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TIMESHARE FINANCING RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Financing Receivable

The following table presents the components of each portfolio by class of timeshare financing receivables:

			Originated												Acquired
($ in millions)			December 31, 2024						December 31, 2023						December 31, 2024						December 31, 2023
Securitized			$	1,168					$	770					$	641					$	214
Unsecuritized(1)			1,764						1,326						443						551
Timeshare financing receivables, gross			$	2,932					$	2,096					$	1,084					$	765
Unamortized non-credit acquisition premium(2)			—						—						62						32
Less: allowance for financing receivables losses			(804)						(500)						(268)						(279)
Timeshare financing receivables, net			$	2,128					$	1,596					$	878					$	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 $16 million and $26 million remains unamortized as of December 31, 2024 and 2023, respectively. A non-credit premium of $2 million was recognized at the Grand Islander Acquisition Date with $1 million remaining unamortized as of December 31, 2024 and 2023, respectively. Non-credit premium of $76 million was recognized at the Bluegreen Acquisition Date, of which $45 million remains unamortized as of December 31, 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, 2021			$	280					$	482
Provision for financing receivables losses(1)			140						—
Write-offs			(70)						(119)
Inventory recoveries			—						29
Upgrades(3)			54						(54)
Balance as of December 31, 2022			$	404					$	338
Provision for financing receivables losses(1)			171						(1)
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)			—						30
Write-offs			(73)						(116)
Inventory recoveries			—						26
Upgrades(3)			(2)						2
Balance as of December 31, 2023			$	500					$	279
Provision for financing receivables losses(1)			363						14
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)			—						157
Write-offs			(106)						(258)
Inventory recoveries			—						123
Upgrades(3)			47						(47)
Balance as of December 31, 2024			$	804					$	268

(1) For the Originated portfolio, 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, this amount includes incremental provision for credit loss expense from Acquired loans.

(2) The initial gross allowance determined for receivables with credit deterioration was $163 million as of the Bluegreen Acquisition Date and $30 million as of the Grand Islander Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million during the first quarter of 2024.

(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.

Schedule of Future Payments Due from Financing Receivables

Our originated timeshare financing receivables as of December 31, 2024, mature as follows:

			Originated Timeshare Financing Receivables
($ in millions)			Securitized						Unsecuritized						Total
Year
2025			$	118					$	113					$	231
2026			124						120						244
2027			129						135						264
2028			133						151						284
2029			135						170						305
Thereafter			529						1,075						1,604
Total			$	1,168					$	1,764					$	2,932

Our acquired timeshare financing receivables as of December 31, 2024, mature as follows:

			Acquired Timeshare Financing Receivables
($ in millions)			Securitized						Unsecuritized						Total
Year
2025			$	78					$	53					$	131
2026			84						55						139
2027			89						54						143
2028			87						55						142
2029			80						53						133
Thereafter			223						173						396
Total			$	641					$	443					$	1,084

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
			December 31, 2024
($ in millions)			HGV						DRI						Grand Islander						Bluegreen						Total
FICO score
700+			$	956					$	505					$	23					$	356					$	1,840
600-699			336						287						5						95						723
<600			41						42						—						2						85
No score(1)			249						11						21						3						284
Total			$	1,582					$	845					$	49					$	456					$	2,932

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

			Originated
			December 31, 2023
($ in millions)			HGV						DRI						Grand Islander						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
			December 31, 2024
($ in millions)			Legacy-DRI						Legacy-Grand Islander						Legacy-Bluegreen						Total
FICO score
700+			$	159					$	44					$	385					$	588
600-699			114						13						203						330
<600			25						—						8						33
No score(1)			9						120						4						133
Total			$	307					$	177					$	600					$	1,084

(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.

Details the Gross Timeshare Financing Receivables by the 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 December 31, 2024:

			Originated Timeshare Financing Receivables
($ in millions)			2024						2023						2022						2021						2020						Prior						Total
FICO score
700+			$	1,009					$	355					$	252					$	102					$	23					$	99					$	1,840
600-699			343						162						124						45						9						40						723
<600			33						21						17						6						1						7						85
No score(1)			148						55						28						14						9						30						284
Total			$	1,533					$	593					$	421					$	167					$	42					$	176					$	2,932
Current period gross write-offs			$	8					$	7					$	45					$	25					$	4					$	17					$	106

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

The following tables details our gross acquired timeshare financing receivables by the origination year and average FICO score as of December 31, 2024:

			Acquired Timeshare Financing Receivables
($ in millions)			2024						2023						2022						2021						2020						Prior						Total
FICO score
700+			$	15					$	212					$	89					$	72					$	53					$	147					$	588
600-699			6						86						52						49						35						102						330
<600			—						2						2						5						6						18						33
No score(1)			—						28						21						12						16						56						133
Total			$	21					$	328					$	164					$	138					$	110					$	323					$	1,084
Current period gross write-offs			$	—					$	60					$	33					$	33					$	30					$	102					$	258

(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 financing receivables balance:

			Originated - Securitized
			December 31, 2024
($ in millions)			HGV						DRI						Grand Islander						Bluegreen						Total
Current			$	714					$	279					$	2					$	135					$	1,130
31 - 90 days past due			12						8						—						4						24
91 - 120 days past due			4						3						—						1						8
121 days and greater past due			4						2						—						—						6
Total			$	734					$	292					$	2					$	140					$	1,168

			Originated - Unsecuritized
			December 31, 2024
($ in millions)			HGV						DRI						Grand Islander						Bluegreen						Total
Current			$	683					$	389					$	44					$	301					$	1,417
31 - 90 days past due			15						15						1						7						38
91 - 120 days past due			6						6						1						3						16
121 days and greater past due			144						143						1						5						293
Total			$	848					$	553					$	47					$	316					$	1,764

			Originated - Securitized
			December 31, 2023
($ in millions)			HGV						DRI						Grand Islander						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)			HGV						DRI						Grand Islander						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
			December 31, 2024
($ in millions)			Legacy-DRI						Legacy-Grand Islander						Legacy-Bluegreen						Total
Current			$	104					$	84					$	418					$	606
31 - 90 days past due			4						1						17						22
91 - 120 days past due			1						—						8						9
121 days and greater past due			2						1						1						4
Total			$	111					$	86					$	444					$	641

			Acquired - Unsecuritized
			December 31, 2024
($ in millions)			Legacy-DRI						Legacy-Grand Islander						Legacy-Bluegreen						Total
Current			$	36					$	68					$	112					$	216
31 - 90 days past due			2						2						5						9
91 - 120 days past due			1						1						2						4
121 days and greater past due			157						20						37						214
Total			$	196					$	91					$	156					$	443

			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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