CONSOLIDATED VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

As of December 31, 2023, we consolidated 11 VIEs. The activities of these entities are limited to purchasing qualifying non-recourse timeshare financing receivables from us and issuing debt securities and/or borrowing under a debt facility to facilitate such purchases. The timeshare financing receivables held by these entities are not available to our creditors and are not our legal assets, nor is the debt that is securitized through these entities a legal liability to us.

We have determined that we are the primary beneficiaries of the VIEs as we have the power to direct the activities that most significantly affect their economic performance. We are also the servicer of these timeshare financing receivables and often replace or repurchase timeshare financing receivables that are in default at their outstanding principal amounts. Additionally, we have the right to receive benefits that could be significant to them. Only the assets of our VIEs are available to settle the obligations of the respective entities.

As part of the Grand Islander Acquisition, we acquired the variable interests in the entities associated with Grand Islander’s outstanding timeshare financing receivables securitization transactions. They have been aggregated for disclosure purposes as they are similar in nature to our previously established VIEs. We also assumed a timeshare facility that has an outstanding balance of $124 million as of December 31, 2023 and is considered a VIE. See Note 15: Debt and Non-recourse debt for additional information.

Our consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following:


	December 31,
($ in millions)	2023		2022
Restricted cash	$	48	$	48
Timeshare financing receivables, net	1,395		883
Non-recourse debt, net	1,466		1,003