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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 328 $ 589
Restricted cash 438 296
Accounts receivable, net 315 507
Timeshare financing receivables, net 3,006 2,113
Inventory 2,244 1,400
Property and equipment, net 792 758
Operating lease right-of-use assets, net 84 61
Investments in unconsolidated affiliates 73 71
Goodwill 1,985 1,418
Intangible assets, net 1,787 1,158
Other assets 390 314
TOTAL ASSETS (variable interest entities - $2,192 in 2024 and $1,459 in 2023) 11,442 8,685
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,125 952
Advanced deposits 226 179
Debt, net 4,601 3,049
Non-recourse debt, net 2,318 1,466
Operating lease liabilities 100 78
Deferred revenues 252 215
Deferred income tax liabilities 925 631
Total liabilities (variable interest entities - $2,318 in 2024 and $1,472 in 2023) 9,547 6,570
Commitments and contingencies - see Note 23
Equity:    
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2024 and 2023 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 96,720,179 shares issued and outstanding as of December 31, 2024, and 105,961,160 shares issued and outstanding as of December 31, 2023 1 1
Additional paid-in capital 1,399 1,504
Accumulated retained earnings 352 593
Accumulated other comprehensive income 0 17
Total stockholders' equity 1,752 2,115
Noncontrolling interest 143 0
Total equity 1,895 2,115
TOTAL LIABILITIES AND EQUITY $ 11,442 $ 8,685