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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Earnings or losses before income taxes by geographic region

The following table presents the components of our Income before income taxes and noncontrolling interests for the last three fiscal years:

($ in millions)			2024						2023						2022
United States			$	281					$	419					$	508
Non-U.S. jurisdictions			25						(21)						74
			$	306					$	398					$	582

Provision for or benefit from income taxes

Our (provision for) benefit from income taxes consisted of:

($ in millions)						2024						2023						2022
Current			– U.S. Federal			$	(28)					$	(123)					$	(91)
			– U.S. State			(20)						(21)						(23)
			– Non-U.S.			(7)						(62)						5
						(55)						(206)						(109)
Deferred			– U.S. Federal			(23)						27						(13)
			– U.S. State			(15)						12						(26)
			– Non-U.S.			4						21						(43)
						(34)						60						(82)
						$	(89)					$	(146)					$	(191)

Reconciliation of US statutory income tax rate to our effective income tax rate

The following table reconciles the U.S. statutory income tax rate to our effective income tax rate:

			2024						2023						2022
U.S. statutory income tax rate			21.0%						21.0%						21.0%
U.S. state income taxes, net of U.S. federal tax benefit			4.6						4.5						5.0
Share-based compensation, net of Section 162(m) limitation			0.8						0.3						(0.2)
Other permanent differences(1)			1.0						(3.0)						1.5
Tax rate changes			0.3						(0.8)						2.8
Non-U.S. income			9.4						2.7						5.5
Tax credits			(0.8)						(0.6)						(0.2)
Unrecognized tax benefits			(6.3)						5.5						(2.7)
Change in valuation allowance			(2.6)						7.1						1.0
Other items			1.6						(0.2)						(0.8)
Effective rate			29.0%						36.5%						32.9%

(1)The 2024 permanent differences are primarily related to non-deductible interest, other expenses and foreign taxes partially offset by non-taxable income. The 2023 permanent differences are primarily related to non-taxable income and foreign taxes deducted in the U.S. The 2022 permanent differences primarily relate to non-deductible interest.

Components of deferred tax assets and liabilities

The following table presents the significant components of our deferred tax assets and liabilities:

($ in millions)			At Year-End 2024						At Year-End 2023
Deferred Tax Assets
Inventory			$	74					$	193
Reserves			166						139
Convertible debt			24						34
Deferred compensation			42						35
Property and equipment			73						56
Non-cash compensation			15						15
Net operating loss and capital loss carryforwards			143						153
Accrued expenses			30						21
Tax credits			30						27
Right-of-use asset			50						50
Other, net			31						25
Deferred tax assets			678						748
Less valuation allowance			(163)						(179)
Net deferred tax assets			515						569
Deferred Tax Liabilities
Long lived intangible assets			(189)						(199)
Deferred sales of VOIs			(549)						(578)
Right-of-use liability			(43)						(44)
Other, net			(41)						(14)
Deferred tax liabilities			(822)						(835)
Total net deferred tax liabilities			$	(307)					$	(266)

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:

($ in millions)			2024						2023						2022
Unrecognized tax benefits at beginning of year			$	106					$	25					$	26
Increases related to tax positions taken during a prior period			8						87						3
Decreases related to tax positions taken during a prior period			(82)						(6)						(4)
Decreases as a result of a lapse of the applicable statute of limitations			(9)						—						—
Unrecognized tax benefits at end of year			$	23					$	106					$	25

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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