v3.26.3
ACQUISITION (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of Consideration Transferred
The following table presents the preliminary fair value of each class of consideration transferred in relation to the Elara Acquisition as of the Elara Acquisition Date:
($ in millions)
Cash consideration for remaining 75% interest
$131 
Effective settlement of preexisting relationships(1)
$(7)
Total purchase consideration$124 
Fair value of previously held 25% ownership interest(2)
$44 
Total allocatable value$168 
(1) The amount primarily represents our effective settlement of outstanding payables to Elara. No gain or loss was recognized upon settlement as amounts were determined to be reflective of fair market value.
(2) The amount was determined based upon the grossed up value of the cash consideration for the remaining 75% interest.
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
As discussed more fully below, the primary areas of the purchase price allocation that are not yet finalized include the following: (1) finalizing the review and valuation of acquired inventory (including key assumptions, inputs and estimates), (2) finalizing the review and valuation of acquired property and equipment (including key assumptions, inputs and estimates) and assigning the remaining useful lives to the depreciable assets; (3) finalizing the review and valuation of
acquired timeshare financing receivables (including key assumptions, inputs and estimates); and (4) finalizing the review and valuation of other acquired assets and assumed liabilities, including debt assumed.
($ in millions)Preliminary Amounts Recognized as of the Elara Acquisition Date
Assets acquired
Cash and cash equivalents$9 
Restricted cash20 
Accounts receivable
4 
Timeshare financing receivables, net(1)
411 
Inventory37 
Property and equipment11 
Other assets3 
Total assets acquired$495 
Liabilities assumed
Accounts payable, accrued expenses and other$11 
Advanced deposits
1 
Debt
7 
Non-recourse debt
310 
Total liabilities assumed$329 
Net assets acquired$166 
Total purchase consideration$124 
Plus: Fair value of previously held 25% ownership interest
44 
Less: Net assets acquired
166 
Goodwill(2)
$2 
(1)The $411 million of Timeshare financing receivables, net includes $295 million of securitized timeshare financing receivables, net and $116 million unsecuritized timeshare financing receivables, net.
(2)Goodwill is calculated as total purchase consideration transferred plus the fair value of previously held 25% ownership interest less net assets acquired. It represents the benefit we expect to achieve from the expanded resort portfolio.