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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 215 $ 328
Restricted cash 328 438
Accounts receivable, net 440 315
Timeshare financing receivables, net 3,059 3,006
Inventory 2,454 2,244
Property and equipment, net 854 792
Operating lease right-of-use assets, net 74 84
Investments in unconsolidated affiliates 79 73
Goodwill 1,985 1,985
Intangible assets, net 1,726 1,787
Other assets 466 390
TOTAL ASSETS (variable interest entities - $2,392 and $2,192) 11,680 11,442
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,067 1,125
Advanced deposits 228 226
Debt, net 4,719 4,601
Non-recourse debt, net 2,472 2,318
Operating lease liabilities 91 100
Deferred revenue 635 252
Deferred income tax liabilities 927 925
Total liabilities (variable interest entities - $2,463 and $2,318) 10,139 9,547
Commitments and contingencies - see Note 18
Equity:    
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 86,635,596 shares issued and outstanding as of September 30, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024 1 1
Additional paid-in capital 1,308 1,399
Accumulated retained earnings 88 352
Accumulated other comprehensive loss (12) 0
Total stockholders' equity 1,385 1,752
Noncontrolling interest 156 143
Total equity 1,541 1,895
TOTAL LIABILITIES AND EQUITY $ 11,680 $ 11,442