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Other comprehensive (loss) income, net of tax:

$ 122,799

^[1],[2],[3]

$ 80,756

^[2],[3],[4]

$ 79,730

^[5]

Total other comprehensive (loss) income, net of tax

(5,673)

(6,005)

1,783

(5,673)

(6,005)

1,783

COMPREHENSIVE INCOME

$ 117,126

$ 74,751

$ 81,513

[1]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[2]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[3]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[4]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[5]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
ASSETS
Cash and cash equivalents	$ 177,061	$ 346,515
Restricted cash (including $26,884 and $34,986 from VIEs, respectively)	71,451	109,907
Accounts and contracts receivable, net (including $4,893 and $4,992 from VIEs, respectively)	131,850	109,700
Vacation ownership notes receivable, net (including $669,179 and $750,680 from VIEs, respectively)	920,631	917,228
Inventory	669,243	772,784
Property and equipment	288,803	147,379
Other	135,987	127,066
Total Assets	2,395,026	2,530,579
LIABILITIES AND EQUITY
Accounts payable	139,120	114,079
Advance deposits	69,064	60,192
Accrued liabilities (including $669 and $1,088 from VIEs, respectively)	164,791	165,969
Deferred revenue	35,276	38,818
Payroll and benefits liability	104,331	93,073
Liability for Marriott Rewards customer loyalty program	35	89,285
Deferred compensation liability	51,031	41,677
Mandatorily redeemable preferred stock of consolidated subsidiary, net	38,989	38,816
Debt, net (including $684,604 and $708,031 from VIEs, respectively)	678,793	703,013
Other	32,945	27,071
Deferred taxes	104,384	78,883
Total Liabilities	1,418,759	1,450,876
Contingencies and Commitments (Note 9)
Preferred stock - $.01 par value; 2,000,000 shares authorized; none issued or outstanding
Common stock - $.01 par value; 100,000,000 shares authorized; 36,393,800 and 36,089,513 shares issued, respectively	364	361
Treasury stock - at cost; 6,844,256 and 3,996,725 shares, respectively	(429,990)	(229,229)
Additional paid-in capital	1,150,731	1,137,785
Accumulated other comprehensive income	11,381	17,054
Retained earnings	243,781	153,732
Total Equity	976,267	1,079,703
Total Liabilities and Equity	$ 2,395,026	$ 2,530,579

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Restricted cash	$ 71,451	$ 109,907
Accounts and contracts receivable	131,850	109,700
Vacation ownership notes receivable	920,631	917,228
Accrued liabilities	164,791	165,969
Debt, net	$ 678,793	$ 703,013
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	36,393,800	36,089,513
Treasury stock, shares	6,844,256	3,996,725
Variable Interest Entity
Restricted cash	$ 26,884	$ 34,986
Accounts and contracts receivable	4,893	4,992
Vacation ownership notes receivable	669,179	750,680
Accrued liabilities	669	1,088
Debt, net	$ 684,604	$ 708,031

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

OPERATING ACTIVITIES

Adjustments to reconcile net income to net cash provided by operating activities:

$ 122,799

^[1],[2],[3]

$ 80,756

^[2],[3],[4]

$ 79,730

^[5]

Depreciation

22,217

18,682

22,595

Amortization of debt issuance costs

5,586

5,462

5,561

Employee stock purchase plan

33,083

30,534

35,981

Share-based compensation

14,142

13,376

12,015

560

Gain on disposal of property and equipment, net

(9,557)

(5,171)

(710)

Non-cash litigation settlement

(262)

23,778

Deferred income taxes

28,162

18,876

17,880

Equity method income

(187)

(74)

(190)

Impairment charges

324

1,381

1,471

Impairment (reversals) charges on equity investment

(540)

1,254

Net change in assets and liabilities:

Accounts and contracts receivable

(24,188)

(1,143)

(7,977)

Notes receivable originations

(311,195)

(267,917)

(260,444)

Notes receivable collections

270,170

287,240

309,584

Inventory

72,158

82,690

33,950

Purchase of operating hotels for future conversion to inventory

(61,554)

Other assets

(10,648)

8,659

(7,565)

Accounts payable, advance deposits and accrued liabilities

23,419

(10,824)

(16,797)

Liability for Marriott Rewards customer loyalty program

(89,251)

(25,022)

(44,678)

Deferred revenue

(3,334)

18,119

(12,548)

Payroll and benefit liabilities

11,380

8,973

(98)

Deferred compensation liability

9,354

4,568

(7,638)

Net cash provided by operating activities

1,060

(2,558)

(2,694)

Other, net

4,796

1,566

2,066

109,034

291,411

160,748

INVESTING ACTIVITIES

Capital expenditures for property and equipment (excluding inventory)

(35,735)

(15,202)

(21,977)

Purchase of operating hotel to be sold

(47,658)

Decrease (increase) in restricted cash

37,681

(24,019)

(17,477)

Dispositions, net

20,644

82,347

3,543

Net cash (used in) provided by investing activities

(25,068)

43,126

(35,911)

FINANCING ACTIVITIES

Borrowings from securitization transactions

255,000

262,638

361,449

Repayment of debt related to securitization transactions

(278,427)

(228,870)

(361,017)

Proceeds from vacation ownership inventory arrangement

5,375

Borrowings on Revolving Corporate Credit Facility

25,000

Repayments on Revolving Corporate Credit Facility

(25,000)

Debt issuance costs

(5,335)

(6,498)

(5,159)

Proceeds from stock option exercises

(201,380)

(203,596)

(25,633)

Payment of dividends

(23,793)

(8,179)

2,977

3,804

Excess tax benefits from share-based compensation

9,380

4,519

3,544

Payment of withholding taxes on vesting of restricted stock units

(10,894)

(8,077)

(5,140)

Other

230

(564)

(123)

Net cash used in financing activities

(249,747)

(185,650)

(28,275)

Effect of changes in exchange rates on cash and cash equivalents

(3,673)

(1,883)

(DECREASE) INCREASE IN CASH AND EQUIVALENTS

(169,454)

147,004

96,604

CASH AND CASH EQUIVALENTS, beginning of year

346,515

199,511

102,907

CASH AND CASH EQUIVALENTS, end of year

177,061

346,515

$ 199,511

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Non-cash transfer of sales centers from inventory to property and equipment

30,985

Non-cash issuance of note receivable

(500)

Non-cash issuance of treasury stock for employee stock purchase plan

(560)

Dividends payable

(8,898)

Changes in Deferred tax liabilities distributed to Marriott Vacations Worldwide at Spin-Off

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Non-cash reduction of Additional paid-in capital

$ (9)

(3,870)

Correct an Immaterial Error in Deferred Revenue at Spin-Off

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Non-cash reduction of Additional paid-in capital

$ (1,156)

[1]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[2]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[3]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[4]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[5]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Treasury Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Balance (in shares) at Dec. 28, 2012

35,027,000

Balance at Dec. 28, 2012

$ 1,138,396

$ 350

$ 1,115,345

$ 21,276

$ 1,425

79,730

^[1]

79,730

Repurchase of common stock (in shares)

1,783

611,000

14,461

$ 6

14,455

(505,000)

Ending Balance (in shares) at Jan. 03, 2014

(25,633)

$ (25,633)

35,133,000

Ending Balance at Jan. 03, 2014

1,208,737

$ 356

(25,633)

1,129,800

23,059

81,155

80,756

^[2],[3],[4]

80,756

Adjustment to reclassification of Marriott International investment to Additional paid-in capital

(6,005)

452,000

13,029

$ 5

13,024

^[5]

(3,883)

Adjustment to Additional paid-in capital

^[6]

(1,156)

Repurchase of common stock (in shares)

(3,492,000)

Ending Balance (in shares) at Jan. 02, 2015

(203,596)

Dividends

$ (8,179)

(8,179)

32,092,788

32,093,000

Ending Balance at Jan. 02, 2015

$ 1,079,703

$ 361

$ (229,229)

1,137,785

17,054

153,732

122,799

^[3],[4],[7]

122,799

Adjustment to reclassification of Marriott International investment to Additional paid-in capital

(5,673)

304,000

12,958

$ 3

12,955

(9)

Repurchase of common stock (in shares)

(2,857,000)

(2,857,358)

Employee stock plan issuance (in shares)

(201,380)

$ (201,380)

Dividends

(32,691)

10,000

Employee stock plan issuance

$ 560

619

(59)

Ending Balance (in shares) at Jan. 01, 2016

29,549,544

29,550,000

Ending Balance at Jan. 01, 2016

$ 976,267

$ 364

$ (429,990)

$ 1,150,731

$ 11,381

$ 243,781

[1]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[2]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[3]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[4]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[5]	Consists of an adjustment to Deferred tax liabilities for changes in the valuation of Marriott Vacations Worldwide at the time of the Spin-Off.
[6]	Consists of an adjustment to correct an immaterial error in Deferred revenue at the time of the Spin-Off.
[7]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jan. 01, 2016

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our Business

Marriott Vacations Worldwide Corporation (“Marriott Vacations Worldwide,” “we” or “us,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity) is the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. The Ritz-Carlton Hotel Company, L.L.C. (“The Ritz-Carlton Hotel Company”), a subsidiary of Marriott International, Inc. (“Marriott International”), provides on-site management for Ritz-Carlton branded properties.

Our business is grouped into three reportable segments: North America, Europe and Asia Pacific. As of January 1, 2016, our portfolio consisted of 61 properties in the United States and eight other countries and territories, including two hotels that we intend to convert into vacation ownership interests. We generate most of our revenues from four primary sources: selling vacation ownership products; managing our resorts; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory.

Our Spin-Off from Marriott International, Inc.

On November 21, 2011, the spin-off of Marriott Vacations Worldwide from Marriott International (the “Spin-Off”) was completed pursuant to a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) between Marriott Vacations Worldwide and Marriott International. In connection with the Spin-Off, we entered into several agreements that govern the ongoing relationship between Marriott Vacations Worldwide and Marriott International.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements presented herein and discussed below include 100 percent of the assets, liabilities, revenues, expenses and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. The consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”).

In order to make these Financial Statements easier to read, we refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Statements of Income,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Consolidated Financial Statements, unless otherwise noted.

Our fiscal year ends on the Friday nearest to December 31. The fiscal years in the following table included 52 weeks, except for 2013, which included 53 weeks. Unless otherwise specified, each reference to a particular year in these Financial Statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year:


Fiscal Year		Fiscal Year-End Date
2015		January 1, 2016
2014		January 2, 2015
2013		January 3, 2014

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of vacation ownership products, inventory valuation, property and equipment valuation, loan loss reserves, Marriott Rewards customer loyalty program liability, self-insured medical plan reserves, equity-based compensation, income taxes and loss contingencies. Accordingly, actual amounts may differ from these estimated amounts.

We have reclassified certain prior year amounts to conform to our 2015 presentation.

Revenue Recognition

Sale of Vacation Ownership Products

We market and sell real estate and in substance real estate in our three reportable segments. Real estate and in substance real estate include deeded vacation ownership products, deeded beneficial interests, rights to use real estate, and other interests in trusts that solely hold real estate and deeded whole ownership units in residential buildings. Within the North America segment, we also market and sell residential units at certain properties on a limited basis.

Vacation ownership products may be sold for cash or we may provide financing. We are not providing financing on sales of whole ownership products. Except for revenue from the sale of residential stand-alone structures, which we recognize upon transfer of title to a third party, we recognize revenue under the percentage-of-completion method when all of the following exist or are true: the customer has executed a binding sales contract, the statutory rescission period has expired (after which time the purchasers are not entitled to a refund except for non-delivery by us), we have deemed the receivable collectible and the remainder of our obligations are substantially completed. In addition, before we recognize any revenues, the purchaser must have met the initial investment criteria and, as applicable, the continuing investment criteria. A purchaser has met the initial investment criteria when we receive a minimum down payment. In accordance with the authoritative guidance for accounting for real estate time-sharing transactions, we must also take into consideration the fair value of certain incentives provided to the purchaser when assessing the adequacy of the purchaser’s initial investment. In those cases where we provide financing to the purchaser, the purchaser must be obligated to remit monthly payments under financing contracts that represent the purchaser’s continuing investment.

Resort Management and Other Services Revenues

Resort management and other services revenues consist primarily of ancillary revenues and management fees. Ancillary revenues consist of goods and services that are sold or provided by us at restaurants, golf courses and other retail and service outlets located at developed resorts. We recognize ancillary revenue when goods have been provided and/or services have been rendered.

We provide day-to-day-management services, including housekeeping services, operation of a reservation system, maintenance and certain accounting and administrative services for property owners’ associations. We receive compensation for such management services which is generally based on either a percentage of the budgeted cost to operate such resorts or a fixed fee arrangement. We recognize revenues when earned in accordance with the terms of the contract and record them as a component of Resort management and other services revenues on our Statements of Income. Management fee revenues were $77.6 million, $73.9 million and $69.7 million during 2015, 2014 and 2013, respectively.

Resort management and other services revenues include additional fees for services we provide to our property owners’ associations, as well as annual fees, club dues, settlement fees from the sale of vacation ownership products, and certain transaction-based fees from owners and other third parties, including external exchange service providers with which we are associated. We recognize fee revenues when services have been rendered. Fee revenues included in Resort management and other services revenues were $99.5 million in 2015, $95.1 million in 2014 and $89.9 million in 2013, as reflected on our Statements of Income.

Financing Revenues

We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten years. Generally, payments commence under the financing contracts 30 to 60 days after closing. We record an estimate of uncollectible amounts at the time of the sale with a charge to the provision for loan losses, which we classify as a reduction of Sale of vacation ownership products on our Statements of Income. Revisions to estimates of uncollectible amounts also impact the provision for loan losses and can increase or decrease revenue. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Statements of Income.

Financing revenues include certain annual and transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Fee revenues included in Financing revenues were $6.0 million in 2015, $6.4 million in 2014 and $6.6 million in 2013, as reflected on our Statements of Income.

Rental Revenues

We record rental revenues when occupancy has occurred or, in the case of unused prepaid rentals, upon forfeiture. We also recognize rental revenue from the utilization of plus points under the Marriott Vacation Club Destinations ^TM (“MVCD”) program when those points are redeemed for rental stays at one of our resorts or upon expiration of the points.

Cost Reimbursements

Cost reimbursements include direct and indirect costs that property owners’ associations reimburse to us. In accordance with the accounting guidance for “gross versus net” presentation, we record these revenues on a gross basis. These costs primarily consist of payroll and payroll related costs for management of the property owners’ associations and other services we provide where we are the employer. We recognize cost reimbursements when we incur the related reimbursable costs. Cost reimbursements consist of actual expenses with no added margin.

Multiple-Element Transactions

From time to time, we enter into transactions involving multiple elements. We analyze contracts with multiple elements under the accounting guidance for revenue recognition in multiple-element arrangements. If we enter into transactions for the sale of multiple products or services, we evaluate whether the delivered elements have value to the customer on a stand-alone basis, and whether there is objective and reliable evidence of fair value for each undelivered element in the transaction. If these criteria are met, then we account for each deliverable in the transaction separately. We generally recognize revenue for undelivered elements on a straight-line basis over the contractual performance period for time-based elements or upon delivery to the customer. If we are unable to determine the fair value of one or more undelivered elements in the transaction, we recognize the revenue on a straight-line basis over the period in which the last deliverable is provided to the customer.

Inventory

Our inventory consists primarily of completed vacation ownership products, vacation ownership products under construction and land held for future vacation ownership product development. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments.

We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which define a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for cost of vacation ownership products related to anticipated credit losses (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-ups, and are recorded in Cost of vacation ownership product expenses on the Statements of Income to retrospectively adjust the margin previously recorded subject to those estimates. For 2015, 2014 and 2013, product cost true-ups relating to vacation ownership products increased carrying values of inventory by $7.3 million, $6.5 million and $17.7 million, respectively.

For residential real estate projects, we allocate costs to individual residences in the projects based on the relative estimated sales value of each residence in accordance with ASC 970, “Real Estate—General,” which defines the accounting for costs of real estate projects. Under this method, we reduce the allocated cost of a unit from inventory and recognize that cost as cost of sales when we recognize the related sale. Changes in estimates within the relative sales value calculations for residential products (similar to condominiums) are accounted for as prospective adjustments to cost of vacation ownership products.

Capitalization of Costs

We capitalize interest and certain salaries and related costs incurred in connection with the following: (1) development and construction of sales centers; (2) internally developed software; and (3) development and construction projects for our real estate inventory. We capitalize costs clearly associated with the acquisition, development and construction of a real estate project when it is probable that we will acquire a property. We capitalize salary and related costs only to the extent they directly relate to the project. We capitalize interest expense, taxes and insurance costs when activities that are necessary to get the property ready for its intended use are underway. We cease capitalization of costs during prolonged gaps in development when substantially all activities are suspended or when projects are considered substantially complete. Capitalized salaries and related costs totaled $7.1 million, $5.1 million and $7.3 million for 2015, 2014 and 2013, respectively.

Defined Contribution Plan

We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. We recognized compensation expense (net of cost reimbursements from property owners’ associations) for our participating employees totaling $7.1 million in 2015, $6.6 million in 2014 and $5.8 million in 2013.

Deferred Compensation Plan

Prior to the Spin-Off, certain members of our senior management had the opportunity to participate in the Marriott International, Inc. Executive Deferred Compensation Plan (the “Marriott International EDC”), which Marriott International maintains and administers. Under the Marriott International EDC, participating employees may defer payment and income taxation of a portion of their salary and bonus. It also gives participants the opportunity for long-term capital appreciation by crediting their accounts with notional earnings (at a fixed annual rate of return of 4.9 percent for 2015 and 5.2 percent for 2014). Although additional discretionary contributions to the participants’ accounts under the Marriott International EDC may be made, no additional discretionary contributions were made for our employees in 2015, 2014 and 2013. Subsequent to the Spin-Off, we remain liable to reimburse Marriott International for distributions for participants that were employees of Marriott Vacations Worldwide at the time of the Spin-Off including earnings thereon.

Since 2014, certain members of our senior management have had the opportunity to participate in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), which we maintain and administer. Under the Deferred Compensation Plan, participating employees may defer payment and income taxation of a portion of their salary and bonus. It also gives participants the opportunity for long-term capital appreciation by crediting their accounts with notional earnings (at a fixed annual rate of return of 5.6 percent for both 2015 and 2014). We may make additional discretionary contributions to the participant’s accounts under the Deferred Compensation Plan. No additional discretionary contributions were made in 2015 and contributions totaling $0.1 million were made in 2014.

Property and Equipment

Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as undeveloped and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We record property and equipment at cost, including interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. These capitalized costs may include structural costs, equipment, fixtures, floor and decorative items and signage. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to forty years), and we amortize leasehold improvements over the shorter of the asset life or lease term.

Marriott Rewards Customer Loyalty Program

We participate in the Marriott Rewards customer loyalty program and we offer Marriott Rewards Points, or “points,” which we purchase from Marriott International, as incentives to purchase vacation ownership products and/or through exchange and other activities. Marriott International maintains and administers this program. The associated expense is classified on the Statements of Income based on the source of the expense and related revenue stream.

We pay Marriott International for Marriott Rewards Points issued prior to 2012 when the points are redeemed by program members. Our liability for Marriott Rewards Points issued prior to 2012 represents the net present value of future cash outlays that we are obligated to pay Marriott International based on actual point redemptions. We base the carrying value of this liability on a statistical model that projects the dollar value and timing of future point redemptions. The most significant estimates involve the future cost of redeemed points, the breakage for points that will never be redeemed, and the pace at which points are redeemed. We base our estimates for these items on our historical experience, current trends and other considerations. We made a lump sum payment of $66.0 million to repay this liability in December 2015, leaving a remaining estimated liability of less than $0.1 million. A final payment for any outstanding Marriott Rewards Points issued prior to 2012 is due in February 2016. Our remaining liability for these Marriott Rewards Points is included in Liability for Marriott Rewards customer loyalty program on the Balance Sheets. See Footnote No. 12, “Other Liabilities” for more information.

Except as noted above, we generally pay Marriott International for Marriott Rewards Points within 30 days of issuance. For Marriott Rewards Points issued for exchanges as an alternative usage option for owners who elect to exchange their inventory in the calendar fourth quarter, payment is due within 120 days of year-end. The rates we pay for the Marriott Rewards Points are based upon historical redemption costs with no future adjustment for actual costs incurred by Marriott International upon fulfillment. Our liability for these Marriott Rewards Points is included in Accrued liabilities on the Balance Sheets.

Guarantees

We record a liability for the fair value of a guarantee on the date we issue or modify the guarantee. The offsetting entry depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we will record a loss.

Cash and Cash Equivalents

We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash primarily consists of cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to property owners’ associations, and deposits received, primarily associated with vacation ownership products and residential sales that are held in escrow until the associated contract has closed or the period in which it can be rescinded has passed, depending on legal requirements.

Accounts and Contracts Receivable

Accounts and contracts receivable are presented net of allowances of $0.6 million at both January 1, 2016 and January 2, 2015.

Loan Loss Reserves

We record an estimate of expected uncollectibility on all notes receivable from vacation ownership purchasers as a reduction of revenues from the sale of vacation ownership products at the time we recognize profit on a vacation ownership product sale. We fully reserve for all defaulted vacation ownership notes receivable in addition to recording a reserve on the estimated uncollectible portion of the remaining vacation ownership notes receivable. For those vacation ownership notes receivable that are not in default, we assess collectibility based on pools of vacation ownership notes receivable because we hold large numbers of homogeneous vacation ownership notes receivable. We use the same criteria to estimate uncollectibility for non-securitized vacation ownership notes receivable and securitized vacation ownership notes receivable because they perform similarly. We estimate uncollectibility for each pool based on historical activity for similar vacation ownership notes receivable.

Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. We consider loans over 150 days past due to be in default. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all past due principal, interest, fees and penalties owed and fully reinstate the note. We write off uncollectible vacation ownership notes receivable against the reserve once we receive title to the vacation ownership products through the foreclosure or deed-in-lieu process or, in Europe or Asia Pacific, when revocation is complete. For both non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 6.92 percent and 6.95 percent as of January 1, 2016 and January 2, 2015, respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in our allowance for loan losses of $4.7 million as of both January 1, 2016 and January 2, 2015.

For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote No. 3, “Vacation Ownership Notes Receivable.”

Costs Incurred to Sell Vacation Ownership Products

We charge the majority of marketing and sales costs we incur to sell vacation ownership products to expense when incurred. Deferred marketing and selling expenses, which are direct marketing and selling costs related either to an unclosed contract or a contract for which 100 percent of revenue has not yet been recognized, were $5.3 million at both year-end 2015 and 2014 and are included on the accompanying Balance Sheets in the Other caption within Assets.

Valuation of Property and Equipment

Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as undeveloped and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life.

Investments

We consolidate entities that we control. We account for investments in joint ventures which are not consolidated variable interest entities using the equity method of accounting when we exercise significant influence over the venture. If we do not exercise significant influence, we account for the investment using the cost method of accounting. We account for investments in limited partnerships and limited liability companies using the equity method of accounting when we own more than a minimal investment. Our ownership interest in these equity method investments generally varies from 34 percent to 50 percent.

Valuation of Investments in Ventures

We evaluate investments in ventures for impairment when circumstances indicate that the carrying value may not be recoverable due to loan defaults, significant under-performance relative to historical or projected performance, significant negative industry or economic trends, or otherwise.

We record impairments for investments we have accounted for using the equity and cost methods of accounting when we determine that the venture has had an “other than temporary” decline in its estimated fair value as compared to its carrying value. Additionally, a change in business plans or strategies of a venture could cause us to evaluate the recoverability for the individual long-lived assets in the venture and possibly the venture itself.

We calculate the estimated fair value of an investment in a venture using the income approach. We use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed long-term growth rates and demand trends; expected future investments; and estimated discount rates. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations.

Fair Value Measurements

We have few financial instruments that we must measure at fair value on a recurring basis. See Footnote No. 4, “Financial Instruments,” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities.

The applicable accounting standards define fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.

Derivative Instruments

From time to time, we may use derivative instruments to reduce market risk due to changes in interest rates and currency exchange rates, including interest rate derivatives that we may be required to enter into as a condition of our $250 million non-recourse warehouse credit facility (the “Warehouse Credit Facility”). As of January 1, 2016, we were not party to any material derivative instruments or hedges.

The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determines how the change in fair value of the derivative instrument is recorded on our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative to be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. The asset or liability value of the derivative will change in tandem with its fair value. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income (“OCI”). We release the derivative’s gain or loss from OCI to match the timing of the underlying hedged items’ effect on earnings. As a matter of policy, we only enter into hedging transactions that we believe will be highly effective at offsetting the underlying risk and do not use derivatives for trading or speculative purposes.

Non-U.S. Operations

The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Statement of Income accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, currently in operating costs and expenses.

Loss Contingencies

We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for loss contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.

Share-Based Compensation Costs

We established the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “Stock Plan”) in order to compensate our employees and directors by issuing equity awards such as stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”) to them. Prior to the Spin-Off, certain of our employees received equity awards under the Marriott International, Inc. Stock and Cash Incentive Plan (the “Marriott International Stock Plan”). For all fiscal years presented, our Statements of Income include expenses related to our employees’ participation in both the Stock Plan and the Marriott International Stock Plan.

We follow the provisions of ASC 718, “Compensation—Stock Compensation,” which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees vest ratably over a four-year period, and we recognize the expense associated with these awards on our Statements of Income on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. We measure the amount of compensation expense for share-based awards based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest. We generally determine the fair value of stock options and SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted reduced by the present value of the dividends expected to be paid on the shares during the requisite service period, discounted at a risk-free interest rate. We recognize compensation cost for share-based awards ratably over the vesting period. We will issue shares from authorized shares upon the exercise of stock options or SARs held by our employees and directors. See Footnote No. 14, “Share-Based Compensation,” for more information.

Advertising Costs

We expensed advertising costs as incurred of $2.1 million, $2.0 million and $2.2 million in 2015, 2014 and 2013, respectively. These costs are included in the Marketing and sales expense caption on our Statements of Income.

Income Taxes

We file U.S. consolidated federal and state tax returns, as well as consolidated and separate tax filings for non-U.S. jurisdictions. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes.

For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold.

For information about income taxes and deferred tax assets and liabilities, see Footnote No. 2, “Income Taxes.”

Earnings Per Common Share

Basic earnings per common share is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock methods.

New Accounting Standards

Accounting Standards Update No. 2015-16 – “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805): Business Combinations” (“ASU 2015-16”)

In September 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-16, which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. For public business entities, ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with earlier application permitted for financial statements that have not been issued. Our early adoption of ASU 2015-16 did not have a material impact on our Financial Statements.

Accounting Standards Update No. 2015-11 – “Simplifying the Measurement of Inventory (Topic 330): Inventory” (“ASU 2015-11”)

In July 2015, the FASB issued ASU 2015-11, which requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public entities, the updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Our early adoption of ASU 2015-11 did not have a material impact on our Financial Statements as it applies solely to our operating inventories. This guidance is not applicable to our vacation ownership inventory.

Accounting Standards Update No. 2015-03 – “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”)

In April 2015, the FASB issued ASU 2015-03, to modify the presentation of debt issuance costs. Under ASU 2015-03, debt issuance costs related to a recognized debt liability are required to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs has not changed. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted for financial statements that have not been previously issued. Our early adoption of ASU 2015-03 did not have a material impact on our Financial Statements.

Accounting Standards Update No. 2015-02 – “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”)

In February 2015, the FASB issued ASU 2015-02, which amends the guidance for evaluating whether to consolidate certain legal entities. Specifically, ASU 2015-02 modifies the method for determining whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities. Further, it eliminates the presumption that a general partner should consolidate a limited partnership and impacts the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. Our early adoption of ASU 2015-02 did not have a material impact on our Financial Statements.

Future Adoption of Accounting Standards

Accounting Standards Update No. 2016-01 – “Financial Instruments – Overall (Subtopic 825-10)” (“ASU 2016-01”)

In January 2016, the FASB issued ASU 2016-01, which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. For public business entities, the amendments in ASU 2016-01 will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect the adoption of ASU 2016-01 to have a material impact on our Financial Statements.

Accounting Standards Update No. 2014-09 – “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”)

In May 2014, the FASB issued ASU 2014-09. ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance, and significantly enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. In order for a provider of promised goods or services to recognize as revenue the consideration that it expects to receive in exchange for the promised goods or services, the provider should apply the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The new standard may be applied prospectively to each prior period presented or retrospectively with the cumulative effect recognized on the date of adoption. We continue to evaluate the impact that this guidance, including the method of implementation, will have on our financial statements and disclosures. We expect to adopt ASU 2014-09 commencing in our fiscal year 2018.

INCOME TAXES

12 Months Ended

Jan. 01, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

2. INCOME TAXES

We file U.S. consolidated federal and state tax returns, as well as consolidated and separate tax filings for non-U.S. jurisdictions. We entered into a Tax Sharing and Indemnification Agreement with Marriott International effective November 21, 2011 (as subsequently amended, the “Tax Sharing and Indemnification Agreement”), which governs the allocation between Marriott International and Marriott Vacations Worldwide of responsibility for federal, state, local and foreign income and other taxes related to taxable periods prior to and subsequent to the Spin-Off. Under this agreement, if any part of the Spin-Off fails to qualify for the tax treatment stated in the ruling Marriott International received from the U.S. Internal Revenue Service (the “IRS”) in connection with the Spin-Off, taxes imposed will be allocated between Marriott International and Marriott Vacations Worldwide as set forth in the agreement, and each will indemnify and hold harmless the other from and against the taxes so allocated. In addition, under the Tax Sharing and Indemnification Agreement, Marriott International is allocated the responsibility for payment of taxes for our taxable income prior to Spin-Off and we are allocated the responsibility for payment of taxes for our taxable income subsequent to Spin-Off.

The income (loss) before provision for income taxes by geographic region is as follows:


*($ in thousands)*	2015		2014			2013
United States	$	197,519	$	178,297		$	124,729
Non-U.S. jurisdictions		8,978		(27,706	)		6,475

	$	206,497	$	150,591		$	131,204

Our current tax provision does not reflect the benefits attributable to us for the exercise or vesting of employee share-based awards of $9.4 million in 2015, $4.5 million in 2014 and $3.5 million in 2013.

Our provision for income taxes consists of:


*($ in thousands)*	2015		2014		2013
Current – U.S. Federal	$	(44,728)	$	(42,652)	$	(37,056)
– U.S. State		(4,027)		(9,091)		(5,738)
– Non-U.S.		(6,953)		95		(1,960)

		(55,708)		(51,648)		(44,754)

Deferred – U.S. Federal		(25,350)		(16,422)		(4,663)
– U.S. State		(4,554)		1,294		(1,243)
– Non-U.S.		1,914		(3,059)		(814)

		(27,990)		(18,187)		(6,720)

	$	(83,698)	$	(69,835)	$	(51,474)

The deferred tax assets and related valuation allowances in these Financial Statements have been determined on a separate return basis. The assessment of the valuation allowances requires considerable judgment on the part of management with respect to benefits that could be realized from future taxable income, as well as other positive and negative factors. Valuation allowances are recorded against the deferred tax assets of certain foreign operations for which historical losses, restructuring and impairment charges have been incurred. The change in the valuation allowances established were $(3.7) million in 2015, ($6.7) million in 2014 and $1.5 million in 2013.

We have made no provision for U.S. income taxes or additional non-U.S. taxes on the cumulative unremitted earnings of non-U.S. subsidiaries ($163.9 million at January 1, 2016) because we consider these earnings to be permanently invested. We do not consider previously taxed income to be permanently reinvested if such earnings can be distributed to a U.S. entity without incurring additional U.S. tax. These earnings could become subject to additional taxes if remitted as dividends, loaned to us or a U.S. affiliate or if we sold our interests in the affiliates. We cannot estimate the amount of additional taxes that might be payable on the unremitted earnings.

We conduct business in countries that grant “holidays” from income taxes for ten to thirty year periods. These holidays expire through 2034. Without these tax “holidays,” we would have incurred the following aggregate additional income taxes: $0.4 million in 2015, $2.6 million in 2014 and $2.4 million in 2013.

We have joined in the Marriott International U.S. federal tax consolidated filing for periods up to the date of the Spin-Off. The IRS has examined Marriott International’s federal income tax returns, and it has settled all issues related to the timeshare business for the tax years through the Spin-Off. Our tax years subsequent to the Spin-Off are subject to examination by relevant tax authorities. The IRS has concluded their audits for tax years 2011 and 2012. Our 2012 and 2013 returns are being audited by tax authorities in foreign jurisdictions. Although we do not anticipate that a significant impact to our unrecognized tax benefit balance will occur during the next fiscal year, the amount of our liability for unrecognized tax benefits could change as a result of these audits.

Our total unrecognized tax benefit balance that, if recognized, would impact our effective tax rate was $2.4 million at January 1, 2016, $1.1 million at January 2, 2015 and $0.5 million at January 3, 2014.

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2013 to the end of 2015:


*($ in thousands)*	2015		2014		2013
Unrecognized tax benefit at beginning of year	$	1,123	$	473	$	157
Change attributable to tax positions taken during the current period		979		—		—
Change attributable to tax positions taken during a prior period		276		650		316

Unrecognized tax benefit at end of year	$	2,378	$	1,123	$	473

In accordance with our accounting policies, we recognize accrued interest and penalties related to our unrecognized tax benefits as a component of tax expense. Related interest expense and accrued interest expense totaled less than $0.1 million in each of 2015, 2014 and 2013.

Deferred Income Taxes

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carry-forwards. We state those balances at the enacted tax rates we expect will be in effect when we actually pay or recover taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies, to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized.

Total deferred tax assets and liabilities at January 1, 2016 and January 2, 2015 were as follows:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Deferred tax assets	$	160,813	$	157,974
Deferred tax liabilities		(265,197)		(236,857)

Net deferred tax liability	$	(104,384)	$	(78,883)

The tax effect of each type of temporary difference and carry-forward that gives rise to a significant portion of our deferred tax assets and liabilities at January 1, 2016 and January 2, 2015 was as follows:


*($ in thousands)*	At Year-End 2015			At Year-End 2014
Inventory	$	(25,671	)	$	(24,487	)
Reserves		34,151			34,807
Property and equipment		(7,246	)		(2,629	)
Marriott Rewards customer loyalty program		13			3,142
Deferred sales of vacation ownership interests		(185,980	)		(159,787	)
Long lived intangible assets		34,692			36,148
Net operating loss carry-forwards		45,481			43,938
Other, net		46,476			39,939

Deferred tax liability		(58,084	)		(28,929	)
Less: Valuation allowance		(46,300	)		(49,954	)

Net deferred tax liability	$	(104,384	)	$	(78,883	)

At January 1, 2016, we had approximately $44.3 million of foreign net operating losses (excluding valuation allowances) some of which begin expiring in 2016. However, a significant portion of these tax net operating losses have an indefinite carry forward period. We have no federal net operating losses and net operating losses of $1.2 million for state tax purposes which begin expiring in 2032.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

The following table reconciles the expense related to the U.S. statutory income tax rate to our effective income tax rate:


	2015			2014			2013
U.S. statutory income tax rate expense		35.00	%		35.00	%		35.00	%
U.S. state income taxes, net of U.S. federal tax benefit		2.62			2.96			3.48
Permanent differences⁽¹⁾		1.65			0.18			0.24
Non-U.S. (loss) income⁽²⁾		(0.61	)		6.27			0.97
Other items		1.21			0.17			(2.28	)
Change in valuation allowance⁽³⁾		0.66			1.79			1.82

Effective rate expense		40.53	%		46.37	%		39.23	%

⁽¹⁾

Attributed to interest on mandatorily redeemable preferred stock of a consolidated subsidiary, partially offset by the benefit of tax holidays in certain jurisdictions in 2014 and 2013.

⁽²⁾

Attributed to the difference between U.S. and foreign income tax rates.

⁽³⁾

Attributed to establishment of valuation allowances in foreign jurisdictions for losses that cannot be benefited in the U.S. income tax provision as discussed above.

Cash Taxes Paid

Cash taxes paid in 2015, 2014 and 2013 were $50.2 million, $65.2 million and $28.5 million, respectively.

VACATION OWNERSHIP NOTES RECEIVABLE

12 Months Ended

Jan. 01, 2016

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE

3. VACATION OWNERSHIP NOTES RECEIVABLE

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Vacation ownership notes receivable — securitized	$	669,179	$	750,680
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾		104,671		24,194
Not eligible for securitization⁽¹⁾		146,781		142,354

Subtotal		251,452		166,548

Total vacation ownership notes receivable	$	920,631	$	917,228

⁽¹⁾

Refer to Footnote No. 4, “Financial Instruments,” for discussion of eligibility of our vacation ownership notes receivable.

The following tables show future principal payments, net of reserves, as well as interest rates for our non-securitized and securitized vacation ownership notes receivable at January 1, 2016:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2016	$	60,207	$	92,725	$	152,932
2017		38,414		88,754		127,168
2018		24,644		84,482		109,126
2019		18,973		77,434		96,407
2020		17,155		75,057		92,212
Thereafter		92,059		250,727		342,786

Balance at year-end 2015	$	251,452	$	669,179	$	920,631

Weighted average stated interest rate at year-end 2015		12.0%		12.8%		12.5%
Range of stated interest rates at year-end 2015		0.0% to 19.5%		4.9% to 19.5%		0.0% to 19.5%

We reflect interest income associated with vacation ownership notes receivable in our Statements of Income in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable:


*($ in thousands)*	2015		2014		2013
Interest income associated with vacation ownership notes receivable – securitized	$	89,693	$	91,790	$	103,781
Interest income associated with vacation ownership notes receivable – non-securitized		28,327		30,761		30,963

Total interest income associated with vacation ownership notes receivable	$	118,020	$	122,551	$	134,744

The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2015, 2014 and 2013:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable Reserve			Securitized Vacation Ownership Notes Receivable Reserve			Total
Balance at year-end 2012	$	92,785		$	53,782		$	146,567
Provision for loan losses		28,885			7,068			35,953
Securitizations		(31,534	)		31,534			—
Clean-up calls⁽¹⁾		14,285			(14,285	)		—
Write-offs		(49,257	)		—			(49,257	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		26,412			(26,412	)		—

Balance at year-end 2013		81,576			51,687			133,263
Provision for loan losses		20,509			9,577			30,086
Securitizations		(19,507	)		19,507			—
Clean-up calls⁽¹⁾		1,756			(1,756	)		—
Write-offs		(44,931	)		—			(44,931	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		25,349			(25,349	)		—

Balance at year-end 2014		64,752			53,666			118,418
Provision for loan losses		23,832			9,209			33,041
Securitizations		(16,491	)		16,491			—
Clean-up calls⁽¹⁾		7,115			(7,115	)		—
Write-offs		(48,220	)		—			(48,220	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		24,596			(24,596	)		—

Balance at year-end 2015	$	55,584		$	47,655		$	103,239

⁽¹⁾

Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable to retire outstanding vacation ownership notes receivable securitizations.

⁽²⁾

Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased the securitized vacation ownership notes receivable.

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. As noted in Footnote No. 1, “Summary of Significant Accounting Policies,” we recognize interest income on a cash basis for these vacation ownership notes receivable.


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
Investment in vacation ownership notes receivable on non-accrual status at year-end 2015	$	46,024	$	8,717	$	54,741
Investment in vacation ownership notes receivable on non-accrual status at year-end 2014	$	60,275	$	7,172	$	67,447
Average investment in vacation ownership notes receivable on non-accrual status during 2015	$	53,150	$	7,945	$	61,095

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of January 1, 2016:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	9,981	$	21,113	$	31,094
91 – 150 days past due		4,731		8,590		13,321
Greater than 150 days past due		41,293		127		41,420

Total past due		56,005		29,830		85,835
Current		251,031		687,004		938,035

Total vacation ownership notes receivable	$	307,036	$	716,834	$	1,023,870

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of January 2, 2015:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	8,330	$	22,544	$	30,874
91 – 150 days past due		6,101		7,003		13,104
Greater than 150 days past due		54,174		169		54,343

Total past due		68,605		29,716		98,321
Current		162,695		774,630		937,325

Total vacation ownership notes receivable	$	231,300	$	804,346	$	1,035,646

FINANCIAL INSTRUMENTS

12 Months Ended

Jan. 01, 2016

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

4. FINANCIAL INSTRUMENTS

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts and contracts receivable, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.


	At Year-End 2015					At Year-End 2014
*($ in thousands)*	Carrying Amount		Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable
Securitized	$	669,179	$	803,533		$	750,680		$	909,391
Non-securitized		251,452		274,799			166,548			172,103

Total financial assets	$	920,631	$	1,078,332		$	917,228		$	1,081,494

Non-recourse debt associated with vacation ownership notes receivable securitizations, gross	$	(684,604)	$	(677,595	)	$	(708,031	)	$	(712,977	)
Other debt, gross		(3,496)		(3,496	)		(3,306	)		(3,306	)
Mandatorily redeemable preferred stock of consolidated subsidiary, gross		(40,000)		(42,258	)		(40,000	)		(43,837	)
Liability for Marriott Rewards customer loyalty program		(35)		(35	)		(89,285	)		(80,448	)
Other liabilities		(4,515)		(4,515	)		(4,118	)		(4,118	)

Total financial liabilities	$	(732,650)	$	(727,899	)	$	(844,740	)	$	(844,686	)

⁽¹⁾	Fair value of financial instruments, has been determined using Level 3 inputs.

See the “Fair Value Measurements” caption of Footnote No. 1, “Summary of Significant Accounting Policies” for additional information.

Vacation Ownership Notes Receivable

We estimate the fair value of our securitized vacation ownership notes receivable using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value, that when applied in combination with pricing parameters, determine the fair value of the underlying vacation ownership notes receivable.

Due to factors that impact the general marketability of our non-securitized vacation ownership notes receivable, as well as current market conditions, we bifurcate our vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the asset-backed securities (“ABS”) market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Europe or Asia. In some cases eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable.

The following table shows the bifurcation of our non-securitized vacation ownership notes receivable into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria:


	At Year-End 2015				At Year-End 2014
*($ in thousands)*	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	104,671	$	128,018	$	24,194	$	29,749
Not eligible for securitization		146,781		146,781		142,354		142,354

Total non-securitized	$	251,452	$	274,799	$	166,548	$	172,103

We estimate the fair value of the portion of our non-securitized vacation ownership notes receivable that we believe will ultimately be securitized in the same manner as securitized vacation ownership notes receivable. We value the remaining non-securitized vacation ownership notes receivable at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated interest rates of these loans are consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates and loan terms.

Non-Recourse Debt Associated with Securitized Vacation Ownership Notes Receivable

We generate cash flow estimates by modeling all bond tranches for our active vacation ownership notes receivable securitization transactions, with consideration for the collateral specific to each tranche. The key drivers in our analysis include default rates, prepayment rates, bond interest rates and other structural factors, which we use to estimate the projected cash flows. In order to estimate market credit spreads by rating, we obtain indicative credit spreads from investment banks that actively issue and facilitate the market for vacation ownership securities and determine an average credit spread by rating level of the different tranches. We then apply those estimated market spreads to swap rates in order to estimate an underlying discount rate for calculating the fair value of the active bonds payable.

Mandatorily Redeemable Preferred Stock of Consolidated Subsidiary

We estimate the fair value of the mandatorily redeemable preferred stock of our consolidated subsidiary using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model includes an assessment of our subsidiary’s credit risk and the instrument’s contractual dividend rate.

Liability for Marriott Rewards Customer Loyalty Program

Historically, we determined the carrying value of the future redemption obligation of our liability for the Marriott Rewards customer loyalty program using statistical formulas that projected the timing of future redemption of Marriott Rewards Points based on historical levels, including estimates of the number of Marriott Rewards Points that would eventually be redeemed and the “breakage” for points that would never be redeemed, as discussed in Footnote No. 12, “Other Liabilities.” We estimated the fair value of the future redemption obligation by adjusting the contractual discount rate to an estimate of that of a market participant with similar nonperformance risk. Substantially all of the liability for the Marriott Rewards customer loyalty program was paid prior to January 1, 2016 and as such, the carrying value approximates fair value. A final payment of the remaining liability was made in 2016.

Other Liabilities

We estimate the fair value of our other liabilities that are financial instruments using expected future payments discounted at risk-adjusted rates. These liabilities represent guarantee costs and other structured payments. The carrying values of our financial instruments within Other liabilities approximate their fair values.

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
ACQUISITIONS AND DISPOSITIONS	Jan. 01, 2016
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	5. ACQUISITIONS AND DISPOSITIONS 2015 Acquisitions Surfers Paradise, Australia During the third quarter of 2015, we completed the acquisition of an operating hotel located in Surfers Paradise, Australia, for AUD $84.5 million ($62.3 million). The acquisition was treated as a business combination and accounted for using the acquisition method of accounting. As such, all transaction costs were expensed as incurred and have been included in the “Other” line of our Statements of Income. As consideration for the acquisition, we paid AUD $82.6 million ($61.0 million) in cash and assumed net liabilities of AUD $1.9 million ($1.3 million), which was allocated based on the fair value at the date of acquisition as follows: AUD $28.9 million ($21.3 million) to land, AUD $49.5 million ($36.5 million) to buildings and leasehold improvements and AUD $6.1 million ($4.5 million) to furniture and equipment. Fair value was determined using an independent appraisal, which was primarily based on a discounted cash flow model, a Level 3 fair value input. We intend to convert a portion of this hotel into vacation ownership interests for future use in our Asia Pacific segment; the portion of the purchase price for this portion is classified as an operating activity on our Cash Flows for the year ended January 1, 2016. We intend to sell the remaining downsized hotel to a third party; the portion of the purchase price for this portion of the hotel is classified as an investing activity on our Cash Flows for the year ended January 1, 2016. Washington, D.C. During the third quarter of 2015, we completed the acquisition of 71 units at The Mayflower Hotel, Autograph Collection, an operating hotel located in Washington, D.C., for $32.0 million. The asset acquisition was treated as a purchase of inventory and we intend to include these vacation ownership units, in their current form, in our MVCD program. San Diego, California During the first quarter of 2015, we completed the acquisition of an operating hotel located in San Diego, California, for $55.0 million. The acquisition was treated as a business combination and accounted for using the acquisition method of accounting. As consideration for the acquisition, we paid $55.0 million in cash, which was allocated based on the fair value at the date of acquisition as follows: $54.3 million to property and equipment and $0.7 million to other assets. Fair value was determined using an independent appraisal, which was primarily based on a discounted cash flow model, a Level 3 fair value input. We intend to convert this hotel, in its entirety, into vacation ownership interests for future use in our MVCD program. In order to ensure consistency with the expected related future cash flow presentation, $46.6 million of the cash purchase price allocated to property and equipment was included as an operating activity in the Purchase of operating hotels for future conversion to inventory line on our Cash Flows for the year ended January 1, 2016. The remaining $7.7 million was included as an investing activity in the Capital expenditures for property and equipment line on our Cash Flows for the year ended January 1, 2016, as it was allocated to assets to be used prior to conversion of the hotel to vacation ownership interests, as well as ancillary and sales center assets to be retained after the conversion. 2015 Dispositions Kauai, Hawaii During the second quarter of 2014, we entered into a purchase and sale agreement to dispose of undeveloped and partially developed land, an operating golf course and related assets, in Kauai, Hawaii (the “Kauai Property”) for $60.0 million in gross cash proceeds. During the fourth quarter of 2014, pursuant to a subsequent modification to the purchase and sale agreement, we completed the sale of a portion of the Kauai Property for gross cash proceeds of $40.0 million and the buyer agreed to purchase the remaining portion of the Kauai Property for gross cash proceeds of $20.0 million no later than April 30, 2015, unless we and the buyer mutually agreed prior to March 31, 2015 to enter into an “alternative arrangement” regarding the remaining portion of the Kauai Property. We accounted for the sale of the portion of the transaction closed in 2014 under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate and recorded a gain of $2.9 million, which is included in the Gains and other income line on the Statement of Income for the year ended January 2, 2015. During the second quarter of 2015, we completed the sale of the remaining portion of the Kauai Property for gross cash proceeds of $20.0 million. We accounted for the sale under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate and recorded a gain of $8.7 million, which is included in the Gains and other income line on our Statements of Income for the year ended January 1, 2016. Marco Island, Florida During the first quarter of 2015, we sold real property located in Marco Island, Florida, consisting of $3.1 million of vacation ownership inventory, to a third-party developer. We received consideration consisting of $5.4 million of cash and a note receivable of $0.5 million. We did not recognize any gain or loss on this transaction. In accordance with our agreement with the third-party developer, we are obligated to repurchase the completed property from the developer contingent upon the property meeting our brand standards, provided that the third-party developer has not sold the property to another party. In accordance with the authoritative guidance on accounting for sales of real estate, our conditional obligation to repurchase the property constitutes continuing involvement and thus we were unable to account for this transaction as a sale. The property was sold to a variable interest entity for which we are not the primary beneficiary as we do not control the variable interest entity’s development activities and cannot prevent the variable interest entity from selling the property to another party. Accordingly, we have not consolidated the variable interest entity. As of January 1, 2016, our Balance Sheet reflects $7.7 million of Other liabilities that relate to the deferral of gain recognition for this transaction, which will reduce our basis in the asset if we repurchase the property. In addition, the note receivable of $0.5 million and other receivables of $0.2 million are included in the Accounts and contracts receivable line on the Balance Sheet as of January 1, 2016. The cash consideration received for the sale of the real property is included in Proceeds from vacation ownership inventory arrangements on our Cash Flows for the year ended January 1, 2016. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is our interest in the note receivable and the other receivables discussed above as of January 1, 2016. Orlando, Florida During the first quarter of 2014, we disposed of a golf course and adjacent undeveloped land in Orlando, Florida for $24.0 million in gross cash proceeds. As a condition of the sale, we continued to operate the golf course through the end of the first quarter of 2015 at our own risk. We utilized the performance of services method to record a gain of $3.1 million over the period during which we operated the golf course, $0.9 million of which is included in the Gains and other income line on our Statement of Income for the year ended January 1, 2016, and $2.2 million is included in the Gains and other income line on our Statement of Income for the year ended January 2, 2015. 2014 Acquisitions We made no significant acquisitions in 2014. 2014 Dispositions The Abaco Club on Winding Bay, Bahamas During the third quarter of 2014, we entered into a purchase and sale agreement to dispose of undeveloped and partially developed land, an operating golf course, spa and clubhouse and related facilities at The Abaco Club on Winding Bay (“The Abaco Club”) in the Bahamas. During the fourth quarter of 2014, we completed the sale of The Abaco Club for gross cash proceeds of $10.0 million. We accounted for the sale under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate and recorded a non-cash loss of $23.8 million, which is included in the Litigation settlement line on the Statement of Income for the year ended January 2, 2015. See Footnote No. 9, “Contingencies and Commitments,” for additional discussion of this transaction. Singer Island, Florida During the second quarter of 2014, we completed the sale of a parcel of undeveloped land on Singer Island, Florida for gross cash proceeds of $10.5 million. We accounted for the sale under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate and recorded a gain of $0.3 million, which is included in the Gains and other income line on the Statement of Income for the year ended January 2, 2015. 2013 Acquisitions In 2013, we acquired a parcel of land adjacent to one of our existing resorts in Phuket, Thailand for $2.0 million. 2013 Dispositions In 2013, we completed the sale of a multi-family parcel in St. Thomas, U.S. Virgin Islands. Net cash proceeds from the sale totaled $2.2 million and we recorded a net gain of $0.5 million. We accounted for the sale under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate.

EARNINGS PER SHARE

12 Months Ended

Jan. 01, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

6. EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period.

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic and diluted earnings per share.


*(in thousands, except per share amounts)*	At Year-End 2015⁽¹⁾		At Year-End 2014⁽²⁾		At Year-End 2013⁽³⁾
Computation of Basic Earnings Per Share
Net income	$	122,799	$	80,756	$	79,730
Weighted average shares outstanding		31,487		33,665		35,373

Basic earnings per share	$	3.90	$	2.40	$	2.25

Computation of Diluted Earnings Per Share
Net income	$	122,799	$	80,756	$	79,730

Weighted average shares outstanding		31,487		33,665		35,373
Effect of dilutive shares outstanding
Employee stock options and SARs		446		543		702
Restricted stock units		235		427		546

Shares for diluted earnings per share		32,168		34,635		36,621

Diluted earnings per share	$	3.82	$	2.33	$	2.18

⁽¹⁾

The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

⁽²⁾

The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

⁽³⁾

The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

In accordance with the applicable accounting guidance for calculating earnings per share, for the year ended January 1, 2016, we excluded 62,018 shares underlying stock options or stock appreciation rights (“SARs”) that may be settled in shares of common stock, with an exercise price of $77.42, from our calculation of diluted earnings per share because this exercise price was greater than the average market price for the period. For the years ended January 2, 2015 and January 3, 2014, we did not exclude any shares underlying stock options or SARs that may be settled in shares of common stock from our calculation of diluted earnings per share as no exercise prices were greater than the average market prices for the applicable period.

INVENTORY

12 Months Ended

Jan. 01, 2016

Inventory Disclosure [Abstract]

INVENTORY

7. INVENTORY

The following table shows the composition of our inventory balances:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Finished goods⁽¹⁾	$	332,888	$	413,066
Land and infrastructure⁽²⁾		331,042		355,198

Real estate inventory		663,930		768,264
Operating supplies and retail inventory		5,313		4,520

	$	669,243	$	772,784

⁽¹⁾

Represents completed inventory that is either registered for sale as vacation ownership interests, or unregistered and available for sale in its current form.

⁽²⁾

Includes $72.9 million of inventory related to estimated future foreclosures at January 1, 2016.

We value vacation ownership and residential products at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or net realizable value. Interest capitalized as a cost of inventory totaled $0.1 million, $2.8 million and $4.2 million in 2015, 2014 and 2013, respectively.

PROPERTY AND EQUIPMENT

12 Months Ended

Jan. 01, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

8. PROPERTY AND EQUIPMENT

The following table details the composition of our property and equipment balances:


*($ in thousands)*	At Year-End 2015			At Year-End 2014
Land	$	87,751		$	63,461
Buildings and leasehold improvements		267,965			168,328
Furniture and equipment		55,326			48,193
Information technology		177,099			181,260
Construction in progress		26,469			12,354

		614,610			473,596
Accumulated depreciation		(325,807	)		(326,217	)

	$	288,803		$	147,379

Interest capitalized as a cost of property and equipment totaled $0.3 million in 2015, $0.1 million in 2014 and $0.1 million in 2013. Depreciation expense totaled $22.2 million in 2015, $18.7 million in 2014 and $22.6 million in 2013.

CONTINGENCIES AND COMMITMENTS

12 Months Ended

Jan. 01, 2016

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS

9. CONTINGENCIES AND COMMITMENTS

Guarantees

We have historically issued guarantees to certain lenders in connection with the provision of third-party financing for our sale of vacation ownership products for the North America and Asia Pacific segments. The terms of these guarantees generally require us to fund if the purchaser fails to pay under the term of its note payable. Prior to the Spin-Off, Marriott International guaranteed our performance under these arrangements, and following the Spin-Off continues to hold a standby letter of credit related to the Asia Pacific segment guarantee. If Marriott International is required to fund any draws by lenders under this letter of credit it would seek recourse from us. Marriott International no longer guarantees our performance with respect to third-party financing for sales of products in the North America segment. We are entitled to recover any payments we make to third-party lenders under these guarantees through reacquisition and resale of the financed vacation ownership product. Our commitments under these guarantees expire as the underlying notes mature or are repaid. The terms of the underlying notes extend to 2022.

The following table shows the maximum potential amount of future fundings for financing guarantees where we are the primary obligor and the carrying amount of the liability for expected future fundings, which is included on our Balance Sheet in the Other caption within Liabilities.


*($ in thousands)*	Maximum Potential Amount of Future Fundings at Year-End 2015		Liability for Expected Future Fundings at Year-End 2015
Segment
Asia Pacific	$	5,189	$	52
North America		2,846		164

Total guarantees where we are the primary obligor	$	8,035	$	216

Commitments and Letters of Credit

In addition to the guarantees we describe in the preceding paragraphs, as of January 1, 2016, we had the following commitments outstanding:

•

We have various contracts for the use of information technology hardware and software that we use in the normal course of business. Our aggregate commitments under these contracts were $28.1 million, of which we expect $12.2 million, $6.5 million, $3.1 million, $1.9 million, $1.7 million and $2.7 million will be paid in 2016, 2017, 2018, 2019, 2020 and thereafter, respectively.

•

We have commitments of $3.4 million to subsidize vacation ownership associations, which we expect to pay in 2016.

•

We have a commitment of $38.5 million to purchase vacation ownership units located on the Big Island of Hawaii, for use in our MVCD program, contingent upon the seller subjecting the units to a condominium regime prior to our purchase. We made a deposit of $1.5 million in connection with this commitment in 2014, and we are committed to make the remaining payment of $37.0 million upon satisfaction of the condition that the seller subject the units to a condominium regime, which we expect to occur within one year. Upon acquisition, we are committed to renovate the units pursuant to a property improvement plan to be agreed upon at a later date, for which an additional $45.0 million to $55.0 million will be required to be funded. We are currently evaluating the use of a capital efficient arrangement to delay the timing of this capital investment.

•

We have a commitment of $137.1 million to purchase vacation ownership units located in Marco Island, Florida, of which we expect $33.3 million, $50.0 million and $53.8 million will be paid in 2017, 2018 and 2019, respectively. See Footnote No. 5, “Acquisitions and Dispositions,” for additional information on this transaction.

Surety bonds issued as of January 1, 2016 totaled $57.8 million, the majority of which were requested by federal, state or local governments related to our operations.

Additionally, as of January 1, 2016, we had $3.3 million of letters of credit outstanding under our $200 million revolving credit facility (as amended, the “Revolving Corporate Credit Facility”).

Loss Contingencies

In December 2012, Jon Benner, an owner of fractional interests at The Ritz-Carlton Club and Residences, San Francisco (the “RCC San Francisco”), filed suit in Superior Court for the State of California, County of San Francisco, against us and certain of our subsidiaries on behalf of a putative class consisting of all owners of fractional interests at the RCC San Francisco who allegedly did not receive proper notice of their payment obligations under California’s Mello-Roos Community Facilities Act of 1982 (the “Mello-Roos Act”). The plaintiff alleged that the disclosures made about bonds issued for the project under this Act and the payment obligations of fractional interest purchasers with respect to such bonds were inadequate, and this and other alleged statutory violations constituted intentional and negligent misrepresentation, fraud and fraudulent concealment. The relief sought included damages in an unspecified amount, rescission of the purchases, restitution and disgorgement of profits. In September 2014, we reached an agreement to settle this action on the basis of a stipulated class; the settlement was approved by the court on March 31, 2015. At January 1, 2016, we had an accrual of $0.3 million related to the settlement.

In April 2013, Krishna and Sherrie Narayan and other owners of 12 residential units at the resort formerly known as The Ritz-Carlton Residences, Kapalua Bay (“Kapalua Bay”) filed an amended complaint related to a suit originally filed in Circuit Court for Maui County, Hawaii in June 2012 against us, certain of our subsidiaries, Marriott International, certain of its subsidiaries, and the joint venture in which we have an equity investment that developed and marketed vacation ownership and residential products at Kapalua Bay (the “Joint Venture”). In the original complaint, the plaintiffs alleged that defendants mismanaged funds of the residential owners association (the “Kapalua Bay Association”), created a conflict of interest by permitting their employees to serve on the Kapalua Bay Association’s board, and failed to disclose documents to which the plaintiffs were allegedly entitled. The amended complaint alleges breach of fiduciary duty, violations of the Hawaii Unfair and Deceptive Trade Practices Act and the Hawaii condominium statute, intentional misrepresentation and concealment, unjust enrichment and civil conspiracy. The relief sought in the amended complaint includes injunctive relief, repayment of all sums paid to us and our subsidiaries and Marriott International and its subsidiaries, compensatory and punitive damages, and treble damages under the Hawaii Unfair and Deceptive Trade Practices Act. We dispute the material allegations in the amended complaint and continue to defend against this action vigorously. We filed a motion in the Circuit Court to compel arbitration of plaintiffs’ claims. That motion was denied, but on appeal the Hawaii Intermediate Court of Appeals reversed. The Hawaii Supreme Court reversed the decision of the Intermediate Court of Appeals and reinstated the action in Circuit Court, which set the case for trial beginning September 16, 2016. We filed a petition with the United States Supreme Court seeking review of the Hawaii Supreme Court’s decision. On January 11, 2016, the United States Supreme Court issued an order vacating the Hawaii Supreme Court’s decision and remanding the case with instructions to reconsider its ruling in light of a recent U.S. Supreme Court decision reiterating the obligation of courts to enforce arbitration agreements. On January 27, 2016, we filed a motion to stay proceedings in the Circuit Court based on the action of the U.S. Supreme Court. Plaintiffs opposed the motion, and at a hearing on February 22, 2016 the Circuit Court stayed proceedings until March 22, 2016 and set a hearing for that date. On February 17, 2016, the Hawaii Supreme Court ordered the parties to file supplemental briefs by March 2, 2016. Additionally, in 2014, owners of two residential units agreed to release their claims in this action. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time.

In June 2013, Earl C. and Patricia A. Charles, owners of a fractional interest at Kapalua Bay, together with owners of 38 other fractional interests at Kapalua Bay, filed an amended complaint in the Circuit Court of the Second Circuit for the State of Hawaii against us, certain of our subsidiaries, Marriott International, certain of its subsidiaries, the Joint Venture, and other entities that have equity investments in the Joint Venture. The plaintiffs allege that the defendants failed to disclose the financial condition of the Joint Venture and the commitment of the defendants to the Joint Venture, and that defendants’ actions constituted fraud and violated the Hawaii Unfair and Deceptive Trade Practices Act, the Hawaii Condominium Property Act and the Hawaii Time Sharing Plans statute. The relief sought includes compensatory and punitive damages, attorneys’ fees, pre-judgment interest, declaratory relief, rescission and treble damages under the Hawaii Unfair and Deceptive Trade Practices Act. The complaint was subsequently further amended to add owners of two additional fractional interests as plaintiffs. The Circuit Court granted our motion to compel arbitration of the claims asserted by the plaintiffs. Plaintiffs appealed that decision to the Hawaii Intermediate Court of Appeals and also initiated arbitration. On July 24, 2015, the Intermediate Court of Appeals reversed the decision of the Circuit Court and directed that the action be reinstated in the Circuit Court, based on the Hawaii Supreme Court’s decision in the Narayan case discussed above, which has since been vacated by the U.S. Supreme Court. We dispute the material allegations in the amended complaint and intend to defend against this action vigorously. Given the early stages of the action and the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. Additionally, owners of two fractional interests have since agreed to release their claims in this action, and the owners of another fractional interest, who are not parties to the Charles action, agreed to release similar claims, in each instance for nominal sums.

In June 2013, owners of 35 residences and lots at The Abaco Club filed a complaint in Orange County, Florida Circuit Court against us, one of our subsidiaries, certain subsidiaries of Marriott International and the resort’s owners’ association, alleging that the defendants failed to maintain the golf course, golf clubhouse, roads, water supply system, and other facilities and equipment in a manner commensurate with a five-star luxury resort, and certain deficiencies in the quality of services provided at the resort. The plaintiffs also alleged that the defendants failed to honor an obligation to extend a right of first offer to club owners in connection with plans to sell the club property. The plaintiffs alleged statutory and common law claims for breach of contract, breach of fiduciary duty, and fraud and sought compensatory and punitive damages. We filed a motion to dismiss the complaint. In April 2014, this action was abated for a period after we entered into a non-binding letter of intent to dispose of undeveloped and partially developed land, an operating golf course, spa and clubhouse and related facilities at The Abaco Club to an entity to be comprised of certain members of The Abaco Club, including certain of the plaintiffs, and others. Upon the closing of the sale in December 2014, all claims asserted against us in this matter were dismissed with prejudice.

In August 2014, Michael and Marla Flynn, owners of weeks-based Marriott Vacation Club vacation ownership products at two of our resorts in Hawaii, filed a claim with the American Arbitration Association on behalf of a putative class consisting of themselves and all others similarly situated. The claimants alleged that the introduction of our points-based MVCD program caused an actionable decrease in the value of their vacation ownership interests. The relief sought included compensatory and exemplary damages, restitution, injunctive relief, interest and attorneys’ fees pursuant to applicable timeshare and unfair trade practices acts and common-law theories of breach of contract and breach of an implied covenant of good faith and fair dealing. On March 30, 2015, the arbitrator ruled that the Flynns’ claims are not subject to arbitration, and dismissed the Flynn proceeding. On October 2, 2015, Michael and Marla Flynn, joined by Patrick and Mary Flynn as Trustees of the Flynn Family Trust, filed a civil action in the United States District Court for the District of Hawaii, asserting similar claims and seeking similar relief on behalf of themselves and a putative class consisting of themselves and all others similarly situated. On December 24, 2015, we filed a motion to dismiss. A hearing on the motion was held on February 16, 2016 and the motion remains pending. We dispute the material allegations in the complaint and intend to defend against the action vigorously. Given the early stages of the action and the inherent uncertainties of litigation, we cannot estimate a range of potential liability, if any, at this time.

On January 29, 2015, Norman and Carreen Abramson, owners of weeks-based Marriott Vacation Club vacation ownership products at one of our resorts in California and of our points-based MVCD program, filed an action in the United States District Court for the Central District of California on behalf of a putative class consisting of themselves and all others similarly situated. Mr. and Mrs. Abramson alleged that the introduction of the MVCD program caused an actionable decrease in the value of their vacation ownership interests, and sought as relief compensatory and punitive damages, restitution, injunctive relief, interest and attorneys’ fees pursuant to applicable timeshare, consumer protection and unfair competition acts. On March 30, 2015, we filed a motion to dismiss. On June 30, 2015, Mr. and Mrs. Abramson filed a motion for class certification, which the Court denied on September 28, 2015. Mr. and Mrs. Abramson also amended their complaint, and we filed a motion to dismiss the amended complaint on October 9, 2015. The Court granted that motion and granted plaintiffs leave to file an amended complaint. On December 31, 2015, the parties reached an agreement in principle to settle the case for a nominal sum.

On May 26, 2015, we and certain of our subsidiaries were named as defendants in an action filed in the Superior Court of San Francisco County, California, by William and Sharon Petrick and certain other present and former owners of fractional interests at the RCC San Francisco. The case is not filed as a putative class action. The plaintiffs allege that the affiliation of the RCC San Francisco with our points-based MVCD program, certain alleged sales practices, and other alleged acts of us and the other defendants caused an actionable decrease in the value of their fractional interests. The relief sought includes, among other things, compensatory and punitive damages, rescission, and pre- and post-judgment interest. Plaintiffs filed an amended complaint on October 9, 2015. On January 22, 2016, we filed a motion to dismiss; a hearing on the motion is scheduled for March 21, 2016. We dispute the material allegations in the amended complaint and intend to defend against the action vigorously. Given the early stages of the action and the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time.

On December 31, 2015, we and certain of our subsidiaries were named as defendants in an action filed in the District Court of Pitkin County, Colorado by RCHFU, L.L.C., the owner of a fractional interest at The Ritz-Carlton Club, Aspen Highlands (“RCC-Aspen Highlands”). The case is filed as a putative class action; plaintiff seeks to represent a class consisting of itself and all others similarly situated. The plaintiff alleges that its fractional interest was devalued by the affiliation of RCC-Aspen Highlands and other Ritz-Carlton Clubs with our points-based MVCD program. The relief sought includes, among other things, unspecified damages, pre- and post-judgment interest, and attorneys’ fees. We dispute the material allegations in the complaint and intend to defend against the action vigorously. Given the early stages of the action and the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time.

Other

We estimate the cash outflow associated with completing the phases of our existing portfolio of vacation ownership projects currently under development will be approximately $5.0 million, of which $4.3 million is included within liabilities on our Balance Sheet at January 1, 2016. This estimate is based on our current development plans, which remain subject to change, and we expect the phases currently under development will be completed by 2016.

During 2014, we agreed to settle a dispute with a service provider relating to services provided to us prior to 2011. In connection with the settlement, we received a one-time payment of $7.6 million from the service provider, which no longer provides services to us. We recorded a gain of $7.6 million as a result of the settlement, which is included in the Litigation settlement line on the Statement of Income for the year ended January 2, 2015.

Leases

We have various land, corporate facilities, real estate and equipment operating leases. The land lease consists of a long-term golf course land lease with a term of 30 years. The corporate facilities leases are for our corporate headquarters and have lease terms of approximately six years. The other operating leases are primarily for office and retail space as well as equipment supporting our operations and have lease terms of between three and ten years. Certain of these leases provide for minimum rental payments and additional rental payments based on our operations of the leased property. We have summarized our future obligations under operating leases at January 1, 2016 below:


*($ in thousands)*	Land Lease		Corporate Facilities Leases		Other Operating Leases		Total
Fiscal Year
2016	$	1,061	$	3,486	$	9,768	$	14,315
2017		1,061		3,580		7,915		12,556
2018		1,061		3,679		4,483		9,223
2019		1,061		3,779		2,308		7,148
2020		1,061		3,882		2,070		7,013
Thereafter		9,551		2,658		5,368		17,577

Total minimum lease payments	$	14,856	$	21,064	$	31,912	$	67,832

The following table details the composition of rent expense associated with operating leases, net of sublease income, for the last three years:


*($ in thousands)*	2015		2014		2013
Minimum rentals	$	9,401	$	6,806	$	9,417
Additional rentals		3,876		5,520		4,527

	$	13,277	$	12,326	$	13,944

DEBT

12 Months Ended

Jan. 01, 2016

Debt Disclosure [Abstract]

DEBT

10. DEBT

The following table provides detail on our debt balances, net of unamortized debt issuance costs:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	684,604	$	708,031
Unamortized debt issuance costs		(9,043)		(8,090)

		675,561		699,941
Other debt, gross		3,496		3,306
Unamortized debt issuance costs		(264)		(234)

		3,232		3,072
	$	678,793	$	703,013

⁽¹⁾

Interest rates as of January 1, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.6%.

See Footnote No. 15, “Variable Interest Entities,” for a discussion of the collateral for the non-recourse debt associated with the securitized vacation ownership notes receivable and the Warehouse Credit Facility. All of our other debt was, and to the extent currently outstanding is, recourse to us but unsecured. The Warehouse Credit Facility currently terminates on November 22, 2017 and if not renewed, any amounts outstanding thereunder would become due and payable 13 months after termination, at which time all principal and interest collected with respect to the vacation ownership notes receivable held in the Warehouse Credit Facility would be redirected to the lenders to pay down the outstanding debt under the facility. As of January 1, 2016, there were no cash borrowings outstanding under our Warehouse Credit Facility. We generally expect to securitize our vacation ownership notes receivable, including any vacation ownership notes receivable held in the Warehouse Credit Facility, in the ABS market once per year.

On August 13, 2015, we completed the securitization of a pool of $264.2 million of vacation ownership notes receivable. In connection with the securitization, investors purchased in a private placement $255.0 million in vacation ownership loan backed notes from the MVW Owner Trust 2015-1 (the “2015-1 Trust”). Two classes of vacation ownership loan backed notes were issued by the 2015-1 Trust: $233.2 million of Class A Notes and $21.8 million of Class B Notes. The Class A Notes have an interest rate of 2.52 percent and the Class B Notes have an interest rate of 2.96 percent, for an overall weighted average interest rate of 2.56 percent.

The following table shows scheduled future principal payments for our debt:


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Other Debt		Total
Debt Principal Payments Year
2016	$	95,006	$	60	$	95,066
2017		90,486		64		90,550
2018		85,878		69		85,947
2019		77,497		74		77,571
2020		74,768		80		74,848
Thereafter		260,969		3,149		264,118

Balance at January 1, 2016	$	684,604	$	3,496	$	688,100

⁽¹⁾

The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

We paid cash for interest, net of amounts capitalized, of $30.2 million in 2015, $31.2 million in 2014 and $37.4 million in 2013.

Debt Associated with Vacation Ownership Notes Receivable Securitizations

Each of the transactions in which we have securitized vacation ownership notes receivable contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During 2015 and 2014, and as of January 1, 2016 and January 2, 2015, no securitized vacation ownership notes receivable pools were out of compliance with the established parameters. As of January 1, 2016, we had 6 securitized vacation ownership notes receivable pools outstanding.

Renewal of Warehouse Credit Facility

The Warehouse Credit Facility allows for the securitization of vacation ownership notes receivable on a non-recourse basis. The advance rate for vacation ownership notes receivable securitized using the Warehouse Credit Facility varies based on the characteristics of the securitized vacation ownership notes receivable. We also pay unused facility and other fees under the Warehouse Credit Facility.

During 2015, we amended certain agreements associated with the Warehouse Credit Facility. As a result, the revolving period was extended to November 22, 2017, and borrowings under the Warehouse Credit Facility bear interest at a rate based on the one-month LIBOR and bank conduit commercial paper rates plus 1.15 percent per annum and are generally limited at any point to the sum of the products of the applicable advance rates and the eligible vacation ownership notes receivable at such time.

The amendment also expanded the eligibility for certain collateral by permitting some vacation ownership notes receivable that are no more than 60 days delinquent to be financed through the Warehouse Credit Facility; prior to the amendment, only notes that were no more than 30 days delinquent could be financed. The other terms of the Warehouse Credit Facility are substantially similar to those in effect prior to the execution of the amendment.

Revolving Corporate Credit Facility

The Revolving Corporate Credit Facility, which currently terminates on September 10, 2019, has a borrowing capacity of $200 million, including a letter of credit sub-facility of $100 million, and provides support for our business, including ongoing liquidity and letters of credit. Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate at the Eurodollar rate plus an applicable margin that varies from 1.625 percent to 3.125 percent depending on our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Agreement at a rate that varies from 20 basis points per annum to 50 basis points per annum.

During 2015, we amended the Revolving Corporate Credit Facility, and as a result, up to $130 million of the $200 million borrowing capacity may be borrowed in the form of Australian dollars, Euros, Japanese yen, British pounds and Singaporean dollars. The other terms of the Revolving Corporate Credit Facility are substantially similar to those in effect prior to the execution of the amendment.

The Revolving Corporate Credit Facility contains affirmative and negative covenants and representations and warranties customary for financings of this type. In addition, the Revolving Corporate Credit Facility contains financial covenants, including covenants requiring us to maintain: (1) a minimum consolidated tangible net worth (as defined in the Revolving Corporate Credit Facility); (2) a maximum ratio of consolidated debt to consolidated adjusted EBITDA (as defined in the Revolving Corporate Credit Facility) of 5.25 to 1; (3) a minimum consolidated adjusted EBITDA to interest expense ratio of not less than 3 to 1; and (4) a ratio of our borrowing base amount (as defined in the Revolving Corporate Credit Facility) to the sum of (a) total extensions of credit under the Revolving Corporate Credit Facility and (b) the excess (if any) of all unrealized losses over all unrealized profits of certain swap arrangements of at least 1.25 to 1.

Although no cash borrowings were outstanding as of January 1, 2016 under our Revolving Corporate Credit Facility, any amounts that are borrowed under that facility, as well as obligations with respect to letters of credit issued pursuant to that facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrower under, and guarantors of, that facility (which include Marriott Vacations Worldwide and each of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose subsidiaries), in each case including inventory, subject to certain exceptions. As of January 1, 2016, we were in compliance with the requirements of applicable financial and operating covenants.

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY

12 Months Ended

Jan. 01, 2016

Text Block [Abstract]

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY

11. MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY

In October 2011, our subsidiary MVW US Holdings, Inc. (“MVW US Holdings”) issued $40.0 million of its mandatorily redeemable Series A (non-voting) preferred stock to Marriott International as part of Marriott International’s internal reorganization prior to the Spin-Off. Subsequently, Marriott International sold all of this preferred stock to third-party investors. Until October 2016, the Series A preferred stock will pay an annual cash dividend equal to the five-year U.S. Treasury Rate as of October 19, 2011, plus a spread of 10.958 percent, for a total annual cash dividend rate of 12 percent. In October 2016, if we do not elect to redeem the preferred stock, the annual cash dividend rate will be reset to the five-year U.S. Treasury Rate in effect on such date plus the same 10.958 percent spread. The Series A preferred stock is mandatorily redeemable by MVW US Holdings upon the tenth anniversary of the date of issuance but can be redeemed at our option after five years (i.e., beginning in October 2016) at par. The Series A preferred stock has an aggregate liquidation preference of $40.0 million plus any accrued and unpaid dividends and an additional premium if liquidation occurs during the first five years after the issuance of the preferred stock. As of January 1, 2016, 1,000 shares of Series A preferred stock were authorized, of which 40 shares were issued and outstanding. The dividends are recorded as a component of Interest expense as the Series A preferred stock is treated as a liability for accounting purposes.

The following table provides detail on our mandatorily redeemable preferred stock of consolidated subsidiary balance, net of unamortized debt issuance costs:


*($ in thousands)*	At January 1, 2016		At January 2, 2015
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$	40,000	$	40,000
Unamortized debt issuance costs		(1,011)		(1,184)

	$	38,989	$	38,816

OTHER LIABILITIES	12 Months Ended
OTHER LIABILITIES	Jan. 01, 2016
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	12. OTHER LIABILITIES Liability for Marriott Rewards Customer Loyalty Program We participate in the Marriott Rewards customer loyalty program. Program members earn Marriott Rewards Points based on their purchases of vacation ownership products and/or through exchange and other activities related to our vacation ownership products, as well as through hotel stays and other activities that are not related to our business. Points are tracked on members’ behalf and can be redeemed for stays at most of Marriott International’s lodging properties, airline tickets, airline frequent flyer program miles, rental cars and a variety of other awards; however, points cannot be redeemed for cash. In December 2015, we made a lump sum payment of $66.0 million related to our liability for Marriott Rewards Points issued prior to 2012. We recorded changes in the estimates for our Marriott Rewards customer loyalty program liability of $(2.9) million, $5.6 million and $5.2 million in 2015, 2014 and 2013, respectively. For periods subsequent to 2011, we generally pay Marriott International for Marriott Rewards Points upon issuance. The liability for Marriott Rewards Points issued after 2011 totaled $45.8 million at January 1, 2016 and $42.6 million at January 2, 2015, and is included within Accrued liabilities on the Balance Sheets and is generally payable within 120 days of year-end.

SHAREHOLDERS' EQUITY

12 Months Ended

Jan. 01, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

13. SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At January 1, 2016, there were 36,393,800 shares of Marriott Vacations Worldwide common stock issued, of which 29,549,544 were outstanding and 6,844,256 were held as treasury stock. At January 2, 2015, there were 36,089,513 shares of Marriott Vacations Worldwide common stock issued, of which 32,092,788 were outstanding and 3,996,725 were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of January 1, 2016 or January 2, 2015.

Share Repurchase Program

On October 12, 2015, our Board of Directors approved the repurchase of up to an additional 2,000,000 shares of our common stock under our existing share repurchase program through March 24, 2017. Prior to that authorization, our Board of Directors had authorized the repurchase of an aggregate of up to 6,900,000 shares of our common stock under the share repurchase program since the initiation of the program in October 2013. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements and other factors. Acquired shares of our common stock are held as treasury shares carried at cost in our Financial Statements. In connection with the repurchase program, we are authorized to adopt one or more trading plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of year-end 2015, 2,045,917 shares remained available for repurchase under the authorization approved by our Board of Directors.

The following table summarizes share repurchase activity under our current share repurchase program:


*($ in thousands, except per share amounts)*	Number of Shares Repurchased		Cost of Shares Repurchased		Average Price Paid per Share
As of January 2, 2015		3,996,725	$	229,229	$	57.35
For the year ended January 1, 2016		2,857,358		201,380		70.48

As of January 1, 2016		6,854,083	$	430,609	$	62.92

Dividends

We declared cash dividends to holders of common stock during the year ended January 1, 2016 as follows:


Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 12, 2015	February 26, 2015	March 11, 2015	$ 0.25
June 4, 2015	June 18, 2015	July 2, 2015	$ 0.25
September 10, 2015	September 24, 2015	October 8, 2015	$ 0.25
December 8, 2015	December 21, 2015	January 6, 2016	$ 0.30

Any future dividend payments will be subject to Board approval, and there can be no assurance that we will pay dividends in the future.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Jan. 01, 2016

SHARE-BASED COMPENSATION

14. SHARE-BASED COMPENSATION

Marriott Vacations Worldwide Share-Based Compensation Plans

We maintain the Stock Plan for the benefit of our officers, directors and employees. Under the Stock Plan, we award to certain of our employees: (1) stock options to purchase Marriott Vacations Worldwide common stock (“Stock Option Program”); (2) SARs for Marriott Vacations Worldwide common stock (“SAR Program”); and (3) RSUs of Marriott Vacations Worldwide common stock. In addition, pursuant to the Separation and Distribution Agreement, we agreed to issue awards under the Stock Plan to certain current and former directors, officers, and employees of Marriott International who held awards under the Marriott International Stock Plan relating to Marriott International common stock at November 10, 2011, the record date for the Spin-Off. A total of 6 million shares are authorized for issuance under the Stock Plan. As of January 1, 2016, approximately 1.8 million shares were available for grants under the Stock Plan.

Deferred compensation costs as of the date of the Spin-Off reflected the unamortized balance of the original grant date fair value of the equity awards held by Marriott Vacations Worldwide employees (regardless of whether those awards are linked to Marriott International stock or Marriott Vacations Worldwide stock).

For share-based awards with service-only vesting conditions, we measure compensation expense related to share-based payment transactions with our employees and non-employee directors at fair value on the grant date. With respect to our employees, we recognize this expense on the Statements of Income over the vesting period during which the employees provide service in exchange for the award; with respect to non-employee directors, we recognize this expense on the grant date. For share-based arrangements with performance vesting conditions, we recognize compensation expense once it is probable that the corresponding performance condition will be achieved. We recognize share-based compensation expense related to our employees and Marriott International recognizes compensation expense related to Marriott International employees, regardless of whether the underlying awards represent Marriott International or Marriott Vacations Worldwide awards.

We recorded share-based compensation expense related to award grants to our officers, directors and employees of $14.1 million in 2015, $13.4 million in 2014 and $12.0 million in 2013. Our deferred compensation liability related to unvested awards held by our employees totaled $13.3 million at January 1, 2016 and $12.2 million at January 2, 2015. As of January 1, 2016, we expect that deferred compensation expense for our employees will be recognized over a weighted average period of two years.

For Marriott International Stock Plan awards granted after 2005, we recognized share-based compensation expense over the period from the grant date to the date on which the award is no longer contingent on the employee providing additional service (the “substantive vesting period”). We continued to follow the stated vesting period for the unvested portion of Marriott International Stock Plan awards granted to our employees before 2006 and the adoption of the current guidance for share-based compensation and follow the substantive vesting period for Marriott International Stock Plan and Stock Plan awards granted to our employees after 2005.

In accordance with the authoritative guidance for share-based compensation, we presented the tax benefits and costs resulting from the exercise or vesting of Marriott International Stock Plan share-based awards related to our employees as financing cash flows.

Marriott International received less than $1.0 million in 2015, $1.5 million in 2014 and $2.3 million in 2013 in cash from our employees for the exercise of stock options granted under the Marriott International Stock Plan. We received no cash from our employees for the exercise of Marriott Vacations Worldwide stock options in 2015 and less than $0.1 million in each of 2014 and 2013.

RSUs

RSUs issued to our employees under the Marriott International Stock Plan and the Stock Plan generally vest over four years in annual installments commencing one year after the date of grant. RSUs issued to our non-employee directors under the Stock Plan vest in full on the date of grant. We recognize compensation expense for the RSUs over the service period equal to the fair market value of the stock units on the date of issuance. At year-end 2015 and 2014, we had $12.2 million and $11.1 million, respectively, in deferred compensation costs related to RSUs for our employees granted under the Marriott International Stock Plan and the Stock Plan. The weighted average remaining term for RSU grants outstanding at year-end 2015 for our employees was one to two years.

We granted 206,397 RSUs, exclusive of RSUs with performance vesting conditions, to our employees and non-employee directors during 2015. RSUs granted in 2015 had a weighted average grant-date fair value of $75.60.

During 2015, 2014 and 2013, we granted RSUs with performance vesting conditions to members of management. The number of RSUs earned, if any, is determined following the end of a three-year performance period based upon our cumulative achievement over that period of specific quantitative operating financial measures. The maximum number of RSUs that may be earned under the RSUs with performance-based vesting criteria granted during 2015, 2014 and 2013 was approximately 74,000, 62,000 and 72,000, respectively. During 2015, a total of 68,673 RSUs were earned under the RSUs with performance-based vesting criteria granted during 2013 and were distributed subsequent to January 1, 2016.

The following table provides additional information on outstanding RSUs issued to our employees for the last three fiscal years:


	2015		2014		2013
Share-based compensation expense (in thousands)⁽¹⁾	$	12,222	$	11,857	$	10,691
Weighted average grant-date fair value prior to Spin-Off (per RSU)		16.92		32.52		32.07
Weighted average grant-date fair value subsequent to Spin-Off (per RSU)⁽¹⁾		53.94		36.39		29.19
Aggregate intrinsic value of converted and distributed RSUs (in thousands)		17,809		8,361		6,648

⁽¹⁾

Includes RSUs with performance based vesting criteria.

The following table shows the 2015 changes in Marriott Vacations Worldwide RSUs issued to Marriott International and Marriott Vacations Worldwide employees and the associated weighted average grant date fair values:


	2015
	Number of RSUs		Weighted Average Grant Date Fair Value Per RSU
Outstanding at year-end 2014^(1) (2)		939,080	$	31.45
Granted during 2015		206,530		75.61
Distributed during 2015		(392,479)		28.50
Forfeited during 2015		(19,584)		43.32

Outstanding at year-end 2015^(1) (3)		733,547		45.14

⁽¹⁾

Includes RSUs with performance based vesting criteria.

⁽²⁾

Includes 129,240 RSUs held by Marriott International employees.

⁽³⁾

Includes 79,605 RSUs held by Marriott International employees.

Stock Options and SARs

We may grant employee non-qualified stock options to employees and non-employee directors at exercise prices or strike prices equal to the market price of our common stock on the date of grant. Non-qualified stock options generally expire ten years after the date of grant. Most stock options are exercisable in cumulative installments of one quarter at the end of each of the first four years following the date of grant. Stock options awarded under the Marriott International Stock Plan were granted at exercise prices or strike prices equal to the market price of Marriott International common stock on the date of grant.

We recognized no stock option compensation expense for our employees in each of 2015, 2014 and 2013, and there was no deferred compensation liability related to stock options held by our employees at both year-end 2015 and 2014. Additionally, no Marriott Vacations Worldwide stock options were granted to Marriott International or Marriott Vacations Worldwide employees in 2015, 2014 or 2013.

The following table shows the 2015 changes in outstanding Marriott Vacations Worldwide stock options for Marriott International and Marriott Vacations Worldwide employees and the associated weighted average exercise prices:


	2015
	Number of Stock Options		Weighted Average Exercise Price Per Option
Outstanding at year-end 2014⁽¹⁾		21,744	$	17.20
Granted during 2015		—		—
Exercised during 2015		(6,686)		15.88
Forfeited during 2015		—		—

Outstanding at year-end 2015⁽¹⁾		15,058		17.78

⁽¹⁾

All outstanding stock options at year-end 2015 and year-end 2014 were held by Marriott International employees.

The following table shows the Marriott Vacations Worldwide stock options issued to Marriott International and Marriott Vacations Worldwide employees that were outstanding and exercisable at year-end 2015:


	Outstanding					Exercisable
Range of Exercise Prices	Number of Stock Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Life (in years)	Number of Stock Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Life (in years)
$13 to $17		9,643	$	15.63	3.42		9,643	$	15.63		3.42
$18 to $22		3,408		20.41	2.14		3,408		20.41		2.14
$23 to $28		2,007		23.67	4.95		2,007		23.67		4.95

$13 to $28		15,058		17.78	3.33		15,058		17.78		3.33

The intrinsic value of both the outstanding Marriott International stock options and exercisable stock options held by our employees was $0 at year-end 2015 and $0.2 million at year-end 2014. There were no outstanding or exercisable Marriott Vacations Worldwide stock options held by our employees at year-end 2015 or 2014.

The intrinsic value of stock options for Marriott International stock exercised by our employees was $0.2 million in 2015, $2.6 million in 2014 and $3.2 million in 2013. The intrinsic value of stock options for Marriott Vacations Worldwide stock exercised by our employees was $0 in 2015, $0.1 million in 2014 and $0.3 million in 2013.

SARs awarded under the Marriott International Stock Plan were granted at exercise prices or strike prices equal to the market price of Marriott International common stock on the date of grant. SARs awarded under the Stock Plan are granted at exercise prices or strike prices equal to the market price of Marriott Vacations Worldwide common stock on the date of grant (this price is referred to as the “base value”). SARs generally expire ten years after the date of grant and both vest and become exercisable in cumulative installments of one quarter of the grant at the end of each of the first four years following the date of grant. Upon exercise of SARs, our employees and non-employee directors receive the number of shares of Marriott International common stock or Marriott Vacations Worldwide common stock, as applicable, equal to the number of SARs being exercised, multiplied by the quotient of (a) the market price of the common stock on the date of exercise (this price is referred to as the “final value”) minus the base value, divided by (b) the final value.

We recognized compensation expense associated with SARs held by our employees and non-employee directors of $1.9 million in 2015, $1.6 million in 2014 and $1.3 million in 2013. At year-end 2015 and year-end 2014, we had $1.1 million and $1.2 million, respectively, in deferred compensation costs related to SARs held by our employees and non-employee directors.

The following table shows the 2015 changes in outstanding Marriott Vacations Worldwide SARs issued to both Marriott International and Marriott Vacations Worldwide employees and non-employee directors:


	2015
	Number of SARs			Weighted Average Exercise Price Per SAR
Outstanding at year-end 2014		774,665		$	22.80
Granted during 2015		62,018			77.42
Exercised during 2015		(69,206	)		19.89
Forfeited during 2015		—			—

Outstanding at year-end 2015		767,477			27.48

We use the Black-Scholes model to estimate the fair value of the SARs granted. For SARs granted under the Stock Plan subsequent to the Spin-Off, the expected stock price volatility was calculated based on the historical volatility from the stock prices of a group of identified peer companies. The average expected life was calculated using the simplified method. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.

The following table outlines the assumptions used to estimate the fair value of grants for the fiscal years ended 2015 and 2014:


	2015	2014
Expected volatility	42.74%	55.10%
Dividend yield	1.26%	0.00%
Risk-free rate	1.74%	1.84%
Expected term (in years)	6.25	6.25

Employee Stock Purchase Plan

During 2015, the Board of Directors adopted, and our shareholders subsequently approved, the Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan (the “ESPP”), which became effective during the third quarter of 2015. A total of 500,000 shares of common stock may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95% of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period.

VARIABLE INTEREST ENTITIES

12 Months Ended

Jan. 01, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

15. VARIABLE INTEREST ENTITIES

In accordance with the applicable accounting guidance for the consolidation of variable interest entities, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a variable interest entity because we are its primary beneficiary.

Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations

We periodically securitize, without recourse, through bankruptcy remote special purpose entities, notes receivable originated in connection with the sale of vacation ownership products. These vacation ownership notes receivable securitizations provide funding for us and transfer the economic risks and substantially all the benefits of the consumer loans we originate to third parties. In a vacation ownership notes receivable securitization, various classes of debt securities issued by a special purpose entity are generally collateralized by a single tranche of transferred assets, which consist of vacation ownership notes receivable. We service the vacation ownership notes receivable. With each vacation ownership notes receivable securitization, we may retain a portion of the securities, subordinated tranches, interest-only strips, subordinated interests in accrued interest and fees on the securitized vacation ownership notes receivable or, in some cases, overcollateralization and cash reserve accounts.

We created these entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them variable interest entities. We continue to service the vacation ownership notes receivable, transfer all proceeds collected to these special purpose entities, and retain rights to receive benefits that are potentially significant to the entities. Accordingly, we concluded that we are the entities’ primary beneficiary and, therefore, consolidate them.

The following table shows consolidated assets, which are collateral for the obligations of these variable interest entities, and consolidated liabilities included on our Balance Sheet at January 1, 2016.


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets:
Vacation ownership notes receivable, net of reserves	$	669,179	$	—	$	669,179
Interest receivable		4,893		—		4,893
Restricted cash		26,884		—		26,884

Total	$	700,956	$	—	$	700,956

Consolidated Liabilities:
Interest payable	$	619	$	50	$	669
Debt		684,604		—		684,604

Total	$	685,223	$	50	$	685,273

The noncontrolling interest balance was zero. The creditors of these entities do not have general recourse to us.

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during 2015:


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	89,693	$	—	$	89,693
Interest expense to investors	$	18,841	$	1,386	$	20,227
Debt issuance cost amortization	$	3,246	$	1,185	$	4,431
Administrative expenses	$	324	$	153	$	477

The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities:


*($ in thousands)*	2015			2014
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	$	252,361		$	260,007
Principal receipts		183,111			183,687
Interest receipts		91,290			91,507
Reserve release		55,156			44,999

Total		581,918			580,200

Cash outflows:
Principal to investors		(176,249	)		(176,799	)
Voluntary repurchases of defaulted vacation ownership notes receivable		(24,596	)		(25,349	)
Voluntary clean-up call		(77,582	)		(26,722	)
Interest to investors		(19,268	)		(21,179	)
Funding of restricted cash		(52,756	)		(44,797	)

Total		(350,451	)		(294,846	)

Net Cash Flows	$	231,467		$	285,354

The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity:


*($ in thousands)*	2015		2014
Cash inflows:
Total	$	—	$	—

Cash outflows:
Interest to investors		(1,390)		(1,495)

Total		(1,390)		(1,495)

Net Cash Flows	$	(1,390)	$	(1,495)

Under the terms of our vacation ownership notes receivable securitizations, we have the right at our option to repurchase defaulted vacation ownership notes receivable at the outstanding principal balance. The transaction documents typically limit such repurchases to 15 to 20 percent of the transaction’s initial vacation ownership notes receivable principal balance. We made voluntary repurchases of defaulted vacation ownership notes receivable of $24.6 million during 2015, $25.3 million during 2014 and $26.4 million during 2013. We also made voluntary repurchases of $146.2 million, $31.3 million and $69.2 million of other non-defaulted vacation ownership notes receivable during 2015, 2014 and 2013, respectively, to retire previous vacation ownership notes receivable securitizations. Our maximum exposure to loss relating to the special purpose entities that purchase, sell and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral. In addition, we could be required to fund up to an aggregate of $5.0 million upon presentation of demand notes related to certain vacation ownership notes receivable securitization transactions outstanding at January 1, 2016.

Other Variable Interest Entities

We have an equity investment in the Joint Venture, a variable interest entity that previously developed and marketed vacation ownership and residential products in Hawaii. We concluded that the Joint Venture is a variable interest entity because the equity investment at risk is not sufficient to permit it to finance its activities without additional support from other venture parties. We determined that we are not the primary beneficiary of the Joint Venture, as power to direct the activities that most significantly impact its economic performance is shared among the variable interest holders and, therefore, we do not consolidate the Joint Venture. In 2009, we fully impaired our equity investment in the Joint Venture and in certain notes receivable due from the Joint Venture and subsequently reduced the carrying value of our investment in those receivables to zero. Following the Joint Venture’s failure to pay promissory notes due in 2010 and 2011, the lenders initiated foreclosure proceedings with respect to unsold interests in the project. A sale was completed following a foreclosure auction, and on June 13, 2013, we received $7.4 million of cash as a partial repayment of our previously fully reserved receivables due from the Joint Venture. The Joint Venture’s obligations with respect to the remaining receivables have been terminated. At January 1, 2016, we had an accrual of $4.1 million for potential future funding obligations, representing our remaining expected exposure to loss related to our involvement with the Joint Venture exclusive of any future costs that may be incurred pursuant to outstanding litigation matters, including those discussed in Footnote No. 9, “Contingencies and Commitments.”

ORGANIZATIONAL AND SEPARATION RELATED CHARGES	12 Months Ended
ORGANIZATIONAL AND SEPARATION RELATED CHARGES	Jan. 01, 2016
Text Block [Abstract]
ORGANIZATIONAL AND SEPARATION RELATED CHARGES	16. ORGANIZATIONAL AND SEPARATION RELATED CHARGES Subsequent to the Spin-Off, Marriott International continued to provide us with certain information technology, payroll, human resources and other administrative services pursuant to transition services agreements, most of which we had ceased using as of the end of 2013. In connection with our organizational and separation related activities, we incurred certain expenses to complete our separation from Marriott International. These costs primarily related to establishing our own information technology systems and services, independent payroll and accounts payable functions and reorganizing existing human resources, information technology and related finance and accounting organizations to support our stand-alone public company needs. We do not expect to incur organizational and separation related expenses after 2015. Organizational and separation related charges as reflected in our Statements of Income were $1.2 million for 2015, $3.4 million for 2014 and $12.3 million for 2013. In addition, $3.8 million and $3.0 million of additional separation related charges were capitalized to Property and equipment on our Balance Sheets during 2015 and 2014, respectively.

BUSINESS SEGMENTS

12 Months Ended

Jan. 01, 2016

Segment Reporting [Abstract]

BUSINESS SEGMENTS

17. BUSINESS SEGMENTS

We define our reportable segments based on the way in which the chief operating decision maker, currently our chief executive officer, manages the operations of the company for purposes of allocating resources and assessing performance. We operate in three reportable business segments:

•

In our North America segment, we develop, market, sell and manage vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. We also develop, market and sell vacation ownership and related products under The Ritz-Carlton Destination Club brand, as well as whole ownership residential products under The Ritz-Carlton Residences brand.

•

In our Europe segment, we are focusing on selling our existing projects and managing existing resorts. We do not have any current plans for new development in this segment.

•

In our Asia Pacific segment, we develop, market, sell and manage the Marriott Vacation Club, Asia Pacific, a right-to-use points program that we specifically designed to appeal to the vacation preferences of the Asian market, as well as a weeks-based right-to-use product.

We evaluate the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense, consumer financing interest expense, other financing expenses or general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate other gains and losses and equity in earnings or losses from our joint ventures to each of our segments as appropriate. Corporate and other represents that portion of our revenues, equity in earnings or losses, and other gains or losses that are not allocable to our segments.

Revenues


*($ in thousands)*	2015		2014		2013
North America	$	1,621,923	$	1,549,557	$	1,544,816
Europe		114,582		131,683		149,277
Asia Pacific		93,958		54,542		55,595

Total segment revenues		1,830,463		1,735,782		1,749,688
Corporate and other		—		—		—

	$	1,830,463	$	1,735,782	$	1,749,688

Net Income


*($ in thousands)*	2015			2014			2013
North America	$	409,441		$	350,589		$	342,695
Europe		13,874			15,079			18,564
Asia Pacific		7,263			7,808			7,688

Total segment financial results		430,578			373,476			368,947
Corporate and other		(224,081	)		(222,885	)		(237,743	)
Provision for income taxes		(83,698	)		(69,835	)		(51,474	)

	$	122,799		$	80,756		$	79,730

Equity in Earnings (Losses) of Equity Method Investees


*($ in thousands)*	2015			2014			2013
North America	$	200		$	205		$	192
Asia Pacific		(13	)		(131	)		(2	)

	$	187		$	74		$	190

Depreciation


*($ in thousands)*	2015		2014		2013
North America	$	12,935	$	8,673	$	9,451
Europe		1,601		1,897		1,859
Asia Pacific		2,424		354		260

Total segment depreciation		16,960		10,924		11,570
Corporate and other		5,257		7,758		11,025

	$	22,217	$	18,682	$	22,595

Assets


*($ in thousands)*	At Year-End 2015		At Year-End 2014
North America	$	1,900,178	$	1,879,648
Europe		80,839		88,867
Asia Pacific		134,661		85,469

Total segment assets		2,115,678		2,053,984
Corporate and other		279,348		476,595

	$	2,395,026	$	2,530,579

Equity Method Investments


*($ in thousands)*	At Year-End 2015		At Year-End 2014
North America	$	349	$	394
Asia Pacific		571		584

	$	920	$	978

Capital Expenditures (including inventory)


*($ in thousands)*	2015		2014		2013
North America	$	179,696	$	94,539	$	166,718
Europe		2,807		3,476		4,557
Asia Pacific		72,097		9,899		8,482

Total segment capital expenditures		254,600		107,914		179,757
Corporate and other		10,260		4,769		7,974

	$	264,860	$	112,683	$	187,731

Our Financial Statements include the following items related to operations located outside the United States (which are predominately related to our Europe and Asia Pacific segments):

•

Revenues, excluding cost reimbursements, of $215.3 million in 2015, $188.3 million in 2014 and $207.0 million in 2013; and

•

Fixed assets of $121.8 million in 2015 and $62.3 million in 2014. For year-end 2015 and year-end 2014, fixed assets located outside the United States are included within the “Property and equipment” caption on our Balance Sheets.

Quarterly Financial Information Disclosure [Abstract]

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

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-Publisher FASB
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-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jan. 01, 2016

QUARTERLY RESULTS (UNAUDITED)

18. QUARTERLY RESULTS (UNAUDITED)


	Fiscal Year 2015⁽¹⁾⁽²⁾
*($ in thousands, except per share data)*	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	454,880		$	422,827		$	407,136		$	545,620		$	1,830,463

Expenses	$	(395,463	)	$	(369,812	)	$	(362,983	)	$	(484,202	)	$	(1,612,460	)

Net income	$	34,054		$	34,041		$	21,555		$	33,149		$	122,799

Basic earnings per share	$	1.05		$	1.07		$	0.69		$	1.08		$	3.90

Diluted earnings per share	$	1.03		$	1.05		$	0.67		$	1.06		$	3.82


	Fiscal Year 2014⁽¹⁾⁽²⁾
*($ in thousands, except per share data)*	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	401,947		$	409,902		$	413,038		$	510,895		$	1,735,782

Expenses	$	(366,999	)	$	(352,144	)	$	(366,883	)	$	(493,258	)	$	(1,579,284	)

Net income	$	19,308		$	35,303		$	25,648		$	497		$	80,756

Basic earnings per share	$	0.55		$	1.03		$	0.77		$	0.02		$	2.40

Diluted earnings per share	$	0.54		$	1.00		$	0.75		$	0.01		$	2.33

⁽¹⁾	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.

⁽²⁾	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Jan. 01, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Conditional Future Purchase Commitments In the first quarter of 2016, we entered into a commitment to purchase an operating hotel located in New York, New York for $158.5 million, in a capital efficient transaction. We expect to acquire the units in the hotel, in their current form, over time, and we expect to make payments of $96.8 million and $61.7 million in 2018 and 2019, respectively. We are required to purchase the completed property from the third party developer unless the developer has sold the property to another party. The property is held by a variable interest entity for which we are not the primary beneficiary as we cannot prevent the variable interest entity from selling the property to another party. Accordingly, we will not consolidate the variable interest entity at inception. We have commitments to purchase vacation ownership units located in two resorts in Bali, Indonesia in separate capital efficient transactions, contingent upon completion of construction at agreed upon standards within specified timeframes, for use in our Asia Pacific segment. We expect to complete the acquisition of 51 vacation ownership units in 2017 pursuant to one of the commitments, and expect to make payments, when specific construction milestones are completed, as follows: $4.8 million in 2016, $17.7 million in 2017, and $1.2 million in 2018. We expect to complete the acquisition of 88 vacation ownership units in 2019 pursuant to the other commitment, and expect to make payments, when specific construction milestones are completed, as follows: $7.8 million in 2016, $5.9 million in 2017, $23.5 million in 2019 and $1.9 million in 2020. Acquisition In the first quarter of 2016, we completed the acquisition of an operating hotel located in the South Beach area of Miami Beach, Florida, for approximately $23.5 million. We intend to convert this hotel into vacation ownership interests for future use in our MVCD program. Dividends On February 11, 2016, our Board of Directors declared a quarterly dividend of $0.30 per share to be paid on March 10, 2016 to shareholders of record as of February 25, 2016. Share Repurchase Program On February 11, 2016, our Board of Directors authorized repurchase of an additional 2,000,000 shares of our common stock under our existing share repurchase program through March 24, 2017. Prior to that authorization, our Board of Directors had authorized the repurchase of an aggregate of up to 8,900,000 shares of our common stock under the share repurchase program since the initiation of the program in October 2013. Warehouse Credit Facility Borrowing On February 24, 2016, we made a draw on the Warehouse Credit Facility. The carrying amount of the notes receivable securitized was $60.2 million. The advance rate was 85 percent, which resulted in gross proceeds of $51.1 million. Net proceeds were $50.7 million due to the funding of reserve accounts in the amount of $0.4 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jan. 01, 2016

Accounting Policies [Abstract]

Business Operations

Our Business

Our Spin-Off from Marriott International, Inc.

Our Spin-Off from Marriott International, Inc.

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation


Fiscal Year		Fiscal Year-End Date
2015		January 1, 2016
2014		January 2, 2015
2013		January 3, 2014

We have reclassified certain prior year amounts to conform to our 2015 presentation.

Revenue Recognition

Revenue Recognition

Sale of Vacation Ownership Products

Resort Management and Other Services Revenues

Financing Revenues

Rental Revenues

Cost Reimbursements

Multiple-Element Transactions

Multiple-Element Transactions

Inventory

Inventory

Capitalization of Costs

Capitalization of Costs

Defined Contribution Plan

Defined Contribution Plan

Deferred Compensation Plan

Deferred Compensation Plan

Property and Equipment

Property and Equipment

Marriott Rewards Customer Loyalty Program

Marriott Rewards Customer Loyalty Program

Guarantees

Guarantees

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted Cash

Accounts and Contracts Receivable

Accounts and Contracts Receivable

Accounts and contracts receivable are presented net of allowances of $0.6 million at both January 1, 2016 and January 2, 2015.

Loan Loss Reserves

Loan Loss Reserves

For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote No. 3, “Vacation Ownership Notes Receivable.”

Costs Incurred to Sell Vacation Ownership Products

Costs Incurred to Sell Vacation Ownership Products

Valuation of Property and Equipment

Valuation of Property and Equipment

Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as undeveloped and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life.

Investments

Investments

Valuation of Investments in Ventures

Valuation of Investments in Ventures

Fair Value Measurements

Fair Value Measurements

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Derivative Instruments

Derivative Instruments

Non-U.S. Operations

Non-U.S. Operations

Loss Contingencies

Loss Contingencies

Share-Based Compensation Costs

Share-Based Compensation Costs

Advertising Costs

Advertising Costs

Income Taxes

Income Taxes

For information about income taxes and deferred tax assets and liabilities, see Footnote No. 2, “Income Taxes.”

Earnings Per Common Share

Earnings Per Common Share

New Accounting Standards

New Accounting Standards

Accounting Standards Update No. 2015-16 – “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805): Business Combinations” (“ASU 2015-16”)

Accounting Standards Update No. 2015-11 – “Simplifying the Measurement of Inventory (Topic 330): Inventory” (“ASU 2015-11”)

Accounting Standards Update No. 2015-03 – “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”)

Accounting Standards Update No. 2015-02 – “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”)

Future Adoption of Accounting Standards

Future Adoption of Accounting Standards

Accounting Standards Update No. 2016-01 – “Financial Instruments – Overall (Subtopic 825-10)” (“ASU 2016-01”)

Accounting Standards Update No. 2014-09 – “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 01, 2016

Accounting Policies [Abstract]

Each Reference to Particular Year in These Financial Statements Means Fiscal Year Ended on Date Shown

Unless otherwise specified, each reference to a particular year in these Financial Statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year:


Fiscal Year		Fiscal Year-End Date
2015		January 1, 2016
2014		January 2, 2015
2013		January 3, 2014

INCOME TAXES (Tables)

12 Months Ended

Jan. 01, 2016

Income Tax Disclosure [Abstract]

Income (Loss) Before Provision for Income Taxes by Geographic Region

The income (loss) before provision for income taxes by geographic region is as follows:


*($ in thousands)*	2015		2014			2013
United States	$	197,519	$	178,297		$	124,729
Non-U.S. jurisdictions		8,978		(27,706	)		6,475

	$	206,497	$	150,591		$	131,204

Provision for Income Taxes

Our provision for income taxes consists of:


*($ in thousands)*	2015		2014		2013
Current – U.S. Federal	$	(44,728)	$	(42,652)	$	(37,056)
– U.S. State		(4,027)		(9,091)		(5,738)
– Non-U.S.		(6,953)		95		(1,960)

		(55,708)		(51,648)		(44,754)

Deferred – U.S. Federal		(25,350)		(16,422)		(4,663)
– U.S. State		(4,554)		1,294		(1,243)
– Non-U.S.		1,914		(3,059)		(814)

		(27,990)		(18,187)		(6,720)

	$	(83,698)	$	(69,835)	$	(51,474)

Reconciliation of Unrecognized Tax Benefit

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2013 to the end of 2015:


*($ in thousands)*	2015		2014		2013
Unrecognized tax benefit at beginning of year	$	1,123	$	473	$	157
Change attributable to tax positions taken during the current period		979		—		—
Change attributable to tax positions taken during a prior period		276		650		316

Unrecognized tax benefit at end of year	$	2,378	$	1,123	$	473

Deferred Tax Assets and Liabilities

Total deferred tax assets and liabilities at January 1, 2016 and January 2, 2015 were as follows:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Deferred tax assets	$	160,813	$	157,974
Deferred tax liabilities		(265,197)		(236,857)

Net deferred tax liability	$	(104,384)	$	(78,883)


*($ in thousands)*	At Year-End 2015			At Year-End 2014
Inventory	$	(25,671	)	$	(24,487	)
Reserves		34,151			34,807
Property and equipment		(7,246	)		(2,629	)
Marriott Rewards customer loyalty program		13			3,142
Deferred sales of vacation ownership interests		(185,980	)		(159,787	)
Long lived intangible assets		34,692			36,148
Net operating loss carry-forwards		45,481			43,938
Other, net		46,476			39,939

Deferred tax liability		(58,084	)		(28,929	)
Less: Valuation allowance		(46,300	)		(49,954	)

Net deferred tax liability	$	(104,384	)	$	(78,883	)

Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate

The following table reconciles the expense related to the U.S. statutory income tax rate to our effective income tax rate:


	2015			2014			2013
U.S. statutory income tax rate expense		35.00	%		35.00	%		35.00	%
U.S. state income taxes, net of U.S. federal tax benefit		2.62			2.96			3.48
Permanent differences⁽¹⁾		1.65			0.18			0.24
Non-U.S. (loss) income⁽²⁾		(0.61	)		6.27			0.97
Other items		1.21			0.17			(2.28	)
Change in valuation allowance⁽³⁾		0.66			1.79			1.82

Effective rate expense		40.53	%		46.37	%		39.23	%

⁽¹⁾

Attributed to interest on mandatorily redeemable preferred stock of a consolidated subsidiary, partially offset by the benefit of tax holidays in certain jurisdictions in 2014 and 2013.

⁽²⁾

Attributed to the difference between U.S. and foreign income tax rates.

⁽³⁾

Attributed to establishment of valuation allowances in foreign jurisdictions for losses that cannot be benefited in the U.S. income tax provision as discussed above.

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

12 Months Ended

Jan. 01, 2016

Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Vacation ownership notes receivable — securitized	$	669,179	$	750,680
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾		104,671		24,194
Not eligible for securitization⁽¹⁾		146,781		142,354

Subtotal		251,452		166,548

Total vacation ownership notes receivable	$	920,631	$	917,228

⁽¹⁾

Refer to Footnote No. 4, “Financial Instruments,” for discussion of eligibility of our vacation ownership notes receivable.

Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable

The following tables show future principal payments, net of reserves, as well as interest rates for our non-securitized and securitized vacation ownership notes receivable at January 1, 2016:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2016	$	60,207	$	92,725	$	152,932
2017		38,414		88,754		127,168
2018		24,644		84,482		109,126
2019		18,973		77,434		96,407
2020		17,155		75,057		92,212
Thereafter		92,059		250,727		342,786

Balance at year-end 2015	$	251,452	$	669,179	$	920,631

Weighted average stated interest rate at year-end 2015		12.0%		12.8%		12.5%
Range of stated interest rates at year-end 2015		0.0% to 19.5%		4.9% to 19.5%		0.0% to 19.5%

Interest Income Associated with Vacation Ownership Notes Receivable

The following table summarizes interest income associated with vacation ownership notes receivable:


*($ in thousands)*	2015		2014		2013
Interest income associated with vacation ownership notes receivable – securitized	$	89,693	$	91,790	$	103,781
Interest income associated with vacation ownership notes receivable – non-securitized		28,327		30,761		30,963

Total interest income associated with vacation ownership notes receivable	$	118,020	$	122,551	$	134,744

Recorded Investment in Non-accrual Notes Receivable that are 90 Days or More Past Due


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
Investment in vacation ownership notes receivable on non-accrual status at year-end 2015	$	46,024	$	8,717	$	54,741
Investment in vacation ownership notes receivable on non-accrual status at year-end 2014	$	60,275	$	7,172	$	67,447
Average investment in vacation ownership notes receivable on non-accrual status during 2015	$	53,150	$	7,945	$	61,095

Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of January 1, 2016:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	9,981	$	21,113	$	31,094
91 – 150 days past due		4,731		8,590		13,321
Greater than 150 days past due		41,293		127		41,420

Total past due		56,005		29,830		85,835
Current		251,031		687,004		938,035

Total vacation ownership notes receivable	$	307,036	$	716,834	$	1,023,870

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of January 2, 2015:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	8,330	$	22,544	$	30,874
91 – 150 days past due		6,101		7,003		13,104
Greater than 150 days past due		54,174		169		54,343

Total past due		68,605		29,716		98,321
Current		162,695		774,630		937,325

Total vacation ownership notes receivable	$	231,300	$	804,346	$	1,035,646

Vacation Ownership

Notes Receivable Reserves

The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2015, 2014 and 2013:


*($ in thousands)*	Non-Securitized Vacation Ownership Notes Receivable Reserve			Securitized Vacation Ownership Notes Receivable Reserve			Total
Balance at year-end 2012	$	92,785		$	53,782		$	146,567
Provision for loan losses		28,885			7,068			35,953
Securitizations		(31,534	)		31,534			—
Clean-up calls⁽¹⁾		14,285			(14,285	)		—
Write-offs		(49,257	)		—			(49,257	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		26,412			(26,412	)		—

Balance at year-end 2013		81,576			51,687			133,263
Provision for loan losses		20,509			9,577			30,086
Securitizations		(19,507	)		19,507			—
Clean-up calls⁽¹⁾		1,756			(1,756	)		—
Write-offs		(44,931	)		—			(44,931	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		25,349			(25,349	)		—

Balance at year-end 2014		64,752			53,666			118,418
Provision for loan losses		23,832			9,209			33,041
Securitizations		(16,491	)		16,491			—
Clean-up calls⁽¹⁾		7,115			(7,115	)		—
Write-offs		(48,220	)		—			(48,220	)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾		24,596			(24,596	)		—

Balance at year-end 2015	$	55,584		$	47,655		$	103,239

⁽¹⁾

Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable to retire outstanding vacation ownership notes receivable securitizations.

⁽²⁾

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jan. 01, 2016

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities


	At Year-End 2015					At Year-End 2014
*($ in thousands)*	Carrying Amount		Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable
Securitized	$	669,179	$	803,533		$	750,680		$	909,391
Non-securitized		251,452		274,799			166,548			172,103

Total financial assets	$	920,631	$	1,078,332		$	917,228		$	1,081,494

Non-recourse debt associated with vacation ownership notes receivable securitizations, gross	$	(684,604)	$	(677,595	)	$	(708,031	)	$	(712,977	)
Other debt, gross		(3,496)		(3,496	)		(3,306	)		(3,306	)
Mandatorily redeemable preferred stock of consolidated subsidiary, gross		(40,000)		(42,258	)		(40,000	)		(43,837	)
Liability for Marriott Rewards customer loyalty program		(35)		(35	)		(89,285	)		(80,448	)
Other liabilities		(4,515)		(4,515	)		(4,118	)		(4,118	)

Total financial liabilities	$	(732,650)	$	(727,899	)	$	(844,740	)	$	(844,686	)

⁽¹⁾	Fair value of financial instruments, has been determined using Level 3 inputs.

Non-Securitized Vacation Ownership Notes Receivable

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities


	At Year-End 2015				At Year-End 2014
*($ in thousands)*	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	104,671	$	128,018	$	24,194	$	29,749
Not eligible for securitization		146,781		146,781		142,354		142,354

Total non-securitized	$	251,452	$	274,799	$	166,548	$	172,103

EARNINGS PER SHARE (Tables)

12 Months Ended

Jan. 01, 2016

Earnings Per Share [Abstract]

Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic and diluted earnings per share.


*(in thousands, except per share amounts)*	At Year-End 2015⁽¹⁾		At Year-End 2014⁽²⁾		At Year-End 2013⁽³⁾
Computation of Basic Earnings Per Share
Net income	$	122,799	$	80,756	$	79,730
Weighted average shares outstanding		31,487		33,665		35,373

Basic earnings per share	$	3.90	$	2.40	$	2.25

Computation of Diluted Earnings Per Share
Net income	$	122,799	$	80,756	$	79,730

Weighted average shares outstanding		31,487		33,665		35,373
Effect of dilutive shares outstanding
Employee stock options and SARs		446		543		702
Restricted stock units		235		427		546

Shares for diluted earnings per share		32,168		34,635		36,621

Diluted earnings per share	$	3.82	$	2.33	$	2.18

⁽¹⁾

⁽²⁾

⁽³⁾

INVENTORY (Tables)

12 Months Ended

Jan. 01, 2016

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Finished goods⁽¹⁾	$	332,888	$	413,066
Land and infrastructure⁽²⁾		331,042		355,198

Real estate inventory		663,930		768,264
Operating supplies and retail inventory		5,313		4,520

	$	669,243	$	772,784

⁽¹⁾

Represents completed inventory that is either registered for sale as vacation ownership interests, or unregistered and available for sale in its current form.

⁽²⁾

Includes $72.9 million of inventory related to estimated future foreclosures at January 1, 2016.

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Jan. 01, 2016

Property, Plant and Equipment [Abstract]

Composition of Property and Equipment

The following table details the composition of our property and equipment balances:


*($ in thousands)*	At Year-End 2015			At Year-End 2014
Land	$	87,751		$	63,461
Buildings and leasehold improvements		267,965			168,328
Furniture and equipment		55,326			48,193
Information technology		177,099			181,260
Construction in progress		26,469			12,354

		614,610			473,596
Accumulated depreciation		(325,807	)		(326,217	)

	$	288,803		$	147,379

CONTINGENCIES AND COMMITMENTS (Tables)

12 Months Ended

Jan. 01, 2016

Commitments and Contingencies Disclosure [Abstract]

Maximum Potential Amount of Future Fundings for Financing Guarantees and Carrying Amount of Liability for Expected Future Fundings


*($ in thousands)*	Maximum Potential Amount of Future Fundings at Year-End 2015		Liability for Expected Future Fundings at Year-End 2015
Segment
Asia Pacific	$	5,189	$	52
North America		2,846		164

Total guarantees where we are the primary obligor	$	8,035	$	216

Summary of Future Obligations Under Operating Leases

We have summarized our future obligations under operating leases at January 1, 2016 below:


*($ in thousands)*	Land Lease		Corporate Facilities Leases		Other Operating Leases		Total
Fiscal Year
2016	$	1,061	$	3,486	$	9,768	$	14,315
2017		1,061		3,580		7,915		12,556
2018		1,061		3,679		4,483		9,223
2019		1,061		3,779		2,308		7,148
2020		1,061		3,882		2,070		7,013
Thereafter		9,551		2,658		5,368		17,577

Total minimum lease payments	$	14,856	$	21,064	$	31,912	$	67,832

Composition of Rental Expense Associated with Operating Leases

The following table details the composition of rent expense associated with operating leases, net of sublease income, for the last three years:


*($ in thousands)*	2015		2014		2013
Minimum rentals	$	9,401	$	6,806	$	9,417
Additional rentals		3,876		5,520		4,527

	$	13,277	$	12,326	$	13,944

DEBT (Tables)

12 Months Ended

Jan. 01, 2016

Debt Disclosure [Abstract]

Debt Balances, Net of Unamortized Debt Issuance Costs

The following table provides detail on our debt balances, net of unamortized debt issuance costs:


*($ in thousands)*	At Year-End 2015		At Year-End 2014
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	684,604	$	708,031
Unamortized debt issuance costs		(9,043)		(8,090)

		675,561		699,941
Other debt, gross		3,496		3,306
Unamortized debt issuance costs		(264)		(234)

		3,232		3,072
	$	678,793	$	703,013

⁽¹⁾

Interest rates as of January 1, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.6%.

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our debt:


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Other Debt		Total
Debt Principal Payments Year
2016	$	95,006	$	60	$	95,066
2017		90,486		64		90,550
2018		85,878		69		85,947
2019		77,497		74		77,571
2020		74,768		80		74,848
Thereafter		260,969		3,149		264,118

Balance at January 1, 2016	$	684,604	$	3,496	$	688,100

⁽¹⁾

The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us.

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY (Tables)

12 Months Ended

Jan. 01, 2016

Text Block [Abstract]

Mandatorily Redeemable Preferred Stock, Net of Unamortized Debt Issuance Costs

The following table provides detail on our mandatorily redeemable preferred stock of consolidated subsidiary balance, net of unamortized debt issuance costs:


*($ in thousands)*	At January 1, 2016		At January 2, 2015
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$	40,000	$	40,000
Unamortized debt issuance costs		(1,011)		(1,184)

	$	38,989	$	38,816

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Jan. 01, 2016

Equity [Abstract]

Stock Repurchase Activity under Current Stock Repurchase Program

The following table summarizes share repurchase activity under our current share repurchase program:


*($ in thousands, except per share amounts)*	Number of Shares Repurchased		Cost of Shares Repurchased		Average Price Paid per Share
As of January 2, 2015		3,996,725	$	229,229	$	57.35
For the year ended January 1, 2016		2,857,358		201,380		70.48

As of January 1, 2016		6,854,083	$	430,609	$	62.92

Cash Dividend Declared

We declared cash dividends to holders of common stock during the year ended January 1, 2016 as follows:


Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 12, 2015	February 26, 2015	March 11, 2015	$ 0.25
June 4, 2015	June 18, 2015	July 2, 2015	$ 0.25
September 10, 2015	September 24, 2015	October 8, 2015	$ 0.25
December 8, 2015	December 21, 2015	January 6, 2016	$ 0.30

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jan. 01, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Additional Information on Outstanding RSUs Issued to Employees

The following table provides additional information on outstanding RSUs issued to our employees for the last three fiscal years:


	2015		2014		2013
Share-based compensation expense (in thousands)⁽¹⁾	$	12,222	$	11,857	$	10,691
Weighted average grant-date fair value prior to Spin-Off (per RSU)		16.92		32.52		32.07
Weighted average grant-date fair value subsequent to Spin-Off (per RSU)⁽¹⁾		53.94		36.39		29.19
Aggregate intrinsic value of converted and distributed RSUs (in thousands)		17,809		8,361		6,648

⁽¹⁾

Includes RSUs with performance based vesting criteria.

Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees and Associated Weighted Average Grant Date Fair Values


	2015
	Number of RSUs		Weighted Average Grant Date Fair Value Per RSU
Outstanding at year-end 2014^(1) (2)		939,080	$	31.45
Granted during 2015		206,530		75.61
Distributed during 2015		(392,479)		28.50
Forfeited during 2015		(19,584)		43.32

Outstanding at year-end 2015^(1) (3)		733,547		45.14

⁽¹⁾

Includes RSUs with performance based vesting criteria.

⁽²⁾

Includes 129,240 RSUs held by Marriott International employees.

⁽³⁾

Includes 79,605 RSUs held by Marriott International employees.

Changes in Outstanding Marriott Vacations Worldwide Stock Options for Marriott International and Marriott Vacations Worldwide Employees


	2015
	Number of Stock Options		Weighted Average Exercise Price Per Option
Outstanding at year-end 2014⁽¹⁾		21,744	$	17.20
Granted during 2015		—		—
Exercised during 2015		(6,686)		15.88
Forfeited during 2015		—		—

Outstanding at year-end 2015⁽¹⁾		15,058		17.78

⁽¹⁾

All outstanding stock options at year-end 2015 and year-end 2014 were held by Marriott International employees.

Marriott Vacations Worldwide Stock Options Issued to Marriott International and Marriott Vacations Worldwide Employees that were Outstanding and Exercisable


	Outstanding					Exercisable
Range of Exercise Prices	Number of Stock Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Life (in years)	Number of Stock Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Life (in years)
$13 to $17		9,643	$	15.63	3.42		9,643	$	15.63		3.42
$18 to $22		3,408		20.41	2.14		3,408		20.41		2.14
$23 to $28		2,007		23.67	4.95		2,007		23.67		4.95

$13 to $28		15,058		17.78	3.33		15,058		17.78		3.33

Changes in Outstanding Marriott Vacations Worldwide SARs Issued to Both Marriott International and Marriott Vacations Worldwide Employees and Non-employee Directors


	2015
	Number of SARs			Weighted Average Exercise Price Per SAR
Outstanding at year-end 2014		774,665		$	22.80
Granted during 2015		62,018			77.42
Exercised during 2015		(69,206	)		19.89
Forfeited during 2015		—			—

Outstanding at year-end 2015		767,477			27.48

Assumptions Used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants for the fiscal years ended 2015 and 2014:


	2015	2014
Expected volatility	42.74%	55.10%
Dividend yield	1.26%	0.00%
Risk-free rate	1.74%	1.84%
Expected term (in years)	6.25	6.25

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Jan. 01, 2016

Vacation Ownership Notes Receivable Securitizations

Cash Flows Between Company and Variable Interest Entities

The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities:


*($ in thousands)*	2015			2014
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	$	252,361		$	260,007
Principal receipts		183,111			183,687
Interest receipts		91,290			91,507
Reserve release		55,156			44,999

Total		581,918			580,200

Cash outflows:
Principal to investors		(176,249	)		(176,799	)
Voluntary repurchases of defaulted vacation ownership notes receivable		(24,596	)		(25,349	)
Voluntary clean-up call		(77,582	)		(26,722	)
Interest to investors		(19,268	)		(21,179	)
Funding of restricted cash		(52,756	)		(44,797	)

Total		(350,451	)		(294,846	)

Net Cash Flows	$	231,467		$	285,354

Warehouse Credit Facility

Cash Flows Between Company and Variable Interest Entities

The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity:


*($ in thousands)*	2015		2014
Cash inflows:
Total	$	—	$	—

Cash outflows:
Interest to investors		(1,390)		(1,495)

Total		(1,390)		(1,495)

Net Cash Flows	$	(1,390)	$	(1,495)

Balance Sheet

Classifications of Consolidated Variable Interest Entities


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets:
Vacation ownership notes receivable, net of reserves	$	669,179	$	—	$	669,179
Interest receivable		4,893		—		4,893
Restricted cash		26,884		—		26,884

Total	$	700,956	$	—	$	700,956

Consolidated Liabilities:
Interest payable	$	619	$	50	$	669
Debt		684,604		—		684,604

Total	$	685,223	$	50	$	685,273

Income Statement

Classifications of Consolidated Variable Interest Entities

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during 2015:


*($ in thousands)*	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	89,693	$	—	$	89,693
Interest expense to investors	$	18,841	$	1,386	$	20,227
Debt issuance cost amortization	$	3,246	$	1,185	$	4,431
Administrative expenses	$	324	$	153	$	477

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Equity in Earnings (Losses) of Equity Method Investees

BUSINESS SEGMENTS (Tables)

12 Months Ended

Jan. 01, 2016

Segment Reporting [Abstract]

Revenues

Revenues


*($ in thousands)*	2015		2014		2013
North America	$	1,621,923	$	1,549,557	$	1,544,816
Europe		114,582		131,683		149,277
Asia Pacific		93,958		54,542		55,595

Total segment revenues		1,830,463		1,735,782		1,749,688
Corporate and other		—		—		—

	$	1,830,463	$	1,735,782	$	1,749,688

Net Income

Net Income


*($ in thousands)*	2015			2014			2013
North America	$	409,441		$	350,589		$	342,695
Europe		13,874			15,079			18,564
Asia Pacific		7,263			7,808			7,688

Total segment financial results		430,578			373,476			368,947
Corporate and other		(224,081	)		(222,885	)		(237,743	)
Provision for income taxes		(83,698	)		(69,835	)		(51,474	)

	$	122,799		$	80,756		$	79,730

Equity in Earnings (Losses) of Equity Method Investees


*($ in thousands)*	2015			2014			2013
North America	$	200		$	205		$	192
Asia Pacific		(13	)		(131	)		(2	)

	$	187		$	74		$	190

Depreciation

Depreciation


*($ in thousands)*	2015		2014		2013
North America	$	12,935	$	8,673	$	9,451
Europe		1,601		1,897		1,859
Asia Pacific		2,424		354		260

Total segment depreciation		16,960		10,924		11,570
Corporate and other		5,257		7,758		11,025

	$	22,217	$	18,682	$	22,595

Assets

Assets


*($ in thousands)*	At Year-End 2015		At Year-End 2014
North America	$	1,900,178	$	1,879,648
Europe		80,839		88,867
Asia Pacific		134,661		85,469

Total segment assets		2,115,678		2,053,984
Corporate and other		279,348		476,595

	$	2,395,026	$	2,530,579

Equity Method Investments

Equity Method Investments


*($ in thousands)*	At Year-End 2015		At Year-End 2014
North America	$	349	$	394
Asia Pacific		571		584

	$	920	$	978

Capital Expenditures (including inventory)

Capital Expenditures (including inventory)


*($ in thousands)*	2015		2014		2013
North America	$	179,696	$	94,539	$	166,718
Europe		2,807		3,476		4,557
Asia Pacific		72,097		9,899		8,482

Total segment capital expenditures		254,600		107,914		179,757
Corporate and other		10,260		4,769		7,974

	$	264,860	$	112,683	$	187,731

QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Jan. 01, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	Fiscal Year 2015⁽¹⁾⁽²⁾
*($ in thousands, except per share data)*	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	454,880		$	422,827		$	407,136		$	545,620		$	1,830,463

Expenses	$	(395,463	)	$	(369,812	)	$	(362,983	)	$	(484,202	)	$	(1,612,460	)

Net income	$	34,054		$	34,041		$	21,555		$	33,149		$	122,799

Basic earnings per share	$	1.05		$	1.07		$	0.69		$	1.08		$	3.90

Diluted earnings per share	$	1.03		$	1.05		$	0.67		$	1.06		$	3.82


	Fiscal Year 2014⁽¹⁾⁽²⁾
*($ in thousands, except per share data)*	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	401,947		$	409,902		$	413,038		$	510,895		$	1,735,782

Expenses	$	(366,999	)	$	(352,144	)	$	(366,883	)	$	(493,258	)	$	(1,579,284	)

Net income	$	19,308		$	35,303		$	25,648		$	497		$	80,756

Basic earnings per share	$	0.55		$	1.03		$	0.77		$	0.02		$	2.40

Diluted earnings per share	$	0.54		$	1.00		$	0.75		$	0.01		$	2.33

⁽¹⁾	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.

⁽²⁾	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($)	Jan. 01, 2016 USD ($) Property Location Segment Line	Jan. 02, 2015 USD ($)	Jan. 03, 2014 USD ($)
Significant Accounting Policies [Line Items]
Number of business segments \| Segment		3
Number of properties \| Property		61
Number of primary sources of revenues generated \| Line		4
Percent of the assets, liabilities, revenues, expenses and cash flows discussed		100.00%
Number of days in the last three fiscal years		52 weeks	52 weeks	53 weeks
Management fee revenues		$ 77,600,000	$ 73,900,000	$ 69,700,000
Contractual financing term		10 years
Increase in carrying value of inventories		$ 7,300,000	6,500,000	17,700,000
Capitalized salaries and related costs		7,100,000	5,100,000	7,300,000
Defined contribution plan compensation expense (net of cost reimbursements from property owners' associations) participating employees		7,100,000	6,600,000	5,800,000
Lump sum payment of customer loyalty program	$ 66,000,000
Customer loyalty program's liability		35,000	89,285,000
Allowances for accounts and contracts receivable		$ 600,000	$ 600,000
Period in which loan considered past due		30 days
Period in which loan suspend accrual of interest		90 days
Period in which loan considered default loan		150 days
Notes receivable estimated average remaining default rates		6.92%	6.95%
Estimated default rate increases that would have resulted an increase in allowance for credit losses		0.50%
Allowance for loan losses that would have been increased		$ 4,700,000	$ 4,700,000
Stock awards, vesting period		4 years
Advertising costs		$ 2,100,000	2,000,000	2,200,000
Other
Significant Accounting Policies [Line Items]
Deferred marketing and selling expenses, which are direct marketing and selling costs related either to an unclosed contract or a contract for which 100 percent of revenue has not yet been recognized		$ 5,300,000	$ 5,300,000
Leasehold Improvements
Significant Accounting Policies [Line Items]
Amortization period		We amortize leasehold improvements over the shorter of the asset life or lease term.
Minimum
Significant Accounting Policies [Line Items]
Financing Revenue payment commencement		30 days
Estimated useful lives of the assets		3 years
Ownership interest in equity method investments		34.00%
Maximum
Significant Accounting Policies [Line Items]
Financing Revenue payment commencement		60 days
Estimated useful lives of the assets		40 years
Customer loyalty program's liability	$ 100,000
Highly liquid investments maturity period		3 months
Ownership interest in equity method investments		50.00%
Marriott International \| EDC
Significant Accounting Policies [Line Items]
Annual rate of return		4.90%	5.20%
Additional discretionary contributions		$ 0	$ 0	0
Marriott Vacations Worldwide Stock and Cash Incentive Plan \| Deferred Compensation Plan
Significant Accounting Policies [Line Items]
Annual rate of return		5.60%	5.60%
Additional discretionary contributions		$ 0	$ 100,000
Warehouse Credit Facility
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity		250,000,000
Resort management and other services
Significant Accounting Policies [Line Items]
Fee revenues		99,500,000	95,100,000	89,900,000
Financing
Significant Accounting Policies [Line Items]
Fee revenues		$ 6,000,000	$ 6,400,000	$ 6,600,000
Operations located outside the United States
Significant Accounting Policies [Line Items]
Number of countries and territories in which company operates \| Location		8
UNITED STATES
Significant Accounting Policies [Line Items]
Number of hotel properties \| Property		2

Each Reference to Particular Year in Financial Statements Means Fiscal Year Ended on Date Shown (Detail)	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Accounting Policies [Abstract]
Fiscal Year-End Date	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014

Income (Loss) Before Provision for Income Taxes by Geographic Region (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Income Tax Disclosure [Abstract]
United States	$ 197,519	$ 178,297	$ 124,729
Non-U.S. jurisdictions	8,978	(27,706)	6,475
INCOME BEFORE INCOME TAXES	$ 206,497	$ 150,591	$ 131,204

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Income Taxes [Line Items]
Employee share-based awards from which tax provision not reflected in current tax provision	$ 9,400,000	$ 4,500,000	$ 3,500,000
Change in valuation allowance	$ (3,700,000)	(6,700,000)	1,500,000
Income tax holiday expiration year	2034
Tax holiday, aggregate dollar amount	$ 400,000	2,600,000	2,400,000
Income Tax Examination Description	We have joined in the Marriott International U.S. federal tax consolidated filing for periods up to the date of the Spin-Off. The IRS has examined Marriott International's federal income tax returns, and it has settled all issues related to the timeshare business for the tax years through the Spin-Off.
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 2,400,000	1,100,000	500,000
Taxes paid	$ 50,200,000	65,200,000	28,500,000
Minimum
Income Taxes [Line Items]
Income tax holiday period	10 years
Maximum
Income Taxes [Line Items]
Income tax holiday period	30 years
Unrecognized tax benefits income tax penalties and interest accrued	$ 100,000	$ 100,000	$ 100,000
Non-United States Subsidiaries
Income Taxes [Line Items]
Cumulative unremitted earnings	163,900,000
Foreign
Income Taxes [Line Items]
Net operating loss carry forwards	$ 44,300,000
Net operating losses carry forwards expiration year	2016
Federal
Income Taxes [Line Items]
Net operating loss carry forwards	$ 0
State
Income Taxes [Line Items]
Net operating loss carry forwards	$ 1,200,000
Net operating losses carry forwards expiration year	2032

Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Income Tax Disclosure [Abstract]
Current - U.S. Federal	$ (44,728)	$ (42,652)	$ (37,056)
- U.S. State	(4,027)	(9,091)	(5,738)
- Non-U.S.	(6,953)	95	(1,960)
Current Income Tax Expense (Benefit)	(55,708)	(51,648)	(44,754)
Deferred - U.S. Federal	(25,350)	(16,422)	(4,663)
- U.S. State	(4,554)	1,294	(1,243)
- Non-U.S.	1,914	(3,059)	(814)
Deferred income taxes	(27,990)	(18,187)	(6,720)
Provision for income taxes	$ (83,698)	$ (69,835)	$ (51,474)

Reconciliation of Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 1,123	$ 473	$ 157
Change attributable to tax positions taken during the current period	979
Change attributable to tax positions taken during a prior period	276	650	316
Unrecognized tax benefit at end of year	$ 2,378	$ 1,123	$ 473

Total Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 160,813	$ 157,974
Deferred tax liabilities	(265,197)	(236,857)
Net deferred tax liability	$ (104,384)	$ (78,883)

Tax Effect of Each Type of Temporary Difference and Carry-Forward that Gives Rise to Significant Portion of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Income Tax Disclosure [Abstract]
Inventory	$ (25,671)	$ (24,487)
Reserves	34,151	34,807
Property and equipment	(7,246)	(2,629)
Marriott Rewards customer loyalty program	13	3,142
Deferred sales of vacation ownership interests	(185,980)	(159,787)
Long lived intangible assets	34,692	36,148
Net operating loss carry-forwards	45,481	43,938
Other, net	46,476	39,939
Deferred tax liability	(58,084)	(28,929)
Less: Valuation allowance	(46,300)	(49,954)
Net deferred tax liability	$ (104,384)	$ (78,883)

Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Detail)

12 Months Ended

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Income Tax Disclosure [Abstract]

U.S. statutory income tax rate expense

35.00%

U.S. state income taxes, net of U.S. federal tax benefit

2.62%

2.96%

3.48%

Permanent differences

^[1]

1.65%

0.18%

0.24%

Non-U.S. (loss) income

^[2]

(0.61%)

6.27%

0.97%

Other items

1.21%

0.17%

(2.28%)

Change in valuation allowance

^[3]

0.66%

1.79%

1.82%

Effective rate expense

40.53%

46.37%

39.23%

[1]	Attributed to interest on mandatorily redeemable preferred stock of a consolidated subsidiary, partially offset by the benefit of tax holidays in certain jurisdictions in 2014 and 2013.
[2]	Attributed to the difference between U.S. and foreign income tax rates.
[3]	Attributed to establishment of valuation allowances in foreign jurisdictions for losses that cannot be benefited in the U.S. income tax provision as discussed above.

Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Accounts, Notes, Loans and Financing Receivable [Line Items]

Securitized Vacation Ownership Notes Receivable

$ 920,631

$ 917,228

Accounts, Notes, Loans and Financing Receivable [Line Items]

Eligible for Securitization

669,179

750,680

Accounts, Notes, Loans and Financing Receivable [Line Items]

Not Eligible for Securitization

^[1]

104,671

24,194

Accounts, Notes, Loans and Financing Receivable [Line Items]

Non-Securitized Vacation Ownership Notes Receivable

^[1]

146,781

142,354

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing Receivable, Allowance for Credit Losses [Line Items]

$ 251,452

$ 166,548

[1]	Refer to Footnote No. 4, "Financial Instruments," for discussion of eligibility of our vacation ownership notes receivable.

Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Detail) $ in Thousands	12 Months Ended
	Jan. 01, 2016 USD ($)
Future Minimum Payments Receivable [Line Items]
2016	$ 152,932
2017	127,168
2018	109,126
2019	96,407
2020	92,212
Thereafter	342,786
Notes receivable	$ 920,631
Weighted average stated interest rate	12.50%
Range of stated interest rates, minimum	0.00%
Range of stated interest rates, maximum	19.50%
Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2016	$ 60,207
2017	38,414
2018	24,644
2019	18,973
2020	17,155
Thereafter	92,059
Notes receivable	$ 251,452
Weighted average stated interest rate	12.00%
Range of stated interest rates, minimum	0.00%
Range of stated interest rates, maximum	19.50%
Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2016	$ 92,725
2017	88,754
2018	84,482
2019	77,434
2020	75,057
Thereafter	250,727
Notes receivable	$ 669,179
Weighted average stated interest rate	12.80%
Range of stated interest rates, minimum	4.90%
Range of stated interest rates, maximum	19.50%

Interest Income Associated With Vacation Ownership Notes Receivable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	$ 118,020	$ 122,551	$ 134,744
Securitized Vacation Ownership Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	89,693	91,790	103,781
Non-Securitized Vacation Ownership Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	$ 28,327	$ 30,761	$ 30,963

Notes Receivable Reserves (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Beginning Balance

$ 118,418

$ 133,263

$ 146,567

Non-Securitized Vacation Ownership Notes Receivable

33,041

30,086

35,953

Write-offs

(48,220)

(44,931)

(49,257)

Ending Balance

103,239

118,418

133,263

Financing Receivable, Allowance for Credit Losses [Line Items]

Beginning Balance

64,752

81,576

92,785

Defaulted vacation ownership notes receivable repurchase activity

23,832

20,509

28,885

Securitizations

(16,491)

(19,507)

(31,534)

Clean-up calls

^[1]

7,115

1,756

14,285

Write-offs

(48,220)

(44,931)

(49,257)

^[2]

24,596

25,349

26,412

Ending Balance

55,584

64,752

81,576

Securitized Vacation Ownership Notes Receivable

Financing Receivable, Allowance for Credit Losses [Line Items]

Beginning Balance

53,666

51,687

53,782

Defaulted vacation ownership notes receivable repurchase activity

9,209

9,577

7,068

Securitizations

16,491

19,507

31,534

Clean-up calls

^[1]

(7,115)

(1,756)

(14,285)

^[2]

(24,596)

(25,349)

(26,412)

Ending Balance

$ 47,655

$ 53,666

$ 51,687

[1]	Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable to retire outstanding vacation ownership notes receivable securitizations.
[2]	Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased the securitized vacation ownership notes receivable.

Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 54,741	$ 67,447
Average investment in notes receivable on non-accrual status	61,095
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	46,024	60,275
Average investment in notes receivable on non-accrual status	53,150
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	8,717	$ 7,172
Average investment in notes receivable on non-accrual status	$ 7,945

Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 - 90 days past due	$ 31,094	$ 30,874
91 - 150 days past due	13,321	13,104
Greater than 150 days past due	41,420	54,343
Total past due	85,835	98,321
Current	938,035	937,325
Total vacation ownership notes receivable	1,023,870	1,035,646
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 - 90 days past due	9,981	8,330
91 - 150 days past due	4,731	6,101
Greater than 150 days past due	41,293	54,174
Total past due	56,005	68,605
Current	251,031	162,695
Total vacation ownership notes receivable	307,036	231,300
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 - 90 days past due	21,113	22,544
91 - 150 days past due	8,590	7,003
Greater than 150 days past due	127	169
Total past due	29,830	29,716
Current	687,004	774,630
Total vacation ownership notes receivable	$ 716,834	$ 804,346

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 920,631

$ 917,228

Mandatorily redeemable preferred stock of consolidated subsidiary, gross

(688,100)

(40,000)

Liability for Marriott Rewards customer loyalty program

(35)

(89,285)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

(32,945)

(27,071)

Non-Recourse Debt

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

^[1]

(684,604)

Other Debt

Securitized Vacation Ownership Notes Receivable

(3,496)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Non-Securitized Vacation Ownership Notes Receivable

669,179

750,680

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

251,452

166,548

Carrying Amount

Total financial assets

920,631

917,228

Mandatorily redeemable preferred stock of consolidated subsidiary, gross

(40,000)

Liability for Marriott Rewards customer loyalty program

(35)

(89,285)

Total financial liabilities

(4,515)

(4,118)

(732,650)

(844,740)

Carrying Amount | Non-Recourse Debt

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Other Debt

^[2]

(684,604)

(708,031)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Securitized Vacation Ownership Notes Receivable

(3,496)

(3,306)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable

669,179

750,680

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

251,452

166,548

Fair Value

Total financial assets

^[3]

1,078,332

1,081,494

Mandatorily redeemable preferred stock of consolidated subsidiary, gross

^[3]

(42,258)

(43,837)

Liability for Marriott Rewards customer loyalty program

^[3]

(35)

(80,448)

Total financial liabilities

^[3]

(4,515)

(4,118)

^[3]

(727,899)

(844,686)

Fair Value | Non-Recourse Debt

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

^[3]

(677,595)

(712,977)

Fair Value | Other Debt

Fair Value | Securitized Vacation Ownership Notes Receivable

^[3]

(3,496)

(3,306)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value | Non-Securitized Vacation Ownership Notes Receivable

^[3]

803,533

909,391

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

^[3]

$ 274,799

$ 172,103

[1]	The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us.
[2]	Interest rates as of January 1, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.6%.
[3]	Fair value of financial instruments, has been determined using Level 3 inputs.

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - Non-securitized Notes Receivable (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Non-Securitized Vacation Ownership Notes Receivable

$ 920,631

$ 917,228

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable

251,452

166,548

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | Eligible for Securitization

251,452

166,548

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | Not Eligible for Securitization

104,671

24,194

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value | Non-Securitized Vacation Ownership Notes Receivable

146,781

142,354

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value | Non-Securitized Vacation Ownership Notes Receivable | Eligible for Securitization

^[1]

274,799

172,103

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value | Non-Securitized Vacation Ownership Notes Receivable | Not Eligible for Securitization

128,018

29,749

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Computation of Basic Earnings Per Share

$ 146,781

$ 142,354

[1]	Fair value of financial instruments, has been determined using Level 3 inputs.

Acquisitions and Dispositions - Additional Information (Detail) $ in Millions	3 Months Ended						8 Months Ended		12 Months Ended			24 Months Ended
	Sep. 11, 2015 USD ($) Unit	Jun. 19, 2015 USD ($)	Mar. 27, 2015 USD ($)	Jan. 02, 2015 USD ($)	Jun. 20, 2014 USD ($)	Mar. 28, 2014 USD ($)	Sep. 11, 2015 USD ($) Unit	Sep. 11, 2015 AUD ($)	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)	Jan. 03, 2014 USD ($)	Jan. 01, 2016 USD ($)	Sep. 11, 2015 AUD ($) Unit
Business Acquisition [Line Items]
Capital expenditures for property and equipment (excluding inventory)									$ 35,735,000	$ 15,202,000	$ 21,977,000
Other liabilities				$ 27,071,000					32,945,000	27,071,000		$ 32,945,000
Asset acquisition											2,000,000
Multi Family Parcel
Business Acquisition [Line Items]
Cash from disposal of property											2,200,000
Gain (loss) on disposition of business											$ 500,000
Surfers Paradise, Australia
Business Acquisition [Line Items]
Acquisition of an operating hotel							$ 62,300,000	$ 84.5
Cash paid for acquisition of operating hotel							61,000,000	82.6
Assumed net liabilities for acquisition of operating hotel							1,300,000	$ 1.9
Purchase price allocation, land	$ 21,300,000						21,300,000						$ 28.9
Purchase price allocation, building and leasehold improvements	36,500,000						36,500,000						49.5
Surfers Paradise, Australia \| Furniture And Equipment
Business Acquisition [Line Items]
Purchase price allocation, furniture and equipment	4,500,000						$ 4,500,000						$ 6.1
Washington, D.C.
Business Acquisition [Line Items]
Acquisition of rooms of an operating hotel	$ 32,000,000
Number of rooms \| Unit	71						71						71
Marco Island, Florida
Business Acquisition [Line Items]
Cash from disposal of property			$ 5,400,000
Vacation ownership inventory sold			3,100,000
Gain (loss) on disposition of business			0
Other liabilities									7,700,000			7,700,000
Other receivables									200,000			200,000
Marco Island, Florida \| Notes Receivable
Business Acquisition [Line Items]
Non cash proceeds on sale of property			500,000						500,000
San Diego, California
Business Acquisition [Line Items]
Acquisition of an operating hotel			55,000,000
Cash paid for acquisition of operating hotel			55,000,000
Purchase price allocation, property and equipment			54,300,000
Purchase price allocation, other assets			700,000
Purchase of operating hotels			46,600,000
Capital expenditures for property and equipment (excluding inventory)			$ 7,700,000
HAWAII
Business Acquisition [Line Items]
Purchase and sale agreement, gross cash consideration		$ 60,000,000
Cash from disposal of property		$ 20,000,000		$ 40,000,000
Agreed disposal date				Apr. 30, 2015
Cash receivable from disposal of remaining property				$ 20,000,000
HAWAII \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other				2,900,000					8,700,000
Orlando, Florida
Business Acquisition [Line Items]
Cash from disposal of property						$ 24,000,000
Orlando, Florida \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other									$ 900,000	2,200,000		$ 3,100,000
Abaco Club Settlement
Business Acquisition [Line Items]
Cash from disposal of property				10,000,000
Non-cash litigation settlement				$ 23,800,000
FLORIDA
Business Acquisition [Line Items]
Cash from disposal of property					$ 10,500,000
FLORIDA \| Maximum \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other										$ 300,000

Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Jan. 01, 2016

^[1],[2]

Sep. 11, 2015

^[1],[2]

Jun. 19, 2015

^[1],[2]

Mar. 27, 2015

^[1],[2]

Jan. 02, 2015

^[1],[2]

Sep. 12, 2014

^[1],[2]

Jun. 20, 2014

^[1],[2]

Mar. 28, 2014

^[1],[2]

Jan. 01, 2016

^[3]

Jan. 02, 2015

^[4]

Jan. 03, 2014

^[5]

Weighted average shares outstanding

$ 33,149

$ 21,555

$ 34,041

$ 34,054

$ 497

$ 25,648

$ 35,303

$ 19,308

$ 122,799

^[1],[2]

$ 80,756

^[1],[2]

$ 79,730

31,487

33,665

35,373

Basic earnings per share

$ 1.08

$ 0.69

$ 1.07

$ 1.05

$ 0.02

$ 0.77

$ 1.03

$ 0.55

$ 3.90

^[1],[2]

$ 2.40

^[1],[2]

$ 2.25

Computation of Diluted Earnings Per Share

Weighted average shares outstanding

$ 33,149

$ 21,555

$ 34,041

$ 34,054

$ 497

$ 25,648

$ 35,303

$ 19,308

$ 122,799

^[1],[2]

$ 80,756

^[1],[2]

$ 79,730

31,487

33,665

35,373

Effect of dilutive shares outstanding

Employee stock options and SARs

446

543

702

Restricted stock units

235

427

546

Shares for diluted earnings per share

32,168

34,635

36,621

Diluted earnings per share

$ 1.06

$ 0.67

$ 1.05

$ 1.03

$ 0.01

$ 0.75

$ 1.00

$ 0.54

$ 3.82

^[1],[2]

$ 2.33

^[1],[2]

$ 2.18

[1]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[2]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[3]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[4]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[5]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Performance Shares
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	136,000	134,000	229,000

Earnings Per Share - Additional Information (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	62,018
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices	$ 77.42	$ 0.00	$ 0.00

Composition of Inventory (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Inventory Disclosure [Abstract]

Finished goods

^[1]

$ 332,888

$ 413,066

Land and infrastructure

^[2]

331,042

355,198

Real estate inventory

663,930

768,264

Operating supplies and retail inventory

5,313

4,520

Inventory

$ 669,243

$ 772,784

[1]	Represents completed inventory that is either registered for sale as vacation ownership interests, or unregistered and available for sale in its current form.
[2]	Includes $72.9 million of inventory related to estimated future foreclosures at January 1, 2016.

Composition of Inventory (Parenthetical) (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Inventory [Line Items]

Land and infrastructure

^[1]

$ 331,042

$ 355,198

Estimated Future Foreclosures

Inventory [Line Items]

Land and infrastructure

$ 72,900

[1]	Includes $72.9 million of inventory related to estimated future foreclosures at January 1, 2016.

Inventory - Additional Information (Detail) - USD ($) $ in Millions	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Inventory Disclosure [Abstract]
Interest cost capitalized	$ 0.1	$ 2.8	$ 4.2

Composition of Property and Equipment (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Property, Plant and Equipment [Abstract]
Land	$ 87,751	$ 63,461
Buildings and leasehold improvements	267,965	168,328
Furniture and equipment	55,326	48,193
Information technology	177,099	181,260
Construction in progress	26,469	12,354
Property, plant and equipment, gross	614,610	473,596
Accumulated depreciation	(325,807)	(326,217)
Property, plant and equipment, net	$ 288,803	$ 147,379

Property And Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 22,217	$ 18,682	$ 22,595
Property And Equipment
Property, Plant and Equipment [Line Items]
Interest cost capitalized	$ 300	$ 100	$ 100

Contingencies and Commitments - Additional Information (Detail)		1 Months Ended			12 Months Ended
	Jan. 29, 2015 Facility	Aug. 31, 2014 Facility	Jun. 30, 2013 Plaintiff	Apr. 30, 2013 Plaintiff	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($) Plaintiff
Commitments and Contingencies Disclosure [Line Items]
Commitments to subsidize vacation ownership associations					$ 3,400,000
Surety bonds issued					57,800,000
Letters of credit outstanding					3,300,000
Accrued loss contingencies					300,000
Number of plaintiffs in lawsuits \| Plaintiff				12
Number of residential units provided full release \| Plaintiff						2
Amount of cash received from settlement of dispute						$ 7,600,000
Gain on settlement of dispute					$ 262,000	(23,778,000)
Kapalua Bay Settlement
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff			38
Extended Term
Commitments and Contingencies Disclosure [Line Items]
Underlying notes extended expiration year					2022
Final Settlement
Commitments and Contingencies Disclosure [Line Items]
Gain on settlement of dispute						$ 7,600,000
Project Completion Guarantee \| Vacation Ownership
Commitments and Contingencies Disclosure [Line Items]
Estimated cash outflow associated with completing all phases of existing portfolio of projects					$ 5,000,000
Liabilities related to projects					$ 4,300,000
Project estimated completion year					2016
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Revolving credit facility amount					$ 200,000,000
Golf Land Leases
Commitments and Contingencies Disclosure [Line Items]
Lease term					30 years
Corporate Facilities Leases
Commitments and Contingencies Disclosure [Line Items]
Lease term					6 years
Other Operating Leases \| Minimum
Commitments and Contingencies Disclosure [Line Items]
Lease term					3 years
Other Operating Leases \| Maximum
Commitments and Contingencies Disclosure [Line Items]
Lease term					10 years
Commitment to purchase vacation ownership units located on the Big Island of Hawaii
Commitments and Contingencies Disclosure [Line Items]
Commitment to purchase vacation ownership units					$ 38,500,000
Deposit made					1,500,000
Remaining payment contingent upon acquisition of units					37,000,000
Commitment to purchase vacation ownership units located on the Big Island of Hawaii \| Minimum
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					45,000,000
Commitment to purchase vacation ownership units located on the Big Island of Hawaii \| Maximum
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					55,000,000
Commitment to purchase vacation ownership units located in Marco Island, Florida
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					137,100,000
Commitment to purchase vacation ownership units due in 2017					33,300,000
Commitment to purchase vacation ownership units due in 2018					50,000,000
Commitment to purchase vacation ownership units due in 2019					53,800,000
Resorts in Hawaii
Commitments and Contingencies Disclosure [Line Items]
Number of resort received notices of intent \| Facility		2
Resorts in California
Commitments and Contingencies Disclosure [Line Items]
Number of resort received notices of intent \| Facility	1
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Contractual Commitments Future Minimum Payments Due					28,100,000
Contractual Commitments Future Minimum Payments due in 2016					12,200,000
Contractual Commitments Future Minimum Payments due in 2017					6,500,000
Contractual Commitments Future Minimum Payments due in 2018					3,100,000
Contractual Commitments Future Minimum Payments due in 2019					1,900,000
Contractual Commitments Future Minimum Payments due in 2020					1,700,000
Contractual Commitments Future Minimum Payments due Thereafter					$ 2,700,000

Maximum Potential Amount of Future Fundings for Financing Guarantees and Carrying Amount of Liability for Expected Future Fundings (Detail) - Primary Obligor	Jan. 01, 2016 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Amount of Future Fundings	$ 8,035,000
Liability for Expected Future Fundings	216,000
Asia Pacific
Guarantor Obligations [Line Items]
Maximum Potential Amount of Future Fundings	5,189,000
Liability for Expected Future Fundings	52,000
North America
Guarantor Obligations [Line Items]
Maximum Potential Amount of Future Fundings	2,846,000
Liability for Expected Future Fundings	$ 164,000

Summary of Future Obligations Under Operating Leases (Detail) $ in Thousands	Jan. 01, 2016 USD ($)
Leases Future Minimum Payments [Line Items]
Operating leases, future minimum payments due 2016	$ 14,315
Operating leases, future minimum payments due 2017	12,556
Operating leases, future minimum payments due 2018	9,223
Operating leases, future minimum payments due 2019	7,148
Operating leases, future minimum payments due 2020	7,013
Operating leases, future minimum payments due thereafter	17,577
Operating leases, future minimum payments due, total	67,832
Golf Land Leases
Leases Future Minimum Payments [Line Items]
Operating leases, future minimum payments due 2016	1,061
Operating leases, future minimum payments due 2017	1,061
Operating leases, future minimum payments due 2018	1,061
Operating leases, future minimum payments due 2019	1,061
Operating leases, future minimum payments due 2020	1,061
Operating leases, future minimum payments due thereafter	9,551
Operating leases, future minimum payments due, total	14,856
Corporate Facilities Leases
Leases Future Minimum Payments [Line Items]
Operating leases, future minimum payments due 2016	3,486
Operating leases, future minimum payments due 2017	3,580
Operating leases, future minimum payments due 2018	3,679
Operating leases, future minimum payments due 2019	3,779
Operating leases, future minimum payments due 2020	3,882
Operating leases, future minimum payments due thereafter	2,658
Operating leases, future minimum payments due, total	21,064
Other Operating Leases
Leases Future Minimum Payments [Line Items]
Operating leases, future minimum payments due 2016	9,768
Operating leases, future minimum payments due 2017	7,915
Operating leases, future minimum payments due 2018	4,483
Operating leases, future minimum payments due 2019	2,308
Operating leases, future minimum payments due 2020	2,070
Operating leases, future minimum payments due thereafter	5,368
Operating leases, future minimum payments due, total	$ 31,912

Composition of Rental Expense Associated with Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 9,401	$ 6,806	$ 9,417
Additional rentals	3,876	5,520	4,527
Operating Leases, Rent Expense, Net, Total	$ 13,277	$ 12,326	$ 13,944

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

Debt Balances, Net of Unamortized Debt Issuance Costs (Detail) - USD ($)
$ in Thousands

Jan. 01, 2016

Jan. 02, 2015

Unamortized debt issuance costs

$ 688,100

(1,011)

$ (1,184)

678,793

703,013

Carrying Amount

678,793

703,013

Non-Recourse Debt

Non-Recourse Debt | Carrying Amount

^[1]

684,604

Unamortized debt issuance costs

^[2]

684,604

708,031

(9,043)

(8,090)

675,561

699,941

Other Debt

Other Debt | Carrying Amount

3,496

Unamortized debt issuance costs

3,496

3,306

(264)

(234)

$ 3,232

$ 3,072

[1]	The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us.
[2]	Interest rates as of January 1, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.6%.

Debt Balances, Net of Unamortized Debt Issuance Costs (Parenthetical) (Detail) - Non-Recourse Debt	Jan. 01, 2016
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.60%
Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	2.20%
Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	6.30%

Debt - Additional Information (Detail)		12 Months Ended
Debt - Additional Information (Detail)	Aug. 13, 2015 USD ($) Class	Jan. 01, 2016 USD ($) Loan	Jan. 02, 2015 USD ($) Loan	Jan. 03, 2014 USD ($)
Debt Disclosure [Line Items]
Securitization pool of vacation ownership notes receivable	$ 264,200,000
Cash paid for interest, net of amounts capitalized		$ 30,200,000	$ 31,200,000	$ 37,400,000
Number of notes receivable pools failed to perform within the established parameters \| Loan		0	0
Number of notes receivable pools outstanding \| Loan		6
Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, weighted average interest rate		2.60%
Non-Recourse Debt \| Minimum
Debt Disclosure [Line Items]
Debt, stated interest rate		2.20%
Non-Recourse Debt \| Maximum
Debt Disclosure [Line Items]
Debt, stated interest rate		6.30%
MVW Owner Trust 2015-1 \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt instrument face amount	$ 255,000,000
Number of classes of vacation ownership backed notes issued \| Class	2
Debt, weighted average interest rate	2.56%
MVW Owner Trust 2015-1 \| Non-Recourse Debt \| Class A Notes
Debt Disclosure [Line Items]
Debt instrument face amount	$ 233,200,000
Debt, stated interest rate	2.52%
MVW Owner Trust 2015-1 \| Non-Recourse Debt \| Class B Notes
Debt Disclosure [Line Items]
Debt instrument face amount	$ 21,800,000
Debt, stated interest rate	2.96%
Warehouse Credit Facility
Debt Disclosure [Line Items]
Warehouse Credit Facility, debt description		The Warehouse Credit Facility currently terminates on November 22, 2017 and if not renewed, any amounts outstanding thereunder would become due and payable 13 months after termination, at which time all principal and interest collected with respect to the vacation ownership notes receivable held in the Warehouse Credit Facility would be redirected to the lenders to pay down the outstanding debt under the facility.
Warehouse Credit Facility, maturity date		Nov. 22, 2017
Credit Facility, borrowing outstanding		$ 0
Line of credit facility, maximum borrowing capacity		250,000,000
Revolving Credit Facility
Debt Disclosure [Line Items]
Credit Facility, borrowing outstanding		0
Line of credit facility, maximum borrowing capacity		$ 200,000,000
Line of credit facility, termination date		Sep. 10, 2019
Revolving Credit Facility \| Minimum
Debt Disclosure [Line Items]
Commitment Fee		0.20%
EBITDA to interest expense ratio		3
Revolving Credit Facility \| Maximum
Debt Disclosure [Line Items]
Commitment Fee		0.50%
Debt to EBITDA ratio		5.25
Revolving Credit Facility \| Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Revolving Credit Facility \| Swap \| Minimum
Debt Disclosure [Line Items]
Line of credit facility required ratio		1.25
Amendment
Debt Disclosure [Line Items]
Warehouse Credit Facility, maturity date		Nov. 22, 2017
Warehouse Credit Facility, interest rate, description		One-month LIBOR
Amendment \| Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity		$ 130,000,000
Line of credit facility description		We amended the Revolving Corporate Credit Facility, and as a result, up to $130 million of the $200 million borrowing capacity may be borrowed in the form of Australian dollars, Euros, Japanese yen, British pounds and Singaporean dollars.
Euro Dollar Rate \| Revolving Credit Facility \| Minimum
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate		1.625%
Euro Dollar Rate \| Revolving Credit Facility \| Maximum
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate		3.125%
One Month London Interbank Offered Rate L I B O R and Bank Conduit Commercial Paper Rates \| Amendment
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate		1.15%

Scheduled Future Principal Payments for Debt (Detail)
$ in Thousands

Jan. 01, 2016

USD ($)

Debt Principal Payments Year

$ 95,066

90,550

85,947

77,571

74,848

264,118

688,100

Debt Principal Payments Year

2016

95,006

^[1]

2017

90,486

^[1]

2018

85,878

^[1]

2019

77,497

^[1]

2020

74,768

^[1]

Thereafter

260,969

^[1]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

684,604

^[1]

Other Debt

Debt Principal Payments Year

3,149

$ 3,496

[1]	The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us.

Mandatorily Redeemable Preferred Stock Of Consolidated Subsidiary - Additional Information (Detail) - Series A Preferred Stock - Non-voting - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2011	Jan. 01, 2016
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Series A preferred stock issued value	$ 40.0
Preferred stock dividend payment terms		Subsequently Marriott International sold all of this preferred stock to third-party investors. Until October 2016, the Series A preferred stock will pay an annual cash dividend equal to the five-year U.S. Treasury Rate as of October 19, 2011, plus a spread of 10.958 percent, for a total annual cash dividend rate of 12 percent. In October 2016, if we do not elect to redeem the preferred stock, the annual cash dividend rate will be reset to the five-year U.S. Treasury Rate in effect on such date plus the same 10.958 percent spread.
Series A preferred stock, basic point	10.958%
Series A preferred stock, dividend rate	12.00%
Preferred Stock Redemption Terms		The Series A preferred stock is mandatorily redeemable by MVW US Holdings upon the tenth anniversary of the date of issuance but can be redeemed at our option after five years (i.e., beginning in October 2016) at par. The Series A preferred stock has an aggregate liquidation preference of $40.0 million plus any accrued and unpaid dividends and an additional premium if liquidation occurs during the first five years after the issuance of the preferred stock.
Series A preferred stock, aggregate liquidation preference value	$ 40.0
Series A preferred stock, share authorized		1,000
Series A preferred stock, share issued		40
Series A preferred stock, share outstanding		40

Mandatorily Redeemable Preferred Stock, Net of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Equity [Abstract]
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$ 40,000	$ 40,000
Unamortized debt issuance costs	(1,011)	(1,184)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	$ 38,989	$ 38,816

Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Other Liabilities Disclosure [Abstract]
Changes in estimate for Marriott Rewards customer loyalty program liability		$ (2.9)	$ 5.6	$ 5.2
Lump sum payment of customer loyalty program	$ 66.0
Accruals for customer rewards		$ 45.8	$ 42.6
Accrued liabilities payable days		120 days

Shareholders' Equity - Additional Information (Detail) - $ / shares	Oct. 12, 2015	Jan. 01, 2016	Jan. 02, 2015	Oct. 31, 2013
Equity [Abstract]
Common stock, shares authorized		100,000,000	100,000,000
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares issued		36,393,800	36,089,513
Common stock, shares outstanding		29,549,544	32,092,788
Treasury stock, shares		6,844,256	3,996,725
Preferred stock, shares authorized		2,000,000	2,000,000
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, issued		0	0
Preferred stock, outstanding		0	0
Share repurchase program, number of additional common stock authorized to be repurchased	2,000,000
Share repurchase program, number of additional common stock authorized to be repurchased				6,900,000
Share repurchase program, termination date	Mar. 24, 2017
Stock repurchase program, remaining authorized repurchase amount (in shares)		2,045,917

Summary of Stock Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Stock Repurchase Program [Line Items]
Number of Shares Repurchased, As of January 2, 2015	3,996,725
Number of Shares Repurchased, As of January 1, 2016	6,844,256	3,996,725
Cost of Shares Repurchased, for the year ended January 1, 2016	$ 201,380	$ 203,596	$ 25,633
Treasury Stock
Stock Repurchase Program [Line Items]
Number of Shares Repurchased, As of January 2, 2015	3,996,725
Number of Shares Repurchased, for the year ended January 1, 2016	2,857,358
Number of Shares Repurchased, As of January 1, 2016	6,854,083	3,996,725
Cost of Shares Repurchased, As of January 2, 2015	$ 229,229
Cost of Shares Repurchased, for the year ended January 1, 2016	201,380	$ 203,596	$ 25,633
Cost of Shares Repurchased, As of January 1, 2016	$ 430,609	$ 229,229
Average Price Paid per Share, As of January 2, 2015	$ 57.35
Average Price Paid per Share, for the year ended January 1, 2016	70.48
Average Price Paid per Share, As of January 1, 2016	$ 62.92	$ 57.35

Cash Dividend Declared (Detail) - $ / shares	12 Months Ended
Cash Dividend Declared (Detail) - $ / shares	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Dividends Payable [Line Items]
Dividend per Share	$ 1.05	$ 0.25	$ 0.00
Period One
Dividends Payable [Line Items]
Declaration Date	Feb. 12, 2015
Shareholder Record Date	Feb. 26, 2015
Distribution Date	Mar. 11, 2015
Dividend per Share	$ 0.25
Period Two
Dividends Payable [Line Items]
Declaration Date	Jun. 04, 2015
Shareholder Record Date	Jun. 18, 2015
Distribution Date	Jul. 02, 2015
Dividend per Share	$ 0.25
Period Three
Dividends Payable [Line Items]
Declaration Date	Sep. 10, 2015
Shareholder Record Date	Sep. 24, 2015
Distribution Date	Oct. 08, 2015
Dividend per Share	$ 0.25
Period Four
Dividends Payable [Line Items]
Declaration Date	Dec. 08, 2015
Shareholder Record Date	Dec. 21, 2015
Distribution Date	Jan. 06, 2016
Dividend per Share	$ 0.30

Share-Based Compensation - Additional Information (Detail) - USD ($)

12 Months Ended

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Deferred compensation costs related to unvested awards

$ 13,300,000

$ 12,200,000

Deferred compensation expense weighted average expected recognition period

2 years

Stock option compensation expense

4 years

$ 0

Deferred compensation expense related to stock options held by our employees

Officers and Key Management Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Marriott Vacations Worldwide Stock and Cash Incentive Plan

$ 14,100,000

$ 13,400,000

$ 12,000,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares authorized for issuance under the plan

6,000,000

Shares available for grants under the plan

1,800,000

Cash received from employees by exercise of stock options

$ 0

Stock options granted

Marriott Vacations Worldwide Stock and Cash Incentive Plan | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cash received from employees by exercise of stock options

$ 100,000

Marriott Vacations Worldwide Stock and Cash Incentive Plan | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options exercisable

Stock options outstanding

Total intrinsic value of stock options exercised

$ 0

$ 100,000

300,000

Restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation costs related to unvested awards

^[1]

12,222,000

11,857,000

$ 10,691,000

$ 12,200,000

$ 11,100,000

Stock awards, grants in period

4 years

206,530

Stock awards granted, weighted average grant date fair value

^[2],[3]

$ 75.61

RSUs earned under the vesting criteria

392,479

Restricted stock units | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation expense weighted average expected recognition period

2 years

Restricted stock units | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation expense weighted average expected recognition period

1 year

Restricted stock units | Employees and Non Employee Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock awards, grants in period

206,397

Stock awards granted, weighted average grant date fair value

$ 75.60

Performance Based Restricted Stock Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum amount of RSU subject to vesting

3 years

74,000

62,000

72,000

RSUs earned under the vesting criteria

68,673

Stock Appreciation Rights (SARs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock awards, grants in period

$ 1,900,000

$ 1,600,000

$ 1,300,000

62,018

Deferred compensation costs related to other than stock option held by employees and directors

$ 1,100,000

1,200,000

Stock Appreciation Rights (SARs) | Employees and Non Employee Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock awards, expiration from grant date

4 years

10 years

Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares authorized for issuance under the plan

500,000

Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of fair market value per share of common stock

95.00%

Marriott International

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cash received from employees by exercise of stock options

$ 1,000,000

1,500,000

2,300,000

Marriott International | Employees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Intrinsic value of both outstanding and exercisable stock options

200,000

Total intrinsic value of stock options exercised

$ 200,000

$ 2,600,000

$ 3,200,000

Nonqualified Stock Options | Employees and Non Employee Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock awards, expiration from grant date

4 years

10 years

[1]	Includes RSUs with performance based vesting criteria.
[2]	Includes 133 RSU dividend equivalents granted to Marriott International employees.
[3]	Includes 79,605 RSUs held by Marriott International employees.

Additional Information on Outstanding RSUs Issued to Employees (Detail) - Restricted stock units - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average grant-date fair value

^[1]

$ 12,222

$ 11,857

$ 10,691

^[2],[3]

$ 75.61

Aggregate intrinsic value of converted and distributed

$ 17,809

$ 8,361

$ 6,648

Pre Spin Off

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average grant-date fair value

$ 16.92

$ 32.52

$ 32.07

Subsequent to Spin - Off

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average grant-date fair value

^[1]

$ 53.94

$ 36.39

$ 29.19

[1]	Includes RSUs with performance based vesting criteria.
[2]	Includes 133 RSU dividend equivalents granted to Marriott International employees.
[3]	Includes 79,605 RSUs held by Marriott International employees.

Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees (Detail) - Restricted stock units

12 Months Ended

Jan. 01, 2016

$ / shares

Number of Shares

Outstanding at beginning of year | shares

939,080

^[1],[2]

Granted | shares

206,530

Distributed | shares

(392,479)

Forfeited | shares

(19,584)

Outstanding at year-end | shares

733,547

^[2],[3]

Weighted Average Grant Date Fair Value

Outstanding at beginning of year | $ / shares

$ 31.45

^[1],[2]

Granted | $ / shares

75.61

^[3],[4]

Distributed | $ / shares

28.50

Forfeited | $ / shares

43.32

Outstanding at year-end | $ / shares

$ 45.14

^[2],[3]

[1]	Includes 129,240 RSUs held by Marriott International employees.
[2]	Includes RSUs with performance based vesting criteria.
[3]	Includes 79,605 RSUs held by Marriott International employees.
[4]	Includes 133 RSU dividend equivalents granted to Marriott International employees.

Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees (Parenthetical) (Detail) - shares	Jan. 01, 2016	Jan. 02, 2015
Marriott International
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding held by employees	129,240	79,605

Changes in Outstanding Marriott Vacations Worldwide Stock Options for Marriott International and Marriott Vacations Worldwide Employees (Detail) - Marriott Vacations Worldwide Stock and Cash Incentive Plan

12 Months Ended

Jan. 01, 2016

$ / shares

Shares

Outstanding at beginning of year | shares

21,744

^[1]

Granted | shares

Exercised | shares

(6,686)

Forfeited | shares

Outstanding at year-end | shares

15,058

^[1]

Weighted Average Exercise Price

Outstanding at beginning of year | $ / shares

$ 17.20

^[1]

Granted | $ / shares

Exercised | $ / shares

15.88

Forfeited | $ / shares

Outstanding at year-end | $ / shares

$ 17.78

^[1]

[1]	All outstanding stock options at year-end 2015 and year-end 2014 were held by Marriott International employees.

Marriott Vacations Worldwide Stock Options Issued to Marriott International Arrangements (Detail)	12 Months Ended
	Jan. 01, 2016 $ / shares shares
Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices Lower Limit	$ 13
Range of Exercise Prices Upper Limit	$ 17
Stock Options Outstanding, Number of Stock Options \| shares	9,643
Stock Options Outstanding, Weighted Average Exercise Price	$ 15.63
Stock Options Outstanding, Weighted Average Remaining Life (in years)	3 years 5 months 1 day
Stock Options Exercisable, Number of Stock Options \| shares	9,643
Stock Options Exercisable, Weighted Average Exercise Price	$ 15.63
Stock Options Exercisable, Weighted Average Remaining Life (in years)	3 years 5 months 1 day
Range Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices Lower Limit	$ 18
Range of Exercise Prices Upper Limit	$ 22
Stock Options Outstanding, Number of Stock Options \| shares	3,408
Stock Options Outstanding, Weighted Average Exercise Price	$ 20.41
Stock Options Outstanding, Weighted Average Remaining Life (in years)	2 years 1 month 21 days
Stock Options Exercisable, Number of Stock Options \| shares	3,408
Stock Options Exercisable, Weighted Average Exercise Price	$ 20.41
Stock Options Exercisable, Weighted Average Remaining Life (in years)	2 years 1 month 21 days
Range Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices Lower Limit	$ 23
Range of Exercise Prices Upper Limit	$ 28
Stock Options Outstanding, Number of Stock Options \| shares	2,007
Stock Options Outstanding, Weighted Average Exercise Price	$ 23.67
Stock Options Outstanding, Weighted Average Remaining Life (in years)	4 years 11 months 12 days
Stock Options Exercisable, Number of Stock Options \| shares	2,007
Stock Options Exercisable, Weighted Average Exercise Price	$ 23.67
Stock Options Exercisable, Weighted Average Remaining Life (in years)	4 years 11 months 12 days
Range Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices Lower Limit	$ 13
Range of Exercise Prices Upper Limit	$ 28
Stock Options Outstanding, Number of Stock Options \| shares	15,058
Stock Options Outstanding, Weighted Average Exercise Price	$ 17.78
Stock Options Outstanding, Weighted Average Remaining Life (in years)	3 years 3 months 29 days
Stock Options Exercisable, Number of Stock Options \| shares	15,058
Stock Options Exercisable, Weighted Average Exercise Price	$ 17.78
Stock Options Exercisable, Weighted Average Remaining Life (in years)	3 years 3 months 29 days

Changes in Outstanding Marriott Vacations Worldwide SARs Issued to Both Marriott International and Marriott Vacations Worldwide Employees and Directors (Detail) - Stock Appreciation Rights (SARs)	12 Months Ended
	Jan. 01, 2016 $ / shares shares
Number of Shares
Outstanding at beginning of year \| shares	774,665
Granted \| shares	62,018
Exercised \| shares	(69,206)
Forfeited \| shares	0
Outstanding at year-end \| shares	767,477
Weighted Average Exercise Price
Outstanding at beginning of year \| $ / shares	$ 22.80
Granted \| $ / shares	77.42
Exercised \| $ / shares	19.89
Forfeited \| $ / shares	0
Outstanding at year-end \| $ / shares	$ 27.48

Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	42.74%	55.10%
Dividend yield	1.26%	0.00%
Risk-free rate	1.74%	1.84%
Expected term (in years)	6 years 3 months	6 years 3 months

Classifications of Consolidated VIE Assets and Liabilities (Detail) $ in Thousands	Jan. 01, 2016 USD ($)
Variable Interest Entity [Line Items]
VIE Assets	$ 700,956
VIE Liabilities	685,273
Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	684,604
Vacation Ownership Notes Receivable
Variable Interest Entity [Line Items]
VIE Assets	669,179
Interest Receivable
Variable Interest Entity [Line Items]
VIE Assets	4,893
Restricted Cash
Variable Interest Entity [Line Items]
VIE Assets	26,884
Interest Payable
Variable Interest Entity [Line Items]
VIE Liabilities	669
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	700,956
VIE Liabilities	685,223
Vacation Ownership Notes Receivable Securitizations \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	684,604
Vacation Ownership Notes Receivable Securitizations \| Vacation Ownership Notes Receivable
Variable Interest Entity [Line Items]
VIE Assets	669,179
Vacation Ownership Notes Receivable Securitizations \| Interest Receivable
Variable Interest Entity [Line Items]
VIE Assets	4,893
Vacation Ownership Notes Receivable Securitizations \| Restricted Cash
Variable Interest Entity [Line Items]
VIE Assets	26,884
Vacation Ownership Notes Receivable Securitizations \| Interest Payable
Variable Interest Entity [Line Items]
VIE Liabilities	619
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Liabilities	50
Warehouse Credit Facility \| Interest Payable
Variable Interest Entity [Line Items]
VIE Liabilities	$ 50

Variable Interest Entities - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 13, 2013	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Variable Interest Entity [Line Items]
Noncontrolling interest		$ 0
Voluntary repurchase of defaulted notes receivable		24,600,000	$ 25,300,000	$ 26,400,000
Voluntary repurchase of other non-defaulted notes receivable		146,200,000	31,300,000	$ 69,200,000
Aggregate funding that could be required above the overcollateralization		5,000,000
Vacation ownership notes receivable		$ 920,631,000	917,228,000
Variable Interest Entity
Variable Interest Entity [Line Items]
Maximum Loss Exposure, Determination Methodology		Our maximum exposure to loss relating to the special purpose entities that purchase, sell and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral
Vacation ownership notes receivable		$ 669,179,000	$ 750,680,000
Variable Interest Entity, Not Primary Beneficiary \| Equity Investment And Loan Receivable
Variable Interest Entity [Line Items]
Maximum Loss Exposure, Determination Methodology		We had an accrual of $4.1 million for potential future funding obligations, representing our remaining expected exposure to loss related to our involvement with the Joint Venture exclusive of any future costs that may be incurred pursuant to outstanding litigation matters, including those discussed in Footnote No. 9, “Contingencies and Commitments.”
Vacation ownership notes receivable		$ 0
Notes receivable due from the entity	$ 7,400,000
Increase in litigation matters cost expected to be incurred in joint venture interest		$ 4,100,000
Minimum
Variable Interest Entity [Line Items]
Limit to repurchasing defaulted mortgage notes at the outstanding principal balance		15.00%
Maximum
Variable Interest Entity [Line Items]
Limit to repurchasing defaulted mortgage notes at the outstanding principal balance		20.00%

Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Variable Interest Entity [Line Items]
Interest income	$ 118,020	$ 122,551	$ 134,744
Debt issuance cost amortization	5,586	5,462	5,561
Administrative expenses	102,963	$ 98,562	$ 99,379
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	89,693
Interest expense to investors	20,227
Debt issuance cost amortization	4,431
Administrative expenses	477
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	89,693
Interest expense to investors	18,841
Debt issuance cost amortization	3,246
Administrative expenses	324
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest expense to investors	1,386
Debt issuance cost amortization	1,185
Administrative expenses	$ 153

Cash Flows Between Company and Variable Interest Entities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Cash inflows:
Voluntary repurchases of defaulted vacation ownership notes receivable	$ (24,600)	$ (25,300)	$ (26,400)
Vacation Ownership Notes Receivable Securitizations
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	252,361	260,007
Principal receipts	183,111	183,687
Interest receipts	91,290	91,507
Reserve release	55,156	44,999
Total	581,918	580,200
Principal to investors	(176,249)	(176,799)
Voluntary repurchases of defaulted vacation ownership notes receivable	(24,596)	(25,349)
Voluntary clean-up call	(77,582)	(26,722)
Interest to investors	(19,268)	(21,179)
Funding of restricted cash	(52,756)	(44,797)
Total	(350,451)	(294,846)
Net Cash Flows	231,467	285,354
Warehouse Credit Facility
Cash inflows:
Interest to investors	(1,390)	(1,495)
Total	(1,390)	(1,495)
Net Cash Flows	$ (1,390)	$ (1,495)

Organizational and Separation Related Charges - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organizational and separation related	$ 1,174	$ 3,438	$ 12,308
Capitalized asset costs	$ 3,800	$ 3,000

Business Segments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jan. 01, 2016 USD ($) Segment	Jan. 02, 2015 USD ($)	Jan. 03, 2014 USD ($)
Segment Reporting Disclosure [Line Items]
Number of business segments \| Segment	3
Property and equipment	$ 288,803	$ 147,379
Operations located outside the United States
Segment Reporting Disclosure [Line Items]
Revenues, excluding cost reimbursements	215,300	188,300	$ 207,000
Property and equipment	$ 121,800	$ 62,300

Revenues (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 01, 2016

^[1],[2]

Sep. 11, 2015

^[1],[2]

Jun. 19, 2015

^[1],[2]

Mar. 27, 2015

^[1],[2]

Jan. 02, 2015

^[1],[2]

Sep. 12, 2014

^[1],[2]

Jun. 20, 2014

^[1],[2]

Mar. 28, 2014

^[1],[2]

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Segment Reporting, Revenue Reconciling Item [Line Items]

Segment Reporting, Revenue Reconciling Item [Line Items]

$ 545,620

$ 407,136

$ 422,827

$ 454,880

$ 510,895

$ 413,038

$ 409,902

$ 401,947

$ 1,830,463

^[1],[2]

$ 1,735,782

^[1],[2]

$ 1,749,688

Operating Segments

Operating Segments | North America

1,830,463

1,735,782

1,749,688

Segment Reporting, Revenue Reconciling Item [Line Items]

Operating Segments | Europe

1,621,923

1,549,557

1,544,816

Segment Reporting, Revenue Reconciling Item [Line Items]

Operating Segments | Asia Pacific

114,582

131,683

149,277

Segment Reporting, Revenue Reconciling Item [Line Items]

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

$ 93,958

$ 54,542

$ 55,595

[1]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[2]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Net Income (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 01, 2016

^[1],[2]

Sep. 11, 2015

^[1],[2]

Jun. 19, 2015

^[1],[2]

Mar. 27, 2015

^[1],[2]

Jan. 02, 2015

^[1],[2]

Sep. 12, 2014

^[1],[2]

Jun. 20, 2014

^[1],[2]

Mar. 28, 2014

^[1],[2]

Jan. 01, 2016

Jan. 02, 2015

Jan. 03, 2014

Provision for income taxes

$ 206,497

$ 150,591

$ 131,204

(83,698)

(69,835)

(51,474)

Net income (loss)

$ 33,149

$ 21,555

$ 34,041

$ 34,054

$ 497

$ 25,648

$ 35,303

$ 19,308

122,799

^[1],[2],[3]

80,756

^[1],[2],[4]

79,730

^[5]

Corporate and Other

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

(224,081)

(222,885)

(237,743)

Operating Segments

Operating Segments | North America

430,578

373,476

368,947

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

Operating Segments | Europe

409,441

350,589

342,695

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

Operating Segments | Asia Pacific

13,874

15,079

18,564

Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]

$ 7,263

$ 7,808

$ 7,688

[1]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[2]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[3]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[4]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[5]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Equity in Earnings (Losses) of Equity Method Investees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Subsidiary or Equity Method Investee [Line Items]
Equity in Losses of Equity Method Investees	$ 187	$ 74	$ 190
North America
Subsidiary or Equity Method Investee [Line Items]
Equity in Losses of Equity Method Investees	200	205	192
Asia Pacific
Subsidiary or Equity Method Investee [Line Items]
Equity in Losses of Equity Method Investees	$ (13)	$ (131)	$ (2)

Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
Depreciation (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	$ 22,217	$ 18,682	$ 22,595
Corporate and Other
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	5,257	7,758	11,025
Operating Segments
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	16,960	10,924	11,570
Operating Segments \| North America
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	12,935	8,673	9,451
Operating Segments \| Europe
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	1,601	1,897	1,859
Operating Segments \| Asia Pacific
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	$ 2,424	$ 354	$ 260

Assets (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Segment Reporting Information [Line Items]
Total Assets	$ 2,395,026	$ 2,530,579
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	279,348	476,595
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,115,678	2,053,984
Operating Segments \| North America
Segment Reporting Information [Line Items]
Total Assets	1,900,178	1,879,648
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Assets	80,839	88,867
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Total Assets	$ 134,661	$ 85,469

Equity Method Investments (Detail) - USD ($) $ in Thousands	Jan. 01, 2016	Jan. 02, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 920	$ 978
North America
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	349	394
Asia Pacific
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 571	$ 584

Capital Expenditures (including inventory) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 01, 2016	Jan. 02, 2015	Jan. 03, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 264,860	$ 112,683	$ 187,731
Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	10,260	4,769	7,974
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	254,600	107,914	179,757
Operating Segments \| North America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	179,696	94,539	166,718
Operating Segments \| Europe
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	2,807	3,476	4,557
Operating Segments \| Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 72,097	$ 9,899	$ 8,482

Schedule of Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jan. 01, 2016

^[1],[2]

Sep. 11, 2015

^[1],[2]

Jun. 19, 2015

^[1],[2]

Mar. 27, 2015

^[1],[2]

Jan. 02, 2015

^[1],[2]

Sep. 12, 2014

^[1],[2]

Jun. 20, 2014

^[1],[2]

Mar. 28, 2014

^[1],[2]

Jan. 01, 2016

^[1],[2]

Jan. 02, 2015

^[1],[2]

Jan. 03, 2014

Revenues

$ 545,620

$ 407,136

$ 422,827

$ 454,880

$ 510,895

$ 413,038

$ 409,902

$ 401,947

$ 1,830,463

$ 1,735,782

$ 1,749,688

Expenses

(484,202)

(362,983)

(369,812)

(395,463)

(493,258)

(366,883)

(352,144)

(366,999)

(1,612,460)

(1,579,284)

(1,605,768)

Diluted earnings per share

$ 33,149

$ 21,555

$ 34,041

$ 34,054

$ 497

$ 25,648

$ 35,303

$ 19,308

$ 122,799

^[3]

$ 80,756

^[4]

$ 79,730

^[5]

Basic earnings per share

$ 1.08

$ 0.69

$ 1.07

$ 1.05

$ 0.02

$ 0.77

$ 1.03

$ 0.55

$ 3.90

^[3]

$ 2.40

^[4]

$ 2.25

^[5]

$ 1.06

$ 0.67

$ 1.05

$ 1.03

$ 0.01

$ 0.75

$ 1.00

$ 0.54

$ 3.82

^[3]

$ 2.33

^[4]

$ 2.18

^[5]

[1]	The quarters consisted of 12 weeks, except for the fourth quarters of 2015 and 2014, which consisted of 16 weeks.
[2]	The sum of the earnings per share for the four quarters differs from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[3]	The computations of diluted earnings per share exclude approximately 136,000 shares of common stock, the maximum number of shares issuable as of January 1, 2016 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[4]	The computations of diluted earnings per share exclude approximately 134,000 shares of common stock, the maximum number of shares issuable as of January 2, 2015 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.
[5]	The computations of diluted earnings per share exclude approximately 229,000 shares of common stock, the maximum number of shares issuable as of January 3, 2014 upon the vesting of certain performance-based awards, because the performance conditions required for the shares subject to such awards to vest were not achieved by the end of the reporting period.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.