v3.26.3
Debt (Schedule of Long-term Debt Instruments) (Details)
$ in Millions, $ in Millions, $ in Millions
Sep. 30, 2026
USD ($)
Sep. 30, 2026
AUD ($)
Sep. 30, 2026
NZD ($)
May 20, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]          
Finance lease liabilities $ 26       $ 18
Long-term Debt 6,066        
Term Notes [Member]          
Debt Instrument [Line Items]          
Debt financing cost 22       23
Term Notes [Member] | Term Notes [Member]          
Debt Instrument [Line Items]          
Non-recourse vacation ownership debt (VIE) [1],[2] 1,579       1,690
Non-recourse bank conduit facility [Member]          
Debt Instrument [Line Items]          
Revolving credit facility [3] 446        
Non-recourse bank conduit facility [Member] | USD bank conduit facility (due September 2025) [Member]          
Debt Instrument [Line Items]          
Non-recourse vacation ownership debt (VIE) [2],[4] 320       318
Debt instrument, face amount 600        
Non-recourse bank conduit facility [Member] | AUD/NZD bank conduit Facility (due December 2026) [Member]          
Debt Instrument [Line Items]          
Non-recourse vacation ownership debt (VIE) [2],[5] 126       116
Debt instrument, face amount   $ 200 $ 25    
Non-Recourse Vacation Ownership Debt [Member]          
Debt Instrument [Line Items]          
Non-recourse vacation ownership debt (VIE) [2] 2,025       2,124
Long-term Debt 2,025        
Long-term vacation ownership contract receivables 2,290       2,400
Revolving Credit Facility | Secured Revolving Credit Facility due June 2030 | Revolving Credit Facility          
Debt Instrument [Line Items]          
Revolving credit facility [7],[8] 385 [6]       $ 63
Debt instrument, face amount $ 1,000        
Long-Term Debt, Weighted Average Interest Rate, at Point in Time 5.76% 5.76% 5.76%   6.52%
Debt          
Debt Instrument [Line Items]          
Long-term Debt [7] $ 4,041       $ 3,474
Debt financing cost 22       16
Unamortized discount 8       11
Debt | 2024 Secured Term Loan B due December 2029 [Member] | Term Loan B [Member]          
Debt Instrument [Line Items]          
Debt [7],[9] $ 849       $ 854
Long-Term Debt, Weighted Average Interest Rate, at Point in Time 5.73% 5.73% 5.73%   6.86%
Debt | 6.625% Senior Secured Notes Due July 2026 [Member]          
Debt Instrument [Line Items]          
Senior notes [7] $ 0       $ 649
Debt instrument, face amount $ 650     $ 650  
Debt Instrument, Interest Rate, Stated Percentage 6.625% 6.625% 6.625% 6.625%  
Debt | 6.00% secured notes due April 2027 [Member]          
Debt Instrument [Line Items]          
Senior notes [7],[10] $ 401       402
Debt instrument, face amount $ 400        
Debt Instrument, Interest Rate, Stated Percentage 6.00% 6.00% 6.00%    
Unamortized (gains)/losses from the settlement of a derivative $ (1)       (2)
Debt | 4.50% Secured Notes (due Dec 2029)          
Debt Instrument [Line Items]          
Senior notes [7] 646       646
Debt instrument, face amount $ 650        
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50%    
Debt | 4.625% Secured notes due March 2030 [Member]          
Debt Instrument [Line Items]          
Senior notes [7] $ 348       348
Debt instrument, face amount $ 350        
Debt Instrument, Interest Rate, Stated Percentage 4.625% 4.625% 4.625%    
Debt | 6.25% Secured notes due June 2031          
Debt Instrument [Line Items]          
Senior notes [7] $ 891       0
Debt instrument, face amount $ 900     $ 900  
Debt Instrument, Interest Rate, Stated Percentage 6.25% 6.25% 6.25% 6.25%  
Debt financing cost       $ 10  
Debt | 6.125% Secured notes due September 2033          
Debt Instrument [Line Items]          
Senior notes [7] $ 495       494
Debt instrument, face amount $ 500        
Debt Instrument, Interest Rate, Stated Percentage 6.125% 6.125% 6.125%    
Debt | Obligations          
Debt Instrument [Line Items]          
Finance lease liabilities [7] $ 26       $ 18
[1] The carrying amounts of the term notes are net of deferred financing costs of $22 million and $23 million as of September 30, 2026 and December 31, 2025.
[2] Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.29 billion and $2.40 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of September 30, 2026 and December 31, 2025.
[3] Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacities of these facilities are subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[4] The Company has a borrowing capacity of $600 million under the USD bank conduit facility through August 2027. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than September 2028.
[5] The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2026. Borrowings under this facility are required to be repaid no later than January 2029.
[6] Consists of the Company’s $1.0 billion secured revolving credit facility.
[7] The carrying amounts of the secured notes and term loan are net of unamortized discounts of $8 million and $11 million as of September 30, 2026 and December 31, 2025, and net of unamortized debt financing costs of $22 million and $16 million as of September 30, 2026 and December 31, 2025.
[8] The weighted average effective interest rate on facility borrowings was 5.76% and 6.52% for the nine months ended September 30, 2026 and year-ended December 31, 2025.
[9] The weighted average effective interest rate on facility borrowings was 5.73% and 6.86% for the nine months ended September 30, 2026 and year-ended December 31, 2025.
[10] Includes $1 million and $2 million of unamortized gains from the settlement of a derivative as of September 30, 2026 and December 31, 2025.