15 unchanged sentences
Under the Publicly
−Removed: Announced Plan (a)
+Added: Announced Plan (b)
October 2021 (October 1-31) 18,550 $ 53.88 18,550 $ 353,258,681
November 2021 (November 1-30) 187,431 55.17 187,431 342,917,685
−Removed: December 2020 (December 1-31)
+Added: December 2021 (a) (December 1-31)
289,974 51.44 289,974 328,002,326
−Removed: Total — $ — — $ 351,074,356
−Removed: (a) On August 20, 2007, our Board of Directors (“Board”) authorized the repurchase of our common stock (the “Share Repurchase Program”).
+Added: 495,955 $ 52.94 495,955 $ 328,002,326
+Added: (a) Includes 24,519 shares purchased for which the trade date occurred in December 2021 and settled in January 2022.
+Added: (b) On August 20, 2007, our Board of Directors (“Board”) authorized the repurchase of our common stock (the “Share Repurchase Program”).
Under the Share Repurchase Program, we are authorized to repurchase shares through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act.
3 unchanged sentences
Under our current and prior stock repurchase plans, the total authorization is $6.8 billion.
−Removed: See “Stock Repurchase Program” section included in Item 7 of this Annual Report on Form 10-K for further information on the Share Repurchase Program.
+Added: See the “Share Repurchase Program” section included in Item 7 of this Annual Report on Form 10-K for further information on the Share Repurchase Program.
For a description of limitations on the payment of our dividends, see the “Dividends” section included in Item 7 of this Annual Report on Form 10-K.
15 unchanged sentences
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
−Removed: SELECTED FINANCIAL DATA
−Removed: As of or For the Year Ended December 31,
−Removed: 2020 2019 (a)
−Removed: Income statement data (in millions):
−Removed: Net revenues $ 2,160 $ 4,043 $ 3,931 $ 3,806 $ 3,692
−Removed: Operating and other (b)
−Removed: 1,999 3,106 3,051 3,000 2,907
−Removed: Depreciation and amortization 126 121 138 136 127
−Removed: COVID-19 related costs 88 — — — —
−Removed: Asset impairments 52 27 (4) 205 —
−Removed: Separation and related costs — 45 223 26 —
−Removed: Total expenses 2,265 3,299 3,408 3,367 3,034
−Removed: Gain on sale of business — (68) — — —
−Removed: Operating (loss)/income (105) 812 523 439 658
−Removed: Other (income), net (14) (23) (38) (28) (21)
−Removed: Interest expense 192 162 170 155 133
−Removed: Early extinguishment of debt — — — — 11
−Removed: Interest (income) (7) (7) (5) (6) (7)
−Removed: (Loss)/income before income taxes (276) 680 396 318 542
−Removed: (Benefit from)/provision for income taxes (23) 191 130 (328) 190
−Removed: Net (loss)/income from continuing operations (253) 489 266 646 352
−Removed: (Loss)/income from operations of discontinued businesses, net of income taxes — — (50) 209 260
−Removed: (Loss)/gain on disposal of discontinued business, net of income taxes (2) 18 456 — —
−Removed: Net (loss)/income (255) 507 672 855 612
−Removed: Net income attributable to noncontrolling interest — — — (1) (1)
−Removed: Net (loss)/income attributable to Travel + Leisure shareholders $ (255) $ 507 $ 672 $ 854 $ 611
−Removed: Per share data
−Removed: Basic earnings/(loss) per share
−Removed: Continuing operations $ (2.95) $ 5.31 $ 2.69 $ 6.26 $ 3.19
−Removed: Discontinued operations (0.02) 0.19 4.11 2.03 2.37
−Removed: $ (2.97) $ 5.50 $ 6.80 $ 8.29 $ 5.56
−Removed: Basic weighted average shares outstanding (in millions) 86.1 92.1 98.9 103.0 109.9
−Removed: Diluted earnings/(loss) per share
−Removed: Continuing operations $ (2.95) $ 5.29 $ 2.68 $ 6.22 $ 3.17
−Removed: Discontinued operations (0.02) 0.19 4.09 2.02 2.35
−Removed: $ (2.97) $ 5.48 $ 6.77 $ 8.24 $ 5.52
−Removed: Diluted weighted average shares outstanding (in millions) 86.1 92.4 99.2 103.7 110.6
−Removed: Cash dividends declared per share $ 1.60 $ 1.80 $ 1.89 $ 2.32 $ 2.00
−Removed: (a) We sold our North American vacation rentals business on October 22, 2019.
−Removed: This business did not meet the criteria to be classified as a discontinued operation;
−Removed: therefore, its results of operations are reflected within continuing operations through the date of sale.
−Removed: (b) Includes Operating, Cost of vacation ownership interests, Consumer financing interest, Marketing, General and administrative, and Restructuring expenses.
−Removed: As of or For the Year Ended December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: Balance sheet data (in millions):
−Removed: Securitized assets (a)
−Removed: $ 2,573 $ 3,121 $ 3,028 $ 2,680 $ 2,601
−Removed: Total assets 7,613 7,453 7,158 10,450 9,866
−Removed: Non-recourse vacation ownership debt 2,234 2,541 2,357 2,098 2,141
−Removed: Debt 4,184 3,034 2,881 3,908 3,299
−Removed: Total (deficit)/equity (968) (524) (569) 774 633
−Removed: Operating statistics:
−Removed: Vacation Ownership
−Removed: Gross VOI sales (in millions) $ 967 $ 2,355 $ 2,271 $ 2,138 $ 2,007
−Removed: Tours (in 000s) 333 945 904 869 819
−Removed: Volume Per Guest (“VPG”) $ 2,486 $ 2,381 $ 2,392 $ 2,345 $ 2,324
−Removed: Travel and Membership
−Removed: Average number of members (in 000s) 3,749 3,887 3,847 3,799 3,852
−Removed: Exchange revenue per member $ 126.48 $ 166.54 $ 171.04 $ 176.74 $ 172.56
−Removed: Transactions (in 000s) (c)
−Removed: Exchange transactions 762 1,493 N/A N/A N/A
−Removed: Non-exchange transactions 278 163 N/A N/A N/A
−Removed: Total Travel and Membership transactions 1,040 1,656 N/A N/A N/A
−Removed: (a) Represents the portion of gross vacation ownership contract receivables, securitization restricted cash, and related assets that collateralize our non-recourse vacation ownership debt.
−Removed: Refer to Note 17— Variable Interest Entities to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for further details.
−Removed: (b) For additional details on our operating statistics see the “Operating Statistics” section included in Item 7 of this Annual Report on Form 10-K.
−Removed: (c) Given recent acquisitions, we will be reporting transactions as a key operating metric for our Travel and Membership segment beginning in 2021.
−Removed: We provided the 2020 and 2019 data in advance of this change.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.