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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 30, 2016	Feb. 17, 2017	Jun. 17, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	VAC
Entity Registrant Name	MARRIOTT VACATIONS WORLDWIDE Corp
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		27,097,068
Entity Public Float			$ 1,407,942,434

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
REVENUES
Sale of vacation ownership products	$ 637,503	$ 675,329	$ 647,488
Resort management and other services	303,570	295,547	278,517
Financing	126,126	124,033	128,909
Rental	312,071	312,997	264,307
Cost reimbursements	431,965	405,875	396,795
TOTAL REVENUES	1,811,235	1,813,781	1,716,016
EXPENSES
Cost of vacation ownership products	155,093	204,299	196,444
Marketing and sales	353,295	330,599	315,410
Resort management and other services	174,311	180,072	177,138
Financing	21,380	24,194	24,148
Rental	260,752	259,729	237,920
General and administrative	104,833	106,104	100,916
Litigation settlement	(303)	(232)	19,494
Organizational and separation related	0	1,174	3,438
Consumer financing interest	23,685	24,658	26,464
Royalty fee	60,953	58,982	59,970
Impairment	0	324	1,381
Cost reimbursements	431,965	405,875	396,795
TOTAL EXPENSES	1,585,964	1,595,778	1,559,518
Gains and other income	11,201	9,557	5,171
Interest expense	(8,912)	(12,810)	(11,692)
Other	(4,632)	(8,253)	614
INCOME BEFORE INCOME TAXES	222,928	206,497	150,591
Provision for income taxes	(85,580)	(83,698)	(69,835)
NET INCOME	$ 137,348	$ 122,799	$ 80,756
Basic earnings per share (in usd per share)	$ 4.93	$ 3.90	$ 2.40
Shares used in computing basic earnings per share (in shares)	27,882	31,487	33,665
Diluted earnings per share (in usd per share)	$ 4.83	$ 3.82	$ 2.33
Shares used in computing diluted earnings per share (in shares)	28,422	32,168	34,635
Dividends declared per share of common stock (in usd per share)	$ 1.25	$ 1.05	$ 0.25

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 137,348	$ 122,799	$ 80,756
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(5,589)	(5,673)	(6,005)
Derivative instrument adjustment	(332)	0	0
Total other comprehensive loss, net of tax	(5,921)	(5,673)	(6,005)
COMPREHENSIVE INCOME	$ 131,427	$ 117,126	$ 74,751

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
ASSETS
Cash and cash equivalents	$ 147,102	$ 177,061
Restricted cash (including $27,525 and $26,884 from VIEs, respectively)	66,000	71,451
Accounts and contracts receivable, net (including $4,865 and $4,893 from VIEs, respectively)	161,733	131,850
Vacation ownership notes receivable, net (including $717,543 and $669,179 from VIEs, respectively)	972,311	920,631
Inventory	712,536	669,243
Property and equipment	202,802	288,803
Other	128,935	140,679
Total Assets	2,391,419	2,399,718
LIABILITIES AND EQUITY
Accounts payable	124,439	139,120
Advance deposits	55,542	49,128
Accrued liabilities (including $584 and $669 from VIEs, respectively)	147,469	163,632
Deferred revenue	95,495	78,196
Payroll and benefits liability	95,516	104,331
Deferred compensation liability	62,874	51,031
Mandatorily redeemable preferred stock of consolidated subsidiary, net	0	38,989
Debt, net (including $738,362 and $684,604 from VIEs, respectively)	737,224	678,793
Other	15,873	11,155
Deferred taxes	149,168	109,076
Total Liabilities	1,483,600	1,423,451
Contingencies and Commitments (Note 9)
Preferred stock — $.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $.01 par value; 100,000,000 shares authorized; 36,633,868 and 36,393,800 shares issued, respectively	366	364
Treasury stock — at cost; 9,643,562 and 6,844,256 shares, respectively	(606,631)	(429,990)
Additional paid-in capital	1,162,283	1,150,731
Accumulated other comprehensive income	5,460	11,381
Retained earnings	346,341	243,781
Total Equity	907,819	976,267
Total Liabilities and Equity	$ 2,391,419	$ 2,399,718

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Restricted cash	$ 66,000	$ 71,451
Accounts and contracts receivable	161,733	131,850
Vacation ownership notes receivable	972,311	920,631
Accrued liabilities	147,469	163,632
Debt, net	$ 737,224	$ 678,793
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	36,633,868	36,393,800
Treasury stock, shares (in shares)	9,643,562	6,844,256
Variable Interest Entity
Restricted cash	$ 27,525	$ 26,884
Accounts and contracts receivable	4,865	4,893
Vacation ownership notes receivable	717,543	669,179
Accrued liabilities	584	669
Debt, net	$ 738,362	$ 684,604

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 30, 2016 USD ($)	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)
OPERATING ACTIVITIES
Net income	$ 137,348	$ 122,799	$ 80,756
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	21,044	22,217	18,682
Amortization of debt issuance costs	6,509	5,586	5,462
Provision for loan losses	47,292	33,083	30,534
Share-based compensation	13,949	14,142	13,376
Employee stock purchase plan	1,317	560	0
Gain on disposal of property and equipment, net	(11,201)	(9,557)	(5,171)
Non-cash litigation settlement	(303)	(262)	23,778
Deferred income taxes	38,834	28,162	18,876
Impairment charges	0	324	1,381
Net change in assets and liabilities:
Accounts and contracts receivable	(30,055)	(24,189)	(1,143)
Notes receivable originations	(356,859)	(311,195)	(267,917)
Notes receivable collections	253,622	270,170	287,240
Inventory	4,301	72,158	82,690
Purchase of operating properties for future conversion to inventory	0	(61,554)	0
Other assets	11,092	(10,648)	8,659
Accounts payable, advance deposits and accrued liabilities	(19,905)	23,461	(17,865)
Liability for Marriott Rewards customer loyalty program	(37)	(89,251)	(25,022)
Deferred revenue	17,664	(5,289)	24,656
Payroll and benefit liabilities	(6,933)	11,380	8,973
Deferred compensation liability	11,843	9,354	4,568
Other liabilities	1,863	2,974	(2,055)
Other, net	(1,213)	4,609	953
Net cash provided by operating activities	140,172	109,034	291,411
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(34,770)	(35,735)	(15,202)
Purchase of operating property to be sold	0	(47,658)	0
Decrease (increase) in restricted cash	4,838	37,681	(24,019)
Dispositions, net	68,953	20,644	82,347
Net cash provided by (used in) investing activities	39,021	(25,068)	43,126
FINANCING ACTIVITIES
Borrowings from securitization transactions	376,622	255,000	262,638
Repayment of debt related to securitization transactions	(322,864)	(278,427)	(228,870)
Borrowings from Revolving Corporate Credit Facility	85,000	0	0
Repayment of Revolving Corporate Credit Facility	(85,000)	0	0
Proceeds from vacation ownership inventory arrangement	0	5,375	0
Debt issuance costs	(4,065)	(5,335)	(6,498)
Repurchase of common stock	(177,830)	(201,380)	(203,596)
Redemption of mandatorily redeemable preferred stock of consolidated subsidiary	(40,000)	0	0
Payment of dividends	(34,195)	(23,793)	(8,179)
Proceeds from stock option exercises	7	97	2,977
Excess tax benefits from share-based compensation	1,207	9,380	4,519
Payment of withholding taxes on vesting of restricted stock units	(4,021)	(10,894)	(8,077)
Other	187	230	(564)
Net cash used in financing activities	(204,952)	(249,747)	(185,650)
Effect of changes in exchange rates on cash and cash equivalents	(4,200)	(3,673)	(1,883)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(29,959)	(169,454)	147,004
CASH AND CASH EQUIVALENTS, beginning of year	177,061	346,515	199,511
CASH AND CASH EQUIVALENTS, end of year	147,102	177,061	346,515
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash transfer from Inventory to Property and equipment	9,741	30,985	0
Non-cash issuance of note receivable	0	(500)	0
Non-cash issuance of treasury stock for employee stock purchase plan	(1,317)	(560)	0
Non-cash transfer of debt	2,985	0	0
Dividends payable	(9,480)	(8,898)	0
Disposition accruals not yet paid	2,229	0	0
Property acquired via capital lease	7,221	0	0
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	0	(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	$ 0	$ 0	$ (1,156)

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

Total

Common Stock

Treasury Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income

Retained Earnings

Balance (in shares) at Jan. 03, 2014

35,133,000

Balance at Jan. 03, 2014

$ 1,208,737

$ 356

$ (25,633)

$ 1,129,800

$ 23,059

$ 81,155

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

80,756

Foreign currency translation adjustments

(6,005)

Derivative instrument adjustment

452,000

13,029

$ 5

13,024

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

^[1]

(3,883)

Adjustment to Additional paid-in capital

^[2]

(1,156)

Repurchase of common stock (in shares)

(3,492,000)

Repurchase of common stock

(203,596)

Dividends

(8,179)

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

32,093,000

Ending Balance at Jan. 02, 2015

1,079,703

$ 361

(229,229)

1,137,785

17,054

153,732

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

122,799

Foreign currency translation adjustments

(5,673)

Derivative instrument adjustment

304,000

12,958

$ 3

12,955

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

(9)

Repurchase of common stock (in shares)

(2,857,000)

Repurchase of common stock

(201,380)

Dividends

(32,691)

Employee stock plan issuance (in shares)

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

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

137,348

Foreign currency translation adjustments

(5,589)

Derivative instrument adjustment

(332)

240,000

11,426

$ 2

11,424

Repurchase of common stock (in shares)

(2,819,000)

(2,818,546)

Repurchase of common stock

(177,830)

$ (177,830)

Dividends

(34,788)

Employee stock plan issuance (in shares)

19,000

Employee stock plan issuance

$ 1,317

1,189

128

Ending Balance (in shares) at Dec. 30, 2016

26,990,306

26,990,000

Ending Balance at Dec. 30, 2016

$ 907,819

$ 366

$ (606,631)

$ 1,162,283

$ 5,460

$ 346,341

[1]	Consists of an adjustment to Deferred tax liabilities for changes in the valuation of Marriott Vacations Worldwide at the time of the Spin-Off.
[2]	Consists of an adjustment to correct an immaterial error in Deferred revenue at the time of the Spin-Off.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 30, 2016

Accounting Policies [Abstract]

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. In 2016, we introduced Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. 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 December 30, 2016, our portfolio consisted of over 60 properties in the United States and eight other countries and territories. 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.

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. The fiscal years in the following table included 52 weeks. Beginning in 2017, our fiscal year will be the same as the corresponding calendar year, except that the 2017 fiscal year will begin on December 31, 2016 and end on December 31, 2017.



Fiscal Year		Fiscal Year-End Date
2016		December 30, 2016
2015		January 1, 2016
2014		January 2, 2015

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, 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 2016 presentation.

Our Financial Statements include adjustments for fiscal years 2015 and 2014 to correct immaterial presentation errors within the following line items on our Statements of Income: Resort management and other services revenues, Resort management and other services expenses and General and administrative expenses. Correction of these immaterial errors had no impact on our consolidated Net income.

The impact of these adjustments on the Financial Statements is as follows:



	As Revised				Previous Filings
($ in thousands)	2015		2014		2015		2014
Resort management and other services	$	295,547	$	278,517	$	312,229	$	298,283
TOTAL REVENUES	$	1,813,781	$	1,716,016	$	1,830,463	$	1,735,782
Resort management and other services	$	180,072	$	177,138	$	199,895	$	199,258
General and administrative	$	106,104	$	100,916	$	102,963	$	98,562
TOTAL EXPENSES	$	1,595,778	$	1,559,518	$	1,612,460	$	1,579,284

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

Our 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 reservation systems, maintenance and certain accounting and administrative services for property owners’ associations. We receive compensation for these management services; this is typically based on either a percentage of the budgeted costs to operate the 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 $83.3 million, $77.6 million and $73.9 million during 2016, 2015 and 2014, 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 $78.5 million in 2016, $67.2 million in 2015 and $77.8 million in 2014, 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 2016, $6.0 million in 2015 and $6.4 million in 2014, 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 ™ (“MVCD”) program when those points are redeemed for rental stays at one of our resorts or in the Explorer Collection, 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. We recognize cost reimbursements when we incur the related reimbursable costs. These costs primarily consist of payroll and payroll related expenses for management of the property owners’ associations and other services we provide where we are the employer. Cost reimbursements consist of actual expenses with no added margin.

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 defines 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-up activity, 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 2016, 2015 and 2014, product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $14.8 million, $7.3 million and $6.5 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 costs clearly associated with the acquisition of real estate when a transaction is accounted for as an asset acquisition under Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”). Alternatively, when acquired real estate constitutes a business under ASC 805, transaction costs are expensed as incurred. 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 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 $6.1 million, $7.1 million and $5.1 million for 2016, 2015 and 2014, 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 $8.0 million in 2016, $7.1 million in 2015 and $6.6 million in 2014.

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 were able to defer payment and income taxation of a portion of their salary and bonus. Participants also had the opportunity for long-term capital appreciation by crediting their accounts with notional earnings (at a fixed annual rate of return of 4.5 percent for 2016 and 4.9 percent for 2015). 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 2016, 2015 and 2014. 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 2016 and 2015). We recognized compensation expense (net of cost reimbursements from property owners’ associations) for discretionary contributions to the participants’ accounts under the Deferred Compensation Plan totaling $1.3 million in 2016, $1.3 million in 2015 and $1.0 million 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.

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 $0.8 million at December 30, 2016 and $0.6 million at January 1, 2016.

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 7.09 percent and 6.92 percent as of December 30, 2016 and January 1, 2016, 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 $5.0 million and $4.7 million as of December 30, 2016 and January 1, 2016, respectively.

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 $6.2 million at year-end 2016 and $5.3 million at year-end 2015 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, operating properties, 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.

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 December 30, 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 granting them equity awards such as restricted stock units (“RSUs”), stock appreciation rights (“SARs”) and stock options.

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, other than RSUs with performance vesting conditions, vest ratably over a four-year period. For share-based awards with service-only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. For RSUs with performance vesting conditions, the number of RSUs earned, if any, is determined following the end of a three-year performance period based upon the cumulative achievement over that period of specific quantitative operating financial measures and we recognize compensation expense once it is probable that the corresponding performance condition will be achieved.

SARs awarded under the Stock Plan are granted at exercise prices or strike prices equal to the market price of our 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 a number of shares of our common stock 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 recognize the expense associated with these awards on our Statements of Income 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 or be earned. 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 vesting period, discounted at a risk-free interest rate. We generally determine the fair value of SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. We will issue shares from authorized shares upon the exercise of SARs or stock options held by our employees and directors.

For share-based awards granted to non-employee directors, we recognize compensation expense on the grant date based on the fair value of the awards as of that date. See Footnote No. 13, “Share-Based Compensation,” for more information.

Advertising Costs

We expensed advertising costs as incurred of $1.1 million, $2.1 million and $2.0 million in 2016, 2015 and 2014, respectively. These costs are included in the Marketing and sales expense caption on our Statements of Income.

Income Taxes

We file income tax returns, including with respect to our subsidiaries, in various jurisdictions around the world. 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. 2017-01 - “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”)

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, which revises the definition of a business to assist entities with evaluating when a set of transferred assets and activities constitutes a business. Under ASU 2017-01, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of transferred assets and activities is not a business. Determining whether a set of transferred assets is a business is critical because the accounting for a business combination differs significantly from that of an asset acquisition. In addition, the definition of a business also affects the accounting for dispositions and the identification of reporting units. It also may affect how an entity applies consolidation guidance. The update is effective for public companies for annual periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. Our early adoption of ASU 2017-01 in the fourth quarter of 2016 did not have an impact on our financial statements or disclosures. We expect that new guidance will likely result in more of our real estate acquisitions being accounted for as asset acquisitions, with related transaction costs capitalized, rather than business combinations.

Accounting Standards Update No. 2016-17 - “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control” (“ASU 2016-17”)

In October 2016, the FASB issued ASU 2016-17, which updates Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” Under the amendments, a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity will consider its indirect interests held by related parties that are under common control on a proportionate basis. ASU 2016-17 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2016-17 in the fourth quarter of 2016 did not have an impact on our financial statements or disclosures.

Accounting Standards Update No. 2016-15 – “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”)

In August 2016, the FASB issued ASU 2016-15, which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. Our early adoption of ASU 2016-15 in the third quarter of 2016 did not have an impact on our financial statements or disclosures.

Future Adoption of Accounting Standards

Accounting Standards Update No. 2016-18 - “Restricted Cash” (“ASU 2016-18”)

In November 2016, the FASB issued ASU 2016-18, which requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, we will no longer present changes in restricted cash as a component of investing activities. The update is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We will adopt ASU 2016-18 on a retrospective basis commencing in the first quarter of 2017.

Accounting Standards Update No. 2016-16 - “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”)

In October 2016, the FASB issued ASU 2016-16, which changes the timing of when certain intercompany transactions are recognized within the provision for income taxes. The update is effective for public companies for annual periods beginning after December 15, 2017, and for annual periods and interim periods thereafter with early adoption permitted. We are evaluating the impact that ASU 2016-16, including the timing of implementation, will have on our financial statements and disclosures.

Accounting Standards Update No. 2016-13 – “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”)

In June 2016, the FASB issued ASU 2016-13, which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. This update is effective for annual periods beginning after December 15, 2019, with early adoption permitted for annual periods beginning after December 15, 2018. We are evaluating the impact that ASU 2016-13, including the timing of implementation, will have on our financial statements and disclosures.

Accounting Standards Update No. 2016-09 – “Compensation – Stock Compensation (Topic 718)” (“ASU 2016-09”)

In March 2016, the FASB issued ASU 2016-09, which changes how entities account for certain aspects of share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new guidance requires all income tax effects of awards, including excess tax benefits, to be recorded as income tax expense (or benefit) in the income statement. The new guidance requires excess tax benefits to be presented as an operating inflow rather than as a financing inflow in the statement of cash flows. Currently, excess tax benefits are recorded in additional paid-in-capital in the balance sheet. The update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. We expect to adopt ASU 2016-09 in the first quarter of 2017. We expect the adoption of ASU 2016-09 to decrease our provision for income taxes, the amount of which depends on the vesting activity of our share-based compensation awards in any given period, and to eliminate the presentation of excess tax benefits as a financing inflow on our statement of cash flows. Further, we expect to make an accounting policy election to account for forfeitures of share-based compensation awards as they occur. We do not expect the adoption of ASU 2016-09 to have any other material impacts on our financial statements and disclosures.

Accounting Standards Update No. 2016-02 – “Leases (Topic 842)” (“ASU 2016-02”)

In February 2016, the FASB issued ASU 2016-02 to increase transparency and comparability of information regarding an entity’s leasing activities by providing additional information to users of financial statements. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. This update is effective for annual periods beginning after December 15, 2018, with early adoption permitted. Although we expect to adopt ASU 2016-02 commencing in fiscal year 2019, we continue to evaluate the impact that adoption of this accounting standards update will have on our financial statements and disclosures.

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”), as Amended

In May 2014, the FASB issued ASU 2014-09, which, as amended, 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 principle-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, as amended, will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The new standard may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized on the date of adoption. Although we expect to adopt ASU 2014-09, as amended, commencing in fiscal year 2018, on a retrospective basis, we continue to evaluate the impact that adoption of this accounting standards update will have on our financial statements and disclosures. We anticipate concluding our preliminary assessment and providing detail on the impact of adoption of this accounting standard in the first half of 2017.

INCOME TAXES

12 Months Ended

Dec. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

We file income tax returns with U.S. federal and state and non-U.S. jurisdictions and are subject to audits in these jurisdictions. Under the Tax Sharing and Indemnification Agreement with Marriott International, 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.

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



($ in thousands)	2016		2015		2014
United States	$	220,169	$	197,519	$	178,297
Non-U.S. jurisdictions	2,759		8,978		(27,706		)
	$	222,928	$	206,497	$	150,591

Our current tax provision does not reflect the benefits attributable to us for the exercise or vesting of employee share-based awards of $1.2 million in 2016, $9.4 million in 2015 and $4.5 million in 2014.

Our provision for income taxes consists of:



($ in thousands)	2016			2015			2014
Current – U.S. Federal	$	(35,715	)	$	(44,728	)	$	(42,652	)
– U.S. State	(4,926		)	(4,027		)	(9,091		)
– Non-U.S.	(4,902		)	(6,953		)	95
	(45,543		)	(55,708		)	(51,648		)
Deferred – U.S. Federal	(38,332		)	(25,350		)	(16,422		)
– U.S. State	(3,432		)	(4,554		)	1,294
– Non-U.S.	1,727			1,914			(3,059		)
	(40,037		)	(27,990		)	(18,187		)
	$	(85,580	)	$	(83,698	)	$	(69,835	)

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 $1.5 million in 2016, $(3.7) million in 2015 and $(6.7) million in 2014.

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 ($169.8 million at December 30, 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: $0.5 million in 2016, $0.4 million in 2015 and $2.6 million in 2014.

Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for years 2011 through 2014. 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 audits in these jurisdictions.

Our total unrecognized tax benefit balance that, if recognized, would impact our effective tax rate was $1.5 million at December 30, 2016, $2.4 million at January 1, 2016 and $1.1 million at January 2, 2015.

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2014 to the end of 2016:



($ in thousands)	2016			2015		2014
Unrecognized tax benefit at beginning of year	$	2,378		$	1,123	$	473
Change attributable to tax positions taken during the current period	801			979		—
Change attributable to tax positions taken during a prior period	(1,718		)	276		650
Unrecognized tax benefit at end of year	$	1,461		$	2,378	$	1,123

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 2016, 2015 and 2014.

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 December 30, 2016 and January 1, 2016 were as follows:



($ in thousands)	At Year-End 2016			At Year-End 2015
Deferred tax assets	$	192,954		$	161,997
Deferred tax liabilities	(335,178		)	(265,197		)
Net deferred tax liability	$	(142,224	)	$	(103,200	)

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 December 30, 2016 and January 1, 2016 was as follows:



($ in thousands)	At Year-End 2016			At Year-End 2015
Inventory	$	(24,986	)	$	(25,671	)
Reserves	38,677			31,654
Property and equipment	(15,560		)	(7,246		)
Deferred sales of vacation ownership interests	(246,793		)	(185,980		)
Long lived intangible assets	31,464			34,692
Net operating loss carry-forwards	49,205			45,481
Tax credits	21,345			5,956
Other, net	52,263			44,214
Deferred tax liability	(94,385		)	(56,900		)
Less: Valuation allowance	(47,839		)	(46,300		)
Net deferred tax liability	$	(142,224	)	$	(103,200	)

At December 30, 2016, we had approximately $48.4 million of foreign net operating losses (excluding valuation allowances) some of which begin expiring in 2017. 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 $0.8 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:



	2016	2015	2014
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	2.47	2.62	2.96
Permanent differences⁽¹⁾	1.03	1.65	0.18
Non-U.S. income (loss)⁽²⁾	0.34	(0.61)	6.27
Other items⁽³⁾	(1.15)	1.21	0.17
Change in valuation allowance⁽⁴⁾	0.70	0.66	1.79
Effective rate expense	38.39%	40.53%	46.37%

_________________________


⁽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.


⁽²⁾	Attributed to the difference between U.S. and foreign income tax rates.


⁽³⁾	Attributed to the changes in unrecognized tax benefits in 2016, 2015 and 2014. 2016 also includes U.S. federal tax incentives related to multiple years.


⁽⁴⁾	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 2016, 2015 and 2014 were $47.8 million, $50.2 million and $65.2 million, respectively.

VACATION OWNERSHIP NOTES RECEIVABLE

12 Months Ended

Dec. 30, 2016

Receivables [Abstract]

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 2016		At Year-End 2015
Vacation ownership notes receivable — securitized	$	717,543	$	669,179
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾	98,508		104,671
Not eligible for securitization⁽¹⁾	156,260		146,781
Subtotal	254,768		251,452
Total vacation ownership notes receivable	$	972,311	$	920,631

_________________________


⁽¹⁾	Refer to Footnote No. 4, “Financial Instruments,” for discussion of eligibility of our vacation ownership notes receivable for securitization.

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 December 30, 2016:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2017	$	46,471	$	97,726	$	144,197
2018	32,027		89,728		121,755
2019	25,698		83,909		109,607
2020	21,967		83,264		105,231
2021	18,951		81,654		100,605
Thereafter	109,654		281,262		390,916
Balance at year-end 2016	$	254,768	$	717,543	$	972,311
Weighted average stated interest rate at year-end 2016	11.7%		12.7%		12.4%
Range of stated interest rates at year-end 2016	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)	2016		2015		2014
Interest income associated with vacation ownership notes receivable – securitized	$	96,606	$	89,693	$	91,790
Interest income associated with vacation ownership notes receivable – non-securitized	23,507		28,327		30,761
Total interest income associated with vacation ownership notes receivable	$	120,113	$	118,020	$	122,551

The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2016, 2015 and 2014:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable Reserve			Securitized Vacation Ownership Notes Receivable Reserve			Total
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
Provision for loan losses	28,652			18,505			47,157
Securitizations	(28,322		)	28,322			—
Clean-up of Warehouse Credit Facility⁽³⁾	10,496			(10,496		)	—
Write-offs	(40,033		)	—			(40,033		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	30,251			(30,251		)	—
Balance at year-end 2016	$	56,628		$	53,735		$	110,363

_________________________


⁽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 defaulted securitized vacation ownership notes receivable.


⁽³⁾	Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable from our Warehouse Credit Facility.

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 2016	$	43,792	$	6,687	$	50,479
Investment in vacation ownership notes receivable on non-accrual status at year-end 2015	$	46,024	$	8,717	$	54,741
Average investment in vacation ownership notes receivable on non-accrual status during 2016	$	44,908	$	7,702	$	52,610

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 30, 2016:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,780	$	16,468	$	24,248
91 – 150 days past due	3,981		6,687		10,668
Greater than 150 days past due	39,811		—		39,811
Total past due	51,572		23,155		74,727
Current	259,824		748,123		1,007,947
Total vacation ownership notes receivable	$	311,396	$	771,278	$	1,082,674

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

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 30, 2016

Investments, All Other Investments [Abstract]

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 2016						At Year-End 2015
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable
Securitized	$	717,543		$	834,009		$	669,179		$	803,533
Non-securitized	254,768			269,161			251,452			274,799
Total financial assets	$	972,311		$	1,103,170		$	920,631		$	1,078,332
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(729,188	)	$	(725,963	)	$	(675,561	)	$	(677,595	)
Other debt, net	(815		)	(815		)	(3,232		)	(3,496		)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	—			—			(38,989		)	(42,258		)
Other liabilities	(2,285		)	(2,285		)	(4,515		)	(4,515		)
Total financial liabilities	$	(732,288	)	$	(729,063	)	$	(722,297	)	$	(727,864	)

_________________________


⁽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 2016				At Year-End 2015
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	98,508	$	112,901	$	104,671	$	128,018
Not eligible for securitization	156,260		156,260		146,781		146,781
Total non-securitized	$	254,768	$	269,161	$	251,452	$	274,799

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, discount rates and loan terms.

Non-Recourse Debt Associated with Securitized Vacation Ownership Notes Receivable, Net

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, Net

We historically estimated 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 have used in the then current market. Our model included an assessment of our subsidiary’s credit risk and the instrument’s contractual dividend rate.

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
ACQUISITIONS AND DISPOSITIONS	Dec. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS 2016 Acquisitions Miami Beach, Florida During the first quarter of 2016, we completed the acquisition of an operating property located in the South Beach area of Miami Beach, Florida, for $23.5 million. The acquisition was treated as a business combination, accounted for using the acquisition method of accounting and included within Operating activities on our Cash Flows and presented as Inventory. As consideration for the acquisition, we paid $23.5 million in cash; the value of the acquired property was allocated to inventory. We rebranded this property as Marriott Vacation Club Pulse, South Beach and intend to convert this property, in its entirety, into vacation ownership interests for future use in our MVCD program. 2016 Dispositions San Francisco, California During the second quarter of 2016, we disposed of 19 residential units, located at The Ritz-Carlton Club and Residences, San Francisco (the “RCC San Francisco”), for gross cash proceeds of $19.5 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 $10.5 million in the Gains and other income line on our Statements of Income for the year ended December 30, 2016. 2016 Disposition / 2015 Acquisition Surfers Paradise, Australia During the third quarter of 2015, we completed the acquisition of an operating property 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 were 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. At the time of the acquisition we determined that we would convert a portion of this operating property into vacation ownership interests for future use in our Asia Pacific segment; the related portion of the purchase price was classified as an operating activity on our Cash Flows for the year ended January 1, 2016. Additionally, we intended to sell the remaining downsized portion of the operating property to a third party; the related portion of the purchase price was classified as an investing activity on our Cash Flows for the year ended January 1, 2016. During the second quarter of 2016, we disposed of the remaining downsized portion of this operating property that we did not intend to convert into vacation ownership inventory for gross cash proceeds of AUD $70.5 million ($50.9 million). We accounted for the sale under the full accrual method in accordance with the authoritative guidance on accounting for sales of real estate. As part of the disposition, we guaranteed the net operating income of this portion of the operating property through 2021 up to a specified maximum of AUD $2.9 million ($2.1 million), which was recorded as a deferred gain in the Other line within liabilities on our balance sheet. We recognized a loss, inclusive of the deferred gain, of AUD $1.2 million ($0.9 million) in connection with the sale, which was recorded in the Gains and other income line on the Statement of Income for the year ended December 30, 2016. As of December 30, 2016, we have completed the conversion of the portion of this operating property that we intended to convert into vacation ownership inventory at the time of the acquisition, a portion of which has been contributed to our points-based programs in our Asia Pacific segment. 2015 Acquisitions 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 have included 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 property 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 rebranded this property as Marriott Vacation Club Pulse, San Diego and are in the process of converting this property, 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 property 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 property into 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 at a higher price. Accordingly, we have not consolidated the variable interest entity. As of December 30, 2016, our Balance Sheet reflected $9.6 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 $0.4 million are included in the Accounts and contracts receivable line on the Balance Sheet as of December 30, 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 December 30, 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. 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.

EARNINGS PER SHARE

12 Months Ended

Dec. 30, 2016

Earnings Per Share [Abstract]

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)	2016⁽¹⁾		2015⁽²⁾		2014⁽³⁾
Computation of Basic Earnings Per Share
Net income	$	137,348	$	122,799	$	80,756
Weighted average shares outstanding	27,882		31,487		33,665
Basic earnings per share	$	4.93	$	3.90	$	2.40
Computation of Diluted Earnings Per Share
Net income	$	137,348	$	122,799	$	80,756
Weighted average shares outstanding	27,882		31,487		33,665
Effect of dilutive shares outstanding
Employee stock options and SARs	367		446		543
Restricted stock units	173		235		427
Shares for diluted earnings per share	28,422		32,168		34,635
Diluted earnings per share	$	4.83	$	3.82	$	2.33

_________________________


⁽¹⁾	The computations of diluted earnings per share exclude approximately 217,000 shares of common stock, the maximum number of shares issuable as of December 30, 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 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.


⁽³⁾	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.

In accordance with the applicable accounting guidance for calculating earnings per share, for the year ended December 30, 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 year ended January 1, 2016, we excluded 62,018 shares underlying stock options or 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 price was greater than the average market price for the period.

For the year ended January 2, 2015, 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

Dec. 30, 2016

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:



($ in thousands)	At Year-End 2016		At Year End 2015
Finished goods⁽¹⁾	$	337,949	$	332,888
Work-in-progress	39,486		—
Land and infrastructure⁽²⁾	330,728		331,042
Real estate inventory	708,163		663,930
Operating supplies and retail inventory	4,373		5,313
	$	712,536	$	669,243

_________________________


⁽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 $70.0 million of inventory related to estimated future foreclosures at December 30, 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 $1.3 million, $0.1 million and $2.8 million in 2016, 2015 and 2014, respectively.

In 2016, $59.8 million was transferred from Property and equipment to Inventory when we commenced the conversion of the operating property in San Diego, California and a portion of the operating property in Surfers Paradise, Australia to vacation ownership inventory. The acquisition of these operating properties was previously included within Operating Activities on our Cash Flows and presented as Purchase of operating properties for future conversion to inventory within Operating Activities.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 30, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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



($ in thousands)	At Year-End 2016			At Year-End 2015
Land	$	54,975		$	87,751
Buildings and leasehold improvements	213,190			267,965
Furniture and equipment	51,053			55,326
Information technology	180,075			177,099
Construction in progress	27,493			26,469
	526,786			614,610
Accumulated depreciation	(323,984		)	(325,807		)
	$	202,802		$	288,803

Interest capitalized as a cost of property and equipment totaled $0.2 million in 2016, $0.3 million in 2015 and $0.1 million in 2014. Depreciation expense totaled $21.0 million in 2016, $22.2 million in 2015 and $18.7 million in 2014.

Refer to Footnote No. 7, “Inventory,” for a discussion of Property and equipment transferred to Inventory as we commenced the conversion of the operating property in San Diego, California and a portion of the operating property in Surfers Paradise, Australia to vacation ownership inventory.

CONTINGENCIES AND COMMITMENTS

12 Months Ended

Dec. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

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. 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. At December 30, 2016, the maximum potential amount of future fundings for financing guarantees where we are the primary obligor was $5.7 million and the carrying amount of the liability for expected future fundings, which is included in our Balance Sheet in the Other caption within Liabilities, was $0.1 million.

Commitments and Letters of Credit

In addition to the guarantees we describe in the preceding paragraph, as of December 30, 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 $29.1 million, of which we expect $13.0 million, $8.7 million, $3.6 million, $1.6 million, $0.8 million and $1.4 million will be paid in 2017, 2018, 2019, 2020, 2021 and thereafter, respectively.


•	We have commitments of $2.3 million to subsidize vacation ownership associations, which we expect to pay in 2017.

•

We have a commitment to purchase an operating property located in New York, New York for $158.5 million, of which $7.2 million is attributed to the capital lease arrangement and recorded in Debt. We expect to acquire the units in the property, in their current form, over time, and we expect to make payments for these units of $96.8 million and $61.7 million in 2018 and 2019, respectively. We currently manage this property, which we have rebranded as Marriott Vacation Club Pulse, New York City. See Footnote No. 14, “Variable Interest Entities,” for additional information on this transaction.

•

We have commitments to purchase vacation ownership units located in two resorts in Bali, Indonesia in two separate transactions, contingent upon completion of construction to 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 to make remaining payments of $15.4 million in 2017 with respect to these units, when specific construction milestones are completed. We expect to complete the acquisition of 88 vacation ownership units in 2019 pursuant to the other commitment, and to make payments with respect to these units, when specific construction milestones are completed, as follows: $7.8 million in 2017, $5.9 million in 2018 and $25.4 million in 2019.


•	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.


•	We have a commitment of $91.1 million to purchase vacation ownership units located on the Big Island of Hawaii, contingent upon the completion of renovations to the vacation ownership units. We expect to acquire the completed vacation ownership units in 2017 and to pay the purchase price as follows: $27.5 million in 2017, $32.7 million in 2018 and $30.9 million in 2019.

Surety bonds issued as of December 30, 2016 totaled $43.0 million, the majority of which were requested by federal, state or local governments related to our operations.

Additionally, as of December 30, 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 April 2013, Krishna and Sherrie Narayan and other owners of 12 residential units (owners of two of which subsequently agreed to release their claims) at the resort formerly known as The Ritz-Carlton Residences, Kapalua Bay (“Kapalua Bay”) filed an amended complaint in Circuit Court for Maui County, Hawaii 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 the 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. We filed a petition with the United States Supreme Court seeking review of the Hawaii Supreme Court’s decision. On January 11, 2016, the U.S. 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. The Circuit Court has stayed proceedings pending action by the Hawaii Supreme Court. 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 (owners of two of which subsequently agreed to release their claims) 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 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 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 69 fractional interests at the RCC San Francisco. The plaintiffs allege that the affiliation of the RCC San Francisco with our points-based MVCD program, certain alleged sales practices, and other acts we and the other defendants allegedly took 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 April 25, 2016. We filed a motion to dismiss. The Court held a hearing and the parties are awaiting a decision. 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 October 3, 2016, RCHFU, L.L.C. and other owners of 134 fractional interests at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) served an amended complaint in an action pending in the U.S. District Court for the District of Colorado against us, certain of our subsidiaries, and other third party defendants. The amended complaint alleges that the plaintiffs’ fractional interests were 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. Our motion to dismiss the amended complaint remains pending. By order dated February 15, 2017, the court granted in part and denied in part plaintiffs’ motion for leave to file another amended complaint, which has not yet been served. We dispute the plaintiffs’ material allegations 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 May 20, 2016, we, certain of our subsidiaries, and other third parties were named as defendants in an action filed in the U.S. District Court for the Middle District of Florida by Anthony and Beth Lennen. The case is filed as a putative class action; the plaintiffs seek to represent a class consisting of themselves and all other purchasers of MVCD points, from inception of the MVCD program in June 2010 to the present, as well as all individuals who own or have owned weeks in any resorts for which weeks have been added to the MVCD program. Plaintiffs challenge the characterization of the beneficial interests in the MVCD trust that are sold to customers as real estate interests under Florida law. They also challenge the structure of the trust and associated operational aspects of the trust product. The relief sought includes, among other things, declaratory relief, an unwinding of the MVCD product, and punitive damages. On September 15, 2016, we filed a motion to dismiss the complaint and a motion to stay the case pending referral of certain questions to Florida state regulators, which motions remain 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 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 $0.3 million, all of which is included within liabilities on our Balance Sheet at December 30, 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 2017.

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 December 30, 2016 below:



($ in thousands)	Land Lease		Corporate Facilities Leases		Other Operating Leases		Total
Fiscal Year
2017	$	1,049	$	3,580	$	12,009	$	16,638
2018	1,049		3,678		8,964		13,691
2019	1,049		3,779		5,809		10,637
2020	1,049		3,882		4,601		9,532
2021	1,049		2,658		3,202		6,909
Thereafter	7,338		—		17,320		24,658
Total minimum lease payments	$	12,583	$	17,577	$	51,905	$	82,065

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



($ in thousands)	2016		2015		2014
Minimum rentals	$	8,639	$	9,401	$	6,806
Additional rentals	3,845		3,876		5,520
	$	12,484	$	13,277	$	12,326

DEBT

12 Months Ended

Dec. 30, 2016

Debt Disclosure [Abstract]

DEBT

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



($ in thousands)	At Year-End 2016			At Year-End 2015
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	738,362		$	684,604
Unamortized debt issuance costs	(9,174		)	(9,043		)
	729,188			675,561
Other debt, gross	834			3,496
Unamortized debt issuance costs	(19		)	(264		)
	815			3,232
Capital leases	7,221			—
	$	737,224		$	678,793

_________________________


⁽¹⁾	Interest rates as of December 30, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.5%.

See Footnote No. 14, “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 following table shows scheduled future principal payments for our debt:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Other Debt		Capital Leases		Total
Debt Principal Payments Year
2017	$	101,214	$	604	$	—	$	101,818
2018	91,223		4		7,221		98,448
2019	84,988		4		—		84,992
2020	83,516		5		—		83,521
2021	82,256		5		—		82,261
Thereafter	295,165		212		—		295,377
Balance at December 30, 2016	$	738,362	$	834	$	7,221	$	746,417

_________________________


⁽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 $23.2 million in 2016, $30.2 million in 2015 and $31.2 million in 2014.

Debt Associated with Vacation Ownership Notes Receivable Securitizations

On August 11, 2016, we completed the securitization of a pool of $259.1 million of vacation ownership notes

receivable. In connection with the securitization, investors purchased in a private placement $250.0 million in vacation ownership loan backed notes from the MVW Owner Trust 2016-1 (the “2016-1 Trust”). Two classes of vacation ownership loan backed notes were issued by the 2016-1 Trust: $230.6 million of Class A Notes and $19.4 million of Class B Notes. The Class A Notes have an interest rate of 2.25 percent and the Class B Notes have an interest rate of 2.64 percent, for an overall weighted average interest rate of 2.28 percent.

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 2016, and as of December 30, 2016, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of December 30, 2016, we had 7 securitized vacation ownership notes receivable pools outstanding.

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.

Although no cash borrowings were outstanding as of December 30, 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 December 30, 2016, we were in compliance with the requirements of applicable financial and operating covenants.

Warehouse Credit Facility

The Warehouse Credit Facility, which has a borrowing capacity of $250 million, allows for the securitization of vacation ownership notes receivable on a non-recourse basis. 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. 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.

As of December 30, 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.

Capital Leases

During the first quarter of 2016, we entered into a capital lease arrangement for ancillary and operations space in connection with the commitment to purchase an operating property located in New York, New York. See Footnote No. 9, “Contingencies and Commitments,” for additional information on this transaction.

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY

12 Months Ended

Dec. 30, 2016

Equity [Abstract]

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY

On October 26, 2016, we redeemed the $40.0 million of mandatorily redeemable Series A (non-voting) preferred stock of our subsidiary MVW US Holdings, Inc. held by third-party investors following the exercise of our option to redeem the Series A preferred stock on the fifth anniversary of its issuance date. We used cash on hand to pay the redemption price, which was $40 million plus accrued and unpaid dividends. Prior to the redemption, the Series A preferred stock paid 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. The dividends were recorded as a component of Interest expense as the Series A preferred stock was 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 Year-End 2016		At Year-End 2015
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$	—	$	40,000
Unamortized debt issuance costs	—		(1,011		)
	$	—	$	38,989

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 30, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At December 30, 2016, there were 36,633,868 shares of Marriott Vacations Worldwide common stock issued, of which 26,990,306 were outstanding and 9,643,562 were held as treasury stock. 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. 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 December 30, 2016 or January 1, 2016.

Share 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 1, 2016	6,854,083	$	430,609	$	62.83
For the year ended December 30, 2016	2,818,546	177,830		63.09
As of December 30, 2016	9,672,629	$	608,439	$	62.90

On February 9, 2017, our Board of Directors extended our existing share repurchase program to September 30, 2017. On February 11, 2016, 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. 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. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, accelerated share repurchase agreements or otherwise. 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 December 30, 2016, 1.2 million shares remained available for repurchase under the authorization approved by our Board of Directors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice.

Dividends

We declared cash dividends to holders of common stock during the year ended December 30, 2016 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 11, 2016	February 25, 2016	March 10, 2016	$0.30
May 12, 2016	May 26, 2016	June 9, 2016	$0.30
September 8, 2016	September 22, 2016	October 6, 2016	$0.30
December 9, 2016	December 22, 2016	January 4, 2017	$0.35

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

- Definition

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 3: 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 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 30, 2016

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

SHARE-BASED COMPENSATION

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) RSUs of our common stock, (2) SARs for our common stock and (3) stock options to purchase our common stock. A total of 6 million shares are authorized for issuance under the Stock Plan. As of December 30, 2016, approximately 1.5 million shares were available for grants under the Stock Plan.

The following table details our share-based compensation expense related to award grants to our officers, directors and employees:



($ in thousands)	2016		2015		2014
Service based RSUs	$	9,372	$	8,879	$	8,731
Performance based RSUs	2,502		3,343		3,028
	11,874		12,222		11,759
SARs	2,075		1,920		1,617
Stock options	—		—		—
	$	13,949	$	14,142	$	13,376

The following table details our deferred compensation costs related to unvested awards:



($ in thousands)	At Year-End 2016⁽¹⁾		At Year-End 2015
Service based RSUs	$	9,000	$	8,804
Performance based RSUs	3,307		3,460
	12,307		12,264
SARs	1,146		1,083
Stock options	—		—
	$	13,453	$	13,347

_________________________


⁽¹⁾	As of December 30, 2016, the weighted average remaining term for RSU grants outstanding at year-end 2016 was 1.8 years and we expect that deferred compensation expense will be recognized over a weighted average period of 2.2 years.

RSUs

We have issued RSUs that vest over time, which we refer to as service based RSUs, and RSUs that vest based on performance with respect to established criteria, which we refer to as performance based RSUs.

The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:



	2016
	Service Based				Performance Based				Total
	Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2015	525,641		$	40.83	207,906		$	56.04	733,547		$	45.14
Granted	169,164		$	58.89	143,516		$	58.21	312,680		$	58.58
Distributed	(177,878	)	$	33.18	(68,673	)	$	39.93	(246,551	)	$	35.06
Forfeited	(1,980	)	$	54.41	(3,465	)	$	39.93	(5,445	)	$	45.19
Outstanding at year-end 2016	514,947		$	49.36	279,284		$	61.30	794,231		$	53.56

The weighted average grant-date fair value per RSU granted in 2015 and 2014 was $75.61 and $52.51, respectively. The intrinsic value of RSUs which vested in 2016, 2015 and 2014, was $3.4 million, $18.9 million and $10.3 million, respectively.

SARs

The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices:



	2016
	Number of SARs		Weighted Average Exercise Price Per SAR
Outstanding at year-end 2015	767,477		$	27.48
Granted	132,597		61.71
Exercised	(118,171	)	16.30
Forfeited or expired	—		—
Outstanding at year-end 2016⁽¹⁾⁽²⁾	781,903		$	34.97

_________________________


⁽¹⁾	As of December 30, 2016, outstanding SARs had a total intrinsic value of $39.3 million and a weighted average remaining term of 5.4 years.


⁽²⁾	As of December 30, 2016, 557,234 SARs with a weighted average exercise price of $24.03, an aggregate intrinsic value of $34.1 million and a weighted average remaining contractual term of 4.2 years were exercisable.

The weighted average grant-date fair value per SAR granted in 2016, 2015 and 2014 was $16.12, $29.75 and $27.98, respectively. The intrinsic value of SARs which vested in 2016, 2015 and 2014, was $1.4 million, $4.7 million and $12.2 million, respectively. The aggregate intrinsic value of SARs which were exercised in 2016, 2015 and 2014 was $5.6 million, $4.3 million and $1.3 million, respectively.

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 2016 and 2015:



	2016	2015
Expected volatility	31.60%	42.74%
Dividend yield	1.96%	1.26%
Risk-free rate	1.41%	1.74%
Expected term (in years)	6.25	6.25

Stock Options

We may grant 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.

There were no outstanding or exercisable stock options held by our employees at year-end 2016 or 2015, and no stock options were granted to our employees in 2016, 2015 or 2014. At December 30, 2016, approximately 15,000 stock options were outstanding and exercisable with a weighted average exercise price per option of $17.67 and a weighted average remaining life of approximately two years.

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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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. 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 December 30, 2016:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets:
Vacation ownership notes receivable, net of reserves	$	717,543	$	—	$	717,543
Interest receivable	4,865		—		4,865
Restricted cash	27,525		—		27,525
Total	$	749,933	$	—	$	749,933
Consolidated Liabilities:
Interest payable	$	542	$	42	$	584
Debt	738,362		—		738,362
Total	$	738,904	$	42	$	738,946

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 2016:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	91,104	$	5,502	$	96,606
Interest expense to investors	$	17,451	$	1,790	$	19,241
Debt issuance cost amortization	$	3,483	$	961	$	4,444
Administrative expenses	$	350	$	153	$	503

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



($ in thousands)	2016			2015
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	$	247,453		$	252,361
Principal receipts	174,830			183,111
Interest receipts	91,972			91,290
Reserve release	50,733			55,156
Total	564,988			581,918
Cash outflows:
Principal to investors	(166,652		)	(176,249		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(29,590		)	(24,596		)
Voluntary clean-up call	—			(77,582		)
Interest to investors	(17,449		)	(19,268		)
Funding of restricted cash	(51,770		)	(52,756		)
Total	(265,461		)	(350,451		)
Net Cash Flows	$	299,527		$	231,467

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



($ in thousands)	2016			2015
Cash inflows:
Proceeds from vacation ownership notes receivable securitizations	$	126,622		$	—
Principal receipts	5,227			—
Interest receipts	5,048			—
Reserve release	909			—
Total	137,806			—
Cash outflows:
Principal to investors	(3,771		)	—
Voluntary repurchases of defaulted vacation ownership notes receivable	(661		)	—
Repayment of Warehouse Credit Facility	(122,190		)	—
Interest to investors	(1,796		)	(1,390		)
Funding of restricted cash	(447		)	—
Total	(128,865		)	(1,390		)
Net Cash Flows	$	8,941		$	(1,390	)

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 $30.3 million during 2016, $24.6 million during 2015 and $25.3 million during 2014. We also made voluntary repurchases of $144.1 million, $146.2 million and $31.3 million of other non-defaulted vacation ownership notes receivable during 2016, 2015 and 2014, 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 December 30, 2016.

Other Variable Interest Entities

We have a commitment to purchase an operating property located in New York, New York, that we currently manage as Marriott Vacation Club Pulse, New York City. Refer to Footnote No. 9, “Contingencies and Commitments” for additional information on the commitment. 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 at a higher price. Accordingly, we have not consolidated the variable interest entity. As of December 30, 2016, our Balance Sheet reflected a $6.9 million capital lease asset and a $7.2 million capital lease liability for ancillary and operations space we lease from the variable interest entity. In addition, our Balance Sheet reflected a note receivable of $0.5 million from this variable interest entity, which we believe is our maximum exposure to loss as a result of our involvement with this variable interest entity as of December 30, 2016.

BUSINESS SEGMENTS

12 Months Ended

Dec. 30, 2016

Segment Reporting [Abstract]

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. In 2016, we introduced Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. 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 two points-based programs that we specifically designed to appeal to the vacation preferences of the market, Marriott Vacation Club, Asia Pacific and Marriott Vacation Club Destinations, Australia, 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 and other gains or losses that are not allocable to our segments.

Revenues



($ in thousands)	2016		2015		2014
North America	$	1,630,317	$	1,608,088	$	1,533,174
Europe	105,621		112,061		128,697
Asia Pacific	75,297		93,632		54,145
Total segment revenues	1,811,235		1,813,781		1,716,016
Corporate and other	—		—		—
	$	1,811,235	$	1,813,781	$	1,716,016

Net Income



($ in thousands)	2016			2015			2014
North America	$	425,735		$	412,582		$	352,943
Europe	12,067			13,874			15,079
Asia Pacific	1,626			7,263			7,808
Total segment financial results	439,428			433,719			375,830
Corporate and other	(216,500		)	(227,222		)	(225,239		)
Provision for income taxes	(85,580		)	(83,698		)	(69,835		)
	$	137,348		$	122,799		$	80,756

Depreciation



($ in thousands)	2016		2015		2014
North America	$	12,046	$	12,935	$	8,673
Europe	1,462		1,601		1,897
Asia Pacific	1,235		2,424		354
Total segment depreciation	14,743		16,960		10,924
Corporate and other	6,301		5,257		7,758
	$	21,044	$	22,217	$	18,682

Assets



($ in thousands)	At Year-End 2016		At Year-End 2015
North America	$	1,968,021	$	1,900,178
Europe	62,245		80,839
Asia Pacific	102,348		134,661
Total segment assets	2,132,614		2,115,678
Corporate and other	258,805		284,040
	$	2,391,419	$	2,399,718

Capital Expenditures (including inventory)



($ in thousands)	2016		2015		2014
North America	$	136,889	$	179,696	$	94,539
Europe	6,153		2,807		3,476
Asia Pacific	21,276		72,097		9,899
Total segment capital expenditures	164,318		254,600		107,914
Corporate and other	8,412		10,260		4,769
	$	172,730	$	264,860	$	112,683

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 $195.4 million in 2016, $218.3 million in 2015 and $188.8 million in 2014; and


•	Fixed assets of $60.0 million in 2016 and $121.8 million in 2015. For year-end 2016 and year-end 2015, fixed assets located outside the United States are included within the “Property and equipment” caption on our Balance Sheets.

- Definition

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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: 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 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details

QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 30, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)



	Fiscal Year 2016^(1)(2)(3)
($ in thousands, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	419,171		$	425,414		$	401,911		$	564,739		$	1,811,235
Expenses	$	(374,489	)	$	(370,917	)	$	(359,180	)	$	(481,378	)	$	(1,585,964	)
Net income	$	24,408		$	36,309		$	26,807		$	49,824		$	137,348
Basic earnings per share	$	0.84		$	1.28		$	0.99		$	1.83		$	4.93
Diluted earnings per share	$	0.82		$	1.26		$	0.97		$	1.80		$	4.83

	Fiscal Year 2015^(1)(2)(3)
($ in thousands, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	449,883		$	419,140		$	403,685		$	541,073		$	1,813,781
Expenses	$	(390,466	)	$	(366,125	)	$	(359,532	)	$	(479,655	)	$	(1,595,778	)
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

_______________________


⁽¹⁾	The quarters consisted of 12 weeks, except for the fourth quarters of 2016 and 2015, 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 quarterly results have been restated to correct certain immaterial prior period errors as discussed in Footnote No. 1, “Summary of Significant Accounting Policies.”

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On February 9, 2017, our Board of Directors declared a quarterly dividend of $0.35 per share to be paid on March 9, 2017 to shareholders of record as of February 23, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 30, 2016

Accounting Policies [Abstract]

Our Business

Our Spin-Off from Marriott International, Inc.

Principles of Consolidation and Basis of Presentation



Fiscal Year		Fiscal Year-End Date
2016		December 30, 2016
2015		January 1, 2016
2014		January 2, 2015

We have reclassified certain prior year amounts to conform to our 2016 presentation.

Revenue Recognition

Sale of Vacation Ownership Products

Resort Management and Other Services Revenues

Financing Revenues

Rental Revenues

Cost Reimbursements

Inventory

Capitalization of Costs

Defined Contribution Plan

Deferred Compensation Plan

Property and Equipment

Guarantees

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

Accounts and Contracts Receivable

Accounts and contracts receivable are presented net of allowances of $0.8 million at December 30, 2016 and $0.6 million at January 1, 2016.

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

Valuation of Property and Equipment

Investments

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

Non-U.S. Operations

Loss Contingencies

Share-Based Compensation Costs

Advertising Costs

Income Taxes

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

Earnings Per Common Share

New Accounting Standards

Accounting Standards Update No. 2017-01 - “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”)

Accounting Standards Update No. 2016-17 - “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control” (“ASU 2016-17”)

Accounting Standards Update No. 2016-15 – “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”)

Future Adoption of Accounting Standards

Accounting Standards Update No. 2016-18 - “Restricted Cash” (“ASU 2016-18”)

Accounting Standards Update No. 2016-16 - “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory” (“ASU 2016-16”)

Accounting Standards Update No. 2016-13 – “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”)

Accounting Standards Update No. 2016-09 – “Compensation – Stock Compensation (Topic 718)” (“ASU 2016-09”)

Accounting Standards Update No. 2016-02 – “Leases (Topic 842)” (“ASU 2016-02”)

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”), as Amended

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 30, 2016

Accounting Policies [Abstract]

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

The fiscal years in the following table included 52 weeks. Beginning in 2017, our fiscal year will be the same as the corresponding calendar year, except that the 2017 fiscal year will begin on December 31, 2016 and end on December 31, 2017.



Fiscal Year		Fiscal Year-End Date
2016		December 30, 2016
2015		January 1, 2016
2014		January 2, 2015

Schedule of Error Corrections and Prior Period Adjustments

The impact of these adjustments on the Financial Statements is as follows:



	As Revised				Previous Filings
($ in thousands)	2015		2014		2015		2014
Resort management and other services	$	295,547	$	278,517	$	312,229	$	298,283
TOTAL REVENUES	$	1,813,781	$	1,716,016	$	1,830,463	$	1,735,782
Resort management and other services	$	180,072	$	177,138	$	199,895	$	199,258
General and administrative	$	106,104	$	100,916	$	102,963	$	98,562
TOTAL EXPENSES	$	1,595,778	$	1,559,518	$	1,612,460	$	1,579,284

INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 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)	2016		2015		2014
United States	$	220,169	$	197,519	$	178,297
Non-U.S. jurisdictions	2,759		8,978		(27,706		)
	$	222,928	$	206,497	$	150,591

Provision for Income Taxes

Our provision for income taxes consists of:



($ in thousands)	2016			2015			2014
Current – U.S. Federal	$	(35,715	)	$	(44,728	)	$	(42,652	)
– U.S. State	(4,926		)	(4,027		)	(9,091		)
– Non-U.S.	(4,902		)	(6,953		)	95
	(45,543		)	(55,708		)	(51,648		)
Deferred – U.S. Federal	(38,332		)	(25,350		)	(16,422		)
– U.S. State	(3,432		)	(4,554		)	1,294
– Non-U.S.	1,727			1,914			(3,059		)
	(40,037		)	(27,990		)	(18,187		)
	$	(85,580	)	$	(83,698	)	$	(69,835	)

Reconciliation of Unrecognized Tax Benefit

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2014 to the end of 2016:



($ in thousands)	2016			2015		2014
Unrecognized tax benefit at beginning of year	$	2,378		$	1,123	$	473
Change attributable to tax positions taken during the current period	801			979		—
Change attributable to tax positions taken during a prior period	(1,718		)	276		650
Unrecognized tax benefit at end of year	$	1,461		$	2,378	$	1,123

Deferred Tax Assets and Liabilities

Total deferred tax assets and liabilities at December 30, 2016 and January 1, 2016 were as follows:



($ in thousands)	At Year-End 2016			At Year-End 2015
Deferred tax assets	$	192,954		$	161,997
Deferred tax liabilities	(335,178		)	(265,197		)
Net deferred tax liability	$	(142,224	)	$	(103,200	)



($ in thousands)	At Year-End 2016			At Year-End 2015
Inventory	$	(24,986	)	$	(25,671	)
Reserves	38,677			31,654
Property and equipment	(15,560		)	(7,246		)
Deferred sales of vacation ownership interests	(246,793		)	(185,980		)
Long lived intangible assets	31,464			34,692
Net operating loss carry-forwards	49,205			45,481
Tax credits	21,345			5,956
Other, net	52,263			44,214
Deferred tax liability	(94,385		)	(56,900		)
Less: Valuation allowance	(47,839		)	(46,300		)
Net deferred tax liability	$	(142,224	)	$	(103,200	)

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:



	2016	2015	2014
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	2.47	2.62	2.96
Permanent differences⁽¹⁾	1.03	1.65	0.18
Non-U.S. income (loss)⁽²⁾	0.34	(0.61)	6.27
Other items⁽³⁾	(1.15)	1.21	0.17
Change in valuation allowance⁽⁴⁾	0.70	0.66	1.79
Effective rate expense	38.39%	40.53%	46.37%

_________________________


⁽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.


⁽²⁾	Attributed to the difference between U.S. and foreign income tax rates.


⁽³⁾	Attributed to the changes in unrecognized tax benefits in 2016, 2015 and 2014. 2016 also includes U.S. federal tax incentives related to multiple years.


⁽⁴⁾	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

Dec. 30, 2016

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

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 2016		At Year-End 2015
Vacation ownership notes receivable — securitized	$	717,543	$	669,179
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾	98,508		104,671
Not eligible for securitization⁽¹⁾	156,260		146,781
Subtotal	254,768		251,452
Total vacation ownership notes receivable	$	972,311	$	920,631

_________________________


⁽¹⁾	Refer to Footnote No. 4, “Financial Instruments,” for discussion of eligibility of our vacation ownership notes receivable for securitization.

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 December 30, 2016:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2017	$	46,471	$	97,726	$	144,197
2018	32,027		89,728		121,755
2019	25,698		83,909		109,607
2020	21,967		83,264		105,231
2021	18,951		81,654		100,605
Thereafter	109,654		281,262		390,916
Balance at year-end 2016	$	254,768	$	717,543	$	972,311
Weighted average stated interest rate at year-end 2016	11.7%		12.7%		12.4%
Range of stated interest rates at year-end 2016	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)	2016		2015		2014
Interest income associated with vacation ownership notes receivable – securitized	$	96,606	$	89,693	$	91,790
Interest income associated with vacation ownership notes receivable – non-securitized	23,507		28,327		30,761
Total interest income associated with vacation ownership notes receivable	$	120,113	$	118,020	$	122,551

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 2016	$	43,792	$	6,687	$	50,479
Investment in vacation ownership notes receivable on non-accrual status at year-end 2015	$	46,024	$	8,717	$	54,741
Average investment in vacation ownership notes receivable on non-accrual status during 2016	$	44,908	$	7,702	$	52,610

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 December 30, 2016:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,780	$	16,468	$	24,248
91 – 150 days past due	3,981		6,687		10,668
Greater than 150 days past due	39,811		—		39,811
Total past due	51,572		23,155		74,727
Current	259,824		748,123		1,007,947
Total vacation ownership notes receivable	$	311,396	$	771,278	$	1,082,674

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

Vacation Ownership

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

Notes Receivable Reserves

The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2016, 2015 and 2014:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable Reserve			Securitized Vacation Ownership Notes Receivable Reserve			Total
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
Provision for loan losses	28,652			18,505			47,157
Securitizations	(28,322		)	28,322			—
Clean-up of Warehouse Credit Facility⁽³⁾	10,496			(10,496		)	—
Write-offs	(40,033		)	—			(40,033		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	30,251			(30,251		)	—
Balance at year-end 2016	$	56,628		$	53,735		$	110,363

_________________________


⁽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 defaulted securitized vacation ownership notes receivable.


⁽³⁾	Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable from our Warehouse Credit Facility.

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 30, 2016

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities



	At Year-End 2016						At Year-End 2015
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable
Securitized	$	717,543		$	834,009		$	669,179		$	803,533
Non-securitized	254,768			269,161			251,452			274,799
Total financial assets	$	972,311		$	1,103,170		$	920,631		$	1,078,332
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(729,188	)	$	(725,963	)	$	(675,561	)	$	(677,595	)
Other debt, net	(815		)	(815		)	(3,232		)	(3,496		)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	—			—			(38,989		)	(42,258		)
Other liabilities	(2,285		)	(2,285		)	(4,515		)	(4,515		)
Total financial liabilities	$	(732,288	)	$	(729,063	)	$	(722,297	)	$	(727,864	)

_________________________


⁽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 2016				At Year-End 2015
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	98,508	$	112,901	$	104,671	$	128,018
Not eligible for securitization	156,260		156,260		146,781		146,781
Total non-securitized	$	254,768	$	269,161	$	251,452	$	274,799

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 30, 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)	2016⁽¹⁾		2015⁽²⁾		2014⁽³⁾
Computation of Basic Earnings Per Share
Net income	$	137,348	$	122,799	$	80,756
Weighted average shares outstanding	27,882		31,487		33,665
Basic earnings per share	$	4.93	$	3.90	$	2.40
Computation of Diluted Earnings Per Share
Net income	$	137,348	$	122,799	$	80,756
Weighted average shares outstanding	27,882		31,487		33,665
Effect of dilutive shares outstanding
Employee stock options and SARs	367		446		543
Restricted stock units	173		235		427
Shares for diluted earnings per share	28,422		32,168		34,635
Diluted earnings per share	$	4.83	$	3.82	$	2.33

_________________________


⁽¹⁾	The computations of diluted earnings per share exclude approximately 217,000 shares of common stock, the maximum number of shares issuable as of December 30, 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 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.


⁽³⁾	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.

INVENTORY (Tables)

12 Months Ended

Dec. 30, 2016

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:



($ in thousands)	At Year-End 2016		At Year End 2015
Finished goods⁽¹⁾	$	337,949	$	332,888
Work-in-progress	39,486		—
Land and infrastructure⁽²⁾	330,728		331,042
Real estate inventory	708,163		663,930
Operating supplies and retail inventory	4,373		5,313
	$	712,536	$	669,243

_________________________


⁽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 $70.0 million of inventory related to estimated future foreclosures at December 30, 2016.

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 30, 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 2016			At Year-End 2015
Land	$	54,975		$	87,751
Buildings and leasehold improvements	213,190			267,965
Furniture and equipment	51,053			55,326
Information technology	180,075			177,099
Construction in progress	27,493			26,469
	526,786			614,610
Accumulated depreciation	(323,984		)	(325,807		)
	$	202,802		$	288,803

CONTINGENCIES AND COMMITMENTS (Tables)

12 Months Ended

Dec. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Obligations Under Operating Leases

We have summarized our future obligations under operating leases at December 30, 2016 below:



($ in thousands)	Land Lease		Corporate Facilities Leases		Other Operating Leases		Total
Fiscal Year
2017	$	1,049	$	3,580	$	12,009	$	16,638
2018	1,049		3,678		8,964		13,691
2019	1,049		3,779		5,809		10,637
2020	1,049		3,882		4,601		9,532
2021	1,049		2,658		3,202		6,909
Thereafter	7,338		—		17,320		24,658
Total minimum lease payments	$	12,583	$	17,577	$	51,905	$	82,065

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)	2016		2015		2014
Minimum rentals	$	8,639	$	9,401	$	6,806
Additional rentals	3,845		3,876		5,520
	$	12,484	$	13,277	$	12,326

DEBT (Tables)

12 Months Ended

Dec. 30, 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 2016			At Year-End 2015
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	738,362		$	684,604
Unamortized debt issuance costs	(9,174		)	(9,043		)
	729,188			675,561
Other debt, gross	834			3,496
Unamortized debt issuance costs	(19		)	(264		)
	815			3,232
Capital leases	7,221			—
	$	737,224		$	678,793

_________________________


⁽¹⁾	Interest rates as of December 30, 2016 range from 2.2% to 6.3% with a weighted average interest rate of 2.5%.

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		Capital Leases		Total
Debt Principal Payments Year
2017	$	101,214	$	604	$	—	$	101,818
2018	91,223		4		7,221		98,448
2019	84,988		4		—		84,992
2020	83,516		5		—		83,521
2021	82,256		5		—		82,261
Thereafter	295,165		212		—		295,377
Balance at December 30, 2016	$	738,362	$	834	$	7,221	$	746,417

_________________________


⁽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

Dec. 30, 2016

Equity [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 Year-End 2016		At Year-End 2015
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$	—	$	40,000
Unamortized debt issuance costs	—		(1,011		)
	$	—	$	38,989

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 30, 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 1, 2016	6,854,083	$	430,609	$	62.83
For the year ended December 30, 2016	2,818,546	177,830		63.09
As of December 30, 2016	9,672,629	$	608,439	$	62.90

Cash Dividend Declared

We declared cash dividends to holders of common stock during the year ended December 30, 2016 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 11, 2016	February 25, 2016	March 10, 2016	$0.30
May 12, 2016	May 26, 2016	June 9, 2016	$0.30
September 8, 2016	September 22, 2016	October 6, 2016	$0.30
December 9, 2016	December 22, 2016	January 4, 2017	$0.35

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 30, 2016

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

Schedule of Compensation Cost for Share-based Payment

The following table details our share-based compensation expense related to award grants to our officers, directors and employees:



($ in thousands)	2016		2015		2014
Service based RSUs	$	9,372	$	8,879	$	8,731
Performance based RSUs	2,502		3,343		3,028
	11,874		12,222		11,759
SARs	2,075		1,920		1,617
Stock options	—		—		—
	$	13,949	$	14,142	$	13,376

Schedule of Unrecognized Compensation Cost

The following table details our deferred compensation costs related to unvested awards:



($ in thousands)	At Year-End 2016⁽¹⁾		At Year-End 2015
Service based RSUs	$	9,000	$	8,804
Performance based RSUs	3,307		3,460
	12,307		12,264
SARs	1,146		1,083
Stock options	—		—
	$	13,453	$	13,347

_________________________


⁽¹⁾	As of December 30, 2016, the weighted average remaining term for RSU grants outstanding at year-end 2016 was 1.8 years and we expect that deferred compensation expense will be recognized over a weighted average period of 2.2 years.

Additional Information on Outstanding RSUs Issued to Employees

The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:



	2016
	Service Based				Performance Based				Total
	Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs		Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2015	525,641		$	40.83	207,906		$	56.04	733,547		$	45.14
Granted	169,164		$	58.89	143,516		$	58.21	312,680		$	58.58
Distributed	(177,878	)	$	33.18	(68,673	)	$	39.93	(246,551	)	$	35.06
Forfeited	(1,980	)	$	54.41	(3,465	)	$	39.93	(5,445	)	$	45.19
Outstanding at year-end 2016	514,947		$	49.36	279,284		$	61.30	794,231		$	53.56

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

The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices:



	2016
	Number of SARs		Weighted Average Exercise Price Per SAR
Outstanding at year-end 2015	767,477		$	27.48
Granted	132,597		61.71
Exercised	(118,171	)	16.30
Forfeited or expired	—		—
Outstanding at year-end 2016⁽¹⁾⁽²⁾	781,903		$	34.97

_________________________


⁽¹⁾	As of December 30, 2016, outstanding SARs had a total intrinsic value of $39.3 million and a weighted average remaining term of 5.4 years.


⁽²⁾	As of December 30, 2016, 557,234 SARs with a weighted average exercise price of $24.03, an aggregate intrinsic value of $34.1 million and a weighted average remaining contractual term of 4.2 years were exercisable.

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 2016 and 2015:



	2016	2015
Expected volatility	31.60%	42.74%
Dividend yield	1.96%	1.26%
Risk-free rate	1.41%	1.74%
Expected term (in years)	6.25	6.25

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 30, 2016

Variable Interest Entity [Line Items]

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	$	717,543	$	—	$	717,543
Interest receivable	4,865		—		4,865
Restricted cash	27,525		—		27,525
Total	$	749,933	$	—	$	749,933
Consolidated Liabilities:
Interest payable	$	542	$	42	$	584
Debt	738,362		—		738,362
Total	$	738,904	$	42	$	738,946

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during 2016:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	91,104	$	5,502	$	96,606
Interest expense to investors	$	17,451	$	1,790	$	19,241
Debt issuance cost amortization	$	3,483	$	961	$	4,444
Administrative expenses	$	350	$	153	$	503

Vacation Ownership Notes Receivable Securitizations

Variable Interest Entity [Line Items]

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)	2016			2015
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	$	247,453		$	252,361
Principal receipts	174,830			183,111
Interest receipts	91,972			91,290
Reserve release	50,733			55,156
Total	564,988			581,918
Cash outflows:
Principal to investors	(166,652		)	(176,249		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(29,590		)	(24,596		)
Voluntary clean-up call	—			(77,582		)
Interest to investors	(17,449		)	(19,268		)
Funding of restricted cash	(51,770		)	(52,756		)
Total	(265,461		)	(350,451		)
Net Cash Flows	$	299,527		$	231,467

Warehouse Credit Facility

Variable Interest Entity [Line Items]

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)	2016			2015
Cash inflows:
Proceeds from vacation ownership notes receivable securitizations	$	126,622		$	—
Principal receipts	5,227			—
Interest receipts	5,048			—
Reserve release	909			—
Total	137,806			—
Cash outflows:
Principal to investors	(3,771		)	—
Voluntary repurchases of defaulted vacation ownership notes receivable	(661		)	—
Repayment of Warehouse Credit Facility	(122,190		)	—
Interest to investors	(1,796		)	(1,390		)
Funding of restricted cash	(447		)	—
Total	(128,865		)	(1,390		)
Net Cash Flows	$	8,941		$	(1,390	)

- Definition

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.

+ References + Details

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 30, 2016

Segment Reporting [Abstract]

Revenues



($ in thousands)	2016		2015		2014
North America	$	1,630,317	$	1,608,088	$	1,533,174
Europe	105,621		112,061		128,697
Asia Pacific	75,297		93,632		54,145
Total segment revenues	1,811,235		1,813,781		1,716,016
Corporate and other	—		—		—
	$	1,811,235	$	1,813,781	$	1,716,016

Net Income



($ in thousands)	2016			2015			2014
North America	$	425,735		$	412,582		$	352,943
Europe	12,067			13,874			15,079
Asia Pacific	1,626			7,263			7,808
Total segment financial results	439,428			433,719			375,830
Corporate and other	(216,500		)	(227,222		)	(225,239		)
Provision for income taxes	(85,580		)	(83,698		)	(69,835		)
	$	137,348		$	122,799		$	80,756

Depreciation



($ in thousands)	2016		2015		2014
North America	$	12,046	$	12,935	$	8,673
Europe	1,462		1,601		1,897
Asia Pacific	1,235		2,424		354
Total segment depreciation	14,743		16,960		10,924
Corporate and other	6,301		5,257		7,758
	$	21,044	$	22,217	$	18,682

Assets



($ in thousands)	At Year-End 2016		At Year-End 2015
North America	$	1,968,021	$	1,900,178
Europe	62,245		80,839
Asia Pacific	102,348		134,661
Total segment assets	2,132,614		2,115,678
Corporate and other	258,805		284,040
	$	2,391,419	$	2,399,718

Capital Expenditures (including inventory)



($ in thousands)	2016		2015		2014
North America	$	136,889	$	179,696	$	94,539
Europe	6,153		2,807		3,476
Asia Pacific	21,276		72,097		9,899
Total segment capital expenditures	164,318		254,600		107,914
Corporate and other	8,412		10,260		4,769
	$	172,730	$	264,860	$	112,683

QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 30, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Fiscal Year 2016^(1)(2)(3)
($ in thousands, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	419,171		$	425,414		$	401,911		$	564,739		$	1,811,235
Expenses	$	(374,489	)	$	(370,917	)	$	(359,180	)	$	(481,378	)	$	(1,585,964	)
Net income	$	24,408		$	36,309		$	26,807		$	49,824		$	137,348
Basic earnings per share	$	0.84		$	1.28		$	0.99		$	1.83		$	4.93
Diluted earnings per share	$	0.82		$	1.26		$	0.97		$	1.80		$	4.83

	Fiscal Year 2015^(1)(2)(3)
($ in thousands, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	449,883		$	419,140		$	403,685		$	541,073		$	1,813,781
Expenses	$	(390,466	)	$	(366,125	)	$	(359,532	)	$	(479,655	)	$	(1,595,778	)
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

_______________________


⁽¹⁾	The quarters consisted of 12 weeks, except for the fourth quarters of 2016 and 2015, 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 quarterly results have been restated to correct certain immaterial prior period errors as discussed in Footnote No. 1, “Summary of Significant Accounting Policies.”

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Additional Information (Details)	12 Months Ended
	Dec. 30, 2016 USD ($) Location Property Line Segment	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)
Significant Accounting Policies [Line Items]
Number of business segments \| Segment	3
Number of properties \| Property	60
Number of primary sources of revenues generated \| Line	4
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Management fee revenues	$ 83,300,000	$ 77,600,000	$ 73,900,000
Contractual financing term	10 years
Increase in carrying value of inventories	$ 14,800,000	7,300,000	6,500,000
Capitalized salaries and related costs	6,100,000	7,100,000	5,100,000
Defined contribution plan compensation expense (net of cost reimbursements from property owners' associations) participating employees	8,000,000	7,100,000	6,600,000
Allowances for accounts and contracts receivable	$ 800,000	$ 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	7.09%	6.92%
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	$ 5,000,000	$ 4,700,000
Stock awards, vesting period	4 years
Advertising costs	$ 1,100,000	2,100,000	2,000,000
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	$ 6,200,000	5,300,000
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
Highly liquid investments maturity period	3 years
Ownership interest in equity method investments	50.00%
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	78,500,000	67,200,000	77,800,000
Financing
Significant Accounting Policies [Line Items]
Fee revenues	$ 6,000,000	$ 6,000,000	6,400,000
Operations located outside the United States
Significant Accounting Policies [Line Items]
Number of countries and territories in which company operates \| Location	8
EDC \| Marriott International
Significant Accounting Policies [Line Items]
Annual rate of return	4.50%	4.90%
Additional discretionary contributions	$ 0
Deferred Compensation Plan \| Stock options
Significant Accounting Policies [Line Items]
Annual rate of return	5.60%
Additional discretionary contributions	$ 1,300,000	$ 1,300,000	$ 1,000,000
Performance based RSUs
Significant Accounting Policies [Line Items]
Stock awards, vesting period	3 years
Employees and Non Employee Directors \| SARs
Significant Accounting Policies [Line Items]
Stock awards, vesting period	4 years
Stock awards, expiration from grant date	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Statements Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2016	Jun. 17, 2016	Mar. 25, 2016	Sep. 11, 2015	Jun. 19, 2015	Mar. 27, 2015	Dec. 30, 2016	Jan. 01, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Resort management and other services									$ 303,570	$ 295,547	$ 278,517
TOTAL REVENUES	$ 401,911	$ 425,414	$ 419,171	$ 403,685	$ 419,140	$ 449,883	$ 564,739	$ 541,073	1,811,235	1,813,781	1,716,016
Resort management and other services									174,311	180,072	177,138
Administrative expenses									104,833	106,104	100,916
TOTAL EXPENSES	$ 359,180	$ 370,917	$ 374,489	$ 359,532	$ 366,125	$ 390,466	$ 481,378	$ 479,655	$ 1,585,964	1,595,778	1,559,518
Previous Filings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Resort management and other services										312,229	298,283
TOTAL REVENUES										1,830,463	1,735,782
Resort management and other services										199,895	199,258
Administrative expenses										102,963	98,562
TOTAL EXPENSES										$ 1,612,460	$ 1,579,284

INCOME TAXES Income (Loss) Before Provision for Income Taxes by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Income Tax Disclosure [Abstract]
United States	$ 220,169	$ 197,519	$ 178,297
Non-U.S. jurisdictions	2,759	8,978	(27,706)
INCOME BEFORE INCOME TAXES	$ 222,928	$ 206,497	$ 150,591

INCOME TAXES Additional Information (Details) - USD ($)	12 Months Ended
INCOME TAXES Additional Information (Details) - USD ($)	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Income Taxes [Line Items]
Employee share-based awards from which tax provision not reflected in current tax provision	$ 1,200,000	$ 9,400,000	$ 4,500,000
Change in valuation allowance	1,500,000	(3,700,000)	(6,700,000)
Tax holiday, aggregate dollar amount	500,000	400,000	2,600,000
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	1,500,000	2,400,000	1,100,000
Taxes paid	$ 47,800,000	50,200,000	65,200,000
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	169,800,000
Foreign
Income Taxes [Line Items]
Net operating loss carry forwards	48,400,000
Federal
Income Taxes [Line Items]
Net operating loss carry forwards	0
State
Income Taxes [Line Items]
Net operating loss carry forwards	$ 800,000

INCOME TAXES Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Income Tax Disclosure [Abstract]
Current – U.S. Federal	$ (35,715)	$ (44,728)	$ (42,652)
– U.S. State	(4,926)	(4,027)	(9,091)
– Non-U.S.	(4,902)	(6,953)	95
Current Income Tax Expense (Benefit)	(45,543)	(55,708)	(51,648)
Deferred – U.S. Federal	(38,332)	(25,350)	(16,422)
– U.S. State	(3,432)	(4,554)	1,294
– Non-U.S.	1,727	1,914	(3,059)
Deferred income taxes	(40,037)	(27,990)	(18,187)
Provision for income taxes	$ (85,580)	$ (83,698)	$ (69,835)

INCOME TAXES Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 2,378	$ 1,123	$ 473
Change attributable to tax positions taken during the current period	801	979	0
Change attributable to tax positions taken during a prior period	(1,718)
Change attributable to tax positions taken during a prior period		276	650
Unrecognized tax benefit at end of year	$ 1,461	$ 2,378	$ 1,123

INCOME TAXES Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 192,954	$ 161,997
Deferred tax liabilities	(335,178)	(265,197)
Net deferred tax liability	$ 142,224	$ 103,200

INCOME TAXES Tax Effect of Each Type of Temporary Difference and Carry-Forward that Gives Rise to Significant Portion of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Income Tax Disclosure [Abstract]
Inventory	$ (24,986)	$ (25,671)
Reserves	38,677	31,654
Property and equipment	(15,560)	(7,246)
Deferred sales of vacation ownership interests	(246,793)	(185,980)
Long lived intangible assets	31,464	34,692
Net operating loss carry-forwards	49,205	45,481
Tax credits	21,345	5,956
Other, net	52,263	44,214
Deferred tax liability	(94,385)	(56,900)
Less: Valuation allowance	(47,839)	(46,300)
Net deferred tax liability	$ (142,224)	$ (103,200)

INCOME TAXES Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Income Tax Disclosure [Abstract]
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	2.47%	2.62%	2.96%
Permanent differences	1.03%	1.65%	0.18%
Non-U.S. (loss) income	0.34%	(0.61%)	6.27%
Other items	(1.15%)	1.21%	0.17%
Change in valuation allowance	0.70%	0.66%	1.79%
Effective rate expense	38.39%	40.53%	46.37%

VACATION OWNERSHIP NOTES RECEIVABLE Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 972,311	$ 920,631
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	717,543	669,179
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	98,508	104,671
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	156,260	146,781
Non-Securitized Vacation Ownership Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 254,768	$ 251,452

VACATION OWNERSHIP NOTES RECEIVABLE Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Thousands	Dec. 30, 2016 USD ($)
Future Minimum Payments Receivable [Line Items]
2017	$ 144,197
2018	121,755
2019	109,607
2020	105,231
2021	100,605
Thereafter	390,916
Balance at year-end 2016	972,311
Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2017	46,471
2018	32,027
2019	25,698
2020	21,967
2021	18,951
Thereafter	109,654
Balance at year-end 2016	254,768
Vacation ownership notes receivable — securitized
Future Minimum Payments Receivable [Line Items]
2017	97,726
2018	89,728
2019	83,909
2020	83,264
2021	81,654
Thereafter	281,262
Balance at year-end 2016	$ 717,543
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	12.40%
Weighted Average \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	11.70%
Weighted Average \| Vacation ownership notes receivable — securitized
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	12.70%
Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	0.00%
Minimum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	0.00%
Minimum \| Vacation ownership notes receivable — securitized
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	4.90%
Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	19.50%
Maximum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	19.50%
Maximum \| Vacation ownership notes receivable — securitized
Future Minimum Payments Receivable [Line Items]
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	19.50%

VACATION OWNERSHIP NOTES RECEIVABLE Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	$ 120,113	$ 118,020	$ 122,551
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	96,606	89,693	91,790
Non-Securitized Vacation Ownership Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income associated with vacation ownership notes receivable	$ 23,507	$ 28,327	$ 30,761

VACATION OWNERSHIP NOTES RECEIVABLE Notes Receivable Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning Balance	$ 103,239	$ 118,418	$ 133,263
Provision for loan losses	47,157	33,041	30,086
Securitizations	0	0	0
Clean-up calls		0	0
Write-offs	(40,033)	(48,220)	(44,931)
Defaulted vacation ownership notes receivable repurchase activity	0	0	0
Ending Balance	110,363	103,239	118,418
Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning Balance	55,584	64,752	81,576
Provision for loan losses	28,652	23,832	20,509
Securitizations	(28,322)	(16,491)	(19,507)
Clean-up calls		7,115	1,756
Write-offs	(40,033)	(48,220)	(44,931)
Defaulted vacation ownership notes receivable repurchase activity	30,251	24,596	25,349
Ending Balance	56,628	55,584	64,752
Securitized Vacation Ownership Notes Receivable Reserve
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning Balance	47,655	53,666	51,687
Provision for loan losses	18,505	9,209	9,577
Securitizations	28,322	16,491	19,507
Clean-up calls		(7,115)	(1,756)
Write-offs	0	0	0
Defaulted vacation ownership notes receivable repurchase activity	(30,251)	(24,596)	(25,349)
Ending Balance	53,735	$ 47,655	$ 53,666
Warehouse Credit Facility
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up calls	0
Warehouse Credit Facility \| Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up calls	10,496
Warehouse Credit Facility \| Securitized Vacation Ownership Notes Receivable Reserve
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up calls	$ (10,496)

VACATION OWNERSHIP NOTES RECEIVABLE Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 50,479	$ 54,741
Average investment in vacation ownership notes receivable on non-accrual status during 2016	52,610
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	43,792	46,024
Average investment in vacation ownership notes receivable on non-accrual status during 2016	44,908
Securitized Vacation Ownership Notes Receivable Reserve
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	6,687	$ 8,717
Average investment in vacation ownership notes receivable on non-accrual status during 2016	$ 7,702

VACATION OWNERSHIP NOTES RECEIVABLE Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	$ 24,248	$ 31,094
91 – 150 days past due	10,668	13,321
Greater than 150 days past due	39,811	41,420
Total past due	74,727	85,835
Current	1,007,947	938,035
Total vacation ownership notes receivable	1,082,674	1,023,870
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	7,780	9,981
91 – 150 days past due	3,981	4,731
Greater than 150 days past due	39,811	41,293
Total past due	51,572	56,005
Current	259,824	251,031
Total vacation ownership notes receivable	311,396	307,036
Vacation ownership notes receivable — securitized
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	16,468	21,113
91 – 150 days past due	6,687	8,590
Greater than 150 days past due	0	127
Total past due	23,155	29,830
Current	748,123	687,004
Total vacation ownership notes receivable	$ 771,278	$ 716,834

FINANCIAL INSTRUMENTS Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 972,311	$ 920,631
Debt, net	(737,224)	(678,793)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	0	(38,989)
Other liabilities	(15,873)	(11,155)
Vacation ownership notes receivable — securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	717,543	669,179
Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	254,768	251,452
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	1,103,170	1,078,332
Mandatorily redeemable preferred stock of consolidated subsidiary, net	0	(42,258)
Other liabilities	(2,285)	(4,515)
Total financial liabilities	(729,063)	(727,864)
Fair Value \| Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(725,963)	(677,595)
Fair Value \| Other Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(815)	(3,496)
Fair Value \| Vacation ownership notes receivable — securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	834,009	803,533
Fair Value \| Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	269,161	274,799
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	972,311	920,631
Debt, net	(737,224)	(678,793)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	0	(38,989)
Other liabilities	(2,285)	(4,515)
Total financial liabilities	(732,288)	(722,297)
Carrying Amount \| Non-Recourse Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(729,188)	(675,561)
Carrying Amount \| Other Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(815)	(3,232)
Carrying Amount \| Vacation ownership notes receivable — securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	717,543	669,179
Carrying Amount \| Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 254,768	$ 251,452

FINANCIAL INSTRUMENTS Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - Non-securitized Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 972,311	$ 920,631
Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	254,768	251,452
Fair Value \| Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	269,161	274,799
Fair Value \| Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	112,901	128,018
Fair Value \| Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	156,260	146,781
Carrying Amount \| Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	254,768	251,452
Carrying Amount \| Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	98,508	104,671
Carrying Amount \| Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 156,260	$ 146,781

ACQUISITIONS AND DISPOSITIONS Additional Information (Details) $ in Thousands, $ in Millions	3 Months Ended									4 Months Ended		12 Months Ended				24 Months Ended
	Jun. 17, 2016 USD ($) room	Jun. 17, 2016 AUD ($) room	Mar. 25, 2016 USD ($)	Sep. 11, 2015 USD ($) Unit	Sep. 11, 2015 AUD ($)	Mar. 27, 2015 USD ($)	Jan. 02, 2015 USD ($)	Jun. 20, 2014 USD ($)	Mar. 28, 2014 USD ($)	Apr. 30, 2015 USD ($)	Jan. 02, 2015 USD ($)	Dec. 30, 2016 USD ($)	Dec. 30, 2016 AUD ($)	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)	Jan. 01, 2016 USD ($)	Sep. 11, 2015 AUD ($) Unit
Business Acquisition [Line Items]
Capital expenditures for property and equipment (excluding inventory)												$ 34,770		$ 35,735	$ 15,202
Other liabilities												15,873		11,155		$ 11,155
Miami Florida
Business Acquisition [Line Items]
Acquisition of an operating hotel			$ 23,500
Cash paid for acquisition of operating hotel			$ 23,500
San Francisco California
Business Acquisition [Line Items]
Number of units disposed of in connection with disposition of asset \| room	19	19
Cash from disposal of property	$ 19,500
Gain on sale of real estate, other	10,500
Surfers Paradise, Australia
Business Acquisition [Line Items]
Acquisition of an operating hotel				$ 62,300	$ 84.5
Cash paid for acquisition of operating hotel				61,000	82.6
Cash from disposal of property	$ 50,900	$ 70.5
Gain on sale of real estate, other												900	$ 1.2
Assumed net liabilities for acquisition of operating hotel				1,300	$ 1.9
Purchase price allocation, land				21,300													$ 28.9
Purchase price allocation, building and leasehold improvements				36,500													49.5
Surfers Paradise, Australia \| Maximum
Business Acquisition [Line Items]
Guarantee of net operating income associated with the disposition of real estate												2,100	$ 2.9
Surfers Paradise, Australia \| Furniture And Equipment
Business Acquisition [Line Items]
Purchase price allocation, furniture and equipment				$ 4,500													$ 6.1
Washington, D.C.
Business Acquisition [Line Items]
Number of rooms \| Unit				71													71
Acquisition of rooms of an operating hotel				$ 32,000
San Diego, California
Business Acquisition [Line Items]
Acquisition of an operating hotel						$ 55,000
Cash paid for acquisition of operating hotel						55,000
Purchase price allocation, property and equipment						54,300
Purchase price allocation, other assets						700
Purchase of operating hotels														46,600
Capital expenditures for property and equipment (excluding inventory)														7,700
HAWAII
Business Acquisition [Line Items]
Cash from disposal of property								$ 20,000		$ 40,000
Purchase and sale agreement, gross cash consideration								60,000
Cash receivable from disposal of remaining property										$ 20,000
HAWAII \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other							$ 2,900							8,700
Marco Island, Florida
Business Acquisition [Line Items]
Cash from disposal of property						5,400
Vacation ownership inventory sold						3,100
Other liabilities												9,600
Other receivables												400
Marco Island, Florida \| Notes Receivable
Business Acquisition [Line Items]
Non cash proceeds on sale of property						$ 500						$ 500
Orlando, Florida
Business Acquisition [Line Items]
Cash from disposal of property									$ 24,000
Orlando, Florida \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other														900	2,200	$ 3,100
Abaco Club Settlement
Business Acquisition [Line Items]
Cash from disposal of property											$ 10,000
Non-cash litigation settlement															$ 23,800
FLORIDA
Business Acquisition [Line Items]
Cash from disposal of property								$ 10,500
FLORIDA \| Maximum \| Gains and other income
Business Acquisition [Line Items]
Gain on sale of real estate, other														$ 300

EARNINGS PER SHARE Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2016	Jun. 17, 2016	Mar. 25, 2016	Sep. 11, 2015	Jun. 19, 2015	Mar. 27, 2015	Dec. 30, 2016	Jan. 01, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Computation of Basic Earnings Per Share
Net income	$ 26,807	$ 36,309	$ 24,408	$ 21,555	$ 34,041	$ 34,054	$ 49,824	$ 33,149	$ 137,348	$ 122,799	$ 80,756
Weighted average shares outstanding (in shares)									27,882	31,487	33,665
Basic earnings per share (in usd per share)	$ 0.99	$ 1.28	$ 0.84	$ 0.69	$ 1.07	$ 1.05	$ 1.83	$ 1.08	$ 4.93	$ 3.90	$ 2.40
Computation of Diluted Earnings Per Share
Net income	$ 26,807	$ 36,309	$ 24,408	$ 21,555	$ 34,041	$ 34,054	$ 49,824	$ 33,149	$ 137,348	$ 122,799	$ 80,756
Weighted average shares outstanding (in shares)									27,882	31,487	33,665
Effect of dilutive shares outstanding
Employee stock options and SARs									367	446	543
Restricted stock units									173	235	427
Shares for diluted earnings per share (in shares)									28,422	32,168	34,635
Diluted earnings per share (in usd per share)	$ 0.97	$ 1.26	$ 0.82	$ 0.67	$ 1.05	$ 1.03	$ 1.80	$ 1.06	$ 4.83	$ 3.82	$ 2.33

EARNINGS PER SHARE Additional Information (Details) - SARs - $ / shares	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
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	62,018	0
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices	$ 77.42	$ 77.42	$ 0

EARNINGS PER SHARE Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Footnotes) (Details) - shares	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
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)	217,000	136,000	134,000

INVENTORY Composition of Inventory (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 337,949	$ 332,888
Work-in-progress	39,486	0
Land and infrastructure	330,728	331,042
Real estate inventory	708,163	663,930
Operating supplies and retail inventory	4,373	5,313
Inventory	$ 712,536	$ 669,243

INVENTORY Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Inventory Disclosure [Abstract]
Interest cost capitalized	$ 1.3	$ 0.1	$ 2.8
Transfer of property and equipment to from inventory	$ 59.8

INVENTORY Composition of Inventory (Footnotes) (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Inventory [Line Items]
Land and infrastructure	$ 330,728	$ 331,042
Estimated Future Foreclosures
Inventory [Line Items]
Land and infrastructure	$ 70,000

PROPERTY AND EQUIPMENT Composition of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Property, Plant and Equipment [Abstract]
Land	$ 54,975	$ 87,751
Buildings and leasehold improvements	213,190	267,965
Furniture and equipment	51,053	55,326
Information technology	180,075	177,099
Construction in progress	27,493	26,469
Property, plant and equipment, gross	526,786	614,610
Accumulated depreciation	(323,984)	(325,807)
Property, plant and equipment, net	$ 202,802	$ 288,803

PROPERTY AND EQUIPMENT Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 21,044	$ 22,217	$ 18,682
Property And Equipment
Property, Plant and Equipment [Line Items]
Interest cost capitalized	$ 200	$ 300	$ 100

CONTINGENCIES AND COMMITMENTS Additional Information (Details)			1 Months Ended		12 Months Ended			42 Months Ended
	Oct. 03, 2016 Plaintiff	May 26, 2015 Plaintiff	Jun. 30, 2013 Plaintiff	Apr. 30, 2013 Plaintiff	Dec. 30, 2016 USD ($) Unit transaction resort	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)	Dec. 30, 2016 USD ($) Plaintiff Unit transaction resort
Commitments and Contingencies Disclosure [Line Items]
Commitments to subsidize vacation ownership associations					$ 2,300,000			$ 2,300,000
Commitments to purchase vacation ownership units number of resorts \| resort					2			2
Number of transactions \| transaction					2			2
Surety bonds issued					$ 43,000,000			$ 43,000,000
Letters of credit outstanding					3,300,000			$ 3,300,000
Amount of cash received from settlement of dispute						$ 7,600,000
Gain on settlement of dispute					303,000	262,000	$ (23,778,000)
Kapalua Bay Settlement
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff			38	12				2
Loss contingency, number of plaintiffs, released claims \| Plaintiff			2	2
Ritz Carlton Club Aspen Highlands
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff	134
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]
Time sharing estimated cost to complete accrued					300,000			$ 300,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Revolving credit facility amount					$ 200,000,000			200,000,000
Land Lease
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 in Marco Island, Florida
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					$ 137,100,000			137,100,000
Contractual obligation, due in 2017					33,300,000			33,300,000
Contractual obligation, due in 2018					50,000,000			50,000,000
Contractual obligation, due in 2019					53,800,000			53,800,000
Commitment to purchase vacation ownership units located on the Big Island of Hawaii
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					91,100,000			91,100,000
Contractual Obligation, Due in Next Fiscal Year					27,500,000			27,500,000
Contractual obligation, due in 2017					32,700,000			32,700,000
Contractual obligation, due in 2018					30,900,000			30,900,000
Primary Obligor
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure					5,700,000			5,700,000
Guarantee obligations, carrying value					100,000			100,000
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due					29,100,000			29,100,000
Contractual commitments future minimum payments due in 2017					13,000,000			13,000,000
Contractual commitments future minimum payments due in 2018					8,700,000			8,700,000
Contractual commitments future minimum payments due in 2019					3,600,000			3,600,000
Contractual commitments future minimum payments due in 2020					1,600,000			1,600,000
Contractual commitments future minimum payments due in 2021					800,000			800,000
Contractual commitments future minimum payments due thereafter					1,400,000			1,400,000
William and Sharon Petrick Case
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff		69
New York City
Commitments and Contingencies Disclosure [Line Items]
Unfunded purchase commitments					158,500,000			158,500,000
Commitment to purchase vacation ownership units due in 2018					96,800,000			96,800,000
Commitment to purchase vacation ownership units due in 2019					61,700,000			61,700,000
New York City \| Other Operating Leases
Commitments and Contingencies Disclosure [Line Items]
Minimum lease payments					7,200,000			7,200,000
Bali, Indonesia Resort One
Commitments and Contingencies Disclosure [Line Items]
Contractual obligation, due in 2017					7,800,000			7,800,000
Contractual obligation, due in 2018					5,900,000			5,900,000
Contractual obligation, due in 2019					$ 25,400,000			$ 25,400,000
Fiscal Year Twenty Seventeen \| Bali, Indonesia Resort One
Commitments and Contingencies Disclosure [Line Items]
Expected number of ownership units to be acquired \| Unit					51			51
Contractual obligation, due in 2017					$ 15,400,000			$ 15,400,000
Fiscal Year Twenty Seventeen \| Bali, Indonesia Resort Two
Commitments and Contingencies Disclosure [Line Items]
Expected number of ownership units to be acquired \| Unit					88			88
Other Liabilities \| Project Completion Guarantee \| Vacation Ownership
Commitments and Contingencies Disclosure [Line Items]
Estimated cash outflow associated with completing all phases of existing portfolio of projects					$ 300,000			$ 300,000

CONTINGENCIES AND COMMITMENTS Summary of Future Obligations Under Operating Leases (Details) $ in Thousands	Dec. 30, 2016 USD ($)
Operating Leases
2017	$ 16,638
2018	13,691
2019	10,637
2020	9,532
2021	6,909
Thereafter	24,658
Total minimum lease payments	82,065
Land Lease
Operating Leases
2017	1,049
2018	1,049
2019	1,049
2020	1,049
2021	1,049
Thereafter	7,338
Total minimum lease payments	12,583
Corporate Facilities Leases
Operating Leases
2017	3,580
2018	3,678
2019	3,779
2020	3,882
2021	2,658
Thereafter	0
Total minimum lease payments	17,577
Other Operating Leases
Operating Leases
2017	12,009
2018	8,964
2019	5,809
2020	4,601
2021	3,202
Thereafter	17,320
Total minimum lease payments	$ 51,905

CONTINGENCIES AND COMMITMENTS Composition of Rental Expense Associated with Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 8,639	$ 9,401	$ 6,806
Additional rentals	3,845	3,876	5,520
Operating Leases, Rent Expense, Net, Total	$ 12,484	$ 13,277	$ 12,326

- Definition

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.

+ References + Details

DEBT Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Debt Instrument [Line Items]
Debt, gross	$ 746,417
Unamortized debt issuance costs	0	$ (1,011)
Debt, net	737,224	678,793
Carrying Amount
Debt Instrument [Line Items]
Debt, net	737,224	678,793
Capital lease obligations	7,221	0
Non-Recourse Debt
Debt Instrument [Line Items]
Debt, gross	738,362
Non-Recourse Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	738,362	684,604
Unamortized debt issuance costs	(9,174)	(9,043)
Debt, net	729,188	675,561
Other Debt
Debt Instrument [Line Items]
Debt, gross	834
Other Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	834	3,496
Unamortized debt issuance costs	(19)	(264)
Debt, net	$ 815	$ 3,232

DEBT Debt Balances, Net of Unamortized Debt Issuance Costs (Footnotes) (Details) - Non-Recourse Debt	Dec. 30, 2016
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.50%
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 (Details)		12 Months Ended
DEBT Additional Information (Details)	Aug. 11, 2016 USD ($)	Dec. 30, 2016 USD ($) Loan	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)
Debt Disclosure [Line Items]
Cash paid for interest, net of amounts capitalized		$ 23,200,000	$ 30,200,000	$ 31,200,000
Securitization pool of vacation ownership notes receivable	$ 259,100,000
Proceeds from accounts receivable securitization	$ 250,000,000
Number of notes receivable pools failed to perform within the established parameters \| Loan		0
Number of notes receivable pools outstanding \| Loan		7
Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, weighted average interest rate		2.50%
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, weighted average interest rate	2.28%
MVW Owner Trust 2015-1 \| Non-Recourse Debt \| Class A Notes
Debt Disclosure [Line Items]
Debt instrument face amount	$ 230,600,000.0
Debt, stated interest rate	2.25%
MVW Owner Trust 2015-1 \| Non-Recourse Debt \| Class B Notes
Debt Disclosure [Line Items]
Debt instrument face amount	$ 19,400,000.0
Debt, stated interest rate	2.64%
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000,000
Credit Facility, borrowing outstanding		$ 0
Revolving Credit Facility \| Minimum
Debt Disclosure [Line Items]
Commitment fee		20.00%
Revolving Credit Facility \| Maximum
Debt Disclosure [Line Items]
Commitment fee		50.00%
Revolving Credit Facility \| Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Warehouse Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity		250,000,000
Credit Facility, borrowing outstanding		$ 0
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%

DEBT Scheduled Future Principal Payments for Debt (Details) $ in Thousands	Dec. 30, 2016 USD ($)
Debt Principal Payments Year
2017	$ 101,818
2018	98,448
2019	84,992
2020	83,521
2021	82,261
Thereafter	295,377
December 30, 2016	746,417
Non-Recourse Debt
Debt Principal Payments Year
2017	101,214
2018	91,223
2019	84,988
2020	83,516
2021	82,256
Thereafter	295,165
December 30, 2016	738,362
Other Debt
Debt Principal Payments Year
2017	604
2018	4
2019	4
2020	5
2021	5
Thereafter	212
December 30, 2016	834
Capital Leases
Debt Principal Payments Year
2017	0
2018	7,221
2019	0
2020	0
2021	0
Thereafter	0
December 30, 2016	$ 7,221

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY Additional Information (Details) - Series A Preferred Stock - Non-voting - USD ($) $ in Millions	61 Months Ended
	Oct. 31, 2016	Oct. 26, 2016
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Series A preferred stock issued value		$ 40.0
Series A preferred stock, basic point	10.958%
Series A preferred stock, dividend rate	12.00%

MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY Mandatorily Redeemable Preferred Stock, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Equity [Abstract]
Mandatorily redeemable preferred stock of consolidated subsidiary, gross	$ 0	$ 40,000
Unamortized debt issuance costs	0	(1,011)
Mandatorily redeemable preferred stock of consolidated subsidiary, net	$ 0	$ 38,989

SHAREHOLDERS' EQUITY Additional Information (Details) - $ / shares	Dec. 30, 2016	Feb. 11, 2016	Jan. 01, 2016	Oct. 31, 2013
Equity [Abstract]
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par value (in usd per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	36,633,868		36,393,800
Common stock, shares outstanding	26,990,306		29,549,544
Treasury stock, shares (in shares)	9,643,562		6,844,256
Preferred stock, shares authorized (in shares)	2,000,000		2,000,000
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01
Preferred stock, issued (in shares)	0		0
Preferred stock, outstanding (in shares)	0		0
Share repurchase program, number of additional common stock authorized to be repurchased (in shares)		2,000,000
Share repurchase program, number of additional common stock authorized to be repurchased (in shares)				8,900,000
Stock repurchase program, remaining authorized repurchase amount (in shares)	1,200,000.0

SHAREHOLDERS' EQUITY Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Stock Repurchase Program [Roll Forward]
Number of Shares Repurchased, As of January 1, 2016 (in shares)	6,844,256
Number of Shares Repurchased, As of December 30, 2016 (in shares)	9,643,562	6,844,256
Cost of Shares Repurchased, for the year ended December 30, 2016	$ 177,830	$ 201,380	$ 203,596
Treasury Stock
Stock Repurchase Program [Roll Forward]
Number of Shares Repurchased, As of January 1, 2016 (in shares)	6,854,083
Number of Shares Repurchased, for the year ended December 30, 2016 (in shares)	2,818,546
Number of Shares Repurchased, As of December 30, 2016 (in shares)	9,672,629	6,854,083
Cost of Shares Repurchased, As of January 1, 2016	$ 430,609
Cost of Shares Repurchased, for the year ended December 30, 2016	177,830	$ 201,380	$ 203,596
Cost of Shares Repurchased, As of December 30, 2016	$ 608,439	$ 430,609
Average Price Paid per Share, As of January 1, 2016 (in usd per share)	$ 62.83
Average Price Paid per Share, for the year ended December 30, 2016 (in usd per share)	63.09
Average Price Paid per Share, As of December 30, 2016 (in usd per share)	$ 62.90	$ 62.83

SHAREHOLDERS' EQUITY Cash Dividend Declared (Detail) - $ / shares	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Dividends Payable [Line Items]
Dividends declared per share of common stock (in usd per share)	$ 1.25	$ 1.05	$ 0.25
Period One
Dividends Payable [Line Items]
Dividends declared per share of common stock (in usd per share)	0.30
Period Two
Dividends Payable [Line Items]
Dividends declared per share of common stock (in usd per share)	0.3
Period Three
Dividends Payable [Line Items]
Dividends declared per share of common stock (in usd per share)	0.3
Period Four
Dividends Payable [Line Items]
Dividends declared per share of common stock (in usd per share)	$ 0.35

SHARE-BASED COMPENSATION Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 30, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, weighted average remaining contractual terms	1 year 9 months 18 days
Deferred compensation expense weighted average expected recognition period	2 years 2 months 12 days
Stock options outstanding (in shares)	15,000	15,000
Stock options exercisable (in shares)	15,000	15,000
Outstanding (in usd per share)			$ 17.67
Options, outstanding, weighted average remaining contractual term	2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	6,000,000	6,000,000
Number of shares available for grant	1,500,000	1,500,000
Stock options outstanding (in shares)	0	0	0
Stock options exercisable (in shares)	0	0	0
Grants in period (in shares)		0	0	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)		$ 58.58
Aggregate intrinsic value, vested		$ 3.4	$ 18.9	$ 10.3
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, weighted average remaining contractual terms	4 years 2 months 12 days
Weighted average grant date fair value (in usd per share)		$ 16.12	$ 29.75	$ 27.98
Aggregate intrinsic value, vested		$ 1.4	$ 4.7	$ 12.2
Outstanding	$ 39.3	$ 39.3
Outstanding, weighted average	5 years 4 months 24 days
Exercisable (in shares)	557,234	557,234
Exercisable, weighted average value (in usd per share)	$ 24.03
Aggregate intrinsic value, exercisable	$ 34.1	$ 34.1
Aggregate intrinsic value, exercised		$ 5.6	$ 4.3	$ 1.3
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	500,000	500,000
Employee Stock Purchase Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair market value of common stock		95.00%
Employees and Non Employee Directors \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)			$ 75.61	$ 52.51

SHARE-BASED COMPENSATION Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 13,949	$ 14,142	$ 13,376
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	9,372	8,879	8,731
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,502	3,343	3,028
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	11,874	12,222	11,759
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,075	1,920	1,617
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0

SHARE-BASED COMPENSATION Deferred Compensation Costs (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 13,453	$ 13,347
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	9,000	8,804
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	3,307	3,460
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	12,307	12,264
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	1,146	1,083
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 0	$ 0

SHARE-BASED COMPENSATION Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees (Details)	12 Months Ended
	Dec. 30, 2016 $ / shares shares
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	525,641,000
Stock awards, grants in period (in shares) \| shares	169,164,000
Stock awards, distributed in period (in shares) \| shares	(177,878,000)
Stock awards, forfeited in period (in shares) \| shares	(1,980,000)
Outstanding at year-end (in shares) \| shares	514,947,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 40.83
Granted (in usd per share) \| $ / shares	58.89
Distributed (in usd per share) \| $ / shares	33.18
Forfeited (in usd per share) \| $ / shares	54.41
Outstanding at year-end (in usd per share) \| $ / shares	$ 49.36
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	207,906,000
Stock awards, grants in period (in shares) \| shares	143,516,000
Stock awards, distributed in period (in shares) \| shares	(68,673,000)
Stock awards, forfeited in period (in shares) \| shares	(3,465,000)
Outstanding at year-end (in shares) \| shares	279,284,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 56.04
Granted (in usd per share) \| $ / shares	58.21
Distributed (in usd per share) \| $ / shares	39.93
Forfeited (in usd per share) \| $ / shares	39.93
Outstanding at year-end (in usd per share) \| $ / shares	$ 61.30
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	733,547,000
Stock awards, grants in period (in shares) \| shares	312,680,000
Stock awards, distributed in period (in shares) \| shares	(246,551,000)
Stock awards, forfeited in period (in shares) \| shares	(5,445,000)
Outstanding at year-end (in shares) \| shares	794,231,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 45.14
Granted (in usd per share) \| $ / shares	58.58
Distributed (in usd per share) \| $ / shares	35.06
Forfeited (in usd per share) \| $ / shares	45.19
Outstanding at year-end (in usd per share) \| $ / shares	$ 53.56

SHARE-BASED COMPENSATION Changes in Outstanding Marriott Vacations Worldwide SARs Issued to Both Marriott International and Marriott Vacations Worldwide Employees and Directors (Details) - SARs	12 Months Ended
	Dec. 30, 2016 $ / shares shares
Number of Shares
Outstanding at beginning of year (in shares) \| shares	767,477
Granted during 2016 (in shares) \| shares	132,597
Exercised (in shares) \| shares	(118,171)
Forfeited during 2016 (in shares) \| shares	0
Outstanding at year-end (in shares) \| shares	781,903
Weighted Average Exercise Price
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 27.48
Granted (in usd per share) \| $ / shares	61.71
Exercised (in usd per share) \| $ / shares	16.30
Forfeited (in usd per share) \| $ / shares	0.00
Outstanding at year-end (in usd per share) \| $ / shares	$ 34.97

SHARE-BASED COMPENSATION Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	31.60%	42.74%
Dividend yield	1.96%	1.26%
Risk-free rate	1.41%	1.74%
Expected term (in years)	6 years 3 months	6 years 3 months

VARIABLE INTEREST ENTITIES Classifications of Consolidated VIE Assets and Liabilities (Details) $ in Thousands	Dec. 30, 2016 USD ($)
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	$ 749,933
VIE Liabilities	738,904
Vacation Ownership Notes Receivable Securitizations \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	738,362
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
VIE Liabilities	42
Warehouse Credit Facility \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	0
Variable Interest Entity
Variable Interest Entity [Line Items]
VIE Assets	749,933
VIE Liabilities	738,946
Variable Interest Entity \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	738,362
Vacation ownership notes receivable, net of reserves \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	717,543
Vacation ownership notes receivable, net of reserves \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
Vacation ownership notes receivable, net of reserves \| Variable Interest Entity
Variable Interest Entity [Line Items]
VIE Assets	717,543
Interest receivable \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	4,865
Interest receivable \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
Interest receivable \| Variable Interest Entity
Variable Interest Entity [Line Items]
VIE Assets	4,865
Restricted cash \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	27,525
Restricted cash \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
Restricted cash \| Variable Interest Entity
Variable Interest Entity [Line Items]
VIE Assets	27,525
Interest payable \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Liabilities	542
Interest payable \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Liabilities	42
Interest payable \| Variable Interest Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 584

VARIABLE INTEREST ENTITIES Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Variable Interest Entity [Line Items]
Noncontrolling interest	$ 0
Voluntary repurchase of defaulted notes receivable	30,300,000	$ 24,600,000	$ 25,300,000
Voluntary repurchase of other non-defaulted notes receivable	144,100,000	$ 146,200,000	$ 31,300,000
Aggregate funding that could be required above the overcollateralization	5,000,000.0
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Capital leases, lessor balance sheet	6,900,000
Capital lease obligations	7,200,000
Notes receivable	$ 500,000
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%

VARIABLE INTEREST ENTITIES Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Variable Interest Entity [Line Items]
Interest income	$ 120,113	$ 118,020	$ 122,551
Debt issuance cost amortization	6,509	5,586	5,462
Administrative expenses	104,833	$ 106,104	$ 100,916
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	96,606
Interest expense to investors	19,241
Debt issuance cost amortization	4,444
Administrative expenses	503
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	91,104
Interest expense to investors	17,451
Debt issuance cost amortization	3,483
Administrative expenses	350
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	5,502
Interest expense to investors	1,790
Debt issuance cost amortization	961
Administrative expenses	$ 153

VARIABLE INTEREST ENTITIES Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 11, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations	$ 250,000
Cash outflows:
Voluntary repurchases of defaulted vacation ownership notes receivable		$ (30,300)	$ (24,600)	$ (25,300)
Vacation Ownership Notes Receivable Securitizations
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations		247,453	252,361
Principal receipts		174,830	183,111
Interest receipts		91,972	91,290
Reserve release		50,733	55,156
Total		564,988	581,918
Cash outflows:
Principal to investors		(166,652)	(176,249)
Voluntary repurchases of defaulted vacation ownership notes receivable		(29,590)	(24,596)
Voluntary clean-up call		0	(77,582)
Interest to investors		(17,449)	(19,268)
Funding of restricted cash		(51,770)	(52,756)
Total		(265,461)	(350,451)
Net Cash Flows		299,527	231,467
Warehouse Credit Facility
Cash inflows:
Net proceeds from vacation ownership notes receivable securitizations		126,622	0
Principal receipts		5,227	0
Interest receipts		5,048	0
Reserve release		909	0
Total		137,806	0
Cash outflows:
Principal to investors		(3,771)	0
Voluntary repurchases of defaulted vacation ownership notes receivable		(661)	0
Repayment of Warehouse Credit Facility		(122,190)	0
Interest to investors		(1,796)	(1,390)
Funding of restricted cash		(447)	0
Total		(128,865)	(1,390)
Net Cash Flows		$ 8,941	$ (1,390)

BUSINESS SEGMENTS Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 30, 2016 USD ($) Segment	Jan. 01, 2016 USD ($)	Jan. 02, 2015 USD ($)
Segment Reporting Disclosure [Line Items]
Number of business segments \| Segment	3
Property and equipment	$ 202,802	$ 288,803
Non-US
Segment Reporting Disclosure [Line Items]
Revenues, excluding cost reimbursements	195,400	218,300	$ 188,800
Property and equipment	$ 60,000	$ 121,800

BUSINESS SEGMENTS Revenues (Details) - USD ($) $ in Thousands	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2016	Jun. 17, 2016	Mar. 25, 2016	Sep. 11, 2015	Jun. 19, 2015	Mar. 27, 2015	Dec. 30, 2016	Jan. 01, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 401,911	$ 425,414	$ 419,171	$ 403,685	$ 419,140	$ 449,883	$ 564,739	$ 541,073	$ 1,811,235	$ 1,813,781	$ 1,716,016
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									1,811,235	1,813,781	1,716,016
Operating Segments \| North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									1,630,317	1,608,088	1,533,174
Operating Segments \| Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									105,621	112,061	128,697
Operating Segments \| Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									75,297	93,632	54,145
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue									$ 0	$ 0	$ 0

BUSINESS SEGMENTS Net Income (Details) - USD ($) $ in Thousands	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2016	Jun. 17, 2016	Mar. 25, 2016	Sep. 11, 2015	Jun. 19, 2015	Mar. 27, 2015	Dec. 30, 2016	Jan. 01, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									$ 222,928	$ 206,497	$ 150,591
Provision for income taxes									(85,580)	(83,698)	(69,835)
NET INCOME	$ 26,807	$ 36,309	$ 24,408	$ 21,555	$ 34,041	$ 34,054	$ 49,824	$ 33,149	137,348	122,799	80,756
Operating Segments
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									439,428	433,719	375,830
Operating Segments \| North America
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									425,735	412,582	352,943
Operating Segments \| Europe
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									12,067	13,874	15,079
Operating Segments \| Asia Pacific
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									1,626	7,263	7,808
Corporate and other
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results									$ (216,500)	$ (227,222)	$ (225,239)

BUSINESS SEGMENTS Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	$ 21,044	$ 22,217	$ 18,682
Operating Segments
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	14,743	16,960	10,924
Operating Segments \| North America
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	12,046	12,935	8,673
Operating Segments \| Europe
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	1,462	1,601	1,897
Operating Segments \| Asia Pacific
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	1,235	2,424	354
Corporate and other
Reconciliation of Depreciation by Segment [Line Items]
Depreciation	$ 6,301	$ 5,257	$ 7,758

BUSINESS SEGMENTS Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2016	Jan. 01, 2016
Segment Reporting Information [Line Items]
Total Assets	$ 2,391,419	$ 2,399,718
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,132,614	2,115,678
Operating Segments \| North America
Segment Reporting Information [Line Items]
Total Assets	1,968,021	1,900,178
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Assets	62,245	80,839
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Total Assets	102,348	134,661
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	$ 258,805	$ 284,040

BUSINESS SEGMENTS Capital Expenditures (including inventory) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 172,730	$ 264,860	$ 112,683
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	164,318	254,600	107,914
Operating Segments \| North America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	136,889	179,696	94,539
Operating Segments \| Europe
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	6,153	2,807	3,476
Operating Segments \| Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	21,276	72,097	9,899
Corporate and other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 8,412	$ 10,260	$ 4,769

QUARTERLY RESULTS Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2016	Jun. 17, 2016	Mar. 25, 2016	Sep. 11, 2015	Jun. 19, 2015	Mar. 27, 2015	Dec. 30, 2016	Jan. 01, 2016	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 401,911	$ 425,414	$ 419,171	$ 403,685	$ 419,140	$ 449,883	$ 564,739	$ 541,073	$ 1,811,235	$ 1,813,781	$ 1,716,016
Expenses	(359,180)	(370,917)	(374,489)	(359,532)	(366,125)	(390,466)	(481,378)	(479,655)	(1,585,964)	(1,595,778)	(1,559,518)
Net income	$ 26,807	$ 36,309	$ 24,408	$ 21,555	$ 34,041	$ 34,054	$ 49,824	$ 33,149	$ 137,348	$ 122,799	$ 80,756
Basic earnings per share (in usd per share)	$ 0.99	$ 1.28	$ 0.84	$ 0.69	$ 1.07	$ 1.05	$ 1.83	$ 1.08	$ 4.93	$ 3.90	$ 2.40
Diluted earnings per share (in usd per share)	$ 0.97	$ 1.26	$ 0.82	$ 0.67	$ 1.05	$ 1.03	$ 1.80	$ 1.06	$ 4.83	$ 3.82	$ 2.33

SUBSEQUENT EVENTS Additional Information (Details) - $ / shares		12 Months Ended
	Feb. 09, 2017	Dec. 30, 2016	Jan. 01, 2016	Jan. 02, 2015
Subsequent Event [Line Items]
Dividends declared per share of common stock (in usd per share)		$ 1.25	$ 1.05	$ 0.25
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock (in usd per share)	$ 0.35