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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 27, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
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		26,572,516

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	May 14, 2018	Feb. 16, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Revenue from contracts with customers			$ 558,841	$ 529,906	$ 1,094,208	$ 1,026,095
Financing			35,851	32,530	71,333	64,641
TOTAL REVENUES			594,692	562,436	1,165,541	1,090,736
EXPENSES
Financing			3,788	3,449	8,036	7,466
Marketing and sales			109,315	99,168	215,249	196,666
General and administrative			32,992	29,534	62,427	57,073
Litigation settlement			16,312	183	16,209	183
Consumer financing interest			6,172	5,654	12,778	11,592
Royalty fee			16,198	16,307	31,022	32,377
TOTAL EXPENSES			546,928	489,309	1,064,100	972,535
Losses and other expense, net			(6,586)	(166)	(6,140)	(225)
Interest expense			(4,112)	(1,757)	(8,429)	(2,538)
Other			(19,686)	(100)	(22,802)	(469)
INCOME BEFORE INCOME TAXES			17,380	71,104	64,070	114,969
Provision for income taxes			(6,619)	(22,918)	(17,328)	(38,893)
NET INCOME			$ 10,761	$ 48,186	$ 46,742	$ 76,076
EARNINGS PER SHARE
Earnings per share - Basic (in usd per share)			$ 0.40	$ 1.76	$ 1.75	$ 2.79
Earnings per share - Diluted (in usd per share)			0.39	1.72	1.71	2.72
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.35	$ 0.80	$ 0.70
Vacation ownership products
REVENUES
Revenue from contracts with customers			$ 205,168	$ 201,856	$ 379,957	$ 365,733
EXPENSES
Expenses			56,863	51,025	103,226	94,796
Resort management and other services
REVENUES
Revenue from contracts with customers			77,642	71,940	147,822	139,359
EXPENSES
Expenses			41,079	39,413	78,857	76,884
Rental
REVENUES
Revenue from contracts with customers			74,561	69,290	148,771	136,969
EXPENSES
Expenses			62,739	57,756	118,638	111,464
Cost reimbursements
REVENUES
Revenue from contracts with customers			201,470	186,820	417,658	384,034
EXPENSES
Expenses			$ 201,470	$ 186,820	$ 417,658	$ 384,034

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 10,761	$ 48,186	$ 46,742	$ 76,076
Other comprehensive (loss) income:
Foreign currency translation adjustments	(7,233)	2,465	(1,008)	6,681
Derivative instrument adjustment, net of tax	18	23	37	48
Total other comprehensive (loss) income, net of tax	(7,215)	2,488	(971)	6,729
COMPREHENSIVE INCOME	$ 3,546	$ 50,674	$ 45,771	$ 82,805

- Definition

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

+ References + Details

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 547,667	$ 409,059
Restricted cash (including $144,816 and $32,321 from VIEs, respectively)	170,536	81,553
Accounts receivable, net (including $6,039 and $5,639 from VIEs, respectively)	67,619	91,659
Vacation ownership notes receivable, net (including $964,510 and $814,011 from VIEs, respectively)	1,167,779	1,114,552
Inventory	690,154	728,379
Property and equipment	246,940	252,727
Other (including $25,688 and $13,708 from VIEs, respectively)	166,875	166,653
TOTAL ASSETS	3,057,570	2,844,582
LIABILITIES AND EQUITY
Accounts payable	84,331	145,405
Contract Liabilities	194,316	153,145
Accrued liabilities (including $685 and $701 from VIEs, respectively)	99,469	119,810
Payroll and benefits liability	85,216	111,885
Deferred compensation liability	82,624	74,851
Debt, net (including $1,113,860 and $845,131 from VIEs, respectively)	1,332,276	1,095,213
Other	11,937	13,471
Deferred taxes	101,760	89,987
TOTAL LIABILITIES	1,991,929	1,803,767
Contingencies and Commitments (Note 9)
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; 36,981,204 and 36,861,843 shares issued, respectively	370	369
Treasury stock — at cost; 10,408,996 and 10,400,547 shares, respectively	(695,746)	(694,233)
Additional paid-in capital	1,190,448	1,188,538
Accumulated other comprehensive income	15,774	16,745
Retained earnings	554,795	529,396
TOTAL EQUITY	1,065,641	1,040,815
TOTAL LIABILITIES AND EQUITY	3,057,570	2,844,582
Advance deposits
LIABILITIES AND EQUITY
Contract Liabilities	95,816	84,087
Deferred revenue
LIABILITIES AND EQUITY
Contract Liabilities	$ 98,500	$ 69,058

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Restricted cash	$ 170,536	$ 81,553
Accounts receivable, net	67,619	91,659
Vacation ownership notes receivable, net	1,167,779	1,114,552
Other	166,875	166,653
Accrued liabilities	99,469	119,810
Debt, net	1,332,276	1,095,213
Other	$ 11,937	$ 13,471
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)	36,981,204	36,861,843
Treasury stock, shares (in shares)	10,408,996	10,400,547
Variable Interest Entity
Restricted cash	$ 144,816	$ 32,321
Accounts receivable, net	6,039	5,639
Vacation ownership notes receivable, net	964,510	814,011
Other	25,688	13,708
Accrued liabilities	685	701
Debt, net	$ 1,113,860	$ 845,131

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 46,742	$ 76,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,371	10,192
Amortization of debt discount and issuance costs	7,563	2,726
Vacation ownership notes receivable reserve	23,970	27,051
Share-based compensation	9,718	8,451
Deferred income taxes	12,199	12,810
Net change in assets and liabilities:
Accounts receivable	24,499	23,970
Vacation ownership notes receivable originations	(233,061)	(228,048)
Vacation ownership notes receivable collections	155,257	136,731
Inventory	36,840	15,006
Purchase of vacation ownership units for future transfer to inventory	0	(33,594)
Other assets	11,523	4,475
Accounts payable, advance deposits and accrued liabilities	(59,365)	(68,228)
Deferred revenue	29,493	25,163
Payroll and benefit liabilities	(26,699)	(8,698)
Deferred compensation liability	7,773	7,053
Other liabilities	(134)	(292)
Other, net	764	3,286
Net cash provided by operating activities	58,453	14,130
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(7,490)	(11,344)
Purchase of company owned life insurance	(11,562)	(10,092)
Dispositions, net	120	11
Net cash used in investing activities	(18,932)	(21,425)
FINANCING ACTIVITIES
Borrowings from securitization transactions	423,000	50,260
Repayment of debt related to securitization transactions	(154,271)	(117,400)
Borrowings from Revolving Corporate Credit Facility	0	60,000
Repayment of Revolving Corporate Credit Facility	0	(12,500)
Repayment of non-interest bearing note payable	(32,680)	0
Debt issuance costs	(6,578)	(1,219)
Repurchase of common stock	(1,882)	(3,868)
Payment of dividends	(31,927)	(28,552)
Payment of withholding taxes on vesting of restricted stock units	(8,312)	(9,962)
Other, net	13	(624)
Net cash provided by (used in) financing activities	187,363	(63,865)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	707	1,962
Increase (decrease) in cash, cash equivalents and restricted cash	227,591	(69,198)
Cash, cash equivalents and restricted cash, beginning of period	490,612	213,102
Cash, cash equivalents and restricted cash, end of period	718,203	143,904
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of debt in connection with acquisition of vacation ownership units	$ 0	$ 63,558

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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, as well as under Marriott Vacation Club Pulse, an extension of 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 June 30, 2018, our portfolio consisted of over 65 properties in the United States and nine 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 “Income Statements,” (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. We use certain other terms that are defined within these Financial Statements. We adopted Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606),” as amended (“ASU 2014-09”), on January 1, 2018, the first day of our 2018 fiscal year, and refer to it as the new “Revenue Standard” throughout these Financial Statements. We restated our previously reported historical results to conform with the adoption of the new Revenue Standard. See “New Accounting Standards” below for additional information on ASU 2014-09 and Footnote 15 “Adoption Impact of New Revenue Standard” for further discussion of the adoption and the impact on our previously reported historical results. 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. 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, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto recast for the adoption of ASU 2014-09 included in our Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on June 5, 2018. 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, vacation ownership notes receivable reserves, income taxes and loss contingencies. Accordingly, actual amounts may differ from these estimated amounts. We have reclassified certain prior year amounts to conform to our current quarter presentation. New Accounting Standards Accounting Standards Update 2018-05 – “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” (“ASU 2018-05”) In March 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-05, which updates the income tax accounting in GAAP to reflect the interpretive guidance in Staff Accounting Bulletin (“SAB”) 118 (“SAB 118”), that was issued by the staff of the Securities and Exchange Commission in December 2017 in order to address the application of GAAP in situations where a registrant does not have all the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“the “Tax Act”). SAB 118 provides for a provisional one year measurement period for registrants to finalize their accounting for certain income tax effects related to the Tax Act. ASU 2018-05 was effective upon issuance. We expect to finalize our provisional amounts related to the Tax Act by the fourth quarter of 2018. See Footnote 3 “Income Taxes” for additional information. Accounting Standards Update 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. The adoption of ASU 2016-01 in the first quarter of 2018 did not have a material impact on our financial statements or disclosures. Accounting Standards Update 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. This 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. The adoption of ASU 2016-16 in the first quarter of 2018 did not have a material impact on our financial statements or disclosures. Accounting Standards Update 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, creates ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), and supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” including 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, is effective for annual reporting periods, and interim periods within those reporting periods, 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 adopted ASU 2014-09, as amended, effective January 1, 2018, on a retrospective basis and restated our previously reported historical results. See Footnote 15 “Adoption Impact of New Revenue Standard” for further discussion of adoption and the impact on our previously reported historical results. See Footnote 2 “Revenue” for additional information on how we recognize revenue. Future Adoption of Accounting Standards Accounting Standards Update 2017-12 – “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”) In August 2017, the FASB issued ASU 2017-12, which amends and simplifies existing guidance in order to allow companies to better portray the economic effects of risk management activities in the financial statements and enhance the transparency and understandability of the results of hedging activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We expect to adopt ASU 2017-12 commencing in fiscal year 2019 and are continuing to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 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 fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018. We expect to adopt ASU 2016-13 commencing in fiscal year 2019 and are continuing to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 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. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. However, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. In July 2018, the FASB also issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” which clarifies how to apply certain aspects of ASU 2016-02. We expect to adopt ASU 2016-02, ASU 2018-10 and ASU 2018-11 commencing in fiscal year 2019 and are continuing our implementation efforts. We continue to evaluate the impact that adoption of these updates will have on our financial statements and disclosures, including for example, any potential changes to and investments in policies, processes, systems and internal controls over financial reporting that may be required to comply with the new guidance related to identifying and measuring right-of-use assets and lease liabilities. We expect that these updates will have a material effect on our balance sheets.

REVENUE

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

We account for revenue in accordance with ASC 606, “Revenue from Contracts with Customers,” which we adopted on January 1, 2018, using the retrospective method. See Footnote 1 “Summary of Significant Accounting Policies” for additional information and Footnote 15 “Adoption of New Revenue Standard” for further discussion of the adoption and the impact on our previously reported historical results.

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. The following series of tables present our revenue disaggregated by several categories.

Sources of Revenue by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	188,624	$	11,654	$	4,890	$	205,168

Ancillary revenues	29,716		96		5,600		35,412
Management fee revenues	22,760		742		1,814		25,316
Other services revenues	15,953		499		462		16,914
Resort management and other services	68,429		1,337		7,876		77,642

Rental	67,083		2,059		5,419		74,561

Cost reimbursements	186,734		1,931		12,805		201,470
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841

Financing	33,912		1,238		701		35,851
Total Revenues	$	544,782	$	18,219	$	31,691	$	594,692



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	184,880	$	10,282	$	6,694	$	201,856

Ancillary revenues	27,910		—		5,130		33,040
Management fee revenues	19,711		694		1,623		22,028
Other services revenues	16,295		287		290		16,872
Resort management and other services	63,916		981		7,043		71,940

Rental	62,021		2,046		5,223		69,290

Cost reimbursements	176,236		1,607		8,977		186,820
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906

Financing	30,719		1,105		706		32,530
Total Revenues	$	517,772	$	16,021	$	28,643	$	562,436



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	349,320	$	22,900	$	7,737	$	379,957

Ancillary revenues	55,113		141		8,657		63,911
Management fee revenues	44,323		1,514		3,653		49,490
Other services revenues	32,524		995		902		34,421
Resort management and other services	131,960		2,650		13,212		147,822

Rental	135,158		5,384		8,229		148,771

Cost reimbursements	389,360		3,697		24,601		417,658
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208

Financing	67,441		2,452		1,440		71,333
Total Revenues	$	1,073,239	$	37,083	$	55,219	$	1,165,541



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	336,589	$	19,437	$	9,707	$	365,733

Ancillary revenues	52,598		—		7,711		60,309
Management fee revenues	39,627		1,386		3,130		44,143
Other services revenues	33,764		537		606		34,907
Resort management and other services	125,989		1,923		11,447		139,359

Rental	124,506		4,950		7,513		136,969

Cost reimbursements	357,802		2,717		23,515		384,034
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Financing	60,958		2,228		1,455		64,641
Total Revenues	$	1,005,844	$	31,255	$	53,637	$	1,090,736

Timing of Revenue from Contracts with Customers by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	289,368	$	5,015	$	20,420	$	314,803
Goods or services transferred at a point in time	221,502		11,966		10,570		244,038
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	269,806	$	4,410	$	16,080	$	290,296
Goods or services transferred at a point in time	217,247		10,506		11,857		239,610
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	594,157	$	11,139	$	37,214	$	642,510
Goods or services transferred at a point in time	411,641		23,492		16,565		451,698
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	545,371	$	9,164	$	34,640	$	589,175
Goods or services transferred at a point in time	399,515		19,863		17,542		436,920
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Sale of Vacation Ownership Products

We market and sell vacation ownership products in our three reportable segments. Vacation ownership products include deeded vacation ownership products, deeded beneficial interests, rights to use real estate, and other interests in trusts that solely hold real estate and deeded whole ownership units in residential buildings (collectively “vacation ownership products”). Vacation ownership products may be sold for cash or we may provide financing.

In connection with the sale of vacation ownership products, we provide sales incentives to certain purchasers. Non-cash incentives typically include Marriott Rewards points or an alternative sales incentive that we refer to as “plus points.” Plus points are redeemable for stays at our resorts or for use in an exclusive selection of travel packages provided by affiliate tour operators (the “Explorer Collection”), generally up to two years from the date of issuance. Typically, sales incentives are only awarded if the sale is closed.

Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase price for the vacation ownership product to either be collected at closing (“cash contract”) or financed by the customer through our financing programs (“financed contract”). Refer to “Financing Revenues” below for further information regarding financing terms. Customer deposits received for contracts are recorded as Advance deposits on our Balance Sheets until the point in time at which control of the vacation ownership product has transferred to the customer.

Our assessment of collectibility of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. We compared the lending terms against the terms of similar notes in the market and concluded that certain contracts within our Asia Pacific and Europe segments contain below market interest rates and as such have adjusted the transaction price for these contracts to reflect a market rate of interest. The lending terms of financed contracts within our North America segment reflect market terms.

In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analysis, which relies on historical payment data by customer class. Variable consideration which has not been included within the transaction price is presented as a reserve on vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during the second quarter and first half of 2018 by $3.7 million and $2.0 million, respectively, due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “Arrangements with Multiple Performance Obligations” below for a description of our methods of allocating transaction price to each performance obligation.

We recognize revenue on the sale of vacation ownership products at closing, when control is transferred to the customer. We evaluated our business practices, and the underlying risks and rewards associated with vacation ownership products, and the respective timing that such risk and rewards are transferred to the customer in determining the point in time at which control of the vacation ownership product is transferred to the customer.

Revenue for non-cash incentives, such as plus points, is recorded as Deferred revenue on our Balance Sheets at closing and is recognized as rental revenue upon transfer of control to the customer, which typically occurs upon delivery of the incentive, or at the point in time when the incentive is redeemed. For non-cash incentives provided by third parties (i.e. Marriott Rewards points or third-party Explorer Collection offerings), we evaluated whether we control the underlying good or service prior to delivery to the customer. We concluded that we are an agent for those non-cash incentives which we do not control prior to delivery and as such record the related revenue net of the related cost upon recognition.

Resort Management and Other Services Revenues and Cost Reimbursements Revenues

Ancillary Revenues

Ancillary revenues consist of goods and services that are sold or provided by us at food and beverage outlets, golf courses and other retail and service outlets located at our resorts. Payments for such goods and services are generally received at the point of sale in the form of cash or credit card charges. For goods and services sold, we evaluated whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. We recognize ancillary revenue at the point in time when goods have been provided and/or services have been rendered.

Management Fee Revenues and Cost Reimbursements Revenues

We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for property owners’ associations. We generate revenue from fees we earn for managing each of our resorts. These fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“Management fee revenues”) and reimbursement of costs incurred on behalf of the property owners’ associations (“Cost reimbursements revenues”). Cost reimbursements revenues exclude amounts that we have paid to the property owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer. Cost reimbursements consist of actual expenses with no added margin.

Management fees are typically collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over time and considered variable consideration. We have determined that a significant financing component does not exist as a substantial amount of the consideration promised by the customer is variable.

We evaluated the nature of the services provided to property owners’ associations and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize management fee revenues, which is consistent with the pattern of transfer to the property owners’ associations who receive and consume the benefits as services are provided each day. Any consideration we receive in advance of services being rendered is recorded as Deferred revenue on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred.

Other Services Revenues

Other services revenues include additional fees for services we provide to owners and property owners’ associations. We receive club dues for exchange services as well as certain transaction-based fees from owners and other third parties, including external exchange service providers with which we are associated. Club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue on our Balance Sheets and are earned regardless of whether exchange services are provided. Transaction-based fees from owners are typically received at the time of the transaction and transaction-based fees from other third parties are typically received at a point in time.

We have determined that exchange services constitute a stand-ready obligation for us to provide unlimited access to exchange services over a defined period of time, when and if a customer (or customer of a customer) requests. We have determined that customers benefit from the stand-ready obligation evenly throughout the period in which the customer has access to exchange services and as such, recognize club dues on a straight-line basis over the related period of time.

Transaction-based fees are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluated whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition.

Financing Revenues

We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten years. Generally, payments commence under the financing contracts 30 to 60 days after closing. We record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Income Statements.

Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered.

Rental Revenues

We generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs or inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs. We receive payments for rentals primarily through credit card charges. We recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products as described in “Sale of Vacation Ownership Products” above.

We also generate revenues from vacation packages sold to our customers. The packages have an expiration period of six to twenty-four months, and payments for such packages are non-refundable and generally paid by the customer in advance. Payments received in advance are recorded as Advance deposits on our Balance Sheets, until the revenue is recognized, when occupancy has occurred. For rental revenues associated with vacation ownership products which we own and which are registered and held for sale, to the extent that the proceeds are less than costs, revenues are reported net in accordance with ASC Topic 978, “Real Estate – Time-Sharing Activities.”

Arrangements with Multiple Performance Obligations

Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In cases where the standalone selling price is not readily available, we generally determine the standalone selling prices utilizing the adjusted market approach, using prices from similar contracts, our historical pricing on similar contracts, our internal marketing and selling data and other internal and external inputs we deem to be appropriate. Significant judgment is required in determining the standalone selling price under the adjusted market approach.

Receivables, Contract Assets & Contract Liabilities

As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract.

The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either June 30, 2018 or December 31, 2017.



($ in thousands)	At June 30, 2018		At December 31, 2017
Receivables
Accounts receivable	$	42,369	$	72,905
Vacation ownership notes receivable, net	1,167,779		1,114,552
	$	1,210,148	$	1,187,457

Contract Liabilities
Advance deposits	$	95,816	$	84,087
Deferred revenue	98,500		69,058
	$	194,316	$	153,145

Revenue recognized in the second quarter and first half of 2018 that was included in our contract liabilities balance at December 31, 2017 was $47.3 million and $94.4 million, respectively.

Remaining Performance Obligations

Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At June 30, 2018, over 90 percent of this amount is expected to be recognized as revenue over the next two years.ADOPTION IMPACT OF NEW REVENUE STANDARD

As discussed in Footnote 1 “Summary of Significant Accounting Policies,” the FASB issued ASU 2014-09 in 2014, which, as amended, created ASC 606. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also contains significant new disclosure requirements regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted ASC 606 effective January 1, 2018, on a retrospective basis and restated our previously reported historical results as shown in the tables below. The cumulative impact of the adoption of the new Revenue Standard on our opening retained earnings as of January 2, 2016, the first day of our 2016 fiscal year, was $2.7 million.

Upon adoption of the new Revenue Standard, recognition of revenue from the sale of vacation ownership products that is deemed collectible is now deferred from the point in time at which the statutory rescission period expires to closing, when control of the vacation ownership product is transferred to the customer. In addition, we aligned our assessment of collectibility of the transaction price for sales of vacation ownership products with our credit granting policies. We elected the practical expedient to expense all marketing and sales costs as they are incurred. Our consolidated cost reimbursements revenues and cost reimbursements expenses increased significantly, as all costs reimbursed to us by property owners’ associations are now reported on a gross basis upon adoption of the new Revenue Standard. In conjunction with the adoption of the new Revenue Standard we reclassified certain revenues and expenses.

As part of the adoption of the new Revenue Standard, we elected the following practical expedients and accounting policies:


•	We expense all marketing and sales costs that we incur to sell vacation ownership products when incurred.


•	In determining the transaction price for contracts from customers, we exclude all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-product transaction and collected by the entity from a customer (e.g., sales tax).


•	We do not disclose the amount of the transaction price allocated to the remaining performance obligations as of December 31, 2017 or provide an explanation of when we expect to recognize that amount as revenue.

The following tables present the impact of the adoption of the new Revenue Standard on our previously reported historical results for the periods presented:

Income Statement Impact - Second Quarter of 2017



	Three Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	191,010		$	10,846		$	201,856
Resort management and other services	79,158			(7,218		)	71,940
Financing	32,530			—			32,530
Rental	84,188			(14,898		)	69,290
Cost reimbursements	110,734			76,086			186,820
TOTAL REVENUES	497,620			64,816			562,436
EXPENSES
Cost of vacation ownership products	46,143			4,882			51,025
Marketing and sales	104,029			(4,861		)	99,168
Resort management and other services	44,008			(4,595		)	39,413
Financing	3,449			—			3,449
Rental	70,163			(12,407		)	57,756
General and administrative	29,534			—			29,534
Litigation settlement	183			—			183
Consumer financing interest	5,654			—			5,654
Royalty fee	16,307			—			16,307
Cost reimbursements	110,734			76,086			186,820
TOTAL EXPENSES	430,204			59,105			489,309
Losses and other expense, net	(166		)	—			(166		)
Interest expense	(1,757		)	—			(1,757		)
Other	(100		)	—			(100		)
INCOME BEFORE INCOME TAXES	65,393			5,711			71,104
Provision for income taxes	(21,117		)	(1,801		)	(22,918		)
NET INCOME	$	44,276		$	3,910		$	48,186

Earnings per share - Basic	$	1.62		$	0.14		$	1.76
Earnings per share - Diluted	$	1.58		$	0.14		$	1.72

Income Statement Impact - First Half of 2017



	Six Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	363,165		$	2,568		$	365,733
Resort management and other services	152,122			(12,763		)	139,359
Financing	64,641			—			64,641
Rental	169,444			(32,475		)	136,969
Cost reimbursements	234,367			149,667			384,034
TOTAL REVENUES	983,739			106,997			1,090,736
EXPENSES
Cost of vacation ownership products	88,763			6,033			94,796
Marketing and sales	204,690			(8,024		)	196,666
Resort management and other services	85,653			(8,769		)	76,884
Financing	7,466			—			7,466
Rental	140,595			(29,131		)	111,464
General and administrative	57,073			—			57,073
Litigation settlement	183			—			183
Consumer financing interest	11,592			—			11,592
Royalty fee	32,377			—			32,377
Cost reimbursements	234,367			149,667			384,034
TOTAL EXPENSES	862,759			109,776			972,535
Losses and other expense, net	(225		)	—			(225		)
Interest expense	(2,538		)	—			(2,538		)
Other	(469		)	—			(469		)
INCOME BEFORE INCOME TAXES	117,748			(2,779		)	114,969
Provision for income taxes	(39,772		)	879			(38,893		)
NET INCOME	$	77,976		$	(1,900	)	$	76,076

Earnings per share - Basic	$	2.86		$	(0.07	)	$	2.79
Earnings per share - Diluted	$	2.79		$	(0.07	)	$	2.72

Balance Sheet Impact



	As of December 31, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
ASSETS
Cash and cash equivalents	$	409,059		$	—		$	409,059
Restricted cash	81,553			—			81,553
Accounts receivable, net	154,174			(62,515		)	91,659
Vacation ownership notes receivable, net	1,119,631			(5,079		)	1,114,552
Inventory	716,533			11,846			728,379
Property and equipment	252,727			—			252,727
Other	172,516			(5,863		)	166,653
TOTAL ASSETS	$	2,906,193		$	(61,611	)	$	2,844,582
LIABILITIES AND EQUITY
Accounts payable	$	145,405		$	—		$	145,405
Advance deposits	63,062			21,025			84,087
Accrued liabilities	168,591			(48,781		)	119,810
Deferred revenue	98,286			(29,228		)	69,058
Payroll and benefits liability	111,885			—			111,885
Deferred compensation liability	74,851			—			74,851
Debt, net	1,095,213			—			1,095,213
Other	13,155			316			13,471
Deferred taxes	90,725			(738		)	89,987
TOTAL LIABILITIES	1,861,173			(57,406		)	1,803,767

Preferred stock	—			—			—
Common stock	369			—			369
Treasury stock	(694,233		)	—			(694,233		)
Additional paid-in capital	1,188,538			—			1,188,538
Accumulated other comprehensive income	16,745			—			16,745
Retained earnings	533,601			(4,205		)	529,396
TOTAL EQUITY	1,045,020			(4,205		)	1,040,815
TOTAL LIABILITIES AND EQUITY	$	2,906,193		$	(61,611	)	$	2,844,582

Cash Flow Impact - Operating Activities



	Six Months Ended June 30, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
OPERATING ACTIVITIES
Net income	$	77,976		$	(1,900	)	$	76,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,192			—			10,192
Amortization of debt discount and issuance costs	2,726			—			2,726
Vacation ownership notes receivable reserve	26,821			230			27,051
Share-based compensation	8,451			—			8,451
Deferred income taxes	11,778			1,032			12,810
Net change in assets and liabilities:
Accounts receivable	30,079			(6,109		)	23,970
Vacation ownership notes receivable originations	(227,643		)	(405		)	(228,048		)
Vacation ownership notes receivable collections	136,731			—			136,731
Inventory	16,007			(1,001		)	15,006
Purchase of vacation ownership units for future transfer to inventory	(33,594		)	—			(33,594		)
Other assets	4,406			69			4,475
Accounts payable, advance deposits and accrued liabilities	(70,470		)	2,242			(68,228		)
Deferred revenue	19,654			5,509			25,163
Payroll and benefit liabilities	(8,698		)	—			(8,698		)
Deferred compensation liability	7,053			—			7,053
Other liabilities	(585		)	293			(292		)
Other, net	3,246			40			3,286
Net cash provided by operating activities	$	14,130		$	—		$	14,130

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We file income tax returns with U.S. federal and state and non-U.S. jurisdictions and are subject to audits in these jurisdictions. 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 $2.2 million and $2.1 million at June 30, 2018 and December 31, 2017, respectively. Our interim effective tax rate was 27.05 percent and 33.83 percent for the six months ended June 30, 2018 and June 30, 2017, respectively, and our annual effective tax rate is expected to be approximately 25.69 percent for fiscal year 2018. During December 2017, the Tax Act was signed into law, effective January 1, 2018, resulting in a significant change in the framework for U.S. corporate taxes, including but not limited to, the reduction of the U.S. corporate tax rate from 35 percent to 21 percent. In accordance with SAB 118, we remeasured our deferred tax assets and liabilities using the new corporate tax rate of 21 percent, rather than the previous corporate tax rate of 35 percent, resulting in a $65.2 million decrease in our income tax expense for the year ended December 31, 2017 and a corresponding $65.2 million decrease in our net deferred tax liability as of December 31, 2017. As of June 30, 2018, these amounts remain provisional and additional work is necessary to perform a more detailed analysis. The one-time transition tax on certain un-repatriated earnings of foreign subsidiaries is based on total post-1986 earnings and profits that we previously deferred from U.S. income taxes. We performed a preliminary analysis of the transition tax and determined that, due to deficits in foreign earnings and profits, we did not have a one-time transition tax liability to record in 2017. As of June 30, 2018, we have not finalized our calculations of our transition tax liability, if any. As the one-time transition tax is based in part on the amount of those earnings held in cash and other specified assets, we may determine that we have a one-time transition tax liability when we finalize the calculation of post-1986 foreign earnings and profits previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. The re-measurement of our deferred tax balances, any transition tax and interpretation of the new law are provisional subject to clarifications of the new legislation and final calculations. Any future changes to the provisional estimates, related to the Tax Act, will be reflected as a change in estimate in the period in which the change in estimate is made in accordance with SAB 118.

VACATION OWNERSHIP NOTES RECEIVABLE

6 Months Ended

Jun. 30, 2018

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 June 30, 2018		At December 31, 2017
Vacation ownership notes receivable — securitized	$	964,510	$	814,011
Vacation ownership notes receivable — non-securitized
Eligible for securitization^{(1) (2)}	37,073		141,324
Not eligible for securitization⁽¹⁾	166,196		159,217
Subtotal	203,269		300,541
Total vacation ownership notes receivable	$	1,167,779	$	1,114,552

_________________________


⁽¹⁾	Refer to Footnote 5 “Financial Instruments” for a discussion of eligibility of our vacation ownership notes receivable for securitization.

⁽²⁾

We expect that these vacation ownership notes receivable will be purchased by the MVW Owner Trust 2018-1 (the “2018-1 Trust”) in accordance with the terms of the securitization transaction completed in the second quarter of 2018. Refer to Footnote 10 “Debt” for a discussion of the terms of this securitization transaction and the purchase of additional vacation ownership notes receivable by the 2018-1 Trust.

The following table shows future principal payments, net of reserves, as well as interest rates for our non-securitized and securitized vacation ownership notes receivable at June 30, 2018:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2018, remaining	$	23,628	$	48,321	$	71,949
2019	34,696		98,564		133,260
2020	26,458		102,267		128,725
2021	20,280		105,452		125,732
2022	16,586		106,653		123,239
Thereafter	81,621		503,253		584,874
Balance at June 30, 2018	$	203,269	$	964,510	$	1,167,779
Weighted average stated interest rate at June 30, 2018	11.2%		12.5%		12.2%
Range of stated interest rates at June 30, 2018	0.0% to 18.0%		4.9% to 18.0%		0.0% to 18.0%

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



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Interest income associated with vacation ownership notes receivable — securitized	$	27,209	$	22,948	$	52,580	$	46,294
Interest income associated with vacation ownership notes receivable — non-securitized	6,920		7,855		15,247		14,865
Total interest income associated with vacation ownership notes receivable	$	34,129	$	30,803	$	67,827	$	61,159

We record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. See Footnote 2 “Revenue” for further information.

The following table summarizes the activity related to our vacation ownership notes receivable reserve:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable			Securitized Vacation Ownership Notes Receivable			Total
Balance at December 31, 2017	$	58,292		$	60,828		$	119,120
Increase in vacation ownership notes receivable reserve	19,440			4,471			23,911
Securitizations	(22,367		)	22,367			—
Clean-up call⁽¹⁾	1,368			(1,368		)	—
Write-offs	(21,064		)	—			(21,064		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	15,137			(15,137		)	—
Balance at June 30, 2018	$	50,806		$	71,161		$	121,967

_________________________


⁽¹⁾	Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable to retire outstanding vacation ownership notes receivable securitizations.


⁽²⁾	Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable.

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 and fully reserve such amounts. 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 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 7.05 percent and 7.16 percent as of June 30, 2018 and December 31, 2017, respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in our vacation ownership notes receivable reserve of $6.2 million and $6.0 million as of June 30, 2018 and December 31, 2017, 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 June 30, 2018	$	39,526	$	6,611	$	46,137
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2017	$	38,786	$	7,428	$	46,214
Average investment in vacation ownership notes receivable on non-accrual status during the second quarter of 2018	$	39,090	$	7,642	$	46,732
Average investment in vacation ownership notes receivable on non-accrual status during the second quarter of 2017	$	38,179	$	7,484	$	45,663
Average investment in vacation ownership notes receivable on non-accrual status during the first half of 2018	$	39,156	$	7,020	$	46,176
Average investment in vacation ownership notes receivable on non-accrual status during the first half of 2017	$	41,135	$	6,839	$	47,974

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of June 30, 2018:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,350	$	15,199	$	22,549
91 – 150 days past due	5,015		6,611		11,626
Greater than 150 days past due	34,511		—		34,511
Total past due	46,876		21,810		68,686
Current	207,199		1,013,861		1,221,060
Total vacation ownership notes receivable	$	254,075	$	1,035,671	$	1,289,746

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



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,109	$	18,553	$	25,662
91 – 150 days past due	4,341		7,428		11,769
Greater than 150 days past due	34,445		—		34,445
Total past due	45,895		25,981		71,876
Current	312,938		848,858		1,161,796
Total vacation ownership notes receivable	$	358,833	$	874,839	$	1,233,672

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2018

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 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 June 30, 2018						At December 31, 2017
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable — securitized	$	964,510		$	1,101,984		$	814,011		$	954,743
Vacation ownership notes receivable — non-securitized	203,269			207,950			300,541			320,767
Other assets	25,688			25,688			13,708			13,708
Total financial assets	$	1,193,467		$	1,335,622		$	1,128,260		$	1,289,218
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(1,099,877	)	$	(1,095,811	)	$	(834,889	)	$	(836,028	)
Convertible notes, net	(195,805		)	(232,760		)	(192,518		)	(259,884		)
Non-interest bearing note payable, net	(29,373		)	(29,373		)	(60,560		)	(60,560		)
Total financial liabilities	$	(1,325,055	)	$	(1,357,944	)	$	(1,087,967	)	$	(1,156,472	)

_________________________


⁽¹⁾	Fair value of financial instruments, with the exception of other assets and convertible notes, has been determined using Level 3 inputs. Fair value of other assets and convertible notes 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 June 30, 2018				At December 31, 2017
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization⁽¹⁾	$	37,073	$	41,754	$	141,324	$	161,550
Not eligible for securitization	166,196		166,196		159,217		159,217
Total non-securitized	$	203,269	$	207,950	$	300,541	$	320,767

_________________________


⁽¹⁾	We expect that these vacation ownership notes receivable will be purchased by the 2018-1 Trust in accordance with the terms of the securitization transaction completed in the second quarter of 2018. Refer to Footnote 10 “Debt” for discussion of the terms of this securitization transaction and the purchase of additional vacation ownership notes receivable by the 2018-1 Trust.

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, or otherwise imputed, 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 company owned insurance policies (the “COLI policies”), acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan, that are 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

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.

Convertible Notes

We estimate the fair value of our Convertible Notes (as defined in Footnote 10 “Debt”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the Convertible Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. The difference between the carrying value and the fair value is primarily attributed to the underlying conversion feature, and the spread between the conversion price and the market value of the shares underlying the Convertible Notes.

Non-Interest Bearing Note Payable

The carrying value of our non-interest bearing note payable issued in connection with the acquisition of vacation ownership units located on the Big Island of Hawaii approximates fair value, because the imputed interest rate used to discount this note payable is consistent with current market rates.

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Planned Acquisition On April 30, 2018, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) under which we agreed to acquire, in a series of transactions, all of the outstanding shares of ILG, Inc. (“ILG”) in a cash and stock transaction with an implied equity value of approximately $4.7 billion as of that date. Under the Merger Agreement, shareholders of ILG will receive 0.165 shares of our common stock, par value $0.01 per share, and $14.75 in cash, without interest, for each share of ILG common stock, par value $0.01 per share, that they own immediately before these transactions close. Consummation of these transactions is subject to customary conditions, including approval from shareholders of both MVW and ILG and other customary closing conditions. We intend to finance the transaction through a combination of cash on hand and debt financing, and concurrently with the signing of the Merger Agreement, entered into a bridge facility commitment letter to provide for such financing. We expect to close the transaction by August 31, 2018. Acquisitions Marco Island, Florida During the first quarter of 2018, we acquired 20 completed vacation ownership units located at our resort in Marco Island, Florida for $23.9 million. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Inventory. See Footnote 9 “Contingencies and Commitments” for information on our remaining commitment related to this property. During the second quarter of 2017, we acquired 36 completed vacation ownership units located at our resort in Marco Island, Florida for $33.6 million. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Property and equipment as we did not intend to make the vacation ownership units available for sale for more than one year. To ensure consistency with the expected related future cash flow presentation, the cash purchase price was included as an operating activity in the Purchase of vacation ownership units for future transfer to inventory line on our Cash Flows. Big Island of Hawaii During the second quarter of 2017, we acquired 112 completed vacation ownership units located on the Big Island of Hawaii. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Inventory. As consideration for the acquisition, we paid $27.3 million in cash, settled a $0.5 million note receivable from the seller on a noncash basis, and issued a non-interest bearing note payable for $63.6 million. See Footnote 10 “Debt” for information on the non-interest bearing note payable.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2018

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.

Our calculation of diluted earnings per share reflects our intent to settle conversions of the Convertible Notes through a combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount (the “conversion premium”). Therefore, we include only the shares that may be issued with respect to any conversion premium in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. As no conversion premium existed as of June 30, 2018, there was no dilutive impact from the Convertible Notes for either the second quarter or the first half of 2018.

The shares issuable on exercise of the Warrants (as defined in Footnote 10 “Debt”) sold in connection with the issuance of the Convertible Notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the strike price, which was adjusted during the second quarter of 2018 to $176.48, as described in Footnote 10 “Debt.” If and when the price of our common stock exceeds the strike price of the Warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the Warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The Convertible Note Hedges (as defined in Footnote 10 “Debt”) purchased in connection with the issuance of the Convertible Notes are considered to be anti-dilutive and will not impact our calculation of 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.



	Three Months Ended				Six Months Ended
(in thousands, except per share amounts)	June 30, 2018⁽¹⁾		June 30, 2017⁽¹⁾		June 30, 2018⁽¹⁾		June 30, 2017⁽¹⁾
Computation of Basic Earnings Per Share
Net income	$	10,761	$	48,186	$	46,742	$	76,076
Shares for basic earnings per share	26,728		27,319		26,707		27,285
Basic earnings per share	$	0.40	$	1.76	$	1.75	$	2.79
Computation of Diluted Earnings Per Share
Net income	$	10,761	$	48,186	$	46,742	$	76,076
Shares for basic earnings per share	26,728		27,319		26,707		27,285
Effect of dilutive shares outstanding
Employee stock options and SARs	396		464		414		457
Restricted stock units	129		182		160		187
Shares for diluted earnings per share	27,253		27,965		27,281		27,929
Diluted earnings per share	$	0.39	$	1.72	$	1.71	$	2.72

_________________________

⁽¹⁾

The computations of diluted earnings per share exclude approximately 307,000 and 306,000 shares of common stock, the maximum number of shares issuable as of June 30, 2018 and June 30, 2017, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met 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 second quarter and first half of 2018, we excluded from our calculation of diluted earnings per share 56,649 shares underlying stock appreciation rights (“SARs”) that may be settled in shares of common stock because the exercise price of $143.38 of such SARs was greater than the average market price for the applicable period.

For the second quarter and first half of 2017, our calculation of diluted earnings per share included shares underlying SARs that may be settled in shares of common stock, because the exercise prices of such SARs were less than or equal to the average market prices for the applicable period.

INVENTORY

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:



($ in thousands)	At June 30, 2018		At December 31, 2017
Finished goods⁽¹⁾	$	325,374	$	391,040
Work-in-progress	113		2,315
Land and infrastructure⁽²⁾	359,992		330,002
Real estate inventory	685,479		723,357
Operating supplies and retail inventory	4,675		5,022
	$	690,154	$	728,379

_________________________


⁽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 $69.5 million of inventory related to estimated future foreclosures at June 30, 2018.

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 increased carrying values of inventory by less than $1.0 million and decreased carrying values of inventory by less than $1.0 million during the first half of 2018 and the first half of 2017, respectively.

In addition to the above, at June 30, 2018, we had $47.6 million of completed vacation ownership units which have been classified as a component of Property and equipment until the time at which they are legally registered for sale as vacation ownership products. Furthermore, at June 30, 2018, we also had $454.9 million of commitments to acquire completed vacation ownership units as discussed below in Footnote 9 “Contingencies and Commitments.”

CONTINGENCIES AND COMMITMENTS

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of June 30, 2018, 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 $35.4 million, of which we expect $7.9 million, $12.4 million, $8.0 million, $3.1 million, $2.5 million and $1.5 million will be paid in 2018, 2019, 2020, 2021, 2022 and thereafter, respectively.

•

We have a commitment to purchase an operating property located in New York, New York for $170.2 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 are committed to make payments for these units of $108.5 million and $61.7 million in 2019 and 2020, respectively. We currently manage this property, which we have rebranded as Marriott Vacation Club Pulse, New York City. See Footnote 13 “Variable Interest Entities” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction.

•

We have a commitment to purchase 88 vacation ownership units located in Bali, Indonesia for use in our Asia Pacific segment, contingent upon completion of construction to agreed-upon standards within specified timeframes. We expect to complete the acquisition in 2019 and to make payments with respect to these units when specific construction milestones are completed, as follows: $3.9 million in 2018, $30.9 million in 2019 and $1.9 million in 2020.

•

We have a remaining commitment to purchase vacation ownership units located at our resort in Marco Island, Florida for $84.5 million, which we expect will be paid in 2019. See Footnote 6 “Acquisitions and Dispositions” and Footnote 13 “Variable Interest Entities” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction.

•

During the first quarter of 2018, we assigned a commitment to purchase an operating property located in San Francisco, California to a third-party developer in a capital efficient inventory arrangement. We expect to acquire the operating property in 2020 and to pay the purchase price of $163.5 million as follows: $100.0 million in 2020 and $63.5 million in 2021. See Footnote 13 “Variable Interest Entities” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction.

Surety bonds issued as of June 30, 2018 totaled $34.5 million, the majority of which were requested by federal, state or local governments in connection with our operations.

Additionally, as of June 30, 2018, we had $2.2 million of letters of credit outstanding under our $250.0 million revolving credit facility (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 Club & 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. Trial is scheduled for September 2018. We dispute the material allegations in the amended complaint and continue to defend against the action vigorously. 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 set the case for trial beginning in January 2019. We dispute the material allegations in the amended complaint and continue to defend against the action vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time.

In May 2015, we and certain of our subsidiaries were named as defendants in an action filed in the Superior Court of San Francisco County, California, by William and Sharon Petrick and certain other present and former owners of fractional interests at the RCC San Francisco. The plaintiffs alleged that the affiliation of the RCC San Francisco with our points-based Marriott Vacation Club Destinations (“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 included, among other things, compensatory and punitive damages, rescission, and pre- and post-judgment interest. In July 2018, following a mediation meeting, the parties reached an agreement in principle to settle the case. The terms of the definitive settlement agreement are currently being finalized. We have recorded an accrual of $10.6 million in conjunction with the settlement. In addition to various terms and conditions, the settlement in principle contemplates our repurchase of fractional interests owned by the plaintiffs.

In March 2017, 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 the Court granted in part and denied in part in March 2018. In February 2018, plaintiffs filed a motion seeking to add a claim for punitive damages to their complaint, which the Court granted in May 2018. We dispute the plaintiffs’ material allegations and continue to defend against the action vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time.

In May 2016, we, certain of our subsidiaries, and certain 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. In September 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, and the Court granted the motion to dismiss and denied the motion to stay. The Court granted leave to plaintiffs to file an amended complaint, which plaintiffs filed in October 2017. In November 2017, we filed a motion to dismiss the amended complaint, which remains pending. We dispute the plaintiffs’ material allegations and continue 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.

In July 2018, a complaint challenging our acquisition of ILG was filed on behalf of alleged stockholders of ILG in the District Court for the District of Delaware, captioned Scarantino v. ILG, Inc., et al. The complaint names as defendants ILG, ILG’s directors, Ignite Holdco, Inc., Ignite Holdco Subsidiary, Inc., our company, Volt Merger Sub, Inc. and Volt Merger Sub, LLC. The complaint alleges that (i) ILG and ILG’s directors issued a false and misleading registration statement in violation of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder; and (ii) we and ILG’s directors, Volt Merger Sub, Inc. and Volt Merger Sub, LLC violated Section 20(a) of the Exchange Act by allegedly exercising control over ILG and ILG’s directors while they issued a false and misleading registration statement. The complaint seeks an injunction preventing the defendants from consummating the transaction and attorneys’ fees and costs, as well as other remedies. Also in July 2018, two other complaints challenging the ILG transaction were filed, one on behalf of an alleged stockholder of ILG in the District Court for the Southern District of Florida, captioned Patricia Stephens v. ILG, Inc., et al., and another on behalf of alleged stockholders of ILG in the District Court for the District of Delaware, captioned Hohman v. ILG, Inc., et al. The complaints name ILG and ILG’s directors as defendants and allege that (i) ILG and ILG’s directors issued a false and misleading registration statement in violation of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder and (ii) ILG’s directors violated Section 20(a) of the Exchange Act by allegedly exercising control over ILG while issuing a false and misleading registration statement. The complaints seek an injunction preventing the defendants from consummating the transaction and attorneys’ fees and costs, as well as other remedies. We believe that these lawsuits are without merit and intend to defend ourselves vigorously.

Other

During the second quarter and first half of 2018 we recorded litigation settlement charges of $16.3 million in our Income Statement relating to agreements in principle to settle two actions in our North America segment, consisting of an accrual of $10.6 million in connection with the Petrick action as described above, and an accrual of $4.6 million in connection with an action brought by owners of fractional interests at The Ritz-Carlton, Lake Tahoe, and $1.1 million related to projects in our Europe segment.

During June 2018, we identified fraudulently induced electronic payment disbursements we made to third parties in an aggregate amount of $9.9 million resulting from unauthorized third-party access to our email system. Upon detection, we immediately notified law enforcement authorities and relevant financial institutions and commenced a forensic investigation. As a result, we have since recovered $3.2 million and expect to recover a significant portion of the remaining $6.7 million through recovery of the disbursed funds and applicable insurance coverage. However, this recovery process may take up to several months. We recorded a loss of $6.7 million in the Losses and other expense, net line of our Income Statements for the second quarter and first half of 2018. Any recoveries will be recorded in our results in the future.

Our investigation is ongoing. There is no indication at this time that this event involved access to any of our other systems or data and no other misappropriation of assets has been identified.

DEBT

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

DEBT

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



($ in thousands)	At June 30, 2018			At December 31, 2017
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,113,860		$	845,131
Unamortized debt issuance costs	(13,983		)	(10,242		)
	1,099,877			834,889

Convertible notes, gross⁽²⁾	230,000			230,000
Unamortized debt discount and issuance costs	(34,195		)	(37,482		)
	195,805			192,518

Non-interest bearing note payable	30,878			63,558
Unamortized debt discount⁽³⁾	(1,505		)	(2,998		)
	29,373			60,560

Other debt, gross	—			27
Unamortized debt issuance costs	—			(2		)
	—			25

Capital leases	7,221			7,221
	$	1,332,276		$	1,095,213

_________________________


⁽¹⁾	Interest rates as of June 30, 2018 range from 2.2% to 6.3% with a weighted average interest rate of 2.9%.


⁽²⁾	The effective interest rate as of June 30, 2018 was 4.7%.


⁽³⁾	Debt discount based on imputed interest rate of 6.0%.

See Footnote 13 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with the securitized vacation ownership notes receivable and our non-recourse warehouse credit facility (the “Warehouse Credit Facility”).

The following table shows scheduled future principal payments for our debt as of June 30, 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Convertible Notes		Non-Interest Bearing Note Payable		Capital Leases		Total
Principal Payments Year
2018, remaining	$	54,037	$	—	$	—	$	—	$	54,037
2019	108,856		—		30,878		7,221		146,955
2020	112,311		—		—		—		112,311
2021	116,127		—		—		—		116,127
2022	118,798		230,000		—		—		348,798
Thereafter	603,731		—		—		—		603,731
	$	1,113,860	$	230,000	$	30,878	$	7,221	$	1,381,959

_________________________


⁽¹⁾	The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us and represents estimated payments assuming purchase of the remaining vacation ownership notes receivable by the 2018-1 Trust in the fourth quarter of 2018 as discussed below.

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 $12.4 million and $9.9 million in the first half of 2018 and the first half of 2017, respectively.

Debt Associated with Vacation Ownership Notes Receivable Securitizations

On June 28, 2018, we completed the securitization of a pool of $436.1 million of vacation ownership notes receivable. Approximately $327.1 million of the vacation ownership notes receivable were purchased on June 28, 2018 by the 2018-1 Trust, and we expect the remaining vacation ownership notes receivable to be purchased by the 2018-1 Trust prior to September 30, 2018. As of June 28, 2018, the 2018-1 Trust held $105.8 million of the proceeds, which will be released as the remaining vacation ownership notes receivable are purchased. On July 26, 2018, subsequent to the second quarter of 2018, the 2018-1 Trust purchased $56.5 million of the remaining vacation ownership notes receivable and $54.8 million was released from restricted cash. Any funds not used to purchase vacation ownership notes receivable will be returned to the investors. In connection with the securitization, investors purchased in a private placement $423.0 million in vacation ownership loan backed notes from the 2018-1 Trust. Three classes of vacation ownership loan backed notes were issued by the 2018-1 Trust: $315.9 million of Class A Notes, $65.0 million of Class B Notes and $42.1 million of Class C Notes. The Class A Notes have an interest rate of 3.45 percent, the Class B Notes have an interest rate of 3.60 percent and Class C Notes have an interest rate of 3.90 percent, for an overall weighted average interest rate of 3.52 percent.

Each of the transactions in which we have securitized vacation ownership notes receivable contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the 2018 second quarter, and as of June 30, 2018, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of June 30, 2018, we had 8 securitized vacation ownership notes receivable pools outstanding.

Convertible Notes

During the third quarter of 2017, we issued $230.0 million aggregate principal amount of 1.50% Convertible Senior Notes due 2022 (the “Convertible Notes”). The Convertible Notes were convertible at an initial rate of 6.7482 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $148.19 per share of our common stock). The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes and was adjusted during the second quarter of 2018 to 6.7560 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of approximately $148.02 per share of our common stock) when we declared a quarterly dividend of $0.40 per share, which was greater than the quarterly dividend at the time of the issuance of the Convertible Notes. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount.

Holders may convert their Convertible Notes prior to June 15, 2022 only under certain circumstances. We may not redeem the Convertible Notes prior to their maturity date. If we undergo a fundamental change, as described in the indenture, subject to certain conditions, holders may require us to repurchase for cash all or any portion of their Convertible Notes, at a repurchase price equal to 100 percent of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. If certain fundamental changes referred to in the indenture as make-whole fundamental changes occur, the conversion rate applicable to the Convertible Notes may increase.

In accounting for the issuance of the Convertible Notes, we separated the Convertible Notes into liability and equity components and allocated $196.8 million to the liability component and $33.2 million to the equity component. The resulting debt discount is amortized as interest expense. We also incurred issuance costs of $7.3 million related to the Convertible Notes. As of June 30, 2018, the remaining discount amortization period was 4.2 years.

The following table shows the net carrying value of the Convertible Notes:



($ in thousands)	At June 30, 2018			At December 31, 2017
Liability component
Principal amount	$	230,000		$	230,000
Unamortized debt discount	(28,872		)	(31,596		)
Unamortized debt issuance costs	(5,323		)	(5,886		)
Net carrying amount of the liability component	$	195,805		$	192,518

Carrying amount of equity component, net of issuance costs	$	32,573		$	32,573

The following table shows interest expense information related to the Convertible Notes:



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Contractual interest expense	$	863	$	—	$	1,725	$	—
Amortization of debt discount	1,375		—		2,723		—
Amortization of debt issuance costs	283		—		564		—
	$	2,521	$	—	$	5,012	$	—

Convertible Note Hedges and Warrants

In connection with the offering of the Convertible Notes, we entered into privately-negotiated convertible note hedge transactions with respect to our common stock (“Convertible Note Hedges”), covering a total of approximately 1.55 million shares of our common stock. The Convertible Note Hedges have a strike price that initially corresponds to the initial conversion price of the Convertible Notes, are subject to anti-dilution provisions substantially similar to those of the Convertible Notes, are exercisable by us upon any conversion under the Convertible Notes, and expire when the Convertible Notes mature.

Concurrently with the entry into the Convertible Note Hedges, we separately entered into privately-negotiated warrant transactions (the “Warrants”), whereby we sold to the counterparties to the Convertible Note Hedges warrants to acquire, collectively, subject to anti-dilution adjustments, approximately 1.55 million shares of our common stock at an initial strike price of $176.68 per share, which was adjusted during the second quarter of 2018 to $176.48 per share when we declared a quarterly dividend of $0.40 per share, which was greater than the quarterly dividend at the time of the issuance of the Convertible Notes.

Taken together, the Convertible Note Hedges and the Warrants are generally expected to reduce the potential dilution to our common stock (or, in the event the conversion of the Convertible Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion our stock price exceeds the conversion price under the Convertible Notes and to effectively increase the overall initial conversion price from $148.19 (or a conversion premium of 30 percent) to $176.68 per share (or a conversion premium of 55 percent). The Warrants will expire in ratable portions on a series of expiration dates commencing on December 15, 2022.

The Convertible Notes, the Convertible Note Hedges and the Warrants are transactions that are separate from each other. Holders of any such instrument have no rights with respect to the other instruments. As of June 30, 2018, no Convertible Note Hedges or Warrants have been exercised.

Revolving Corporate Credit Facility

The Revolving Corporate Credit Facility, which terminates on August 16, 2022, has a borrowing capacity of $250.0 million, including a letter of credit sub-facility of $30.0 million, and provides support for our business, including ongoing liquidity and letters of credit. Borrowings under this facility generally bear interest at a floating rate plus an applicable margin that varies from 0.50 percent to 2.75 percent depending on the type of loan and our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Facility at a rate that varies from 20 basis points per annum to 40 basis points per annum, also depending on our credit rating.

No cash borrowings were outstanding as of June 30, 2018 under our Revolving Corporate Credit Facility. Any amounts 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 June 30, 2018, we were in compliance with the applicable financial and operating covenants under the Revolving Corporate Credit Facility.

Warehouse Credit Facility

The Warehouse Credit Facility, which has a borrowing capacity of $250.0 million, allows for the securitization of vacation ownership notes receivable on a non-recourse basis. During the first quarter of 2018, we amended certain agreements associated with this facility, and as a result, the revolving period was extended to March 13, 2020, certain unused facility fees were reduced and a reserve option was added to provide flexibility in complying with hedging requirements of the facility. The other terms of the Warehouse Credit Facility are substantially similar to those in effect prior to the execution of the amendment. If the Warehouse Credit Facility is not renewed prior to termination, 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 June 30, 2018, 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.

Non-Interest Bearing Note Payable

During the second quarter of 2017, we issued a non-interest bearing note payable in connection with the acquisition of vacation ownership units located on the Big Island of Hawaii. Per the terms of the note payable, the first payment of $32.7 million was paid during the second quarter of 2018 and the remaining balance of $30.9 million is due in the second quarter of 2019. See Footnote 6 “Acquisitions and Dispositions” for additional information regarding this transaction.

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2018

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 June 30, 2018, there were 36,981,204 shares of Marriott Vacations Worldwide common stock issued, of which 26,572,208 shares were outstanding and 10,408,996 shares were held as treasury stock. At December 31, 2017, there were 36,861,843 shares of Marriott Vacations Worldwide common stock issued, of which 26,461,296 shares were outstanding and 10,400,547 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 June 30, 2018 or December 31, 2017.

The following table details changes in shareholders’ equity during the quarter ended June 30, 2018:



($ in thousands)	Common Stock		Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income			Retained Earnings			Total Equity
Balance at December 31, 2017	$	369	$	(694,233	)	$	1,188,538	$	16,745		$	529,396		$	1,040,815
Net income	—		—			—		—			46,742			46,742
Foreign currency translation adjustments	—		—			—		(1,008		)	—			(1,008		)
Derivative instrument adjustment	—		—			—		37			—			37
Amounts related to share-based compensation	1		—			1,640		—			—			1,641
Repurchase of common stock	—		(1,882		)	—		—			—			(1,882		)
Dividends	—		—			—		—			(21,343		)	(21,343		)
Employee stock plan issuance	—		369			270		—			—			639
Balance at June 30, 2018	$	370	$	(695,746	)	$	1,190,448	$	15,774		$	554,795		$	1,065,641

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 31, 2017	10,440,505	$	696,744	$	66.73
For the first half of 2018	13,969	1,882		134.70
As of June 30, 2018	10,454,474	$	698,626	$	66.83

On August 1, 2017, our Board of Directors authorized the repurchase of up to 1.0 million additional shares of our common stock under our existing share repurchase program and extended the program through May 31, 2018. On May 14, 2018, our Board of Directors authorized the extension of our existing share repurchase program through December 31, 2018. As of June 30, 2018, our Board of Directors had authorized the repurchase of an aggregate of up to 11.9 million 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 June 30, 2018, 1.4 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. The Merger Agreement prohibits us from repurchasing shares of our common stock without ILG’s consent.

Dividends

We declared cash dividends to holders of common stock during the first half of 2018 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 16, 2018	March 1, 2018	March 15, 2018	$0.40
May 14, 2018	May 28, 2018	June 11, 2018	$0.40

Any future dividend payments will be subject to Board approval, and there can be no assurance that we will pay dividends in the future. The Merger Agreement restricts our ability to pay dividends other than our regular quarterly dividends without ILG’s consent.

SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2018

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 relating to our common stock 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 June 30, 2018, 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:



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Service based RSUs	$	4,192	$	3,481	$	6,199	$	5,447
Performance based RSUs	1,264		1,020		2,360		1,871
	5,456		4,501		8,559		7,318
SARs	661		674		1,159		1,133
Stock options	—		—		—		—
	$	6,117	$	5,175	$	9,718	$	8,451

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



($ in thousands)	At June 30, 2018		At December 31, 2017
Service based RSUs	$	14,499	$	8,918
Performance based RSUs	8,210		4,752
	22,709		13,670
SARs	2,375		999
Stock options	—		—
	$	25,084	$	14,669

Restricted Stock Units

We granted 90,979 service based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $137.20, to our employees and non-employee directors during the first half of 2018. During the first half of 2018, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 71,902 RSUs may be earned under the performance-based RSU awards granted during the first half of 2018.

Stock Appreciation Rights

We granted 56,649 SARs, with a weighted average grant-date fair value of $44.75 and a weighted average exercise price of $143.38, to members of management during the first half of 2018. 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 first half of 2018:



Expected volatility	30.78%
Dividend yield	1.11%
Risk-free rate	2.68%
Expected term (in years)	6.25

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2018

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 June 30, 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	964,510	$	—	$	964,510
Interest receivable	6,039		—		6,039
Restricted cash⁽¹⁾	144,816		—		144,816
Total	$	1,115,365	$	—	$	1,115,365
Consolidated Liabilities
Interest payable	$	643	$	42	$	685
Debt	1,113,860		—		1,113,860
Total	$	1,114,503	$	42	$	1,114,545

_________________________

⁽¹⁾

Includes $105.8 million of the proceeds from the securitization transaction completed during the second quarter of 2018, which will be released as the remaining vacation ownership notes receivable are purchased by the 2018-1 Trust. Refer to Footnote 10 “Debt” for a discussion of the terms of this securitization transaction and the purchase of additional vacation ownership notes receivable by the 2018-1 Trust.

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 second quarter of 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	27,209	$	—	$	27,209
Interest expense to investors	$	4,692	$	347	$	5,039
Debt issuance cost amortization	$	889	$	244	$	1,133
Administrative expenses	$	100	$	37	$	137

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first half of 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	52,580	$	—	$	52,580
Interest expense to investors	$	9,740	$	691	$	10,431
Debt issuance cost amortization	$	1,862	$	485	$	2,347
Administrative expenses	$	243	$	79	$	322

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



	Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	418,714		$	—
Principal receipts	127,069			110,754
Interest receipts	51,950			45,427
Reserve release	912			412
Total	598,645			156,593
Cash Outflows
Principal to investors	(117,141		)	(102,442		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(15,137		)	(14,318		)
Voluntary clean-up call	(21,993		)	—
Interest to investors	(9,621		)	(8,575		)
Funding of restricted cash⁽¹⁾	(109,790		)	—
Total	(273,682		)	(125,335		)
Net Cash Flows	$	324,963		$	31,258

_________________________

⁽¹⁾

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



	Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	—		$	50,260
Principal receipts	—			948
Interest receipts	—			1,486
Reserve release	—			4
Total	—			52,698
Cash Outflows
Principal to investors	—			(640		)
Interest to investors	(695		)	(826		)
Funding of restricted cash	—			(296		)
Total	(695		)	(1,762		)
Net Cash Flows	$	(695	)	$	50,936

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 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.

Other Variable Interest Entities

We have a commitment to purchase an operating property located in San Francisco, California. Refer to Footnote 9 “Contingencies and Commitments” for additional information on the commitment. We are required to purchase the operating property from the third party developer unless the developer has sold the property to another party. The operating 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 operating property at a higher price. Accordingly, we have not consolidated the variable interest entity. As of June 30, 2018, our Balance Sheet reflected a note receivable of $0.5 million from this variable interest entity, included in the Accounts receivable line. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is less than $1.0 million as of June 30, 2018.

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 9 “Contingencies and Commitments” for additional information on the commitment. We are required to purchase the completed property from the third party developer unless the developer has sold the property to another party. The property is held by a variable interest entity for which we are not the primary beneficiary as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the variable interest entity. As of June 30, 2018, our Balance Sheet reflected $8.3 million in Property and equipment related to a capital lease and leasehold improvements and $7.2 million in Debt related to the capital lease liability for ancillary and operations space we lease from the variable interest entity. In addition, a note receivable of $0.5 million is included in the Accounts receivable line on the Balance Sheet as of June 30, 2018. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is $1.6 million as of June 30, 2018.

Pursuant to a commitment to repurchase an operating property located in Marco Island, Florida that was previously sold to a third-party developer, we acquired 36 completed vacation ownership units during the second quarter of 2017 and 20 completed vacation ownership units during the first quarter of 2018. See Footnote 6 “Acquisitions and Dispositions” for additional information on the transaction that occurred during the first quarter of 2018. We remain obligated to repurchase the remaining portion of the operating property. See Footnote 9 “Contingencies and Commitments” for additional information on our remaining 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. As of June 30, 2018, our Balance Sheet reflected $2.6 million of Inventory, $2.6 million of Other assets that relate to prepaid and other deposits, and $6.6 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 for the remaining purchase commitment, both of which will reduce our basis in the asset if we repurchase the property. In addition, a note receivable of $0.5 million and other receivables of $0.1 million are included in the Accounts receivable line on the Balance Sheet as of June 30, 2018. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is less than $1.0 million as of June 30, 2018.

Deferred Compensation Plan

We consolidate the liabilities of the Marriott Vacations Worldwide Deferred Compensation Plan (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. 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 June 30, 2018, the value of the assets held in the rabbi trust was $25.7 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2018

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, as well as under Marriott Vacation Club Pulse, an extension of 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 focused 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



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
North America	$	544,782	$	517,772	$	1,073,239	$	1,005,844
Asia Pacific	18,219		16,021		37,083		31,255
Europe	31,691		28,643		55,219		53,637
Total segment revenues	594,692		562,436		1,165,541		1,090,736
Corporate and other	—		—		—		—
	$	594,692	$	562,436	$	1,165,541	$	1,090,736

Net Income



	Three Months Ended						Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
North America	$	106,445		$	122,654		$	214,351		$	221,119
Asia Pacific	(3,101		)	(757		)	(4,181		)	(908		)
Europe	2,111			4,825			1,297			4,409
Total segment financial results	105,455			126,722			211,467			224,620
Corporate and other	(88,075		)	(55,618		)	(147,397		)	(109,651		)
Provision for income taxes	(6,619		)	(22,918		)	(17,328		)	(38,893		)
	$	10,761		$	48,186		$	46,742		$	76,076

Assets



($ in thousands)	At June 30, 2018		At December 31, 2017
North America	$	2,091,665	$	2,087,904
Asia Pacific	130,328		128,490
Europe	63,289		62,430
Total segment assets	2,285,282		2,278,824
Corporate and other	772,288		565,758
	$	3,057,570	$	2,844,582

ADOPTION IMPACT OF NEW REVENUE STANDARD

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

ADOPTION IMPACT OF NEW REVENUE STANDARD

REVENUE

Sources of Revenue by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	188,624	$	11,654	$	4,890	$	205,168

Ancillary revenues	29,716		96		5,600		35,412
Management fee revenues	22,760		742		1,814		25,316
Other services revenues	15,953		499		462		16,914
Resort management and other services	68,429		1,337		7,876		77,642

Rental	67,083		2,059		5,419		74,561

Cost reimbursements	186,734		1,931		12,805		201,470
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841

Financing	33,912		1,238		701		35,851
Total Revenues	$	544,782	$	18,219	$	31,691	$	594,692



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	184,880	$	10,282	$	6,694	$	201,856

Ancillary revenues	27,910		—		5,130		33,040
Management fee revenues	19,711		694		1,623		22,028
Other services revenues	16,295		287		290		16,872
Resort management and other services	63,916		981		7,043		71,940

Rental	62,021		2,046		5,223		69,290

Cost reimbursements	176,236		1,607		8,977		186,820
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906

Financing	30,719		1,105		706		32,530
Total Revenues	$	517,772	$	16,021	$	28,643	$	562,436



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	349,320	$	22,900	$	7,737	$	379,957

Ancillary revenues	55,113		141		8,657		63,911
Management fee revenues	44,323		1,514		3,653		49,490
Other services revenues	32,524		995		902		34,421
Resort management and other services	131,960		2,650		13,212		147,822

Rental	135,158		5,384		8,229		148,771

Cost reimbursements	389,360		3,697		24,601		417,658
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208

Financing	67,441		2,452		1,440		71,333
Total Revenues	$	1,073,239	$	37,083	$	55,219	$	1,165,541



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	336,589	$	19,437	$	9,707	$	365,733

Ancillary revenues	52,598		—		7,711		60,309
Management fee revenues	39,627		1,386		3,130		44,143
Other services revenues	33,764		537		606		34,907
Resort management and other services	125,989		1,923		11,447		139,359

Rental	124,506		4,950		7,513		136,969

Cost reimbursements	357,802		2,717		23,515		384,034
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Financing	60,958		2,228		1,455		64,641
Total Revenues	$	1,005,844	$	31,255	$	53,637	$	1,090,736

Timing of Revenue from Contracts with Customers by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	289,368	$	5,015	$	20,420	$	314,803
Goods or services transferred at a point in time	221,502		11,966		10,570		244,038
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	269,806	$	4,410	$	16,080	$	290,296
Goods or services transferred at a point in time	217,247		10,506		11,857		239,610
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	594,157	$	11,139	$	37,214	$	642,510
Goods or services transferred at a point in time	411,641		23,492		16,565		451,698
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	545,371	$	9,164	$	34,640	$	589,175
Goods or services transferred at a point in time	399,515		19,863		17,542		436,920
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Sale of Vacation Ownership Products

Resort Management and Other Services Revenues and Cost Reimbursements Revenues

Ancillary Revenues

Management Fee Revenues and Cost Reimbursements Revenues

Other Services Revenues

Financing Revenues

Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered.

Rental Revenues

Arrangements with Multiple Performance Obligations

Receivables, Contract Assets & Contract Liabilities

The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either June 30, 2018 or December 31, 2017.



($ in thousands)	At June 30, 2018		At December 31, 2017
Receivables
Accounts receivable	$	42,369	$	72,905
Vacation ownership notes receivable, net	1,167,779		1,114,552
	$	1,210,148	$	1,187,457

Contract Liabilities
Advance deposits	$	95,816	$	84,087
Deferred revenue	98,500		69,058
	$	194,316	$	153,145

Revenue recognized in the second quarter and first half of 2018 that was included in our contract liabilities balance at December 31, 2017 was $47.3 million and $94.4 million, respectively.

Remaining Performance Obligations

As part of the adoption of the new Revenue Standard, we elected the following practical expedients and accounting policies:


•	We expense all marketing and sales costs that we incur to sell vacation ownership products when incurred.


•	In determining the transaction price for contracts from customers, we exclude all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-product transaction and collected by the entity from a customer (e.g., sales tax).


•	We do not disclose the amount of the transaction price allocated to the remaining performance obligations as of December 31, 2017 or provide an explanation of when we expect to recognize that amount as revenue.

The following tables present the impact of the adoption of the new Revenue Standard on our previously reported historical results for the periods presented:

Income Statement Impact - Second Quarter of 2017



	Three Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	191,010		$	10,846		$	201,856
Resort management and other services	79,158			(7,218		)	71,940
Financing	32,530			—			32,530
Rental	84,188			(14,898		)	69,290
Cost reimbursements	110,734			76,086			186,820
TOTAL REVENUES	497,620			64,816			562,436
EXPENSES
Cost of vacation ownership products	46,143			4,882			51,025
Marketing and sales	104,029			(4,861		)	99,168
Resort management and other services	44,008			(4,595		)	39,413
Financing	3,449			—			3,449
Rental	70,163			(12,407		)	57,756
General and administrative	29,534			—			29,534
Litigation settlement	183			—			183
Consumer financing interest	5,654			—			5,654
Royalty fee	16,307			—			16,307
Cost reimbursements	110,734			76,086			186,820
TOTAL EXPENSES	430,204			59,105			489,309
Losses and other expense, net	(166		)	—			(166		)
Interest expense	(1,757		)	—			(1,757		)
Other	(100		)	—			(100		)
INCOME BEFORE INCOME TAXES	65,393			5,711			71,104
Provision for income taxes	(21,117		)	(1,801		)	(22,918		)
NET INCOME	$	44,276		$	3,910		$	48,186

Earnings per share - Basic	$	1.62		$	0.14		$	1.76
Earnings per share - Diluted	$	1.58		$	0.14		$	1.72

Income Statement Impact - First Half of 2017



	Six Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	363,165		$	2,568		$	365,733
Resort management and other services	152,122			(12,763		)	139,359
Financing	64,641			—			64,641
Rental	169,444			(32,475		)	136,969
Cost reimbursements	234,367			149,667			384,034
TOTAL REVENUES	983,739			106,997			1,090,736
EXPENSES
Cost of vacation ownership products	88,763			6,033			94,796
Marketing and sales	204,690			(8,024		)	196,666
Resort management and other services	85,653			(8,769		)	76,884
Financing	7,466			—			7,466
Rental	140,595			(29,131		)	111,464
General and administrative	57,073			—			57,073
Litigation settlement	183			—			183
Consumer financing interest	11,592			—			11,592
Royalty fee	32,377			—			32,377
Cost reimbursements	234,367			149,667			384,034
TOTAL EXPENSES	862,759			109,776			972,535
Losses and other expense, net	(225		)	—			(225		)
Interest expense	(2,538		)	—			(2,538		)
Other	(469		)	—			(469		)
INCOME BEFORE INCOME TAXES	117,748			(2,779		)	114,969
Provision for income taxes	(39,772		)	879			(38,893		)
NET INCOME	$	77,976		$	(1,900	)	$	76,076

Earnings per share - Basic	$	2.86		$	(0.07	)	$	2.79
Earnings per share - Diluted	$	2.79		$	(0.07	)	$	2.72

Balance Sheet Impact



	As of December 31, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
ASSETS
Cash and cash equivalents	$	409,059		$	—		$	409,059
Restricted cash	81,553			—			81,553
Accounts receivable, net	154,174			(62,515		)	91,659
Vacation ownership notes receivable, net	1,119,631			(5,079		)	1,114,552
Inventory	716,533			11,846			728,379
Property and equipment	252,727			—			252,727
Other	172,516			(5,863		)	166,653
TOTAL ASSETS	$	2,906,193		$	(61,611	)	$	2,844,582
LIABILITIES AND EQUITY
Accounts payable	$	145,405		$	—		$	145,405
Advance deposits	63,062			21,025			84,087
Accrued liabilities	168,591			(48,781		)	119,810
Deferred revenue	98,286			(29,228		)	69,058
Payroll and benefits liability	111,885			—			111,885
Deferred compensation liability	74,851			—			74,851
Debt, net	1,095,213			—			1,095,213
Other	13,155			316			13,471
Deferred taxes	90,725			(738		)	89,987
TOTAL LIABILITIES	1,861,173			(57,406		)	1,803,767

Preferred stock	—			—			—
Common stock	369			—			369
Treasury stock	(694,233		)	—			(694,233		)
Additional paid-in capital	1,188,538			—			1,188,538
Accumulated other comprehensive income	16,745			—			16,745
Retained earnings	533,601			(4,205		)	529,396
TOTAL EQUITY	1,045,020			(4,205		)	1,040,815
TOTAL LIABILITIES AND EQUITY	$	2,906,193		$	(61,611	)	$	2,844,582

Cash Flow Impact - Operating Activities



	Six Months Ended June 30, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
OPERATING ACTIVITIES
Net income	$	77,976		$	(1,900	)	$	76,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,192			—			10,192
Amortization of debt discount and issuance costs	2,726			—			2,726
Vacation ownership notes receivable reserve	26,821			230			27,051
Share-based compensation	8,451			—			8,451
Deferred income taxes	11,778			1,032			12,810
Net change in assets and liabilities:
Accounts receivable	30,079			(6,109		)	23,970
Vacation ownership notes receivable originations	(227,643		)	(405		)	(228,048		)
Vacation ownership notes receivable collections	136,731			—			136,731
Inventory	16,007			(1,001		)	15,006
Purchase of vacation ownership units for future transfer to inventory	(33,594		)	—			(33,594		)
Other assets	4,406			69			4,475
Accounts payable, advance deposits and accrued liabilities	(70,470		)	2,242			(68,228		)
Deferred revenue	19,654			5,509			25,163
Payroll and benefit liabilities	(8,698		)	—			(8,698		)
Deferred compensation liability	7,053			—			7,053
Other liabilities	(585		)	293			(292		)
Other, net	3,246			40			3,286
Net cash provided by operating activities	$	14,130		$	—		$	14,130

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Our Business	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, as well as under Marriott Vacation Club Pulse, an extension of 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 June 30, 2018, our portfolio consisted of over 65 properties in the United States and nine 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	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 “Income Statements,” (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. We use certain other terms that are defined within these Financial Statements. We adopted Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606),” as amended (“ASU 2014-09”), on January 1, 2018, the first day of our 2018 fiscal year, and refer to it as the new “Revenue Standard” throughout these Financial Statements. We restated our previously reported historical results to conform with the adoption of the new Revenue Standard. See “New Accounting Standards” below for additional information on ASU 2014-09 and Footnote 15 “Adoption Impact of New Revenue Standard” for further discussion of the adoption and the impact on our previously reported historical results. 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. 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, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto recast for the adoption of ASU 2014-09 included in our Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on June 5, 2018. 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, vacation ownership notes receivable reserves, income taxes and loss contingencies. Accordingly, actual amounts may differ from these estimated amounts. We have reclassified certain prior year amounts to conform to our current quarter presentation.
New Accounting Standards	New Accounting Standards Accounting Standards Update 2018-05 – “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” (“ASU 2018-05”) In March 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-05, which updates the income tax accounting in GAAP to reflect the interpretive guidance in Staff Accounting Bulletin (“SAB”) 118 (“SAB 118”), that was issued by the staff of the Securities and Exchange Commission in December 2017 in order to address the application of GAAP in situations where a registrant does not have all the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“the “Tax Act”). SAB 118 provides for a provisional one year measurement period for registrants to finalize their accounting for certain income tax effects related to the Tax Act. ASU 2018-05 was effective upon issuance. We expect to finalize our provisional amounts related to the Tax Act by the fourth quarter of 2018. See Footnote 3 “Income Taxes” for additional information. Accounting Standards Update 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. The adoption of ASU 2016-01 in the first quarter of 2018 did not have a material impact on our financial statements or disclosures. Accounting Standards Update 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. This 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. The adoption of ASU 2016-16 in the first quarter of 2018 did not have a material impact on our financial statements or disclosures. Accounting Standards Update 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, creates ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), and supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” including 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, is effective for annual reporting periods, and interim periods within those reporting periods, 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 adopted ASU 2014-09, as amended, effective January 1, 2018, on a retrospective basis and restated our previously reported historical results. See Footnote 15 “Adoption Impact of New Revenue Standard” for further discussion of adoption and the impact on our previously reported historical results. See Footnote 2 “Revenue” for additional information on how we recognize revenue.
Future Adoption of Accounting Standards	Future Adoption of Accounting Standards Accounting Standards Update 2017-12 – “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”) In August 2017, the FASB issued ASU 2017-12, which amends and simplifies existing guidance in order to allow companies to better portray the economic effects of risk management activities in the financial statements and enhance the transparency and understandability of the results of hedging activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We expect to adopt ASU 2017-12 commencing in fiscal year 2019 and are continuing to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 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 fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018. We expect to adopt ASU 2016-13 commencing in fiscal year 2019 and are continuing to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 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. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. However, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. In July 2018, the FASB also issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” which clarifies how to apply certain aspects of ASU 2016-02. We expect to adopt ASU 2016-02, ASU 2018-10 and ASU 2018-11 commencing in fiscal year 2019 and are continuing our implementation efforts. We continue to evaluate the impact that adoption of these updates will have on our financial statements and disclosures, including for example, any potential changes to and investments in policies, processes, systems and internal controls over financial reporting that may be required to comply with the new guidance related to identifying and measuring right-of-use assets and lease liabilities. We expect that these updates will have a material effect on our balance sheets.

REVENUE (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Sources of Revenue by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	188,624	$	11,654	$	4,890	$	205,168

Ancillary revenues	29,716		96		5,600		35,412
Management fee revenues	22,760		742		1,814		25,316
Other services revenues	15,953		499		462		16,914
Resort management and other services	68,429		1,337		7,876		77,642

Rental	67,083		2,059		5,419		74,561

Cost reimbursements	186,734		1,931		12,805		201,470
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841

Financing	33,912		1,238		701		35,851
Total Revenues	$	544,782	$	18,219	$	31,691	$	594,692



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	184,880	$	10,282	$	6,694	$	201,856

Ancillary revenues	27,910		—		5,130		33,040
Management fee revenues	19,711		694		1,623		22,028
Other services revenues	16,295		287		290		16,872
Resort management and other services	63,916		981		7,043		71,940

Rental	62,021		2,046		5,223		69,290

Cost reimbursements	176,236		1,607		8,977		186,820
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906

Financing	30,719		1,105		706		32,530
Total Revenues	$	517,772	$	16,021	$	28,643	$	562,436



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	349,320	$	22,900	$	7,737	$	379,957

Ancillary revenues	55,113		141		8,657		63,911
Management fee revenues	44,323		1,514		3,653		49,490
Other services revenues	32,524		995		902		34,421
Resort management and other services	131,960		2,650		13,212		147,822

Rental	135,158		5,384		8,229		148,771

Cost reimbursements	389,360		3,697		24,601		417,658
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208

Financing	67,441		2,452		1,440		71,333
Total Revenues	$	1,073,239	$	37,083	$	55,219	$	1,165,541



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	336,589	$	19,437	$	9,707	$	365,733

Ancillary revenues	52,598		—		7,711		60,309
Management fee revenues	39,627		1,386		3,130		44,143
Other services revenues	33,764		537		606		34,907
Resort management and other services	125,989		1,923		11,447		139,359

Rental	124,506		4,950		7,513		136,969

Cost reimbursements	357,802		2,717		23,515		384,034
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Financing	60,958		2,228		1,455		64,641
Total Revenues	$	1,005,844	$	31,255	$	53,637	$	1,090,736

Timing of Revenue from Contracts with Customers by Segment



	Three Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	289,368	$	5,015	$	20,420	$	314,803
Goods or services transferred at a point in time	221,502		11,966		10,570		244,038
Revenue from contracts with customers	$	510,870	$	16,981	$	30,990	$	558,841



	Three Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	269,806	$	4,410	$	16,080	$	290,296
Goods or services transferred at a point in time	217,247		10,506		11,857		239,610
Revenue from contracts with customers	$	487,053	$	14,916	$	27,937	$	529,906



	Six Months Ended June 30, 2018
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	594,157	$	11,139	$	37,214	$	642,510
Goods or services transferred at a point in time	411,641		23,492		16,565		451,698
Revenue from contracts with customers	$	1,005,798	$	34,631	$	53,779	$	1,094,208



	Six Months Ended June 30, 2017
($ in thousands)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	545,371	$	9,164	$	34,640	$	589,175
Goods or services transferred at a point in time	399,515		19,863		17,542		436,920
Revenue from contracts with customers	$	944,886	$	29,027	$	52,182	$	1,026,095

Contract with Customer, Asset and Liability

The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either June 30, 2018 or December 31, 2017.



($ in thousands)	At June 30, 2018		At December 31, 2017
Receivables
Accounts receivable	$	42,369	$	72,905
Vacation ownership notes receivable, net	1,167,779		1,114,552
	$	1,210,148	$	1,187,457

Contract Liabilities
Advance deposits	$	95,816	$	84,087
Deferred revenue	98,500		69,058
	$	194,316	$	153,145

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2018

Receivables [Abstract]

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 June 30, 2018		At December 31, 2017
Vacation ownership notes receivable — securitized	$	964,510	$	814,011
Vacation ownership notes receivable — non-securitized
Eligible for securitization^{(1) (2)}	37,073		141,324
Not eligible for securitization⁽¹⁾	166,196		159,217
Subtotal	203,269		300,541
Total vacation ownership notes receivable	$	1,167,779	$	1,114,552

_________________________


⁽¹⁾	Refer to Footnote 5 “Financial Instruments” for a discussion of eligibility of our vacation ownership notes receivable for securitization.

⁽²⁾

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

The following table shows future principal payments, net of reserves, as well as interest rates for our non-securitized and securitized vacation ownership notes receivable at June 30, 2018:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
2018, remaining	$	23,628	$	48,321	$	71,949
2019	34,696		98,564		133,260
2020	26,458		102,267		128,725
2021	20,280		105,452		125,732
2022	16,586		106,653		123,239
Thereafter	81,621		503,253		584,874
Balance at June 30, 2018	$	203,269	$	964,510	$	1,167,779
Weighted average stated interest rate at June 30, 2018	11.2%		12.5%		12.2%
Range of stated interest rates at June 30, 2018	0.0% to 18.0%		4.9% to 18.0%		0.0% to 18.0%

Interest Income Associated with Vacation Ownership Notes Receivable

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



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Interest income associated with vacation ownership notes receivable — securitized	$	27,209	$	22,948	$	52,580	$	46,294
Interest income associated with vacation ownership notes receivable — non-securitized	6,920		7,855		15,247		14,865
Total interest income associated with vacation ownership notes receivable	$	34,129	$	30,803	$	67,827	$	61,159

Notes Receivable Reserves

The following table summarizes the activity related to our vacation ownership notes receivable reserve:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable			Securitized Vacation Ownership Notes Receivable			Total
Balance at December 31, 2017	$	58,292		$	60,828		$	119,120
Increase in vacation ownership notes receivable reserve	19,440			4,471			23,911
Securitizations	(22,367		)	22,367			—
Clean-up call⁽¹⁾	1,368			(1,368		)	—
Write-offs	(21,064		)	—			(21,064		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	15,137			(15,137		)	—
Balance at June 30, 2018	$	50,806		$	71,161		$	121,967

_________________________


⁽¹⁾	Refers to our voluntary repurchase of previously securitized non-defaulted vacation ownership notes receivable to retire outstanding vacation ownership notes receivable securitizations.


⁽²⁾	Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable.

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 June 30, 2018	$	39,526	$	6,611	$	46,137
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2017	$	38,786	$	7,428	$	46,214
Average investment in vacation ownership notes receivable on non-accrual status during the second quarter of 2018	$	39,090	$	7,642	$	46,732
Average investment in vacation ownership notes receivable on non-accrual status during the second quarter of 2017	$	38,179	$	7,484	$	45,663
Average investment in vacation ownership notes receivable on non-accrual status during the first half of 2018	$	39,156	$	7,020	$	46,176
Average investment in vacation ownership notes receivable on non-accrual status during the first half of 2017	$	41,135	$	6,839	$	47,974

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 June 30, 2018:



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,350	$	15,199	$	22,549
91 – 150 days past due	5,015		6,611		11,626
Greater than 150 days past due	34,511		—		34,511
Total past due	46,876		21,810		68,686
Current	207,199		1,013,861		1,221,060
Total vacation ownership notes receivable	$	254,075	$	1,035,671	$	1,289,746

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



($ in thousands)	Non-Securitized Vacation Ownership Notes Receivable		Securitized Vacation Ownership Notes Receivable		Total
31 – 90 days past due	$	7,109	$	18,553	$	25,662
91 – 150 days past due	4,341		7,428		11,769
Greater than 150 days past due	34,445		—		34,445
Total past due	45,895		25,981		71,876
Current	312,938		848,858		1,161,796
Total vacation ownership notes receivable	$	358,833	$	874,839	$	1,233,672

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Investments, All Other Investments [Abstract]

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities



	At June 30, 2018						At December 31, 2017
($ in thousands)	Carrying Amount			Fair Value⁽¹⁾			Carrying Amount			Fair Value⁽¹⁾
Vacation ownership notes receivable — securitized	$	964,510		$	1,101,984		$	814,011		$	954,743
Vacation ownership notes receivable — non-securitized	203,269			207,950			300,541			320,767
Other assets	25,688			25,688			13,708			13,708
Total financial assets	$	1,193,467		$	1,335,622		$	1,128,260		$	1,289,218
Non-recourse debt associated with vacation ownership notes receivable securitizations, net	$	(1,099,877	)	$	(1,095,811	)	$	(834,889	)	$	(836,028	)
Convertible notes, net	(195,805		)	(232,760		)	(192,518		)	(259,884		)
Non-interest bearing note payable, net	(29,373		)	(29,373		)	(60,560		)	(60,560		)
Total financial liabilities	$	(1,325,055	)	$	(1,357,944	)	$	(1,087,967	)	$	(1,156,472	)

_________________________

⁽¹⁾

Fair value of financial instruments, with the exception of other assets and convertible notes, has been determined using Level 3 inputs. Fair value of other assets and convertible notes that are financial instruments has been determined using Level 2 inputs.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 June 30, 2018				At December 31, 2017
($ in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Eligible for securitization⁽¹⁾	$	37,073	$	41,754	$	141,324	$	161,550
Not eligible for securitization	166,196		166,196		159,217		159,217
Total non-securitized	$	203,269	$	207,950	$	300,541	$	320,767

_________________________

⁽¹⁾

We expect that these vacation ownership notes receivable will be purchased by the 2018-1 Trust in accordance with the terms of the securitization transaction completed in the second quarter of 2018. Refer to Footnote 10 “Debt” for discussion of the terms of this securitization transaction and the purchase of additional vacation ownership notes receivable by the 2018-1 Trust.

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2018

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.



	Three Months Ended				Six Months Ended
(in thousands, except per share amounts)	June 30, 2018⁽¹⁾		June 30, 2017⁽¹⁾		June 30, 2018⁽¹⁾		June 30, 2017⁽¹⁾
Computation of Basic Earnings Per Share
Net income	$	10,761	$	48,186	$	46,742	$	76,076
Shares for basic earnings per share	26,728		27,319		26,707		27,285
Basic earnings per share	$	0.40	$	1.76	$	1.75	$	2.79
Computation of Diluted Earnings Per Share
Net income	$	10,761	$	48,186	$	46,742	$	76,076
Shares for basic earnings per share	26,728		27,319		26,707		27,285
Effect of dilutive shares outstanding
Employee stock options and SARs	396		464		414		457
Restricted stock units	129		182		160		187
Shares for diluted earnings per share	27,253		27,965		27,281		27,929
Diluted earnings per share	$	0.39	$	1.72	$	1.71	$	2.72

_________________________

⁽¹⁾

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:



($ in thousands)	At June 30, 2018		At December 31, 2017
Finished goods⁽¹⁾	$	325,374	$	391,040
Work-in-progress	113		2,315
Land and infrastructure⁽²⁾	359,992		330,002
Real estate inventory	685,479		723,357
Operating supplies and retail inventory	4,675		5,022
	$	690,154	$	728,379

_________________________


⁽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 $69.5 million of inventory related to estimated future foreclosures at June 30, 2018.

DEBT (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt Balances, Net of Unamortized Debt Issuance Costs

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



($ in thousands)	At June 30, 2018			At December 31, 2017
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,113,860		$	845,131
Unamortized debt issuance costs	(13,983		)	(10,242		)
	1,099,877			834,889

Convertible notes, gross⁽²⁾	230,000			230,000
Unamortized debt discount and issuance costs	(34,195		)	(37,482		)
	195,805			192,518

Non-interest bearing note payable	30,878			63,558
Unamortized debt discount⁽³⁾	(1,505		)	(2,998		)
	29,373			60,560

Other debt, gross	—			27
Unamortized debt issuance costs	—			(2		)
	—			25

Capital leases	7,221			7,221
	$	1,332,276		$	1,095,213

_________________________


⁽¹⁾	Interest rates as of June 30, 2018 range from 2.2% to 6.3% with a weighted average interest rate of 2.9%.


⁽²⁾	The effective interest rate as of June 30, 2018 was 4.7%.


⁽³⁾	Debt discount based on imputed interest rate of 6.0%.

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our debt as of June 30, 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations⁽¹⁾		Convertible Notes		Non-Interest Bearing Note Payable		Capital Leases		Total
Principal Payments Year
2018, remaining	$	54,037	$	—	$	—	$	—	$	54,037
2019	108,856		—		30,878		7,221		146,955
2020	112,311		—		—		—		112,311
2021	116,127		—		—		—		116,127
2022	118,798		230,000		—		—		348,798
Thereafter	603,731		—		—		—		603,731
	$	1,113,860	$	230,000	$	30,878	$	7,221	$	1,381,959

_________________________

⁽¹⁾

The debt associated with our vacation ownership notes receivable securitizations is non-recourse to us and represents estimated payments assuming purchase of the remaining vacation ownership notes receivable by the 2018-1 Trust in the fourth quarter of 2018 as discussed below.

Convertible Debt

The following table shows the net carrying value of the Convertible Notes:



($ in thousands)	At June 30, 2018			At December 31, 2017
Liability component
Principal amount	$	230,000		$	230,000
Unamortized debt discount	(28,872		)	(31,596		)
Unamortized debt issuance costs	(5,323		)	(5,886		)
Net carrying amount of the liability component	$	195,805		$	192,518

Carrying amount of equity component, net of issuance costs	$	32,573		$	32,573

The following table shows interest expense information related to the Convertible Notes:



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Contractual interest expense	$	863	$	—	$	1,725	$	—
Amortization of debt discount	1,375		—		2,723		—
Amortization of debt issuance costs	283		—		564		—
	$	2,521	$	—	$	5,012	$	—

SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Changes in Shareholders' Equity

The following table details changes in shareholders’ equity during the quarter ended June 30, 2018:



($ in thousands)	Common Stock		Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income			Retained Earnings			Total Equity
Balance at December 31, 2017	$	369	$	(694,233	)	$	1,188,538	$	16,745		$	529,396		$	1,040,815
Net income	—		—			—		—			46,742			46,742
Foreign currency translation adjustments	—		—			—		(1,008		)	—			(1,008		)
Derivative instrument adjustment	—		—			—		37			—			37
Amounts related to share-based compensation	1		—			1,640		—			—			1,641
Repurchase of common stock	—		(1,882		)	—		—			—			(1,882		)
Dividends	—		—			—		—			(21,343		)	(21,343		)
Employee stock plan issuance	—		369			270		—			—			639
Balance at June 30, 2018	$	370	$	(695,746	)	$	1,190,448	$	15,774		$	554,795		$	1,065,641

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 31, 2017	10,440,505	$	696,744	$	66.73
For the first half of 2018	13,969	1,882		134.70
As of June 30, 2018	10,454,474	$	698,626	$	66.83

Cash Dividend Declared

We declared cash dividends to holders of common stock during the first half of 2018 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 16, 2018	March 1, 2018	March 15, 2018	$0.40
May 14, 2018	May 28, 2018	June 11, 2018	$0.40

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2018

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:



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Service based RSUs	$	4,192	$	3,481	$	6,199	$	5,447
Performance based RSUs	1,264		1,020		2,360		1,871
	5,456		4,501		8,559		7,318
SARs	661		674		1,159		1,133
Stock options	—		—		—		—
	$	6,117	$	5,175	$	9,718	$	8,451

Schedule of Unrecognized Compensation Cost, Nonvested Awards

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



($ in thousands)	At June 30, 2018		At December 31, 2017
Service based RSUs	$	14,499	$	8,918
Performance based RSUs	8,210		4,752
	22,709		13,670
SARs	2,375		999
Stock options	—		—
	$	25,084	$	14,669

Assumptions Used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants during the first half of 2018:



Expected volatility	30.78%
Dividend yield	1.11%
Risk-free rate	2.68%
Expected term (in years)	6.25

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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	$	964,510	$	—	$	964,510
Interest receivable	6,039		—		6,039
Restricted cash⁽¹⁾	144,816		—		144,816
Total	$	1,115,365	$	—	$	1,115,365
Consolidated Liabilities
Interest payable	$	643	$	42	$	685
Debt	1,113,860		—		1,113,860
Total	$	1,114,503	$	42	$	1,114,545

_________________________

⁽¹⁾

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 second quarter of 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	27,209	$	—	$	27,209
Interest expense to investors	$	4,692	$	347	$	5,039
Debt issuance cost amortization	$	889	$	244	$	1,133
Administrative expenses	$	100	$	37	$	137

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first half of 2018:



($ in thousands)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	52,580	$	—	$	52,580
Interest expense to investors	$	9,740	$	691	$	10,431
Debt issuance cost amortization	$	1,862	$	485	$	2,347
Administrative expenses	$	243	$	79	$	322

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:



	Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	418,714		$	—
Principal receipts	127,069			110,754
Interest receipts	51,950			45,427
Reserve release	912			412
Total	598,645			156,593
Cash Outflows
Principal to investors	(117,141		)	(102,442		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(15,137		)	(14,318		)
Voluntary clean-up call	(21,993		)	—
Interest to investors	(9,621		)	(8,575		)
Funding of restricted cash⁽¹⁾	(109,790		)	—
Total	(273,682		)	(125,335		)
Net Cash Flows	$	324,963		$	31,258

_________________________

⁽¹⁾

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



	Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	—		$	50,260
Principal receipts	—			948
Interest receipts	—			1,486
Reserve release	—			4
Total	—			52,698
Cash Outflows
Principal to investors	—			(640		)
Interest to investors	(695		)	(826		)
Funding of restricted cash	—			(296		)
Total	(695		)	(1,762		)
Net Cash Flows	$	(695	)	$	50,936

- 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)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Revenues



	Three Months Ended				Six Months Ended
($ in thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
North America	$	544,782	$	517,772	$	1,073,239	$	1,005,844
Asia Pacific	18,219		16,021		37,083		31,255
Europe	31,691		28,643		55,219		53,637
Total segment revenues	594,692		562,436		1,165,541		1,090,736
Corporate and other	—		—		—		—
	$	594,692	$	562,436	$	1,165,541	$	1,090,736

Net Income (Loss)

Net Income



	Three Months Ended						Six Months Ended
($ in thousands)	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
North America	$	106,445		$	122,654		$	214,351		$	221,119
Asia Pacific	(3,101		)	(757		)	(4,181		)	(908		)
Europe	2,111			4,825			1,297			4,409
Total segment financial results	105,455			126,722			211,467			224,620
Corporate and other	(88,075		)	(55,618		)	(147,397		)	(109,651		)
Provision for income taxes	(6,619		)	(22,918		)	(17,328		)	(38,893		)
	$	10,761		$	48,186		$	46,742		$	76,076

Assets



($ in thousands)	At June 30, 2018		At December 31, 2017
North America	$	2,091,665	$	2,087,904
Asia Pacific	130,328		128,490
Europe	63,289		62,430
Total segment assets	2,285,282		2,278,824
Corporate and other	772,288		565,758
	$	3,057,570	$	2,844,582

ADOPTION IMPACT OF NEW REVENUE STANDARD (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of New Accounting Pronouncement

Income Statement Impact - Second Quarter of 2017



	Three Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	191,010		$	10,846		$	201,856
Resort management and other services	79,158			(7,218		)	71,940
Financing	32,530			—			32,530
Rental	84,188			(14,898		)	69,290
Cost reimbursements	110,734			76,086			186,820
TOTAL REVENUES	497,620			64,816			562,436
EXPENSES
Cost of vacation ownership products	46,143			4,882			51,025
Marketing and sales	104,029			(4,861		)	99,168
Resort management and other services	44,008			(4,595		)	39,413
Financing	3,449			—			3,449
Rental	70,163			(12,407		)	57,756
General and administrative	29,534			—			29,534
Litigation settlement	183			—			183
Consumer financing interest	5,654			—			5,654
Royalty fee	16,307			—			16,307
Cost reimbursements	110,734			76,086			186,820
TOTAL EXPENSES	430,204			59,105			489,309
Losses and other expense, net	(166		)	—			(166		)
Interest expense	(1,757		)	—			(1,757		)
Other	(100		)	—			(100		)
INCOME BEFORE INCOME TAXES	65,393			5,711			71,104
Provision for income taxes	(21,117		)	(1,801		)	(22,918		)
NET INCOME	$	44,276		$	3,910		$	48,186

Earnings per share - Basic	$	1.62		$	0.14		$	1.76
Earnings per share - Diluted	$	1.58		$	0.14		$	1.72

Income Statement Impact - First Half of 2017



	Six Months Ended June 30, 2017
($ in thousands, except per share amounts)	As Reported			Adjustments			As Adjusted
REVENUES
Sale of vacation ownership products	$	363,165		$	2,568		$	365,733
Resort management and other services	152,122			(12,763		)	139,359
Financing	64,641			—			64,641
Rental	169,444			(32,475		)	136,969
Cost reimbursements	234,367			149,667			384,034
TOTAL REVENUES	983,739			106,997			1,090,736
EXPENSES
Cost of vacation ownership products	88,763			6,033			94,796
Marketing and sales	204,690			(8,024		)	196,666
Resort management and other services	85,653			(8,769		)	76,884
Financing	7,466			—			7,466
Rental	140,595			(29,131		)	111,464
General and administrative	57,073			—			57,073
Litigation settlement	183			—			183
Consumer financing interest	11,592			—			11,592
Royalty fee	32,377			—			32,377
Cost reimbursements	234,367			149,667			384,034
TOTAL EXPENSES	862,759			109,776			972,535
Losses and other expense, net	(225		)	—			(225		)
Interest expense	(2,538		)	—			(2,538		)
Other	(469		)	—			(469		)
INCOME BEFORE INCOME TAXES	117,748			(2,779		)	114,969
Provision for income taxes	(39,772		)	879			(38,893		)
NET INCOME	$	77,976		$	(1,900	)	$	76,076

Earnings per share - Basic	$	2.86		$	(0.07	)	$	2.79
Earnings per share - Diluted	$	2.79		$	(0.07	)	$	2.72

Balance Sheet Impact



	As of December 31, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
ASSETS
Cash and cash equivalents	$	409,059		$	—		$	409,059
Restricted cash	81,553			—			81,553
Accounts receivable, net	154,174			(62,515		)	91,659
Vacation ownership notes receivable, net	1,119,631			(5,079		)	1,114,552
Inventory	716,533			11,846			728,379
Property and equipment	252,727			—			252,727
Other	172,516			(5,863		)	166,653
TOTAL ASSETS	$	2,906,193		$	(61,611	)	$	2,844,582
LIABILITIES AND EQUITY
Accounts payable	$	145,405		$	—		$	145,405
Advance deposits	63,062			21,025			84,087
Accrued liabilities	168,591			(48,781		)	119,810
Deferred revenue	98,286			(29,228		)	69,058
Payroll and benefits liability	111,885			—			111,885
Deferred compensation liability	74,851			—			74,851
Debt, net	1,095,213			—			1,095,213
Other	13,155			316			13,471
Deferred taxes	90,725			(738		)	89,987
TOTAL LIABILITIES	1,861,173			(57,406		)	1,803,767

Preferred stock	—			—			—
Common stock	369			—			369
Treasury stock	(694,233		)	—			(694,233		)
Additional paid-in capital	1,188,538			—			1,188,538
Accumulated other comprehensive income	16,745			—			16,745
Retained earnings	533,601			(4,205		)	529,396
TOTAL EQUITY	1,045,020			(4,205		)	1,040,815
TOTAL LIABILITIES AND EQUITY	$	2,906,193		$	(61,611	)	$	2,844,582

Cash Flow Impact - Operating Activities



	Six Months Ended June 30, 2017
($ in thousands)	As Reported			Adjustments			As Adjusted
OPERATING ACTIVITIES
Net income	$	77,976		$	(1,900	)	$	76,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,192			—			10,192
Amortization of debt discount and issuance costs	2,726			—			2,726
Vacation ownership notes receivable reserve	26,821			230			27,051
Share-based compensation	8,451			—			8,451
Deferred income taxes	11,778			1,032			12,810
Net change in assets and liabilities:
Accounts receivable	30,079			(6,109		)	23,970
Vacation ownership notes receivable originations	(227,643		)	(405		)	(228,048		)
Vacation ownership notes receivable collections	136,731			—			136,731
Inventory	16,007			(1,001		)	15,006
Purchase of vacation ownership units for future transfer to inventory	(33,594		)	—			(33,594		)
Other assets	4,406			69			4,475
Accounts payable, advance deposits and accrued liabilities	(70,470		)	2,242			(68,228		)
Deferred revenue	19,654			5,509			25,163
Payroll and benefit liabilities	(8,698		)	—			(8,698		)
Deferred compensation liability	7,053			—			7,053
Other liabilities	(585		)	293			(292		)
Other, net	3,246			40			3,286
Net cash provided by operating activities	$	14,130		$	—		$	14,130

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2018 Location Property Line Segment
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%
Minimum
Significant Accounting Policies [Line Items]
Number of properties \| Property	65
Operations located outside the United States
Significant Accounting Policies [Line Items]
Number of countries and territories in which company operates (location) \| Location	9

REVENUE - Revenue with customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 558,841	$ 529,906	$ 1,094,208	$ 1,026,095
Financing	35,851	32,530	71,333	64,641
TOTAL REVENUES	594,692	562,436	1,165,541	1,090,736
North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	510,870	487,053	1,005,798	944,886
Financing	33,912	30,719	67,441	60,958
TOTAL REVENUES	544,782	517,772	1,073,239	1,005,844
Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	16,981	14,916	34,631	29,027
Financing	1,238	1,105	2,452	2,228
TOTAL REVENUES	18,219	16,021	37,083	31,255
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	30,990	27,937	53,779	52,182
Financing	701	706	1,440	1,455
TOTAL REVENUES	31,691	28,643	55,219	53,637
Vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	205,168	201,856	379,957	365,733
Vacation ownership products \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	188,624	184,880	349,320	336,589
Vacation ownership products \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	11,654	10,282	22,900	19,437
Vacation ownership products \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	4,890	6,694	7,737	9,707
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	35,412	33,040	63,911	60,309
Ancillary revenues \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	29,716	27,910	55,113	52,598
Ancillary revenues \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	96	0	141	0
Ancillary revenues \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5,600	5,130	8,657	7,711
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	25,316	22,028	49,490	44,143
Management fee revenues \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	22,760	19,711	44,323	39,627
Management fee revenues \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	742	694	1,514	1,386
Management fee revenues \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,814	1,623	3,653	3,130
Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	16,914	16,872	34,421	34,907
Other services revenues \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	15,953	16,295	32,524	33,764
Other services revenues \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	499	287	995	537
Other services revenues \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	462	290	902	606
Resort management and other services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	77,642	71,940	147,822	139,359
Resort management and other services \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	68,429	63,916	131,960	125,989
Resort management and other services \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,337	981	2,650	1,923
Resort management and other services \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	7,876	7,043	13,212	11,447
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	74,561	69,290	148,771	136,969
Rental \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	67,083	62,021	135,158	124,506
Rental \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	2,059	2,046	5,384	4,950
Rental \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5,419	5,223	8,229	7,513
Cost reimbursements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	201,470	186,820	417,658	384,034
Cost reimbursements \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	186,734	176,236	389,360	357,802
Cost reimbursements \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,931	1,607	3,697	2,717
Cost reimbursements \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 12,805	$ 8,977	$ 24,601	$ 23,515

REVENUE - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 558,841	$ 529,906	$ 1,094,208	$ 1,026,095
North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	510,870	487,053	1,005,798	944,886
Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	16,981	14,916	34,631	29,027
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	30,990	27,937	53,779	52,182
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	314,803	290,296	642,510	589,175
Services transferred over time \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	289,368	269,806	594,157	545,371
Services transferred over time \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5,015	4,410	11,139	9,164
Services transferred over time \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	20,420	16,080	37,214	34,640
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	244,038	239,610	451,698	436,920
Goods or services transferred at a point in time \| North America
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	221,502	217,247	411,641	399,515
Goods or services transferred at a point in time \| Asia Pacific
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	11,966	10,506	23,492	19,863
Goods or services transferred at a point in time \| Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 10,570	$ 11,857	$ 16,565	$ 17,542

REVENUE - Narrative (Details)	3 Months Ended	6 Months Ended
REVENUE - Narrative (Details)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($) Line Segment	Dec. 31, 2017 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of primary sources of revenues generated (line) \| Line		4
Number of business segments \| Segment		3
Contract with customer, performance obligation, decrease in revenue	$ (3,700,000)	$ (2,000,000.0)
Vacation ownership products, sales incentives, period		2 years
Vacation ownership product, financing term		10 years
Contract with customer, contract assets	0	$ 0	$ 0
Contract with customer, liability, revenue recognized	$ 47,300,000	$ 94,400,000
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of days for payments to commence under financing contracts after closing		30 days
Rental expiration period		6 months
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of days for payments to commence under financing contracts after closing		60 days
Rental expiration period		24 months

REVENUE - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Receivables
Accounts receivable	$ 42,369	$ 72,905
Vacation ownership notes receivable, net	1,167,779	1,114,552
Receivables	1,210,148	1,187,457
Contract Liabilities
Contract Liabilities	194,316	153,145
Advance deposits
Contract Liabilities
Contract Liabilities	95,816	84,087
Deferred revenue
Contract Liabilities
Contract Liabilities	$ 98,500	$ 69,058

REVENUE - Remaining performance obligation narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01	Jun. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligation expected timing percentage	90.00%
Expected timing of satisfaction, period	2 years

INCOME TAXES (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 2.2			$ 2.1
Effective income tax rate, percent	27.05%	33.83%
Decrease in income tax expense				65.2
Decrease net deferred tax liability				$ 65.2
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective income tax rate, percent			25.69%

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
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	7.05%	7.16%
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	$ 6.2	$ 6.0

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 1,167,779	$ 1,114,552
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	964,510	814,011
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	37,073	141,324
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	166,196	159,217
Vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 203,269	$ 300,541

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Future Minimum Payments Receivable [Line Items]
2018, remaining	$ 71,949
2019	133,260
2020	128,725
2021	125,732
2022	123,239
Thereafter	584,874
Total maturities	1,167,779
Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2018, remaining	23,628
2019	34,696
2020	26,458
2021	20,280
2022	16,586
Thereafter	81,621
Total maturities	203,269
Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2018, remaining	48,321
2019	98,564
2020	102,267
2021	105,452
2022	106,653
Thereafter	503,253
Total maturities	$ 964,510
Minimum
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	0.00%
Minimum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	0.00%
Minimum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	4.90%
Maximum
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	18.00%
Maximum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	18.00%
Maximum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	18.00%
Weighted Average
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	12.20%
Weighted Average \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	11.20%
Weighted Average \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Weighted average stated interest rate at June 30, 2018	12.50%

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 34,129	$ 30,803	$ 67,827	$ 61,159
Vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	27,209	22,948	52,580	46,294
Vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 6,920	$ 7,855	$ 15,247	$ 14,865

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 31, 2017	$ 119,120
Increase in vacation ownership notes receivable reserve	23,911
Securitizations	0
Write-offs	(21,064)
Defaulted vacation ownership notes receivable repurchase activity	0
June 30, 2018	121,967
Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 31, 2017	58,292
Increase in vacation ownership notes receivable reserve	19,440
Securitizations	(22,367)
Write-offs	(21,064)
Defaulted vacation ownership notes receivable repurchase activity	15,137
June 30, 2018	50,806
Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
December 31, 2017	60,828
Increase in vacation ownership notes receivable reserve	4,471
Securitizations	22,367
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(15,137)
June 30, 2018	71,161
Warehouse Credit Facility
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up call	0
Warehouse Credit Facility \| Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up call	1,368
Warehouse Credit Facility \| Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Clean-up call	$ (1,368)

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 46,137		$ 46,137		$ 46,214
Average investment in notes receivable on non-accrual status	46,732	$ 45,663	46,176	$ 47,974
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	39,526		39,526		38,786
Average investment in notes receivable on non-accrual status	39,090	38,179	39,156	41,135
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	6,611		6,611		$ 7,428
Average investment in notes receivable on non-accrual status	$ 7,642	$ 7,484	$ 7,020	$ 6,839

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 68,686	$ 71,876
Current	1,221,060	1,161,796
Total vacation ownership notes receivable	1,289,746	1,233,672
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	46,876	45,895
Current	207,199	312,938
Total vacation ownership notes receivable	254,075	358,833
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	21,810	25,981
Current	1,013,861	848,858
Total vacation ownership notes receivable	1,035,671	874,839
Financing Receivables, 31 To 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	22,549	25,662
Financing Receivables, 31 To 90 Days Past Due [Member] \| Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	7,350	7,109
Financing Receivables, 31 To 90 Days Past Due [Member] \| Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	15,199	18,553
Financing Receivables, 91 To 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	11,626	11,769
Financing Receivables, 91 To 150 Days Past Due [Member] \| Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	5,015	4,341
Financing Receivables, 91 To 150 Days Past Due [Member] \| Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	6,611	7,428
Financing Receivables, Greater than 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	34,511	34,445
Financing Receivables, Greater than 150 Days Past Due [Member] \| Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	34,511	34,445
Financing Receivables, Greater than 150 Days Past Due [Member] \| Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 0	$ 0

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 1,167,779	$ 1,114,552
Other	166,875	166,653
Debt, net	(1,332,276)	(1,095,213)
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other	25,688	13,708
Total financial assets	1,193,467	1,128,260
Debt, net	(1,332,276)	(1,095,213)
Total financial liabilities	(1,325,055)	(1,087,967)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other	25,688	13,708
Total financial assets	1,335,622	1,289,218
Total financial liabilities	(1,357,944)	(1,156,472)
Vacation ownership notes receivable — securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	964,510	814,011
Vacation ownership notes receivable — securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	964,510	814,011
Vacation ownership notes receivable — securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,101,984	954,743
Vacation ownership notes receivable — non-securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	203,269	300,541
Vacation ownership notes receivable — non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	203,269	300,541
Vacation ownership notes receivable — non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	207,950	320,767
Non-Recourse Debt \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(1,099,877)	(834,889)
Non-Recourse Debt \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(1,095,811)	(836,028)
Convertible Senior Notes \| Senior Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(195,805)	(192,518)
Convertible Senior Notes \| Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	232,760	(259,884)
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	(29,373)	(60,560)
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net	$ (29,373)	$ (60,560)

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 1,167,779	$ 1,114,552
Non-Securitized Vacation Ownership Notes Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	203,269	300,541
Non-Securitized Vacation Ownership Notes Receivable \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	203,269	300,541
Non-Securitized Vacation Ownership Notes Receivable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	207,950	320,767
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	37,073	141,324
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	41,754	161,550
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	166,196	159,217
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	$ 166,196	$ 159,217

ACQUISITIONS AND DISPOSITIONS (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 30, 2018 USD ($) $ / shares	Mar. 31, 2018 USD ($) vacation_ownership_unit	Jun. 30, 2017 USD ($) vacation_ownership_unit	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2017 USD ($) vacation_ownership_unit	Dec. 31, 2017 $ / shares
Business Acquisition [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.01			$ 0.01		$ 0.01
Purchase of vacation ownership units for future transfer to inventory				$ 0	$ 33,594
Non-cash issuance of debt in connection with acquisition of vacation ownership units				$ 0	$ 63,558
Marco Island Florida
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit		20	36		36
Purchase of vacation ownership units for future transfer to inventory			$ 33,600
Payments to acquire real estate		$ 23,900
Big Island Of Hawaii
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit			112		112
Payments to acquire real estate			$ 27,300
Noncash transaction, value of consideration			500
Non-cash issuance of debt in connection with acquisition of vacation ownership units			$ 63,600
ILG, Inc
Business Acquisition [Line Items]
Implied equity value of cash and stock transaction	$ 4,700,000
Business combination, share conversion ratio	0.165
Business combination, share price (in usd per share) \| $ / shares	$ 14.75
ILG, Inc
Business Acquisition [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.01

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
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)		307,000	306,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	56,649
SARS not included in the calculation of diluted earnings per share because exercise prices exceeded market prices, exercise prices (in usd per share)	$ 143.38
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share)	$ 176.48	$ 176.48		$ 176.68

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 10,761	$ 48,186	$ 46,742	$ 76,076
Shares for basic earnings per share (in shares)	26,728	27,319	26,707	27,285
Basic earnings per share (in usd per share)	$ 0.40	$ 1.76	$ 1.75	$ 2.79
Employee stock options and SARs (in shares)	396	464	414	457
Restricted stock units (in shares)	129	182	160	187
Shares for diluted earnings per share (in shares)	27,253	27,965	27,281	27,929
Diluted earnings per share (in usd per share)	$ 0.39	$ 1.72	$ 1.71	$ 2.72
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)			307	306

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory [Line Items]
Finished goods	$ 325,374	$ 391,040
Work-in-progress	113	2,315
Land and infrastructure	359,992	330,002
Real estate inventory	685,479	723,357
Operating supplies and retail inventory	4,675	5,022
Inventory	690,154	$ 728,379
Estimated Future Foreclosures
Inventory [Line Items]
Land and infrastructure	$ 69,500

INVENTORY - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Inventory [Line Items]
Land and infrastructure	$ 359,992		$ 330,002
Real estate inventory true up (less than)	1,000	$ (1,000)
Amount of completed vacation ownership units classified as property and equipment	47,600
Purchase commitment	454,900
Estimated Future Foreclosures
Inventory [Line Items]
Land and infrastructure	$ 69,500

CONTINGENCIES AND COMMITMENTS (Details)			1 Months Ended				3 Months Ended		6 Months Ended
CONTINGENCIES AND COMMITMENTS (Details)	Mar. 31, 2017 Plaintiff	Jul. 01, 2013 Plaintiff	Jul. 31, 2018 claim	Jun. 30, 2018 USD ($) vacation_ownership_unit	Jun. 30, 2013 Plaintiff	Apr. 30, 2013 Plaintiff	Jun. 30, 2018 USD ($) vacation_ownership_unit	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) vacation_ownership_unit	Jun. 30, 2017 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment				$ 454,900,000			$ 454,900,000		$ 454,900,000
Surety bonds issued				34,500,000			34,500,000		34,500,000
Litigation settlement							16,312,000	$ 183,000	16,209,000	$ 183,000
Estimate of possible loss				9,900,000
Recovery of funds							3,200,000
Estimated recovery from third party				6,700,000			6,700,000		6,700,000
Losses and other expense, net							(6,586,000)	$ (166,000)	(6,140,000)	$ (225,000)
New York City, New York
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment				170,200,000			170,200,000		170,200,000
Purchase commitment obligation due, 2019				108,500,000			108,500,000		108,500,000
Purchase commitment obligation due, 2020				61,700,000			61,700,000		61,700,000
Bali Indonesia Resort Two
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2018				3,900,000			3,900,000		3,900,000
Purchase commitment obligation due, 2019				30,900,000			30,900,000		30,900,000
Purchase commitment obligation due, 2020				$ 1,900,000			$ 1,900,000		$ 1,900,000
Number of vacation ownership units expected to be acquired \| vacation_ownership_unit				88			88		88
San Francisco, California
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment				$ 163,500,000			$ 163,500,000		$ 163,500,000
Purchase commitment obligation due, 2020				100,000,000.0			100,000,000.0		100,000,000.0
Purchase commitment obligation due, 2021				63,500,000			63,500,000		63,500,000
Kapalua Bay Settlement
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff		2			38	12
Number of plaintiffs, released claims \| Plaintiff					2	2
RCC-Aspen Highlands
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs in lawsuits \| Plaintiff	232
Commitment to purchase vacation ownership units located in Marco Island, Florida
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2019				84,500,000			84,500,000		84,500,000
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment				35,400,000			35,400,000		35,400,000
Purchase commitment obligation due, 2018				7,900,000			7,900,000		7,900,000
Purchase commitment obligation due, 2019				12,400,000			12,400,000		12,400,000
Purchase commitment obligation due, 2020				8,000,000.0			8,000,000.0		8,000,000.0
Purchase commitment obligation due, 2021				3,100,000			3,100,000		3,100,000
Purchase commitment obligation due, 2022				2,500,000			2,500,000		2,500,000
Purchase commitment obligation due, thereafter				1,500,000			1,500,000		1,500,000
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			7,200,000		7,200,000
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding				2,200,000			2,200,000		2,200,000
Revolving Corporate Credit Facility \| Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Credit facility				$ 250,000,000.0			250,000,000.0		250,000,000.0
Subsequent Event \| Acquisition of ILG
Commitments and Contingencies Disclosure [Line Items]
New claims filed \| claim			2
Settled Litigation
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement							16,300,000		16,300,000
Settled Litigation \| North America \| William and Sharon Petrick Case
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement							(10,600,000)		(10,600,000)
Settled Litigation \| North America \| The Ritz-Carlton, Lake Tahoe
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement							(4,600,000)		(4,600,000)
Settled Litigation \| Europe
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement							(1,100,000)		(1,100,000)
Fraudulently Induced Electronic Payment Disbursements
Commitments and Contingencies Disclosure [Line Items]
Losses and other expense, net							$ 6,700,000		$ 6,700,000

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Debt, gross	$ 1,381,959
Debt, net	1,332,276	$ 1,095,213
Carrying Amount
Debt Instrument [Line Items]
Capital leases	7,221	7,221
Debt, net	1,332,276	1,095,213
Non-Recourse Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,113,860
Debt, weighted average interest rate	2.90%
Non-Recourse Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 1,113,860	845,131
Unamortized debt issuance costs	(13,983)	(10,242)
Debt, net	1,099,877	834,889
Other Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	0	27
Unamortized debt issuance costs	0	(2)
Debt, net	0	25
Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt, gross	230,000
Unamortized debt issuance costs	(5,323)	(5,886)
Unamortized discount	$ (28,872)	(31,596)
Debt, stated interest rate			1.50%
Effective percentage	4.70%
Convertible Senior Notes \| Convertible Debt \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 230,000	230,000
Unamortized debt discount and issuance costs	(34,195)	(37,482)
Debt, net	195,805	192,518
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net
Debt Instrument [Line Items]
Debt, gross	$ 30,878
Effective percentage	6.00%
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 30,878	63,558
Unamortized discount	(1,505)	(2,998)
Debt, net	$ 29,373	$ 60,560
Minimum \| Non-Recourse Debt
Debt Instrument [Line Items]
Debt, stated interest rate	2.20%
Maximum \| Non-Recourse Debt
Debt Instrument [Line Items]
Debt, stated interest rate	6.30%

DEBT - Additional Information (Details)							3 Months Ended		6 Months Ended
DEBT - Additional Information (Details)	Jul. 26, 2018 USD ($)	Jun. 30, 2018 USD ($) Loan $ / shares shares	Jun. 28, 2018 USD ($) Class	May 14, 2018 $ / shares	Feb. 16, 2018 $ / shares	Sep. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) Loan $ / shares shares	Jun. 30, 2017 $ / shares	Jun. 30, 2018 USD ($) Loan $ / shares shares	Jun. 30, 2017 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Debt Disclosure [Line Items]
Cash paid for interest, net of amounts capitalized									$ 12,400,000	$ 9,900,000
Values of vacation ownership notes receivable that were securitized during the period			$ 436,100,000
Restricted cash		$ 170,536,000	105,800,000				$ 170,536,000		$ 170,536,000		$ 81,553,000
Number of notes receivable pools under performance triggers \| Loan		0							0
Number of notes receivable pools outstanding \| Loan		8					8		8
Dividend per Share (in usd per share) \| $ / shares				$ 0.40	$ 0.40		$ 0.40	$ 0.35	$ 0.80	$ 0.70
Repayment of non-interest bearing note payable									$ (32,680,000)	$ 0
Non-cash issuance of debt in connection with acquisition of vacation ownership units		$ 1,381,959,000					$ 1,381,959,000		1,381,959,000
Warehouse Credit Facility
Debt Disclosure [Line Items]
Credit facility		250,000,000.0					250,000,000.0		250,000,000.0
Line of credit		$ 0					$ 0		$ 0
Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, weighted average interest rate		2.90%					2.90%		2.90%
Non-cash issuance of debt in connection with acquisition of vacation ownership units		$ 1,113,860,000					$ 1,113,860,000		$ 1,113,860,000
Minimum \| Revolving corporate credit facility, net
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%		2.20%
Maximum \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Line of credit facility, commitment fee percentage							0.40%
Maximum \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, stated interest rate		6.30%					6.30%		6.30%
Convertible Senior Notes \| Convertible Debt
Debt Disclosure [Line Items]
Debt, stated interest rate						1.50%
Principal amount						$ 230,000,000.0
Debt instrument, convertible, conversion ratio						0.0000067482	0.000006756
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares		$ 148.02				$ 148.19	$ 148.02		$ 148.02
Dividend per Share (in usd per share) \| $ / shares					$ 0.40
Debt instrument, redemption price, percentage									10000.00%
Principal amount		$ 195,805,000				$ 196,800,000	$ 195,805,000		$ 195,805,000		192,518,000
Carrying amount of equity component, net of issuance costs		32,573,000				33,200,000	32,573,000		$ 32,573,000		$ 32,573,000
Unamortized debt issuance costs						$ 7,300,000
Debt instrument, convertible, remaining discount amortization period									4 years 2 months 12 days
Percentage above common stock price to conversion price of convertible debt when instrument is eligible for conversion						30.00%
Non-cash issuance of debt in connection with acquisition of vacation ownership units		230,000,000					230,000,000		$ 230,000,000
Revolving Corporate Credit Facility \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Credit facility		250,000,000.0					250,000,000.0		250,000,000.0
Line of credit		0					0		0
Revolving Corporate Credit Facility \| Letter of Credit \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Credit facility		30,000,000.0					30,000,000.0		$ 30,000,000.0
Revolving Corporate Credit Facility \| Minimum \| Eurodollar \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate									0.50%
Revolving Corporate Credit Facility \| Maximum \| Eurodollar \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Debt instrument, basis spread on variable rate									2.75%
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net
Debt Disclosure [Line Items]
Non-cash issuance of debt in connection with acquisition of vacation ownership units		$ 30,878,000					$ 30,878,000		$ 30,878,000
Convertible Note Hedges
Debt Disclosure [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) \| shares						1,550,000
Number of convertible note hedges exercised (in shares) \| shares		0					0		0
Private Warrants
Debt Disclosure [Line Items]
Number of securities called by warrants (in shares) \| shares						1,550,000
Exercise price of warrants (in usd per share) \| $ / shares		$ 176.48				$ 176.68	$ 176.48		$ 176.48
Number of warrants exercised (in shares) \| shares		0					0		0
Conversion Premium, Stock Price Exceeds The Conversion Price \| Convertible Senior Notes \| Convertible Debt
Debt Disclosure [Line Items]
Effective percentage above common stock price to conversion price of convertible debt, as effected by convertible note hedge and warrant transactions						55.00%
Mvw Holding \| Non-Recourse Debt
Debt Disclosure [Line Items]
Values of vacation ownership notes receivable that were securitized during the period			327,100,000
Proceeds from vacation ownership notes receivable securitizations			$ 423,000,000.0
Debt, weighted average interest rate			3.52%
Mvw Holding \| Class A Notes \| Non-Recourse Debt
Debt Disclosure [Line Items]
Number of classes of notes issued in securitization \| Class			3
Debt, stated interest rate			3.45%
Principal amount			$ 315,900,000
Mvw Holding \| Class B Notes \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, stated interest rate			3.60%
Principal amount			$ 65,000,000.0
Mvw Holding \| Class C Notes \| Non-Recourse Debt
Debt Disclosure [Line Items]
Debt, stated interest rate			3.90%
Principal amount			$ 42,100,000
Subsequent Event \| Mvw Holding \| Non-Recourse Debt
Debt Disclosure [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 56,500,000
Decrease in restricted cash	$ 54,800,000
Big Island Of Hawaii \| Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net
Debt Disclosure [Line Items]
Repayment of non-interest bearing note payable							$ (32,700,000)
Non-cash issuance of debt in connection with acquisition of vacation ownership units		$ 30,900,000					$ 30,900,000		$ 30,900,000

DEBT - Scheduled Future Principal Payments for Debt (Detail) (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2018, remaining	$ 54,037
2019	146,955
2020	112,311
2021	116,127
2022	348,798
Thereafter	603,731
June 30, 2017	1,381,959
Vacation Ownership Notes Receivable Securitizations
Long Term Debt Maturities Repayments Of Principal [Line Items]
2018, remaining	54,037
2019	108,856
2020	112,311
2021	116,127
2022	118,798
Thereafter	603,731
June 30, 2017	1,113,860
Convertible Debt \| Convertible Senior Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2018, remaining	0
2019	0
2020	0
2021	0
2022	230,000
Thereafter	0
June 30, 2017	230,000
Non-interest bearing note payable, net \| Non-Interest Bearing Note Payable
Long Term Debt Maturities Repayments Of Principal [Line Items]
2018, remaining	0
2019	30,878
2020	0
2021	0
2022	0
Thereafter	0
June 30, 2017	30,878
Capital Leases
Long Term Debt Maturities Repayments Of Principal [Line Items]
2018, remaining	0
2019	7,221
2020	0
2021	0
2022	0
Thereafter	0
June 30, 2017	$ 7,221

DEBT - Net Carrying Value Of The Convertible Notes (Details) - Convertible Debt - Convertible Senior Notes - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Principal amount	$ 230,000	$ 230,000
Unamortized debt discount	(28,872)	(31,596)
Unamortized debt issuance costs	(5,323)	(5,886)
Long-term Debt	195,805	192,518	$ 196,800
Carrying amount of equity component, net of issuance costs	$ 32,573	$ 32,573	$ 33,200

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible Debt - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Contractual interest expense	$ 863	$ 0	$ 1,725	$ 0
Amortization of debt discount	1,375	0	2,723	0
Amortization of debt issuance costs	283	0	564	0
Interest Expense, Debt	$ 2,521	$ 0	$ 5,012	$ 0

SHAREHOLDERS' EQUITY - Additional Information (Details) - $ / shares	Jun. 30, 2018	Apr. 30, 2018	Dec. 31, 2017	Aug. 01, 2017
Equity [Abstract]
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	36,981,204		36,861,843
Common stock, shares outstanding (in shares)	26,572,208		26,461,296
Treasury stock, shares (in shares)	10,408,996		10,400,547
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
Number of additional shares authorized to be repurchased (in shares)				1,000,000.0
Share repurchase program, number of common stock authorized to be repurchased (in shares)	11,900,000
Shares remained available for repurchase under the program (in shares)	1,400,000

SHAREHOLDERS' EQUITY - Changes in Shareholder's Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			$ 1,040,815
Net income	$ 10,761	$ 48,186	46,742	$ 76,076
Foreign currency translation adjustments	(7,233)	2,465	(1,008)	6,681
Derivative instrument adjustment	18	$ 23	37	$ 48
Amounts related to share-based compensation			1,641
Repurchase of common stock			(1,882)
Dividends			(21,343)
Employee stock plan issuance			639
June 30, 2018	1,065,641		1,065,641
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			369
Amounts related to share-based compensation			1
June 30, 2018	370		370
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			(694,233)
Repurchase of common stock			(1,882)
Employee stock plan issuance			369
June 30, 2018	(695,746)		(695,746)
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			1,188,538
Amounts related to share-based compensation			1,640
Employee stock plan issuance			270
June 30, 2018	1,190,448		1,190,448
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			16,745
Foreign currency translation adjustments			(1,008)
Derivative instrument adjustment			37
June 30, 2018	15,774		15,774
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
December 31, 2017			529,396
Net income			46,742
Dividends			(21,343)
June 30, 2018	$ 554,795		$ 554,795

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	10,400,547
Cost of Shares Repurchased \| $	$ 1,882
Number of Shares Repurchased (in shares)	10,408,996
Treasury Stock
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	10,440,505
Cost of Shares Repurchased \| $	$ 696,744
Average Price Paid per Share (in usd per share) \| $ / shares	$ 66.73
Number of Shares of Common Stock Repurchased (in shares)	13,969
Cost of Shares Repurchased \| $	$ 1,882
Average Price Paid per Share (in usd per share) \| $ / shares	$ 134.70
Number of Shares Repurchased (in shares)	10,454,474
Cost of Shares Repurchased \| $	$ 698,626
Average Price Paid per Share (in usd per share) \| $ / shares	$ 66.83

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares			3 Months Ended		6 Months Ended
	May 14, 2018	Feb. 16, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity [Abstract]
Dividend per Share (in usd per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.35	$ 0.80	$ 0.70

SHARE-BASED COMPENSATION - Additional Information (Details)	6 Months Ended
	Jun. 30, 2018 $ / 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)	90,979
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 137.20
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of RSU subject to vesting (in shares)	71,902
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	56,649
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 44.75
Stock awards granted, weighted average (in usd per share) exercise date fair value \| $ / shares	$ 143.38

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6,117	$ 5,175	$ 9,718	$ 8,451
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4,192	3,481	6,199	5,447
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,264	1,020	2,360	1,871
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,456	4,501	8,559	7,318
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	661	674	1,159	1,133
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0	$ 0

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 25,084	$ 14,669
Service based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	14,499	8,918
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	8,210	4,752
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	22,709	13,670
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	2,375	999
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)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	30.78%
Dividend yield	1.11%
Risk-free rate	2.68%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES - Additional Information (Details)	6 Months Ended
	Jun. 30, 2018 USD ($)	Mar. 31, 2018 vacation_ownership_unit	Dec. 31, 2017 USD ($)	Jun. 30, 2017 vacation_ownership_unit
Variable Interest Entity [Line Items]
Noncontrolling interest	$ 0
Limit to repurchasing defaulted mortgage notes at the outstanding principal balance	20.00%
Inventory	$ 690,154,000		$ 728,379,000
Other	166,875,000		166,653,000
Other liabilities	11,937,000		13,471,000
Accounts receivable, net	67,619,000		$ 91,659,000
Cash surrender value of life insurance	25,700,000
New York City, New York \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Note receivable	500,000
Maximum loss (less than)	1,600,000
Capital lease asset	8,300,000
Capital lease liability	7,200,000
Marco Island Florida
Variable Interest Entity [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit		20		36
San Francisco, California \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Note receivable	500,000
Maximum loss (less than)	1,000,000.0
Marco Island Florida \| Florida \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum loss (less than)	1,000,000.0
Inventory	2,600,000
Other	2,600,000
Other liabilities	6,600,000
Notes Receivable \| Marco Island Florida \| Florida \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Note receivable	500,000
Other Receivables \| Marco Island Florida \| Florida \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Accounts receivable, net	$ 100,000

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 28, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Restricted cash	$ 170,536		$ 105,800	$ 81,553
VIE Assets	1,115,365
VIE Liabilities	1,114,545
Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,113,860
Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	964,510
Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	6,039
Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	144,816
Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	685
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	1,115,365
VIE Liabilities	1,114,503
Vacation Ownership Notes Receivable Securitizations \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,113,860
Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	964,510
Vacation Ownership Notes Receivable Securitizations \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	6,039
Vacation Ownership Notes Receivable Securitizations \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	144,816
Vacation Ownership Notes Receivable Securitizations \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	643
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	0
VIE Liabilities	42
Proceeds from vacation ownership notes receivable securitizations	0	$ 50,260
Warehouse Credit Facility \| Non-Recourse Debt
Variable Interest Entity [Line Items]
VIE Liabilities	0
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	$ 42

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Variable Interest Entity [Line Items]
Interest income	$ 34,129	$ 30,803	$ 67,827	$ 61,159
Administrative expenses	32,992	$ 29,534	62,427	$ 57,073
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	27,209		52,580
Interest expense to investors	5,039		10,431
Debt issuance cost amortization	1,133		2,347
Administrative expenses	137		322
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	27,209		52,580
Interest expense to investors	4,692		9,740
Debt issuance cost amortization	889		1,862
Administrative expenses	100		243
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	0		0
Interest expense to investors	347		691
Debt issuance cost amortization	244		485
Administrative expenses	$ 37		$ 79

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$ 418,714	$ 0
Principal receipts	127,069	110,754
Interest receipts	51,950	45,427
Reserve release	912	412
Total	598,645	156,593
Cash Outflows
Principal to investors	(117,141)	(102,442)
Voluntary repurchases of defaulted vacation ownership notes receivable	(15,137)	(14,318)
Voluntary clean-up call	(21,993)	0
Interest to investors	(9,621)	(8,575)
Funding of restricted cash	(109,790)	0
Total	(273,682)	(125,335)
Net Cash Flows	324,963	31,258
Warehouse Credit Facility
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	0	50,260
Principal receipts	0	948
Interest receipts	0	1,486
Reserve release	0	4
Total	0	52,698
Cash Outflows
Principal to investors	0	(640)
Interest to investors	(695)	(826)
Funding of restricted cash	0	(296)
Total	(695)	(1,762)
Net Cash Flows	$ (695)	$ 50,936

BUSINESS SEGMENTS - Additional Information (Details)	6 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Jun. 30, 2018 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 \| program	2

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 594,692	$ 562,436	$ 1,165,541	$ 1,090,736
North America
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	544,782	517,772	1,073,239	1,005,844
Asia Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	18,219	16,021	37,083	31,255
Europe
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	31,691	28,643	55,219	53,637
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	594,692	562,436	1,165,541	1,090,736
Operating Segments \| North America
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	544,782	517,772	1,073,239	1,005,844
Operating Segments \| Asia Pacific
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	18,219	16,021	37,083	31,255
Operating Segments \| Europe
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	31,691	28,643	55,219	53,637
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

BUSINESS SEGMENTS - Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	$ 17,380	$ 71,104	$ 64,070	$ 114,969
Provision for income taxes	(6,619)	(22,918)	(17,328)	(38,893)
Net income	10,761	48,186	46,742	76,076
Operating Segments
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	105,455	126,722	211,467	224,620
Operating Segments \| North America
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	106,445	122,654	214,351	221,119
Operating Segments \| Asia Pacific
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	(3,101)	(757)	(4,181)	(908)
Operating Segments \| Europe
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	2,111	4,825	1,297	4,409
Corporate and other
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items]
Segment financial results	$ (88,075)	$ (55,618)	$ (147,397)	$ (109,651)

- Definition

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

+ References + Details

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total Assets	$ 3,057,570	$ 2,844,582
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,285,282	2,278,824
Operating Segments \| North America
Segment Reporting Information [Line Items]
Total Assets	2,091,665	2,087,904
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Total Assets	130,328	128,490
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Assets	63,289	62,430
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	$ 772,288	$ 565,758

ADOPTION IMPACT OF NEW REVENUE STANDARD - Additional Information (Details) $ in Millions	Jan. 01, 2016 USD ($)
Retained Earnings \| Adjustments \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	$ 2.7

ADOPTION IMPACT OF NEW REVENUE STANDARD - Income Statement Impact (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Revenue from contracts with customers	$ 558,841	$ 529,906	$ 1,094,208	$ 1,026,095
Financing	35,851	32,530	71,333	64,641
Revenues	594,692	562,436	1,165,541	1,090,736
EXPENSES
Financing	3,788	3,449	8,036	7,466
Marketing and sales	109,315	99,168	215,249	196,666
Administrative expenses	32,992	29,534	62,427	57,073
Litigation settlement	16,312	183	16,209	183
Consumer financing interest	6,172	5,654	12,778	11,592
Royalty fee	16,198	16,307	31,022	32,377
TOTAL EXPENSES	546,928	489,309	1,064,100	972,535
Losses and other expense, net	(6,586)	(166)	(6,140)	(225)
Interest expense	(4,112)	(1,757)	(8,429)	(2,538)
Other	(19,686)	(100)	(22,802)	(469)
INCOME BEFORE INCOME TAXES	17,380	71,104	64,070	114,969
Provision for income taxes	(6,619)	(22,918)	(17,328)	(38,893)
NET INCOME	$ 10,761	$ 48,186	$ 46,742	$ 76,076
Earnings per share - Basic (in usd per share)	$ 0.40	$ 1.76	$ 1.75	$ 2.79
Earnings per share - Diluted (in usd per share)	$ 0.39	$ 1.72	$ 1.71	$ 2.72
As Reported \| Accounting Standards Update 2014-09
REVENUES
Financing		$ 32,530		$ 64,641
Revenues		497,620		983,739
EXPENSES
Financing		3,449		7,466
Marketing and sales		104,029		204,690
Administrative expenses		29,534		57,073
Litigation settlement		183		183
Consumer financing interest		5,654		11,592
Royalty fee		16,307		32,377
TOTAL EXPENSES		430,204		862,759
Losses and other expense, net		(166)		(225)
Interest expense		(1,757)		(2,538)
Other		(100)		(469)
INCOME BEFORE INCOME TAXES		65,393		117,748
Provision for income taxes		(21,117)		(39,772)
NET INCOME		$ 44,276		$ 77,976
Earnings per share - Basic (in usd per share)		$ 1.62		$ 2.86
Earnings per share - Diluted (in usd per share)		$ 1.58		$ 2.79
Adjustments \| Accounting Standards Update 2014-09
REVENUES
Financing		$ 0		$ 0
Revenues		64,816		106,997
EXPENSES
Financing		0		0
Marketing and sales		(4,861)		(8,024)
Administrative expenses		0		0
Litigation settlement		0		0
Consumer financing interest		0		0
Royalty fee		0		0
TOTAL EXPENSES		59,105		109,776
Losses and other expense, net		0		0
Interest expense		0		0
Other		0		0
INCOME BEFORE INCOME TAXES		5,711		(2,779)
Provision for income taxes		(1,801)		879
NET INCOME		$ 3,910		$ (1,900)
Earnings per share - Basic (in usd per share)		$ 0.14		$ (0.07)
Earnings per share - Diluted (in usd per share)		$ 0.14		$ (0.07)
Vacation ownership products
REVENUES
Revenue from contracts with customers	$ 205,168	$ 201,856	$ 379,957	$ 365,733
EXPENSES
Expenses	56,863	51,025	103,226	94,796
Vacation ownership products \| As Reported \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		191,010		363,165
EXPENSES
Expenses		46,143		88,763
Vacation ownership products \| Adjustments \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		10,846		2,568
EXPENSES
Expenses		4,882		6,033
Resort management and other services
REVENUES
Revenue from contracts with customers	77,642	71,940	147,822	139,359
EXPENSES
Expenses	41,079	39,413	78,857	76,884
Resort management and other services \| As Reported \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		79,158		152,122
EXPENSES
Expenses		44,008		85,653
Resort management and other services \| Adjustments \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		(7,218)		(12,763)
EXPENSES
Expenses		(4,595)		(8,769)
Rental
REVENUES
Revenue from contracts with customers	74,561	69,290	148,771	136,969
EXPENSES
Expenses	62,739	57,756	118,638	111,464
Rental \| As Reported \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		84,188		169,444
EXPENSES
Expenses		70,163		140,595
Rental \| Adjustments \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		(14,898)		(32,475)
EXPENSES
Expenses		(12,407)		(29,131)
Cost reimbursements
REVENUES
Revenue from contracts with customers	201,470	186,820	417,658	384,034
EXPENSES
Expenses	$ 201,470	186,820	$ 417,658	384,034
Cost reimbursements \| As Reported \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		110,734		234,367
EXPENSES
Expenses		110,734		234,367
Cost reimbursements \| Adjustments \| Accounting Standards Update 2014-09
REVENUES
Revenue from contracts with customers		76,086		149,667
EXPENSES
Expenses		$ 76,086		$ 149,667

ADOPTION IMPACT OF NEW REVENUE STANDARD - Balance Sheet Impact (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 28, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 547,667		$ 409,059
Restricted cash	170,536	$ 105,800	81,553
Accounts receivable, net	67,619		91,659
Vacation ownership notes receivable, net	1,167,779		1,114,552
Inventory	690,154		728,379
Property and equipment	246,940		252,727
Other	166,875		166,653
TOTAL ASSETS	3,057,570		2,844,582
LIABILITIES AND EQUITY
Accounts payable	84,331		145,405
Accrued liabilities	99,469		119,810
Contract Liabilities	194,316		153,145
Payroll and benefits liability	85,216		111,885
Deferred compensation liability	82,624		74,851
Debt, net	1,332,276		1,095,213
Other	11,937		13,471
Deferred taxes	101,760		89,987
TOTAL LIABILITIES	1,991,929		1,803,767
Preferred stock	0		0
Common stock	370		369
Treasury stock	(695,746)		(694,233)
Additional paid-in capital	1,190,448		1,188,538
Accumulated other comprehensive income	15,774		16,745
Retained earnings	554,795		529,396
TOTAL EQUITY	1,065,641		1,040,815
TOTAL LIABILITIES AND EQUITY	3,057,570		2,844,582
As Reported \| Accounting Standards Update 2014-09
ASSETS
Cash and cash equivalents			409,059
Restricted cash			81,553
Accounts receivable, net			154,174
Vacation ownership notes receivable, net			1,119,631
Inventory			716,533
Property and equipment			252,727
Other			172,516
TOTAL ASSETS			2,906,193
LIABILITIES AND EQUITY
Accounts payable			145,405
Accrued liabilities			168,591
Payroll and benefits liability			111,885
Deferred compensation liability			74,851
Debt, net			1,095,213
Other			13,155
Deferred taxes			90,725
TOTAL LIABILITIES			1,861,173
Preferred stock			0
Common stock			369
Treasury stock			(694,233)
Additional paid-in capital			1,188,538
Accumulated other comprehensive income			16,745
Retained earnings			533,601
TOTAL EQUITY			1,045,020
TOTAL LIABILITIES AND EQUITY			2,906,193
Adjustments \| Accounting Standards Update 2014-09
ASSETS
Cash and cash equivalents			0
Restricted cash			0
Accounts receivable, net			(62,515)
Vacation ownership notes receivable, net			(5,079)
Inventory			11,846
Property and equipment			0
Other			(5,863)
TOTAL ASSETS			(61,611)
LIABILITIES AND EQUITY
Accounts payable			0
Accrued liabilities			(48,781)
Payroll and benefits liability			0
Deferred compensation liability			0
Debt, net			0
Other			316
Deferred taxes			(738)
TOTAL LIABILITIES			(57,406)
Preferred stock			0
Common stock			0
Treasury stock			0
Additional paid-in capital			0
Accumulated other comprehensive income			0
Retained earnings			(4,205)
TOTAL EQUITY			(4,205)
TOTAL LIABILITIES AND EQUITY			(61,611)
Advance deposits
LIABILITIES AND EQUITY
Contract Liabilities	95,816		84,087
Advance deposits \| As Reported \| Accounting Standards Update 2014-09
LIABILITIES AND EQUITY
Contract Liabilities			63,062
Advance deposits \| Adjustments \| Accounting Standards Update 2014-09
LIABILITIES AND EQUITY
Contract Liabilities			21,025
Deferred revenue
LIABILITIES AND EQUITY
Contract Liabilities	$ 98,500		69,058
Deferred revenue \| As Reported \| Accounting Standards Update 2014-09
LIABILITIES AND EQUITY
Contract Liabilities			98,286
Deferred revenue \| Adjustments \| Accounting Standards Update 2014-09
LIABILITIES AND EQUITY
Contract Liabilities			$ (29,228)

ADOPTION IMPACT OF NEW REVENUE STANDARD - Cash Flow Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income	$ 10,761	$ 48,186	$ 46,742	$ 76,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			11,371	10,192
Amortization of debt discount and issuance costs			7,563	2,726
Vacation ownership notes receivable reserve			23,970	27,051
Share-based compensation			9,718	8,451
Deferred income taxes			12,199	12,810
Net change in assets and liabilities:
Accounts receivable			24,499	23,970
Vacation ownership notes receivable originations			(233,061)	(228,048)
Vacation ownership notes receivable collections			155,257	136,731
Inventory			36,840	15,006
Purchase of vacation ownership units for future transfer to inventory			0	(33,594)
Other assets			11,523	4,475
Accounts payable, advance deposits and accrued liabilities			(59,365)	(68,228)
Deferred revenue			29,493	25,163
Payroll and benefit liabilities			(26,699)	(8,698)
Deferred compensation liability			7,773	7,053
Other liabilities			(134)	(292)
Other, net			764	3,286
Net cash provided by operating activities			$ 58,453	14,130
As Reported \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		44,276		77,976
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation				10,192
Amortization of debt discount and issuance costs				2,726
Vacation ownership notes receivable reserve				26,821
Share-based compensation				8,451
Deferred income taxes				11,778
Net change in assets and liabilities:
Accounts receivable				30,079
Vacation ownership notes receivable originations				(227,643)
Vacation ownership notes receivable collections				136,731
Inventory				16,007
Purchase of vacation ownership units for future transfer to inventory				(33,594)
Other assets				4,406
Accounts payable, advance deposits and accrued liabilities				(70,470)
Deferred revenue				19,654
Payroll and benefit liabilities				(8,698)
Deferred compensation liability				7,053
Other liabilities				(585)
Other, net				3,246
Net cash provided by operating activities				14,130
Adjustments \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		$ 3,910		(1,900)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation				0
Amortization of debt discount and issuance costs				0
Vacation ownership notes receivable reserve				230
Share-based compensation				0
Deferred income taxes				1,032
Net change in assets and liabilities:
Accounts receivable				(6,109)
Vacation ownership notes receivable originations				(405)
Vacation ownership notes receivable collections				0
Inventory				(1,001)
Purchase of vacation ownership units for future transfer to inventory				0
Other assets				69
Accounts payable, advance deposits and accrued liabilities				2,242
Deferred revenue				5,509
Payroll and benefit liabilities				0
Deferred compensation liability				0
Other liabilities				293
Other, net				40
Net cash provided by operating activities				$ 0