7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 
      
    		                                               
      operating activities:
    		                                               
      net income
    		421,000,000 442,000,000 300,000,000 505,000,000 344,000,000 422,000,000 268,000,000 150,000,000 379,000,000 413,000,000 209,000,000 333,000,000 346,000,000 367,000,000 211,000,000 148,000,000 240,000,000 128,000,000 -109,000,000 -225,000,000 -81,000,000 -432,000,000 18,000,000 176,000,000 290,000,000 261,000,000 159,000,000 225,000,000 164,000,000 217,000,000 163,000,000 841,000,000 181,000,000 167,000,000 75,000,000 -382,000,000 192,000,000 244,000,000 310,000,000 816,000,000 283,000,000 167,000,000 150,000,000 159,000,000 187,000,000 212,000,000 124,000,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                               
      amortization of contract acquisition costs
    		15,000,000 13,000,000 14,000,000 13,000,000 12,000,000 13,000,000 12,000,000 11,000,000 11,000,000 11,000,000 10,000,000 10,000,000 10,000,000 10,000,000 8,000,000 9,000,000 9,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 8,000,000 8,000,000 7,000,000 7,000,000 7,000,000 7,000,000 6,000,000 7,000,000 7,000,000                 
      depreciation and amortization expenses
    		46,000,000 43,000,000 41,000,000 39,000,000 37,000,000 34,000,000 36,000,000 33,000,000 40,000,000 37,000,000 37,000,000 39,000,000 39,000,000 40,000,000 44,000,000                                 
      gain on sales of assets
    		   0 2,000,000 0 -7,000,000                             -7,000,000 0   0 -164,000,000       
      loss on foreign currency transactions
    		    3,000,000 1,000,000 1,000,000                            4,000,000  8,000,000 13,000,000 12,000,000         
      share-based compensation expense
    		44,000,000 55,000,000 36,000,000 36,000,000 44,000,000 55,000,000 41,000,000 36,000,000 48,000,000 52,000,000 33,000,000 36,000,000 42,000,000 47,000,000 37,000,000 49,000,000 52,000,000 53,000,000 39,000,000                             
      deferred income taxes
    		48,000,000 3,000,000 -21,000,000 -216,000,000 5,000,000 -6,000,000 -30,000,000 -226,000,000 -8,000,000 -10,000,000 -20,000,000 -20,000,000 57,000,000 0 -3,000,000 -10,000,000 41,000,000 4,000,000 -39,000,000 -93,000,000 -24,000,000 -81,000,000 -37,000,000 -42,000,000 21,000,000 27,000,000 -26,000,000 -43,000,000 68,000,000 -2,000,000 -37,000,000 -604,000,000 -25,000,000 -47,000,000 -51,000,000 68,000,000 -47,000,000 -68,000,000 -32,000,000 -513,000,000 24,000,000 -30,000,000 40,000,000 76,000,000 -20,000,000 10,000,000 -52,000,000 
      contract acquisition costs, net of refunds
    		-31,000,000 -42,000,000 -30,000,000 -18,000,000 -10,000,000 -40,000,000 -37,000,000 -69,000,000 -25,000,000 -34,000,000 -105,000,000 -20,000,000 -20,000,000 -26,000,000 -15,000,000                                 
      change in deferred revenues
    		6,000,000 78,000,000 7,000,000 180,000,000    75,000,000        158,000,000 -97,000,000 -109,000,000 -80,000,000 -281,000,000 -32,000,000                           
      change in liability for guest loyalty program
    		32,000,000 41,000,000 145,000,000 21,000,000    133,000,000        -212,000,000 -8,000,000 58,000,000 57,000,000 197,000,000 0                           
      working capital changes and other
    		226,000,000 24,000,000 -38,000,000  -144,000,000 -58,000,000 62,000,000  -109,000,000 -11,000,000 74,000,000  197,000,000 -97,000,000 -91,000,000  40,000,000 -245,000,000 -52,000,000  -92,000,000 254,000,000 -31,000,000  180,000,000 -117,000,000 121,000,000  66,000,000 -40,000,000 25,000,000  13,000,000 90,000,000 -129,000,000  -57,000,000 -42,000,000 -161,000,000  19,000,000 -1,000,000 -2,000,000  61,000,000 -5,000,000 -67,000,000 
      net cash from operating activities
    		816,000,000 658,000,000 452,000,000 582,000,000 664,000,000 421,000,000 346,000,000 465,000,000 687,000,000 464,000,000 330,000,000 482,000,000 671,000,000 333,000,000 195,000,000 131,000,000 278,000,000 -129,000,000 -171,000,000 -138,000,000 -100,000,000 817,000,000 129,000,000 202,000,000 532,000,000 286,000,000 364,000,000 341,000,000 382,000,000 289,000,000 243,000,000 278,000,000 270,000,000 313,000,000 63,000,000 414,000,000 281,000,000 343,000,000 312,000,000 403,000,000 343,000,000 362,000,000 286,000,000 467,000,000 387,000,000 365,000,000 147,000,000 
      capex
    		-50,000,000 -43,000,000 -40,000,000 -79,000,000 -47,000,000 -38,000,000 -34,000,000 -70,000,000 -61,000,000 -53,000,000 -63,000,000 -40,000,000 -26,000,000 -22,000,000 -14,000,000 -34,000,000 -20,000,000 -14,000,000 -11,000,000 -16,000,000 -13,000,000 -34,000,000 -29,000,000 -60,000,000 -55,000,000 -48,000,000 -42,000,000 -46,000,000 -47,000,000 -41,000,000 -25,000,000 -52,000,000 -34,000,000 -29,000,000 -18,000,000 -115,000,000 -79,000,000 -109,000,000 -95,000,000 -96,000,000 -55,000,000 -71,000,000 -88,000,000 -84,000,000 -74,000,000 -67,000,000 -43,000,000 
      free cash flows
    		766,000,000 615,000,000 412,000,000 503,000,000 617,000,000 383,000,000 312,000,000 395,000,000 626,000,000 411,000,000 267,000,000 442,000,000 645,000,000 311,000,000 181,000,000 97,000,000 258,000,000 -143,000,000 -182,000,000 -154,000,000 -113,000,000 783,000,000 100,000,000 142,000,000 477,000,000 238,000,000 322,000,000 295,000,000 335,000,000 248,000,000 218,000,000 226,000,000 236,000,000 284,000,000 45,000,000 299,000,000 202,000,000 234,000,000 217,000,000 307,000,000 288,000,000 291,000,000 198,000,000 383,000,000 313,000,000 298,000,000 104,000,000 
      investing activities:
    		                                               
      capital expenditures for property and equipment
    		-29,000,000 -23,000,000 -19,000,000 -48,000,000 -17,000,000 -15,000,000 -16,000,000 -42,000,000 -35,000,000 -30,000,000 -44,000,000 -20,000,000 -8,000,000 -7,000,000 -4,000,000 -18,000,000 -8,000,000 -6,000,000 -3,000,000 -8,000,000 -8,000,000 -18,000,000 -12,000,000 -15,000,000 -20,000,000 -23,000,000 -23,000,000 -21,000,000 -23,000,000 -18,000,000 -10,000,000 -22,000,000 -18,000,000 -9,000,000 -9,000,000 -90,000,000 -58,000,000 -85,000,000 -84,000,000 -96,000,000 -55,000,000 -71,000,000 -88,000,000 -84,000,000 -74,000,000 -67,000,000 -43,000,000 
      cash paid for acquisitions, net of cash acquired
    		0   0 0                                           
      issuance of financing receivables
    		   0 0   -14,000,000 0 0 -8,000,000                                     
      settlements of undesignated derivative financial instruments
    		  -9,000,000                                             
      proceeds from asset dispositions
    		   0 0 0 8,000,000                             10,000,000 0   8,000,000 328,000,000 0 1,869,000,000 4,000,000 5,000,000   
      capitalized software costs
    		-21,000,000 -20,000,000 -21,000,000 -31,000,000 -30,000,000 -23,000,000 -18,000,000 -28,000,000 -26,000,000 -23,000,000 -19,000,000 -20,000,000 -18,000,000 -15,000,000 -10,000,000 -16,000,000 -12,000,000 -8,000,000 -8,000,000 -8,000,000 -5,000,000 -16,000,000 -17,000,000 -45,000,000 -35,000,000 -25,000,000 -19,000,000 -25,000,000 -24,000,000 -23,000,000 -15,000,000 -30,000,000 -16,000,000 -20,000,000 -9,000,000 -25,000,000 -21,000,000 -24,000,000 -11,000,000         
      investments in unconsolidated affiliates
    		-1,000,000 0 -1,000,000 0 -3,000,000 -1,000,000 -1,000,000 0 -11,000,000 -2,000,000 -2,000,000 0 -2,000,000 -31,000,000 -20,000,000                                 
      net cash from investing activities
    		-44,000,000 -36,000,000 -50,000,000 -79,000,000 -49,000,000 -291,000,000 -27,000,000 -77,000,000 -74,000,000 -69,000,000 -85,000,000 -25,000,000 -4,000,000 -68,000,000 -26,000,000 -23,000,000 -20,000,000 2,000,000 -16,000,000 -18,000,000 -13,000,000 -29,000,000 -47,000,000 -76,000,000 48,000,000 -51,000,000 -44,000,000 -51,000,000 -5,000,000 -49,000,000 -26,000,000 -76,000,000 -49,000,000 -47,000,000 -50,000,000 -146,000,000 -110,000,000 -126,000,000 -96,000,000 -123,000,000 257,000,000 -207,000,000 465,000,000 -110,000,000 -79,000,000 -48,000,000 -73,000,000 
      financing activities:
    		                                               
      borrowings
    		1,225,000,000   0 1,000,000,000 83,000,000 1,200,000,000 606,000,000    0 5,000,000 0 18,000,000 5,000,000 5,000,000 0 1,500,000,000 1,900,000,000 0 1,000,000,000 1,690,000,000 405,000,000 0 1,420,000,000 375,000,000 0 26,000,000   1,000,000 0 0 1,823,000,000 3,715,000,000    13,000,000 1,000,000   0 0   
      repayment of debt
    		-526,000,000 -871,000,000 -10,000,000 -15,000,000 -14,000,000 -92,000,000 -209,000,000 -143,000,000 -19,000,000 -9,000,000 -12,000,000 -13,000,000 -10,000,000 -12,000,000 -13,000,000 -9,000,000 -3,000,000 -1,202,000,000 -2,016,000,000 -1,907,000,000 -1,000,000 -8,000,000 -205,000,000 -220,000,000 -10,000,000 -981,000,000 -336,000,000 -304,000,000 -29,000,000 -658,000,000 -14,000,000 -12,000,000 -12,000,000 -12,000,000 -1,824,000,000 -3,265,000,000 -1,030,000,000 -32,000,000 -32,000,000 -282,000,000 -381,000,000 -251,000,000 -710,000,000 -349,000,000 -292,000,000 -564,000,000 -219,000,000 
      debt issuance costs
    		   -2,000,000 -14,000,000 -3,000,000 -13,000,000  0 0 -9,000,000          0    -2,000,000           -41,000,000        0 -7,000,000 0 -2,000,000 
      dividends paid
    		-35,000,000 -36,000,000 -37,000,000 -37,000,000 -37,000,000 -37,000,000 -39,000,000 -38,000,000 -39,000,000 -40,000,000 -41,000,000 -41,000,000 -41,000,000       0 0 0 -42,000,000 -42,000,000 -43,000,000 -43,000,000 -44,000,000 -44,000,000 -45,000,000 -45,000,000 -47,000,000 -48,000,000 -49,000,000 -49,000,000 -49,000,000 -70,000,000 -69,000,000 -69,000,000 -69,000,000 -69,000,000        
      repurchases of common stock
    		-759,000,000 -769,000,000 -875,000,000  -725,000,000 -736,000,000 -666,000,000 -743,000,000 -675,000,000 -470,000,000 -450,000,000 -498,000,000 -506,000,000 -465,000,000 -121,000,000     0 0 0 -296,000,000 -452,000,000 -433,000,000 -357,000,000 -296,000,000 -160,000,000 -122,000,000 -1,329,000,000 -110,000,000 -266,000,000 -273,000,000 -282,000,000 -70,000,000             
      share-based compensation tax withholdings
    		0 -1,000,000 -71,000,000 0 -2,000,000 -1,000,000 -69,000,000 -1,000,000 -1,000,000 -1,000,000 -51,000,000 -2,000,000 0 -1,000,000 -55,000,000                                 
      proceeds from share-based compensation
    		7,000,000 31,000,000 9,000,000 36,000,000 10,000,000 27,000,000 20,000,000 19,000,000 4,000,000 23,000,000 5,000,000 13,000,000 0 12,000,000 4,000,000                                 
      settlements of interest rate swap with financing component
    		11,000,000 10,000,000 10,000,000 13,000,000 14,000,000 15,000,000 14,000,000 15,000,000 14,000,000 13,000,000 11,000,000 6,000,000 1,000,000                                   
      net cash from financing activities
    		-92,000,000 -986,000,000 -974,000,000 -771,000,000 232,000,000 -744,000,000 238,000,000 -296,000,000 -713,000,000 -484,000,000 -547,000,000 -535,000,000 -551,000,000 -512,000,000 -167,000,000 21,000,000 4,000,000 -1,194,000,000 -624,000,000 -55,000,000 5,000,000 982,000,000 1,100,000,000 -305,000,000 -485,000,000 20,000,000 -343,000,000 -510,000,000 -174,000,000 -405,000,000 -211,000,000 -328,000,000 -335,000,000 -345,000,000 -716,000,000 332,000,000 -123,000,000 -101,000,000 -137,000,000 -297,000,000 -475,000,000 -191,000,000 -761,000,000 -327,000,000 -302,000,000 -209,000,000 -232,000,000 
      effect of exchange rate changes on cash, restricted cash and cash equivalents
    		-2,000,000 5,000,000 3,000,000 -11,000,000 6,000,000 -4,000,000 -12,000,000 4,000,000 -4,000,000 -6,000,000 -6,000,000 2,000,000 -8,000,000 -9,000,000 -4,000,000 -4,000,000 -2,000,000 1,000,000 -5,000,000  1,000,000 0 -7,000,000 0 -4,000,000   4,000,000 -8,000,000 -13,000,000 7,000,000 0 1,000,000 2,000,000 5,000,000             
      net increase in cash, restricted cash and cash equivalents
    		  -569,000,000 -279,000,000   545,000,000         125,000,000 260,000,000 -1,320,000,000 -816,000,000 -205,000,000 -107,000,000 1,770,000,000 1,175,000,000 -179,000,000 91,000,000 257,000,000 -23,000,000 -216,000,000   13,000,000 -126,000,000 -113,000,000 -77,000,000 -698,000,000             
      cash, restricted cash and cash equivalents, beginning of period
    		0 0 1,376,000,000 0 0 0 875,000,000 0 0 0 1,286,000,000 0 0 0 1,512,000,000 0 0 0 3,263,000,000 0 0 0 630,000,000 0 0 0 484,000,000 0 0 0 670,000,000 0 0 0 1,684,000,000             
      cash, restricted cash and cash equivalents, end of period
    		678,000,000 -359,000,000 807,000,000 -279,000,000 853,000,000 -618,000,000 1,420,000,000 96,000,000 -104,000,000 -95,000,000 978,000,000 -76,000,000 108,000,000 -256,000,000 1,510,000,000 125,000,000 260,000,000 -1,320,000,000 2,447,000,000 -205,000,000 -107,000,000 1,770,000,000 1,805,000,000 -179,000,000 91,000,000 257,000,000 461,000,000 -216,000,000 195,000,000 -178,000,000 683,000,000 -126,000,000 -113,000,000 -77,000,000 986,000,000             
      gain on foreign currency transactions
    		 1,000,000 -2,000,000     3,000,000 7,000,000   -1,000,000 0 -8,000,000 4,000,000  0 1,000,000 -2,000,000    -9,000,000 6,000,000    4,000,000 6,000,000 12,000,000 -11,000,000 0 -2,000,000       20,000,000 8,000,000 -5,000,000 18,000,000 15,000,000 5,000,000 -32,000,000 -14,000,000 
      net decrease in cash, restricted cash and cash equivalents
    		       96,000,000 -104,000,000 -95,000,000 -308,000,000  108,000,000 -256,000,000 -2,000,000                                 
      impairment losses
    		                   122,000,000 9,000,000 15,000,000 112,000,000                         
      loss on investments in unconsolidated affiliate
    		       0 0 0 92,000,000                                     
      amortization of deferred financing costs and discounts
    		                                               
      changes in operating assets and liabilities:
    		                                               
      accounts receivable
    		                                               
      prepaid expenses
    		                                               
      other current assets
    		                                               
      accounts payable, accrued expenses and other
    		                                               
      change in other liabilities
    		                                               
      other
    		           -71,000,000 -41,000,000 31,000,000 8,000,000 -89,000,000 0 16,000,000 -5,000,000 74,000,000 0 5,000,000 -18,000,000 24,000,000 -17,000,000 -3,000,000 -2,000,000 12,000,000 -7,000,000 -8,000,000 -1,000,000 49,000,000 4,000,000 1,000,000 -19,000,000             
      payments received on financing receivables
    		                                               
      repurchases of common stock, including excise tax payments
    		                                               
      loss on sales of assets
    		                                               
      loss on debt extinguishment
    		                               0 0 0 60,000,000             
      change in operating lease right-of-use assets
    		                                               
      change in operating lease liabilities
    		                                               
      proceeds from (payments for) undesignated derivative financial instruments
    		                                               
      debt issuance costs and redemption premium
    		                0 -2,000,000 -74,000,000         0 0   0 -1,000,000 -2,000,000 -66,000,000             
      undesignated derivative financial instruments
    		        -2,000,000 -14,000,000 -12,000,000 14,000,000                                    
      supplemental disclosures:
    		                                               
      cash paid (received) during the period:
    		                                               
      interest
    		          90,000,000 119,000,000 81,000,000 105,000,000 78,000,000 105,000,000 80,000,000 102,000,000 72,000,000  76,000,000 106,000,000 94,000,000  58,000,000 119,000,000 71,000,000  59,000,000 77,000,000 72,000,000  67,000,000 45,000,000 113,000,000  116,000,000 139,000,000 86,000,000  98,000,000 143,000,000 88,000,000  96,000,000 160,000,000 97,000,000 
      income tax refunds, net of payments
    		          -25,000,000                                     
      loss on debt extinguishments
    		                                               
      amortization of deferred financing costs and discount
    		                                               
      debt issuance costs and redemption premiums
    		                                               
      cash paid during the period:
    		                                               
      income taxes, net of refunds
    		           136,000,000 123,000,000 174,000,000 -44,000,000 102,000,000 37,000,000 17,000,000 25,000,000  14,000,000 3,000,000 50,000,000  81,000,000 144,000,000 13,000,000  81,000,000 140,000,000 9,000,000  140,000,000 231,000,000 6,000,000  234,000,000 203,000,000 39,000,000  162,000,000 177,000,000 20,000,000  143,000,000 119,000,000 22,000,000 
      issuance of other financing receivables
    		            0                        -15,000,000 -9,000,000 -9,000,000 -2,000,000 -3,000,000 -4,000,000 -2,000,000 0 0 0 -1,000,000 
      contract acquisition costs
    		               -40,000,000 -45,000,000 -72,000,000 -43,000,000 -13,000,000 -14,000,000 -12,000,000 -11,000,000 -41,000,000 -6,000,000 -28,000,000 -15,000,000 -21,000,000 -44,000,000 -24,000,000 -14,000,000 -24,000,000 -19,000,000 -19,000,000 -13,000,000 -20,000,000 -17,000,000 -9,000,000 -9,000,000 -10,000,000 -8,000,000 -8,000,000 -11,000,000 -11,000,000 -33,000,000 -5,000,000 -16,000,000 
      depreciation and amortization
    		                46,000,000 46,000,000 51,000,000 62,000,000 90,000,000 88,000,000 91,000,000 90,000,000 86,000,000 86,000,000 84,000,000 83,000,000 81,000,000 79,000,000 82,000,000 88,000,000 83,000,000 87,000,000 89,000,000 177,000,000 169,000,000 171,000,000 169,000,000 173,000,000 171,000,000 173,000,000 175,000,000 158,000,000 159,000,000 158,000,000 153,000,000 
      share-based compensation tax withholdings and other
    		                2,000,000 10,000,000 -34,000,000 9,000,000 7,000,000 4,000,000 -47,000,000 4,000,000 3,000,000                       
      cash paid during the year:
    		                                               
      gain on sale of assets
    		                       0                   -145,000,000     
      share-based compensation
    		                   60,000,000 25,000,000 24,000,000 -12,000,000 31,000,000 42,000,000 47,000,000 34,000,000 24,000,000 35,000,000 40,000,000 28,000,000 18,000,000 20,000,000 21,000,000 15,000,000 15,000,000 23,000,000 16,000,000 11,000,000 10,000,000 14,000,000 81,000,000 19,000,000 21,000,000 16,000,000 22,000,000 19,000,000 
      amortization of deferred financing costs and other
    		                                               
      payments received on other financing receivables
    		                           1,000,000         1,000,000 0 1,000,000 2,000,000 1,000,000 1,000,000 1,000,000 2,000,000 16,000,000 1,000,000 1,000,000 
      proceeds from asset disposition
    		                       0                        
      distributions from unconsolidated affiliates
    		                                   7,000,000 4,000,000 6,000,000 5,000,000 4,000,000 2,000,000 8,000,000 12,000,000 2,000,000 9,000,000 9,000,000 2,000,000 
      cash transferred in spin-offs
    		                                               
      tax withholdings on share-based compensation
    		                          -42,000,000 -2,000,000 0 -2,000,000 -40,000,000 -3,000,000 0 0 -28,000,000             
      income taxes receivable
    		                                               
      income taxes payable
    		                                               
      change in timeshare financing receivables
    		                                               
      cash transferred in spin-offs of park and hgv
    		                               0 0 0 -501,000,000             
      distributions to noncontrolling interests
    		                           0    0 0 0 -1,000,000 -26,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -1,000,000 -1,000,000 -1,000,000 
      acquisition of noncontrolling interest
    		                           0                    
      cash, restricted cash and cash equivalents from continuing operations, beginning of period
    		                           0 0 0 670,000,000 0 0 0 1,183,000,000             
      cash, restricted cash and cash equivalents from discontinued operations, beginning of period
    		                               0 0 0 501,000,000             
      cash, restricted cash and cash equivalents from continuing operations, end of period
    		                               -126,000,000 -113,000,000 -77,000,000 986,000,000             
      cash, restricted cash and cash equivalents from discontinued operations, end of period
    		                                               
      non-cash financing activities:
    		                                               
      spin-offs of park and hgv
    		                                0 0 29,000,000             
      inventories
    		                                               
      acquisitions, net of cash acquired
    		                                       0 0 -112,000,000 -1,298,000,000     
      impairment loss
    		                                   0 0 0 15,000,000         
      non-cash investing activities:
    		                                               
      conversion of park's property and equipment to timeshare inventory of hgv
    		                                               
      equity in earnings from unconsolidated affiliates
    		                                   10,000,000 -7,000,000 -8,000,000 -3,000,000 -1,000,000 -9,000,000 -9,000,000 -4,000,000  -4,000,000 -8,000,000 -4,000,000 
      other gain
    		                                       -5,000,000 -1,000,000 -18,000,000 25,000,000 1,000,000 -24,000,000 -11,000,000 -3,000,000 
      capital contribution
    		                                           0 0   
      excess tax benefits from share-based compensation
    		                                       0 0 0 8,000,000     
      operating activities
    		                                               
      other loss
    		                                    10,000,000           
      change in restricted cash and cash equivalents
    		                                    -14,000,000 8,000,000 -14,000,000 0 -4,000,000 -7,000,000 -2,000,000 62,000,000 -2,000,000 10,000,000 -11,000,000 
      investing activities
    		                                               
      investments in affiliates
    		                                       0 0   -3,000,000 -1,000,000 -3,000,000 -2,000,000 
      financing activities
    		                                               
      effect of exchange rate changes on cash and cash equivalents
    		                                    1,000,000 2,000,000 4,000,000 -2,000,000 -8,000,000 0 -9,000,000 -7,000,000 -8,000,000 2,000,000 -1,000,000 
      net increase in cash and cash equivalents
    		                                    49,000,000 118,000,000 83,000,000 -19,000,000       -159,000,000 
      cash and cash equivalents, beginning of period
    		                                    0 0 609,000,000 0 0 0 566,000,000 0 0 0 594,000,000 
      cash and cash equivalents, end of period
    		                                    49,000,000 118,000,000 692,000,000 -19,000,000 117,000,000 -36,000,000 547,000,000 23,000,000 -2,000,000 110,000,000 435,000,000 
      supplemental disclosures
    		                                               
      conversion of property and equipment to timeshare inventory
    		                                    -57,000,000 0 -22,000,000         
      long-term debt assumed
    		                                        0 -900,000,000 450,000,000     
      capital lease restructuring
    		                                            0   
      gain on debt extinguishment
    		                                               
      software capitalization costs
    		                                       -24,000,000 -15,000,000 -15,000,000 -8,000,000 -24,000,000 -13,000,000 -17,000,000 -15,000,000 
      net proceeds from issuance of common stock
    		                                               
      acquisition of property and equipment
    		                                               
      acquisition of other intangible assets
    		                                               
      disposition of equity investments
    		                                               
      net decrease in cash and cash equivalents
    		                                         -36,000,000 -19,000,000 23,000,000 -2,000,000   
      equity in losses (earnings) from unconsolidated affiliates
    		                                               
      acquisitions
    		                                               
      acquisition of noncontrolling interests
    		                                               
      assumption of long-term debt
    		                                               
      non-cash investing activity:
    		                                               
      non-cash financing activity:
    		                                               
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.