INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 268	$ 406
Restricted cash (including $93 and $81 from VIEs, respectively)	328	327
Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively)	416	428
Vacation ownership notes receivable, net (including $2,070 and $1,900 from VIEs, respectively)	2,567	2,565
Inventory	680	692
Property and equipment, net	944	950
Goodwill	2,958	2,958
Intangibles, net	696	711
Other (including $165 and $168 from VIEs, respectively)	779	720
TOTAL ASSETS	9,636	9,757
LIABILITIES AND EQUITY
Accounts payable	270	358
Advance deposits	172	163
Accrued liabilities (including $4 and $4 from VIEs, respectively)	383	376
Deferred revenue and other	466	371
Payroll and benefits liability	221	218
Deferred compensation liability	214	225
Securitized debt, net (including $2,329 and $2,173 from VIEs, respectively)	2,304	2,146
Debt, net	3,265	3,534
Other	120	142
Deferred taxes	229	231
TOTAL LIABILITIES	7,644	7,764
Contingencies and Commitments (Note 10)
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; 75,897,059 and 75,891,531 shares issued, respectively	1	1
Treasury stock — at cost; 41,561,920 and 41,767,498 shares, respectively	(2,415)	(2,427)
Additional paid-in capital	3,989	3,996
Accumulated other comprehensive loss	(12)	(11)
Retained earnings	429	434
TOTAL MVW STOCKHOLDERS' EQUITY	1,992	1,993
Noncontrolling interests	0	0
TOTAL EQUITY	1,992	1,993
TOTAL LIABILITIES AND EQUITY	$ 9,636	$ 9,757

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.