Inventory |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory | Inventory Inventory consisted of the following (in millions):
As VOI inventory is completed, it may be transferred into property and equipment until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred back into completed inventory. There were $36 million of net transfers of VOI inventory to property and equipment and $8 million of net transfers of VOI inventory from property and equipment during the nine months ended September 30, 2026 and 2025. In connection with the resort optimization initiative discussed in Note 20—Restructuring, during the first nine months of 2026 the Vacation Ownership segment transferred $8 million of inventory to assets held-for-sale bringing the total assets held-for-sale related to this initiative to $24 million as of September 30, 2026. This balance is included within Other assets on the Condensed Consolidated Balance Sheets. During 2025, the Company entered into an agreement to sell real property located in Tuscaloosa, Alabama, associated with Sports Illustrated Resorts, to a third-party developer consisting of inventory, in exchange for cash consideration. Separately, the Company entered into an agreement in the third quarter of 2026, with conditional rights and conditional obligations to repurchase the completed property from the developer. As a result, the Company derecognized the inventory and recorded a right-to-recover asset of $27 million and a refund liability of $25 million, included within Other assets and Accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheets. The Company recognized no gain or loss on this transaction. Inventory Obligations The Company has entered into inventory sale transactions with third-party developers for which the Company has conditional rights and obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale. The following table summarizes the activity related to the Company's inventory obligations (in millions):
(a)Included in Accounts payable on the Condensed Consolidated Balance Sheets. The Company has committed to purchase completed properties from third-party developers subject to the properties meeting the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. The third-party developers are VIEs for which the Company is not the primary beneficiary. Accordingly, the Company does not consolidate the VIEs. The maximum potential future payments that the Company could be required to make under these commitments was $348 million as of September 30, 2026.
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