INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 196	$ 197
Restricted cash (including $95 and $82 from VIEs, respectively)	291	331
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)	389	387
Vacation ownership notes receivable, net (including $1,959 and $1,917 from VIEs, respectively)	2,446	2,440
Inventory	737	735
Property and equipment, net	1,166	1,170
Goodwill	3,117	3,117
Intangibles, net	775	790
Other (including $130 and $131 from VIEs, respectively)	765	641
TOTAL ASSETS	9,882	9,808
LIABILITIES AND EQUITY
Accounts payable	251	343
Advance deposits	167	162
Accrued liabilities (including $4 and $4 from VIEs, respectively)	426	384
Deferred revenue	442	354
Payroll and benefits liability	208	220
Deferred compensation liability	186	195
Securitized debt, net (including $2,171 and $2,163 from VIEs, respectively)	2,147	2,136
Debt, net	3,151	3,089
Other	134	139
Deferred taxes	335	345
TOTAL LIABILITIES	7,447	7,367
Contingencies and Commitments (Note 9)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,855,593 and 75,852,678 shares issued, respectively	1	1
Treasury stock — at cost; 41,326,184 and 40,974,753 shares, respectively	(2,406)	(2,378)
Additional paid-in capital	3,968	3,975
Accumulated other comprehensive loss	(9)	(8)
Retained earnings	881	852
TOTAL MVW STOCKHOLDERS' EQUITY	2,435	2,442
Noncontrolling interests	0	(1)
TOTAL EQUITY	2,435	2,441
TOTAL LIABILITIES AND EQUITY	$ 9,882	$ 9,808

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities.