0001524358-19-000039 | 10-Q | XBRL Viewer | Marriott Vacations Worldwide Corp

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Nov. 08, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	6649 Westwood Blvd.
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32821
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		42,041,736
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Revenue from contracts with customers	$ 1,010	$ 702	$ 3,001	$ 1,797
Financing	72	48	209	119
Total Revenues	1,082	750	3,210	1,916
EXPENSES
Marketing and sales	188	135	569	346
Financing	23	19	70	40
General and administrative	68	53	225	114
Depreciation and amortization	33	18	106	29
Litigation charges	3	17	5	33
Royalty fee	27	19	79	50
Impairment	73	0	99	0
Cost reimbursements	280	234	819	652
TOTAL EXPENSES	1,012	698	2,906	1,762
(Losses) gains and other (expense) income, net	(5)	2	5	(4)
Interest expense	(31)	(14)	(100)	(23)
ILG acquisition-related costs	(32)	(78)	(94)	(98)
Other	1	0	1	(3)
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	3	(38)	116	26
(Provision) benefit for income taxes	(10)	2	(50)	(15)
Net (loss) income	(7)	(36)	66	11
Net income attributable to noncontrolling interests	(2)	0	(2)	0
Net (loss) income attributable to common shareholders	$ (9)	$ (36)	$ 64	$ 11
(LOSSES) EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ (0.21)	$ (1.08)	$ 1.44	$ 0.39
Diluted (in usd per share)	(0.21)	(1.08)	1.43	0.38
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.45	$ 0.40	$ 1.35	$ 1.20
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 350	$ 252	$ 1,001	$ 632
EXPENSES
Expenses	91	64	262	167
Management and exchange
REVENUES
Revenue from contracts with customers	231	126	709	274
EXPENSES
Expenses	115	65	349	140
Rental
REVENUES
Revenue from contracts with customers	149	90	472	239
EXPENSES
Expenses	111	74	323	191
Cost reimbursements
REVENUES
Revenue from contracts with customers	$ 280	$ 234	$ 819	$ 652

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (7)	$ (36)	$ 66	$ 11
Other comprehensive income (loss):
Foreign currency translation adjustments	(4)	1	(5)	0
Derivative instrument adjustment, net of tax	(4)		(20)
Derivative instrument adjustment, net of tax		(1)		(1)
OTHER COMPREHENSIVE LOSS, NET OF TAX	(8)	0	(25)	(1)
Net income attributable to noncontrolling interests	(2)	0	(2)	0
Other comprehensive income attributable to noncontrolling interests	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2)	0	(2)	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (17)	$ (36)	$ 39	$ 10

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 183	$ 231
Restricted cash (including $55 and $69 from VIEs, respectively)	322	383
Accounts receivable, net (including $12 and $11 from VIEs, respectively)	372	324
Vacation ownership notes receivable, net (including $1,586 and $1,627 from VIEs, respectively)	2,168	2,039
Inventory	910	863
Property and equipment	770	951
Goodwill	2,890	2,828
Intangibles, net	1,044	1,107
Other (including $36 and $26 from VIEs, respectively)	400	292
TOTAL ASSETS	9,059	9,018
LIABILITIES AND EQUITY
Accounts payable	248	301
Advance deposits	185	171
Accrued liabilities (including $2 and $2 from VIEs, respectively)	293	250
Deferred revenue	436	383
Payroll and benefits liability	185	206
Deferred compensation liability	104	93
Securitized debt, net (including $1,680 and $1,706 from VIEs, respectively)	1,686	1,714
Debt, net	2,294	2,104
Other	199	12
Deferred taxes	307	318
TOTAL LIABILITIES	5,937	5,552
Contingencies and Commitments (Note 11)
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; 57,874,390 and 57,626,462 shares issued, respectively	1	1
Treasury stock — at cost; 15,281,979 and 11,633,731 shares, respectively	(1,130)	(790)
Additional paid-in capital	3,740	3,721
Accumulated other comprehensive (loss) income	(19)	6
Retained earnings	520	523
TOTAL MVW SHAREHOLDERS' EQUITY	3,112	3,461
Noncontrolling interests	10	5
TOTAL EQUITY	3,122	3,466
TOTAL LIABILITIES AND EQUITY	$ 9,059	$ 9,018

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Restricted cash	$ 322	$ 383
Accounts receivable, net	372	324
Vacation ownership notes receivable, net	2,168	2,039
Other	400	292
Accrued liabilities	293	250
Securitized debt, net	$ 1,686	$ 1,714
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 (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)	57,874,390	57,626,462
Treasury stock, shares (in shares)	15,281,979	11,633,731
Variable Interest Entity
Restricted cash	$ 55	$ 69
Accounts receivable, net	12	11
Vacation ownership notes receivable, net	1,586	1,627
Other	36	26
Accrued liabilities	2	2
Securitized debt, net	$ 1,680	$ 1,706

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net (loss) income	$ 66	$ 11
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	106	29
Amortization of debt discount and issuance costs	14	12
Accretion of acquired vacation ownership notes receivable	0	(1)
Vacation ownership notes receivable reserve	81	42
Share-based compensation	25	19
Impairment	99	0
Deferred income taxes	24	10
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	16	(9)
Vacation ownership notes receivable originations	(681)	(395)
Vacation ownership notes receivable collections	462	244
Inventory	10	68
Other assets	13	53
Accounts payable, advance deposits and accrued liabilities	(122)	(42)
Deferred revenue	41	37
Payroll and benefit liabilities	(21)	(29)
Deferred compensation liability	13	11
Other liabilities	26	1
Other, net	8	6
Net cash, cash equivalents and restricted cash provided by operating activities	180	67
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	0	(1,393)
Capital expenditures for property and equipment (excluding inventory)	(32)	(17)
Proceeds from collection of notes receivable	38	0
Purchase of company owned life insurance	(5)	(13)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	1	(1,423)
FINANCING ACTIVITIES
Borrowings from securitization transactions	631	423
Repayment of debt related to securitization transactions	(673)	(264)
Proceeds from debt	495	1,650
Repayments of debt	(308)	(53)
Finance lease payment	(11)	0
Debt issuance costs	(11)	(34)
Repurchase of common stock	(342)	(2)
Payment of dividends	(61)	(32)
Payment of withholding taxes on vesting of restricted stock units	(11)	(17)
Other, net	1	0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(290)	1,671
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0
Change in cash, cash equivalents and restricted cash	(109)	315
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	505	806
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of stock	2	1
Non-cash transfer from property and equipment to inventory	71	0
Dividends payable	19	19
Interest paid, net of amounts capitalized	135	28
Income taxes paid, net of refunds	47	18
ILG
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of stock	$ 0	$ 2,505

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total MVW Shareholders' Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017	36,900,000
Balance at Dec. 31, 2017	$ 1,041	$ 0	$ (694)	$ 1,189	$ 17	$ 529	$ 1,041	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	36					36	36
Foreign currency translation adjustments	$ 6				6		6
Amounts related to share-based compensation (in shares)	100,000
Share-based compensation plans	$ (5)			(5)			(5)
Repurchase of common stock (in shares)	0
Repurchase of common stock	$ (2)		(2)				(2)
Dividends	$ (10)					(10)	(10)
Balance (in shares) at Mar. 31, 2018	37,000,000.0
Balance at Mar. 31, 2018	$ 1,066	0	(696)	1,184	23	555	1,066	0
Balance (in shares) at Dec. 31, 2017	36,900,000
Balance at Dec. 31, 2017	$ 1,041	0	(694)	1,189	17	529	1,041	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11
Foreign currency translation adjustments	0
Derivative instrument adjustment, net of tax	$ (1)
Balance (in shares) at Sep. 30, 2018	57,600,000
Balance at Sep. 30, 2018	$ 3,543	1	(696)	3,697	16	500	3,518	25
Balance (in shares) at Mar. 31, 2018	37,000,000.0
Balance at Mar. 31, 2018	$ 1,066	0	(696)	1,184	23	555	1,066	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11					11	11
Foreign currency translation adjustments	$ (7)				(7)		(7)
Amounts related to share-based compensation (in shares)	0
Share-based compensation plans	$ 7			7			7
Dividends	$ (11)					(11)	(11)
Balance (in shares) at Jun. 30, 2018	37,000,000.0
Balance at Jun. 30, 2018	$ 1,066	0	(696)	1,191	16	555	1,066	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (36)						(36)
ILG acquisitions (in shares)	20,500,000
ILG Acquisition	$ 2,466	1		2,440			2,441	25
Foreign currency translation adjustments	1				1		1
Derivative instrument adjustment, net of tax	$ (1)				(1)		(1)
Amounts related to share-based compensation (in shares)	100,000
Share-based compensation plans	$ 66			66			66
Dividends	$ (19)					(19)	(19)
Balance (in shares) at Sep. 30, 2018	57,600,000
Balance at Sep. 30, 2018	$ 3,543	1	(696)	3,697	16	500	3,518	25
Balance (in shares) at Dec. 31, 2018	57,626,462
Balance at Dec. 31, 2018	$ 3,466	1	(790)	3,721	6	523	3,461	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	24					24	24
Foreign currency translation adjustments	1				1		1
Derivative instrument adjustment	$ (3)				(3)		(3)
Amounts related to share-based compensation (in shares)	200,000
Share-based compensation plans	$ (4)			(4)			(4)
Repurchase of common stock (in shares)	0
Repurchase of common stock	$ (106)		(106)				(106)
Dividends	$ (20)					(20)	(20)
Employee stock plan issuance (in shares)	0
Employee stock plan issuance	$ 1		1				1
Balance (in shares) at Mar. 31, 2019	57,800,000
Balance at Mar. 31, 2019	$ 3,351	1	(895)	3,717	4	519	3,346	5
Balance (in shares) at Dec. 31, 2018	57,626,462
Balance at Dec. 31, 2018	$ 3,466	1	$ (790)	3,721	6	523	3,461	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	66
Foreign currency translation adjustments	(5)
Derivative instrument adjustment	$ (20)
Repurchase of common stock (in shares)			3,667,175
Repurchase of common stock			$ (342)
Balance (in shares) at Sep. 30, 2019	57,874,390
Balance at Sep. 30, 2019	$ 3,122	1	(1,130)	3,740	(19)	520	3,112	10
Balance (in shares) at Mar. 31, 2019	57,800,000
Balance at Mar. 31, 2019	$ 3,351	1	(895)	3,717	4	519	3,346	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	49					49	49
Change in business combination acquisition of less than 100 percent noncontrolling interest fair value	1							1
Foreign currency translation adjustments	(2)				(2)		(2)
Derivative instrument adjustment	$ (13)				(13)		(13)
Amounts related to share-based compensation (in shares)	0
Share-based compensation plans	$ 13			13			13
Repurchase of common stock (in shares)	0
Repurchase of common stock	$ (109)		(109)				(109)
Dividends	$ (20)					(20)	(20)
Employee stock plan issuance (in shares)	100,000
Employee stock plan issuance	$ 0		0				0
Balance (in shares) at Jun. 30, 2019	57,900,000
Balance at Jun. 30, 2019	$ 3,270	1	(1,004)	3,730	(11)	548	3,264	6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(7)					(9)	(9)	2
Change in business combination acquisition of less than 100 percent noncontrolling interest fair value	2							2
Foreign currency translation adjustments	(4)				(4)		(4)
Derivative instrument adjustment	$ (4)				(4)		(4)
Amounts related to share-based compensation (in shares)	0
Share-based compensation plans	$ 10			10			10
Repurchase of common stock (in shares)	0
Repurchase of common stock	$ (127)		(127)				(127)
Dividends	$ (19)					(19)	(19)
Employee stock plan issuance (in shares)	0
Employee stock plan issuance	$ 1		1				1
Balance (in shares) at Sep. 30, 2019	57,874,390
Balance at Sep. 30, 2019	$ 3,122	$ 1	$ (1,130)	$ 3,740	$ (19)	$ 520	$ 3,112	$ 10

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION



1.	BASIS OF PRESENTATION

The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). 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. Capitalized terms used and not specifically defined herein have the same meaning given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 Annual Report”). We use certain other terms that are defined within these Financial Statements.

The 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. References in these Financial Statements to net income attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation.

These Financial Statements reflect our financial position, results of operations and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). 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, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, property and equipment valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes and loss contingencies. Accordingly, actual amounts may differ from these estimated amounts.

In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, 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, the ILG Acquisition (defined below) and 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 in our 2018 Annual Report.

The accompanying Financial Statements also reflect our adoption of new accounting standards. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for additional information.

Reclassifications

We have reclassified the following prior year amounts to conform to the current year presentation:


•	Reclassified Resort management and other services revenue to Management and exchange revenue;


•	Reclassified Resort management and other services expense to Management and exchange expense;


•	Consolidated Consumer financing interest expense into Financing expense;


•	Reclassified depreciation expense from Marketing and sales expense, Management and exchange expense, Rental expense, and General and administrative expense to Depreciation and amortization expense;


•	Reclassified $53 million from Accrued liabilities to Accounts payable;


•	Reclassified $58 million from Accrued liabilities to Advance deposits;


•	Reclassified $64 million from Accrued liabilities to Deferred revenue;


•	Reclassified $3 million from Payroll and benefits liability to Accounts payable;


•	Reclassified $2 million from Payroll and benefits liability to Accrued liabilities; and


•	Reclassified $20 million of other debt from Debt, net to Securitized debt, net.

Acquisition of ILG

On September 1, 2018, we completed the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”) through a series of transactions (the “ILG Acquisition”), after which ILG became our indirect wholly-owned subsidiary. We refer to our business associated with brands that existed prior to the ILG Acquisition as “Legacy-MVW” and to ILG’s business and brands that we acquired as “Legacy-ILG.” See Footnote 3 “Acquisitions and Dispositions” for more information on the ILG Acquisition.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



2.	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

New 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 was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2017-12 in the first quarter of 2019 did not have a material impact on our Financial Statements or disclosures.

We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income.

We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings.

We are exposed to market risk from changes in interest rates, currency exchange rates and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes.

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, which as amended, created Accounting Standards Codification 842, Leases (“ASC 842”). ASU 2016-02 requires a lessee to recognize most leases on its balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date and recognizing expenses on the income statement in a similar manner to the superseded guidance in Accounting Standards Codification 840, Leases (“ASC 840”). Lessor accounting remains largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance.

Upon adoption of ASU 2016-02, as amended, leases will be classified as either finance or operating, with classification affecting the geography of expense recognition in the income statement. Additionally, enhanced quantitative and qualitative disclosures regarding leases are required. ASU 2016-02 was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We adopted ASU 2016-02, as amended, during the first quarter of 2019 using the transition method, which allows the application of the standard at the adoption date, January 1, 2019.

As permitted by the amended guidance, we elected to retain the original lease classification and historical accounting for existing or expired contracts of lessees and lessors so that we will not be required to reassess whether such contracts contain leases, the lease classification of any such leases or the initial direct costs of any such leases. We continue to report comparative periods presented in the financial statements in the period of adoption under GAAP in effect as of such comparative period, resulting in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Additionally, with respect to our real estate leases, we elected an accounting policy by class of underlying asset to combine lease and non-lease components. We also elected to apply an exemption for short-term leases whereby leases with an initial term of a year or less are not recorded on the balance sheet. We did not utilize the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of their right-of-use assets.

Upon adoption, we recognized a lease obligation of $165 million and a right-of-use asset of $155 million, as well as, a cumulative-effect adjustment of $8 million to the opening balance of retained earnings for our operating and finance leases, primarily related to leases of real estate and other assets.

The adoption of ASU 2016-02 did not have a material effect on our Income Statement or Cash Flows for the nine months ended September 30, 2019. See Footnote 12 “Leases” for further discussion of the adoption and the impact on our Financial Statements.

Future Adoption of Accounting Standards

Accounting Standards Update 2017-04 – “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”)

In January 2017, the FASB issued ASU 2017-04, which simplifies the subsequent measurement of goodwill by eliminating the second step from the goodwill impairment test. ASU 2017-04 requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is applied on a prospective basis, with early adoption permitted. We will adopt ASU 2017-04 during the fourth quarter of 2019, prior to our annual impairment testing. We do not expect the adoption of ASU 2017-04 to have a material effect on our financial statements or 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 2020 and are continuing to evaluate the impact that adoption of this update will have on our financial statements or disclosures.

ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS



3.	ACQUISITIONS AND DISPOSITIONS

Acquisitions

ILG Acquisition

On September 1, 2018, (the “Acquisition Date”), we completed the ILG Acquisition. ILG is a leading provider of professionally delivered vacation experiences with a portfolio of leisure businesses ranging from vacation exchange and rental services to vacation ownership, and is the exclusive global licensee for the Hyatt, Sheraton and Westin brands in vacation ownership. The combination of our brands created a leading global provider of upper-upscale vacation ownership, exchange networks and management services with access to world-class loyalty programs and an expanded portfolio of highly demanded vacation destinations.

Shareholders of ILG received 0.165 shares of our common stock and $14.75 in cash for each share of ILG common stock. The following table presents the fair value of each class of consideration transferred at the Acquisition Date, as finalized at September 30, 2019.



(in millions, except per share amounts)
Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	20.5
Marriott Vacations Worldwide common stock price per share as of Acquisition Date	$	119.00
Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	2,441
Cash consideration to ILG shareholders, net of cash acquired of $154 million	1,680
Fair value of ILG equity-based awards attributed to pre-combination service	64
Total consideration transferred, net of cash acquired	4,185
Noncontrolling interests	32
	$	4,217

Fair Values of Assets Acquired and Liabilities Assumed

We accounted for the ILG Acquisition as a business combination, which required us to record the assets acquired and liabilities assumed at fair value as of the Acquisition Date. The following table presents the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date in connection with the business combination as previously reported at December 31, 2018 and as finalized at September 30, 2019. During the first three quarters of 2019, we refined our valuation models related to certain acquired property and equipment, inventory, securitized debt and our assumptions related to certain acquired member relationship intangibles. In addition, we recorded an indemnification asset and corresponding liability for tax matters for which we believe we will be indemnified. See Footnote 5, “Income Taxes” for further information. Further, we recorded a receivable for business interruption proceeds collected and we recorded additional liabilities related to the vacation ownership business and for other tax matters.



($ in millions)	September 1, 2018 (as reported at December 31, 2018)			Adjustments			September 1, 2018 (as adjusted at September 30, 2019)
Vacation ownership notes receivable	$	753		$	—		$	753
Inventory	474			10			484
Property and equipment	374			11			385
Intangible assets	1,166			(21		)	1,145
Other assets	620			84			704
Deferred revenue	(217		)	(74		)	(291		)
Deferred taxes	(179		)	41			(138		)
Debt	(392		)	—			(392		)
Securitized debt from VIEs	(702		)	(16		)	(718		)
Other liabilities	(511		)	(94		)	(605		)
Net assets acquired	1,386			(59		)	1,327
Goodwill⁽¹⁾	2,828			62			2,890
	$	4,214		$	3		$	4,217

_________________________


⁽¹⁾	Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired and it represents the value that we expect to obtain from synergies and growth opportunities from our combined operations.

Vacation Ownership Notes Receivable

We acquired vacation ownership notes receivable, which consist of loans to customers who purchased vacation ownership products and chose to finance their purchase. These vacation ownership notes receivable are collateralized by the underlying vacation ownership interests (“VOIs”) and generally have terms ranging from five to 15 years. We valued vacation ownership notes receivable using a discounted cash flow model, which calculated a present value of expected future cash flows over the term of the respective vacation ownership notes receivable (Level 2). See Footnote 6 “Vacation Ownership Notes Receivable” for additional information.

Inventory

We acquired inventory, which consisted of completed unsold VOIs and vacation ownership projects under construction. We valued acquired inventory using an income approach, which is primarily based on significant Level 3 assumptions, such as estimates of future income growth, capitalization rates, discount rates and capital expenditure needs of the relevant properties.

Property and Equipment

We acquired property and equipment, which included four owned hotels, information technology, ancillary business assets, furniture and equipment and land held for future development. We valued property and equipment using a combination of the income, cost, and market approaches, which are primarily based on significant Level 3 assumptions, such as estimates of future income growth, capitalization rates, discount rates and capital expenditure needs of the hotels.

Goodwill

We allocated the carrying amount of goodwill to our Vacation Ownership and our Exchange & Third-Party Management reporting units. The following table details the carrying amount of our goodwill at September 30, 2019 and December 31, 2018, and reflects goodwill attributed to the ILG Acquisition.



($ in millions)	Vacation Ownership Segment			Exchange & Third-Party Management Segment		Total Consolidated
Balance at December 31, 2018	$	2,448		$	380	$	2,828
Adjustments	(7		)	69		62
Balance at September 30, 2019	$	2,441		$	449	$	2,890

Intangible Assets

The following table presents the fair values of ILG’s identified intangible assets and their related estimated useful lives as of the Acquisition Date.



	Estimated Fair Value ($ in millions)		Estimated Useful Life (in years)
Member relationships	$	671	15 to 20
Management contracts	357		15 to 25
Management contracts⁽¹⁾	35		indefinite
Trade names and trademarks	82		indefinite
	$	1,145

_________________________

⁽¹⁾

The indefinite-lived management contracts, by their terms, continue for the foreseeable horizon. There are no legal, regulatory, contractual, competitive, economic or other factors which limit the period of time over which these resort management contracts are expected to contribute future cash flows. These management contracts are entirely related to the VRI Europe business, which we disposed of in the fourth quarter of 2018.

We valued member relationships and management contracts using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. We valued trade names and trademarks using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. These valuation approaches utilize Level 3 inputs.

Deferred Revenue

Deferred revenue primarily relates to membership fees, which are deferred and recognized over the terms of the applicable memberships, ranging from one to five years, on a straight-line basis. Additionally, deferred revenue includes maintenance fees collected from owners, in certain cases, which are earned by the relevant property owners’ association over the applicable period. We valued deferred revenue utilizing Level 3 inputs based on a review of existing deferred revenue balances against legal performance obligations.

Deferred Income Taxes

Deferred income taxes primarily relate to the fair value of assets and liabilities acquired, including vacation ownership notes receivable, inventory, property and equipment, intangible assets and debt. We estimated deferred income taxes based on statutory rates in the jurisdictions of the legal entities where the acquired assets and liabilities are recorded.

Debt

We valued the IAC Notes (as defined in Footnote 14 “Debt”) using a quoted market price, which is considered a Level 2 input as it is observable in the market; however these notes have only a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which the IAC Notes could be retired or transferred. The carrying value of the outstanding balance on the revolving credit facility that was acquired (the “ILG Revolving Credit Facility”) approximated fair value, as the contractual interest rate was variable plus an applicable margin based on credit rating (Level 3 input). The ILG Revolving Credit Facility was extinguished and all amounts due were repaid in full upon completion of the ILG Acquisition.

Securitized Debt from VIEs

We valued securitized debt from VIEs using a discounted cash flow model. The significant assumptions in our analysis include default rates, prepayment rates, bond interest rates and other structural factors (Level 3 inputs).

Pro Forma Results of Operations

The following unaudited pro forma information presents the combined results of operations of Marriott Vacations Worldwide and ILG as if we had completed the ILG Acquisition on December 30, 2016, the last day of our 2016 fiscal year, but using our fair values of assets and liabilities as of the Acquisition Date. As required by GAAP, these unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the ILG Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.



($ in millions, except per share data)	Nine Months Ended September 30, 2018
Revenues	$	3,164
Net income	$	159
Net income attributable to common shareholders	$	157
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	3.34
Diluted	$	3.27

The unaudited pro forma results above include $41 million of ILG acquisition-related costs for the nine months ended September 30, 2018.

ILG Results of Operations

The following table presents the results of Legacy-ILG operations included in our Income Statement for the three and nine months ended September 30, 2019.



($ in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Revenue	$	458	$	1,371
Net income attributable to common shareholders	$	42	$	108

Other Acquisitions

San Francisco, California

During the third quarter of 2019, we acquired 78 completed vacation ownership units, as well as a sales gallery, located at our Marriott Vacation Club Pulse, San Francisco resort for $58 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($48 million) and Property and equipment ($10 million).

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 $24 million. We accounted for the transaction as an asset acquisition with all of the purchase price allocated to Inventory.

REVENUE

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

REVENUE



4.	REVENUE

Sources of Revenue by Segment

The following tables detail the sources of revenue by segment for the time periods presented.



	Three Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	350	$	—	$	—		$	350

Ancillary revenues	62		1		—			63
Management fee revenues	35		12		(3		)	44
Other services revenues	28		62		34			124
Management and exchange	125		75		31			231

Rental	135		14		—			149

Cost reimbursements	286		22		(28		)	280
Revenue from contracts with customers	896		111		3			1,010

Financing	71		1		—			72
Total Revenues	$	967	$	112	$	3		$	1,082



	Three Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	252	$	—	$	—		$	252

Ancillary revenues	42		—		—			42
Management fee revenues	28		8		(1		)	35
Other services revenues	21		20		8			49
Management and exchange	91		28		7			126

Rental	86		4		—			90

Cost reimbursements	232		8		(6		)	234
Revenue from contracts with customers	661		40		1			702

Financing	48		—		—			48
Total Revenues	$	709	$	40	$	1		$	750



	Nine Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	1,001	$	—	$	—		$	1,001

Ancillary revenues	185		3		—			188
Management fee revenues	110		38		(10		)	138
Other services revenues	89		191		103			383
Management and exchange	384		232		93			709

Rental	423		48		1			472

Cost reimbursements	835		68		(84		)	819
Revenue from contracts with customers	2,643		348		10			3,001

Financing	206		3		—			209
Total Revenues	$	2,849	$	351	$	10		$	3,210



	Nine Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	632	$	—	$	—		$	632

Ancillary revenues	106		—		—			106
Management fee revenues	78		8		(1		)	85
Other services revenues	55		20		8			83
Management and exchange	239		28		7			274

Rental	235		4		—			239

Cost reimbursements	650		8		(6		)	652
Revenue from contracts with customers	1,756		40		1			1,797

Financing	119		—		—			119
Total Revenues	$	1,875	$	40	$	1		$	1,916

Timing of Revenue from Contracts with Customers by Segment

The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.



	Three Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	481	$	56	$	3	$	540
Goods or services transferred at a point in time	415		55		—		470
	$	896	$	111	$	3	$	1,010



	Three Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	367	$	23	$	1	$	391
Goods or services transferred at a point in time	294		17		—		311
	$	661	$	40	$	1	$	702



	Nine Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,460	$	169	$	10	$	1,639
Goods or services transferred at a point in time	1,183		179		—		1,362
	$	2,643	$	348	$	10	$	3,001



	Nine Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,010	$	23	$	1	$	1,034
Goods or services transferred at a point in time	746		17		—		763
	$	1,756	$	40	$	1	$	1,797

Sale of Vacation Ownership Products

Revenues were reduced during the third quarter and first three quarters of 2019 by $6 million and $9 million, respectively, due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods.

Receivables, Contract Assets & Contract Liabilities

The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either September 30, 2019 or December 31, 2018.



($ in millions)	At September 30, 2019		At December 31, 2018
Receivables
Accounts receivable	$	126	$	164
Vacation ownership notes receivable, net	2,168		2,039
	$	2,294	$	2,203
Contract Liabilities
Advance deposits	$	185	$	171
Deferred revenue	436		383
	$	621	$	554

Revenue recognized during the third quarter and first three quarters of 2019 that was included in our contract liabilities balance at December 31, 2018 was $55 million and $258 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 September 30, 2019, approximately 90 percent of this amount is expected to be recognized as revenue over the next two years.

INCOME TAXES

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES



5.	INCOME TAXES

Our provision for income taxes is calculated using an estimated annual effective tax rate, based upon expected annual income, less losses in certain jurisdictions, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which we operate. However, discrete items related to prior year tax items are treated separately.

Our interim effective tax rate was 404.42 percent and 5.19 percent for the three months ended September 30, 2019 and September 30, 2018, respectively. The increase in effective tax rate is predominately attributable to a change in our projected mix of earnings in international jurisdictions with differing tax rates and jurisdictions where valuation allowances are recorded, primarily as a result of the ILG Acquisition.

Our interim effective tax rate was 43.20 percent and 58.16 percent for the nine months ended September 30, 2019 and September 30, 2018, respectively. The decrease in the effective tax rate is predominately attributable to the change in the mix of expected annual income, partially offset by unfavorable one-time adjustments primarily as a result of the ILG Acquisition.

We file income tax returns with U.S. federal and state and non-U.S. jurisdictions and are subject to audits in these jurisdictions. Certain of our returns are being audited in various jurisdictions for years 2012 through 2018. Our unrecognized tax benefit balance could change significantly during the next fiscal year as a result of audits in various jurisdictions. During the nine months ended September 30, 2019, our unrecognized tax benefit balance had increases of $57 million and no material decreases, resulting in a total unrecognized tax benefit balance of $59 million at September 30, 2019. Our total unrecognized tax benefit balance that, if recognized, would impact our effective tax rate, was $19 million at September 30, 2019 and $2 million at December 31, 2018.

Other

During 2019, we finalized our purchase price allocation for the ILG Acquisition and recorded a $87 million reserve for Legacy-ILG tax matters prior to the ILG Acquisition. We expect that we will be indemnified for liabilities of $54 million in connection with Legacy-ILG tax matters pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset.

VACATION OWNERSHIP NOTES RECEIVABLE

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE



6.	VACATION OWNERSHIP NOTES RECEIVABLE

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



	September 30, 2019						December 31, 2018
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,169	$	417	$	1,586	$	1,070	$	557	$	1,627
Non-securitized
Eligible for securitization⁽¹⁾	214		11		225		85		22		107
Not eligible for securitization⁽¹⁾	298		59		357		233		72		305
Subtotal	512		70		582		318		94		412
	$	1,681	$	487	$	2,168	$	1,388	$	651	$	2,039

_________________________


⁽¹⁾	Refer to Footnote 7 “Financial Instruments” for a discussion of eligibility of our vacation ownership notes receivable for securitization.

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				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Interest income associated with vacation ownership notes receivable — securitized	$	58	$	42	$	176	$	95
Interest income associated with vacation ownership notes receivable — non-securitized	11		3		25		18
Total interest income associated with vacation ownership notes receivable	$	69	$	45	$	201	$	113

Acquired Vacation Ownership Notes Receivable

As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. These notes receivable are accounted for using the expected cash flow method of recognizing discount accretion based on the expected cash flows from the acquired vacation ownership notes receivable pursuant to ASC 310-30, “Loans acquired with deteriorated credit quality” (“ASC 310-30”). At acquisition, we recorded these vacation ownership notes receivable at fair value, which included a credit discount that is accreted as an adjustment to yield over the estimated life of the vacation ownership notes receivable.

The fair value of our acquired vacation ownership notes receivable as of the Acquisition Date was determined using a discounted cash flow method, which calculated a present value of expected future cash flows based on scheduled principal and interest payments over the term of the respective vacation ownership notes receivable, while considering anticipated defaults and early repayments based on historical experience. Consequently, the fair value of the acquired vacation ownership notes receivable recorded on our balance sheet as of the Acquisition Date included an estimate for future uncollectible amounts, which became the historical cost basis for that portfolio going forward.

The table below presents a rollforward from December 31, 2018 of the accretable yield (interest income) expected to be earned related to our acquired vacation ownership notes receivable, as well as the amount of non-accretable difference at the end of the period. The non-accretable difference represents estimated contractually required payments in excess of estimated cash flows expected to be collected. The accretable yield represents the excess of estimated cash flows expected to be collected over the carrying amount of the acquired vacation ownership notes receivable.



($ in millions)	Nine Months Ended September 30, 2019
Accretable yield balance at December 31, 2018	$	199
Accretion	(61		)
Reclassification from non-accretable difference	43
Accretable yield balance at September 30, 2019	$	181

Non-accretable difference at September 30, 2019	$	52

The accretable yield is recognized into interest income over the estimated life of the acquired vacation ownership notes receivable using the level yield method. The accretable yield may change in future periods due to changes in the anticipated remaining life of the acquired vacation ownership notes receivable, which may alter the amount of future interest income expected to be collected, and changes in expected future principal and interest cash collections, which impacts the non-accretable difference.

The cash flow from our acquired vacation ownership notes receivable are remeasured at period end based on expected future cash flows, which takes into consideration an estimated measure of anticipated defaults and early repayments. We consider historical Legacy-ILG vacation ownership notes receivable performance and the current economic environment in developing the expected future cash flows used in the re-measurement of our acquired vacation ownership notes receivable.

The following table shows future contractual principal payments, as well as interest rates for our non-securitized and securitized acquired vacation ownership notes receivable, at September 30, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2019, remaining	$	2	$	12	$	14
2020	6		49		55
2021	7		49		56
2022	7		50		57
2023	7		49		56
Thereafter	41		208		249
Balance at September 30, 2019	$	70	$	417	$	487
Weighted average stated interest rate	13.2%		13.4%		13.4%
Range of stated interest rates	3.5% to 17.9%		6.0% to 16.9%		3.5% to 17.9%

Originated Vacation Ownership Notes Receivable

Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG subsequent to the Acquisition Date and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, as well as interest rates, for our originated non-securitized and securitized originated vacation ownership notes receivable at September 30, 2019.



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2019, remaining	$	18	$	26	$	44
2020	66		104		170
2021	53		113		166
2022	45		121		166
2023	41		125		166
Thereafter	289		680		969
Balance at September 30, 2019	$	512	$	1,169	$	1,681
Weighted average stated interest rate	12.1%		12.7%		12.5%
Range of stated interest rates	0.0% to 18.0%		5.2% to 17.5%		0.0% to 18.0%

For originated vacation ownership notes receivable, 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.

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



	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized			Securitized			Total
Balance at December 31, 2018	$	61		$	79		$	140
Increase in vacation ownership notes receivable reserve	62			14			76
Securitizations	(47		)	47			—
Clean-up call⁽¹⁾	19			(19		)	—
Write-offs	(35		)	—			(35		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	28			(28		)	—
Balance at September 30, 2019	$	88		$	93		$	181

_________________________


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


⁽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.

Credit Quality of Vacation Ownership Notes Receivable

Legacy-MVW 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 Legacy-MVW non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 7.00 percent and 7.01 percent as of September 30, 2019 and December 31, 2018, 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 $7 million as of both September 30, 2019 and December 31, 2018.

The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2019	$	41	$	9	$	50
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2018	$	36	$	9	$	45
Average investment in vacation ownership notes receivable on non-accrual status during the third quarter of 2019	$	41	$	9	$	50
Average investment in vacation ownership notes receivable on non-accrual status during the third quarter of 2018	$	40	$	6	$	46
Average investment in vacation ownership notes receivable on non-accrual status during the first three quarters of 2019	$	39	$	9	$	48
Average investment in vacation ownership notes receivable on non-accrual status during the first three quarters of 2018	$	39	$	7	$	46

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of September 30, 2019.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	21	$	29
91 – 150 days past due	3		9		12
Greater than 150 days past due	38		—		38
Total past due	49		30		79
Current	314		1,118		1,432
Total vacation ownership notes receivable	$	363	$	1,148	$	1,511

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2018.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	7	$	26	$	33
91 – 150 days past due	3		9		12
Greater than 150 days past due	33		—		33
Total past due	43		35		78
Current	235		1,090		1,325
Total vacation ownership notes receivable	$	278	$	1,125	$	1,403

Legacy-ILG Vacation Ownership Notes Receivable

On an ongoing basis, we monitor credit quality of our Legacy-ILG vacation ownership notes receivable portfolio based on payment activity as follows:


•	Current — The vacation ownership note receivable is in good standing as payments and reporting are current per the terms contractually stipulated in the agreement.


•	Delinquent — We consider a vacation ownership note receivable to be delinquent based on the contractual terms of each individual financing agreement.

•

Non-performing — Our vacation ownership notes receivable are generally considered non-performing if interest or principal is more than 30 days past due. All non-performing vacation ownership notes receivable are placed on non-accrual status when they are over 90 days past due. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We apply payments we receive for vacation ownership notes receivable on non-performing status first to interest, then to principal, and any remainder to fees.

We consider vacation ownership notes receivable to be in default upon reaching 120 days outstanding. We use the origination of the vacation ownership notes receivable by brand (Hyatt, Sheraton or Westin) and the FICO scores of the customer as the primary credit quality indicators for our Legacy-ILG vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership property they have acquired, supplemented by the FICO scores of the customers.

At September 30, 2019 and December 31, 2018, the weighted average FICO score within our consolidated Legacy-ILG vacation ownership notes receivable pools was 711 and 710, respectively, based upon the outstanding vacation ownership notes receivable balance at time of origination. The average estimated rate for all future defaults for our Legacy-ILG consolidated outstanding pool of vacation ownership notes receivable as of September 30, 2019 and December 31, 2018 was 12.47 percent and 12.37 percent, respectively. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG originated vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $2 million and $1 million as of September 30, 2019 and December 31, 2018, respectively.

The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of September 30, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	113	$	63	$	5	$	15	$	196
Sheraton	105		92		17		40		254
Hyatt	17		11		1		1		30
Other	4		1		—		2		7
	$	239	$	167	$	23	$	58	$	487

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2018.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	154	$	82	$	6	$	21	$	263
Sheraton	145		124		21		55		345
Hyatt	20		13		2		—		35
Other	4		1		—		3		8
	$	323	$	220	$	29	$	79	$	651

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of September 30, 2019.



	Originated Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	101	$	39	$	4	$	18	$	162
Sheraton	79		51		10		29		169
Hyatt	13		6		—		—		19
	$	193	$	96	$	14	$	47	$	350

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of December 31, 2018.



	Originated Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	43	$	11	$	1	$	7	$	62
Sheraton	28		17		3		9		57
Hyatt	5		2		—		—		7
	$	76	$	30	$	4	$	16	$	126

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG originated vacation ownership notes receivable as of September 30, 2019 and December 31, 2018.



	Originated Vacation Ownership Notes Receivable
					Delinquent						Defaulted⁽¹⁾		Total Delinquent & Defaulted
($ in millions)	Receivables		Current		30 - 59 Days		60 - 89 Days		90 - 119 Days		> 120 Days		Total Delinquent & Defaulted
As of September 30, 2019	$	350	$	340	$	5	$	3	$	2	$	—	$	10

As of December 31, 2018	$	126	$	124	$	2	$	—	$	—	$	—	$	2

_________________________

⁽¹⁾

Vacation ownership notes receivable equal to or greater than 120 days are considered in default.

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2019

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS



7.	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. The table also excludes acquired vacation ownership notes receivable which are remeasured at each period end based on expected future cash flows. See Footnote 6 “Vacation Ownership Notes Receivable” for additional information on our acquired vacation ownership notes receivable.



	At September 30, 2019						At December 31, 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Originated vacation ownership notes receivable	$	1,681		$	1,717		$	1,388		$	1,413
Other assets	42			42			66			66
Total financial assets	$	1,723		$	1,759		$	1,454		$	1,479

Securitized debt, net	$	(1,686	)	$	(1,717	)	$	(1,714	)	$	(1,718	)
Exchange Notes, net	(88		)	(91		)	(88		)	(87		)
Senior Unsecured Notes, net	(742		)	(814		)	(741		)	(726		)
IAC Notes	(142		)	(144		)	(141		)	(140		)
Term Loan, net	(882		)	(899		)	(888		)	(887		)
Revolving Corporate Credit Facility, net	(221		)	(221		)	—			—
Convertible Notes, net	(205		)	(231		)	(199		)	(198		)
Non-interest bearing note payable, net	—			—			(30		)	(30		)
Total financial liabilities	$	(3,966	)	$	(4,117	)	$	(3,801	)	$	(3,786	)

Originated Vacation Ownership Notes Receivable



	At September 30, 2019				At December 31, 2018
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Originated vacation ownership notes receivable
Securitized	$	1,169	$	1,199	$	1,070	$	1,093

Eligible for securitization	214		220		85		87
Not eligible for securitization	298		298		233		233
Non-securitized	512		518		318		320
	$	1,681	$	1,717	$	1,388	$	1,413

We estimate the fair value of our originated vacation ownership notes receivable that have been securitized 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 to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3.

Due to factors that impact the general marketability of our originated vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized 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 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 table above shows the bifurcation of our originated vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria.

We estimate the fair value of the portion of our originated vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as originated vacation ownership notes receivable that have been securitized. We value the remaining originated vacation ownership notes receivable that have not been securitized 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. We concluded that this fair value measurement should be categorized within Level 3.

Other Assets

Other assets include $36 million 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 (Level 2 inputs). In addition, we have investments in marketable securities of $6 million that are marked to market as trading securities using quoted market prices (Level 1 inputs).

Securitized Debt

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. We concluded that this fair value measurement should be categorized within Level 3.

Exchange Notes and IAC Notes

We estimate the fair values of our Exchange Notes and our IAC Notes (as defined in Footnote 14 “Debt”) using the redemption prices set forth in the redemption notices provided to holders of the Exchange Notes and the IAC Notes during the third quarter of 2019. We concluded that these fair value measurements should be categorized within Level 1. See Footnote 14 “Debt” for a discussion of the 2028 Notes (as defined in Footnote 14 “Debt”) that were issued subsequent to the third quarter of 2019.

Senior Unsecured Notes

We estimate the fair value of our Senior Unsecured Notes (as defined in Footnote 14 “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 Senior Unsecured Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

Term Loan

We estimate the fair value of our Term Loan (as defined in Footnote 14 “Debt”) using quotes from securities dealers 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 Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3.

Revolving Corporate Credit Facility

We estimate that the fair value of our Revolving Corporate Credit Facility (as defined in Footnote 11 “Contingencies and Commitments”) approximates its gross carrying value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3.

Convertible Notes

We estimate the fair value of our Convertible Notes (as defined in Footnote 14 “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.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE



8.	EARNINGS PER SHARE

Basic earnings per common share attributable to common shareholders is calculated by dividing net income or loss 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 attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period.

Our calculation of diluted earnings per share attributable to common shareholders 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 either September 30, 2019 or September 30, 2018, there was no dilutive impact from the Convertible Notes for either the third quarter or first three quarters of 2019 or 2018.

The shares issuable on exercise of the Warrants (as defined in Footnote 14 “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 subject to adjustment during the third quarter of 2019 to $175.63, as described in Footnote 14 “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 14 “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 attributable to common shareholders.

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



	Three Months Ended						Nine Months Ended
(in millions, except per share amounts)	September 30, 2019			September 30, 2018			September 30, 2019⁽¹⁾		September 30, 2018⁽¹⁾
Computation of Basic Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64	$	11
Shares for basic earnings per share	43.4			32.8			44.5		28.8
Basic (loss) earnings per share	$	(0.21	)	$	(1.08	)	$	1.44	$	0.39
Computation of Diluted Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64	$	11
Shares for basic earnings per share	43.4			32.8			44.5		28.8
Effect of dilutive shares outstanding
Employee stock options and SARs	—			—			0.3		0.4
Restricted stock units	—			—			0.3		0.2
Shares for diluted earnings per share	43.4			32.8			45.1		29.4
Diluted (loss) earnings per share	$	(0.21	)	$	(1.08	)	$	1.43	$	0.38

_______________________________

⁽¹⁾

The computations of diluted earnings per share attributable to common shareholders exclude approximately 401,000 and 269,000 shares of common stock, the maximum number of shares issuable as of September 30, 2019 and September 30, 2018, 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 first three quarters of 2019, we excluded from our calculation of diluted earnings per share 249,737 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $97.53 to $143.38, were greater than the average market price for the applicable period.

For the first three quarters of 2018, we excluded from our calculation of diluted earnings per share 56,649 shares underlying SARs that may settle 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.

INVENTORY

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

INVENTORY



9.	INVENTORY

The following table shows the composition of our inventory balances:



($ in millions)	At September 30, 2019		At December 31, 2018
Finished goods⁽¹⁾	$	840	$	843
Work-in-progress	59		9
Real estate inventory	899		852
Other	11		11
	$	910	$	863

_________________________


⁽¹⁾	Represents completed inventory that is either registered for sale as vacation ownership interests, or unregistered and available for sale in its current form, as well as inventory expected to be acquired pursuant to estimated future foreclosures.

We value vacation ownership 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 $2 million during each of the first three quarters of 2019 and 2018.

In addition to the above, at September 30, 2019, we had $58 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.

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT



10.	PROPERTY AND EQUIPMENT

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



($ in millions)	At September 30, 2019			At December 31, 2018
Land and land improvements	$	305		$	466
Buildings and leasehold improvements	402			404
Furniture, fixtures and other equipment	88			88
Information technology	320			297
Construction in progress	51			32
	1,166			1,287
Accumulated depreciation	(396		)	(336		)
	$	770		$	951

As a result of the ILG Acquisition, we performed a comprehensive review to evaluate the strategic fit of the land holdings and operating hotels in our Vacation Ownership segment. A key focus of our comprehensive review was to evaluate opportunities to reduce holdings in markets where we have excess supply so that future inventory spend can be focused on markets that create incremental cost-effective sales locations in areas of high customer demand. We evaluated each asset in the context of its current and anticipated product form, our inventory needs and our operating strategy. During the third quarter of 2019, we completed our evaluation and identified several assets for disposition which we believe will generate cash proceeds equivalent to their estimated fair value of $160 million to $220 million over the next several years.

As a result of the change in our development strategy, in the third quarter of 2019, we recorded a non-cash impairment charge of $72 million, of which $61 million related to land and land improvements associated with future phases of three existing resorts, primarily attributable to the fact that the book values of these assets include the historical allocations of common costs incurred when we built the infrastructure of these resorts, $9 million related to a land parcel held for future development and $2 million related to an ancillary business, as the book values of these assets were in excess of the estimated fair values of these assets. We also reviewed the remainder of the assets identified for disposition and determined that no other impairment charges were necessary.

We used a combination of the market and income approaches to estimate the fair value of these assets. Under the market approach, a Level 2 input, fair value is measured through an analysis of sales and offerings of comparable property which are adjusted to reflect differences between the asset being valued and the comparable assets, such as location, time and terms of sales, utility and physical characteristics. Under the income approach, a Level 3 input, fair value is measured through a discounted cash flow. Under the income approach, we contemplated alternative uses to comply with the highest and best use provisions of ASC 820.

In addition, during the third quarter of 2019, we recorded a non-cash impairment charge of $1 million related to an ancillary asset located at a Vacation Ownership segment property in Europe.

During the second quarter of 2019, we entered into a contract to sell land and land improvements associated with a future phase of an existing resort located in Orlando, Florida for $10 million, which was less than the carrying value of the land and land improvements. As a result, we recorded a non-cash impairment of $26 million in the first three quarters of 2019. The impairment is primarily attributable to the fact that the book value of the assets to be sold exceeds the sales price because the book value includes allocations of common costs incurred when we built the infrastructure for the resort, including future phases.

CONTINGENCIES AND COMMITMENTS

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS



11.	CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of September 30, 2019, 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 $67 million, of which we expect $13 million, $26 million, $15 million, $8 million and $5 million will be paid in the remainder of 2019, 2020, 2021, 2022 and 2023, respectively.


•	We have commitments of $2 million to subsidize operating costs of vacation ownership property owners’ associations, which we expect to pay in the remainder of 2019.

•

We have a commitment to purchase an operating property located in New York, New York for $182 million, of which $7 million is attributable to a related finance lease arrangement and recorded in Debt. We expect to acquire the units in the property in their current form, over time, and we expect to make payments for these units of $120 million and $62 million in 2020 and 2021, respectively. We currently manage this property, which was rebranded as Marriott Vacation Club Pulse, New York City. See Footnote 17 “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 Vacation Ownership segment, contingent upon completion of construction to agreed-upon standards within specified timeframes. We expect to complete the acquisition in 2020 and to make the remaining payments with respect to these units when specific construction milestones are completed, as follows: $3 million in 2019, $23 million in 2020 and $2 million in 2021.

•

We have a remaining commitment to purchase an operating property located in San Francisco, California for $101 million. We expect to acquire the operating property over time and expect to make payments for the operating property as follows: $55 million in 2020 and $46 million in 2021. We currently manage this property, which was rebranded as Marriott Vacation Club Pulse, San Francisco, during 2019. See Footnote 17 “Variable Interest Entities” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction and Footnote 3 “Acquisitions and Dispositions” for information on the purchase that occurred during the third quarter of 2019.

Surety bonds issued as of September 30, 2019 totaled $104 million, the majority of which were requested by federal, state or local governments in connection with our operations.

As of September 30, 2019, we had $3 million of letters of credit outstanding under our $600 million revolving credit facility (the “Revolving Corporate Credit Facility”). In addition, as of September 30, 2019, we had $4 million in letters of credit outstanding related to and in lieu of reserves required for several vacation ownership notes receivable securitization transactions outstanding. These letters of credit are not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Credit Facility.

We estimate the cash outflow associated with completing the phases of our existing portfolio of vacation ownership projects currently under development will be approximately $9 million, of which $4 million is included within liabilities on our Balance Sheet at September 30, 2019. This estimate is based on our current development plans, which remain subject to change, and we expect the phases currently under development will be completed by the end of 2020.

Guarantees

Certain of our rental management agreements in our Exchange & Third-Party Management segment provide for owners of properties we manage to receive specified percentages or guaranteed amounts of the rental revenue generated under our management. In these cases, the operating expenses for the rental operations are paid from the revenue generated by the rentals, the owners are then paid their contractual percentages or guaranteed amounts, and our vacation rental business either retains the balance (if any) as its fee or makes up the deficit. At September 30, 2019, our maximum exposure under these guarantees is $33 million, of which $4 million, $10 million, $9 million, $4 million, $2 million and $4 million relate to the remainder of 2019, 2020, 2021, 2022, 2023 and thereafter. In addition, our maximum exposure under other guarantees is $3 million.

Loss Contingencies

In March 2017, RCHFU, L.L.C. and other owners at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) filed a complaint in an action pending in the U.S. District Court for the District of Colorado against us and certain third parties, alleging that their fractional interests were devalued by the affiliation of the RCC Aspen Highlands and other Ritz-Carlton Clubs with our points-based Marriott Vacation Club Destinations (“MVCD”) program. The plaintiffs are seeking compensatory damages, disgorgement, fees and costs.

In May 2016, a purported class-action lawsuit was filed in the U.S. District Court for the Middle District of Florida by Anthony and Beth Lennen against us and certain third parties. The complaint challenged the characterization of the beneficial interests in the MVCD trust that are sold to customers as real estate interests under Florida law, the structure of the trust, and associated operational aspects of the trust. The plaintiffs sought declaratory relief, an unwinding of the MVCD product, and punitive damages. In August 2019, the District Court granted our motion for judgment on the pleadings and dismissed the case. The plaintiffs have appealed the ruling.

In December 2016, Flora and Bruce Gillespie and other owners and former owners of fractional interests at the Fifth and Fifty-Fifth Residence Club located within The St. Regis, New York (the “St. Regis NY Club”) filed an action in the U.S. District Court for the Southern District of New York against ILG, certain of its subsidiaries, and certain third parties alleging that the sale of less than all interests offered in the fractional offering plan, the amendment of the plan to include additional units, and the rental of unsold fractional interests by the plan’s sponsor breached the relevant agreements and harmed the value of plaintiffs’ fractional interests. The plaintiffs are seeking compensatory damages, rescission, disgorgement, fees and costs.

In February 2017, the owners’ association for the St. Regis NY Club filed a separate suit against ILG and certain of its subsidiaries in the U.S. District Court for the Southern District of New York, which was amended to add Marriott International and Starwood as additional defendants in March 2017. The lawsuit was subsequently transferred to the U.S. District Court for the Middle District of Florida. The operative complaint alleges that the sponsor of the St. Regis NY Club (St. Regis Residence Club, New York, Inc.), the St. Regis NY Club manager (St. Regis New York Management, Inc.), and certain affiliated entities, as well as Marriott International and Starwood, breached their fiduciary duties related to sale and rental practices, and further alleges tortious interference with the management agreement, unjust enrichment, and anticompetitive conduct. The amended complaint also alleges anticompetitive conduct in connection with the renewal of the St. Regis NY Club management agreement. The plaintiff is seeking declaratory relief in connection with the Starpoint conversion program and the exchange program at the St. Regis NY Club, unspecified damages, and disgorgement of payments under the management and purchase agreements.

In April 2019, a purported class-action lawsuit was filed by Alan and Marjorie Helman and others against us in the Superior Court of the Virgin Islands, Division of St. Thomas alleging that their fractional interests were devalued by the affiliation of The Ritz-Carlton Club, St. Thomas and other Ritz-Carlton Clubs with our MVCD program. The lawsuit was subsequently removed to the U.S. District Court for the District of the Virgin Islands. The plaintiffs are seeking unspecified damages, disgorgement of profits, fees and costs.

In May 2019, the G.A. Resort Condominium Association Inc., the owners’ association for the fractional owners at the Hyatt Residence Club Grand Aspen resort (“HRC Grand Aspen”) filed a lawsuit against us in the District Court for the County of Pitkin, Colorado relating to the transfer of ownership of developer-owned fractional interests at HRC Grand Aspen to the HPC Trust Club for sale and use as a part of the Hyatt Residence Club Portfolio Program. The lawsuit was subsequently removed to the U.S. District Court for the District of Colorado. The plaintiff is seeking termination of the management agreement with the owners’ association, the annulment of certain amendments to governing documents at HRC Grand Aspen,

the removal of fractional interests at HRC Grand Aspen from the HPC Trust Club, unspecified damages, disgorgement of profits, fees and costs.

We believe we have meritorious defenses to the claims in each of the above matters and intend to vigorously defend each matter.

In the ordinary course of our business, various claims and lawsuits have been filed or are pending against us. A number of these lawsuits and claims may exist at any given time. We record and accrue for legal contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.

We have not accrued for any of the pending matters described above and we cannot estimate a range of the potential liability associated with these pending matters, if any, at this time. We have accrued for other claims and lawsuits, but the amount accrued is not material in the aggregate. For matters not requiring accrual, we do not believe that the ultimate outcome of such matters, individually and in the aggregate, will materially harm our financial position, cash flows, or overall trends in results of operations based on information currently available. However, legal proceedings are inherently uncertain, and while we believe that our accruals are adequate and/or we have valid defenses to the claims asserted, unfavorable rulings could occur that could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results.

Other

During June 2018, we identified forged and fraudulently induced electronic payment disbursements we made to third parties in an aggregate amount of $10 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. During 2018, we recovered $6 million. During the second quarter of 2019, we received $3 million from our insurance company as final settlement of our claim, and the insurance company waived the requirement for us to reimburse the insurance company for any monies subsequently recovered. We recorded a gain of $3 million in the (Losses) gains and other (expense) income, net line of our Income Statement for the first three quarters of 2019. Any additional recoveries will be recorded in our results in the future. We have concluded that this event did not involve access to any of our other systems. No other misappropriation of assets was identified during our investigation.

Insurance Recoveries

In September 2017, over 20 of our Legacy-MVW properties were impacted by Hurricane Irma and Hurricane Maria and, as a result, as of December 31, 2017, we accrued $1 million for the estimated property damage insurance deductibles and impairment of property and equipment, which was recorded in the Gains and other income, net line on our Income Statement for the year ended December 31, 2017. In 2018, we received $32 million of insurance proceeds related to the settlement of Legacy-MVW business interruption insurance claims arising from Hurricane Irma. These proceeds, and the related deductible of $3 million, were recorded net in the Gains and other income, net line on our Income Statement for the year ended December 31, 2018. During the first quarter of 2019, we recorded an additional $9 million of other income relating to the final settlement of these business interruption insurance claims, which was recorded in the (Losses) gains and other (expense) income, net line on our Income Statement for the nine months ended September 30, 2019.

LEASES

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASES



12.	LEASES

We account for leases in accordance with ASC 842, which we adopted using the optional transition method in the period of adoption as of January 1, 2019, without retrospective application to comparative periods. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for additional information.

Operating leases include lease arrangements for various land, corporate facilities, real estate and equipment. We also have a long-term land lease for land underlying an operating hotel (term of 50 years). Corporate facilities leases are for office space, including our corporate headquarters in Orlando, Florida, and have lease terms that range from nine to 14 years. Other operating leases are primarily for office and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods.

Finance leases (analogous to capital leases under ASC 840) include lease arrangements for ancillary and operations space for which it is reasonably certain we will exercise the option to purchase the underlying assets in connection with the commitment to purchase the associated operating property. See Footnote 11 “Contingencies and Commitments” for additional information regarding these transactions. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. For existing leases that commenced prior to the adoption of ASC 842, we made an accounting policy election to use our incremental borrowing rate, considering the remaining lease term and remaining minimum rental payments during transition, in establishing our lease liabilities. For new leases entered into after the adoption of ASC 842, we will use an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation.

The following table presents the carrying values of our leases and the classification on our Balance Sheet as of September 30, 2019.



($ in millions)	Balance Sheet Classification	At September 30, 2019
Operating lease assets	Other assets	$	116
Finance lease assets	Property and equipment	13
		$	129

Operating lease liabilities	Accrued liabilities	$	121
Finance lease liabilities	Debt	14
		$	135

The following table presents the lease costs and the classification on our Income Statement for the three and nine months ended September 30, 2019.



($ in millions)	Income Statement Classification	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	7	$	24
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	1		3
Interest on lease liabilities	Interest expense	—		1
Variable lease cost	Marketing and sales expense	2		4
		$	10	$	32

The following table presents the maturity of our operating and financing lease liabilities as of September 30, 2019.



($ in millions)	Operating Leases			Finance Leases⁽¹⁾		Total
2019, remaining	$	8		$	1	$	9
2020	29			11		40
2021	22			2		24
2022	18			—		18
2023	16			—		16
Thereafter	101			—		101
Total lease payments	194			14		208
Less: Imputed interest	(73		)	—		(73		)
	$	121		$	14	$	135

_________________________


⁽¹⁾	Finance lease payments include $7 million related to a residual value guarantee associated with a purchase commitment for an operating property in New York, New York. See Footnote 11 “Contingencies and Commitments” for additional information regarding this transaction.

Lease Term and Discount Rate



	At September 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	11.4 years
Finance leases	1.2 years
Weighted-average discount rate
Operating leases	6.1%
Finance leases	5.0%

Other Information



($ in millions)	Nine Months Ended September 30, 2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1
Operating cash flows for operating leases	33
Financing cash flows for finance leases	11
	$	45

LEASES



12.	LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet as of September 30, 2019.



($ in millions)	Balance Sheet Classification	At September 30, 2019
Operating lease assets	Other assets	$	116
Finance lease assets	Property and equipment	13
		$	129

Operating lease liabilities	Accrued liabilities	$	121
Finance lease liabilities	Debt	14
		$	135

The following table presents the lease costs and the classification on our Income Statement for the three and nine months ended September 30, 2019.



($ in millions)	Income Statement Classification	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	7	$	24
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	1		3
Interest on lease liabilities	Interest expense	—		1
Variable lease cost	Marketing and sales expense	2		4
		$	10	$	32

The following table presents the maturity of our operating and financing lease liabilities as of September 30, 2019.



($ in millions)	Operating Leases			Finance Leases⁽¹⁾		Total
2019, remaining	$	8		$	1	$	9
2020	29			11		40
2021	22			2		24
2022	18			—		18
2023	16			—		16
Thereafter	101			—		101
Total lease payments	194			14		208
Less: Imputed interest	(73		)	—		(73		)
	$	121		$	14	$	135

_________________________


⁽¹⁾	Finance lease payments include $7 million related to a residual value guarantee associated with a purchase commitment for an operating property in New York, New York. See Footnote 11 “Contingencies and Commitments” for additional information regarding this transaction.

Lease Term and Discount Rate



	At September 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	11.4 years
Finance leases	1.2 years
Weighted-average discount rate
Operating leases	6.1%
Finance leases	5.0%

Other Information



($ in millions)	Nine Months Ended September 30, 2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1
Operating cash flows for operating leases	33
Financing cash flows for finance leases	11
	$	45

SECURITIZED DEBT

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

SECURITIZED DEBT



13.	SECURITIZED DEBT

The following table provides detail on our securitized debt, net of unamortized debt issuance costs.



($ in millions)	At September 30, 2019			At December 31, 2018
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,624		$	1,590
Unamortized debt discount and issuance costs	(14		)	(11		)
	1,610			1,579

Warehouse Credit Facility, gross⁽²⁾	56			116
Unamortized debt issuance costs	—			(1		)
	56			115

Other⁽³⁾	20			20
	$	1,686		$	1,714

_________________________


⁽¹⁾	Interest rates as of September 30, 2019 range from 2.2% to 6.3%, with a weighted average interest rate of 2.9%


⁽²⁾	Effective interest rate as of September 30, 2019 was 3.3%


⁽³⁾	Non-recourse

See Footnote 17 “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 debt associated with our vacation ownership notes receivable securitizations and our Warehouse Credit Facility is non-recourse to us.

Vacation Ownership Notes Receivable Securitizations

On May 23, 2019, we completed the securitization of a pool of $459 million of vacation ownership notes receivable. In connection with the securitization, investors purchased in a private placement $450 million in vacation ownership loan backed notes from MVW 2019-1 LLC (the “2019-1 LLC”). Three classes of vacation ownership loan backed notes were issued by the 2019-1 LLC: $350 million of Class A Notes, $67 million of Class B Notes and $33 million of Class C Notes. The Class A Notes have an interest rate of 2.89 percent, the Class B Notes have an interest rate of 3.00 percent and the Class C Notes have an interest rate of 3.33 percent, for an overall weighted average interest rate of 2.94 percent.

On October 10, 2019, subsequent to the third quarter of 2019, we completed the securitization of a pool of $315 million of vacation ownership notes receivable. Approximately $236 million of the vacation ownership notes receivable were purchased on October 10, 2019 by MVW 2019-2 LLC (the “2019-2 LLC”), and we expect the remaining vacation ownership notes receivable to be purchased by the 2019-2 LLC prior to March 31, 2020. The 2019-2 LLC holds the remaining proceeds, which will be released as the remaining vacation ownership notes receivable are purchased. On November 7, 2019, an additional $44 million of the remaining vacation ownership notes receivable were purchased and $42 million was released from restricted cash. Any funds not used to purchase vacation ownership notes receivable will be returned to the investors. Three classes of vacation ownership loan backed notes were issued by the 2019-2 LLC: $232 million of Class A Notes, $54 million of Class B Notes and $23 million of Class C Notes. The Class A Notes have an interest rate of 2.22 percent, the Class B Notes have an interest rate of 2.44 percent and the Class C Notes have an interest rate of 2.68 percent, for an overall weighted average interest rate of 2.29 percent.

Each of the securitized vacation ownership notes receivable transactions 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 third quarter of 2019, and as of September 30, 2019, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of September 30, 2019, we had 11 securitized vacation ownership notes receivable pools outstanding.

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 below due to prepayments by the vacation ownership notes receivable obligors.

The following table shows scheduled future principal payments for our securitized debt as of September 30, 2019.



	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
Payments Year
2019, remaining	$	60	$	1	$	—	$	61
2020	208		3		2		213
2021	190		52		3		245
2022	183		—		2		185
2023	176		—		3		179
Thereafter	807		—		10		817
	$	1,624	$	56	$	20	$	1,700

Warehouse Credit Facility

The Warehouse Credit Facility, which has a borrowing capacity of $250 million, allows for the securitization of Legacy-MVW vacation ownership notes receivable on a revolving non-recourse basis through March 13, 2020. During the first quarter of 2019, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $146 million. The advance rate was 85 percent, which resulted in gross proceeds of $124 million. Net proceeds were $123 million due to the funding of reserve accounts of $1 million.

During the third quarter of 2019, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $67 million. The advance rate was 85 percent, which resulted in gross proceeds of $57 million. Net proceeds were $57 million due to the funding of reserve accounts of less than $1 million.

DEBT

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

DEBT



14.	DEBT

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



($ in millions)		At September 30, 2019			At December 31, 2018
Senior Notes
	Exchange Notes	$	89		$	89
	Unamortized debt issuance costs	(1		)	(1		)
		88			88

	Senior Unsecured Notes	750			750
	Unamortized debt issuance costs	(8		)	(9		)
		742			741

	IAC Notes	142			141

Corporate Credit Facility
	Term Loan	893			900
	Unamortized debt discount and issuance costs	(11		)	(12		)
		882			888

	Revolving Corporate Credit Facility	225			—
	Unamortized debt issuance costs⁽¹⁾	(4		)	—
		221			—

Convertible Notes		230			230
Unamortized debt discount and issuance costs		(25		)	(31		)
		205			199

Non-interest bearing note payable		—			31
Unamortized debt discount		—			(1		)
		—			30

Finance leases		14			17
		$	2,294		$	2,104

_________________________


⁽¹⁾	Excludes $4 million of unamortized debt issuance costs as of December 31, 2018, as no cash borrowings were outstanding on the Revolving Corporate Credit Facility at that time.

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of September 30, 2019.



	Payments Year
($ in millions)	Remaining 2019		2020		2021		2022		2023		Thereafter		Total
Exchange Notes	$	—	$	—	$	—	$	—	$	89	$	—	$	89
Senior Unsecured Notes	—		—		—		—		—		750		750
IAC Notes	—		—		—		—		142		—		142
Term Loan	2		9		9		9		9		855		893
Revolving Corporate Credit Facility	—		—		—		—		225		—		225
Convertible Notes	—		—		—		230		—		—		230
	$	2	$	9	$	9	$	239	$	465	$	1,605	$	2,329

Senior Notes

Our Senior Notes include the following: $750 million aggregate principal amount of 6.500% senior unsecured notes due 2026 issued in the third quarter of 2018 (the “Senior Unsecured Notes”); the 5.625% Senior Unsecured Notes due 2023 assumed in connection with the ILG Acquisition (the “IAC Notes”); and the 5.625% Senior Unsecured Notes due 2023 offered in exchange for the IAC Notes during the third quarter of 2018 (the “Exchange Notes”).

On September 17, 2019, we announced the offer and pricing of senior notes, and on October 1, 2019, subsequent to the third quarter of 2019, we issued $350 million aggregate principal amount of 4.750% Senior Notes due 2028 (the “2028 Notes”). We will pay interest on the 2028 Notes on March 15 and September 15 of each year, commencing on March 15, 2020. The net proceeds from the 2028 Notes were used (i) to redeem all of the outstanding IAC Notes, (ii) to redeem all of the outstanding Exchange Notes, (iii) to repay a portion of the outstanding borrowings under our Revolving Corporate Credit Facility, (iv) to pay transaction expenses and fees in connection with each of the foregoing and (v) for general corporate purposes.

Corporate Credit Facility

Our corporate credit facility (“Corporate Credit Facility”), which provides support for our business, including ongoing liquidity and letters of credit, includes a $900 million term loan facility (the “Term Loan”) which matures on August 31, 2025, and a Revolving Corporate Credit Facility with a borrowing capacity of $600 million that terminates on August 31, 2023. The Term Loan bears interest at LIBOR plus 2.25 percent. Borrowings under the Revolving Corporate Credit 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 to 40 basis points per annum, also depending on our credit rating. The Revolving Corporate Credit Facility also includes a letter of credit sub-facility of $75 million. As of September 30, 2019, we were in compliance with the applicable financial and operating covenants under the Corporate Credit Facility.

We entered into $250 million of interest rate swaps under which we pay a fixed rate of 2.9625 percent and receive a floating interest rate through September 2023 and $200 million of interest rate swaps under which we pay a fixed rate of 2.2480 percent and receive a floating interest rate through April 2024, in each case to hedge a portion of our interest rate risk on the Term Loan. We also entered into a $100 million interest rate collar with a cap strike rate of 2.5000% and a floor strike rate of 1.8810% through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and recorded in Other liabilities on our Balance Sheet as of September 30, 2019. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes.

The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first three quarters of 2019:



($ in millions)	Derivative Instrument Adjustments
Balance at December 31, 2018	$	(6	)
Other comprehensive loss before reclassifications	(3		)
Reclassification to Income Statement	—
Net other comprehensive loss	(3		)
Balance at March 31, 2019	(9		)
Other comprehensive loss before reclassifications	(13		)
Reclassification to Income Statement	—
Net other comprehensive loss	(13		)
Balance at June 30, 2019	(22		)
Other comprehensive loss before reclassifications	(4		)
Reclassification to Income Statement	—
Net other comprehensive loss	(4		)
Balance at September 30, 2019	$	(26	)

Convertible Notes

Our $230 million of 1.50% Convertible Senior Notes due 2022 (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 subject to adjustment during the third quarter of 2019 to 6.7887 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of approximately $147.30 per share of our common stock) when we declared a quarterly dividend of $0.45 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. As of September 30, 2019, the effective interest rate was 4.7% and the remaining discount amortization period was 3.0 years.

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



($ in millions)	At September 30, 2019			At December 31, 2018
Liability component
Principal amount	$	230		$	230
Unamortized debt discount	(21		)	(26		)
Unamortized debt issuance costs	(4		)	(5		)
Net carrying amount of the liability component	$	205		$	199

Carrying amount of equity component, net of issuance costs	$	33		$	33

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



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Contractual interest expense	$	1	$	1	$	2	$	3
Amortization of debt discount	2		1		5		4
Amortization of debt issuance costs	—		1		1		1
	$	3	$	3	$	8	$	8

Convertible Note Hedges and Warrants

In connection with the offering of the Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: 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, and warrant transactions (“Warrants”), whereby we sold to the counterparties to the Convertible Note Hedges warrants to acquire approximately 1.55 million shares of our common stock at an initial strike price of $176.68 per share. The strike price was subject to adjustment during the third quarter of 2019 to $175.63 per share when we declared a quarterly dividend of $0.45 per share. As of September 30, 2019, no Convertible Note Hedges or Warrants have been exercised.

Finance Leases

See Footnote 12 “Leases” for information on our finance leases accounted for under ASC 842.

Restrictions

Amounts borrowed under the Corporate Credit 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 borrowers under, and guarantors of, that facility (which include MVWC and certain 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. The IAC Notes are guaranteed by MVWC, ILG and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by ILG. The Senior Unsecured Notes are guaranteed by MVWC and certain of its subsidiaries whose voting securities are wholly owned directly or indirectly by MVWC. The Exchange Notes are guaranteed by MVWC and its domestic subsidiaries that guarantee the Corporate Credit Facility. See Footnote 19 “Supplemental Guarantor Information” for additional information.

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

SHAREHOLDERS' EQUITY



15.	SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At September 30, 2019, there were 57,874,390 shares of Marriott Vacations Worldwide common stock issued, of which 42,592,411 shares were outstanding and 15,281,979 shares were held as treasury stock. At December 31, 2018, there were 57,626,462 shares of Marriott Vacations Worldwide common stock issued, of which 45,992,731 shares were outstanding and 11,633,731 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 September 30, 2019 or December 31, 2018.

Share Repurchase Program

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



($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2018	11,687,774	$	793	$	67.85
For the first three quarters of 2019	3,667,175	342		93.24
As of September 30, 2019	15,354,949	$	1,135	$	73.91

On July 30, 2019, our Board of Directors authorized the extension of the duration of our existing share repurchase program to December 31, 2020, as well as the repurchase of up to 4.5 million additional shares of our common stock. As of September 30, 2019, our Board of Directors had authorized the repurchase of an aggregate of up to 19.4 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 September 30, 2019, 3.8 million shares remained available for repurchase under the authorization approved by our Board of Directors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice.

Dividends

We declared cash dividends to holders of common stock during the first three quarters of 2019 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 15, 2019	February 28, 2019	March 14, 2019	$0.45
May 9, 2019	May 23, 2019	June 6, 2019	$0.45
September 5, 2019	September 19, 2019	October 3, 2019	$0.45

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

Noncontrolling Interests

Property Owners’ Associations

As part of the ILG Acquisition we established a noncontrolling interest in property owners’ associations that Legacy-ILG consolidates under the voting interest model, which represents the portion of the property owners’ associations related to individual or third-party VOI owners. As of September 30, 2019, this noncontrolling interest amounts to $10 million and is included on our Balance Sheet as a component of equity.

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION



16.	SHARE-BASED COMPENSATION

We maintain the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “MVW Stock Plan”) for the benefit of our officers, directors and employees. Under the MVW Stock Plan, we are authorized to 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 MVW Stock Plan. As of September 30, 2019, less than 1 million shares were available for grants under the MVW Stock Plan.

As part of the ILG Acquisition, we assumed the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (the “ILG Stock Plan”) and equity based awards outstanding under the ILG Stock Plan. As of September 30, 2019, 1 million shares were available for grants under the ILG Stock Plan to Legacy-ILG employees.

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



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Service-based RSUs	$	4	$	3	$	13	$	9
Performance-based RSUs	3		1		6		4
ILG Acquisition Converted RSUs	2		8		8		8
	9		12		27		21
SARs	—		1		2		2
Stock options	—		—		—		—
	$	9	$	13	$	29	$	23

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



($ in millions)	At September 30, 2019		At December 31, 2018
Service-based RSUs	$	21	$	16
Performance-based RSUs	14		7
ILG Acquisition Converted RSUs	5		15
	40		38
SARs	2		1
Stock options	—		—
	$	42	$	39

Restricted Stock Units

We granted 190,403 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $96.30, to our employees and non-employee directors during the first three quarters of 2019. During the first three quarters of 2019, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 287,876 RSUs may be earned under the performance-based RSU awards granted during the first three quarters of 2019.

Stock Appreciation Rights

We granted 111,111 SARs, with a weighted average grant-date fair value of $28.89 and a weighted average exercise price of $100.52, to members of management during the first three quarters of 2019. We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. 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 three quarters of 2019:



Expected volatility	31.10%
Dividend yield	1.76%
Risk-free rate	2.59%
Expected term (in years)	6.25

Legacy-ILG Deferred Compensation Plan

Certain deferred share units (“DSUs”) of ILG common stock were outstanding on the Acquisition Date under the Interval Leisure Group, Inc. Deferred Compensation Plan for Non-Employee Directors. On the Acquisition Date, these DSUs were converted to equity-based awards with respect to MVW’s common stock and cash-based awards, resulting in 12,265 DSUs (“ILG DSUs”) and $1 million of cash-based awards. The ILG DSUs had a weighted average fair value of $114.31 on the Acquisition Date. The services associated with the ILG DSUs were completed as of the Acquisition Date, resulting in no deferred compensation costs. The ILG DSUs and related cash-based awards were paid in full during the first quarter of 2019 and there is no remaining obligation as of September 30, 2019.

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES



17.	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. There is no noncontrolling interest balance related to these entities and the creditors of these entities do not have general recourse to us.

As part of the ILG Acquisition, we acquired the variable interests in the entities associated with ILG’s outstanding vacation ownership notes receivable securitization transactions. As these vacation ownership notes receivable securitizations are similar in nature to the Legacy-MVW vacation ownership notes receivable securitizations they have been aggregated for disclosure purposes.

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 September 30, 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,525	$	61	$	1,586
Interest receivable	11		1		12
Restricted cash	54		1		55
Total	$	1,590	$	63	$	1,653
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Debt	1,624		56		1,680
Total	$	1,626	$	56	$	1,682

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the third quarter of 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	57	$	1	$	58
Interest expense to investors	$	11	$	1	$	12
Debt issuance cost amortization	$	2	$	—	$	2
Administrative expenses	$	—	$	—	$	—

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first three quarters of 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	164	$	12	$	176
Interest expense to investors	$	37	$	4	$	41
Debt issuance cost amortization	$	4	$	1	$	5
Administrative expenses	$	1	$	—	$	1

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



	Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	445		$	419
Principal receipts	355			227
Interest receipts	156			92
Reserve release	107			109
Total	1,063			847
Cash Outflows
Principal to investors	(379		)	(208		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35		)	(34		)
Voluntary clean-up call	(19		)	(22		)
Interest to investors	(36		)	(19		)
Funding of restricted cash	(93		)	(117		)
Total	(562		)	(400		)
Net Cash Flows	$	501		$	447

Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. 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.

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



	Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	181		$	—
Principal receipts	14			—
Interest receipts	13			—
Reserve release	1			—
Total	209			—
Cash Outflows
Principal to investors	(12		)	—
Repayment of Warehouse Credit Facility	(228		)	—
Interest to investors	(4		)	(1		)
Funding of restricted cash	(1		)	—
Total	(245		)	(1		)
Net Cash Flows	$	(36	)	$	(1	)

Other Variable Interest Entities

We have a commitment to purchase an operating property located in San Francisco, California, that we currently manage as Marriott Vacation Club Pulse, San Francisco. Refer to Footnote 11 “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 September 30, 2019, our Balance Sheet reflected $2 million in Accounts Receivable, including a note receivable of less than $1 million, and $1 million in Accrued liabilities, relating to our involvement with this variable interest entity. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is $1 million as of September 30, 2019.

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 11 “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 September 30, 2019, our Balance Sheet reflected $8 million in Property and equipment related to a finance lease and leasehold improvements, $1 million in Accrued liabilities and $7 million in Debt related to the finance lease liability for ancillary and operations space we lease from the variable interest entity. In addition, a note receivable of less than $1 million is included in the Accounts receivable line on the Balance Sheet as of September 30, 2019. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is less than $1 million as of September 30, 2019.

Deferred Compensation Plan

We consolidate the liabilities of the Marriott Vacations Worldwide 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 September 30, 2019, the value of the assets held in the rabbi trust was $36 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

BUSINESS SEGMENTS



18.	BUSINESS SEGMENTS

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

•

Vacation Ownership includes a diverse portfolio of resorts that includes seven vacation ownership brands licensed under exclusive, long-term relationships with Marriott International and Hyatt Hotels Corporation. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton, Westin and Hyatt Residence Club brands, as well as under Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand and have a license to use the St. Regis brand for specified fractional ownership resorts.

Our Vacation Ownership segment generates most of its revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs and owners’ associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory.

•

Exchange & Third-Party Management, includes exchange networks and membership programs, as well as management of resorts and lodging properties. We provide these services through a variety of brands including Interval International, Trading Places International, Vacation Resorts International, Aqua-Aston and Great Destinations. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, property and association management, and other related products and services.

Our CODM evaluates 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 or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation, other gains and losses, equity in earnings or losses from our joint ventures and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to property owners’ associations consolidated under the voting interest model, as our CODM does not use this information to make operating segment resource allocations. Prior year segment information has been reclassified to conform to the current reportable segment presentation.

Our CODM uses Adjusted EBITDA to evaluate the profitability of our operating segments, and the components of net income attributable to common shareholders excluded from Adjusted EBITDA are not separately evaluated. Adjusted EBITDA is defined as net income attributable to common shareholders, before interest expense (excluding consumer financing interest expense associated with term loan securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and adjusted for certain items that affect the comparability or our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income attributable to common shareholders is presented below.

Revenues



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Vacation Ownership	$	967	$	709	$	2,849	$	1,875
Exchange & Third-Party Management	112		40		351		40
Total segment revenues	1,079		749		3,200		1,915
Corporate and other	3		1		10		1
	$	1,082	$	750	$	3,210	$	1,916

Adjusted EBITDA and Reconciliation to Net Income (Loss) Attributable to Common Shareholders



	Three Months Ended						Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Adjusted EBITDA Vacation Ownership	$	195		$	123		$	574		$	315
Adjusted EBITDA Exchange & Third-Party Management	56			19			180			19
Reconciling items:
Corporate and other	(61		)	(42		)	(203		)	(95		)
Interest expense	(31		)	(14		)	(100		)	(23		)
Tax (provision) benefit	(10		)	2			(50		)	(15		)
Depreciation and amortization	(33		)	(18		)	(106		)	(29		)
Share-based compensation expense	(9		)	(13		)	(29		)	(23		)
Certain items	(116		)	(93		)	(202		)	(138		)
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64		$	11

Assets



($ in millions)	At September 30, 2019		At December 31, 2018
Vacation Ownership	$	6,801	$	7,275
Exchange & Third-Party Management	1,161		1,182
Total segment assets	7,962		8,457
Corporate and other	1,097		561
	$	9,059	$	9,018

We conduct business globally, and our operations outside the United States represented approximately 13 percent and 14 percent of our revenues, excluding cost reimbursements, for the three months ended September 30, 2019 and September 30, 2018, respectively, and 13 percent of our revenues, excluding cost reimbursements, for each of the nine months ended September 30, 2019 and September 30, 2018.

SUPPLEMENTAL GUARANTOR INFORMATION

9 Months Ended

Sep. 30, 2019

Guarantees and Product Warranties [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION



19.	SUPPLEMENTAL GUARANTOR INFORMATION

IAC Notes

The IAC Notes are guaranteed by MVWC, ILG and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by ILG (such subsidiaries collectively, the “IAC Notes Guarantors”). These guarantees are full and unconditional and joint and several. The guarantees of the IAC Notes Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The indenture governing the IAC Notes contains covenants that, among other things, limit the ability of Interval Acquisition Corp. (the “Issuer”) and the IAC Notes Guarantors to pay dividends to us or make distributions, loans or advances to us.

The following tables present consolidating financial information as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and September 30, 2018 for MVWC and ILG on a stand-alone basis, the Issuer on a stand-alone basis, the IAC Notes Guarantors, the combined non-guarantor subsidiaries of MVW and MVW on a consolidated basis.

Condensed Consolidating Balance Sheet



	As of September 30, 2019
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	—	$	47	$	136	$	—		$	183
Restricted cash	—		—		43		279		—			322
Accounts receivable, net	84		27		75		224		(38		)	372
Vacation ownership notes receivable, net	—		—		268		1,900		—			2,168
Inventory	—		—		435		475		—			910
Property and equipment	—		—		240		530		—			770
Goodwill	2,890		—		—		—		—			2,890
Intangibles, net	—		—		997		47		—			1,044
Due from parent	—		—		—		1,834		(1,834		)	—
Investments in subsidiaries	2,189		1,771		1,653		—		(5,613		)	—
Other	36		—		189		180		(5		)	400
Total assets	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059

Accounts payable	$	37	$	—	$	91	$	120	$	—		$	248
Advance deposits	—		—		80		105		—			185
Accrued liabilities	4		4		166		157		(38		)	293
Deferred revenue	—		—		130		309		(3		)	436
Payroll and benefits liability	5		—		70		110		—			185
Deferred compensation liability	—		—		6		98		—			104
Securitized debt, net	—		—		—		1,686		—			1,686
Debt, net	205		142		—		1,947		—			2,294
Due to subsidiary	1,834		—		—		—		(1,834		)	—
Other	2		—		150		47		—			199
Deferred taxes	—		—		145		162		—			307
MVW shareholders' equity	3,112		1,652		3,109		854		(5,615		)	3,112
Noncontrolling interests	—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059



	As of December 31, 2018⁽¹⁾
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	11	$	28		$	191	$	—		$	231
Restricted cash	—		—		83			300		—			383
Accounts receivable, net	31		2		107			184		—			324
Vacation ownership notes receivable, net	—		—		176			1,863		—			2,039
Inventory	—		—		440			423		—			863
Property and equipment	—		—		272			679		—			951
Goodwill	2,828		—		—			—		—			2,828
Intangibles, net	—		—		1,065			42		—			1,107
Due from parent	—		—		—			1,834		(1,834		)	—
Investments in subsidiaries	2,681		1,975		1,875			—		(6,531		)	—
Other	27		28		140			172		(75		)	292
Total assets	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018

Accounts payable	$	50	$	—	$	120		$	131	$	—		$	301
Advance deposits	—		—		81			90		—			171
Accrued liabilities	7		—		(28		)	295		(24		)	250
Deferred revenue	—		—		181			206		(4		)	383
Payroll and benefits liability	15		—		72			119		—			206
Deferred compensation liability	—		—		7			86		—			93
Securitized debt, net	—		—		—			1,714		—			1,714
Debt, net	199		141		1			1,763		—			2,104
Due to subsidiary	1,834		—		—			—		(1,834		)	—
Other	2		—		1			9		—			12
Deferred taxes	—		—		155			159		4			318
MVW shareholders' equity	3,461		1,875		3,599			1,108		(6,582		)	3,461
Noncontrolling interests	—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018

_________________________


⁽¹⁾	Amounts have been revised to correct certain immaterial prior period errors as reported in the 2018 Annual Report and have been reclassified to conform to the current year presentation.

Condensed Consolidating Statement of Income



	Three Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	286		$	796		$	—		$	1,082
Expenses	(7		)	—			(255		)	(750		)	—			(1,012		)
Losses and other expense, net	—			—			—			(5		)	—			(5		)
Interest expense	(3		)	(1		)	—			(27		)	—			(31		)
ILG acquisition-related costs	—			—			(2		)	(30		)	—			(32		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	3			1			(18		)	4			—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	31			31			—			(60		)	—
Net (loss) income	(9		)	31			42			(11		)	(60		)	(7		)
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	31		$	41		$	(12	)	$	(60	)	$	(9	)



	Three Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	636		$	—	$	750
Expenses	(1		)	—			(125		)	(572		)	—		(698		)
Gains and other income, net	—			—			1			1			—		2
Interest expense	(3		)	(1		)	—			(10		)	—		(14		)
ILG acquisition-related costs	—			—			(18		)	(60		)	—		(78		)
Benefit (provision) for income taxes	—			—			5			(3		)	—		2
Equity in net (loss) income of subsidiaries	(32		)	(16		)	(17		)	—			65		—
Net (loss) income	(36		)	(17		)	(40		)	(8		)	65		(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net (loss) income attributable to common shareholders	$	(36	)	$	(17	)	$	(40	)	$	(8	)	$	65	$	(36	)



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	1,083		$	2,136		$	(9	)	$	3,210
Expenses	(16		)	—			(970		)	(1,929		)	9			(2,906		)
Gains and other income, net	—			—			—			5			—			5
Interest expense	(8		)	(4		)	(3		)	(85		)	—			(100		)
ILG acquisition-related costs	—			—			(16		)	(78		)	—			(94		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	7			2			(40		)	(19		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			95			93			—			(269		)	—
Net income (loss)	64			93			147			31			(269		)	66
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	93		$	146		$	30		$	(269	)	$	64



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	1,802		$	—	$	1,916
Expenses	(6		)	—			(125		)	(1,631		)	—		(1,762		)
Gains (losses) and other income (expense), net	—			—			1			(5		)	—		(4		)
Interest expense	(8		)	(1		)	—			(14		)	—		(23		)
ILG acquisition-related costs	—			—			(17		)	(81		)	—		(98		)
Other	—			—			—			(3		)	—		(3		)
Benefit (provision) for income taxes	4			—			8			(27		)	—		(15		)
Equity in net income (loss) of subsidiaries	21			(37		)	(38		)	—			54		—
Net income (loss)	11			(38		)	(57		)	41			54		11
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net income (loss) attributable to common shareholders	$	11		$	(38	)	$	(57	)	$	41		$	54	$	11

Condensed Consolidating Statement of Cash Flows



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(3	)	$	177		$	61		$	24		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	—			14			(8		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			(8		)	(212		)	(129		)	(24		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			11			111			491			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	90		$	415		$	—		$	505



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	—	$	(31	)	$	157		$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	2		126			295			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			—		(4		)	(230		)	—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			—		—			491			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	2	$	91		$	713		$	—	$	806

Senior Unsecured Notes and Exchange Notes

The Senior Unsecured Notes and Exchanges Notes (collectively referred to as the “Senior MVW Notes”) are guaranteed by MVWC, Marriott Ownership Resorts, Inc. (“MORI”), ILG and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by MORI or ILG (such subsidiaries collectively, the “Senior Notes Guarantors”). These guarantees are full and unconditional and joint and several. The guarantees of the Senior Notes Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

The following tables present consolidating financial information as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and September 30, 2018 for MVWC on a stand-alone basis, each of MORI and ILG on a stand-alone basis (collectively, the “Issuers” and each individually, an “Issuer”), the Senior Notes Guarantors, the combined non-guarantor subsidiaries of MVW and MVW on a consolidated basis.

Condensed Consolidating Balance Sheet



	As of September 30, 2019
	MVWC		Issuers				Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	33	$	—	$	50	$	100	$	—		$	183
Restricted cash	—		22		—		45		255		—			322
Accounts receivable, net	84		46		18		100		162		(38		)	372
Vacation ownership notes receivable, net	—		181		—		275		1,712		—			2,168
Inventory	—		328		—		475		107		—			910
Property and equipment	—		211		—		283		276		—			770
Goodwill	2,890		—		—		—		—		—			2,890
Intangibles, net	—		—		—		997		47		—			1,044
Due from parent	—		1,834		—		—		—		(1,834		)	—
Investments in subsidiaries	2,189		98		1,653		—		—		(3,940		)	—
Other	36		48		2		268		66		(20		)	400
Total assets	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059

Accounts payable	$	37	$	45	$	9	$	117	$	40	$	—		$	248
Advance deposits	—		79		—		91		15		—			185
Accrued liabilities	4		70		20		168		69		(38		)	293
Deferred revenue	—		4		—		205		230		(3		)	436
Payroll and benefits liability	5		83		—		79		18		—			185
Deferred compensation liability	—		88		—		15		1		—			104
Securitized debt, net	—		—		—		—		1,686		—			1,686
Debt, net	205		1,940		—		149		—		—			2,294
Due to subsidiary	1,834		—		—		—		—		(1,834		)	—
Other	2		36		55		94		12		—			199
Deferred taxes	—		139		2		180		—		(14		)	307
MVW shareholders' equity	3,112		317		1,587		1,395		644		(3,943		)	3,112
Noncontrolling interests	—		—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059



	As of December 31, 2018⁽¹⁾
	MVWC		Issuers				Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	62	$	2	$	39		$	127	$	—		$	231
Restricted cash	—		19		—		122			242		—			383
Accounts receivable, net	31		20		—		169			104		—			324
Vacation ownership notes receivable, net	—		121		—		183			1,735		—			2,039
Inventory	—		212		—		475			176		—			863
Property and equipment	—		439		1		308			203		—			951
Goodwill	2,828		—		—		—			—		—			2,828
Intangibles, net	—		—		—		1,065			42		—			1,107
Due from parent	—		1,834		—		—			—		(1,834		)	—
Investments in subsidiaries	2,681		93		1,875		—			—		(4,649		)	—
Other	27		53		—		251			36		(75		)	292
Total assets	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018

Accounts payable	$	50	$	13	$	—	$	213		$	25	$	—		$	301
Advance deposits	—		65		—		89			17		—			171
Accrued liabilities	7		96		7		14			150		(24		)	250
Deferred revenue	—		6		—		253			128		(4		)	383
Payroll and benefits liability	15		96		—		79			16		—			206
Deferred compensation liability	—		79		—		13			1		—			93
Securitized debt, net	—		—		—		—			1,714		—			1,714
Debt, net	199		1,726		—		179			—		—			2,104
Due to subsidiary	1,834		—		—		—			—		(1,834		)	—
Other	2		6		—		1			3		—			12
Deferred taxes	—		133		—		157			24		4			318
MVW shareholders' equity	3,461		633		1,871		1,617			579		(4,700		)	3,461
Noncontrolling interests	—		—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018

_________________________


⁽¹⁾	Amounts have been revised to correct certain immaterial prior period errors as reported in the 2018 Annual Report and have been reclassified to conform to the current year presentation.

Condensed Consolidating Statement of Income



	Three Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	191		$	—	$	575		$	316		$	—		$	1,082
Expenses	(7		)	(230		)	—		(518		)	(257		)	—			(1,012		)
(Losses) gains and other (expense) income, net	—			(6		)	—		1			—			—			(5		)
Interest expense	(3		)	(34		)	—		2			4			—			(31		)
ILG acquisition-related costs	—			(29		)	—		(3		)	—			—			(32		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	3			35			—		(4		)	(44		)	—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	27			31		—			—			(56		)	—
Net (loss) income	(9		)	(45		)	31		53			19			(56		)	(7		)
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	(45	)	$	31	$	52		$	18		$	(56	)	$	(9	)



	Three Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	194		$	—		$	408		$	148		$	—		$	750
Expenses	(1		)	(185		)	(4		)	(396		)	(112		)	—			(698		)
Gains and other income, net	—			1			—			1			—			—			2
Interest expense	(3		)	(10		)	—			(1		)	—			—			(14		)
ILG acquisition-related costs	—			(60		)	—			(18		)	—			—			(78		)
Benefit (provision) for income taxes	—			7			1			2			(8		)	—			2
Equity in net (loss) income of subsidiaries	(32		)	60			(17		)	—			—			(11		)	—
Net (loss) income	(36		)	7			(20		)	(4		)	28			(11		)	(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net (loss) income attributable to common shareholders	$	(36	)	$	7		$	(20	)	$	(4	)	$	28		$	(11	)	$	(36	)



	Nine Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	541		$	—	$	1,981		$	697		$	(9	)	$	3,210
Expenses	(16		)	(622		)	—		(1,732		)	(545		)	9			(2,906		)
Gains and other income, net	—			5			—		—			—			—			5
Interest expense	(8		)	(88		)	—		(4		)	—			—			(100		)
ILG acquisition-related costs	—			(77		)	—		(17		)	—			—			(94		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	7			75			—		(74		)	(58		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			142			93		—			—			(316		)	—
Net income (loss)	64			(23		)	93		154			94			(316		)	66
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	(23	)	$	93	$	153		$	93		$	(316	)	$	64



	Nine Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	559		$	—		$	991		$	366		$	—		$	1,916
Expenses	(6		)	(551		)	(4		)	(901		)	(300		)	—			(1,762		)
(Losses) gains and other (expense) income, net	—			(5		)	—			1			—			—			(4		)
Interest expense	(8		)	(12		)	—			(3		)	—			—			(23		)
ILG acquisition-related costs	—			(81		)	—			(17		)	—			—			(98		)
Other	—			—			—			(3		)	—			—			(3		)
Benefit (provision) for income taxes	4			26			1			(19		)	(27		)	—			(15		)
Equity in net income (loss) of subsidiaries	21			170			(38		)	—			—			(153		)	—
Net income (loss)	11			106			(41		)	49			39			(153		)	11
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to common shareholders	$	11		$	106		$	(41	)	$	49		$	39		$	(153	)	$	11

Condensed Consolidating Statement of Cash Flows



	Nine Months Ended September 30, 2019
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(159	)	$	—		$	251		$	157		$	10		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	(9		)	—			24			(9		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			142			(2		)	(341		)	(162		)	(10		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			81			2			161			369			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	55		$	—		$	95		$	355		$	—		$	505



	Nine Months Ended September 30, 2018
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	78		$	—	$	122		$	(74	)	$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	(6		)	2		123			304			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			(152		)	—		(179		)	97			—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			377			—		63			51			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	297		$	2	$	129		$	378		$	—	$	806

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Derivative Instruments	We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income. We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. We are exposed to market risk from changes in interest rates, currency exchange rates and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes.
New Accounting Pronouncements	New 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 was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2017-12 in the first quarter of 2019 did not have a material impact on our Financial Statements or disclosures. We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income. We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. We are exposed to market risk from changes in interest rates, currency exchange rates and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes. 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, which as amended, created Accounting Standards Codification 842, Leases (“ASC 842”). ASU 2016-02 requires a lessee to recognize most leases on its balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date and recognizing expenses on the income statement in a similar manner to the superseded guidance in Accounting Standards Codification 840, Leases (“ASC 840”). Lessor accounting remains largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Upon adoption of ASU 2016-02, as amended, leases will be classified as either finance or operating, with classification affecting the geography of expense recognition in the income statement. Additionally, enhanced quantitative and qualitative disclosures regarding leases are required. ASU 2016-02 was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We adopted ASU 2016-02, as amended, during the first quarter of 2019 using the transition method, which allows the application of the standard at the adoption date, January 1, 2019. As permitted by the amended guidance, we elected to retain the original lease classification and historical accounting for existing or expired contracts of lessees and lessors so that we will not be required to reassess whether such contracts contain leases, the lease classification of any such leases or the initial direct costs of any such leases. We continue to report comparative periods presented in the financial statements in the period of adoption under GAAP in effect as of such comparative period, resulting in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Additionally, with respect to our real estate leases, we elected an accounting policy by class of underlying asset to combine lease and non-lease components. We also elected to apply an exemption for short-term leases whereby leases with an initial term of a year or less are not recorded on the balance sheet. We did not utilize the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of their right-of-use assets. Upon adoption, we recognized a lease obligation of $165 million and a right-of-use asset of $155 million, as well as, a cumulative-effect adjustment of $8 million to the opening balance of retained earnings for our operating and finance leases, primarily related to leases of real estate and other assets. The adoption of ASU 2016-02 did not have a material effect on our Income Statement or Cash Flows for the nine months ended September 30, 2019. See Footnote 12 “Leases” for further discussion of the adoption and the impact on our Financial Statements.
Future Adoption of New Accounting Standards	Future Adoption of Accounting Standards Accounting Standards Update 2017-04 – “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) In January 2017, the FASB issued ASU 2017-04, which simplifies the subsequent measurement of goodwill by eliminating the second step from the goodwill impairment test. ASU 2017-04 requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is applied on a prospective basis, with early adoption permitted. We will adopt ASU 2017-04 during the fourth quarter of 2019, prior to our annual impairment testing. We do not expect the adoption of ASU 2017-04 to have a material effect on our financial statements or 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 2020 and are continuing to evaluate the impact that adoption of this update will have on our financial statements or disclosures.

ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Consideration Transferred

The following table presents the fair value of each class of consideration transferred at the Acquisition Date, as finalized at September 30, 2019.



(in millions, except per share amounts)
Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	20.5
Marriott Vacations Worldwide common stock price per share as of Acquisition Date	$	119.00
Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	2,441
Cash consideration to ILG shareholders, net of cash acquired of $154 million	1,680
Fair value of ILG equity-based awards attributed to pre-combination service	64
Total consideration transferred, net of cash acquired	4,185
Noncontrolling interests	32
	$	4,217

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date in connection with the business combination as previously reported at December 31, 2018 and as finalized at September 30, 2019. During the first three quarters of 2019, we refined our valuation models related to certain acquired property and equipment, inventory, securitized debt and our assumptions related to certain acquired member relationship intangibles. In addition, we recorded an indemnification asset and corresponding liability for tax matters for which we believe we will be indemnified. See Footnote 5, “Income Taxes” for further information. Further, we recorded a receivable for business interruption proceeds collected and we recorded additional liabilities related to the vacation ownership business and for other tax matters.



($ in millions)	September 1, 2018 (as reported at December 31, 2018)			Adjustments			September 1, 2018 (as adjusted at September 30, 2019)
Vacation ownership notes receivable	$	753		$	—		$	753
Inventory	474			10			484
Property and equipment	374			11			385
Intangible assets	1,166			(21		)	1,145
Other assets	620			84			704
Deferred revenue	(217		)	(74		)	(291		)
Deferred taxes	(179		)	41			(138		)
Debt	(392		)	—			(392		)
Securitized debt from VIEs	(702		)	(16		)	(718		)
Other liabilities	(511		)	(94		)	(605		)
Net assets acquired	1,386			(59		)	1,327
Goodwill⁽¹⁾	2,828			62			2,890
	$	4,214		$	3		$	4,217

_________________________


⁽¹⁾	Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired and it represents the value that we expect to obtain from synergies and growth opportunities from our combined operations.

Schedule of Goodwill

The following table details the carrying amount of our goodwill at September 30, 2019 and December 31, 2018, and reflects goodwill attributed to the ILG Acquisition.



($ in millions)	Vacation Ownership Segment			Exchange & Third-Party Management Segment		Total Consolidated
Balance at December 31, 2018	$	2,448		$	380	$	2,828
Adjustments	(7		)	69		62
Balance at September 30, 2019	$	2,441		$	449	$	2,890

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table presents the fair values of ILG’s identified intangible assets and their related estimated useful lives as of the Acquisition Date.



	Estimated Fair Value ($ in millions)		Estimated Useful Life (in years)
Member relationships	$	671	15 to 20
Management contracts	357		15 to 25
Management contracts⁽¹⁾	35		indefinite
Trade names and trademarks	82		indefinite
	$	1,145

_________________________

⁽¹⁾

Business Acquisition, Pro Forma Information



($ in millions, except per share data)	Nine Months Ended September 30, 2018
Revenues	$	3,164
Net income	$	159
Net income attributable to common shareholders	$	157
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	3.34
Diluted	$	3.27

The following table presents the results of Legacy-ILG operations included in our Income Statement for the three and nine months ended September 30, 2019.



($ in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Revenue	$	458	$	1,371
Net income attributable to common shareholders	$	42	$	108

REVENUE (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.



	Three Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	481	$	56	$	3	$	540
Goods or services transferred at a point in time	415		55		—		470
	$	896	$	111	$	3	$	1,010



	Three Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	367	$	23	$	1	$	391
Goods or services transferred at a point in time	294		17		—		311
	$	661	$	40	$	1	$	702



	Nine Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,460	$	169	$	10	$	1,639
Goods or services transferred at a point in time	1,183		179		—		1,362
	$	2,643	$	348	$	10	$	3,001



	Nine Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,010	$	23	$	1	$	1,034
Goods or services transferred at a point in time	746		17		—		763
	$	1,756	$	40	$	1	$	1,797

The following tables detail the sources of revenue by segment for the time periods presented.



	Three Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	350	$	—	$	—		$	350

Ancillary revenues	62		1		—			63
Management fee revenues	35		12		(3		)	44
Other services revenues	28		62		34			124
Management and exchange	125		75		31			231

Rental	135		14		—			149

Cost reimbursements	286		22		(28		)	280
Revenue from contracts with customers	896		111		3			1,010

Financing	71		1		—			72
Total Revenues	$	967	$	112	$	3		$	1,082



	Three Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	252	$	—	$	—		$	252

Ancillary revenues	42		—		—			42
Management fee revenues	28		8		(1		)	35
Other services revenues	21		20		8			49
Management and exchange	91		28		7			126

Rental	86		4		—			90

Cost reimbursements	232		8		(6		)	234
Revenue from contracts with customers	661		40		1			702

Financing	48		—		—			48
Total Revenues	$	709	$	40	$	1		$	750



	Nine Months Ended September 30, 2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	1,001	$	—	$	—		$	1,001

Ancillary revenues	185		3		—			188
Management fee revenues	110		38		(10		)	138
Other services revenues	89		191		103			383
Management and exchange	384		232		93			709

Rental	423		48		1			472

Cost reimbursements	835		68		(84		)	819
Revenue from contracts with customers	2,643		348		10			3,001

Financing	206		3		—			209
Total Revenues	$	2,849	$	351	$	10		$	3,210



	Nine Months Ended September 30, 2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	632	$	—	$	—		$	632

Ancillary revenues	106		—		—			106
Management fee revenues	78		8		(1		)	85
Other services revenues	55		20		8			83
Management and exchange	239		28		7			274

Rental	235		4		—			239

Cost reimbursements	650		8		(6		)	652
Revenue from contracts with customers	1,756		40		1			1,797

Financing	119		—		—			119
Total Revenues	$	1,875	$	40	$	1		$	1,916

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 September 30, 2019 or December 31, 2018.



($ in millions)	At September 30, 2019		At December 31, 2018
Receivables
Accounts receivable	$	126	$	164
Vacation ownership notes receivable, net	2,168		2,039
	$	2,294	$	2,203
Contract Liabilities
Advance deposits	$	185	$	171
Deferred revenue	436		383
	$	621	$	554

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2019

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.



	September 30, 2019						December 31, 2018
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,169	$	417	$	1,586	$	1,070	$	557	$	1,627
Non-securitized
Eligible for securitization⁽¹⁾	214		11		225		85		22		107
Not eligible for securitization⁽¹⁾	298		59		357		233		72		305
Subtotal	512		70		582		318		94		412
	$	1,681	$	487	$	2,168	$	1,388	$	651	$	2,039

_________________________

⁽¹⁾

Refer to Footnote 7 “Financial Instruments” for a discussion of eligibility of our vacation ownership notes receivable for securitization.

Interest Income Associated with Vacation Ownership Notes Receivable

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



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Interest income associated with vacation ownership notes receivable — securitized	$	58	$	42	$	176	$	95
Interest income associated with vacation ownership notes receivable — non-securitized	11		3		25		18
Total interest income associated with vacation ownership notes receivable	$	69	$	45	$	201	$	113

Schedule Of Accretable Yield



($ in millions)	Nine Months Ended September 30, 2019
Accretable yield balance at December 31, 2018	$	199
Accretion	(61		)
Reclassification from non-accretable difference	43
Accretable yield balance at September 30, 2019	$	181

Non-accretable difference at September 30, 2019	$	52

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

The following table shows future contractual principal payments, as well as interest rates for our non-securitized and securitized acquired vacation ownership notes receivable, at September 30, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2019, remaining	$	2	$	12	$	14
2020	6		49		55
2021	7		49		56
2022	7		50		57
2023	7		49		56
Thereafter	41		208		249
Balance at September 30, 2019	$	70	$	417	$	487
Weighted average stated interest rate	13.2%		13.4%		13.4%
Range of stated interest rates	3.5% to 17.9%		6.0% to 16.9%		3.5% to 17.9%

The following table shows future principal payments, net of reserves, as well as interest rates, for our originated non-securitized and securitized originated vacation ownership notes receivable at September 30, 2019.



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2019, remaining	$	18	$	26	$	44
2020	66		104		170
2021	53		113		166
2022	45		121		166
2023	41		125		166
Thereafter	289		680		969
Balance at September 30, 2019	$	512	$	1,169	$	1,681
Weighted average stated interest rate	12.1%		12.7%		12.5%
Range of stated interest rates	0.0% to 18.0%		5.2% to 17.5%		0.0% to 18.0%

Notes Receivable Reserves

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



	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized			Securitized			Total
Balance at December 31, 2018	$	61		$	79		$	140
Increase in vacation ownership notes receivable reserve	62			14			76
Securitizations	(47		)	47			—
Clean-up call⁽¹⁾	19			(19		)	—
Write-offs	(35		)	—			(35		)
Defaulted vacation ownership notes receivable repurchase activity⁽²⁾	28			(28		)	—
Balance at September 30, 2019	$	88		$	93		$	181

_________________________


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

⁽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 Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2019	$	41	$	9	$	50
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2018	$	36	$	9	$	45
Average investment in vacation ownership notes receivable on non-accrual status during the third quarter of 2019	$	41	$	9	$	50
Average investment in vacation ownership notes receivable on non-accrual status during the third quarter of 2018	$	40	$	6	$	46
Average investment in vacation ownership notes receivable on non-accrual status during the first three quarters of 2019	$	39	$	9	$	48
Average investment in vacation ownership notes receivable on non-accrual status during the first three quarters of 2018	$	39	$	7	$	46

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 Legacy-MVW vacation ownership notes receivable as of September 30, 2019.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	21	$	29
91 – 150 days past due	3		9		12
Greater than 150 days past due	38		—		38
Total past due	49		30		79
Current	314		1,118		1,432
Total vacation ownership notes receivable	$	363	$	1,148	$	1,511

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2018.



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	7	$	26	$	33
91 – 150 days past due	3		9		12
Greater than 150 days past due	33		—		33
Total past due	43		35		78
Current	235		1,090		1,325
Total vacation ownership notes receivable	$	278	$	1,125	$	1,403



	Originated Vacation Ownership Notes Receivable
					Delinquent						Defaulted⁽¹⁾		Total Delinquent & Defaulted
($ in millions)	Receivables		Current		30 - 59 Days		60 - 89 Days		90 - 119 Days		> 120 Days		Total Delinquent & Defaulted
As of September 30, 2019	$	350	$	340	$	5	$	3	$	2	$	—	$	10

As of December 31, 2018	$	126	$	124	$	2	$	—	$	—	$	—	$	2

_________________________

⁽¹⁾

Vacation ownership notes receivable equal to or greater than 120 days are considered in default.

Financing Receivable Credit Quality Indicators

The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of September 30, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	113	$	63	$	5	$	15	$	196
Sheraton	105		92		17		40		254
Hyatt	17		11		1		1		30
Other	4		1		—		2		7
	$	239	$	167	$	23	$	58	$	487

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2018.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	154	$	82	$	6	$	21	$	263
Sheraton	145		124		21		55		345
Hyatt	20		13		2		—		35
Other	4		1		—		3		8
	$	323	$	220	$	29	$	79	$	651

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of September 30, 2019.



	Originated Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	101	$	39	$	4	$	18	$	162
Sheraton	79		51		10		29		169
Hyatt	13		6		—		—		19
	$	193	$	96	$	14	$	47	$	350

_________________________


⁽¹⁾	Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of December 31, 2018.



	Originated Vacation Ownership Notes Receivable
($ in millions)	700 +		600 - 699		< 600		No Score⁽¹⁾		Total
Westin	$	43	$	11	$	1	$	7	$	62
Sheraton	28		17		3		9		57
Hyatt	5		2		—		—		7
	$	76	$	30	$	4	$	16	$	126

_________________________

⁽¹⁾

Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Investments, All Other Investments [Abstract]

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities



	At September 30, 2019						At December 31, 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Originated vacation ownership notes receivable	$	1,681		$	1,717		$	1,388		$	1,413
Other assets	42			42			66			66
Total financial assets	$	1,723		$	1,759		$	1,454		$	1,479

Securitized debt, net	$	(1,686	)	$	(1,717	)	$	(1,714	)	$	(1,718	)
Exchange Notes, net	(88		)	(91		)	(88		)	(87		)
Senior Unsecured Notes, net	(742		)	(814		)	(741		)	(726		)
IAC Notes	(142		)	(144		)	(141		)	(140		)
Term Loan, net	(882		)	(899		)	(888		)	(887		)
Revolving Corporate Credit Facility, net	(221		)	(221		)	—			—
Convertible Notes, net	(205		)	(231		)	(199		)	(198		)
Non-interest bearing note payable, net	—			—			(30		)	(30		)
Total financial liabilities	$	(3,966	)	$	(4,117	)	$	(3,801	)	$	(3,786	)

Originated Vacation Ownership Notes Receivable



	At September 30, 2019				At December 31, 2018
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Originated vacation ownership notes receivable
Securitized	$	1,169	$	1,199	$	1,070	$	1,093

Eligible for securitization	214		220		85		87
Not eligible for securitization	298		298		233		233
Non-securitized	512		518		318		320
	$	1,681	$	1,717	$	1,388	$	1,413

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2019

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 attributable to common shareholders.



	Three Months Ended						Nine Months Ended
(in millions, except per share amounts)	September 30, 2019			September 30, 2018			September 30, 2019⁽¹⁾		September 30, 2018⁽¹⁾
Computation of Basic Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64	$	11
Shares for basic earnings per share	43.4			32.8			44.5		28.8
Basic (loss) earnings per share	$	(0.21	)	$	(1.08	)	$	1.44	$	0.39
Computation of Diluted Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64	$	11
Shares for basic earnings per share	43.4			32.8			44.5		28.8
Effect of dilutive shares outstanding
Employee stock options and SARs	—			—			0.3		0.4
Restricted stock units	—			—			0.3		0.2
Shares for diluted earnings per share	43.4			32.8			45.1		29.4
Diluted (loss) earnings per share	$	(0.21	)	$	(1.08	)	$	1.43	$	0.38

_______________________________

⁽¹⁾

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:



($ in millions)	At September 30, 2019		At December 31, 2018
Finished goods⁽¹⁾	$	840	$	843
Work-in-progress	59		9
Real estate inventory	899		852
Other	11		11
	$	910	$	863

_________________________

⁽¹⁾

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

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Composition of Property and Equipment

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



($ in millions)	At September 30, 2019			At December 31, 2018
Land and land improvements	$	305		$	466
Buildings and leasehold improvements	402			404
Furniture, fixtures and other equipment	88			88
Information technology	320			297
Construction in progress	51			32
	1,166			1,287
Accumulated depreciation	(396		)	(336		)
	$	770		$	951

LEASES (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Assets and Liabilities

The following table presents the carrying values of our leases and the classification on our Balance Sheet as of September 30, 2019.



($ in millions)	Balance Sheet Classification	At September 30, 2019
Operating lease assets	Other assets	$	116
Finance lease assets	Property and equipment	13
		$	129

Operating lease liabilities	Accrued liabilities	$	121
Finance lease liabilities	Debt	14
		$	135

Components of Lease Expense

Lease Term and Discount Rate



	At September 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	11.4 years
Finance leases	1.2 years
Weighted-average discount rate
Operating leases	6.1%
Finance leases	5.0%

Other Information



($ in millions)	Nine Months Ended September 30, 2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1
Operating cash flows for operating leases	33
Financing cash flows for finance leases	11
	$	45

The following table presents the lease costs and the classification on our Income Statement for the three and nine months ended September 30, 2019.



($ in millions)	Income Statement Classification	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	7	$	24
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	1		3
Interest on lease liabilities	Interest expense	—		1
Variable lease cost	Marketing and sales expense	2		4
		$	10	$	32

Maturities of Operating Lease Liabilities

The following table presents the maturity of our operating and financing lease liabilities as of September 30, 2019.



($ in millions)	Operating Leases			Finance Leases⁽¹⁾		Total
2019, remaining	$	8		$	1	$	9
2020	29			11		40
2021	22			2		24
2022	18			—		18
2023	16			—		16
Thereafter	101			—		101
Total lease payments	194			14		208
Less: Imputed interest	(73		)	—		(73		)
	$	121		$	14	$	135

_________________________

⁽¹⁾

Finance lease payments include $7 million related to a residual value guarantee associated with a purchase commitment for an operating property in New York, New York. See Footnote 11 “Contingencies and Commitments” for additional information regarding this transaction.

Maturities of Financing Lease Liabilities

The following table presents the maturity of our operating and financing lease liabilities as of September 30, 2019.



($ in millions)	Operating Leases			Finance Leases⁽¹⁾		Total
2019, remaining	$	8		$	1	$	9
2020	29			11		40
2021	22			2		24
2022	18			—		18
2023	16			—		16
Thereafter	101			—		101
Total lease payments	194			14		208
Less: Imputed interest	(73		)	—		(73		)
	$	121		$	14	$	135

_________________________

⁽¹⁾

SECURITIZED DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Securitized Vacation Ownership Debt

The following table provides detail on our securitized debt, net of unamortized debt issuance costs.



($ in millions)	At September 30, 2019			At December 31, 2018
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,624		$	1,590
Unamortized debt discount and issuance costs	(14		)	(11		)
	1,610			1,579

Warehouse Credit Facility, gross⁽²⁾	56			116
Unamortized debt issuance costs	—			(1		)
	56			115

Other⁽³⁾	20			20
	$	1,686		$	1,714

_________________________


⁽¹⁾	Interest rates as of September 30, 2019 range from 2.2% to 6.3%, with a weighted average interest rate of 2.9%


⁽²⁾	Effective interest rate as of September 30, 2019 was 3.3%

⁽³⁾

Non-recourse

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our securitized debt as of September 30, 2019.



	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
Payments Year
2019, remaining	$	60	$	1	$	—	$	61
2020	208		3		2		213
2021	190		52		3		245
2022	183		—		2		185
2023	176		—		3		179
Thereafter	807		—		10		817
	$	1,624	$	56	$	20	$	1,700

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of September 30, 2019.



	Payments Year
($ in millions)	Remaining 2019		2020		2021		2022		2023		Thereafter		Total
Exchange Notes	$	—	$	—	$	—	$	—	$	89	$	—	$	89
Senior Unsecured Notes	—		—		—		—		—		750		750
IAC Notes	—		—		—		—		142		—		142
Term Loan	2		9		9		9		9		855		893
Revolving Corporate Credit Facility	—		—		—		—		225		—		225
Convertible Notes	—		—		—		230		—		—		230
	$	2	$	9	$	9	$	239	$	465	$	1,605	$	2,329

DEBT (Tables)

9 Months Ended

Sep. 30, 2019

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 millions)		At September 30, 2019			At December 31, 2018
Senior Notes
	Exchange Notes	$	89		$	89
	Unamortized debt issuance costs	(1		)	(1		)
		88			88

	Senior Unsecured Notes	750			750
	Unamortized debt issuance costs	(8		)	(9		)
		742			741

	IAC Notes	142			141

Corporate Credit Facility
	Term Loan	893			900
	Unamortized debt discount and issuance costs	(11		)	(12		)
		882			888

	Revolving Corporate Credit Facility	225			—
	Unamortized debt issuance costs⁽¹⁾	(4		)	—
		221			—

Convertible Notes		230			230
Unamortized debt discount and issuance costs		(25		)	(31		)
		205			199

Non-interest bearing note payable		—			31
Unamortized debt discount		—			(1		)
		—			30

Finance leases		14			17
		$	2,294		$	2,104

_________________________


⁽¹⁾	Excludes $4 million of unamortized debt issuance costs as of December 31, 2018, as no cash borrowings were outstanding on the Revolving Corporate Credit Facility at that time.

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our securitized debt as of September 30, 2019.



	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
Payments Year
2019, remaining	$	60	$	1	$	—	$	61
2020	208		3		2		213
2021	190		52		3		245
2022	183		—		2		185
2023	176		—		3		179
Thereafter	807		—		10		817
	$	1,624	$	56	$	20	$	1,700

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of September 30, 2019.



	Payments Year
($ in millions)	Remaining 2019		2020		2021		2022		2023		Thereafter		Total
Exchange Notes	$	—	$	—	$	—	$	—	$	89	$	—	$	89
Senior Unsecured Notes	—		—		—		—		—		750		750
IAC Notes	—		—		—		—		142		—		142
Term Loan	2		9		9		9		9		855		893
Revolving Corporate Credit Facility	—		—		—		—		225		—		225
Convertible Notes	—		—		—		230		—		—		230
	$	2	$	9	$	9	$	239	$	465	$	1,605	$	2,329

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first three quarters of 2019:



($ in millions)	Derivative Instrument Adjustments
Balance at December 31, 2018	$	(6	)
Other comprehensive loss before reclassifications	(3		)
Reclassification to Income Statement	—
Net other comprehensive loss	(3		)
Balance at March 31, 2019	(9		)
Other comprehensive loss before reclassifications	(13		)
Reclassification to Income Statement	—
Net other comprehensive loss	(13		)
Balance at June 30, 2019	(22		)
Other comprehensive loss before reclassifications	(4		)
Reclassification to Income Statement	—
Net other comprehensive loss	(4		)
Balance at September 30, 2019	$	(26	)

Convertible Debt

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



($ in millions)	At September 30, 2019			At December 31, 2018
Liability component
Principal amount	$	230		$	230
Unamortized debt discount	(21		)	(26		)
Unamortized debt issuance costs	(4		)	(5		)
Net carrying amount of the liability component	$	205		$	199

Carrying amount of equity component, net of issuance costs	$	33		$	33

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



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Contractual interest expense	$	1	$	1	$	2	$	3
Amortization of debt discount	2		1		5		4
Amortization of debt issuance costs	—		1		1		1
	$	3	$	3	$	8	$	8

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stock Repurchase Activity under Current Stock Repurchase Program

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



($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2018	11,687,774	$	793	$	67.85
For the first three quarters of 2019	3,667,175	342		93.24
As of September 30, 2019	15,354,949	$	1,135	$	73.91

Cash Dividend Declared

We declared cash dividends to holders of common stock during the first three quarters of 2019 as follows:



Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 15, 2019	February 28, 2019	March 14, 2019	$0.45
May 9, 2019	May 23, 2019	June 6, 2019	$0.45
September 5, 2019	September 19, 2019	October 3, 2019	$0.45

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [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				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Service-based RSUs	$	4	$	3	$	13	$	9
Performance-based RSUs	3		1		6		4
ILG Acquisition Converted RSUs	2		8		8		8
	9		12		27		21
SARs	—		1		2		2
Stock options	—		—		—		—
	$	9	$	13	$	29	$	23

Schedule of Unrecognized Compensation Cost, Nonvested Awards

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



($ in millions)	At September 30, 2019		At December 31, 2018
Service-based RSUs	$	21	$	16
Performance-based RSUs	14		7
ILG Acquisition Converted RSUs	5		15
	40		38
SARs	2		1
Stock options	—		—
	$	42	$	39

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 three quarters of 2019:



Expected volatility	31.10%
Dividend yield	1.76%
Risk-free rate	2.59%
Expected term (in years)	6.25

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Classifications of Consolidated VIE Assets and Liabilities



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,525	$	61	$	1,586
Interest receivable	11		1		12
Restricted cash	54		1		55
Total	$	1,590	$	63	$	1,653
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Debt	1,624		56		1,680
Total	$	1,626	$	56	$	1,682

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 third quarter of 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	57	$	1	$	58
Interest expense to investors	$	11	$	1	$	12
Debt issuance cost amortization	$	2	$	—	$	2
Administrative expenses	$	—	$	—	$	—

The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first three quarters of 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	164	$	12	$	176
Interest expense to investors	$	37	$	4	$	41
Debt issuance cost amortization	$	4	$	1	$	5
Administrative expenses	$	1	$	—	$	1

Cash Flows Between Company and Variable Interest Entities

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



	Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	181		$	—
Principal receipts	14			—
Interest receipts	13			—
Reserve release	1			—
Total	209			—
Cash Outflows
Principal to investors	(12		)	—
Repayment of Warehouse Credit Facility	(228		)	—
Interest to investors	(4		)	(1		)
Funding of restricted cash	(1		)	—
Total	(245		)	(1		)
Net Cash Flows	$	(36	)	$	(1	)

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



	Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	445		$	419
Principal receipts	355			227
Interest receipts	156			92
Reserve release	107			109
Total	1,063			847
Cash Outflows
Principal to investors	(379		)	(208		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35		)	(34		)
Voluntary clean-up call	(19		)	(22		)
Interest to investors	(36		)	(19		)
Funding of restricted cash	(93		)	(117		)
Total	(562		)	(400		)
Net Cash Flows	$	501		$	447

- 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)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Revenues



	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Vacation Ownership	$	967	$	709	$	2,849	$	1,875
Exchange & Third-Party Management	112		40		351		40
Total segment revenues	1,079		749		3,200		1,915
Corporate and other	3		1		10		1
	$	1,082	$	750	$	3,210	$	1,916

Adjusted EBITDA Reconciling Items from Segments

Adjusted EBITDA and Reconciliation to Net Income (Loss) Attributable to Common Shareholders



	Three Months Ended						Nine Months Ended
($ in millions)	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Adjusted EBITDA Vacation Ownership	$	195		$	123		$	574		$	315
Adjusted EBITDA Exchange & Third-Party Management	56			19			180			19
Reconciling items:
Corporate and other	(61		)	(42		)	(203		)	(95		)
Interest expense	(31		)	(14		)	(100		)	(23		)
Tax (provision) benefit	(10		)	2			(50		)	(15		)
Depreciation and amortization	(33		)	(18		)	(106		)	(29		)
Share-based compensation expense	(9		)	(13		)	(29		)	(23		)
Certain items	(116		)	(93		)	(202		)	(138		)
Net (loss) income attributable to common shareholders	$	(9	)	$	(36	)	$	64		$	11

Reconciliation of Assets from Segments

Assets



($ in millions)	At September 30, 2019		At December 31, 2018
Vacation Ownership	$	6,801	$	7,275
Exchange & Third-Party Management	1,161		1,182
Total segment assets	7,962		8,457
Corporate and other	1,097		561
	$	9,059	$	9,018

SUPPLEMENTAL GUARANTOR INFORMATION (Tables)

9 Months Ended

Sep. 30, 2019

Guarantees and Product Warranties [Abstract]

Balance Sheet

Condensed Consolidating Balance Sheet



	As of September 30, 2019
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	—	$	47	$	136	$	—		$	183
Restricted cash	—		—		43		279		—			322
Accounts receivable, net	84		27		75		224		(38		)	372
Vacation ownership notes receivable, net	—		—		268		1,900		—			2,168
Inventory	—		—		435		475		—			910
Property and equipment	—		—		240		530		—			770
Goodwill	2,890		—		—		—		—			2,890
Intangibles, net	—		—		997		47		—			1,044
Due from parent	—		—		—		1,834		(1,834		)	—
Investments in subsidiaries	2,189		1,771		1,653		—		(5,613		)	—
Other	36		—		189		180		(5		)	400
Total assets	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059

Accounts payable	$	37	$	—	$	91	$	120	$	—		$	248
Advance deposits	—		—		80		105		—			185
Accrued liabilities	4		4		166		157		(38		)	293
Deferred revenue	—		—		130		309		(3		)	436
Payroll and benefits liability	5		—		70		110		—			185
Deferred compensation liability	—		—		6		98		—			104
Securitized debt, net	—		—		—		1,686		—			1,686
Debt, net	205		142		—		1,947		—			2,294
Due to subsidiary	1,834		—		—		—		(1,834		)	—
Other	2		—		150		47		—			199
Deferred taxes	—		—		145		162		—			307
MVW shareholders' equity	3,112		1,652		3,109		854		(5,615		)	3,112
Noncontrolling interests	—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059



	As of December 31, 2018⁽¹⁾
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	11	$	28		$	191	$	—		$	231
Restricted cash	—		—		83			300		—			383
Accounts receivable, net	31		2		107			184		—			324
Vacation ownership notes receivable, net	—		—		176			1,863		—			2,039
Inventory	—		—		440			423		—			863
Property and equipment	—		—		272			679		—			951
Goodwill	2,828		—		—			—		—			2,828
Intangibles, net	—		—		1,065			42		—			1,107
Due from parent	—		—		—			1,834		(1,834		)	—
Investments in subsidiaries	2,681		1,975		1,875			—		(6,531		)	—
Other	27		28		140			172		(75		)	292
Total assets	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018

Accounts payable	$	50	$	—	$	120		$	131	$	—		$	301
Advance deposits	—		—		81			90		—			171
Accrued liabilities	7		—		(28		)	295		(24		)	250
Deferred revenue	—		—		181			206		(4		)	383
Payroll and benefits liability	15		—		72			119		—			206
Deferred compensation liability	—		—		7			86		—			93
Securitized debt, net	—		—		—			1,714		—			1,714
Debt, net	199		141		1			1,763		—			2,104
Due to subsidiary	1,834		—		—			—		(1,834		)	—
Other	2		—		1			9		—			12
Deferred taxes	—		—		155			159		4			318
MVW shareholders' equity	3,461		1,875		3,599			1,108		(6,582		)	3,461
Noncontrolling interests	—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018

_________________________

⁽¹⁾

Amounts have been revised to correct certain immaterial prior period errors as reported in the 2018 Annual Report and have been reclassified to conform to the current year presentation.

Condensed Consolidating Balance Sheet



	As of September 30, 2019
	MVWC		Issuers				Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	33	$	—	$	50	$	100	$	—		$	183
Restricted cash	—		22		—		45		255		—			322
Accounts receivable, net	84		46		18		100		162		(38		)	372
Vacation ownership notes receivable, net	—		181		—		275		1,712		—			2,168
Inventory	—		328		—		475		107		—			910
Property and equipment	—		211		—		283		276		—			770
Goodwill	2,890		—		—		—		—		—			2,890
Intangibles, net	—		—		—		997		47		—			1,044
Due from parent	—		1,834		—		—		—		(1,834		)	—
Investments in subsidiaries	2,189		98		1,653		—		—		(3,940		)	—
Other	36		48		2		268		66		(20		)	400
Total assets	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059

Accounts payable	$	37	$	45	$	9	$	117	$	40	$	—		$	248
Advance deposits	—		79		—		91		15		—			185
Accrued liabilities	4		70		20		168		69		(38		)	293
Deferred revenue	—		4		—		205		230		(3		)	436
Payroll and benefits liability	5		83		—		79		18		—			185
Deferred compensation liability	—		88		—		15		1		—			104
Securitized debt, net	—		—		—		—		1,686		—			1,686
Debt, net	205		1,940		—		149		—		—			2,294
Due to subsidiary	1,834		—		—		—		—		(1,834		)	—
Other	2		36		55		94		12		—			199
Deferred taxes	—		139		2		180		—		(14		)	307
MVW shareholders' equity	3,112		317		1,587		1,395		644		(3,943		)	3,112
Noncontrolling interests	—		—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059



	As of December 31, 2018⁽¹⁾
	MVWC		Issuers				Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	62	$	2	$	39		$	127	$	—		$	231
Restricted cash	—		19		—		122			242		—			383
Accounts receivable, net	31		20		—		169			104		—			324
Vacation ownership notes receivable, net	—		121		—		183			1,735		—			2,039
Inventory	—		212		—		475			176		—			863
Property and equipment	—		439		1		308			203		—			951
Goodwill	2,828		—		—		—			—		—			2,828
Intangibles, net	—		—		—		1,065			42		—			1,107
Due from parent	—		1,834		—		—			—		(1,834		)	—
Investments in subsidiaries	2,681		93		1,875		—			—		(4,649		)	—
Other	27		53		—		251			36		(75		)	292
Total assets	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018

Accounts payable	$	50	$	13	$	—	$	213		$	25	$	—		$	301
Advance deposits	—		65		—		89			17		—			171
Accrued liabilities	7		96		7		14			150		(24		)	250
Deferred revenue	—		6		—		253			128		(4		)	383
Payroll and benefits liability	15		96		—		79			16		—			206
Deferred compensation liability	—		79		—		13			1		—			93
Securitized debt, net	—		—		—		—			1,714		—			1,714
Debt, net	199		1,726		—		179			—		—			2,104
Due to subsidiary	1,834		—		—		—			—		(1,834		)	—
Other	2		6		—		1			3		—			12
Deferred taxes	—		133		—		157			24		4			318
MVW shareholders' equity	3,461		633		1,871		1,617			579		(4,700		)	3,461
Noncontrolling interests	—		—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018

_________________________


⁽¹⁾	Amounts have been revised to correct certain immaterial prior period errors as reported in the 2018 Annual Report and have been reclassified to conform to the current year presentation.

Income Statement

Condensed Consolidating Statement of Income



	Three Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	286		$	796		$	—		$	1,082
Expenses	(7		)	—			(255		)	(750		)	—			(1,012		)
Losses and other expense, net	—			—			—			(5		)	—			(5		)
Interest expense	(3		)	(1		)	—			(27		)	—			(31		)
ILG acquisition-related costs	—			—			(2		)	(30		)	—			(32		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	3			1			(18		)	4			—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	31			31			—			(60		)	—
Net (loss) income	(9		)	31			42			(11		)	(60		)	(7		)
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	31		$	41		$	(12	)	$	(60	)	$	(9	)



	Three Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	636		$	—	$	750
Expenses	(1		)	—			(125		)	(572		)	—		(698		)
Gains and other income, net	—			—			1			1			—		2
Interest expense	(3		)	(1		)	—			(10		)	—		(14		)
ILG acquisition-related costs	—			—			(18		)	(60		)	—		(78		)
Benefit (provision) for income taxes	—			—			5			(3		)	—		2
Equity in net (loss) income of subsidiaries	(32		)	(16		)	(17		)	—			65		—
Net (loss) income	(36		)	(17		)	(40		)	(8		)	65		(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net (loss) income attributable to common shareholders	$	(36	)	$	(17	)	$	(40	)	$	(8	)	$	65	$	(36	)



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	1,083		$	2,136		$	(9	)	$	3,210
Expenses	(16		)	—			(970		)	(1,929		)	9			(2,906		)
Gains and other income, net	—			—			—			5			—			5
Interest expense	(8		)	(4		)	(3		)	(85		)	—			(100		)
ILG acquisition-related costs	—			—			(16		)	(78		)	—			(94		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	7			2			(40		)	(19		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			95			93			—			(269		)	—
Net income (loss)	64			93			147			31			(269		)	66
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	93		$	146		$	30		$	(269	)	$	64



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	1,802		$	—	$	1,916
Expenses	(6		)	—			(125		)	(1,631		)	—		(1,762		)
Gains (losses) and other income (expense), net	—			—			1			(5		)	—		(4		)
Interest expense	(8		)	(1		)	—			(14		)	—		(23		)
ILG acquisition-related costs	—			—			(17		)	(81		)	—		(98		)
Other	—			—			—			(3		)	—		(3		)
Benefit (provision) for income taxes	4			—			8			(27		)	—		(15		)
Equity in net income (loss) of subsidiaries	21			(37		)	(38		)	—			54		—
Net income (loss)	11			(38		)	(57		)	41			54		11
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net income (loss) attributable to common shareholders	$	11		$	(38	)	$	(57	)	$	41		$	54	$	11

Condensed Consolidating Statement of Income



	Three Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	191		$	—	$	575		$	316		$	—		$	1,082
Expenses	(7		)	(230		)	—		(518		)	(257		)	—			(1,012		)
(Losses) gains and other (expense) income, net	—			(6		)	—		1			—			—			(5		)
Interest expense	(3		)	(34		)	—		2			4			—			(31		)
ILG acquisition-related costs	—			(29		)	—		(3		)	—			—			(32		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	3			35			—		(4		)	(44		)	—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	27			31		—			—			(56		)	—
Net (loss) income	(9		)	(45		)	31		53			19			(56		)	(7		)
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	(45	)	$	31	$	52		$	18		$	(56	)	$	(9	)



	Three Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	194		$	—		$	408		$	148		$	—		$	750
Expenses	(1		)	(185		)	(4		)	(396		)	(112		)	—			(698		)
Gains and other income, net	—			1			—			1			—			—			2
Interest expense	(3		)	(10		)	—			(1		)	—			—			(14		)
ILG acquisition-related costs	—			(60		)	—			(18		)	—			—			(78		)
Benefit (provision) for income taxes	—			7			1			2			(8		)	—			2
Equity in net (loss) income of subsidiaries	(32		)	60			(17		)	—			—			(11		)	—
Net (loss) income	(36		)	7			(20		)	(4		)	28			(11		)	(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net (loss) income attributable to common shareholders	$	(36	)	$	7		$	(20	)	$	(4	)	$	28		$	(11	)	$	(36	)



	Nine Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	541		$	—	$	1,981		$	697		$	(9	)	$	3,210
Expenses	(16		)	(622		)	—		(1,732		)	(545		)	9			(2,906		)
Gains and other income, net	—			5			—		—			—			—			5
Interest expense	(8		)	(88		)	—		(4		)	—			—			(100		)
ILG acquisition-related costs	—			(77		)	—		(17		)	—			—			(94		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	7			75			—		(74		)	(58		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			142			93		—			—			(316		)	—
Net income (loss)	64			(23		)	93		154			94			(316		)	66
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	(23	)	$	93	$	153		$	93		$	(316	)	$	64



	Nine Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	559		$	—		$	991		$	366		$	—		$	1,916
Expenses	(6		)	(551		)	(4		)	(901		)	(300		)	—			(1,762		)
(Losses) gains and other (expense) income, net	—			(5		)	—			1			—			—			(4		)
Interest expense	(8		)	(12		)	—			(3		)	—			—			(23		)
ILG acquisition-related costs	—			(81		)	—			(17		)	—			—			(98		)
Other	—			—			—			(3		)	—			—			(3		)
Benefit (provision) for income taxes	4			26			1			(19		)	(27		)	—			(15		)
Equity in net income (loss) of subsidiaries	21			170			(38		)	—			—			(153		)	—
Net income (loss)	11			106			(41		)	49			39			(153		)	11
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to common shareholders	$	11		$	106		$	(41	)	$	49		$	39		$	(153	)	$	11

Cash Flow

Condensed Consolidating Statement of Cash Flows



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(3	)	$	177		$	61		$	24		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	—			14			(8		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			(8		)	(212		)	(129		)	(24		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			11			111			491			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	90		$	415		$	—		$	505



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	—	$	(31	)	$	157		$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	2		126			295			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			—		(4		)	(230		)	—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			—		—			491			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	2	$	91		$	713		$	—	$	806

Condensed Consolidating Statement of Cash Flows



	Nine Months Ended September 30, 2019
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(159	)	$	—		$	251		$	157		$	10		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	(9		)	—			24			(9		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			142			(2		)	(341		)	(162		)	(10		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			81			2			161			369			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	55		$	—		$	95		$	355		$	—		$	505



	Nine Months Ended September 30, 2018
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	78		$	—	$	122		$	(74	)	$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	(6		)	2		123			304			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			(152		)	—		(179		)	97			—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			377			—		63			51			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	297		$	2	$	129		$	378		$	—	$	806

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	9 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Accounts payable	$ 248	$ 301
Advance deposits	185	171
Deferred revenue	436	383
Payroll and benefits liability	185	206
Accrued liabilities	293	250
Securitized debt, net	1,686	1,714
Debt, net	$ 2,294	2,104
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Advance deposits		58
Deferred revenue		64
Securitized debt, net		20
Other \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt, net		(20)
Accounts Payable and Accrued Liabilities \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable		53
Accrued liabilities		(53)
Advance Deposits and Accrued Liabilities \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities		(58)
Deferred Revenue and Accrued Liabilities \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities		(64)
Payroll and Benefits Liability And Accounts Payable \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable		3
Payroll and benefits liability		(3)
Payroll and Benefits Liability And Accrued Liabilities \| Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Payroll and benefits liability		(2)
Accrued liabilities		$ 2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Present value of lease liabilities	$ 135
Operating lease assets	$ 129
Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Present value of lease liabilities		$ 165
Operating lease assets		155
Impact of adoption of ASU 2016-02		8
Accounting Standards Update 2016-02 \| Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact of adoption of ASU 2016-02		$ 8

ACQUISITIONS AND DISPOSITIONS - Consideration Transferred (Details) - ILG - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Sep. 30, 2019	Aug. 31, 2018	Sep. 01, 2018
Business Acquisition [Line Items]
Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares (in shares)	20.5
Marriott Vacations Worldwide common stock price as of acquisition date (in usd per share)	$ 119.00
Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	$ 2,441
Cash consideration to ILG shareholders, net of cash acquired of $154 million	1,680
Fair value of ILG equity-based awards attributed to pre-combination service	64
Total consideration transferred, net of cash acquired	4,185
Noncontrolling interests	32
Total shareholder equity	$ 4,217		$ 4,217
Cash acquired from acquisition		$ 154

ACQUISITIONS AND DISPOSITIONS - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		9 Months Ended
	Sep. 01, 2018	Sep. 30, 2019	Dec. 31, 2018
September 1, 2018 (as reported at December 31, 2018)
Goodwill		$ 2,890	$ 2,828
Adjustments
Adjustments		62
September 1, 2018 (as adjusted at September 30, 2019)
Goodwill		2,890	$ 2,828
ILG
September 1, 2018 (as reported at December 31, 2018)
Vacation ownership notes receivable	$ 753
Inventory	484
Property and equipment	385
Intangible assets	1,145
Other assets	704
Deferred revenue	(291)
Deferred taxes	(138)
Debt	(392)
Securitized debt from VIEs	(718)
Other liabilities	(605)
Net assets acquired	1,327
Goodwill	2,890
Assets acquired	4,217	4,217
Adjustments
Vacation ownership notes receivable	0
Inventory	10
Property and equipment	11
Intangible assets	(21)
Other assets	84
Deferred revenue	(74)
Deferred taxes	41
Debt	0
Securitized debt from VIEs	(16)
Other liabilities	(94)
Net assets acquired	(59)
Adjustments	62
Assets acquired	3
September 1, 2018 (as adjusted at September 30, 2019)
Vacation ownership notes receivable	753
Inventory	484
Property and equipment	385
Intangible assets	1,145
Other assets	704
Deferred revenue	(291)
Deferred taxes	(138)
Debt	(392)
Securitized debt from VIEs	(718)
Other liabilities	(605)
Net assets acquired	1,327
Goodwill	2,890
Assets acquired	4,217	$ 4,217
Previously Reported \| ILG
September 1, 2018 (as reported at December 31, 2018)
Vacation ownership notes receivable	753
Inventory	474
Property and equipment	374
Intangible assets	1,166
Other assets	620
Deferred revenue	(217)
Deferred taxes	(179)
Debt	(392)
Securitized debt from VIEs	(702)
Other liabilities	(511)
Net assets acquired	1,386
Goodwill	2,828
Assets acquired	4,214
September 1, 2018 (as adjusted at September 30, 2019)
Vacation ownership notes receivable	753
Inventory	474
Property and equipment	374
Intangible assets	1,166
Other assets	620
Deferred revenue	(217)
Deferred taxes	(179)
Debt	(392)
Securitized debt from VIEs	(702)
Other liabilities	(511)
Net assets acquired	1,386
Goodwill	2,828
Assets acquired	$ 4,214

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 01, 2018 Property $ / shares	Sep. 30, 2019 USD ($) vacation_ownership_unit $ / shares	Mar. 31, 2018 USD ($) vacation_ownership_unit	Sep. 30, 2019 USD ($) vacation_ownership_unit $ / shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Number of hotels acquired \| Property	4
Goodwill		$ 2,890		$ 2,890		$ 2,828
Business combinations, pro forma, acquisition-related costs					$ 41
Vacation Ownership
Business Acquisition [Line Items]
Goodwill		2,441		2,441		2,448
Exchange & Third-Party Management
Business Acquisition [Line Items]
Goodwill		$ 449		$ 449		$ 380
Marco Island Florida
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit			20
Payments to acquire real estate			$ 24
San Francisco, California
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit		78		78
Asset Acquisition, Consideration Transferred		$ 58
Asset acquisition, recognized identifiable assets acquired, inventory		48		$ 48
Asset acquisition, recognized identifiable assets acquired, property and equipment		$ 10		$ 10
ILG
Business Acquisition [Line Items]
Business combination, share conversion ratio	0.165
Business combination, share price (in usd per share) \| $ / shares		$ 119.00		$ 119.00
ILG \| Minimum
Business Acquisition [Line Items]
Vacation ownership product, financing term				5 years
ILG \| Maximum
Business Acquisition [Line Items]
Vacation ownership product, financing term				15 years
ILG \| ILG
Business Acquisition [Line Items]
Business combination, share price (in usd per share) \| $ / shares	$ 14.75

ACQUISITIONS AND DISPOSITIONS - Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 2,890	$ 2,828
Adjustments	62
Exchange & Third-Party Management
Business Acquisition [Line Items]
Goodwill	449	380
Adjustments	69
Vacation Ownership
Business Acquisition [Line Items]
Goodwill	2,441	$ 2,448
Adjustments	$ (7)

ACQUISITIONS AND DISPOSITIONS - Intangible Assets (Details) - ILG $ in Millions	Sep. 01, 2018 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 1,145
Management contracts
Business Acquisition [Line Items]
Estimated Fair Value	35
Trade names and trademarks
Business Acquisition [Line Items]
Estimated Fair Value	82
Member relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 671
Member relationships \| Minimum
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Member relationships \| Maximum
Business Acquisition [Line Items]
Estimated Useful Life	20 years
Management contracts
Business Acquisition [Line Items]
Estimated Fair Value	$ 357
Management contracts \| Minimum
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Management contracts \| Maximum
Business Acquisition [Line Items]
Estimated Useful Life	25 years

ACQUISITIONS AND DISPOSITIONS - Deferred Revenue Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01	Sep. 30, 2019
Business Acquisition [Line Items]
Expected timing of satisfaction, period	2 years
Minimum \| Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	1 year
Maximum \| Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	5 years

ACQUISITIONS AND DISPOSITIONS - Pro Forma Results of Operations (Details) - ILG $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares
Business Acquisition [Line Items]
Revenues	$ 3,164
Net income	159
Net income attributable to common shareholders	$ 157
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share) \| $ / shares	$ 3.34
Diluted (in usd per share) \| $ / shares	$ 3.27

ACQUISITIONS AND DISPOSITIONS - ILG Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Net income attributable to common shareholders	$ 42	$ 108
ILG
Business Acquisition [Line Items]
Revenue	$ 458	$ 1,371

REVENUE - Revenue with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 1,010	$ 702	$ 3,001	$ 1,797
Cost reimbursements		234	819	652
Financing	72	48	209	119
Total Revenues	1,082	750	3,210	1,916
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	896	661	2,643	1,756
Cost reimbursements		232	835	650
Financing	71	48	206	119
Total Revenues	967	709	2,849	1,875
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	111	40	348	40
Cost reimbursements		8	68	8
Financing	1	0	3	0
Total Revenues	112	40	351	40
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	350	252	1,001	632
Sale of vacation ownership products \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	350	252	1,001	632
Sale of vacation ownership products \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0	0
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	63	42	188	106
Ancillary revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	62	42	185	106
Ancillary revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1	0	3	0
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	44	35	138	85
Management fee revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	35	28	110	78
Management fee revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	12	8	38	8
Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	124	49	383	83
Other services revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	28	21	89	55
Other services revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	62	20	191	20
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	231	126	709	274
Management and exchange \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	125	91	384	239
Management and exchange \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	75	28	232	28
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	149	90	472	239
Rental \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	135	86	423	235
Rental \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	14	4	48	4
Cost reimbursements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	280	234	819	652
Cost reimbursements	280
Cost reimbursements \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements	286
Cost reimbursements \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements	22
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3	1	10	1
Cost reimbursements		(6)	(84)	(6)
Financing	0	0	0	0
Total Revenues	3	1	10	1
Corporate and other \| Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and other \| Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and other \| Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	(3)	(1)	(10)	(1)
Corporate and other \| Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	34	8	103	8
Corporate and other \| Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	31	7	93	7
Corporate and other \| Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	$ 0	$ 1	$ 0
Corporate and other \| Cost reimbursements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements	$ (28)

REVENUE - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 1,010	$ 702	$ 3,001	$ 1,797
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	896	661	2,643	1,756
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	111	40	348	40
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	540	391	1,639	1,034
Services transferred over time \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	481	367	1,460	1,010
Services transferred over time \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	56	23	169	23
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	470	311	1,362	763
Goods or services transferred at a point in time \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	415	294	1,183	746
Goods or services transferred at a point in time \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	55	17	179	17
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3	1	10	1
Corporate and other \| Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3	1	10	1
Corporate and other \| Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

REVENUE - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
REVENUE - Additional Information (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (6,000,000)	$ (9,000,000)
Contract with customer, contract assets	0	0	$ 0
Contract with customer, liability, revenue recognized	$ 55,000,000	$ 258,000,000

REVENUE - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Receivables
Accounts receivable	$ 126	$ 164
Vacation ownership notes receivable, net	2,168	2,039
Receivables	2,294	2,203
Contract Liabilities
Advance deposits	185	171
Deferred revenue	436	383
Contract Liabilities	$ 621	$ 554

REVENUE - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01	Sep. 30, 2019
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	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Contingency [Line Items]
Effective income tax rate, percent	404.42%	5.19%	43.20%	58.16%
Unrecognized tax benefits, period increase			$ 57
Unrecognized tax benefits	$ 59		59
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	19		$ 19		$ 2
Business combination adjustment other liabilities, tax matters	(87)
Indemnified Tax Liability
Income Tax Contingency [Line Items]
Business combination adjustment other liabilities, tax matters	$ (54)

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,168	$ 2,039
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,586	1,627
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	225	107
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	357	305
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	582	412
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,681	1,388
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,169	1,070
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	214	85
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	298	233
Originated \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	512	318
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	487	651
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	417	557
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	11	22
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	59	72
Acquired \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 70	$ 94

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 69	$ 45	$ 201	$ 113
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	58	42	176	95
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 11	$ 3	$ 25	$ 18

VACATION OWNERSHIP NOTES RECEIVABLE - Accretable Yield (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretion	$ 0	$ (1)
Acquired
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at Acquisition Date	199
Accretion	(61)
Reclassification from non-accretable difference	43
Balance at September 30, 2018	181
Non-accretable difference at September 30, 2018	$ 52

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Sep. 30, 2019 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2019, remaining	$ 14
2020	55
2021	56
2022	57
2023	56
Thereafter	249
Total Vacation ownership notes receivable, net of reserve	487
Acquired \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	2
2020	6
2021	7
2022	7
2023	7
Thereafter	41
Total Vacation ownership notes receivable, net of reserve	70
Acquired \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	12
2020	49
2021	49
2022	50
2023	49
Thereafter	208
Total Vacation ownership notes receivable, net of reserve	$ 417
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired \| Weighted Average \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	13.20%
Acquired \| Weighted Average \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	3.50%
Acquired \| Minimum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	3.50%
Acquired \| Minimum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	6.00%
Acquired \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired \| Maximum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired \| Maximum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	16.90%
Originated
Future Minimum Payments Receivable [Line Items]
2019, remaining	$ 44
2020	170
2021	166
2022	166
2023	166
Thereafter	969
Total Vacation ownership notes receivable, net of reserve	1,681
Originated \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	18
2020	66
2021	53
2022	45
2023	41
Thereafter	289
Total Vacation ownership notes receivable, net of reserve	512
Originated \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	26
2020	104
2021	113
2022	121
2023	125
Thereafter	680
Total Vacation ownership notes receivable, net of reserve	$ 1,169
Originated \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	12.50%
Originated \| Weighted Average \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	12.10%
Originated \| Weighted Average \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	12.70%
Originated \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated \| Minimum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated \| Minimum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	5.20%
Originated \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated \| Maximum \| Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated \| Maximum \| Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	17.50%

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 140
Increase in vacation ownership notes receivable reserve	76
Securitizations	0
Clean-up call	0
Write-offs	(35)
Defaulted vacation ownership notes receivable repurchase activity	0
Ending balance	181
Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	61
Increase in vacation ownership notes receivable reserve	62
Securitizations	(47)
Clean-up call	19
Write-offs	(35)
Defaulted vacation ownership notes receivable repurchase activity	28
Ending balance	88
Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	79
Increase in vacation ownership notes receivable reserve	14
Securitizations	47
Clean-up call	(19)
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(28)
Ending balance	$ 93

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) credit_score	Dec. 31, 2018 USD ($) credit_score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,168	$ 2,039
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	7.00%	7.01%
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	$ 7	$ 7
Weighted average FICO score within originated loan pool \| credit_score	711	710
Average estimated rate of default for all outstanding loans	12.47%	12.37%
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 487	$ 651
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	$ 2	$ 1

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - Legacy-MVW - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 50		$ 50		$ 45
Average investment in notes receivable on non-accrual status	50	$ 46	48	$ 46
Non-Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	41		41		36
Average investment in notes receivable on non-accrual status	41	40	39	39
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	9		9		$ 9
Average investment in notes receivable on non-accrual status	$ 9	$ 6	$ 9	$ 7

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - Legacy-MVW - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Total past due	$ 79	$ 78
Current	1,432	1,325
Total vacation ownership notes receivable	1,511	1,403
Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	49	43
Current	314	235
Total vacation ownership notes receivable	363	278
Securitized
Financing Receivable, Past Due [Line Items]
Total past due	30	35
Current	1,118	1,090
Total vacation ownership notes receivable	1,148	1,125
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Total past due	29	33
31 – 90 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	8	7
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	21	26
91 – 150 days past due
Financing Receivable, Past Due [Line Items]
Total past due	12	12
91 – 150 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	3	3
91 – 150 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	9	9
Greater than 150 days past due
Financing Receivable, Past Due [Line Items]
Total past due	38	33
Greater than 150 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	38	33
Greater than 150 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	$ 0	$ 0

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable (Details) - Legacy-ILG - Originated - ILG - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 350	$ 126
Current	340	124
Delinquent & Defaulted	10	2
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	5	2
60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	3	0
90-119 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	2	0
Greater than 120 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	$ 0	$ 0

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,681	$ 1,388
Other assets	42	66
Total financial assets	1,723	1,454
Total financial liabilities	(3,966)	(3,801)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,717	1,413
Other assets	42	66
Total financial assets	1,759	1,479
Total financial liabilities	(4,117)	(3,786)
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,169	1,070
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,199	1,093
Non-Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	512	318
Non-Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	518	320
Debt \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,686)	(1,714)
Debt \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,717)	(1,718)
Exchange Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(88)	(88)
Exchange Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(91)	(87)
Senior Unsecured Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(742)	(741)
Senior Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(814)	(726)
IAC Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(142)	(141)
IAC Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(144)	(140)
Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes, net	(205)	(199)
Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes, net	(231)	(198)
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-interest bearing note payable, net	0	(30)
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-interest bearing note payable, net	0	(30)
Originated \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,681	1,388
Originated \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,717	1,413
Corporate Credit Facility \| Term Loan \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(882)	(888)
Corporate Credit Facility \| Term Loan \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(899)	(887)
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(221)	0
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (221)	$ 0

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,681	$ 1,388
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,717	1,413
Securitized Vacation Ownership Notes Receivable \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,169	1,070
Securitized Vacation Ownership Notes Receivable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,199	1,093
Non-Securitized Vacation Ownership Notes Receivable \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	512	318
Non-Securitized Vacation Ownership Notes Receivable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	518	320
Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	214	85
Non-Securitized Vacation Ownership Notes Receivable \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	220	87
Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	298	233
Non-Securitized Vacation Ownership Notes Receivable \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	298	233
Originated \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,681	1,388
Originated \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,717	$ 1,413

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Sep. 30, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 6
Variable Interest Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 36

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	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)	269,000	401,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)		249,737	56,649
Exercise price securities, excluded from computation of earnings per share (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)		$ 175.63		$ 176.68
Minimum \| SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price securities, excluded from computation of earnings per share (in usd per share)		97.53
Maximum \| SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price securities, excluded from computation of earnings per share (in usd per share)		$ 143.38

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income attributable to common shareholders	$ (9)	$ (36)	$ 64	$ 11
Shares for basic (loss) earnings per share (in shares)	43,400	32,800	44,500	28,800
Basic (loss) earnings per share (in usd per share)	$ (0.21)	$ (1.08)	$ 1.44	$ 0.39
Employee stock options and SARs (in shares)	0	0	300	400
Restricted stock units (in shares)	0	0	300	200
Shares for diluted earnings per share (in shares)	43,400	32,800	45,100	29,400
Diluted (loss) earnings per share (in usd per share)	$ (0.21)	$ (1.08)	$ 1.43	$ 0.38
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)		269	401

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 840	$ 843
Work-in-progress	59	9
Real estate inventory	899	852
Other	11	11
Inventory	$ 910	$ 863

INVENTORY - Additional Information (Details) $ in Millions	9 Months Ended
INVENTORY - Additional Information (Details) $ in Millions	Sep. 30, 2019 USD ($)
Inventory Disclosure [Abstract]
Real estate inventory, increase (decrease) true up (less than)	$ 2
Amount of completed vacation ownership units classified as property and equipment	$ 58

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 305	$ 466
Buildings and leasehold improvements	402	404
Furniture, fixtures and other equipment	88	88
Information technology	320	297
Construction in progress	51	32
Property, plant and equipment, gross	1,166	1,287
Accumulated depreciation	(396)	(336)
Property, plant and equipment, net	$ 770	$ 951

PROPERTY AND EQUIPMENT - Additional Information (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019 USD ($) resort	Jun. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) resort	Sep. 30, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Impairment	$ 73		$ 0	$ 99	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Estimated cash proceeds, asset disposals	160
Maximum
Property, Plant and Equipment [Line Items]
Estimated cash proceeds, asset disposals	220
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Impairment				$ 26
Property, plant and equipment to be sold		$ 10
Ancillary business
Property, Plant and Equipment [Line Items]
Impairment	1
Strategic Change
Property, Plant and Equipment [Line Items]
Impairment	72
Strategic Change \| Land and Land Improvements
Property, Plant and Equipment [Line Items]
Impairment	$ 61
Number of resorts \| resort	3			3
Strategic Change \| Land
Property, Plant and Equipment [Line Items]
Impairment	$ 9
Strategic Change \| Ancillary business
Property, Plant and Equipment [Line Items]
Impairment	$ 2

CONTINGENCIES AND COMMITMENTS (Details)	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
CONTINGENCIES AND COMMITMENTS (Details)	Jun. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) vacation_ownership_unit	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) vacation_ownership_unit	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 Property
Commitments and Contingencies Disclosure [Line Items]
Commitments to subsidize associations		$ 2,000,000				$ 2,000,000
Finance leases, future minimum payments due		14,000,000				14,000,000
Surety bonds issued		104,000,000				104,000,000
Vacation ownership projects currently under development		9,000,000				9,000,000
Time share, accrued costs		(4,000,000)				(4,000,000)
Estimate of possible loss	$ 10,000,000
Recovery of funds								$ 6,000,000
Gain on litigation		(3,000,000)			$ (17,000,000)	(5,000,000)	$ (33,000,000)
Settled Litigation
Commitments and Contingencies Disclosure [Line Items]
Proceeds from legal settlements			$ 3,000,000
Gain on litigation						3,000,000
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding		3,000,000				3,000,000
Letter of Credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding		4,000,000				4,000,000
Revolving corporate credit facility, net \| Corporate Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Credit facility		600,000,000				600,000,000
New York City, New York
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment		182,000,000				182,000,000
Purchase commitment obligation due, 2020		120,000,000				120,000,000
Purchase commitment obligation due, 2021		62,000,000				62,000,000
Bali Indonesia Resort Two
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2019		3,000,000				3,000,000
Purchase commitment obligation due, 2020		23,000,000				23,000,000
Purchase commitment obligation due, 2021		$ 2,000,000				$ 2,000,000
Number of vacation ownership units expected to be acquired \| vacation_ownership_unit		88				88
San Francisco, California
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment		$ 101,000,000				$ 101,000,000
Purchase commitment obligation due, 2020		55,000,000				55,000,000
Purchase commitment obligation due, 2021		46,000,000				46,000,000
Facility And Other Operating Leases \| New York City, New York
Commitments and Contingencies Disclosure [Line Items]
Finance leases, future minimum payments due		7,000,000				7,000,000
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment		67,000,000				67,000,000
Purchase commitment obligation due, 2019		13,000,000				13,000,000
Purchase commitment obligation due, 2020		26,000,000				26,000,000
Purchase commitment obligation due, 2021		15,000,000				15,000,000
Purchase commitment obligation due, 2022		8,000,000				8,000,000
Purchase commitment obligation due, 2023		5,000,000				5,000,000
Hurricane
Commitments and Contingencies Disclosure [Line Items]
Number of other resorts and lodging properties (more than) \| Property										20
Gains, property damage									$ 1,000,000
Gain on business interruption insurance recovery				$ 9,000,000				32,000,000
Business interruption insurance recovery, deductible								$ 3,000,000
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure		33,000,000				33,000,000
Guarantor obligations, maximum exposure. due remainder of fiscal year		4,000,000				4,000,000
Guarantor obligations, maximum exposure, due in second year		10,000,000				10,000,000
Guarantor obligations, maximum exposure, due in third year		9,000,000				9,000,000
Guarantor obligations, maximum exposure, due in fourth year		4,000,000				4,000,000
Guarantor obligations, maximum exposure, due in five year		2,000,000				2,000,000
Guarantor obligations, maximum exposure, due after fifth year		4,000,000				4,000,000
Other Guarantees
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure		$ 3,000,000				$ 3,000,000

LEASES - Additional Information (Details)	Sep. 30, 2019
Land Lease \| Maximum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	50 years
Facilities \| Minimum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	9 years
Facilities \| Maximum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	14 years

LEASES - Carrying Values of Leases (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
Operating lease assets	$ 116
Finance lease assets	13
Total lease assets	129
Operating lease liabilities	121
Finance lease liabilities	14
Present value of lease liabilities	$ 135

LEASES - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 7	$ 24
Amortization of right-of-use assets	1	3
Interest on lease liabilities	0	1
Variable lease cost	2	4
Total lease cost	$ 10	$ 32

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) $ in Millions	Sep. 30, 2019 USD ($)
Operating Leases
2019, remaining	$ 8
2020	29
2021	22
2022	18
2023	16
Thereafter	101
Total lease payments	194
Less: Imputed interest	(73)
Present value of lease liabilities	121
Finance Leases
2019, remaining	1
2020	11
2021	2
2022	0
2023	0
Thereafter	0
Total lease payments	14
Less: Imputed interest	0
Present value of lease liabilities	14
Total
2019, remaining	9
2020	40
2021	24
2022	18
2023	16
Thereafter	101
Total lease payments	208
Less: Imputed interest	(73)
Present value of lease liabilities	135
New York City and San Fransisco
Finance Leases
Total lease payments	$ 7

LEASES - Lease Term and Discount Rate (Details)	Sep. 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	11 years 4 months 24 days
Finance leases	1 year 2 months 12 days
Weighted-average discount rate
Operating leases	6.10%
Finance leases	5.00%

LEASES - Other Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Operating cash flows for finance leases	$ 1
Operating cash flows for operating leases	33
Financing cash flows for finance leases	11	$ 0
Total	$ 45

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Securitized debt, net	$ 1,686	$ 1,714
Secured Debt, Net	1,686	1,714
Debt \| Other
Debt Instrument [Line Items]
Secured Debt, Net	20	20
Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt, net	1,680	1,706
Variable Interest Entity \| Debt
Debt Instrument [Line Items]
Securitized debt, net	1,624	1,590
Unamortized debt discount and issuance costs	(14)	(11)
Secured Debt, Net	$ 1,610	1,579
Debt, weighted average interest rate	2.90%
Variable Interest Entity \| Debt \| Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	2.20%
Variable Interest Entity \| Debt \| Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	6.30%
Variable Interest Entity \| Debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, net	$ 56	116
Unamortized debt issuance costs	0	(1)
Secured Debt, Net	$ 56	$ 115
Debt, interest rate, effective percentage	3.30%

SECURITIZED DEBT - Additional Information (Details)				3 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Nov. 07, 2019 USD ($)	Oct. 10, 2019 USD ($)	May 23, 2019 USD ($)	Sep. 30, 2019 USD ($) Loan	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period			$ 459,000,000
Number of notes receivable pools under performance triggers \| Loan				0
Number of notes receivable pools out of compliance \| Loan				0
Number of notes receivable pools outstanding \| Loan				11
Securitized debt, net				$ 1,686,000,000		$ 1,714,000,000
Warehouse Credit Facility
Debt Instrument [Line Items]
Proceeds from vacation ownership notes receivable securitizations				57,000,000	$ 124,000,000
Values of vacation ownership notes receivable that were securitized during the period				$ (67,000,000)	$ (146,000,000)
Advance rate for securitization				85.00%	85.00%
Cash flows between transferee and transferor proceeds				$ 57,000,000	$ 123,000,000
Cash flows between transferee and transfer or funding of restricted cash (less than for third quarter of 2019)				(1,000,000)	$ (1,000,000)
Warehouse Credit Facility
Debt Instrument [Line Items]
Credit facility				250,000,000
Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt, net				$ 1,680,000,000		1,706,000,000
Secured Debt \| MVW 2019-1 LLC
Debt Instrument [Line Items]
Proceeds from vacation ownership notes receivable securitizations			$ 450,000,000
Debt, stated interest rate				2.94%
Secured Debt \| MVW 2019-1 LLC \| Class A Notes
Debt Instrument [Line Items]
Principal amount				$ 350,000,000
Debt, stated interest rate				2.89%
Secured Debt \| MVW 2019-1 LLC \| Class B Notes
Debt Instrument [Line Items]
Principal amount				$ 67,000,000
Debt, stated interest rate				3.00%
Secured Debt \| MVW 2019-1 LLC \| Class C Notes
Debt Instrument [Line Items]
Principal amount				$ 33,000,000
Debt, stated interest rate				3.33%
Secured Debt \| Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt, net				$ 1,624,000,000		1,590,000,000
Secured Debt \| Variable Interest Entity \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, net				$ 56,000,000		$ 116,000,000
Subsequent Event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period		$ 315,000,000
Subsequent Event \| Secured Debt \| MVW 2019-2 LLC
Debt Instrument [Line Items]
Debt, stated interest rate		2.29%
Subsequent Event \| Secured Debt \| MVW 2019-2 LLC \| Class A Notes
Debt Instrument [Line Items]
Principal amount		$ 232,000,000
Debt, stated interest rate		2.22%
Subsequent Event \| Secured Debt \| MVW 2019-2 LLC \| Class B Notes
Debt Instrument [Line Items]
Principal amount		$ 54,000,000
Debt, stated interest rate		2.44%
Subsequent Event \| Secured Debt \| MVW 2019-2 LLC \| Class C Notes
Debt Instrument [Line Items]
Principal amount		$ 23,000,000
Debt, stated interest rate		2.68%
Subsequent Event \| Debt \| MVW 2019-2 LLC
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ (44,000,000)	$ (236,000,000)
Decrease in restricted cash	$ 42,000,000

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Sep. 30, 2019 USD ($)
Debt Instrument [Line Items]
2020	$ 9
2021	9
2022	239
2023	465
Thereafter	1,605
Debt
Debt Instrument [Line Items]
2019, remaining	61
2020	213
2021	245
2022	185
2023	179
Thereafter	817
Net carrying amount of the liability component	1,700
Debt \| Other
Debt Instrument [Line Items]
2019, remaining	0
2020	2
2021	3
2022	2
2023	3
Thereafter	10
Net carrying amount of the liability component	20
Debt \| Variable Interest Entity
Debt Instrument [Line Items]
2019, remaining	60
2020	208
2021	190
2022	183
2023	176
Thereafter	807
Net carrying amount of the liability component	1,624
Debt \| Variable Interest Entity \| Warehouse Credit Facility
Debt Instrument [Line Items]
2019, remaining	1
2020	3
2021	52
2022	0
2023	0
Thereafter	0
Net carrying amount of the liability component	$ 56

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, gross	$ 2,329,000,000
Net carrying amount of the liability component	2,294,000,000	$ 2,104,000,000
Finance leases	14,000,000
Carrying Amount
Debt Instrument [Line Items]
Net carrying amount of the liability component	2,294,000,000	2,104,000,000
Finance leases	14,000,000	17,000,000
Exchange Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, gross	89,000,000
Exchange Notes \| Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	89,000,000	89,000,000
Unamortized debt issuance costs	(1,000,000)	(1,000,000)
Net carrying amount of the liability component	88,000,000	88,000,000
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, gross	750,000,000
Senior Unsecured Notes \| Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	750,000,000	750,000,000
Unamortized debt issuance costs	(8,000,000)	(9,000,000)
Net carrying amount of the liability component	742,000,000	741,000,000
IAC Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, gross	142,000,000
IAC Notes \| Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	142,000,000	141,000,000
Revolving Corporate Credit Facility
Debt Instrument [Line Items]
Debt, gross	225,000,000
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt, gross	230,000,000	230,000,000
Unamortized debt issuance costs	(4,000,000)	(5,000,000)
Unamortized discount	(21,000,000)	(26,000,000)
Net carrying amount of the liability component	205,000,000	199,000,000
Convertible Notes \| Convertible Notes \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	230,000,000	230,000,000
Unamortized debt discount and issuance costs	(25,000,000)	(31,000,000)
Net carrying amount of the liability component	205,000,000	199,000,000
Non-Interest Bearing Note Payable \| Non-interest bearing note payable, net \| Carrying Amount
Debt Instrument [Line Items]
Debt, gross	0	31,000,000
Unamortized discount	0	(1,000,000)
Net carrying amount of the liability component	0	30,000,000
Corporate Credit Facility \| Term Loan
Debt Instrument [Line Items]
Debt, gross	893,000,000	900,000,000
Unamortized debt discount and issuance costs	(11,000,000)	(12,000,000)
Net carrying amount of the liability component	882,000,000	888,000,000
Corporate Credit Facility \| Revolving Corporate Credit Facility
Debt Instrument [Line Items]
Debt, gross	225,000,000	0
Unamortized debt issuance costs	(4,000,000)	0
Net carrying amount of the liability component	$ 221,000,000	0
Debt issuance costs		4,000,000
Credit facility, amount outstanding		$ 0

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	$ 2
2020	9
2021	9
2022	239
2023	465
Thereafter	1,605
Total	2,329
Revolving Corporate Credit Facility, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	0
2020	0
2021	0
2022	0
2023	225
Thereafter	0
Total	225
Senior Notes \| Exchange Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	0
2020	0
2021	0
2022	0
2023	89
Thereafter	0
Total	89
Senior Notes \| Senior Unsecured Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	750
Total	750
Senior Notes \| IAC Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	0
2020	0
2021	0
2022	0
2023	142
Thereafter	0
Total	142
Convertible Notes \| Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	0
2020	0
2021	0
2022	230
2023	0
Thereafter	0
Total	230	$ 230
Corporate Credit Facility \| Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2019	2
2020	9
2021	9
2022	9
2023	9
Thereafter	855
Total	893	900
Corporate Credit Facility \| Revolving Corporate Credit Facility, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
Total	$ 225	$ 0

DEBT - Additional Information (Details)					3 Months Ended			9 Months Ended
DEBT - Additional Information (Details)	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 05, 2019 $ / shares	May 09, 2019 $ / shares	Feb. 15, 2019 $ / shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 $ / shares	Sep. 30, 2017 $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 $ / shares	Oct. 01, 2019 USD ($)
Debt Disclosure [Line Items]
Reclassification to Income Statement (less than)					$ 1,000,000
Dividend per share (in usd per share) \| $ / shares		$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.40		$ 1.35	$ 1.20
Debt instrument, convertible, remaining discount amortization period	3 years
IAC Notes \| Senior Notes
Debt Disclosure [Line Items]
Debt, stated interest rate	5.625%				5.625%			5.625%
Exchange Notes, net \| Senior Notes
Debt Disclosure [Line Items]
Debt, stated interest rate	5.625%				5.625%			5.625%
Senior Unsecured Notes \| Senior Notes
Debt Disclosure [Line Items]
Principal amount	$ 750,000,000				$ 750,000,000			$ 750,000,000
Debt, stated interest rate	6.50%				6.50%			6.50%
Convertible Notes \| Convertible Notes
Debt Disclosure [Line Items]
Principal amount	$ 230,000,000				$ 230,000,000			$ 230,000,000
Debt, stated interest rate	1.50%				1.50%			1.50%
Conversion ratio					0.0000067887		0.0000067482
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 147.30				$ 147.30		$ 148.19	$ 147.30
Interest rate, effective percentage	4.70%				4.70%			4.70%
Term Loan \| Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	$ 900,000,000				$ 900,000,000			$ 900,000,000
Revolving corporate credit facility, net \| Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	600,000,000				600,000,000			600,000,000
Revolving corporate credit facility, net \| Letter of Credit \| Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	$ 75,000,000				$ 75,000,000			$ 75,000,000
Convertible Note Hedges
Debt Disclosure [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) \| shares							1,550,000
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
Number of warrants exercised (in shares) \| shares	0				0			0
Exercise price of warrants (in usd per share) \| $ / shares	$ 175.63				$ 175.63		$ 176.68	$ 175.63
Minimum \| Revolving corporate credit facility, net \| Corporate Credit Facility
Debt Disclosure [Line Items]
Basis spread on variable rate								0.50%
Commitment fee percentage								0.20%
Maximum \| Revolving corporate credit facility, net \| Corporate Credit Facility
Debt Disclosure [Line Items]
Basis spread on variable rate								2.75%
Commitment fee percentage								0.40%
London Interbank Offered Rate (LIBOR) \| Term Loan \| Corporate Credit Facility
Debt Disclosure [Line Items]
Basis spread on variable rate								2.25%
Interest Rate Swap, September 2023
Debt Disclosure [Line Items]
Derivative, Notional Amount	$ 250,000,000				$ 250,000,000			$ 250,000,000
Derivative, fixed interest rate	2.9625%				2.9625%			2.9625%
Interest Rate Swap, April 2024
Debt Disclosure [Line Items]
Derivative, Notional Amount	$ 200,000,000				$ 200,000,000			$ 200,000,000
Derivative, fixed interest rate	2.248%				2.248%			2.248%
Interest Rate Contract
Debt Disclosure [Line Items]
Derivative, Notional Amount	$ 100,000,000				$ 100,000,000			$ 100,000,000
Cap strike rate	2.50%				2.50%			2.50%
Floor strike rate	1.881%				1.881%			1.881%
Subsequent Event \| 2028 Notes \| Senior Notes
Debt Disclosure [Line Items]
Principal amount										$ 350,000,000
Debt, stated interest rate										4.75%

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Derivative Instrument Adjustments
Beginning balance			$ 3,461
Ending balance	$ 3,112
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative Instrument Adjustments
Beginning balance	(22)	$ (9)	(6)
Other comprehensive loss before reclassifications	(4)	(13)	(3)
Reclassification to Income Statement	0	0	0
Net other comprehensive loss	(4)	(13)	(3)
Ending balance	$ (26)	$ (22)	$ (9)

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount	$ 2,329
Net carrying amount of the liability component	2,294	$ 2,104
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Principal amount	230	230
Unamortized debt discount	(21)	(26)
Unamortized debt issuance costs	(4)	(5)
Net carrying amount of the liability component	205	199
Carrying amount of equity component, net of issuance costs	$ 33	$ 33

DEBT - Interest Expense Related To The Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Interest expense, debt	$ 31	$ 14	$ 100	$ 23
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1	1	2	3
Amortization of debt discount	2	1	5	4
Amortization of debt issuance costs	0	1	1	1
Interest expense, debt	$ 3	$ 3	$ 8	$ 8

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2019	Jul. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Stockholders Equity Note [Line Items]
Common stock, shares authorized (in shares)	100,000,000					100,000,000
Common stock, par (in usd per share)	$ 0.01					$ 0.01
Common stock, shares issued (in shares)	57,874,390		57,900,000	57,800,000	57,600,000	57,626,462	57,600,000	37,000,000.0	37,000,000.0	36,900,000
Common stock, shares outstanding (in shares)	42,592,411					45,992,731
Treasury stock, shares (in shares)	15,281,979					11,633,731
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)		4,500,000
Share repurchase program, number of common stock authorized to be repurchased (in shares)	19,400,000
Shares remained available for repurchase under the program (in shares)	3,800,000
Noncontrolling interests	$ (10)					$ (5)
Property Owners Associations
Stockholders Equity Note [Line Items]
Noncontrolling interests	$ (10)

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2019
Stock Repurchase [Roll Forward]
Number of shares repurchased (in shares)			11,633,731		11,633,731
Repurchase of common stock (in shares)	0	0	0	0
Cost of Shares Repurchased	$ 127	$ 109	$ 106	$ 2
Number of shares repurchased (in shares)	15,281,979				15,281,979
Treasury Stock
Stock Repurchase [Roll Forward]
Number of shares repurchased (in shares)			11,687,774		11,687,774
Cost of Shares Repurchased			$ 793		$ 793
Average price paid per share (in usd per share)			$ 67.85		$ 67.85
Repurchase of common stock (in shares)					3,667,175
Cost of Shares Repurchased	$ 127	$ 109	$ 106	$ 2	$ 342
Average price paid per share (in usd per share)					$ 93.24
Number of shares repurchased (in shares)	15,354,949				15,354,949
Cost of Shares Repurchased	$ 1,135				$ 1,135
Average price paid per share (in usd per share)	$ 73.91				$ 73.91

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 05, 2019	May 09, 2019	Feb. 15, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.40	$ 1.35	$ 1.20

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 9,000,000	$ 13,000,000	$ 29,000,000	$ 23,000,000
Payroll and benefits liability		$ 185,000,000		$ 185,000,000		$ 206,000,000
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		6,000,000
Shares available for grants under the plan (in shares) (less than)		1,000,000		1,000,000
Share-based compensation expense		$ 0	0	$ 0	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		9,000,000	12,000,000	$ 27,000,000	21,000,000
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)				190,403
Stock awards granted, weighted average (in usd per share) grant date fair value				$ 96.30
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of RSU subject to vesting (in shares)				287,876
Share-based compensation expense		3,000,000	1,000,000	$ 6,000,000	4,000,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)				111,111
Stock awards granted, weighted average (in usd per share) grant date fair value				$ 28.89
Stock awards granted, weighted average (in usd per share) exercise date fair value				$ 100.52
Share-based compensation expense		0	$ 1,000,000	$ 2,000,000	$ 2,000,000
Legacy-ILG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll and benefits liability		$ 0		$ 0
Legacy-ILG \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grants under the plan (in shares) (less than)		1,000,000		1,000,000
Legacy-ILG \| Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)	$ 114.31
Equity instruments other than options (in shares)	12,265
Legacy-ILG \| Cash-Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,000,000

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9	$ 13	$ 29	$ 23
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4	3	13	9
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	1	6	4
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	8	8	8
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	9	12	27	21
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	1	2	2
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 Millions	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 42	$ 39
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	21	16
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	14	7
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	5	15
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	40	38
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	2	1
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)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Expected volatility	31.10%
Dividend yield	1.76%
Risk-free rate	2.59%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) $ in Millions	Sep. 30, 2019 USD ($)
Variable Interest Entity [Line Items]
VIE Assets	$ 1,653
VIE Liabilities	1,682
Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,680
Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,586
Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	12
Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	55
Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	2
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	1,590
VIE Liabilities	1,626
Vacation Ownership Notes Receivable Securitizations \| Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,624
Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,525
Vacation Ownership Notes Receivable Securitizations \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	11
Vacation Ownership Notes Receivable Securitizations \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	54
Vacation Ownership Notes Receivable Securitizations \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	2
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	63
VIE Liabilities	56
Warehouse Credit Facility \| Debt
Variable Interest Entity [Line Items]
VIE Liabilities	56
Warehouse Credit Facility \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	61
Warehouse Credit Facility \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	1
Warehouse Credit Facility \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	1
Warehouse Credit Facility \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	$ 0

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Interest income	$ 69	$ 45	$ 201	$ 113
Administrative expenses	68	$ 53	225	$ 114
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	58		176
Interest expense to investors	12		41
Debt issuance cost amortization	2		5
Administrative expenses	0		1
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	57		164
Interest expense to investors	11		37
Debt issuance cost amortization	2		4
Administrative expenses	0		1
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	1		12
Interest expense to investors	1		4
Debt issuance cost amortization	0		1
Administrative expenses	$ 0		$ 0

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$ 445	$ 419
Principal receipts	355	227
Interest receipts	156	92
Reserve release	107	109
Total	1,063	847
Cash Outflows
Principal to investors	(379)	(208)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35)	(34)
Voluntary clean-up call	(19)	(22)
Interest to investors	(36)	(19)
Funding of restricted cash	(93)	(117)
Total	(562)	(400)
Net Cash Flows	501	447
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	181	0
Principal receipts	14	0
Interest receipts	13	0
Reserve release	1	0
Total	209	0
Cash Outflows
Principal to investors	(12)	0
Repayment of Warehouse Credit Facility	(228)	0
Interest to investors	(4)	(1)
Funding of restricted cash	(1)	0
Total	(245)	(1)
Net Cash Flows	$ (36)	$ (1)

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Accounts receivable, net	$ 372	$ 324
Finance lease assets	13
Accrued liabilities	293	250
Finance lease liabilities	14
Variable Interest Entity, Not Primary Beneficiary \| San Francisco, California
Variable Interest Entity [Line Items]
Accounts receivable, net	2
Accrued liabilities	1
Note receivable (less than)	1
Maximum loss (less than for New York)	1
Variable Interest Entity, Not Primary Beneficiary \| New York City, New York
Variable Interest Entity [Line Items]
Finance lease assets	8
Accrued liabilities	1
Finance lease liabilities	7
Note receivable (less than)	1
Maximum loss (less than for New York)	1
Variable Interest Entity
Variable Interest Entity [Line Items]
Accounts receivable, net	12	11
Accrued liabilities	2	$ 2
Cash surrender value of life insurance	$ 36

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended		9 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Sep. 30, 2019 brand	Sep. 30, 2018	Sep. 30, 2019 brand Segment	Sep. 30, 2018
Segment Reporting Information [Line Items]
Number of reportable business segments \| Segment			2
Vacation Ownership
Segment Reporting Information [Line Items]
Number of vacation ownership brands \| brand	7		7
Geographic Concentration Risk \| Sales Revenue, Net \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	13.00%	14.00%	13.00%	13.00%

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,082	$ 750	$ 3,210	$ 1,916
Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	967	709	2,849	1,875
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	112	40	351	40
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,079	749	3,200	1,915
Operating Segments \| Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	967	709	2,849	1,875
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	112	40	351	40
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 3	$ 1	$ 10	$ 1

BUSINESS SEGMENTS - Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Corporate and other	$ (61)	$ (42)	$ (203)	$ (95)
Interest expense	(31)	(14)	(100)	(23)
Tax (provision) benefit	(10)	2	(50)	(15)
Depreciation and amortization	(33)	(18)	(106)	(29)
Share-based compensation expense	(9)	(13)	(29)	(23)
Certain items	(116)	(93)	(202)	(138)
Net (loss) income attributable to common shareholders	(9)	(36)	64	11
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	195	123	574	315
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 56	$ 19	$ 180	$ 19

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 9,059	$ 9,018
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	7,962	8,457
Operating Segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Total Assets	6,801	7,275
Operating Segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Total Assets	1,161	1,182
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	$ 1,097	$ 561

SUPPLEMENTAL GUARANTOR INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 183	$ 231
Restricted cash	322	383
Accounts receivable, net	372	324
Vacation ownership notes receivable, net	2,168	2,039
Inventory	910	863
Property and equipment	770	951
Goodwill	2,890	2,828
Intangibles, net	1,044	1,107
Due from parent	0	0
Investments in subsidiaries	0	0
Other	400	292
TOTAL ASSETS	9,059	9,018
Accounts payable	248	301
Advance deposits	185	171
Accrued liabilities	293	250
Deferred revenue	436	383
Payroll and benefits liability	185	206
Deferred compensation liability	104	93
Securitized debt, net	1,686	1,714
Debt, net	2,294	2,104
Due to subsidiary	0	0
Other	199	12
Deferred taxes	307	318
MVW shareholders' equity	3,112	3,461
Noncontrolling interests	10	5
TOTAL LIABILITIES AND EQUITY	9,059	9,018
MVWC \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	1
Restricted cash	0	0
Accounts receivable, net	84	31
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	2,890	2,828
Intangibles, net	0	0
Due from parent	0	0
Investments in subsidiaries	2,189	2,681
Other	36	27
TOTAL ASSETS	5,199	5,568
Accounts payable	37	50
Advance deposits	0	0
Accrued liabilities	4	7
Deferred revenue	0	0
Payroll and benefits liability	5	15
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	205	199
Due to subsidiary	1,834	1,834
Other	2	2
Deferred taxes	0	0
MVW shareholders' equity	3,112	3,461
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	5,199	5,568
IAC Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net	(38)	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	0
Intangibles, net	0	0
Due from parent	(1,834)	(1,834)
Investments in subsidiaries	(5,613)	(6,531)
Other	(5)	(75)
TOTAL ASSETS	(7,490)	(8,440)
Accounts payable	0	0
Advance deposits	0	0
Accrued liabilities	(38)	(24)
Deferred revenue	(3)	(4)
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	0	0
Due to subsidiary	(1,834)	(1,834)
Other	0	0
Deferred taxes	0	4
MVW shareholders' equity	(5,615)	(6,582)
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	(7,490)	(8,440)
IAC Notes \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	11
Restricted cash	0	0
Accounts receivable, net	27	2
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	0
Intangibles, net	0	0
Due from parent	0	0
Investments in subsidiaries	1,771	1,975
Other	0	28
TOTAL ASSETS	1,798	2,016
Accounts payable	0	0
Advance deposits	0	0
Accrued liabilities	4	0
Deferred revenue	0	0
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	142	141
Due to subsidiary	0	0
Other	0	0
Deferred taxes	0	0
MVW shareholders' equity	1,652	1,875
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	1,798	2,016
IAC Notes \| Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	47	28
Restricted cash	43	83
Accounts receivable, net	75	107
Vacation ownership notes receivable, net	268	176
Inventory	435	440
Property and equipment	240	272
Goodwill	0	0
Intangibles, net	997	1,065
Due from parent	0	0
Investments in subsidiaries	1,653	1,875
Other	189	140
TOTAL ASSETS	3,947	4,186
Accounts payable	91	120
Advance deposits	80	81
Accrued liabilities	166	(28)
Deferred revenue	130	181
Payroll and benefits liability	70	72
Deferred compensation liability	6	7
Securitized debt, net	0	0
Debt, net	0	1
Due to subsidiary	0	0
Other	150	1
Deferred taxes	145	155
MVW shareholders' equity	3,109	3,599
Noncontrolling interests	0	(3)
TOTAL LIABILITIES AND EQUITY	3,947	4,186
IAC Notes \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	136	191
Restricted cash	279	300
Accounts receivable, net	224	184
Vacation ownership notes receivable, net	1,900	1,863
Inventory	475	423
Property and equipment	530	679
Goodwill	0	0
Intangibles, net	47	42
Due from parent	1,834	1,834
Investments in subsidiaries	0	0
Other	180	172
TOTAL ASSETS	5,605	5,688
Accounts payable	120	131
Advance deposits	105	90
Accrued liabilities	157	295
Deferred revenue	309	206
Payroll and benefits liability	110	119
Deferred compensation liability	98	86
Securitized debt, net	1,686	1,714
Debt, net	1,947	1,763
Due to subsidiary	0	0
Other	47	9
Deferred taxes	162	159
MVW shareholders' equity	854	1,108
Noncontrolling interests	10	8
TOTAL LIABILITIES AND EQUITY	5,605	5,688
Senior MVW Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net	(38)	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	0
Intangibles, net	0	0
Due from parent	(1,834)	(1,834)
Investments in subsidiaries	(3,940)	(4,649)
Other	(20)	(75)
TOTAL ASSETS	(5,832)	(6,558)
Accounts payable	0	0
Advance deposits	0	0
Accrued liabilities	(38)	(24)
Deferred revenue	(3)	(4)
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	0	0
Due to subsidiary	(1,834)	(1,834)
Other	0	0
Deferred taxes	(14)	4
MVW shareholders' equity	(3,943)	(4,700)
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	(5,832)	(6,558)
Senior MVW Notes \| Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	50	39
Restricted cash	45	122
Accounts receivable, net	100	169
Vacation ownership notes receivable, net	275	183
Inventory	475	475
Property and equipment	283	308
Goodwill	0	0
Intangibles, net	997	1,065
Due from parent	0	0
Investments in subsidiaries	0	0
Other	268	251
TOTAL ASSETS	2,493	2,612
Accounts payable	117	213
Advance deposits	91	89
Accrued liabilities	168	14
Deferred revenue	205	253
Payroll and benefits liability	79	79
Deferred compensation liability	15	13
Securitized debt, net	0	0
Debt, net	149	179
Due to subsidiary	0	0
Other	94	1
Deferred taxes	180	157
MVW shareholders' equity	1,395	1,617
Noncontrolling interests	0	(3)
TOTAL LIABILITIES AND EQUITY	2,493	2,612
Senior MVW Notes \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	100	127
Restricted cash	255	242
Accounts receivable, net	162	104
Vacation ownership notes receivable, net	1,712	1,735
Inventory	107	176
Property and equipment	276	203
Goodwill	0	0
Intangibles, net	47	42
Due from parent	0	0
Investments in subsidiaries	0	0
Other	66	36
TOTAL ASSETS	2,725	2,665
Accounts payable	40	25
Advance deposits	15	17
Accrued liabilities	69	150
Deferred revenue	230	128
Payroll and benefits liability	18	16
Deferred compensation liability	1	1
Securitized debt, net	1,686	1,714
Debt, net	0	0
Due to subsidiary	0	0
Other	12	3
Deferred taxes	0	24
MVW shareholders' equity	644	579
Noncontrolling interests	10	8
TOTAL LIABILITIES AND EQUITY	2,725	2,665
Senior MVW Notes \| MORI \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	33	62
Restricted cash	22	19
Accounts receivable, net	46	20
Vacation ownership notes receivable, net	181	121
Inventory	328	212
Property and equipment	211	439
Goodwill	0	0
Intangibles, net	0	0
Due from parent	1,834	1,834
Investments in subsidiaries	98	93
Other	48	53
TOTAL ASSETS	2,801	2,853
Accounts payable	45	13
Advance deposits	79	65
Accrued liabilities	70	96
Deferred revenue	4	6
Payroll and benefits liability	83	96
Deferred compensation liability	88	79
Securitized debt, net	0	0
Debt, net	1,940	1,726
Due to subsidiary	0	0
Other	36	6
Deferred taxes	139	133
MVW shareholders' equity	317	633
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	2,801	2,853
Senior MVW Notes \| ILG \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	2
Restricted cash	0	0
Accounts receivable, net	18	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	1
Goodwill	0	0
Intangibles, net	0	0
Due from parent	0	0
Investments in subsidiaries	1,653	1,875
Other	2	0
TOTAL ASSETS	1,673	1,878
Accounts payable	9	0
Advance deposits	0	0
Accrued liabilities	20	7
Deferred revenue	0	0
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	0	0
Due to subsidiary	0	0
Other	55	0
Deferred taxes	2	0
MVW shareholders' equity	1,587	1,871
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	$ 1,673	$ 1,878

SUPPLEMENTAL GUARANTOR INFORMATION - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 1,082			$ 750			$ 3,210	$ 1,916
Expenses	(1,012)			(698)			(2,906)	(1,762)
(Losses) gains and other (expense) income, net	(5)			2			5	(4)
Interest expense	(31)			(14)			(100)	(23)
ILG acquisition-related costs	(32)			(78)			(94)	(98)
Other	1			0			1	(3)
Benefit (provision) for income taxes	(10)			2			(50)	(15)
Equity In Net Income of Subsidiaries	0			0			0	0
Net (loss) income	(7)	$ 49	$ 24	(36)	$ 11	$ 36	66	11
Net income attributable to noncontrolling interests	(2)			0			(2)	0
Net (loss) income attributable to common shareholders	(9)			(36)			64	11
Reportable Legal Entities \| MVWC
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Expenses	(7)			(1)			(16)	(6)
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	(3)			(3)			(8)	(8)
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	3			0			7	4
Equity In Net Income of Subsidiaries	(2)			(32)			81	21
Net (loss) income	(9)			(36)			64	11
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	(9)			(36)			64	11
Senior MVW Notes \| Reportable Legal Entities \| Guarantors
Condensed Financial Statements, Captions [Line Items]
Revenues	575			408			1,981	991
Expenses	(518)			(396)			(1,732)	(901)
(Losses) gains and other (expense) income, net	1			1			0	1
Interest expense	2			(1)			(4)	(3)
ILG acquisition-related costs	(3)			(18)			(17)	(17)
Other	0						0	(3)
Benefit (provision) for income taxes	(4)			2			(74)	(19)
Equity In Net Income of Subsidiaries	0			0			0	0
Net (loss) income	53			(4)			154	49
Net income attributable to noncontrolling interests	(1)			0			(1)	0
Net (loss) income attributable to common shareholders	52			(4)			153	49
Senior MVW Notes \| Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	316			148			697	366
Expenses	(257)			(112)			(545)	(300)
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	4			0			0	0
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	(44)			(8)			(58)	(27)
Equity In Net Income of Subsidiaries	0			0			0	0
Net (loss) income	19			28			94	39
Net income attributable to noncontrolling interests	(1)			0			(1)	0
Net (loss) income attributable to common shareholders	18			28			93	39
Senior MVW Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			(9)	0
Expenses	0			0			9	0
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	0			0			0	0
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	0			0			0	0
Equity In Net Income of Subsidiaries	(56)			(11)			(316)	(153)
Net (loss) income	(56)			(11)			(316)	(153)
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	(56)			(11)			(316)	(153)
Senior MVW Notes \| MORI \| Reportable Legal Entities \| Interval Acquisition Corp.
Condensed Financial Statements, Captions [Line Items]
Revenues	191			194			541	559
Expenses	(230)			(185)			(622)	(551)
(Losses) gains and other (expense) income, net	(6)			1			5	(5)
Interest expense	(34)			(10)			(88)	(12)
ILG acquisition-related costs	(29)			(60)			(77)	(81)
Other	1						1	0
Benefit (provision) for income taxes	35			7			75	26
Equity In Net Income of Subsidiaries	27			60			142	170
Net (loss) income	(45)			7			(23)	106
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	(45)			7			(23)	106
Senior MVW Notes \| ILG \| Reportable Legal Entities \| Interval Acquisition Corp.
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Expenses	0			(4)			0	(4)
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	0			0			0	0
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	0			1			0	1
Equity In Net Income of Subsidiaries	31			(17)			93	(38)
Net (loss) income	31			(20)			93	(41)
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	31			(20)			93	(41)
IAC Notes
Condensed Financial Statements, Captions [Line Items]
Revenues	1,082			750			3,210	1,916
Expenses	(1,012)			(698)			(2,906)	(1,762)
(Losses) gains and other (expense) income, net	(5)			2			5	(4)
Interest expense	(31)			(14)			(100)	(23)
ILG acquisition-related costs	(32)			(78)			(94)	(98)
Other	1						1	(3)
Benefit (provision) for income taxes	(10)			2			(50)	(15)
Equity In Net Income of Subsidiaries	0			0			0	0
Net (loss) income	(7)			(36)			66	11
Net income attributable to noncontrolling interests	(2)			0			(2)	0
Net (loss) income attributable to common shareholders	(9)			(36)			64	11
IAC Notes \| Reportable Legal Entities \| MVWC
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Expenses	(7)			(1)			(16)	(6)
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	(3)			(3)			(8)	(8)
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	3			0			7	4
Equity In Net Income of Subsidiaries	(2)			(32)			81	21
Net (loss) income	(9)			(36)			64	11
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	(9)			(36)			64	11
IAC Notes \| Reportable Legal Entities \| Interval Acquisition Corp.
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Expenses	0			0			0	0
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	(1)			(1)			(4)	(1)
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	1			0			2	0
Equity In Net Income of Subsidiaries	31			(16)			95	(37)
Net (loss) income	31			(17)			93	(38)
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	31			(17)			93	(38)
IAC Notes \| Reportable Legal Entities \| Guarantors
Condensed Financial Statements, Captions [Line Items]
Revenues	286			114			1,083	114
Expenses	(255)			(125)			(970)	(125)
(Losses) gains and other (expense) income, net	0			1			0	1
Interest expense	0			0			(3)	0
ILG acquisition-related costs	(2)			(18)			(16)	(17)
Other	0						0	0
Benefit (provision) for income taxes	(18)			5			(40)	8
Equity In Net Income of Subsidiaries	31			(17)			93	(38)
Net (loss) income	42			(40)			147	(57)
Net income attributable to noncontrolling interests	(1)			0			(1)	0
Net (loss) income attributable to common shareholders	41			(40)			146	(57)
IAC Notes \| Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	796			636			2,136	1,802
Expenses	(750)			(572)			(1,929)	(1,631)
(Losses) gains and other (expense) income, net	(5)			1			5	(5)
Interest expense	(27)			(10)			(85)	(14)
ILG acquisition-related costs	(30)			(60)			(78)	(81)
Other	1						1	(3)
Benefit (provision) for income taxes	4			(3)			(19)	(27)
Equity In Net Income of Subsidiaries	0			0			0	0
Net (loss) income	(11)			(8)			31	41
Net income attributable to noncontrolling interests	(1)			0			(1)	0
Net (loss) income attributable to common shareholders	(12)			(8)			30	41
IAC Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			(9)	0
Expenses	0			0			9	0
(Losses) gains and other (expense) income, net	0			0			0	0
Interest expense	0			0			0	0
ILG acquisition-related costs	0			0			0	0
Other	0						0	0
Benefit (provision) for income taxes	0			0			0	0
Equity In Net Income of Subsidiaries	(60)			65			(269)	54
Net (loss) income	(60)			65			(269)	54
Net income attributable to noncontrolling interests	0			0			0	0
Net (loss) income attributable to common shareholders	$ (60)			$ 65			$ (269)	$ 54

SUPPLEMENTAL GUARANTOR INFORMATION - Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$ 180	$ 67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	1	(1,423)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(290)	1,671
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	505	806
Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	10	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	0
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(10)	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
MVWC \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(79)	(59)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5)	(1,846)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83	1,905
Cash, cash equivalents and restricted cash, beginning of period	1	0
Cash, cash equivalents and restricted cash, end of period	0	0
Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	251	122
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	24	123
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(341)	(179)
Cash, cash equivalents and restricted cash, beginning of period	161	63
Cash, cash equivalents and restricted cash, end of period	95	129
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	157	(74)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(9)	304
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(162)	97
Cash, cash equivalents and restricted cash, beginning of period	369	51
Cash, cash equivalents and restricted cash, end of period	355	378
MORI \| Interval Acquisition Corp. \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(159)	78
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(9)	(6)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	142	(152)
Cash, cash equivalents and restricted cash, beginning of period	81	377
Cash, cash equivalents and restricted cash, end of period	55	297
ILG \| Interval Acquisition Corp. \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	0	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	2
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(2)	0
Cash, cash equivalents and restricted cash, beginning of period	2	0
Cash, cash equivalents and restricted cash, end of period	0	2
IAC Notes
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	180	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	1	(1,423)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(290)	1,671
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	505	806
IAC Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	24	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	0
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(24)	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
IAC Notes \| MVWC \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(79)	(59)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5)	(1,846)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83	1,905
Cash, cash equivalents and restricted cash, beginning of period	1	0
Cash, cash equivalents and restricted cash, end of period	0	0
IAC Notes \| Interval Acquisition Corp. \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(3)	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	2
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(8)	0
Cash, cash equivalents and restricted cash, beginning of period	11	0
Cash, cash equivalents and restricted cash, end of period	0	2
IAC Notes \| Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	177	(31)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	14	126
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(212)	(4)
Cash, cash equivalents and restricted cash, beginning of period	111	0
Cash, cash equivalents and restricted cash, end of period	90	91
IAC Notes \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	61	157
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(8)	295
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(129)	(230)
Cash, cash equivalents and restricted cash, beginning of period	491	491
Cash, cash equivalents and restricted cash, end of period	$ 415	$ 713

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 3,458,000,000
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(790,000,000)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	6,000,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,000,000
Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,453,000,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,721,000,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	515,000,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	5,000,000
Accounting Standards Update 2016-02 [Member] \| Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (8,000,000)