MARRIOTT VACATIONS WORLDWIDE Corp 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk Our exposure to market risk has not changed materially from that disclosed in Part I, Item 7A of the 2024 Annual Report, other than as set forth below. We manage the interest rate risk on our corporate debt through the use of a combination of fixed-rate debt and interest rate swaps that fix a portion of our variable-rate debt. At September 30, 2025, after considering the impact of our interest rate swap agreement and excluding finance leases, the interest rate applicable to 85% (approximately $2.9 billion) of our total corporate debt was effectively fixed and the interest rate applicable to the remaining 15% (approximately $490 million) was variable. Assuming no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at September 30, 2025 would result in an increase of approximately $5 million in annual cash interest due to the impact of our hedging arrangements discussed in Footnote 12 “Debt” to our Financial Statements. Assuming we had no outstanding hedging arrangements and no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at September 30, 2025 would result in an annual increase in cash interest of approximately $8 million. The following table presents the scheduled maturities and the total fair value as of September 30, 2025 for our financial instruments that are impacted by market risks: ($ in millions) Average Interest Rate Maturities by Period Remainder of 2025 2026 2027 2028 2029 Thereafter Total Carrying Value Total Fair Value Assets – Maturities represent expected principal receipts; fair values represent assets Vacation ownership notes receivable — non-securitized 11.9% $ 27 $ 92 $ 74 $ 66 $ 56 $ 311 $ 626 $ 631 Vacation ownership notes receivable — securitized 13.3% $ 40 $ 166 $ 170 $ 171 $ 171 $ 1,178 $ 1,896 $ 1,962 Contracts receivable for financed VOI sales, net 13.2% $ 1 $ 4 $ 4 $ 5 $ 6 $ 65 $ 85 $ 85 Liabilities – Maturities represent expected principal payments; fair values represent liabilities Securitized Debt 4.9% $ (46) $ (183) $ (188) $ (398) $ (171) $ (1,146) $ (2,132) $ (2,163) Term Loan 6.4% $ (2) $ (8) $ (8) $ (8) $ (8) $ (756) $ (790) $ (790) Senior Notes 2028 Notes 4.8% $ — $ — $ — $ (350) $ — $ — $ (350) $ (345) 2029 Notes 4.5% $ — $ — $ — $ — $ (500) $ — $ (500) $ (482) 2033 Notes 6.5% $ — $ — $ — $ — $ — $ (575) $ (575) $ (574) 2026 Convertible Notes 0.0% $ — $ (575) $ — $ — $ — $ — $ (575) $ (567) 2027 Convertible Notes 3.3% $ — $ — $ (575) $ — $ — $ — $ (575) $ (551) 57 Table of Contents