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TIMESHARE FINANCING RECEIVABLES (Tables) | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Schedule of Financing Receivable | The following table presents the components of each portfolio segment by class of timeshare financing receivables:
| Originated |  | Acquired
($ in millions) | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Securitized | $ | 941 |  |  | $ | 770 |  |  | $ | 703 |  |  | $ | 214 |
Unsecuritized(1) | 1,766 |  |  | 1,326 |  |  | 528 |  |  | 551 |
Timeshare financing receivables, gross | $ | 2,707 |  |  | $ | 2,096 |  |  | $ | 1,231 |  |  | $ | 765 |
Unamortized non-credit acquisition premium(2) | — |  |  | — |  |  | 131 |  |  | 32 |
Less: allowance for financing receivables losses | (722) |  |  | (500) |  |  | (338) |  |  | (279) |
Timeshare financing receivables, net | $ | 1,985 |  |  | $ | 1,596 |  |  | $ | 1,024 |  |  | $ | 518 |
(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities. (2)Non-credit premium of $97 million was recognized at the Diamond Acquisition Date, of which $17 million and $26 million remains unamortized as of September 30, 2024 and December 31, 2023, respectively. A non-credit premium of $2 million was recognized at the Grand Islander Acquisition Date with $1 million remaining unamortized as of September 30, 2024 and December 31, 2023, respectively. Non-credit premium of $169 million was recognized at the Bluegreen Acquisition Date, of which $113 million remains unamortized as of September 30, 2024.
Schedule of Change in Allowance for Financing Receivables Losses | The changes in our allowance for financing receivables losses were as follows:
($ in millions) | Originated |  | Acquired
Balance as of December 31, 2023 | $ | 500 |  |  | $ | 279 |
Initial allowance for PCD financing receivables acquired during the period(1) | — |  |  | 214 |
Provision for financing receivables losses(2) | 272 |  |  | 2 |
Write-offs | (86) |  |  | (195) |
Inventory recoveries | — |  |  | 74 |
Upgrades(3) | 36 |  |  | (36) |
Balance as of September 30, 2024 | $ | 722 |  |  | $ | 338 |
($ in millions) | Originated |  | Acquired
Balance as of December 31, 2022 | $ | 404 |  |  | $ | 338 |
Provision for financing receivables losses(2) | 115 |  |  | 2 |
Write-offs | (55) |  |  | (94) |
Inventory recoveries | — |  |  | 21 |
Upgrades(3) | 9 |  |  | (9) |
Balance as of September 30, 2023 | $ | 473 |  |  | $ | 258 |
(1)The initial allowance determined for receivables with credit deterioration was $220 million as of the Bluegreen Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million. (2)For the Originated portfolio segment, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio segment, this amount includes incremental provision for credit loss expense from Acquired loans. (3)Represents the initial change in allowance resulting from upgrades of Acquired loans. Upgraded Acquired loans and their related allowance are included in the Originated portfolio segment.
Schedule of Future Payments Due from Financing Receivables | Our originated timeshare financing receivables as of September 30, 2024 mature as follows:
| Originated Timeshare Financing Receivables
($ in millions) | Securitized |  | Unsecuritized |  | Total
Year |  |  |  |  |
2024 (remaining) | $ | 25 |  |  | $ | 29 |  |  | $ | 54 |
2025 | 102 |  |  | 116 |  |  | 218 |
2026 | 109 |  |  | 128 |  |  | 237 |
2027 | 112 |  |  | 142 |  |  | 254 |
2028 | 111 |  |  | 160 |  |  | 271 |
Thereafter | 482 |  |  | 1,191 |  |  | 1,673 |
Total | $ | 941 |  |  | $ | 1,766 |  |  | $ | 2,707 |
Our gross acquired timeshare financing receivables as of September 30, 2024 mature as follows:
| Acquired Timeshare Financing Receivables
($ in millions) | Securitized |  | Unsecuritized |  | Total
Year |  |  |  |  |
2024 (remaining) | $ | 20 |  |  | $ | 15 |  |  | $ | 35 |
2025 | 85 |  |  | 59 |  |  | 144 |
2026 | 91 |  |  | 60 |  |  | 151 |
2027 | 93 |  |  | 62 |  |  | 155 |
2028 | 91 |  |  | 65 |  |  | 156 |
Thereafter | 323 |  |  | 267 |  |  | 590 |
Total | $ | 703 |  |  | $ | 528 |  |  | $ | 1,231 |
Schedule of Financing Receivables by Average FICO Score | Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:
| Originated
| September 30, 2024
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
FICO score |  |  |  |  |  |  |  |  |
700+ | $ | 923 |  |  | $ | 474 |  |  | $ | 18 |  |  | $ | 271 |  |  | $ | 1,686 |
600-699 | 329 |  |  | 271 |  |  | 4 |  |  | 75 |  |  | 679 |
<600 | 40 |  |  | 38 |  |  | — |  |  | 2 |  |  | 80 |
No score(1) | 232 |  |  | 10 |  |  | 18 |  |  | 2 |  |  | 262 |
Total | $ | 1,524 |  |  | $ | 793 |  |  | $ | 40 |  |  | $ | 350 |  |  | $ | 2,707 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
| Originated
| December 31, 2023
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
FICO score |  |  |  |  |  |  |  |  |
700+ | $ | 882 |  |  | $ | 403 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,288 |
600-699 | 311 |  |  | 220 |  |  | — |  |  | — |  |  | 531 |
<600 | 39 |  |  | 31 |  |  | — |  |  | — |  |  | 70 |
No score(1) | 196 |  |  | 8 |  |  | 3 |  |  | — |  |  | 207 |
Total | $ | 1,428 |  |  | $ | 662 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 2,096 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers. Our gross balances by average FICO score of our acquired timeshare financing receivables were as follows:
| Acquired
| September 30, 2024
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
FICO score |  |  |  |  |  |  |
700+ | $ | 185 |  |  | $ | 48 |  |  | $ | 440 |  |  | $ | 673 |
600-699 | 131 |  |  | 15 |  |  | 227 |  |  | 373 |
<600 | 29 |  |  | — |  |  | 9 |  |  | 38 |
No score(1) | 9 |  |  | 133 |  |  | 5 |  |  | 147 |
Total | $ | 354 |  |  | $ | 196 |  |  | $ | 681 |  |  | $ | 1,231 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
| Acquired
| December 31, 2023
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
FICO score |  |  |  |  |  |  |
700+ | $ | 256 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 322 |
600-699 | 189 |  |  | 20 |  |  | — |  |  | 209 |
<600 | 42 |  |  | — |  |  | — |  |  | 42 |
No score(1) | 12 |  |  | 180 |  |  | — |  |  | 192 |
Total | $ | 499 |  |  | $ | 266 |  |  | $ | — |  |  | $ | 765 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score | The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of September 30, 2024:
| Originated Timeshare Financing Receivables
($ in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
FICO score |  |  |  |  |  |  |  |  |  |  |  |  |
700+ | $ | 766 |  |  | $ | 398 |  |  | $ | 277 |  |  | $ | 110 |  |  | $ | 25 |  |  | $ | 110 |  |  | $ | 1,686 |
600-699 | 272 |  |  | 174 |  |  | 132 |  |  | 48 |  |  | 9 |  |  | 44 |  |  | 679 |
<600 | 25 |  |  | 23 |  |  | 18 |  |  | 7 |  |  | 1 |  |  | 6 |  |  | 80 |
No score(1) | 109 |  |  | 63 |  |  | 31 |  |  | 16 |  |  | 10 |  |  | 33 |  |  | 262 |
Total | $ | 1,172 |  |  | $ | 658 |  |  | $ | 458 |  |  | $ | 181 |  |  | $ | 45 |  |  | $ | 193 |  |  | $ | 2,707 |
Current period gross write-offs | $ | 2 |  |  | $ | 4 |  |  | $ | 38 |  |  | $ | 22 |  |  | $ | 4 |  |  | $ | 16 |  |  | $ | 86 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers. The following tables detail our gross acquired timeshare financing receivables by the origination year and average FICO score as of September 30, 2024:
| Acquired Timeshare Financing Receivables
($ in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
FICO score |  |  |  |  |  |  |  |  |  |  |  |  |
700+ | $ | 18 |  |  | $ | 245 |  |  | $ | 102 |  |  | $ | 79 |  |  | $ | 59 |  |  | $ | 170 |  |  | $ | 673 |
600-699 | 7 |  |  | 97 |  |  | 58 |  |  | 53 |  |  | 38 |  |  | 120 |  |  | 373 |
<600 | — |  |  | 3 |  |  | 2 |  |  | 5 |  |  | 7 |  |  | 21 |  |  | 38 |
No score(1) | — |  |  | 32 |  |  | 23 |  |  | 13 |  |  | 18 |  |  | 61 |  |  | 147 |
Total | $ | 25 |  |  | $ | 377 |  |  | $ | 185 |  |  | $ | 150 |  |  | $ | 122 |  |  | $ | 372 |  |  | $ | 1,231 |
Current period gross write-offs | $ | — |  |  | $ | 45 |  |  | $ | 25 |  |  | $ | 28 |  |  | $ | 24 |  |  | $ | 73 |  |  | $ | 195 |
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Past Due Financing Receivables | The following tables detail an aged analysis of our gross timeshare receivables balance:
| Originated - Securitized
| September 30, 2024
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 605 |  |  | $ | 225 |  |  | $ | 1 |  |  | $ | 74 |  |  | $ | 905 |
31 - 90 days past due | 11 |  |  | 8 |  |  | — |  |  | 2 |  |  | 21 |
91 - 120 days past due | 4 |  |  | 4 |  |  | — |  |  | 1 |  |  | 9 |
121 days and greater past due | 4 |  |  | 2 |  |  | — |  |  | — |  |  | 6 |
Total | $ | 624 |  |  | $ | 239 |  |  | $ | 1 |  |  | $ | 77 |  |  | $ | 941 |
| Originated - Unsecuritized
| September 30, 2024
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 753 |  |  | $ | 405 |  |  | $ | 38 |  |  | $ | 266 |  |  | $ | 1,462 |
31 - 90 days past due | 17 |  |  | 15 |  |  | 1 |  |  | 4 |  |  | 37 |
91 - 120 days past due | 5 |  |  | 5 |  |  | — |  |  | 1 |  |  | 11 |
121 days and greater past due | 125 |  |  | 129 |  |  | — |  |  | 2 |  |  | 256 |
Total | $ | 900 |  |  | $ | 554 |  |  | $ | 39 |  |  | $ | 273 |  |  | $ | 1,766 |
| Originated - Securitized
| December 31, 2023
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 577 |  |  | $ | 162 |  |  | $ | — |  |  | $ | — |  |  | $ | 739 |
31 - 90 days past due | 11 |  |  | 8 |  |  | — |  |  | — |  |  | 19 |
91 - 120 days past due | 4 |  |  | 3 |  |  | — |  |  | — |  |  | 7 |
121 days and greater past due | 2 |  |  | 3 |  |  | — |  |  | — |  |  | 5 |
Total | $ | 594 |  |  | $ | 176 |  |  | $ | — |  |  | $ | — |  |  | $ | 770 |
| Originated - Unsecuritized
| December 31, 2023
($ in millions) | Legacy-HGV |  | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 723 |  |  | $ | 366 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 1,095 |
31 - 90 days past due | 16 |  |  | 18 |  |  | — |  |  | — |  |  | 34 |
91 - 120 days past due | 4 |  |  | 7 |  |  | — |  |  | — |  |  | 11 |
121 days and greater past due | 91 |  |  | 95 |  |  | — |  |  | — |  |  | 186 |
Total | $ | 834 |  |  | $ | 486 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 1,326 |
The following tables detail an aged analysis of our gross timeshare receivables balance:
| Acquired - Securitized
| September 30, 2024
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 112 |  |  | $ | 67 |  |  | $ | 488 |  |  | $ | 667 |
31 - 90 days past due | 4 |  |  | 1 |  |  | 18 |  |  | 23 |
91 - 120 days past due | 1 |  |  | 1 |  |  | 8 |  |  | 10 |
121 days and greater past due | 2 |  |  | — |  |  | 1 |  |  | 3 |
Total | $ | 119 |  |  | $ | 69 |  |  | $ | 515 |  |  | $ | 703 |
| Acquired - Unsecuritized
| September 30, 2024
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 46 |  |  | $ | 106 |  |  | $ | 123 |  |  | $ | 275 |
31 - 90 days past due | 3 |  |  | 2 |  |  | 7 |  |  | 12 |
91 - 120 days past due | 1 |  |  | 1 |  |  | 3 |  |  | 5 |
121 days and greater past due | 185 |  |  | 17 |  |  | 34 |  |  | 236 |
Total | $ | 235 |  |  | $ | 126 |  |  | $ | 167 |  |  | $ | 528 |
| Acquired - Securitized
| December 31, 2023
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 131 |  |  | $ | 71 |  |  | $ | — |  |  | $ | 202 |
31 - 90 days past due | 6 |  |  | 1 |  |  | — |  |  | 7 |
91 - 120 days past due | 2 |  |  | — |  |  | — |  |  | 2 |
121 days and greater past due | 3 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 142 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 214 |
| Acquired - Unsecuritized
| December 31, 2023
($ in millions) | Legacy-DRI |  | Legacy-Grand Islander |  | Legacy-Bluegreen |  | Total
Current | $ | 92 |  |  | $ | 177 |  |  | $ | — |  |  | $ | 269 |
31 - 90 days past due | 5 |  |  | 3 |  |  | — |  |  | 8 |
91 - 120 days past due | 2 |  |  | 1 |  |  | — |  |  | 3 |
121 days and greater past due | 258 |  |  | 13 |  |  | — |  |  | 271 |
Total | $ | 357 |  |  | $ | 194 |  |  | $ | — |  |  | $ | 551 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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