equity earnings (8) 6  
Loss on asset dispositions and impairments, net 1 33 23
Non-cash portion of income tax expense (benefit) 19 (17) 65
Changes in working capital:      
Restricted cash 30 (31) 46
Accounts receivable (36) (8) (42)
Inventories (69) 22 156
Prepaid expenses and other 2 (45) (4)
Accounts payable and accrued expenses 102 233 10
Accrued income taxes 22   58
Securitized VOI notes receivable activity, net 68 97 144
VOI notes receivable activity, net (102) (108) (157)
Other, net 98 (96) 46
Cash from operating activities 890 994 1,151
Investing Activities      
Purchases of plant, property and equipment (261) (327) (364)
Proceeds from asset sales, net 767 800 260
Issuance of notes receivable (44) (6)  
Collection of notes receivable, net 9 5 3
Acquisitions, net of acquired cash (66) (45) (67)
Purchases of investments (2) (1) (1)
Proceeds from investments 45 6 4
Other, net 19 (11) 7
Cash from (used for) investing activities 467 421 (158)
Financing Activities      
Revolving credit facility and short-term borrowings (repayments), net (4)    
Commercial paper, net (226) 634  
Long-term debt issued 10 656  
Long-term debt repaid (298) (2) (1)
Long-term securitized debt repaid (77) (106) (178)
(Increase) decrease in restricted cash   94 (19)
Dividends paid (259) (735) (256)
Proceeds from stock option exercises 13 27 88
Excess stock-based compensation tax benefit 13 9 26
Share repurchases (371) (1,636) (316)
Other, net (28) (28) (22)
Cash used for financing activities (1,227) (1,087) (678)
Exchange rate effect on cash and cash equivalents (17) (9) (4)
Increase (decrease) in cash and cash equivalents 113 319 311
Cash and cash equivalents — beginning of period 935 616 305
Cash and cash equivalents — end of period 1,048 935 616
Cash paid during the period for:      
Interest 111 74 68
Income taxes, net of refunds $ 119 141 $ 130
Non-cash capital lease obligation   $ 153