0001524358-21-000016 | 10-K | XBRL Viewer | Marriott Vacations Worldwide Corp

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income (loss) before provision for income taxes by geographic region

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


($ in millions)	2020		2019		2018
United States	$	(255)	$	190	$	108
Non-U.S. jurisdictions	(85)		35		(5)
	$	(340)	$	225	$	103

Benefit from (provision for) income taxes

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


($ in millions)		2020		2019		2018
Current	– U.S. Federal	$	31	$	(12)	$	17
	– U.S. State	1		(29)		(1)
	– Non-U.S.	11		(36)		(10)
		43		(77)		6

Deferred	– U.S. Federal	26		(28)		(46)
	– U.S. State	9		17		(9)
	– Non-U.S.	6		5		(2)
		41		(6)		(57)
		$	84	$	(83)	$	(51)

Reconciliation of US statutory income tax rate to our effective income tax rate

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


	2020	2019	2018
U.S. statutory income tax rate	21.0%	21.0%	21.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.5	4.2	4.2
Share-based compensation, net of Section 162(m) limitation(1)	0.2	0.7	3.6
Transaction costs(2)	—	—	4.7
Other permanent differences(3)	(8.0)	3.9	4.2
Impact related to the CARES Act of 2020	6.0	—	—
Impact related to the Tax Cuts and Jobs Act of 2017	—	—	1.2
Foreign tax rate changes	0.4	—	(0.1)
Non-U.S. income (loss)(4)	2.4	2.2	3.9
Foreign tax credits	—	(6.3)	(1.4)
Unrecognized tax benefits	5.2	3.1	—
Change in valuation allowance(5)	(7.5)	7.0	8.6
Other items	0.4	1.1	(0.1)
Effective rate	24.6%	36.9%	49.8%

_________________________

(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)The 2020 change is primarily attributable to non-deductible goodwill impairment recorded due to the impact of COVID-19. For 2019 and 2018, 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 2020, primarily attributable to the increase of the valuation allowance on Spanish and Mexican entities and to losses and future deductions in foreign jurisdictions for which a tax benefit has not been recognized through establishment of valuation allowances. 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.

Components of deferred tax assets and liabilities

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


($ in millions)	At Year-End 2020		At Year-End 2019
Deferred Tax Assets
Inventory	$	83	$	117
Reserves	98		77
Deferred revenue	12		14
Property and equipment	72		74

Net operating loss and capital loss carryforwards	98		61
Tax credits	31		37
Right-of-use asset	2		3
Other, net	113		95
Deferred tax assets	509		478
Less valuation allowance	(106)		(97)
Net deferred tax assets	403		381

Deferred Tax Liabilities
Long lived intangible assets	(233)		(244)
Deferred sales of vacation ownership interests	(362)		(363)
Right-of-use liability	(2)		(3)
Other, net	(43)		(42)
Deferred tax liabilities	(640)		(652)

Total net deferred tax liabilities	$	(237)	$	(271)

Schedule of unrecognized tax benefits

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


($ in millions)	2020		2019		2018
Unrecognized tax benefit at beginning of year	$	21	$	2	$	2
Increases related to tax positions taken during a prior period	6		18		—
Increases related to tax positions taken during the current period	2		1		—
Decreases related to settlements with taxing authorities	(14)		—		—

Decreases as a result of a lapse of the applicable statute of limitations	(1)		—		—
Unrecognized tax benefit at end of year	$	14	$	21	$	2

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Revenue from contracts with customers	$ 2,619	$ 3,984	$ 2,785
Financing	267	275	183
Cost reimbursements	1,042	1,108	925
TOTAL REVENUES	2,886	4,259	2,968
EXPENSES
Marketing and sales	419	748	527
Financing	107	91	65
General and administrative	154	248	198
Depreciation and amortization	123	141	62
Litigation charges	6	7	46
Restructuring	25	0	0
Royalty fee	95	106	78
Impairment	100	99	0
Cost reimbursements	1,042	1,108	925
TOTAL EXPENSES	2,984	3,801	2,701
(Losses) gains and other (expense) income, net	(26)	16	21
Interest expense	(150)	(132)	(54)
ILG acquisition-related costs	(62)	(118)	(127)
Other	(4)	1	(4)
(LOSS) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	(340)	225	103
Benefit (provision) for income taxes	84	(83)	(51)
NET (LOSS) INCOME	(256)	142	52
Net (income) loss attributable to noncontrolling interests	(19)	(4)	3
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (275)	$ 138	$ 55
(LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ (6.65)	$ 3.13	$ 1.64
Diluted (in usd per share)	(6.65)	3.09	1.61
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.54	$ 1.89	$ 1.65
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 546	$ 1,354	$ 990
EXPENSES
Expenses	150	349	260
Management and exchange
REVENUES
Revenue from contracts with customers	755	949	499
EXPENSES
Expenses	442	547	259
Rental
REVENUES
Revenue from contracts with customers	276	573	371
EXPENSES
Expenses	$ 321	$ 357	$ 281

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Restricted cash	$ 468	$ 414
Accounts Receivable, including VIE, after allowance for credit loss	276	323
Vacation ownership notes receivable, net	1,840	2,233
Other Assets	471	461
Accrued Liabilities	349	397
Securitized debt	$ 1,588	$ 1,871
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)	75,279,061	75,020,272
Treasury stock, shares (in shares)	34,184,813	33,438,176
Variable Interest Entity
Restricted cash	$ 68	$ 64
Accounts Receivable, including VIE, after allowance for credit loss	11	13
Vacation ownership notes receivable, net	1,493	1,750
Other Assets	54	39
Accrued Liabilities	1	2
Securitized debt	$ 1,604	$ 1,871

BASIS OF PRESENTATION (Details)	12 Months Ended
BASIS OF PRESENTATION (Details)	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%

REVENUE - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	$ 2,619	$ 3,984	$ 2,785
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	1,819	2,134	1,566
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	800	1,850	1,219
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	2,265	3,490	2,621
Vacation Ownership \| Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	1,616	1,896	1,467
Vacation Ownership \| Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	649	1,594	1,154
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	307	450	160
Exchange & Third-Party Management \| Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	156	194	95
Exchange & Third-Party Management \| Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	151	256	65
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	47	44	4
Corporate and other \| Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	47	44	4
Corporate and other \| Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	$ 0	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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.” 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 (loss) 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. The uncertainty created by the COVID-19 pandemic (as defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from these estimated amounts. We have reclassified certain prior year amounts to conform with our current year presentation. COVID-19 Pandemic Update In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak a global pandemic (“COVID-19,” “the COVID-19 pandemic,” “the pandemic,” or “the virus”), and since then the world has been, and continues to be, impacted by this virus. National, federal, state, and local governments have since implemented various travel restrictions, border closings, restrictions on public gatherings, mandatory quarantines, shelter-in-place mandates and limitations on business operations. The COVID-19 pandemic had a swift and unexpected adverse impact on the global economic landscape, with an especially significant adverse impact on the travel and hospitality industries. The results of operations for 2020 include impacts related to the COVID-19 pandemic, which have been significantly adverse for our business. The COVID-19 pandemic and measures to prevent or slow the spread of the virus impacted our businesses in a number of ways. In our vacation ownership segment, due to low occupancy rates and based on various governmental mandates and advisories, we closed all of our sales centers and several of our resorts and reduced operations and amenities at our resorts over the course of 2020. These actions led to a material decrease in contract sales and rental revenues from our vacation ownership business. In our Exchange & Third-Party Management business, the closures of certain affiliated resorts and managed properties had an adverse impact on our business, and the closure of a large number of resorts, and their decision not to take reservations, during a portion of the year resulted in a decrease in management and exchange revenues. In response to the evolving situation and in anticipation of continued possible disruptions, we took action to implement various cost saving measures and to preserve liquidity through restructuring our workforce and corporate debt. See Footnote 3 “Restructuring Charges” for more information about the restructuring charges recorded as a result of the COVID-19 pandemic. Also see Footnote 17 “Debt” for information on the steps taken to preserve liquidity during these uncertain times. 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 4 “Acquisitions and Dispositions” for more information on the ILG Acquisition.

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended						12 Months Ended
	Dec. 31, 2019 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) vacation_ownership_unit	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) vacation_ownership_unit resort	Dec. 31, 2018 USD ($) vacation_ownership_unit	Mar. 31, 2018 USD ($) vacation_ownership_unit	Dec. 31, 2020 USD ($) Property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) vacation_ownership_unit
Business Acquisition
Purchase of vacation ownership units for future transfer to inventory								$ 61	$ 20	$ 0
Number of businesses acquired \| Property								4
(Losses) gains and other (expense) income, net								$ (26)	16	21
Notes receivable		$ 1
Dispositions, net								15	51	0
Impairment								100	99	0
Disposition of subsidiary shares to noncontrolling interest holder										(51)
Disposition of subsidiary shares to noncontrolling interest holder								0	0	40
ILG, Inc
Business Acquisition
Business combinations, pro forma, acquisition-related costs										$ 54
Land
Business Acquisition
(Losses) gains and other (expense) income, net								6
Dispositions, net		15
Other Affiliates
Business Acquisition
(Losses) gains and other (expense) income, net		$ (5)
Strategic Change
Business Acquisition
Impairment					$ 72
Strategic Change \| Land
Business Acquisition
Impairment					9
Strategic Change \| Land and Land Improvements
Business Acquisition
Impairment					$ 61
Number of resorts \| resort					3
Strategic Change \| Ancillary Business
Business Acquisition
Impairment					$ 2
Gains on sales of other real estate									19
New York City
Business Acquisition
Number of vacation ownership units acquired \| vacation_ownership_unit			57
Asset acquisition, consideration transferred			$ 89
Purchase of vacation ownership units for future transfer to inventory	$ 20		22
Asset acquisition, recognized identifiable assets acquired, property and equipment			67
Asset acquisition, recognized identifiable assets acquired, inventory			$ 22
San Francisco, California
Business Acquisition
Number of vacation ownership units acquired \| vacation_ownership_unit			34		78
Asset acquisition, consideration transferred			$ 26		$ 58
Purchase of vacation ownership units for future transfer to inventory			5
Asset acquisition, recognized identifiable assets acquired, property and equipment			3		10
Asset acquisition, recognized identifiable assets acquired, inventory			18		$ 48
Asset acquisition, recognized identifiable assets acquired, other assets			$ 5
Marco Island, Florida
Business Acquisition
Number of vacation ownership units acquired \| vacation_ownership_unit						92	20			92
Purchase of vacation ownership units for future transfer to inventory						$ 83	$ 24
Cancun Mexico and Avon Colorado
Business Acquisition
Significant acquisitions and disposals consideration received and receivable				$ 62
Significant acquisitions and disposals consideration receivable	8			8					8
VRI Europe Limited
Business Acquisition
Notes receivable								$ 17
Percentage of voting interests acquired								75.50%
Disposition of subsidiary shares to noncontrolling interest holder						$ 63
Disposition of subsidiary shares to noncontrolling interest holder										$ 40
Financing receivable, before allowance for credit loss, current	$ 6			$ 6					$ 6

INCOME TAXES - Provision Taxes by Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ (255)	$ 190	$ 108
Non-U.S. jurisdictions	(85)	35	(5)
INCOME BEFORE INCOME TAXES	$ (340)	$ 225	$ 103

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Depreciation by Segment
Depreciation and amortization	$ 123	$ 141	$ 62
Operating Segments
Reconciliation of Depreciation by Segment
Depreciation and amortization	90	115	53
Operating Segments \| Vacation Ownership
Reconciliation of Depreciation by Segment
Depreciation and amortization	71	68	37
Operating Segments \| Exchange & Third-Party Management
Reconciliation of Depreciation by Segment
Depreciation and amortization	19	47	16
Corporate and other
Reconciliation of Depreciation by Segment
Depreciation and amortization	$ 33	$ 26	$ 9

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Classifications of consolidated vie assets and liabilities

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, 2020:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,493	$	—	$	1,493
Interest receivable	11		—		11
Restricted cash	68		—		68
Total	$	1,572	$	—	$	1,572
Consolidated Liabilities
Interest payable	$	1	$	—	$	1
Securitized debt	1,604		—		1,604
Total	$	1,605	$	—	$	1,605

Interest income and expense recognized as a result of our involvement with variable interest entities

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2020:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	222	$	17	$	239
Interest expense to investors	$	51	$	4	$	55
Debt issuance cost amortization	$	7	$	1	$	8
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)	2020		2019
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	371	$	815
Principal receipts	487		477
Interest receipts	218		214
Reserve release	16		184
Total	1,092		1,690
Cash Outflows
Principal to investors	(509)		(507)
Voluntary repurchases of defaulted vacation ownership notes receivable	(95)		(54)
Voluntary clean-up call	(18)		(22)
Interest to investors	(49)		(49)
Funding of restricted cash	(20)		(169)
Total	(691)		(801)
Net Cash Flows	$	401	$	889

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


($ in millions)	2020		2019
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	315	$	202
Principal receipts	34		14
Interest receipts	17		13
Reserve release	2		2
Total	368		231
Cash Outflows
Principal to investors	(33)		(12)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)		—
Repayment of Warehouse Credit Facility	(300)		(285)
Interest to investors	(4)		(4)
Funding of restricted cash	(2)		(2)
Total	(342)		(303)
Net Cash Flows	$	26	$	(72)

- 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

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.


	At December 31, 2020				At December 31, 2019
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable	$	1,840	$	1,886	$	2,233	$	2,264
Other assets	60		60		45		45
	$	1,900	$	1,946	$	2,278	$	2,309

Securitized debt, net	$	(1,588)	$	(1,653)	$	(1,871)	$	(1,924)
2025 Notes, net	(494)		(533)		—		—
2026 Notes, net	(744)		(784)		(742)		(824)
2028 Notes, net	(346)		(359)		(345)		(358)
Term Loan, net	(873)		(864)		(881)		(899)
Revolving Corporate Credit Facility, net	—		—		(27)		(27)
2022 Convertible notes, net	(215)		(262)		(207)		(247)
	$	(4,260)	$	(4,455)	$	(4,073)	$	(4,279)

Vacation Ownership Notes Receivable


	At December 31, 2020				At December 31, 2019
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Securitized	$	1,493	$	1,530	$	1,750	$	1,771

Eligible for securitization	128		137		165		175
Not eligible for securitization	219		219		318		318
Non-securitized	347		356		483		493
	$	1,840	$	1,886	$	2,233	$	2,264

We estimate the fair value of our 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 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 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 vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining 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 $54 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 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.

2025 Notes, 2026 Notes, and 2028 Notes

We estimate the fair value of our 2025 Notes, 2026 Notes, and 2028 Notes (each as defined in Footnote 17 “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.

Term Loan

We estimate the fair value of our Term Loan (as defined in Footnote 17 “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 17 “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.

2022 Convertible Notes

We estimate the fair value of our 2022 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 2022 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 2022 Convertible Notes.

RESTRUCTURING CHARGES - Restructuring and Related Charges (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve
Cost reimbursement revenues	$ 6
Restructuring Expenses	(6)
Restructuring	25
Vacation Ownership
Restructuring Cost and Reserve
Cost reimbursement revenues	4
Restructuring Expenses	(4)
Restructuring	15
Exchange & Third-Party Management
Restructuring Cost and Reserve
Cost reimbursement revenues	2
Restructuring Expenses	(2)
Restructuring	4
Corporate and Other
Restructuring Cost and Reserve
Cost reimbursement revenues	0
Restructuring Expenses	0
Restructuring	$ 6

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, 2020
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	$ 2,233	$ 1,840
Impairment recognized on acquired vacation owner ship notes receivable	7
Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,750	1,493
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	165	128
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	318	219
Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	483	347
Originated
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,794	1,531
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,378	1,220
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	155	126
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	261	185
Originated \| Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	416	311
Acquired
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	439	309
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	372	273
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	10	2
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	57	34
Acquired \| Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	$ 67	$ 36

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
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)	75,279,061	75,020,272
Common stock, shares outstanding (in shares)	41,094,248	41,582,096
Treasury stock, shares (in shares)	34,184,813	33,438,176
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
Noncontrolling interests	$ 31	$ 12
Property Owners Associations
Business Acquisition
Noncontrolling interests	$ 31	$ (12)

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Legacy MVW
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 114	$ 54
Legacy MVW \| Non-securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	100	43
Legacy MVW \| Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	14	11
Legacy ILG
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	121	49
Legacy ILG \| Non-securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	109	40
Legacy ILG \| Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 12	$ 9

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Share-based compensation, excess tax benefit	$ 4,000,000	$ 2,000,000	$ 2,000,000
Business combination provisional Information adjustment other liabilities tax matters		46,000,000
Net operating loss and capital loss carryforwards	98,000,000	61,000,000
Net operating loss carry forwards, subject to expiration	0
Tax credit carryforward	31,000,000	37,000,000
Unrecognized tax benefits that would impact effective tax rate	14,000,000	21,000,000
Unrecognized tax benefits, income tax penalties and interest accrued	25,000,000	41,000,000
Foreign Tax Authority
Income Taxes
Change in valuation allowance	12,000,000
Net operating loss and capital loss carryforwards	70,000,000
Domestic Tax Authority
Income Taxes
Net operating loss and capital loss carryforwards	15,000,000
Tax credit carryforward	20,000,000
Capital loss carryforwards	1,000,000
State and Local Jurisdiction
Income Taxes
Net operating loss and capital loss carryforwards	11,000,000
Tax credit carryforward	11,000,000
Indemnified Tax Liability
Income Taxes
Business combination provisional Information adjustment other liabilities tax matters		$ 8,000,000
Unrecognized tax benefits, income tax penalties and interest accrued	$ 4,000,000
Minimum
Income Taxes
Income tax holiday period	10 years
Maximum
Income Taxes
Income tax holiday period	30 years

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Repurchase Program
Number of Shares Repurchased, Beginning of period (in shares)	33,438,176
Cost of Shares Repurchased	$ 82	$ 465	$ 96
Number of Shares Repurchased, End of period (in shares)	34,184,813	33,438,176
Treasury Stock
Stock Repurchase Program
Number of Shares Repurchased, Beginning of period (in shares)	16,418,950
Cost of Shares Repurchased, Beginning of period	$ 1,258
Average Price Paid per Share, Beginning of period (in usd per share)	$ 76.60
Repurchase of common stock (in shares)	769,935
Cost of Shares Repurchased	$ 82	$ 465	$ 96
Average Price Paid per Share, for the year (in usd per share)	$ 106.60
Number of Shares Repurchased, End of period (in shares)	17,188,885	16,418,950
Cost of Shares Repurchased, End of period	$ 1,340	$ 1,258
Average Price Paid per Share, End of period (in usd per share)	$ 77.95	$ 76.60

LEASES - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating cash flows for finance leases	$ 1	$ 1
Operating cash flows for operating leases	41	39
Financing cash flows for finance leases	11	12	$ 0
Right-of-use assets obtained in exchange for lease obligations
Operating leases	27	33
Finance leases	$ 7	$ 3

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Debt, gross	$ 2,214
Net carrying amount of the liability component	2,680	$ 2,216
Finance leases	8	14
Carrying Amount
Debt Instrument
Net carrying amount of the liability component	2,680	2,216
Finance leases	8	14
2025 Notes \| Senior notes
Debt Instrument
Debt, gross	500	0
Unamortized debt discount and issuance costs	(6)	0
Net carrying amount of the liability component	494	0
2026 Notes \| Senior notes
Debt Instrument
Debt, gross	750	750
Unamortized debt discount and issuance costs	(6)	(8)
Net carrying amount of the liability component	744	742
2028 Notes \| Senior notes
Debt Instrument
Debt, gross	350	350
Unamortized debt discount and issuance costs	(4)	(5)
Net carrying amount of the liability component	346	345
Term Loan \| Corporate Credit Facility
Debt Instrument
Debt, gross	884	893
Unamortized debt discount and issuance costs	(11)	(12)
Net carrying amount of the liability component	873	881
Revolving Corporate Credit Facility, net \| Corporate Credit Facility
Debt Instrument
Debt, gross		30
Unamortized debt issuance costs	(3)	(3)
Net carrying amount of the liability component	0	27
2022 Convertible Notes \| Convertible Notes
Debt Instrument
Debt, gross	230	230
Unamortized debt issuance costs	(2)	(3)
Net carrying amount of the liability component	215	207
2022 Convertible Notes \| Convertible Notes \| Carrying Amount
Debt Instrument
Debt, gross	230	230
Unamortized debt discount and issuance costs	(15)	(23)
Net carrying amount of the liability component	$ 215	$ 207

SHARE-BASED COMPENSATION - Changes in Outstanding SARs and Weighted Average Exercise Prices (Details) - SARs $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of SARs
Outstanding at beginning of year (in shares) \| shares	696,147
Granted (in shares) \| shares	116,434
Exercised (in shares) \| shares	(184,118)
Forfeited (in shares) \| shares	(6,361)
Outstanding at ending of year (in shares) \| shares	622,102
Weighted Average Exercise Price Per SAR
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 68.18
Granted (in usd per share) \| $ / shares	96.82
Exercised (in usd per share) \| $ / shares	29.85
Forfeited (in usd per share) \| $ / shares	97.95
Outstanding at year-end (in usd per share) \| $ / shares	$ 84.58
Intrinsic value, outstanding \| $	$ 33
Outstanding, weighted average remaining contractual life	6 years
Exercisable (in shares) \| shares	381,067
Exercisable, weighted average value (in usd per share) \| $ / shares	$ 72.57
Aggregate intrinsic value, exercisable \| $	$ 25
Outstanding, weighted average remaining contractual terms	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Revenue from External Customer
Increase (decrease) in revenue due to change in estimate of variable consideration for performance obligations	$ (79)
Minimum
Revenue from External Customer
Number of days for payments to commence under financing contracts after closing	30 days
Maximum
Revenue from External Customer
Number of days for payments to commence under financing contracts after closing	60 days

ACQUISITIONS AND DISPOSITIONS - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 01, 2018
As finalized
Goodwill	$ 2,817	$ 2,892
ILG, Inc
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				2,890
Assets acquired			$ 4,217	$ 4,217

DEBT

12 Months Ended

Dec. 31, 2020

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, 2020		At December 31, 2019
Senior Secured Notes
	2025 Notes	$	500	$	—
	Unamortized debt discount and issuance costs	(6)		—
		494		—

Senior Unsecured Notes
	2026 Notes	750		750
	Unamortized debt discount and issuance costs	(6)		(8)
		744		742

	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(4)		(5)
		346		345

Corporate Credit Facility
	Term Loan	884		893
	Unamortized debt discount and issuance costs	(11)		(12)
		873		881

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

2022 Convertible Notes		230		230
Unamortized debt discount and issuance costs		(15)		(23)
		215		207

Finance leases		8		14
		$	2,680	$	2,216

_________________________

(1)Excludes $3 million of unamortized debt issuance costs as of December 31, 2020, 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, 2020.


($ in millions)	2025 Notes		2026 Notes		2028 Notes		Term Loan(1)		2022 Convertible Notes		Total
Payments Year
2021	$	—	$	—	$	—	$	9	$	—	$	9
2022	—		—		—		9		230		239
2023	—		—		—		9		—		9
2024	—		—		—		9		—		9
2025	500		—		—		848		—		848
Thereafter	—		750		350		—		—		1,100
	$	500	$	750	$	350	$	884	$	230	$	2,214

_________________________

(1)Subsequent to the end of 2020, we elected to repay $100 million of the principal of our Term Loan.

Senior Secured Notes

In the second quarter of 2020, we issued $500 million aggregate principal amount of 6.125% Senior Secured Notes due September 15, 2025 (the “2025 Notes”). The 2025 Notes are pari passu with, and secured by the same collateral as, our Corporate Credit Facility. We pay interest on the 2025 Notes on May 15 and November 15 of each year, commencing on November 15, 2020. We received net proceeds of approximately $493 million from the offering of the 2025 Notes, after deducting offering expenses and the underwriting discount, which were used to repay all amounts outstanding at that time on the Revolving Corporate Credit Facility. We may redeem some or all of the 2025 Notes prior to maturity under the terms provided in the indenture.

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”); and

•$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”).

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 pay interest on the 2026 Notes on March 15 and September 15 of each year, commencing on March 15, 2019. 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 5.625% Senior Unsecured Notes due 2023 assumed in connection with the ILG Acquisition (the “IAC Notes”), (ii) to redeem all of the outstanding 5.625% Senior Unsecured Notes due 2023 offered in exchange for the IAC Notes during the third quarter of 2018 (the “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 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 2028 Notes prior to maturity under the terms provided in the indenture.

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 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.

The Term Loan bears interest at LIBOR plus 1.75 percent. Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate plus an applicable margin that varies from 0.50 percent to 2.75 percent depending on the type of loan and our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Facility at a rate that varies from 20 to 40 basis points per annum, also depending on our credit rating.

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.

In May 2020, we entered into a waiver (the “Waiver”) to the agreement that governs our Corporate Credit Facility. The Waiver, among other things, suspends the requirement to comply with the leverage covenant in the Revolving Corporate Credit Facility, commencing with the fiscal quarter ending June 30, 2020. The initial suspension period included in the Waiver was up to four quarters, however, in February 2021, subsequent to the end of 2020, we further amended the agreement governing our Corporate Credit Facility to extend the suspension period included in the Waiver through the end of 2021. We are required to maintain monthly minimum liquidity of at least $300 million until the later of December 31, 2021 or the end of the suspension period. In addition, for the duration of the period during which the waiver of the leverage covenant remains in effect, we are prohibited from making certain restricted payments, including share repurchases and dividends. If we are not in compliance with the leverage covenant at the end of the suspension period, we will seek to negotiate with our lenders to amend such covenant, as needed.

Prior to 2020, 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, 2020 and December 31, 2019. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes.

The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during 2020, 2019 and 2018.


($ in millions)	2020		2019		2018
Derivative Instrument Adjustment, Beginning of Year	$	(21)	$	(6)	$	—
Other comprehensive loss before reclassifications	(18)		(15)		(6)
Reclassification to Income Statement	—		—		—
Net other comprehensive loss	(18)		(15)		(6)
Derivative Instrument Adjustment, End of Year	$	(39)	$	(21)	$	(6)

2022 Convertible Notes

During 2017, we issued an aggregate principal amount of $230 million of 2022 Convertible Notes that bear interest at a rate of 1.50 percent, payable in cash semi-annually. The 2022 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 as of December 31, 2020 to 6.8115 shares of common stock per $1,000 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $146.81 per share of our common stock), as a result of the $0.54 per share quarterly dividends declared during the first quarter of 2020, which was greater than the quarterly dividend when the 2022 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 2022 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 2022 Convertible Notes prior to June 15, 2022 only under certain circumstances. We may not redeem the 2022 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 2022 Convertible Notes, at a repurchase price equal to 100 percent of the principal amount of the 2022 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 2022 Convertible Notes may increase.

As of December 31, 2020, the effective interest rate was 4.7 percent and the remaining debt discount amortization period was 1.7 years.

The following table shows the net carrying value of the 2022 Convertible Notes:


($ in millions)	At December 31, 2020		At December 31, 2019
Liability component
Principal amount	$	230	$	230
Unamortized debt discount	(13)		(20)
Unamortized debt issuance costs	(2)		(3)
Net carrying amount of the liability component	$	215	$	207

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

The following table shows interest expense information related to the 2022 Convertible Notes:


($ in millions)	2020		2019		2018
Contractual interest expense	$	3	$	3	$	3
Amortization of debt discount	7		6		6
Amortization of debt issuance costs	1		2		1
	$	11	$	11	$	10

See Footnote 23 “Subsequent Events” for information on convertible notes, convertible note hedges and warrants issued subsequent to the end of 2020.

2022 Convertible Note Hedges and Warrants

In connection with the offering of the 2022 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“2022 Convertible Note Hedges”), initially covering a total of approximately 1.55 million shares of our common stock, and warrant transactions (“2022 Warrants”), whereby we sold to the counterparties to the 2022 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. As of December 31, 2020, no 2022 Convertible Note Hedges or 2022 Warrants have been exercised. The 2022 Warrants will expire in ratable portions on a series of expiration dates commencing on December 15, 2022.

The 2022 Convertible Notes, the 2022 Convertible Note Hedges and the 2022 Warrants are transactions that are separate from each other. Holders of any such instrument have no rights with respect to the other instruments.

Finance Leases

See Footnote 15 “Leases” for information on our finance leases.

Security and Guarantees

Amounts borrowed under the Corporate Credit Facility and the 2025 Notes, as well as obligations with respect to letters of credit issued pursuant to the Corporate Credit 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 Corporate Credit Facility, the 2025 Notes, the 2026 Notes and the 2028 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding bankruptcy remote special purpose subsidiaries.

SECURITIZED DEBT (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		At December 31, 2019
Vacation ownership notes receivable securitizations, gross(1)	$	1,604	$	1,850
Unamortized debt discount and issuance costs	(16)		(18)
	1,588		1,832

Warehouse Credit Facility, gross	—		21
Unamortized debt issuance costs(2)	—		(2)
	—		19

Other	—		20
	$	1,588	$	1,871

_________________________

(1)Interest rates as of December 31, 2020 range from 2.3% to 4.4%, with a weighted average interest rate of 2.8%

(2)Excludes $1 million of unamortized debt issuance costs as of December 31, 2020, as no cash borrowings were outstanding on the Warehouse Credit Facility at that time

Scheduled future principal payments for debt

The following table shows scheduled future principal payments for our securitized debt as of December 31, 2020.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payments Year
2021	$	170
2022	171
2023	175
2024	176
2025	181
Thereafter	731
	$	1,604

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2020.


($ in millions)	2025 Notes		2026 Notes		2028 Notes		Term Loan(1)		2022 Convertible Notes		Total
Payments Year
2021	$	—	$	—	$	—	$	9	$	—	$	9
2022	—		—		—		9		230		239
2023	—		—		—		9		—		9
2024	—		—		—		9		—		9
2025	500		—		—		848		—		848
Thereafter	—		750		350		—		—		1,100
	$	500	$	750	$	350	$	884	$	230	$	2,214

_________________________

(1)Subsequent to the end of 2020, we elected to repay $100 million of the principal of our Term Loan.

RESTRUCTURING CHARGES - Rollforward of Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Reserve
Charges	$ 25	$ 0	$ 0
Employee Termination Costs
Restructuring Reserve
Beginning Balance	0
Charges	25
Cash Payments	(8)
Other	0
Ending Balance	$ 17	$ 0

SECURITIZED DEBT

12 Months Ended

Dec. 31, 2020

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, 2020		At December 31, 2019
Vacation ownership notes receivable securitizations, gross(1)	$	1,604	$	1,850
Unamortized debt discount and issuance costs	(16)		(18)
	1,588		1,832

Warehouse Credit Facility, gross	—		21
Unamortized debt issuance costs(2)	—		(2)
	—		19

Other	—		20
	$	1,588	$	1,871

_________________________

(1)Interest rates as of December 31, 2020 range from 2.3% to 4.4%, with a weighted average interest rate of 2.8%

(2)Excludes $1 million of unamortized debt issuance costs as of December 31, 2020, as no cash borrowings were outstanding on the Warehouse Credit Facility at that time

All of our securitized debt is non-recourse to us. See Footnote 20 “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, 2020.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payments Year
2021	$	170
2022	171
2023	175
2024	176
2025	181
Thereafter	731
	$	1,604

Vacation Ownership Notes Receivable Securitizations

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 2020, and as of December 31, 2020, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of December 31, 2020, 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.

During the third quarter of 2020, we completed the securitization of a pool of $383 million of vacation ownership notes receivable. In connection with the securitization, investors purchased in a private placement $375 million in vacation ownership loan backed notes from MVW 2020-1 LLC (the “2020-1 LLC”). Four classes of vacation ownership loan backed notes were issued by the 2020-1 LLC: $238 million of Class A Notes, $72 million of Class B Notes, $44 million of Class C Notes, and $21 million of Class D Notes. The Class A Notes have an interest rate of 1.74 percent, the Class B Notes have an interest rate of 2.73 percent, the Class C Notes have an interest rate of 4.21 percent, and the Class D Notes have an interest rate of 7.14 percent, for an overall weighted average interest rate of 2.53 percent. Of the $375 million in proceeds from the transaction, $300 million was used to repay all outstanding amounts previously drawn under the Warehouse Credit Facility, as defined below, $7 million was used to pay transaction expenses and fund required reserves, and the remainder will be used for general corporate purposes.

Warehouse Credit Facility

Our warehouse credit facility (the “Warehouse Credit Facility”), which has a borrowing capacity of $350 million, 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.

During the first quarter of 2020, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $240 million. The average advance rate was 84 percent, which resulted in gross proceeds of $202 million. Net proceeds were $201 million due to the funding of reserve accounts of $1 million.

During the second quarter of 2020, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $132 million. The average advance rate was 86 percent, which resulted in gross proceeds of $113 million. Net proceeds were $113 million due to the funding of reserve accounts of less than $1 million.

Additionally, during the second quarter of 2020, we amended our Warehouse Credit Facility to increase the borrowing capacity by $181 million, to $531 million. As part of this amendment, the interest rate increased from primarily LIBOR plus 1.1% to primarily LIBOR plus 1.4%. During the third quarter of 2020, we terminated the additional $181 million capacity of the Warehouse Credit Facility.

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Revenues


($ in millions)	2020		2019		2018
Vacation Ownership	$	2,530	$	3,761	$	2,803
Exchange & Third-Party Management	309		454		161
Total segment revenues	2,839		4,215		2,964
Corporate and other	47		44		4
	$	2,886	$	4,259	$	2,968

Adjusted EBITDA, net income, depreciation and amortization

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders


($ in millions)	2020		2019		2018
Adjusted EBITDA Vacation Ownership	$	229	$	794	$	511
Adjusted EBITDA Exchange & Third-Party Management	119		183		77
Reconciling items:
Corporate and other	(113)		(219)		(169)
Interest expense	(150)		(132)		(54)
Tax benefit (provision)	84		(83)		(51)
Depreciation and amortization	(123)		(141)		(62)
Share-based compensation expense	(37)		(37)		(35)
Certain items	(284)		(227)		(162)
Net income attributable to common shareholders	$	(275)	$	138	$	55

Depreciation and Amortization


($ in millions)	2020		2019		2018
Vacation Ownership	$	71	$	68	$	37
Exchange & Third-Party Management	19		47		16
Total segment depreciation	90		115		53
Corporate and other	33		26		9
	$	123	$	141	$	62

Assets


($ in millions)	At December 31, 2020		At December 31, 2019
Vacation Ownership	$	6,859	$	7,345
Exchange & Third-Party Management	951		1,162
Total segment assets	7,810		8,507
Corporate and other	1,088		707
	$	8,898	$	9,214

Capital expenditures (including inventory)

Capital Expenditures (including inventory)


($ in millions)	2020		2019		2018
Vacation Ownership	$	191	$	266	$	245
Exchange & Third-Party Management	7		14		5
Total segment capital expenditures	198		280		250
Corporate and other	4		13		2
	$	202	$	293	$	252

Revenue by geographic areas

Revenues (excluding cost reimbursements)


($ in millions)	2020		2019		2018
United States	$	1,664	$	2,810	$	1,780
All other countries	180		341		263
	$	1,844	$	3,151	$	2,043

Fixed assets by geographic areas

Fixed Assets


($ in millions)	At December 31, 2020		At December 31, 2019
United States	$	640	$	560
All other countries	151		158
	$	791	$	718

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vacation Ownership Notes Receivable Reserve (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivable, noncredit discount	$ 2
Legacy MVW
New Accounting Pronouncements or Change in Accounting Principle [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
Legacy ILG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered default loan	120 days

VARIABLE INTEREST ENTITIES - Additional Information (Details) $ in Millions	2 Months Ended	3 Months Ended		12 Months Ended
	Mar. 01, 2021 USD ($) vacation_ownership_unit	Mar. 31, 2020 USD ($) vacation_ownership_unit	Sep. 30, 2019 USD ($) vacation_ownership_unit	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 USD ($)
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss				$ 276	$ 323
Notes receivable (less than)							$ 1
Variable Interest Entity
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss				11	13
San Francisco, California
Variable Interest Entity
Purchase commitment obligation due, 2021				32
Purchase commitment obligation due, 2022				24
Purchase commitment obligation due, 2023				32
Number of vacation ownership units acquired \| vacation_ownership_unit		34	78
Asset acquisition, consideration transferred		$ 26	$ 58
Asset acquisition, recognized identifiable assets acquired, inventory		18	$ 48
Asset acquisition, recognized identifiable assets acquired, other assets		$ 5
San Francisco, California \| Subsequent Event
Variable Interest Entity
Number of vacation ownership units acquired \| vacation_ownership_unit	44
Asset acquisition, consideration transferred	$ 34
Asset acquisition, recognized identifiable assets acquired, inventory	29
Asset acquisition, recognized identifiable assets acquired, other assets	$ 5
San Francisco, California \| Variable Interest Entity
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss				2
Notes receivable (less than)				1
Inventory, Net				5
Maximum loss exposure, amount (less than)				7
New York City
Variable Interest Entity
Number of vacation ownership units acquired \| vacation_ownership_unit		57
Asset acquisition, consideration transferred		$ 89
Asset acquisition, recognized identifiable assets acquired, inventory		$ 22
New York City \| Subsequent Event
Variable Interest Entity
Number of vacation ownership units acquired \| vacation_ownership_unit	120
Purchase commitment	$ 98
New York City \| Variable Interest Entity
Variable Interest Entity
Property and equipment, net				22
New York City \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Notes receivable (less than)				1
Maximum loss exposure, amount (less than)				23
Waikiki Hawaii
Variable Interest Entity
Purchase commitment obligation due, 2021				98
Waikiki Hawaii \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss				1
Notes receivable (less than)				1
Maximum loss exposure, amount (less than)				1
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity
Voluntary repurchase of defaulted notes receivable				95	54	$ 31
Voluntary repurchase of other non-defaulted notes receivable				$ 383	$ 356	$ 39

FINANCIAL INSTRUMENTS - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 1,840	$ 2,233
Other assets	60	45
Total financial assets	1,900	2,278
Total financial liabilities	(4,260)	(4,073)
Carrying Amount \| Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(1,588)	(1,871)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,886	2,264
Other assets	60	45
Total financial assets	1,946	2,309
Total financial liabilities	(4,455)	(4,279)
Fair Value \| Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(1,653)	(1,924)
2025 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(494)	0
2025 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(533)	0
2026 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(744)	(742)
2026 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(784)	(824)
2028 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(346)	(345)
2028 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(359)	(358)
2022 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
2022 Convertible notes, net	(215)	(207)
2022 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
2022 Convertible notes, net	(262)	(247)
Originated \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,840	2,233
Originated \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,886	2,264
Corporate Credit Facility \| Term Loan \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(873)	(881)
Corporate Credit Facility \| Term Loan \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(864)	(899)
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	0	(27)
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ 0	$ (27)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Increase in carrying value of inventories	$ 6	$ 8	$ 6

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stock repurchase activity under current stock repurchase program

The following table summarizes the share repurchase activity under our share repurchase program, which expired on December 31, 2020:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2019	16,418,950	$	1,258	$	76.60
For the year ended December 31, 2020	769,935	82		106.60
As of December 31, 2020	17,188,885	$	1,340	$	77.95

Cash dividend declared

We declared cash dividends to holders of common stock during the year ended December 31, 2020 as follows:

Declaration Date

Shareholder Record Date

Distribution Date

Dividend per Share

February 14, 2020

February 27, 2020

March 12, 2020

$0.54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation Costs (Details)	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock awards, vesting period	4 years
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Stock awards, vesting period	3 years
Employees and Non Employee Directors \| SARs
Share-based Compensation Arrangement by Share-based Payment Award
Stock awards, vesting period	4 years
Stock awards, expiration from grant date	10 years

REVENUE - Revenue with Customers (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements									$ 1,042	$ 1,108	$ 925
Revenue from contracts with customers									2,619	3,984	2,785
Financing									267	275	183
Revenues	$ 747	$ 649	$ 480	$ 1,010	$ 1,116	$ 1,066	$ 1,043	$ 1,034	2,886	4,259	2,968
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									546	1,354	990
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									90	228	161
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									144	177	140
Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									521	544	198
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									755	949	499
Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									276	573	371
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements									(141)	(119)	(28)
Revenue from contracts with customers									47	44	4
Financing									0	0	0
Revenues									47	44	4
Corporate and other \| Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									0	0	0
Corporate and other \| Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									0	0	0
Corporate and other \| Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									(22)	(13)	(4)
Corporate and other \| Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									210	176	35
Corporate and other \| Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									188	163	31
Corporate and other \| Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									0	0	1
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements									1,124	1,136	920
Revenue from contracts with customers									2,265	3,490	2,621
Financing									265	271	182
Revenues									2,530	3,761	2,803
Vacation Ownership \| Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									546	1,354	990
Vacation Ownership \| Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									89	224	160
Vacation Ownership \| Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									149	144	114
Vacation Ownership \| Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									118	120	85
Vacation Ownership \| Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									356	488	359
Vacation Ownership \| Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									239	512	352
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements									59	91	33
Revenue from contracts with customers									307	450	160
Financing									2	4	1
Revenues									309	454	161
Exchange & Third-Party Management \| Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									0	0	0
Exchange & Third-Party Management \| Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									1	4	1
Exchange & Third-Party Management \| Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									17	46	30
Exchange & Third-Party Management \| Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									193	248	78
Exchange & Third-Party Management \| Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									211	298	109
Exchange & Third-Party Management \| Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers									$ 37	$ 61	$ 18

GOODWILL - Goodwill (Details) - USD ($)	3 Months Ended		12 Months Ended
GOODWILL - Goodwill (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Beginning Balance		$ 2,892,000,000	$ 2,892,000,000	$ 2,828,000,000
Measurement period adjustments				62,000,000
Impairment	$ (73,000,000)
Foreign exchange adjustments	(2,000,000)			2,000,000
Ending Balance	2,817,000,000		2,817,000,000	2,892,000,000
Vacation Ownership
Goodwill
Beginning Balance		2,445,000,000	2,445,000,000	2,448,000,000
Measurement period adjustments				(4,000,000)
Impairment	0		0
Foreign exchange adjustments	0			1,000,000
Ending Balance	2,445,000,000		2,445,000,000	2,445,000,000
Exchange & Third-Party Management
Goodwill
Beginning Balance		447,000,000	447,000,000	380,000,000
Measurement period adjustments				66,000,000
Impairment	(73,000,000)	$ (73,000,000)
Foreign exchange adjustments	(2,000,000)			1,000,000
Ending Balance	$ 372,000,000		$ 372,000,000	$ 447,000,000

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

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 2020		At Year-End 2019
Land and land improvements	$	285	$	267
Buildings and leasehold improvements	482		389
Furniture, fixtures and other equipment	95		94
Information technology	322		312
Construction in progress	68		62
	1,252		1,124
Accumulated depreciation	(461)		(406)
	$	791	$	718

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Inventory	$ 83	$ 117
Reserves	98	77
Deferred revenue	12	14
Property and equipment	72	74
Net operating loss and capital loss carryforwards	98	61
Tax credits	31	37
Right-of-use asset	2	3
Other, net	113	95
Deferred tax assets	509	478
Less valuation allowance	(106)	(97)
Net deferred tax assets	403	381
Deferred Tax Liabilities
Long lived intangible assets	(233)	(244)
Deferred sales of vacation ownership interests	(362)	(363)
Right-of-use liability	(2)	(3)
Other, net	(43)	(42)
Deferred tax liabilities	(640)	(652)
Total net deferred tax liabilities	$ (237)	$ (271)

LEASES - Additional Information (Details) $ in Millions	3 Months Ended
LEASES - Additional Information (Details) $ in Millions	Mar. 31, 2020 USD ($)
Leases [Abstract]
Term of contract	16 years
Lease not yet commenced	$ 129

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets
Depreciation and amortization of intangibles		$ 123	$ 141	$ 62
Minimum
Intangible Assets
Useful Life (in years)		15 years
ILG, Inc
Intangible Assets
Depreciation and amortization of intangibles		$ 57	$ 59	$ 19
Expected amortization expense, 2021		57
Expected amortization expense, 2022		57
Expected amortization expense, 2023		57
Expected amortization expense, 2024		57
Expected amortization expense, 2025		$ 57
ILG, Inc \| Maximum
Intangible Assets
Useful Life (in years)		25 years
Trade Names and Trademarks
Intangible Assets
Impairment	$ (18)	$ (18)

DEBT - Interest Expense Related To The Convertible Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument
Interest Expense, Debt	$ 150	$ 132	$ 54
Convertible Notes \| 2022 Convertible Notes
Debt Instrument
Contractual interest expense	3	3	3
Amortization of debt discount	7	6	6
Debt issuance cost amortization	1	2	1
Interest Expense, Debt	$ 11	$ 11	$ 10

BUSINESS SEGMENTS - Additional Information (Details)	12 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Dec. 31, 2020 Segment brand	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Disclosure
Number of reportable business segments \| Segment	2
Geographic Concentration Risk \| Sales revenue, net \| Non-US
Segment Reporting Disclosure
Concentration risk, percentage	10.00%	11.00%	13.00%
Vacation Ownership
Segment Reporting Disclosure
Number of vacation ownership brands \| brand	7

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan

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


($ in millions)	2020		2019		2018
Service-based RSUs	$	22	$	17	$	12
Performance-based RSUs	9		7		7
ILG Acquisition Converted RSUs	2		10		13
	33		34		32
SARs	4		3		3
Stock options	—		—		—
	$	37	$	37	$	35

Schedule of unrecognized compensation cost, unvested awards

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


($ in millions)	At Year-End 2020(1)		At Year-End 2019
Service-based RSUs	$	27	$	17
Performance-based RSUs	6		10
ILG Acquisition Converted RSUs	—		3
	33		30
SARs	1		1
Stock options	—		—
	$	34	$	31

_________________________

(1)As of December 31, 2020, the weighted average remaining term for RSU grants outstanding at year-end 2020 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.

Schedule of outstanding RSUs and the associated weighted average grant-date fair values

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


	2020
	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 2019	648,575	$	85.87	489,322	$	101.35	1,137,897	$	92.53
Granted	348,890	$	98.51	177,208	$	90.82	526,098	$	95.92
Distributed	(192,337)	$	94.80	(65,863)	$	93.41	(258,200)	$	94.44
Forfeited	(21,639)	$	98.02	(50,496)	$	94.32	(72,135)	$	95.43
Outstanding at year-end 2020	783,489	$	88.98	550,171	$	99.56	1,333,660	$	93.34

Schedule of outstanding SARs and the associated weighted average exercise prices

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


	2020
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2019	696,147	$	68.18
Granted	116,434	$	96.82
Exercised	(184,118)	$	29.85
Forfeited or expired	(6,361)	$	97.95
Outstanding at year-end 2020(1)(2)	622,102	$	84.58

_________________________

(1)As of December 31, 2020, outstanding SARs had a total intrinsic value of $33 million and a weighted average remaining term of 6 years.

(2)As of December 31, 2020, 381,067 SARs with a weighted average exercise price of $72.57, an aggregate intrinsic value of $25 million and a weighted average remaining contractual term of 5 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 2020, 2019, and 2018:


	2020	2019	2018
Expected volatility	38.81%	31.10%	30.78%
Dividend yield	2.13%	1.76%	1.11%
Risk-free rate	0.96%	2.59%	2.68%
Expected term (in years)	6.25	6.25	6.25

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Legacy MVW
Accounts, Notes, Loans and Financing Receivable
Average estimated rate of default for all outstanding loans	6.74%		6.74%	7.04%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%		0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 6		$ 6	$ 8
Legacy ILG
Accounts, Notes, Loans and Financing Receivable
Weighted average FICO score within originated loan pool	708		708	712
Average estimated rate of default for all outstanding loans	14.63%		14.63%	12.65%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%		0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 3		$ 3	$ 2
Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable
Expenses			150	349	$ 260
Acquired
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(14)
Acquired \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(2)
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(12)
Originated
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(137)	(112)	(64)
Originated \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(87)	(94)	(57)
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(50)	$ (18)	$ (7)
COVID-19 pandemic
Accounts, Notes, Loans and Financing Receivable
Allowance for credit loss, period increase		$ 52
Increase in vacation ownership notes receivable reserve	$ 17
COVID-19 pandemic \| Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable
Expenses			19
COVID-19 pandemic \| Acquired
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(10)
COVID-19 pandemic \| Acquired \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(8)
COVID-19 pandemic \| Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(2)
COVID-19 pandemic \| Originated
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(59)
COVID-19 pandemic \| Originated \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			(32)
COVID-19 pandemic \| Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable
Increase in vacation ownership notes receivable reserve			$ (27)

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 34	$ 31
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	27	17
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	6	10
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	0	3
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	33	30
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 1	1
Outstanding, weighted average remaining contractual terms	5 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 0	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
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
Outstanding, weighted average remaining contractual terms	2 years
Deferred compensation expense weighted average expected recognition period	3 years

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Tax Provision

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


($ in millions)	2020		2019		2018
United States	$	(255)	$	190	$	108
Non-U.S. jurisdictions	(85)		35		(5)
	$	(340)	$	225	$	103

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


($ in millions)		2020		2019		2018
Current	– U.S. Federal	$	31	$	(12)	$	17
	– U.S. State	1		(29)		(1)
	– Non-U.S.	11		(36)		(10)
		43		(77)		6

Deferred	– U.S. Federal	26		(28)		(46)
	– U.S. State	9		17		(9)
	– Non-U.S.	6		5		(2)
		41		(6)		(57)
		$	84	$	(83)	$	(51)

U.S. Tax Law Update

We have considered the income tax accounting and disclosure implications of the relief provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020. As of December 31, 2020, we evaluated the income tax provisions of the CARES Act and have determined there to be a 6.0 percent benefit to the December 31, 2020 tax rate. We will continue to evaluate the income tax provisions of the CARES Act and monitor the developments in the jurisdictions where we have significant operations for tax law changes that could have additional income tax accounting and disclosure implications.

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:


	2020	2019	2018
U.S. statutory income tax rate	21.0%	21.0%	21.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.5	4.2	4.2
Share-based compensation, net of Section 162(m) limitation(1)	0.2	0.7	3.6
Transaction costs(2)	—	—	4.7
Other permanent differences(3)	(8.0)	3.9	4.2
Impact related to the CARES Act of 2020	6.0	—	—
Impact related to the Tax Cuts and Jobs Act of 2017	—	—	1.2
Foreign tax rate changes	0.4	—	(0.1)
Non-U.S. income (loss)(4)	2.4	2.2	3.9
Foreign tax credits	—	(6.3)	(1.4)
Unrecognized tax benefits	5.2	3.1	—
Change in valuation allowance(5)	(7.5)	7.0	8.6
Other items	0.4	1.1	(0.1)
Effective rate	24.6%	36.9%	49.8%

_________________________

(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.

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

For the years ended December 31, 2020, 2019 and 2018, the provision for income taxes included $4 million, $2 million, and $2 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

We finalized our purchase price accounting for the ILG Acquisition during 2019 and established a reserve for non-income tax issues related to Legacy-ILG. As of December 31, 2020, the balance of this reserve was $46 million. We expect that we will be indemnified for liabilities of $8 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 2020		At Year-End 2019
Deferred Tax Assets
Inventory	$	83	$	117
Reserves	98		77
Deferred revenue	12		14
Property and equipment	72		74

Net operating loss and capital loss carryforwards	98		61
Tax credits	31		37
Right-of-use asset	2		3
Other, net	113		95
Deferred tax assets	509		478
Less valuation allowance	(106)		(97)
Net deferred tax assets	403		381

Deferred Tax Liabilities
Long lived intangible assets	(233)		(244)
Deferred sales of vacation ownership interests	(362)		(363)
Right-of-use liability	(2)		(3)
Other, net	(43)		(42)
Deferred tax liabilities	(640)		(652)

Total net deferred tax liabilities	$	(237)	$	(271)

Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. In 2020 we established an additional valuation allowance of $12 million on foreign net tax assets.

We have $70 million of foreign net operating loss carryforwards, some of which begin expiring in 2021; however, a significant portion of these have indefinite carryforward periods. We have $15 million of federal net operating losses and $11 million of state net operating loss carryforwards, none of which will expire within the next five years. We have U.S. federal foreign tax credit carryforwards of $20 million, federal capital loss carryforwards of $1 million, and $11 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)	2020		2019		2018
Unrecognized tax benefit at beginning of year	$	21	$	2	$	2
Increases related to tax positions taken during a prior period	6		18		—
Increases related to tax positions taken during the current period	2		1		—
Decreases related to settlements with taxing authorities	(14)		—		—

Decreases as a result of a lapse of the applicable statute of limitations	(1)		—		—
Unrecognized tax benefit at end of year	$	14	$	21	$	2

The total unrecognized tax benefits related to uncertain income tax positions, which would affect the effective tax rate if recognized, were $14 million at December 31, 2020 and $21 million at December 31, 2019. The total amount of gross interest and penalties accrued were $25 million at December 31, 2020 and $41 million at December 31, 2019. We anticipate $4 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 Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., 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 2018. The amount of the unrecognized tax benefit may increase or decrease within the next twelve months as a result of audits or audit settlements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Dec. 31, 2020 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2021	$ 46
2022	42
2023	42
2024	40
2025	37
Thereafter	102
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 309
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.50%
Acquired \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	3.00%
Acquired \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	17.90%
Acquired \| Non-securitized
Future Minimum Payments Receivable [Line Items]
2021	$ 4
2022	4
2023	4
2024	4
2025	4
Thereafter	16
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 36
Acquired \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.50%
Acquired \| Non-securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	3.00%
Acquired \| Non-securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	17.90%
Acquired \| Securitized
Future Minimum Payments Receivable [Line Items]
2021	$ 42
2022	38
2023	38
2024	36
2025	33
Thereafter	86
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 273
Acquired \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.50%
Acquired \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	6.00%
Acquired \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	15.90%
Originated
Future Minimum Payments Receivable [Line Items]
2021	$ 165
2022	159
2023	157
2024	156
2025	160
Thereafter	734
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 1,531
Originated \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.70%
Originated \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	18.00%
Originated \| Non-securitized
Future Minimum Payments Receivable [Line Items]
2021	$ 39
2022	32
2023	27
2024	25
2025	25
Thereafter	163
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 311
Originated \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.60%
Originated \| Non-securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Non-securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	18.00%
Originated \| Securitized
Future Minimum Payments Receivable [Line Items]
2021	$ 126
2022	127
2023	130
2024	131
2025	135
Thereafter	571
Time Sharing Transactions, Maturities of Notes Receivable, Net, Total	$ 1,220
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.70%
Originated \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	17.50%

INCOME TAXES - Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%	21.00%
U.S. state income taxes, net of U.S. federal tax benefit	4.50%	4.20%	4.20%
Share-based compensation, net of Section 162(m) limitation	0.20%	0.70%	3.60%
Transaction costs	0.00%	0.00%	4.70%
Other permanent differences	(8.00%)	3.90%	4.20%
Impact related to the CARES Act of 2020	6.00%	0.00%	0.00%
Impact related to the Tax Cuts and Jobs Act of 2017	0.00%	0.00%	1.20%
Foreign tax rate changes	0.40%	0.00%	(0.10%)
Non-U.S. income (loss)	2.40%	2.20%	3.90%
Foreign tax credits	0.00%	(6.30%)	(1.40%)
Unrecognized tax benefits	5.20%	3.10%	0.00%
Change in valuation allowance	(7.50%)	7.00%	8.60%
Other items	0.40%	1.10%	(0.10%)
Effective rate	24.60%	36.90%	49.80%

CONTINGENCIES AND COMMITMENTS	12 Months Ended
CONTINGENCIES AND COMMITMENTS	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of December 31, 2020, 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 $85 million, of which we expect $34 million, $26 million, $16 million, $6 million, and $3 million will be paid in 2021, 2022, 2023, 2024, and 2025, respectively. •We have various commitments to acquire real estate for use in our Vacation Ownership segment via our involvement with VIEs. Refer to Footnote 20 “Variable Interest Entities” for additional information and our activities relating to the VIEs involved in these transactions. •We have a remaining 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. We expect to complete the acquisition in 2021 and to make the remaining payments with respect to these units when specific construction milestones are completed, as follows: $21 million in 2021 and $2 million in 2022. Surety bonds issued as of December 31, 2020 totaled $75 million, the majority of which were requested by federal, state or local governments in connection with our operations. As of December 31, 2020, we had $3 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 17 “Debt”). In addition, as of December 31, 2020, we had $2 million in letters of credit outstanding related to and in lieu of reserves required for several vacation ownership notes receivable securitization transactions outstanding. These letters of credit are not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility. We estimate the cash outflow associated with completing the phases of our existing portfolio of vacation ownership projects currently under development will be approximately $3 million, of which $2 million is included within liabilities on our Balance Sheet at December 31, 2020. This estimate is based on our current development plans, which remain subject to change, and we expect the phases currently under development will be completed by the end of 2021. 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, 2020, our maximum exposure under fixed dollar guarantees was $24 million, of which $10 million, $6 million, $3 million, $2 million, $1 million, and $2 million relate to 2021, 2022, 2023, 2024, 2025, and thereafter, respectively. Based on the impact of the COVID-19 pandemic on our rental operations, we declared the occurrence of a force majeure event under many of these agreements, generally effective as of April 1, 2020. As a result, owner distributions made under such agreements will be paid on a net operating income basis, rather than as guaranteed amounts, until such time as force majeure event conditions abate. Loss Contingencies In March 2017, RCHFU, L.L.C. and other owners at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) filed a complaint in an action pending in the U.S. District Court for the District of Colorado against us and certain third parties, alleging that their fractional interests were devalued by the affiliation of the RCC Aspen Highlands and other Ritz-Carlton Clubs with our points-based Marriott Vacation Club Destinations (“MVCD”) program. The plaintiffs are seeking compensatory damages, disgorgement, punitive damages, fees and costs. A trial is scheduled to begin in January 2022. 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 February 2019, the owners’ association for the St. Regis NY Club filed a lawsuit in the Supreme Court for the State of New York, New York County, Commercial Division against ILG and several of its subsidiaries and certain third parties. The operative complaint alleges that the defendants breached their fiduciary duties related to sale and rental practices, aided and abetted certain breaches of fiduciary duty, engaged in self-dealing as the sponsor and manager of the club, tortiously interfered with the management agreement, was unjustly enriched, and engaged in anticompetitive conduct. The plaintiff is seeking unspecified damages, punitive 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. In November 2020, the District Court granted our motion to dismiss and dismissed the case. The plaintiffs have appealed the ruling. 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. Additionally, the COVID-19 pandemic may give rise to various claims and lawsuits from owners, members and other parties. 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 individually or 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.

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jan. 26, 2021	Oct. 15, 2025	Mar. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event
Shares of common stock per $1,000 principal amount (in shares)				75,279,061	75,020,272
Convertible Notes \| 2026 Convertible Note Hedges \| Forecast
Subsequent Event
Indexed shares (in shares)		3,400,000
Carrying amount of equity component, net of issuance costs		$ 100,000,000
Convertible Notes \| 2026 Warrants \| Forecast
Subsequent Event
Carrying amount of equity component, net of issuance costs		$ 70,000,000
Number of securities called by warrants (in shares)		3,400,000
Exercise price of warrants (in usd per share)		$ 213.76
2026 Convertible Notes \| Convertible Notes \| Forecast
Subsequent Event
Shares of common stock per $1,000 principal amount (in shares)		0.0058476
Conversion price (in usd per share)		$ 171.01
Subsequent Event \| 2026 Convertible Notes \| Convertible Notes
Subsequent Event
Principal amount			$ 575,000,000
Debt, stated interest rate			0.00%
Subsequent Event \| Welk Resorts
Subsequent Event
Consideration transferred, equity interests issued and issuable	$ 430,000,000
Subsequent Event \| Welk Resorts \| Common Stock
Subsequent Event
Equity interest issued or issuable, number of shares (in shares)	1,400,000

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Legacy MVW
Financing Receivable, Past Due
Total past due	$ 147	$ 94
Current	1,242	1,476
Total vacation ownership notes receivable	1,389	1,570
Legacy MVW \| Non-securitized
Financing Receivable, Past Due
Total past due	108	50
Current	231	222
Total vacation ownership notes receivable	339	272
Legacy MVW \| Securitized
Financing Receivable, Past Due
Total past due	39	44
Current	1,011	1,254
Total vacation ownership notes receivable	1,050	1,298
Legacy MVW \| 31 – 90 days past due
Financing Receivable, Past Due
Total past due	33	40
Legacy MVW \| 31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	8	7
Legacy MVW \| 31 – 90 days past due \| Securitized
Financing Receivable, Past Due
Total past due	25	33
Legacy MVW \| 91 – 150 days past due
Financing Receivable, Past Due
Total past due	19	15
Legacy MVW \| 91 – 150 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	5	4
Legacy MVW \| 91 – 150 days past due \| Securitized
Financing Receivable, Past Due
Total past due	14	11
Legacy MVW \| Greater than 150 days past due
Financing Receivable, Past Due
Total past due	95	39
Legacy MVW \| Greater than 150 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	95	39
Legacy MVW \| Greater than 150 days past due \| Securitized
Financing Receivable, Past Due
Total past due	0	0
Legacy ILG
Financing Receivable, Past Due
Total past due	148	78
Current	673	789
Total vacation ownership notes receivable	821	867
Legacy ILG \| Non-securitized
Financing Receivable, Past Due
Total past due	117	51
Current	123	250
Total vacation ownership notes receivable	240	301
Legacy ILG \| Securitized
Financing Receivable, Past Due
Total past due	31	27
Current	550	539
Total vacation ownership notes receivable	581	566
Legacy ILG \| 31 – 90 days past due
Financing Receivable, Past Due
Total past due	27	29
Legacy ILG \| 31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	8	11
Legacy ILG \| 31 – 90 days past due \| Securitized
Financing Receivable, Past Due
Total past due	19	18
Legacy ILG \| 91 – 120 days past due
Financing Receivable, Past Due
Total past due	9	9
Legacy ILG \| 91 – 120 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	2	3
Legacy ILG \| 91 – 120 days past due \| Securitized
Financing Receivable, Past Due
Total past due	7	6
Legacy ILG \| Greater than 120 days past due
Financing Receivable, Past Due
Total past due	112	40
Legacy ILG \| Greater than 120 days past due \| Non-securitized
Financing Receivable, Past Due
Total past due	107	37
Legacy ILG \| Greater than 120 days past due \| Securitized
Financing Receivable, Past Due
Total past due	$ 5	$ 3

VACATION OWNERSHIP NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE

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


	December 31, 2020						December 31, 2019
($ in millions)	Originated		Acquired		Total		Originated		Acquired(1)		Total
Securitized	$	1,220	$	273	$	1,493	$	1,378	$	372	$	1,750
Non-securitized
Eligible for securitization(2)	126		2		128		155		10		165
Not eligible for securitization(2)	185		34		219		261		57		318
Subtotal	311		36		347		416		67		483
	$	1,531	$	309	$	1,840	$	1,794	$	439	$	2,233

_________________________

(1)Net of impairment of $7 million recognized in 2019, prior to the adoption of ASU 2016-13 on January 1, 2020.

(2)Refer to Footnote 8 “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)	2020		2019		2018
Interest income associated with vacation ownership notes receivable — securitized	$	239	$	232	$	151
Interest income associated with vacation ownership notes receivable — non-securitized	18		32		24
Total interest income associated with vacation ownership notes receivable	$	257	$	264	$	175

COVID-19 Impact on Vacation Ownership Notes Receivable Reserves

As a result of higher actual and projected default activity related predominantly to the COVID-19 pandemic, we evaluated our vacation ownership notes receivable reserves initially using the 2008/2009 financial crisis as a reference point. As a result, we increased our vacation ownership notes receivable reserves by $52 million in the first quarter of 2020. We monitored actual delinquency and default activity throughout the remainder of 2020. Taking into account higher than previously expected default activity experienced, we increased our vacation ownership notes receivable reserves by $17 million in the fourth quarter of 2020. In total, the reserve adjustments made during 2020 were reflected as a $59 million reduction to Sale of vacation ownership products, a $10 million increase in Financing expenses, and a $19 million reduction in Cost of vacation ownership products on our Income Statement for the year ended December 31, 2020.

Acquired Vacation Ownership Notes Receivable

Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition. 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, 2020.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2021	$	4	$	42	$	46
2022	4		38		42
2023	4		38		42
2024	4		36		40
2025	4		33		37
Thereafter	16		86		102
Balance at December 31, 2020	$	36	$	273	$	309
Weighted average stated interest rate	13.5%		13.5%		13.5%
Range of stated interest rates	3.0% to 17.9%		6.0% to 15.9%		3.0% to 17.9%

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


	Acquired Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2019, as reported	$	—	$	—	$	—
Impact of adoption of ASU 2016-13	29		26		55
Opening Balance at January 1, 2020	29		26		55
Securitizations	(1)		1		—
Clean-up call	1		(1)		—
Write-offs	(18)		—		(18)
Recoveries	9		—		9
Defaulted vacation ownership notes receivable repurchase activity(1)	17		(17)		—
Increase in vacation ownership notes receivable reserve(2)	2		12		14
Balance at December 31, 2020	$	39	$	21	$	60

_________________________

(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.

(2)Increase in vacation ownership notes receivable reserve includes $10 million ($8 million non-securitized and $2 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic.

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 non-securitized and securitized originated vacation ownership notes receivable at December 31, 2020.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2021	$	39	$	126	$	165
2022	32		127		159
2023	27		130		157
2024	25		131		156
2025	25		135		160
Thereafter	163		571		734
Balance at December 31, 2020	$	311	$	1,220	$	1,531
Weighted average stated interest rate	12.6%		12.7%		12.7%
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 Reserve
($ in millions)	Non-Securitized		Securitized		Total
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
Increase in vacation ownership notes receivable reserve(2)	87		50		137
Securitizations	(70)		70		—
Clean-up call	37		(37)		—
Write-offs	(31)		—		(31)
Defaulted vacation ownership notes receivable repurchase activity(1)	80		(80)		—
Balance at December 31, 2020	$	193	$	117	$	310

_________________________

(2)Increase in vacation ownership notes receivable reserve includes $59 million ($32 million non-securitized and $27 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic.

Credit Quality of Vacation Ownership Notes Receivable

Legacy-MVW Vacation Ownership Notes Receivable

For both Legacy-MVW non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 6.74 percent and 7.04 percent as of December 31, 2020 and December 31, 2019, 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 $6 million and $8 million as of December 31, 2020 and December 31, 2019, respectively.

We use the aging of the vacation ownership notes receivable as the primary credit quality indicator for our Legacy-MVW vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the age of the receivable associated with the vacation ownership interest.

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 2020	$	100	$	14	$	114
Investment in vacation ownership notes receivable on non-accrual status at year-end 2019	$	43	$	11	$	54

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, 2020 and December 31, 2019:


	Legacy-MVW Vacation Ownership Notes Receivable
	As of December 31, 2020						As of December 31, 2019
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	25	$	33	$	7	$	33	$	40
91 – 150 days past due	5		14		19		4		11		15
Greater than 150 days past due	95		—		95		39		—		39
Total past due	108		39		147		50		44		94
Current	231		1,011		1,242		222		1,254		1,476
Total vacation ownership notes receivable	$	339	$	1,050	$	1,389	$	272	$	1,298	$	1,570

The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of December 31, 2020.


	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Year of Origination
2020	$	156	$	86	$	242
2019	73		384		457
2018	43		247		290
2017	21		150		171
2016	11		70		81
2015 & Before	35		113		148
	$	339	$	1,050	$	1,389

Legacy-ILG Vacation Ownership Notes Receivable

At December 31, 2020 and December 31, 2019, the weighted average FICO score within our consolidated Legacy-ILG vacation ownership notes receivable pools was 708 and 712, 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 was 14.63 percent as of December 31, 2020, and 12.65 percent as of December 31, 2019. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $3 million and $2 million as of December 31, 2020 and December 31, 2019, respectively.

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


	Legacy-ILG Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at year-end 2020	$	109	$	12	$	121
Investment in vacation ownership notes receivable on non-accrual status at year-end 2019	$	40	$	9	$	49

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG vacation ownership notes receivable as of December 31, 2020 and December 31, 2019:


	Legacy-ILG Vacation Ownership Notes Receivable
	As of December 31, 2020						As of December 31, 2019
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	19	$	27	$	11	$	18	$	29
91 – 120 days past due	2		7		9		3		6		9
Greater than 120 days past due	107		5		112		37		3		40
Total past due	117		31		148		51		27		78
Current	123		550		673		250		539		789
Total vacation ownership notes receivable	$	240	$	581	$	821	$	301	$	566	$	867

The following tables show the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score, before reserves. 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, 2020
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	81	$	48	$	4	$	11	$	144
Sheraton	81		73		13		31		198
Hyatt	12		9		1		—		22
Other	2		1		—		2		5
	$	176	$	131	$	18	$	44	$	369


	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

The following table details the origination year of our Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2020. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.


	Acquired Vacation Ownership Notes Receivable - Westin
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	22	$	22	$	14	$	23	$	81
600 - 699	—		—		11		13		9		15		48
< 600	—		—		3		1		—		—		4
No Score	—		—		3		3		2		3		11
	$	—	$	—	$	39	$	39	$	25	$	41	$	144


	Acquired Vacation Ownership Notes Receivable - Sheraton
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	23	$	23	$	14	$	21	$	81
600 - 699	—		—		19		19		12		23		73
< 600	—		—		8		2		1		2		13
No Score	—		—		9		9		5		8		31
	$	—	$	—	$	59	$	53	$	32	$	54	$	198


	Acquired Vacation Ownership Notes Receivable - Hyatt and Other
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	3	$	3	$	2	$	6	$	14
600 - 699	—		—		2		2		2		4		10
< 600	—		—		—		—		—		1		1
No Score	—		—		—		—		—		2		2
	$	—	$	—	$	5	$	5	$	4	$	13	$	27

The following tables show the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score, before reserves. 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, 2020
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	109	$	52	$	6	$	23	$	190
Sheraton	106		72		16		43		237
Hyatt	16		8		—		—		24
	$	231	$	132	$	22	$	66	$	451


	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

The following tables detail the origination year of our Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of December 31, 2020. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers.


	Originated Vacation Ownership Notes Receivable - Westin
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	35	$	60	$	14	$	—	$	—	$	—	$	109
600 - 699	14		31		7		—		—		—		52
< 600	2		3		1		—		—		—		6
No Score	11		11		1		—		—		—		23
	$	62	$	105	$	23	$	—	$	—	$	—	$	190


	Originated Vacation Ownership Notes Receivable - Sheraton
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	35	$	56	$	15	$	—	$	—	$	—	$	106
600 - 699	20		40		12		—		—		—		72
< 600	5		9		2		—		—		—		16
No Score	11		26		6		—		—		—		43
	$	71	$	131	$	35	$	—	$	—	$	—	$	237


	Originated Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	5	$	9	$	2	$	—	$	—	$	—	$	16
600 - 699	3		4		1		—		—		—		8
< 600	—		—		—		—		—		—		—
No Score	—		—		—		—		—		—		—
	$	8	$	13	$	3	$	—	$	—	$	—	$	24

REVENUE - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition
Revenue remaining performance obligation expected timing percentage	82.00%
Expected timing of satisfaction, period	2 years

LEASES - Carrying Values of Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease assets	$ 131	$ 142
Finance lease assets	8	13
Lease right of use asset	139	155
Operating lease liabilities	138	151
Finance lease liabilities	8	14
Lease liability	$ 146	$ 165
Other assets	us-gaap:OtherAssets	us-gaap:OtherAssets
Property and equipment	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Accrued liabilities	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Debt	vac:DebtAndFinanceLeaseObligationsNet	vac:DebtAndFinanceLeaseObligationsNet

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable
Reserve for credit losses for accounts receivable	$ 15	$ 12

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Composition of inventory

The following table shows the composition of our inventory balances:


($ in millions)	At Year-End 2020		At Year-End 2019
Finished goods(1)	$	749	$	782
Work-in-progress	—		69
Real estate inventory	749		851
Other	10		8
	$	759	$	859

_________________________

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

PROPERTY AND EQUIPMENT - Property and equipment balances (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 285	$ 267
Buildings and leasehold improvements	482	389
Furniture, fixtures and other equipment	95	94
Information technology	322	312
Construction in progress	68	62
Property and equipment, gross	1,252	1,124
Accumulated depreciation	(461)	(406)
Property and equipment, net	$ 791	$ 718

REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

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.


	2020
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	546	$	—	$	—	$	546

Ancillary revenues	89		1		—		90
Management fee revenues	149		17		(22)		144
Exchange and other services revenues	118		193		210		521
Management and exchange	356		211		188		755

Rental	239		37		—		276

Cost reimbursements	1,124		59		(141)		1,042
Revenue from contracts with customers	2,265		307		47		2,619

Financing	265		2		—		267
Total Revenues	$	2,530	$	309	$	47	$	2,886


	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,354	$	—	$	—	$	1,354

Ancillary revenues	224		4		—		228
Management fee revenues	144		46		(13)		177
Exchange and other services revenues	120		248		176		544
Management and exchange	488		298		163		949

Rental	512		61		—		573

Cost reimbursements	1,136		91		(119)		1,108
Revenue from contracts with customers	3,490		450		44		3,984

Financing	271		4		—		275
Total Revenues	$	3,761	$	454	$	44	$	4,259


	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
Exchange and 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

Revenue remaining performance obligation

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.


	2020
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,616	$	156	$	47	$	1,819
Goods or services transferred at a point in time	649		151		—		800
Revenue from contracts with customers	$	2,265	$	307	$	47	$	2,619


	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,896	$	194	$	44	$	2,134
Goods or services transferred at a point in time	1,594		256		—		1,850
Revenue from contracts with customers	$	3,490	$	450	$	44	$	3,984


	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

Contract with customer, asset and liability

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2020 or December 31, 2019.


($ in millions)	At December 31, 2020		At December 31, 2019
Receivables
Accounts receivable	$	150	$	166
Vacation ownership notes receivable, net	1,840		2,233
	$	1,990	$	2,399

Contract Liabilities
Advance deposits	$	147	$	187
Deferred revenue	488		433
	$	635	$	620

Accounts and nontrade receivable

The following table shows the composition of our accounts receivable balances:


($ in millions)	At December 31, 2020		At December 31, 2019
Receivables from contracts with customers	$	150	$	166
Interest receivable	13		16
Tax receivable	60		82
Indemnification asset	15		38
Employee tax credit receivable	19		—
Other	19		21
	$	276	$	323

GOODWILL - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
GOODWILL - Additional Information (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020
Goodwill
Impairment	$ (73,000,000)
Vacation Ownership
Goodwill
Impairment	0		$ 0
Exchange & Third-Party Management
Goodwill
Impairment	$ (73,000,000)	$ (73,000,000)

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Unrecognized tax benefit at beginning of year	$ 21	$ 2	$ 2
Increases related to tax positions taken during a prior period	6	18	0
Increases related to tax positions taken during the current period	2	1	0
Decreases related to settlements with taxing authorities	(14)	0	0
Decreases as a result of a lapse of the applicable statute of limitations	(1)	0	0
Unrecognized tax benefit at end of year	$ 14	$ 21	$ 2

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Total Assets	$ 8,898	$ 9,214
Property and equipment, net	791	718
United States
Segment Reporting Information
Property and equipment, net	640	560
Non-US
Segment Reporting Information
Property and equipment, net	151	158
Operating Segments
Segment Reporting Information
Total Assets	7,810	8,507
Operating Segments \| Vacation Ownership
Segment Reporting Information
Total Assets	6,859	7,345
Operating Segments \| Exchange & Third-Party Management
Segment Reporting Information
Total Assets	951	1,162
Corporate and other
Segment Reporting Information
Total Assets	$ 1,088	$ 707

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Amount of completed vacation ownership units classified as property and equipment	$ 162	$ 55
Deposits on future purchases of inventory	43	$ 38
Inventory impairment	$ 6

EARNINGS PER SHARE - Additional Information (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	56,649	56,649
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 143.38	$ 143.38

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table details the carrying amount of our goodwill at December 31, 2020 and December 31, 2019, and reflects goodwill attributed to the ILG Acquisition, which was allocated to our Vacation Ownership and our Exchange & Third-Party Management reporting units.


($ 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
Impairment	—		(73)		(73)
Foreign exchange adjustments	—		(2)		(2)
Balance at December 31, 2020	$	2,445	$	372	$	2,817

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	6649 Westwood Blvd.
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32821
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity 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 Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,305,237,101
Entity Common Stock, Shares Outstanding		41,197,482
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement prepared for the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001524358

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Our Business	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.” 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.
Principles of Consolidation and Basis of Presentation	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 (loss) 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. The uncertainty created by the COVID-19 pandemic (as defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from these estimated amounts. We have reclassified certain prior year amounts to conform with our current year presentation.
Revenue Recognition	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 2020 by $79 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. See Footnote 7 “Vacation Ownership Notes Receivable” for information on increases to our vacation ownership notes receivable reserve attributable to the COVID-19 pandemic. 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 cancellable 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 7 “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 5 “Revenue” for additional information related to our receivables, contract assets and contract liabilities.
Costs Incurred to Sell Vacation Ownership Products	Costs Incurred to Sell Vacation Ownership ProductsWe charge marketing and sales costs we incur to sell vacation ownership products to expense when incurred.
(Loss) Earnings Per Share Attributable to Common Shareholders	(Loss) Earnings Per Share Attributable to Common Shareholders Basic (loss) earnings per share attributable to common shareholders is calculated by dividing the (loss) earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted (loss) 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. Any potentially dilutive equity-based compensation awards are excluded from the calculation for periods when there is a net loss attributable to common shareholders to avoid anti-dilutive effects.
Business Combinations	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. 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 that 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	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	Fair Value Measurements We have several financial instruments that we must measure at fair value on a recurring basis. See Footnote 8 “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	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 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 Accounts receivable are stated at amounts due from customers, principally resort developers, members and managed properties, net of a reserve for credit losses. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable 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. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $15 million and $12 million at December 31, 2020 and December 31, 2019, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income.
Vacation Ownership Notes Receivable Reserve for Credit Losses	Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. At acquisition, we recorded these vacation ownership notes receivable at fair value. Upon adoption of ASU 2016-13 (as defined below) on January 1, 2020, we account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. In addition, we established a noncredit discount of $2 million, which represents the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. For additional information on our acquired vacation ownership notes receivable, including information on the related reserves and the impact of the COVID-19 pandemic, see Footnote 7 “Vacation Ownership Notes Receivable.” 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. 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. For Legacy-MVW vacation ownership notes receivable, we consider loans over 150 days past due to be in default and fully reserve such amounts. For Legacy-ILG vacation ownership notes receivable we consider loans over 120 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 certain circumstances, when revocation is complete. For additional information on our originated vacation ownership notes receivable, including information on the related reserves and the impact of the COVID-19 pandemic, see Footnote 7 “Vacation Ownership Notes Receivable.”
Inventory	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 2020, 2019 and 2018, product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $6 million, $8 million and $6 million, respectively.
Property and Equipment	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	Leases We account for leases in accordance with ASC Topic 842, “Leases” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. 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. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Short-term leases, which have an initial term of a year or less, are not recorded on the balance sheet. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Because the rate implicit in our leases is not readily determinable, we use our incremental borrowing rate as the discount rate, which approximates the interest rate at which we could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Additionally, with respect to our real estate leases, we do not separate lease and non-lease components.
Impairment of Long-Lived Assets and Other Intangible Assets	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. We recorded $3 million of impairment charges for property and equipment during 2020. See Footnote 13 “Intangible Assets” for additional information on our intangibles, including the impairment charges recorded during the year ended December 31, 2020.
Goodwill	Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, 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. See Footnote 12 “Goodwill” for additional information on our goodwill, including the impairment charges recorded during the year ended December 31, 2020.
Convertible Senior Notes	Convertible Senior Notes In accounting for the 1.50% Convertible Senior Notes due 2022 (the “2022 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 2022 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 2022 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 2022 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 2022 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 17 “Debt” for more information.
Derivative Instruments	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	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	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 $12 million in 2020, $19 million in 2019 and $11 million in 2018.
Deferred Compensation Plan	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 2020 and 2019, 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, 2020, the value of the assets held in the rabbi trust was $54 million, which is included in the Other line within assets on our Balance Sheets.
Share-Based Compensation Costs	Share-Based Compensation Costs During the second quarter of 2020, our shareholders approved the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), which supersedes both the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan and the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (collectively, the “Prior Plans”). No new awards will be granted under the Prior Plans and all awards that were granted under the Prior Plans will remain outstanding and continue to be governed by the Prior Plans. The MVW Equity Plan was established 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 performance period (typically three years) 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 MVW Equity 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 19 “Share-Based Compensation” for more information on the MVW Equity Plan.
Non-U.S. Operations	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, in the (Losses) gains and other (expense) income, net line on our Income Statements.
Income Taxes	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 6 “Income Taxes.”
New Accounting Standards	New Accounting Standards Accounting Standards Update 2016-13 – “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) In the first quarter of 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, which replaced the incurred loss impairment methodology in then-current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update was 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. The current expected credit loss model provides that an initial estimate of expected credit losses over the contractual life of the financial instrument is reflected in the allowance for credit losses and any changes to that estimate are recognized as adjustments to the allowance. ASU 2016-13 did not have a material impact on our financial statements or disclosures upon adoption, primarily as most of our vacation ownership notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606. Vacation Ownership Notes Receivable Our originated vacation ownership notes receivable are recorded net of a reserve that is calculated in accordance with ASC 606, so there was no material impact upon adoption of ASU 2016-13. Our acquired vacation ownership notes receivable have historically been accounted for using the expected cash flow method of recognizing discount accretion based on the expected cash flows of those instruments. Upon adoption of ASU 2016-13, we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. In addition, we recorded a noncredit discount of $2 million, which represents the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote 7 “Vacation Ownership Notes Receivable.” Accounts Receivable Our Accounts receivable include amounts due from customers, principally credit card receivables, and amounts due from resort developers, members and managed properties. These amounts are typically due within one year and are presented net of a reserve for credit losses. Subsequent to our adoption of ASU 2016-13, we estimate expected credit losses for our accounts receivable by considering a number of factors, including previous loss history and the condition of the general economy, as well as any other significant events that may impact the collectibility of the specific accounts receivable. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income. There was no material impact to our financial statements or disclosures as a result of our adoption of ASU 2016-13 for accounts receivable, and no material change in our reserve for credit losses during 2020. Accounting Standards Update 2020-09 – “Debt (Topic 470) – Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762” (“ASU 2020-09”) In March 2020, the Securities and Exchange Commission (the “SEC”) issued a final rule which simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X (the “SEC Final Rule”). The SEC Final Rule replaces the requirement for a parent entity to provide detailed disclosures regarding subsidiary issuers and guarantors of registered debt offerings within the footnotes to the consolidated financial statements. Under the SEC Final Rule, a parent entity is required to present summarized financial information of the issuers’ and guarantors’ balance sheets and statements of operations on a consolidated basis. It also requires qualitative disclosures with respect to information about guarantors and the terms and conditions of guarantees. These disclosures may be provided outside the footnotes to a company’s consolidated financial statements. In October 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-09 to reflect the SEC’s new disclosure rules on guaranteed debt securities offerings. We early adopted the reporting requirements of the SEC Final Rule as reflected in ASU 2020-09 in the first quarter of 2020 and elected to provide these disclosures within Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Future Adoption of Accounting Standards	Future Adoption of Accounting Standards 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. We do not anticipate a material change upon adoption. Accounting Standards Update 2020-04 – “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”) In March 2020, the FASB issued ASU 2020-04, as amended, which provides optional expedients and exceptions to existing guidance on contract modifications and hedge accounting in an effort to ease the financial reporting burdens related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. This update can be adopted no later than December 1, 2022, with early adoption permitted. We expect to adopt ASU 2020-04 in fiscal year 2022 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 2020-06 – “Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) In August 2020, the FASB issued ASU 2020-06, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. This update may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized as an adjustment to the opening balance of retained earnings on the date of adoption. Additionally, this update provides for a one-time irrevocable election by entities to apply the fair value option in accordance with ASC Topic 825-10, “Financial Instruments - Overall,” for any liability-classified convertible securities, with the difference between the carrying amount and the fair value recorded as a cumulative-effect adjustment to opening retained earnings as of the beginning of the period of adoption. We are evaluating the impact that ASU 2020-06, including the timing of implementation, will have on our financial statements and disclosures. In accordance with ASU 2020-06, we will be required to calculate diluted earnings per share under the “if-converted” method. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of the convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if-converted” method may reduce our reported diluted earnings per share.

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

The following table details the composition of our intangible asset balances:


($ in millions)	2020		2019
Definite-lived intangible assets
Member relationships	$	671	$	671
Management contracts	351		351
	1,022		1,022
Accumulated amortization	(134)		(77)
	888		945
Indefinite-lived intangible assets
Trade names and trademarks	64		82
	$	952	$	1,027

Definite-Lived Intangible Assets

Definite-lived intangible assets, all of which were acquired as part of the ILG Acquisition, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 25 years. We recorded amortization expense of $57 million in 2020, $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.

Indefinite-Lived Intangibles

The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.


($ in millions)	Trade Names and Trademarks
Balance at December 31, 2019	$	82
Impairment	(18)
Balance at December 31, 2020	$	64

In connection with the preparation of the financial statements for the first quarter of 2020, we concluded that it was more likely than not that the fair value of our indefinite lived intangibles was below their carrying amounts. The factors that led to this conclusion were related to the COVID-19 pandemic and included: (i) the government stay-at-home orders in place in many of the jurisdictions in which we operate; (ii) the impact of travel restrictions on the hospitality industry; and (iii) the macroeconomic fallout from the COVID-19 pandemic.

We used the relief of royalty method in calculating the fair value of the trade names and trademarks (Level 3). We recognized a non-cash impairment charge of $18 million in the Impairment line on our Income Statement during the first quarter of 2020, which was primarily attributed to the decline in estimated near-term revenues and related recovery of long-term revenues attributed to the impact of the COVID-19 pandemic.

We performed our annual impairment test of indefinite lived intangible assets as of October 1, 2020 consistent with the methodology used in the first quarter of 2020 and determined that the fair value of our indefinite lived intangibles was above their carrying amounts.

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$ 371	$ 815
Principal receipts	487	477
Interest receipts	218	214
Reserve release	16	184
Total	1,092	1,690
Cash Outflows
Principal to investors	(509)	(507)
Voluntary repurchases of defaulted vacation ownership notes receivable	(95)	(54)	$ (31)
Voluntary clean-up call	(18)	(22)
Interest to investors	(49)	(49)
Funding of restricted cash	(20)	(169)
Total	(691)	(801)
Net Cash Flows	401	889
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	315	202
Principal receipts	34	14
Interest receipts	17	13
Reserve release	2	2
Total	368	231
Cash Outflows
Principal to investors	(33)	(12)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)	0
Repayment of Warehouse Credit Facility	(300)	(285)
Interest to investors	(4)	(4)
Funding of restricted cash	(2)	(2)
Total	(342)	(303)
Net Cash Flows	$ 26	$ (72)

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 37	$ 37	$ 35
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	22	17	12
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	9	7	7
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	2	10	13
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	33	34	32
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	4	3	3
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 0	$ 0	$ 0

DEBT - Additional Information (Details) - USD ($)		1 Months Ended	2 Months Ended	3 Months Ended	12 Months Ended
DEBT - Additional Information (Details) - USD ($)	Feb. 14, 2020	May 30, 2020	Mar. 01, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Line Items]
Common stock, shares issued (in shares)					75,279,061	75,020,272
Dividends declared per share of common stock (in usd per share)	$ 0.54				$ 0.54	$ 1.89	$ 1.65
Interest Rate Swap September 2023
Debt Disclosure [Line Items]
Notional amount					$ 250,000,000
Derivative, fixed interest rate					2.9625%
Interest Rate Swap April 2024
Debt Disclosure [Line Items]
Notional amount					$ 200,000,000
Derivative, fixed interest rate					2.248%
Interest Rate Contract
Debt Disclosure [Line Items]
Notional amount					$ 100,000,000
Cap strike rate					2.50%
Floor strike rate					1.881%
Senior Secured Notes
Debt Disclosure [Line Items]
Debt, stated interest rate				6.125%
Proceeds from issuance of senior debt				$ 493,000,000
Term Loan \| Subsequent Event
Debt Disclosure [Line Items]
Repay of term loan			$ 100,000,000
Senior notes \| Senior Secured Notes
Debt Disclosure [Line Items]
Principal amount				$ 500,000,000
Senior notes \| 2026 Notes
Debt Disclosure [Line Items]
Principal amount					$ 750,000,000
Debt, stated interest rate					6.50%
Proceeds from issuance of senior debt					$ 742,000,000
Senior notes \| 2028 Notes
Debt Disclosure [Line Items]
Principal amount					$ 350,000,000
Debt, stated interest rate					4.75%
Proceeds from issuance of senior debt					$ 346,000,000
Senior notes \| Exchange Notes
Debt Disclosure [Line Items]
Debt, stated interest rate					5.625%
Senior notes \| IAC Notes
Debt Disclosure [Line Items]
Debt, stated interest rate					5.625%
Convertible Notes \| 2022 Convertible Notes
Debt Disclosure [Line Items]
Principal amount								$ 230,000,000
Debt, stated interest rate								1.50%
Common stock, shares issued (in shares)					0.0068115
Conversion price (in usd per share)					$ 146.81
Redemption price								100.00%
Interest rate, effective percentage						4.70%
Convertible debt, remaining discount amortization period					1 year 8 months 12 days
Corporate Credit Facility \| Revolving Corporate Credit Facility, net
Debt Disclosure [Line Items]
Credit facility					$ 600,000,000
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Minimum
Debt Disclosure [Line Items]
Commitment fee percentage					0.20%
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Maximum
Debt Disclosure [Line Items]
Commitment fee percentage					0.40%
Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Letter of Credit
Debt Disclosure [Line Items]
Credit facility					$ 75,000,000
Corporate Credit Facility \| Term Loan
Debt Disclosure [Line Items]
Credit facility					$ 900,000,000
Corporate Credit Facility \| Revolving corporate credit facility, net
Debt Disclosure [Line Items]
Debt instrument, covenant, liquidity threshold		$ 300,000,000
Floating Rate \| Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Minimum
Debt Disclosure [Line Items]
Basis spread on variable rate					0.50%
Floating Rate \| Corporate Credit Facility \| Revolving Corporate Credit Facility, net \| Maximum
Debt Disclosure [Line Items]
Basis spread on variable rate					2.75%
London Interbank Offered Rate (LIBOR) \| Corporate Credit Facility \| Term Loan
Debt Disclosure [Line Items]
Basis spread on variable rate					1.75%
Convertible Note Hedges
Debt Disclosure [Line Items]
Indexed shares (in shares)								1,550,000
Convertible note hedges exercised (in shares)					0
Private Warrants
Debt Disclosure [Line Items]
Number of securities called by warrants (in shares)								1,550,000
Exercise price of warrants (in usd per share)								$ 176.68
Number of warrants exercised (in shares)					0

REVENUE - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 150	$ 166
Interest receivable	13	16
Tax receivable	60	82
Indemnification asset	15	38
Employee tax credit receivable	19	0
Other	19	21
Accounts Receivable, including VIE, after allowance for credit loss	$ 276	$ 323

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 749	$ 782
Work-in-progress	0	69
Real estate inventory	749	851
Other	10	8
Inventory	$ 759	$ 859

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Revenue Reconciling
Revenues	$ 747	$ 649	$ 480	$ 1,010	$ 1,116	$ 1,066	$ 1,043	$ 1,034	$ 2,886	$ 4,259	$ 2,968
Revenues excluding cost reimbursement									1,844	3,151	2,043
United States
Segment Reporting, Revenue Reconciling
Revenues excluding cost reimbursement									1,664	2,810	1,780
Non-US
Segment Reporting, Revenue Reconciling
Revenues excluding cost reimbursement									180	341	263
Vacation Ownership
Segment Reporting, Revenue Reconciling
Revenues									2,530	3,761	2,803
Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling
Revenues									309	454	161
Operating Segments
Segment Reporting, Revenue Reconciling
Revenues									2,839	4,215	2,964
Operating Segments \| Vacation Ownership
Segment Reporting, Revenue Reconciling
Revenues									2,530	3,761	2,803
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling
Revenues									309	454	161
Corporate and other
Segment Reporting, Revenue Reconciling
Revenues									$ 47	$ 44	$ 4

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Dec. 31, 2020 USD ($)
Debt Instrument
2021	$ 9
2022	239
2023	9
2024	9
2025	848
Thereafter	1,100
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations \| Securitized debt
Debt Instrument
2021	170
2022	171
2023	175
2024	176
2025	181
Thereafter	731
Long-term debt	$ 1,604

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (256)	$ 142	$ 52
Other comprehensive (loss) income:
Foreign currency translation adjustments	6	(27)	(5)
Derivative instrument adjustment	(18)	(15)	(6)
OTHER COMPREHENSIVE LOSS, NET OF TAX	(12)	(42)	(11)
Net (income) loss attributable to noncontrolling interests	(19)	(4)	3
Other comprehensive income attributable to noncontrolling interests	0	0	0
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(19)	(4)	3
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (287)	$ 96	$ 44

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Principal Payments Year
2021	$ 9
2022	239
2023	9
2024	9
2025	848
Thereafter	1,100
Total	2,214
Corporate Credit Facility \| Term Loan
Debt Principal Payments Year
2021	9
2022	9
2023	9
2024	9
2025	848
Thereafter	0
Total	884	$ 893
Senior notes \| 2025 Notes
Debt Principal Payments Year
2021	0
2022	0
2023	0
2024	0
2025	500
Thereafter	0
Total	500	0
Senior notes \| 2026 Notes
Debt Principal Payments Year
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	750
Total	750	750
Senior notes \| 2028 Notes
Debt Principal Payments Year
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	350
Total	350	350
Convertible Notes \| 2022 Convertible Notes
Debt Principal Payments Year
2021	0
2022	230
2023	0
2024	0
2025	0
Thereafter	0
Total	$ 230	$ 230

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Common Stock Previously Reported	Treasury Stock	Treasury Stock Previously Reported	Additional Paid-In Capital	Additional Paid-In Capital Previously Reported	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Previously Reported	Retained Earnings	Retained Earnings Previously Reported	Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Total MVW Shareholders' Equity	Total MVW Shareholders' Equity Previously Reported	Total MVW Shareholders' Equity Revision of Prior Period, Accounting Standards Update, Adjustment	Noncontrolling Interests	Noncontrolling Interests Previously Reported
Beginning balance (in shares) at Dec. 31, 2017				36,900,000
Beginning balance at Dec. 31, 2017	$ 1,041			$ 0		$ (694)		$ 1,189		$ 17		$ 529			$ 1,041			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	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)
Ending balance (in shares) at Dec. 31, 2018				57,600,000
Ending balance at Dec. 31, 2018	3,458	$ 3,466	$ (8)	$ 1	$ 1	(790)	$ (790)	3,721	$ 3,721	6	$ 6	515	$ 523	$ (8)	3,453	$ 3,461	$ (8)	5	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) 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)
Tax restructuring transaction (in shares)				17,100,000
Employee stock plan issuance	$ 3					2		1							3
Ending balance (in shares) at Dec. 31, 2019	75,020,272			75,000,000.0
Ending balance at Dec. 31, 2019	$ 3,031			$ 1		(1,253)		3,738		(36)		569			3,019			12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(256)											(275)			(275)			19
Foreign currency translation adjustments	6									6					6
Derivative instrument adjustment	(18)									(18)					(18)
Amounts related to share-based compensation (in shares)				300,000
Amounts related to share-based compensation	21							21							21
Repurchase of common stock	(82)					(82)									(82)
Dividends	(22)											(22)			(22)
Employee stock plan issuance	$ 2					1		1							2
Ending balance (in shares) at Dec. 31, 2020	75,279,061			75,300,000
Ending balance at Dec. 31, 2020	$ 2,682			$ 1		$ (1,334)		$ 3,760		$ (48)		$ 272			$ 2,651			$ 31
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of adoption of ASU 2016-02	us-gaap:AccountingStandardsUpdate201602Member

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

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 (loss) earnings per share attributable to common shareholders.



(in millions, except per share amounts)	2020		2019(1)		2018(1)
Computation of Basic (Loss) Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(275)	$	138	$	55
Shares for basic (loss) earnings per share	41.3		43.9		33.3
Basic (loss) earnings per share	$	(6.65)	$	3.13	$	1.64
Computation of Diluted (Loss) Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(275)	$	138	$	55
Shares for basic (loss) earnings per share	41.3		43.9		33.3
Effect of dilutive shares outstanding(2)
Employee stock options and SARs	—		0.3		0.4
Restricted stock units	—		0.3		0.3
Shares for diluted (loss) earnings per share	41.3		44.5		34.0
Diluted (loss) earnings per share	$	(6.65)	$	3.09	$	1.61

_________________________

(1)The computations of diluted earnings per share attributable to common shareholders exclude approximately 345,000 and 165,000 shares of common stock, the maximum number of shares issuable as of December 31, 2019 and December 31, 2018, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

(2)Amounts exclude all potentially dilutive equity-based compensation awards for periods when there is a net loss attributable to common shareholders.

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

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, 2020, there were 75,279,061 shares of Marriott Vacations Worldwide common stock issued, of which 41,094,248 shares were outstanding and 34,184,813 shares were held as treasury stock. 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. 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, 2020 or December 31, 2019.

Share Repurchase Program

The following table summarizes the share repurchase activity under our share repurchase program, which expired on December 31, 2020:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2019	16,418,950	$	1,258	$	76.60
For the year ended December 31, 2020	769,935	82		106.60
As of December 31, 2020	17,188,885	$	1,340	$	77.95

Dividends

We declared cash dividends to holders of common stock during the year ended December 31, 2020 as follows:

Declaration Date

Shareholder Record Date

Distribution Date

Dividend per Share

February 14, 2020

February 27, 2020

March 12, 2020

$0.54

Due to the impact of the COVID-19 pandemic, we temporarily suspended cash dividends. Any future dividend payments will be subject to both the restrictions imposed under the Waiver and other agreements covering our debt, Board approval, and there can be no assurance that we will pay dividends in the future.

Noncontrolling Interests

Property Owners’ Associations

We consolidate certain property owners’ associations. Noncontrolling interests represents the portion of the property owners’ associations related to individual or third-party vacation ownership interest owners. Noncontrolling interests of $31 million and $12 million, as of December 31, 2020 and December 31, 2019, respectively, are included on our Balance Sheets as a component of equity.

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Consideration transferred

The following table presents the fair value of each type 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, and is not deductible for tax purposes. See Footnote 12 “Goodwill” for additional information on our goodwill.

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)	September 1, 2018 (as finalized)		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)These management contracts were entirely related to the VRI Europe business, which we disposed of in the fourth quarter of 2018. The indefinite-lived management contracts, by their terms, continued beyond the then foreseeable horizon. There were no legal, regulatory, contractual, competitive, economic or other factors which limited the period of time over which these resort management contracts were 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. The unaudited pro forma results below include $54 million of ILG acquisition-related costs.


($ in millions, except per share data)	2018
Revenues	$	4,216
Net income	$	210
Net income attributable to common shareholders	$	211
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	4.49
Diluted	$	4.38

INVENTORY

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At Year-End 2020		At Year-End 2019
Finished goods(1)	$	749	$	782
Work-in-progress	—		69
Real estate inventory	749		851
Other	10		8
	$	759	$	859

_________________________

(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, 2020 and December 31, 2019, we had $162 million and $55 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment until the time at which they are legally registered for sale as vacation ownership products. We also had $43 million and $38 million of deposits on future purchases of inventory at December 31, 2020 and December 31, 2019, respectively, which are included in the Other assets line on our Balance Sheets. Additionally, during the year ended December 31, 2020, we recorded $6 million of inventory impairments.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The MVW Equity Plan is maintained for the benefit of our officers, directors and employees. Under the MVW Equity Plan, we are authorized to 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 1.8 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of December 31, 2020, approximately 1.7 million shares were available for grants under the MVW Equity Plan.

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


($ in millions)	2020		2019		2018
Service-based RSUs	$	22	$	17	$	12
Performance-based RSUs	9		7		7
ILG Acquisition Converted RSUs	2		10		13
	33		34		32
SARs	4		3		3
Stock options	—		—		—
	$	37	$	37	$	35

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


($ in millions)	At Year-End 2020(1)		At Year-End 2019
Service-based RSUs	$	27	$	17
Performance-based RSUs	6		10
ILG Acquisition Converted RSUs	—		3
	33		30
SARs	1		1
Stock options	—		—
	$	34	$	31

_________________________

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:


	2020
	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 2019	648,575	$	85.87	489,322	$	101.35	1,137,897	$	92.53
Granted	348,890	$	98.51	177,208	$	90.82	526,098	$	95.92
Distributed	(192,337)	$	94.80	(65,863)	$	93.41	(258,200)	$	94.44
Forfeited	(21,639)	$	98.02	(50,496)	$	94.32	(72,135)	$	95.43
Outstanding at year-end 2020	783,489	$	88.98	550,171	$	99.56	1,333,660	$	93.34

The weighted average grant-date fair value per RSU granted in 2019 and 2018 was $92.53 and $120.04, respectively. The fair value of the RSUs which vested in 2020 was $30 million, and included $6 million related to RSUs converted from ILG equity-based RSUs to MVW equity-based RSUs in the ILG Acquisition. 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.

Stock Appreciation Rights

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


	2020
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2019	696,147	$	68.18
Granted	116,434	$	96.82
Exercised	(184,118)	$	29.85
Forfeited or expired	(6,361)	$	97.95
Outstanding at year-end 2020(1)(2)	622,102	$	84.58

_________________________

(1)As of December 31, 2020, outstanding SARs had a total intrinsic value of $33 million and a weighted average remaining term of 6 years.

The weighted average grant-date fair value per SAR granted in 2020, 2019, and 2018 was $29.63, $28.89, and $44.75, respectively. The intrinsic value of SARs which vested in 2020, 2019, and 2018, was $4 million, $4 million, and less than $1 million, respectively. The aggregate intrinsic value of SARs which were exercised in 2020, 2019, and 2018 was $19 million, $11 million, and $2 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 estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.

The following table outlines the assumptions used to estimate the fair value of grants in 2020, 2019, and 2018:


	2020	2019	2018
Expected volatility	38.81%	31.10%	30.78%
Dividend yield	2.13%	1.76%	1.11%
Risk-free rate	0.96%	2.59%	2.68%
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 2020 or 2019, and no stock options were granted to our employees in 2020, 2019, or 2018. At December 31, 2020, approximately 700 stock options were outstanding and exercisable with a weighted average exercise price per option of $23.46 and a weighted average remaining life of less than 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.

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity
Interest income	$ 257	$ 264	$ 175
Administrative expenses	154	$ 248	$ 198
Variable Interest Entity
Variable Interest Entity
Interest income	239
Interest expense to investors	55
Debt issuance cost amortization	8
Administrative expenses	1
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity
Interest income	222
Interest expense to investors	51
Debt issuance cost amortization	7
Administrative expenses	1
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity
Interest income	17
Interest expense to investors	4
Debt issuance cost amortization	1
Administrative expenses	$ 0

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic (loss) earnings per common share attributable to common shareholders is calculated by dividing net (loss) or income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per common share 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 (loss) earnings per share attributable to common shareholders reflects our intent to settle conversions of the 2022 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, 2020, December 31, 2019, or December 31, 2018, there was no dilutive impact from the 2022 Convertible Notes for 2020, 2019, or 2018.

The shares issuable on exercise of the 2022 Warrants (as defined in Footnote 17 “Debt”) sold in connection with the issuance of the 2022 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. If and when the price of our common stock exceeds the strike price of the 2022 Warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the 2022 Warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The 2022 Convertible Note Hedges purchased in connection with the issuance of the 2022 Convertible Notes are considered to be anti-dilutive and do not impact our calculation of diluted earnings per share attributable to common shareholders for any periods presented herein.

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



(in millions, except per share amounts)	2020		2019(1)		2018(1)
Computation of Basic (Loss) Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(275)	$	138	$	55
Shares for basic (loss) earnings per share	41.3		43.9		33.3
Basic (loss) earnings per share	$	(6.65)	$	3.13	$	1.64
Computation of Diluted (Loss) Earnings Per Share Attributable to Common Shareholders
Net (loss) income attributable to common shareholders	$	(275)	$	138	$	55
Shares for basic (loss) earnings per share	41.3		43.9		33.3
Effect of dilutive shares outstanding(2)
Employee stock options and SARs	—		0.3		0.4
Restricted stock units	—		0.3		0.3
Shares for diluted (loss) earnings per share	41.3		44.5		34.0
Diluted (loss) earnings per share	$	(6.65)	$	3.09	$	1.61

_________________________

(2)Amounts exclude all potentially dilutive equity-based compensation awards for periods when there is a net loss attributable to common shareholders.

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.

LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2020		At December 31, 2019
Operating lease assets	Other assets	$	131	$	142
Finance lease assets	Property and equipment	8		13
		$	139	$	155

Operating lease liabilities	Accrued liabilities	$	138	$	151
Finance lease liabilities	Debt	8		14
		$	146	$	165

The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2020 and December 31, 2019.


($ in millions)	Income Statement Classification	2020		2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	36	$	33
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	5		5
Interest on lease liabilities	Financing expense	1		1
Variable lease cost	Marketing and sales expense	2		5
		$	44	$	44

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2020.


($ in millions)	Operating Leases		Finance Leases		Total
2021	$	27	$	4	$	31
2022	22		3		25
2023	20		1		21
2024	18		—		18
2025	16		—		16
Thereafter	134		1		135
Total lease payments	237		9		246
Less: Imputed interest	(99)		(1)		(100)
	$	138	$	8	$	146

Lease Term and Discount Rate

The following table presents additional information about our lease obligations.


	At December 31, 2020	At December 31, 2019
Weighted-average remaining lease term
Operating leases	19.1 years	10.5 years
Finance leases	3.0 years	1.0 years
Weighted-average discount rate
Operating leases	5.8%	6.1%
Finance leases	3.9%	4.9%

Other Information

The following table presents supplemental cash flow information for 2020 and 2019.


($ in millions)	2020		2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1	$	1
Operating cash flows for operating leases	$	41	$	39
Financing cash flows for finance leases	$	11	$	12

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	27	$	33
Finance leases	$	7	$	3

Leases That Have Not Yet Commenced

During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters in Orlando, Florida. The new office building is currently expected to be completed in 2024, 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 over the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expires in June 2021. The agreement provides for a standstill on certain project spending, extends certain deliverable dates pertaining to the development and lease, and grants us a limited termination option in exchange for reimbursement of certain developer soft costs

LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2020		At December 31, 2019
Operating lease assets	Other assets	$	131	$	142
Finance lease assets	Property and equipment	8		13
		$	139	$	155

Operating lease liabilities	Accrued liabilities	$	138	$	151
Finance lease liabilities	Debt	8		14
		$	146	$	165

The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2020 and December 31, 2019.


($ in millions)	Income Statement Classification	2020		2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	36	$	33
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	5		5
Interest on lease liabilities	Financing expense	1		1
Variable lease cost	Marketing and sales expense	2		5
		$	44	$	44

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2020.


($ in millions)	Operating Leases		Finance Leases		Total
2021	$	27	$	4	$	31
2022	22		3		25
2023	20		1		21
2024	18		—		18
2025	16		—		16
Thereafter	134		1		135
Total lease payments	237		9		246
Less: Imputed interest	(99)		(1)		(100)
	$	138	$	8	$	146

Lease Term and Discount Rate

The following table presents additional information about our lease obligations.


	At December 31, 2020	At December 31, 2019
Weighted-average remaining lease term
Operating leases	19.1 years	10.5 years
Finance leases	3.0 years	1.0 years
Weighted-average discount rate
Operating leases	5.8%	6.1%
Finance leases	3.9%	4.9%

Other Information

The following table presents supplemental cash flow information for 2020 and 2019.


($ in millions)	2020		2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1	$	1
Operating cash flows for operating leases	$	41	$	39
Financing cash flows for finance leases	$	11	$	12

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	27	$	33
Finance leases	$	7	$	3

Leases That Have Not Yet Commenced

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 524	$ 287
Restricted cash (including $68 and $64 from VIEs, respectively)	468	414
Accounts receivable, net (including $11 and $13 from VIEs, respectively)	276	323
Vacation ownership notes receivable, net (including $1,493 and $1,750 from VIEs, respectively)	1,840	2,233
Inventory	759	859
Property and equipment, net	791	718
Goodwill	2,817	2,892
Intangibles, net	952	1,027
Other (including $54 and $39 from VIEs, respectively)	471	461
TOTAL ASSETS	8,898	9,214
LIABILITIES AND EQUITY
Accounts payable	209	286
Advance deposits	147	187
Accrued liabilities (including $1 and $2 from VIEs, respectively)	349	397
Deferred revenue	488	433
Payroll and benefits liability	157	186
Deferred compensation liability	127	110
Securitized debt, net (including $1,604 and $1,871 from VIEs, respectively)	1,588	1,871
Debt, net	2,680	2,216
Other	197	197
Deferred taxes	274	300
TOTAL LIABILITIES	6,216	6,183
Contingencies and Commitments (Note 14)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,279,061 and 75,020,272 shares issued, respectively	1	1
Treasury stock — at cost; 34,184,813 and 33,438,176 shares, respectively	(1,334)	(1,253)
Additional paid-in capital	3,760	3,738
Accumulated other comprehensive income	(48)	(36)
Retained earnings	272	569
TOTAL MVW SHAREHOLDERS' EQUITY	2,651	3,019
Noncontrolling interests	31	12
TOTAL EQUITY	2,682	3,031
TOTAL LIABILITIES AND EQUITY	$ 8,898	$ 9,214

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets and Other Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Impairment charges for property and equipment	$ (3)

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Securitized debt, gross	$ 1,588	$ 1,871
Secured Debt, Net	1,588	1,871
Variable Interest Entity
Debt Instrument
Securitized debt, gross	1,604	1,871
Securitized debt \| Variable Interest Entity
Debt Instrument
Securitized debt, gross	$ 1,604
Debt, weighted average interest rate	2.80%
Securitized debt \| Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Debt Instrument
Securitized debt, gross	$ 1,604	1,850
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(16)	(18)
Secured Debt, Net	$ 1,588	1,832
Securitized debt \| Minimum \| Variable Interest Entity
Debt Instrument
Debt, stated interest rate	2.30%
Securitized debt \| Maximum \| Variable Interest Entity
Debt Instrument
Debt, stated interest rate	4.40%
Securitized debt \| Warehouse Credit Facility \| Variable Interest Entity
Debt Instrument
Securitized debt, gross	$ 0	21
Unamortized debt issuance costs	(1)	(2)
Secured Debt, Net	0	19
Securitized debt \| Other
Debt Instrument
Secured Debt, Net	$ 0	$ 20

REVENUE - Additional Information (Details) - USD ($)	12 Months Ended
REVENUE - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, contract assets	$ 0	$ 0
Contract with customer, liability, revenue recognized	$ 355,000,000

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity
Vacation ownership notes receivable, net	$ 1,840	$ 2,233
Interest receivable	13	16
Restricted cash	468	414
TOTAL ASSETS	8,898	9,214
Securitized debt	1,588	1,871
TOTAL LIABILITIES	6,216	6,183
Variable Interest Entity
Variable Interest Entity
Vacation ownership notes receivable, net	1,493	1,750
Restricted cash	68	64
TOTAL ASSETS	1,572
Securitized debt	1,604	1,871
TOTAL LIABILITIES	1,605
Securitized debt \| Variable Interest Entity
Variable Interest Entity
Securitized debt	1,604
Vacation ownership notes receivable, net of reserves \| Variable Interest Entity
Variable Interest Entity
Vacation ownership notes receivable, net	1,493
Interest receivable \| Variable Interest Entity
Variable Interest Entity
Interest receivable	11
Restricted cash \| Variable Interest Entity
Variable Interest Entity
Restricted cash	68
Interest payable \| Variable Interest Entity
Variable Interest Entity
Interest payable	1
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity
TOTAL ASSETS	1,572
TOTAL LIABILITIES	1,605
Vacation Ownership Notes Receivable Securitizations \| Securitized debt \| Variable Interest Entity
Variable Interest Entity
Securitized debt	1,604	$ 1,850
Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves \| Variable Interest Entity
Variable Interest Entity
Vacation ownership notes receivable, net	1,493
Vacation Ownership Notes Receivable Securitizations \| Interest receivable \| Variable Interest Entity
Variable Interest Entity
Interest receivable	11
Vacation Ownership Notes Receivable Securitizations \| Restricted cash \| Variable Interest Entity
Variable Interest Entity
Restricted cash	68
Vacation Ownership Notes Receivable Securitizations \| Interest payable \| Variable Interest Entity
Variable Interest Entity
Interest payable	1
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity
TOTAL ASSETS	0
TOTAL LIABILITIES	0
Warehouse Credit Facility \| Securitized debt \| Variable Interest Entity
Variable Interest Entity
Securitized debt	0
Warehouse Credit Facility \| Vacation ownership notes receivable, net of reserves \| Variable Interest Entity
Variable Interest Entity
Vacation ownership notes receivable, net	0
Warehouse Credit Facility \| Interest receivable \| Variable Interest Entity
Variable Interest Entity
Interest receivable	0
Warehouse Credit Facility \| Restricted cash \| Variable Interest Entity
Variable Interest Entity
Restricted cash	0
Warehouse Credit Facility \| Interest payable \| Variable Interest Entity
Variable Interest Entity
Interest payable	$ 0

ACQUISITIONS AND DISPOSITIONS - Intangible Assets (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 01, 2018	Dec. 31, 2020
Minimum
Business Acquisition
Useful Life (in years)		15 years
ILG, Inc
Business Acquisition
Intangible assets	$ 1,145
ILG, Inc \| Maximum
Business Acquisition
Useful Life (in years)		25 years
ILG, Inc \| Management contracts
Business Acquisition
Indefinite-lived intangible assets acquired	35
ILG, Inc \| Trade Names and Trademarks
Business Acquisition
Indefinite-lived intangible assets acquired	82
ILG, Inc \| Member relationships
Business Acquisition
Finite-lived intangible assets acquired	$ 671
ILG, Inc \| Member relationships \| Minimum
Business Acquisition
Useful Life (in years)	15 years
ILG, Inc \| Member relationships \| Maximum
Business Acquisition
Useful Life (in years)	20 years
ILG, Inc \| Management contracts
Business Acquisition
Finite-lived intangible assets acquired	$ 357
ILG, Inc \| Management contracts \| Minimum
Business Acquisition
Useful Life (in years)	15 years
ILG, Inc \| Management contracts \| Maximum
Business Acquisition
Useful Life (in years)	25 years

GOODWILL

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL


($ 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
Impairment	—		(73)		(73)
Foreign exchange adjustments	—		(2)		(2)
Balance at December 31, 2020	$	2,445	$	372	$	2,817

Q1 2020

In connection with the preparation of our Financial Statements for the first quarter of 2020, we initially concluded that it was more likely than not that the fair value of both of our reporting units was below their respective carrying amounts. The factors that led to this conclusion were related to the COVID-19 pandemic and included: (i) the substantial decline in our stock price and market capitalization; (ii) the closure of substantially all of our Vacation Ownership reporting unit sales centers; (iii) the government stay-at-home orders in place in many of the jurisdictions in which we operate; (iv) our planned furloughs and reduced work schedule arrangements; (v) the impact of travel restrictions on the hospitality industry; and (vi) the macroeconomic fallout from the COVID-19 pandemic.

We utilized a combination of the income and market approaches to estimate the fair value of our reporting units (Level 3). We concluded that there was no impairment of the Vacation Ownership reporting unit as declines in expected future operating results were not substantial enough to cause the fair value of the reporting unit to be below its carrying amount. We recognized a non-cash impairment charge of $73 million in the Impairment line on our Income Statement during the first quarter of 2020 related to the Exchange & Third-Party Management reporting unit, which was primarily driven by the change in expected future operating results as a result of the impact of the COVID-19 pandemic.

Q2 2020 and Q3 2020

In connection with the preparation of our Financial Statements for the second and third quarters of 2020, we concluded that an interim quantitative impairment test was required for our Exchange & Third-Party Management reporting unit because of the impairment charge we recognized for this reporting unit in the first quarter of 2020. We utilized a combination of the income and market approaches to estimate the fair value of this reporting unit (Level 3) consistent with the methodology used in the first quarter of 2020. We concluded that there was no further impairment of the Exchange & Third-Party Management reporting unit as of the end of each of the second and third quarters of 2020 from the first quarter of 2020, as future expected operating results had improved slightly in comparison to the projections used in the first quarter, resulting in a fair value of the reporting unit in excess of its carrying amount. We performed a qualitative analysis of the impact of recent events, including business and industry specific considerations, on the fair value of our Vacation Ownership reporting unit as of the end of each of the second and third quarters of 2020 and determined that an interim quantitative impairment test was not required.

Q4 2020

We performed our annual goodwill impairment test as of October 1, 2020 and prepared a quantitative assessment for both the Vacation Ownership and the Exchange & Third-Party Management reporting units. We utilized a combination of the income and market approaches to estimate the fair value of this reporting unit (Level 3) consistent with the methodology used in the first quarter of 2020. For each reporting unit, the fair value of the reporting unit was in excess of the carrying value and therefore we concluded there was no further impairment.

Given the continued impact of the COVID-19 pandemic, in connection with the preparation of our Financial Statements for the year ended December 31, 2020, we performed a qualitative analysis of each of our reporting units as of the end of the fourth quarter, considering recent events and determined that interim quantitative impairment tests were not required. While the goodwill of our reporting units are not impaired at December 31, 2020, we cannot assure you that goodwill will not be impaired in future periods. We will continue to monitor the operating results, cash flow forecasts and impact from changes in market conditions, as well as impacts of COVID-19 for these reporting units.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convertible Senior Notes (Details)	Dec. 31, 2017
Convertible Notes \| 2022 Convertible Notes
Debt Instrument
Debt, stated interest rate	1.50%

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2020

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 Hotels Corporation. We are the exclusive worldwide developer, marketer, seller, and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, 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 consolidated property owners’ associations, 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 (loss) income attributable to common shareholders is presented below.

Revenues


($ in millions)	2020		2019		2018
Vacation Ownership	$	2,530	$	3,761	$	2,803
Exchange & Third-Party Management	309		454		161
Total segment revenues	2,839		4,215		2,964
Corporate and other	47		44		4
	$	2,886	$	4,259	$	2,968

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders


($ in millions)	2020		2019		2018
Adjusted EBITDA Vacation Ownership	$	229	$	794	$	511
Adjusted EBITDA Exchange & Third-Party Management	119		183		77
Reconciling items:
Corporate and other	(113)		(219)		(169)
Interest expense	(150)		(132)		(54)
Tax benefit (provision)	84		(83)		(51)
Depreciation and amortization	(123)		(141)		(62)
Share-based compensation expense	(37)		(37)		(35)
Certain items	(284)		(227)		(162)
Net income attributable to common shareholders	$	(275)	$	138	$	55

Depreciation and Amortization


($ in millions)	2020		2019		2018
Vacation Ownership	$	71	$	68	$	37
Exchange & Third-Party Management	19		47		16
Total segment depreciation	90		115		53
Corporate and other	33		26		9
	$	123	$	141	$	62

Assets


($ in millions)	At December 31, 2020		At December 31, 2019
Vacation Ownership	$	6,859	$	7,345
Exchange & Third-Party Management	951		1,162
Total segment assets	7,810		8,507
Corporate and other	1,088		707
	$	8,898	$	9,214

Capital Expenditures (including inventory)


($ in millions)	2020		2019		2018
Vacation Ownership	$	191	$	266	$	245
Exchange & Third-Party Management	7		14		5
Total segment capital expenditures	198		280		250
Corporate and other	4		13		2
	$	202	$	293	$	252

Geographic Information

We conduct business globally, and our operations outside the United States represented approximately 10 percent, 11 percent, and 13 percent of our revenues, excluding cost reimbursements, for 2020, 2019, and 2018, respectively.

Revenues (excluding cost reimbursements)


($ in millions)	2020		2019		2018
United States	$	1,664	$	2,810	$	1,780
All other countries	180		341		263
	$	1,844	$	3,151	$	2,043

Fixed Assets


($ in millions)	At December 31, 2020		At December 31, 2019
United States	$	640	$	560
All other countries	151		158
	$	791	$	718

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 2020 by $79 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. See Footnote 7 “Vacation Ownership Notes Receivable” for information on increases to our vacation ownership notes receivable reserve attributable to the COVID-19 pandemic. 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 cancellable 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 7 “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 5 “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. (Loss) Earnings Per Share Attributable to Common Shareholders Basic (loss) earnings per share attributable to common shareholders is calculated by dividing the (loss) earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted (loss) 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. Any potentially dilutive equity-based compensation awards are excluded from the calculation for periods when there is a net loss attributable to common shareholders to avoid anti-dilutive effects. 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. 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 that 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 several financial instruments that we must measure at fair value on a recurring basis. See Footnote 8 “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 a reserve for credit losses. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable 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. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $15 million and $12 million at December 31, 2020 and December 31, 2019, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income. Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. At acquisition, we recorded these vacation ownership notes receivable at fair value. Upon adoption of ASU 2016-13 (as defined below) on January 1, 2020, we account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. In addition, we established a noncredit discount of $2 million, which represents the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. For additional information on our acquired vacation ownership notes receivable, including information on the related reserves and the impact of the COVID-19 pandemic, see Footnote 7 “Vacation Ownership Notes Receivable.” 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. 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. For Legacy-MVW vacation ownership notes receivable, we consider loans over 150 days past due to be in default and fully reserve such amounts. For Legacy-ILG vacation ownership notes receivable we consider loans over 120 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 certain circumstances, when revocation is complete. For additional information on our originated vacation ownership notes receivable, including information on the related reserves and the impact of the COVID-19 pandemic, see Footnote 7 “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 2020, 2019 and 2018, product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $6 million, $8 million and $6 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 Topic 842, “Leases” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. 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. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Short-term leases, which have an initial term of a year or less, are not recorded on the balance sheet. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Because the rate implicit in our leases is not readily determinable, we use our incremental borrowing rate as the discount rate, which approximates the interest rate at which we could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Additionally, with respect to our real estate leases, we do not separate lease and non-lease components. 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. We recorded $3 million of impairment charges for property and equipment during 2020. See Footnote 13 “Intangible Assets” for additional information on our intangibles, including the impairment charges recorded during the year ended December 31, 2020. Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, 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. See Footnote 12 “Goodwill” for additional information on our goodwill, including the impairment charges recorded during the year ended December 31, 2020. Convertible Senior Notes In accounting for the 1.50% Convertible Senior Notes due 2022 (the “2022 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 2022 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 2022 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 2022 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 2022 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 17 “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 $12 million in 2020, $19 million in 2019 and $11 million in 2018. 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 2020 and 2019, 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, 2020, the value of the assets held in the rabbi trust was $54 million, which is included in the Other line within assets on our Balance Sheets. Share-Based Compensation Costs During the second quarter of 2020, our shareholders approved the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), which supersedes both the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan and the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (collectively, the “Prior Plans”). No new awards will be granted under the Prior Plans and all awards that were granted under the Prior Plans will remain outstanding and continue to be governed by the Prior Plans. The MVW Equity Plan was established 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 performance period (typically three years) 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 MVW Equity 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 19 “Share-Based Compensation” for more information on the MVW Equity Plan. 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, in the (Losses) gains and other (expense) income, net line on our Income Statements. 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 6 “Income Taxes.” New Accounting Standards Accounting Standards Update 2016-13 – “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) In the first quarter of 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, which replaced the incurred loss impairment methodology in then-current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update was 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. The current expected credit loss model provides that an initial estimate of expected credit losses over the contractual life of the financial instrument is reflected in the allowance for credit losses and any changes to that estimate are recognized as adjustments to the allowance. ASU 2016-13 did not have a material impact on our financial statements or disclosures upon adoption, primarily as most of our vacation ownership notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606. Vacation Ownership Notes Receivable Our originated vacation ownership notes receivable are recorded net of a reserve that is calculated in accordance with ASC 606, so there was no material impact upon adoption of ASU 2016-13. Our acquired vacation ownership notes receivable have historically been accounted for using the expected cash flow method of recognizing discount accretion based on the expected cash flows of those instruments. Upon adoption of ASU 2016-13, we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. In addition, we recorded a noncredit discount of $2 million, which represents the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote 7 “Vacation Ownership Notes Receivable.” Accounts Receivable Our Accounts receivable include amounts due from customers, principally credit card receivables, and amounts due from resort developers, members and managed properties. These amounts are typically due within one year and are presented net of a reserve for credit losses. Subsequent to our adoption of ASU 2016-13, we estimate expected credit losses for our accounts receivable by considering a number of factors, including previous loss history and the condition of the general economy, as well as any other significant events that may impact the collectibility of the specific accounts receivable. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income. There was no material impact to our financial statements or disclosures as a result of our adoption of ASU 2016-13 for accounts receivable, and no material change in our reserve for credit losses during 2020. Accounting Standards Update 2020-09 – “Debt (Topic 470) – Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762” (“ASU 2020-09”) In March 2020, the Securities and Exchange Commission (the “SEC”) issued a final rule which simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X (the “SEC Final Rule”). The SEC Final Rule replaces the requirement for a parent entity to provide detailed disclosures regarding subsidiary issuers and guarantors of registered debt offerings within the footnotes to the consolidated financial statements. Under the SEC Final Rule, a parent entity is required to present summarized financial information of the issuers’ and guarantors’ balance sheets and statements of operations on a consolidated basis. It also requires qualitative disclosures with respect to information about guarantors and the terms and conditions of guarantees. These disclosures may be provided outside the footnotes to a company’s consolidated financial statements. In October 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-09 to reflect the SEC’s new disclosure rules on guaranteed debt securities offerings. We early adopted the reporting requirements of the SEC Final Rule as reflected in ASU 2020-09 in the first quarter of 2020 and elected to provide these disclosures within Management’s Discussion and Analysis of Financial Condition and Results of Operations. Future Adoption of Accounting Standards 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. We do not anticipate a material change upon adoption. Accounting Standards Update 2020-04 – “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”) In March 2020, the FASB issued ASU 2020-04, as amended, which provides optional expedients and exceptions to existing guidance on contract modifications and hedge accounting in an effort to ease the financial reporting burdens related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. This update can be adopted no later than December 1, 2022, with early adoption permitted. We expect to adopt ASU 2020-04 in fiscal year 2022 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 2020-06 – “Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) In August 2020, the FASB issued ASU 2020-06, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. This update may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized as an adjustment to the opening balance of retained earnings on the date of adoption. Additionally, this update provides for a one-time irrevocable election by entities to apply the fair value option in accordance with ASC Topic 825-10, “Financial Instruments - Overall,” for any liability-classified convertible securities, with the difference between the carrying amount and the fair value recorded as a cumulative-effect adjustment to opening retained earnings as of the beginning of the period of adoption. We are evaluating the impact that ASU 2020-06, including the timing of implementation, will have on our financial statements and disclosures. In accordance with ASU 2020-06, we will be required to calculate diluted earnings per share under the “if-converted” method. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of the convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if-converted” method may reduce our reported diluted earnings per share.

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Dec. 31, 2020 USD ($) vacation_ownership_unit
Commitments and Contingencies Disclosure
Surety bonds issued	$ 75
Vacation ownership projects currently under development	3
Time share, accrued costs	(2)
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure
Letters of credit outstanding	3
Letter of Credit
Commitments and Contingencies Disclosure
Letters of credit outstanding	2
Bali, Indonesia Resort
Commitments and Contingencies Disclosure
Purchase commitment obligation due, 2021	21
Purchase commitment obligation due, 2022	$ 2
Number of vacation ownership units expected to be acquired \| vacation_ownership_unit	88
Exchange & Third-Party Management
Commitments and Contingencies Disclosure
Guarantor obligations, maximum exposure	$ 24
Guarantor obligations, maximum exposure. due in first year	10
Guarantor obligations, maximum exposure, due in second year	6
Guarantor obligations, maximum exposure, due in third year	3
Guarantor obligations, maximum exposure, due in fourth year	2
Guarantor obligations, maximum exposure, due in five year	1
Guarantor obligations, maximum exposure, due after fifth year	2
Information technology hardware and software
Commitments and Contingencies Disclosure
Purchase commitment	85
Purchase commitment obligation due, 2021	34
Purchase commitment obligation due, 2022	26
Purchase commitment obligation due, 2023	16
Purchase commitment obligation due, 2024	6
Purchase commitment obligation due, 2025	$ 3

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

Acquisitions

New York, New York

During the first quarter of 2020, we acquired 57 completed vacation ownership units, as well as office and ancillary space, located at our Marriott Vacation Club Pulse, New York City property for $89 million, of which $22 million was a prepayment for future tranches of completed vacation ownership units and $20 million was paid in December 2019. We accounted for the transaction as an asset acquisition with the purchase price allocated to Other assets ($22 million) and Property and equipment ($67 million).

See Footnote 20 “Variable Interest Entities” for information on our remaining commitment to purchase future inventory and additional information on our activities relating to the VIE involved in this transaction.

San Francisco, California

During the first quarter of 2020, we acquired 34 completed vacation ownership units located at our Marriott Vacation Club Pulse, San Francisco property for $26 million, of which $5 million was a prepayment for future tranches of completed vacation ownership units. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($18 million), Other assets ($5 million), and Property and equipment ($3 million).

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

Marco Island, Florida

During the 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.

ILG Acquisition

We completed the acquisition of ILG on September 1, 2018. The following table presents the fair value of each type 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

_________________________

We valued acquired vacation ownership notes receivables, which consisted of loans to customers who purchased vacation ownership products and chose to finance their purchase, using a discounted cash flow model, under which we calculated a present value of expected future cash flows over the term of the respective vacation ownership notes receivable (Level 3). We valued acquired inventory, which consisted of completed unsold VOIs and vacation ownership projects under construction, 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. We valued acquired property and equipment, which included four owned hotels, 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. We valued deferred revenue, primarily related to membership fees, which are deferred and recognized over the terms of the applicable memberships, utilizing Level 3 inputs based on a review of existing deferred revenue balances against legal performance obligations. We estimated deferred income taxes based on statutory rates in the jurisdictions of the legal entities where the acquired assets and liabilities are recorded.

We valued the senior unsecured notes assumed using a quoted market price, which is considered a Level 2 input as it is observable in the market; however these notes had only a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which these notes could be retired or transferred. The carrying value of the outstanding balance on the revolving credit facility that was acquired, which was extinguished and repaid in full upon completion of the ILG Acquisition, approximated fair value, as the contractual interest rate was variable plus an applicable margin based credit rating (Level 3 input). We valued assumed 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).

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)	September 1, 2018 (as finalized)		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

_________________________

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.

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. The unaudited pro forma results below include $54 million of ILG acquisition-related costs.


($ in millions, except per share data)	2018
Revenues	$	4,216
Net income	$	210
Net income attributable to common shareholders	$	211
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	4.49
Diluted	$	4.38

Dispositions

During the third quarter of 2020, we recorded a loss of $5 million in the (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2020 relating to the redemption of our interest in a joint venture in our Exchange & Third-Party Management segment which was consolidated under the voting interest model. We received nominal cash proceeds and a note receivable which we measured at a fair value of $1 million using Level 3 inputs.

Additionally, during the third quarter of 2020, we disposed of excess Vacation Ownership segment land parcels in Orlando, Florida and Steamboat Springs, Colorado for combined proceeds of $15 million, as part of our strategic decision to reduce holdings in markets where we have excess supply, as discussed further below. We recorded a combined net gain of $6 million in the (Losses) gains and other (expense) income, net line on our Income Statement for year ended December 31, 2020 relating to these transactions.

2019 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.

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 (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2019.

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 were received in 2019.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2020 Unit
Accounting Policies [Abstract]
Number of reporting units	2

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		At December 31, 2019
Senior Secured Notes
	2025 Notes	$	500	$	—
	Unamortized debt discount and issuance costs	(6)		—
		494		—

Senior Unsecured Notes
	2026 Notes	750		750
	Unamortized debt discount and issuance costs	(6)		(8)
		744		742

	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(4)		(5)
		346		345

Corporate Credit Facility
	Term Loan	884		893
	Unamortized debt discount and issuance costs	(11)		(12)
		873		881

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

2022 Convertible Notes		230		230
Unamortized debt discount and issuance costs		(15)		(23)
		215		207

Finance leases		8		14
		$	2,680	$	2,216

_________________________

(1)Excludes $3 million of unamortized debt issuance costs as of December 31, 2020, 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, 2020.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payments Year
2021	$	170
2022	171
2023	175
2024	176
2025	181
Thereafter	731
	$	1,604

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2020.


($ in millions)	2025 Notes		2026 Notes		2028 Notes		Term Loan(1)		2022 Convertible Notes		Total
Payments Year
2021	$	—	$	—	$	—	$	9	$	—	$	9
2022	—		—		—		9		230		239
2023	—		—		—		9		—		9
2024	—		—		—		9		—		9
2025	500		—		—		848		—		848
Thereafter	—		750		350		—		—		1,100
	$	500	$	750	$	350	$	884	$	230	$	2,214

_________________________

(1)Subsequent to the end of 2020, we elected to repay $100 million of the principal of our Term Loan.

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 2020, 2019 and 2018.


($ in millions)	2020		2019		2018
Derivative Instrument Adjustment, Beginning of Year	$	(21)	$	(6)	$	—
Other comprehensive loss before reclassifications	(18)		(15)		(6)
Reclassification to Income Statement	—		—		—
Net other comprehensive loss	(18)		(15)		(6)
Derivative Instrument Adjustment, End of Year	$	(39)	$	(21)	$	(6)

Convertible debt

The following table shows the net carrying value of the 2022 Convertible Notes:


($ in millions)	At December 31, 2020		At December 31, 2019
Liability component
Principal amount	$	230	$	230
Unamortized debt discount	(13)		(20)
Unamortized debt issuance costs	(2)		(3)
Net carrying amount of the liability component	$	215	$	207

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

The following table shows interest expense information related to the 2022 Convertible Notes:


($ in millions)	2020		2019		2018
Contractual interest expense	$	3	$	3	$	3
Amortization of debt discount	7		6		6
Amortization of debt issuance costs	1		2		1
	$	11	$	11	$	10

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Stock options outstanding (in shares)	700
Stock options exercisable (in shares)	700
Outstanding (in usd per share)	$ 23.46
Exercisable (in usd per share)	$ 23.46
Outstanding, weighted average remaining life (less then in year)	1 year
Exercisable, weighted average remaining life (less then in year)	1 year
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	1,800,000
Number of shares available for grant (in shares)	1,700,000
Stock options outstanding (in shares)	0	0
Stock options exercisable (in shares)	0	0
Grants in period (in shares)	0	0	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 95.92
Aggregate intrinsic value, vested (less than)	$ 30	$ 34	$ 48
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 29.63	$ 28.89	$ 44.75
Aggregate intrinsic value, vested (less than)	$ 4	$ 4	$ 1
Aggregate intrinsic value, exercised	$ 19	$ 11	$ 2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
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
Weighted average grant date fair value (in usd per share)		$ 92.53	$ 120.04
ILG, Inc \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate intrinsic value, vested (less than)	$ 6	$ 15	$ 24

QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)


	2020(1)
($ in millions, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	1,010	$	480	$	649	$	747	$	2,886
Expenses	$	(1,060)	$	(521)	$	(673)	$	(730)	$	(2,984)
Net loss attributable to common shareholders	$	(106)	$	(70)	$	(62)	$	(37)	$	(275)
Loss per share attributable to common shareholders
Basic	$	(2.56)	$	(1.68)	$	(1.51)	$	(0.88)	$	(6.65)
Diluted	$	(2.56)	$	(1.68)	$	(1.51)	$	(0.88)	$	(6.65)


	2019(1)
($ in millions, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	1,034	$	1,043	$	1,066	$	1,116	$	4,259
Expenses	$	(943)	$	(900)	$	(996)	$	(962)	$	(3,801)
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

_______________________

(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.

INTANGIBLE ASSETS - Indefinite-Lived Intangibles (Details) - Trade Names and Trademarks - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets
Beginning Balance	$ 82	$ 82
Impairment	$ (18)	(18)
Ending Balance		$ 64

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Corporate and other									$ (113)	$ (219)	$ (169)
Interest expense									(150)	(132)	(54)
Tax benefit (provision)									84	(83)	(51)
Depreciation and amortization									(123)	(141)	(62)
Share-based compensation expense									(37)	(37)	(35)
Certain items									(284)	(227)	(162)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (37)	$ (62)	$ (70)	$ (106)	$ 74	$ (9)	$ 49	$ 24	(275)	138	55
Vacation Ownership
Segment Reporting Information
Adjusted earnings before income taxes depreciation and amortization									229	794	511
Exchange & Third-Party Management
Segment Reporting Information
Adjusted earnings before income taxes depreciation and amortization									$ 119	$ 183	$ 77

SHARE-BASED COMPENSATION - Changes in Outstanding RSUs and Weighted Average Grant Date Fair Values (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Service-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	648,575
Granted (in shares) \| shares	348,890
Distributed (in shares) \| shares	(192,337)
Forfeited (in shares) \| shares	(21,639)
Outstanding at ending of year (in shares) \| shares	783,489
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 85.87
Granted (in usd per share) \| $ / shares	98.51
Distributed (in usd per share) \| $ / shares	94.80
Forfeited (in usd per share) \| $ / shares	98.02
Outstanding at ending of year (in usd per share) \| $ / shares	$ 88.98
Performance-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	489,322
Granted (in shares) \| shares	177,208
Distributed (in shares) \| shares	(65,863)
Forfeited (in shares) \| shares	(50,496)
Outstanding at ending of year (in shares) \| shares	550,171
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 101.35
Granted (in usd per share) \| $ / shares	90.82
Distributed (in usd per share) \| $ / shares	93.41
Forfeited (in usd per share) \| $ / shares	94.32
Outstanding at ending of year (in usd per share) \| $ / shares	$ 99.56
Restricted stock units
Number of Awards
Outstanding at beginning of year (in shares) \| shares	1,137,897
Granted (in shares) \| shares	526,098
Distributed (in shares) \| shares	(258,200)
Forfeited (in shares) \| shares	(72,135)
Outstanding at ending of year (in shares) \| shares	1,333,660
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 92.53
Granted (in usd per share) \| $ / shares	95.92
Distributed (in usd per share) \| $ / shares	94.44
Forfeited (in usd per share) \| $ / shares	95.43
Outstanding at ending of year (in usd per share) \| $ / shares	$ 93.34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Property, Plant and Equipment
Estimated useful lives of the assets	3 years
Maximum
Property, Plant and Equipment
Estimated useful lives of the assets	40 years

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2020

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, 2020:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,493	$	—	$	1,493
Interest receivable	11		—		11
Restricted cash	68		—		68
Total	$	1,572	$	—	$	1,572
Consolidated Liabilities
Interest payable	$	1	$	—	$	1
Securitized debt	1,604		—		1,604
Total	$	1,605	$	—	$	1,605

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2020:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	222	$	17	$	239
Interest expense to investors	$	51	$	4	$	55
Debt issuance cost amortization	$	7	$	1	$	8
Administrative expenses	$	1	$	—	$	1

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


($ in millions)	2020		2019
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	371	$	815
Principal receipts	487		477
Interest receipts	218		214
Reserve release	16		184
Total	1,092		1,690
Cash Outflows
Principal to investors	(509)		(507)
Voluntary repurchases of defaulted vacation ownership notes receivable	(95)		(54)
Voluntary clean-up call	(18)		(22)
Interest to investors	(49)		(49)
Funding of restricted cash	(20)		(169)
Total	(691)		(801)
Net Cash Flows	$	401	$	889

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 $95 million during 2020, $54 million during 2019 and $31 million during 2018. We also made voluntary repurchases, net of substitutions, of $383 million, $356 million and $39 million of other non-defaulted vacation ownership notes receivable during 2020, 2019 and 2018, respectively, to retire previous vacation ownership notes receivable securitizations. Our maximum exposure to potential 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)	2020		2019
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	315	$	202
Principal receipts	34		14
Interest receipts	17		13
Reserve release	2		2
Total	368		231
Cash Outflows
Principal to investors	(33)		(12)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)		—
Repayment of Warehouse Credit Facility	(300)		(285)
Interest to investors	(4)		(4)
Funding of restricted cash	(2)		(2)
Total	(342)		(303)
Net Cash Flows	$	26	$	(72)

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. We expect to acquire the operating property over time and as of December 31, 2020 are committed to make payments for the operating property as follows: $32 million in 2021, $24 million in 2022, and $32 million in 2023. See Footnote 4 “Acquisitions and Dispositions” for information on the purchases that occurred during 2020 and 2019. 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 to another party at a higher price. Accordingly, we have not consolidated the VIE. As of December 31, 2020, our Balance Sheet reflected $2 million in Accounts Receivable, including a note receivable of less than $1 million, and $5 million in Other assets for a deposit related to the acquisition of a portion of this property. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $7 million as of December 31, 2020. Subsequent to the end of 2020, we fulfilled our outstanding commitment to purchase 44 completed vacation ownership units for $34 million. We accounted for this purchase as an asset acquisition with the purchase price allocated to Inventory ($29 million) and Other assets ($5 million).

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. See Footnote 4 “Acquisitions and Dispositions” for information on the purchase that occurred during 2020. 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, 2020, our Balance Sheet reflected $22 million in Other assets for a deposit related to the acquisition of the remainder of this property which was completed in January 2021, and a note receivable of less than $1 million that is included in the Accounts receivable line. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $23 million as of December 31, 2020. Subsequent to the end of 2020, we fulfilled our outstanding commitment to purchase the remaining 120 completed vacation ownership units for $98 million. We accounted for this purchase as an asset acquisition with the purchase price allocated to Property and equipment.

We have a commitment to purchase a property located in Waikiki, Hawaii, which we assigned to a third party during 2020. If we are unable to negotiate a capital efficient inventory arrangement, we are committed to purchase the property, in its then current form, for $98 million in 2021, 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 have not consolidated the VIE. As of December 31, 2020, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of less than $1 million. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $1 million as of December 31, 2020.

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 6
Variable Interest Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash surrender value of life insurance	$ 54

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares		12 Months Ended
	Feb. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Dividends declared per share of common stock (in usd per share)	$ 0.54	$ 0.54	$ 1.89	$ 1.65

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
OPERATING ACTIVITIES
NET (LOSS) INCOME	$ (256)	$ 142	$ 52
Adjustments to reconcile net (loss) income to net cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	123	141	62
Amortization of debt discount and issuance costs	22	19	16
Vacation ownership notes receivable reserve	150	112	68
Share-based compensation	36	33	29
Impairment charges	100	99	0
(Gain) loss on disposal of property and equipment, net	(4)	(18)	1
Deferred income taxes	(38)	5	54
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	21	69	(38)
Vacation ownership notes receivable originations	(377)	(817)	(630)
Vacation ownership notes receivable collections	620	493	386
Inventory	18	65	9
Purchase of vacation ownership units for future transfer to inventory	(61)	(20)	0
Other assets	44	37	21
Accounts payable, advance deposits and accrued liabilities	(146)	17	21
Deferred revenue	59	10	40
Payroll and benefit liabilities	(29)	(25)	(8)
Deferred compensation liability	17	18	10
Other liabilities	0	23	0
Other, net	0	(21)	4
Net cash, cash equivalents, and restricted cash provided by operating activities	299	382	97
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	0	0	(1,393)
Disposition of subsidiary shares to noncontrolling interest holder	0	0	40
Proceeds from collection of notes receivable	0	38	0
Capital expenditures for property and equipment (excluding inventory)	(41)	(46)	(40)
Purchase of company owned life insurance	(6)	(6)	(14)
Dispositions, net	15	51	0
Net cash, cash equivalents, and restricted cash (used in) provided by investing activities	(32)	37	(1,407)
FINANCING ACTIVITIES
Borrowings from securitization transactions	690	1,026	539
Repayment of debt related to securitization transactions	(960)	(880)	(382)
Proceeds from debt	1,166	935	1,690
Repayments of debt	(705)	(820)	(215)
Finance lease payment	(11)	(12)	0
Debt issuance costs	(14)	(20)	(34)
Repurchase of common stock	(82)	(465)	(96)
Payment of dividends	(45)	(81)	(51)
Payment of withholding taxes on vesting of restricted stock units	(16)	(15)	(18)
Other, net	0	1	0
Net cash, cash equivalents, and restricted cash provided by (used in) by financing activities	23	(331)	1,433
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	1	(1)	0
Change in cash, cash equivalents, and restricted cash	291	87	123
Cash, cash equivalents, and restricted cash, beginning of year	701	614	491
Cash, cash equivalents, and restricted cash, end of year	992	701	614
SUPPLEMENTAL DISCLOSURES
Dividends payable	0	23	21
Non-cash issuance of note receivable in connection with disposition to noncontrolling interest	0	0	23
Non-cash issuance of stock in connection with ILG Acquisition	0	0	2,505
Non-cash transfer from inventory to property and equipment	74	0	0
Non-cash transfer from property and equipment to inventory	0	71	0
Non-cash issuance of treasury stock for employee stock purchase plan	2	2	1
Property acquired via capital lease	0	0	9
Interest paid, net of amounts capitalized	176	167	55
Income taxes paid, net of refunds	$ (32)	$ 53	$ 41

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Expected volatility	38.81%	31.10%	30.78%
Dividend yield	2.13%	1.76%	1.11%
Risk-free rate	0.96%	2.59%	2.68%
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

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 2020		At Year-End 2019
Land and land improvements	$	285	$	267
Buildings and leasehold improvements	482		389
Furniture, fixtures and other equipment	95		94
Information technology	322		312
Construction in progress	68		62
	1,252		1,124
Accumulated depreciation	(461)		(406)
	$	791	$	718

BUSINESS SEGMENTS - Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	$ 202	$ 293	$ 252
Operating Segments
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	198	280	250
Operating Segments \| Vacation Ownership
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	191	266	245
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	7	14	5
Corporate and other
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	$ 4	$ 13	$ 2

LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 36	$ 33
Amortization of right-of-use assets	5	5
Interest on lease liabilities	1	1
Variable lease cost	2	5
Lease, cost	$ 44	$ 44

RESTRUCTURING CHARGES (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of restructuring and related costs

In connection with this plan, we have recorded the following on our Income Statement for the year ended December 31, 2020:


($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Cost reimbursement revenues	$	4	$	2	$	—	$	6
Cost reimbursement expenses	$	(4)	$	(2)	$	—	$	(6)
Restructuring	$	15	$	4	$	6	$	25

Schedule of restructuring reserve activity

The following table presents our restructuring reserve activity during the year ended December 31, 2020:


($ in millions)	Employee Termination Costs
Balance at December 31, 2019	$	—
Charges	25
Cash Payments	(8)
Other	—
Balance at December 31, 2020	$	17

INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,022	$ 1,022
Accumulated amortization	(134)	(77)
Finite-lived intangible assets, net	888	945
Indefinite-lived intangible assets
Intangibles, net	952	1,027
Trade Names and Trademarks
Indefinite-lived intangible assets
Indefinite-lived intangible assets	64	82
Member relationships
Definite-lived intangible assets
Finite-lived intangible assets, gross	671	671
Management contracts
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 351	$ 351

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable
Interest income	$ 257	$ 264	$ 175
Securitized
Accounts, Notes, Loans and Financing Receivable
Interest income	239	232	151
Non-securitized
Accounts, Notes, Loans and Financing Receivable
Interest income	$ 18	$ 32	$ 24

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 3,019
Ending balance	2,651	$ 3,019
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Attributable to Parent, Net of Tax
Beginning balance	(21)	(6)	$ 0
Other comprehensive loss before reclassifications	(18)	(15)	(6)
Reclassification to Income Statement	0	0	0
Net other comprehensive loss	(18)	(15)	(6)
Ending balance	$ (39)	$ (21)	$ (6)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of composition of intangible asset balances

The following table details the composition of our intangible asset balances:


($ in millions)	2020		2019
Definite-lived intangible assets
Member relationships	$	671	$	671
Management contracts	351		351
	1,022		1,022
Accumulated amortization	(134)		(77)
	888		945
Indefinite-lived intangible assets
Trade names and trademarks	64		82
	$	952	$	1,027

Schedule of indefinite-lived intangible assets

The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.


($ in millions)	Trade Names and Trademarks
Balance at December 31, 2019	$	82
Impairment	(18)
Balance at December 31, 2020	$	64

INCOME TAXES - Benefit from (Provision for) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
– U.S. Federal	$ 31	$ (12)	$ 17
– U.S. State	1	(29)	(1)
– Non-U.S.	11	(36)	(10)
Current Income Tax Expense (Benefit)	43	(77)	6
Deferred
– U.S. Federal	26	(28)	(46)
– U.S. State	9	17	(9)
– Non-U.S.	6	5	(2)
Deferred income taxes	41	(6)	(57)
Provision for income taxes	$ 84	$ (83)	$ (51)

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 1,840	$ 2,233
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,886	2,264
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,493	1,750
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,530	1,771
Non-Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	347	483
Non-Securitized \| Carrying Amount \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	128	165
Non-Securitized \| Carrying Amount \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	219	318
Non-Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	356	493
Non-Securitized \| Fair Value \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	137	175
Non-Securitized \| Fair Value \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 219	$ 318

RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2020 associate	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve
Expected number of positions eliminated \| associate	3,000
Minimum
Restructuring Cost and Reserve
Expected cost incurred		$ 30
Maximum
Restructuring Cost and Reserve
Expected cost incurred		$ 35

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net (loss) income attributable to common shareholders	$ (37)	$ (62)	$ (70)	$ (106)	$ 74	$ (9)	$ 49	$ 24	$ (275)	$ 138	$ 55
Shares for basic (loss) earnings per share (in shares)									41,300	43,900	33,300
Basic (loss) earnings per share (in usd per share)	$ (0.88)	$ (1.51)	$ (1.68)	$ (2.56)	$ 1.74	$ (0.21)	$ 1.11	$ 0.52	$ (6.65)	$ 3.13	$ 1.64
Employee stock options and SARs (in shares)									0	300	400
Restricted stock units (in shares)									0	300	300
Shares for diluted earnings per share (in shares)									41,300	44,500	34,000
Diluted (loss) earnings per share (in usd per share)	$ (0.88)	$ (1.51)	$ (1.68)	$ (2.56)	$ 1.71	$ (0.21)	$ 1.10	$ 0.51	$ (6.65)	$ 3.09	$ 1.61
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)										345	165

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2020

Accounts, Notes, Loans and Financing Receivable

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, 2020						December 31, 2019
($ in millions)	Originated		Acquired		Total		Originated		Acquired(1)		Total
Securitized	$	1,220	$	273	$	1,493	$	1,378	$	372	$	1,750
Non-securitized
Eligible for securitization(2)	126		2		128		155		10		165
Not eligible for securitization(2)	185		34		219		261		57		318
Subtotal	311		36		347		416		67		483
	$	1,531	$	309	$	1,840	$	1,794	$	439	$	2,233

_________________________

(1)Net of impairment of $7 million recognized in 2019, prior to the adoption of ASU 2016-13 on January 1, 2020.

(2)Refer to Footnote 8 “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)	2020		2019		2018
Interest income associated with vacation ownership notes receivable — securitized	$	239	$	232	$	151
Interest income associated with vacation ownership notes receivable — non-securitized	18		32		24
Total interest income associated with vacation ownership notes receivable	$	257	$	264	$	175

Financing receivable, nonaccrual

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 2020	$	100	$	14	$	114
Investment in vacation ownership notes receivable on non-accrual status at year-end 2019	$	43	$	11	$	54

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


	Legacy-ILG Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at year-end 2020	$	109	$	12	$	121
Investment in vacation ownership notes receivable on non-accrual status at year-end 2019	$	40	$	9	$	49

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, 2020 and December 31, 2019:


	Legacy-MVW Vacation Ownership Notes Receivable
	As of December 31, 2020						As of December 31, 2019
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	25	$	33	$	7	$	33	$	40
91 – 150 days past due	5		14		19		4		11		15
Greater than 150 days past due	95		—		95		39		—		39
Total past due	108		39		147		50		44		94
Current	231		1,011		1,242		222		1,254		1,476
Total vacation ownership notes receivable	$	339	$	1,050	$	1,389	$	272	$	1,298	$	1,570

The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG vacation ownership notes receivable as of December 31, 2020 and December 31, 2019:


	Legacy-ILG Vacation Ownership Notes Receivable
	As of December 31, 2020						As of December 31, 2019
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	8	$	19	$	27	$	11	$	18	$	29
91 – 120 days past due	2		7		9		3		6		9
Greater than 120 days past due	107		5		112		37		3		40
Total past due	117		31		148		51		27		78
Current	123		550		673		250		539		789
Total vacation ownership notes receivable	$	240	$	581	$	821	$	301	$	566	$	867

Schedule of financing receivable

The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of December 31, 2020.


	Legacy-MVW Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Year of Origination
2020	$	156	$	86	$	242
2019	73		384		457
2018	43		247		290
2017	21		150		171
2016	11		70		81
2015 & Before	35		113		148
	$	339	$	1,050	$	1,389

Acquired

Accounts, Notes, Loans and Financing Receivable

Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable

The following table shows future contractual principal payments, as well as interest rates, for our non-securitized and securitized acquired vacation ownership notes receivable at December 31, 2020.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2021	$	4	$	42	$	46
2022	4		38		42
2023	4		38		42
2024	4		36		40
2025	4		33		37
Thereafter	16		86		102
Balance at December 31, 2020	$	36	$	273	$	309
Weighted average stated interest rate	13.5%		13.5%		13.5%
Range of stated interest rates	3.0% to 17.9%		6.0% to 15.9%		3.0% to 17.9%

Notes receivable reserves

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


	Acquired Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2019, as reported	$	—	$	—	$	—
Impact of adoption of ASU 2016-13	29		26		55
Opening Balance at January 1, 2020	29		26		55
Securitizations	(1)		1		—
Clean-up call	1		(1)		—
Write-offs	(18)		—		(18)
Recoveries	9		—		9
Defaulted vacation ownership notes receivable repurchase activity(1)	17		(17)		—
Increase in vacation ownership notes receivable reserve(2)	2		12		14
Balance at December 31, 2020	$	39	$	21	$	60

_________________________

Financing receivable credit quality indicators


	Acquired Vacation Ownership Notes Receivable as of December 31, 2020
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	81	$	48	$	4	$	11	$	144
Sheraton	81		73		13		31		198
Hyatt	12		9		1		—		22
Other	2		1		—		2		5
	$	176	$	131	$	18	$	44	$	369


	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 - Westin
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	22	$	22	$	14	$	23	$	81
600 - 699	—		—		11		13		9		15		48
< 600	—		—		3		1		—		—		4
No Score	—		—		3		3		2		3		11
	$	—	$	—	$	39	$	39	$	25	$	41	$	144


	Acquired Vacation Ownership Notes Receivable - Sheraton
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	23	$	23	$	14	$	21	$	81
600 - 699	—		—		19		19		12		23		73
< 600	—		—		8		2		1		2		13
No Score	—		—		9		9		5		8		31
	$	—	$	—	$	59	$	53	$	32	$	54	$	198


	Acquired Vacation Ownership Notes Receivable - Hyatt and Other
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	—	$	—	$	3	$	3	$	2	$	6	$	14
600 - 699	—		—		2		2		2		4		10
< 600	—		—		—		—		—		1		1
No Score	—		—		—		—		—		2		2
	$	—	$	—	$	5	$	5	$	4	$	13	$	27

Originated

Accounts, Notes, Loans and Financing Receivable

Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable

The following table shows future principal payments, net of reserves, as well as interest rates, for our non-securitized and securitized originated vacation ownership notes receivable at December 31, 2020.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2021	$	39	$	126	$	165
2022	32		127		159
2023	27		130		157
2024	25		131		156
2025	25		135		160
Thereafter	163		571		734
Balance at December 31, 2020	$	311	$	1,220	$	1,531
Weighted average stated interest rate	12.6%		12.7%		12.7%
Range of stated interest rates	0.0% to 18.0%		0.0% to 17.5%		0.0% to 18.0%

Notes receivable reserves

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


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 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
Increase in vacation ownership notes receivable reserve(2)	87		50		137
Securitizations	(70)		70		—
Clean-up call	37		(37)		—
Write-offs	(31)		—		(31)
Defaulted vacation ownership notes receivable repurchase activity(1)	80		(80)		—
Balance at December 31, 2020	$	193	$	117	$	310

_________________________

Financing receivable credit quality indicators


	Originated Vacation Ownership Notes Receivable as of December 31, 2020
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	109	$	52	$	6	$	23	$	190
Sheraton	106		72		16		43		237
Hyatt	16		8		—		—		24
	$	231	$	132	$	22	$	66	$	451


	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 - Westin
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	35	$	60	$	14	$	—	$	—	$	—	$	109
600 - 699	14		31		7		—		—		—		52
< 600	2		3		1		—		—		—		6
No Score	11		11		1		—		—		—		23
	$	62	$	105	$	23	$	—	$	—	$	—	$	190


	Originated Vacation Ownership Notes Receivable - Sheraton
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	35	$	56	$	15	$	—	$	—	$	—	$	106
600 - 699	20		40		12		—		—		—		72
< 600	5		9		2		—		—		—		16
No Score	11		26		6		—		—		—		43
	$	71	$	131	$	35	$	—	$	—	$	—	$	237


	Originated Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2020		2019		2018		2017		2016		2015 & Prior		Total
700 +	$	5	$	9	$	2	$	—	$	—	$	—	$	16
600 - 699	3		4		1		—		—		—		8
< 600	—		—		—		—		—		—		—
No Score	—		—		—		—		—		—		—
	$	8	$	13	$	3	$	—	$	—	$	—	$	24

QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information


	2020(1)
($ in millions, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	1,010	$	480	$	649	$	747	$	2,886
Expenses	$	(1,060)	$	(521)	$	(673)	$	(730)	$	(2,984)
Net loss attributable to common shareholders	$	(106)	$	(70)	$	(62)	$	(37)	$	(275)
Loss per share attributable to common shareholders
Basic	$	(2.56)	$	(1.68)	$	(1.51)	$	(0.88)	$	(6.65)
Diluted	$	(2.56)	$	(1.68)	$	(1.51)	$	(0.88)	$	(6.65)


	2019(1)
($ in millions, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
Revenues	$	1,034	$	1,043	$	1,066	$	1,116	$	4,259
Expenses	$	(943)	$	(900)	$	(996)	$	(962)	$	(3,801)
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

_______________________

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Defined Contribution Plan and Deferred Compensation Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Defined contribution plan, cost	$ 12	$ 19	$ 11
Variable Interest Entity
Share-based Compensation Arrangement by Share-based Payment Award
Cash surrender value of life insurance	$ 54
Deferred Compensation Plan \| Marriott International
Share-based Compensation Arrangement by Share-based Payment Award
Minimum required fixed rate of return (at least)	3.50%	3.50%

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 27
2022	22
2023	20
2024	18
2025	16
Thereafter	134
Total lease payments	237
Less: Imputed interest	(99)
Operating lease liabilities	138	$ 151
Finance Leases
2021	4
2022	3
2023	1
2024	0
2025	0
Thereafter	1
Total lease payments	9
Less: Imputed interest	(1)
Finance leases	8	14
Total
2021	31
2022	25
2023	21
2024	18
2025	16
Thereafter	135
Total lease payments	246
Less: Imputed interest	(100)
Lease liability	$ 146	$ 165

QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 747	$ 649	$ 480	$ 1,010	$ 1,116	$ 1,066	$ 1,043	$ 1,034	$ 2,886	$ 4,259	$ 2,968
Expenses	(730)	(673)	(521)	(1,060)	(962)	(996)	(900)	(943)	(2,984)	(3,801)	(2,701)
Net (loss) income	$ (37)	$ (62)	$ (70)	$ (106)	$ 74	$ (9)	$ 49	$ 24	$ (275)	$ 138	$ 55
Basic (in usd per share)	$ (0.88)	$ (1.51)	$ (1.68)	$ (2.56)	$ 1.74	$ (0.21)	$ 1.11	$ 0.52	$ (6.65)	$ 3.13	$ 1.64
Diluted (in usd per share)	$ (0.88)	$ (1.51)	$ (1.68)	$ (2.56)	$ 1.71	$ (0.21)	$ 1.10	$ 0.51	$ (6.65)	$ 3.09	$ 1.61

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

RESTRUCTURING CHARGES

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

As a result of the COVID-19 pandemic, in September 2020 a workforce reduction plan was approved, which impacted approximately 3,000 associates beginning in November 2020. We expect that we will incur approximately $30 to $35 million in total restructuring and related charges, primarily related to employee severance and benefit costs. In connection with this plan, we have recorded the following on our Income Statement for the year ended December 31, 2020:


($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Cost reimbursement revenues	$	4	$	2	$	—	$	6
Cost reimbursement expenses	$	(4)	$	(2)	$	—	$	(6)
Restructuring	$	15	$	4	$	6	$	25

The following table presents our restructuring reserve activity during the year ended December 31, 2020:


($ in millions)	Employee Termination Costs
Balance at December 31, 2019	$	—
Charges	25
Cash Payments	(8)
Other	—
Balance at December 31, 2020	$	17

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Carrying values and estimated fair values of financial assets and liabilities


	At December 31, 2020				At December 31, 2019
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable	$	1,840	$	1,886	$	2,233	$	2,264
Other assets	60		60		45		45
	$	1,900	$	1,946	$	2,278	$	2,309

Securitized debt, net	$	(1,588)	$	(1,653)	$	(1,871)	$	(1,924)
2025 Notes, net	(494)		(533)		—		—
2026 Notes, net	(744)		(784)		(742)		(824)
2028 Notes, net	(346)		(359)		(345)		(358)
Term Loan, net	(873)		(864)		(881)		(899)
Revolving Corporate Credit Facility, net	—		—		(27)		(27)
2022 Convertible notes, net	(215)		(262)		(207)		(247)
	$	(4,260)	$	(4,455)	$	(4,073)	$	(4,279)

Vacation Ownership Notes Receivable


	At December 31, 2020				At December 31, 2019
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Securitized	$	1,493	$	1,530	$	1,750	$	1,771

Eligible for securitization	128		137		165		175
Not eligible for securitization	219		219		318		318
Non-securitized	347		356		483		493
	$	1,840	$	1,886	$	2,233	$	2,264

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES New Accounting Standards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Receivable, noncredit discount	$ 2

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Principal amount	$ 2,214
Net carrying amount of the liability component	2,680	$ 2,216
Convertible Notes \| 2022 Convertible Notes
Debt Instrument
Principal amount	230	230
Unamortized debt discount	(13)	(20)
Unamortized debt issuance costs	(2)	(3)
Net carrying amount of the liability component	215	207
Carrying amount of equity component, net of issuance costs	$ 33	$ 33

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Acquisition of Welk Resorts On January 26, 2021, subsequent to the end of 2020, we entered into a definitive agreement to acquire Welk Resorts, one of the largest independent timeshare companies in North America, for approximately $430 million, including approximately 1.4 million shares of our common stock. The acquisition is expected to close early in the second quarter of 2021. Issuance of Convertible Notes During the first quarter of 2021, we issued $575 million aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Convertible Notes”). The 2026 Convertible Notes will not bear regular interest and will mature on January 15, 2026, unless earlier repurchased or converted. On or after October 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the 2026 Convertible Notes, holders may convert their 2026 Convertible Notes at their option. The 2026 Convertible Notes are convertible at an initial rate of 5.8476 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to an initial conversion price of $171.01 per share of our common stock). The conversion rate is subject to adjustment for certain events as described in the Indenture. 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 2026 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. In connection with the offering of the 2026 Convertible Notes, we entered into privately-negotiated convertible note hedge transactions with respect to our common stock with certain counterparties (the “2026 Convertible Note Hedges”), covering a total of 3.4 million shares of our common stock at a cost of approximately $100 million. Concurrently with the entry into the 2026 Convertible Note Hedges, we separately entered into privately-negotiated warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire, collectively, subject to anti-dilution adjustments, approximately 3.4 million shares of our common stock at an initial strike price of $213.76 per share. We received aggregate proceeds of approximately $70 million from the sale of the 2026 Warrants to the counterparties. Taken together, the 2026 Convertible Note Hedges and the 2026 Warrants are generally expected to reduce the potential dilution to our common stock (or, in the event the conversion of the 2026 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 2026 Convertible Notes.

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term
Operating leases	19 years 1 month 6 days	10 years 6 months
Finance leases	3 years	1 year
Weighted-average discount rate
Operating leases	5.80%	6.10%
Finance leases	3.90%	4.90%

REVENUE

12 Months Ended

Dec. 31, 2020

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.


	2020
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	546	$	—	$	—	$	546

Ancillary revenues	89		1		—		90
Management fee revenues	149		17		(22)		144
Exchange and other services revenues	118		193		210		521
Management and exchange	356		211		188		755

Rental	239		37		—		276

Cost reimbursements	1,124		59		(141)		1,042
Revenue from contracts with customers	2,265		307		47		2,619

Financing	265		2		—		267
Total Revenues	$	2,530	$	309	$	47	$	2,886


	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,354	$	—	$	—	$	1,354

Ancillary revenues	224		4		—		228
Management fee revenues	144		46		(13)		177
Exchange and other services revenues	120		248		176		544
Management and exchange	488		298		163		949

Rental	512		61		—		573

Cost reimbursements	1,136		91		(119)		1,108
Revenue from contracts with customers	3,490		450		44		3,984

Financing	271		4		—		275
Total Revenues	$	3,761	$	454	$	44	$	4,259


	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
Exchange and 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

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.


	2020
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,616	$	156	$	47	$	1,819
Goods or services transferred at a point in time	649		151		—		800
Revenue from contracts with customers	$	2,265	$	307	$	47	$	2,619


	2019
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,896	$	194	$	44	$	2,134
Goods or services transferred at a point in time	1,594		256		—		1,850
Revenue from contracts with customers	$	3,490	$	450	$	44	$	3,984


	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

Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2020 or December 31, 2019.


($ in millions)	At December 31, 2020		At December 31, 2019
Receivables
Accounts receivable	$	150	$	166
Vacation ownership notes receivable, net	1,840		2,233
	$	1,990	$	2,399

Contract Liabilities
Advance deposits	$	147	$	187
Deferred revenue	488		433
	$	635	$	620

Revenue recognized during the year ended December 31, 2020 that was included in our contract liabilities balance at December 31, 2019 was $355 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, 2020, approximately 82 percent of this amount is expected to be recognized as revenue over the next two years.

Accounts Receivable

Accounts receivable is comprised of amounts due from customers, primarily property owners’ associations, resort developers and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts receivable balances:


($ in millions)	At December 31, 2020		At December 31, 2019
Receivables from contracts with customers	$	150	$	166
Interest receivable	13		16
Tax receivable	60		82
Indemnification asset	15		38
Employee tax credit receivable	19		—
Other	19		21
	$	276	$	323

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Carrying values of leases and classification on Balance Sheet

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2020		At December 31, 2019
Operating lease assets	Other assets	$	131	$	142
Finance lease assets	Property and equipment	8		13
		$	139	$	155

Operating lease liabilities	Accrued liabilities	$	138	$	151
Finance lease liabilities	Debt	8		14
		$	146	$	165

Lease, Cost

The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2020 and December 31, 2019.


($ in millions)	Income Statement Classification	2020		2019
Operating lease cost	Marketing and sales expense General and administrative expense	$	36	$	33
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	5		5
Interest on lease liabilities	Financing expense	1		1
Variable lease cost	Marketing and sales expense	2		5
		$	44	$	44

The following table presents additional information about our lease obligations.


	At December 31, 2020	At December 31, 2019
Weighted-average remaining lease term
Operating leases	19.1 years	10.5 years
Finance leases	3.0 years	1.0 years
Weighted-average discount rate
Operating leases	5.8%	6.1%
Finance leases	3.9%	4.9%

Other Information

The following table presents supplemental cash flow information for 2020 and 2019.


($ in millions)	2020		2019
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	1	$	1
Operating cash flows for operating leases	$	41	$	39
Financing cash flows for finance leases	$	11	$	12

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	27	$	33
Finance leases	$	7	$	3

Lessee, Operating Lease, Liability, Maturity

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2020.


($ in millions)	Operating Leases		Finance Leases		Total
2021	$	27	$	4	$	31
2022	22		3		25
2023	20		1		21
2024	18		—		18
2025	16		—		16
Thereafter	134		1		135
Total lease payments	237		9		246
Less: Imputed interest	(99)		(1)		(100)
	$	138	$	8	$	146

Finance Lease, Liability, Fiscal Year Maturity

The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2020.


($ in millions)	Operating Leases		Finance Leases		Total
2021	$	27	$	4	$	31
2022	22		3		25
2023	20		1		21
2024	18		—		18
2025	16		—		16
Thereafter	134		1		135
Total lease payments	237		9		246
Less: Imputed interest	(99)		(1)		(100)
	$	138	$	8	$	146

VACATION OWNERSHIP NOTES RECEIVABLE - Financing Receivable Year of Originated (Details) - Legacy MVW - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
2020	$ 242
2019	457
2018	290
2017	171
2016	81
2015 & Before	148
Total vacation ownership notes receivable	1,389	$ 1,570
Non-Securitized
Accounts, Notes, Loans and Financing Receivable
2020	156
2019	73
2018	43
2017	21
2016	11
2015 & Before	35
Total vacation ownership notes receivable	339	272
Securitized
Accounts, Notes, Loans and Financing Receivable
2020	86
2019	384
2018	247
2017	150
2016	70
2015 & Before	113
Total vacation ownership notes receivable	$ 1,050	$ 1,298

REVENUE - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Receivables
Accounts receivable	$ 150	$ 166
Vacation ownership notes receivable, net	1,840	2,233
Receivables	1,990	2,399
Contract Liabilities
Advance deposits	147	187
Deferred revenue	488	433
Contract Liabilities	$ 635	$ 620

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	$ 55
Increase in vacation ownership notes receivable reserve	14
Securitizations	0
Clean-up call	0
Write-offs	(18)
Recoveries	9
Defaulted vacation ownership notes receivable repurchase activity	0
Ending balance	60	$ 55
Acquired \| Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	0
Ending balance		0
Acquired \| Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	55
Ending balance		55
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	204	140	$ 119
Increase in vacation ownership notes receivable reserve	137	112	64
Securitizations	0	0	0
Clean-up call	0	0	0
Write-offs	(31)	(48)	(43)
Defaulted vacation ownership notes receivable repurchase activity	0	0	0
Ending balance	310	204	140
Non-securitized \| Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	29
Increase in vacation ownership notes receivable reserve	2
Securitizations	(1)
Clean-up call	1
Write-offs	(18)
Recoveries	9
Defaulted vacation ownership notes receivable repurchase activity	17
Ending balance	39	29
Non-securitized \| Acquired \| Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	0
Ending balance		0
Non-securitized \| Acquired \| Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	29
Ending balance		29
Non-securitized \| Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	90	61	58
Increase in vacation ownership notes receivable reserve	87	94	57
Securitizations	(70)	(81)	(39)
Clean-up call	37	24	1
Write-offs	(31)	(48)	(43)
Defaulted vacation ownership notes receivable repurchase activity	80	40	27
Ending balance	193	90	61
Securitized \| Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	26
Increase in vacation ownership notes receivable reserve	12
Securitizations	1
Clean-up call	(1)
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(17)
Ending balance	21	26
Securitized \| Acquired \| Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	0
Ending balance		0
Securitized \| Acquired \| Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	26
Ending balance		26
Securitized \| Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	114	79	61
Increase in vacation ownership notes receivable reserve	50	18	7
Securitizations	70	81	39
Clean-up call	(37)	(24)	(1)
Write-offs	0	0	0
Defaulted vacation ownership notes receivable repurchase activity	(80)	(40)	(27)
Ending balance	$ 117	$ 114	$ 79

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended			12 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Sep. 30, 2020 USD ($) Loan class	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) Loan	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument
Number of notes receivable pools under performance triggers \| Loan				0
Number of notes receivable pools out of compliance \| Loan	0
Number of notes receivable pools outstanding \| Loan				12
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 383,000,000
Number of classes \| class	4
Repayments of debt				$ (960,000,000)	$ (880,000,000)	$ (382,000,000)
Proceeds from issuance debt	$ (7,000,000)			(14,000,000)	$ (20,000,000)	$ (34,000,000)
Warehouse Credit Facility
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations		$ (113,000,000)	$ (202,000,000)
Repayments of debt	(300,000,000)
Credit facility		531,000,000		$ 350,000,000
Period of time that amounts outstanding are due upon termination of facility				13 months
Values of vacation ownership notes receivable that were securitized during the period		$ 132,000,000	$ 240,000,000
Advance rate for securitization		86.00%	84.00%
Cash flows between transferee and transferor proceeds		$ 113,000,000	$ 201,000,000
Cash flows between transferee and transfer or funding of restricted cash (less than for third quarter of 2019)		1,000,000	$ 1,000,000
Line of credit facility, increase in maximum borrowing capacity		$ 181,000,000
Securitized debt \| MVW 2020-1 LLC
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations	$ (375,000,000)
Debt, stated interest rate	2.53%
Securitized debt \| Class A notes \| MVW 2020-1 LLC
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations	$ (238,000,000)
Debt, stated interest rate	1.74%
Securitized debt \| Class B notes \| MVW 2020-1 LLC
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations	$ (72,000,000)
Debt, stated interest rate	2.73%
Securitized debt \| Class C notes \| MVW 2020-1 LLC
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations	$ (44,000,000)
Debt, stated interest rate	4.21%
Securitized debt \| Class D notes \| MVW 2020-1 LLC
Debt Instrument
Proceeds from vacation ownership notes receivable securitizations	$ (21,000,000)
Debt, stated interest rate	7.14%
London Interbank Offered Rate (LIBOR) \| Warehouse Credit Facility
Debt Instrument
Basis spread on variable rate		1.40%	1.10%

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

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score (Details) - Legacy ILG - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	$ 821	$ 867
Acquired
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	369	439
Acquired \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	144	177
Acquired \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	198	230
Acquired \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	22	26
Acquired \| Other
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	5	6
Acquired \| 700 +
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	176	216
Acquired \| 700 + \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	81	103
Acquired \| 700 + \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	81	95
Acquired \| 700 + \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	12	15
Acquired \| 700 + \| Other
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	2	3
Acquired \| 600 - 699
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	131	151
Acquired \| 600 - 699 \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	48	57
Acquired \| 600 - 699 \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	73	83
Acquired \| 600 - 699 \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	9	10
Acquired \| 600 - 699 \| Other
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	1	1
Acquired \| Less Than 600
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	18	20
Acquired \| Less Than 600 \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	4	4
Acquired \| Less Than 600 \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	13	15
Acquired \| Less Than 600 \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	1	1
Acquired \| Less Than 600 \| Other
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	0	0
Acquired \| No Score
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	44	52
Acquired \| No Score \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	11	13
Acquired \| No Score \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	31	37
Acquired \| No Score \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	0	0
Acquired \| No Score \| Other
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	2	2
Originated
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	451	428
Originated \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	190	198
Originated \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	237	208
Originated \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	24	22
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	231	235
Originated \| 700 + \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	109	122
Originated \| 700 + \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	106	97
Originated \| 700 + \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	16	16
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	132	113
Originated \| 600 - 699 \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	52	46
Originated \| 600 - 699 \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	72	61
Originated \| 600 - 699 \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	8	6
Originated \| Less Than 600
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	22	18
Originated \| Less Than 600 \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	6	5
Originated \| Less Than 600 \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	16	13
Originated \| Less Than 600 \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	0	0
Originated \| No Score
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	66	62
Originated \| No Score \| Westin
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	23	25
Originated \| No Score \| Sheraton
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	43	37
Originated \| No Score \| Hyatt
Accounts, Notes, Loans and Financing Receivable
Vacation Ownership Notes Receivable	$ 0	$ 0