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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 261 $ 239
Restricted cash 291 332
Accounts receivable, net 274 270
Timeshare financing receivables, net 3,130 3,115
Inventory 2,541 2,522
Property and equipment, net 871 859
Operating lease right-of-use assets, net 69 72
Investments in unconsolidated affiliates 68 63
Goodwill 1,985 1,985
Intangible assets, net 1,627 1,670
Other assets 818 410
TOTAL ASSETS (variable interest entities - $2,631 and $2,601) 11,935 11,537
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,268 1,018
Advanced deposits 233 228
Debt, net 4,757 4,545
Non-recourse debt, net 2,552 2,716
Operating lease liabilities 86 89
Deferred revenue 825 637
Deferred income tax liabilities 864 864
Total liabilities (variable interest entities - $2,629 and $2,824) 10,585 10,097
Commitments and contingencies - see Note 17
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 80,656,367 shares issued and outstanding as of March 31, 2026, and 83,133,678 shares issued and outstanding as of December 31, 2025 1 1
Additional paid-in capital 1,226 1,276
Accumulated (deficit) retained earnings (5) 34
Accumulated other comprehensive loss (25) (22)
Total stockholders' equity 1,197 1,289
Noncontrolling interest 153 151
Total equity 1,350 1,440
TOTAL LIABILITIES AND EQUITY $ 11,935 $ 11,537