Travel + Leisure (TNL) 10-Q25 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-32876
Entity Registrant Name	Travel & Leisure Co.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0052541
Entity Address, Address Line One	6277 Sea Harbor Drive
Entity Address, City or Town	Orlando,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32821
City Area Code	407
Local Phone Number	626-5200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	TNL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	72,420,073
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001361658
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income/(Loss) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenues
Net revenues		$ 986	$ 937	$ 2,814	$ 2,668
Expenses
Operating		428	417	1,275	1,202
Cost of vacation ownership interests		43	39	107	125
Consumer financing interest		29	20	81	55
Marketing		141	125	379	337
General and administrative		108	117	347	358
Depreciation and amortization		28	30	83	91
Restructuring	[1]	2	0	12	8
COVID-19 related costs		0	0	0	2
Asset recoveries, net		0	0	(1)	(1)
Total expenses		779	748	2,283	2,177
Loss on sale of business	[2]	0	0	2	0
Operating income		207	189	529	491
Interest expense		64	48	183	143
Other (income), net		(2)	(19)	(3)	(16)
Interest (income)		(3)	(2)	(9)	(3)
Income before income taxes		148	162	358	367
Provision for income taxes		38	46	96	101
Net income from continuing operations		110	116	262	266
Gain on disposal of discontinued business, net of income taxes		0	0	5	0
Net income attributable to Travel + Leisure Co. shareholders		$ 110	$ 116	$ 267	$ 266
Basic earnings per share
Continuing operations	[3]	$ 1.50	$ 1.39	$ 3.48	$ 3.15
Discontinued operations	[3]	0	0	0.07	0
Basic earnings per share	[3]	1.50	1.39	3.55	3.15
Diluted earnings per share
Continuing operations	[3]	1.49	1.38	3.46	3.12
Discontinued operations	[3]	0	0	0.07	0
Diluted earnings per share	[3]	$ 1.49	$ 1.38	$ 3.53	$ 3.12
Service and membership fees
Net revenues
Net revenues		$ 419	$ 410	$ 1,263	$ 1,222
Vacation ownership interest sales
Net revenues
Net revenues		433	403	1,172	1,099
Consumer financing
Net revenues
Net revenues		107	104	313	302
Other
Net revenues
Net revenues		$ 27	$ 20	$ 66	$ 45

[1]Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.[2]Represents the loss on sale of the Love Home Swap business.[3]Earnings per share amounts are calculated using whole numbers.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to Travel + Leisure Co. shareholders	$ 110	$ 116	$ 267	$ 266
Foreign currency translation adjustments, net of tax	(15)	(34)	(15)	(64)
Other comprehensive loss, net of tax	(15)	(34)	(15)	(64)
Comprehensive income	$ 95	$ 82	$ 252	$ 202

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 238	$ 550
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)	154	138
Trade receivables, net	184	160
Vacation ownership contract receivables, net (VIE - $2,102 as of 2023 and $2,164 as of 2022)	2,460	2,370
Inventory	1,149	1,193
Prepaid expenses	247	202
Property and equipment, net	655	658
Goodwill	959	955
Other intangibles, net	201	207
Other assets	408	324
Total assets	6,655	6,757
Liabilities and (deficit)
Accounts payable	71	65
Accrued expenses and other liabilities	818	876
Deferred income	435	399
Non-recourse vacation ownership debt (VIE)	1,893	1,973
Debt	3,729	3,669
Deferred income taxes	706	679
Total liabilities	7,652	7,661
Commitments and contingencies (Note 16)
Stockholders' (deficit):
Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized, 223,641,713 issued as of 2023 and 222,895,523 as of 2022	2	2
Treasury stock, at cost – 151,221,431 shares as of 2023 and 144,499,361 shares as of 2022	(7,155)	(6,886)
Additional paid-in capital	4,268	4,242
Retained earnings	1,971	1,808
Accumulated other comprehensive loss	(94)	(79)
Total stockholders’ (deficit)	(1,008)	(913)
Noncontrolling interest	11	9
Total (deficit)	(997)	(904)
Total liabilities and (deficit)	$ 6,655	$ 6,757

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common Stock, Shares, Issued (in shares)	223,641,713	222,895,523
Treasury Stock, Common, Shares	151,221,431	144,499,361
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)	$ 154	$ 138
Vacation ownership contract receivables, net (VIE - $2,102 as of 2023 and $2,164 as of 2022)	2,460	2,370
Non-recourse vacation ownership debt (VIE)	1,893	1,973
Variable Interest Entity, Primary Beneficiary [Member]
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)	80	83
Vacation ownership contract receivables, net (VIE - $2,102 as of 2023 and $2,164 as of 2022)	2,102	2,164
Non-recourse vacation ownership debt (VIE)	$ 1,893	$ 1,973

Statement of Cash Flows (Statem

Statement of Cash Flows (Statement) - USD ($) $ in Millions		9 Months Ended
Statement of Cash Flows (Statement) - USD ($) $ in Millions		Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income		$ 267	$ 266
Gain on disposal of discontinued business, net of income taxes		(5)	0
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		257	216
Depreciation and amortization		83	91
Deferred income taxes		28	15
Stock-based compensation		31	34
Non-cash interest		15	14
Non-cash lease expense		12	12
Loss on sale of business	[1]	2	0
Asset recoveries, net		0	(1)
Other, net		0	9
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables		(23)	(37)
Vacation ownership contract receivables		(354)	(283)
Inventory		17	(10)
Prepaid expenses		(46)	18
Other assets		(35)	(2)
Accounts payable, accrued expenses, and other liabilities		(78)	(85)
Deferred income		27	10
Net cash provided by operating activities		198	267
Investing activities
Property and equipment additions		(42)	(36)
Acquisitions		(6)	(2)
Proceeds from sale of investments		0	(8)
Other, net		2	2
Net cash used in investing activities - continuing operations		(46)	(28)
Net cash used in investing activities - discontinued operations		0	(6)
Net cash used in investing activities		(46)	(34)
Financing activities
Proceeds from non-recourse vacation ownership debt		1,207	1,155
Principal payments on non-recourse vacation ownership debt		(1,282)	(1,193)
Proceeds from debt		1,404	20
Principal payments on debt		(960)	(13)
Repayment of notes		(405)	(2)
Repurchase of common stock		(269)	(240)
Dividends to shareholders	[2]	(104)	(103)
Payment of deferred acquisition consideration		(14)	(19)
Debt issuance/modification costs		(11)	(12)
Net share settlement of incentive equity awards		(10)	(7)
Repayments of vacation ownership inventory arrangement		(6)	(6)
Proceeds from issuance of common stock		6	6
Net cash used in financing activities		(444)	(414)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash		(4)	(11)
Net change in cash, cash equivalents and restricted cash		(296)	(192)
Cash, cash equivalents and restricted cash, beginning of period		688	497
Cash, cash equivalents and restricted cash, end of period		392	305
Less: Restricted cash		154	136
Cash and cash equivalents		$ 238	$ 169

[1]Represents the loss on sale of the Love Home Swap business.[2]The Company paid cash dividends of $0.45 and $1.35 per share during the three and nine months ended September 30, 2023 and $0.40 and $1.20 per share during the three and nine months ended September 30, 2022.

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Statement) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest
Shares, Issued, Beginning Balance at Dec. 31, 2021		85.9
Beginning Balance, value at Dec. 31, 2021	$ (794)	$ 2	$ (6,534)	$ 4,192	$ 1,587	$ (48)	$ 7
Net income attributable to Travel + Leisure Co. shareholders					51
Net income attributable to Travel + Leisure Co. shareholders	51
Other comprehensive loss, net of tax	3					3
Issuance of shares for RSU vesting		0.3
Net share settlement of stock-based compensation	(5)			(5)
Change in stock-based compensation	12			12
Repurchase of common stock, count		(0.8)
Repurchase of common stock, value	(45)		(45)
Dividends, common stock	$ (35)				(35)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.40
Non-controlling interest ownership change	$ 1						1
Other	1			1
Shares, Issued, Ending Balance at Mar. 31, 2022		85.4
Ending Balance, value at Mar. 31, 2022	(811)	$ 2	(6,579)	4,200	1,603	(45)	8
Shares, Issued, Beginning Balance at Dec. 31, 2021		85.9
Beginning Balance, value at Dec. 31, 2021	(794)	$ 2	(6,534)	4,192	1,587	(48)	7
Net income attributable to Travel + Leisure Co. shareholders	266
Net income attributable to Travel + Leisure Co. shareholders	266
Other comprehensive loss, net of tax	$ (64)
Common Stock, Dividends, Per Share, Cash Paid	$ 1.20
Shares, Issued, Ending Balance at Sep. 30, 2022		81.2
Ending Balance, value at Sep. 30, 2022	$ (903)	$ 2	(6,778)	4,227	1,750	(112)	8
Shares, Issued, Beginning Balance at Mar. 31, 2022		85.4
Beginning Balance, value at Mar. 31, 2022	(811)	$ 2	(6,579)	4,200	1,603	(45)	8
Net income attributable to Travel + Leisure Co. shareholders					100
Net income attributable to Travel + Leisure Co. shareholders	100
Other comprehensive loss, net of tax	(33)					(33)
Issuance of shares for RSU vesting		0.1
Net share settlement of stock-based compensation	(1)			(1)
Stock Issued During Period, Shares, Employee Stock Purchase Plans		0.1
Employee stock purchase program issuances	5			5
Change in stock-based compensation	12			12
Repurchase of common stock, count		(1.7)
Repurchase of common stock, value	(83)		(83)
Dividends, common stock	$ (35)				(35)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.40
Other			(1)	1
Shares, Issued, Ending Balance at Jun. 30, 2022		83.9
Ending Balance, value at Jun. 30, 2022	$ (846)	$ 2	(6,663)	4,217	1,668	(78)	8
Net income attributable to Travel + Leisure Co. shareholders	116				116
Net income attributable to Travel + Leisure Co. shareholders	116
Other comprehensive loss, net of tax	(34)					(34)
Issuance of shares for RSU vesting		0.1
Net share settlement of stock-based compensation	(1)			(1)
Change in stock-based compensation	10			10
Repurchase of common stock, count		(2.8)
Repurchase of common stock, value	(115)		(115)
Dividends, common stock	$ (34)				(34)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.40
Other	$ 1			1
Shares, Issued, Ending Balance at Sep. 30, 2022		81.2
Ending Balance, value at Sep. 30, 2022	(903)	$ 2	(6,778)	4,227	1,750	(112)	8
Shares, Issued, Beginning Balance at Dec. 31, 2022		78.4
Beginning Balance, value at Dec. 31, 2022	(904)	$ 2	(6,886)	4,242	1,808	(79)	9
Net income attributable to Travel + Leisure Co. shareholders					64
Net income attributable to Travel + Leisure Co. shareholders	64
Other comprehensive loss, net of tax	(2)					(2)
Issuance of shares for RSU vesting		0.3
Net share settlement of stock-based compensation	(5)			(5)
Change in stock-based compensation	10			10
Repurchase of common stock, count		(2.5)
Repurchase of common stock, value	(102)		(102)
Dividends, common stock	$ (36)				(36)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.45
Shares, Issued, Ending Balance at Mar. 31, 2023		76.2
Ending Balance, value at Mar. 31, 2023	$ (975)	$ 2	(6,988)	4,247	1,836	(81)	9
Shares, Issued, Beginning Balance at Dec. 31, 2022		78.4
Beginning Balance, value at Dec. 31, 2022	(904)	$ 2	(6,886)	4,242	1,808	(79)	9
Net income attributable to Travel + Leisure Co. shareholders	267
Net income attributable to Travel + Leisure Co. shareholders	267
Other comprehensive loss, net of tax	$ (15)
Common Stock, Dividends, Per Share, Cash Paid	$ 1.35
Shares, Issued, Ending Balance at Sep. 30, 2023		72.4
Ending Balance, value at Sep. 30, 2023	$ (997)	$ 2	(7,155)	4,268	1,971	(94)	11
Shares, Issued, Beginning Balance at Mar. 31, 2023		76.2
Beginning Balance, value at Mar. 31, 2023	(975)	$ 2	(6,988)	4,247	1,836	(81)	9
Net income attributable to Travel + Leisure Co. shareholders					94
Net income attributable to Travel + Leisure Co. shareholders	94
Other comprehensive loss, net of tax	2					2
Issuance of shares for RSU vesting		0.3
Net share settlement of stock-based compensation	(5)			(5)
Stock Issued During Period, Shares, Employee Stock Purchase Plans		0.1
Employee stock purchase program issuances	5			5
Change in stock-based compensation	12			12
Repurchase of common stock, count		(2.6)
Repurchase of common stock, value	(102)		(102)
Dividends, common stock	$ (35)				(35)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.45
Non-controlling interest ownership change	$ 1						1
Other	(1)			(1)
Shares, Issued, Ending Balance at Jun. 30, 2023		74
Ending Balance, value at Jun. 30, 2023	(1,004)	$ 2	(7,090)	4,258	1,895	(79)	10
Net income attributable to Travel + Leisure Co. shareholders	110				110
Net income attributable to Travel + Leisure Co. shareholders	110
Other comprehensive loss, net of tax	(15)					(15)
Change in stock-based compensation	9			9
Repurchase of common stock, count		(1.6)
Repurchase of common stock, value	(65)		(65)
Dividends, common stock	$ (34)				(34)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.45
Non-controlling interest ownership change	$ 1						1
Other	1			1
Shares, Issued, Ending Balance at Sep. 30, 2023		72.4
Ending Balance, value at Sep. 30, 2023	$ (997)	$ 2	$ (7,155)	$ 4,268	$ 1,971	$ (94)	$ 11

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure	Background and Basis of Presentation Background Travel + Leisure Co. and its subsidiaries (collectively, “Travel + Leisure Co.,” or the “Company”) is a global provider of hospitality services and travel products. The Company has two reportable segments: Vacation Ownership and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (“VOIs”) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment is substantially comprised of the Wyndham Destinations business line. The Travel and Membership segment operates a variety of travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of the Exchange and Travel Club business lines. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q include the accounts and transactions of Travel + Leisure Co., as well as the entities in which Travel + Leisure Co. directly or indirectly has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2022 Consolidated Financial Statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 22, 2023.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Pronouncements Business Combinations—Joint Venture Formations . In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The guidance was issued in an effort to reduce the diversity in practice and requires a joint venture to initially measure its assets and liabilities at fair value on the formation date. This guidance is effective prospectively for all joint ventures within the scope of the standard that are formed on or after January 1, 2025. Existing joint ventures have the option to apply the guidance retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Recently Adopted Accounting Pronouncements Presentation of Financial Statements . In July 2023, the FASB issued guidance which amends various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 120. The bulletin added interpretive guidance for public companies to consider when entering into share-based payment transactions while in possession of material non-public information (i.e., “spring-loaded” awards). This guidance became effective upon issuance and the adoption of this guidance did not have an impact on the Company's Condensed Consolidated Financial Statements and related disclosures. The Company will monitor future stock-based awards and will include additional disclosures in future filings, if applicable. Contract Assets and Contract Liabilities from Contracts with Customers Acquired in a Business Combination. In October 2021, the FASB issued guidance which requires companies to apply Accounting Standards Codification (“ASC”) 606 - Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 - Business Combinations. This generally will result in companies recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. The Company early adopted this guidance in 2022. The adoption of this guidance has not had a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued guidance which eliminates the accounting guidance in ASC 310-40 Troubled Debt Restructurings for Creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As a result of adopting this guidance the Company added the required disclosure of current-period gross write-offs in Note 7— Vacation Ownership Contract Receivables. Aside from this additional disclosure the adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements or related disclosures.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Vacation Ownership The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer-financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible. For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class. In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of two years or less and are recognized at a point in time upon transfer of control. The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Condensed Consolidated Statements of Income. The Company reduces its management fee revenue for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer. Property management fee revenues and reimbursable revenues are recognized when the services are performed and are recorded as a component of Service and membership fees on the Condensed Consolidated Statements of Income. Property management fee and reimbursable revenues were (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Management fee revenues $ 110 $ 106 $ 326 $ 313 Reimbursable revenues 96 85 284 252 Property management fees and reimbursable revenues $ 206 $ 191 $ 610 $ 565 One of the associations that the Company manages paid its Travel and Membership segment $8 million and $7 million for exchange services during the three months ended September 30, 2023 and 2022, and $25 million and $24 million during the nine months ended September 30, 2023 and 2022. Travel and Membership Travel and Membership derives a majority of its revenues from membership dues and fees for facilitating members’ trading of their timeshare intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for travel club members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations. The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Revenues from other vacation exchange related product fees are deferred and recognized upon the occurrence of a future exchange, event, or other related transaction. The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Other Items The Company records property management service revenues for its Vacation Ownership segment and RCI Elite Rewards revenues for its Travel and Membership segment gross as a principal. Contract Liabilities Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consisted of (in millions): September 30, December 31, 2022 Deferred subscription revenue $ 163 $ 164 Deferred VOI trial package revenue 128 101 Deferred VOI incentive revenue 78 70 Deferred exchange-related revenue (a) 59 53 Deferred co-branded credit card programs revenue 7 9 Deferred other revenue 1 3 Total $ 436 $ 400 (a) Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. In the Company’s Vacation Ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within three years of purchase, but may extend longer for certain programs. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within two years of the VOI sale, but may extend longer for certain programs. Within the Company’s Travel and Membership business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s travel programs which are recognized in future periods. Deferred exchange-related revenue primarily represents payments received in advance from members to book vacation exchanges which are recognized upon the future confirmed transaction. Deferred revenue also includes other leisure-related service and product revenues which are recognized as customers utilize the associated benefits. Changes in contract liabilities for the periods presented were as follows (in millions): Nine Months Ended September 30, 2023 2022 Beginning balance $ 400 $ 382 Additions 257 218 Revenue recognized (221) (205) Ending balance $ 436 $ 395 Capitalized Contract Costs The Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently recognized over the utilization period when usage or expiration occurs, which is typically within three years from the date of sale. As of September 30, 2023 and December 31, 2022, these capitalized costs were $45 million and $35 million and are included within Other assets on the Condensed Consolidated Balance Sheets. The Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of September 30, 2023, the capitalized costs were $17 million, of which $11 million are included in Prepaid expenses and $6 million are included in Other assets on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the capitalized costs were $18 million, of which $11 million are included in Prepaid expenses and $7 million are included in Other assets on the Condensed Consolidated Balance Sheets. Practical Expedients The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company will satisfy the performance obligation and when the customer will pay for that good or service will be one year or less. Performance Obligations A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions): 10/1/2023 - 9/30/2024 10/1/2024 - 9/30/2025 10/1/2025 - 9/30/2026 Thereafter Total Subscription revenue $ 96 $ 37 $ 16 $ 14 $ 163 VOI trial package revenue 121 2 2 3 128 VOI incentive revenue 78 — — — 78 Exchange-related revenue 56 3 — — 59 Co-branded credit card programs revenue 3 3 1 — 7 Other revenue 1 — — — 1 Total $ 355 $ 45 $ 19 $ 17 $ 436 Disaggregation of Net Revenues The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Vacation Ownership Vacation ownership interest sales $ 433 $ 403 $ 1,172 $ 1,099 Property management fees and reimbursable revenues 206 191 610 565 Consumer financing 107 104 313 302 Fee-for-Service commissions 40 36 108 87 Ancillary revenues 26 20 62 45 Total Vacation Ownership 812 754 2,265 2,098 Travel and Membership Transaction revenues 121 129 395 411 Subscription revenues 46 47 137 137 Ancillary revenues 7 7 21 24 Total Travel and Membership 174 183 553 572 Corporate and other Ancillary revenues 1 — 4 — Eliminations (1) — (8) (2) Total Corporate and other — — (4) (2) Net revenues $ 986 $ 937 $ 2,814 $ 2,668

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computations of basic and diluted earnings per share (“EPS”) are based on Net income attributable to Travel + Leisure Co. shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding. The following table sets forth the computations of basic and diluted EPS (in millions, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income from continuing operations attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 262 $ 266 Gain on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes — — 5 — Net income attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 267 $ 266 Basic earnings per share (a) Continuing operations $ 1.50 $ 1.39 $ 3.48 $ 3.15 Discontinued operations — — 0.07 — $ 1.50 $ 1.39 $ 3.55 $ 3.15 Diluted earnings per share (a) Continuing operations $ 1.49 $ 1.38 $ 3.46 $ 3.12 Discontinued operations — — 0.07 — $ 1.49 $ 1.38 $ 3.53 $ 3.12 Basic weighted average shares outstanding 73.3 83.0 75.3 84.6 RSUs, (b) PSUs (c) and NQs (d) 0.3 0.6 0.4 0.9 Diluted weighted average shares outstanding (e) 73.6 83.6 75.7 85.5 Dividends: Aggregate dividends paid to shareholders (f) $ 33 $ 33 $ 104 $ 103 (a) Earnings per share amounts are calculated using whole numbers. (b) Excludes 1.0 million and 1.3 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2023 and 0.7 million and 0.6 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2022. These shares could potentially dilute EPS in the future. (c) Excludes performance-vested restricted stock units (“PSUs”) of 0.8 million for both the three and nine months ended September 30, 2023 and 0.5 million of PSUs for both the three and nine months ended September 30, 2022, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future. (d) Excludes 2.3 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2023 and 2.0 million and 1.1 million of outstanding NQs for the three and nine months ended September 30, 2022. These outstanding NQs could potentially dilute EPS in the future. (e) The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period. (f) The Company paid cash dividends of $0.45 and $1.35 per share during the three and nine months ended September 30, 2023 and $0.40 and $1.20 per share during the three and nine months ended September 30, 2022. Share Repurchase Program The following table summarizes stock repurchase activity under the current share repurchase program (in millions): Shares Cost As of December 31, 2022 120.0 $ 6,104 Repurchases 6.7 267 As of September 30, 2023 126.7 $ 6,371 Since the inception of the Company’s share repurchase program in August 2007 proceeds received from stock option exercises have increased the repurchase capacity by $81 million. As of September 30, 2023, the Company had $210 million of remaining availability under the program. During 2022, the United States enacted the Inflation Reduction Act which became effective for the 2023 tax year. Among other provisions, this new law imposes a 1% excise tax on stock buybacks. During the nine months ended September 30, 2023, the Company recorded $2 million of excise tax related to share repurchases; which is included within Treasury stock on the Condensed Consolidated Balance Sheets.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2023
Business Combinations [Abstract]
Acquisitions	Acquisitions Playbook365. On January 3, 2023, the Company acquired the Playbook365 business for $13 million, comprised of $6 million of cash paid at closing and contingent consideration with a fair market value of $7 million, which can range to $24 million, based on the achievement of certain financial metrics. Playbook365 is a youth and amateur sports management platform. This platform was integrated with Alliance Reservations Network’s (“ARN”) event lodging management platform to create an all-in-one solution in the youth sports market. This acquisition was made to broaden the products and services offered by ARN. This transaction was accounted for as a business acquisition. As of September 30, 2023, the Company has recognized the assets and liabilities of Playbook365 based on estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, requires significant judgment. The purchase price allocation includes: (i) $5 million of developed software with a weighted average life of four years included within Property and equipment, net on the Condensed Consolidated Balance Sheets; (ii) $5 million of Goodwill; (iii) $3 million of definite-lived intangible assets with a weighted average life of four years primarily consisting of customer relationships included within Other intangibles, net on the Condensed Consolidated Balance Sheets; and (iv) $7 million of Accrued expenses and other liabilities. All of the goodwill and other intangible assets are expected to be deductible for income tax purposes. This business is included within the Travel and Membership segment. The Company completed purchase accounting for this transaction during the third quarter of 2023.

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During 2018 the Company sold its European vacation rentals business. In connection with this sale, during the nine months ended September 30, 2023, the Company recognized a $5 million Gain on disposal of discontinued business, net of income taxes associated with the release of a guarantee. See Note 21— Transactions with Former Parent and Former Subsidiaries for additional information. During the nine months ended September 30, 2022, the Company had $6 million of Net cash used in investing activities from discontinued operations on the Condensed Consolidated Statements of Cash Flows related to the settlement of post-closing adjustment claims associated with the sale of the European vacation rentals business.

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	9 Months Ended
Vacation Ownership Contract Receivables	Sep. 30, 2023
Vacation Ownership Contract Receivables [Abstract]
Vacation Ownership Contract Receivables	Vacation Ownership Contract Receivables The Company generates vacation ownership contract receivables (“VOCRs”) by extending financing to the purchasers of its VOIs. Vacation ownership contract receivables, net consisted of the following (in millions): September 30, December 31, Vacation ownership contract receivables: Securitized (a) $ 2,102 $ 2,164 Non-securitized (b) 927 747 Vacation ownership contract receivables, gross 3,029 2,911 Less: allowance for loan losses 569 541 Vacation ownership contract receivables, net $ 2,460 $ 2,370 (a) Excludes $16 million and $17 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets. (b) Excludes $8 million and $7 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2023, the Company’s securitized VOCRs generated interest income of $78 million and $232 million. During the three and nine months ended September 30, 2022, the Company’s securitized VOCRs generated interest income of $73 million and $214 million. Such interest income is included within Consumer financing revenue on the Condensed Consolidated Statements of Income. During the nine months ended September 30, 2023 and 2022, the Company had net VOCR originations of $1.04 billion and $922 million, and received principal collections of $681 million and $639 million. The weighted average interest rate on outstanding VOCRs was 14.7% and 14.6% as of September 30, 2023 and December 31, 2022. The Company records the difference between VOCRs and the variable consideration included in the transaction price for the sale of the related VOIs as a provision for loan losses on VOCRs. The activity in the allowance for loan losses on VOCRs was as follows (in millions): Nine Months Ended September 30, 2023 2022 Allowance for loan losses, beginning balance $ 541 $ 510 Provision for loan losses, net 257 216 Contract receivables write-offs, net (229) (187) Allowance for loan losses, ending balance $ 569 $ 539 The Company recorded net provisions for loan losses of $99 million and $257 million as a reduction of net revenues during the three and nine months ended September 30, 2023, and $91 million and $216 million for the three and nine months ended September 30, 2022. Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Vacation Ownership Asia Pacific business for which scores are not available). The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of September 30, 2023 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,799 $ 742 $ 117 $ 83 $ 158 $ 2,899 31 - 60 days 19 24 13 2 1 59 61 - 90 days 10 16 11 1 — 38 91 - 120 days 8 12 12 1 — 33 Total $ 1,836 $ 794 $ 153 $ 87 $ 159 $ 3,029 As of December 31, 2022 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,674 $ 700 $ 93 $ 142 $ 143 $ 2,752 31 - 60 days 24 32 11 5 1 73 61 - 90 days 16 20 7 2 — 45 91 - 120 days 12 17 10 2 — 41 Total $ 1,726 $ 769 $ 121 $ 151 $ 144 $ 2,911 The Company ceases to accrue interest on VOI contract receivables once the contract has remained delinquent for greater than 90 days and reverses all of the associated accrued interest recognized to date against interest income included within Consumer financing revenue on the Condensed Consolidated Statements of Income. At greater than 120 days, the VOI contract receivable is written off to the allowance for loan losses. In accordance with its policy, the Company assesses the allowance for loan losses using a static pool methodology and thus does not assess individual loans for impairment. The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of September 30, 2023 700+ 600-699 <600 No Score Asia Pacific Total 2023 $ 686 $ 229 $ 14 $ 25 $ 77 $ 1,031 2022 459 230 48 16 19 772 2021 190 98 30 5 13 336 2020 96 42 12 4 10 164 2019 145 71 20 12 14 262 Prior 260 124 29 25 26 464 Total $ 1,836 $ 794 $ 153 $ 87 $ 159 $ 3,029 As of December 31, 2022 700+ 600-699 <600 No Score Asia Pacific Total 2022 $ 745 $ 291 $ 19 $ 87 $ 52 $ 1,194 2021 275 149 30 8 19 481 2020 134 60 12 5 15 226 2019 198 97 23 16 21 355 2018 162 74 16 13 14 279 Prior 212 98 21 22 23 376 Total $ 1,726 $ 769 $ 121 $ 151 $ 144 $ 2,911 The table below represents the gross write-offs of financing receivables by year of origination (in millions): Nine Months Ended September 30, 2023 2023 $ 13 2022 113 2021 38 2020 15 2019 20 Prior 30 Total $ 229

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following (in millions): September 30, December 31, Completed VOI inventory $ 913 $ 982 Estimated VOI recoveries 202 192 Land held for VOI development 20 1 VOI construction in process 9 14 Exchange and other inventory 5 4 Total inventory $ 1,149 $ 1,193 As VOI inventory is completed it is transferred into property and equipment until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred back into completed inventory. The Company had net transfers of VOI inventory to property and equipment of $12 million and $91 million during the nine months ended September 30, 2023 and 2022. Inventory Obligations The Company has entered into inventory sale transactions with third-party developers for which the Company has conditional rights and obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale. The following table summarizes the activity related to the Company's inventory obligations (in millions): Atlanta (a) (b) Las Vegas (a) Other (c) Total December 31, 2022 $ — $ 30 $ 7 $ 37 Purchases — — 66 66 Payments — (30) (64) (94) September 30, 2023 $ — $ — $ 9 $ 9 December 31, 2021 $ — $ 13 $ 1 $ 14 Purchases 67 28 46 141 Payments (67) (35) (38) (140) September 30, 2022 $ — $ 6 $ 9 $ 15 (a) Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. (b) Represents vacation ownership inventory and property and equipment in Atlanta, Georgia, acquired from a third-party developer. (c) Included in Accounts payable on the Condensed Consolidated Balance Sheets.

Property and equipment

Property and equipment	9 Months Ended
Property and equipment	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Property and Equipment Property and equipment, net consisted of the following (in millions): September 30, December 31, 2022 Capitalized software $ 753 $ 724 Building and leasehold improvements (a) 685 671 Furniture, fixtures and equipment 191 192 Finance leases 39 27 Land 31 30 Construction in progress 13 8 Total property and equipment 1,712 1,652 Less: accumulated depreciation and amortization 1,057 994 Property and equipment, net $ 655 $ 658 (a) Includes $254 million and $242 million of unregistered VOI inventory as of September 30, 2023 and December 31, 2022.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company’s indebtedness consisted of the following (in millions): September 30, December 31, Non-recourse vacation ownership debt : (a) Term notes (b) $ 1,424 $ 1,545 USD bank conduit facility (due September 2025) (c) 372 321 AUD/NZD bank conduit facility (due December 2024) (d) 97 107 Total $ 1,893 $ 1,973 Debt : (e) $1.0 billion secured revolving credit facility (due October 2026) (f) $ 451 $ — $300 million secured term loan B (due May 2025) (g) 284 286 $300 million secured incremental term loan B (due December 2029) (h) 287 288 $400 million 3.90% secured notes (due March 2023) (i) — 400 $300 million 5.65% secured notes (due April 2024) 300 299 $350 million 6.60% secured notes (due October 2025) (j) 347 346 $650 million 6.625% secured notes (due July 2026) 646 645 $400 million 6.00% secured notes (due April 2027) (k) 404 406 $650 million 4.50% secured notes (due December 2029) 643 642 $350 million 4.625% secured notes (due March 2030) 347 346 Finance leases 20 11 Total $ 3,729 $ 3,669 (a) Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.24 billion and $2.29 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of September 30, 2023 and December 31, 2022. (b) The carrying amounts of the term notes are net of deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022. (c) The Company has a borrowing capacity of $600 million under the USD bank conduit facility through September 2025. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than October 2026. (d) The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027. (e) The carrying amounts of the secured notes and term loan are net of unamortized discounts of $20 million and $23 million as of September 30, 2023 and December 31, 2022, and net of unamortized debt financing costs of $9 million and $10 million as of September 30, 2023 and December 31, 2022. (f) The weighted average effective interest rate on facility borrowings was 7.35% and 7.53% as of September 30, 2023 and December 31, 2022. (g) The weighted average effective interest rate on facility borrowings was 7.33% and 4.01% as of September 30, 2023 and December 31, 2022. (h) The weighted average effective interest rate on facility borrowings was 9.15% and 8.24% as of September 30, 2023 and December 31, 2022. (i) Includes less than $1 million of unamortized gains from the settlement of a derivative as of December 31, 2022. (j) Includes $2 million and $3 million of unamortized losses from the settlement of a derivative as of September 30, 2023 and December 31, 2022. (k) Includes $6 million and $7 million of unamortized gains from the settlement of a derivative as of September 30, 2023 and December 31, 2022. USD Bank Conduit Renewal On September 26, 2023, the Company renewed its $600 million USD timeshare receivables conduit facility, extending the end of the commitment period from July 2024 to September 2025 and making certain other amendments, including to the advance rate. The facility bears interest based on variable commercial paper rates plus a spread or the Daily Simple Secured Overnight Financing Rate (“SOFR”), plus a spread. Sierra Timeshare 2023-1 Receivables Funding LLC On April 5, 2023, the Company closed on a placement of a series of term notes payable, issued by Sierra Timeshare 2023-1 Receivables Funding LLC, with an initial principal amount of $250 million, secured by VOCRs and bearing interest at a weighted average coupon rate of 6.33%. The advance rate for this transaction was 91.25%. Sierra Timeshare 2023-2 Receivables Funding LLC On July 20, 2023, the Company closed on a placement of a series of term notes payable, issued by Sierra Timeshare 2023-2 Receivables Funding LLC, with an initial principal amount of $300 million, secured by VOCRs and bearing interest at a weighted average coupon rate of 6.72%. The advance rate for this transaction was 91.70%. Credit Agreement Amendment On March 30, 2023, the Company entered into the fourth amendment to the credit agreement governing its revolving credit facility and term loan B facilities. Through this amendment the Company exercised its early opt-in election to change the benchmark rate on the revolving credit facility and term loan B facility due May 2025 from the USD London Interbank Offered Rate (“LIBOR”) to SOFR. This change became effective on March 31, 2023, for both new borrowings and rollovers of then existing USD LIBOR based borrowings (except Base Rate borrowings) and eliminated the Company’s exposure to LIBOR. Maturities and Capacity The Company’s outstanding indebtedness as of September 30, 2023, matures as follows (in millions): Non-recourse Vacation Ownership Debt Debt Total Within 1 year $ 215 $ 313 $ 528 Between 1 and 2 years 209 291 500 Between 2 and 3 years 513 1,000 1,513 Between 3 and 4 years 184 860 1,044 Between 4 and 5 years 185 3 188 Thereafter 587 1,262 1,849 $ 1,893 $ 3,729 $ 5,622 Required principal payments on the non-recourse vacation ownership debt are based on the contractual repayment terms of the underlying VOCRs. Actual maturities may differ as a result of prepayments by the VOCR obligors. As of September 30, 2023, the available capacity under the Company’s borrowing arrangements was as follows (in millions): Non-recourse Conduit Facilities (a) Revolving Credit Facilities (b) Total capacity $ 744 $ 1,000 Less: outstanding borrowings 469 451 Less: letters of credit — 2 Available capacity $ 275 $ 547 (a) Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings. (b) Consists of the Company’s $1.0 billion secured revolving credit facility. Debt Covenants The revolving credit facility and term loan B facilities are subject to covenants including the maintenance of specific financial ratios as defined in the credit agreement. The financial ratio covenants consist of a minimum interest coverage ratio of no less than 2.50 to 1.0 as of the measurement date and a maximum first lien leverage ratio not to exceed 4.25 to 1.0 as of the measurement date. The interest coverage ratio is calculated by dividing consolidated EBITDA (as defined in the credit agreement) by consolidated interest expense (as defined in the credit agreement), both as measured on a trailing 12-month basis preceding the measurement date. The first lien leverage ratio is calculated by dividing consolidated first lien debt (as defined in the credit agreement) as of the measurement date by consolidated EBITDA (as defined in the credit agreement) as measured on a trailing 12-month basis preceding the measurement date. As of September 30, 2023, the Company’s interest coverage ratio was 4.40 to 1.0 and the first lien leverage ratio was 3.69 to 1.0. These ratios do not include interest expense or indebtedness related to any qualified securitization financing (as defined in the credit agreement). As of September 30, 2023, the Company was in compliance with the financial covenants described above. Each of the Company’s non-recourse securitized term notes and bank conduit facilities contain various triggers relating to the performance of the applicable loan pools. If the VOCR pool that collateralizes one of the Company’s securitization notes fails to perform within the parameters established by the contractual triggers (such as higher default or delinquency rates), there are provisions pursuant to which the cash flows for that pool will be maintained in the securitization as extra collateral for the note holders or applied to accelerate the repayment of outstanding principal to the note holders. As of September 30, 2023, all of the Company’s securitized loan pools were in compliance with applicable contractual triggers. Interest Expense The Company incurred interest expense of $64 million and $183 million during the three and nine months ended September 30, 2023, excluding interest expense associated with non-recourse vacation ownership debt. These amounts include offsets of less than $1 million of capitalized interest during each of the three and nine months ended September 30, 2023. Cash paid related to such interest was $174 million during the nine months ended September 30, 2023. The Company incurred interest expense of $48 million and $143 million during the three and nine months ended September 30, 2022, excluding interest expense associated with non-recourse vacation ownership debt. These amounts include offsets of less than $1 million and $1 million of capitalized interest during the three and nine months ended September 30, 2022. Cash paid related to such interest was $135 million during the nine months ended September 30, 2022. Interest expense incurred in connection with the Company’s non-recourse vacation ownership debt was $29 million and $81 million during the three and nine months ended September 30, 2023, and $20 million and $55 million during the three and nine months ended September 30, 2022. These amounts are included within Consumer financing interest on the Condensed Consolidated Statements of Income. Cash paid related to such interest was $65 million and $39 million for the nine months ended September 30, 2023 and 2022.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	Variable Interest Entities The Company analyzes its variable interests, including loans, guarantees, interests in special purpose entities (“SPEs”), and equity investments, to determine if an entity in which the Company has a variable interest is a variable interest entity (“VIE”). If the entity is deemed to be a VIE, the Company consolidates those VIEs for which the Company is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations The Company pools qualifying VOCRs and sells them to bankruptcy-remote entities. VOCRs qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. VOCRs are securitized through bankruptcy-remote SPEs that are consolidated within the Company’s Condensed Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the VOCRs. The Company services the securitized VOCRs pursuant to servicing agreements negotiated on an arm’s-length basis based on market conditions. The activities of these SPEs are limited to (i) purchasing VOCRs from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases, and (iii) entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors of these SPEs have no recourse to the Company for principal and interest. The assets and liabilities of these vacation ownership SPEs are as follows (in millions): September 30, December 31, Securitized contract receivables, gross (a) $ 2,102 $ 2,164 Securitized restricted cash (b) 80 83 Interest receivables on securitized contract receivables (c) 16 17 Other assets (d) 44 25 Total SPE assets 2,242 2,289 Non-recourse term notes (e) (f) 1,424 1,545 Non-recourse conduit facilities (e) 469 428 Other liabilities (g) 3 5 Total SPE liabilities 1,896 1,978 SPE assets in excess of SPE liabilities $ 346 $ 311 (a) Included in Vacation ownership contract receivables, net on the Condensed Consolidated Balance Sheets. (b) Included in Restricted cash on the Condensed Consolidated Balance Sheets. (c) Included in Trade receivables, net on the Condensed Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facilities and a security investment asset, which is included in Other assets on the Condensed Consolidated Balance Sheets. (e) Included in Non-recourse vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022, related to non-recourse debt. (g) Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. In addition, the Company has VOCRs that have not been securitized through bankruptcy-remote SPEs. Such gross receivables were $927 million and $747 million as of September 30, 2023 and December 31, 2022. A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows (in millions): September 30, December 31, SPE assets in excess of SPE liabilities $ 346 $ 311 Non-securitized contract receivables 927 747 Less: allowance for loan losses 569 541 Total, net $ 704 $ 517

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company measures its financial assets and liabilities at fair value on a recurring basis and utilizes the fair value hierarchy to determine such fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable. Level 3: Unobservable inputs used when little or no market data is available. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company’s derivative instruments currently consist of foreign exchange forward contracts and interest rate caps. As of September 30, 2023, the Company had foreign exchange contracts resulting in less than $1 million of assets which are included within Other assets Accrued expenses and other liabilities The impact of interest rate caps was immaterial as of September 30, 2023 and 2022. For assets and liabilities that are measured using quoted prices in active markets, the fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using other significant observable inputs are valued by reference to similar assets and liabilities. For these items, a significant portion of fair value is derived by reference to quoted prices of similar assets and liabilities in active markets. For assets and liabilities that are measured using significant unobservable inputs, fair value is primarily derived using a fair value model, such as a discounted cash flow model. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, accounts payable, and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The carrying amounts and estimated fair values of all other financial instruments were as follows (in millions): September 30, 2023 December 31, 2022 Carrying Estimated Fair Value Carrying Estimated Fair Value Assets Vacation ownership contract receivables, net (Level 3) $ 2,460 $ 2,774 $ 2,370 $ 2,639 Liabilities Debt (Level 2) $ 5,622 $ 5,375 $ 5,642 $ 5,356 The Company estimates the fair value of its VOCRs using a discounted cash flow model which it believes is comparable to the model that an independent third-party would use in the current market. The model uses Level 3 inputs consisting of default rates, prepayment rates, coupon rates, and loan terms for the contract receivables portfolio as key drivers of risk and relative value that, when applied in combination with pricing parameters, determines the fair value of the underlying contract receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
Derivative Instruments And Hedging Activities	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities Foreign Currency Risk The Company has foreign currency rate exposure to exchange rate fluctuations worldwide with particular exposure to the Euro, British pound sterling, Australian and Canadian dollars, and Mexican peso. The Company uses freestanding foreign currency forward contracts to manage a portion of its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables, payables, and forecasted earnings of foreign subsidiaries. Additionally, the Company has used foreign currency forward contracts designated as cash flow hedges to manage a portion of its exposure to changes in forecasted foreign currency denominated vendor payments. As of September 30, 2023, the Company had no gains or losses relating to contracts designated as cash flow hedges included in Accumulated other comprehensive loss (“AOCL”). Interest Rate Risk A portion of the debt used to finance the Company’s operations is exposed to interest rate fluctuations. The Company periodically uses financial derivatives to strategically adjust its mix of fixed to floating rate debt. The derivative instruments utilized include interest rate swaps which convert fixed rate debt into variable rate debt (i.e. fair value hedges) and interest rate caps (undesignated hedges) to manage the overall interest cost. For relationships designated as fair value hedges, changes in fair value of the derivatives are recorded in income, with offsetting adjustments to the carrying amount of the hedged debt. As of September 30, 2023 and 2022, the Company had no interest rate derivatives designated as fair value or cash flow hedges. There were no losses on derivatives recognized in AOCL for the three and nine months ended September 30, 2023 or 2022.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company files U.S. federal and state, and foreign income tax returns in jurisdictions with varying statutes of limitations. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for years prior to 2019 and state and local income tax examinations prior to 2016. In significant foreign jurisdictions, years prior to 2015 are generally no longer subject to income tax examinations by their respective tax authorities. The Company’s effective tax rate was 25.9% and 28.5% for the three months ended September 30, 2023 and 2022; and 26.9% and 27.6% for the nine months ended September 30, 2023 and 2022. The effective tax rate for the three months ended September 30, 2023 was primarily impacted by a decrease in the valuation allowance on foreign tax credits partially offset by an increase in unrecognized tax benefits. The effective tax rate for the nine months ended September 30, 2023 was primarily impacted by a tax deficiency from stock-based compensation. The effective tax rates for the three months ended September 30, 2022 was impacted by the reversal of a prior year tax receivable due to a statute of limitation expiration and a tax deficiency from stock-based compensation. The effective tax rates for the nine months ended September 30, 2022 was impacted by a decrease in unrecognized tax benefits for a tax position effectively settled with taxing authorities, partially offset by the reversal of a prior year tax receivable due to a statute of limitation expiration and a tax deficiency from stock-based compensation. The Company made income tax payments, net of tax refunds, of $114 million and $110 million during the nine months ended September 30, 2023 and 2022.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Lessee, Finance Leases	Leases The Company leases property and equipment under finance and operating leases for its corporate headquarters, administrative functions, marketing and sales offices, and various other facilities and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of its leases include rental escalation clauses, lease incentives, renewal options and/or termination options that are factored into the Company’s determination of lease payments. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments on a straight-line basis over the lease term in the Condensed Consolidated Statements of Income. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The majority of the Company’s leases have remaining lease terms of one The table below presents information related to the lease costs for finance and operating leases (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 5 $ 6 $ 16 $ 17 Short-term lease cost $ 3 $ 3 $ 10 $ 10 Finance lease cost: Amortization of right-of-use assets $ 2 $ 1 $ 6 $ 4 Interest on lease liabilities 1 — 1 — Total finance lease cost $ 3 $ 1 $ 7 $ 4 The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets: Balance Sheet Classification September 30, December 31, 2022 Operating leases (in millions): Operating lease right-of-use assets Other assets $ 50 $ 62 Operating lease liabilities Accrued expenses and other liabilities $ 92 $ 111 Finance leases (in millions): Finance lease assets (a) Property and equipment, net $ 21 $ 12 Finance lease liabilities Debt $ 20 $ 11 Weighted average remaining lease term: Operating leases 5.2 years 5.6 years Finance leases 2.9 years 2.7 years Weighted average discount rate: Operating leases (b) 6.0 % 5.9 % Finance leases 6.4 % 5.4 % (a) Presented net of accumulated depreciation. (b) Upon adoption of the lease standard, discount rates used for existing leases were established at January 1, 2019. The table below presents supplemental cash flow information related to leases (in millions): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 24 $ 24 Operating cash outflows from finance leases $ 1 $ — Financing cash outflows from finance leases $ 7 $ 4 Right-of-use assets obtained in exchange for lease obligations: Operating leases (a) $ 3 $ (1) Finance leases $ 15 $ 5 (a) Includes write-off of right-of-use assets during the nine months ended September 30, 2022. The table below presents maturities of lease liabilities as of September 30, 2023 (in millions): Operating Leases Finance Three months ending December 31, 2023 $ 8 $ 2 2024 29 9 2025 24 7 2026 14 4 2027 13 1 Thereafter 21 — Total minimum lease payments 109 23 Less: amount of lease payments representing interest (17) (3) Present value of future minimum lease payments $ 92 $ 20

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies The Company is involved in claims, legal and regulatory proceedings, and governmental inquiries related to its business, none of which, in the opinion of management, is expected to have a material effect on the Company’s results of operations or financial condition. Travel + Leisure Co. Litigation The Company may be from time to time involved in claims, legal and regulatory proceedings, and governmental inquiries arising in the ordinary course of its business including but not limited to: for its Vacation Ownership business — breach of contract, bad faith, conflict of interest, fraud, consumer protection and other statutory claims by property owners’ associations, owners and prospective owners in connection with the sale or use of VOIs or land, or the management of vacation ownership resorts, construction defect claims relating to vacation ownership units or resorts or in relation to guest reservations and bookings; and negligence, breach of contract, fraud, consumer protection and other statutory claims by guests and other consumers for alleged injuries sustained at or acts or occurrences related to vacation ownership units or resorts or in relation to guest reservations and bookings; for its Travel and Membership business — breach of contract, fraud and bad faith claims by affiliates and customers in connection with their respective agreements, negligence, breach of contract, fraud, consumer protection and other statutory claims asserted by members, guests and other consumers for alleged injuries sustained at or acts or occurrences related to affiliated resorts, or in relation to guest reservations and bookings; and for each of its businesses, bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters including but not limited to, claims of wrongful termination, retaliation, discrimination, harassment and wage and hour claims, whistleblower claims, claims of infringement upon third parties’ intellectual property rights, claims relating to information security, privacy and consumer protection, fiduciary duty/trust claims, tax claims, environmental claims, and landlord/tenant disputes. The Company records an accrual for legal contingencies when it determines, after consultation with outside counsel where appropriate, that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company’s ability to make a reasonable estimate of loss. The Company reviews these accruals each fiscal quarter and makes revisions based on changes in facts and circumstances including changes to its strategy in dealing with these matters. The Company believes that it has adequately accrued for such matters wit h reserves of $6 million and $3 million as of September 30, 2023 and December 31, 2022. L itigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable results could occur. As such, an adverse outcome from such proceedings for which claims are awarded in excess of the amounts accrued, if any, could be material to the Company with respect to earnings and/or cash flows in any given reporting period. As of September 30, 2023, it is estimated that the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $12 million in excess of recorded accruals. Such accruals are exclusive of matters relating to the Company’s separation from Cendant, matters relating to the spin-off of Wyndham Hotels & Resorts, Inc. (“Spin-off”), and matters relating to the sale of the vacation rentals businesses, which are discussed in Note 21— Transactions with Former Parent and Former Subsidiaries . However, the Company does not believe that the impact of such litigation should result in a material liability to the Company in relation to its consolidated financial position and/or liquidity. For matters deemed reasonably possible, therefore not requiring accrual, the Company believes that such matters will not have a material effect on its results of operations, financial position, or cash flows based on information currently available. G UARANTEES /I NDEMNIFICATIONS Standard Guarantees/Indemnifications In the ordinary course of business, the Company enters into agreements that contain standard guarantees and indemnities whereby the Company indemnifies another party for specified breaches of, or third-party claims relating to, an underlying agreement. Such underlying agreements are typically entered into by one of the Company’s subsidiaries. The various underlying agreements generally govern purchases, sales or outsourcing of products or services, leases of real estate, licensing of software and/or development of vacation ownership properties, customer data safeguards, access to credit facilities, derivatives, and issuances of debt securities. Also in the ordinary course of business, the Company provides corporate guarantees for its operating business units relating to merchant credit-card processing for prepaid customer stays and other deposits. While a majority of these guarantees and indemnifications extend only for the duration of the underlying agreement, some survive the expiration of the agreement. The Company is not able to estimate the maximum potential amount of future payments to be made under these guarantees and indemnifications as the triggering events are not predictable. In certain cases, the Company receives offsetting indemnifications from third-parties and/or maintains insurance coverage that may mitigate any potential payments. Other Guarantees and Indemnifications

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss)/Income	9 Months Ended
Accumulated Other Comprehensive (Loss)/Income	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income The components of accumulated other comprehensive loss are as follows (in millions): Pretax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains Accumulated Other Comprehensive (Loss)/Income Balance, December 31, 2022 $ (178) $ — $ (178) Other comprehensive loss (15) — (15) Balance, September 30, 2023 $ (193) $ — $ (193) Tax Balance, December 31, 2022 $ 99 $ — $ 99 Other comprehensive loss — — — Balance, September 30, 2023 $ 99 $ — $ 99 Net of Tax Balance, December 31, 2022 $ (79) $ — $ (79) Other comprehensive loss (15) — (15) Balance, September 30, 2023 $ (94) $ — $ (94) Pretax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains Accumulated Other Comprehensive (Loss)/Income Balance, December 31, 2021 $ (145) $ (1) $ (146) Other comprehensive loss (67) — (67) Balance, September 30, 2022 $ (212) $ (1) $ (213) Tax Balance, December 31, 2021 $ 97 $ 1 $ 98 Other comprehensive income 3 — 3 Balance, September 30, 2022 $ 100 $ 1 $ 101 Net of Tax Balance, December 31, 2021 $ (48) $ — $ (48) Other comprehensive loss (64) — (64) Balance, September 30, 2022 $ (112) $ — $ (112) Foreign currency translation adjustments exclude income taxes related to investments in foreign subsidiaries where the Company intends to reinvest the undistributed earnings indefinitely in those foreign operations. The Company's policy for releasing disproportionate income tax effects from AOCL utilizes the aggregate approach. There were no reclassifications out of AOCL for the nine months ended September 30, 2023 or 2022.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has a stock-based compensation plan available to grant RSUs, PSUs, stock-settled appreciation rights, NQs, and other stock-based awards to key employees, non-employee directors, advisors, and consultants. The Wyndham Worldwide Corporation 2006 Equity and Incentive Plan was originally adopted in 2006 and was amended and restated in its entirety and approved by shareholders on May 17, 2018, (the “Amended and Restated Equity Incentive Plan”). Under the Amended and Restated Equity Incentive Plan, a maximum of 15.7 million shares of common stock may be awarded. As of September 30, 2023, based on number of awards granted at target performance levels, 10.0 million shares remained available. Incentive Equity Awards Granted by the Company During the nine months ended September 30, 2023, the Company granted incentive equity awards to key employees and senior officers of $35 million in the form of RSUs and $21 million in the form of PSUs. Of these awards, the majority of RSUs will vest ratably over a period of four years and the PSUs will cliff vest on the third anniversary of the grant date, contingent upon the Company achieving certain performance metrics. During the nine months ended September 30, 2022, the Company granted incentive equity awards to key employees and senior officers of $32 million in the form of RSUs and $13 million in the form of PSUs. The activity related to incentive equity awards granted by the Company to key employees and senior officers for the nine months ended September 30, 2023, consisted of the following (in millions, except grant prices): Balance, December 31, 2022 Granted Vested /Exercised (a) Cancelled / Forfeited (b) Balance, September 30, 2023 RSUs Number of RSUs 1.8 0.8 (0.9) (0.1) 1.6 (c) Weighted average grant price $ 48.79 $ 42.06 $ 38.09 $ 46.99 $ 47.07 PSUs Number of PSUs 0.5 0.5 — (0.2) 0.8 (d) Weighted average grant price $ 51.26 $ 42.18 $ — $ 41.84 $ 47.46 NQs Number of NQs 2.3 — — — 2.3 (e) Weighted average grant price $ 45.36 $ — $ — $ — $ 44.88 (a) Upon exercise of NQs and vesting of RSUs and PSUs, the Company issues new shares to participants. (b) The Company recognizes cancellations and forfeitures as they occur. (c) Aggregate unrecognized compensation expense related to RSUs was $58 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 2.7 years. (d) The aggregate maximum unrecognized compensation expense related to PSUs that are probable of vesting was $48 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.9 years. The maximum amount of compensation expense associated with PSUs that are not probable of vesting could range up to $4 million which would be recognized over a weighted average period of 2.4 years. (e) There were 1.7 million NQs which were exercisable as of September 30, 2023. These exercisable NQs will expire over a weighted average period of 5.5 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for NQs was $2 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.2 years. The Company did not grant any stock options during the nine months ended September 30, 2023 or 2022. The fair value of stock options granted by the Company prior to 2022 was estimated on the date of grant using the Black-Scholes option-pricing model with the relevant weighted average assumptions. Expected volatility was based on both historical and implied volatilities of the Company’s stock and the stock of comparable companies over the estimated expected life for options. The expected life represented the period of time these awards were expected to be outstanding. The risk-free interest rate was based on yields on U.S. Treasury strips with a maturity similar to the estimated expected life of the options. The projected dividend yield was based on the Company’s anticipated annual dividend divided by the price of the Company’s stock on the date of the grant. The total intrinsic value of options exercised was less than $1 million during the nine months ended September 30, 2023 and 2022. The vest date fair value of shares that vested during the nine months ended September 30, 2023 and 2022 was $36 million and $34 million. Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $9 million and $31 million during the three and nine months ended September 30, 2023, and $10 million and $34 million during the three and nine months ended September 30, 2022 related to incentive equity awards granted to key employees, senior officers, and non-employee directors. Such stock-based compensation expense for the nine months ended September 30, 2022 includes $3 million which is classified within Restructuring on the Condensed Consolidated Statements of Income. During the nine months ended September 30, 2023 and 2022 the Company recognized $8 million and $9 million of tax benefits associated with stock-based compensation. The Company paid $10 million and $7 million of taxes for the net share settlement of incentive equity awards that vested during the nine months ended September 30, 2023 and 2022. Such amounts are included within Financing activities on the Condensed Consolidated Statements of Cash Flows. Employee Stock Purchase Plan The Company has an employee stock purchase plan which allows eligible employees to purchase common shares of Company stock through payroll deductions at a 10% discount off the fair market value at the grant date. The Company issued 0.1 million shares under this plan during each of the nine months ended September 30, 2023 and 2022 and recognized $1 million and less than $1 million of compensation expense for these issuances. The value of shares issued under this plan was $5 million during each of the nine months ended September 30, 2023 and 2022.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has two reportable segments: Vacation Ownership and Travel and Membership. The reportable segments presented below are those for which discrete financial information is available and which are utilized on a regular basis by the chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management uses Adjusted EBITDA to assess the performance of the reportable segments. Adjusted EBITDA is defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, asset impairments/recoveries, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. (“Wyndham Hotels”) and Cendant, and the sale of the vacation rentals businesses. The Company believes that Adjusted EBITDA is a useful measure of performance for its segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. The following tables present the Company’s segment information (in millions): Three Months Ended Nine Months Ended September 30, September 30, Net revenues 2023 2022 2023 2022 Vacation Ownership $ 812 $ 754 $ 2,265 $ 2,098 Travel and Membership 174 183 553 572 Total reportable segments 986 937 2,818 2,670 Corporate and other (a) — — (4) (2) Total Company $ 986 $ 937 $ 2,814 $ 2,668 Three Months Ended Nine Months Ended September 30, September 30, Reconciliation of Net income to Adjusted EBITDA 2023 2022 2023 2022 Net income attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 267 $ 266 Gain on disposal of discontinued business, net of income taxes — — (5) — Interest expense 64 48 183 143 Interest (income) (3) (2) (9) (3) Provision for income taxes 38 46 96 101 Depreciation and amortization 28 30 83 91 Stock-based compensation 9 10 31 31 Restructuring (b) 2 — 12 8 Legacy items — (1) 7 1 Loss on sale of business (c) — — 2 — (Gain)/loss on equity investment — (3) — 5 COVID-19 related costs (d) — — — 2 Asset recoveries, net — — — (1) Fair value change in contingent consideration — (10) — (10) Adjusted EBITDA $ 248 $ 234 $ 667 $ 634 Three Months Ended Nine Months Ended September 30, September 30, Adjusted EBITDA 2023 2022 2023 2022 Vacation Ownership $ 203 $ 188 $ 521 $ 480 Travel and Membership 62 65 195 211 Total reportable segments 265 253 716 691 Corporate and other (a) (17) (19) (49) (57) Total Company $ 248 $ 234 $ 667 $ 634 (a) Includes the elimination of transactions between segments. (b) Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring. (c) Represents the loss on sale of the Love Home Swap business. (d) Includes expenses related to COVID-19 testing and other expenses associated with the Company’s return-to-work program in 2022. Segment Assets (a) September 30, December 31, 2022 Vacation Ownership $ 4,932 $ 4,826 Travel and Membership 1,358 1,335 Total reportable segments 6,290 6,161 Corporate and other 365 596 Total Company $ 6,655 $ 6,757 (a) Excludes investment in consolidated subsidiaries.

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 30, 2023
Restructuring Charges [Abstract]
Restructuring	Restructuring 2023 Restructuring Plan During the three and nine months ended September 30, 2023, the Company incurred $2 million and $12 million of restructuring charges. This action was primarily focused on enhancing organizational efficiency and rationalizing operations. These charges included personnel-related costs resulting from a reduction of approximately 150 employees and other expenses. As part of this restructuring plan, the Company decided to decrease its organizational footprint by closing its owned office in Indianapolis, Indiana, and exiting other leased locations. The 2023 restructuring plan charges incurred through September 30, 2023 consisted of (i) $6 million of personnel-related costs and $1 million of lease costs at the Vacation Ownership segment, (ii) $3 million of personnel-related costs at the Company’s corporate operations, and (iii) $2 million of personnel-related costs at the Travel and Membership segment. The remaining material initiative and related expenses associated with this restructuring plan are expected to be incurred by the end of 2023. The Company reduced the 2023 restructuring liability by $5 million of cash payments during the nine months ended September 30, 2023. The remaining 2023 restructuring liability of $7 million is expected to be paid by the end of 2024. 2022 Restructuring Plan During 2022, the Company incurred $14 million of restructuring charges. These charges were associated with certain positions that were made redundant based upon changes to the organizational structure of the Company, primarily within the Travel and Membership segment. The charges consisted of (i) $9 million of personnel-related costs at the Travel and Membership segment (ii) $3 million of lease and personnel-related costs at the Vacation Ownership segment, and (iii) $2 million of personnel-related costs at the Company’s corporate operations. These restructuring charges included $3 million of accelerated stock-based compensation expense. As of December 31, 2022, this restructuring liability was $7 million which was reduced by $6 million of cash payments during the nine months ended September 30, 2023. The remaining liability of $1 million is expected to be paid by the end of 2024. The Company has additional restructuring plans which were implemented prior to 2022. As of December 31, 2022, the restructuring liability related to these plans was $19 million which was reduced by $2 million of cash payments during the nine months ended September 30, 2023. The remaining liability of $17 million, all of which is related to leased facilities, is expected to be paid by the end of 2029. The activity associated with the Company’s restructuring plans is summarized as follows (in millions): Liability as of Liability as of December 31, 2022 Costs Recognized Cash Payments September 30, Facility-related $ 20 $ 1 $ (4) $ 17 Personnel-related 6 11 (9) 8 $ 26 $ 12 $ (13) $ 25

Transactions with Former Parent

Transactions with Former Parent and Former Subsidiaries	9 Months Ended
Transactions with Former Parent and Former Subsidiaries	Sep. 30, 2023
Related Party Transactions [Abstract]
Transactions with Former Parent and Former Subsidiaries	Transactions with Former Parent and Former Subsidiaries Matters Related to Cendant Pursuant to the Separation and Distribution Agreement with Cendant (the Company’s former parent company, now Avis Budget Group), the Company entered into certain guarantee commitments with Cendant and Cendant’s former subsidiary, Realogy. These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and Cendant contingent and other corporate liabilities, of which Wyndham Worldwide Corporation assumed 37.5% of the responsibility while Cendant’s former subsidiary Realogy is responsible for the remaining 62.5%. In connection with the Spin-off, Wyndham Hotels agreed to retain one-third of Cendant’s contingent and other corporate liabilities and associated costs; therefore, Travel + Leisure Co. is effectively responsible for 25% of such matters subsequent to the separation. Since Cendant’s separation, Cendant has settled the majority of the lawsuits that were pending on the date of the separation. On March 21, 2023, the California Office of Tax Appeals (“OTA”) issued an opinion on a Cendant legacy tax matter involving Avis Budget Group related to a 1999 transaction. The matter concerned (i) whether the statute of limitations barred proposed assessment notices issued by the California Franchise Tax Board; and (ii) whether a transaction undertaken by the taxpayers for the 1999 tax year constituted a tax-free reorganization under the Internal Revenue Code. The OTA ruled in favor of the California Franchise Tax Board. As a result, the Company has increased the reserve by $7 million for this legacy tax matter in the first quarter of 2023, one-third of which is the responsibility of Wyndham Hotels. The OTA’s opinion is not final, and during the second quarter of 2023 Cendant filed a petition for rehearing. As of September 30, 2023, Cendant’s petition was still pending. As of September 30, 2023 and December 31, 2022, the Cendant separation and related liabilities were $22 million and $15 million, all of which were tax related liabilities. These liabilities are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. Matters Related to Wyndham Hotels In connection with the Spin-off on May 31, 2018, Travel + Leisure Co. entered into several agreements with Wyndham Hotels that govern the relationship of the parties following the separation including the Separation and Distribution Agreement, the Employee Matters Agreement, the Tax Matters Agreement, the Transition Services Agreement, and the License, Development and Noncompetition Agreement. The Transition Services Agreement ended in 2020. The Company and Wyndham Hotels entered into a letter agreement during 2021 pursuant to which, among other things Wyndham Hotels waived its right to enforce certain noncompetition covenants in the License, Development and Noncompetition Agreement. In accordance with the agreements governing the relationship between Travel + Leisure Co. and Wyndham Hotels, Travel + Leisure Co. assumed two-thirds and Wyndham Hotels assumed one-third of certain contingent corporate liabilities of the Company incurred prior to the Spin-off, including liabilities of the Company related to certain terminated or divested businesses, certain general corporate matters, and any actions with respect to the separation plan. Likewise, Travel + Leisure Co. is entitled to receive two-thirds and Wyndham Hotels is entitled to receive one-third of the proceeds from certain contingent corporate assets of the Company arising prior to the Spin-off. Matters Related to the European Vacation Rentals Business In connection with the sale of the Company’s European vacation rentals business to Awaze Limited (“Awaze”), formerly Compass IV Limited, an affiliate of Platinum Equity, LLC, the Company and Wyndham Hotels agreed to certain post-closing credit support for the benefit of certain credit card service providers, a British travel association, and certain regulatory authorities to allow them to continue providing services or regulatory approval to the business. Post-closing credit support may be called if the business fails to meet its primary obligation to pay amounts when due. Awaze has provided an indemnification to Travel + Leisure Co. in the event that the post-closing credit support is enforced or called upon. At closing, the Company agreed to provide additional post-closing credit support to a British travel association and regulatory authority. An escrow was established at closing, of which $46 million was subsequently released in exchange for a secured bonding facility and a perpetual guarantee denominated in pound sterling of $46 million. The estimated fair value of the guarantee was $22 million as of September 30, 2023. The Company maintains a $7 million receivable from Wyndham Hotels for its portion of the guarantee. In addition, the Company agreed to indemnify Awaze against certain claims and assessments, including income tax, value-added tax and other tax matters, related to the operations of the European vacation rentals business for the periods prior to the transaction. During the second quarter of 2023, one of the guarantees under this agreement expired resulting in the Company recognizing $5 million within Gain on disposal of discontinued business, net of income taxes, with an offsetting $2 million of expense, representing Wyndham Hotels one-third share, included within General and administrative expense on the Condensed Consolidated Statements of Income. The estimated fair value of the remaining indemnifications was $36 million at September 30, 2023. The Company has a $12 million receivable from Wyndham Hotels for its portion of the guarantee. Wyndham Hotels provided certain post-closing credit support primarily for the benefit of a British travel association in the form of guarantees which are mainly denominated in pound sterling of up to £61 million ($81 million USD) on a perpetual basis. These guarantees totaled £32 million ($39 million USD) at September 30, 2023. Travel + Leisure Co. is responsible for two-thirds of these guarantees. The estimated fair value of the guarantees and indemnifications for which Travel + Leisure Co. is responsible related to the sale of the European vacation rentals business at September 30, 2023, including the two-thirds portion related to guarantees provided by Wyndham Hotels, totaled $84 million and was recorded in Accrued expenses and other liabilities and total receivables of $19 million were included in Other assets on the Condensed Consolidated Balance Sheets, representing the portion of these guarantees and indemnifications for which Wyndham Hotels is responsible. Matters Related to the North American Vacation Rentals Business In connection with the sale of the North American vacation rentals business to Vacasa LLC (“Vacasa”), the Company agreed to indemnify Vacasa against certain claims and assessments, including income tax and other tax matters related to the operations of the North American vacation rentals business for the periods prior to the transaction. The estimated fair Related Party Transactions

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Transactions with Former Parent and Former Subsidiaries Matters Related to Cendant Pursuant to the Separation and Distribution Agreement with Cendant (the Company’s former parent company, now Avis Budget Group), the Company entered into certain guarantee commitments with Cendant and Cendant’s former subsidiary, Realogy. These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and Cendant contingent and other corporate liabilities, of which Wyndham Worldwide Corporation assumed 37.5% of the responsibility while Cendant’s former subsidiary Realogy is responsible for the remaining 62.5%. In connection with the Spin-off, Wyndham Hotels agreed to retain one-third of Cendant’s contingent and other corporate liabilities and associated costs; therefore, Travel + Leisure Co. is effectively responsible for 25% of such matters subsequent to the separation. Since Cendant’s separation, Cendant has settled the majority of the lawsuits that were pending on the date of the separation. On March 21, 2023, the California Office of Tax Appeals (“OTA”) issued an opinion on a Cendant legacy tax matter involving Avis Budget Group related to a 1999 transaction. The matter concerned (i) whether the statute of limitations barred proposed assessment notices issued by the California Franchise Tax Board; and (ii) whether a transaction undertaken by the taxpayers for the 1999 tax year constituted a tax-free reorganization under the Internal Revenue Code. The OTA ruled in favor of the California Franchise Tax Board. As a result, the Company has increased the reserve by $7 million for this legacy tax matter in the first quarter of 2023, one-third of which is the responsibility of Wyndham Hotels. The OTA’s opinion is not final, and during the second quarter of 2023 Cendant filed a petition for rehearing. As of September 30, 2023, Cendant’s petition was still pending. As of September 30, 2023 and December 31, 2022, the Cendant separation and related liabilities were $22 million and $15 million, all of which were tax related liabilities. These liabilities are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. Matters Related to Wyndham Hotels In connection with the Spin-off on May 31, 2018, Travel + Leisure Co. entered into several agreements with Wyndham Hotels that govern the relationship of the parties following the separation including the Separation and Distribution Agreement, the Employee Matters Agreement, the Tax Matters Agreement, the Transition Services Agreement, and the License, Development and Noncompetition Agreement. The Transition Services Agreement ended in 2020. The Company and Wyndham Hotels entered into a letter agreement during 2021 pursuant to which, among other things Wyndham Hotels waived its right to enforce certain noncompetition covenants in the License, Development and Noncompetition Agreement. In accordance with the agreements governing the relationship between Travel + Leisure Co. and Wyndham Hotels, Travel + Leisure Co. assumed two-thirds and Wyndham Hotels assumed one-third of certain contingent corporate liabilities of the Company incurred prior to the Spin-off, including liabilities of the Company related to certain terminated or divested businesses, certain general corporate matters, and any actions with respect to the separation plan. Likewise, Travel + Leisure Co. is entitled to receive two-thirds and Wyndham Hotels is entitled to receive one-third of the proceeds from certain contingent corporate assets of the Company arising prior to the Spin-off. Matters Related to the European Vacation Rentals Business In connection with the sale of the Company’s European vacation rentals business to Awaze Limited (“Awaze”), formerly Compass IV Limited, an affiliate of Platinum Equity, LLC, the Company and Wyndham Hotels agreed to certain post-closing credit support for the benefit of certain credit card service providers, a British travel association, and certain regulatory authorities to allow them to continue providing services or regulatory approval to the business. Post-closing credit support may be called if the business fails to meet its primary obligation to pay amounts when due. Awaze has provided an indemnification to Travel + Leisure Co. in the event that the post-closing credit support is enforced or called upon. At closing, the Company agreed to provide additional post-closing credit support to a British travel association and regulatory authority. An escrow was established at closing, of which $46 million was subsequently released in exchange for a secured bonding facility and a perpetual guarantee denominated in pound sterling of $46 million. The estimated fair value of the guarantee was $22 million as of September 30, 2023. The Company maintains a $7 million receivable from Wyndham Hotels for its portion of the guarantee. In addition, the Company agreed to indemnify Awaze against certain claims and assessments, including income tax, value-added tax and other tax matters, related to the operations of the European vacation rentals business for the periods prior to the transaction. During the second quarter of 2023, one of the guarantees under this agreement expired resulting in the Company recognizing $5 million within Gain on disposal of discontinued business, net of income taxes, with an offsetting $2 million of expense, representing Wyndham Hotels one-third share, included within General and administrative expense on the Condensed Consolidated Statements of Income. The estimated fair value of the remaining indemnifications was $36 million at September 30, 2023. The Company has a $12 million receivable from Wyndham Hotels for its portion of the guarantee. Wyndham Hotels provided certain post-closing credit support primarily for the benefit of a British travel association in the form of guarantees which are mainly denominated in pound sterling of up to £61 million ($81 million USD) on a perpetual basis. These guarantees totaled £32 million ($39 million USD) at September 30, 2023. Travel + Leisure Co. is responsible for two-thirds of these guarantees. The estimated fair value of the guarantees and indemnifications for which Travel + Leisure Co. is responsible related to the sale of the European vacation rentals business at September 30, 2023, including the two-thirds portion related to guarantees provided by Wyndham Hotels, totaled $84 million and was recorded in Accrued expenses and other liabilities and total receivables of $19 million were included in Other assets on the Condensed Consolidated Balance Sheets, representing the portion of these guarantees and indemnifications for which Wyndham Hotels is responsible. Matters Related to the North American Vacation Rentals Business In connection with the sale of the North American vacation rentals business to Vacasa LLC (“Vacasa”), the Company agreed to indemnify Vacasa against certain claims and assessments, including income tax and other tax matters related to the operations of the North American vacation rentals business for the periods prior to the transaction. The estimated fair Related Party Transactions

Subsequent Event

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Sierra Timeshare 2023-3 Receivables Funding LLC On October 19, 2023, the Company closed on a placement of a series of term notes payable, issued by Sierra Timeshare 2023-3 Receivables Funding LLC, with an initial principal amount of $300 million, secured by VOCRs and bearing interest at a weighted average coupon rate of 6.78%. The advance rate for this transaction was 91.75%.

Background and Basis of Prese_2

Background and Basis of Presentation Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q include the accounts and transactions of Travel + Leisure Co., as well as the entities in which Travel + Leisure Co. directly or indirectly has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2022 Consolidated Financial Statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 22, 2023.

New Accounting Pronouncements N

New Accounting Pronouncements New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements Business Combinations—Joint Venture Formations . In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The guidance was issued in an effort to reduce the diversity in practice and requires a joint venture to initially measure its assets and liabilities at fair value on the formation date. This guidance is effective prospectively for all joint ventures within the scope of the standard that are formed on or after January 1, 2025. Existing joint ventures have the option to apply the guidance retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Recently Adopted Accounting Pronouncements Presentation of Financial Statements . In July 2023, the FASB issued guidance which amends various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 120. The bulletin added interpretive guidance for public companies to consider when entering into share-based payment transactions while in possession of material non-public information (i.e., “spring-loaded” awards). This guidance became effective upon issuance and the adoption of this guidance did not have an impact on the Company's Condensed Consolidated Financial Statements and related disclosures. The Company will monitor future stock-based awards and will include additional disclosures in future filings, if applicable. Contract Assets and Contract Liabilities from Contracts with Customers Acquired in a Business Combination. In October 2021, the FASB issued guidance which requires companies to apply Accounting Standards Codification (“ASC”) 606 - Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 - Business Combinations. This generally will result in companies recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. The Company early adopted this guidance in 2022. The adoption of this guidance has not had a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued guidance which eliminates the accounting guidance in ASC 310-40 Troubled Debt Restructurings for Creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As a result of adopting this guidance the Company added the required disclosure of current-period gross write-offs in Note 7— Vacation Ownership Contract Receivables. Aside from this additional disclosure the adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements or related disclosures.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Policies)	9 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Sep. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition and Loyalty Programs	Vacation Ownership The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer-financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible. For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class. In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of two years or less and are recognized at a point in time upon transfer of control. The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Condensed Consolidated Statements of Income. The Company reduces its management fee revenue for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer. Travel and Membership Travel and Membership derives a majority of its revenues from membership dues and fees for facilitating members’ trading of their timeshare intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for travel club members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations. The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Revenues from other vacation exchange related product fees are deferred and recognized upon the occurrence of a future exchange, event, or other related transaction. The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Other Items The Company records property management service revenues for its Vacation Ownership segment and RCI Elite Rewards revenues for its Travel and Membership segment gross as a principal. In the Company’s Vacation Ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within three years of purchase, but may extend longer for certain programs. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within two years of the VOI sale, but may extend longer for certain programs. Within the Company’s Travel and Membership business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s travel programs which are recognized in future periods. Deferred exchange-related revenue primarily represents payments received in advance from members to book vacation exchanges which are recognized upon the future confirmed transaction. Deferred revenue also includes other leisure-related service and product revenues which are recognized as customers utilize the associated benefits.
Capitalized contract costs policy text block [Policy Text Block]	Capitalized Contract Costs The Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently recognized over the utilization period when usage or expiration occurs, which is typically within three years from the date of sale. As of September 30, 2023 and December 31, 2022, these capitalized costs were $45 million and $35 million and are included within Other assets on the Condensed Consolidated Balance Sheets. The Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of September 30, 2023, the capitalized costs were $17 million, of which $11 million are included in Prepaid expenses and $6 million are included in Other assets on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the capitalized costs were $18 million, of which $11 million are included in Prepaid expenses and $7 million are included in Other assets on the Condensed Consolidated Balance Sheets.

Earnings Per Share (Policies)

Earnings Per Share (Policies)	9 Months Ended
Earnings Per Share (Policies)	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share, Policy	The computations of basic and diluted earnings per share (“EPS”) are based on Net income attributable to Travel + Leisure Co. shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding.Earnings per share amounts are calculated using whole numbers.The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.

Vacation Ownership Contract R_2

Vacation Ownership Contract Receivables Policy (Policies)	9 Months Ended
Vacation Ownership Contract Receivables Policy (Policies)	Sep. 30, 2023
Receivables [Abstract]
Credit Quality for Financed Receivables and the Allowance for Credit Losses	Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Vacation Ownership Asia Pacific business for which scores are not available).

Variable Interest Entities Vari

Variable Interest Entities Variable Interest Entities Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principals of consolidation	The Company analyzes its variable interests, including loans, guarantees, interests in special purpose entities (“SPEs”), and equity investments, to determine if an entity in which the Company has a variable interest is a variable interest entity (“VIE”). If the entity is deemed to be a VIE, the Company consolidates those VIEs for which the Company is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations The Company pools qualifying VOCRs and sells them to bankruptcy-remote entities. VOCRs qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. VOCRs are securitized through bankruptcy-remote SPEs that are consolidated within the Company’s Condensed Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the VOCRs. The Company services the securitized VOCRs pursuant to servicing agreements negotiated on an arm’s-length basis based on market conditions. The activities of these SPEs are limited to (i) purchasing VOCRs from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases, and (iii) entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors of these SPEs have no recourse to the Company for principal and interest.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	9 Months Ended
Fair Value Measures and Disclosures (Policies)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	The Company measures its financial assets and liabilities at fair value on a recurring basis and utilizes the fair value hierarchy to determine such fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable. Level 3: Unobservable inputs used when little or no market data is available. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Leases (Policies)

Leases (Policies)	9 Months Ended
Leases (Policies)	Sep. 30, 2023
Leases [Abstract]
Lessee, Leases [Policy Text Block]	The Company leases property and equipment under finance and operating leases for its corporate headquarters, administrative functions, marketing and sales offices, and various other facilities and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of its leases include rental escalation clauses, lease incentives, renewal options and/or termination options that are factored into the Company’s determination of lease payments. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments on a straight-line basis over the lease term in the Condensed Consolidated Statements of Income.When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The majority of the Company’s leases have remaining lease terms of one

Commitment and Contingencies (P

Commitment and Contingencies (Policies)	9 Months Ended
Commitment and Contingencies (Policies)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy	Travel + Leisure Co. Litigation The Company may be from time to time involved in claims, legal and regulatory proceedings, and governmental inquiries arising in the ordinary course of its business including but not limited to: for its Vacation Ownership business — breach of contract, bad faith, conflict of interest, fraud, consumer protection and other statutory claims by property owners’ associations, owners and prospective owners in connection with the sale or use of VOIs or land, or the management of vacation ownership resorts, construction defect claims relating to vacation ownership units or resorts or in relation to guest reservations and bookings; and negligence, breach of contract, fraud, consumer protection and other statutory claims by guests and other consumers for alleged injuries sustained at or acts or occurrences related to vacation ownership units or resorts or in relation to guest reservations and bookings; for its Travel and Membership business — breach of contract, fraud and bad faith claims by affiliates and customers in connection with their respective agreements, negligence, breach of contract, fraud, consumer protection and other statutory claims asserted by members, guests and other consumers for alleged injuries sustained at or acts or occurrences related to affiliated resorts, or in relation to guest reservations and bookings; and for each of its businesses, bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters including but not limited to, claims of wrongful termination, retaliation, discrimination, harassment and wage and hour claims, whistleblower claims, claims of infringement upon third parties’ intellectual property rights, claims relating to information security, privacy and consumer protection, fiduciary duty/trust claims, tax claims, environmental claims, and landlord/tenant disputes. The Company records an accrual for legal contingencies when it determines, after consultation with outside counsel where appropriate, that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company’s ability to make a reasonable estimate of Standard Guarantees/Indemnifications In the ordinary course of business, the Company enters into agreements that contain standard guarantees and indemnities whereby the Company indemnifies another party for specified breaches of, or third-party claims relating to, an underlying agreement. Such underlying agreements are typically entered into by one of the Company’s subsidiaries. The various underlying agreements generally govern purchases, sales or outsourcing of products or services, leases of real estate, licensing of software and/or development of vacation ownership properties, customer data safeguards, access to credit facilities, derivatives, and issuances of debt securities. Also in the ordinary course of business, the Company provides corporate guarantees for its operating business units relating to merchant credit-card processing for prepaid customer stays and other deposits. While a majority of these guarantees and indemnifications extend only for the duration of the underlying agreement, some survive the expiration of the agreement. The Company is not able to estimate the maximum potential amount of future payments to be made under these guarantees and indemnifications as the triggering events are not predictable. In certain cases, the Company receives offsetting indemnifications from third-parties and/or maintains insurance coverage that may mitigate any potential payments.

Comprehensive Text Block List (

Comprehensive Text Block List (Policies)	9 Months Ended
Comprehensive Text Block List (Policies)	Sep. 30, 2023
Text Block [Abstract]
Comprehensive Income, Policy	Foreign currency translation adjustments exclude income taxes related to investments in foreign subsidiaries where the Company intends to reinvest the undistributed earnings indefinitely in those foreign operations. The Company's policy for releasing disproportionate income tax effects from AOCL utilizes the aggregate approach.

Stock-Based Compensation (Polic

Stock-Based Compensation (Policies)	9 Months Ended
Stock-Based Compensation (Policies)	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Payment Arrangement	The fair value of stock options granted by the Company prior to 2022 was estimated on the date of grant using the Black-Scholes option-pricing model with the relevant weighted average assumptions. Expected volatility was based on both historical and implied volatilities of the Company’s stock and the stock of comparable companies over the estimated expected life for options. The expected life represented the period of time these awards were expected to be outstanding. The risk-free interest rate was based on yields on U.S. Treasury strips with a maturity similar to the estimated expected life of the options. The projected dividend yield was based on the Company’s anticipated annual dividend divided by the price of the Company’s stock on the date of the grant.
Employee Stock Ownership Plan (ESOP), Policy	The Company has an employee stock purchase plan which allows eligible employees to purchase common shares of Company stock through payroll deductions at a 10% discount off the fair market value at the grant date.

Segment Reporting (Policies)

Segment Reporting (Policies)	9 Months Ended
Segment Reporting (Policies)	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting, Policy	The Company has two reportable segments: Vacation Ownership and Travel and Membership. The reportable segments presented below are those for which discrete financial information is available and which are utilized on a regular basis by the chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management uses Adjusted EBITDA to assess the performance of the reportable segments. Adjusted EBITDA is defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, asset impairments/recoveries, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. (“Wyndham Hotels”) and Cendant, and the sale of the vacation rentals businesses. The Company believes that Adjusted EBITDA is a useful measure of performance for its segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Net Revenues	Property management fee and reimbursable revenues were (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Management fee revenues $ 110 $ 106 $ 326 $ 313 Reimbursable revenues 96 85 284 252 Property management fees and reimbursable revenues $ 206 $ 191 $ 610 $ 565 The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Vacation Ownership Vacation ownership interest sales $ 433 $ 403 $ 1,172 $ 1,099 Property management fees and reimbursable revenues 206 191 610 565 Consumer financing 107 104 313 302 Fee-for-Service commissions 40 36 108 87 Ancillary revenues 26 20 62 45 Total Vacation Ownership 812 754 2,265 2,098 Travel and Membership Transaction revenues 121 129 395 411 Subscription revenues 46 47 137 137 Ancillary revenues 7 7 21 24 Total Travel and Membership 174 183 553 572 Corporate and other Ancillary revenues 1 — 4 — Eliminations (1) — (8) (2) Total Corporate and other — — (4) (2) Net revenues $ 986 $ 937 $ 2,814 $ 2,668
Schedule of Contract Liabilities	Contract liabilities consisted of (in millions): September 30, December 31, 2022 Deferred subscription revenue $ 163 $ 164 Deferred VOI trial package revenue 128 101 Deferred VOI incentive revenue 78 70 Deferred exchange-related revenue (a) 59 53 Deferred co-branded credit card programs revenue 7 9 Deferred other revenue 1 3 Total $ 436 $ 400 (a) Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
Contract with customer liability rollforward	Changes in contract liabilities for the periods presented were as follows (in millions): Nine Months Ended September 30, 2023 2022 Beginning balance $ 400 $ 382 Additions 257 218 Revenue recognized (221) (205) Ending balance $ 436 $ 395
Schedule of Performance Obligations	The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions): 10/1/2023 - 9/30/2024 10/1/2024 - 9/30/2025 10/1/2025 - 9/30/2026 Thereafter Total Subscription revenue $ 96 $ 37 $ 16 $ 14 $ 163 VOI trial package revenue 121 2 2 3 128 VOI incentive revenue 78 — — — 78 Exchange-related revenue 56 3 — — 59 Co-branded credit card programs revenue 3 3 1 — 7 Other revenue 1 — — — 1 Total $ 355 $ 45 $ 19 $ 17 $ 436

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation Of Basic And Diluted EPS	The following table sets forth the computations of basic and diluted EPS (in millions, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income from continuing operations attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 262 $ 266 Gain on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes — — 5 — Net income attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 267 $ 266 Basic earnings per share (a) Continuing operations $ 1.50 $ 1.39 $ 3.48 $ 3.15 Discontinued operations — — 0.07 — $ 1.50 $ 1.39 $ 3.55 $ 3.15 Diluted earnings per share (a) Continuing operations $ 1.49 $ 1.38 $ 3.46 $ 3.12 Discontinued operations — — 0.07 — $ 1.49 $ 1.38 $ 3.53 $ 3.12 Basic weighted average shares outstanding 73.3 83.0 75.3 84.6 RSUs, (b) PSUs (c) and NQs (d) 0.3 0.6 0.4 0.9 Diluted weighted average shares outstanding (e) 73.6 83.6 75.7 85.5 Dividends: Aggregate dividends paid to shareholders (f) $ 33 $ 33 $ 104 $ 103 (a) Earnings per share amounts are calculated using whole numbers. (b) Excludes 1.0 million and 1.3 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2023 and 0.7 million and 0.6 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2022. These shares could potentially dilute EPS in the future. (c) Excludes performance-vested restricted stock units (“PSUs”) of 0.8 million for both the three and nine months ended September 30, 2023 and 0.5 million of PSUs for both the three and nine months ended September 30, 2022, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future. (d) Excludes 2.3 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2023 and 2.0 million and 1.1 million of outstanding NQs for the three and nine months ended September 30, 2022. These outstanding NQs could potentially dilute EPS in the future. (e) The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period. (f) The Company paid cash dividends of $0.45 and $1.35 per share during the three and nine months ended September 30, 2023 and $0.40 and $1.20 per share during the three and nine months ended September 30, 2022.
Current Stock Repurchase Program	The following table summarizes stock repurchase activity under the current share repurchase program (in millions): Shares Cost As of December 31, 2022 120.0 $ 6,104 Repurchases 6.7 267 As of September 30, 2023 126.7 $ 6,371

Vacation Ownership Contract R_3

Vacation Ownership Contract Receivables (Tables)	9 Months Ended
Vacation Ownership Contract Receivables (Tables)	Sep. 30, 2023
Vacation Ownership Contract Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Vacation ownership contract receivables, net consisted of the following (in millions): September 30, December 31, Vacation ownership contract receivables: Securitized (a) $ 2,102 $ 2,164 Non-securitized (b) 927 747 Vacation ownership contract receivables, gross 3,029 2,911 Less: allowance for loan losses 569 541 Vacation ownership contract receivables, net $ 2,460 $ 2,370 (a) Excludes $16 million and $17 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets. (b) Excludes $8 million and $7 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
Financing Receivable, Allowance for Credit Loss [Table Text Block]	The activity in the allowance for loan losses on VOCRs was as follows (in millions): Nine Months Ended September 30, 2023 2022 Allowance for loan losses, beginning balance $ 541 $ 510 Provision for loan losses, net 257 216 Contract receivables write-offs, net (229) (187) Allowance for loan losses, ending balance $ 569 $ 539 The table below represents the gross write-offs of financing receivables by year of origination (in millions): Nine Months Ended September 30, 2023 2023 $ 13 2022 113 2021 38 2020 15 2019 20 Prior 30 Total $ 229
Financing Receivable Credit Quality Indicators [Table Text Block]	The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of September 30, 2023 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,799 $ 742 $ 117 $ 83 $ 158 $ 2,899 31 - 60 days 19 24 13 2 1 59 61 - 90 days 10 16 11 1 — 38 91 - 120 days 8 12 12 1 — 33 Total $ 1,836 $ 794 $ 153 $ 87 $ 159 $ 3,029 As of December 31, 2022 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,674 $ 700 $ 93 $ 142 $ 143 $ 2,752 31 - 60 days 24 32 11 5 1 73 61 - 90 days 16 20 7 2 — 45 91 - 120 days 12 17 10 2 — 41 Total $ 1,726 $ 769 $ 121 $ 151 $ 144 $ 2,911 The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of September 30, 2023 700+ 600-699 <600 No Score Asia Pacific Total 2023 $ 686 $ 229 $ 14 $ 25 $ 77 $ 1,031 2022 459 230 48 16 19 772 2021 190 98 30 5 13 336 2020 96 42 12 4 10 164 2019 145 71 20 12 14 262 Prior 260 124 29 25 26 464 Total $ 1,836 $ 794 $ 153 $ 87 $ 159 $ 3,029 As of December 31, 2022 700+ 600-699 <600 No Score Asia Pacific Total 2022 $ 745 $ 291 $ 19 $ 87 $ 52 $ 1,194 2021 275 149 30 8 19 481 2020 134 60 12 5 15 226 2019 198 97 23 16 21 355 2018 162 74 16 13 14 279 Prior 212 98 21 22 23 376 Total $ 1,726 $ 769 $ 121 $ 151 $ 144 $ 2,911

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of the following (in millions): September 30, December 31, Completed VOI inventory $ 913 $ 982 Estimated VOI recoveries 202 192 Land held for VOI development 20 1 VOI construction in process 9 14 Exchange and other inventory 5 4 Total inventory $ 1,149 $ 1,193
Activity Related to Inventory Obligations	The following table summarizes the activity related to the Company's inventory obligations (in millions): Atlanta (a) (b) Las Vegas (a) Other (c) Total December 31, 2022 $ — $ 30 $ 7 $ 37 Purchases — — 66 66 Payments — (30) (64) (94) September 30, 2023 $ — $ — $ 9 $ 9 December 31, 2021 $ — $ 13 $ 1 $ 14 Purchases 67 28 46 141 Payments (67) (35) (38) (140) September 30, 2022 $ — $ 6 $ 9 $ 15 (a) Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. (b) Represents vacation ownership inventory and property and equipment in Atlanta, Georgia, acquired from a third-party developer. (c) Included in Accounts payable on the Condensed Consolidated Balance Sheets.

Property and equipment (Tables)

Property and equipment (Tables)	9 Months Ended
Property and equipment (Tables)	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment, net consisted of the following (in millions): September 30, December 31, 2022 Capitalized software $ 753 $ 724 Building and leasehold improvements (a) 685 671 Furniture, fixtures and equipment 191 192 Finance leases 39 27 Land 31 30 Construction in progress 13 8 Total property and equipment 1,712 1,652 Less: accumulated depreciation and amortization 1,057 994 Property and equipment, net $ 655 $ 658 (a) Includes $254 million and $242 million of unregistered VOI inventory as of September 30, 2023 and December 31, 2022.

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s indebtedness consisted of the following (in millions): September 30, December 31, Non-recourse vacation ownership debt : (a) Term notes (b) $ 1,424 $ 1,545 USD bank conduit facility (due September 2025) (c) 372 321 AUD/NZD bank conduit facility (due December 2024) (d) 97 107 Total $ 1,893 $ 1,973 Debt : (e) $1.0 billion secured revolving credit facility (due October 2026) (f) $ 451 $ — $300 million secured term loan B (due May 2025) (g) 284 286 $300 million secured incremental term loan B (due December 2029) (h) 287 288 $400 million 3.90% secured notes (due March 2023) (i) — 400 $300 million 5.65% secured notes (due April 2024) 300 299 $350 million 6.60% secured notes (due October 2025) (j) 347 346 $650 million 6.625% secured notes (due July 2026) 646 645 $400 million 6.00% secured notes (due April 2027) (k) 404 406 $650 million 4.50% secured notes (due December 2029) 643 642 $350 million 4.625% secured notes (due March 2030) 347 346 Finance leases 20 11 Total $ 3,729 $ 3,669 (a) Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.24 billion and $2.29 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of September 30, 2023 and December 31, 2022. (b) The carrying amounts of the term notes are net of deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022. (c) The Company has a borrowing capacity of $600 million under the USD bank conduit facility through September 2025. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than October 2026. (d) The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027. (e) The carrying amounts of the secured notes and term loan are net of unamortized discounts of $20 million and $23 million as of September 30, 2023 and December 31, 2022, and net of unamortized debt financing costs of $9 million and $10 million as of September 30, 2023 and December 31, 2022. (f) The weighted average effective interest rate on facility borrowings was 7.35% and 7.53% as of September 30, 2023 and December 31, 2022. (g) The weighted average effective interest rate on facility borrowings was 7.33% and 4.01% as of September 30, 2023 and December 31, 2022. (h) The weighted average effective interest rate on facility borrowings was 9.15% and 8.24% as of September 30, 2023 and December 31, 2022. (i) Includes less than $1 million of unamortized gains from the settlement of a derivative as of December 31, 2022. (j) Includes $2 million and $3 million of unamortized losses from the settlement of a derivative as of September 30, 2023 and December 31, 2022.
Summary Of Outstanding Debt Maturities	The Company’s outstanding indebtedness as of September 30, 2023, matures as follows (in millions): Non-recourse Vacation Ownership Debt Debt Total Within 1 year $ 215 $ 313 $ 528 Between 1 and 2 years 209 291 500 Between 2 and 3 years 513 1,000 1,513 Between 3 and 4 years 184 860 1,044 Between 4 and 5 years 185 3 188 Thereafter 587 1,262 1,849 $ 1,893 $ 3,729 $ 5,622
Summary Of Available Capacity Under Borrowing Arrangements	As of September 30, 2023, the available capacity under the Company’s borrowing arrangements was as follows (in millions): Non-recourse Conduit Facilities (a) Revolving Credit Facilities (b) Total capacity $ 744 $ 1,000 Less: outstanding borrowings 469 451 Less: letters of credit — 2 Available capacity $ 275 $ 547 (a) Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings. (b) Consists of the Company’s $1.0 billion secured revolving credit facility.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Assets and Liabilities of SPEs	The assets and liabilities of these vacation ownership SPEs are as follows (in millions): September 30, December 31, Securitized contract receivables, gross (a) $ 2,102 $ 2,164 Securitized restricted cash (b) 80 83 Interest receivables on securitized contract receivables (c) 16 17 Other assets (d) 44 25 Total SPE assets 2,242 2,289 Non-recourse term notes (e) (f) 1,424 1,545 Non-recourse conduit facilities (e) 469 428 Other liabilities (g) 3 5 Total SPE liabilities 1,896 1,978 SPE assets in excess of SPE liabilities $ 346 $ 311 (a) Included in Vacation ownership contract receivables, net on the Condensed Consolidated Balance Sheets. (b) Included in Restricted cash on the Condensed Consolidated Balance Sheets. (c) Included in Trade receivables, net on the Condensed Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facilities and a security investment asset, which is included in Other assets on the Condensed Consolidated Balance Sheets. (e) Included in Non-recourse vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022, related to non-recourse debt. (g) Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses	A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows (in millions): September 30, December 31, SPE assets in excess of SPE liabilities $ 346 $ 311 Non-securitized contract receivables 927 747 Less: allowance for loan losses 569 541 Total, net $ 704 $ 517

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The carrying amounts and estimated fair values of all other financial instruments were as follows (in millions): September 30, 2023 December 31, 2022 Carrying Estimated Fair Value Carrying Estimated Fair Value Assets Vacation ownership contract receivables, net (Level 3) $ 2,460 $ 2,774 $ 2,370 $ 2,639 Liabilities Debt (Level 2) $ 5,622 $ 5,375 $ 5,642 $ 5,356

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Lease, Cost [Table Text Block]	The table below presents information related to the lease costs for finance and operating leases (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 5 $ 6 $ 16 $ 17 Short-term lease cost $ 3 $ 3 $ 10 $ 10 Finance lease cost: Amortization of right-of-use assets $ 2 $ 1 $ 6 $ 4 Interest on lease liabilities 1 — 1 — Total finance lease cost $ 3 $ 1 $ 7 $ 4
Leases, Assets and Liabilities [Table Text Block]	The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets: Balance Sheet Classification September 30, December 31, 2022 Operating leases (in millions): Operating lease right-of-use assets Other assets $ 50 $ 62 Operating lease liabilities Accrued expenses and other liabilities $ 92 $ 111 Finance leases (in millions): Finance lease assets (a) Property and equipment, net $ 21 $ 12 Finance lease liabilities Debt $ 20 $ 11 Weighted average remaining lease term: Operating leases 5.2 years 5.6 years Finance leases 2.9 years 2.7 years Weighted average discount rate: Operating leases (b) 6.0 % 5.9 % Finance leases 6.4 % 5.4 % (a) Presented net of accumulated depreciation.
Leases, Cash Flow Presentation [Table Text Block]	The table below presents supplemental cash flow information related to leases (in millions): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 24 $ 24 Operating cash outflows from finance leases $ 1 $ — Financing cash outflows from finance leases $ 7 $ 4 Right-of-use assets obtained in exchange for lease obligations: Operating leases (a) $ 3 $ (1) Finance leases $ 15 $ 5 (a) Includes write-off of right-of-use assets during the nine months ended September 30, 2022.
Leases, Liability Maturity [Table Text Block]	The table below presents maturities of lease liabilities as of September 30, 2023 (in millions): Operating Leases Finance Three months ending December 31, 2023 $ 8 $ 2 2024 29 9 2025 24 7 2026 14 4 2027 13 1 Thereafter 21 — Total minimum lease payments 109 23 Less: amount of lease payments representing interest (17) (3) Present value of future minimum lease payments $ 92 $ 20

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss)/Income (Tables)	9 Months Ended
Accumulated Other Comprehensive (Loss)/Income (Tables)	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Components Of Accumulated Other Comprehensive (Loss)/Income	The components of accumulated other comprehensive loss are as follows (in millions): Pretax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains Accumulated Other Comprehensive (Loss)/Income Balance, December 31, 2022 $ (178) $ — $ (178) Other comprehensive loss (15) — (15) Balance, September 30, 2023 $ (193) $ — $ (193) Tax Balance, December 31, 2022 $ 99 $ — $ 99 Other comprehensive loss — — — Balance, September 30, 2023 $ 99 $ — $ 99 Net of Tax Balance, December 31, 2022 $ (79) $ — $ (79) Other comprehensive loss (15) — (15) Balance, September 30, 2023 $ (94) $ — $ (94)	Pretax Foreign Currency Translation Adjustments Unrealized (Losses)/Gains Accumulated Other Comprehensive (Loss)/Income Balance, December 31, 2021 $ (145) $ (1) $ (146) Other comprehensive loss (67) — (67) Balance, September 30, 2022 $ (212) $ (1) $ (213) Tax Balance, December 31, 2021 $ 97 $ 1 $ 98 Other comprehensive income 3 — 3 Balance, September 30, 2022 $ 100 $ 1 $ 101 Net of Tax Balance, December 31, 2021 $ (48) $ — $ (48) Other comprehensive loss (64) — (64) Balance, September 30, 2022 $ (112) $ — $ (112)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Incentive Equity Awards Granted By The Company	The activity related to incentive equity awards granted by the Company to key employees and senior officers for the nine months ended September 30, 2023, consisted of the following (in millions, except grant prices): Balance, December 31, 2022 Granted Vested /Exercised (a) Cancelled / Forfeited (b) Balance, September 30, 2023 RSUs Number of RSUs 1.8 0.8 (0.9) (0.1) 1.6 (c) Weighted average grant price $ 48.79 $ 42.06 $ 38.09 $ 46.99 $ 47.07 PSUs Number of PSUs 0.5 0.5 — (0.2) 0.8 (d) Weighted average grant price $ 51.26 $ 42.18 $ — $ 41.84 $ 47.46 NQs Number of NQs 2.3 — — — 2.3 (e) Weighted average grant price $ 45.36 $ — $ — $ — $ 44.88 (a) Upon exercise of NQs and vesting of RSUs and PSUs, the Company issues new shares to participants. (b) The Company recognizes cancellations and forfeitures as they occur. (c) Aggregate unrecognized compensation expense related to RSUs was $58 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 2.7 years. (d) The aggregate maximum unrecognized compensation expense related to PSUs that are probable of vesting was $48 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.9 years. The maximum amount of compensation expense associated with PSUs that are not probable of vesting could range up to $4 million which would be recognized over a weighted average period of 2.4 years. (e) There were 1.7 million NQs which were exercisable as of September 30, 2023. These exercisable NQs will expire over a weighted average period of 5.5 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for NQs was $2 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.2 years.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Summary Of Segment Information	The following tables present the Company’s segment information (in millions): Three Months Ended Nine Months Ended September 30, September 30, Net revenues 2023 2022 2023 2022 Vacation Ownership $ 812 $ 754 $ 2,265 $ 2,098 Travel and Membership 174 183 553 572 Total reportable segments 986 937 2,818 2,670 Corporate and other (a) — — (4) (2) Total Company $ 986 $ 937 $ 2,814 $ 2,668 Three Months Ended Nine Months Ended September 30, September 30, Reconciliation of Net income to Adjusted EBITDA 2023 2022 2023 2022 Net income attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 267 $ 266 Gain on disposal of discontinued business, net of income taxes — — (5) — Interest expense 64 48 183 143 Interest (income) (3) (2) (9) (3) Provision for income taxes 38 46 96 101 Depreciation and amortization 28 30 83 91 Stock-based compensation 9 10 31 31 Restructuring (b) 2 — 12 8 Legacy items — (1) 7 1 Loss on sale of business (c) — — 2 — (Gain)/loss on equity investment — (3) — 5 COVID-19 related costs (d) — — — 2 Asset recoveries, net — — — (1) Fair value change in contingent consideration — (10) — (10) Adjusted EBITDA $ 248 $ 234 $ 667 $ 634 Three Months Ended Nine Months Ended September 30, September 30, Adjusted EBITDA 2023 2022 2023 2022 Vacation Ownership $ 203 $ 188 $ 521 $ 480 Travel and Membership 62 65 195 211 Total reportable segments 265 253 716 691 Corporate and other (a) (17) (19) (49) (57) Total Company $ 248 $ 234 $ 667 $ 634 (a) Includes the elimination of transactions between segments. (b) Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring. (c) Represents the loss on sale of the Love Home Swap business. (d) Includes expenses related to COVID-19 testing and other expenses associated with the Company’s return-to-work program in 2022. Segment Assets (a) September 30, December 31, 2022 Vacation Ownership $ 4,932 $ 4,826 Travel and Membership 1,358 1,335 Total reportable segments 6,290 6,161 Corporate and other 365 596 Total Company $ 6,655 $ 6,757 (a) Excludes investment in consolidated subsidiaries.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
Restructuring (Tables)	Sep. 30, 2023
Restructuring Charges [Abstract]
Activity Related To The Restructuring Costs	The activity associated with the Company’s restructuring plans is summarized as follows (in millions): Liability as of Liability as of December 31, 2022 Costs Recognized Cash Payments September 30, Facility-related $ 20 $ 1 $ (4) $ 17 Personnel-related 6 11 (9) 8 $ 26 $ 12 $ (13) $ 25

Background and Basis of Prese_3

Background and Basis of Presentation (Narrative) (Details)	9 Months Ended
Background and Basis of Presentation (Narrative) (Details)	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	2

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details)	9 Months Ended
Revenue Recognition (Narrative) (Details)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Expiration periods for non-cash incentives (or less)	2 years
Term of management services agreements (or less)	1 year
Fees For Property Management Services, Budgeted Operating Expenses, Percentage	10%

Revenue Recognition (Prop Mgmt

Revenue Recognition (Prop Mgmt Rev) (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Prop Mgmt Rev) (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) numberOfAssociations	Sep. 30, 2022 USD ($) numberOfAssociations
Disaggregation of Revenue [Line Items]
Net revenues	$ 986	$ 937	$ 2,814	$ 2,668
Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues	986	937	2,818	2,670
Vacation Ownership \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues	812	754	2,265	2,098
Management fee revenues \| Vacation Ownership
Disaggregation of Revenue [Line Items]
Net revenues	110	106	326	313
Reimbursable revenues \| Vacation Ownership
Disaggregation of Revenue [Line Items]
Net revenues	96	85	284	252
Property management fees and reimbursable revenues \| Vacation Ownership \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues	206	191	610	565
Exchange-related revenue \| Vacation Ownership
Disaggregation of Revenue [Line Items]
Net revenues	$ 8	$ 7	$ 25	$ 24
Managed property owner's associations that paid travel and membership exchange fees \| numberOfAssociations			1	1

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 436	$ 400	$ 395	$ 382
Contract with Customer, Liability, Revenue Recognition Term		1 year
Deferred subscription revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 163	164
Deferred VOI trial package revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 128	101
Deferred VOI trial package revenue \| Vacation Ownership
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognition Term		3 years
Deferred VOI incentive revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 78	70
Deferred VOI incentive revenue \| Vacation Ownership
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognition Term		2 years
Deferred exchange-related revenue
Disaggregation of Revenue [Line Items]
Contract liabilities	[1]	$ 59	53
Deferred co-branded credit card programs revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		7	9
Deferred other revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 1	$ 3

[1]Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Contract Liabilities Rollforward) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Contract liabilities, Beginning Balance	$ 400	$ 382
Additions	257	218
Revenue recognized	(221)	(205)
Contract liabilities, Ending Balance	$ 436	$ 395

Revenue Recognition (Capitalize

Revenue Recognition (Capitalized Contract Costs) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract with Customer, Liability, Revenue Recognition Term	1 year
Vacation Ownership
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Amortization Period	3 years
Travel and Membership
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 17	$ 18
Other assets \| Vacation Ownership
Capitalized Contract Cost [Line Items]
Capitalized contract costs	45	35
Other assets \| Travel and Membership
Capitalized Contract Cost [Line Items]
Capitalized contract costs	6	7
Prepaid Expenses and Other Current Assets \| Travel and Membership
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 11	$ 11

Revenue Recognition (Performanc

Revenue Recognition (Performance Obligations) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		$ 436	$ 400	$ 395	$ 382
Deferred subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		163	164
Deferred VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		128	101
Deferred VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		78	70
Deferred exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability	[1]	59	53
Deferred co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		7	9
Deferred other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with Customer, Liability		1	$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 355
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 96
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 121
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 78
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 56
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Deferred other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 45
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 37
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Deferred other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 19
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 16
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 \| Deferred other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 17
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 14
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 \| Deferred other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year

[1]Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Disaggregation of Net Revenues) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues		$ 986	$ 937	$ 2,814	$ 2,668
Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues		986	937	2,818	2,670
Corporate and other
Disaggregation of Revenue [Line Items]
Net revenues	[1]	0	0	(4)	(2)
Corporate and other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Net revenues		1	0	4	0
Corporate and other \| Eliminations
Disaggregation of Revenue [Line Items]
Net revenues		(1)	0	(8)	(2)
Vacation Ownership \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues		812	754	2,265	2,098
Vacation Ownership \| Operating Segments \| Vacation Ownership Interest Sales
Disaggregation of Revenue [Line Items]
Net revenues		433	403	1,172	1,099
Vacation Ownership \| Operating Segments \| Property management fees and reimbursable revenues
Disaggregation of Revenue [Line Items]
Net revenues		206	191	610	565
Vacation Ownership \| Operating Segments \| Consumer financing
Disaggregation of Revenue [Line Items]
Net revenues		107	104	313	302
Vacation Ownership \| Operating Segments \| Fee-for-Service commissions
Disaggregation of Revenue [Line Items]
Net revenues		40	36	108	87
Vacation Ownership \| Operating Segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Net revenues		26	20	62	45
Travel and Membership \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues		174	183	553	572
Travel and Membership \| Operating Segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Net revenues		7	7	21	24
Travel and Membership \| Operating Segments \| Transaction revenues
Disaggregation of Revenue [Line Items]
Net revenues		121	129	395	411
Travel and Membership \| Operating Segments \| Subscription revenues
Disaggregation of Revenue [Line Items]
Net revenues		$ 46	$ 47	$ 137	$ 137

[1]Includes the elimination of transactions between segments.

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended						9 Months Ended
		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income from continuing operations attributable to Travel + Leisure Co. shareholders		$ 110			$ 116			$ 262	$ 266
Gain on disposal of discontinued business, net of income taxes		0			0			5	0
Net income attributable to Travel + Leisure Co. shareholders		$ 110			$ 116			$ 267	$ 266
Basic earnings per share
Continuing operations	[1]	$ 1.50			$ 1.39			$ 3.48	$ 3.15
Discontinued operations	[1]	0			0			0.07	0
Basic earnings per share	[1]	1.50			1.39			3.55	3.15
Diluted earnings per share
Continuing operations	[1]	1.49			1.38			3.46	3.12
Discontinued operations	[1]	0			0			0.07	0
Diluted earnings per share	[1]	$ 1.49			$ 1.38			$ 3.53	$ 3.12
Basic weighted average shares outstanding (in shares)		73.3			83			75.3	84.6
RSUs, PSUs, and NQs (in shares)	[2],[3],[4]	0.3			0.6			0.4	0.9
Diluted weighted average shares outstanding (in shares)	[5]	73.6			83.6			75.7	85.5
Aggregate dividends paid to shareholders	[6]	$ 33			$ 33			$ 104	$ 103
Common Stock, Dividends, Per Share, Cash Paid		$ 0.45	$ 0.45	$ 0.45	$ 0.40	$ 0.40	$ 0.40	$ 1.35	$ 1.20
Restricted Stock Units (RSUs)
Diluted earnings per share
Shares excluded from computation of diluted EPS (in shares)		1			0.7			1.3	0.6
Performance Shares [Member]
Diluted earnings per share
Shares excluded from computation of diluted EPS (in shares)		0.8			0.5			0.8	0.5
Share-based Payment Arrangement, Option [Member]
Diluted earnings per share
Shares excluded from computation of diluted EPS (in shares)		2.3			2			2.3	1.1

[1]Earnings per share amounts are calculated using whole numbers.[2]Excludes 1.0 million and 1.3 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2023 and 0.7 million and 0.6 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2022. These shares could potentially dilute EPS in the future.[3]Excludes 2.3 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2023 and 2.0 million and 1.1 million of outstanding NQs for the three and nine months ended September 30, 2022. These outstanding NQs could potentially dilute EPS in the future[4]Excludes performance-vested restricted stock units (“PSUs”) of 0.8 million for both the three and nine months ended September 30, 2023 and 0.5 million of PSUs for both the three and nine months ended September 30, 2022, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.[5]The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.[6]The Company paid cash dividends of $0.45 and $1.35 per share during the three and nine months ended September 30, 2023 and $0.40 and $1.20 per share during the three and nine months ended September 30, 2022.

Earnings Per Share (Current Sto

Earnings Per Share (Current Stock Repurchase Program) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Stock Repurchase Activity [Roll Forward]
Treasury Stock, Common, Shares, Beginning Balance \| shares	144,499,361
Treasury Stock, Common, Shares, Ending Balance \| shares	151,221,431
Treasury Stock, Value, Beginning Balance	$ 6,886
Treasury Stock, Value, Ending Balance	$ 7,155
Share Repurchase Program
Stock Repurchase Activity [Roll Forward]
Treasury Stock, Common, Shares, Beginning Balance \| shares	120,000,000
Repurchases \| shares	6,700,000
Treasury Stock, Common, Shares, Ending Balance \| shares	126,700,000
Treasury Stock, Value, Beginning Balance	$ 6,104
Repurchases	267
Treasury Stock, Value, Ending Balance	6,371
Remaining authorized amount under share repurchases	210
Excise Tax Payable	2
Share Repurchase Program \| Option exercises
Stock Repurchase Activity [Roll Forward]
Stock Repurchase Program, Authorized Amount	$ 81

Acquisitions Narrative (Details

Acquisitions Narrative (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended			9 Months Ended
Acquisitions Narrative (Details) - USD ($) $ in Millions	Jan. 03, 2023	Jan. 05, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Payments to acquire business							$ 6	$ 2
Travel and Membership
Business Acquisition [Line Items]
Asset Acquisition, Consideration Transferred		$ 100
Travel and Membership \| Cash used in Investing Activities
Business Acquisition [Line Items]
Payments to Acquire Productive Assets		$ 35		$ 15	$ 20	$ 20
Travel and Membership \| Cash used in Investing Activities \| Subsequent Event [Member]
Business Acquisition [Line Items]
Payments to Acquire Productive Assets			$ 10
Travel and Membership \| Playbook365
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, net of cash acquired	$ 13
Payments to acquire business	6
Business Combination, Contingent Consideration, Liability	7
Business Acquisition, Goodwill, Expected Tax Deductible Amount	5
Travel and Membership \| Property, Plant and Equipment \| Playbook365
Business Acquisition [Line Items]
Business Combination, PP&E acquired	$ 5
Property, Plant and Equipment, Useful Life	4 years
Travel and Membership \| Other intangibles, net [Member] \| Playbook365
Business Acquisition [Line Items]
Definite-lived intangible assets	$ 3
Definite-lived intangible assets, useful life	4 years
Travel and Membership \| Accrued Liabilities [Member] \| Playbook365
Business Acquisition [Line Items]
Accrued expenses and other liabilities	$ 7
Travel and Membership \| Maximum [Member] \| Playbook365
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability	$ 24

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal of discontinued business, net of income taxes	$ 0		$ 0	$ 5	$ 0
Net cash used in investing activities - discontinued operations				0	(6)
Sale Of European Vacation Rental Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal of discontinued business, net of income taxes		$ 5		$ 5
Net cash used in investing activities - discontinued operations					$ (6)

Vacation Ownership Contract R_4

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-securitized contract receivables		$ 3,029	$ 2,911
Financing Receivable, Allowance for Credit Loss		569	541	$ 539	$ 510
Vacation ownership contract receivables, net		2,460	2,370
Securitized
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-securitized contract receivables	[1]	2,102	2,164
Securitized \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivables [Line Items]
Interest receivables on securitized contract receivables		16	17
Non-securitized
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-securitized contract receivables	[2]	927	747
Non-securitized \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivables [Line Items]
Interest receivables on securitized contract receivables		$ 8	$ 7

[1]Excludes $16 million and $17 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.[2]Excludes $8 million and $7 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.

Vacation Ownership Contract R_5

Vacation Ownership Contract Receivables (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables	$ 78	$ 73	$ 232	$ 214
Originated vacation ownership contract receivables			1,040	922
Vacation ownership contract principal collections			$ 681	639
Weighted average interest rate	14.70%		14.70%		14.60%
Provision for Loan, Lease, and Other Losses	$ 99	$ 91	$ 257	$ 216
Financing Receivable, Threshold Period Past Due	90 days		90 days
Financing Receivable, Threshold Period Past Due, Writeoff	120 days		120 days

Vacation Ownership Contract R_6

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for Loan Losses [Roll Forward]
Allowance for loan losses, beginning balance			$ 541	$ 510
Provision for loan losses, net	$ 99	$ 91	257	216
Contract receivables write-offs, net			229	187
Allowance for loan losses, ending balance	$ 569	$ 539	$ 569	$ 539

Vacation Ownership Contract R_7

Vacation Ownership Contract Receivables (Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	$ 3,029	$ 2,911
FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	1,836	1,726
FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	794	769
Less than 600
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	153	121
No Score
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	87	151
Asia Pacific
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	159	144
Current
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	2,899	2,752
Current \| FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	1,799	1,674
Current \| FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	742	700
Current \| Less than 600
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	117	93
Current \| No Score
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	83	142
Current \| Asia Pacific
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	158	143
31 - 60 days
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	59	73
31 - 60 days \| FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	19	24
31 - 60 days \| FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	24	32
31 - 60 days \| Less than 600
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	13	11
31 - 60 days \| No Score
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	2	5
31 - 60 days \| Asia Pacific
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	1	1
61 - 90 days
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	38	45
61 - 90 days \| FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	10	16
61 - 90 days \| FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	16	20
61 - 90 days \| Less than 600
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	11	7
61 - 90 days \| No Score
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	1	2
61 - 90 days \| Asia Pacific
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	0	0
91 - 120 days
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	33	41
91 - 120 days \| FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	8	12
91 - 120 days \| FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	12	17
91 - 120 days \| Less than 600
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	12	10
91 - 120 days \| No Score
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	1	2
91 - 120 days \| Asia Pacific
Financing Receivables, Recorded Investment [Line Items]
Non-securitized contract receivables	$ 0	$ 0

Vacation Ownership Contract R_8

Vacation Ownership Contract Receivables Vacation Ownership Contract Receivables (Year of Origination) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 1,031	$ 1,194
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	772	481
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	336	226
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	164	355
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	262	279
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	464	376
Non-securitized contract receivables	3,029	2,911
FICO Score, Greater than 700 [Member]
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	686	745
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	459	275
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	190	134
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	96	198
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	145	162
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	260	212
Non-securitized contract receivables	1,836	1,726
FICO Score, 600 to 699 [Member]
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	229	291
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	230	149
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	98	60
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	42	97
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	71	74
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	124	98
Non-securitized contract receivables	794	769
Less than 600
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	14	19
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	48	30
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	30	12
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	12	23
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	20	16
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	29	21
Non-securitized contract receivables	153	121
No Score
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	25	87
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	16	8
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	5	5
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	4	16
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	12	13
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	25	22
Non-securitized contract receivables	87	151
Asia Pacific
Financing Receivable, Origination [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	77	52
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	19	19
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	13	15
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	10	21
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	14	14
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	26	23
Non-securitized contract receivables	$ 159	$ 144

Vacation Ownership Contract R_9

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables Gross Write-Offs) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Allowance for Credit Loss [Abstract]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 13
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	113
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	38
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	15
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	20
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	30
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 229

Inventory (Summary of Inventory

Inventory (Summary of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Completed VOI inventory	$ 913	$ 982
Estimated VOI recoveries	202	192
VOI construction in process	9	14
Exchange and other inventory	5	4
Land held for VOI development	20	1
Total inventory	$ 1,149	$ 1,193

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
Inventory (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventory transferred to Property and Equipment	$ 12	$ 91

Inventory (Activity Related to

Inventory (Activity Related to Inventory Obligations) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Inventory [Line Items]
Total Inventory obligations, Beginning Balance		$ 37	$ 14
Purchases		66	141
Payments		(94)	(140)
Total Inventory obligations, Ending Balance		9	15
Atlanta, GA
Inventory [Line Items]
Inventory Sold Under Agreement to Repurchase, Repurchase Liability, Beginning Balance	[1],[2]	0	0
Purchases	[1],[2]	0	67
Payments	[1],[2]	0	(67)
Inventory Sold Under Agreement to Repurchase, Repurchase Liability, Ending Balance	[1],[2]	0	0
Las Vegas
Inventory [Line Items]
Inventory Sold Under Agreement to Repurchase, Repurchase Liability, Beginning Balance	[1]	30	13
Purchases	[1]	0	28
Payments	[1]	(30)	(35)
Inventory Sold Under Agreement to Repurchase, Repurchase Liability, Ending Balance	[1]	0	6
Other Inventory Sales
Inventory [Line Items]
Other inventory obligations, Beginning Balance	[3]	7	1
Purchases	[3]	66	46
Payments	[3]	(64)	(38)
Other inventory obligations, Ending Balance	[3]	$ 9	$ 9

[1]Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.[2]Represents vacation ownership inventory and property and equipment in Atlanta, Georgia, acquired from a third-party developer.[3]Included in Accounts payable on the Condensed Consolidated Balance Sheets.

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 1,712	$ 1,652
Less: accumulated depreciation and amortization		1,057	994
Property and equipment, net		655	658
Capitalized software
Property, Plant and Equipment [Line Items]
Total property and equipment		753	724
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	[1]	685	671
Building and leasehold improvements \| Unregistered VOI inventory
Property, Plant and Equipment [Line Items]
Total property and equipment		254	242
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment		191	192
Land
Property, Plant and Equipment [Line Items]
Total property and equipment		31	30
Finance leases
Property, Plant and Equipment [Line Items]
Total property and equipment		39	27
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 13	$ 8

[1]Includes $254 million and $242 million of unregistered VOI inventory as of September 30, 2023 and December 31, 2022.

Debt (Schedule of Long-term Deb

Debt (Schedule of Long-term Debt Instruments) (Details) $ in Millions, $ in Millions, $ in Millions		Sep. 30, 2023 USD ($)		Sep. 30, 2023 AUD ($)	Sep. 30, 2023 NZD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Finance lease liabilities		$ 20				$ 11
Long-term Debt		5,622
Term Notes [Member]
Debt Instrument [Line Items]
Debt financing cost		19				18
Term Notes [Member] \| Term Notes [Member]
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1],[2]	1,424				1,545
Non-recourse bank conduit facility [Member]
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[3]	469
Non-recourse bank conduit facility [Member] \| USD bank conduit facility (due September 2025) [Member]
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1],[4]	372				321
Debt instrument, face amount		600
Non-recourse bank conduit facility [Member] \| AUD/NZD bank conduit Facility (due April 2023) [Member]
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1],[5]	97				107
Debt instrument, face amount				$ 200	$ 25
Non-Recourse Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1]	1,893				1,973
Long-term Debt		1,893
Long-term vacation ownership contract receivables		2,240				2,290
Revolving Credit Facility \| Secured Revolving Credit Facility due May 2023 \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	[7],[8]	451	[6]			$ 0
Debt instrument, face amount		$ 1,000
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		7.35%		7.35%	7.35%	7.53%
Debt
Debt Instrument [Line Items]
Long-term Debt	[7]	$ 3,729				$ 3,669
Debt financing cost		9				10
Unamortized discount		20				23
Debt \| $300 million secured term loan B (due May 2025) \| Term Loan B [Member]
Debt Instrument [Line Items]
Debt	[7],[9]	284				$ 286
Debt instrument, face amount		$ 300
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		7.33%		7.33%	7.33%	4.01%
Debt \| $300 million secured incremental term loan B (due December 2029) \| Term Loan B [Member]
Debt Instrument [Line Items]
Debt	[7],[10]	$ 287				$ 288
Debt instrument, face amount		$ 300
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		9.15%		9.15%	9.15%	8.24%
Debt \| 3.90% Secured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Senior notes	[7],[11]	$ 0				$ 400
Debt instrument, face amount		$ 400
Unamortized (gains)/losses from the settlement of a derivative						(1)
Debt Instrument, Interest Rate, Stated Percentage		3.90%		3.90%	3.90%
Debt \| 5.65% Secured Notes (Due April 2024) [Member]
Debt Instrument [Line Items]
Senior notes	[7]	$ 300				299
Debt instrument, face amount		$ 300
Debt Instrument, Interest Rate, Stated Percentage		5.65%		5.65%	5.65%
Debt \| 6.60% secured notes due October 2025 [Member]
Debt Instrument [Line Items]
Senior notes	[7],[12]	$ 347				346
Debt instrument, face amount		350
Unamortized (gains)/losses from the settlement of a derivative		$ 2				3
Debt Instrument, Interest Rate, Stated Percentage		6.60%		6.60%	6.60%
Debt \| 6.625% Senior Secured Notes Due July 2026 [Member]
Debt Instrument [Line Items]
Senior notes	[7]	$ 646				645
Debt instrument, face amount		$ 650
Debt Instrument, Interest Rate, Stated Percentage		6.625%		6.625%	6.625%
Debt \| 6.00% secured notes due April 2027 [Member]
Debt Instrument [Line Items]
Senior notes	[7],[13]	$ 404				406
Debt instrument, face amount		400
Unamortized (gains)/losses from the settlement of a derivative		$ (6)				(7)
Debt Instrument, Interest Rate, Stated Percentage		6%		6%	6%
Debt \| 4.50% Secured Notes (due Dec 2029)
Debt Instrument [Line Items]
Senior notes	[7]	$ 643				642
Debt instrument, face amount		$ 650
Debt Instrument, Interest Rate, Stated Percentage		4.50%		4.50%	4.50%
Debt \| 4.625% Secured notes due March 2030 [Member]
Debt Instrument [Line Items]
Senior notes	[7]	$ 347				346
Debt instrument, face amount		$ 350
Debt Instrument, Interest Rate, Stated Percentage		4.625%		4.625%	4.625%
Debt \| Finance leases [Member]
Debt Instrument [Line Items]
Finance lease liabilities	[7]	$ 20				$ 11

[1]Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.24 billion and $2.29 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of September 30, 2023 and December 31, 2022.[2]The carrying amounts of the term notes are net of deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022.[3]Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.[4]The Company has a borrowing capacity of $600 million under the USD bank conduit facility through September 2025. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than October 2026.[5]The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027.[6]Consists of the Company’s $1.0 billion secured revolving credit facility.[7]The carrying amounts of the secured notes and term loan are net of unamortized discounts of $20 million and $23 million as of September 30, 2023 and December 31, 2022, and net of unamortized debt financing costs of $9 million and $10 million as of September 30, 2023 and December 31, 2022.[8]The weighted average effective interest rate on facility borrowings was 7.35% and 7.53% as of September 30, 2023 and December 31, 2022.[9]The weighted average effective interest rate on facility borrowings was 7.33% and 4.01% as of September 30, 2023 and December 31, 2022.[10]The weighted average effective interest rate on facility borrowings was 9.15% and 8.24% as of September 30, 2023 and December 31, 2022.[11]Includes less than $1 million of unamortized gains from the settlement of a derivative as of December 31, 2022.[12]Includes $2 million and $3 million of unamortized losses from the settlement of a derivative as of September 30, 2023 and December 31, 2022.[13]Includes $6 million and $7 million of unamortized gains from the settlement of a derivative as of September 30, 2023 and December 31, 2022.

Debt Debt (Narrative) (Details)

Debt Debt (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 20, 2023	Apr. 05, 2023
Sierra Timeshare 2023-1
Debt Instrument [Line Items]
Debt instrument, face amount			$ 250
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate			6.33%
Debt Instrument, Advance Rate			91.25%
Sierra Timeshare 2023-2
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		6.72%
Debt Instrument, Advance Rate		91.70%
USD bank conduit facility (due September 2025) [Member] \| Non-recourse bank conduit facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600

Debt (Summary Of Outstanding De

Debt (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Within 1 year		$ 528
Between 1 and 2 years		500
Between 2 and 3 years		1,513
Between 3 and 4 years		1,044
Between 4 and 5 years		188
Thereafter		1,849
Total long-term debt		5,622
Non-Recourse Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Within 1 year		215
Between 1 and 2 years		209
Between 2 and 3 years		513
Between 3 and 4 years		184
Between 4 and 5 years		185
Thereafter		587
Total long-term debt		1,893
Debt
Debt Instrument [Line Items]
Within 1 year		313
Between 1 and 2 years		291
Between 2 and 3 years		1,000
Between 3 and 4 years		860
Between 4 and 5 years		3
Thereafter		1,262
Total long-term debt	[1]	$ 3,729	$ 3,669

[1]The carrying amounts of the secured notes and term loan are net of unamortized discounts of $20 million and $23 million as of September 30, 2023 and December 31, 2022, and net of unamortized debt financing costs of $9 million and $10 million as of September 30, 2023 and December 31, 2022.

Debt (Summary Of Available Capa

Debt (Summary Of Available Capacity Under Borrowing Arrangements) (Details) - USD ($) $ in Millions		Sep. 30, 2023		Dec. 31, 2022
Non-recourse bank conduit facility [Member]
Debt Instrument [Line Items]
Total capacity	[1]	$ 744
Less: Outstanding borrowings	[1]	469
Letters of Credit Outstanding, Amount	[1]	0
Available capacity	[1]	275
Revolving Credit Facility \| Revolving Credit Facility \| Secured Revolving Credit Facility due May 2023
Debt Instrument [Line Items]
Total capacity	[2]	1,000
Less: Outstanding borrowings	[3],[4]	451	[2]	$ 0
Letters of Credit Outstanding, Amount	[2]	2
Available capacity	[2]	547
Debt instrument, face amount		$ 1,000

[1]Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.[2]Consists of the Company’s $1.0 billion secured revolving credit facility.[3]The carrying amounts of the secured notes and term loan are net of unamortized discounts of $20 million and $23 million as of September 30, 2023 and December 31, 2022, and net of unamortized debt financing costs of $9 million and $10 million as of September 30, 2023 and December 31, 2022.[4]The weighted average effective interest rate on facility borrowings was 7.35% and 7.53% as of September 30, 2023 and December 31, 2022.

Debt (Debt Covenants) (Details)

Debt (Debt Covenants) (Details)	Sep. 30, 2023
Debt Instrument [Line Items]
Interest Coverage Ratio	4.40
First Lien Leverage Ratio	3.69
Revolving credit facility and term loan B facilities
Debt Instrument [Line Items]
Minimum interest coverage ratio	2.50
Maximum first lien leverage ratio	4.25

Debt (Interest Expense Narrativ

Debt (Interest Expense Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Interest expense	$ 64	$ 48	$ 183	$ 143
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	1	1	1	1
Consumer financing interest	$ 29	$ 20	81	55
Debt
Debt Instrument [Line Items]
Cash paid for interest			174	135
Non-Recourse Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Cash paid for interest			$ 65	$ 39

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)		$ 154	$ 138	$ 136
Other assets		408	324
Total assets		6,655	6,757
Total SPE liabilities		7,652	7,661
Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)		80	83
Vacation Ownership SPEs
Schedule Of Transfer And Financial Assets [Line Items]
Deferred financing cost related to securitized debt		19	18
Vacation Ownership SPEs \| Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	[1]	2,102	2,164
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)	[2]	80	83
Interest receivables on securitized contract receivables	[3]	16	17
Other assets	[4]	44	25
Total assets		2,242	2,289
Other liabilities	[5]	3	5
Total SPE liabilities		1,896	1,978
SPE assets in excess of SPE liabilities		346	311
Term Notes [Member] \| Vacation Ownership SPEs \| Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-recourse vacation ownership debt (VIE)	[6],[7]	1,424	1,545
Non-recourse bank conduit facility [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-recourse vacation ownership debt (VIE)	[8]	469
Non-recourse bank conduit facility [Member] \| Vacation Ownership SPEs \| Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-recourse vacation ownership debt (VIE)	[6]	$ 469	$ 428

[1]Included in Vacation ownership contract receivables, net on the Condensed Consolidated Balance Sheets.[2]Included in Restricted cash on the Condensed Consolidated Balance Sheets.[3]Included in Trade receivables, net on the Condensed Consolidated Balance Sheets.[4]Primarily includes deferred financing costs for the bank conduit facilities and a security investment asset, which is included in Other assets on the Condensed Consolidated Balance Sheets.[5]Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.[6]Included in Non-recourse vacation ownership debt on the Condensed Consolidated Balance Sheets.[7]Includes deferred financing costs of $19 million and $18 million as of September 30, 2023 and December 31, 2022, related to non-recourse debt.[8]Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables		$ 3,029	$ 2,911
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	[1]	927	747
Non Securitized Receivable [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables		$ 927	$ 747

[1]Excludes $8 million and $7 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables		$ 3,029	$ 2,911
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	[1]	927	747
Variable Interest Entity, Primary Beneficiary [Member] \| Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
SPE assets in excess of SPE liabilities		346	311
Non-securitized contract receivables		927	747
Less: allowance for loan losses		569	541
Total, net		$ 704	$ 517

[1]Excludes $8 million and $7 million of accrued interest on VOCRs as of September 30, 2023 and December 31, 2022, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities
Fair Value, Inputs, Level 3 [Member] \| Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net (Level 3)	$ 2,460	$ 2,370
Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net (Level 3)	2,774	2,639
Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt (Level 2)	5,622	5,642
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt (Level 2)	5,375	$ 5,356
Foreign Exchange Contracts \| Recurring Basis \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	1
Derivative Liability	$ 1

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) numberOfInterestRateDerivatives	Sep. 30, 2022 USD ($) numberOfInterestRateDerivatives	Sep. 30, 2023 USD ($) numberOfInterestRateDerivatives	Sep. 30, 2022 USD ($) numberOfInterestRateDerivatives
Derivative [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	$ 0		$ 0
Interest Rate Contract [Member]
Derivative [Line Items]
Number of Interest Rate Derivatives Held \| numberOfInterestRateDerivatives	0	0	0	0
Foreign Exchange Contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Unrealized Loss on Foreign Currency Derivatives, before Tax	$ 0	$ 0	$ 0	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax payments, net of refunds			$ 114	$ 110
Latest Tax Year
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective income tax rate	25.90%		26.90%
Earliest Tax Year
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective income tax rate		28.50%		27.60%

Leases Narrative (Details)

Leases Narrative (Details)	9 Months Ended
Leases Narrative (Details)	Sep. 30, 2023
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	20 years
Lessee, Operating Lease, Renewal Term	10 years
Lessee, Operating Lease, Termination Period	1 year

Leases Costs (Details)

Leases Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 5	$ 6	$ 16	$ 17
Short-term lease cost	3	3	10	10
Amortization of right-of-use assets	2	1	6	4
Interest on lease liabilities	1	0	1	0
Total finance lease cost	$ 3	$ 1	$ 7	$ 4

Leases, Assets and Liabilities

Leases, Assets and Liabilities (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets		$ 50	$ 62
Operating lease liabilities		92	111
Finance lease assets	[1]	21	12
Finance lease liabilities		$ 20	$ 11
Operating Lease, Weighted Average Remaining Lease Term		5 years 2 months 12 days	5 years 7 months 6 days
Finance Lease, Weighted Average Remaining Lease Term		2 years 10 months 24 days	2 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	[2]	6%	5.90%
Finance Lease, Weighted Average Discount Rate, Percent		6.40%	5.40%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities	Other Liabilities
Finance Leased Asset, Type [Extensible Enumeration]		Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Debt	Debt

[1]Presented net of accumulated depreciation.[2]Upon adoption of the lease standard, discount rates used for existing leases were established at January 1, 2019.

Leases Leases, Cash Flow Presen

Leases Leases, Cash Flow Presentation (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash outflows from operating leases		$ 24	$ 24
Operating cash outflows from finance leases		1	0
Financing cash outflows from finance leases		7	4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	[1]	3	(1)
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 15	$ 5

[1]Includes write-off of right-of-use assets during the nine months ended September 30, 2022.

Leases Maturity (Details)

Leases Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 8
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year	2
Lessee, Operating Lease, Liability, to be Paid, Year One	29
Finance Lease, Liability, to be Paid, Year One	9
Lessee, Operating Lease, Liability, to be Paid, Year Two	24
Finance Lease, Liability, to be Paid, Year Two	7
Lessee, Operating Lease, Liability, to be Paid, Year Three	14
Finance Lease, Liability, to be Paid, Year Three	4
Lessee, Operating Lease, Liability, to be Paid, Year Four	13
Finance Lease, Liability, to be Paid, Year Four	1
Lessee, Operating Lease, Liability, to be Paid, after Year Five	21
Finance Lease, Liability, to be Paid, after Year Five	0
Lessee, Operating Lease, Liability, to be Paid	109
Finance Lease, Liability, Payment, Due	23
Operating lease, Amount of lease payments representing interest	(17)
Capital Leases, Amount of lease payments representing interest	(3)
Operating lease liabilities	92	$ 111
Finance lease liabilities	$ 20	$ 11

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Estimated Litigation Liability	$ 6	$ 3
Maximum [Member]
Commitments And Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 12

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss)/Income (Components Of Accumulated Other Comprehensive (Loss)/Income) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Loss, Net Of Tax
Beginning Balance, value	$ (1,004)	$ (975)	$ (904)	$ (846)	$ (811)	$ (794)	$ (904)	$ (794)
Ending Balance, value	(997)	(1,004)	(975)	(903)	(846)	(811)	(997)	(903)
Net income attributable to Travel + Leisure Co. shareholders	110	$ 94	64	116	$ 100	51	267	266
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Loss, Net Of Tax
Net income attributable to Travel + Leisure Co. shareholders							0	0
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Loss, Before Tax
AOCL, Pretax, Beginning Balance			(178)			(145)	(178)	(145)
Other Comprehensive Income (Loss), before Tax							(15)	(67)
AOCL, Pretax, Ending Balance	(193)			(212)			(193)	(212)
Accumulated Other Comprehensive Loss, Tax
AOCI, Tax, Beginning Balance			99			97	99	97
Other Comprehensive Income (Loss), Tax							0	3
AOCI, Tax, Ending Balance	99			100			99	100
Accumulated Other Comprehensive Loss, Net Of Tax
Beginning Balance, value			(79)			(48)	(79)	(48)
Other comprehensive loss							(15)	(64)
Ending Balance, value	(94)			(112)			(94)	(112)
Unrealized (losses)/Gains on Cash Flow Hedges
Accumulated Other Comprehensive Loss, Before Tax
AOCL, Pretax, Beginning Balance			0			(1)	0	(1)
Other Comprehensive Income (Loss), before Tax							0	0
AOCL, Pretax, Ending Balance	0			(1)			0	(1)
Accumulated Other Comprehensive Loss, Tax
AOCI, Tax, Beginning Balance			0			1	0	1
Other Comprehensive Income (Loss), Tax							0	0
AOCI, Tax, Ending Balance	0			1			0	1
Accumulated Other Comprehensive Loss, Net Of Tax
Beginning Balance, value			0			0	0	0
Other comprehensive loss							0	0
Ending Balance, value	0			0			0	0
Accumulated Other Comprehensive (Loss)/Income
Accumulated Other Comprehensive Loss, Before Tax
AOCL, Pretax, Beginning Balance			(178)			(146)	(178)	(146)
Other Comprehensive Income (Loss), before Tax							(15)	(67)
AOCL, Pretax, Ending Balance	(193)			(213)			(193)	(213)
Accumulated Other Comprehensive Loss, Tax
AOCI, Tax, Beginning Balance			99			98	99	98
Other Comprehensive Income (Loss), Tax							0	3
AOCI, Tax, Ending Balance	99			101			99	101
Accumulated Other Comprehensive Loss, Net Of Tax
Beginning Balance, value			$ (79)			$ (48)	(79)	(48)
Other comprehensive loss							(15)	(64)
Ending Balance, value	$ (94)			$ (112)			$ (94)	$ (112)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock to be awarded	15.7		15.7
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	10		10
Share-Based Compensation Arrangement Awards Vested in Period, Fair Value			$ 36	$ 34
Stock-based compensation	$ 9	$ 10	31	34
Share-based Payment Arrangement, Expense, Tax Benefit			8	9
Net share settlement of incentive equity awards			$ 10	$ 7
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date			10%
Stock Issued During Period, Shares, Employee Stock Ownership Plan			0.1	0.1
Employee Stock Ownership Plan (ESOP), Compensation Expense			$ 1	$ 1
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Employee Stock Purchase Plan			5	5
Restructuring Charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture			$ 35	32
Vesting terms, in years			4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture			$ 21	13
Vesting terms, in years			3 years
NQs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture			$ 0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 1	$ 1

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 58
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Price, Beginning Balance (in dollars per share) \| $ / shares	$ 48.79
Weighted Average Grant Price, Granted (in dollars per share) \| $ / shares	42.06
Weighted Average Grant Price, Vested/exercised (in dollars per share) \| $ / shares	38.09	[1]
Weighted Average Grant Price, Forfeitures (in dollars) \| $ / shares	46.99	[2]
Weighted Average Grant Price, Ending Balance (in dollars per share) \| $ / shares	$ 47.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares) \| shares	1.8
Number of Units, Granted (shares) \| shares	0.8
Number of Units, Vested/exercised (shares) \| shares	(0.9)	[1]
Number of Units, Forfeitures (shares) \| shares	(0.1)	[2]
Number of Units, Ending Balance (shares) \| shares	1.6	[3]
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Price, Beginning Balance (in dollars per share) \| $ / shares	$ 51.26
Weighted Average Grant Price, Granted (in dollars per share) \| $ / shares	42.18
Weighted Average Grant Price, Vested/exercised (in dollars per share) \| $ / shares	0	[1]
Weighted Average Grant Price, Forfeitures (in dollars) \| $ / shares	41.84	[2]
Weighted Average Grant Price, Ending Balance (in dollars per share) \| $ / shares	$ 47.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares) \| shares	0.5
Number of Units, Granted (shares) \| shares	0.5
Number of Units, Vested/exercised (shares) \| shares	0	[1]
Number of Units, Forfeitures (shares) \| shares	(0.2)	[2]
Number of Units, Ending Balance (shares) \| shares	0.8	[4]
PSUs \| Probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 48
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days
PSUs \| Maximum [Member] \| Not probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 4
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
NQs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 45.36
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price \| $ / shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised, Weighted Average Grant Date Fair Value \| $ / shares	0	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value \| $ / shares	0	[2]
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Ending Balance \| $ / shares	$ 44.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance \| shares	2.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised, Weighted Average Grant Date Fair Value \| shares	0	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period \| shares	0	[2]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance \| shares	2.3	[5]
NQs \| Exercisable options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	1.7
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised, Weighted Average Grant Date Fair Value \| $ / shares	$ 8.61

[1]Upon exercise of NQs and vesting of RSUs and PSUs, the Company issues new shares to participants.[2]The Company recognizes cancellations and forfeitures as they occur.[3]Aggregate unrecognized compensation expense related to RSUs was $58 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 2.7 years.[4]The aggregate maximum unrecognized compensation expense related to PSUs that are probable of vesting was $48 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.9 years. The maximum amount of compensation expense associated with PSUs that are not probable of vesting could range up to $4 million which would be recognized over a weighted average period of 2.4 years.[5]There were 1.7 million NQs which were exercisable as of September 30, 2023. These exercisable NQs will expire over a weighted average period of 5.5 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for NQs was $2 million as of September 30, 2023, which is expected to be recognized over a weighted average period of 1.2 years

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment				2
Net revenues
Net revenues		$ 986	$ 937	$ 2,814	$ 2,668
Reconciliation of Net income to Adjusted EBITDA
Net income attributable to Travel + Leisure Co. shareholders		110	116	267	266
Gain on disposal of discontinued business, net of income taxes		0	0	(5)	0
Interest expense		64	48	183	143
Interest (income)		(3)	(2)	(9)	(3)
Provision for income taxes		38	46	96	101
Depreciation and amortization		28	30	83	91
Stock-based compensation		9	10	31	34
Restructuring	[1]	2	0	12	8
Legacy items		0	(1)	7	1
Loss on sale of business	[2]	0	0	2	0
(Gain)/loss on equity investment		0	(3)	0	5
Asset recoveries, net		0	0	(1)	(1)
Fair value change in contingent consideration		0	(10)	0	(10)
Asset recoveries, net				0	(1)
Adjusted EBITDA		248	234	667	634
Assets, Net of Investment in Unconsolidated Subsidiaries	[3]	6,655		6,655		$ 6,757
Restructuring Charges
Reconciliation of Net income to Adjusted EBITDA
Stock-based compensation					3
General and Administrative Expense [Member]
Reconciliation of Net income to Adjusted EBITDA
Stock-based compensation					31
Cost of vacation ownership interest/Asset Impairment
Reconciliation of Net income to Adjusted EBITDA
Asset recoveries, net				0	(1)
COVID-19 [Member]
Reconciliation of Net income to Adjusted EBITDA
COVID-19 related costs Adj EBITDA	[4]	0	0	0	2
Operating Segments
Net revenues
Net revenues		986	937	2,818	2,670
Reconciliation of Net income to Adjusted EBITDA
Adjusted EBITDA		265	253	716	691
Assets, Net of Investment in Unconsolidated Subsidiaries	[3]	6,290		6,290		6,161
Corporate and other
Net revenues
Net revenues	[5]	0	0	(4)	(2)
Reconciliation of Net income to Adjusted EBITDA
Adjusted EBITDA	[5]	(17)	(19)	(49)	(57)
Assets, Net of Investment in Unconsolidated Subsidiaries	[3]	365		365		596
Vacation Ownership \| Operating Segments
Net revenues
Net revenues		812	754	2,265	2,098
Reconciliation of Net income to Adjusted EBITDA
Adjusted EBITDA		203	188	521	480
Assets, Net of Investment in Unconsolidated Subsidiaries	[3]	4,932		4,932		4,826
Travel and Membership \| Operating Segments
Net revenues
Net revenues		174	183	553	572
Reconciliation of Net income to Adjusted EBITDA
Adjusted EBITDA		62	$ 65	195	$ 211
Assets, Net of Investment in Unconsolidated Subsidiaries	[3]	$ 1,358		$ 1,358		$ 1,335

[1]Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.[2]Represents the loss on sale of the Love Home Swap business.[3]Excludes investment in consolidated subsidiaries.[4]Includes expenses related to COVID-19 testing and other expenses associated with the Company’s return-to-work program in 2022.[5]Includes the elimination of transactions between segments.

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
Restructuring (Narrative) (Details) $ in Millions		Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) brand	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	[1]	$ 2	$ 0	$ 12	$ 8
Stock-based compensation		9	$ 10	31	34
Cash payments				(13)
Restructuring liability		25		25		$ 26
Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				11
Cash payments				(9)
Restructuring liability		8		8		6
Facility related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1
Cash payments				(4)
Restructuring liability		17		17		20
Restructuring Plan 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2		$ 12
Restructuring and Related Cost, Number of Positions Eliminated \| brand				150
Cash payments				$ (5)
Restructuring liability		7		7
Restructuring Plan 2023 \| Vacation Ownership \| Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				6
Restructuring Plan 2023 \| Vacation Ownership \| Facility related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1
Restructuring Plan 2023 \| Corporate and Other \| Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				3
Restructuring Plan 2023 \| Travel and Membership \| Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges				2
Restructuring Plan 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges						14
Cash payments				(6)
Restructuring liability		1		1		7
Restructuring Plan 2022 \| Vacation Ownership \| Personnel and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges						3
Restructuring Plan 2022 \| Corporate and Other \| Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges						2
Restructuring Plan 2022 \| Travel and Membership \| Personnel-related
Restructuring Cost and Reserve [Line Items]
Restructuring charges						9
Restructuring plans prior to 2022
Restructuring Cost and Reserve [Line Items]
Cash payments				(2)
Restructuring liability						$ 19
Restructuring plans prior to 2022 \| Facility related
Restructuring Cost and Reserve [Line Items]
Restructuring liability		$ 17		$ 17
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Stock-based compensation					$ 3

[1]Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.

Restructuring (Activity Related

Restructuring (Activity Related To The Restructuring Costs) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Roll Forward]
Liability beginning balance				$ 26
Restructuring	[1]	$ 2	$ 0	12	$ 8
Cash Payments				(13)
Liability ending balance		25		25
Facility related
Restructuring Cost and Reserve [Roll Forward]
Liability beginning balance				20
Restructuring				1
Cash Payments				(4)
Liability ending balance		17		17
Personnel-related
Restructuring Cost and Reserve [Roll Forward]
Liability beginning balance				6
Restructuring				11
Cash Payments				(9)
Liability ending balance		$ 8		$ 8

[1]Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.

Transactions with Former Pare_2

Transactions with Former Parent and Former Subsidiaries (Narrative) (Details) £ in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Gain on disposal of discontinued business, net of income taxes	$ 0		$ 0	$ 5	$ 0
Legacy items	0		$ (1)	7	$ 1
Sale Of European Vacation Rental Business
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Gain on disposal of discontinued business, net of income taxes		$ 5		5
Sale Of European Vacation Rental Business \| Financial Guarantee \| British Travel Association and Regulatory Authorities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	46			46
Guarantee, fair value	22			22
Accrued Expenses and Other Liabilities \| Sale Of European Vacation Rental Business \| European vacation rentals business
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Guarantee, fair value	$ 84			$ 84
Cendant
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement				37.50%
Contingent and other corporate liabilities retained	0.25			0.25		0.25
Separation and Distribution Agreement, Portion of Proceeds From Contingent and Other Corporate Assets	0.67			0.67		0.67
Cendant \| Realogy
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement				62.50%
Cendant \| Wyndham Hotels & Resorts, Inc. [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Contingent and other corporate liabilities retained	0.33			0.33		0.33
Separation and Distribution Agreement, Portion of Proceeds From Contingent and Other Corporate Assets	0.33			0.33		0.33
Wyndham Hotels & Resorts, Inc. [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Separation and Distribution Agreement, Portion of Certain Contingent and Other Corporate Liabilities Assumed	0.67			0.67		0.67
Post-closing Credit Support, Portion of Escrow Received Upon Release	0.67			0.67		0.67
Post-closing Credit Support, Portion of Guarantees Assumed	0.67			0.67		0.67
Wyndham Hotels & Resorts, Inc. [Member] \| Sale Of European Vacation Rental Business \| General and Administrative Expense [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Legacy items		$ 2
Wyndham Hotels & Resorts, Inc. [Member] \| Sale Of European Vacation Rental Business \| Financial Guarantee
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Other Receivables, Net, Current	$ 7			$ 7
Wyndham Hotels & Resorts, Inc. [Member] \| Sale Of European Vacation Rental Business \| Indemnification Agreement
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Other Receivables, Net, Current	12			12
Wyndham Hotels & Resorts, Inc. [Member] \| Other assets \| Sale Of European Vacation Rental Business
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Other Receivables, Net, Current	$ 19			$ 19
Wyndham Hotels & Resorts, Inc. [Member] \| Wyndham Hotels & Resorts, Inc. [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Separation and Distribution Agreement, Portion of Certain Contingent and Other Corporate Liabilities Assumed	0.33			0.33		0.33
Post-closing Credit Support, Portion of Escrow Received Upon Release	0.33			0.33		0.33
Affiliated Entity \| Sale Of European Vacation Rental Business \| Financial Guarantee \| British Travel Association and Regulatory Authorities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	$ 81			$ 81		£ 61
Guarantee, fair value	39			39		£ 32
Affiliated Entity \| Sale Of European Vacation Rental Business \| Indemnification Agreement
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Guarantee, fair value	36			36
Affiliated Entity \| Cendant \| California Office of Tax Appeals
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed				7
Affiliated Entity \| Cendant \| Accrued Expenses and Other Liabilities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Loss Contingency Accrual	22			22			$ 15
Vacasa LLC \| Sale Of North American Vacation Rental Business [Member] \| Indemnification Agreement
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Guarantee, fair value	$ 2			$ 2

Related Party Transactions Rela

Related Party Transactions Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Operating	$ 428	$ 417	$ 1,275	$ 1,202
Affiliated Entity
Related Party Transaction [Line Items]
Operating			$ 1	$ 1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Sierra Timeshare 2023-3 $ in Millions	Oct. 19, 2023 USD ($)
Subsequent Event [Line Items]
Debt instrument, face amount	$ 300
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	6.78%
Debt Instrument, Advance Rate	91.75%