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CONSOLIDATED VARIABLE INTEREST ENTITIES | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONSOLIDATED VARIABLE INTEREST ENTITIES | CONSOLIDATED VARIABLE INTEREST ENTITIES The activities of these entities are limited primarily to purchasing qualifying non-recourse timeshare financing receivables from us and issuing debt securities and/or borrowing under a debt facility to facilitate such purchases. The timeshare financing receivables held by these entities are not available to our creditors and are not our legal assets, nor is the debt that is securitized through these entities a legal liability to us. We have determined that we are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. We are the servicer of these timeshare financing receivables, and we often replace or repurchase timeshare financing receivables that are in default at their outstanding principal amounts. Additionally, we have the right to receive benefits that could be significant to them. Only the assets of our VIEs are available to settle the obligations of the respective entities. Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following:
($ in millions) | March 31, 2026 |  | December 31, 2025
Restricted cash | $ | 105 |  |  | $ | 142 |
Timeshare financing receivables, net | 2,501 |  |  | 2,435 |
Non-recourse debt, net | 2,531 |  |  | 2,690 |
The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the three months ended March 31, 2026. These amounts are included within Financing revenue and Financing expense in the unaudited condensed consolidated statement of income.
($ in millions) |
Interest income | $ | 96 |
Interest expense | 28 |
Debt issuance cost amortization | 3 |
Administrative expenses | 2 |
Cash paid for interest associated with our non-recourse debt was $29 million and $26 million for the three months ended March 31, 2026 and 2025. See our unaudited condensed consolidated statements of cash flows for additional information related to borrowings and payments on our Non-recourse debt.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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