v3.26.3
BUSINESS SEGMENTS - Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Segment Adjusted EBITDA $ 715 $ 343 $ 1,419 $ 934
Acquisition and integration-related (13) (24) (39) (78)
General and administrative (76) (58) (192) (162)
Depreciation and amortization (70) (67) (212) (193)
Other (loss) gain, net (1) (3) (2) 7
Interest expense (78) (79) (221) (235)
Income tax expense (117) (15) (131) (36)
Equity in earnings from unconsolidated affiliates 1 6 8 17
Loss on sale and impairment, net 7 (1) (41) (2)
Other adjustment items (14) (16) (41) (49)
Net income 297 30 380 46
Net income attributable to noncontrolling interest 6 5 11 13
Net income attributable to stockholders 291 25 369 33
License fees        
Segment Reporting [Line Items]        
License fees (57) (56) (168) (157)
Real estate sales and financing        
Segment Reporting [Line Items]        
Segment Adjusted EBITDA 557 184 979 493
Resort operations and club management        
Segment Reporting [Line Items]        
Segment Adjusted EBITDA $ 158 $ 159 $ 440 $ 441