XML 43 R31.htm IDEA: XBRL DOCUMENT v3.24.3

TIMESHARE FINANCING RECEIVABLES (Tables)

9 Months Ended

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

X

- Definition

Details of financing receivables by origination year and average FICO score.

+ References

No definition available.

+ Details

Name:	hgv_DetailsOfFinancingReceivablesByOriginationYearAndAverageFicoScoreTableTextBlock
Namespace Prefix:	hgv_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of financing receivable [table text block]

+ References

No definition available.

+ Details

Name:	hgv_ScheduleOfFinancingReceivableTableTextBlock
Namespace Prefix:	hgv_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesMinimumPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration