2024 Q1 Form 10-K Financial Statement

#000136165824000007 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $916.0M $935.0M $3.750B
YoY Change 4.21% 4.0% 5.13%
Cost Of Revenue $505.0M $465.0M $133.0M
YoY Change 1583.33% 1.75% -15.29%
Gross Profit $411.0M $470.0M $3.617B
YoY Change -51.59% 6.33% 6.07%
Gross Profit Margin 44.87% 50.27% 96.45%
Selling, General & Admin $233.0M $235.0M $961.0M
YoY Change -1.27% 0.0% 3.33%
% of Gross Profit 56.69% 50.0% 26.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.00M $29.00M $112.0M
YoY Change 0.0% 3.57% -5.88%
% of Gross Profit 6.81% 6.17% 3.1%
Operating Expenses $261.0M $264.0M $1.073B
YoY Change -1.14% 0.38% 2.29%
Operating Profit $150.0M $206.0M $720.0M
YoY Change 8.7% 15.08% 10.26%
Interest Expense -$60.00M -$64.00M $251.0M
YoY Change -203.45% 30.61% 28.72%
% of Operating Profit -40.0% -31.07% 34.86%
Other Income/Expense, Net $2.000M $0.00 $3.000M
YoY Change 0.0% -100.0% -86.36%
Pretax Income $92.00M $127.0M $485.0M
YoY Change 8.24% 6.72% -0.21%
Income Tax $26.00M -$2.000M $94.00M
% Of Pretax Income 28.26% -1.57% 19.38%
Net Earnings $66.00M $129.0M $396.0M
YoY Change 3.13% 41.76% 10.92%
Net Earnings / Revenue 7.21% 13.8% 10.56%
Basic Earnings Per Share $0.93 $5.31
Diluted Earnings Per Share $0.92 $1.77 $5.28
COMMON SHARES
Basic Shares Outstanding 71.03M shares 74.50M shares
Diluted Shares Outstanding 72.00M shares 75.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $479.0M $296.0M $282.0M
YoY Change 144.39% -47.33% -48.73%
Cash & Equivalents $479.0M $282.0M $282.0M
Short-Term Investments $14.00M
Other Short-Term Assets $437.0M $405.0M $405.0M
YoY Change 11.76% 19.12% 19.12%
Inventory $1.187B $1.135B $1.135B
Prepaid Expenses
Receivables $187.0M $179.0M $179.0M
Other Receivables $2.535B $2.527B $2.527B
Total Short-Term Assets $4.825B $4.528B $4.528B
YoY Change 12.71% -1.84% -1.84%
LONG-TERM ASSETS
Property, Plant & Equipment $658.0M $655.0M $701.0M
YoY Change -1.79% -0.46% -2.64%
Goodwill $993.0M $962.0M
YoY Change 3.33% 0.73%
Intangibles $197.0M $199.0M
YoY Change -4.83% -3.86%
Long-Term Investments $33.00M
YoY Change 57.14%
Other Assets $350.0M $348.0M $179.0M
YoY Change 16.67% 32.82% 3.47%
Total Long-Term Assets $2.198B $2.210B $2.210B
YoY Change 0.09% 3.08% 3.08%
TOTAL ASSETS
Total Short-Term Assets $4.825B $4.528B $4.528B
Total Long-Term Assets $2.198B $2.210B $2.210B
Total Assets $7.023B $6.738B $6.738B
YoY Change 8.43% -0.28% -0.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.00M $73.00M $73.00M
YoY Change 6.56% 12.31% 12.31%
Accrued Expenses $716.0M $720.0M $698.0M
YoY Change 1.99% -5.88% -7.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.233B $1.235B $1.223B
YoY Change 4.49% 0.49% -0.49%
LONG-TERM LIABILITIES
Long-Term Debt $5.924B $5.646B $5.646B
YoY Change 8.62% 0.07% 0.07%
Other Long-Term Liabilities $82.00M $87.00M $99.00M
YoY Change -22.64% -21.62% -10.81%
Total Long-Term Liabilities $6.006B $5.733B $5.745B
YoY Change 8.02% -0.35% -0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.233B $1.235B $1.223B
Total Long-Term Liabilities $6.006B $5.733B $5.745B
Total Liabilities $7.949B $7.655B $7.656B
YoY Change 6.67% -0.08% -0.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.097B $2.067B
YoY Change 14.22% 14.33%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.221B $7.196B
YoY Change 3.33% 4.5%
Treasury Stock Shares
Shareholders Equity -$926.0M -$918.0M -$918.0M
YoY Change
Total Liabilities & Shareholders Equity $7.023B $6.738B $6.738B
YoY Change 8.43% -0.28% -0.28%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $66.00M $129.0M $396.0M
YoY Change 3.13% 41.76% 10.92%
Depreciation, Depletion And Amortization $28.00M $29.00M $112.0M
YoY Change 0.0% 3.57% -5.88%
Cash From Operating Activities $47.00M $152.0M $350.0M
YoY Change 571.43% -13.14% -20.81%
INVESTING ACTIVITIES
Capital Expenditures $57.00M $32.00M $74.00M
YoY Change 375.0% 100.0% 42.31%
Acquisitions $40.00M $6.000M
YoY Change 566.67% 200.0%
Other Investing Activities $0.00 -$2.000M $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$57.00M -$34.00M -$80.00M
YoY Change 235.29% 112.5% 60.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $300.0M
YoY Change -12.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 203.0M -56.00M -$500.0M
YoY Change -159.18% -125.69% 155.1%
NET CHANGE
Cash From Operating Activities 47.00M 152.0M $350.0M
Cash From Investing Activities -57.00M -34.00M -$80.00M
Cash From Financing Activities 203.0M -56.00M -$500.0M
Net Change In Cash 193.0M 62.00M -$230.0M
YoY Change -154.52% -83.55% -220.42%
FREE CASH FLOW
Cash From Operating Activities $47.00M $152.0M $350.0M
Capital Expenditures $57.00M $32.00M $74.00M
Free Cash Flow -$10.00M $120.0M $276.0M
YoY Change 100.0% -24.53% -29.23%

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CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
147000000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
145000000 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
30000000 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
30000000 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
33000000 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 tnl Noncash Incentives Expiration Period
NoncashIncentivesExpirationPeriod
P2Y
CY2023 tnl Management Services Term
ManagementServicesTerm
P1Y
CY2023Q4 tnl Fees For Property Management Services Budgeted Operating Expenses Percentage
FeesForPropertyManagementServicesBudgetedOperatingExpensesPercentage
0.10
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
444000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
400000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
400000000 usd
CY2021 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
247000000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-255000000 usd
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-313000000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
444000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
400000000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
382000000 usd
CY2023 tnl Contractwith Customer Liability Revenue Recognition Term
ContractwithCustomerLiabilityRevenueRecognitionTerm
P1Y
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
44000000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
23000000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
21000000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
444000000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3750000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3567000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3134000000 usd
CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
391000000 usd
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
356000000 usd
CY2021 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
313000000 usd
CY2023 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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5000000 usd
CY2022 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
1000000 usd
CY2021 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-5000000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
396000000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
357000000 usd
CY2021 us-gaap Net Income Loss
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308000000 usd
CY2023 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
5.24
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
4.27
CY2021 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
3.62
CY2023 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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0.07
CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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0.01
CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2023 us-gaap Earnings Per Share Basic
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5.31
CY2022 us-gaap Earnings Per Share Basic
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4.28
CY2021 us-gaap Earnings Per Share Basic
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3.56
CY2023 us-gaap Income Loss From Continuing Operations Per Diluted Share
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5.21
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
4.23
CY2021 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
3.58
CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.07
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.01
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.06
CY2023 us-gaap Earnings Per Share Diluted
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5.28
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.24
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.52
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74500000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83400000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86500000 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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75000000.0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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84200000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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87300000 shares
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
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1.80
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
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1.60
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
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1.25
CY2023 us-gaap Payments Of Dividends Common Stock
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136000000 usd
CY2022 us-gaap Payments Of Dividends Common Stock
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135000000 usd
CY2021 us-gaap Payments Of Dividends Common Stock
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109000000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.45
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.45
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.45
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.45
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2021Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.35
CY2023 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes stock repurchase activity under the current share repurchase program (in millions):</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:71.172%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.384%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.387%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cost</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">As of December 31, 2022</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">120.0 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,104 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repurchases</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">307 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">As of December 31, 2023</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">127.8 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,411 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
7000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3000000 usd
CY2022 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-5000000 usd
CY2022 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
1000000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
962000000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
955000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
143000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
88000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
55000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
142000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
79000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
63000000 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
955000000 usd
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5000000 usd
CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2000000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
962000000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9000000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9000000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9000000 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
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53000000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
83000000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
111000000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
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7000000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
23000000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
27000000 usd
CY2023 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
26000000 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
28000000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
17000000 usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
86000000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
134000000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
155000000 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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0 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
2000000 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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-38000000 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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6000000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-6000000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2000000 usd
CY2023 us-gaap Deferred Foreign Income Tax Expense Benefit
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2000000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
1000000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
8000000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4000000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-39000000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
94000000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
130000000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
116000000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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315000000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
326000000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
314000000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
170000000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
160000000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
115000000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
485000000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
486000000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
429000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses
182000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses
179000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other Comprehensive Loss
DeferredTaxAssetsOtherComprehensiveLoss
82000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other Comprehensive Loss
DeferredTaxAssetsOtherComprehensiveLoss
78000000 usd
CY2023Q4 tnl Deferredtaxassetsaccruedliabilitiesanddeferredincomenoncurrent
Deferredtaxassetsaccruedliabilitiesanddeferredincomenoncurrent
74000000 usd
CY2022Q4 tnl Deferredtaxassetsaccruedliabilitiesanddeferredincomenoncurrent
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76000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
52000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
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69000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Investment In Subsidiaries
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12000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Investment In Subsidiaries
DeferredTaxAssetsInvestmentInSubsidiaries
12000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
96000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
88000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
120000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
151000000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
403000000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
384000000 usd
CY2023Q4 tnl Deferredtaxliabilitiesinstallmentsalesofvacationownershipinterestsnoncurrent
Deferredtaxliabilitiesinstallmentsalesofvacationownershipinterestsnoncurrent
721000000 usd
CY2022Q4 tnl Deferredtaxliabilitiesinstallmentsalesofvacationownershipinterestsnoncurrent
Deferredtaxliabilitiesinstallmentsalesofvacationownershipinterestsnoncurrent
701000000 usd
CY2023Q4 tnl Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
204000000 usd
CY2022Q4 tnl Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
220000000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
61000000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
57000000 usd
CY2023Q4 tnl Deferred Tax Liabilities Future Recovered Inventory
DeferredTaxLiabilitiesFutureRecoveredInventory
51000000 usd
CY2022Q4 tnl Deferred Tax Liabilities Future Recovered Inventory
DeferredTaxLiabilitiesFutureRecoveredInventory
47000000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
30000000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
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<div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how the change in fair value of the derivative instrument will be reflected on the Consolidated Financial Statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the underlying hedged cash flows or fair value, and the hedge documentation standards are fulfilled at the time the Company enters into the derivative contract. A hedge is designated as a cash flow hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. Changes in fair value for qualifying cash flow hedges, are recorded in Accumulated other comprehensive loss (“AOCL”). The derivative’s gain or loss is released from AOCL to match the timing of the underlying hedged cash flows. A hedge is designated as a fair value hedge when the derivative is used to manage an exposure to changes in the fair value of a recognized asset or liability. For fair value hedges, the portion of the gain or loss on the derivative instrument designated as a fair value hedge will be recognized in earnings. The Company concurrently records changes in the value of the hedged asset or liability via a basis adjustment to the hedged item. These two changes in fair value offset one another in whole or in part and are reported in the same statement of income line item as the hedged risk.</span></div><div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company reviews the effectiveness of its hedging instruments on an ongoing basis and discontinues hedge accounting for any hedge that it no longer considers to be highly effective. The Company recognizes changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. Upon termination of cash flow hedges, the Company releases gains and losses from AOCL based on the timing of the underlying cash flows, unless the termination results from the failure of the intended transaction to occur in the expected time frame. Such untimely transactions require the Company to immediately recognize in earnings gains and losses previously recorded in AOCL.</span></div>Changes in interest rates and foreign exchange rates expose the Company to market risk. The Company periodically uses cash flow and fair value hedges as part of its overall strategy to manage its exposure to market risks associated with fluctuations in interest rates and foreign currency exchange rates. As a matter of policy, the Company only enters into transactions that it believes will be highly effective at offsetting the underlying risk and it does not use derivatives for trading or speculative purposes.
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