v3.24.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income attributable to Travel + Leisure Co. shareholders $ 396 $ 357 $ 308
(Gain)/loss on disposal of discontinued business, net of income taxes (5) (1) 5
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 348 302 129
Depreciation and amortization 112 119 124
Stock-based compensation 38 45 32
Non-cash interest 22 19 22
Non-cash lease expense 16 16 17
Deferred income taxes 8 (4) (39)
Loss on sale of business 2 0 0
Asset impairments/(recoveries), net 0 10 (5)
Other, net (3) 8 1
Net change in assets and liabilities, excluding impact of acquisitions and dispositions:      
Trade receivables (18) (28) (15)
Vacation ownership contract receivables (504) (373) 35
Inventory 25 31 (6)
Prepaid expenses (27) 23 (24)
Other assets (20) (23) 32
Accounts payable, accrued expenses, and other liabilities (70) (71) 24
Deferred income 30 12 (72)
Net cash provided by operating activities 350 442 568
Investing activities      
Property and equipment additions (74) (52) (57)
Acquisitions (6) (2) (37)
Proceeds from asset sales 0 8 0
Other, net 0 1 1
Net cash used in investing activities - continuing operations (80) (45) (93)
Net cash used in investing activities - discontinued operations 0 (5) 0
Net cash used in investing activities (80) (50) (93)
Financing activities      
Proceeds from non-recourse vacation ownership debt 1,926 1,648 1,419
Principal payments on non-recourse vacation ownership debt (1,823) (1,601) (1,713)
Proceeds from debt 1,732 240 10
Principal payments on debt (1,741) (246) (562)
Proceeds from notes issued and term loan 299 293 643
Repayment of notes (405) (3) (903)
Repurchase of common stock (309) (351) (25)
Dividends to shareholders (136) (135) (109)
Payment of deferred acquisition consideration (14) (19) (30)
Debt issuance/modification costs (22) (19) (20)
Net share settlement of incentive equity awards (10) (7) (9)
Repayments of vacation ownership inventory arrangement (6) (6) 0
Proceeds from issuance of common stock 9 10 11
Net cash used in by financing activities (500) (196) (1,288)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 (5) (7)
Net change in cash, cash equivalents and restricted cash (230) 191 (820)
Cash, cash equivalents and restricted cash, beginning of period 688 497 1,317
Cash, cash equivalents and restricted cash, end of period 458 688 497
Less: Restricted cash 176 138 128
Cash and cash equivalents $ 282 $ 550 $ 369

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