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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Fair Value of Consideration Transferred | The following table presents the preliminary fair value of each class of consideration transferred in relation to the Bluegreen Acquisition as of the Bluegreen Acquisition Date:
($ in millions, except share and per share data) |
Number of Class A Shares issued and outstanding | 12,504,138
Number of Class B Shares issued and outstanding | 3,664,117
Number of Class A shares deliverable as equity awards | 673,169
Total shares and related equity awards outstanding | 16,841,424
Cash consideration to Bluegreen shareholders and equity award holders per share | $ | 75.00 |
Purchase price | $ | 1,263 |
Repayment of Bluegreen Debt(1) | 265 |
Payment of Seller Transaction Fees(2) | 28 |
Total Consideration Transferred | $ | 1,556 |
(1) Reflects the balance of Bluegreen’s debt repaid by HGV. (2) Reflects transaction-related expenses incurred by Bluegreen but paid by HGV.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
($ in millions) | Preliminary Amounts Recognized as of the Bluegreen Acquisition Date
Assets acquired |
Cash and cash equivalents | $ | 71 |
Restricted cash | 44 |
Accounts receivable | 32 |
Timeshare financing receivables, net | 914 |
Inventory | 372 |
Property and equipment | 180 |
Investment in unconsolidated affiliates | 3 |
Operating lease right-of-use assets | 19 |
Intangible assets | 812 |
Other assets | 85 |
Total assets acquired | 2,532 |
Liabilities assumed |
Accounts payable, accrued expenses and other | 143 |
Advanced deposits | 40 |
Debt | 162 |
Non-recourse debt | 606 |
Operating lease liabilities | 20 |
Deferred revenue | 19 |
Deferred income tax liabilities | 341 |
Total liabilities assumed | 1,331 |
Net assets acquired | $ | 1,201 |
Total consideration transferred | $ | 1,556 |
Less: Net assets acquired | (1,201) |
Plus: Noncontrolling interest | 158 |
Goodwill(1) | $ | 513 |
(1)Goodwill is calculated as total consideration transferred less net assets acquired and it primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined Company post-acquisition.
Schedule of Financing Receivables | Acquired timeshare financing receivables with credit deterioration as of the Bluegreen Acquisition Date were as follows:
($ in millions) | As of January 17, 2024
Purchase price | $ | 914 |
Allowance for credit losses | 197 |
Premium attributable to other factors | (152) |
Par value | $ | 959 |
The following table presents the acquired assets with credit deterioration as of the Grand Islander Acquisition Date:
($ in millions) | As of December 1, 2023
Purchase price | $ | 252 |
Allowance for credit losses | 24 |
Premium attributable to other factors | (2) |
Par value | $ | 274 |
Schedule of Estimates Of The Fair Value of Intangible Assets and Estimated Remaining Useful Lives | The following table presents our preliminary estimates of the fair values of the acquired Bluegreen’s identified intangible assets and their related estimated useful lives:
| Weighted Average Estimated Useful Life (in years) |  | Estimated Fair Value ($ in millions)
Trade name | 7 |  | $ | 30 |
Management contracts | 19 |  | 479 |
Club member relationships | 11 |  | 36 |
Capitalized software | 3 |  | 12 |
Marketing agreements | 17 |  | 209 |
Other contract-related intangible assets | 12 |  | 46 |
Total intangible assets acquired |  |  | $ | 812 |
Schedule of Goodwill |
| Resort Operations and Club Management Segment |  | Real Estate Sales and Financing Segment |  | Total Consolidated
Goodwill | $ | 174 |  |  | $ | 339 |  |  | $ | 513 |
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the combined results of operations of HGV and Bluegreen as if we had completed the Bluegreen Acquisition on January 1, 2023, the first day of our 2023 fiscal year, but using our preliminary fair values of assets and liabilities as of the Bluegreen Acquisition Date. These unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Bluegreen Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
| Six Months Ended June 30,
($ in millions) | 2024 |  | 2023
Revenue | $ | 2,437 |  |  | $ | 2,449 |
Net income | (2) |  |  | 115 |
Bluegreen Results of Operations The following table presents the results of Bluegreen operations included in our unaudited condensed consolidated statement of operations for the period from the Bluegreen Acquisition Date through the second quarter of 2024:
($ in millions) | January 17, 2024 to June 30, 2024
Revenue | $ | 433 |
Net loss | (27) |

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