v3.26.1
Employee Benefit Plan, Fair Value and NAV
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
EBP, Investment, Fair Value and NAV FAIR VALUE
The guidance for fair value measurement requires additional disclosures about the Plan’s assets and liabilities that are measured at fair value. The following tables present information about the Plan’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Plan to determine such fair values. Financial assets carried at fair value are classified and disclosed in one of the following three categories:
Level 1: Quoted prices for identical instruments in active markets.
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable.
Level 3: Unobservable inputs used when little or no market data is available.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset.
The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another.
The following tables present the Plan’s fair value hierarchy for assets measured at fair value on a recurring basis as of December 31, 2025 and 2024:
As ofQuoted Prices in
Active Markets for
Identical Assets
December 31, 2025(Level 1)
Common stock (a)
$33,233,712 $33,233,712 
Mutual funds162,374,147 162,374,147 
Money market (b)
16,321,980 16,321,980 
Total investment assets in the fair value hierarchy211,929,839 211,929,839 
Investments measured at net asset value:
Common collective trusts (c)
822,544,331 — 
Investments at fair value$1,034,474,170 $211,929,839 
As ofQuoted Prices in
Active Markets for
Identical Assets
December 31, 2024(Level 1)
Common stock (a)
$28,408,821 $28,408,821 
Mutual funds255,049,952 255,049,952 
Money market (b)
21,736,139 21,736,139 
Total investment assets in the fair value hierarchy305,194,912 305,194,912 
Investments measured at net asset value:
Common collective trusts (c)
633,746,293 — 
Investments at fair value$938,941,205 $305,194,912 
(a)    Represents Travel + Leisure Co. common stock, an exempt party-in-interest.
(b)    Primarily represents an investment in Fidelity Investments Money Market Government Portfolio in 2025 and in BlackRock FedFund in 2024.
(c)    Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
NET ASSET VALUE PER SHARE
In accordance with the guidance for fair value measurements in certain entities that calculate Net Asset Value (“NAV”) per share (or its equivalents), the Plan discloses the fair value, redemption frequency and redemption notice period for those assets whose fair value is estimated using the NAV per share.
The following table sets forth a summary of the Plan’s investments with a reported NAV at December 31, 2025 (a):
Investment
Fair Value (b)

Unfunded Commitment		Redemption FrequencyOther Redemption Restrictions
Redemption Notice
Period (c)
Fidelity
Freedom Blend 2010$1,161,254 $— DailyNone5 days
Freedom Blend 20151,132,350 — DailyNone5 days
Freedom Blend 20203,272,250 — DailyNone5 days
Freedom Blend 202516,924,862 — DailyNone5 days
Freedom Blend 203039,214,503 — DailyNone5 days
Freedom Blend 203550,801,234 — DailyNone5 days
Freedom Blend 204045,812,020 — DailyNone5 days
Freedom Blend 204554,421,413 — DailyNone5 days
Freedom Blend 205051,643,620 — DailyNone5 days
Freedom Blend 205547,436,772 — DailyNone5 days
Freedom Blend 206028,954,162 — DailyNone5 days
Freedom Blend 20659,149,796 — DailyNone5 days
Freedom Blend 2070369,777 — DailyNone5 days
Freedom Blend Retirement Fund1,414,396 — DailyNone5 days
Federated Hermes
Total Return Bond Fund
34,339,904 — DailyNone5 days
Galliard
Stable Return Fund42,295,364 — DailyNone12 months
Harbor Capital
Appreciation CIT Class 5107,721,141 — DailyNone
15 days
Spartan
Extended Market Index Pool Class C43,562,133 — DailyNone30 days
S&P 500 Index Fund Class C209,613,558 — DailyNone
30 days
Global ex U.S. Index Fund33,303,822 — DailyNone
30 days
$822,544,331 $— 
(a)    Certain plan level contributions or redemptions may be subject to fees or levies.
(b)    Investments are valued at fair value using the net asset value per share practical expedient.
(c)    Redemption notice period for withdrawal of assets from the fund initiated by the Plan Administrator or Trustee.
The following table sets forth a summary of the Plan’s investments with a reported NAV at December 31, 2024 (a):
Investment
Fair Value (b)
Unfunded CommitmentRedemption FrequencyOther Redemption Restrictions
Redemption Notice
Period (c)
Fidelity
Freedom Blend 2010 Fund$1,105,319 $— DailyNone5 days
Freedom Blend 2015 Fund981,029 — DailyNone5 days
Freedom Blend 2020 Fund2,897,237 — DailyNone5 days
Freedom Blend 2025 Fund15,512,043 — DailyNone5 days
Freedom Blend 2030 Fund31,784,634 — DailyNone5 days
Freedom Blend 2035 Fund42,247,711 — DailyNone5 days
Freedom Blend 2040 Fund35,405,985 — DailyNone5 days
Freedom Blend 2045 Fund40,751,136 — DailyNone5 days
Freedom Blend 2050 Fund39,069,600 — DailyNone5 days
Freedom Blend 2055 Fund37,720,919 — DailyNone5 days
Freedom Blend 2060 Fund21,742,090 — DailyNone5 days
Freedom Blend 2065 Fund4,852,426 — DailyNone5 days
Freedom Blend Income Fund1,493,082 — DailyNone5 days
Federated Hermes
Total Return Bond Fund
37,488,248 — DailyNone5 days
Galliard
Stable Return Fund46,674,643 — DailyNone12 months
Invesco Oppenheimer
International Growth Fund II11,593,189 — DailyNone12 months
Northern Trust Collective
Aggregate Bond Index Fund9,841,036 — DailyNone≤15 days
All Country World Index Fund24,005,101 — DailyNone≤15 days
Extended Market Fund45,783,554 — DailyNone≤15 days
State Street
S&P 500 Index Fund182,797,311 — DailyNone≤15 days
$633,746,293 $— 
(a)    Certain plan level contributions or redemptions may be subject to fees or levies.
(b)    Investments are valued at fair value using the net asset value per share practical expedient.
(c)    Redemption notice period for withdrawal of assets from the fund initiated by the Plan Administrator or Trustee.