CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 259	$ 328
Restricted cash	311	438
Accounts receivable, net	375	315
Timeshare financing receivables, net	2,986	3,006
Inventory	2,299	2,244
Property and equipment, net	861	792
Operating lease right-of-use assets, net	85	84
Investments in unconsolidated affiliates	72	73
Goodwill	1,985	1,985
Intangible assets, net	1,800	1,787
Other assets	756	390
TOTAL ASSETS (variable interest entities - $2,206 and $2,192)	11,789	11,442
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	1,340	1,125
Advanced deposits	236	226
Debt, net	4,487	4,601
Non-recourse debt, net	2,447	2,318
Operating lease liabilities	99	100
Deferred revenue	520	252
Deferred income tax liabilities	929	925
Total liabilities (variable interest entities - $2,430 and $2,318)	10,058	9,547
Commitments and contingencies - see Note 18
Equity:
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2025 and December 31, 2024	0	0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 93,445,262 shares issued and outstanding as of March 31, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024	1	1
Additional paid-in capital	1,351	1,399
Accumulated retained earnings	238	352
Accumulated other comprehensive loss	(7)	0
Total stockholders' equity	1,583	1,752
Noncontrolling interest	148	143
Total equity	1,731	1,895
TOTAL LIABILITIES AND EQUITY	$ 11,789	$ 11,442