CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 269	$ 328
Restricted cash	323	438
Accounts receivable, net	444	315
Timeshare financing receivables, net	2,979	3,006
Inventory	2,406	2,244
Property and equipment, net	828	792
Operating lease right-of-use assets, net	77	84
Investments in unconsolidated affiliates	74	73
Goodwill	1,985	1,985
Intangible assets, net	1,760	1,787
Other assets	593	390
TOTAL ASSETS (variable interest entities - $2,447 and $2,192)	11,738	11,442
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	1,216	1,125
Advanced deposits	235	226
Debt, net	4,574	4,601
Non-recourse debt, net	2,499	2,318
Operating lease liabilities	95	100
Deferred revenue	551	252
Deferred income tax liabilities	928	925
Total liabilities (variable interest entities - $2,486 and $2,318)	10,098	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 June 30, 2025 and December 31, 2024	0	0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 89,458,267 shares issued and outstanding as of June 30, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024	1	1
Additional paid-in capital	1,326	1,399
Accumulated retained earnings	167	352
Accumulated other comprehensive loss	(5)	0
Total stockholders' equity	1,489	1,752
Noncontrolling interest	151	143
Total equity	1,640	1,895
TOTAL LIABILITIES AND EQUITY	$ 11,738	$ 11,442