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TIMESHARE FINANCING RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Financing Receivable
The following table presents the components of each portfolio segment by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023
Securitized$1,026 $770 $794 $214 
Unsecuritized(1)
1,409 1,326 617 551 
Timeshare financing receivables, gross$2,435 $2,096 $1,411 $765 
Unamortized non-credit acquisition premium(2)
— — 136 32 
Less: allowance for financing receivables losses(613)(500)(393)(279)
Timeshare financing receivables, net$1,822 $1,596 $1,154 $518 
(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.
(2)Non-credit premium of $97 million was recognized at the Diamond Acquisition Date, of which $18 million and $26 million remains unamortized as of June 30, 2024 and December 31, 2023, respectively. A non-credit premium of $2 million was recognized at the Grand Islander Acquisition Date with $1 million remaining unamortized as of June 30, 2024 and December 31, 2023, respectively. Non-credit premium of $152 million was recognized at the Bluegreen Acquisition Date, of which $117 million remains unamortized as of June 30, 2024.
Schedule of Change in Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
($ in millions)
Originated
Acquired
Balance as of December 31, 2023
$500 $279 
Initial allowance for PCD financing receivables acquired during the period(1)
— 191 
Provision for financing receivables losses(2)
158 1 
Write-offs(57)(111)
Inventory recoveries— 45 
Upgrades(3)
12 (12)
Balance as of June 30, 2024
$613 $393 
($ in millions)
Originated
Acquired
Balance as of December 31, 2022
$404 $338 
Provision for financing receivables losses(2)
71 — 
Write-offs(33)(28)
Inventory recoveries— 8 
Upgrades(3)
5 (5)
Balance as of June 30, 2023
$447 $313 
(1)The initial allowance determined for receivables with credit deterioration was $197 million as of the Bluegreen Acquisition Date. We also reduced the allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million.
(2)For the Originated portfolio segment, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio segment, this amount includes incremental provision for credit loss expense from Acquired loans.
(3)Represents the initial change in allowance resulting from upgrades of Acquired loans. Upgraded Acquired loans and their related allowance are included in the Originated portfolio segment.
Schedule of Future Payments Due from Financing Receivables
Our originated timeshare financing receivables as of June 30, 2024 mature as follows:
Originated Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2024 (remaining)$52 $49 $101 
2025107 98 205 
2026116 106 222 
2027119 118 237 
2028119 132 251 
Thereafter513 906 1,419 
Total$1,026 $1,409 $2,435 
Our gross acquired timeshare financing receivables as of June 30, 2024 mature as follows:
Acquired Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2024 (remaining)$43 $32 $75 
202592 66 158 
202698 68 166 
2027102 71 173 
202898 75 173 
Thereafter361 305 666 
Total$794 $617 $1,411 
Schedule of Financing Receivables by Average FICO Score
Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:
Originated
June 30, 2024
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$915 $425 $12 $150 $1,502 
600-699324 237 3 63 627 
<60040 32 — 5 77 
No score(1)
205 9 13 2 229 
Total$1,484 $703 $28 $220 $2,435 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Originated
December 31, 2023
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$882 $403 $3 $— $1,288 
600-699311 220 — — 531 
<60039 31 — — 70 
No score(1)
196 8 3 — 207 
Total$1,428 $662 $6 $— $2,096 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Our gross balances by average FICO score of our acquired timeshare financing receivables were as follows:
Acquired
June 30, 2024
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$222 $54 $414 $690 
600-699159 17 309 485 
<60033 — 40 73 
No score(1)
10 148 5 163 
Total$424 $219 $768 $1,411 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Acquired
December 31, 2023
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$256 $66 $— $322 
600-699189 20 — 209 
<60042 — — 42 
No score(1)
12 180 — 192 
Total$499 $266 $— $765 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score
The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of June 30, 2024:
Originated Timeshare Financing Receivables
($ in millions)20242023202220212020PriorTotal
FICO score
700+$481 $443 $304 $121 $28 $125 $1,502 
600-699181 190 143 53 10 50 627 
<60019 24 19 7 1 7 77 
No score(1)
67 67 34 16 10 35 229 
Total$748 $724 $500 $197 $49 $217 $2,435 
Current period gross write-offs$— $2 $26 $17 $3 $9 $57 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following tables detail our gross acquired timeshare financing receivables by the origination year and average FICO score as of June 30, 2024:
Acquired Timeshare Financing Receivables
($ in millions)20242023202220212020PriorTotal
FICO score
700+$4 $248 $100 $79 $64 $195 $690 
600-6991 143 76 63 46 156 485 
<600— 15 9 9 10 30 73 
No score(1)
— 35 26 15 19 68 163 
Total$5 $441 $211 $166 $139 $449 $1,411 
Current period gross write-offs$— $28 $19 $24 $16 $24 $111 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Past Due Financing Receivables The following tables detail an aged analysis of our gross timeshare receivables balance:
Originated - Securitized
June 30, 2024
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$659 $257 $1 $73 $990 
31 - 90 days past due13 8 — 1 22 
91 - 120 days past due4 2 — — 6 
121 days and greater past due4 4 — — 8 
Total$680 $271 $1 $74 $1,026 
Originated - Unsecuritized
June 30, 2024
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$667 $295 $27 $143 $1,132 
31 - 90 days past due18 14 — 2 34 
91 - 120 days past due6 8 — 1 15 
121 days and greater past due113 115 — — 228 
Total$804 $432 $27 $146 $1,409 
Originated - Securitized
December 31, 2023
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$577 $162 $— $— $739 
31 - 90 days past due11 8 — — 19 
91 - 120 days past due4 3 — — 7 
121 days and greater past due2 3 — — 5 
Total$594 $176 $— $— $770 
Originated - Unsecuritized
December 31, 2023
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$723 $366 $6 $— $1,095 
31 - 90 days past due16 18 — — 34 
91 - 120 days past due4 7 — — 11 
121 days and greater past due91 95 — — 186 
Total$834 $486 $6 $— $1,326 
The following tables detail an aged analysis of our gross timeshare receivables balance:
Acquired - Securitized
June 30, 2024
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$126 $76 $558 $760 
31 - 90 days past due4 1 19 24 
91 - 120 days past due2 — 5 7 
121 days and greater past due2 — 1 3 
Total$134 $77 $583 $794 
Acquired - Unsecuritized
June 30, 2024
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$53 $121 $144 $318 
31 - 90 days past due3 3 8 14 
91 - 120 days past due1 2 8 11 
121 days and greater past due233 16 25 274 
Total$290 $142 $185 $617 
Acquired - Securitized
December 31, 2023
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$131 $71 $— $202 
31 - 90 days past due6 1 — 7 
91 - 120 days past due2 — — 2 
121 days and greater past due3 — — 3 
Total$142 $72 $— $214 
Acquired - Unsecuritized
December 31, 2023
($ in millions)Legacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
Current$92 $177 $— $269 
31 - 90 days past due5 3 — 8 
91 - 120 days past due2 1 — 3 
121 days and greater past due258 13 — 271 
Total$357 $194 $— $551