v3.26.3
Business Combinations, Asset Acquisitions, Transaction between Entities under Common Control, and Joint Venture Formation (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The preliminary purchase price allocation includes (in millions):
August 1, 2026
Assets acquired
Cash and cash equivalents$20 
Restricted cash8 
Trade receivables, net2 
Vacation ownership contract receivables, net77 
Inventory6 
Prepaid expenses1 
Property and equipment, net20 
Other intangibles, net (a) (b)
19 
Other assets2 
Total assets acquired$155 
Liabilities assumed
Accounts payable$5 
Accrued expense and other liabilities18 
Deferred income1 
Deferred income taxes21 
Total liabilities assumed$45 
Net assets acquired$110 
Total purchase consideration$165 
Less: Net assets acquired(110)
Goodwill (b)
$55 
(a)Acquired intangible assets have estimated useful lives of between 15 and 21 years, with a weighted-average amortization period of 16 years, primarily driven by customer lists.
(b)Goodwill and other intangible assets associated with this acquisition are not deductible for income tax purposes.
The preliminary purchase price allocation includes (in millions):
July 15, 2026
Assets acquired
Cash and cash equivalents$4 
Restricted cash1 
Trade receivables, net1 
Vacation ownership contract receivables, net37 
Inventory19 
Prepaid expenses2 
Property and equipment, net35 
Other intangibles, net (a) (b)
85 
Other assets7 
Total assets acquired$191 
Liabilities assumed
Accounts payable$1 
Accrued expense and other liabilities15 
Deferred income2 
Debt30 
Total liabilities assumed$48 
Net assets acquired$143 
Total purchase consideration$162 
Less: Net assets acquired(143)
Goodwill (b)
$19 
(a)Acquired intangible assets have estimated useful lives of between 17 and 19 years, with a weighted-average amortization period of 19 years, primarily driven by management agreements.
(b)Goodwill and other intangible assets associated with this acquisition are expected to be deductible for income tax purposes.