CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 71	$ 71
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization expense of intangibles	10	10
Amortization of debt issuance costs	2	2
Depreciation expense	31	30
Bad debt expense	4	1
Allowance for losses on originated loans	23	15
Allowance for impairment on acquired loans	3	5
Accretion of mortgages receivable	2	3
Non-cash compensation expense	11	12
Deferred income taxes	10	13
Equity in earnings from unconsolidated entities	(1)	(3)
Distributions from investments in unconsolidated entities	2
Gain on bargain purchase of Vistana acquisition		(2)
Changes in operating assets and liabilities:
Accounts receivable	(41)	4
Vacation ownership mortgages receivable (originations)	(171)	(163)
Vacation ownership mortgages receivable (collections)	139	140
Vacation ownership inventory (additions)	(39)	(120)
Vacation ownership inventory (disposals)	53	49
Vacation ownership operating related insurance proceeds	19
Vacation ownership consolidated HOAs related insurance proceeds	23
Prepaid expenses and other current assets	(26)	(20)
Prepaid income taxes and income taxes payable	11	9
Accounts payable and other current liabilities	27	(1)
Deferred income	21	36
Other, net		(9)
Net cash and restricted cash provided by operating activities	184	82
Cash flows from investing activities:
Capital expenditures	(22)	(48)
Purchase of trading investments	4
Net cash used in investing activities	(18)	(48)
Cash flows from financing activities:
Borrowings (payments) on revolving credit facility, net	(15)	71
Payments on securitized debt	(86)	(66)
Purchases of treasury stock		(3)
Dividend payments to stockholders	(43)	(37)
Withholding taxes on vesting of restricted stock units and restricted stock	(9)	(5)
Net cash and restricted cash used in financing activities	(153)	(40)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3)	3
Net increase (decrease) in cash, cash equivalents and restricted cash	10	(3)
Cash, cash equivalents and restricted cash at beginning of period	352	244
Cash, cash equivalents and restricted cash at end of period	362	241
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	21	17
Income taxes paid, net of refunds	$ 12	$ 16

ILG, Inc. 10-Q