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VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Composition of vacation ownership notes receivable balances, net of reserves

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.

			December 31, 2024																		December 31, 2023
($ in millions)			Originated						Acquired						Total						Originated						Acquired						Total
Securitized			$	1,824					$	93					$	1,917					$	1,764					$	148					$	1,912
Eligible for securitization(1)			92						2						94						51						1						52
Not eligible for securitization(1)			417						12						429						363						16						379
Non-securitized			509						14						523						414						17						431
Total			$	2,333					$	107					$	2,440					$	2,178					$	165					$	2,343

(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

Interest income associated with vacation ownership notes receivable

The following table summarizes interest income associated with vacation ownership notes receivable.

($ in millions)			2024						2023						2022
Interest income associated with vacation ownership notes receivable — securitized			$	288					$	276					$	243
Interest income associated with vacation ownership notes receivable — non-securitized			43						36						41
Total interest income associated with vacation ownership notes receivable			$	331					$	312					$	284

Financing receivable, nonaccrual

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.

			Vacation Ownership Notes Receivable
($ in millions)			Non-Securitized						Securitized						Total
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024			$	171					$	24					$	195
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023			$	141					$	27					$	168

Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 31, 2024 and December 31, 2023.

			December 31, 2024																		December 31, 2023
($ in millions)			Non-Securitized						Securitized						Total						Non-Securitized						Securitized						Total
31 – 90 days past due			$	29					$	74					$	103					$	31					$	72					$	103
91 – 120 days past due			11						19						30						7						19						26
Greater than 120 days past due			160						5						165						134						8						142
Total past due			200						98						298						172						99						271
Current			579						2,099						2,678						460						2,082						2,542
Total vacation ownership notes receivable			$	779					$	2,197					$	2,976					$	632					$	2,181					$	2,813

Originated

Accounts, Notes, Loans and Financing Receivable [Line Items]

Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable

The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2024.

			Originated Vacation Ownership Notes Receivable
($ in millions)			Non-Securitized						Securitized						Total
2025			$	84					$	141					$	225
2026			60						150						210
2027			56						158						214
2028			49						165						214
2029			39						165						204
Thereafter			221						1,045						1,266
Balance at December 31, 2024			$	509					$	1,824					$	2,333
Weighted average stated interest rate			11.7%						13.4%						12.9%
Range of stated interest rates			0.0% to 20.9%						0.0% to 20.9%						0.0% to 20.9%

Notes receivable reserves

The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.

			Originated Vacation Ownership Notes Receivable Reserve
($ in millions)			Non-Securitized						Securitized						Total
Balance at December 31, 2021			193						140						333
Increase in vacation ownership notes receivable reserve			118						47						165
Securitizations			(132)						132						—
Clean-up call			37						(37)						—
Write-offs			(136)						—						(136)
Defaulted vacation ownership notes receivable repurchase activity(1)			69						(69)						—
Balance at December 31, 2022			149						213						362
Increase in vacation ownership notes receivable reserve			188						40						228
Securitizations			(211)						211						—
Clean-up call			99						(99)						—
Write-offs			(135)						—						(135)
Defaulted vacation ownership notes receivable repurchase activity(1)			105						(105)						—
Balance at December 31, 2023			195						260						455
Increase in vacation ownership notes receivable reserve			218						53						271
Securitizations			(193)						193						—
Clean-up call			80						(80)						—
Write-offs			(199)						—						(199)
Defaulted vacation ownership notes receivable repurchase activity(1)			151						(151)						—
Balance at December 31, 2024			$	252					$	275					$	527

(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.

Financing receivable credit quality indicators

The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.

			Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)			700 +						600 - 699						< 600						No Score						Total
Marriott Vacation Ownership			$	1,513					$	634					$	58					$	365					$	2,570
Hyatt Vacation Ownership			210						75						2						3						290
			$	1,723					$	709					$	60					$	368					$	2,860

			Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)			700 +						600 - 699						< 600						No Score						Total
Marriott Vacation Ownership			$	1,381					$	609					$	57					$	323					$	2,370
Hyatt Vacation Ownership			188						70						2						3						263
			$	1,569					$	679					$	59					$	326					$	2,633

The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of December 31, 2024, and gross write-offs by brand for the year ended December 31, 2024.

			Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)			2024						2023						2022						2021						2020 & Prior						Total
700 +			$	529					$	378					$	256					$	148					$	202					$	1,513
600 - 699			180						150						120						76						108						634
< 600			17						14						10						7						10						58
No Score			176						88						41						14						46						365
			$	902					$	630					$	427					$	245					$	366					$	2,570
Gross write-offs			$	8					$	44					$	49					$	27					$	38					$	166

			Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)			2024						2023						2022						2021						2020 & Prior						Total
700 +			$	94					$	53					$	41					$	19					$	3					$	210
600 - 699			32						19						15						7						2						75
< 600			1						1						—						—						—						2
No Score			1						1						1						—						—						3
			$	128					$	74					$	57					$	26					$	5					$	290
Gross write-offs			$	2					$	12					$	13					$	6					$	—					$	33

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