Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v3.22.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income/(loss) attributable to Travel + Leisure Co. shareholders $ 357 $ 308 $ (255)
(Gain)/loss on disposal of discontinued business, net of income taxes (1) 5 2
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Provision for loan losses 302 129 415
Depreciation and amortization 119 124 126
Stock-based compensation 45 32 20
Non-cash interest 19 22 23
Non-cash lease expense 16 17 23
Asset impairments/(recoveries), net 10 (5) 52
Deferred income taxes (4) (39) (88)
Other, net 8 1 (9)
Net change in assets and liabilities, excluding impact of acquisitions and dispositions:      
Trade receivables (28) (15) 30
Vacation ownership contract receivables (373) 35 237
Inventory 31 (6) (119)
Prepaid expenses 23 (24) 15
Other assets (23) 32 23
Accounts payable, accrued expenses, and other liabilities (71) 24 (21)
Deferred income 12 (72) (100)
Net cash provided by operating activities 442 568 374
Investing activities      
Property and equipment additions (52) (57) (69)
Acquisitions (2) (37) 0
Proceeds from asset sales 8 0 0
Other, net 1 1 9
Net cash used in investing activities - continuing operations (45) (93) (60)
Net cash used in investing activities - discontinued operations (5) 0 (5)
Net cash used in investing activities (50) (93) (65)
Financing activities      
Proceeds from non-recourse vacation ownership debt 1,648 1,419 1,563
Principal payments on non-recourse vacation ownership debt (1,601) (1,713) (1,896)
Proceeds from debt 240 10 1,062
Principal payments on debt (246) (562) (519)
Proceeds from notes issued and term loan 293 643 643
Repayment of notes (3) (903) (43)
Repurchase of common stock (351) (25) (128)
Dividends to shareholders (135) (109) (138)
Payment of deferred acquisition consideration (19) (30) (11)
Debt issuance/modification costs (19) (20) (20)
Net share settlement of incentive equity awards (7) (9) (2)
Repayments of vacation ownership inventory arrangement (6) 0 (16)
Proceeds from issuance of common stock 10 11 7
Net cash (used in)/provided by financing activities (196) (1,288) 502
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (5) (7) 4
Net change in cash, cash equivalents and restricted cash 191 (820) 815
Cash, cash equivalents and restricted cash, beginning of period 497 1,317 502
Cash, cash equivalents and restricted cash, end of period 688 497 1,317
Less: Restricted cash 138 128 121
Cash and cash equivalents $ 550 $ 369 $ 1,196