v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 306 $ 253
Restricted cash (VIE - $82 as of 2026 and $87 as of 2025) 193 173
Trade receivables, net 183 165
Vacation ownership contract receivables, net (VIE - $2,171 as of 2026 and $2,281 as of 2025) 2,687 2,638
Inventory 1,148 1,128
Prepaid expenses 249 214
Property and equipment, net 607 531
Goodwill 1,045 972
Other intangibles, net 299 201
Other assets 584 485
Total assets 7,301 6,760
Liabilities and (deficit)    
Accounts payable 78 62
Accrued expenses and other liabilities 965 910
Deferred income 453 468
Non-recourse vacation ownership debt (VIE) 2,025 2,124
Debt 4,041 3,474
Deferred income taxes 746 704
Total liabilities 8,308 7,742
Commitments and contingencies (Note 15)
Stockholders' (deficit):    
Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 600,000,000 shares authorized, 226,651,426 issued as of 2026 and 225,937,948 as of 2025 3 3
Treasury stock, at cost – 166,395,786 shares as of 2026 and 162,880,360 shares as of 2025 (7,988) (7,735)
Additional paid-in capital 4,445 4,405
Retained earnings 2,594 2,412
Accumulated other comprehensive loss (61) (66)
Total stockholders’ (deficit) (1,007) (981)
Noncontrolling interest 0 (1)
Total (deficit) (1,007) (982)
Total liabilities and (deficit) $ 7,301 $ 6,760