0001524358-20-000011 | 10-K | XBRL Viewer | Marriott Vacations Worldwide Corp

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Investments, All Other Investments [Abstract]

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities

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 December 31, 2019						At December 31, 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Originated vacation ownership notes receivable	$	1,794		$	1,825		$	1,388		$	1,413
Other assets	45			45			66			66
	$	1,839		$	1,870		$	1,454		$	1,479

Securitized debt, net	$	(1,871	)	$	(1,924	)	$	(1,714	)	$	(1,718	)
2026 Notes, net	(742		)	(824		)	(741		)	(726		)
2028 Notes, net	(345		)	(358		)	—			—
Exchange Notes, net	—			—			(88		)	(87		)
IAC Notes	—			—			(141		)	(140		)
Term Loan, net	(881		)	(899		)	(888		)	(887		)
Revolving Corporate Credit Facility, net	(27		)	(27		)	—			—
Convertible notes, net	(207		)	(247		)	(199		)	(198		)
Non-interest bearing note payable, net	—			—			(30		)	(30		)
	$	(4,073	)	$	(4,279	)	$	(3,801	)	$	(3,786	)

Originated Vacation Ownership Notes Receivable



	At December 31, 2019				At December 31, 2018
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Originated vacation ownership notes receivable
Securitized	$	1,378	$	1,399	$	1,070	$	1,093

Eligible for securitization	155		165		85		87
Not eligible for securitization	261		261		233		233
Non-securitized	416		426		318		320
	$	1,794	$	1,825	$	1,388	$	1,413

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Revenue from contracts with customers	$ 4,080	$ 2,785	$ 2,048
Financing	275	183	135
TOTAL REVENUES	4,355	2,968	2,183
EXPENSES
Marketing and sales	762	527	388
Financing	96	65	43
General and administrative	300	198	106
Depreciation and amortization	141	62	21
Litigation charges	7	46	4
Royalty fee	106	78	63
Impairment	99	0	0
Cost reimbursements	1,108	925	750
TOTAL EXPENSES	3,897	2,701	1,937
Gains and other income, net	16	21	6
Interest expense	(132)	(54)	(10)
ILG acquisition-related costs	(118)	(127)	(1)
Other	1	(4)	(1)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	225	103	240
Provision for income taxes	(83)	(51)	(5)
NET INCOME	142	52	235
Net (income) loss attributable to noncontrolling interests	(4)	3	0
Net (loss) income attributable to common shareholders	$ 138	$ 55	$ 235
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic earnings per share (in usd per share)	$ 3.13	$ 1.64	$ 8.70
Diluted earnings per share (in usd per share)	3.09	1.61	8.49
Cash dividends declared per share of common stock (in usd per share)	$ 1.89	$ 1.65	$ 1.45
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 1,390	$ 990	$ 757
EXPENSES
Expenses	356	260	194
Management and exchange
REVENUES
Revenue from contracts with customers	954	499	279
EXPENSES
Expenses	506	259	147
Rental
REVENUES
Revenue from contracts with customers	628	371	262
EXPENSES
Expenses	416	281	$ 221
Cost reimbursements
REVENUES
Revenue from contracts with customers	$ 1,108	$ 925

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Restricted cash	$ 414	$ 383
Accounts receivable, net	323	324
Vacation ownership notes receivable, net	2,233	2,039
Other	428	292
Accrued liabilities	397	246
Securitized debt, net	$ 1,871	$ 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 value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	75,020,272	57,626,462
Treasury stock, shares (in shares)	33,438,176	11,633,731
Variable Interest Entity
Restricted cash	$ 64	$ 69
Accounts receivable, net	13	11
Vacation ownership notes receivable, net	1,750	1,627
Other	39	26
Accrued liabilities	2	2
Securitized debt, net	$ 1,871	$ 1,706

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Defined Contribution Plan and Deferred Compensation Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Defined contribution plan, cost	$ 19,000,000	$ 11,000,000	$ 10,000,000
EDC \| Marriott International
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional discretionary contributions	$ 0	$ 0	$ 0
Deferred Compensation Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual rate of return	3.50%	3.50%

REVENUE - Remaining Performance Obligation Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01	Dec. 31, 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

BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

The 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 Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Consolidated Financial Statements, unless otherwise noted. We also refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” 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 (“VIEs”) 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 entities 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.

Unless otherwise specified, each reference to a particular year in these Financial Statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year. Beginning with our 2017 fiscal year, we changed our financial reporting cycle to a calendar year-end and end-of-month quarterly reporting cycle.



Fiscal Year	Fiscal Year-End Date	Number of Days
2019	December 31, 2019	365
2018	December 31, 2018	365
2017	December 31, 2017	366

Acquisition of ILG

On September 1, 2018 (the “Acquisition Date”), 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.

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


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

•

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

ACQUISITIONS AND DISPOSITIONS - Intangible Assets (Details) - ILG, Inc $ 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

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets
Inventory	$ 111	$ 145
Reserves	74	84
Deferred revenue	12	22
Property and equipment	64	54
Net operating loss carry-forwards	61	59
Tax credits	37	24
Right-of-use asset	3	0
Other, net	58	21
Deferred tax assets	420	409
Less valuation allowance	(97)	(106)
Net deferred tax assets	323	303
Deferred Tax Liabilities
Property and equipment	(234)	(234)
Deferred sales of vacation ownership interests	(357)	(377)
Right-of-use liability	(3)	0
Deferred tax liabilities	(594)	(611)
Total net deferred tax liabilities	$ (271)	$ (308)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	12 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Accounts payable	$ 286	$ 301
Employee-related Liabilities	(186)	(210)
Advance deposits	187	171
Deferred revenue	433	383
Accrued liabilities	397	246
Securitized debt, net	$ 1,871	$ 1,714
Fiscal period duration	365 days	366 days	364 days
Debt, net	$ (2,216)	$ (2,104)
Other Debt \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Securitized debt, net	20
Debt, net	(20)
Accounts Payable and Accrued Liabilities \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable	53
Accrued liabilities	53
Advance Deposits and Accrued Liabilities \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Advance deposits	58
Accrued liabilities	58
Deferred Revenue and Accrued Liabilities \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenue	64
Accrued liabilities	64
Payroll and Benefits Liability And Accounts Payable \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable	3
Employee-related Liabilities	(3)
Payroll and Benefits Liability And Accrued Liabilities \| Conforming Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued liabilities	$ 2

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

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 December 31, 2019, December 31, 2018, or December 31, 2017, there was no dilutive impact from the Convertible Notes for 2019, 2018, or 2017.

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 fourth quarter of 2019 to $175.37, 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.



Computation of Basic and Diluted Earnings Per Share Attributable to Common Shareholders
(in millions, except per share amounts)	2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾
Computation of Basic Earnings Per Share Attributable to Common Shareholders
Net income attributable to common shareholders	$	138	$	55	$	235
Shares for basic earnings per share	43.9		33.3		27.1
Basic earnings per share	$	3.13	$	1.64	$	8.70
Computation of Diluted Earnings Per Share Attributable to Common Shareholders
Net income attributable to common shareholders	$	138	$	55	$	235
Shares for basic earnings per share	43.9		33.3		27.1
Effect of dilutive shares outstanding
Employee stock options and SARs	0.3		0.4		0.4
Restricted stock units	0.3		0.3		0.2
Shares for diluted earnings per share	44.5		34.0		27.7
Diluted earnings per share	$	3.09	$	1.61	$	8.49

_________________________


⁽¹⁾	The computations of diluted earnings per share attributable to common shareholders exclude approximately 345,000, 165,000 and 238,000 shares of common stock, the maximum number of shares issuable as of December 31, 2019,

December 31, 2018 and December 31, 2017, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

In accordance with the applicable accounting guidance for calculating earnings per share, for each of the years ended December 31, 2019 and December 31, 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 each of the applicable periods.

For the year ended December 31, 2017, our calculation of diluted earnings per share included shares underlying SARs that may settle in shares of common stock because the exercise price of such SARs were less than or equal to the average market price for the applicable period.

ACQUISITIONS AND DISPOSITIONS - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Sep. 01, 2018
As adjusted
Goodwill	$ 2,892	$ 2,828
ILG, Inc
As adjusted
Vacation ownership notes receivable			$ 753
Inventory			484
Property and equipment			382
Intangible assets			1,145
Other assets			707
Deferred revenue			(291)
Deferred taxes			(138)
Debt			(392)
Securitized debt from VIEs			(718)
Other liabilities			(605)
Net assets acquired			1,327
Goodwill			2,890
Total Assets and Liabilities			$ 4,217

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 140	$ 119	$ 112
Increase in vacation ownership notes receivable reserve	112	64	52
Securitizations	0	0	0
Clean-up call	0	0	0
Write-offs	(48)	(43)	(45)
Defaulted vacation ownership notes receivable repurchase activity	0	0	0
Ending balance	204	140	119
Non-Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	61	58	58
Increase in vacation ownership notes receivable reserve	94	57	42
Securitizations	(81)	(39)	(29)
Clean-up call	24	1	4
Write-offs	(48)	(43)	(45)
Defaulted vacation ownership notes receivable repurchase activity	40	27	28
Ending balance	90	61	58
Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	79	61	54
Increase in vacation ownership notes receivable reserve	18	7	10
Securitizations	81	39	29
Clean-up call	(24)	(1)	(4)
Write-offs	0	0	0
Defaulted vacation ownership notes receivable repurchase activity	(40)	(27)	(28)
Ending balance	$ 114	$ 79	$ 61

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Interest income	$ 264	$ 175	$ 128
Administrative expenses	300	$ 198	$ 106
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	231
Interest expense to investors	55
Debt issuance cost amortization	6
Administrative expenses	1
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	219
Interest expense to investors	51
Debt issuance cost amortization	5
Administrative expenses	1
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	12
Interest expense to investors	4
Debt issuance cost amortization	1
Administrative expenses	$ 0

FINANCIAL INSTRUMENTS - Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount
Total financial assets
Originated vacation ownership notes receivable	$ 1,794	$ 1,388
Other assets	45	66
Total financial assets	1,839	1,454
Total financial liabilities
Total financial liabilities	(4,073)	(3,801)
Carrying Amount \| Securitized debt, net
Total financial liabilities
Debt instrument	(1,871)	(1,714)
Carrying Amount \| 2026 Notes \| Senior Unsecured Notes
Total financial liabilities
Debt instrument	(742)	(741)
Carrying Amount \| 2028 Notes \| Senior Unsecured Notes
Total financial liabilities
Debt instrument	(345)	0
Carrying Amount \| Exchange Notes, net
Total financial liabilities
Debt instrument	0	(88)
Carrying Amount \| IAC Notes
Total financial liabilities
Debt instrument	0	(141)
Carrying Amount \| Convertible notes, net
Total financial liabilities
Convertible notes, net	(207)	(199)
Carrying Amount \| Non-interest bearing note payable, net \| Non-interest bearing note payable, net
Total financial liabilities
Non-interest bearing note payable, net	0	(30)
Fair Value
Total financial assets
Originated vacation ownership notes receivable	1,825	1,413
Other assets	45	66
Total financial assets	1,870	1,479
Total financial liabilities
Total financial liabilities	(4,279)	(3,786)
Fair Value \| Securitized debt, net
Total financial liabilities
Debt instrument	(1,924)	(1,718)
Fair Value \| 2026 Notes \| Senior Unsecured Notes
Total financial liabilities
Debt instrument	(824)	(726)
Fair Value \| 2028 Notes \| Senior Unsecured Notes
Total financial liabilities
Debt instrument	(358)	0
Fair Value \| Exchange Notes, net
Total financial liabilities
Debt instrument	0	(87)
Fair Value \| IAC Notes
Total financial liabilities
Debt instrument	0	(140)
Fair Value \| Convertible notes, net
Total financial liabilities
Convertible notes, net	(247)	(198)
Fair Value \| Non-interest bearing note payable, net \| Non-interest bearing note payable, net
Total financial liabilities
Non-interest bearing note payable, net	0	(30)
Corporate Credit Facility \| Carrying Amount \| Term Loan, net
Total financial liabilities
Debt instrument	(881)	(888)
Corporate Credit Facility \| Carrying Amount \| Revolving Corporate Credit Facility
Total financial liabilities
Debt instrument	(27)	0
Corporate Credit Facility \| Fair Value \| Term Loan, net
Total financial liabilities
Debt instrument	(899)	(887)
Corporate Credit Facility \| Fair Value \| Revolving Corporate Credit Facility
Total financial liabilities
Debt instrument	(27)	0
Originated \| Carrying Amount
Total financial assets
Originated vacation ownership notes receivable	1,794	1,388
Originated \| Fair Value
Total financial assets
Originated vacation ownership notes receivable	$ 1,825	$ 1,413

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 264	$ 175	$ 128
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	232	151	101
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 32	$ 24	$ 27

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$ 815	$ 419
Principal receipts	477	322
Interest receipts	214	145
Reserve release	184	168
Total	1,690	1,054
Cash Outflows
Principal to investors	(507)	(329)
Voluntary repurchases of defaulted vacation ownership notes receivable	(54)	(31)	$ (28)
Voluntary clean-up call	(22)	(22)
Interest to investors	(49)	(31)
Funding of restricted cash	(169)	(110)
Total	(801)	(523)
Net Cash Flows	889	531
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	202	116
Principal receipts	14	1
Interest receipts	13	1
Reserve release	2	0
Total	231	118
Cash Outflows
Principal to investors	(12)	0
Repayment of Warehouse Credit Facility	(285)	0
Interest to investors	(4)	(1)
Funding of restricted cash	(2)	(1)
Total	(303)	(2)
Net Cash Flows	$ (72)	$ 116

DEBT - Interest Expense Related To The Convertible Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Interest Expense, Debt	$ 132	$ 54	$ 10
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	3	3	1
Amortization of debt discount	6	6	2
Debt issuance cost amortization	2	1	0
Interest Expense, Debt	$ 11	$ 10	$ 3

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 37	$ 35	$ 16
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	17	12	10
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	7	4
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	34	32	14
ILG Acquisition Converted Restricted Stock Unit RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	10	13	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	3	2
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 9,214	$ 9,018
Property and equipment	751	951
United States
Segment Reporting Information [Line Items]
Property and equipment	580	748
All other countries
Segment Reporting Information [Line Items]
Property and equipment	171	203
Operating Segments
Segment Reporting Information [Line Items]
TOTAL ASSETS	8,507	8,457
Operating Segments \| Vacation Ownership
Segment Reporting Information [Line Items]
TOTAL ASSETS	7,345	7,275
Operating Segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
TOTAL ASSETS	1,162	1,182
Corporate and other
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 707	$ 561

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	40 years

REVENUE - Additional Information (Details) - USD ($)	12 Months Ended
REVENUE - Additional Information (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer, contract assets	$ 0	$ 0
Contract with customer, liability, revenue recognized	$ 363,000,000

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations

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

We created these bankruptcy remote special purpose entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them VIEs. 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 VIEs, and consolidated liabilities included on our Balance Sheet at December 31, 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,726	$	24	$	1,750
Interest receivable	13		—		13
Restricted cash	64		—		64
Total	$	1,803	$	24	$	1,827
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Securitized debt	1,850		21		1,871
Total	$	1,852	$	21	$	1,873

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



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	219	$	12	$	231
Interest expense to investors	$	51	$	4	$	55
Debt issuance cost amortization	$	5	$	1	$	6
Administrative expenses	$	1	$	—	$	1

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



($ in millions)	2019			2018
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	815		$	419
Principal receipts	477			322
Interest receipts	214			145
Reserve release	184			168
Total	1,690			1,054
Cash Outflows
Principal to investors	(507		)	(329		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(54		)	(31		)
Voluntary clean-up call	(22		)	(22		)
Interest to investors	(49		)	(31		)
Funding of restricted cash	(169		)	(110		)
Total	(801		)	(523		)
Net Cash Flows	$	889		$	531

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. We made voluntary repurchases of defaulted vacation ownership notes receivable, net of substitutions, of $54 million during 2019, $31 million during 2018 and $28 million during 2017. We also made voluntary repurchases, net of substitutions, of $356 million, $39 million and $57 million of other non-defaulted vacation ownership notes receivable during 2019, 2018 and 2017, respectively, to retire previous vacation ownership notes receivable securitizations. Our maximum exposure to loss relating to the special purpose entities that purchase, sell and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral.

The following table shows cash flows between us and the Warehouse Credit Facility VIE:



($ in millions)	2019			2018
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	202		$	116
Principal receipts	14			1
Interest receipts	13			1
Reserve release	2			—
Total	231			118
Cash Outflows
Principal to investors	(12		)	—
Repayment of Warehouse Credit Facility	(285		)	—
Interest to investors	(4		)	(1		)
Funding of restricted cash	(2		)	(1		)
Total	(303		)	(2		)
Net Cash Flows	$	(72	)	$	116

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 property from the third party developer unless the developer has sold the property to another party. The property is held by a VIE for which we are not the primary beneficiary as we cannot prevent the VIE from selling the property at a higher price. Accordingly, we have not consolidated the VIE. As of December 31, 2019, our Balance Sheet reflected $2 million in Accounts Receivable, including a note receivable of less than $1 million, and less than $1 million in Accrued liabilities. We believe that our maximum exposure to loss as a result of our involvement with this VIE is $2 million as of December 31, 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 VIE for which we are not the primary beneficiary as we cannot prevent the VIE from selling the property at a higher price. Accordingly, we have not consolidated the VIE. As of December 31, 2019, our Balance Sheet reflected $28 million in Property and equipment, including a $20 million deposit related to the acquisition of a portion of this property, which was completed in January 2020, and $8 million 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 VIE. In addition, a note receivable of less than $1 million is included in the Accounts receivable line on the Balance Sheet as of December 31, 2019. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $20 million as of December 31, 2019.

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Classifications of Consolidated Variable Interest Entities

The following table shows consolidated assets, which are collateral for the obligations of these VIEs, and consolidated liabilities included on our Balance Sheet at December 31, 2019:



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,726	$	24	$	1,750
Interest receivable	13		—		13
Restricted cash	64		—		64
Total	$	1,803	$	24	$	1,827
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Securitized debt	1,850		21		1,871
Total	$	1,852	$	21	$	1,873

Interest Income and Interest Expense

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



($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	219	$	12	$	231
Interest expense to investors	$	51	$	4	$	55
Debt issuance cost amortization	$	5	$	1	$	6
Administrative expenses	$	1	$	—	$	1

Cash Flows Between Company and Variable Interest Entities

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



($ in millions)	2019			2018
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	815		$	419
Principal receipts	477			322
Interest receipts	214			145
Reserve release	184			168
Total	1,690			1,054
Cash Outflows
Principal to investors	(507		)	(329		)
Voluntary repurchases of defaulted vacation ownership notes receivable	(54		)	(31		)
Voluntary clean-up call	(22		)	(22		)
Interest to investors	(49		)	(31		)
Funding of restricted cash	(169		)	(110		)
Total	(801		)	(523		)
Net Cash Flows	$	889		$	531

The following table shows cash flows between us and the Warehouse Credit Facility VIE:



($ in millions)	2019			2018
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	202		$	116
Principal receipts	14			1
Interest receipts	13			1
Reserve release	2			—
Total	231			118
Cash Outflows
Principal to investors	(12		)	—
Repayment of Warehouse Credit Facility	(285		)	—
Interest to investors	(4		)	(1		)
Funding of restricted cash	(2		)	(1		)
Total	(303		)	(2		)
Net Cash Flows	$	(72	)	$	116

- 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

ACQUISITIONS AND DISPOSITIONS - Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2018	$ 2,828
Measurement period adjustments	62
Foreign exchange adjustments	2
Balance at December 31, 2019	2,892
Vacation Ownership
Goodwill [Roll Forward]
Balance at December 31, 2018	2,448
Measurement period adjustments	(4)
Foreign exchange adjustments	1
Balance at December 31, 2019	2,445
Exchange & Third-Party Management
Goodwill [Roll Forward]
Balance at December 31, 2018	380
Measurement period adjustments	66
Foreign exchange adjustments	1
Balance at December 31, 2019	$ 447

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

We maintain the MVW Stock Plan for the benefit of our officers, directors and employees. Under the MVW Stock Plan, we award: (1) 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 December 31, 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 December 31, 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:



($ in millions)	2019		2018		2017
Service-based RSUs	$	17	$	12	$	10
Performance-based RSUs	7		7		4
ILG Acquisition Converted RSUs	10		13		—
	34		32		14
SARs	3		3		2
Stock options	—		—		—
	$	37	$	35	$	16

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



($ in millions)	At Year-End 2019⁽¹⁾		At Year-End 2018
Service-based RSUs	$	17	$	16
Performance-based RSUs	10		7
ILG Acquisition Converted RSUs	3		15
	30		38
SARs	1		1
Stock options	—		—
	$	31	$	39

_________________________


⁽¹⁾	As of December 31, 2019, the weighted average remaining term for RSU grants outstanding at year-end 2019 was one to two years and we expect that deferred compensation expense will be recognized over a weighted average period of one to three years.

Restricted Stock Units

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

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



	2019
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2018	753,581	$	89.66	307,080	$	87.75	1,060,661	$	89.11
Granted	194,075	$	96.16	325,638	$	95.36	519,713	$	95.66
Distributed	(278,729)	$	101.49	(76,839)	$	58.40	(355,568)	$	92.18
Forfeited	(20,352)	$	110.44	(66,557)	$	58.90	(86,909)	$	70.97
Outstanding at year-end 2019	648,575	$	85.87	489,322	$	101.35	1,137,897	$	92.53

The weighted average grant-date fair value per RSU granted in 2018 and 2017 was $120.04 and $95.12, respectively. The fair value of the RSUs which vested in 2019 was $34 million, and included $15 million related to RSUs converted in the ILG Acquisition. The fair value of the RSUs which vested in 2018 was $48 million, and included $24 million related to RSUs converted in the ILG Acquisition. The fair value of the RSUs which vested in 2017 was $18 million.

Stock Appreciation Rights

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



	2019
	Number of SARs		Weighted Average Exercise Price Per SAR
Outstanding at year-end 2018	697,178		$	55.96
Granted	111,111		$	100.52
Exercised	(112,142	)	$	24.23
Forfeited or expired	—		$	—
Outstanding at year-end 2019⁽¹⁾⁽²⁾	696,147		$	68.18

_________________________


⁽¹⁾	As of December 31, 2019, outstanding SARs had a total intrinsic value of $44 million and a weighted average remaining term of 5 years.


⁽²⁾	As of December 31, 2019, 470,505 SARs with a weighted average exercise price of $51.63, an aggregate intrinsic value of $37 million and a weighted average remaining contractual term of 4 years were exercisable.

The weighted average grant-date fair value per SAR granted in 2019, 2018 and 2017 was $28.89, $44.75 and $27.63, respectively. The intrinsic value of SARs which vested in 2019, 2018 and 2017, was $4 million, less than $1 million and $6 million, respectively. The aggregate intrinsic value of SARs which were exercised in 2019, 2018 and 2017 was $11 million, $2 million and $19 million, respectively.

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 from our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimate. 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 in 2019, 2018 and 2017:



	2019	2018	2017
Expected volatility	31.10%	30.78%	30.41%
Dividend yield	1.76%	1.11%	1.44%
Risk-free rate	2.59%	2.68%	2.06%
Expected term (in years)	6.25	6.25	6.25

Stock Options

We may grant non-qualified stock options to employees and non-employee directors at exercise prices or strike prices equal to the market price of our common stock on the date of grant.

There were no outstanding or exercisable stock options held by our employees at year-end 2019 or 2018, and no stock options were granted to our employees in 2019, 2018 or 2017. At December 31, 2019, approximately 3,000 stock options were outstanding and exercisable with a weighted average exercise price per option of $20.62 and a weighted average remaining life of approximately one year.

Employee Stock Purchase Plan

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Revenue from External Customer [Line Items]
Increase (decrease) in revenue due to change in estimate of variable consideration for performance obligations	$ (13)
Minimum
Revenue from External Customer [Line Items]
Number of days for payments to commence under financing contracts after closing	30 days
Maximum
Revenue from External Customer [Line Items]
Number of days for payments to commence under financing contracts after closing	60 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details)	12 Months Ended
	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Threshold period past due for general reserve factor of trade accounts receivable	120 days
Threshold period past due for write-off of trade accounts receivable	180 days

SUPPLEMENTAL GUARANTOR INFORMATION - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 1,145	$ 1,082	$ 1,068	$ 1,060	$ 1,052	$ 750	$ 595	$ 571	$ 4,355	$ 2,968	$ 2,183
Expenses	(991)	(1,012)	(925)	(969)	(939)	(698)	(546)	(518)	(3,897)	(2,701)	(1,937)
Gains and other income, net									16	21	6
Interest expense									(132)	(54)	(10)
ILG acquisition-related costs									(118)	(127)	(1)
Other									1	(4)	(1)
Benefit (provision) for income taxes									(83)	(51)	(5)
Equity in net income of subsidiaries									0	0	0
NET INCOME									142	52	235
Net (income) loss attributable to noncontrolling interests									(4)	3	0
Net income (loss) attributable to common shareholders	$ 74	$ (9)	$ 49	$ 24	$ 44	$ (36)	$ 11	$ 36	138	55	235
Reportable Legal Entities \| MVWC
Condensed Financial Statements, Captions [Line Items]
Revenues									0	0	0
Expenses									(25)	(20)	(8)
Gains and other income, net									0	0	0
Interest expense									(11)	(10)	(3)
ILG acquisition-related costs									0	(11)	0
Other									0	0	0
Benefit (provision) for income taxes									11	21	0
Equity in net income of subsidiaries									163	75	246
NET INCOME									138	55	235
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to common shareholders									138	55	235
Senior MVW Notes \| Reportable Legal Entities \| Senior Notes Guarantors
Condensed Financial Statements, Captions [Line Items]
Revenues									2,612	1,664	1,125
Expenses									(2,309)	(1,489)	(972)
Gains and other income, net									8	(3)	(1)
Interest expense									(4)	(3)	(3)
ILG acquisition-related costs									(15)	(33)	0
Other									1	(4)	0
Benefit (provision) for income taxes									(109)	(66)	(3)
Equity in net income of subsidiaries									0	0	0
NET INCOME									184	66	146
Net (income) loss attributable to noncontrolling interests									(4)	1	0
Net income (loss) attributable to common shareholders									180	67	146
Senior MVW Notes \| Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues									1,009	553	347
Expenses									(766)	(462)	(269)
Gains and other income, net									9	1	(1)
Interest expense									0	(2)	0
ILG acquisition-related costs									(7)	0	0
Other									0	0	0
Benefit (provision) for income taxes									(94)	(45)	(1)
Equity in net income of subsidiaries									0	0	0
NET INCOME									151	45	76
Net (income) loss attributable to noncontrolling interests									0	2	0
Net income (loss) attributable to common shareholders									151	47	76
Senior MVW Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues									(30)	(7)	0
Expenses									30	7	0
Gains and other income, net									0	0	0
Interest expense									0	0	0
ILG acquisition-related costs									0	0	0
Other									0	0	0
Benefit (provision) for income taxes									0	0	0
Equity in net income of subsidiaries									(468)	(209)	(462)
NET INCOME									(468)	(209)	(462)
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to common shareholders									(468)	(209)	(462)
MORI \| Senior MVW Notes \| Reportable Legal Entities \| Issuers
Condensed Financial Statements, Captions [Line Items]
Revenues									764	758	711
Expenses									(827)	(737)	(688)
Gains and other income, net									(1)	23	8
Interest expense									(117)	(39)	(4)
ILG acquisition-related costs									(96)	(83)	(1)
Other									0	0	(1)
Benefit (provision) for income taxes									109	39	(1)
Equity in net income of subsidiaries									305	124	216
NET INCOME									137	85	240
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to common shareholders									137	85	240
ILG \| Senior MVW Notes \| Reportable Legal Entities \| Issuers
Condensed Financial Statements, Captions [Line Items]
Revenues									0	0	0
Expenses									0	0	0
Gains and other income, net									0	0	0
Interest expense									0	0	0
ILG acquisition-related costs									0	0	0
Other									0	0	0
Benefit (provision) for income taxes									0	0	0
Equity in net income of subsidiaries									0	10	0
NET INCOME									0	10	0
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to common shareholders									$ 0	$ 10	$ 0

INVENTORY (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 777	$ 843
Work-in-progress	69	9
Real estate inventory	846	852
Other	13	11
Inventory	859	$ 863
Amount of completed vacation ownership units classified as property and equipment	$ 55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loan Loss Reserves and Costs Incurred to Sell Vacation Ownership Products (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) credit_score	Dec. 31, 2018 USD ($) credit_score
Legacy MVW
Condensed Balance Sheet Statements, Captions [Line Items]
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
Average Estimated Rate Of Default For All Outstanding Loans	7.04%	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	$ 8	$ 7
Legacy ILG
Condensed Balance Sheet Statements, Captions [Line Items]
Average Estimated Rate Of Default For All Outstanding Loans	12.65%	12.37%
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
Weighted average FICO score within originated loan pool \| credit_score	712	710

QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2019⁽¹⁾
($ in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	1,060		$	1,068		$	1,082		$	1,145		$	4,355
Expenses	$	(969	)	$	(925	)	$	(1,012	)	$	(991	)	$	(3,897	)
Net income (loss) attributable to common shareholders	$	24		$	49		$	(9	)	$	74		$	138
Earnings (loss) per share attributable to common shareholders
Basic	$	0.52		$	1.11		$	(0.21	)	$	1.74		$	3.13
Diluted	$	0.51		$	1.10		$	(0.21	)	$	1.71		$	3.09



	2018⁽¹⁾
($ in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	571		$	595		$	750		$	1,052		$	2,968
Expenses	$	(518	)	$	(546	)	$	(698	)	$	(939	)	$	(2,701	)
Net income (loss) attributable to common shareholders	$	36		$	11		$	(36	)	$	44		$	55
Earnings (loss) per share attributable to common shareholders
Basic	$	1.35		$	0.40		$	(1.08	)	$	0.92		$	1.64
Diluted	$	1.32		$	0.39		$	(1.08	)	$	0.91		$	1.61

_______________________

⁽¹⁾

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

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) vacation_ownership_unit	Sep. 30, 2019 USD ($) vacation_ownership_unit resort	Mar. 31, 2018 USD ($) vacation_ownership_unit	Sep. 30, 2019 USD ($) vacation_ownership_unit resort	Dec. 31, 2019 USD ($) vacation_ownership_unit Property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) vacation_ownership_unit	Sep. 01, 2018 $ / shares
Business Acquisition [Line Items]
Number of hotels acquired \| Property					4
Business combinations, pro forma, acquisition-related costs						$ 54	$ 208
Number of vacation ownership units acquired \| vacation_ownership_unit	92				92
Depreciation and amortization					$ 141	62	21
Year 1	$ 57				57
Year 2	57				57
Year 3	57				57
Year 4	57				57
Year 5	57				57
Disposition of subsidiary shares to noncontrolling interest holder						(51)
Purchase of vacation ownership units for future transfer to inventory					20	0	34
Impairment charges					99	0	0
Dispositions, net					51	0	0
Non-cash issuance of debt in connection with acquisition of vacation ownership units					0	0	$ 64
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
Marco Island, Florida
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit			20				36
Payments to acquire real estate	83		$ 24
Purchase of vacation ownership units for future transfer to inventory							$ 34
Bali, Indonesia Resort One
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit							51
Asset acquisition, consideration transferred							$ 24
Asset acquisition, recognized identifiable assets acquired, inventory							22
Asset acquisition, recognized identifiable assets acquired, property and equipment							$ 2
Big Island Of Hawaii
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit							112
Payments to acquire real estate							$ 27
Noncash transaction, value of consideration							1
Non-cash issuance of debt in connection with acquisition of vacation ownership units							$ 64
Minimum
Business Acquisition [Line Items]
Estimated cash proceeds, asset disposals		160
Maximum
Business Acquisition [Line Items]
Estimated cash proceeds, asset disposals		220
ILG, Inc
Business Acquisition [Line Items]
Business combination, share price (in usd per share) \| $ / shares								$ 119.00
Depreciation and amortization					$ 59	$ 19
ILG, Inc \| Minimum
Business Acquisition [Line Items]
Vacation ownership product, financing term					5 years
ILG, Inc \| Maximum
Business Acquisition [Line Items]
Vacation ownership product, financing term					15 years
Cancun Mexico and Avon Colorado [Member]
Business Acquisition [Line Items]
Disposals	62
Consideration receivable	8				$ 8
VRI Europe Limited
Business Acquisition [Line Items]
Disposition of subsidiary shares to noncontrolling interest holder	63
Disposals cash proceeds	40
Receivable VRI Europe	6				6
Notes receivable	17				$ 17
Land and Land Improvements
Business Acquisition [Line Items]
Impairment charges				$ 26
Strategic Change
Business Acquisition [Line Items]
Impairment charges		$ 72
Strategic Change \| Land and Land Improvements
Business Acquisition [Line Items]
Number of resorts \| resort		3		3
Impairment charges		$ 61
Strategic Change \| Land
Business Acquisition [Line Items]
Impairment charges		9
Strategic Change \| Ancillary Business
Business Acquisition [Line Items]
Impairment charges		$ 2
Gains on sale	$ 19
VRI Europe Limited
Business Acquisition [Line Items]
Percentage of voting interests acquired								75.50%

REVENUE - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Receivables
Accounts receivable	$ 164	$ 164
Vacation ownership notes receivable, net	2,233	2,039
Receivables	2,397	2,203
Contract Liabilities
Advance deposits	187	171
Deferred revenue	433	383
Contract Liabilities	$ 620	$ 554

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2019
Weighted-average remaining lease term (in years)
Operating leases	10 years 6 months
Finance leases	1 month
Weighted-average discount rate
Operating leases	6.10%
Finance leases	4.90%

CONTINGENCIES AND COMMITMENTS

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of December 31, 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 $65 million, of which we expect $31 million, $18 million, $10 million, $5 million and $1 million will be paid in 2020, 2021, 2022, 2023 and 2024, respectively.

•

We have a commitment to purchase an operating property, that we manage, located in New York, New York, for $183 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. In January 2020, subsequent to the end of 2019, we acquired 57 completed vacation ownership units, as well as office and ancillary space, for $86 million, of which $20 million was paid in December 2019. We expect to make payments for the remaining commitment of $97 million in 2021. See Footnote 17 “Variable Interest Entities” for additional information on this transaction and our activities relating to the VIE 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: $25 million in 2020 and $2 million in 2021.

•

We have a remaining commitment to purchase an operating property, that we manage, located in San Francisco, California for $113 million. In February 2020, subsequent to the end of 2019, we acquired 34 units in the property for $25 million. We expect to make payments for the remaining commitment as follows: $32 million in 2021, $24 million in 2022, and $32 million in 2023. See Footnote 3 “Acquisitions and Dispositions” for information on the purchase that occurred during 2019 and Footnote 17 “Variable Interest Entities” for additional information on this transaction and our activities relating to the VIE involved in this transaction.

•

During the first quarter of 2020, we assigned a commitment to purchase a property located in Waikiki, Hawaii, that we had as of December 31, 2019, to a third-party developer. If we are unable to negotiate a capital efficient inventory arrangement, we are committed to purchasing the property, in its current form, for $98 million in 2021. We are required to purchase the property from the third-party developer unless it has been sold to another party. The property is held by a VIE for which we are not the primary beneficiary as we do not control the operations of the VIE. Accordingly, we will not consolidate the VIE.

Surety bonds issued as of December 31, 2019 totaled $104 million, the majority of which were requested by federal, state or local governments in connection with our operations.

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 December 31, 2019, our maximum exposure under guarantees was $30 million, of which $11 million, $9 million, $4 million, $2 million, $1 million and $3 million relate to 2020, 2021, 2022, 2023, 2024 and thereafter.

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 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 us 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 us 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 of these funds. During 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 and a loss of $4 million in the Gains and

other income, net line of our Income Statements for 2019 and 2018, respectively. 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 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 Gains and other income, net line on our Income Statement for the year ended December 31, 2019.

VACATION OWNERSHIP NOTES RECEIVABLE - Accretable Yield (Details) - Acquired - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at Acquisition Date	$ 250	$ 0
Acquired accretable yield	0	284
Accretion	(78)	(32)
Reclassification to non-accretable difference	(6)	(2)
Balance at end of period	166	250
Non-accretable difference	$ 55	$ 68

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2019	Jul. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Common stock, shares authorized (in shares)	100,000,000			100,000,000
Common stock, par value (in usd per share)	$ 0.01			$ 0.01
Common stock, shares issued (in shares)	75,020,272		57,600,000	57,626,462
Common stock, shares outstanding (in shares)	41,582,096			45,992,731
Treasury stock, shares (in shares)	33,438,176			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 additional common stock authorized to be repurchased (in shares)	19,400,000
Stock repurchase program, remaining authorized repurchase amount (in shares)	2,700,000
Noncontrolling interests	$ (12)			$ (5)
Property Owners Associations
Business Acquisition [Line Items]
Noncontrolling interests	$ (12)			$ 8
MORI \| Subsidiaries
Business Acquisition [Line Items]
Treasury stock, shares (in shares)	16,929,124
MVW US Holdings LLC \| Subsidiaries
Business Acquisition [Line Items]
Treasury stock, shares (in shares)	16,367,491

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
2020	$ 9
2021	9
2022	239
2023	39
2024	9
Thereafter	1,948
Securitized debt
Debt Instrument [Line Items]
2020	189
2021	195
2022	199
2023	216
2024	202
Thereafter	890
Long-term debt	1,891
Securitized debt \| Other
Debt Instrument [Line Items]
2020	2
2021	2
2022	2
2023	2
2024	3
Thereafter	9
Long-term debt	20
Variable Interest Entity \| Securitized debt
Debt Instrument [Line Items]
2020	186
2021	192
2022	195
2023	197
2024	199
Thereafter	881
Long-term debt	1,850
Variable Interest Entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
2020	1
2021	1
2022	2
2023	17
2024	0
Thereafter	0
Long-term debt	$ 21

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - Variable Interest Entity $ in Millions	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
VIE Assets	$ 1,827
VIE Liabilities	1,873
Securitized debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,871
Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,750
Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	13
Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	64
Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	2
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	1,803
VIE Liabilities	1,852
Vacation Ownership Notes Receivable Securitizations \| Securitized debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,850
Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,726
Vacation Ownership Notes Receivable Securitizations \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	13
Vacation Ownership Notes Receivable Securitizations \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	64
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	24
VIE Liabilities	21
Warehouse Credit Facility \| Securitized debt
Variable Interest Entity [Line Items]
VIE Liabilities	21
Warehouse Credit Facility \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	24
Warehouse Credit Facility \| Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	0
Warehouse Credit Facility \| Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	0
Warehouse Credit Facility \| Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	$ 0

SUPPLEMENTAL GUARANTOR INFORMATION - Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$ 382	$ 97	$ 142
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	37	(1,407)	(38)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(331)	1,433	171
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	0	3
Cash, cash equivalents and restricted cash, beginning of period	614	491	213
Cash, cash equivalents and restricted cash, end of period	701	614	491
Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(141)	0	(1)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	(123)	0
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	141	123	1
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0	0
Cash, cash equivalents and restricted cash, end of period	0	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	(44)	(28)	(25)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(7)	(1,847)	(12)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	50	1,876	37
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0	0
Cash, cash equivalents and restricted cash, beginning of period	1	0	0
Cash, cash equivalents and restricted cash, end of period	0	1	0
Senior Notes Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	311	130	192
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	15	238	(6)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(369)	(238)	(172)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0	0
Cash, cash equivalents and restricted cash, beginning of period	161	31	17
Cash, cash equivalents and restricted cash, end of period	118	161	31
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	345	(128)	(43)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	45	334	(9)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	(284)	80	48
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	0	3
Cash, cash equivalents and restricted cash, beginning of period	369	83	84
Cash, cash equivalents and restricted cash, end of period	474	369	83
MORI \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(86)	123	19
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(16)	(11)	(11)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	126	(408)	257
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0	0
Cash, cash equivalents and restricted cash, beginning of period	81	377	112
Cash, cash equivalents and restricted cash, end of period	105	81	377
ILG \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(3)	0	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0	2	0
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	5	0	0
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	0	0
Cash, cash equivalents and restricted cash, beginning of period	2	0	0
Cash, cash equivalents and restricted cash, end of period	$ 4	$ 2	$ 0

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

SUPPLEMENTAL GUARANTOR INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Guarantees and Product Warranties [Abstract]

Balance Sheet

Condensed Consolidating Balance Sheet



	As of December 31, 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	$	—	$	84	$	4		$	61	$	138	$	—		$	287
Restricted cash	—		21		—			57		336		—			414
Accounts receivable, net	73		77		—			81		96		(4		)	323
Vacation ownership notes receivable, net	—		149		—			255		1,829		—			2,233
Inventory	—		295		—			440		124		—			859
Property and equipment	—		233		—			259		259		—			751
Goodwill	—		—		—			2,892		—		—			2,892
Intangibles, net	—		—		—			966		61		—			1,027
Investments in subsidiaries	3,193		4,729		—			—		—		(7,922		)	—
Other	39		71		—			232		121		(35		)	428
Total assets	$	3,305	$	5,659	$	4		$	5,243	$	2,964	$	(7,961	)	$	9,214

Accounts payable	$	66	$	92	$	—		$	117	$	12	$	(1	)	$	286
Advance deposits	—		75		—			88		24		—			187
Accrued liabilities	4		104		27			168		106		(12		)	397
Deferred revenue	—		5		—			92		337		(1		)	433
Payroll and benefits liability	5		97		—			62		22		—			186
Deferred compensation liability	—		93		—			16		1		—			110
Securitized debt, net	—		—		—			—		1,871		—			1,871
Debt, net	207		2,002		—			7		—		—			2,216
Other	4		36		52			86		19		—			197
Deferred taxes	—		108		—			162		30		—			300
MVW shareholders' equity	3,019		3,047		(75		)	4,445		530		(7,947		)	3,019
Noncontrolling interests	—		—		—			—		12		—			12
Total liabilities and equity	$	3,305	$	5,659	$	4		$	5,243	$	2,964	$	(7,961	)	$	9,214



	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		10			150		(24		)	246
Deferred revenue	—		6		—		253			128		(4		)	383
Payroll and benefits liability	15		96		—		83			16		—			210
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



	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	$	—		$	764		$	—	$	2,612		$	1,009		$	(30	)	$	4,355
Expenses	(25		)	(827		)	—		(2,309		)	(766		)	30			(3,897		)
(Losses) gains and other (expense) income, net	—			(1		)	—		8			9			—			16
Interest expense	(11		)	(117		)	—		(4		)	—			—			(132		)
ILG acquisition-related costs	—			(96		)	—		(15		)	(7		)	—			(118		)
Other	—			—			—		1			—			—			1
Benefit (provision) for income taxes	11			109			—		(109		)	(94		)	—			(83		)
Equity in net income of subsidiaries	163			305			—		—			—			(468		)	—
Net income	138			137			—		184			151			(468		)	142
Net income attributable to noncontrolling interests	—			—			—		(4		)	—			—			(4		)
Net income attributable to common shareholders	$	138		$	137		$	—	$	180		$	151		$	(468	)	$	138



	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	$	—		$	758		$	—	$	1,664		$	553		$	(7	)	$	2,968
Expenses	(20		)	(737		)	—		(1,489		)	(462		)	7			(2,701		)
Gains (losses) and other income (expense), net	—			23			—		(3		)	1			—			21
Interest expense	(10		)	(39		)	—		(3		)	(2		)	—			(54		)
ILG acquisition-related costs	(11		)	(83		)	—		(33		)	—			—			(127		)
Other	—			—			—		(4		)	—			—			(4		)
Benefit (provision) for income taxes	21			39			—		(66		)	(45		)	—			(51		)
Equity in net income of subsidiaries	75			124			10		—			—			(209		)	—
Net income	55			85			10		66			45			(209		)	52
Net loss attributable to noncontrolling interests	—			—			—		1			2			—			3
Net income attributable to common shareholders	$	55		$	85		$	10	$	67		$	47		$	(209	)	$	55



	2017
	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	$	—		$	711		$	—	$	1,125		$	347		$	—		$	2,183
Expenses	(8		)	(688		)	—		(972		)	(269		)	—			(1,937		)
Gains (losses) and other income (expense), net	—			8			—		(1		)	(1		)	—			6
Interest expense	(3		)	(4		)	—		(3		)	—			—			(10		)
ILG acquisition-related costs	—			(1		)	—		—			—			—			(1		)
Other	—			(1		)	—		—			—			—			(1		)
Provision for income taxes	—			(1		)	—		(3		)	(1		)	—			(5		)
Equity in net income of subsidiaries	246			216			—		—			—			(462		)	—
Net income	235			240			—		146			76			(462		)	235
Net income attributable to noncontrolling interests	—			—			—		—			—			—			—
Net income attributable to common shareholders	$	235		$	240		$	—	$	146		$	76		$	(462	)	$	235

Cash Flow

Condensed Consolidating Statement of Cash Flows



	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	$	(44	)	$	(86	)	$	(3	)	$	311		$	345		$	(141	)	$	382
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(7		)	(16		)	—			15			45			—			37
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	50			126			5			(369		)	(284		)	141			(331		)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—			—			(1		)	—			(1		)
Cash, cash equivalents and restricted cash, beginning of period	1			81			2			161			369			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	105		$	4		$	118		$	474		$	—		$	701



	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	$	(28	)	$	123		$	—	$	130		$	(128	)	$	—		$	97
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,847		)	(11		)	2		238			334			(123		)	(1,407		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,876			(408		)	—		(238		)	80			123			1,433
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—		—			—			—			—
Cash, cash equivalents and restricted cash, beginning of period	—			377			—		31			83			—			491
Cash, cash equivalents and restricted cash, end of period	$	1		$	81		$	2	$	161		$	369		$	—		$	614



	2017
	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	$	(25	)	$	19		$	—	$	192		$	(43	)	$	(1	)	$	142
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(12		)	(11		)	—		(6		)	(9		)	—			(38		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	37			257			—		(172		)	48			1			171
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—		—			3			—			3
Cash, cash equivalents and restricted cash, beginning of period	—			112			—		17			84			—			213
Cash, cash equivalents and restricted cash, end of period	$	—		$	377		$	—	$	31		$	83		$	—		$	491

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - Legacy MVW - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Total past due	$ 94	$ 78
Current	1,476	1,325
Total vacation ownership notes receivable	1,570	1,403
Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	50	43
Current	222	235
Total vacation ownership notes receivable	272	278
Securitized
Financing Receivable, Past Due [Line Items]
Total past due	44	35
Current	1,254	1,090
Total vacation ownership notes receivable	1,298	1,125
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Total past due	40	33
31 – 90 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	7	7
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	33	26
91 – 150 days past due
Financing Receivable, Past Due [Line Items]
Total past due	15	12
91 – 150 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	4	3
91 – 150 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	11	9
Greater than 150 days past due
Financing Receivable, Past Due [Line Items]
Total past due	39	33
Greater than 150 days past due \| Non-Securitized
Financing Receivable, Past Due [Line Items]
Total past due	39	33
Greater than 150 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total past due	$ 0	$ 0

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Corporate and other									$ (272)	$ (169)	$ (89)
Interest expense									(132)	(54)	(10)
Tax provision									(83)	(51)	(5)
Depreciation and amortization									(141)	(62)	(21)
Non-cash share-based compensation expense									(37)	(35)	(16)
Certain items									(227)	(162)	(7)
Net income (loss) attributable to common shareholders	$ 74	$ (9)	$ 49	$ 24	$ 44	$ (36)	$ 11	$ 36	138	55	235
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted EBITDA									800	511	383
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted EBITDA									$ 230	$ 77	$ 0

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Computation of Basic Earnings Per Share Attributable to Common Shareholders
Net income (loss) attributable to common shareholders	$ 74	$ (9)	$ 49	$ 24	$ 44	$ (36)	$ 11	$ 36	$ 138	$ 55	$ 235
Shares for basic earnings per share (in shares)									43.9	33.3	27.1
Basic earnings per share (in usd per share)	$ 1.74	$ (0.21)	$ 1.11	$ 0.52	$ 0.92	$ (1.08)	$ 0.40	$ 1.35	$ 3.13	$ 1.64	$ 8.70
Computation of Diluted Earnings Per Share
Net income (loss) attributable to common shareholders	$ 74	$ (9)	$ 49	$ 24	$ 44	$ (36)	$ 11	$ 36	$ 138	$ 55	$ 235
Shares for basic earnings per share (in shares)									43.9	33.3	27.1
Effect of dilutive shares outstanding
Employee stock options and SARs (in shares)									0.3	0.4	0.4
Restricted stock units (in shares)									0.3	0.3	0.2
Shares for diluted earnings per share (in shares)									44.5	34.0	27.7
Diluted earnings per share (in usd per share)	$ 1.71	$ (0.21)	$ 1.10	$ 0.51	$ 0.91	$ (1.08)	$ 0.39	$ 1.32	$ 3.09	$ 1.61	$ 8.49

VACATION OWNERSHIP NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE

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



	December 31, 2019						December 31, 2018
($ in millions)	Originated		Acquired⁽¹⁾		Total		Originated		Acquired		Total
Securitized	$	1,378	$	372	$	1,750	$	1,070	$	557	$	1,627
Non-securitized
Eligible for securitization⁽²⁾	155		10		165		85		22		107
Not eligible for securitization⁽²⁾	261		57		318		233		72		305
Subtotal	416		67		483		318		94		412
	$	1,794	$	439	$	2,233	$	1,388	$	651	$	2,039

_________________________


⁽¹⁾	Net of impairment of $7 million recognized in 2019.


⁽²⁾	Refer to Footnote 7 “Financial Instruments” for 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:



($ in millions)	2019		2018		2017
Interest income associated with vacation ownership notes receivable — securitized	$	232	$	151	$	101
Interest income associated with vacation ownership notes receivable — non-securitized	32		24		27
Total interest income associated with vacation ownership notes receivable	$	264	$	175	$	128

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 Topic 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 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)	Year Ended December 31, 2019			Year Ended December 31, 2018
Accretable yield balance, beginning of period	$	250		$	—
Acquired accretable yield	—			284
Accretion	(78		)	(32		)
Reclassification to non-accretable difference	(6		)	(2		)
Accretable yield balance, end of period	$	166		$	250

Non-accretable difference, end of period	$	55		$	68

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 December 31, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2020	$	7	$	48	$	55
2021	6		45		51
2022	7		45		52
2023	7		45		52
2024	7		43		50
Thereafter	33		146		179
Balance at December 31, 2019	$	67	$	372	$	439
Weighted average stated interest rate	13.4%		13.5%		13.5%
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 December 31, 2019.



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2020	$	45	$	135	$	180
2021	36		139		175
2022	34		142		176
2023	32		143		175
2024	33		143		176
Thereafter	236		676		912
Balance at December 31, 2019	$	416	$	1,378	$	1,794
Weighted average stated interest rate	12.5%		12.6%		12.5%
Range of stated interest rates	0.0% to 18.0%		0.0% to 17.5%		0.0% to 18.0%

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



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized			Securitized			Total
Balance at December 30, 2016	$	58		$	54		$	112
Increase in vacation ownership notes receivable reserve	42			10			52
Securitizations	(29		)	29			—
Clean-up call	4			(4		)	—
Write-offs	(45		)	—			(45		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	28			(28		)	—
Balance at December 31, 2017	58			61			119
Increase in vacation ownership notes receivable reserve	57			7			64
Securitizations	(39		)	39			—
Clean-up call	1			(1		)	—
Write-offs	(43		)	—			(43		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	27			(27		)	—
Balance at December 31, 2018	61			79			140
Increase in vacation ownership notes receivable reserve	94			18			112
Securitizations	(81		)	81			—
Clean-up call	24			(24		)	—
Write-offs	(48		)	—			(48		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	40			(40		)	—
Balance at December 31, 2019	$	90		$	114		$	204

_________________________


⁽¹⁾	Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable.

Credit Quality of Vacation Ownership Notes Receivable

Legacy-MVW Vacation Ownership Notes Receivable

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 year-end 2019	$	43	$	11	$	54
Investment in vacation ownership notes receivable on non-accrual status at year-end 2018	$	36	$	9	$	45
Average investment in vacation ownership notes receivable on non-accrual status during 2019	$	40	$	10	$	50

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, 2019:



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	7	$	33	$	40
91 – 150 days past due	4		11		15
Greater than 150 days past due	39		—		39
Total past due	50		44		94
Current	222		1,254		1,476
Total vacation ownership notes receivable	$	272	$	1,298	$	1,570

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

We use the origination of the vacation ownership notes receivable by brand (Westin, Sheraton, Hyatt) 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 interest they have acquired, supplemented by the FICO scores of the customers.

The following tables show the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.



	Acquired Vacation Ownership Notes Receivable as of December 31, 2019
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	103	$	57	$	4	$	13	$	177
Sheraton	95		83		15		37		230
Hyatt	15		10		1		—		26
Other	3		1		—		2		6
	$	216	$	151	$	20	$	52	$	439



	Acquired Vacation Ownership Notes Receivable as of December 31, 2018
($ in millions)	700 +		600 - 699		< 600		No Score		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

The following tables show the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.



	Originated Vacation Ownership Notes Receivable as of December 31, 2019
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	122	$	46	$	5	$	25	$	198
Sheraton	97		61		13		37		208
Hyatt	16		6		—		—		22
	$	235	$	113	$	18	$	62	$	428



	Originated Vacation Ownership Notes Receivable as of December 31, 2018
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	43	$	11	$	1	$	7	$	62
Sheraton	28		17		3		9		57
Hyatt	5		2		—		—		7
	$	76	$	30	$	4	$	16	$	126

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



	Originated Vacation Ownership Notes Receivable
					Delinquent						Defaulted		Total Delinquent & Defaulted
($ in millions)	Receivables		Current		30 - 59 Days		60 - 89 Days		90 - 119 Days		> 120 Days		Total Delinquent & Defaulted
As of December 31, 2019	$	428	$	401	$	8	$	6	$	4	$	9	$	27

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

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,233	$ 2,039
Impairment recognized on acquired vacation ownership notes receivable	7
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,750	1,627
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	165	107
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	318	305
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	483	412
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,794	1,388
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,378	1,070
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	155	85
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	261	233
Originated \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	416	318
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	439	651
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	372	557
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	10	22
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	57	72
Acquired \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 67	$ 94

DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

DEBT

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



($ in millions)		At December 31, 2019			At December 31, 2018
Senior Unsecured Notes
	2026 Notes	$	750		$	750
	Unamortized debt issuance costs	(8		)	(9		)
		742			741

	2028 Notes	350			—
	Unamortized debt issuance costs	(5		)	—
		345			—

	Exchange Notes	—			89
	Unamortized debt issuance costs	—			(1		)
		—			88

	IAC Notes	—			141

Corporate Credit Facility
	Term Loan	893			900
	Unamortized debt discount and issuance costs	(12		)	(12		)
		881			888

	Revolving Corporate Credit Facility	30			—
	Unamortized debt issuance costs⁽¹⁾	(3		)	—
		27			—

Convertible notes, gross		230			230
Unamortized debt discount and issuance costs		(23		)	(31		)
		207			199

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

Finance leases		14			17
		$	2,216		$	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, as defined below, at that time.

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2019.



($ in millions)	2026 Notes		2028 Notes		Term Loan		Revolving Corporate Credit Facility		Convertible Notes		Total
Payments Year
2020	$	—	$	—	$	9	$	—	$	—	$	9
2021	—		—		9		—		—		9
2022	—		—		9		—		230		239
2023	—		—		9		30		—		39
2024	—		—		9		—		—		9
Thereafter	750		350		848		—		—		1,948
	$	750	$	350	$	893	$	30	$	230	$	2,253

Senior Unsecured Notes

Our Senior Unsecured Notes, as further discussed below, include the following:


•	$750 million aggregate principal amount of 6.500% Senior Unsecured Notes due 2026 issued in the third quarter of 2018 with a maturity date of September 15, 2026 (the “2026 Notes”);


•	$350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 2019 with a maturity date of January 15, 2028 (the “2028 Notes”);


•	the 5.625% Senior Unsecured Notes due 2023 offered in exchange for the IAC Notes (as defined below) during the third quarter of 2018 (the “Exchange Notes”); and


•	the 5.625% Senior Unsecured Notes due 2023 assumed in connection with the ILG Acquisition (the “IAC Notes”).

2026 Notes

We issued the 2026 Notes under an indenture dated August 23, 2018 with The Bank of New York Mellon Trust, as trustee. We received net proceeds of $742 million from the offering, after deducting the underwriting discount and estimated expenses. We used these proceeds, together with the borrowings under the Term Loan (defined below) primarily to finance the cash component of the consideration paid in the ILG Acquisition to ILG shareholders, certain fees and expenses we incurred in connection with the ILG Acquisition and working capital. We may redeem some or all of the 2026 Notes prior to maturity under the terms provided in the indenture.

2028 Notes

We issued the 2028 Notes under an indenture dated October 1, 2019 with The Bank of New York Mellon Trust, as trustee. We received net proceeds of $346 million from the offering, after deducting the underwriting discount and estimated expenses. 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. We will pay interest on the 2028 Notes on March 15 and September 15 of each year, commencing on March 15, 2020. We may redeem some or all of the Senior Unsecured Notes prior to maturity under the terms provided in the indenture.

IAC Notes and Exchange Notes

In connection with the ILG Acquisition, we assumed $350 million in aggregate principal amount of outstanding IAC Notes. During 2018, we exchanged $88 million of these notes for $88 million of Exchange Notes, plus approximately $1 million in cash. Additionally, during 2018, $122 million of tendered IAC Notes were repurchased for $123 million using cash on hand, leaving $140 million in aggregate principal amounts of the IAC Notes remaining outstanding as of December 31, 2018. During 2019, we redeemed all of the outstanding IAC Notes and Exchange Notes using proceeds from the issuance of the 2028 Notes.

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 (the “Revolving Corporate Credit Facility”), including a letter of credit sub-facility of $75 million, that terminates on August 31, 2023.

In December 2019, we amended the existing credit agreement that governs our Corporate Credit Facility which reduced the interest rate applicable to the Term Loan from LIBOR plus 2.25 percent to LIBOR plus 1.75 percent. All other terms in the existing credit agreement remain substantially the same. 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 basis points per annum to 40 basis points per annum, also depending on our credit rating.

Any amounts borrowed under that facility, as well as obligations with respect to letters of credit issued pursuant to that facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrower under, and guarantors of, that facility (which include Marriott Vacations Worldwide and each of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose subsidiaries), in each case including inventory, subject to certain exceptions. As of December 31, 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 percent and a floor strike rate of 1.8810 percent 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 December 31, 2019 and December 31, 2018. 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 2019, 2018 and 2017.



($ in millions)	Derivative Instrument Adjustments
Balance at December 30, 2016	$	—
Other comprehensive loss before reclassifications	—
Reclassification to Income Statement	—
Net other comprehensive loss	—
Balance at December 31, 2017	—
Other comprehensive loss before reclassifications	(6		)
Reclassification to Income Statement	—
Net other comprehensive loss	(6		)
Balance at December 31, 2018	(6		)
Other comprehensive loss before reclassifications	(15		)
Reclassification to Income Statement	—
Net other comprehensive loss	(15		)
Balance at December 31, 2019	$	(21	)

Convertible Notes

During 2017, we issued $230 million aggregate principal amount of Convertible Notes that bear interest at a rate of 1.50 percent, payable in cash semi-annually. The Convertible Notes mature on September 15, 2022, unless repurchased or converted in accordance with their terms prior to that date.

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 fourth quarter of 2019 to 6.7988 shares of common stock per $1,000 principal amount of

Convertible Notes (equivalent to a conversion price of approximately $147.08 per share of our common stock) when we declared a quarterly dividend of $0.54 per share, which was greater than the quarterly dividend when the Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount.

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

As of December 31, 2019, the effective interest rate was 4.7 percent and the remaining debt discount amortization period was 2.7 years.

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



($ in millions)	At December 31, 2019			At December 31, 2018
Liability component
Principal amount	$	230		$	230
Unamortized debt discount	(20		)	(26		)
Unamortized debt issuance costs	(3		)	(5		)
Net carrying amount of the liability component	$	207		$	199

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

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



($ in millions)	2019		2018		2017
Contractual interest expense	$	3	$	3	$	1
Amortization of debt discount	6		6		2
Amortization of debt issuance costs	2		1		—
	$	11	$	10	$	3

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 (the “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 fourth quarter of 2019 to $175.37 per share when we declared a quarterly dividend of $0.54 per share.

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

The Convertible Notes, the Convertible Note Hedges and the Warrants are transactions that are separate from each other. Holders of any such instrument have no rights with respect to the other instruments. As of December 31, 2019, no Convertible Note Hedges or Warrants have been exercised.

Finance Leases

See Footnote 12 “Leases” for information on our finance leases.

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. In addition, the 2026 Notes and 2028 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding bankruptcy remote special purpose subsidiaries. See Footnote 21 “Supplemental Guarantor Information” for additional information.

FINANCIAL INSTRUMENTS - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,794	$ 1,388
Carrying Amount \| Securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,378	1,070
Carrying Amount \| Non-Securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	416	318
Carrying Amount \| Non-Securitized \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	155	85
Carrying Amount \| Non-Securitized \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	261	233
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,825	1,413
Fair Value \| Securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,399	1,093
Fair Value \| Non-Securitized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	426	320
Fair Value \| Non-Securitized \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	165	87
Fair Value \| Non-Securitized \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 261	$ 233

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2019

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS



	At December 31, 2019						At December 31, 2018
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Originated vacation ownership notes receivable	$	1,794		$	1,825		$	1,388		$	1,413
Other assets	45			45			66			66
	$	1,839		$	1,870		$	1,454		$	1,479

Securitized debt, net	$	(1,871	)	$	(1,924	)	$	(1,714	)	$	(1,718	)
2026 Notes, net	(742		)	(824		)	(741		)	(726		)
2028 Notes, net	(345		)	(358		)	—			—
Exchange Notes, net	—			—			(88		)	(87		)
IAC Notes	—			—			(141		)	(140		)
Term Loan, net	(881		)	(899		)	(888		)	(887		)
Revolving Corporate Credit Facility, net	(27		)	(27		)	—			—
Convertible notes, net	(207		)	(247		)	(199		)	(198		)
Non-interest bearing note payable, net	—			—			(30		)	(30		)
	$	(4,073	)	$	(4,279	)	$	(3,801	)	$	(3,786	)

Originated Vacation Ownership Notes Receivable



	At December 31, 2019				At December 31, 2018
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Originated vacation ownership notes receivable
Securitized	$	1,378	$	1,399	$	1,070	$	1,093

Eligible for securitization	155		165		85		87
Not eligible for securitization	261		261		233		233
Non-securitized	416		426		318		320
	$	1,794	$	1,825	$	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 asset-backed securities (“ABS”) market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be

determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable.

The 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 $39 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.

2026 Notes

We estimate the fair value of our 2026 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 these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

2028 Notes

We estimate the fair value of our 2028 Notes (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 these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3.

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 14 “Debt”) 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 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.

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
- U.S. Federal	$ (12)	$ 17	$ (49)
– U.S. State	(29)	(1)	(7)
– Non-U.S.	(36)	(10)	(7)
Current Income Tax Expense (Benefit)	(77)	6	(63)
Deferred:
– U.S. Federal	(28)	(46)	44
– U.S. State	17	(9)	(1)
– Non-U.S.	5	(2)	15
Deferred income taxes	(6)	(57)	58
Provision for income taxes	$ (83)	$ (51)	$ (5)

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Principal Payments Year
2020	$ 9
2021	9
2022	239
2023	39
2024	9
Thereafter	1,948
Total	2,253
Corporate Credit Facility \| Revolving Corporate Credit Facility
Debt Principal Payments Year
2020	9
2021	9
2022	9
2023	9
2024	9
Thereafter	848
Total	893	$ 900
Corporate Credit Facility \| Revolving Corporate Credit Facility
Debt Principal Payments Year
2020	0
2021	0
2022	0
2023	30
2024	0
Thereafter	0
Total	30	0
Senior Unsecured Notes \| 2026 Notes
Debt Principal Payments Year
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	750
Total	750	750
Senior Unsecured Notes \| 2028 Notes
Debt Principal Payments Year
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	350
Total	350	0
Convertible Notes \| Convertible Notes
Debt Principal Payments Year
2020	0
2021	0
2022	230
2023	0
2024	0
Thereafter	0
Total	$ 230	$ 230

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents, Restricted Cash (Details)	12 Months Ended
	Dec. 31, 2019
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Highly liquid investments maturity period	3 months

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Assets and Liabilities

he following table presents the carrying values of our leases and the classification on our Balance Sheet as of December 31, 2019.



($ in millions)	Balance Sheet Classification	At December 31, 2019
Operating lease assets	Other assets	$	142
Finance lease assets	Property and equipment	13
		$	155

Operating lease liabilities	Accrued liabilities	$	151
Finance lease liabilities	Debt	14
		$	165

Components of Lease Expense

The following table presents the lease costs and the classification on our Income Statement for the year ended December 31, 2019.



($ in millions)	Income Statement Classification	2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	33
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	5
Interest on lease liabilities	Financing expense	1
Variable lease cost	Marketing and sales expense	5
		$	44

The following table presents additional information about our lease obligations as of December 31, 2019.



	Operating Leases	Finance Leases
Weighted-average remaining lease term	10.5 years	1.0 years
Weighted-average discount rate	6.1%	4.9%

Other Information

The following table presents supplemental cash flow information for 2019.



($ in millions)	2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1
Operating cash flows for operating leases	$	39
Financing cash flows for finance leases	$	12

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	33
Finance leases	$	3

Maturities of Operating Lease Liabilities

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2019.



($ in millions)	Operating Leases			Finance Leases		Total
2020	$	34		$	11	$	45
2021	24			2		26
2022	20			1		21
2023	19			—		19
2024	17			—		17
Thereafter	116			—		116
Total lease payments	230			14		244
Less: Imputed interest	(79		)	—		(79		)
	$	151		$	14	$	165

Maturities of Financing Lease Liabilities

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2019.



($ in millions)	Operating Leases			Finance Leases		Total
2020	$	34		$	11	$	45
2021	24			2		26
2022	20			1		21
2023	19			—		19
2024	17			—		17
Thereafter	116			—		116
Total lease payments	230			14		244
Less: Imputed interest	(79		)	—		(79		)
	$	151		$	14	$	165

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) $ in Millions	Dec. 31, 2019 USD ($)
Operating Leases
2020	$ 34
2021	24
2022	20
2023	19
2024	17
Thereafter	116
Total lease payments	230
Less: Imputed interest	(79)
Present value of lease liabilities	151
Finance Leases
2020	11
2021	2
2022	1
2023	0
2024	0
Thereafter	0
Total lease payments	14
Less: Imputed interest	0
Present value of lease liabilities	14
Leases, Operating and Financing [Abstract]
2020	45
2021	26
2022	21
2023	19
2024	17
Thereafter	116
Total lease payments	244
Less: Imputed interest	(79)
Present value of lease liabilities	$ 165

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 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:



	December 31, 2019						December 31, 2018
($ in millions)	Originated		Acquired⁽¹⁾		Total		Originated		Acquired		Total
Securitized	$	1,378	$	372	$	1,750	$	1,070	$	557	$	1,627
Non-securitized
Eligible for securitization⁽²⁾	155		10		165		85		22		107
Not eligible for securitization⁽²⁾	261		57		318		233		72		305
Subtotal	416		67		483		318		94		412
	$	1,794	$	439	$	2,233	$	1,388	$	651	$	2,039

_________________________


⁽¹⁾	Net of impairment of $7 million recognized in 2019.

⁽²⁾

Refer to Footnote 7 “Financial Instruments” for 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:



($ in millions)	2019		2018		2017
Interest income associated with vacation ownership notes receivable — securitized	$	232	$	151	$	101
Interest income associated with vacation ownership notes receivable — non-securitized	32		24		27
Total interest income associated with vacation ownership notes receivable	$	264	$	175	$	128

Schedule of Accretable Yield



($ in millions)	Year Ended December 31, 2019			Year Ended December 31, 2018
Accretable yield balance, beginning of period	$	250		$	—
Acquired accretable yield	—			284
Accretion	(78		)	(32		)
Reclassification to non-accretable difference	(6		)	(2		)
Accretable yield balance, end of period	$	166		$	250

Non-accretable difference, end of period	$	55		$	68

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



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2020	$	45	$	135	$	180
2021	36		139		175
2022	34		142		176
2023	32		143		175
2024	33		143		176
Thereafter	236		676		912
Balance at December 31, 2019	$	416	$	1,378	$	1,794
Weighted average stated interest rate	12.5%		12.6%		12.5%
Range of stated interest rates	0.0% to 18.0%		0.0% to 17.5%		0.0% to 18.0%

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 December 31, 2019.



	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2020	$	7	$	48	$	55
2021	6		45		51
2022	7		45		52
2023	7		45		52
2024	7		43		50
Thereafter	33		146		179
Balance at December 31, 2019	$	67	$	372	$	439
Weighted average stated interest rate	13.4%		13.5%		13.5%
Range of stated interest rates	3.5% to 17.9%		6.0% to 16.9%		3.5% to 17.9%

Notes Receivable Reserves

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



	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized			Securitized			Total
Balance at December 30, 2016	$	58		$	54		$	112
Increase in vacation ownership notes receivable reserve	42			10			52
Securitizations	(29		)	29			—
Clean-up call	4			(4		)	—
Write-offs	(45		)	—			(45		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	28			(28		)	—
Balance at December 31, 2017	58			61			119
Increase in vacation ownership notes receivable reserve	57			7			64
Securitizations	(39		)	39			—
Clean-up call	1			(1		)	—
Write-offs	(43		)	—			(43		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	27			(27		)	—
Balance at December 31, 2018	61			79			140
Increase in vacation ownership notes receivable reserve	94			18			112
Securitizations	(81		)	81			—
Clean-up call	24			(24		)	—
Write-offs	(48		)	—			(48		)
Defaulted vacation ownership notes receivable repurchase activity⁽¹⁾	40			(40		)	—
Balance at December 31, 2019	$	90		$	114		$	204

_________________________

⁽¹⁾

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

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 year-end 2019	$	43	$	11	$	54
Investment in vacation ownership notes receivable on non-accrual status at year-end 2018	$	36	$	9	$	45
Average investment in vacation ownership notes receivable on non-accrual status during 2019	$	40	$	10	$	50

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 December 31, 2019:



	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
31 – 90 days past due	$	7	$	33	$	40
91 – 150 days past due	4		11		15
Greater than 150 days past due	39		—		39
Total past due	50		44		94
Current	222		1,254		1,476
Total vacation ownership notes receivable	$	272	$	1,298	$	1,570

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		Total Delinquent & Defaulted
($ in millions)	Receivables		Current		30 - 59 Days		60 - 89 Days		90 - 119 Days		> 120 Days		Total Delinquent & Defaulted
As of December 31, 2019	$	428	$	401	$	8	$	6	$	4	$	9	$	27

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

Financing Receivable Credit Quality Indicators



	Acquired Vacation Ownership Notes Receivable as of December 31, 2019
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	103	$	57	$	4	$	13	$	177
Sheraton	95		83		15		37		230
Hyatt	15		10		1		—		26
Other	3		1		—		2		6
	$	216	$	151	$	20	$	52	$	439



	Acquired Vacation Ownership Notes Receivable as of December 31, 2018
($ in millions)	700 +		600 - 699		< 600		No Score		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



	Originated Vacation Ownership Notes Receivable as of December 31, 2019
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	122	$	46	$	5	$	25	$	198
Sheraton	97		61		13		37		208
Hyatt	16		6		—		—		22
	$	235	$	113	$	18	$	62	$	428



	Originated Vacation Ownership Notes Receivable as of December 31, 2018
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	43	$	11	$	1	$	7	$	62
Sheraton	28		17		3		9		57
Hyatt	5		2		—		—		7
	$	76	$	30	$	4	$	16	$	126

LEASES - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$ 1
Operating cash flows for operating leases	39
Financing cash flows for finance leases	12	$ 0	$ 0
Right-of-use assets obtained in exchange in exchange for lease obligations [Abstract]
Operating leases	33
Finance leases	$ 3

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Dec. 31, 2019 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2020	$ 55
2021	51
2022	52
2023	52
2024	50
Thereafter	179
Total Vacation ownership notes receivable, net of reserve	$ 439
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	13.50%
Acquired \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	3.50%
Acquired \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired \| Non-Securitized
Future Minimum Payments Receivable [Line Items]
2020	$ 7
2021	6
2022	7
2023	7
2024	7
Thereafter	33
Total Vacation ownership notes receivable, net of reserve	$ 67
Acquired \| Non-Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired \| Non-Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	3.50%
Acquired \| Non-Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired \| Securitized
Future Minimum Payments Receivable [Line Items]
2020	$ 48
2021	45
2022	45
2023	45
2024	43
Thereafter	146
Total Vacation ownership notes receivable, net of reserve	$ 372
Acquired \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	13.50%
Acquired \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	6.00%
Acquired \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	16.90%
Originated
Future Minimum Payments Receivable [Line Items]
2020	$ 180
2021	175
2022	176
2023	175
2024	176
Thereafter	912
Total Vacation ownership notes receivable, net of reserve	$ 1,794
Originated \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	12.50%
Originated \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated \| Non-Securitized
Future Minimum Payments Receivable [Line Items]
2020	$ 45
2021	36
2022	34
2023	32
2024	33
Thereafter	236
Total Vacation ownership notes receivable, net of reserve	$ 416
Originated \| Non-Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	12.50%
Originated \| Non-Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated \| Non-Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated \| Securitized
Future Minimum Payments Receivable [Line Items]
2020	$ 135
2021	139
2022	142
2023	143
2024	143
Thereafter	676
Total Vacation ownership notes receivable, net of reserve	$ 1,378
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	12.60%
Originated \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	17.50%

LEASES - Lease Costs (Details) $ in Millions	12 Months Ended
LEASES - Lease Costs (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 33
Amortization of right-of-use assets	5
Interest on lease liabilities	1
Variable lease cost	5
Total lease cost	$ 44

LEASES - Additional Information (Details) - USD ($) $ in Millions	Mar. 02, 2020	Jan. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Finance lease liabilities			$ 14
Subsequent Event
Operating Leased Assets [Line Items]
Finance lease liabilities	$ 129
Finance lease not yet commenced, term of contract		16 years
Finance lease not yet commenced, right-of-use asset		$ 129

DEBT (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019			At December 31, 2018
Senior Unsecured Notes
	2026 Notes	$	750		$	750
	Unamortized debt issuance costs	(8		)	(9		)
		742			741

	2028 Notes	350			—
	Unamortized debt issuance costs	(5		)	—
		345			—

	Exchange Notes	—			89
	Unamortized debt issuance costs	—			(1		)
		—			88

	IAC Notes	—			141

Corporate Credit Facility
	Term Loan	893			900
	Unamortized debt discount and issuance costs	(12		)	(12		)
		881			888

	Revolving Corporate Credit Facility	30			—
	Unamortized debt issuance costs⁽¹⁾	(3		)	—
		27			—

Convertible notes, gross		230			230
Unamortized debt discount and issuance costs		(23		)	(31		)
		207			199

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

Finance leases		14			17
		$	2,216		$	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, as defined below, at that time.

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our securitized debt as of December 31, 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
2020	$	186	$	1	$	2	$	189
2021	192		1		2		195
2022	195		2		2		199
2023	197		17		2		216
2024	199		—		3		202
Thereafter	881		—		9		890
	$	1,850	$	21	$	20	$	1,891

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2019.



($ in millions)	2026 Notes		2028 Notes		Term Loan		Revolving Corporate Credit Facility		Convertible Notes		Total
Payments Year
2020	$	—	$	—	$	9	$	—	$	—	$	9
2021	—		—		9		—		—		9
2022	—		—		9		—		230		239
2023	—		—		9		30		—		39
2024	—		—		9		—		—		9
Thereafter	750		350		848		—		—		1,948
	$	750	$	350	$	893	$	30	$	230	$	2,253

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 2019, 2018 and 2017.



($ in millions)	Derivative Instrument Adjustments
Balance at December 30, 2016	$	—
Other comprehensive loss before reclassifications	—
Reclassification to Income Statement	—
Net other comprehensive loss	—
Balance at December 31, 2017	—
Other comprehensive loss before reclassifications	(6		)
Reclassification to Income Statement	—
Net other comprehensive loss	(6		)
Balance at December 31, 2018	(6		)
Other comprehensive loss before reclassifications	(15		)
Reclassification to Income Statement	—
Net other comprehensive loss	(15		)
Balance at December 31, 2019	$	(21	)

Convertible Debt

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



($ in millions)	At December 31, 2019			At December 31, 2018
Liability component
Principal amount	$	230		$	230
Unamortized debt discount	(20		)	(26		)
Unamortized debt issuance costs	(3		)	(5		)
Net carrying amount of the liability component	$	207		$	199

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

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



($ in millions)	2019		2018		2017
Contractual interest expense	$	3	$	3	$	1
Amortization of debt discount	6		6		2
Amortization of debt issuance costs	2		1		—
	$	11	$	10	$	3

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Feb. 27, 2020	Jun. 30, 2019
Cover page.
Title of 12(b) Security	Common Stock, $0.01 Par Value
Entity Incorporation, State or Country Code	DE
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corp
City Area Code	407
Local Phone Number	206-6000
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,394,819
Entity Public Float			$ 4,155,090,736
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31
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
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement prepared for the 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Consideration Transferred

The following table presents the fair value of each class of consideration transferred in the ILG Acquisition, 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 millions)	September 1, 2018 (as finalized)
Vacation ownership notes receivable	$	753
Inventory	484
Property and equipment	382
Intangible assets	1,145
Other assets	707
Deferred revenue	(291		)
Deferred taxes	(138		)
Debt	(392		)
Securitized debt from VIEs	(718		)
Other liabilities	(605		)
Net assets acquired	1,327
Goodwill⁽¹⁾	2,890
	$	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.

Goodwill Acquired as Part of Business Combination

The following table details the carrying amount of our goodwill at December 31, 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
Measurement period adjustments	(4		)	66		62
Foreign exchange adjustments	1			1		2
Balance at December 31, 2019	$	2,445		$	447	$	2,892

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

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



($ in millions)	Estimated Fair Value		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.

Business Acquisition, Pro Forma Information

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)	2018		2017
Revenues	$	4,216	$	3,926
Net income	$	210	$	185
Net income attributable to common shareholders	$	211	$	182
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	4.49	$	3.83
Diluted	$	4.38	$	3.74

SECURITIZED DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

SECURITIZED DEBT

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



($ in millions)	At December 31, 2019			At December 31, 2018
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,850		$	1,590
Unamortized debt discount and issuance costs	(18		)	(11		)
	1,832			1,579

Warehouse Credit Facility, gross⁽²⁾	21			116
Unamortized debt issuance costs	(2		)	(1		)
	19			115

Other	20			20
	$	1,871		$	1,714

_________________________


⁽¹⁾	Interest rates as of December 31, 2019 range from 2.2% to 4.4%, with a weighted average interest rate of 2.9%


⁽²⁾	Effective interest rate as of December 31, 2019 was 2.9%

All of our securitized debt is non-recourse to us. See Footnote 17 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt.

The following table shows scheduled future principal payments for our securitized debt as of December 31, 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
2020	$	186	$	1	$	2	$	189
2021	192		1		2		195
2022	195		2		2		199
2023	197		17		2		216
2024	199		—		3		202
Thereafter	881		—		9		890
	$	1,850	$	21	$	20	$	1,891

Vacation Ownership Notes Receivable Securitizations

During the second quarter of 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.

We completed two securitization transactions during the fourth quarter of 2019. In October 2019, we completed the securitization of a pool of $315 million of vacation ownership notes receivable. In connection with the securitization, investors purchased in a private placement $309 million in vacation ownership loan backed notes from MVW 2019-2 LLC (the “2019-2 LLC”). 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.

Additionally, in December 2019, we completed the securitization of a pool of $90 million of primarily Asia-Pacific vacation ownership notes receivable that we previously had classified as not being eligible for securitization. In connection with the securitization, an investor purchased in a private placement $65 million in vacation ownership loan backed notes from Vacanza 2019-A LLC with an interest rate of 4.42%. The securitized loans previously were classified as not eligible for securitization using criteria applicable to then current securitization transactions in the ABS market because they did not meet certain representation criteria required in such securitizations, or because of other factors that may have reflected investor demand in a securitization transaction.

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 2019, and as of December 31, 2019, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of December 31, 2019, we had 12 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.

Warehouse Credit Facility

During 2019, we securitized vacation ownership notes receivable under our previous $250 million warehouse credit facility (the “Previous Warehouse Credit Facility). The carrying amount of the vacation ownership notes receivable securitized was $213 million. The advance rate was 85 percent, which resulted in gross proceeds of $181 million. Net proceeds were $180 million due to the funding of reserve accounts of $1 million.

During the fourth quarter of 2019, the Company and certain of its subsidiaries entered into a new warehouse credit facility (the “Warehouse Credit Facility”), with an increased borrowing capacity of $350 million, which allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis. The Warehouse Credit Facility terminates on December 20, 2021, and if not renewed prior to termination, any amounts outstanding thereunder would become due and payable 13 months after termination, at which time all principal and interest collected with respect to the vacation ownership notes receivable held in the Warehouse Credit Facility would be redirected to the lenders to pay down the outstanding debt under the facility. The advance rate for vacation ownership notes receivable securitized using the Warehouse Credit Facility varies based on the characteristics of the securitized vacation ownership notes receivable. We also pay unused facility and other fees under the Warehouse Credit Facility. We generally expect to securitize our vacation ownership notes receivable, including any vacation ownership notes receivable held in the Warehouse Credit Facility, in the ABS market at least once per year.

Additionally, during the fourth 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 $26 million. The advance rate was 82 percent, which resulted in gross proceeds of $21 million. Net proceeds were $21 million due to the funding of reserve accounts of less than $1 million.

SUPPLEMENTAL GUARANTOR INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 287	$ 231
Restricted cash	414	383
Accounts receivable, net	323	324
Vacation ownership notes receivable, net	2,233	2,039
Inventory	859	863
Property and equipment	751	951
Goodwill	2,892	2,828
Intangibles, net	1,027	1,107
Due from parent		0
Investments in subsidiaries	0	0
Other	428	292
TOTAL ASSETS	9,214	9,018
Accounts payable	286	301
Advance deposits	187	171
Accrued liabilities	397	246
Deferred revenue	433	383
Payroll and benefits liability	186	210
Deferred compensation liability	110	93
Securitized debt, net	1,871	1,714
Debt, net	2,216	2,104
Due to subsidiary		0
Other	197	12
Deferred Income Tax Liabilities, Net	300	318
MVW shareholders' equity	3,019	3,461
Noncontrolling interests	12	5
TOTAL LIABILITIES AND EQUITY	9,214	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	73	31
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	2,828
Intangibles, net	0	0
Due from parent		0
Investments in subsidiaries	3,193	2,681
Other	39	27
TOTAL ASSETS	3,305	5,568
Accounts payable	66	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	207	199
Due to subsidiary		1,834
Other	4	2
Deferred Income Tax Liabilities, Net	0	0
MVW shareholders' equity	3,019	3,461
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	3,305	5,568
Senior MVW Notes \| Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net	(4)	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)
Investments in subsidiaries	(7,922)	(4,649)
Other	(35)	(75)
TOTAL ASSETS	(7,961)	(6,558)
Accounts payable	(1)	0
Advance deposits	0	0
Accrued liabilities	(12)	(24)
Deferred revenue	(1)	(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)
Other	0	0
Deferred Income Tax Liabilities, Net	0	4
MVW shareholders' equity	(7,947)	(4,700)
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	(7,961)	(6,558)
Senior MVW Notes \| Senior Notes Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	61	39
Restricted cash	57	122
Accounts receivable, net	81	169
Vacation ownership notes receivable, net	255	183
Inventory	440	475
Property and equipment	259	308
Goodwill	2,892	0
Intangibles, net	966	1,065
Due from parent		0
Investments in subsidiaries	0	0
Other	232	251
TOTAL ASSETS	5,243	2,612
Accounts payable	117	213
Advance deposits	88	89
Accrued liabilities	168	10
Deferred revenue	92	253
Payroll and benefits liability	62	83
Deferred compensation liability	16	13
Securitized debt, net	0	0
Debt, net	7	179
Due to subsidiary		0
Other	86	1
Deferred Income Tax Liabilities, Net	162	157
MVW shareholders' equity	4,445	1,617
Noncontrolling interests	0	(3)
TOTAL LIABILITIES AND EQUITY	5,243	2,612
Senior MVW Notes \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	138	127
Restricted cash	336	242
Accounts receivable, net	96	104
Vacation ownership notes receivable, net	1,829	1,735
Inventory	124	176
Property and equipment	259	203
Goodwill	0	0
Intangibles, net	61	42
Due from parent		0
Investments in subsidiaries	0	0
Other	121	36
TOTAL ASSETS	2,964	2,665
Accounts payable	12	25
Advance deposits	24	17
Accrued liabilities	106	150
Deferred revenue	337	128
Payroll and benefits liability	22	16
Deferred compensation liability	1	1
Securitized debt, net	1,871	1,714
Debt, net	0	0
Due to subsidiary		0
Other	19	3
Deferred Income Tax Liabilities, Net	30	24
MVW shareholders' equity	530	579
Noncontrolling interests	12	8
TOTAL LIABILITIES AND EQUITY	2,964	2,665
MORI \| Senior MVW Notes \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	84	62
Restricted cash	21	19
Accounts receivable, net	77	20
Vacation ownership notes receivable, net	149	121
Inventory	295	212
Property and equipment	233	439
Goodwill	0	0
Intangibles, net	0	0
Due from parent		1,834
Investments in subsidiaries	4,729	93
Other	71	53
TOTAL ASSETS	5,659	2,853
Accounts payable	92	13
Advance deposits	75	65
Accrued liabilities	104	96
Deferred revenue	5	6
Payroll and benefits liability	97	96
Deferred compensation liability	93	79
Securitized debt, net	0	0
Debt, net	2,002	1,726
Due to subsidiary		0
Other	36	6
Deferred Income Tax Liabilities, Net	108	133
MVW shareholders' equity	3,047	633
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	5,659	2,853
ILG \| Senior MVW Notes \| Issuers \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	4	2
Restricted cash	0	0
Accounts receivable, net	0	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
Investments in subsidiaries	0	1,875
Other	0	0
TOTAL ASSETS	4	1,878
Accounts payable	0	0
Advance deposits	0	0
Accrued liabilities	27	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
Other	52	0
Deferred Income Tax Liabilities, Net	0	0
MVW shareholders' equity	(75)	1,871
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	$ 4	$ 1,878

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES	$ 1,145	$ 1,082	$ 1,068	$ 1,060	$ 1,052	$ 750	$ 595	$ 571	$ 4,355	$ 2,968	$ 2,183
Revenues excluding cost reimbursement									3,247	2,043	1,433
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues excluding cost reimbursement									2,835	1,780	1,247
All other countries
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues excluding cost reimbursement									412	263	186
Vacation Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									3,869	2,803	2,183
Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									454	161	0
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									4,323	2,964	2,183
Operating Segments \| Vacation Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									3,869	2,803	2,183
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									454	161	0
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
TOTAL REVENUES									$ 32	$ 4	$ 0

SHARE-BASED COMPENSATION - Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Service-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	753,581
Stock awards, grants in period (in shares) \| shares	194,075
Stock awards, distributed in period (in shares) \| shares	(278,729)
Stock awards, forfeited in period (in shares) \| shares	(20,352)
Outstanding at year-end (in shares) \| shares	648,575
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 89.66
Granted (in usd per share) \| $ / shares	96.16
Distributed (in usd per share) \| $ / shares	101.49
Forfeited (in usd per share) \| $ / shares	110.44
Outstanding at year-end (in usd per share) \| $ / shares	$ 85.87
Performance-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	307,080
Stock awards, grants in period (in shares) \| shares	325,638
Stock awards, distributed in period (in shares) \| shares	(76,839)
Stock awards, forfeited in period (in shares) \| shares	(66,557)
Outstanding at year-end (in shares) \| shares	489,322
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 87.75
Granted (in usd per share) \| $ / shares	95.36
Distributed (in usd per share) \| $ / shares	58.40
Forfeited (in usd per share) \| $ / shares	58.90
Outstanding at year-end (in usd per share) \| $ / shares	$ 101.35
Restricted stock units
Number of Awards
Outstanding at beginning of year (in shares) \| shares	1,060,661
Stock awards, grants in period (in shares) \| shares	519,713
Stock awards, distributed in period (in shares) \| shares	(355,568)
Stock awards, forfeited in period (in shares) \| shares	(86,909)
Outstanding at year-end (in shares) \| shares	1,137,897
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 89.11
Granted (in usd per share) \| $ / shares	95.66
Distributed (in usd per share) \| $ / shares	92.18
Forfeited (in usd per share) \| $ / shares	70.97
Outstanding at year-end (in usd per share) \| $ / shares	$ 92.53

INCOME TAXES - Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%	35.00%
U.S. state income taxes, net of U.S. federal tax benefit	4.20%	4.20%	2.50%
Share-based compensation, net of Section 162(m) limitation	0.70%	3.60%	(2.50%)
Transaction costs	0.00%	4.70%	0.00%
Other permanent differences	3.90%	4.20%	(0.60%)
Impact related to the Tax Cuts and Jobs Act of 2017	0.00%	1.20%	(27.10%)
Foreign tax rate changes	0.00%	(0.10%)	(2.00%)
Non-U.S. income (loss)	2.20%	3.90%	(2.60%)
Foreign tax credits	(6.30%)	(1.40%)	(0.10%)
Unrecognized tax benefits	3.10%	0.00%	0.00%
Other items	1.10%	(0.10%)	(0.70%)
Change in valuation allowance	7.00%	8.60%	0.00%
Effective rate	36.90%	49.80%	1.90%

LEASES - Carrying Values of Leases (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease assets	$ 142
Finance lease assets	13
Total lease assets	155
Operating lease liabilities	151
Finance lease liabilities	14
Present value of lease liabilities	$ 165

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Detail) - $ / shares					12 Months Ended
	Dec. 09, 2019	Sep. 05, 2019	May 09, 2019	Feb. 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Dividends declared per share of common stock (in usd per share)	$ 0.54	$ 0.45	$ 0.45	$ 0.45	$ 1.89	$ 1.65	$ 1.45

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 142	$ 52	$ 235
Other comprehensive (loss) income:
Foreign currency translation adjustments	(27)	(5)	12
Derivative instrument adjustment, net of tax	(15)	(6)
Derivative instrument adjustment, net of tax			0
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(42)	(11)	12
Net (income) loss attributable to noncontrolling interests	(4)	3	0
Other comprehensive income attributable to noncontrolling interests	0	0	0
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(4)	3	0
Net (income) loss attributable to noncontrolling interests	$ 96	$ 44	$ 247

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 31	$ 39
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	17	16
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	10	7
ILG Acquisition Converted Restricted Stock Unit RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	3	15
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	30	38
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 1	1
Outstanding, weighted average remaining contractual terms	4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 0	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, weighted average remaining contractual terms	1 year
Deferred compensation expense weighted average expected recognition period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, weighted average remaining contractual terms	2 years
Deferred compensation expense weighted average expected recognition period	3 years

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings	Total MVW Shareholders' Equity	Noncontrolling Interests
Balance (in shares) at Dec. 30, 2016		36,600,000
Balance at Dec. 30, 2016	$ 895	$ 0	$ (607)	$ 1,163	$ 5	$ 334	$ 895	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	235					235	235	0
Foreign currency translation adjustments	12				12		12
Amounts related to share-based compensation (in shares)		300,000
Amounts related to share-based compensation	5			5			5
Repurchase of common stock	(88)		(88)				(88)
Dividends	(40)					(40)	(40)
Equity component of convertible notes, net of issuance costs	33			33			33
Purchase of convertible note hedges	(33)			(33)			(33)
Issuance of warrants	20			20			20
Employee stock plan issuance	2		1	1			2
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 income	$ 52					55	55	(3)
ILG Acquisition (in shares)	20,500,000
ILG Acquisition	$ 2,438	$ 1		2,408			2,409	29
Disposition of subsidiary shares to noncontrolling interest holder	51			72			72	(21)
Foreign currency translation adjustments	(5)				(5)		(5)
Derivative instrument adjustment	(6)				(6)		(6)
Amounts related to share-based compensation (in shares)		200,000
Amounts related to share-based compensation	52			52			52
Repurchase of common stock	(96)		(96)				(96)
Dividends	$ (61)					(61)	(61)
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 income	142					138	138	4
ILG Acquisition purchase accounting adjustment	3							3
Foreign currency translation adjustments	(27)				(27)		(27)
Derivative instrument adjustment	(15)				(15)		(15)
Amounts related to share-based compensation (in shares)		300,000
Amounts related to share-based compensation	16			16			16
Repurchase of common stock	(465)		(465)				(465)
Dividends	$ (84)					(84)	(84)
Employee stock plan issuance (in shares)	0
Employee stock plan issuance	$ 3		2	1			3
Tax restructuring transaction (in shares)	17,100,000
Tax restructuring transaction	$ 0
Balance (in shares) at Dec. 31, 2019	75,020,272	75,000,000.0
Balance at Dec. 31, 2019	$ 3,031	$ 1	$ (1,253)	$ 3,738	$ (36)	$ 569	$ 3,019	$ 12

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 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 Year-End 2019			At Year-End 2018
Land and land improvements	$	280		$	466
Buildings and leasehold improvements	389			404
Furniture, fixtures and other equipment	94			88
Information technology	312			297
Construction in progress	82			32
	1,157			1,287
Accumulated depreciation	(406		)	(336		)
	$	751		$	951

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

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. 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, and Aqua-Aston. 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



($ in millions)	2019		2018		2017
Vacation Ownership	$	3,869	$	2,803	$	2,183
Exchange & Third-Party Management	454		161		—
Total segment revenues	4,323		2,964		2,183
Corporate and other	32		4		—
	$	4,355	$	2,968	$	2,183

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders



($ in millions)	2019			2018			2017
Adjusted EBITDA Vacation Ownership	$	800		$	511		$	383
Adjusted EBITDA Exchange & Third-Party Management	230			77			—
Reconciling items:
Corporate and other	(272		)	(169		)	(89		)
Interest expense	(132		)	(54		)	(10		)
Tax provision	(83		)	(51		)	(5		)
Depreciation and amortization	(141		)	(62		)	(21		)
Share-based compensation expense	(37		)	(35		)	(16		)
Certain items	(227		)	(162		)	(7		)
Net income attributable to common shareholders	$	138		$	55		$	235

Depreciation and Amortization



($ in millions)	2019		2018		2017
Vacation Ownership	$	68	$	37	$	17
Exchange & Third-Party Management	47		16		—
Total segment depreciation	115		53		17
Corporate and other	26		9		4
	$	141	$	62	$	21

Assets



($ in millions)	At December 31, 2019		At December 31, 2018
Vacation Ownership	$	7,345	$	7,275
Exchange & Third-Party Management	1,162		1,182
Total segment assets	8,507		8,457
Corporate and other	707		561
	$	9,214	$	9,018

Capital Expenditures (including inventory)



($ in millions)	2019		2018		2017
Vacation Ownership	$	266	$	245	$	174
Exchange & Third-Party Management	14		5		—
Total segment capital expenditures	280		250		174
Corporate and other	13		2		7
	$	293	$	252	$	181

Geographic Information

We conduct business globally, and our operations outside the United States represented approximately 13 percent of our revenues, excluding cost reimbursements, for 2019, 2018 and 2017.

Revenues (excluding cost reimbursements)



($ in millions)	2019		2018		2017
United States	$	2,835	$	1,780	$	1,247
All other countries	412		263		186
	$	3,247	$	2,043	$	1,433

Fixed Assets



($ in millions)	At December 31, 2019		At December 31, 2018
United States	$	580	$	748
All other countries	171		203
	$	751	$	951

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

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

The following table presents the components of our earnings before income taxes for the last three fiscal years:



($ in millions)	2019		2018			2017
United States	$	190	$	108		$	232
Non-U.S. jurisdictions	35		(5		)	8
	$	225	$	103		$	240

Provision for Income Taxes

Our (provision for) benefit from income taxes for the last three years consisted of:



($ in millions)		2019			2018			2017
Current	– U.S. Federal	$	(12	)	$	17		$	(49	)
	– U.S. State	(29		)	(1		)	(7		)
	– Non-U.S.	(36		)	(10		)	(7		)
		(77		)	6			(63		)

Deferred	– U.S. Federal	(28		)	(46		)	44
	– U.S. State	17			(9		)	(1		)
	– Non-U.S.	5			(2		)	15
		(6		)	(57		)	58
		$	(83	)	$	(51	)	$	(5	)

Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate

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

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



	2019	2018	2017
U.S. statutory income tax rate	21.0%	21.0%	35.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.2	4.2	2.5
Share-based compensation, net of Section 162(m) limitation⁽¹⁾	0.7	3.6	(2.5)
Transaction costs⁽²⁾	—	4.7	—
Other permanent differences⁽³⁾	3.9	4.2	(0.6)
Impact related to the Tax Cuts and Jobs Act of 2017	—	1.2	(27.1)
Foreign tax rate changes	—	(0.1)	(2.0)
Non-U.S. income (loss)⁽⁴⁾	2.2	3.9	(2.6)
Foreign tax credits	(6.3)	(1.4)	(0.1)
Unrecognized tax benefits	3.1	—	—
Change in valuation allowance⁽⁵⁾	7.0	8.6	—
Other items	1.1	(0.1)	(0.7)
Effective rate	36.9%	49.8%	1.9%

_________________________


⁽¹⁾	The 2018 increase is attributable to non-deductible executive compensation under provisions of the Tax Cuts and Jobs Act of 2017.


⁽²⁾	Attributed to non-deductible transaction costs incurred as a result of the ILG Acquisition.


⁽³⁾	Primarily due to non-deductible meal and entertainment expenses and new foreign tax provisions, under provisions of the Tax Cuts and Jobs Act of 2017.


⁽⁴⁾	Attributed to the difference between U.S. and foreign income tax rates and other foreign adjustments.

⁽⁵⁾

In 2019, primarily attributable to foreign tax credit carryforwards in the branch and treaty baskets and losses and future deductions in foreign jurisdictions for which a tax benefit has not been recognized through establishment of valuation allowances. In 2018, primarily attributable to losses and future deductions in foreign jurisdictions for which a tax benefit has not been recognized through establishment of valuation allowances. The 2017 impact is the net impact of foreign losses not resulting in a benefit due to the establishment of valuation allowances, partially offset by the release of a portion of previously established foreign valuation allowances.

Deferred Tax Assets and Liabilities

The following table presents the significant components of our deferred tax assets and liabilities:



($ in millions)	At Year-End 2019			At Year-End 2018
Deferred Tax Assets
Inventory	$	111		$	145
Reserves	74			84
Deferred revenue	12			22
Property and equipment	64			54
Net operating loss and capital loss carryforwards	61			59
Tax credits	37			24
Right-of-use asset	3			—
Other, net	58			21
Deferred tax assets	420			409
Less valuation allowance	(97		)	(106		)
Net deferred tax assets	323			303

Deferred Tax Liabilities
Long lived intangible assets	(234		)	(234		)
Deferred sales of vacation ownership interests	(357		)	(377		)
Right-of-use liability	(3		)	—
Deferred tax liabilities	(594		)	(611		)

Total net deferred tax liabilities	$	(271	)	$	(308	)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:



($ in millions)	2019		2018
Unrecognized tax benefit at beginning of year	$	2	$	2
Increases related to tax positions taken during a prior period	18		—
Increases related to tax positions taken during the current period	1		—
Decreases related to settlements with taxing authorities	—		—
Decreases as a result of a lapse of the applicable statute of limitations	—		—
Unrecognized tax benefit at end of year	$	21	$	2

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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



($ in millions)	At Year-End 2019			At Year-End 2018
Land and land improvements	$	280		$	466
Buildings and leasehold improvements	389			404
Furniture, fixtures and other equipment	94			88
Information technology	312			297
Construction in progress	82			32
	1,157			1,287
Accumulated depreciation	(406		)	(336		)
	$	751		$	951

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 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. This contract was subsequently terminated.

In addition, during 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.

QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)



	2019⁽¹⁾
($ in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	1,060		$	1,068		$	1,082		$	1,145		$	4,355
Expenses	$	(969	)	$	(925	)	$	(1,012	)	$	(991	)	$	(3,897	)
Net income (loss) attributable to common shareholders	$	24		$	49		$	(9	)	$	74		$	138
Earnings (loss) per share attributable to common shareholders
Basic	$	0.52		$	1.11		$	(0.21	)	$	1.74		$	3.13
Diluted	$	0.51		$	1.10		$	(0.21	)	$	1.71		$	3.09



	2018⁽¹⁾
($ in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Fiscal Year
Revenues	$	571		$	595		$	750		$	1,052		$	2,968
Expenses	$	(518	)	$	(546	)	$	(698	)	$	(939	)	$	(2,701	)
Net income (loss) attributable to common shareholders	$	36		$	11		$	(36	)	$	44		$	55
Earnings (loss) per share attributable to common shareholders
Basic	$	1.35		$	0.40		$	(1.08	)	$	0.92		$	1.64
Diluted	$	1.32		$	0.39		$	(1.08	)	$	0.91		$	1.61

_______________________

⁽¹⁾

SUBSEQUENT EVENTS (Details) - $ / shares						12 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Feb. 14, 2020	Dec. 09, 2019	Sep. 05, 2019	May 09, 2019	Feb. 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Dividends declared per share of common stock (in usd per share)		$ 0.54	$ 0.45	$ 0.45	$ 0.45	$ 1.89	$ 1.65	$ 1.45
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock (in usd per share)	$ 0.54

INVENTORY

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:



($ in millions)	At Year-End 2019		At Year-End 2018
Finished goods⁽¹⁾	$	777	$	843
Work-in-progress	69		9
Real estate inventory	846		852
Other	13		11
	$	859	$	863

_________________________


⁽¹⁾	Represents completed inventory that is registered for sale as vacation ownership interests and inventory expected to be acquired pursuant to estimated future foreclosures.

We value vacation ownership interests 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.

In addition to the above, at December 31, 2019, we had $55 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.

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At December 31, 2019, there were 75,020,272 shares of Marriott Vacations Worldwide common stock issued, of which 41,582,096 shares were outstanding and 33,438,176 shares were held as treasury stock.

As part of an internal restructuring to further integrate ILG and right-size our capital structure, we issued 16,929,124 shares of our common stock to Marriott Ownership Resorts, Inc., our wholly owned subsidiary and 16,367,491 shares of our common stock to MVW US Holdings LLC, our wholly owned subsidiary. In connection with the restructuring, these shares were returned to treasury as of December 31, 2019.

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 December 31, 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 year ended December 31, 2019	4,731,176	465		98.24
As of December 31, 2019	16,418,950	$	1,258	$	76.60

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 December 31, 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 December 31, 2019, 2.7 million shares remained available for repurchase under the authorization approved by our Board of Directors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice.

Dividends

We declared cash dividends to holders of common stock during the year ended December 31, 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
December 9, 2019	December 23, 2019	January 6, 2020	$0.54

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. This noncontrolling interest amounts to $12 million and $8 million, as of December 31, 2019 and December 31, 2018, respectively, and is included on our Balance Sheets as a component of equity.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 287	$ 231
Restricted cash (including $64 and $69 from VIEs, respectively)	414	383
Accounts receivable, net (including $13 and $11 from VIEs, respectively)	323	324
Vacation ownership notes receivable, net (including $1,750 and $1,627 from VIEs, respectively)	2,233	2,039
Inventory	859	863
Property and equipment	751	951
Goodwill	2,892	2,828
Intangibles, net	1,027	1,107
Other (including $39 and $26 from VIEs, respectively)	428	292
TOTAL ASSETS	9,214	9,018
LIABILITIES AND EQUITY
Accounts payable	286	301
Advance deposits	187	171
Accrued liabilities (including $2 and $2 from VIEs, respectively)	397	246
Deferred revenue	433	383
Payroll and benefits liability	186	210
Deferred compensation liability	110	93
Securitized debt, net (including $1,871 and $1,706 from VIEs, respectively)	1,871	1,714
Debt, net	2,216	2,104
Other	197	12
Deferred Income Tax Liabilities, Net	300	318
TOTAL LIABILITIES	6,183	5,552
Contingencies and Commitments (Note 11)
Preferred stock — $.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $.01 par value; 100,000,000 shares authorized; 75,020,272 and 57,626,462 shares issued, respectively	1	1
Treasury stock — at cost; 33,438,176 and 11,633,731 shares, respectively	(1,253)	(790)
Additional paid-in capital	3,738	3,721
Accumulated other comprehensive income	(36)	6
Retained earnings	569	523
TOTAL MVW SHAREHOLDERS' EQUITY	3,019	3,461
Noncontrolling interests	12	5
TOTAL EQUITY	3,031	3,466
TOTAL LIABILITIES AND EQUITY	$ 9,214	$ 9,018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Assets impairment charges	$ 0

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Repurchase Program [Roll Forward]
Number of shares repurchased, beginning of period (in shares)	11,633,731
Cost of shares repurchased, for the year	$ 465	$ 96	$ 88
Number of shares repurchased, end of period (in shares)	33,438,176	11,633,731
Treasury Stock
Stock Repurchase Program [Roll Forward]
Number of shares repurchased, beginning of period (in shares)	11,687,774
Cost of shares repurchased, beginning of period	$ 793
Average price paid per share, beginning of period (in usd per share)	$ 67.85
Number of shares repurchased, for the year (in shares)	4,731,176
Cost of shares repurchased, for the year	$ 465	$ 96	$ 88
Average price paid per share, for the year (in usd per share)	$ 98.24
Number of shares repurchased, end of period (in shares)	16,418,950	11,687,774
Cost of shares repurchased, end of period	$ 1,258	$ 793
Average price paid per share, end of period (in usd per share)	$ 76.60	$ 67.85

INCOME TAXES - Provision Taxes by Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ 190	$ 108	$ 232
Non-U.S. jurisdictions	35	(5)	8
INCOME BEFORE INCOME TAXES	$ 225	$ 103	$ 240

QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 1,145	$ 1,082	$ 1,068	$ 1,060	$ 1,052	$ 750	$ 595	$ 571	$ 4,355	$ 2,968	$ 2,183
Expenses	(991)	(1,012)	(925)	(969)	(939)	(698)	(546)	(518)	(3,897)	(2,701)	(1,937)
Net income (loss) attributable to common shareholders	$ 74	$ (9)	$ 49	$ 24	$ 44	$ (36)	$ 11	$ 36	$ 138	$ 55	$ 235
Basic earnings per share (in usd per share)	$ 1.74	$ (0.21)	$ 1.11	$ 0.52	$ 0.92	$ (1.08)	$ 0.40	$ 1.35	$ 3.13	$ 1.64	$ 8.70
Diluted earnings per share (in usd per share)	$ 1.71	$ (0.21)	$ 1.10	$ 0.51	$ 0.91	$ (1.08)	$ 0.39	$ 1.32	$ 3.09	$ 1.61	$ 8.49

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 1
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+ Details

- Definition

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

+ References + Details

REVENUE - Revenue with Customers (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									$ 4,080	$ 2,785	$ 2,048
Financing									275	183	135
TOTAL REVENUES	$ 1,145	$ 1,082	$ 1,068	$ 1,060	$ 1,052	$ 750	$ 595	$ 571	4,355	2,968	2,183
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									3,598	2,621	2,048
Financing									271	182
TOTAL REVENUES									3,869	2,803	2,183
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									450	160	0
Financing									4	1	0
TOTAL REVENUES									454	161	0
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									1,390	990	757
Sale of vacation ownership products \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									1,390	990
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
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									247	161	118
Ancillary revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									243	160	118
Ancillary revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									4	1	0
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									180	140	89
Management fee revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									146	114	89
Management fee revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									47	30	0
Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									527	198	72
Other services revenues \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									120	85	72
Other services revenues \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									247	78	0
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									954	499	279
Management and exchange \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									509	359	279
Management and exchange \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									298	109	0
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									628	371	262
Rental \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									562	352
Rental \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									61	18	0
Cost reimbursements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									1,108	925
Cost reimbursements									1,108	925	750
Cost reimbursements \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements									1,137	920	750
Cost reimbursements \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements									91	33	0
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									32	4	0
Financing									0	0	0
TOTAL REVENUES									32	4	0
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
Corporate and other \| Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									0	0	0
Corporate and other \| Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									(13)	(4)	0
Corporate and other \| Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									160	35	0
Corporate and other \| Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									147	31	0
Corporate and other \| Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers									5	1	0
Corporate and other \| Cost reimbursements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost reimbursements									$ (120)	$ (28)	$ 0

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet as of December 31, 2019.



($ in millions)	Balance Sheet Classification	At December 31, 2019
Operating lease assets	Other assets	$	142
Finance lease assets	Property and equipment	13
		$	155

Operating lease liabilities	Accrued liabilities	$	151
Finance lease liabilities	Debt	14
		$	165

The following table presents the lease costs and the classification on our Income Statement for the year ended December 31, 2019.



($ in millions)	Income Statement Classification	2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	33
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	5
Interest on lease liabilities	Financing expense	1
Variable lease cost	Marketing and sales expense	5
		$	44

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2019.



($ in millions)	Operating Leases			Finance Leases		Total
2020	$	34		$	11	$	45
2021	24			2		26
2022	20			1		21
2023	19			—		19
2024	17			—		17
Thereafter	116			—		116
Total lease payments	230			14		244
Less: Imputed interest	(79		)	—		(79		)
	$	151		$	14	$	165

Lease Term and Discount Rate

The following table presents additional information about our lease obligations as of December 31, 2019.



	Operating Leases	Finance Leases
Weighted-average remaining lease term	10.5 years	1.0 years
Weighted-average discount rate	6.1%	4.9%

Other Information

The following table presents supplemental cash flow information for 2019.



($ in millions)	2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1
Operating cash flows for operating leases	$	39
Financing cash flows for finance leases	$	12

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	33
Finance leases	$	3

Leases That Have Not Yet Commenced

In January 2020, we entered into a finance lease arrangement for our new global headquarters in Orlando, Florida. The new office building is expected to be completed in 2021, at which time the lease term will commence and a right-of-use asset and corresponding liability will be recorded on our balance sheet. The initial lease term is approximately 16 years with total lease payments of $129 million for the aforementioned period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convertible Senior Notes (Details)	Dec. 31, 2017
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%

SUPPLEMENTAL GUARANTOR INFORMATION

12 Months Ended

Dec. 31, 2019

Guarantees and Product Warranties [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

The 2026 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 December 31, 2019 and December 31, 2018, and for the twelve months ended December 31, 2019, December 31, 2018 and December 31, 2017 for MVWC on a stand-alone basis, each of MORI and ILG on a stand-alone basis (collectively, the “Issuers”), the Senior Notes Guarantors, the combined non-guarantor subsidiaries of MVW and MVW on a consolidated basis.

Condensed Consolidating Balance Sheet



	As of December 31, 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	$	—	$	84	$	4		$	61	$	138	$	—		$	287
Restricted cash	—		21		—			57		336		—			414
Accounts receivable, net	73		77		—			81		96		(4		)	323
Vacation ownership notes receivable, net	—		149		—			255		1,829		—			2,233
Inventory	—		295		—			440		124		—			859
Property and equipment	—		233		—			259		259		—			751
Goodwill	—		—		—			2,892		—		—			2,892
Intangibles, net	—		—		—			966		61		—			1,027
Investments in subsidiaries	3,193		4,729		—			—		—		(7,922		)	—
Other	39		71		—			232		121		(35		)	428
Total assets	$	3,305	$	5,659	$	4		$	5,243	$	2,964	$	(7,961	)	$	9,214

Accounts payable	$	66	$	92	$	—		$	117	$	12	$	(1	)	$	286
Advance deposits	—		75		—			88		24		—			187
Accrued liabilities	4		104		27			168		106		(12		)	397
Deferred revenue	—		5		—			92		337		(1		)	433
Payroll and benefits liability	5		97		—			62		22		—			186
Deferred compensation liability	—		93		—			16		1		—			110
Securitized debt, net	—		—		—			—		1,871		—			1,871
Debt, net	207		2,002		—			7		—		—			2,216
Other	4		36		52			86		19		—			197
Deferred taxes	—		108		—			162		30		—			300
MVW shareholders' equity	3,019		3,047		(75		)	4,445		530		(7,947		)	3,019
Noncontrolling interests	—		—		—			—		12		—			12
Total liabilities and equity	$	3,305	$	5,659	$	4		$	5,243	$	2,964	$	(7,961	)	$	9,214



	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		10			150		(24		)	246
Deferred revenue	—		6		—		253			128		(4		)	383
Payroll and benefits liability	15		96		—		83			16		—			210
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



	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	$	—		$	764		$	—	$	2,612		$	1,009		$	(30	)	$	4,355
Expenses	(25		)	(827		)	—		(2,309		)	(766		)	30			(3,897		)
(Losses) gains and other (expense) income, net	—			(1		)	—		8			9			—			16
Interest expense	(11		)	(117		)	—		(4		)	—			—			(132		)
ILG acquisition-related costs	—			(96		)	—		(15		)	(7		)	—			(118		)
Other	—			—			—		1			—			—			1
Benefit (provision) for income taxes	11			109			—		(109		)	(94		)	—			(83		)
Equity in net income of subsidiaries	163			305			—		—			—			(468		)	—
Net income	138			137			—		184			151			(468		)	142
Net income attributable to noncontrolling interests	—			—			—		(4		)	—			—			(4		)
Net income attributable to common shareholders	$	138		$	137		$	—	$	180		$	151		$	(468	)	$	138



	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	$	—		$	758		$	—	$	1,664		$	553		$	(7	)	$	2,968
Expenses	(20		)	(737		)	—		(1,489		)	(462		)	7			(2,701		)
Gains (losses) and other income (expense), net	—			23			—		(3		)	1			—			21
Interest expense	(10		)	(39		)	—		(3		)	(2		)	—			(54		)
ILG acquisition-related costs	(11		)	(83		)	—		(33		)	—			—			(127		)
Other	—			—			—		(4		)	—			—			(4		)
Benefit (provision) for income taxes	21			39			—		(66		)	(45		)	—			(51		)
Equity in net income of subsidiaries	75			124			10		—			—			(209		)	—
Net income	55			85			10		66			45			(209		)	52
Net loss attributable to noncontrolling interests	—			—			—		1			2			—			3
Net income attributable to common shareholders	$	55		$	85		$	10	$	67		$	47		$	(209	)	$	55



	2017
	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	$	—		$	711		$	—	$	1,125		$	347		$	—		$	2,183
Expenses	(8		)	(688		)	—		(972		)	(269		)	—			(1,937		)
Gains (losses) and other income (expense), net	—			8			—		(1		)	(1		)	—			6
Interest expense	(3		)	(4		)	—		(3		)	—			—			(10		)
ILG acquisition-related costs	—			(1		)	—		—			—			—			(1		)
Other	—			(1		)	—		—			—			—			(1		)
Provision for income taxes	—			(1		)	—		(3		)	(1		)	—			(5		)
Equity in net income of subsidiaries	246			216			—		—			—			(462		)	—
Net income	235			240			—		146			76			(462		)	235
Net income attributable to noncontrolling interests	—			—			—		—			—			—			—
Net income attributable to common shareholders	$	235		$	240		$	—	$	146		$	76		$	(462	)	$	235

Condensed Consolidating Statement of Cash Flows



	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	$	(44	)	$	(86	)	$	(3	)	$	311		$	345		$	(141	)	$	382
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(7		)	(16		)	—			15			45			—			37
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	50			126			5			(369		)	(284		)	141			(331		)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—			—			(1		)	—			(1		)
Cash, cash equivalents and restricted cash, beginning of period	1			81			2			161			369			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	105		$	4		$	118		$	474		$	—		$	701



	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	$	(28	)	$	123		$	—	$	130		$	(128	)	$	—		$	97
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,847		)	(11		)	2		238			334			(123		)	(1,407		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,876			(408		)	—		(238		)	80			123			1,433
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—		—			—			—			—
Cash, cash equivalents and restricted cash, beginning of period	—			377			—		31			83			—			491
Cash, cash equivalents and restricted cash, end of period	$	1		$	81		$	2	$	161		$	369		$	—		$	614



	2017
	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	$	(25	)	$	19		$	—	$	192		$	(43	)	$	(1	)	$	142
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(12		)	(11		)	—		(6		)	(9		)	—			(38		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	37			257			—		(172		)	48			1			171
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—			—			—		—			3			—			3
Cash, cash equivalents and restricted cash, beginning of period	—			112			—		17			84			—			213
Cash, cash equivalents and restricted cash, end of period	$	—		$	377		$	—	$	31		$	83		$	—		$	491

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”).

Sale of Vacation Ownership Products

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

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

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

Our assessment of collectibility of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analyses, which rely on historical payment data by customer class as described in “Loan Loss Reserves” below. Variable consideration which has not been included within the transaction price is presented as a reserve on vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during 2019 by $13 million due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “Arrangements with Multiple Performance Obligations” below for a description of our methods of allocating transaction price to each performance obligation.

We evaluated our business practices, and the underlying risks and rewards associated with vacation ownership products and the respective timing that such risks and rewards are transferred to the customer in determining the point in time at which control of the vacation ownership product is transferred to the customer. Based upon the different terms of the contracts with the customer and business practices, we transfer control of the vacation ownership product at different times for Legacy-MVW and Legacy-ILG. We recognize revenue on the sale of Legacy-MVW vacation ownership products at closing. We recognize revenue on the sale of Legacy-ILG vacation ownership products upon expiration of the rescission period.

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

Management and Exchange Revenues and Cost Reimbursements Revenues

Ancillary Revenues

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

Management Fee Revenues and Cost Reimbursements Revenues

We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for property owners’ associations, condominium owners and hotels.

We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our Vacation Ownership segment, these fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“VO management fee revenues”). In our Exchange & Third-Party Management segment, we earn base management fees which are typically either (i) fixed amounts, (ii) amounts based on a percentage of adjusted gross lodging revenue, or (iii) various revenue sharing agreements based on stated formulas (“Base management fee revenues”) and incentive management fees, which are generally a percentage of either operating profits or improvement in operating profits (“Incentive management fees”). In addition, we receive reimbursement of costs incurred on behalf of our customers, which consist of actual expenses with no added margin (“cost reimbursements”). Vacation Ownership segment cost reimbursements revenues exclude amounts that we have paid to the property owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer.

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

We evaluated the nature of the management services provided and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize VO management fee revenues and Base management fee revenues, which is consistent with the pattern of transfer to the customers who receive and consume the benefits as services are provided each day. We recognize Incentive management fees as earned throughout the incentive period based on actual results, which is subject to estimation of the transaction price.

Any consideration we receive in advance of services being rendered is recorded as Deferred revenue on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred.

Other Services Revenues

Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers. Membership fees and club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue on our Balance Sheets and are earned regardless of whether exchange services are provided. Generally, Interval International memberships are cancelable and refundable on a pro-rata basis, with the exception of the Interval International network’s Platinum tier which is non-refundable. Transaction-based fees are typically collected at a point in time.

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

Transaction-based fees are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluate whether we control the underlying goods or services prior to delivery to the customer. Transaction-based fees from exchanges and other transactions in our Exchange & Third-Party Management segment are generally recognized when confirmation of the transaction is provided and services have been

rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition.

Financing Revenues

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

In addition, we recognize interest income related to our acquired vacation ownership notes receivable using the level yield method. See Footnote 6 “Vacation Ownership Notes Receivable” for additional information related to the accounting for our acquired vacation ownership notes receivable.

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

Rental Revenues

In our Vacation Ownership segment, we generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs, inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs and rentals of owned-hotel properties. In our Exchange & Third-Party Management segment, we offer vacation rental opportunities for managed properties and to members of the Interval International network and certain other membership programs from seasonal oversupply or underutilized space, as well as sourced resort accommodations.

We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. For certain rental revenues associated with our Exchange & Third-Party Management segment, revenue is recognized when confirmation of the transaction is provided as we concluded we are an agent for these transactions. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products as described in “Sale of Vacation Ownership Products” above.

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

Arrangements with Multiple Performance Obligations

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

Receivables, Contract Assets & Contract Liabilities

As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract. See Footnote 4 “Revenue” for additional information related to our receivables, contract assets and contract liabilities.

Costs Incurred to Sell Vacation Ownership Products

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

Earnings Per Share Attributable to Common Shareholders

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

Business Combinations

We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income, cost and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them. See Footnote 3 “Acquisitions and Dispositions” for additional information.

As part of our accounting for business combinations we are required to determine the useful lives of identifiable intangible assets recognized separately from goodwill. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the acquired business. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized. We base the estimate of the useful life of an intangible asset on an analysis of all pertinent factors, in particular, all of the following factors with no one factor being more presumptive than the other:


•	The expected use of the asset.


•	The expected useful life of another asset or a group of assets to which the useful life of the intangible asset may relate.


•	Any legal, regulatory, or contractual provisions that may limit the useful life.


•	Our own historical experience in renewing or extending similar arrangements, consistent with our intended use of the asset, regardless of whether those arrangements have explicit renewal or extension provisions.


•	The effects of obsolescence, demand, competition, and other economic factors.


•	The level of maintenance expenditures required to obtain the expected future cash flows from the asset.

If no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of an intangible asset to the reporting entity, the useful life of the asset shall be considered to be indefinite. The term indefinite does not mean the same as infinite or indeterminate. The useful life of an intangible asset is indefinite if that life extends beyond the foreseeable horizon; that is, there is no foreseeable limit on the period of time over which it is expected to contribute to the cash flows of the acquired business.

Although we believe the assumptions and estimates we have made have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired entity and are inherently uncertain. Examples of critical estimates in accounting for acquisitions include but are not limited to future expected cash flows from sales of products and services and related contracts and agreements and discount and long-term growth rates.

Unanticipated events and circumstances may occur which could affect the accuracy or validity of our assumptions, estimates or actual results.

Additionally, when acquiring a company who has recorded deferred revenue in its historical, pre-acquisition financial statements, we are required as part of purchase accounting to re-measure the deferred revenue as of the acquisition date. Deferred revenue is re-measured to represent solely the cost that relates to the associated legal performance obligation which we assumed as part of the acquisition, plus a normal profit margin representing the level of effort or risk assumed. Legal performance obligations that simply relate to the passage of time would not result in recognized deferred revenue as there is little to no associated cost. This purchase accounting treatment typically results in lower amounts of revenue recognized in a reporting period following the acquisition than would have otherwise been recognized on a historical basis.

Variable Interest Entities

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

Fair Value Measurements

We have few financial instruments that we must measure at fair value on a recurring basis. See Footnote 7 “Financial Instruments” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities.

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


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

•

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


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

Cash and Cash Equivalents

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

Restricted Cash

Restricted cash primarily consists of cash restricted for use by consolidated property owners’ associations which is designated for resort operations and other specific uses, such as reserves, cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to property owners’ associations, and deposits received and held in escrow, primarily associated with the sale of vacation ownership products.

Accounts Receivable

Accounts receivable are stated at amounts due from customers, principally resort developers, members and managed properties, net of an allowance for doubtful accounts. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our allowance for accounts receivables by considering a number of factors, including the length of time accounts receivable are past due, previous loss history, our judgment as to the specific customer’s current ability to pay its obligation and the condition of the general economy. Our policy for determining our allowance for doubtful accounts consists of both general and specific reserves. The general reserve methodology is distinct for each business based on its historical collection experience and past practice. Predominantly, receivables greater than 120 days past due are

applied a general reserve factor, while receivables 180 days or more past due are fully reserved. The determination of when to apply a specific reserve requires judgment and is directly related to the particular customer collection issue identified, such as known liquidity constraints, insolvency concerns or litigation. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of allowances of $12 million and $4 million at December 31, 2019 and December 31, 2018, respectively.

Originated Vacation Ownership Notes Receivable Reserve

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 originated vacation ownership notes receivable. See “Financing Revenues” above for further information.

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 7.04 percent and 7.01 percent as of December 31, 2019 and December 31, 2018, respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $8 million and $7 million as of December 31, 2019 and December 31, 2018, respectively.

For additional information on our Legacy-MVW vacation ownership notes receivable, including information on the related reserves, see Footnote 6 “Vacation Ownership Notes Receivable.”

Legacy-ILG Vacation Ownership Notes Receivable

On an ongoing basis, we monitor the 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 (Westin, Sheraton, Hyatt) 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 December 31, 2019 and December 31, 2018, the weighted average FICO score within our consolidated Legacy-ILG vacation ownership notes receivable pools was 712 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 December 31, 2019 and December 31, 2018 was 12.65 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 December 31, 2019 and December 31, 2018, respectively.

For additional information on our Legacy-ILG vacation ownership notes receivable, including information on the related reserves, see Footnote 6 “Vacation Ownership Notes Receivable.”

Inventory

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

We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which defines a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for cost of vacation ownership products related to variable consideration which has not been included within the transaction price (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-up activity, and are recorded in Cost of vacation ownership product expenses on the Income Statements to retrospectively adjust the margin previously recorded subject to those estimates. For 2019, 2018 and 2017, product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $8 million, $6 million and less than $1 million, respectively.

Property and Equipment

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

We also capitalize certain qualified costs incurred in connection with the development of internal use software. Capitalization of internal use software costs begins when the preliminary project stage is completed, management with the relevant authority authorizes and commits to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform the function intended.

Leases

We account for leases in accordance with ASC 842, as defined herein, which we adopted on January 1, 2019, using the modified retrospective method. See “New Accounting Standards” below for further discussion of the adoption.

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. Corporate facilities leases are for office space, including our corporate headquarters in Orlando, Florida. Other operating leases are primarily for office, off-site sales centers and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods.

Finance leases include lease arrangements for ancillary and operations space for which we have the commitment to purchase the associated operating property, including that leased space. See Footnote 11 “Contingencies and Commitments” for additional information. 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.

Impairment of Long-Lived Assets and Other Intangible Assets

We assess long-lived assets, including property and equipment, leases, and definite-lived intangible assets, for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life.

We assess indefinite-lived intangible assets for potential impairment and continued indefinite use annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying value of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess. See Footnote 3 “Acquisitions and Dispositions” for additional information on the impairment charge we recorded in 2019 related to our change in development strategy and Footnote 10 “Property and Equipment” for impairment losses we recorded associated with long-lived assets. We had no impairment charges for other intangible assets during the year ended December 31, 2019.

Goodwill

We perform an annual review for the potential impairment of the carrying value of goodwill, or more frequently if events or circumstances indicate a possible impairment. For purposes of evaluating goodwill for impairment, we have two reporting units, which are also our reportable operating segments. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount.

Qualitative factors that we consider include, for example, macroeconomic and industry conditions, overall financial performance, and other relevant entity-specific events. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. We may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill.

We calculate the estimated fair value of a reporting unit using a weighting of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations.

We performed our annual goodwill impairment test as of October 1, 2019 and determined that the qualitative assessment was not conclusive for the Exchange & Third-Party Management reporting unit, and as such we performed a quantitative impairment analysis on this reporting unit, which indicated that the carrying value of the Exchange and Third-Party reporting unit did not exceed the estimated fair value. We had no goodwill impairment charges during the year ended December 31, 2019.

Convertible Senior Notes

In accounting for the 1.50% Convertible Senior Notes due 2022 (the “Convertible Notes”), we bifurcated the liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Convertible Notes. The excess of the principal amount of the liability over its carrying amount is amortized to interest expense over the term of the Convertible Notes using the effective interest method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Convertible Notes, we allocated the total amount incurred to the liability and equity components based on their relative values. Issuance costs attributable to the liability component are amortized to interest expense over the term of the Convertible Notes, and issuance costs attributable to the equity component are included along with the equity component in additional paid-in capital within shareholders’ equity. See Footnote 14 “Debt” for more information.

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. If a qualifying hedge is deemed effective, 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.

Loss Contingencies

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

Defined Contribution Plan

We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. We recognized compensation expense (net of cost reimbursements from property owners’ associations) for our participating employees totaling $19 million in 2019, $11 million in 2018 and $10 million in 2017.

Deferred Compensation Plan

Certain members of our senior management have the opportunity to participate in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), which we maintain and administer. Under both the Deferred Compensation Plan and the Marriott International EDC (as defined below) participating employees are able to defer payment and income taxation of a portion of their salary and bonus. It also provides participants with the opportunity for long-term capital appreciation by crediting their accounts with notional earnings.

Prior to the spin-off of MVW from Marriott International (the “Marriott Spin-Off”), certain members of our senior management had the opportunity to participate in the Marriott International, Inc. Executive Deferred Compensation Plan (the “Marriott International EDC”), which Marriott International maintains and administers. Subsequent to the Marriott Spin-Off, we remain liable to reimburse Marriott International for distributions to participants that were employees of Marriott Vacations Worldwide at the time of the Marriott Spin-Off including earnings thereon.

To support our ability to meet a portion of our obligations under the Deferred Compensation Plan, we acquired company owned insurance policies (the “COLI policies”) on the lives of certain participants in the Deferred Compensation Plan, the proceeds of which are intended to be aligned with the investment alternatives elected by plan participants and are payable to a rabbi trust with the Company as grantor. For both 2019 and 2018, participants were able to select a rate of return based on market-based investment alternatives for up to 100 percent of their contributions and existing balances, with one of those options being a fixed rate of return of 3.5 percent.

We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a VIE. We are considered the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At December 31, 2019, the value of the assets held in the rabbi trust was $39 million, which is included in the Other line within assets on our Balance Sheets.

Share-Based Compensation Costs

We established the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “MVW Stock Plan”) in order to compensate our employees and directors by granting them equity awards such as restricted stock units (“RSUs”), stock appreciation rights (“SARs”) and stock options.

We follow the provisions of ASC Topic 718, “Compensation—Stock Compensation,” which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees, other than RSUs with performance vesting conditions, vest ratably over a four-year period. For share-based awards with service-only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. For RSUs with performance vesting conditions, the number of RSUs earned, if any, is determined following the end of a three-year performance period based upon the cumulative achievement over that period of specific quantitative operating financial measures and we recognize compensation expense once it is probable that the corresponding performance condition will be achieved.

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

We recognize the expense associated with these awards on our Income Statements based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest or be earned. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted reduced by the present value of the dividends expected to be paid on the shares during the vesting period, discounted at a risk-free interest rate. We generally determine the fair value of SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. We will issue shares from authorized shares upon the exercise of SARs or stock options held by our employees and directors.

For share-based awards granted to non-employee directors, we recognize compensation expense on the grant date based on the fair value of the awards as of that date. See Footnote 16 “Share-Based Compensation” for more information, including information on the Legacy-ILG stock and incentive plan that was assumed as part of the ILG Acquisition.

Also, see Footnote 16 “Share-Based Compensation” for information on the ILG share-based awards converted into MVW share-based awards as part of the ILG Acquisition, which are accounted for in the same manner as awards issued under the MVW Stock Plan as discussed above.

Non-U.S. Operations

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

Income Taxes

We file income tax returns, including with respect to our subsidiaries, in various jurisdictions around the world. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

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

We record a valuation allowance on deferred taxes if we determine it is more likely than not that we will not fully realize the future benefit of deferred tax assets. In making such a determination, we consider all available positive and negative

evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes.

We file tax returns after the close of our fiscal year end and adjust our estimated tax receivable or liability to the actual tax receivable or due per the filed tax returns. Historically, we have not experienced significant differences between our estimates of provision for income tax and actual amounts incurred.

For purposes of Global Intangible Low-Taxed Income (“GILTI”), we have elected to use the period cost method and therefore have not recorded deferred taxes for basis differences expected to reverse in future periods.

For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. Based on our evaluations of tax positions, we believe that potential tax exposures have been recorded appropriately. Additionally, we recognize accrued interest and penalties related to our unrecognized tax benefits as a component of tax expense.

For information about income taxes, deferred tax assets and liabilities, and uncertain tax benefits, see Footnote 5 “Income Taxes.”

New Accounting Standards

Accounting Standards Update 2017-12 – “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”)

In the first quarter of 2019, we adopted Accounting Standards Update (“ASU”) 2017-12, which 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. Our adoption of ASU 2017-12 did not have a material impact on our Financial Statements or disclosures.

Accounting Standards Update 2016-02 – “Leases (Topic 842)” (“ASU 2016-02”)

In the first quarter of 2019, we adopted ASU 2016-02, as amended, using the modified retrospective method. Accordingly, previously reported financial information has not been restated to reflect the application of the new standard to comparative periods presented. As permitted by the amended guidance, we elected to adopt the package of practical expedients and therefore, we did not reassess: (i) whether any existing or expired contracts are or contain leases under the new definition; (ii) the lease classification of any such leases; or (iii) the initial direct costs of any such leases. 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. 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. 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.

ASU 2016-12 requires a lessee to recognize most leases on its balance sheet by recording a lease liability and a right-of-use asset as of the lease commencement date. ASU 2016-02 also requires leases to be classified as either finance or operating, with classification affecting how leases are measured and presented in the income statement and statement of cash flows.

Upon adoption of ASU 2016-02, 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 twelve months ended December 31, 2019.

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

We adopted ASU 2017-04 during the fourth quarter of 2019, prior to our annual impairment testing. 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. The adoption of ASU 2017-04 did not have a material effect on our financial statements or disclosures.

Future Adoption of Accounting Standards

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 Financial Accounting Standards Board (“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. We continue to evaluate the impact that adoption of this update in the 2020 first quarter will have on our financial statements or disclosures.

Accounting Standards Update 2019-12 – “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”)

In December 2019, the FASB issued ASU 2019-12, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for income taxes while maintaining or enhancing the helpfulness of information provided to financial statement users. This update is effective for fiscal years beginning after December 15, 2020, including interim periods therein, with early adoption permitted. We expect to adopt ASU 2019-12 commencing in fiscal year 2021 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures.

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
IAC Notes	$ 2,253,000,000
Debt, net	2,216,000,000	$ 2,104,000,000
Capital lease obligations	14,000,000	17,000,000
2026 Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
IAC Notes	750,000,000	750,000,000
Unamortized debt issuance costs	(8,000,000)	(9,000,000)
Debt, net	742,000,000	741,000,000
2028 Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
IAC Notes	350,000,000	0
Unamortized debt issuance costs	(5,000,000)	0
Debt, net	345,000,000	0
Exchange Notes, net \| Senior Unsecured Notes
Debt Instrument [Line Items]
IAC Notes	0	89,000,000
Unamortized debt issuance costs	0	(1,000,000)
Debt, net	0	88,000,000
IAC Notes
Debt Instrument [Line Items]
IAC Notes	0	141,000,000
Term Loan \| Corporate Credit Facility
Debt Instrument [Line Items]
IAC Notes	893,000,000	900,000,000
Unamortized debt discount and issuance costs	(12,000,000)	(12,000,000)
Debt, net	881,000,000	888,000,000
Revolving Corporate Credit Facility \| Corporate Credit Facility
Debt Instrument [Line Items]
IAC Notes	30,000,000	0
Unamortized debt issuance costs	(3,000,000)	0
Debt, net	27,000,000	0
Debt issuance costs		4,000,000
Line of credit facility, amount outstanding		0
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
IAC Notes	230,000,000	230,000,000
Unamortized debt issuance costs	(3,000,000)	(5,000,000)
Unamortized debt discount and issuance costs	(23,000,000)	(31,000,000)
Unamortized debt discount	(20,000,000)	(26,000,000)
Debt, net	$ 207,000,000	199,000,000
Debt Instrument, Interest Rate, Effective Percentage	4.70%
Non-interest bearing note payable, net \| Non-interest bearing note payable, net
Debt Instrument [Line Items]
IAC Notes	$ 0	31,000,000
Unamortized debt discount	0	(1,000,000)
Debt, net	$ 0	$ 30,000,000

REVENUE

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUE

Sources of Revenue by Segment

The following tables detail the sources of revenue by segment for each of the last three fiscal years.



	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	1,390	$	—	$	—		$	1,390

Ancillary revenues	243		4		—			247
Management fee revenues	146		47		(13		)	180
Other services revenues	120		247		160			527
Management and exchange	509		298		147			954

Rental	562		61		5			628

Cost reimbursements	1,137		91		(120		)	1,108
Revenue from contracts with customers	3,598		450		32			4,080

Financing	271		4		—			275
Total Revenues	$	3,869	$	454	$	32		$	4,355



	2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	990	$	—	$	—		$	990

Ancillary revenues	160		1		—			161
Management fee revenues	114		30		(4		)	140
Other services revenues	85		78		35			198
Management and exchange	359		109		31			499

Rental	352		18		1			371

Cost reimbursements	920		33		(28		)	925
Revenue from contracts with customers	2,621		160		4			2,785

Financing	182		1		—			183
Total Revenues	$	2,803	$	161	$	4		$	2,968



	2017
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	757	$	—	$	—	$	757

Ancillary revenues	118		—		—		118
Management fee revenues	89		—		—		89
Other services revenues	72		—		—		72
Management and exchange	279		—		—		279

Rental	262		—		—		262

Cost reimbursements	750		—		—		750
Revenue from contracts with customers	2,048		—		—		2,048

Financing	135		—		—		135
Total Revenues	$	2,183	$	—	$	—	$	2,183

Timing of Revenue from Contracts with Customers by Segment

The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.



	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,964	$	224	$	32	$	2,220
Goods or services transferred at a point in time	1,634		226		—		1,860
Revenue from contracts with customers	$	3,598	$	450	$	32	$	4,080



	2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,467	$	95	$	4	$	1,566
Goods or services transferred at a point in time	1,154		65		—		1,219
Revenue from contracts with customers	$	2,621	$	160	$	4	$	2,785



	2017
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,149	$	—	$	—	$	1,149
Goods or services transferred at a point in time	899		—		—		899
Revenue from contracts with customers	$	2,048	$	—	$	—	$	2,048

Receivables, Contract Assets & Contract Liabilities

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



($ in millions)	At December 31, 2019		At December 31, 2018
Receivables
Accounts receivable	$	164	$	164
Vacation ownership notes receivable, net	2,233		2,039
	$	2,397	$	2,203

Contract Liabilities
Advance deposits	$	187	$	171
Deferred revenue	433		383
	$	620	$	554

Revenue recognized during the year ended December 31, 2019 that was included in our contract liabilities balance at December 31, 2018 was $363 million.

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 December 31, 2019, 90 percent of this amount is expected to be recognized as revenue over the next two years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Goodwill impairment charges	$ 0

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 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)	345,000	165,000	238,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	56,649	56,649
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices (in usd per share)		$ 143.38
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share)	$ 175.37		$ 176.68
Maximum \| SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices (in usd per share)	$ 143.38

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Revenues



($ in millions)	2019		2018		2017
Vacation Ownership	$	3,869	$	2,803	$	2,183
Exchange & Third-Party Management	454		161		—
Total segment revenues	4,323		2,964		2,183
Corporate and other	32		4		—
	$	4,355	$	2,968	$	2,183

Adjusted EBITDA, Net Income, Depreciation and Amortization

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders



($ in millions)	2019			2018			2017
Adjusted EBITDA Vacation Ownership	$	800		$	511		$	383
Adjusted EBITDA Exchange & Third-Party Management	230			77			—
Reconciling items:
Corporate and other	(272		)	(169		)	(89		)
Interest expense	(132		)	(54		)	(10		)
Tax provision	(83		)	(51		)	(5		)
Depreciation and amortization	(141		)	(62		)	(21		)
Share-based compensation expense	(37		)	(35		)	(16		)
Certain items	(227		)	(162		)	(7		)
Net income attributable to common shareholders	$	138		$	55		$	235

Depreciation and Amortization



($ in millions)	2019		2018		2017
Vacation Ownership	$	68	$	37	$	17
Exchange & Third-Party Management	47		16		—
Total segment depreciation	115		53		17
Corporate and other	26		9		4
	$	141	$	62	$	21

Assets



($ in millions)	At December 31, 2019		At December 31, 2018
Vacation Ownership	$	7,345	$	7,275
Exchange & Third-Party Management	1,162		1,182
Total segment assets	8,507		8,457
Corporate and other	707		561
	$	9,214	$	9,018

Capital Expenditures (including inventory)



($ in millions)	2019		2018		2017
Vacation Ownership	$	266	$	245	$	174
Exchange & Third-Party Management	14		5		—
Total segment capital expenditures	280		250		174
Corporate and other	13		2		7
	$	293	$	252	$	181

Revenue by Geographic Areas

Revenues (excluding cost reimbursements)



($ in millions)	2019		2018		2017
United States	$	2,835	$	1,780	$	1,247
All other countries	412		263		186
	$	3,247	$	2,043	$	1,433

Fixed Assets by Geographic Areas

Fixed Assets



($ in millions)	At December 31, 2019		At December 31, 2018
United States	$	580	$	748
All other countries	171		203
	$	751	$	951

BUSINESS SEGMENTS - Additional Information (Details)	12 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Dec. 31, 2019 brand Segment	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Disclosure [Line Items]
Number of business segments \| Segment	2
Geographic Concentration Risk \| Revenue \| All other countries
Segment Reporting Disclosure [Line Items]
Concentration risk	13.00%	13.00%	13.00%
Vacation Ownership
Segment Reporting Disclosure [Line Items]
Number of brands \| brand	7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Our Business

Principles of Consolidation and Basis of Presentation



Fiscal Year	Fiscal Year-End Date	Number of Days
2019	December 31, 2019	365
2018	December 31, 2018	365
2017	December 31, 2017	366

Revenue Recognition

We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”).

Sale of Vacation Ownership Products

Management and Exchange Revenues and Cost Reimbursements Revenues

Ancillary Revenues

Management Fee Revenues and Cost Reimbursements Revenues

Other Services Revenues

rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition.

Financing Revenues

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

Rental Revenues

Arrangements with Multiple Performance Obligations

Receivables, Contract Assets & Contract Liabilities

Costs Incurred to Sell Vacation Ownership Products

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

Earnings Per Common Share

Earnings Per Share Attributable to Common Shareholders

Business Combinations


•	The expected use of the asset.


•	The expected useful life of another asset or a group of assets to which the useful life of the intangible asset may relate.


•	Any legal, regulatory, or contractual provisions that may limit the useful life.


•	Our own historical experience in renewing or extending similar arrangements, consistent with our intended use of the asset, regardless of whether those arrangements have explicit renewal or extension provisions.


•	The effects of obsolescence, demand, competition, and other economic factors.


•	The level of maintenance expenditures required to obtain the expected future cash flows from the asset.

Unanticipated events and circumstances may occur which could affect the accuracy or validity of our assumptions, estimates or actual results.

Variable Interest Entities

Fair Value Measurements


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

•

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

Cash and Cash Equivalents

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

Restricted Cash

Accounts Receivable

Vacation Ownership Notes Receivable Reserve

Originated Vacation Ownership Notes Receivable Reserve

Legacy-MVW Vacation Ownership Notes Receivable

For additional information on our Legacy-MVW vacation ownership notes receivable, including information on the related reserves, see Footnote 6 “Vacation Ownership Notes Receivable.”

Legacy-ILG Vacation Ownership Notes Receivable

On an ongoing basis, we monitor the 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.

•

For additional information on our Legacy-ILG vacation ownership notes receivable, including information on the related reserves, see Footnote 6 “Vacation Ownership Notes Receivable.”

Inventory

Property and Equipment

Leases

Impairment of Long-Lived Assets and Other Intangible Assets

Goodwill

Convertible Senior Notes

Derivative Instruments

Loss Contingencies

Defined Contribution Plan

Deferred Compensation Plan

Share-Based Compensation Costs

Non-U.S. Operations

Income Taxes

For information about income taxes, deferred tax assets and liabilities, and uncertain tax benefits, see Footnote 5 “Income Taxes.”

New Accounting Standards

Accounting Standards Update 2017-12 – “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”)

Accounting Standards Update 2016-02 – “Leases (Topic 842)” (“ASU 2016-02”)

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

Future Adoption of Accounting Standards

Accounting Standards Update 2016-13 – “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”)

Accounting Standards Update 2019-12 – “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”)

SECURITIZED DEBT - Narrative (Details)			3 Months Ended		12 Months Ended
SECURITIZED DEBT - Narrative (Details)	Oct. 10, 2019 USD ($)	May 23, 2019 USD ($)	Dec. 31, 2019 USD ($) Loan	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) Loan
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 315,000,000	$ 90,000,000		$ 459,000,000	$ 250,000,000
Number of notes receivable pools under performance triggers \| Loan					0
Number of consolidated note receivable pools outstanding \| Loan			12		12
Warehouse Credit Facility
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			$ (21,000,000)		$ (181,000,000)
Values of vacation ownership notes receivable that were securitized during the period			$ (26,000,000)		$ (213,000,000)
Advance rate for securitization			82.00%		85.00%
Cash flows between transferee and transferor proceeds			$ 21,000,000		$ 180,000,000
Funding of restricted cash			(1,000,000)		(1,000,000)
Warehouse Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount			$ 350,000,000		$ 350,000,000
Period of time that amounts outstanding are due upon termination of facility					13 months
MVW 2019-1 LLC \| Debt
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations		(450,000,000)
Debt, stated interest rate			2.94%		2.94%
MVW 2019-1 LLC \| Debt \| Class A Notes
Debt Instrument [Line Items]
Principal amount			$ 350,000,000		$ 350,000,000
Debt, stated interest rate			2.89%		2.89%
MVW 2019-1 LLC \| Debt \| Class B Notes
Debt Instrument [Line Items]
Principal amount			$ 67,000,000		$ 67,000,000
Debt, stated interest rate			3.00%		3.00%
MVW 2019-1 LLC \| Debt \| Class C Notes
Debt Instrument [Line Items]
Principal amount			$ 33,000,000		$ 33,000,000
Debt, stated interest rate			3.33%		3.33%
MVW 2019-2 LLC \| Debt
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations	$ (309,000,000)
Debt, stated interest rate			2.29%		2.29%
MVW 2019-2 LLC \| Debt \| Class A Notes
Debt Instrument [Line Items]
Principal amount			$ 232,000,000		$ 232,000,000
Debt, stated interest rate			2.22%		2.22%
MVW 2019-2 LLC \| Debt \| Class B Notes
Debt Instrument [Line Items]
Principal amount			$ 54,000,000		$ 54,000,000
Debt, stated interest rate			2.44%		2.44%
MVW 2019-2 LLC \| Debt \| Class C Notes
Debt Instrument [Line Items]
Principal amount			$ 23,000,000		$ 23,000,000
Debt, stated interest rate			2.68%		2.68%
MVW 2019 A LLC \| Debt
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations		$ (65,000,000)
MVW 2019 A LLC \| Debt \| Class A Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.42%		4.42%

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 141	$ 62	$ 21
Operating Segments
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	115	53	17
Operating Segments \| Vacation Ownership
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	68	37	17
Operating Segments \| Exchange & Third-Party Management
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	47	16	0
Corporate and other
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 26	$ 9	$ 4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation Costs (Details)	12 Months Ended
	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	4 years
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	3 years
Employees and Non Employee Directors \| SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	4 years
Stock awards, expiration from grant date	10 years

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On February 14, 2020, our Board of Directors declared a quarterly dividend of $0.54 per share to be paid on March 12, 2020 to shareholders of record as of February 27, 2020.

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment				$ 99	$ 0	$ 0
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

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Accounts receivable, net	$ 323	$ 323	$ 324
Accrued liabilities	397	397	246
Property and equipment	751	751	951
Finance lease liabilities	14	14
finance lease liabilities	14	14	17
San Francisco, California \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Accounts receivable, net	2	2
Notes receivable (less than)	1	1
Accrued liabilities	1	1
Maximum loss exposure, amount	2	2
New York City
Variable Interest Entity [Line Items]
Purchase of vacation ownership units	20
New York City \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Notes receivable (less than)	1	1
Accrued liabilities	1	1
Maximum loss exposure, amount	20	20
Property and equipment	28	28
Finance lease liabilities	8	8
Purchase of vacation ownership units	20
finance lease liabilities	7	7
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Voluntary repurchase of defaulted notes receivable		54	31	$ 28
Voluntary repurchase of other non-defaulted notes receivable	$ 356	$ 356	$ 39	$ 57

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
NET INCOME	$ 142	$ 52	$ 235
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	141	62	21
Amortization of debt discount and issuance costs	19	16	10
Vacation ownership notes receivable reserve	112	68	52
Share-based compensation	33	29	16
Impairment charges	99	0	0
(Gain) loss on disposal of property and equipment, net	(18)	1	2
Deferred income taxes	5	54	(61)
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	69	(38)	(9)
Vacation ownership notes receivable originations	(817)	(630)	(466)
Vacation ownership notes receivable collections	493	386	270
Inventory	65	9	45
Purchase of vacation ownership units for future transfer to inventory	(20)	0	(34)
Other assets	24	21	(21)
Accounts payable, advance deposits and accrued liabilities	17	21	39
Deferred revenue	10	40	9
Payroll and benefit liabilities	(25)	(8)	16
Deferred compensation liability	18	10	12
Other liabilities	23	0	0
Other, net	(8)	4	6
Net cash, cash equivalents and restricted cash provided by operating activities	382	97	142
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	0	(1,393)	0
Disposition of subsidiary shares to noncontrolling interest holder	0	40	0
Proceeds from collection of notes receivable	38	0	0
Capital expenditures for property and equipment (excluding inventory)	(46)	(40)	(26)
Purchase of company owned life insurance	(6)	(14)	(12)
Dispositions, net	51	0	0
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	37	(1,407)	(38)
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,026	539	400
Repayment of debt related to securitization transactions	(880)	(382)	(293)
Proceeds from debt	935	1,690	318
Repayments of debt	(820)	(215)	(88)
Finance lease payment	(12)	0	0
Purchase of convertible note hedges	0	0	(33)
Proceeds from issuance of warrants	0	0	20
Debt issuance costs	(20)	(34)	(15)
Repurchase of common stock	(465)	(96)	(88)
Payment of dividends	(81)	(51)	(38)
Payment of withholding taxes on vesting of restricted stock units	(15)	(18)	(11)
Other, net	1	0	(1)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(331)	1,433	171
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	0	3
Change in cash, cash equivalents and restricted cash	87	123	278
Cash, cash equivalents and restricted cash, beginning of period	614	491	213
Cash, cash equivalents and restricted cash, end of period	701	614	491
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends payable	23	21	11
Non-cash issuance of debt in connection with acquisition of vacation ownership units	0	0	64
Non-cash issuance of note receivable in connection with disposition to noncontrolling interest	0	23	0
Non-cash issuance of stock in connection with ILG Acquisition	2	1	1
Non-cash transfer from property and equipment to inventory	(71)	0	0
Property acquired via capital lease	0	9	0
SUPPLEMENTAL DISCLOSURES
Interest paid, net of amounts capitalized	167	55	22
Income taxes paid, net of refunds	53	41	49
ILG, Inc
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	59	19
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of stock in connection with ILG Acquisition	$ 0	$ 2,505	$ 0

BUSINESS SEGMENTS - Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 293	$ 252	$ 181
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	280	250	174
Operating Segments \| Vacation Ownership
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	266	245	174
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	14	5	0
Corporate and other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 13	$ 2	$ 7

SECURITIZED DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Securitized Vacation Ownership Debt

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



($ in millions)	At December 31, 2019			At December 31, 2018
Vacation ownership notes receivable securitizations, gross⁽¹⁾	$	1,850		$	1,590
Unamortized debt discount and issuance costs	(18		)	(11		)
	1,832			1,579

Warehouse Credit Facility, gross⁽²⁾	21			116
Unamortized debt issuance costs	(2		)	(1		)
	19			115

Other	20			20
	$	1,871		$	1,714

_________________________


⁽¹⁾	Interest rates as of December 31, 2019 range from 2.2% to 4.4%, with a weighted average interest rate of 2.9%

⁽²⁾

Effective interest rate as of December 31, 2019 was 2.9%

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our securitized debt as of December 31, 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
2020	$	186	$	1	$	2	$	189
2021	192		1		2		195
2022	195		2		2		199
2023	197		17		2		216
2024	199		—		3		202
Thereafter	881		—		9		890
	$	1,850	$	21	$	20	$	1,891

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2019.



($ in millions)	2026 Notes		2028 Notes		Term Loan		Revolving Corporate Credit Facility		Convertible Notes		Total
Payments Year
2020	$	—	$	—	$	9	$	—	$	—	$	9
2021	—		—		9		—		—		9
2022	—		—		9		—		230		239
2023	—		—		9		30		—		39
2024	—		—		9		—		—		9
Thereafter	750		350		848		—		—		1,948
	$	750	$	350	$	893	$	30	$	230	$	2,253

DEBT - Additional Information (Details)								1 Months Ended		3 Months Ended	11 Months Ended	12 Months Ended
DEBT - Additional Information (Details)	Dec. 09, 2019 $ / shares	Oct. 01, 2019 USD ($)	Sep. 05, 2019 $ / shares	May 09, 2019 $ / shares	Feb. 15, 2019 $ / shares	Sep. 04, 2018 USD ($)	Aug. 23, 2018 USD ($)	Dec. 31, 2019 USD ($) $ / shares shares	Nov. 07, 2018 USD ($)	Dec. 31, 2019 USD ($) $ / shares shares	Nov. 30, 2019	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares	Oct. 15, 2018 USD ($)	Sep. 30, 2018 USD ($)	Aug. 31, 2018 USD ($)	Sep. 21, 2017 shares	Sep. 20, 2017 shares
Debt Disclosure [Line Items]
Debt issuance costs												$ 20,000,000	$ 34,000,000	$ 15,000,000
Repayments of debt												$ 820,000,000	$ 215,000,000	$ 88,000,000
Cash dividends declared per share of common stock (in usd per share) \| $ / shares	$ 0.54		$ 0.45	$ 0.45	$ 0.45							$ 1.89	$ 1.65	$ 1.45
Senior Unsecured Notes \| Exchange Notes, net
Debt Disclosure [Line Items]
Debt instrument face amount						$ 88,000,000
Debt, stated interest rate																5.625%
Debt issuance costs						1,000,000
Senior Unsecured Notes \| IAC Notes
Debt Disclosure [Line Items]
Debt instrument face amount						$ 88,000,000			$ 140,000,000								$ 350,000,000
Debt, stated interest rate								5.625%		5.625%		5.625%
Debt instrument, repurchased face amount															$ 122,000,000
Repayments of debt									$ 123,000,000
Senior Unsecured Notes \| 2028 Notes
Debt Disclosure [Line Items]
Debt instrument face amount																$ 350,000,000
Debt, stated interest rate								4.75%		4.75%		4.75%
Proceeds from issuance of senior debt		$ 346,000,000
Senior Unsecured Notes \| 2026 Notes
Debt Disclosure [Line Items]
Debt instrument face amount																750,000,000
Debt, stated interest rate								6.50%		6.50%		6.50%
Proceeds from issuance of senior debt							$ 742,000,000
Convertible Notes \| Convertible Notes
Debt Disclosure [Line Items]
Debt instrument face amount														$ 230,000,000
Debt, stated interest rate														1.50%
Redemption price														100.00%
Conversion ratio										0.0000067988
Conversion price (in usd per share) \| $ / shares								$ 147.08		$ 147.08		$ 147.08		$ 148.19
Equity component, net of issuance costs								$ 33,000,000		$ 33,000,000		$ 33,000,000	$ 33,000,000
Interest rate, effective percentage								4.70%		4.70%		4.70%
Convertible debt, remaining discount amortization period												2 years 8 months 12 days
Percentage above common stock price to conversion price of convertible debt when instrument is eligible for conversion														30.00%
Corporate Credit Facility \| Minimum
Debt Disclosure [Line Items]
Commitment fee percentage												0.20%
Corporate Credit Facility \| Maximum
Debt Disclosure [Line Items]
Commitment fee percentage												0.40%
Corporate Credit Facility \| Term Loan
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity																$ 900,000,000
Corporate Credit Facility \| Revolving Corporate Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity								$ 600,000,000		$ 600,000,000		$ 600,000,000
Corporate Credit Facility \| Revolving Corporate Credit Facility \| Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity								$ 75,000,000		$ 75,000,000		$ 75,000,000
Floating Rate \| Corporate Credit Facility \| Term Loan \| Maximum
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate								1.75%			2.25%
Floating Rate \| Corporate Credit Facility \| Revolving Corporate Credit Facility \| Minimum
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate												0.50%
Floating Rate \| Corporate Credit Facility \| Revolving Corporate Credit Facility \| Maximum
Debt Disclosure [Line Items]
Debt instrument, percentage points added to the reference rate												2.75%
Convertible Note Hedges
Debt Disclosure [Line Items]
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
Exercise price of warrants (in usd per share) \| $ / shares								$ 175.37		$ 175.37		$ 175.37		$ 176.68
Warrants exercised (in shares) \| shares								0		0		0
Conversion Premium, Stock Price Exceeds The Conversion Price \| Convertible Notes \| Convertible Notes
Debt Disclosure [Line Items]
Effective percentage above common stock price to conversion price of convertible debt, as effected by convertible note hedge and warrant transactions														55.00%
Interest Rate Swap, September 2023
Debt Disclosure [Line Items]
Notional amount								$ 250,000,000		$ 250,000,000		$ 250,000,000
Fixed interest rate								2.9625%		2.9625%		2.9625%
Interest Rate Swap, April 2024
Debt Disclosure [Line Items]
Notional amount								$ 200,000,000		$ 200,000,000		$ 200,000,000
Fixed interest rate								2.248%		2.248%		2.248%
Interest Rate Contract
Debt Disclosure [Line Items]
Notional amount								$ 100,000,000		$ 100,000,000		$ 100,000,000
Cap interest rate								2.50%		2.50%		2.50%
Floor interest rate								1.881%		1.881%		1.881%

REVENUE (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Sources of Revenue by Segment

The following tables detail the sources of revenue by segment for each of the last three fiscal years.



	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	1,390	$	—	$	—		$	1,390

Ancillary revenues	243		4		—			247
Management fee revenues	146		47		(13		)	180
Other services revenues	120		247		160			527
Management and exchange	509		298		147			954

Rental	562		61		5			628

Cost reimbursements	1,137		91		(120		)	1,108
Revenue from contracts with customers	3,598		450		32			4,080

Financing	271		4		—			275
Total Revenues	$	3,869	$	454	$	32		$	4,355



	2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other			Total
Sale of vacation ownership products	$	990	$	—	$	—		$	990

Ancillary revenues	160		1		—			161
Management fee revenues	114		30		(4		)	140
Other services revenues	85		78		35			198
Management and exchange	359		109		31			499

Rental	352		18		1			371

Cost reimbursements	920		33		(28		)	925
Revenue from contracts with customers	2,621		160		4			2,785

Financing	182		1		—			183
Total Revenues	$	2,803	$	161	$	4		$	2,968



	2017
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	757	$	—	$	—	$	757

Ancillary revenues	118		—		—		118
Management fee revenues	89		—		—		89
Other services revenues	72		—		—		72
Management and exchange	279		—		—		279

Rental	262		—		—		262

Cost reimbursements	750		—		—		750
Revenue from contracts with customers	2,048		—		—		2,048

Financing	135		—		—		135
Total Revenues	$	2,183	$	—	$	—	$	2,183

Revenue, Remaining Performance Obligation

The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.



	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,964	$	224	$	32	$	2,220
Goods or services transferred at a point in time	1,634		226		—		1,860
Revenue from contracts with customers	$	3,598	$	450	$	32	$	4,080



	2018
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,467	$	95	$	4	$	1,566
Goods or services transferred at a point in time	1,154		65		—		1,219
Revenue from contracts with customers	$	2,621	$	160	$	4	$	2,785



	2017
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,149	$	—	$	—	$	1,149
Goods or services transferred at a point in time	899		—		—		899
Revenue from contracts with customers	$	2,048	$	—	$	—	$	2,048

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 December 31, 2019 or December 31, 2018.



($ in millions)	At December 31, 2019		At December 31, 2018
Receivables
Accounts receivable	$	164	$	164
Vacation ownership notes receivable, net	2,233		2,039
	$	2,397	$	2,203

Contract Liabilities
Advance deposits	$	187	$	171
Deferred revenue	433		383
	$	620	$	554

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,871	$ 1,714
Secured Debt, Net	1,871	1,714
Securitized debt
Debt Instrument [Line Items]
Long-term Debt	1,891
Securitized debt \| Other
Debt Instrument [Line Items]
Secured Debt, Net	20	20
Long-term Debt	20
Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt, gross	1,871	1,706
Variable Interest Entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt, gross	1,850	1,590
Unamortized debt discount and issuance costs	(18)	(11)
Secured Debt, Net	$ 1,832	1,579
Debt, weighted average interest rate	2.90%
Long-term Debt	$ 1,850
Variable Interest Entity \| Securitized debt \| Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	2.20%
Variable Interest Entity \| Securitized debt \| Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	4.40%
Variable Interest Entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, gross	$ 21	116
Unamortized debt issuance costs	(2)	(1)
Secured Debt, Net	$ 19	$ 115
Interest rate, effective percentage	2.90%
Long-term Debt	$ 21

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 54	$ 45
Average investment in notes receivable on non-accrual status	50
Non-Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	43	36
Average investment in notes receivable on non-accrual status	40
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	11	$ 9
Average investment in notes receivable on non-accrual status	$ 10

SHARE-BASED COMPENSATION - Changes in Outstanding Marriott Vacations Worldwide SARs Issued to Both Marriott International and Marriott Vacations Worldwide Employees and Directors (Details) - SARs $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Number of SARs
Outstanding at beginning of year (in shares) \| shares	697,178
Granted in period (in shares) \| shares	111,111
Exercised (in shares) \| shares	(112,142)
Forfeited (in shares) \| shares	0
Outstanding at year-end (in shares) \| shares	696,147
Weighted Average Exercise Price Per SAR
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 55.96
Granted (in usd per share) \| $ / shares	100.52
Exercised (in usd per share) \| $ / shares	24.23
Forfeited (in usd per share) \| $ / shares	0
Outstanding at year-end (in usd per share) \| $ / shares	$ 68.18
Intrinsic value, outstanding \| $	$ 44
Outstanding, weighted average remaining contractual life	5 years
Exercisable (in shares) \| shares	470,505
Exercisable, weighted average value (in usd per share) \| $ / shares	$ 51.63
Aggregate intrinsic value, exercisable \| $	$ 37
Outstanding, weighted average remaining contractual terms	4 years

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2019	4,731,176	465		98.24
As of December 31, 2019	16,418,950	$	1,258	$	76.60

Cash Dividend Declared

We declared cash dividends to holders of common stock during the year ended December 31, 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
December 9, 2019	December 23, 2019	January 6, 2020	$0.54

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 2	$ 2
Increases related to tax positions taken during a prior period	18	0
Increases related to tax positions taken during the current period	1	0
Decreases related to settlements with taxing authorities	0	0
Decreases as a result of a lapse of the applicable statute of limitations	0	0
Unrecognized tax benefit at end of year	$ 21	$ 2

PROPERTY AND EQUIPMENT - (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 280	$ 466
Buildings and leasehold improvements	389	404
Furniture, fixtures and other equipment	94	88
Information technology	312	297
Construction in progress	82	32
Property, plant and equipment, gross	1,157	1,287
Accumulated depreciation	(406)	(336)
Property, plant and equipment, net	$ 751	$ 951

ACQUISITIONS AND DISPOSITIONS - Consideration Transferred (Details) - ILG, Inc $ / shares in Units, shares in Millions, $ in Millions	Sep. 01, 2018 USD ($) $ / shares shares
Business Acquisition [Line Items]
Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares (in shares) \| shares	20.5
Marriott Vacations Worldwide common stock price as of Acquisition Date (in usd per share) \| $ / shares	$ 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
Cash acquired from acquisition	$ 154

CONTINGENCIES AND COMMITMENTS (Details)	1 Months Ended		3 Months Ended	12 Months Ended
CONTINGENCIES AND COMMITMENTS (Details)	Dec. 31, 2019 USD ($) vacation_ownership_unit	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) vacation_ownership_unit	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 29, 2020 USD ($) vacation_ownership_unit	Jan. 31, 2020 USD ($) vacation_ownership_unit	Sep. 30, 2017 Property
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 104,000,000			$ 104,000,000
Litigation settlement				7,000,000	$ 46,000,000	$ 4,000,000
Fraudulently induced electronic payments		$ 10,000,000
Recorded fraudulently induced electronic payment disbursements					(6,000,000)
Loss				(16,000,000)	(21,000,000)	(6,000,000)
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due	(65,000,000)			(65,000,000)
Commitment to purchase due in 2020	31,000,000			31,000,000
Commitment to purchase due in 2021	18,000,000			18,000,000
Commitment to purchase due in 2022	10,000,000			10,000,000
Commitment to purchase due in 2023	5,000,000			5,000,000
Commitment to purchase due in 2024	1,000,000			1,000,000
New York City
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due	(183,000,000)			(183,000,000)
Purchase of vacation ownership units	(20,000,000)
Commitment to purchase due in 2021	97,000,000			97,000,000
Minimum lease payments	7,000,000			7,000,000
Bali, Indonesia Resort
Commitments and Contingencies Disclosure [Line Items]
Commitment to purchase due in 2020	25,000,000			25,000,000
Commitment to purchase due in 2021	2,000,000			2,000,000
San Francisco, California
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due	(113,000,000)			(113,000,000)
Waikiki Hawaii
Commitments and Contingencies Disclosure [Line Items]
Commitment to purchase due in 2021	$ 98,000,000			$ 98,000,000
Fiscal Year 2019 \| Bali, Indonesia Resort
Commitments and Contingencies Disclosure [Line Items]
Expected number of ownership units to be acquired \| vacation_ownership_unit	88			88
Hurricane
Commitments and Contingencies Disclosure [Line Items]
Number of properties \| Property									20
Nonoperating income (expense)						$ 1,000,000
Gain on business interruption insurance recovery				$ 9,000,000	$ 32,000,000
Deductible				(3,000,000)
Agreements In Principle To Settle
Commitments and Contingencies Disclosure [Line Items]
Litigation settlement			$ (3,000,000)
Proceeds from legal settlements			$ (3,000,000)
Fraudulently Induced Electronic Payment Disbursements
Commitments and Contingencies Disclosure [Line Items]
Loss				4,000,000
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	$ 30,000,000			30,000,000
Guarantor obligations, maximum exposure, due remainder of fiscal year	11,000,000			11,000,000
Guarantor obligations, maximum exposure, due remainder of second year	9,000,000			9,000,000
Guarantor obligations, maximum exposure, due remainder of third year	4,000,000			4,000,000
Guarantor obligations, maximum exposure, due remainder of fourth year	2,000,000			2,000,000
Guarantor obligations, maximum exposure, due remainder of five year	1,000,000			1,000,000
Guarantor obligations, maximum exposure, due after fifth year	3,000,000			3,000,000
Revolving Corporate Credit Facility \| Corporate Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Revolving credit facility amount	$ 600,000,000			$ 600,000,000
Subsequent Event \| New York City
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due								$ (86,000,000)
Expected number of ownership units to be acquired \| vacation_ownership_unit								57
Subsequent Event \| San Francisco, California
Commitments and Contingencies Disclosure [Line Items]
Contractual commitments future minimum payments due							$ (25,000,000)
Commitment to purchase due in 2021							32,000,000
Commitment to purchase due in 2022							24,000,000
Commitment to purchase due in 2023							$ 32,000,000
Expected number of ownership units to be acquired \| vacation_ownership_unit							34

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 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.



Computation of Basic and Diluted Earnings Per Share Attributable to Common Shareholders
(in millions, except per share amounts)	2019⁽¹⁾		2018⁽¹⁾		2017⁽¹⁾
Computation of Basic Earnings Per Share Attributable to Common Shareholders
Net income attributable to common shareholders	$	138	$	55	$	235
Shares for basic earnings per share	43.9		33.3		27.1
Basic earnings per share	$	3.13	$	1.64	$	8.70
Computation of Diluted Earnings Per Share Attributable to Common Shareholders
Net income attributable to common shareholders	$	138	$	55	$	235
Shares for basic earnings per share	43.9		33.3		27.1
Effect of dilutive shares outstanding
Employee stock options and SARs	0.3		0.4		0.4
Restricted stock units	0.3		0.3		0.2
Shares for diluted earnings per share	44.5		34.0		27.7
Diluted earnings per share	$	3.09	$	1.61	$	8.49

_________________________


⁽¹⁾	The computations of diluted earnings per share attributable to common shareholders exclude approximately 345,000, 165,000 and 238,000 shares of common stock, the maximum number of shares issuable as of December 31, 2019,

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory and Capitalized Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Increase in carrying value of inventories	$ 8	$ 6	$ 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Present value of lease liabilities	$ 165
Operating lease assets	$ 155
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
Retained Earnings \| Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact of adoption of ASU 2016-02		$ 8

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,461
Ending balance	3,019	$ 3,461
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6)	0	$ 0
Other comprehensive loss before reclassifications	(15)	(6)	0
Reclassification to Income Statement	0	0	0
Net other comprehensive loss	(15)	(6)	0
Ending balance	$ (21)	$ (6)	$ 0

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

ILG Acquisition

On September 1, 2018, we completed the ILG Acquisition. The following table presents the fair value of each class of consideration transferred in the ILG Acquisition, 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

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date.



($ in millions)	September 1, 2018 (as finalized)
Vacation ownership notes receivable	$	753
Inventory	484
Property and equipment	382
Intangible assets	1,145
Other assets	707
Deferred revenue	(291		)
Deferred taxes	(138		)
Debt	(392		)
Securitized debt from VIEs	(718		)
Other liabilities	(605		)
Net assets acquired	1,327
Goodwill⁽¹⁾	2,890
	$	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 VOIs and generally have terms ranging from five to 15 years. We valued vacation ownership notes receivables 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 3). 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 December 31, 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
Measurement period adjustments	(4		)	66		62
Foreign exchange adjustments	1			1		2
Balance at December 31, 2019	$	2,445		$	447	$	2,892

Intangible Assets

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



($ in millions)	Estimated Fair Value		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⁾

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.

Acquired definite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. We recorded amortization expense of $59 million in 2019 and $19 million in 2018 in the Depreciation and amortization line of our Income Statements. For these assets, we estimate that our aggregate amortization expense will be $57 million for each of the next five fiscal years.

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 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)	2018		2017
Revenues	$	4,216	$	3,926
Net income	$	210	$	185
Net income attributable to common shareholders	$	211	$	182
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	4.49	$	3.83
Diluted	$	4.38	$	3.74

The unaudited pro forma results above include $54 million and $208 million of ILG acquisition-related costs for 2018 and 2017, respectively.

2019 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).

2019 Dispositions

Strategy Change

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.

During the fourth quarter of 2019, we disposed of excess land parcels in Cancun, Mexico and Avon, Colorado for proceeds of $62 million, of which $8 million is deferred until certain conditions associated with the sale have been met, as part of our strategic decision to reduce holdings in markets where we have excess supply. We recorded a combined net gain of $19 million in the Gains and other income, net line on our Income Statement for the year ended December 31, 2019.

2018 Acquisitions

Marco Island, Florida

During the fourth quarter of 2018, we acquired 92 completed vacation ownership units for $83 million and during the first quarter of 2018, we acquired 20 completed vacation ownership units for $24 million. Both transactions were accounted for as asset acquisitions with all of the purchase price allocated to Inventory.

2018 Dispositions

VRI Europe

As part of the ILG Acquisition, we acquired a 75.5 percent interest in VRI Europe Limited (“VRI Europe”), a joint venture comprised of a European vacation ownership resort management business, which was consolidated by MVW under the voting interest model. During the fourth quarter of 2018, we sold our interest in VRI Europe to an affiliate of the noncontrolling interest holder for our book value of $63 million, of which we received $40 million in cash in 2018. In addition, we recorded a receivable of $6 million due in 2019 and a note receivable of $17 million due in 2020 relating to the transaction, both of which we received in 2019.

2017 Acquisitions

Bali, Indonesia

During 2017, we acquired 51 completed vacation ownership units, as well as a sales gallery and related resort amenities, located in Bali, Indonesia for $24 million. The transaction was accounted for as an asset acquisition with the purchase price allocated to Inventory ($22 million) and Property and equipment ($2 million).

Marco Island, Florida

During 2017, we acquired 36 completed vacation ownership units located at our resort in Marco Island, Florida for $34 million. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Property and equipment. To ensure consistency with the expected related future cash flow presentation, the cash purchase price was included as an operating activity in the Purchase of vacation ownership units for future transfer to inventory line on our Cash Flow for the year ended December 31, 2017.

Big Island of Hawaii

During 2017, we acquired 112 completed vacation ownership units located on the Big Island of Hawaii. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Inventory. As consideration for the acquisition, we paid $27 million in cash, settled a note receivable from the seller of less than $1 million on a non-cash basis, and issued a non-interest bearing note payable for $64 million.

2017 Dispositions

We made no significant dispositions in 2017.

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Composition of Inventory

The following table shows the composition of our inventory balances:



($ in millions)	At Year-End 2019		At Year-End 2018
Finished goods⁽¹⁾	$	777	$	843
Work-in-progress	69		9
Real estate inventory	846		852
Other	13		11
	$	859	$	863

_________________________

⁽¹⁾

Represents completed inventory that is registered for sale as vacation ownership interests and inventory expected to be acquired pursuant to estimated future foreclosures.

ACQUISITIONS AND DISPOSITIONS - Pro Forma Results of Operations (Details) - ILG, Inc - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Revenues	$ 4,216	$ 3,926
Net income	210	185
Net income attributable to common shareholders	$ 211	$ 182
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 4.49	$ 3.83
Diluted (in usd per share)	$ 4.38	$ 3.74

ACQUISITIONS AND DISPOSITIONS - Deferred Revenue Narrative (Details)	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Business Acquisition [Line Items]
Expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 \| Minimum \| Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 \| Maximum \| Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	5 years

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Expected volatility	31.10%	30.78%	30.41%
Dividend yield	1.76%	1.11%	1.44%
Risk-free rate	2.59%	2.68%	2.06%
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months

BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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



Fiscal Year	Fiscal Year-End Date	Number of Days
2019	December 31, 2019	365
2018	December 31, 2018	365
2017	December 31, 2017	366

DEBT - Net Carrying Value of The Convertible Notes (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount	$ 2,253
Debt, net	2,216	$ 2,104
Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Principal amount	230	230
Unamortized debt discount	(20)	(26)
Unamortized debt issuance costs	(3)	(5)
Debt, net	207	199
Equity component, net of issuance costs	$ 33	$ 33

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Tax Provision

The following table presents the components of our earnings before income taxes for the last three fiscal years:



($ in millions)	2019		2018			2017
United States	$	190	$	108		$	232
Non-U.S. jurisdictions	35		(5		)	8
	$	225	$	103		$	240

Our (provision for) benefit from income taxes for the last three years consisted of:



($ in millions)		2019			2018			2017
Current	– U.S. Federal	$	(12	)	$	17		$	(49	)
	– U.S. State	(29		)	(1		)	(7		)
	– Non-U.S.	(36		)	(10		)	(7		)
		(77		)	6			(63		)

Deferred	– U.S. Federal	(28		)	(46		)	44
	– U.S. State	17			(9		)	(1		)
	– Non-U.S.	5			(2		)	15
		(6		)	(57		)	58
		$	(83	)	$	(51	)	$	(5	)

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

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



	2019	2018	2017
U.S. statutory income tax rate	21.0%	21.0%	35.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.2	4.2	2.5
Share-based compensation, net of Section 162(m) limitation⁽¹⁾	0.7	3.6	(2.5)
Transaction costs⁽²⁾	—	4.7	—
Other permanent differences⁽³⁾	3.9	4.2	(0.6)
Impact related to the Tax Cuts and Jobs Act of 2017	—	1.2	(27.1)
Foreign tax rate changes	—	(0.1)	(2.0)
Non-U.S. income (loss)⁽⁴⁾	2.2	3.9	(2.6)
Foreign tax credits	(6.3)	(1.4)	(0.1)
Unrecognized tax benefits	3.1	—	—
Change in valuation allowance⁽⁵⁾	7.0	8.6	—
Other items	1.1	(0.1)	(0.7)
Effective rate	36.9%	49.8%	1.9%

_________________________


⁽¹⁾	The 2018 increase is attributable to non-deductible executive compensation under provisions of the Tax Cuts and Jobs Act of 2017.


⁽²⁾	Attributed to non-deductible transaction costs incurred as a result of the ILG Acquisition.


⁽³⁾	Primarily due to non-deductible meal and entertainment expenses and new foreign tax provisions, under provisions of the Tax Cuts and Jobs Act of 2017.


⁽⁴⁾	Attributed to the difference between U.S. and foreign income tax rates and other foreign adjustments.

⁽⁵⁾

For the years ended December 31, 2019, 2018 and 2017, the provision for income taxes included $2 million, $2 million, and $6 million of excess tax benefits resulting from equity incentive plan activities, respectively.

We conduct business in countries that grant “holidays” from income taxes for ten to thirty year periods. These holidays expire through 2034.

Other

During 2019, we finalized our purchase price allocation for the ILG Acquisition and established a reserve of $45 million for non-income tax issues related to Legacy-ILG. We expect that we will be indemnified for liabilities of $13 million in connection with these non-income 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. (“Vistana”), and Interval Leisure Group, Inc. (“Interval Leisure Group”), and consequently have recorded a corresponding indemnification asset.

Deferred Income Taxes

The following table presents the significant components of our deferred tax assets and liabilities:



($ in millions)	At Year-End 2019			At Year-End 2018
Deferred Tax Assets
Inventory	$	111		$	145
Reserves	74			84
Deferred revenue	12			22
Property and equipment	64			54
Net operating loss and capital loss carryforwards	61			59
Tax credits	37			24
Right-of-use asset	3			—
Other, net	58			21
Deferred tax assets	420			409
Less valuation allowance	(97		)	(106		)
Net deferred tax assets	323			303

Deferred Tax Liabilities
Long lived intangible assets	(234		)	(234		)
Deferred sales of vacation ownership interests	(357		)	(377		)
Right-of-use liability	(3		)	—
Deferred tax liabilities	(594		)	(611		)

Total net deferred tax liabilities	$	(271	)	$	(308	)

Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. We recorded a change of $9 million to the valuation allowance in 2019 related to the expiration of a fully valued capital loss carryforward.

We have $56 million of foreign net operating loss carryforwards, some of which begin expiring in 2020; however, a significant portion of these have indefinite carryforward periods. We have $1 million of federal net operating loss carryforwards and $6 million of state net operating loss carryforwards, of which less than $1 million will expire within the next five years. We have U.S. federal foreign tax credit carryforwards of $29 million and $7 million of state tax credit carryforwards.

As a result of the Tax Cuts and Jobs Act of 2017, distribution of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future. However, distributions may be subject to non-U.S. withholding taxes if profits are distributed from certain jurisdictions. Our present intention is to indefinitely reinvest residual historic undistributed accumulated earnings associated with certain foreign subsidiaries. We have not provided for deferred taxes on outside basis differences in our investments in these foreign subsidiaries, and such estimates are not practicable to be determined.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:



($ in millions)	2019		2018
Unrecognized tax benefit at beginning of year	$	2	$	2
Increases related to tax positions taken during a prior period	18		—
Increases related to tax positions taken during the current period	1		—
Decreases related to settlements with taxing authorities	—		—
Decreases as a result of a lapse of the applicable statute of limitations	—		—
Unrecognized tax benefit at end of year	$	21	$	2

As of December 31, 2019 and 2018, the total unrecognized tax benefits related to uncertain income tax positions, which would affect the effective tax rate if recognized, were $21 million and $2 million, respectively. The total amount of gross interest and penalties accrued were $41 million and less than $1 million for the years ended December 31, 2019 and 2018, respectively. We anticipate $41 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood, Vistana, and Interval Leisure Group, and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefit, including accrued interest and penalties are included in other liabilities on the consolidated balance sheet.

Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for tax years 2012 through 2017. It is reasonably possible the amount of the unrecognized tax benefit could increase or decrease within the next twelve months as a result of certain audit settlements, which would have an impact on net income.

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment

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



($ in millions)	2019		2018		2017
Service-based RSUs	$	17	$	12	$	10
Performance-based RSUs	7		7		4
ILG Acquisition Converted RSUs	10		13		—
	34		32		14
SARs	3		3		2
Stock options	—		—		—
	$	37	$	35	$	16

Schedule of Unrecognized Compensation Cost

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



($ in millions)	At Year-End 2019⁽¹⁾		At Year-End 2018
Service-based RSUs	$	17	$	16
Performance-based RSUs	10		7
ILG Acquisition Converted RSUs	3		15
	30		38
SARs	1		1
Stock options	—		—
	$	31	$	39

_________________________

⁽¹⁾

As of December 31, 2019, the weighted average remaining term for RSU grants outstanding at year-end 2019 was one to two years and we expect that deferred compensation expense will be recognized over a weighted average period of one to three years.

Additional Information on Outstanding RSUs Issued to Employees

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



	2019
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2018	753,581	$	89.66	307,080	$	87.75	1,060,661	$	89.11
Granted	194,075	$	96.16	325,638	$	95.36	519,713	$	95.66
Distributed	(278,729)	$	101.49	(76,839)	$	58.40	(355,568)	$	92.18
Forfeited	(20,352)	$	110.44	(66,557)	$	58.90	(86,909)	$	70.97
Outstanding at year-end 2019	648,575	$	85.87	489,322	$	101.35	1,137,897	$	92.53

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

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



	2019
	Number of SARs		Weighted Average Exercise Price Per SAR
Outstanding at year-end 2018	697,178		$	55.96
Granted	111,111		$	100.52
Exercised	(112,142	)	$	24.23
Forfeited or expired	—		$	—
Outstanding at year-end 2019⁽¹⁾⁽²⁾	696,147		$	68.18

_________________________


⁽¹⁾	As of December 31, 2019, outstanding SARs had a total intrinsic value of $44 million and a weighted average remaining term of 5 years.

⁽²⁾

As of December 31, 2019, 470,505 SARs with a weighted average exercise price of $51.63, an aggregate intrinsic value of $37 million and a weighted average remaining contractual term of 4 years were exercisable.

Assumptions used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants in 2019, 2018 and 2017:



	2019	2018	2017
Expected volatility	31.10%	30.78%	30.41%
Dividend yield	1.76%	1.11%	1.44%
Risk-free rate	2.59%	2.68%	2.06%
Expected term (in years)	6.25	6.25	6.25

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Dec. 31, 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	$ 39

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Share-based compensation, excess tax benefit	$ 2	$ 2	$ 6
Other liabilities, tax matters	45
Change in valuation allowance	9
Net operating loss carry-forwards	61	59
Net operating loss carry forwards, subject to expiration	1
Tax credit carryforward	37	24
Deferred tax liabilities	594	611
Unrecognized tax benefits that would impact effective tax rate	21	2
Penalties and interest accrued	41	$ 1
Foreign
Income Taxes [Line Items]
Net operating loss carry-forwards	56
Federal
Income Taxes [Line Items]
Net operating loss carry-forwards	1
Tax credit carryforward	29
State
Income Taxes [Line Items]
Net operating loss carry-forwards	6
Tax credit carryforward	$ 7
Minimum
Income Taxes [Line Items]
Income tax holiday period	10 years
Maximum
Income Taxes [Line Items]
Income tax holiday period	30 years
Indemnified Tax Liability
Income Taxes [Line Items]
Other liabilities, tax matters	$ 13
Penalties and interest accrued	$ 41

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable (Details) - Legacy ILG - Originated - ILG - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 428	$ 126
Current	401	124
Delinquent & Defaulted	27	2
30 - 59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	8	2
60 - 89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	6	0
90 - 119 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	4	0
120 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	$ 9	$ 0

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	3,000
Outstanding (in usd per share)	$ 20.62
Share-based compensation expense	$ 37	$ 35	$ 16
Payroll and benefits liability	$ 186	$ 210
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	6,000,000
Number of shares available for grant	1,000,000
Stock options outstanding (in shares)	0	0
Stock options exercisable (in shares)	0	0
Grants in period (in shares)	0	0	0
Share-based compensation expense	$ 0	$ 0	$ 0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)	$ 95.66
Aggregate intrinsic value, vested (less than)	$ 34	$ 48	18
Outstanding awards (in shares)	1,137,897	1,060,661
Share-based compensation expense	$ 34	$ 32	$ 14
Nonvested awards (in usd per share)	$ 92.53	$ 89.11
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)	$ 28.89	$ 44.75	$ 27.63
Aggregate intrinsic value, vested (less than)	$ 4	$ 1	$ 6
Aggregate intrinsic value, exercised	$ 11	$ 2	19
Outstanding awards (in shares)	696,147	697,178
Share-based compensation expense	$ 3	$ 3	$ 2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	500,000
Percentage of fair market value of common stock (not less than)	95.00%
Employees and Non Employee Directors \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)		$ 120.04	$ 95.12
ILG, Inc \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, vested (less than)	$ 15	$ 24
Legacy ILG \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	1,000,000

REVENUE - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 4,080	$ 2,785	$ 2,048
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3,598	2,621	2,048
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	450	160	0
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	2,220	1,566	1,149
Services transferred over time \| Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,964	1,467	1,149
Services transferred over time \| Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	224	95	0
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,860	1,219	899
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	1,634	1,154	899
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	226	65	0
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	32	4	0
Corporate and other \| Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	32	4	0
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