v3.26.1
ACQUISITION (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of Consideration Transferred
The following table presents the preliminary fair value of each class of consideration transferred in relation to the Elara Acquisition as of the Elara Acquisition Date:
($ in millions)
Cash consideration for incremental 75% interest
$131 
Effective settlement of preexisting relationships(2)
$(7)
Total purchase consideration$124 
Fair value of previously held 25% ownership interest(3)
$44 
Total allocatable value$168 
(1) The $131 million of cash consideration for the incremental 75% interest consists of $128 million paid on April 29, 2026 upon completion of the Elara Acquisition and $3 million accrued for within Accounts payable, accrued expenses and other as of June 30, 2026 for certain post-closing adjustments based on the terms and conditions of the purchase agreement.
(2) The amount primarily represents our effective settlement of outstanding payables to Elara. No gain or loss was recognized upon settlement as amounts were determined to be reflective of fair market value.
(3) The amount was determined based upon the grossed up value of the cash consideration for the incremental 75% interest.
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
As discussed more fully below, the primary areas of the purchase price allocation that are not yet finalized include the following: (1) finalizing the review and valuation of acquired inventory (including key assumptions, inputs and estimates), (2) finalizing the review and valuation of acquired property and equipment (including key assumptions, inputs and estimates) and assigning the remaining useful lives to the depreciable assets; (3) finalizing the review and valuation of
acquired timeshare financing receivables (including key assumptions, inputs and estimates); and (4) finalizing the review and valuation of other acquired assets and assumed liabilities, including debt assumed.
($ in millions)Preliminary Amounts Recognized as of the Elara Acquisition Date
Assets acquired
Cash and cash equivalents$9 
Restricted cash20 
Accounts receivable
4 
Timeshare financing receivables, net(1)
411 
Inventory37 
Property and equipment11 
Other assets4 
Total assets acquired$496 
Liabilities assumed
Accounts payable, accrued expenses and other11 
Advanced deposits
1 
Debt
7 
Non-recourse debt
310 
Total liabilities assumed329 
Net assets acquired$167 
Total purchase consideration$124 
Plus: Fair value of previously held 25% ownership interest
$44 
Less: Net assets acquired
$167 
Goodwill(2)
$1 
(1)The $411 million of Timeshare financing receivables, net includes $293 million of securitized timeshare financing receivables,net and $118 million unsecuritized timeshare financing receivables, net.
(2)Goodwill is calculated as total purchase consideration transferred plus the fair value of previously held 25% ownership interest less net assets acquired. It represents the benefit we expect to achieve from the expanded resort portfolio.