LOSS ON SALE AND IMPAIRMENT, NET	9 Months Ended
Sep. 30, 2026
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LOSS ON SALE AND IMPAIRMENT, NET	LOSS ON SALE AND IMPAIRMENT, NET Following a strategic review of our resort portfolio quality, we identified certain properties where disposal of our interests was appropriate. During the second quarter of 2026, we completed this disposition of inventory and recorded an aggregate loss of $48 million that is included in Loss on sale and impairment, net on the condensed consolidated statements of income. In accordance with the asset purchase agreement, we will participate in future proceeds from the sales of the disposed inventory by the third-party that purchased our interests in certain properties. During the three months ended September 30, 2026, we recorded $7 million associated with our portion of the proceeds from the sale of our previously disposed interests in certain properties, which is included in Loss on sale and impairment, net on the condensed consolidated statements of income. During the three and nine months ended September 30, 2025, we recorded lease impairments of $1 million and $2 million included in Loss on sale and impairment, net on the condensed consolidated statements of income.

Following a strategic review of our resort portfolio quality, we identified certain properties where disposal of our interests was appropriate. During the second quarter of 2026, we completed this disposition of inventory and recorded an aggregate loss of $48 million that is included in Loss on sale and impairment, net on the condensed consolidated statements of income. In accordance with the asset purchase agreement, we will participate in future proceeds from the sales of the disposed inventory by the third-party that purchased our interests in certain properties. During the three months ended September 30, 2026, we recorded $7 million associated with our portion of the proceeds from the sale of our previously disposed interests in certain properties, which is included in Loss on sale and impairment, net on the condensed consolidated statements of income.

During the three and nine months ended September 30, 2025, we recorded lease impairments of $1 million and $2 million included in Loss on sale and impairment, net on the condensed consolidated statements of income.