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Declaration Date

Shareholder Record Date

Distribution Date

Dividend per Share

February 9, 2017

February 23, 2017

March 9, 2017

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	VAC
Entity Registrant Name	Marriott Vacations Worldwide Corporation
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		27,148,564

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
REVENUES
Sale of vacation ownership products	$ 172,155	$ 138,369
Resort management and other services	74,339	63,757
Financing	32,111	29,224
Rental	85,256	80,288
Cost reimbursements	123,633	107,533
TOTAL REVENUES	487,494	419,171
EXPENSES
Cost of vacation ownership products	42,620	35,617
Marketing and sales	100,661	78,412
Resort management and other services	41,831	39,863
Financing	5,206	4,629
Rental	70,432	64,660
General and administrative	27,539	25,359
Litigation settlement	0	(303)
Consumer financing interest	5,938	5,362
Royalty fee	16,070	13,357
Cost reimbursements	123,633	107,533
TOTAL EXPENSES	433,930	374,489
(Losses) gains and other (expense) income	(59)	7
Interest expense	(781)	(1,982)
Other	(369)	(2,542)
INCOME BEFORE INCOME TAXES	52,355	40,165
Provision for income taxes	(18,655)	(15,757)
NET INCOME	$ 33,700	$ 24,408
EARNINGS PER SHARE
Earnings per share - basic (in usd per share)	$ 1.24	$ 0.84
Earnings per share - diluted (in usd per share)	$ 1.21	0.82
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)		$ 0.30

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 33,700	$ 24,408
Other comprehensive income:
Foreign currency translation adjustments	4,548	1,147
Derivative instrument adjustment, net of tax	(307)	409
Total other comprehensive income, net of tax	4,241	1,556
COMPREHENSIVE INCOME	$ 37,941	$ 25,964

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
ASSETS
Cash and cash equivalents	$ 101,841	$ 147,102
Restricted cash (including $32,762 and $27,525 from VIEs, respectively)	64,033	66,000
Accounts and contracts receivable, net (including $4,522 and $4,865 from VIEs, respectively)	127,347	161,733
Vacation ownership notes receivable, net (including $659,191 and $717,543 from VIEs, respectively)	997,419	972,311
Inventory	692,757	712,536
Property and equipment	202,380	202,802
Other (including $8,427 and $0 from VIEs, respectively)	160,397	128,935
TOTAL ASSETS	2,346,174	2,391,419
LIABILITIES AND EQUITY
Accounts payable	72,277	124,439
Advance deposits	61,685	55,542
Accrued liabilities (including $564 and $584 from VIEs, respectively)	154,056	147,469
Deferred revenue	127,607	95,495
Payroll and benefits liability	81,175	95,516
Deferred compensation liability	67,022	62,874
Debt, net (including $684,023 and $738,362 from VIEs, respectively)	683,767	737,224
Other	15,762	15,873
Deferred taxes	149,574	149,168
TOTAL LIABILITIES	1,412,925	1,483,600
Contingencies and Commitments (Note 8)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 36,787,613 and 36,633,868 shares issued, respectively	368	366
Treasury stock — at cost; 9,640,067 and 9,643,562 shares, respectively	(606,411)	(606,631)
Additional paid-in capital	1,159,454	1,162,283
Accumulated other comprehensive income	9,701	5,460
Retained earnings	370,137	346,341
TOTAL EQUITY	933,249	907,819
TOTAL LIABILITIES AND EQUITY	$ 2,346,174	$ 2,391,419

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Restricted Cash and Cash Equivalents	$ 64,033	$ 66,000
Accounts And Contracts Receivable Net	127,347	161,733
Vacation Ownership Notes Receivable, Net	997,419	972,311
Other assets	160,397	128,935
Accrued Liabilities	154,056	147,469
Debt and Capital Lease Obligations Net	683,767	737,224
Other	$ 15,762	$ 15,873
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)	36,787,613	36,633,868
Treasury stock, shares (in shares)	9,640,067	9,643,562
Variable Interest Entity
Restricted Cash and Cash Equivalents	$ 32,762	$ 27,525
Accounts And Contracts Receivable Net	4,522	4,865
Vacation Ownership Notes Receivable, Net	659,191	717,543
Other assets	8,427	0
Accrued Liabilities	564	584
Debt and Capital Lease Obligations Net	$ 684,023	$ 738,362

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
OPERATING ACTIVITIES
Net income	$ 33,700	$ 24,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,191	5,125
Amortization of debt issuance costs	1,386	1,300
Provision for loan losses	12,042	8,287
Share-based compensation	3,276	2,524
Deferred income taxes	5,472	5,549
Net change in assets and liabilities:
Accounts and contracts receivable	34,586	21
Notes receivable originations	(112,832)	(57,524)
Notes receivable collections	76,068	60,532
Inventory	21,944	(14,970)
Other assets	(27,119)	(5,285)
Accounts payable, advance deposits and accrued liabilities	(30,179)	(32,204)
Deferred revenue	31,861	30,317
Payroll and benefit liabilities	(14,500)	(28,586)
Deferred compensation liability	4,147	4,406
Other liabilities	(242)	6,665
Other, net	903	(687)
Net cash provided by operating activities	45,704	9,878
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(5,055)	(6,331)
Purchase of company owned life insurance	(8,200)	0
Dispositions, net	1	9
Net cash used in investing activities	(13,254)	(6,322)
FINANCING ACTIVITIES
Borrowings from securitization transactions	0	51,130
Repayment of debt related to securitization transactions	(54,340)	(47,711)
Debt issuance costs	(1,219)	0
Repurchase of common stock	0	(73,228)
Payment of dividends	(19,010)	(17,585)
Payment of withholding taxes on vesting of restricted stock units	(6,644)	(3,864)
Other, net	(16)	591
Net cash used in financing activities	(81,229)	(90,667)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1,551	464
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(47,228)	(86,647)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	213,102	248,512
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	165,874	161,865
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Property acquired via capital lease	0	7,221
Non-cash transfer from Property and equipment to assets held for sale, within Other assets	0	45,201
Non-cash issuance of treasury stock for employee stock purchase plan	$ 331	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our Business

Marriott Vacations Worldwide Corporation (“we,” “us,” “Marriott Vacations Worldwide” or the “Company,” 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., a subsidiary of Marriott International, provides on-site management for Ritz-Carlton branded properties.

Our business is grouped into three reportable segments: North America, Asia Pacific and Europe. As of March 31, 2017, 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.

Principles of Consolidation and Basis of Presentation

The interim 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 interim 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 this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Statements of Income,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim 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 Interim Consolidated Financial Statements, unless otherwise noted.

Beginning with our 2017 fiscal year, we changed our financial reporting cycle to a calendar year-end and end-of-month quarterly reporting cycle. Accordingly, our 2017 fiscal year began on December 31, 2016 (the day after the end of the 2016 fiscal year) and will end on December 31, 2017, and our 2017 quarters include the three month periods ended March 31, June 30, September 30, and December 31, except that the period ended March 31, 2017 also includes December 31, 2016. Our future fiscal years will begin on January 1 and end on December 31. Historically, our fiscal year was a 52 or 53 week fiscal year that ended on the Friday nearest to December 31, and our quarterly reporting cycle included twelve week periods for the first, second, and third quarters and a sixteen week period (or in some cases a seventeen week period) for the fourth quarter. We have not restated, and do not plan to restate, historical results.

The table below shows the reporting periods as we refer to them in this report, their date ranges, and the number of days in each:



Reporting Period	Date Range	Number of Days
2017 first quarter	December 31, 2016 — March 31, 2017	91
2016 first quarter	January 2, 2016 — March 25, 2016	84
2017 fiscal year	December 31, 2016 — December 31, 2017	366
2016 fiscal year	January 2, 2016 — December 30, 2016	364

As a result of the change in our financial reporting cycle, our 2017 first quarter had seven more days of activity than our 2016 first quarter. While our 2017 full fiscal year will have only two additional days of activity as compared to our 2016 full fiscal year, our 2017 second quarter will have seven additional days of activity, our 2017 third quarter will have eight additional days of activity, and our 2017 fourth quarter will have 20 fewer days of activity than the corresponding periods in our 2016 fiscal year.

In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, seasonal and short-term variations.

These Financial Statements have not been audited. Amounts as of December 30, 2016 included in these Financial Statements have been derived from the audited consolidated financial statements as of that date. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, you should read these Financial Statements in conjunction with the consolidated financial statements and notes to those consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 30, 2016.

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, loss contingencies and income taxes. Accordingly, actual amounts may differ from these estimated amounts.

We have reclassified certain prior year amounts to conform to our current period presentation. Our Financial Statements include adjustments for the 2016 first quarter to correct immaterial presentation errors, consistent with those reported in our Annual Report on Form 10-K for the fiscal year ended December 30, 2016, 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:



	Quarter Ended
	March 25, 2016
	(84 days)
($ in thousands)	As Revised		Previous Filing
Resort management and other services	$	63,757	$	69,629
TOTAL REVENUES	$	419,171	$	425,043
Resort management and other services	$	39,863	$	45,797
General and administrative	$	25,359	$	25,297
TOTAL EXPENSES	$	374,489	$	380,361

Deferred Compensation Plan

Beginning in our 2017 fiscal year, participants in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), may select a rate of return based on various market-based investment alternatives for a portion of their contributions, as well as any future Company contributions, to the Deferred Compensation Plan, and may also select such a rate for a portion of their existing account balances. To support our ability to meet a portion of our obligations under the Deferred Compensation Plan, we acquired company owned insurance policies (the “COLI policies”) on the lives of certain participants in the Deferred Compensation Plan, the proceeds of which are intended to be aligned with the investment alternatives elected by plan participants and are payable to a rabbi trust with the Company as grantor. A portion of a participant’s contributions to the Deferred Compensation Plan must be subject to a fixed rate of return, which for our 2017 fiscal year was reduced to 3.5 percent.

We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a variable interest entity (“VIE”). We are considered the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At March 31, 2017, the value of the assets held in the rabbi trust was $8.4 million, which is included in the Other line within assets on our Balance Sheets.

New Accounting Standards

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

In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted ASU 2016-18 on a retrospective basis commencing in the 2017 first quarter.

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, which resulted in a $2.4 million benefit to our provision for income taxes in the 2017 first quarter. 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. Prior to the adoption of ASU 2016-09, excess tax benefits were recorded in additional paid-in-capital on the balance sheet. The update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. We adopted ASU 2016-09 in the 2017 first quarter. The adoption of ASU 2016-09 decreased 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 eliminated the presentation of excess tax benefits as a financing inflow on our statement of cash flows. Further, we made an accounting policy election to recognize forfeitures of share-based compensation awards as they occur, the cumulative effect of which resulted in an adjustment of $0.4 million to opening retained earnings. The adoption of ASU 2016-09 did not have any other material impacts on our financial statements and disclosures.

Future Adoption of Accounting Standards

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. 2016-02 – “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. We will adopt ASU 2014-09, as amended, commencing in fiscal year 2018, on a retrospective basis. While we continue to evaluate the impact that adoption of this accounting standards update will have on our financial statements and disclosures, we expect the amount and timing of revenue recognition related to our accounting for management fee revenues, ancillary revenues and rental revenues will remain materially consistent with our current accounting. We anticipate disclosing additional detail on the impact of adoption of this accounting standards update later in 2017.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe file income tax returns with U.S. federal and state and non-U.S. jurisdictions and are subject to audits in these jurisdictions. Although we do not anticipate that a significant impact to our unrecognized tax benefit balance will occur during the next fiscal year, the amount of our liability for unrecognized tax benefits could change as a result of audits in these jurisdictions. Our total unrecognized tax benefit balance that, if recognized, would impact our effective tax rate, was $1.5 million at both March 31, 2017 and December 30, 2016.

VACATION OWNERSHIP NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2017

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 March 31, 2017		At December 30, 2016
Vacation ownership notes receivable — securitized	$	659,191	$	717,543
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾	189,567		98,508
Not eligible for securitization⁽¹⁾	148,661		156,260
Subtotal	338,228		254,768
Total vacation ownership notes receivable	$	997,419	$	972,311

_________________________


⁽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 March 31, 2017:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2017, remaining	$	39,788	$	69,096	$	108,884
2018	39,799		85,657		125,456
2019	33,288		79,940		113,228
2020	29,740		79,272		109,012
2021	27,302		77,744		105,046
Thereafter	168,311		267,482		435,793
Balance at March 31, 2017	$	338,228	$	659,191	$	997,419
Weighted average stated interest rate at March 31, 2017	11.7%		12.7%		12.4%
Range of stated interest rates at March 31, 2017	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:



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
Interest income associated with vacation ownership notes receivable — securitized	$	23,346	$	21,191
Interest income associated with vacation ownership notes receivable — non-securitized	7,010		6,583
Total interest income associated with vacation ownership notes receivable	$	30,356	$	27,774

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.

The following table summarizes the activity related to our vacation ownership notes receivable reserve for the 2017 first quarter:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable			Securitized Vacation Ownership Notes Receivable			Total
Balance at December 30, 2016	$	56,628		$	53,735		$	110,363
Provision for loan losses	10,366			1,780			12,146
Write-offs	(16,270		)	—			(16,270		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	6,325			(6,325		)	—
Balance at March 31, 2017	$	57,049		$	49,190		$	106,239

_________________________


⁽¹⁾	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.

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 Asia Pacific or Europe, when revocation is complete. For both non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 7.14 percent and 7.09 percent as of March 31, 2017 and December 30, 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 $5.2 million and $5.0 million as of March 31, 2017 and December 30, 2016, respectively.

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:



($ 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 March 31, 2017	$	37,880	$	7,978	$	45,858
Investment in vacation ownership notes receivable on non-accrual status at December 30, 2016	$	43,792	$	6,687	$	50,479
Average investment in vacation ownership notes receivable on non-accrual status during the 2017 first quarter	$	40,836	$	7,333	$	48,169
Average investment in vacation ownership notes receivable on non-accrual status during the 2016 first quarter	$	46,359	$	9,425	$	55,784

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2017:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,384	$	16,069	$	23,453
91 – 150 days past due	4,218		7,978		12,196
Greater than 150 days past due	33,662		—		33,662
Total past due	45,264		24,047		69,311
Current	350,013		684,334		1,034,347
Total vacation ownership notes receivable	$	395,277	$	708,381	$	1,103,658

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

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2017

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 March 31, 2017						At December 30, 2016
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable — securitized	$	659,191		$	766,301		$	717,543		$	834,009
Vacation ownership notes receivable — non-securitized	338,228			365,877			254,768			269,161
Other assets	8,427			8,427			—			—
Total financial assets	$	1,005,846		$	1,140,605		$	972,311		$	1,103,170
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(675,746	)	$	(673,620	)	$	(729,188	)	$	(725,963	)
Other debt, net	(800		)	(800		)	(815		)	(815		)
Other liabilities	(141		)	(141		)	(2,285		)	(2,285		)
Total financial liabilities	$	(676,687	)	$	(674,561	)	$	(732,288	)	$	(729,063	)

_________________________


⁽¹⁾	Fair value of financial instruments, with the exception of other assets, has been determined using Level 3 inputs. Fair value of other assets that are financial instruments has been determined using Level 2 inputs.

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 Asia or Europe. 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 March 31, 2017				At December 30, 2016
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	189,567	$	217,216	$	98,508	$	112,901
Not eligible for securitization	148,661		148,661		156,260		156,260
Total non-securitized	$	338,228	$	365,877	$	254,768	$	269,161

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.

Other Assets

We estimate the fair value of our other assets that are financial instruments using Level 2 inputs. These assets consist of COLI policies held in a rabbi trust. The carrying value of the COLI policies is equal to their cash surrender value.

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.

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
ACQUISITIONS AND DISPOSITIONS	Mar. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Miami Beach, Florida During the 2016 first quarter, 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 Marriott Vacation Club Destinations (“MVCD”) program.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

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.



	Quarters Ended
	March 31, 2017⁽¹⁾		March 25, 2016⁽²⁾
(in thousands, except per share amounts)	(91 days)		(84 days)
Computation of Basic Earnings Per Share
Net income	$	33,700	$	24,408
Shares for basic earnings per share	27,251		29,123
Basic earnings per share	$	1.24	$	0.84
Computation of Diluted Earnings Per Share
Net income	$	33,700	$	24,408
Shares for basic earnings per share	27,251		29,123
Effect of dilutive shares outstanding
Employee stock options and SARs	458		375
Restricted stock units	191		142
Shares for diluted earnings per share	27,900		29,640
Diluted earnings per share	$	1.21	$	0.82

_________________________


⁽¹⁾	The computations of diluted earnings per share exclude approximately 312,000 shares of common stock, the maximum number of shares issuable as of March 31, 2017 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 278,000 shares of common stock, the maximum number of shares issuable as of March 25, 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.

In accordance with the applicable accounting guidance for calculating earnings per share, for the 2017 first quarter, we excluded from our calculation of diluted earnings per share 81,977 shares underlying stock appreciation rights (“SARs”) that may be settled in shares of common stock, with an exercise price of $97.53, because this exercise price was greater than the average market price for the applicable period. For the 2016 first quarter, we excluded from our calculation of diluted earnings per share 194,615 shares underlying SARs that may be settled in shares of common stock, with exercise prices ranging from $61.71 to $77.42, because these exercise prices were greater than the average market price for the applicable period.

INVENTORY

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:



($ in thousands)	At March 31, 2017		At December 30, 2016
Finished goods⁽¹⁾	$	324,431	$	337,949
Work-in-progress	28,677		39,486
Land and infrastructure⁽²⁾	335,155		330,728
Real estate inventory	688,263		708,163
Operating supplies and retail inventory	4,494		4,373
	$	692,757	$	712,536

_________________________


⁽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 $69.2 million of inventory related to estimated future foreclosures at March 31, 2017.

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. Product cost true-up activity relating to vacation ownership products decreased carrying values of inventory by $0.9 million during the 2017 first quarter and increased carrying values of inventory by $3.2 million during the 2016 first quarter.

During the 2016 first quarter, $27.3 million was transferred from Property and equipment to Inventory when we commenced the conversion of portions of the operating properties in Surfers Paradise, Australia and San Diego, California 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.

CONTINGENCIES AND COMMITMENTS

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of March 31, 2017, 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 $24.8 million, of which we expect $9.0 million, $8.6 million, $3.4 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 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 a related 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. 12, “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 at our resort 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. 12, “Variable Interest Entities,” and Footnote No. 14, “Subsequent Events,” 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.


•	We have a new operating lease commitment that expires in 2029. Our aggregate minimum lease payment under this contract is $15.5 million, of which we expect $1.3 million, $1.3 million, $1.4 million and $11.5 million will be paid in 2019, 2020, 2021 and thereafter, respectively.

Surety bonds issued as of March 31, 2017 totaled $43.3 million, the majority of which were requested by federal, state or local governments in connection with our operations.

Additionally, as of March 31, 2017, we had $1.1 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 March 31, 2017, following an order of the U.S. District Court for the District of Colorado that no further amendments would be permitted, RCHFU, L.L.C. and other owners of 232 fractional interests at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) served an amended complaint in an action pending in the court 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. We filed a motion to dismiss the amended complaint, which remains pending. 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.

DEBT

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

DEBT

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



($ in thousands)	At March 31, 2017			At December 30, 2016
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	684,023		$	738,362
Unamortized debt issuance costs	(8,277		)	(9,174		)
	675,746			729,188
Other debt, gross	818			834
Unamortized debt issuance costs	(18		)	(19		)
	800			815
Capital leases	7,221			7,221
	$	683,767		$	737,224

_________________________


⁽¹⁾	Interest rates as of March 31, 2017 range from 2.2% to 6.3% with a weighted average interest rate of 2.5%.

See Footnote No. 12, “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, net of debt issuance costs, for our debt as of March 31, 2017:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Other Debt		Capital Leases		Total
Debt Principal Payments Year
2017, remaining	$	71,501	$	604	$	—	$	72,105
2018	87,053		4		7,221		94,278
2019	80,578		4		—		80,582
2020	79,520		4		—		79,524
2021	78,321		5		—		78,326
Thereafter	287,050		197		—		287,247
Balance at March 31, 2017	$	684,023	$	818	$	7,221	$	692,062

_________________________


⁽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 $4.8 million and $4.6 million in the 2017 first quarter and the 2016 first quarter, respectively.

Debt Associated with Vacation Ownership Notes Receivable Securitizations

Each of the transactions in which we have securitized vacation ownership notes receivable contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the 2017 first quarter, and as of March 31, 2017, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of March 31, 2017, we had 7 securitized vacation ownership notes receivable pools outstanding.

Revolving Corporate Credit Facility

The Revolving Corporate Credit Facility, which 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 depending on our credit rating.

No cash borrowings were outstanding as of March 31, 2017 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 March 31, 2017, we were in compliance with the requirements of applicable financial and operating covenants under the facility.

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 terminates on March 7, 2019 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 March 31, 2017, 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.

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

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 March 31, 2017, there were 36,787,613 shares of Marriott Vacations Worldwide common stock issued, of which 27,147,546 shares were outstanding and 9,640,067 shares were held as treasury stock. At December 30, 2016, there were 36,633,868 shares of Marriott Vacations Worldwide common stock issued, of which 26,990,306 shares were outstanding and 9,643,562 shares 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 March 31, 2017 or December 30, 2016.

The following table details changes in shareholders’ equity during the quarter ended March 31, 2017:



($ in thousands)	Common Stock		Treasury Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Income			Retained Earnings			Total Equity
Balance at December 30, 2016	$	366	$	(606,631	)	$	1,162,283		$	5,460		$	346,341		$	907,819
Impact of adoption of ASU 2016-09	—		—			371			—			(371		)	—
Opening balance 2017	366		(606,631		)	1,162,654			5,460			345,970			907,819
Net income	—		—			—			—			33,700			33,700
Foreign currency translation adjustments	—		—			—			4,548			—			4,548
Derivative instrument adjustment	—		—			—			(307		)	—			(307		)
Amounts related to share-based compensation	2		—			(3,311		)	—			—			(3,309		)
Dividends	—		—			—			—			(9,533		)	(9,533		)
Employee stock plan issuance	—		220			111			—			—			331
Balance at March 31, 2017	$	368	$	(606,411	)	$	1,159,454		$	9,701		$	370,137		$	933,249

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 December 30, 2016	9,672,629	$	608,439	$	62.90
For the quarter ended March 31, 2017	—	—		—
As of March 31, 2017	9,672,629	$	608,439	$	62.90

On February 9, 2017, our Board of Directors extended the duration of our existing share repurchase program to September 30, 2017. As of March 31, 2017, our Board of Directors had authorized the repurchase of an aggregate of up to 10,900,000 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 March 31, 2017, 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 quarter ended March 31, 2017 as follows:

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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+ Details

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2017

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

SHARE-BASED COMPENSATION

We maintain the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “Stock Plan”) for the benefit of our officers, directors and employees. Under the Stock Plan, we award: (1) restricted stock units (“RSUs”) of our common stock, (2) SARs and (3) stock options to purchase our common stock. A total of 6 million shares are authorized for issuance pursuant to grants under the Stock Plan. As of March 31, 2017, 1.3 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 for the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
Service based RSUs	$	1,966	$	1,567
Performance based RSUs	851		610
	2,817		2,177
SARs	459		347
Stock options	—		—
	$	3,276	$	2,524

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



($ in thousands)	At March 31, 2017		At December 30, 2016
Service based RSUs	$	16,337	$	9,000
Performance based RSUs	7,452		3,307
	23,789		12,307
SARs	2,927		1,146
Stock options	—		—
	$	26,716	$	13,453

Restricted Stock Units

We granted 103,001 service based RSUs, with a weighted average grant-date fair value of $94.10, to our employees and non-employee directors during the 2017 first quarter. During the 2017 first quarter, we also granted performance based RSUs to members of management. A maximum of 94,436 RSUs may be earned under the performance based RSUs granted during the 2017 first quarter.

Stock Appreciation Rights

We granted 81,977 SARs, with a weighted average grant-date fair value of $27.63 and a weighted average exercise price of $97.53, to members of management during the 2017 first quarter. We use the Black-Scholes model to estimate the fair value of the SARs granted. 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 during the 2017 first quarter:



Expected volatility	30.41%
Dividend yield	1.44%
Risk-free rate	2.06%
Expected term (in years)	6.25

- 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

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

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 bankruptcy remote special purpose 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 March 31, 2017:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets:
Vacation ownership notes receivable, net of reserves	$	659,191	$	—	$	659,191
Interest receivable	4,522		—		4,522
Restricted cash	32,762		—		32,762
Total	$	696,475	$	—	$	696,475
Consolidated Liabilities:
Interest payable	$	518	$	46	$	564
Debt	684,023		—		684,023
Total	$	684,541	$	46	$	684,587

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 the 2017 first quarter:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	23,346	$	—	$	23,346
Interest expense to investors	$	4,473	$	347	$	4,820
Debt issuance cost amortization	$	898	$	220	$	1,118
Administrative expenses	$	121	$	43	$	164

The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities during the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
Cash inflows:
Principal receipts	$	55,854		$	40,224
Interest receipts	23,659			20,906
Reserve release	187			161
Total	79,700			61,291
Cash outflows:
Principal to investors	(48,015		)	(39,939		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(6,325		)	(7,371		)
Interest to investors	(4,472		)	(4,323		)
Total	(58,812		)	(51,633		)
Net Cash Flows	$	20,888		$	9,658

The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity during the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
Cash inflows:
Proceeds from vacation ownership notes receivable securitizations	$	—		$	51,130
Principal receipts	—			932
Interest receipts	—			647
Reserve release	—			6
Total	—			52,715
Cash outflows:
Principal to investors	—			(259		)
Voluntary repurchases of defaulted vacation ownership notes receivable	—			(142		)
Interest to investors	(344		)	(387		)
Funding of restricted cash	—			(386		)
Total	(344		)	(1,174		)
Net Cash Flows	$	(344	)	$	51,541

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. 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 March 31, 2017.

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. 8, “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 March 31, 2017, 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 March 31, 2017.

We have a commitment to repurchase an operating property located in Marco Island, Florida, that was previously sold to a third-party developer. Refer to Footnote No. 8, “Contingencies and Commitments” for additional information on the commitment. The developer is 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. 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. As of March 31, 2017, our Balance Sheet reflected $10.0 million of Other liabilities that relate to the deferral of gain recognition on the previous sale transaction and the deferral of revenue for development management services, both of which will reduce our basis in the asset if we repurchase the property. In addition, the note receivable of $0.5 million is included in the Accounts and contracts receivable line on the Balance Sheet as of March 31, 2017. 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 discussed above as of March 31, 2017.

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2017

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 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.


•	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.

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



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
North America	$	449,809	$	380,164
Asia Pacific	18,027		19,446
Europe	19,658		19,561
Total segment revenues	487,494		419,171
Corporate and other	—		—
	$	487,494	$	419,171

Net Income



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
North America	$	105,726		$	89,586
Asia Pacific	1,104			1,010
Europe	747			386
Total segment financial results	107,577			90,982
Corporate and other	(55,222		)	(50,817		)
Provision for income taxes	(18,655		)	(15,757		)
	$	33,700		$	24,408

Assets



($ in thousands)	At March 31, 2017		At December 30, 2016
North America	$	2,002,039	$	1,968,021
Asia Pacific	106,365		102,348
Europe	65,311		62,245
Total segment assets	2,173,715		2,132,614
Corporate and other	172,459		258,805
	$	2,346,174	$	2,391,419

- 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

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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Revolving Corporate Credit Facility Borrowing Subsequent to the end of the 2017 first quarter, we borrowed $30.0 million under our Revolving Corporate Credit Facility to facilitate the funding of our short-term working capital needs. Warehouse Credit Facility Borrowing Subsequent to the end of the 2017 first quarter, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $59.1 million. The advance rate was 85 percent, which resulted in gross proceeds of $50.3 million. Net proceeds were $50.0 million due to the funding of reserve accounts in the amount of $0.3 million. Acquisitions Subsequent to the end of the 2017 first quarter, we paid $33.3 million, related to a commitment outstanding at March 31, 2017, to purchase 36 vacation ownership units, a parking garage and other amenities located at our resort in Marco Island, Florida. See to Footnote No. 8, “Contingencies and Commitments,” for additional information on this commitment.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Our Business

Principles of Consolidation and Basis of Presentation

The table below shows the reporting periods as we refer to them in this report, their date ranges, and the number of days in each:



Reporting Period	Date Range	Number of Days
2017 first quarter	December 31, 2016 — March 31, 2017	91
2016 first quarter	January 2, 2016 — March 25, 2016	84
2017 fiscal year	December 31, 2016 — December 31, 2017	366
2016 fiscal year	January 2, 2016 — December 30, 2016	364

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

Deferred Compensation Plan

New Accounting Standards

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

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

Future Adoption of Accounting Standards

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. 2016-02 – “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

Loans and Leases Receivable, Allowance for Loan Losses

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Fiscal Period Duration

The table below shows the reporting periods as we refer to them in this report, their date ranges, and the number of days in each:



Reporting Period	Date Range	Number of Days
2017 first quarter	December 31, 2016 — March 31, 2017	91
2016 first quarter	January 2, 2016 — March 25, 2016	84
2017 fiscal year	December 31, 2016 — December 31, 2017	366
2016 fiscal year	January 2, 2016 — December 30, 2016	364

Schedule of Error Corrections and Prior Period Adjustments

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



	Quarter Ended
	March 25, 2016
	(84 days)
($ in thousands)	As Revised		Previous Filing
Resort management and other services	$	63,757	$	69,629
TOTAL REVENUES	$	419,171	$	425,043
Resort management and other services	$	39,863	$	45,797
General and administrative	$	25,359	$	25,297
TOTAL EXPENSES	$	374,489	$	380,361

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2017

Loans and Leases Receivable Disclosure [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 March 31, 2017		At December 30, 2016
Vacation ownership notes receivable — securitized	$	659,191	$	717,543
Vacation ownership notes receivable — non-securitized
Eligible for securitization⁽¹⁾	189,567		98,508
Not eligible for securitization⁽¹⁾	148,661		156,260
Subtotal	338,228		254,768
Total vacation ownership notes receivable	$	997,419	$	972,311

_________________________

⁽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 March 31, 2017:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2017, remaining	$	39,788	$	69,096	$	108,884
2018	39,799		85,657		125,456
2019	33,288		79,940		113,228
2020	29,740		79,272		109,012
2021	27,302		77,744		105,046
Thereafter	168,311		267,482		435,793
Balance at March 31, 2017	$	338,228	$	659,191	$	997,419
Weighted average stated interest rate at March 31, 2017	11.7%		12.7%		12.4%
Range of stated interest rates at March 31, 2017	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:



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
Interest income associated with vacation ownership notes receivable — securitized	$	23,346	$	21,191
Interest income associated with vacation ownership notes receivable — non-securitized	7,010		6,583
Total interest income associated with vacation ownership notes receivable	$	30,356	$	27,774

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

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:



($ 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 March 31, 2017	$	37,880	$	7,978	$	45,858
Investment in vacation ownership notes receivable on non-accrual status at December 30, 2016	$	43,792	$	6,687	$	50,479
Average investment in vacation ownership notes receivable on non-accrual status during the 2017 first quarter	$	40,836	$	7,333	$	48,169
Average investment in vacation ownership notes receivable on non-accrual status during the 2016 first quarter	$	46,359	$	9,425	$	55,784

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 March 31, 2017:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,384	$	16,069	$	23,453
91 – 150 days past due	4,218		7,978		12,196
Greater than 150 days past due	33,662		—		33,662
Total past due	45,264		24,047		69,311
Current	350,013		684,334		1,034,347
Total vacation ownership notes receivable	$	395,277	$	708,381	$	1,103,658

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

Vacation Ownership

Loans and Leases Receivable Disclosure [Line Items]

Notes Receivable Reserves

The following table summarizes the activity related to our vacation ownership notes receivable reserve for the 2017 first quarter:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable			Securitized Vacation Ownership Notes Receivable			Total
Balance at December 30, 2016	$	56,628		$	53,735		$	110,363
Provision for loan losses	10,366			1,780			12,146
Write-offs	(16,270		)	—			(16,270		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	6,325			(6,325		)	—
Balance at March 31, 2017	$	57,049		$	49,190		$	106,239

_________________________

⁽¹⁾

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.

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities



	At March 31, 2017						At December 30, 2016
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable — securitized	$	659,191		$	766,301		$	717,543		$	834,009
Vacation ownership notes receivable — non-securitized	338,228			365,877			254,768			269,161
Other assets	8,427			8,427			—			—
Total financial assets	$	1,005,846		$	1,140,605		$	972,311		$	1,103,170
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(675,746	)	$	(673,620	)	$	(729,188	)	$	(725,963	)
Other debt, net	(800		)	(800		)	(815		)	(815		)
Other liabilities	(141		)	(141		)	(2,285		)	(2,285		)
Total financial liabilities	$	(676,687	)	$	(674,561	)	$	(732,288	)	$	(729,063	)

_________________________

⁽¹⁾

Fair value of financial instruments, with the exception of other assets, has been determined using Level 3 inputs. Fair value of other assets that are financial instruments has been determined using Level 2 inputs.

Vacation ownership notes receivable — non-securitized

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities



	At March 31, 2017				At December 30, 2016
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization	$	189,567	$	217,216	$	98,508	$	112,901
Not eligible for securitization	148,661		148,661		156,260		156,260
Total non-securitized	$	338,228	$	365,877	$	254,768	$	269,161

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2017

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.



	Quarters Ended
	March 31, 2017⁽¹⁾		March 25, 2016⁽²⁾
(in thousands, except per share amounts)	(91 days)		(84 days)
Computation of Basic Earnings Per Share
Net income	$	33,700	$	24,408
Shares for basic earnings per share	27,251		29,123
Basic earnings per share	$	1.24	$	0.84
Computation of Diluted Earnings Per Share
Net income	$	33,700	$	24,408
Shares for basic earnings per share	27,251		29,123
Effect of dilutive shares outstanding
Employee stock options and SARs	458		375
Restricted stock units	191		142
Shares for diluted earnings per share	27,900		29,640
Diluted earnings per share	$	1.21	$	0.82

_________________________


⁽¹⁾	The computations of diluted earnings per share exclude approximately 312,000 shares of common stock, the maximum number of shares issuable as of March 31, 2017 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 278,000 shares of common stock, the maximum number of shares issuable as of March 25, 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.

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:



($ in thousands)	At March 31, 2017		At December 30, 2016
Finished goods⁽¹⁾	$	324,431	$	337,949
Work-in-progress	28,677		39,486
Land and infrastructure⁽²⁾	335,155		330,728
Real estate inventory	688,263		708,163
Operating supplies and retail inventory	4,494		4,373
	$	692,757	$	712,536

_________________________


⁽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 $69.2 million of inventory related to estimated future foreclosures at March 31, 2017.

DEBT (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017			At December 30, 2016
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	684,023		$	738,362
Unamortized debt issuance costs	(8,277		)	(9,174		)
	675,746			729,188
Other debt, gross	818			834
Unamortized debt issuance costs	(18		)	(19		)
	800			815
Capital leases	7,221			7,221
	$	683,767		$	737,224

_________________________


⁽¹⁾	Interest rates as of March 31, 2017 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, net of debt issuance costs, for our debt as of March 31, 2017:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Other Debt		Capital Leases		Total
Debt Principal Payments Year
2017, remaining	$	71,501	$	604	$	—	$	72,105
2018	87,053		4		7,221		94,278
2019	80,578		4		—		80,582
2020	79,520		4		—		79,524
2021	78,321		5		—		78,326
Thereafter	287,050		197		—		287,247
Balance at March 31, 2017	$	684,023	$	818	$	7,221	$	692,062

_________________________

⁽¹⁾

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

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Changes in Shareholders' Equity

The following table details changes in shareholders’ equity during the quarter ended March 31, 2017:



($ in thousands)	Common Stock		Treasury Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Income			Retained Earnings			Total Equity
Balance at December 30, 2016	$	366	$	(606,631	)	$	1,162,283		$	5,460		$	346,341		$	907,819
Impact of adoption of ASU 2016-09	—		—			371			—			(371		)	—
Opening balance 2017	366		(606,631		)	1,162,654			5,460			345,970			907,819
Net income	—		—			—			—			33,700			33,700
Foreign currency translation adjustments	—		—			—			4,548			—			4,548
Derivative instrument adjustment	—		—			—			(307		)	—			(307		)
Amounts related to share-based compensation	2		—			(3,311		)	—			—			(3,309		)
Dividends	—		—			—			—			(9,533		)	(9,533		)
Employee stock plan issuance	—		220			111			—			—			331
Balance at March 31, 2017	$	368	$	(606,411	)	$	1,159,454		$	9,701		$	370,137		$	933,249

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 December 30, 2016	9,672,629	$	608,439	$	62.90
For the quarter ended March 31, 2017	—	—		—
As of March 31, 2017	9,672,629	$	608,439	$	62.90

Cash Dividend Declared

We declared cash dividends to holders of common stock during the quarter ended March 31, 2017 as follows:

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2017

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

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table details our share-based compensation expense related to award grants to our officers, directors and employees for the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
Service based RSUs	$	1,966	$	1,567
Performance based RSUs	851		610
	2,817		2,177
SARs	459		347
Stock options	—		—
	$	3,276	$	2,524

Schedule of Unrecognized Compensation Cost, Nonvested Awards

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



($ in thousands)	At March 31, 2017		At December 30, 2016
Service based RSUs	$	16,337	$	9,000
Performance based RSUs	7,452		3,307
	23,789		12,307
SARs	2,927		1,146
Stock options	—		—
	$	26,716	$	13,453

Assumptions Used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants during the 2017 first quarter:



Expected volatility	30.41%
Dividend yield	1.44%
Risk-free rate	2.06%
Expected term (in years)	6.25

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2017

Variable Interest Entity [Line Items]

Classifications of Consolidated VIE Assets and Liabilities



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets:
Vacation ownership notes receivable, net of reserves	$	659,191	$	—	$	659,191
Interest receivable	4,522		—		4,522
Restricted cash	32,762		—		32,762
Total	$	696,475	$	—	$	696,475
Consolidated Liabilities:
Interest payable	$	518	$	46	$	564
Debt	684,023		—		684,023
Total	$	684,541	$	46	$	684,587

Variable Interest Entity

Variable Interest Entity [Line Items]

Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the 2017 first quarter:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	23,346	$	—	$	23,346
Interest expense to investors	$	4,473	$	347	$	4,820
Debt issuance cost amortization	$	898	$	220	$	1,118
Administrative expenses	$	121	$	43	$	164

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 during the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
Cash inflows:
Principal receipts	$	55,854		$	40,224
Interest receipts	23,659			20,906
Reserve release	187			161
Total	79,700			61,291
Cash outflows:
Principal to investors	(48,015		)	(39,939		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(6,325		)	(7,371		)
Interest to investors	(4,472		)	(4,323		)
Total	(58,812		)	(51,633		)
Net Cash Flows	$	20,888		$	9,658

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 during the 2017 first quarter and the 2016 first quarter:



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
Cash inflows:
Proceeds from vacation ownership notes receivable securitizations	$	—		$	51,130
Principal receipts	—			932
Interest receipts	—			647
Reserve release	—			6
Total	—			52,715
Cash outflows:
Principal to investors	—			(259		)
Voluntary repurchases of defaulted vacation ownership notes receivable	—			(142		)
Interest to investors	(344		)	(387		)
Funding of restricted cash	—			(386		)
Total	(344		)	(1,174		)
Net Cash Flows	$	(344	)	$	51,541

- 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)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Revenues



	Quarters Ended
	March 31, 2017		March 25, 2016
($ in thousands)	(91 days)		(84 days)
North America	$	449,809	$	380,164
Asia Pacific	18,027		19,446
Europe	19,658		19,561
Total segment revenues	487,494		419,171
Corporate and other	—		—
	$	487,494	$	419,171

Net Income (Loss)

Net Income



	Quarters Ended
	March 31, 2017			March 25, 2016
($ in thousands)	(91 days)			(84 days)
North America	$	105,726		$	89,586
Asia Pacific	1,104			1,010
Europe	747			386
Total segment financial results	107,577			90,982
Corporate and other	(55,222		)	(50,817		)
Provision for income taxes	(18,655		)	(15,757		)
	$	33,700		$	24,408

Assets



($ in thousands)	At March 31, 2017		At December 30, 2016
North America	$	2,002,039	$	1,968,021
Asia Pacific	106,365		102,348
Europe	65,311		62,245
Total segment assets	2,173,715		2,132,614
Corporate and other	172,459		258,805
	$	2,346,174	$	2,391,419

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Additional Information (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017 USD ($) Location Line Property Segment	Mar. 25, 2016 USD ($)	Dec. 31, 2017	Dec. 30, 2016 USD ($)
Significant Accounting Policies [Line Items]
Number of business segments \| Segment				3
Number of primary sources of revenues generated (line) \| Line				4
Percent of the assets, liabilities, revenues, expenses and cash flows discussed				100.00%
Fiscal period duration				91 days	84 days		364 days
Fiscal period duration, additional days in reporting period				7 days
Other assets				$ 8,400
Income tax benefit				$ (18,655)	$ (15,757)
Minimum
Significant Accounting Policies [Line Items]
Number of properties \| Property				60
Operations located outside the United States
Significant Accounting Policies [Line Items]
Number of countries and territories in which company operates (location) \| Location				8
Deferred compensation plan \| Stock options
Significant Accounting Policies [Line Items]
Annual rate of return EDC				3.50%
Scenario, Forecast
Significant Accounting Policies [Line Items]
Fiscal period duration						366 days
Fiscal period duration, additional days in reporting period		8 days	7 days			2 days
Fiscal period duration, reduction of days in reporting period	20 days
Accounting Standards Update 2016-09
Significant Accounting Policies [Line Items]
Income tax benefit				$ 2,400
Retained Earnings
Significant Accounting Policies [Line Items]
Impact of adoption of ASU 2016-09							$ (371)
Retained Earnings \| Accounting Standards Update 2016-09, Forfeiture Rate Component
Significant Accounting Policies [Line Items]
Impact of adoption of ASU 2016-09							$ (400)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fiscal Periods (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Dec. 31, 2017	Dec. 30, 2016
Significant Accounting Policies [Line Items]
Fiscal period duration	91 days	84 days		364 days
Scenario, Forecast
Significant Accounting Policies [Line Items]
Fiscal period duration			366 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Significant Accounting Policies [Line Items]
Resort management and other services	$ 74,339	$ 63,757
TOTAL REVENUES	487,494	419,171
Resort management and other services	41,831	39,863
Administrative expenses	27,539	25,359
TOTAL EXPENSES	$ 433,930	374,489
Scenario, Previously Reported
Significant Accounting Policies [Line Items]
Resort management and other services		69,629
TOTAL REVENUES		425,043
Resort management and other services		45,797
Administrative expenses		25,297
TOTAL EXPENSES		$ 380,361

INCOME TAXES Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 30, 2016
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 1.5	$ 1.5

VACATION OWNERSHIP NOTES RECEIVABLE Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation Ownership Notes Receivable, Net	$ 997,419	$ 972,311
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation Ownership Notes Receivable, Net	659,191	717,543
Vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation Ownership Notes Receivable, Net	$ 338,228	$ 254,768

VACATION OWNERSHIP NOTES RECEIVABLE Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Thousands	Mar. 31, 2017 USD ($)
Future Minimum Payments Receivable [Line Items]
2017, remaining	$ 108,884
2018	125,456
2019	113,228
2020	109,012
2021	105,046
Thereafter	435,793
March 31, 2017	997,419
Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2017, remaining	39,788
2018	39,799
2019	33,288
2020	29,740
2021	27,302
Thereafter	168,311
March 31, 2017	338,228
Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2017, remaining	69,096
2018	85,657
2019	79,940
2020	79,272
2021	77,744
Thereafter	267,482
March 31, 2017	$ 659,191
Minimum
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	0.00%
Minimum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	0.00%
Minimum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	4.90%
Maximum
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	19.50%
Maximum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	19.50%
Maximum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	19.50%
Weighted Average
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	12.40%
Weighted Average \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	11.70%
Weighted Average \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at March 31, 2017	12.70%

VACATION OWNERSHIP NOTES RECEIVABLE Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 30,356	$ 27,774
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	23,346	21,191
Vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 7,010	$ 6,583

VACATION OWNERSHIP NOTES RECEIVABLE Notes Receivable Reserves (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 30, 2016	$ 110,363
Provision for loan losses	12,146
Write-offs	(16,270)
Defaulted vacation ownership notes receivable repurchase activity	0
March 31, 2017	106,239
Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 30, 2016	56,628
Provision for loan losses	10,366
Write-offs	(16,270)
Defaulted vacation ownership notes receivable repurchase activity	6,325
March 31, 2017	57,049
Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 30, 2016	53,735
Provision for loan losses	1,780
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(6,325)
March 31, 2017	$ 49,190

VACATION OWNERSHIP NOTES RECEIVABLE Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 30, 2016
Receivables [Abstract]
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	7.14%	7.09%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 5.2	$ 5.0

VACATION OWNERSHIP NOTES RECEIVABLE Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Dec. 30, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 45,858		$ 50,479
Average investment in notes receivable on non-accrual status	48,169	$ 55,784
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	37,880		43,792
Average investment in notes receivable on non-accrual status	40,836	46,359
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	7,978		$ 6,687
Average investment in notes receivable on non-accrual status	$ 7,333	$ 9,425

VACATION OWNERSHIP NOTES RECEIVABLE Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	$ 23,453	$ 24,248
91 – 150 days past due	12,196	10,668
Greater than 150 days past due	33,662	39,811
Total past due	69,311	74,727
Current	1,034,347	1,007,947
Total vacation ownership notes receivable	1,103,658	1,082,674
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	7,384	7,780
91 – 150 days past due	4,218	3,981
Greater than 150 days past due	33,662	39,811
Total past due	45,264	51,572
Current	350,013	259,824
Total vacation ownership notes receivable	395,277	311,396
Vacation ownership notes receivable — securitized
Financing Receivable, Recorded Investment, Past Due [Line Items]
31 – 90 days past due	16,069	16,468
91 – 150 days past due	7,978	6,687
Greater than 150 days past due	0	0
Total past due	24,047	23,155
Current	684,334	748,123
Total vacation ownership notes receivable	$ 708,381	$ 771,278

FINANCIAL INSTRUMENTS Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	$ 997,419	$ 972,311
Other assets	160,397	128,935
Debt, net	(683,767)	(737,224)
Other liabilities	(15,762)	(15,873)
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	8,427	0
Total financial assets	1,005,846	972,311
Debt, net	(683,767)	(737,224)
Other liabilities	(141)	(2,285)
Total financial liabilities	(676,687)	(732,288)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	8,427	0
Total financial assets	1,140,605	1,103,170
Other liabilities	(141)	(2,285)
Total financial liabilities	(674,561)	(729,063)
Vacation ownership notes receivable — securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	659,191	717,543
Vacation ownership notes receivable — securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	659,191	717,543
Vacation ownership notes receivable — securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	766,301	834,009
Vacation ownership notes receivable — non-securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	338,228	254,768
Vacation ownership notes receivable — non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	338,228	254,768
Vacation ownership notes receivable — non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	365,877	269,161
Non-Recourse Debt \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(675,746)	(729,188)
Non-Recourse Debt \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(673,620)	(725,963)
Other Debt \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(800)	(815)
Other Debt \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	$ (800)	$ (815)

FINANCIAL INSTRUMENTS Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - Non-securitized Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	$ 997,419	$ 972,311
Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	338,228	254,768
Non-Securitized Vacation Ownership Notes Receivable \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	338,228	254,768
Non-Securitized Vacation Ownership Notes Receivable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	365,877	269,161
Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	189,567	98,508
Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	217,216	112,901
Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	148,661	156,260
Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation Ownership Notes Receivable, Net	$ 148,661	$ 156,260

ACQUISITIONS AND DISPOSITIONS Additional Information (Details) - Miami Florida $ in Millions	3 Months Ended
	Mar. 25, 2016 USD ($)
Business Acquisition [Line Items]
Acquisition of an operating property	$ 23.5
Cash paid for acquisition of operating property	$ 23.5

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
	Mar. 31, 2017	Mar. 25, 2016
Earnings Per Share [Abstract]
Net income	$ 33,700	$ 24,408
Shares for basic earnings per share (in shares)	27,251	29,123
Basic earnings per share (in usd per share)	$ 1.24	$ 0.84
Employee stock options and SARs (in shares)	458	375
Restricted stock units (in shares)	191	142
Shares for diluted earnings per share (in shares)	27,900	29,640
Diluted earnings per share (in usd per share)	$ 1.21	$ 0.82

EARNINGS PER SHARE Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	312,000	278,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	81,977	194,615
SARS not included in the calculation of diluted earnings per share because exercise prices exceeded market prices, exercise prices (in usd per share)	$ 97.53
Minimum \| SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
SARS not included in the calculation of diluted earnings per share because exercise prices exceeded market prices, exercise prices (in usd per share)		$ 61.71
Maximum \| SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
SARS not included in the calculation of diluted earnings per share because exercise prices exceeded market prices, exercise prices (in usd per share)		$ 77.42

INVENTORY Composition of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 324,431	$ 337,949
Work-in-progress	28,677	39,486
Land and infrastructure	335,155	330,728
Real estate inventory	688,263	708,163
Operating supplies and retail inventory	4,494	4,373
Inventory	$ 692,757	$ 712,536

INVENTORY Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Dec. 30, 2016
Inventory [Line Items]
Land and infrastructure	$ 335,155		$ 330,728
Real estate inventory true up	(900)	$ 3,200
Transfer of property and equipment to inventory		$ 27,300
Estimated Future Foreclosures
Inventory [Line Items]
Land and infrastructure	$ 69,200

CONTINGENCIES AND COMMITMENTS Additional Information (Details)			1 Months Ended		42 Months Ended
	Mar. 31, 2017 USD ($) Unit Plaintiff transaction resort	May 26, 2015 Plaintiff	Jun. 30, 2013 Plaintiff	Apr. 30, 2013 Plaintiff	Dec. 30, 2016 Plaintiff
Commitments and Contingencies Disclosure [Line Items]
Commitments to purchase vacation ownership units, number of resorts \| resort	2
Number of transactions \| transaction	2
Surety bonds issued	$ 43,300,000
Letters of credit outstanding	1,100,000
Credit facility	200,000,000
New York City, New York
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	158,500,000
Purchase commitment obligation due, 2018	96,800,000
Purchase commitment obligation due, 2019	61,700,000
Bali, Indonesia - Resort 1
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2017	15,400,000
Bali, Indonesia - Resort 2
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2017	7,800,000
Purchase commitment obligation due, 2018	5,900,000
Purchase commitment obligation due, 2019	$ 25,400,000
Kapalua Bay Settlement
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff			38	12	2
Number of plaintiffs, released claims \| Plaintiff			2	2
RCC-Aspen Highlands
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff	232
2017 \| Bali, Indonesia - Resort 1
Commitments and Contingencies Disclosure [Line Items]
Number of vacation ownership units expected to be acquired \| Unit	51
2019 \| Bali, Indonesia - Resort 2
Commitments and Contingencies Disclosure [Line Items]
Number of vacation ownership units expected to be acquired \| Unit	88
Commitment to purchase vacation ownership units located in Marco Island, Florida
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 137,100,000
Purchase commitment obligation due, 2017	33,300,000
Purchase commitment obligation due, 2018	50,000,000.0
Purchase commitment obligation due, 2019	53,800,000
Commitment to purchase vacation ownership units located on the Big Island of Hawaii
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	91,100,000
Purchase commitment obligation due, 2017	27,500,000
Purchase commitment obligation due, 2018	32,700,000
Purchase commitment obligation due, 2019	30,900,000
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	24,800,000
Purchase commitment obligation due, 2017	9,000,000.0
Purchase commitment obligation due, 2018	8,600,000
Purchase commitment obligation due, 2019	3,400,000
Purchase commitment obligation due, 2020	1,600,000
Purchase commitment obligation due, 2020	800,000
Purchase commitment obligation due, thereafter	1,400,000
William and Sharon Petrick Case
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff		69
Facility And Other Operating Leases \| New York City, New York
Commitments and Contingencies Disclosure [Line Items]
Capital leases, future minimum payments due	7,200,000
Operating Lease Commitments
Commitments and Contingencies Disclosure [Line Items]
Operating leases, future minimum payments due	15,500,000
Operating leases, future minimum payments due, 2019	1,300,000
Operating leases, future minimum payments due, 2020	1,300,000
Operating leases, future minimum payments due, 2021	1,400,000
Operating leases, future minimum payments due, thereafter	$ 11,500,000

DEBT Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Debt Instrument [Line Items]
Debt, gross	$ 692,062
Debt, net	683,767	$ 737,224
Carrying Amount
Debt Instrument [Line Items]
Capital leases	7,221	7,221
Debt, net	683,767	737,224
Non-Recourse Debt
Debt Instrument [Line Items]
Debt, gross	684,023
Non-Recourse Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	684,023	738,362
Unamortized debt issuance costs	(8,277)	(9,174)
Debt, net	675,746	729,188
Other Debt
Debt Instrument [Line Items]
Debt, gross	818
Other Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	818	834
Unamortized debt issuance costs	(18)	(19)
Debt, net	$ 800	$ 815

DEBT Additional Information (Details)		3 Months Ended
DEBT Additional Information (Details)	Mar. 31, 2017 USD ($) Loan	Mar. 31, 2017 USD ($) Loan	Mar. 25, 2016 USD ($)
Debt Disclosure [Line Items]
Cash paid for interest, net of amounts capitalized		$ 4,800,000	$ 4,600,000
Number of notes receivable pools under performance triggers \| Loan	0	0
Number of notes receivable pools outstanding \| Loan	7	7
Credit facility	$ 200,000,000	$ 200,000,000
Revolving Credit Facility
Debt Disclosure [Line Items]
Credit facility	200,000,000	200,000,000
Long-term line of credit	0	0
Warehouse Credit Facility
Debt Disclosure [Line Items]
Credit facility	250,000,000	250,000,000
Long-term line of credit	$ 0	$ 0
Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, weighted average interest rate	2.50%	2.50%
Letter of Credit \| Revolving Credit Facility
Debt Disclosure [Line Items]
Credit facility	$ 100,000,000	$ 100,000,000
Minimum \| Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, commitment fee percentage		0.20%
Minimum \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, stated interest rate	2.20%	2.20%
Minimum \| Eurodollar \| Revolving Credit Facility
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate		1.625%
Maximum \| Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, commitment fee percentage		0.50%
Maximum \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, stated interest rate	6.30%	6.30%
Maximum \| Eurodollar \| Revolving Credit Facility
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate		3.125%

DEBT Scheduled Future Principal Payments for Debt (Detail) (Details) $ in Thousands	Mar. 31, 2017 USD ($)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2017, remaining	$ 72,105
2018	94,278
2019	80,582
2020	79,524
2021	78,326
Thereafter	287,247
March 31, 2017	692,062
Vacation Ownership Notes Receivable Securitizations
Long Term Debt Maturities Repayments Of Principal [Line Items]
2017, remaining	71,501
2018	87,053
2019	80,578
2020	79,520
2021	78,321
Thereafter	287,050
March 31, 2017	684,023
Other Debt
Long Term Debt Maturities Repayments Of Principal [Line Items]
2017, remaining	604
2018	4
2019	4
2020	4
2021	5
Thereafter	197
March 31, 2017	818
Capital Leases
Long Term Debt Maturities Repayments Of Principal [Line Items]
2017, remaining	0
2018	7,221
2019	0
2020	0
2021	0
Thereafter	0
March 31, 2017	$ 7,221

SHAREHOLDERS' EQUITY Additional Information (Details) - $ / shares	Mar. 31, 2017	Dec. 30, 2016
Stockholders' Equity [Line Items]
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)	36,787,613	36,633,868
Common stock, shares outstanding (in shares)	27,147,546	26,990,306
Treasury stock, shares (in shares)	9,640,067	9,643,562
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 common stock authorized to be repurchased (in shares)	10,900,000
Excluding ASR
Stockholders' Equity [Line Items]
Shares remained available for repurchase under the program (in shares)	1,200,000

SHAREHOLDERS' EQUITY Changes in Shareholder's Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016	Dec. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	$ 907,819
Opening balance 2017			$ 907,819
Net income	33,700	$ 24,408
Foreign currency translation adjustments	4,548	1,147
Derivative instrument adjustment	(307)	$ 409
Amounts related to share-based compensation	(3,309)
Dividends	(9,533)
Employee stock plan issuance	331
March 31, 2017	933,249
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	366
Amounts related to share-based compensation	2
March 31, 2017	368
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	(606,631)
Opening balance 2017			(606,631)
Employee stock plan issuance	220
March 31, 2017	(606,411)
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	1,162,283
Impact of adoption of ASU 2016-09			371
Opening balance 2017			1,162,654
Amounts related to share-based compensation	(3,311)
Employee stock plan issuance	111
March 31, 2017	1,159,454
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	5,460
Opening balance 2017			5,460
Foreign currency translation adjustments	4,548
Derivative instrument adjustment	(307)
March 31, 2017	9,701
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 30, 2016	346,341
Impact of adoption of ASU 2016-09			(371)
Opening balance 2017			$ 345,970
Net income	33,700
Dividends	(9,533)
Employee stock plan issuance	0
March 31, 2017	$ 370,137

SHAREHOLDERS' EQUITY Summary of Stock Repurchase Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	9,643,562
Number of Shares Repurchased (in shares)	9,640,067
Treasury Stock
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	9,672,629
Cost of Shares Repurchased \| $	$ 608,439
Average Price Paid per Share (in usd per share) \| $ / shares	$ 62.90
Number of Shares of Common Stock Repurchased (in shares)	0
Cost of Shares Repurchased \| $	$ 0
Average Price Paid per Share (in usd per share) \| $ / shares	$ 0
Number of Shares Repurchased (in shares)	9,672,629
Cost of Shares Repurchased \| $	$ 608,439
Average Price Paid per Share (in usd per share) \| $ / shares	$ 62.90

SHAREHOLDERS' EQUITY Cash Dividend Declared (Details) - $ / shares		3 Months Ended
	Feb. 09, 2017	Mar. 25, 2016
Equity [Abstract]
Dividend per Share (in usd per share)	$ 0.35	$ 0.30

SHARE-BASED COMPENSATION Additional Information (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares)	6,000,000
Shares available for grants under the plan (in shares)	1,300,000
Restricted stock units \| Employees and Non Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	103,001
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 94.10
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of RSU subject to vesting (in shares)	94,436
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	81,977
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 27.63
Stock awards granted, weighted average (in usd per share) exercise date fair value \| $ / shares	$ 97.53

SHARE-BASED COMPENSATION Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,276	$ 2,524
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,966	1,567
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	851	610
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,817	2,177
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	459	347
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0

SHARE-BASED COMPENSATION Deferred Compensation Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 26,716	$ 13,453
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	16,337	9,000
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	7,452	3,307
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	23,789	12,307
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	2,927	1,146
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 Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	30.41%
Dividend yield	1.44%
Risk-free rate	2.06%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES Classifications of Consolidated VIE Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
VIE Assets	$ 696,475
VIE Liabilities	684,587
Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	659,191
Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	4,522
Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	32,762
Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	564
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	696,475
VIE Liabilities	684,541
Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	659,191
Vacation Ownership Notes Receivable Securitizations \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	4,522
Vacation Ownership Notes Receivable Securitizations \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	32,762
Vacation Ownership Notes Receivable Securitizations \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	518
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
VIE Liabilities	46
Warehouse Credit Facility \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	0
Warehouse Credit Facility \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	0
Warehouse Credit Facility \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	0
Warehouse Credit Facility \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	46
Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	684,023
Non-Recourse Debt \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Liabilities	684,023
Non-Recourse Debt \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Liabilities	$ 0

VARIABLE INTEREST ENTITIES Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 30, 2016
Variable Interest Entity [Line Items]
Noncontrolling interest	$ 0
Aggregate funding that could be required above the overcollateralization	5,000,000.0
Other	$ 15,762,000	$ 15,873,000
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%
New York City, New York \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Capital lease asset	$ 6,900,000
Capital lease liability	7,200,000
Note receivable	500,000
Marco Island, Florida \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Note receivable	500,000
Other	$ 10,000,000.0

VARIABLE INTEREST ENTITIES Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Variable Interest Entity [Line Items]
Interest income	$ 30,356	$ 27,774
Debt issuance cost amortization	1,386	1,300
Administrative expenses	27,539	$ 25,359
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	23,346
Interest expense to investors	4,820
Debt issuance cost amortization	1,118
Administrative expenses	164
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	23,346
Interest expense to investors	4,473
Debt issuance cost amortization	898
Administrative expenses	121
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	0
Interest expense to investors	347
Debt issuance cost amortization	220
Administrative expenses	$ 43

VARIABLE INTEREST ENTITIES Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Warehouse Credit Facility
Variable Interest Entity [Line Items]
Proceeds from vacation ownership notes receivable securitizations	$ 0	$ 51,130
Principal receipts	0	932
Interest receipts	0	647
Reserve release	0	6
Cash inflows, Total	0	52,715
Principal to investors	0	(259)
Voluntary repurchases of defaulted vacation ownership notes receivable	0	(142)
Interest to investors	(344)	(387)
Funding of restricted cash	0	(386)
Cash outflows, Total	(344)	(1,174)
Net Cash Flows	(344)	51,541
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Principal receipts	55,854	40,224
Interest receipts	23,659	20,906
Reserve release	187	161
Cash inflows, Total	79,700	61,291
Principal to investors	(48,015)	(39,939)
Voluntary repurchases of defaulted vacation ownership notes receivable	(6,325)	(7,371)
Interest to investors	(4,472)	(4,323)
Cash outflows, Total	(58,812)	(51,633)
Net Cash Flows	$ 20,888	$ 9,658

BUSINESS SEGMENTS Additional Information (Details)	3 Months Ended
BUSINESS SEGMENTS Additional Information (Details)	Mar. 31, 2017 Segment program
Segment Reporting Information [Line Items]
Number of business segments \| Segment	3
Asia Pacific
Segment Reporting Information [Line Items]
Number of points based programs in our AP segment \| program	2

BUSINESS SEGMENTS Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	$ 487,494	$ 419,171
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	0	0
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	487,494	419,171
Operating Segments \| North America
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	449,809	380,164
Operating Segments \| Asia Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	18,027	19,446
Operating Segments \| Europe
Segment Reporting, Asset Reconciling Item [Line Items]
TOTAL REVENUES	$ 19,658	$ 19,561

BUSINESS SEGMENTS Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 25, 2016
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	$ 52,355	$ 40,165
Provision for income taxes	18,655	15,757
Net income	33,700	24,408
Corporate and other
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	(55,222)	(50,817)
Operating Segments
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	107,577	90,982
Operating Segments \| North America
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	105,726	89,586
Operating Segments \| Europe
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	747	386
Operating Segments \| Asia Pacific
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	$ 1,104	$ 1,010

BUSINESS SEGMENTS Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Segment Reporting Information [Line Items]
Total Assets	$ 2,346,174	$ 2,391,419
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	172,459	258,805
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,173,715	2,132,614
Operating Segments \| North America
Segment Reporting Information [Line Items]
Total Assets	2,002,039	1,968,021
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Assets	65,311	62,245
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Total Assets	$ 106,365	$ 102,348

SUBSEQUENT EVENTS (Details) $ in Thousands	1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	May 04, 2017 USD ($) Unit	Mar. 31, 2017 USD ($)	Mar. 25, 2016 USD ($)
Subsequent Event [Line Items]
Capital expenditures for property and equipment (excluding inventory)		$ 5,055	$ 6,331
Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Long-term line of credit	$ 30,000
Warehouse Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 59,100
Advance rate for securitization	85.00%
Credit facility - gross proceeds	$ 50,300
Credit facility - net proceeds	50,000
Funding of restricted cash	300
Commitment to purchase vacation ownership units located in Marco Island, Florida \| Subsequent Event
Subsequent Event [Line Items]
Capital expenditures for property and equipment (excluding inventory)	$ 33,300
Number of ownership units acquired \| Unit	36